TCREUR_Public/081028.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, October 28, 2008, Vol. 9, No. 214

                            Headlines

A U S T R I A

ARMONI MOEBELHANDEL: Claims Registration Period Ends November 20
CASETTA-IMMOBILIEN: Claims Registration Period Ends November 13
INOOCEPT LLC: Claims Registration Period Ends November 17
JASMIN GRUECK: Claims Registration Period Ends November 4
K.I.D. LLC: Claims Registration Period Ends November 12


B U L G A R I A

KREMIKOVTZI: Bulgaria Asks ArcelorMittal to Take Over Operations


F R A N C E

PARIS PRIME: S&P Downgrades Rating on Class E Notes to 'D'


G E R M A N Y

AKD AGRAR: Claims Registration Period Ends November 3
ALTERNATIV BAUGE: Claims Registration Period Ends November 3
CAMPA BIODIESEL: Claims Registration Period Ends Oct. 30
DKK VERTRIEBS GMBH: Claims Registration Period Ends Oct. 31
E & M - STAHLHANDELS: Claims Registration Period Ends Oct. 30

ENGINE EAR: Claims Registration Period Ends October 31
FACILITAS GMBH: Creditors' Meeting Slated for October 31
HEIDELBERGCEMENT AG: S&P Slashes Corporate Credit Ratings to BB+/B
HYPO REAL: S&P Junks Rating to CCC from B and Removes from Watch
IDEEA MESSE: Creditors Meeting Slated for October 31

E & M - STAHLHANDELS: Claims Registration Period Ends Oct. 30
TO-KA - TO-HEI: Creditors Meeting Slated for October 31
WESTHAVELLANDISCHE BAUGESELLSCHAFT: Claims Period Ends Oct. 30


H U N G A R Y

HUNGARIAN TELEPHONE: S&P Lowers Long-Term Corp. Credit Rating to B

* IMF Says Substantial Financing Package for Hungary in the Works


I C E L A N D

* ICELAND: U.K. Works Out Rescue Loan; IMF Delays Bail Out


I R E L A N D

NEWGATE FUNDING: S&P Puts Various Low-B Rated Notes on WatchNeg


K A Z A K H S T A N

ALEM-COMMERCE-CO LTD: Creditors Must File Claims by Dec. 9
COMPLECT OIL: Creditors' Claims Deadline Slated for Dec. 5
KOREA TECHNOLOGY: Creditors' Claims Filing Period Ends Dec. 5
KOSTANAI MEL: Creditors Must Register Claims by Dec. 9
OIL-SERVICE LTD: Creditors' Claims Due on Dec. 9

TWIN STONE: Creditors Must File Proofs of Claims by Dec. 9
UNIVERSAL-MOTORS LLP: Claims Deadline Slated for Dec. 9
VOSTOK KAZ: Creditors' Claims Filing Period Ends Dec. 5
VOSTOK TRADE: Creditors Must Register Claims by Dec. 5


K Y R G Y Z S T A N

ARSTAN-TECHNO LLC: Creditors Must File Claims by Nov. 21


N E T H E R L A N D S

AEGON NV: May Seek Capital Injection from Government


R U S S I A

BANK VTB: Moody's Changes Outlook on 'D-' BFSR to Stable
BELOYARSKIY CONSTRUCTION: Court Starts Bankruptcy Supervision
KAA-KHEMSKIY COAL: Creditors Must File Claims by December 10
PENO-BETON-STROY LLC: Creditors Must File Claims by December 10
SARANINSKAYA WOOD-PROCESSING: Claims Filing Period Ends Nov. 10

ZABAIKAL-INTEKH LLC: Creditors Must File Claims by November 10


S P A I N

BANIF: Spanish Parent Santander Denies Liquidation Rumors
TDA 25: S&P Downgrades Rating on Class D Notes to B; Removes Watch
YPF SA: S&P's Ratings Unhurt By Argentine Nationalization Plans


S W E D E N

* Moody's Comments on Swedish Government's Proposed Measures


S W I T Z E R L A N D

1291 CONSULTING: Creditors Must File Proofs of Claim by Nov. 7
A. WURSCH JSC: Deadline to File Proofs of Claim Set Nov. 8
CREADESIGN BBT: Creditors Have Until Nov. 8 to File Claims
GUFO LLC: Proofs of Claim Filing Deadline is Nov. 8
JURG ZOLLIKOFER: Creditors' Proofs of Claim Due by Nov. 8

ORION-AL-KO SPREITENBACH: Nov. 7 Set as Deadline to File Claims
TERMINA JSC: Creditors Must File Proofs of Claim by Nov. 7


U K R A I N E

AMITEKS LLC: Creditors Must File Claims by October 31
ALMAN LLC: Creditors Must File Claims by October 31
BARVENKOVSKOYE LLC: Creditors Must File Claims by November 1
DINAMO-AGRO LLC: Creditors Must File Claims by October 31
ENERGY CENTER: Creditors Must File Claims by October 31

KIEV LIFE-FISH STOREHOUSE: Creditors Must File Claims by Nov. 1
KRASNY METALLIST: Creditors Must File Claims by November 1
MALETA LLC: Creditors Must File Claims by November 1
RANSA LLC: Creditors Must File Claims by November 1
TECHNICAL CHEMICAL: Creditors Must File Claims by October 31

VELTA LTD: Creditors Must File Claims by November 1

* UKRAINE: Banking Recapitalization Cues S&P's B Sovereign Ratings
* International Monetary Fund to Lend Ukraine US$16.5 Billion


U N I T E D   K I N G D O M

ADVANCED MARKINGS: Brings in Liquidators from PKF
BEYOND CONSTRUCTION: Taps Liquidators from Tenon Recovery
BEYOND LEARNING: Calls in Liquidators from Tenon Recovery
CAMERON FARLEY: High Court Taps Liquidators from Grant Thornton
COPRATEC MOULDINGS: Appoints Colin Prescott as Liquidator

CORE BPO: Joint Liquidators Take Over Operations
CROSSWORD GRAPHICS: Claims Filing Period Ends December 8
FGIC CORP: Moody's Puts Sr. Debt Ratings on Review for Downgrade
FML LTD: S&P Places B- Corporate Credit Rating on Watch Negative
K & S PAVING: Brings in Liquidators from Tenon Recovery

LANDMARK MORTGAGE: S&P Puts BB-Rated Class D Notes on Watch Neg.
ORYEN MORTGAGE: Choses to Go Under Voluntary Liquidation
RESLOC UK 2007-1: S&P Junks F1b Defer Notes Rating to CCC from B
ROSEBYS GROUP: Closes 24 Outlets; 144 Jobs Affected
TEATHERS LTD: Brings in Administrators from KPMG

UNITED PLANT: Appoints Liquidators from Smith & Williamson

* S&P Lowers Ratings on 6 CPDO Transactions to CC; Off Watch Neg.

* Large Companies with Insolvent Balance Sheet


                         *********


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


ARMONI MOEBELHANDEL: Claims Registration Period Ends November 20
----------------------------------------------------------------
Creditors owed money by LLC Armoni Moebelhandel (FN 254438z) have
until Nov. 20, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Susanne Poeltenstein-Rosenegger
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 512 40 13
         Fax: 512 40 13 22
         E-mail: poeltenstein@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Dec. 4, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 25, 2008, (Bankr. Case No. 5 S 100/08b).


CASETTA-IMMOBILIEN: Claims Registration Period Ends November 13
---------------------------------------------------------------
Creditors owed money by LLC Casetta-Immobilien have until Nov. 13,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Thomas Steiner
         Weihburggasse 18-20/50
         1010 Vienna
         Tel: 513 53 63
         Fax: DW 17
         E-Mail: steiner.steiner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 27, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 25, 2008, (Bankr. Case No. 2 S 119/08z).


INOOCEPT LLC: Claims Registration Period Ends November 17
---------------------------------------------------------
Creditors owed money by LLC InnoCept (FN 238294h) have until
Nov. 17, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Norbert Stiefmueller
         Maximilian Pagl-Strasse 5
         4651 Stadl-Paura
         Germany
         Tel: 07245/21345-0
         Fax: 07245/21345-30
         E-mail: ra.stiefmueller@rechtsvertretung.cc

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on Nov. 27, 2008, for the
examination of claims at:

         The Land Court of Wels
         Maria Theresia Str. 12
         First Floor
         Hall 101
         Wels
         Austria

Headquartered in Stadl-Paura, Austria, the Debtor declared
bankruptcy on Sept. 23, 2008, (Bankr. Case No. 20 S 119/08p).


JASMIN GRUECK: Claims Registration Period Ends November 4
---------------------------------------------------------
Creditors owed money by KEG Jasmin Grueck (FN 285218p) have until
Nov. 4, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52 4 37
         Fax: 07435/52 4 37-21
         E-mail: st-valentin@advocat24.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Nov. 25, 2008, for the
examination of claims at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten
         Austria

Headquartered in St. Peter/Au, Austria, the Debtor declared
bankruptcy on Oct. 1, 2008, (Bankr. Case No. 14 S 150/08m).


K.I.D. LLC: Claims Registration Period Ends November 12
-------------------------------------------------------
Creditors owed money by LLC K.I.D. have until Nov. 12, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Thomas Steiner
         Weihburggasse 18-20/50
         1010 Vienna
         Austria
         Tel: 513 53 63
         Fax: 513 53 63-17
         E-mail: steiner.steiner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 26, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 23, 2008, (Bankr. Case No. 3 S 111/08f).


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


KREMIKOVTZI: Bulgaria Asks ArcelorMittal to Take Over Operations
----------------------------------------------------------------
Bulgaria has asked ArcelorMittal to take over the operational
management of Kremikovtzi AD after Ukrainian tycoon Konstyantin
Zhevago suspended a production deal, putting the plant at risk of
shutting down, Reuters reports, citing Economy Minister Petar
Dimitrov.

"We are offering ArcelorMittal to get again engaged in the
operational management of the plant," Reuters quotes
Mr. Dimitrov as saying.

Mr. Dimitrov, as cited by Reuters, said the deadline for the
process of picking an operator expired Tuesday, Oct. 21.

Volker Schwich, vice president for projects in Central and Eastern
Europe, however told Reuters that while ArcelorMittal has
expressed continuing interest in the mill, it would only get
involved if the government ensured a secure process.

Mr. Schwich added ArcelorMittal would withdraw its bid to acquire
the plant if it was not kept operational, Reuters discloses.

In July, Kremikovtzi, Reuters relates, canceled a production deal
with Arcelor and sealed a deal with Mr. Zhevago instead to provide
it with raw materials and keep it running.

As reported in the TCR-Europe on Oct. 23, 2008, Konstyantin
Zhevago's Vorkskla Steel has decided to terminate its production
deal with Kremikovtzi.

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

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

Citing Reuters, the report noted, the deal's suspension could
seriously hurt Kremikovtzi and may lead to its closure.

                       About Kremikovtzi

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

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


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


PARIS PRIME: S&P Downgrades Rating on Class E Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D' and removed
from CreditWatch negative its credit rating on the class E notes
issued by Paris Prime Commercial Real Estate FCC.  At the same
time, S&P revised its CreditWatch placement on the class D notes
to developing from negative.  S&P also removed from CreditWatch
negative and affirmed our ratings on the class A, X, B, and C
notes.

These rating actions follow shortfalls in interest payments.
Lehman entities act as swap providers at the issuer level in this
transaction.  Accordingly, on Sept. 17, following the appointment
of an administrator for Lehman Brothers International (Europe) and
Lehman Brothers Holdings Inc.'s filing for Chapter 11 bankruptcy
protection, S&P placed all the notes in this transaction on
CreditWatch negative.

On Oct. 8 and Oct. 14, S&P lowered the ratings on the class E and
D notes to 'CCC-', respectively.  This is because the rating
agency anticipated that shortfalls would occur on those classes on
the next note interest payment date on Oct. 22.  S&P has taken the
rating actions because those shortfalls have now occurred.
Interest due to the class A, B, and C notes have been paid in
full.  However, the class D notes only received 27.6% of the
interest due and the class E notes did not receive any interest.

The issuer-level swap arrangements have been terminated and were
replaced on Oct. 21 by swap agreements at market prices with
Morgan Stanley & Co. International PLC (AA-/Negative/A-1+) as swap
provider.  These swaps are effective as of Sept. 22.  With these
new swap arrangements in place S&P expects that timely interest
will be paid on the class A, B, and C notes on the next and
following interest payment dates.

However, S&P expects shortfalls in interest payments on the class
D notes to occur although there are scenarios in which these
interest shortfalls would be minor.  The agency will continue to
liaise closely with the parties involved to resolve the class D
CreditWatch placement in due course.  S&P understands that the
class E notes will not receive any more interest until note
maturity.

Paris Prime Commercial Real Estate FCC:

  -- EUR452.15 Million Commercial Mortgage-Backed Floating-Rate
     Notes

Ratings Removed From CreditWatch Negative And Affirmed:



Class        To           From
-----        --           ----
  A           AAA       AAA/Watch Neg
  X1          AAA       AAA/Watch Neg
  X2          AAA       AAA/Watch Neg
  B           AA        AA/Watch Neg
  C           A         A/Watch Neg

Rating Revised To CreditWatch Developing From CreditWatch
Negative:

Class           To                 From
-----           --                 ----
   D       CCC-/Watch Dev      CCC-/Watch Neg

Rating Lowered And Removed From CreditWatch Negative:

Class        To           From
-----        --           ----
   E          D       CCC-/Watch Neg


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


AKD AGRAR: Claims Registration Period Ends November 3
-----------------------------------------------------
Creditors of AKD Agrar Verwaltung GmbH Krugsdorf have until
Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Andreas Rohe.

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

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Andreas Rohe
         Kamigstrasse 2
         17373 Ueckermuende
         Germany

The District Court of Neubrandenburg opened bankruptcy proceedings
against AKD Agrar Verwaltung GmbH Krugsdorf on
Sept. 12, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         AKD Agrar Verwaltung GmbH Krugsdorf
         Dorfstrasse
         17309 Breitenstein
         Germany


ALTERNATIV BAUGE: Claims Registration Period Ends November 3
------------------------------------------------------------
Creditors of AB Alternativ-Baugesellschaft mbH have until
Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Dr. Gerrit Hoelzle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 24, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Germany
         Tel: 0283297720
         Fax: 02832977229

The District Court of Kleve opened bankruptcy proceedings against
AB Alternativ-Baugesellschaft mbH on Sept. 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AB Alternativ-Baugesellschaft mbH
         Attn: Hardy Eickmann, Manager
         Noldestrasse 10
         47623 Kevelaer
         Germany


CAMPA BIODIESEL: Claims Registration Period Ends Oct. 30
--------------------------------------------------------
Creditors of Campa Biodiesel Verwaltungs GmbH have until
Oct. 30, 2008, to register their claims with court-appointed
insolvency manager Bruno Fraas.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 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 Wuerzburg
         Room 14
         Second Floor
         Tiepolostrasse 6
         Wuerzbur
         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:

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

The District Court of Wuerzburg opened bankruptcy proceedings
against Campa Biodiesel Verwaltungs GmbH on Sept. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Campa Biodiesel Verwaltungs GmbH
         Attn: Rupert Schmid, Manager
         Jahnstr. 2
         97199 Ochsenfurt
         Germany


DKK VERTRIEBS GMBH: Claims Registration Period Ends Oct. 31
-----------------------------------------------------------
Creditors of DKK Vertriebs GmbH have until Oct. 31, 2008, to
register their claims with court-appointed insolvency manager
Stefan Meyer.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against DKK Vertriebs GmbH on Sept. 8, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DKK Vertriebs GmbH
         Attn: Daniel Dojan, Manager
         Lange Wand 40
         32278 Kirchlengern
         Germany


E & M - STAHLHANDELS: Claims Registration Period Ends Oct. 30
-------------------------------------------------------------
Creditors of E & M - Stahlhandelsgesellschaft mbH have until
Oct. 30, 2008, to register their claims with court-appointed
insolvency manager Stefan Waldherr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 4, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstrasse 35
         Nuremberg
         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:

         Stefan Waldherr,
         Peuntgasse 3
         90402 Nuremberg
         Germany

The District Court of Nuremberg opened bankruptcy proceedings
against E & M - Stahlhandelsgesellschaft mbH on Sept. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         E & M - Stahlhandelsgesellschaft mbH
         Attn: Heike Mueller, Manager
         Motterstr. 50 a
         90451 Nuremberg
         Germany


ENGINE EAR: Claims Registration Period Ends October 31
------------------------------------------------------
Creditors of Engine EAR GmbH & Co. KG have until Oct. 31, 2008, to
register their claims with court-appointed insolvency manager
Dr. Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 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 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:

         Dr. Klaus Pannen
         Neuer Wall 25/ Schleusenbruecke 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Engine EAR GmbH & Co. KG on Sept. 29, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Engine EAR GmbH & Co. KG
         Stresemannstrasse 374 b
         22761 Hamburg
         Germany


FACILITAS GMBH: Creditors' Meeting Slated for October 31
--------------------------------------------------------
The court-appointed insolvency manager for Facilitas GmbH,
Knut Rebholz, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
Oct. 31, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on Jan. 30, 2009, at the same venue.

Creditors have until Dec. 5, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

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

The Debtor can be reached at:

         Facilitas GmbH
         Attn: Veronika Ozarovskaja, Representative
         Mommsenstrasse 13
         10629 Berlin
         Germany


HEIDELBERGCEMENT AG: S&P Slashes Corporate Credit Ratings to BB+/B
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long- and
short-term corporate credit ratings to 'BB+/B' from 'BBB-/A-3' on
Germany-based cement producer HeidelbergCement AG (HC).  At the
same time, S&P placed all the ratings on CreditWatch with negative
implications.

"The rating actions reflect our revised forecasts on HC following
recent discussions with management," said S S&P's credit analyst
Xavier Buffon, "and our beliefs that expected headroom under
existing financial covenants will be extremely tight at year-end
2008, a covenant breach at end-June 2009 is a material risk, and
credit ratios will remain weak over the next few years."

S&P is also concerned about what it deems HC's lack of adequate
measures to tackle the situation, with covenant issues compounding
the prospects of heavy refinancing to be carried out by mid-2010.

The ratings integrate HC's aggressive financial policy and large
debt burden, stemming from the mostly debt-financed EUR14 billion
acquisition of Hanson PLC in mid-2007; weak liquidity, high
exposure to the current cyclical downturn in several mature
construction markets, and the industry's heavy capital and energy
intensiveness.  Mitigating these weaknesses are HC's strong market
position as a leading global player in heavy construction
materials, extensive geographic and market diversity, and still
good profitability overall, aided by resilient prices -- all of
which translate into still significant cash flow generation.

Year 2008 saw a substantial drop in underlying industry trends,
especially in the U.K., and ongoing severe conditions in the U.S.,
after several years of overall strongly supportive markets.  HC
has found itself sharply affected by Hanson's historically heavy
exposure to both the U.S. and the U.K. markets.

"To resolve the CreditWatch status, which is likely to span a few
weeks, we intend to investigate further the likelihood and
potential amount of any capital injection," said Mr. Buffon.

S&P has understood until now that such a step is a possibility to
avoid the potential covenant breach, but it is concerned that an
injection could fall short of what would be necessary to respect
financial covenants.  Still, infusing capital could facilitate
negotiations of covenant waivers.


HYPO REAL: S&P Junks Rating to CCC from B and Removes from Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
counterparty credit ratings on the seven rated entities of Hypo
Real Estate (HRE) group to 'BBB' from 'BBB+', namely, Germany-
based commercial real estate lenders Hypo Real Estate Bank
International AG and Hypo Real Estate Bank AG, public-finance
lenders Depfa Deutsche Pfandbriefbank AG, Ireland-based DEPFA BANK
PLC, Depfa ACS, and Hypo Public Finance Bank, and Luxembourg-based
Hypo Pfandbriefbank Bank International S.A.

The 'A-2' short-term counterparty credit ratings were affirmed.
At the same time, the ratings were removed from CreditWatch where
they were placed with negative implications on Oct. 6, 2008, after
higher-than-anticipated funding needs required a EUR15 billion
increase (to EUR50 billion) of the collateralized funding facility
provided by the Deutsche Bundesbank (AAA/Stable/A-1+) and a
consortium of German financial institutions.  The outlook on all
entities is developing.

In addition, hybrid Tier 1 instruments issued by Depfa Funding II,
III, and IV, as well as by Hypo Real Estate International Trust I
were lowered to 'CCC' from 'B-' and removed from CreditWatch.

"These rating actions reflect the group's strained financial
profile, weak funding position, and concerns about the viability
of its business model," said Standard & Poor's credit analyst
Volker von Kruechten.  "We expect HRE to restructure and downsize,
which may cause further pressure on earnings and capital, owing to
the difficult market environment and a deteriorating credit
cycle."

This raises uncertainties about the group's ability to enhance its
business model as a stand-alone wholesale bank, given potentially
limited funding capacity.  These concerns are only partly
mitigated by a EUR50 billion funding facility -- partly guaranteed
by the German government and domestic financial institutions--
which addresses HRE's immediate funding needs and should help
stabilize the group's severely constrained funding position.  S&P
expects this funding facility to be finalized over the next few
days.

This facility underpins the support of the German government and
the financial community.  Therefore, S&P factors an extraordinary
support element into the ratings on all seven entities, which
provides an uplift of more than one rating category above the
group's stand-alone credit quality.

S&P expects HRE to be eligible for further support under the
'Finanzmarktstabilisierungsgesetz' (FMStG; Financial Markets
Stabilization Law), which recently set up a state-backed fund that
aims to stabilize the German banking sector during the current
financial markets crisis.  However, the EUR50 billion funding
facility and potential measures under the German rescue scheme
will require European Commision (EC) approval.  If the EC imposes
compensatory measures as a condition of approval, this could have
negative implications for the group.

The two-notch downgrade of the hybrid capital instruments reflects
the lowering of the counterparty credit ratings and the risk-
bearing characteristics of these instruments, which indicate an
even lower likelihood of payment.

"The developing outlook indicates the significant uncertainties
about how the HRE group will develop if, as we expect, downsizing
and derisking take place amid fragile capital markets and a weak
global economy," said Mr. von Kruechten.

The strong support of the German government and financial
community, comparatively good asset quality, cost savings, and
prospects for rising new business margins can only partly mitigate
the negative implications of far-reaching restructuring.  This is
because the HRE group needs to establish a sustainable business
model.

The ratings could be raised if external support were to
significantly improve the group's financial profile, particularly
by addressing its funding needs and capital position, which would
help it adapt its business model by significantly reducing
earnings volatility and reliance on capital markets.

The ratings could be lowered if there is evidence of lessening
support from the government and German financial institutions.
Rating implications would also be negative if there were
increasing concerns about the group's ability to restore its
reputation and maintain its franchise to achieve a sufficient
level of profitability and capitalization.


IDEEA MESSE: Creditors Meeting Slated for October 31
----------------------------------------------------
The court-appointed insolvency manager for IDEEA Messe- und
Dekorationsbau GmbH, Hartwig Albers, will present his first report
on the Company's insolvency proceedings at a creditors' meeting at
10:45 a.m. on Oct. 31, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on Jan. 30, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against IDEEA Messe- und Dekorationsbau GmbH on
Aug. 5, 2008. Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         IDEEA Messe- und Dekorationsbau GmbH
         Ernst-Augustin-Str. 1a
         12489 Berlin
         Germany


E & M - STAHLHANDELS: Claims Registration Period Ends Oct. 30
-------------------------------------------------------------
Creditors of E & M - Stahlhandelsgesellschaft mbH have until
Oct. 30, 2008, to register their claims with court-appointed
insolvency manager Stefan Waldherr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 4, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstrasse 35
         Nuremberg
         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:

         Stefan Waldherr,
         Peuntgasse 3
         90402 Nuremberg
         Germany

The District Court of Nuremberg opened bankruptcy proceedings
against E & M - Stahlhandelsgesellschaft mbH on Sept. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         E & M - Stahlhandelsgesellschaft mbH
         Attn: Heike Mueller, Manager
         Motterstr. 50 a
         90451 Nuremberg
         Germany


TO-KA - TO-HEI: Creditors Meeting Slated for October 31
-------------------------------------------------------
The court-appointed insolvency manager for TO-KA - TO-HEI GmbH,
Dr. Petra Hilgers, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at
9:35 a.m. on Oct. 31, 2008.

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

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

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

Creditors have until Dec. 3, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against TO-KA - TO-HEI GmbH on Sept. 5, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TO-KA - TO-HEI GmbH
         Wintersteinstr. 22
         10587 Berlin
         Germany


WESTHAVELLANDISCHE BAUGESELLSCHAFT: Claims Period Ends Oct. 30
--------------------------------------------------------------
Creditors of Westhavellandische Baugesellschaft mbH have until
Oct. 30, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Dec. 30, 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 Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Strasse 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Westhavellandische Baugesellschaft mbH
         Neustadter Strasse 1
         14728 Rhinow
         Germany

         Attn: Hartmuth Badke, Manager
         Landstrasse 6
         16845 Grossderschau
         Germany


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


HUNGARIAN TELEPHONE: S&P Lowers Long-Term Corp. Credit Rating to B
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Hungary-based fixed-line
telecommunications operator Hungarian Telephone and Cable Corp.
(HTCC) to 'B' from 'B+'.  The outlook is negative.

"The downgrade primarily reflects our increasing concern that
HTCC's headroom under its financial covenants could gradually
tighten, possibly to below 10% over the next nine months, owing to
the strong deterioration of the currency and macroeconomic
environment in Hungary," said S&Ps credit analyst Matthias Raab.

This would occur if the last-12-months average exchange rate of
the Hungarian forint (HUF) deteriorates toward the current
exchange rate of HUF281 to the euro on Oct. 23, 2008 from the
average rate of HUF250 to the euro for the 12 months to Oct. 23,
2008, and if HTCC is simultaneously not able to improve its
annualized recurring EBITDA of HUF41.5 billion in the first half
of 2008.

The current exchange rate of HUF281 to the euro on Oct. 23, 2008,
corresponds to a deterioration of 19% compared with Aug. 28, 2008,
when S&P revised HTCC's outlook to negative on expected weaker
covenant headroom.

HTCC is significantly exposed to these fluctuations because it
generates the majority of its EBITDA in Hungarian forint, while
its debt is primarily denominated in euro.  In addition, the
deteriorating macroeconomic outlook for Hungary and South-Eastern
Europe could negatively affect the company's moderate EBITDA
growth expectations in the near term.

HTCC posted somewhat weak results in Hungarian forint in first-
half 2008.  Revenues declined by 6% year on year pro forma the
recent acquisitions of Matel Holdings N.V., Tele2 Hungary, and
Memorex. Nevertheless, pro forma reported gross profit was flat
and pro forma EBITDA, excluding one-time items, integration, and
restructuring costs, increased by 9%, mainly due to significant
cost savings from the integration of Invitel.

The company's leverage is high, with lease-adjusted total debt to
second-quarter annualized recurring EBITDA at 4.7x (4.4x
unadjusted) on June 30, 2008.

"The negative outlook reflects the expected tightening headroom
under HTCC's financial covenants, the ongoing pressure on the
company's revenues, the need for cost cutting to sustain operating
margins, and weak free cash flow generation expected in the near
term," said Mr. Raab.


* IMF Says Substantial Financing Package for Hungary in the Works
-----------------------------------------------------------------
Mr. Dominique Strauss-Kahn, Managing Director of the International
Monetary Fund (IMF), issued the following statement on Hungary on
Sunday, Oct. 26, 2008:

"An IMF staff mission and the Hungarian authorities, in close
consultation with the EU, have reached broad agreement on a set of
policies that will bolster the Hungarian economy's near-term
stability and improve its long-term growth potential.  The
authorities' program will ensure fiscal sustainability and
strengthen the financial sector.

"A substantial financing package in support of these strong
policies will be announced when the program is finalized in the
next few days.  Participants will include the IMF, the EU, and
some individual European governments, together with regional and
other multilateral institutions.

"With Hungary's commitment to strengthened economic policies, we
expect that banks and other financial institutions operating in
the country will continue to provide adequate financing.

"The Fund's assistance, in the form of a Stand-By Arrangement,
will be considered by the IMF's Executive Board for approval under
the Fund's expedited procedures.  The policies Hungary envisages
justify an exceptional level of access to Fund resources," Mr.
Strauss-Kahn said.

                      *     *     *

Citing the Financial Times, the TCR-Europe on Oct. 17, 2008,
reported that Hungary plunged into financial uncertainty on
October 15, 2008, with its currency and stock market falling
sharply and bankers reporting credit shortages, as concern spread
across eastern Europe about the impact of the global financial
crisis.

The report disclosed the forint fell 5.3% to HUF266.09 to the euro
in Budapest and the BUX index of leading stocks closed down 11.9%,
dragged down by a 15% fall of shares in OTP, the biggest bank.
Currencies and stock markets also fell in Poland, the Czech
Republic, Romania and Ukraine, the report noted.

According to the report, the Hungarian turmoil followed moves by
leading Budapest banks to stop or curtail foreign currency
lending, the dominant form of credit in Hungary in recent years.

Gyorgy Barcza, chief treasury economist at K&H Bank, part of
Belgium's KBC group, as cited by the FT, said: "If there is no
foreign currency lending in Hungary, it will mean the capital
inflow will be smaller.  Currently that capital inflow amounts to
about EUR3 billion to EUR4 billion a year, which is close to the
current account gap."

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


* ICELAND: U.K. Works Out Rescue Loan; IMF Delays Bail Out
----------------------------------------------------------
The United Kingdom Treasury is working on extending a loan to
Iceland to protect British savers who have had money frozen since
the government in Reykjavik seized the country's failing banks,
Gonzalo Vina at Bloomberg News reports.

Reuters says that Iceland and Britain have ended a round of talks
in Reykjavik but have yet to agree on a solution on how to pay
British depositors of failed Landsbanki's Icesave bank.

The Troubled Company Reporter-Europe on Oct. 27, 2008, citing The
Financial Times, reported that the UK is poised to extend about
GBP3 billion to Iceland so it can repay U.K. depositors in
Icesave, the online banking unit of Landsbanki Islands hf, the
collapsed Icelandic bank.

A delegation of Treasury and Bank of England officials is in talks
with authorities in Iceland to resolve a dispute over who should
compensate 300,000 British savers, Bloomberg and Reuters write.
Chancellor of the Exchequer Alistair Darling already has spoken to
Icelandic Prime Minister Geir Haarde to resolve the spat.

Iceland, according to Bloomberg, needs aid from the U.K., the
International Monetary Fund and Nordic countries after the
collapse of its banking system froze its foreign-exchange market,
making it hard for importers to finance purchases.  Glitnir Bank
hf, Landsbanki Islands hf and Kaupthing Bank hf imploded with
debts of US$61 billion, 12 times the size of the economy, the
report notes.

"Talks [between the U.K. and Iceland] are not over and will be
continued in the very near future," Reuters quotes a government
spokeswoman as saying.  However, the spokeswoman did not give the
exact date of the next round of talks.

                       Talks on IMF Rescue

The TCR-Europe reported that Iceland is set to receive a US$6
billion (GBP3.5 billion) from an International Monetary Fund-led
rescue package soon, as the crisis that has derailed the country's
banking system showed no sign of letting up.

The talks with the U.K. run separately to discussions between
Iceland and the International Monetary Fund, Bloomberg continues.

The Times Online, however says the IMF bailout of Iceland is
delayed until fate of U.K. savers' frozen cash is resolved.  No
agreement was reached between the IMF and Iceland during their
discussions last week.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 10,
2008, various news said Iceland is nearing bankruptcy.

Iceland's Althingi parliament accepted a bill October 6, on an
emergency law enabling the government to stage an extensive
intervention in the country's financial system, Iceland Review
Online said.  That was reportedly the most radical economic
measure taken in the country's history.

The Financial Times reported that Prime Minister Geir Haarde had
said a mounting financial crisis and a 30% dive in the krona
forced the government to take the emergency action.

Iceland, according to the Market Oracle, seeks to rescue all of
its collapsed banks, Kaupthing, Landsbanki, Glitnir, Straumur-
Burdaras, Exista and Spron.  The shares have already been
suspended while politicians prepare to rescue the banks from
potential bankruptcy.


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


NEWGATE FUNDING: S&P Puts Various Low-B Rated Notes on WatchNeg
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
negative its ratings on various classes of notes issued by Newgate
Funding PLC in its series 2007-1 and 2007-2.  S&P is also keeping
the ratings on other classes of notes on CreditWatch negative.

The rating actions follow a full credit and cash flow analysis of
the most recent loan-level information.  The rating actions are
based mainly on the current and continuing decline in U.K. house
prices.  This will result in higher loan-to-value (LTV) ratios in
the pools, which in turn could lead to higher average losses for
loans on properties that have been repossessed and loans that
ultimately default.

As of the September 2008 interest payment dates, cumulative losses
remain relatively low at 0.11% of the initial pool balance for
series 2007-1 and 0.08% for series 2007-2.  However, repossessions
are increasing -- representing 3.02% of the current pool balance
for series 2007-1 and 1.86% for series 2007-2.  As these
properties are sold we expect to see a significant increase in
losses.  Furthermore, 120+ day arrears of 12.22% of the current
pool balance for series 2007-1 and 11.09% for series 2007-2
indicate the strong potential for increased repossession rates in
the near future.

S&P also notes that the liquidity facilities in the respective
transactions contain provisions whereby drawings cannot be made to
meet payment shortfalls on junior notes when loans more than 90
days in arrears amount to more than 20% of the initial collateral
balance.  Current levels of 90+ day arrears are 13.8% for series
2007-1 and 14.3% for series 2007-2.  Therefore, while S&P does not
expect the liquidity facilities to become unavailable in the near
term, and consequently anticipate limited risk of nonpayment of
junior note interest, the rating agency will increasingly factor
any non-availability of the liquidity facilities into its analysis
as the potential for breach of these triggers becomes more
probable.

S&P will continue to monitor the performance of these transactions
using the most recent loan-level data for a full credit and cash
flow analysis.  S&P expects to publish the results of it analysis,
together with any effects on the ratings on any of the notes, in
due course.

Newgate Funding PLC:

  -- EUR162.8 Million, GBP406.95 Million, And US$132 Million
     Mortgage-Backed and Excess-Spread Floating-Rate Notes Series
     2007-1

Ratings Placed On CreditWatch Negative:

Class            To                From
-----            --                ----
  Ma         AAA/Watch Neg          AAA
  Mb         AAA/Watch Neg          AAA
  Cb         A-/Watch Neg            A-
  Db         BBB-/Watch Neg         BBB-
  E          BB/Watch Neg            BB
  F          B/Watch Neg             B
  T          BBB-/Watch Neg         BBB-
  Q          BB/Watch Neg            BB

Ratings Kept On CreditWatch Negative:

Class          To                From
-----          --                ----
  Ba       AA/Watch Neg     AA/Watch Neg
  Bb       AA/Watch Neg     AA/Watch Neg

  -- EUR177.55 And GBP337.5 Million Mortgage-Backed And Excess-
     Spread Floating-Rate Notes Series 2007-2


Ratings Placed On CreditWatch Negative:
Class          To              From
-----          --              ----
  M        AAA/Watch Neg         AAA
  Bb       AA/Watch Neg          AA
  E        BB/Watch Neg          BB
  F        B/Watch Neg            B
  T        BB/Watch Neg          BB
  Q        B/Watch Neg            B

Ratings Kept On CreditWatch Negative:

Class          To               From
-----          --               ----
  Cb       A-/Watch Neg      A-/Watch Neg
  Db       BBB-/Watch Neg   BBB-/Watch Neg


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


ALEM-COMMERCE-CO LTD: Creditors Must File Claims by Dec. 9
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alem-Commerce-Co. Ltd. insolvent.

Creditors have until Dec. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Bogenbai batyr Str. 52
         Almaty
         Kazakhstan
         Tel: 8 702 108 00-34


COMPLECT OIL: Creditors' Claims Deadline Slated for Dec. 5
----------------------------------------------------------
LLP Complect Oil Ltd. has declared liquidation.  Creditors have
until Dec. 5, 2008, to submit written proofs of claims to:

         LLP Complect Oil Ltd.
         Jubanovyh Str. 295-79
         Aktobe
         Aktube
         Kazakhstan


KOREA TECHNOLOGY: Creditors' Claims Filing Period Ends Dec. 5
-------------------------------------------------------------
LLP Korea Technology Electric Kazakhstan has declared liquidation.
Creditors have until Dec. 5, 2008, to submit written proofs of
claims to:

         LLP Korea Technology Electric Kazakhstan
         Pushkin Str. 33/85-11
         Karasai batyr
         Almaty
         Kazakhstan


KOSTANAI MEL: Creditors Must Register Claims by Dec. 9
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai Mel Prom insolvent.

Creditors have until Dec. 9, 2008, to submit written proofs of
claims to:

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


OIL-SERVICE LTD: Creditors' Claims Due on Dec. 9
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Oil-Service insolvent on July 29, 2008.

Creditors have until Dec. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Bogenbai batyr Str. 52
         Almaty
         Kazakhstan
         Tel: 8 702 108 00-34


TWIN STONE: Creditors Must File Proofs of Claims by Dec. 9
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Twin Stone insolvent.

Creditors have until Dec. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Sain Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 777 293 23-15


UNIVERSAL-MOTORS LLP: Claims Deadline Slated for Dec. 9
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Universal-Motors insolvent.

Creditors have until Dec. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Bogenbai batyr Str. 52
         Almaty
         Kazakhstan
         Tel: 8 702 108 00-34


VOSTOK KAZ: Creditors' Claims Filing Period Ends Dec. 5
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Construction Company Vostok Kaz Sel Stroy
insolvent.

Creditors have until Dec. 5, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Entuziastov Str. 100
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 53-88-42


VOSTOK TRADE: Creditors Must Register Claims by Dec. 5
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostok Trade Group insolvent.

Creditors have until Dec. 5, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Entuziastov Str. 100
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 53-88-42


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


ARSTAN-TECHNO LLC: Creditors Must File Claims by Nov. 21
--------------------------------------------------------
LLC Arstan-Techno (INN 02911200410101) has shut down.  Creditors
have until Nov. 21, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 24-76-78.


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


AEGON NV: May Seek Capital Injection from Government
----------------------------------------------------
Aegon NV may in the next few days announce a decision to consider
tapping a EUR20 billion (US$25.17 billion) fund established by the
Netherlands to shore up its financial institutions, a person
familiar with the matter told The Wall Street Journal.

An Aegon spokesman meanwhile said the company is accelerating a
previously disclosed plan to strengthen its capital position and
use capital more efficiently, the Journal relates.  The company is
looking at the Dutch fund "very carefully" to see if and how it
may be beneficial, the spokesman added, noting that the company
isn't facing any liquidity shortfall.

News of the possible capital infusion sent Aegon's shares -- which
has fallen 68% so far this year -- down 16% Friday last week,
according to the Journal.

The Journal says, the company derives about two-thirds of its
profits from the U.S.  Aegon said earlier this month it would have
a EUR275 million third-quarter hit to net income from credit
impairments, in part from exposure to Lehman Brothers Holdings
Inc. and Washington Mutual Inc., The Journal recalls.

                       Capital Rating Levels

Early this month, Aegon NV Chief Executive Officer Alex Wynaendts
told a conference in London that the company expects to maintain
its capital above AA rating requirements through the remainder of
this year, despite additional credit impairments in the third
quarter, the company said in a statement.

Speaking to the Merrill Lynch Banking & Insurance conference, Mr.
Wynaendts also said that Aegon is looking at further steps to
maintain its strong capital base and protect the Group against
possible further falls in world financial markets.

Aegon estimates that based on information currently available
it will report gross credit impairments on its investments of
approximately EUR420 million in the third quarter.  The impact on
net income is expected to be around EUR275 million.

                          About Aegon NV

Headquartered in The Hague, Netherlands, Aegon N.V. --
http://www.aegon.com/-- operates as a life insurance and pension
company.  The company's businesses focus on life insurance,
pensions, savings and investment products.  The AEGON Group is
also active in accident, supplemental health, general insurance
and some limited banking activities.  The company's major markets
are the United States, the Netherlands and the United Kingdom.  In
addition, AEGON operates in over 20 other markets in the Americas,
Europe and Asia.  The AEGON Group has four geographic segments:
the Americas (which include the United States, Canada and Mexico),
the Netherlands, the United Kingdom, and Other Countries, which
include Hungary, Spain, Taiwan, China, Poland and a number of
other countries with smaller operations.  In December 2007, AEGON
USA acquired 100% of the shares of Merrill Lynch Life Insurance
Company and ML Life Insurance Company of New York.


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


BANK VTB: Moody's Changes Outlook on 'D-' BFSR to Stable
--------------------------------------------------------
Moody's Investors Service has changed the outlook on the D- bank
financial strength rating of Bank VTB to stable from positive. At
the same time, Moody's has affirmed VTB's A1/P-1 global local
currency deposit ratings, A2 senior unsecured debt rating and
Baa1/P-2 foreign currency deposit rating with existing outlooks.

"The previously positive outlook on the bank's BFSR had reflected
Moody's view that VTB was strongly positioned within the D-
category, indicating a high probability of migration to the next
rating category, subject to further strengthening of its key
rating drivers.  However, Moody's has [] changed the outlook to
stable, in anticipation of the negative pressure that recent
market developments will exert on the bank's funding profile and
financial fundamentals reducing the expected further strengthening
of its key drivers", explains Andrey Artyukhin, Vice President --
Senior Analyst in Moody's Financial Institutions Group.

In Moody's view, key rating factors contributing to the change in
outlook are: (i) VTB's reduced capacity to attract market funding,
which the bank is significantly dependent on; (ii) the possibility
of a deterioration in the bank's loan portfolio as the rating
agency believes that some of VTB's large borrowers could be
adversely affected by the current credit and liquidity crunch in
Russia; and (iii) pressure on profitability from likely losses in
the securities portfolio in H2 2008 following the dramatic decline
in the Russian stock market.

On the positive side, Moody's notes that the strong support for
the bank from the Russian government, which owns 77.5% of its
shares, including the recent allocation of the ten-year
subordinated loan in the amount of RUB200 billion (US$7.4
billion), gives VTB a comfortable cushion enabling it not only to
meet its obligations but also to retain and possibly increase its
already significant market shares in Russia.  Moody's believes
that, in addition to the bank's high franchise value, the stable
outlook on VTB's BFSR of D- is underpinned by the bank's strong
capitalization as reflected by its Tier1 ratio of 15.0% at year-
end 2007.

Moody's previous rating action on VTB was implemented on July 16,
2008, when VTB's long-term foreign currency deposit rating was
upgraded to Baa1 (positive outlook), further to the upgrade of the
Russian government's local and foreign currency bond ratings to
Baa1 (positive outlook).

Headquartered in Moscow, Russia, VTB reported consolidated total
assets of US$108.8 billion and shareholders' equity of US$17.2
billion under IFRS as at June 30, 2008.


BELOYARSKIY CONSTRUCTION: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Sverdlovskaya commenced bankruptcy
supervision procedure on LLC Beloyarskiy Construction
Structures Plant (TIN 6609010260, PSRN 1036600430261).  The case
is docketed under Case No. A60-12763/2008-S11.

The Temporary Insolvency Manager is:

         V. Rudko
         Post User Box 518
         620000 Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Beloyarskiy Construction Structures Plant
         Post User Box 151
         Zarechny
         624250 Sverdlovskaya
         Russia


KAA-KHEMSKIY COAL: Creditors Must File Claims by December 10
------------------------------------------------------------
Creditors of OJSC Kaa-Khemskiy Coal Strip Mine (TIN 1717009055)
have until Dec. 10, 2008, to submit proofs of claims to:

         T. Kostyuk
         Insolvency Manager
         Kaa-Khem
         Kuzulskiy kozhuun
         667901 Tuva
         Russia

The Arbitration Court of Tuva commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A69-2237/06-11.

The Debtor can be reached at:

         OJSC Kaa-Khemskiy Coal Strip Mine
         Kaa-Khem
         Khuzulskiy Kozhuun
         667901 Tuva
         Russia


PENO-BETON-STROY LLC: Creditors Must File Claims by December 10
---------------------------------------------------------------
Creditors of LLC Peno-Beton-Stroy (Foam Concrete Production)
have until Dec. 10, 2008, to submit proofs of claims to:

         A. Biryukova
         Insolvency Manager
         Post User Box 2004
         650000 Kemerovo
         Russia

The Arbitration Court of Tomskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A67210/08.

The Debtor can be reached at:

         LLC Peno-Beton-Stroy
         Office 342
         Lutkina Str. 3/1
         634034 Tomsk
         Russia


SARANINSKAYA WOOD-PROCESSING: Claims Filing Period Ends Nov. 10
---------------------------------------------------------------
Creditors of CJSC Saraninskaya Wood-Processing Factory (TIN
6645001906) have until Nov. 10, 2008, to submit proofs of claims
to:

         N. Chuvakova
         Insolvency Manager
         Uralskaya Str. 77/87
         620041 Yekaterinburg
         Russia
         Tel: 89122270468

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-19297/2008-S11.

The Debtor can be reached at:

         CJSC Saraninskaya Wood-Processing Factory
         Proletarskaya Str. 6
         Sarana
         Krasnoufimskiy
         623311 Sverdlovskaya
         Russia


ZABAIKAL-INTEKH LLC: Creditors Must File Claims by November 10
--------------------------------------------------------------
Creditors of LLC Zabaikal-Intekh (Wood Works) (TIN 7536079929)
have until Nov. 10, 2008, to submit proofs of claims to:

         N. Volgina
         Insolvency Manager
         Post User Box 329
         672000 Chita
         Russia

The Arbitration Court of Chita commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A78-1363/2008-B-36 .

The Debtor can be reached at:

         LLC Zabaikal-Intekh
         Logovaya Str. 96
         672020 Chita
         Russia


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


BANIF: Spanish Parent Santander Denies Liquidation Rumors
---------------------------------------------------------
Spain's largest bank Santander dismissed speculation that it was
considering liquidating Banif, its domestic private banking
division, Paul Day writes for Reuters.

Santander, as cited by Reuters, said on Wednesday its domestic
private banking division Banif will continue as an independent
bank.

Reuters relates an Expansion report had said Santander will be
forced to liquidate the division due to losses incurred as a
result of its investments on behalf of clients in Lehman Brothers.


TDA 25: S&P Downgrades Rating on Class D Notes to B; Removes Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch negative its credit ratings on the class B, C, and D
notes issued by TDA 25, Fondo de Titulizacion de Activos.  S&P
also affirmed its ratings on the class A and NAS-IO notes.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information that S&P received.  The
results of our analysis showed that the credit enhancement
available for TDA 25's class B, C, and D notes was insufficient to
maintain the current ratings.

The reserve fund in this transaction has depleted due to defaults
and low levels of available excess spread.  TDA 25 features a
structural mechanism that traps excess spread to provision for
gross defaults and due and unpaid principal of nondefaulted loans.
Levels of available excess spread in the first three years after
closing are lower because of the NAS-IO class of notes.  As of the
latest interest payment date there was about EUR81,000 of uncured
defaults.

In addition, the current level of delinquencies greater than 90
days, which totaled in excess of 7% as of the latest interest
payment date, is well above the average of the Spanish residential
mortgage-backed securities (RMBS) transactions that S&P rates.

In S&P's view, there is no risk of default in the class D notes in
the medium term, as principal can be used to cover interest
shortfalls.  However, if gross cumulative defaults reach the level
of the interest deferral trigger, set at 3.9% of the initial
balance of the collateral, the interest on this class will be paid
after amortization of the senior classes.  Currently, the
cumulative defaults as a percentage of the initial balance of the
pool are 1.25%.

Although S&P has seen limited recoveries to date, this is to be
expected due to the length of the foreclosure period and it is
still within the limit of our stresses.

The originators of this transaction are two Spanish financial
entities: Banco Gallego, S.A. and Union de Credito para la
Financiacion Mobiliaria e Inmobiliaria, Credifimo, E.F.C., S.A.U.
(Credifimo).  The loans, mainly originated in Andalucia, Madrid,
and Galicia, are first-ranking securities and were for the purpose
of property acquisition.

TDA 25, Fondo de Titulizacion de Activos

  -- EUR265 Million Residential Mortgage-Backed Floating-Rate
Notes

Ratings Lowered and Removed from CreditWatch Negative:

Class       To             From
-----       --             ----
   B         BBB        A-/ Watch Neg
   C         BB         BBB/Watch Neg
   D         B          BB/Watch Neg

Ratings Affirmed:

A         AAA
NAS-IO    AAA


YPF SA: S&P's Ratings Unhurt By Argentine Nationalization Plans
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Spain-based integrated oil and gas company Repsol-YPF
S.A. (Repsol, BBB/Stable/A-2) remain unchanged following the
government's announcement of plans to nationalize the private
pension system in the Republic of Argentina (B/Stable/B).

As S&P's ratings already factor in high volatility across mainland
South America, particularly in Argentina, such a nationalization
would have no direct impact on Repsol or on its 85%-owned
subsidiary YPF S.A. (foreign currency BB/Stable/--; local currency
BB+/Stable/--), its largest overseas affiliate.

However, S&P expects the government's move to further weaken
Argentina's financial markets, thus placing a further hindrance to
Repsol's long-standing and credit-supportive plans for an IPO of
YPF, as well as weakening YPF's operating environment.  YPF's
performance remains healthy, which is positive in view of the
cross-default clauses between YPF's debt and EUR2.175 billion of
2010 and 2013 Repsol bonds.

S&P continues to see Repsol's liquidity as adequate, even
including the prospect for an outflow of up to EUR1.6 billion on
Gas Natural SDG, S.A. shares.  S&P notes the significant slide of
Repsol's stock price this week, as well as considerably higher
credit default swap spreads.  Still, these spreads are only
beginning to slightly exceed those of comparably rated companies
in the currently difficult market conditions.


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


* Moody's Comments on Swedish Government's Proposed Measures
------------------------------------------------------------
Moody's Investors Service commented on the measures proposed by
the Swedish government on October 20, 2008, to improve the
stability of its financial system amid current market turbulence.
Moody's views these measures as positive in terms of providing
liquidity and restoring confidence in the country's banking
system.

"Moody's understands that the proposed measures are applicable to
all banks and mortgage lenders operating in Sweden.  The measures
are expected to come into effect next week after they receive
formal approval by the Swedish parliament," says Antonella Pisani,
Vice President -- Senior Analyst in Moody's Financial Institutions
Group.

The main components of the Swedish government's proposed measures
are:

   * A government guarantee of up to a total amount of
     SEK1.5 trillion (EUR150 billion) for new senior debt issuance
     -- including covered bonds -- issued by eligible
     institutions, of terms between 90 days and 5 years.  The
     guarantee will be provided only to those eligible
     institutions whose capital structure displays a Tier 1 ratio
     of at least 6% and a total capital ratio of at least 9%.

   * Establishment of a government stability fund where the
     government will inject SEK15 billion (EUR1.5 billion) of
     capital. The fund will intervene to support systemically
     important financial institutions whose capitalization is
     deemed in need of being strengthened.  The State could
     consider a variety of ways of intervention including the
     subscription of an issue of preference shares.

In addition to these measures, Moody's notes that earlier this
month the Swedish deposit guarantee scheme was increased to
SEK500,000 (EUR50,000) from SEK250,000 (EUR25,000) together with a
broadening of the guarantee to cover all types of accounts.

Moody's understands that the government guarantee is expected to
be valid until April 30, 2009, but that it can be extended by the
Swedish government until December 31, 2009.  Eligible institutions
using the above stabilization measures will be subject to limits
on the compensation of key executives.  Unlike other schemes put
in place in other countries, the proposal does not include any
restrictions on the distribution of dividends.

                    Impact on Ratings

In Moody's view, the stabilization plan in its current form should
help to ease the pressure on current liquidity constraints for
Swedish banks, specifically by addressing their liquidity needs in
medium-term financing and potential needs for fresh capital in the
banking system.  However the announced plan is unlikely to have
positive implications for the long-term ratings of Swedish banks.
These ratings already incorporate an uplift from the bank's
respective bank financial strength ratings (BFSRs), reflecting the
potential for systemic support.  Moody's notes that rating actions
(positive or negative) will continue to be influenced by
underlying credit and franchise fundamentals, in line with Moody's
established bank rating methodology.

With regards to the explicit guarantee by the government for new
short- and medium-term debt issuance -- subject to a detailed
review of the guarantee terms, notably with regard to timeliness
of payment and duration -- such facilities could receive backed
short- and long-term ratings in line with the rating of the
Swedish government and distinct from the unbacked short- and long-
term debt ratings of the financial institution itself.

For a more general Moody's perspective on October 8, Moody's
published a Special Comment entitled "Assessing the Rating
Implications for Banks of the Current Market Turmoil and
Governmental Interventions to Support Their Banking Systems".  On
October 14, Moody's released a further Special Comment about the
coordinated European response to the crisis entitled "Actions by
European Sovereigns Provide Substantial De-Risking for Large
European Banks".


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


1291 CONSULTING: Creditors Must File Proofs of Claim by Nov. 7
--------------------------------------------------------------
Creditors owed money by LLC 1291 Consulting are requested to file
their proofs of claim by Nov. 7, 2008, to:

         Markus Solenthaler
         Eichhaldenring 31
         5037 Muhen
         Switzerland

The company is currently undergoing liquidation in Muhen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 13, 2008.


A. WURSCH JSC: Deadline to File Proofs of Claim Set Nov. 8
----------------------------------------------------------
Creditors owed money by JSC A. Wursch are requested to file their
proofs of claim by Nov. 8, 2008, to:

         Arnold Wursch
         Ischenstrasse 3c
         6376 Emmetten
         Switzerland

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


CREADESIGN BBT: Creditors Have Until Nov. 8 to File Claims
----------------------------------------------------------
Creditors owed money by LLC creadesign bbt are requested to file
their proofs of claim by Nov. 8, 2008, to:

         Theo Bohler
         Herrengasse 12
         8640 Rapperswil
         Switzerland

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


GUFO LLC: Proofs of Claim Filing Deadline is Nov. 8
---------------------------------------------------
Creditors owed money by LLC Gufo are requested to file their
proofs of claim by Nov. 8, 2008, to:

         Dr. Judith Holstein-Schwarz
         Alte Zollstrasse 50
         8260 Stein am Rhein
         Switzerland

The company is currently undergoing liquidation in Grabs.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 18, 200.


JURG ZOLLIKOFER: Creditors' Proofs of Claim Due by Nov. 8
---------------------------------------------------------
Creditors owed money by LLC Jurg Zollikofer are requested to file
their proofs of claim by Nov. 8, 2008, to:

         Wies 1
         9043 Trogen
         Switzerland

The company is currently undergoing liquidation in Trogen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 22, 2008.


ORION-AL-KO SPREITENBACH: Nov. 7 Set as Deadline to File Claims
---------------------------------------------------------------
Creditors owed money by JSC Orion-Al-Ko, Spreitenbach are
requested to file their proofs of claim by Nov. 7, 2008, to:

         JSC Ostschweizerische Treuhand Zurich
         Attn: Markus Harsch, Liquidator
         Wengistrasse 7
         8026 Zurich
         Switzerland

The company is currently undergoing liquidation in Spreitenbach.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on  Aug. 25, 2008.


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

         Alfred Krahenbuhl
         Mannwilweg 2
         2545 Selzach
         Switzerland

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


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


AMITEKS LLC: Creditors Must File Claims by October 31
-----------------------------------------------------
Creditors of LLC Amiteks (code EDRPOU 32380467) have until
Oct. 31, 2008, to submit proofs of claim to:

         M. Titarenko
         Liquidator/Insolvency Manager
         Ap. 18
         Saksagansky Str. 24
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/799-b.

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

The Debtor can be reached at:

         LLC Amiteks
         Ap. 117
         Schors Str. 37
         01133 Kiev
         Ukraine


ALMAN LLC: Creditors Must File Claims by October 31
---------------------------------------------------
Creditors of LLC Alman (code EDRPOU 32380318) have until Oct. 31,
2008, to submit proofs of claim to:

         M. Titarenko
         Liquidator/Insolvency Manager
         Ap. 18
         Saksagansky Str. 24
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 44/108-b.

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

The Debtor can be reached at:

         LLC Alman
         Ap. 54
         Yanvarskogo Vosstaniya Str. 11A
         01010 Kiev
         Ukraine


BARVENKOVSKOYE LLC: Creditors Must File Claims by November 1
------------------------------------------------------------
Creditors of LLC Barvenkovskoye (code EDRPOU 30772779) have until
Nov. 1, 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 Aug. 4, 2008.
The case is docketed as B-24/136-08.

The Debtor can be reached at:

         LLC Barvenkovskoy
         Ivanovka
         Barvenkovo District
         64730 Kharkov
         Ukraine


DINAMO-AGRO LLC: Creditors Must File Claims by October 31
---------------------------------------------------------
Creditors of LLC Dinamo-Agro (code EDRPOU 21663851) have until
Oct. 31, 2008, to submit proofs of claim to:

         A. Fomichev
         Liquidator/Insolvency Manager
         Sadovaya Str. 86-A
         Irpen
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/655.

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

The Debtor can be reached at:

         LLC Dinamo-Agro
         Vladimirsky Slope 4V
         01001 Kiev
         Ukraine


ENERGY CENTER: Creditors Must File Claims by October 31
-------------------------------------------------------
Creditors of LLC Energy Center (code EDRPOU 31033916) have until
Oct. 31, 2008, to submit proofs of claim to:

         M. Titarenko
         Liquidator/Insolvency Manager
         Ap. 18
         Saksagansky Str. 24
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 50/44.

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

The Debtor can be reached at:

         LLC Energy Center
         Lesia Ukrainka Boulevard 15
         01133 Kiev
         Ukraine


KIEV LIFE-FISH STOREHOUSE: Creditors Must File Claims by Nov. 1
---------------------------------------------------------------
Creditors of CJSC Kiev Life-Fish Storehouse (code EDRPOU 00476990)
have until Nov. 1, 2008, to submit proofs of claim to:

         Victor Sunitsa
         Liquidator/Insolvency Manager
         P.O. Box 70
         01042 Kiev
         Ukraine
         Tel: 8(050)543-8948, 529-3037

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 23, 2008.
The case is docketed as B 2/153-08.

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

The Debtor can be reached at:

         CJSC Kiev Life-Fish Storehouse
         Stoyanka
         08114 Kiev
         Ukraine


KRASNY METALLIST: Creditors Must File Claims by November 1
----------------------------------------------------------
Creditors of OJSC Krasny Metallist (code EDRPOU 00165706) have
until Nov. 1, 2008, to submit proofs of claim to:

         Eugene Kornilov
         Liquidator/Insolvency Manager
         Of. 408
         Independency Square 1
         40030 Sumy
         Ukraine
         Tel/Fax: 8(0542)619-837

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 7/27-06.

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         OJSC Krasny Metallist
         Krasnozavodskaya Str. 5
         Konotop
         41615 Sumy
         Ukraine


MALETA LLC: Creditors Must File Claims by November 1
----------------------------------------------------
Creditors of LLC Maleta (code EDRPOU 33764561) have until Nov. 1,
2008, to submit proofs of claim to:

         LLC Legal Company Delovoy Partner
         Liquidator
         Of. 701
         Artem Str. 1/5
         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 11/264-08.

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

The Debtor can be reached at:

         LLC Maleta
         Kichigin Str. 5-A
         Katiuzhanka
         Vyshgorod District
         Kiev
         Ukraine


RANSA LLC: Creditors Must File Claims by November 1
---------------------------------------------------
Creditors of LLC Ransa (code EDRPOU 33764535) have until Nov. 1,
2008, to submit proofs of claim to:

         LLC Legal Company Delovoy Partner
         Liquidator/Insolvency Manager
         Of. 701
         Artem Str. 1/5
         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 11/265-08.

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

The Debtor can be reached at:

         LLC Ransa
         Kichigin Str. 5-A
         Katiuzhanka
         Vyshgorod District
         Kiev
         Ukraine


TECHNICAL CHEMICAL: Creditors Must File Claims by October 31
------------------------------------------------------------
Creditors of LLC Technical Chemical Universal Ltd (code EDRPOU
30111940) have until Oct. 31, 2008, to submit proofs of claim to:

         M. Titarenko
         Liquidator/Insolvency Manager
         Ap. 18
         Saksagansky Str. 24
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 49/207-b.

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

The Debtor can be reached at:

         LLC Technical Chemical Universal Ltd
         Moscow Str. 7
         01010 Kiev
         Ukraine


VELTA LTD: Creditors Must File Claims by November 1
---------------------------------------------------
Creditors of Joint Ukrainian-British Enterprise Velta Ltd (code
EDRPOU 14292555) have until Nov. 1, 2008, to submit proofs of
claim to:

         Sergey Kiprach
         Liquidator/Insolvency Manager
         Ap. 88
         Furmanov Str. 8A
         36021 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 19, 2008.
The case is docketed as 23/28.

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

The Debtor can be reached at:

         Joint Ukrainian-British Enterprise Velta Ltd
         Shevchenko Str. 52
         36000 Poltava
         Ukraine


* UKRAINE: Banking Recapitalization Cues S&P's B Sovereign Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
foreign currency sovereign credit ratings on Ukraine to 'B' from
'B+', and its local currency ratings to 'B+' from 'BB-'.  The
outlook is negative.  The 'uaAA' national scale rating was also
lowered to 'uaA+'.  The 'B' short-term ratings were affirmed, and
the recovery rating on Ukraine's foreign currency debt remains
'4'.  Ukraine's Transfer & Convertibility assessment, which
measures the probability of the sovereign restricting access to
foreign exchange by non-sovereign debtors, was lowered to 'B+'
from 'BB-'.  With these actions, the foreign and local currency
ratings and the national scale rating on Ukraine were removed from
CreditWatch with negative implications, where they were placed on
Oct. 15, 2008.

"The downgrade reflects the rising cost to the government of a
necessary recapitalization of the banking sector against a
backdrop of declining growth and heightened exchange rate risk,"
S&P's credit analyst Frank Gill said.

A substantial IMF loan facility for Ukraine is likely to be
approved relatively soon.  In addition to bolstering the foreign
exchange reserves of the National Bank of Ukraine, a large loan
facility could unlock additional financial support from
multilateral development banks and friendly governments, and could
lay the foundations for important budgetary and economic reforms.

Nevertheless, the necessary political consensus upon which IMF and
other concessional lending depends may not come quickly enough to
offset mounting pressures on the exchange rate and the financial
sector.  Moreover, Ukraine's fragile political consensus will
likely test the effectiveness of the government's stabilization
efforts, even after an IMF program is agreed.

Low confidence in Ukraine's financial and monetary institutions
increases the associated risks to the real economy and inflation.
A sharp depreciation of the Ukrainian hryvnia would also increase
the cost to the government of recapitalizing the financial system,
not least due to the high level (35% of GDP) of foreign currency
loans extended to unhedged corporates and households.  The ensuing
shock to output would hurt fiscal performance.

In the first half of 2008, Ukraine's current account deficit
averaged 8% of GDP, but is likely to return toward balance during
2009 as the means to finance it narrow.  Short-term financing
needs still remain, however.  Ukraine's gross external financing
requirement (current account balance, amortization of long-term
external debt, and stock of short-term external debt) will be 147%
of international reserves in the next twelve months.  A reversal
in Ukraine's terms of trade is also underway, adding further
downward pressure on growth prospects in the lead-up to national
elections.

"The negative outlook indicates that the sovereign ratings on
Ukraine could be cut again if there are significant delays in
reaching agreement with the IMF, or if the lack of an internal
political consensus undermines the government's ability to
implement an IMF program," Mr. Gill said.  "Conversely, the
outlook on the ratings could change to stable if the government is
successful in implementing effective financial stabilization
measures that lay the foundation for economic recovery over the
next two years."


* International Monetary Fund to Lend Ukraine US$16.5 Billion
-------------------------------------------------------------
Mr. Dominique Strauss-Kahn, Managing Director of the International
Monetary Fund, issued the following statement on Ukraine on
Sunday, Oct. 26, 2008:

"An IMF staff mission and the Ukraine authorities have reached
agreement, subject to approval by IMF Management and the Executive
Board, on an economic program supported by an SDR11 billion
(US$16.5 billion) loan under an 24-month Stand-By Arrangement.
Consideration by the Board would follow approval of legislative
changes to Ukraine's bank resolution program.

"Ukraine has developed a comprehensive policy package designed to
help the country meet the balance of payments needs created by the
collapse of steel prices, and the global financial turmoil and
related difficulties in Ukraine's financial system. The
authorities' program is intended to support Ukraine's return to
economic and financial stability, by addressing financial sector
liquidity and solvency problems, by smoothing the adjustment to
large external shocks and by reducing inflation. At the same time,
it will guard against a deep output decline by insulating
household and corporations to the extent possible.

"The IMF is moving expeditiously to help Ukraine, and this program
is focused on the essential upfront measures needed to maintain
confidence and economic and financial stability.  The strength of
the program justifies the high level of access, equivalent to 800
percent of Ukraine's quota in the Fund,"
Mr. Strauss-Kahn added.

                      *     *     *

As reported in the TCR-Europe on Oct. 22, 2008, Moody's Investors
Service has changed the outlook on Ukraine's key
ratings to stable from positive as the global liquidity crunch has
combined with existing macroeconomic, financial and political
challenges.  "As a result, the probability that Moody's would
raise the credit rating to Ba3 from B1 in the next 12 to 18 months
has diminished, prompting the change in outlook," said Moody's
Vice President Jonathan Schiffer.

The credit rating agency also lowered the country's local currency
deposit ceiling to Ba1 from Baa1.  This action followed the
imposition of a six-month suspension by the National Bank of
Ukraine on early withdrawal of household term deposits with
maturity dates in the commercial banking system.  Since this
action did not differentiate between local and foreign currency
deposits, the gap between Moody's country ceilings for foreign and
local currency bank deposits has been narrowed accordingly.

On Oct. 21, 2008, the TCR-Europe reported that Fitch Ratings has
downgraded Ukraine's Long-term foreign and local currency Issuer
Default Ratings to 'B+', from 'BB-'.  The Outlooks on both IDR
remain Negative.  The agency has also downgraded the Country
Ceiling to 'B+' from 'BB-'.  The Short-term foreign currency IDR
is affirmed at 'B'.

"The downgrade reflects Fitch's concern that the risk of a
financial crisis in Ukraine involving a large depreciation of the
currency, further stress in the banking system and significant
damage to Ukraine's real economy is significant and rising.  Such
a scenario would damage the sovereign's balance sheet.
Nevertheless, Fitch believes risks to Ukraine's ability to meet
its sovereign obligations remain low in the near term owing to the
sovereign's modest refinancing needs," said Andrew Colquhoun,
Director in Fitch's Sovereigns Group.

As reported by the TCR-Europe on October 17, 2008, Standard &
Poor's Ratings Services has placed the following ratings on
Ukraine on CreditWatch with negative implications: its 'B+/B'
foreign currency and 'BB-/B' local currency sovereign credit
ratings on its global scale; and its 'uaAA' ratings on its
national scale.  A resolution of the CreditWatch action is likely
this month pending further clarification of the government's
strategy in addressing the intensifying stresses in Ukraine's
financial sector, which could require capital injections from the
government.  S&P is in the process of assessing these potential
fiscal costs and the impact of weakened growth prospects on the
budgetary position of the government.


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


ADVANCED MARKINGS: Brings in Liquidators from PKF
-------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of Advanced Markings (UK) Ltd. on Oct. 9, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Advanced Markings (UK) Ltd.
         c/o PKF (UK) LLP
         Regent House
         Clinton Avenue
         Nottingham
         NG5 1AZ
         England


BEYOND CONSTRUCTION: Taps Liquidators from Tenon Recovery
---------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Beyond Construction Ltd. on
Oct. 6, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Beyond Construction Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


BEYOND LEARNING: Calls in Liquidators from Tenon Recovery
---------------------------------------------------------
Steven Phillip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Beyond Learning Ltd. on Oct. 6,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Beyond Learning Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


CAMERON FARLEY: High Court Taps Liquidators from Grant Thornton
---------------------------------------------------------------
An order was made in the High Court on Oct. 21, 2008, appointing
James Earp and Rob Caven of Grant Thornton UK LLP as provisional
liquidators of the company.

The appointment results from a petition being presented by the
Financial Services Authority for the winding up of the company.
The provisional liquidator's role is to secure the company's
assets and accounting records until the hearing of the petition
for the liquidation.

At this time the Court can decide either to wind up the company or
to allow it to resume trading.  Consequently, there has not yet
been any final determination of what will happen to the company.
The provisional liquidator's job is, essentially, to preserve the
position until the hearing.

At present, the liquidators do not know how long it will be before
the company's position is determined.  An average would be around
2-3 months, but this can vary considerably.  All investors will be
contacted when the Court finally decides what should happen to the
company.

Based in Edinburgh, Scotland, Cameron Farley Ltd is an investment
firm.


COPRATEC MOULDINGS: Appoints Colin Prescott as Liquidator
---------------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of
Copratec Mouldings Ltd. on Oct. 10, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Copratec Mouldings Ltd.
         c/o Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


CORE BPO: Joint Liquidators Take Over Operations
------------------------------------------------
Stephen Cork and Joanne Milner of Smith & Williamson Ltd. were
appointed joint liquidators of Core BPO Ltd. on Oct. 14, 2008, for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Core BPO Ltd.
         c/o Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         England


CROSSWORD GRAPHICS: Claims Filing Period Ends December 8
--------------------------------------------------------
Creditors of Crossword Graphics Facilities Management Ltd.
have until Dec. 8, 2008, to detail their names and addresses (and
solicitors if applicable) together with particulars of their debts
or claims, in writing, or in person, to:

         Duncan R. Beat
         c/o Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed Liquidator of the
on Oct. 9, 2008, for the creditors' voluntary winding-up
procedure.


FGIC CORP: Moody's Puts Sr. Debt Ratings on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the B1 insurance financial
strength ratings of the main operating subsidiaries of FGIC
Corporation, including Financial Guaranty Insurance Company and
FGIC UK Limited under review for possible downgrade.  In the same
rating action, Moody's has also placed the Caa2 senior debt
ratings of the holding company, FGIC Corporation and the B3
contingent capital securities ratings of Grand Central Capital
Trusts I-VI on review for possible downgrade.  Prior to the rating
action, the rating outlook for FGIC was negative.

The rating action primarily reflects Moody's expectation of
further stress on the company's risk-adjusted capital position in
light of continued deterioration in housing fundamentals and the
related implications on the company's mortgage-related exposures.
Higher expected mortgage default rates and severity was reflected
in upward revisions to Moody's lifetime loss estimates for certain
recent vintage residential mortgage-backed securities announced in
September.

Moody's ratings on securities that are guaranteed or "wrapped" by
a financial guarantor are generally maintained at a level equal to
the higher of a) the rating of the guarantor (if rated at the
investment grade level), or b) the published underlying rating. In
accordance with current rating agency policy, following Moody's
June 20, 2008 rating action on FGIC which lowered its rating to
below the investment grade level, Moody's withdrew ratings on FGIC
wrapped securities for which there was no published underlying
rating.  Should the guarantor's rating subsequently move back into
the investment grade range or should the agency subsequently
publish the associated underlying rating, Moody's would reinstate
previously withdrawn ratings on those wrapped instruments.

Moody's said that its review of FGIC's insurance financial
strength rating will update its assessment of the guarantor's
mortgage-related exposures and other insured transactions.
Moody's stated that because FGIC is meaningfully exposed to the
risk of US subprime mortgages and other residential mortgage
products, its updated mortgage loss assumptions are expected to
have a significant impact on estimates of the firm's capital
adequacy.  As part of a restructuring plan, FGIC has ceded most of
its US public finance exposures by completing a reinsurance
agreement with MBIA.  FGIC also reached a settlement with the
counterparty for a large and poorly performing ABS CDO. According
to Arlene Isaacs-Lowe, senior vice president, "these events have
had a positive impact on estimates of FGIC's capital adequacy but
are likely to be more than offset by the impact of increased loss
assumptions for FGIC's mortgage related risks."

During the review, Moody's will evaluate the impact of revised
mortgage loss assumptions on capitalization in the context of any
additional restructuring plans.  Moody's will also consider the
recent termination of FGIC's net worth maintenance agreement with
FGIC UK on transactions that have been insured by FGIC UK.

List of Rating Actions

These ratings have been placed under review for possible
downgrade:

   * Financial Guaranty Insurance Company -- B1 insurance
     financial strength;

   * FGIC UK Limited -- B1 insurance financial strength;

   * Grand Central Capital Trusts I-VI -- B3 contingent capital
     securities; and

   * FGIC Corporation -- Caa2 senior unsecured debt.

FGIC Corporation is a holding company whose primary operating
subsidiaries, Financial Guaranty Insurance Corporation and FGIC UK
Limited, provide credit enhancement and protection products to the
public finance and structured finance markets throughout the
United States and internationally.  FGIC Corporation is privately
owned by an investor group consisting of The PMI Group, GE and
private equity firms Blackstone, Cypress and CIVC.


FML LTD: S&P Places B- Corporate Credit Rating on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B-' long-term
corporate credit rating and 'ruBBB-' Russia national scale rating
on Isle of Man-registered FML Ltd. (East Line Group) on
CreditWatch with negative implications.

FML Ltd. is the holding company of the Russia-based East Line
Group, which operates Moscow's largest airport, Domodedovo
International Airport (DME).

"The CreditWatch placement reflects our increasing concerns about
the group's short-term liquidity," said S&P's credit analyst Ralf
Etzelmueller.  "In our view, and according to information provided
to us, liquidity reserves on Sept. 30, 2008, could be insufficient
to fully cover the group's remaining 2008 short-term debt
maturities."

The group repaid an installment under a bank loan facility due
mid-October and has two short-term repayment commitments in mid-
November and mid-December, and S&P understands it is currently
negotiating with banks to extend or replace existing credit lines.
However, given the short time frame before the next debt
repayments are due and the currently challenging credit
environment, S&P is increasingly concerned about East Line's
ability to roll over the debt or secure alternative funding.  The
CreditWatch placement also reflects that even if the group meets
its immediate debt maturities, it will still face a difficult
funding and economic environment in the foreseeable future.

The ratings continue to be constrained by the group's complex
structure, high reliance on the leasehold and operations of DME,
limited access to capital markets, and continuing exposure to
information risk.  The high legal and regulatory risks inherent in
the Russian business environment are further constraints.

"Standard & Poor's aims to resolve the CreditWatch placement
shortly, after receiving more in-depth information on the
company's short-term liquidity situation, its plan to refinance
current bank facilities and other short-term cash inflows, and
funding for its expansion capital expenditure," said Mr.
Etzelmueller.  "We could lower the ratings if we do not receive
information that mitigates our concerns about current and future
liquidity sources and the increasing challenges posed by the
operating and financial environment."


K & S PAVING: Brings in Liquidators from Tenon Recovery
-------------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of K & S Paving and
Construction Ltd. on Oct. 8, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         K & S Paving and Construction Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


LANDMARK MORTGAGE: S&P Puts BB-Rated Class D Notes on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
negative its credit ratings on the junior class C and D notes
issued by Landmark Mortgage Securities No. 2 PLC (LMS 2).  The
senior class A and B notes in the transaction remain unaffected.

As part of its review, S&P also performed the same analysis on
Landmark Mortgage Securities No. 1 PLC, whose ratings remain
unchanged.

The CreditWatch placements on the LMS 2 junior notes follow an
initial review of the most recent loan-level data we have received
for this transaction.  S&Ps analysis shows that the likelihood of
negative rating actions has increased for both junior classes.
While credit enhancement levels available to these classes have
increased, the performance of the underlying collateral has
deteriorated.

There has been a notable increase in the number of properties
repossessed.  In the last quarter, 2.63% of the pool went into
repossession, with total repossessions now standing at 3.86%.
Previously, 1.76% of properties were in repossession.

S&P will now carry out a more detailed loan-level and cash flow
analysis to investigate whether either or both of these notes
might need to be downgraded or affirmed.  S&P will publish the
results of this review and any changes in the ratings in due
course.

The notes, issued in 2007, are backed by a portfolio of first-
ranking residential mortgages secured over properties in the U.K.
The mortgage loans were originated by Unity Homeloans Ltd.,
Infinity Mortgages Ltd., and Amber Homeloans Ltd. and subsequently
bought by Investec Bank (U.K.) Ltd.  The portfolio predominately
comprises loans to nonconforming mortgage borrowers, who generally
have a higher propensity to go into arrears.

Landmark Mortgage Securities No. 2 PLC:


  -- EUR51.5 Million and GBP322.645 Million Mortgage-Backed
     Floating-Rate Notes

Ratings Placed On CreditWatch Negative:

Class          To            From
-----          --            ----
   C       BBB/Watch Neg       BBB
   D       BB/Watch Neg        BB


ORYEN MORTGAGE: Choses to Go Under Voluntary Liquidation
--------------------------------------------------------
Oryen Mortgage has chosen voluntary liquidation as the best option
for the company to move forward, Robert Thickett of Ad Bureau
reports.

Mr. Andrew Hewitt, operations director of Oryen, said, "It really
was something that we felt honor bound to do purely because with
the amount of products left for us to package and sell, we didnt
see any future in the short term to continue."

Mr. Hewitt, added, "So we took advice and it really was a question
of whether we invest more of our personal money.  But with no
upturn in sight decided it was best to place it into voluntary
liquidation.

Oryen Mortgage -- http://www.oryen.co.uk/-- is a professional
mortgage packaging company.


RESLOC UK 2007-1: S&P Junks F1b Defer Notes Rating to CCC from B
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch negative its credit ratings on the class E1b, E2b,and
F1b Defer notes issued by ResLoc U.K. 2007-1 PLC.  S&P also
lowered its credit ratings on the class D1a and D1b notes and have
affirmed all other classes of notes.

The rating actions follow a full credit and cash flow analysis of
the most recent loan-level information relating to the September
2008 interest payment date.  This analysis showed that the credit
enhancement available for the class D1a, D1b, E1b, E2b, and F1b
Defer notes was insufficient to maintain the existing ratings on
these notes.

On the September 2008 interest payment date, ResLoc 2007-1 drew
GBP3,080,696 (28.15%) of its opening quarter reserve fund balance.
This draw is mainly due to a loss of GBP2,860,386 in the quarter.
This leaves the reserve fund at GBP7,862,276 (64.67% of the
reserve fund required amount).

The weighted-average loss severity in the period was 37.46%.
Losses on the sale of purpose-built flats (constructed in the past
four years) represented 64.39% of the total losses in the period.
Most of these were buy-to-let loans.

As of Sept. 4, repossessions were 1.7% of the outstanding current
balance.  As U.K. house prices continue to decline, the current
loan-to-value ratios of the pool will increase and S&P expects
higher losses on average for loans on properties that have been
repossessed and loans that ultimately default.  Under the current
market conditions, S&P also expects the time from repossession to
sale to increase, leading to increased arrears levels before sale.

The notes, issued in May 2007, are backed by a portfolio of first-
ranking residential mortgages secured over freehold and leasehold
properties in the U.K.  The loans were originated by GMAC-RFC Ltd.
(75.3%), Advantage (11.0%), Amber Homeloans Ltd. (10.2%), and
Victoria Mortgage Funding Ltd. (3.5%).

ResLoc U.K. 2007-1 PLC

  -- EUR395.5 Million, GBP485.8 Million, And US$303.7 Million
     Mortgage-Backed Floating-Rate Notes

Ratings Lowered And Removed From CreditWatch Negative:

Class           To           From
-----           --           ----
E1b             B        BB/Watch Neg
E2b             B        BB/Watch Neg
F1b Defer      CCC       B/Watch Neg

Ratings Lowered:

Class       To        From
-----       --        ----
  D1a        BB        BBB
  D1b        BB        BBB

Ratings Affirmed:

A2a           AAA
A2b           AAA
A2c           AAA
A3a           AAA
A3b           AAA
A3c           AAA
M1a           AAA
M1b           AAA
B1a           AA
B1b           AA
C1a           A
C1b           A
MERCs         AAA


ROSEBYS GROUP: Closes 24 Outlets; 144 Jobs Affected
---------------------------------------------------
The Joint Administrators of the Rosebys group of companies
confirmed that they have closed a further 24 of the home textile
retail chain's outlets, making 144 people redundant.

Howard Smith, Joint Administrator and KPMG Restructuring Associate
Partner, said: "It is disappointing but unavoidable to be
continuing to close stores, resulting in redundancies. However,
discussions regarding a going concern sale are proceeding
satisfactorily and the majority of outlets, 183, are still
trading."

A total of 97 outlets have now closed including the following
which closed during the week commencing Monday, October 20, with
the accompanying number of redundancies:

    * West Ealing (5)
    * Llansamlet (4)
    * Hove (4)
    * Oxford (6)
    * Woking (7)
    * Selby (4)
    * Yeovil (6)
    * Worthing (5)
    * Dover (5)
    * Worksop (5)
    * Horsham (7)
    * Bristol (9)
    * Romford (8)
    * Newark (4)
    * Hereford (6)
    * Banbury (6)
    * Taunton (7)
    * Trowbridge (5)
    * Irvine (6)
    * Bedford (10)
    * Harrogate (7)
    * Altrincham (5)
    * Crewe (7)
    * St. Helens (6)

                 About KPMG LLP (UK)

KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.

KPMG in the UK has over 10,000 partners and staff working in 22
offices and is part of a strong global network of members firms.
As part of KPMG Europe it has merged with its German and Swiss
firms, making it the largest integrated accounting firm in Europe.

                      About Rosebys

Based in Yorkshire, Rosebys trades as a high street retailer of
home textiles.  The group has an annual turnover of GBP100 million
and employs approximately 2000 staff at its 280 stores; a head
office in Rotherham, South Yorkshire; and a distribution center in
Selby, North Yorkshire.

Howard Smith, Richard Fleming and Mark Firmin of KPMG LLP
Restructuring were appointed as Joint Administrators to the group
on Sept. 26, 2008.

Joint Administrator Howard Smith said the group experienced
difficult trading conditions, leading to continuing losses.  He
added Rosebys had recently sought to re-finance, but this did not
prove possible in the current economic climate.


TEATHERS LTD: Brings in Administrators from KPMG
------------------------------------------------
Richard Heis and Samantha Rae Bewick were appointed as
administrators to Teathers Ltd (formerly known as Landsbanki
Securities Ltd) at the request of the directors on
Thursday, October 23, 2008.

The administrators have entered into a conditional sale agreement
to sell certain assets relating to the nominated adviser (NOMAD)
business and certain other activity of Teathers' business to
Straumur Burdaras Investment Bank hf, for an undisclosed sum.  The
administrators are working to reconcile the client assets and
client money positions and realize any remaining residual assets
for the benefit of creditors.

                  About KPMG LLP (UK)

KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.

KPMG in the UK has over 10,000 partners and staff working in 22
offices and is part of a strong global network of members firms.
As part of KPMG Europe it has merged with its German and Swiss
firms, making it the largest integrated accounting firm in Europe.


UNITED PLANT: Appoints Liquidators from Smith & Williamson
----------------------------------------------------------
Simon J. Lowes and Steve Adshead of Smith & Williamson Ltd. were
appointed joint liquidators of United Plant Sales Ltd. on
Oct. 8, 2008, for the creditors' voluntary winding-up  proceeding.

The company can be reached at:

         United Plant Sales Ltd.
         20 Brunswick Place
         Southampton
         SO15 2AQ
         England


* S&P Lowers Ratings on 6 CPDO Transactions to CC; Off Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on 12
constant proportion debt obligation (CPDO) transactions.  Six of
these ratings remain on and six have been removed from CreditWatch
negative.

The widening of credit default swap spreads over the past few days
and the level of volatility in the credit derivatives market has
resulted in further deterioration in the net asset values (NAVs)
of these CPDO structures.

The rating actions reflect the increased risk that the NAVs may
not be able to build value sufficiently for the structures to
"cash-in," i.e., reach a NAV where all future interest payments
and principal are covered.  In some transactions, the NAVs are
close to trigger levels.  If these are breached, it would lead to
those transactions being unwound.

S&P is keeping some of these transactions on CreditWatch negative
to reflect the volatility of credit spreads in recent weeks and
the possibility of further market disruption.  The ratings lowered
to 'CC' represent our view that the rated notes are highly
vulnerable to nonpayment.

Ratings Lowered and Kept on CreditWatch Negative:

Castle Finance I Ltd.

  -- EUR75 Million SURF Constant Proportion Debt Obligation Notes
     Series 10
                    B/Watch Neg               BB/Watch Neg

Chess II Ltd.

  -- EUR40 Million Surf Constant Proportion Debt Obligation Fixed-
     Rate Notes Series 29

                    BB/Watch Neg              BBB/Watch Neg

Coriolanus Ltd.

  -- AU$13 Million Floating-Rate Secured Notes Series 43

                    BB/Watch Neg              BBB/Watch Neg

Motif Finance (Ireland) PLC

  -- EUR5 Million Adjustable Leverage Debt Obligations Series
     2007-3

                    B/Watch Neg               BBB/Watch Neg

Motif Finance (Ireland) PLC

  -- US$10 Million Adjustable Leverage Debt Obligations Series
     2007-4
                    B/Watch Neg               BBB/Watch Neg

Motif Finance (Ireland) PLC

  -- AU$26 Million Adjustable Leverage Debt Obligations Series
     2007-6
                    CCC/Watch Neg             BBB/Watch Neg

Ratings Lowered and Removed from CreditWatch Negative:

Castle Finance I Ltd.

  -- EUR325 Million Surf Constant Proportion Debt Obligation Notes
     Series 7

                    CC                        CCC/Watch Neg

Chess II Ltd.

  -- EUR100 Million Surf Constant Proportion Debt Obligation
     Floating-Rate Notes Series 25

                    CC                        B/Watch Neg

Chess II Ltd.

  -- EUR250 Million Surf Constant Proportion Debt Obligation
     Floating-Rate Notes Series 28

                    CC                        B/Watch Neg

Rembrandt New Zealand Trust No. 2006-1

  -- NZ$70 Million Floating-Rate Notes
                    CC                        CCC/Watch Neg

Rembrandt Australia Trust No. 2006-2

  -- AU$50 Million Floating-Rate Notes

                    CC                        CCC/Watch Neg

Rembrandt Australia Trust No. 2006-3

  -- AU$40 Million Community Income Constant Proportion Debt
     Obligation Notes

                    CC                        CCC/Watch Neg


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

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


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


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192      (59)
Setuza A.S.                          (61)         139      (62)


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


FRANCE
------
BSN Glasspack                       (101)       1,150      159
Grande Paroisse S.A.                (927)         629      347
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (44)
Matussiere et Forest S.A. MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (504)       7,213      712
Selcodis S.A.             SPVX       (21)         140      (36)
Trouvay Cauvin                        (0)         134        9


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         144      109
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (28)
EECH Group AG                          0          109       57
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         152      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (21)         204      (99)
P & T Technology                       0          109       57
Primacom AG               PRC        (14)         730      (68)
Sander AG                             (6)         128       31
Sinnleffers AG                        (4)         454     (182)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28

GREECE
------
Empedos SA                           (34)         175      (57)
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP      (15)         284     (143)
Radio A.Korassidis        KORA      (101)         181     (164)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (107)

HUNGARY
-------
Brodograde Indus                   (322)         263      (366)
IPK Osijek DD OS                    (15)         124       (82)
OT Optima Teleko                    (26)         119         8

ICELAND
-------
Decode Genetics                    (186)         111        48
Fortune Mgmt.                      (119)         265        54
Samsonite Corp.                    (199)         651       149

IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (506)         820       364


ITALY
-----
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (151)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,215      N.A.
Eurofly S.p.A.                        (8)         180      (52)
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529     (127)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,421)       4,121  (16,921)
Snia S.p.A.               SN         (25)         488       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      184
United Pan-Euro Air       UPC     (5,506)       5,113   (9,170)


NORWAY
------
Interoil Exploration      IOX        (25)         210      (11)
Petroleum-Geo Services    PGO        (18)         400     (758)


POLAND
------
Toora                               (288)          147     (86)


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


RUSSIA
------
Akcionernoe Brd                     (116)         134      (24)
East Siberia Brd          VSNK      (113)         148      (10)
Gukovugol                            (58)         144     (148)
Omskij Kauchu             OMKA        (4)         125      (68)
OAO Samaraneftegas                  (332)         892     (611)
Vimpel Ship               SOVP      (116)         135      (24)
Zil Auto                  ZILLP     (240)         478     (447)


SWEDEN
------
Swedish Match                        (69)        2,444     545


TURKEY
------
Egs Ege Giyim VE                      (7)         147      (25)
Iktisat Financial                    (46)         108      N.A.
Mudurnu Tavukcul                     (65)         160     (115)
Nergis Holding                       (77)         299       38
Sifas                                (17)         117       21


UKRAINE
-------
Dniprooblenergo           DNON       (51)         433     (200)
Donetskoblenergo          DOON      (341)         573     (469)


UNITED KINGDOM
--------------
Advance Display                   (3,016)       2,590     (411)
Airtours Plc                        (379)       1,818     (932)
Alldays Plc                         (121)         253     (290)
Amer Bus Sys                        (497)         121     (497)
Amey Plc                  AMY        (49)         932      (76)
Anker Plc                            (22)         115       16
Atkins (WS) Plc           ATK        (46)       1,344       58
Black & Edgingto                    (140)         203       23
BNB Recruitment                      (10)         104       38
Booker Plc                BKRUY      (60)       1,300      (13)
Bradstock Group           BDK         (2)         268        7
British Energy Ltd                (5,823)       4,921      533
British Energy Plc        BGY     (5,823)       4,921      533
British Sky Broadcast               (334)       8,126     (388)
Carlisle Group                       (12)         203       30
Compass Group             CPG       (668)       2,972     (440)
Danka Bus                           (497)         121     (497)
Dawson Holdings                      (18)         226      (63)
Dignity Plc               DTY         (9)         648       71
Easynet Group             ESY.L      (45)         323       68
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (582)
European Home                        (14)         111      (70)
Farepak Plc                          (14)         111      (70)
Gartland Whalley                     (11)         145      (13)
Hilton Food Group                    (21)         256      (12)
Kleeneze Plc                         (14)         111      (70)
Ladbrokes Plc             LAD       (814)       2,403     (706)
Lambert Fenchurch Group               (1)       1,823        5
Leeds United                         (73)         144      (48)
M 2003 Plc                        (2,205)       7,210   (1,078)
Mytravel Group            MT.L      (380)       1,818     (931)
New Star Asset                      (398)         293       21
Next Plc                            (119)       3,161     (125)
Orange Plc                ORNGF     (594)       2,902       12
Orbis Plc                             (4)         123       (5)
Patientline Plc                      (55)         125      (10)
Preedy Alfred                       (119)       3,161     (125)
Rank Group Plc                      (132)       1,066     (175)
Regus Plc                            (46)         367      (97)
Rentokil Initial                      (8)       4,178     (886)
Saatchi & Saatchi         SSI       (119)         706      (67)
SFI Group                 SUF       (108)         178     (265)
Skyepharma Plc            SKP       (140)         203       23
Smiths News Plc                     (124)         201      (92)
Styles & Wood                        (57)         107       (9)
Telewest
   Communications Plc     TLWT    (3,701)       7,579  (10,039)
Thorn Emi Plc                     (2,266)       2,950     (582)
Topps Tiles Plc                     (111)         195       18
UTC Group                            (12)         204       30
Virgin Mobile                       (392)         166     (176)
Watson & Philip                     (120)         252     (290)

                            *********

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 * * *