TCREUR_Public/081029.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, October 29, 2008, Vol. 9, No. 215

                            Headlines

A U S T R I A

AMIDO LLC: Claims Registration Period Ends November 25
DUNJA TRANSPORT: Claims Registration Period Ends November 11
KRAEV LLC: Claims Registration Period Ends November 12
LEWITO GASTRO: Claims Registration Period Ends November 17
LEWITO GASTRO & CO: Claims Registration Period Ends November 17


B E L G I U M

KBC GROEP: Inks EUR3.5 Bil. Funding Deal With Belgian Gov't.


G E R M A N Y

DSA STAHL: Claims Registration Period Ends November 3
EURO-TRANSPORT GMBH: Claims Registration Period Ends Nov. 3
FRIGOHIB WARENHANDELSGESELLSCHAFT: Claims Period Ends Nov. 3
HOCH TIEF: Claims Registration Period Ends November 3
MTB INVENTURSERVICE: Claims Registration Period Ends Nov. 3

OEKOLAND & UMWELTSERVICE: Claims Registration Period Ends Nov. 3
PARK MORANASEE: Claims Registration Period Ends Nov. 3
SPORT- UND KULTURZENTRUM: Claims Registration Period Ends Nov. 3
TRANSMEDIA DRUCK: Claims Registration Period Ends Nov. 3
VON BARGEN: Claims Registration Period Ends November 3

WAGGONBAU ELZE: Claims Registration Period Ends November 3
WILHELM METZ: Claims Registration Period Ends November 3


I R E L A N D

CRONAN NAGLE: Goes Into Liquidation; Owes EUR40 Million
TOP TILES: Justice Murphy Appoints Provisional Liquidator
TRICASTLE CONSTRUCTION: Goes Into Liquidation; Owes EUR10 Million
WINDSOR TILES: Court Appoints Provisional Liquidator
ZARIA CORPORATION: High Court Appoints Provisional Liquidator


K A Z A K H S T A N

ASIA-ELECTROLUX LLP: Creditors Must File Claims by Nov. 4
BUSINESS-UNIVERSAL LLP: Claims Deadline Slated for Nov. 3
CASPIAN REGION ENERGY: Claims Filing Period Ends Nov. 4
CASPY STROY TECHNO: Creditors Must Register Claims by Nov. 4
COMEK TRANSIT: Creditors' Claims Due on Nov. 4

EMTA ADANA: Creditors Must File Proofs of Claim by Nov. 3
RINAR-PAVLODAR LLP: Claims Deadline Slated for Oct. 29
STROITELNO-MONTAJNOYE UPRAVLENIYE: Claims Due on Nov. 3
STROY COMPLECT-N: Creditors Must Register Claims by Nov. 3


K Y R G Y Z S T A N

YASMIN AL KUWAIT: Creditors Must File Claims by November 26


N E T H E R L A N D S

IMPRESS HOLDINGS: S&P Shifts B+ Corp. Credit Rating Outlook to Neg


R O M A N I A

* ROMANIA: S&P Lowers Foreign Currency Sovereign Ratings to BB+/B


R U S S I A

AKTASHSKOE MINING: Altay Bankruptcy Hearing Set December 16
CAUSTIC OAO: S&P Withdraws CCC+/ruBB Ratings at Company's Request
ISHIMBAYSKIY MACHINE: Creditors Must File Claims by November 17
MTSENSKIY VTOR-TSVET-MET: Names P. Klimenko to Manage Assets
OKTYABRSKIY WOODWORKING: Creditors Must File Claims by Nov. 17

PLASTCARD OAO: S&P Withdraws CCC+/ruBB Ratings at Firm's Request
RUSSIAN GLASS: Creditors Must File Claims by November 17
SP SERVAYA: S&P Withdraws B Long/Short-Term Corp. Credit Ratings
TATNEFT OAO: Earns RUR21 Billion in First Half 2008
VOLOSHSKIY PULPC: Creditors Must File Claims by December 17

VTB BANK: Inks Subordinated Loan Agreement with Vnesheconombank

* MOSCOW OBLAST: Financing Woes Cue S&P' to Cut Ratings to B-
* MOSCOW OBLAST: S&P Junks Units' National Scale Ratings to CC
* IBA-Moscow May Buy Bankrupt Banks in Russia, APA Says
* RUSSIA: Won't Resort to Isolationism Amid Escalating Crisis


S P A I N

CABLEEUROPA: Unions to Conduct Regulatory Record of Employment
CABLEUROPA: Moody's Puts B1 Corporate Family Rating on Review
CODERE SA: S&P Cuts Corp. Credit Rating to B+ & Places WatchNeg
HABITAT: Capital Injection Declined; Seeks Debt Restructuring


S W E D E N

FLEXTRONICS: Starts Negotiations to Lay-off 40 workers in Sweden
FORD MOTOR CO: Moody's Reviews B3 Rating for Possible Downgrade
FORD MOTOR CREDIT: Moody's Cuts Sr. Unsecured Rating to B2
SVITHOID TANKERS: Applies for Bankruptcy Protection


S W I T Z E R L A N D

ARTIMO JSC: Creditors Must File Proofs of Claim by Nov. 12
BELFOR INTER: Deadline to File Proofs of Claim Set Nov. 9
BEST WATCHES: Creditors Have Until Nov. 10 to File Claims
CARLTON DAVOS: Proofs of Claim Filing Deadline is Nov. 13
GALERIE IM STEINFELS: Creditors' Proofs of Claim Due by Nov. 10

GENERAL MOTORS: Moody's Cuts Rating to Caa2; Outlook Is Negative
MBT LLC: Creditors Must File Proofs of Claim by Nov. 14


U K R A I N E

ALTA LLC: Creditors Must File Claims by November 5
ART-INVEST UKRAINE: Creditors Must File Claims by November 5
KRASNOARMEYSK REGIONAL: Creditors Must File Claims by November 5
LUGANSK REGIONAL: Creditors Must File Claims by November 5
NOVY ZAVOD: Creditors Must File Claims by November 5

WUDWEST LLC: Creditors Must File Claims by November 1
ZINKOV AGRICULTURAL: Creditors Must File Claims by November 5

* S&P Chips Counterparty Credit Ratings on 3 Ukrainian Banks to B


U N I T E D   K I N G D O M

BISON LTD: Goes Into Administration; 67 Jobs Axed
BOUNDARY METAL: Taps Joint Administrators from Ernst & Young
BRITANNIA BULK: Market Decline Cues S&P to Put B+ Rating on Watch
CENTAURUS CAPITAL: Seeks Restructuring of Flagship Fund
DSG INTERNATIONAL: Like for Like Sales Down 7% in 1st Half 2008

DSG INTERNATIONAL: Moody's Puts Ba1 Rating on Review for Downgrade
FILM SOLUTIONS: Brings in Liquidators from Tenon Recovery
L P C TRADING: Calls in Liquidators from Vantis
MICRO COMPUTER: Appoints Joint Administrators from Baker Tilly
PRESTIGIOUS RETIREMENT: Puts Three Units Into Administration

TAURUS CMBS: S&P Cuts Rating on Class D Notes to BB; Off WatchNeg
WEST POINT: Brings in Joint Administrators from KPMG
WILKINSON CLOSE: Taps Tenon Recovery to Administer Assets

* GLG Partners Chief Sees Collapse of One-Third Hedge Funds
* PwC Says Emerging Economies Could Surpass Advanced Economies


                         *********


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


AMIDO LLC: Claims Registration Period Ends November 25
------------------------------------------------------
Creditors owed money by LLC Amido have until Nov. 25, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Alexander Knotek
         Pergerstrasse 12
         2500 Baden
         Austria
         Tel: 02252/43056-0
         Fax: 02252/43056-20
         E-mail: info@avia-law.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Dec. 9, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on Sept. 29, 2008, (Bankr. Case No. 11 S 102/08y).


DUNJA TRANSPORT: Claims Registration Period Ends November 11
------------------------------------------------------------
Creditors owed money by LLC Dunja Transport (FN 252302h) have
until Nov. 11, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Johannes Muehllechner
         Graben 21/3
         4020 Linz
         Austria
         Tel: 77 22 00, Fax: 77 22 004
         E-mail: muehllechner@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 25, 2008, for the
examination of claims at:

         The Land Court of Linz
         Hall 522
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Sept. 25, 2008, (Bankr. Case No. 17 S 40/08v).


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

         Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 532 17 11-11
         E-mail: kanzlei@jahns.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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. 25, 2008, (Bankr. Case No. 3 S 113/08z).


LEWITO GASTRO: Claims Registration Period Ends November 17
----------------------------------------------------------
Creditors owed money by LLC LeWiTo Gastro & Co. KG  have until
Nov. 17, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Johannes M. Muehllechner
         Graben 21/3
         4020 Linz
         Austria
         Tel: 0732/77 22 00
         Fax: 0732/7722004
         E-mail: muehllechner@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Dec. 1, 2008, for the
examination of claims at:

         The Land Court of Linz
         5th Floor
         Room 522
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Sept. 25, 2008, (Bankr. Case No. 12 S 80/08i).


LEWITO GASTRO & CO: Claims Registration Period Ends November 17
---------------------------------------------------------------
Creditors owed money by LLC LeWiTo Gastro & Co. KG (FN 229183i)
have until Nov. 17, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Mag. Johannes M. Muehllechner
         Graben 21/3
         4020 Linz
         Austria
         Tel: 0732/77 22 00
         Fax: 0732/7722004
         E-mail: muehllechner@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at  9:00 a.m. on Dec. 1, 2008, for the
examination of claims at:

         The Land Court of Linz
         5th Floor
         Room 522
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Sept. 25, 2008, (Bankr. Case No. 12 S 79/08t).


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


KBC GROEP: Inks EUR3.5 Bil. Funding Deal With Belgian Gov't.
------------------------------------------------------------
KBC Groep NV has signed a EUR3.5 billion cash injection agreement
with the Belgian government.

The International Herald Tribune says KBC is the fourth Belgian
financial company to tap government funding.

Under the agreement, KBC will issue EUR3.5 billion worth of non-
transferable, non-voting core-capital securities to the Belgian
State.  KBC will use the proceeds of the transaction to increase
core Tier 1- capital in the banking business by EUR2.25 billion
and the solvency margin of the insurance business by
EUR1.25 billion.

After the transaction, the banking Tier-1 capital ratio will be
further strengthened to 10.7% (of which 8.2% core Tier-1 capital)
and the insurance solvency margin to 280%.  These levels are more
than two and a half times the regulatory required minimum.  The
gearing ratio of the holding company will remain virtually
unchanged at 106%, leaving the additional holding company gearing
capacity intact.

The transaction is expected to be settled by the end of 2008.  The
debt securities will be issued at a price of EUR29.50 per security
(i.e. the average closing price for the last three trading days).
The annual cash coupon per security will be the higher of EUR2.51
(reflecting an interest rate of 8.5%) or an amount equal to 105%
of the dividend paid on ordinary shares for the year 2008, 110%
for the year 2009 and 115% from 2010 and onwards.  No coupon will
be paid, however, if no dividend is paid on ordinary shares.

Commenting on the deal, Andre Bergen, CEO of KBC, said ". . .
capital market sentiment has changed dramatically and has led in
recent weeks to a unanimous call for higher capital requirements
for financial institutions.  In this context, it is prudent to
proactively strengthen our excess capital further in order to
consolidate and reinforce our competitive position, which will be
to the benefit of our customers, shareholders and staff."

                       No Dividend Payment

Given the exceptional circumstances, KBC has decided not to pay a
dividend for 2008.  As a result, no coupon will be paid on the
newly issued securities for 2008.

The securities are pari passu with ordinary shares, which means
that the State will have the same rank as common shareholders.
KBC has the right to buy back all or some of the securities at any
time at 150% of the issue price (cash settlement).

However, in this case, the State can require the buyback to be
settled by exchanging one security for one ordinary share.
Furthermore, KBC is entitled to exchange all or some of the
securities into ordinary shares on a one-for-one basis, from three
years after the issuance onwards.  If KBC chooses to do so, the
State can opt to redeem the securities in cash at 100% of the
issue price.  All these transactions are subject to the approval
of the CBFA, the financial-sector regulator.

                      Corporate Governance

Under the terms of the agreement, the State has the right to
nominate two members for KBC Group's Board of Directors, to be
appointed at the next Annual General Meeting of Shareholders.

A representative of the State will sit on the Audit Committee, the
Remuneration and the Nomination Committee of the Board of
Directors.  They will have approval rights for a limited number of
decisions, including those relating to share issuance or share
buybacks (except in connection with the cash injection
transaction), acquisitions whose value equal more than one quarter
of KBC's share capital and reserves, and the remuneration policy
for the members of the Executive Committee.

KBC's Executive Committee had already previously decided to forego
all bonuses –- either in cash, options or shares -– relating to
the performance in 2008.

KBC will publish its earnings for the third quarter of 2008 on
November 6.

                       About KBC Groep NV

KBC Groep NV -- http://www.kbc.com/-- is a Belgium-based company
engaged in banking, insurance and wealth management for private
banking clients, retail customers and medium-sized enterprises.
It has expertise in asset management and the financial markets.
The Company’s activity is composed of five divisions: the Belgium,
the Central & Eastern Europe and Russia (CEER), the Merchant
Banking, the European Private Banking, and the Shared Services &
Operations business units.  Each of these units has its own
management committee and oversees both the banking and the
insurance activities.  The Company is active in Belgium and in
other selected countries, including Hungary, Poland, Slovakia,
Czech Republic, Bulgaria, Romania, Serbia and Russia.  KBC Groep
NV also operates to a less extent in the United States and in
Southeast Asia.  The Company has three subsidiaries: KBC Bank, KBC
Insurance and KBL European Private Bankers.


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


DSA STAHL: Claims Registration Period Ends November 3
-----------------------------------------------------
Creditors of DSA Stahl- und Anlagenbau GmbH have until
Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Juergen Stopka.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Dec. 17, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen am Rhein
         Meeting Hall XIII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         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:

         Juergen Stopka
         Ludwigstrasse 45
         D 67346 Speyer
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against DSA Stahl- und Anlagenbau GmbH on
Oct. 9, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DSA Stahl- und Anlagenbau GmbH
         An der Hofweide 7
         67346 Speyer
         Germany

         Attn: Matthias Runneck-Mohr, Manager
         Nachtigallenweg 68
         67346 Speyer
         Germany


EURO-TRANSPORT GMBH: Claims Registration Period Ends Nov. 3
-----------------------------------------------------------
Creditors of Euro-Transport GmbH have until Nov. 3, 2008, to
register their claims with court-appointed insolvency manager
Dr. Moderegger.

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

The meeting of creditors will be held at:

         The Distric Court of Wolfsburg
         Hall D
         Rothenfelder Strasse 43
         38440 Wolfsburg
         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. Moderegger
         Schiffgraben 23
         30159 Hannover
         Germany
         Tel: 0511-763529-0
         Fax: 0511-76352943
         Germany
         E-mail: hannover@dr-moderegger.de
         Web site: www.dr-moderegger.de

The District Court of Wolfsburg opened bankruptcy proceedings
against Euro-Transport GmbH on Sept. 8, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Euro-Transport GmbH
         Bebelstr. 15
         38440 Wolfsburg
         Germany

         Attn: Ewa Reinhardt, Liquidation
         Brueder-Grimm-Str. 32
         38448 Wolfsburg
         Germany


FRIGOHIB WARENHANDELSGESELLSCHAFT: Claims Period Ends Nov. 3
------------------------------------------------------------
Creditors of Frigohib Warenhandelsgesellschaft mbH have until
Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Christian Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         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:

         Christian Scholz
         Heuberg 1
         20354 Hamburg
         Tel: 040/350 16 90
         Fax: 040/350 16 915

The District Court of Tostedt opened bankruptcy proceedings
against Frigohib Warenhandelsgesellschaft mbH on Sept. 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Frigohib Warenhandelsgesellschaft mbH
         Dangersen Dorf 7
         21244 Buchholz
         Germany

         Attn: Holger Hibbeler, Manager
         Waldstrasse 15A
         21259 Otter
         Germany


HOCH TIEF: Claims Registration Period Ends November 3
-----------------------------------------------------
Creditors of HTE Bau Haldensleben GmbH Hoch-, Tief- und
Eisenbahnbau Haldensleben have until Nov. 3, 2008, to register
their claims with court-appointed insolvency manager Heiko
Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Dec. 17, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         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:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-mail: Heiko.Rautmann@gmx.de

The District Court of Magdeburg opened bankruptcy proceedings
against HTE Bau Haldensleben GmbH Hoch-, Tief- und Eisenbahnbau
Haldensleben on Sept. 26, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HTE Bau Haldensleben GmbH
         Hoch-, Tief- und Eisenbahnbau Haldensleben
         J.-G.-Nathusius-Str. 16
         39340 Haldensleben
         Germany

         Attn. Uwe Braunsberger, Manager
         Papenberg 1
         39340 Haldensleben
         Germany


MTB INVENTURSERVICE: Claims Registration Period Ends Nov. 3
-----------------------------------------------------------
Creditors of MTB Inventurservice GmbH have until Nov. 3, 2008, to
register their claims with court-appointed insolvency manager
Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 17, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against MTB Inventurservice GmbH on Sept. 4, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         MTB Inventurservice GmbH
         Beratgerstr. 36
         44149 Dortmund
         Germany

         Attn: Heide Marina Trilse, Manager
         Overhoffstr. 4
         44379 Dortmund
         Germany


OEKOLAND & UMWELTSERVICE: Claims Registration Period Ends Nov. 3
----------------------------------------------------------------
Creditors of Oekoland & Umweltservice GmbH  have until
Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Michael Hawelka.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.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 Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Michael Hawelka
         Nonnenstrasse 37
         04229 Leipzig
         Germany
         Tel: 0341/4866414
         Fax: 0341/4866428
         E-mail: HHH.Leipzig@t-online.de

The District Court of Leipzig opened bankruptcy proceedings
against Oekoland & Umweltservice GmbH  on Oct. 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Oekoland & Umweltservice GmbH
         Attn: Helmut Erfkamp, Manager
         Glueck-Auf-Str. 9
         04552 Lobstaedt
         Germany


PARK MORANASEE: Claims Registration Period Ends Nov. 3
------------------------------------------------------
Creditors of Park Moranasee Beteiligungsgesellschaft mbH have
until Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Dr. Oliver Liersch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 2, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground Floor
         Muehlenstrasse 4
         29221 Celle
         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. Oliver Liersch
         Karl-Wiechert-Allee 1 c
         30625 Hannover
         Germany
         Tel: 0511-554706-0
         Fax: 0511-554706-99
         E-mail: OLiersch@schubra.de

The District Court of Celle opened bankruptcy proceedings against
Park Moranasee Beteiligungsgesellschaft mbH on Sept. 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Park Moranasee Beteiligungsgesellschaft mbH
         Dittmern 9
         29614 Soltau
         Germany

         Attn: Hartmut Wittrin, Manager
         Podbielskistrasse 258
         30655 Hannover
         Germany


SPORT- UND KULTURZENTRUM: Claims Registration Period Ends Nov. 3
----------------------------------------------------------------
Creditors of Sport- und Kulturzentrum Ittertal gGmbH have until
Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Robert Fliegner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 12, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         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:

         Robert Fliegner
         Gruenewalder Str. 29-31
         42657 Solingen
         Germany
         Tel: 0212/24 94 200
         Fax: 0212/24 94 201

The District Court of Wuppertal opened bankruptcy proceedings
against  Sport- und Kulturzentrum Ittertal gGmbH on Sept. 30,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Sport- und Kulturzentrum Ittertal gGmbH
         Attn: Michael Korb, Manager
         Mittelitter 10
         42719 Solingen
         Germany


TRANSMEDIA DRUCK: Claims Registration Period Ends Nov. 3
--------------------------------------------------------
Creditors of Transmedia Druck- und Werbeservice GmbH have until
Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Dec. 1, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle (Saale)
         Hall 1.043
         Thueringer Strasse 16
         06112 Halle (Saale)
         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:

         Stephan Poppe
         Emil-Eichhorn-Str. 1
         06114 Halle
         Germany
         Tel: 0345/530490
         Fax: 0345/5304926

The District Court of Halle (Saale) opened bankruptcy proceedings
against Transmedia Druck- und Werbeservice GmbH on Sept. 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Transmedia Druck- und Werbeservice GmbH
         Attn: Undine Schuchardt, Manager
         Rudolf-Ernst-Weise-Strasse 4/6
         06112 Halle
         Germany


VON BARGEN: Claims Registration Period Ends November 3
------------------------------------------------------
Creditors of VBI Von-Bargen Ingenieurbuero-Vertriebs- und
Beratungsgesellschaft mbH have until Nov. 3, 2008, to register
their claims with court-appointed insolvency manager Christian
Hafften.

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

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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:

         Christian Hafften
         Alexandrinenstr. 17
         19055 Schwerin
         Germany
         Tel: 0385/572770

The District Court of Schwerin opened bankruptcy proceedings
against VBI Von-Bargen Ingenieurbuero-Vertriebs- und
Beratungsgesellschaft mbH on Sept. 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         VBI Von-Bargen Ingenieurbuero-Vertriebs- und
         Beratungsgesellschaft mbH
         Attn: Burkhard Stopperka, Manager
         Ratzeburger Strasse 37
         23923 Schoenberg
         Germany


WAGGONBAU ELZE: Claims Registration Period Ends November 3
----------------------------------------------------------
Creditors of Waggonbau Elze Verwaltungs-GmbH have until Nov. 3,
2008, to register their claims with court-appointed insolvency
manager Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 25, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 13
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511/325095
         Fax: 0511/329934

The District Court of Hildesheim opened bankruptcy proceedings
against  Waggonbau Elze Verwaltungs-GmbH on Aug. 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Waggonbau Elze Verwaltungs-GmbH
         Attn: Guenter Homes, Wolfgang Hassepass
         and Eberhard Miehlke, Managers
         Heinrich-Nagel-Str. 1
         31008 Elze
         Germany


WILHELM METZ: Claims Registration Period Ends November 3
--------------------------------------------------------
Creditors of Wilhelm Metz GmbH & Co. Kommanditgesellschaft have
until Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Frank Wiedemann.

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

The Court will  verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Dec. 3, 2008 at the same venue,
while creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Frank Wiedemann
         Eupener Str. 181
         52066 Aachen
         Germany
         Tel: 0241/6052800
         Fax: 0241/6052799

The District Court of Aachen opened bankruptcy proceedings against
Wilhelm Metz GmbH & Co. Kommanditgesellschaft on
Sept. 16, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Wilhelm Metz GmbH & Co. Kommanditgesellschaft
         Tempelhofer Strasse 25
         52068 Aachen
         Germany

         Attn: Manfred Weinberg, Manager
         Erderstrasse 10
         50354 Huerth
         Germany


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


CRONAN NAGLE: Goes Into Liquidation; Owes EUR40 Million
-------------------------------------------------------
Sunday Business Post Online's Ian Kehoe reports that Cronan Nagle
Construction has gone into liquidation after being hit by the
property market downturn and failing to sell its stock of houses.
The company, which has assets valued at EUR17.1 million, racked up
debts of almost EUR40 million, leaving a deficit of about EUR20
million.

George Maloney, a partner at Baker Tilly Ryan Glennon, has been
appointed liquidator, the report discloses.

Cronan Nagle, the report says, has more than 200 creditors.
According to the report, the company owes AIB EUR22.4 million,
Anglo Irish Bank EUR1.6 million, and Bank of Scotland EUR1.6
million.  The three banks, the report notes, have charges over
some of the company's assets.

Other creditors of the company include the Revenue Commissioners,
former employees and Mr. Nagle himself, the report reveals.

Meanwhile, it remains unclear how much of the EUR17.1 million the
liquidator will be able to realize, as the bulk of the company's
assets consist of unsold housing stock, the report states.

Cronan Nagle Construction is based in Co Clare, Ireland.  It was
established in 1999 by Clare engineer Cronan Nagle and built more
than 400 sustainable houses in the west of Ireland.  It also had
significant property interests in Nigeria.


TOP TILES: Justice Murphy Appoints Provisional Liquidator
---------------------------------------------------------
Mr. Michael McAteer of Foster McAteer accountants has been
appointed by Justice Roderick Murphy as provisional liquidator of
Top Tiles Ltd., Mary Carolan of The Irish Times reports.

Top Tiles capital deficit amounts to EUR650,000 and another
EUR6,557 owed to the Revenue.


TRICASTLE CONSTRUCTION: Goes Into Liquidation; Owes EUR10 Million
-----------------------------------------------------------------
Dublin-based concrete company Tricastle Construction has gone into
liquidation after running into cash flow difficulties in recent
months, Ian Kehoe writes for the Sunday Business Post Online.
Kieran Wallace and Joe Moreau have been appointed liquidators.

According to the report, Tricastle racked up debts of more than
EUR10 million.  The company, the report says, owes the Revenue
Commissioners EUR2.5 million and its unsecured creditors EUR6
million.  Meanwhile, its secured creditors are owed EUR4.4
million.

Tricastle, the report adds, also laid off a number of staff in
recent weeks, reducing its workforce of more than 270 people to
150, most of whom are owed by the company.

Austin McGarry, Tricastle's owner, told creditors last week the
company experienced difficulties in getting paid following the
dramatic decline in the property sector, the report relates.


WINDSOR TILES: Court Appoints Provisional Liquidator
----------------------------------------------------
Mr. Michael McAteer of Foster McAteer accountants has been
appointed by Justice Roderick Murphy as provisional liquidator of
Windsor Tiles, Mary Carolan of The Irish Times reports.

Windsor directors said it would be impossible for them to get
credit lines and alternative product suppliers considering the
current economic climate.

Windsor's capital deficit is approximately EUR900,000 plus
additional EUR37,983 payables to the Revenue.


ZARIA CORPORATION: High Court Appoints Provisional Liquidator
-------------------------------------------------------------
Mr. Michael McAteer of Foster McAteer accountants has been
appointed by Justice Roderick Murphy as provisional liquidator of
Zaria Corporation Ltd, Mary Carolan of The Irish Times reports.

Zaria has a capital deficit of around EUR3 million and has debts
to the Revenue amounting EUR243,588.  The company employs 22 full-
time employees.


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


ASIA-ELECTROLUX LLP: Creditors Must File Claims by Nov. 4
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South has
declared LLP Asia-Electrolux insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

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


BUSINESS-UNIVERSAL LLP: Claims Deadline Slated for Nov. 3
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Business-Universal insolvent.

Creditors have until Nov. 3, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tokayev Str. 17
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 701 433 30-01


CASPIAN REGION ENERGY: Claims Filing Period Ends Nov. 4
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Caspian Region Energy Services insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


CASPY STROY TECHNO: Creditors Must Register Claims by Nov. 4
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Caspy Stroy Techno insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


COMEK TRANSIT: Creditors' Claims Due on Nov. 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Comek Transit insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

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


EMTA ADANA: Creditors Must File Proofs of Claim by Nov. 3
---------------------------------------------------------
Branch of JSC Emta Adana Energy Sanayi Ve Tidjaret Anonim Shirketi
has gone into liquidation.  Creditors have until
Nov. 3, 2008, to submit written proofs of claims to:

         Branch of JSC Emta Adana Energy
         Sanayi Ve Tidjaret Anonim Shirketi
         Office 724
         Dostyk ave. 105
         Almaty
         Kazakhstan


RINAR-PAVLODAR LLP: Claims Deadline Slated for Oct. 29
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Rinar-Pavlodar insolvent.

Creditors have until Oct. 29, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Gagarin Str. 18-49
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 47-11-85
              8 (7182) 32-86-70


STROITELNO-MONTAJNOYE UPRAVLENIYE: Claims Due on Nov. 3
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Stroitelno-Montajnoye Upravleniye Novyh Technology
Stroitelstva (Construction-Montage Management of New Building
Technologies) insolvent.

Creditors have until Nov. 3, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 26, 35-14
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 41-58-26
              8 701 537 15 -59


STROY COMPLECT-N: Creditors Must Register Claims by Nov. 3
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Stroy Complect-N insolvent.

Creditors have until Nov. 3, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


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


YASMIN AL KUWAIT: Creditors Must File Claims by November 26
-----------------------------------------------------------
LLC Yasmin Al Kuwait has shut down.  Creditors have until
Nov. 26, 2008, to submit written proofs of claim to:

         LLC Yasmin Al Kuwait
         Pervomaiskaya Str. 192
         Sosnovka
         Jayilsky
         Chui
         Kyrgyzstan

Inquiries can be addressed to (0-550) 19-60-36.


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


IMPRESS HOLDINGS: S&P Shifts B+ Corp. Credit Rating Outlook to Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on The
Netherlands-based metal packaging group Impress Holdings B.V. to
negative from stable.  The 'B+' long-term corporate credit rating
and all issue ratings were affirmed.

"The outlook revision results from Impress' weaker financial
position than we previously expected, which, in the context of
weaker economic trends raises our concerns that financial ratios
might not meet levels consistent with the rating targets within
the timeframe we required," said S&P's credit analyst Izabela
Listowska.  "In addition, any weakening of financial performance
could make headroom under financial covenants in its loan
documentation very tight."

The ratings continue to be constrained by the company's highly
leveraged financial risk profile; its exposure to input cost
pressures; and meaningful competition in fairly mature, although
largely recession-resistant markets.  These risks are reduced by
the company's leading positions in its core markets, good
geographic and customer diversification, longstanding
relationships with key customers, and good profitability.  Impress
had sales of about EUR1.7 billion in the 12 months to June 30,
2008, pro forma the acquisition of the food-can and aerosol
division of Australia-based Amcor Ltd. (BBB/Stable/A-2) in October
2007.

Impress' balance sheet is highly leveraged, with reported debt of
about EUR1.1 billion at June 30, 2008.  In the 12 months to
June 30, 2008 -- pro forma the acquisition of Amcor's assets --
adjusted cash debt to EBITDA was 5.1x and adjusted funds from
operations (FFO) to cash debt 9.7%, which is weak for the ratings.
"We are concerned that weakened economic prospects, with potential
pressure on underlying demand, could prevent the expected recovery
in credit measures," said Ms. Listowska.


=============
R O M A N I A
=============


* ROMANIA: S&P Lowers Foreign Currency Sovereign Ratings to BB+/B
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long and short-
term foreign currency sovereign credit ratings on Romania to
'BB+/B' from 'BBB-/A-3', and its local currency long-term rating
to 'BBB-' from 'BBB'.  The 'A-3' short-term local currency rating
was affirmed.  At the same time, the Transfer & Convertibility
(T&C) assessment was lowered to 'BBB+' from 'A-'.  The outlook is
negative, indicating that the balance of risks is on the downside.

"The downgrade reflects the mounting risks to Romania's real
economy due to high and rising private sector leverage and the
related dependency on an increasingly uncertain external financing
channel," S&P's credit analyst Marko Mrsnik said.  "Policy makers
have not addressed these growing economic challenges, as the focus
has shifted to the upcoming general election, which has
intensified the generally antagonistic and uncooperative political
environment."

In the absence of any significant counter-cyclical policy
measures, Romania's economy has been overheating and
overleveraging, a process fueled by high non-government credit
growth, which was still at 50.5% year-on-year in September 2008.
The associated rapid growth of domestic demand contributed to high
wage pressures and a widening of the current account deficit to
14% of GDP in 2007, via rising imports.

Difficult global financing conditions, accompanied by expansionary
fiscal and incomes policies ahead of the upcoming elections, have
progressively heightened downside economic risks, especially
against the background of the private sector's high indebtedness.

The negative outlook for Romania reflects the possibility of a
downgrade in the event that tightening of external finance
conditions leads to a sharp downturn in economic growth, thereby
depleting foreign exchange reserves and further worsening fiscal
performance.

"Romania is vulnerable to a sudden-stop scenario where capital
inflows dry up or even reverse, which would require a drastic real
economic adjustment and bring about a substantial and sustained
deterioration in the government's balance sheet, as deficits rise
and financial sector contingent liabilities materialize,"
Mr. Mrsnik said.  "Conversely, Romania's sovereign
creditworthiness would be supported by subsiding risks resulting
from external finance conditions, markedly improved governance,
and a more coherent policy-mix following the election, all of
which would contain the otherwise likely surge in government debt
and deficits."


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


AKTASHSKOE MINING: Altay Bankruptcy Hearing Set December 16
-----------------------------------------------------------
The Arbitration Court of Altay will convene on Dec. 16, 2008, to
hear bankruptcy supervision procedure on OJSC Aktashskoe Mining
and Smelting Enterprise.  The case is docketed under Case No.
A02–664/2008.

The Temporary Insolvency Manager is:

         G. Suslin
         Post User Box 3471
         656049 Barnaul
         Russia

The Debtor can be reached at:

         OJSC Aktashskoe Mining and Smelting Enterprise
         Molokhova Str. 18
         Aktash
         649743 Altay
         Russia


CAUSTIC OAO: S&P Withdraws CCC+/ruBB Ratings at Company's Request
-----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'CCC+' long-
term corporate credit and 'ruBB' Russia national scale ratings on
OAO Caustic and OAO Plastcard, the two core operating companies of
Russian chemicals group Nikos, at the company's request.  The
'ruBB' rating on RUR1.5 billion bond, issued by the special
purpose vehicle Nikoshim-Invest, LLC under joint and several
guarantees of Plastcard and Caustic was also withdrawn.
Consequently, Plastcard and Caustic are no longer subject to
surveillance by S&P.

OAO Plastcard and OAO Caustic produce caustic soda and polyvinyl
chloride (PVC).

"The credit quality of the group suffers from a complex and
evolving structure, limited transparency, and very weak
liquidity," said S&P's credit analyst Andrey Nikolaev.

These risks are magnified by current deterioration in financial
markets and reported slowdown in the construction sector, which is
an important consumer of PVC.


ISHIMBAYSKIY MACHINE: Creditors Must File Claims by November 17
---------------------------------------------------------------
Creditors of LLC Ishimbayskiy Machine Tool Plant Trade House
have until Nov. 17, 2008, to submit proofs of claims to:

         R. Aupov
         Temporary Insolvency Manager
         4th Proezd Str. 12
         453204 Ishimbay
         Bashkortostan
         Russia
         Tel. 8-927-3510251

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure.  The case is docketed under Case No.
A07-9615/2008-G-SVI.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Office 106
         S. Yulayeva Str.7
         450057 Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         LLC Ishimbayskiy Machine Tool Plant Trade House
         B. Khmelnitskogo Dtr. 2a
         453203 Ishimbay
         Bashkortostan
         Russia


MTSENSKIY VTOR-TSVET-MET: Names P. Klimenko to Manage Assets
------------------------------------------------------------
The Arbitration Court of Orlovskaya appointed P. Klimenko as
Insolvency Manager for  CJSC Mtsenskiy Vtor-Tsvet-Met Plant
(Secondary Nonferrous Metals Plant).  He can be reached at:

         P. Klimenko
         Office 607
         Moskovskoe shosse 137
         Orel
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-441/08-20b.

The Debtor can be reached at:

         CJSC Mtsenskiy Vtor-Tsvet-Met Plant
         Avtomagistral
         Mtsensk
         Orlovskaya
         Russia


OKTYABRSKIY WOODWORKING: Creditors Must File Claims by Nov. 17
--------------------------------------------------------------
Creditors of LLC Oktyabrskiy Woodworking Complex (TIN
0265018451) have until Nov. 17, 2008, to submit proofs of claims
to:

         L. Murtazina
         Insolvency Manager
         Post User Box 10
         Post Office 2
         452602 Oktyabrsk
         Bashkortastan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07–11348/2008-G-NLV .

The Court is located at:

         The Arbitration Court of Bashkortostan
         Office 106
         S. Yulayeva Str.7
         450057 Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         LLC Oktyabrskiy Woodworking Complex
         Kosmonavtov Str. 57
         Oktyabrsk
         Bashkortostan
         Russia


PLASTCARD OAO: S&P Withdraws CCC+/ruBB Ratings at Firm's Request
----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'CCC+' long-
term corporate credit and 'ruBB' Russia national scale ratings on
OAO Caustic and OAO Plastcard, the two core operating companies of
Russian chemicals group Nikos, at the company's request.  The
'ruBB' rating on RUR1.5 billion bond, issued by the special
purpose vehicle Nikoshim-Invest, LLC under joint and several
guarantees of Plastcard and Caustic was also withdrawn.
Consequently, Plastcard and Caustic are no longer subject to
surveillance by S&P.

OAO Plastcard and OAO Caustic produce caustic soda and polyvinyl
chloride (PVC).

"The credit quality of the group suffers from a complex and
evolving structure, limited transparency, and very weak
liquidity," said S&P's credit analyst Andrey Nikolaev.

These risks are magnified by current deterioration in financial
markets and reported slowdown in the construction sector, which is
an important consumer of PVC.


RUSSIAN GLASS: Creditors Must File Claims by November 17
--------------------------------------------------------
Creditors of OJSC Russian Glass Novoaleksandrovskiy Glass-
Container Plant have until Nov. 17, 2008, to submit proofs of
claims to:

         A. Voronovskiy
         Insolvency Manager
         Oktyabrskoy Revolutsii Prospect 49
         355017 Stavropol
         Russia
         Tel. (8652) 24-85-89

The Arbitration Court of Stavropolskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63–136/08-S5–23.

The Debtor can be reached at:

         OJSC Russian Glass
         Novoaleksandrovsk
         Russia


SP SERVAYA: S&P Withdraws B Long/Short-Term Corp. Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B' long-term
and 'B' short-term corporate credit ratings and the 'ruBBB+'
Russia national scale rating on Russia-based shipbuilding company
JSC SP Severnaya Verf.

"The rating withdrawal reflects the lack of timely information on
the company's consolidated financial position and limited
transparency about its future operations," said S&P's credit
analyst Varvara Nikanorava.

S&P has restricted insight into the scope of existing and
potential state orders, which contribute the majority of the
company's revenues.  As the information flow from the company is
subject to internal controls, which according to the management
have become stricter during the past year, the management is not
in a position to provide us with a timely update on the company's
interim performance with a required level of detail.  This limits
S&P's ability to assess the company's credit quality and its
ability to service its financial obligations because it relies
strongly on timely prepayments from customers.  Annual
consolidated 2007 International Financial Reporting Standards
(IFRS) accounts have been delayed and are still not available.

"In the absence of due information, we are not able to assess the
company's ability to overcome the current financial economic
conditions and to tackle its liquidity needs," said
Ms. Nikanorava.  "The limited scope of information available
therefore does not allow us to determine Severnaya Verf's current
credit standing and evaluate creditors' risks."  As a result of
the withdrawal, Severnaya Verf will no longer be subject to S&P's
surveillance.


TATNEFT OAO: Earns RUR21 Billion in First Half 2008
---------------------------------------------------
OAO Tatneft has published the reviewed interim condensed
consolidated financial statements for the first 6 months of 2008
prepared in accordance with U.S. generally accepted accounting
principles and related Management Discussion and Analysis of
Results of Operations.

Net income, after adjusted for nonrecurring charges, increased by
27% to RUR21 billion from RUR16.5 billion in the corresponding
period of 2007.

Sales and other operating revenues increased in the first half of
2008 by 57% to RUR246.49 billion from RUR157.18 billion in the
corresponding period of 2007.

              Current position of the Company

Amid unprecedented instability in the financial markets and its
negative effect on the commodities market as well as business
activities worldwide, the Company's management believes it is
important to emphasize Tatneft's strengths which would allow them
to navigate this challenging environment.

These strengths are supported by the following key factors:

   -- Tatneft enjoys a strong balance sheet which is supported
      by healthy cash flow generation;

   -- The Company has low level of debt (5% of long-term debt to
      equity, based on the Financial Statements);

   -- The Company's financial projections have been based on
      conservative oil price assumptions (e.g. US$80/bbl for
      2008);

   -- The Company has proved to be effective in implementing
      cost controls (demonstrated by, inter alia, a 4% decrease
      in SG&A expenses in the first half of 2008 compared to the
      same period of 2007, adjusted for nonrecurring charges
      discussed above);

   -- The majority of the Company's capital expenditures program
      has been financed from the cash flow and Tatneft is not
      exposed to significant portion of high risk projects which
      require immediate large investments.

                         About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

Tatneft continues to carry Fitch's B+ Issuer Default rating.  Its
Short-Term rating stands at B.  Fitch said the outlook is
positive.


VOLOSHSKIY PULPC: Creditors Must File Claims by December 17
-----------------------------------------------------------
Creditors of OJSC Voloshskiy Pulp Plant have until Dec. 17, 2008,
to submit proofs of claims to:

         A. Prokofyev
         Insolvency Manager
         Post User Box 163
         160000 Vologda
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05-1250/2008.

The Debtor can be reached at:

         OJSC Voloshskiy Pulp Plant
         Zavodskaya Str. 1
         Voloshka
         Konoshskiy
         Arkhangelskaya
         Russia


VTB BANK: Inks Subordinated Loan Agreement with Vnesheconombank
---------------------------------------------------------------
JSC VTB Bank has signed a subordinated loan agreement with the
State Corporation "Bank for Development and Foreign Economic
Affairs" (Vnesheconombank) for the amount of RUR200 billion.

The loan has been obtained for up to the end of 2019 at the annual
rate of 8% in accordance with the Federal Law of the Russian
Federation as of Oct. 13, 2008, N 173-FZ "On Additional Measures
for Supporting the Financial System of the Russian Federation".

Under the terms of the agreement, first tranche of the
subordinated loan for RUR100 billion has been received from
Vnesheconombank on Oct. 23, 2008.  Second tranche of the loan will
be received by the end of November 2008.

Mr. Andrei Kostin, CEO and Chairman of the Board, said, "The
Russian Government's decision to allocate these funds to VTB will
allow us to considerably strengthen the support to the interbank
market and financing of our customers in core industries in order
to ensure the stability of the Russian economy."

                      About OJSC VTB Bank

Headquartered in St. Petersburg, Russia, OJSC VTB -
http://www.vtb.com/-- is a leading Russian universal banking
group offering a wide range of banking services and products
across Russia, certain CIS countries and selected countries in
Western Europe, Asia and Africa.

                        *     *     *

OJSC VTB continues to carry a D bank financial strength rating
from Moody's Investors Service.  The rating was placed in November
2007.


* MOSCOW OBLAST: Financing Woes Cue S&P' to Cut Ratings to B-
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
issuer credit ratings on Moscow Oblast to 'B-' from 'BB'.  At the
same time, the Russia national scale rating was lowered to
'ruBBB-' from 'ruAA'.  The ratings on the oblast remain on
CreditWatch with negative implications, where they were placed on
Sept. 26, 2008.

"The downgrade follows the oblast's unexpected problems with
refinancing its direct debt, due to sharp deterioration of funding
conditions, higher-than-previously-anticipated financial support
to be provided to related companies -- and the consequent unlikely
ability to assume all liabilities by year-end 2008," said S&P's
credit analyst Felix Ejgel.

When S&P placed the ratings on Moscow Oblast on CreditWatch last
month, it expected the regional government to be able to
successfully refinance loans taken from state-owned banks due in
October and December.  However, due to negative market sentiment
and scarce liquidity in the Russian banking system, the oblast has
so far been unable to reach agreements with these banks.

Also, the oblast's costs of supporting its companies are rising.
One of the banks involved in numerous transactions between the
oblast, its municipalities, and regional and municipal companies
has stopped functioning freezing the cash holding of one of the
oblast's related companies.  Moreover, banks are currently
reluctant to provide direct loans to these companies without
credit enhancement from the oblast.  Under such circumstances,
although the oblast demonstrates its willingness to give
additional guarantees against loans taken by its related
companies, it also partially increases its own borrowing
requirements by sharing the burden for their refinancing risks.

"We expect to resolve the CreditWatch on Moscow Oblast within the
next 30 days, after we have gained more visibility about its
capacity to finalize a refinancing package for its direct debt and
put options, largely concentrated in December, and about its
policy concerning its support to related companies," said Mr.
Ejgel.


* MOSCOW OBLAST: S&P Junks Units' National Scale Ratings to CC
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
issuer and Russia national scale ratings on Moscow Regional
Investment Trust Co. (OJSC) (MRITC; to 'CC/ruCC' from 'B/ruA-');
Mortgage Corporation of Moscow Region (OJSC) (MCMR; to 'CC/ruCC'
from 'B-/ruBBB'), and Mostransavto (to 'CC'/ruCC' from
'CCC+/ruBB+').  The ratings on all three issuers remain on
CreditWatch with negative implications, where they were placed on
Sept. 26, 2008.

MRITC, MCMR, and Mostransavto are companies owned by the Moscow
Oblast (B-/Watch Neg/--; Russia national scale rating ruBBB-/Watch
Neg/--).

"The downgrades reflect scarce cash reserves and the oblast's
limited ability to provide necessary support on a timely basis to
its companies on the eve of massive debt repayment between now and
December 2008," said S&P's credit analyst Felix Ejgel.

The downgrade of MRITC reflects a high probability of the entity's
default in November and December, when the company has many
payments due.  The company hasn't accumulated available cash
enough to repay its RUR800 million loan initially due on Oct. 27,
2008, which was further extended until Oct. 30 with the prior
agreement of the bank.

The downgrade of MCMR, which the Moscow Oblast controls directly
and via MRITC, highlights the high probability of MCMR being
unable to service its debt due in November and December 2008,
because the company is exposed to elevated credit risks in
construction industry.

The downgrade of Mostransavto reflects the uncertainty surrounding
its next debt payments.  The company expects to receive support
from the oblast to repay a RUR475 million loan, as it does not
have sufficient resources of its own.  The current weak liquidity,
rising costs, and irregular transfers of subsidies from the oblast
budget could lead to default on outstanding loans coming due in
December (RUR2.5 billion).

"We plan to resolve the CreditWatch placement on MRITC, MCMR, and
Mostransavto within the next few weeks," said Mr. Ejgel.

Should the companies not receive timely support from the oblast or
manage to meet their debt obligations, the ratings on all three
companies will be lowered to 'D/ruD'.

If MRITC, MCMR, and Mostransavto receive timely additional support
from the Moscow Oblast and/or if banks agree to refinance their
respective direct and guaranteed debt due in November-December
2008, S&P could adjust the ratings on all three issuer in
consideration of future refinancing exposures and the long-term
implications of the current crisis on the companies' business
models.


* IBA-Moscow May Buy Bankrupt Banks in Russia, APA Says
-------------------------------------------------------
The International Bank of Azerbaijan-Moscow may consider buying
banks that will go bust in Russia in the wake of the financial
crisis, APA reports, citing IBA-Moscow's chairman of the board,
Fuad Abdullayev.

Mr. Abdullayev noted that while there haven't been such proposals,
IBA-Moscow is ready to look into any proposals on acquisition, APA
discloses.

He added the bank plans to open a branch in Nijni Novgorod
(Russia), saying "it is an economically active region of Russia
and its share is 20% in the Azerbaijani-Russian trade turnover,"
APA relates.

IBA-Moscow is a subsidiary of International Bank of Azerbaijan.
The bank has branches in St. Petersburg and Yekaterinburg.
Currently, it has assets of RUR10 billion, credit portfolio of
RUR6 billion and capital of RUR2 billion, according to APA.


* RUSSIA: Won't Resort to Isolationism Amid Escalating Crisis
-------------------------------------------------------------
Russia's financial crisis is escalating with lightning speed as
foreigners pull funds from the country and the debt markets start
to price a serious risk of sovereign default, the Telegraph UK
Company reports.

However, Russia will not choose an isolationist policy under the
conditions of the world financial crisis, Russian Prime Minister
Vladimir Putin said, the Daily News Bulletin reports.  Although
people often discuss "the closure of national economies,
aggressive protectionism, restrictions of capital flow . . . [w]e
have a different choice," he said.

Russia supports the progressive reduction of barriers impeding
foreign trade, the formation of honest and transparent rules of
the game in the world economy and finance, the Bulletin reports,
citing Prime Minister Putin.

Prime Minister Putin added that "Russia will support integration
processes, and will see as priorities the formation of the Customs
Union between Russia, Belarus, and Kazakhstan, and the EurAsEc,"
the report relates.

The cost of insuring Russian bonds against bankruptcy rocketed to
extreme levels on October 23, the Telegraph says.  Spreads on
credit default swaps (CDS) reached 1,123, higher than Iceland's
debt before it sought a rescue from the International Monetary
Fund.

On October 23, Rating agency Standard & Poor's issued a downgrade
alert on Russian bonds, warning that a series of state rescue
packages worth US$200 billion (GBP124 billion) could start to
erode the credit-worthiness of the state, the Telegraph notes.
S&P said Russia's budget was likely to slip into deficit in 2009
as result of the dramatic slide in oil and metal prices this
autumn, and cautioned that "the ongoing concentration of the
financial system in state hands" had become a political risk.

Russian companies must roll over US$47 billion of foreign loans
over the next two months, and a further US$150 billion or so next
year, a task that has become close to impossible as investors flee
Eastern Europe, the Telegraph states.

                     Firms Reject Credit Cards

In a separate report, the Telegraph writes that several
establishments, including Moscow city restaurants, some Sberbank
automated teller machines, and electronic and mobile phone stores,
are refusing to honor credit cards.  Over the weekend, Aeroflot,
the biggest Russian airline, said it had stopped taking credit
cards payments for flights except from a handful of banks.


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


CABLEEUROPA: Unions to Conduct Regulatory Record of Employment
--------------------------------------------------------------
The Directorate of CableEuropa S.A.U. (ONO), on Friday, Oct. 24,
2008, presented to the unions the outlines of the new plan for the
future of the company, designed to cope with the drastic worsening
of the macroeconomic environment.

The plan envisages, among other things, a reduction of costs in
line with the drop in activity in the current context of crisis,
as well as measures to enhance service quality and customer
service, as is the case with the recent launch of the new ultra-
fast Internet offerings (50 and 100 megs).

In addition, under the same plan at the end of last July, ONO
agreed with the syndicate of banks improved condition of the
financing for EUR3,600 million it earned a year earlier, in June
2007.

As a result of changes in the company's strategy to address a
clearly adverse, ONO has informed the representatives of the
workers the need to conduct a Regulatory Record of Employment
(ERE).  At present, the staffing of ONO is composed of 4,300
people.

The Department of reminded ONO union representation that despite
its efforts to maintain employment during 2007 and the first part
of 2008, the worsening environment and poor macroeconomic outlook
forced the company to take this painful step.

In the coming days, ONO determine the date of the announcement of
the formal opening of the consultation period and the subsequent
formation of the negotiating table.

Headquartered in Madrid, Spain, Cableuropa S.A.U. --
http://www.ono.es/-- provides integrated fixed-line and
broadband services.  Under the ONO brand, the company offers
broadband telecom services such as cable TV, Internet access,
and local exchange access to residential customers and business
client.

                        *     *     *

As reported in the TCR-Europe on Aug. 18, 2008, Fitch Ratings has
affirmed Spain-based Cableuropa S.A.'s Long-term Issuer Default
rating at 'B+', with Stable Outlook, and Short-term IDR at 'B'.
The Outlook is Stable.  At the same time the agency has affirmed
Cableuropa's senior secured bank facility at 'BB' and its high-
yield bonds at 'B-'.  Cableuropa is the principal cable operator
in Spain, providing broadband, telephony and multi-channel TV to
approximately 1.89 million customers.


CABLEUROPA: Moody's Puts B1 Corporate Family Rating on Review
-------------------------------------------------------------
Moody's Investors Service has placed the B1 Corporate Family
Rating (CFR) and Probability of Default Rating of Cableuropa
S.A.U. (ONO) and the B3 ratings of the associated debt issues of
ONO Finance Plc and ONO Finance II Plc on review for possible
downgrade in light of expectations that the improvement in ONO's
credit profile, originally anticipated in the B1 CFR, is now
likely to be delayed.  This follows the company's announcement
that it is negotiating with unions to potentially reduce its
workforce by up to 1,300 workers (equivalent to 30% of their
current staff) in view of what the company considers a worsening
macroeconomic situation in Spain and a poor outlook for the
future.

The company has characterized the announcement as being in line
with its strategy of taking a prudent approach to growth
expectations.  Prior to the summer, the company adjusted its
covenants and headroom on its senior secured bank facility as the
first step in this process.  The company has continued this
through the last few months with the decision to reduce operating
and capital expenditure as it looks to conserve liquidity and
concentrate on achieving positive free cash flow.

Ratings are placed on review while Moody's assesses our revised
expectations and outlook for the business and financial trends for
the group and the implications of the announcement on financial
flexibility, cash flow generation capacity prospects, credit
metrics, liquidity and outlook in light of the magnitude of the
proposed cuts.

Headquartered in Madrid, ONO is the largest cable operator and a
leading alternative provider of telecommunications, broadband and
Internet and pay-TV services in Spain.  As of June 2008, ONO
offered direct access services to around 1.9 million residential
and 70,000 business customers through its own networks, which
reach around 6.9 million homes in franchises covering the majority
of Spain, including the nine largest cities.  In the 12 months to
end-June 2008, ONO generated revenues of EUR1,613 million and
EBITDA of EUR685 million.


CODERE SA: S&P Cuts Corp. Credit Rating to B+ & Places WatchNeg
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit and senior unsecured debt ratings on Spanish and
Latin American gaming group Codere S.A. to 'B+' from 'BB-' and
placed them on CreditWatch with negative implications.  The
recovery rating of '3' on the senior unsecured debt of Codere
Finance (Luxembourg) S.A. remains unchanged.

"The one-notch downgrade reflects Codere's aggressive financial
profile and a probable shortfall in achieving target leverage
ratios at year-end 2008," said S&P's credit analyst Philip Temme.
"In addition, the company faces threats to earnings from growing
currency depreciation risks -- particularly in respect of
Argentine and Mexican Peso earnings, which comprised 64% of first-
half 2008 EBITDA and which are only 50% hedged out to one year --
and softening earnings in its core Spanish market and Italy.
Furthermore, additional smoking restrictions in Mexico (and
potentially Argentina) could dampen growth there."

The CreditWatch placement reflects the substantial uncertainties
surrounding the EUR176.3 million, plus interest, obligations owed
by Codere's controlling shareholders to former shareholders which
are due by Oct. 31, 2008.  Any failure by the controlling
shareholders to meet their obligations could result in a sale
process for the group being triggered, with unpredictable
consequences in current financial markets.

With almost two-thirds of earnings now generated from Argentine
and Mexican operations, Codere is exposed to contagion effects on
those markets and currencies arising from the liquidity squeeze.
Interest due is presently covered by European and Mexican EBITDA,
but this covenant could come under greater pressure in the event
of significant depreciation of the Mexican peso against the euro.
Meanwhile, Argentine gaming licenses equivalent to about 20% of
Argentine EBITDA are either presently up for renewal or will
become so in 2009, at potentially greater cost than in the past,
and political and regulatory risks in Argentina are rising.  A
total ban on smoking within the Mexican Federal District, a phased
partial ban nationwide and moves to introduce a partial ban within
parts of Buenos Aires province add to business pressures.

"Standard & Poor's will seek to resolve the CreditWatch once
greater clarity is available regarding the financing of Codere's
shareholders' payment and the likely outcome of any sales process
that might ensue as a result of non-payment," added Mr. Temme.  "A
change of control, material earnings deterioration,
crystallization of Italian legal claims, or an inability to cover
interest expenses from European earnings could all trigger a
further negative rating action."

Headquartered in Madrid, Spain, Codere S.A. --
http://www.codere.com-- operates slot machines, betting shops,
casinos and race tracks in Spain, Italy and Latin America.  The
group also operates bingos in Argentina, Mexico and Colombia, when
the group acquired Cristaltec Service Srl, Maxibingo, Vasa &
Azzena Services Srl in 2007.


HABITAT: Capital Injection Declined; Seeks Debt Restructuring
-------------------------------------------------------------
Spanish property developer Habitat will now attempt to reach a
debt restructuring deal with its creditors after its shareholders
turned down a EUR900 million capital injection, Andres Gonzalez,
Jason Webb and Sue Thomas of Reuters report.

"Now that a capital increase has been ruled out, everything
depends on a debt restructuring," Reuters quotes a company
spokesman as saying.

The spokesman, as cited by Reuters, revealed Habitat decided not
to go into administration at a shareholders' meeting on Saturday.

According to Reuters, Habitat owes almost EUR1.6 billion to 39
banks.  It has to pay EUR35 million in interest in December,
Reuters relates.

Habitat's shareholders, Reuters notes, are composed mainly of
private Spanish investors but include builder Ferrovial.

As reported in the TCR-Europe on Sept. 24, 2008, Habitat called
for an extraordinary general meeting, seeking a capital increase
after the value of the company's assets fell below half that of
its share capital, putting it at risk of being dissolved.

Under Spanish corporate law, a limited company must maintain the
value of its assets above a threshold fixed at half the value of
its share capital otherwise it will be dissolved, the report said.


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


FLEXTRONICS: Starts Negotiations to Lay-off 40 workers in Sweden
----------------------------------------------------------------
Flextronics has started discussions to lay off around 40 staff in
Linkoping, Sweden, Anke Schroter of evertiq.com reports.

Mr. Tomas Westlund, chairman of the workers union Unionen (white
collar), said, "Negotiations have begun, and it is true that the
company believes that there is a surplus of between 30 and 40
employees."

The company allegedly cites insufficient orders as the reason for
the lay offs.

                     About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX; Singapore Reg. No. 199002645H) --
http://www.flextronics.com/-- is an Electronics Manufacturing
Services provider focused on delivering design, engineering and
manufacturing services to automotive, computing, consumer
digital, industrial, infrastructure, medical and mobile OEMs.
Flextronics helps customers design, build, ship, and service
electronics productsthrough a network of facilities in over 30
countries on four continents.

As of the year ended March 31, 2007, the company's regulatory
filing with the U.S. SEC showed that it had subsidiaries in
Austria, Brazil, China, France, Hong Kong, Hungary, Malaysia,
Mexico and the United States, among others.  The company has yet
to submit its annual report for the year ended March 31, 2008.

                        *     *     *

Flextronics International Ltd. continues to carry Moody's
"Ba1" probability of default and long-term corporate family
ratings with a negative outlook.

The company also carries Standard & Poor's "BB+" long-term
local and foreign issuer credit ratings with a negative
outlook.


FORD MOTOR CO: Moody's Reviews B3 Rating for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service is reviewing the B3 Corporate Family
Rating and Probability of Default Rating of the Ford Motor Company
for possible downgrade, and has lowered the company's Speculative
Grade Liquidity rating from SGL-1 to SGL-3.  Moody's also
downgraded the senior unsecured rating of Ford Motor Credit LLC to
B2 from B1 and placed the ratings on review for further possible
downgrade.

The review of Ford's rating is focusing on the degree to which the
company can preserve adequate liquidity in the face of severely
eroding demand, unfavorable mix shift, and tightening consumer
credit conditions in the US.  The company must also contend with
the likelihood of softer demand in the important European markets.
Finally, there will be continued uncertainty regarding the timing
and pace of the anticipated recovery in US demand during 2010.

The lowering of Ford's Speculative Grade Liquidity rating to SGL-3
reflects the significant narrowing of the company's liquidity
cushion that has occurred as a result of the eroding US demand
outlook.  At the end of June, Ford's liquidity position of
approximately US$37 billion was relatively robust compared with
the cash requirements anticipated at that time, and included
US$26.6 billion in cash and access to about US$10.7 billion in
committed credit facilities (after adjusting for about US$1
billion in facilities provided by Lehman).  However, the degree to
which this liquidity position can cover the company's cash
requirements through the end of 2009 has narrowed significantly.
Ford's July operating and financial plan contemplated US light
vehicle shipments of approximately 14 million units in 2008, and a
recovery in demand during 2010.  Since the formulation of that
plan there has been a significant erosion in the US demand
outlook. Automotive unit shipments during the last quarter of 2008
could be as low as a seasonally adjusted annual rate (SAAR) of
only 12.5 million; the SAAR for 2009 is widely expected to
approximate 13 million but could be weaker.

As a result of these more challenging market conditions, Moody's
believes that the automotive operating cash flow burn that Ford
had expected to approximate US$9 billion from June 2008 through
year-end 2009, will increase considerably.  Other cash
requirements that will likely be incurred through 2009 include:
maintaining a minimum cash level of approximately 5% - 6% of total
sales to fund day-to-day operating and working capital needs; debt
repayments of approximately US$1 billion; and pension
contributions.

Moody's believes that US$37 billion in liquidity sources available
to Ford provide adequate coverage of likely requirements over the
next year. However, operating performance must be improved over
the medium term before the company exhausts its liquidity.
Consequently, Ford's operating and financial plans for contending
with these increasingly challenging conditions and maintaining the
adequacy of its liquidity resources are the key focus of Moody's
review.

                        About Ford Motor Co.

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

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

                         *     *     *

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

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


FORD MOTOR CREDIT: Moody's Cuts Sr. Unsecured Rating to B2
----------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured rating
of Ford Motor Credit LLC to B2 from B1 and placed the rating on
review for further possible downgrade.  The downgrade is based
upon pressures on Ford Credit's stand-alone credit profile, while
the review for further possible downgrade reflects the review of
Ford Motor Company's ratings for possible downgrade.

Moody's said that Ford Credit's ownership by and business
concentrations with Ford expose it to Ford's operating challenges
and links its ratings.  Consumer demand shifts away from large
vehicles have undermined the value of a large percentage of
collateral backing Ford Credit's consumer receivables.
Additionally, the decline in Ford's sales of trucks and SUV's has
weakened the financial health of the dealers Ford Credit finances.
These factors amplify negative delinquency, loan default, and
lease residual realization trends that normally accompany cyclical
economic weakness.  Given the potential for a protracted economic
downturn, Moody's believes Ford Credit's loan provisioning and
depreciation costs are likely to be elevated in coming quarters,
pressuring the firm's finance margins.

Ford Credit is also contending with constraints to its financial
flexibility that Moody's expects will impact the firm's
profitability and operations.  Ford Credit entered the third
quarter with a solid cash position and adequate third-party
liquidity commitments to fund its new business.  However, recent
credit market turmoil could make more difficult the firm's efforts
to maintain a confident liquidity stance; as time progresses, new
funding sources and capabilities could become more challenging to
identify and execute.  Ford Credit is expected to benefit from
access to the Fed's commercial paper funding facility as backstop
for its FCAR asset-backed commercial paper program.  However, the
company will likely utilize cash balances and further shrink its
asset base to provide the cash necessary to meet upcoming debt
maturities, thus limiting financial flexibility.  Additionally,
Moody's anticipates that Ford Credit's higher costs of funding
will, in addition to higher credit costs, contribute to margin
erosion in future periods.

Positively, Ford Credit has remained committed to a prudent
leverage posture in the current environment.  Ford Credit
suspended its dividend to its parent as support for its liquidity
and capital positions.  Moody's expects that the percentage
decline in Ford Credit's asset and debt balances over the
intermediate term will outpace any diminution of the firm's equity
base.  Moody's notes, however, that Ford Credit's increased use of
secured forms of financing is leading to structural subordination
of unsecured creditors, as the level and quality of asset coverage
of unsecured debt declines.  The one-notch difference between the
Ford Credit and Ford ratings reflects Moody's view that lenders to
Ford Credit would likely experience lower loss severity in default
than would the creditors of Ford.

During its review of Ford Credit's ratings, Moody's will analyze
the effects of Ford's operating challenges on Ford Credit's asset
quality and profitability.  Moody's will also evaluate Ford
Credit's evolving liquidity profile, including the quality and
availability of its alternative liquidity sources and the
sustainability of its current liquidity cushion.  In addition, the
review will incorporate trends in Ford Credit's asset quality and
its effect on the firm's profitability and liquidity.

These ratings were affected by the rating action:

Ford Motor Credit LLC:

   -- Senior unsecured: from B1 to B2
   -- Subordinate shelf: from (P)B3 to (P)Caa1

FCE Bank Plc:

   -- Senior unsecured: from B1 to B2

Ford Credit Australia Ltd.:

   -- Backed senior unsecured: from B1 to B2

Ford Credit Canada Limited:

   -- Backed senior unsecured: from B1 to B2

Ford Motor Credit Co. of New Zealand Ltd.:

   -- Backed senior unsecured: from B1 to B2

Ford Credit Capital Trusts I, II, and III:

   -- Backed preferred shelf: from (P)B3 to (P)Caa1

Primus Financial Services, Inc.:

   -- Backed senior unsecured: from B1 to B2

Ford Motor Credit Company is a wholly owned subsidiary of Ford
Motor Company engaged in consumer and commercial auto finance. The
company reported total assets at June 30, 2008 of US$164 billion.

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

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

                         *     *     *

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

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


SVITHOID TANKERS: Applies for Bankruptcy Protection
---------------------------------------------------
Svithoid Tankers has applied for bankruptcy protection with the
Stockholm City Court on Oct. 14, 2008, eatradeasia-online.com
reports.

The court has appointed Mr. Einar Wanhainen of G. Gronberg
Advokatbyra as bankruptcy administrators, the report relates.

Headquartered in Stockholm, Svithoid Tankers AB (publ) --
http://www.svithoidtankers.com/-- is a Swedish shipping company
with focus on smaller, modern product and chemical tankers.

The company has over 2,000 share holders and the B-share is listed
on the Nordic List at the Stockholm Stock Exchange (previously the
O-list).


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


ARTIMO JSC: Creditors Must File Proofs of Claim by Nov. 12
----------------------------------------------------------
Creditors owed money by JSC Artimo are requested to file their
proofs of claim by Nov. 12, 2008, to:

         Arthur Breitenmoser
         Hochbuhlstrasse 32
         9532 Rickenbach
         Switzerland

The company is currently undergoing liquidation in Wil SG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 21, 2005.


BELFOR INTER: Deadline to File Proofs of Claim Set Nov. 9
---------------------------------------------------------
Creditors owed money by LC Belfor Inter are requested to file
their proofs of claim by Nov. 9, 2008, to:

         Reuss-Strasse 11
         6038 Gisikon
         Switzerland

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


BEST WATCHES: Creditors Have Until Nov. 10 to File Claims
---------------------------------------------------------
Creditors owed money by LLC Best Watches Trading are requested to
file their proofs of claim by Nov. 10, 2008, to:

         Max Humbel
         JSC Humbel Treuhand
         Mail Box H-409
         8302 Kloten
         Switzerland

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


CARLTON DAVOS: Proofs of Claim Filing Deadline is Nov. 13
---------------------------------------------------------
Creditors owed money by JSC Carlton, Davos are requested to file
their proofs of claim by Nov. 13, 2008, to:

         Dr. Marc E. Wieser
         7524 Zuoz
         Switzerland

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


GALERIE IM STEINFELS: Creditors' Proofs of Claim Due by Nov. 10
---------------------------------------------------------------
Creditors owed money by LLC Galerie im Steinfels are requested to
file their proofs of claim by Nov. 10, 2008, to:

         LLC smarti Treuhand
         Zurcherstrasse 29
         8620 Wetzikon
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 23, 2008.


GENERAL MOTORS: Moody's Cuts Rating to Caa2; Outlook Is Negative
----------------------------------------------------------------
Moody's Investors Service lowered the Corporate Family and
Probability of Default Rating of General Motors Corporation (GM)
to Caa2 from Caa1, and also lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-2.  The rating outlook is
negative.  Moody's placed the B3 senior unsecured rating of GMAC
LLC (GMAC) on review for possible downgrade.

The downgrade of GM reflects the expectation that the pace and
severity of erosion in the US automotive sector will severely
outpace the company's ability to respond effectively, and that
even with the benefit of the U.S. Government's US$25 billion
guaranteed loan program to assist auto companies in developing new
fuel efficient vehicles, GM's liquidity profile will continue to
erode into 2009.

"The Caa2 long-term and SGL-4 liquidity ratings reflect the risk
that despite all of GM's business restructuring and liquidity
raising efforts to date, the magnitude of cash outflows due to
ongoing operating losses, debt repayments, and other uses will
consume the company's available cash during 2009", said Bruce
Clark, senior vice president with Moody's.

During August, GM announced an aggressive plan to preserve
liquidity. The plan was built on an expectation that US automotive
shipments would approximate 14 million units in 2008 and 2009, and
that capital markets would support its ability to complete asset
sales and issue new debt.  Since the formulation of that plan
there has been further significant erosion in key underlying
assumptions.  Automotive unit shipments during the last quarter of
2008 could be as low as a seasonally adjusted annual rate (SAAR)
of only 12.5 million; the SAAR for 2009 is widely expected to
approximate 13 million but could be weaker; and, capital market
conditions severely limit the likelihood that GM will be able to
sell assets or raise new capital.

At the end of June, GM's gross liquidity of US$25 billion included
US$21 billion in cash and US$4.5 billion in committed credit
facilities. Its principal liquidity requirements during the
subsequent twelve-month period included: approximately US$11 to
US$14 billion in minimum cash needed to fund day-to-day operating
requirements; over US$3 billion in debt maturities; and, a sizable
cash burn associated with operating losses, capital expenditures,
restructuring initiatives, and payments relating to the Delphi
reorganization.  During the first half of 2008 these operating
requirements resulted in a cash burn of approximately US$7
billion.  During the second half of 2008 and through 2009, the
pace of operating cash consumption will remain high due to demand
levels that are now expected to be significantly below those that
GM's operating plan had anticipated.  Evidence indicates that the
Detroit-3 have significantly narrowed the productivity gap with
transplants, and are making steady progress in closing the product
quality gap.

Mr. Clark explained that, "The big pay-off for the for the
industry was expected to come in 2010 when the domestic
manufacturers would likely have benefited from: a recovery in
demand, new product launches that include a healthy portion of
cars and crossovers, and significant cash savings associated with
the UAW taking on responsibility for retiree health care costs."
In the case of GM, these health care savings would come to about
US$3 billion per year.  "As a result, building liquidity positions
that were adequate to fund operations into 2010 has been of
critical importance to the Detroit-3".

However, in the face weakening business conditions and rapidly
depleting liquidity, GM's overall credit quality is eroding more
rapidly than previously expected.  The rating downgrades consider
that absent significant external financial and/or business
assistance, GM could face a cash shortfall by mid 2009.
Consequently, the company's rating profile is best reflected in
the Caa2 probability of default rating.  To cover any potential
shortfall, GM would need some form of externally generated cash.
Potential sources of liquidity might include government loans that
are sizable and that afford considerable flexibility regarding the
use of proceeds; a strategic combination that quickly reduces
costs and provides new capital; or, the sale or securitization of
an asset.  However, the timing and magnitude of any of these
options remains uncertain, and their occurrence is not
incorporated in the current rating actions.  To the extent that
one or more does occur in the future, the key rating consideration
will be the degree to which it provides a material near-term boost
to liquidity.

                   About General Motors

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

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

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


MBT LLC: Creditors Must File Proofs of Claim by Nov. 14
-------------------------------------------------------
Creditors owed money by LLC MBT are requested to file their proofs
of claim by Nov. 14, 2008, to:

         Werner Meister
         Cleeacherweg 11
         8634 Hombrechtikon
         Switzerland

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


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


ALTA LLC: Creditors Must File Claims by November 5
--------------------------------------------------
Creditors of LLC Alta (code EDRPOU 30429424) have until Nov. 1,
2008, to submit proofs of claim to:

         Sergey Shapilov
         Liquidator
         Ap. 27
         Ac. Pavlov Str. 132-g
         Kharkov
         Ukraine
         Tel: 8(067)399-81-87

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 28, 2008.
The case is docketed as B-24/233-07.

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

The Debtor can be reached at:

         LLC Alta
         Ap. 22
         Nestorov Str. 6
         Kharkov
         Ukraine


ART-INVEST UKRAINE: Creditors Must File Claims by November 5
------------------------------------------------------------
Creditors of LLC Company Art-Invest Ukraine (code EDRPOU 33608272)
have until Nov. 1, 2008, to submit proofs of claim to:

         Anna Ponomarenko
         Liquidator
         Ap. 41
         Matrosov Str. 18-B
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 10, 2008.
The case is docketed as B-39/92-08.

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

The Debtor can be reached at:

         LLC Company Art-Invest Ukraine
         B. 3
         Pushkinskaya Str. 32
         Kharkov
         Ukraine


KRASNOARMEYSK REGIONAL: Creditors Must File Claims by November 5
----------------------------------------------------------------
Creditors of CJSC Krasnoarmeysk Regional Milk Plant (code EDRPOU
00445251) have until Nov. 1, 2008, to submit proofs of claim to:

         Sergey Goloborodko
         Liquidator/Insolvency Manager
         Ap. 139
         Shkolny Boulevard 16
         83015 Donetsk
         Ukraine
         Tel: 8(062)304-47-01

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 45/197b.

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

The Debtor can be reached at:

         CJSC Krasnoarmeysk Regional Milk Plant
         Agrarnaya Str. 1
         Krasnoarmeysk
         85300 Donetsk
         Ukraine


LUGANSK REGIONAL: Creditors Must File Claims by November 5
----------------------------------------------------------
Creditors of CJSC Lugansk Regional Building (code EDRPOU 01240568)
have until Nov. 1, 2008, to submit proofs of claim to:

         Helen Bugulian
         Liquidator
         Ap. 18
         Shevchenko Quarter 17
         91033 Lugansk
         Ukraine
         Tel: 8-0642-34-76-37

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 11, 2008.
The case is docketed as 12/538b.

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         Helen Bugulian
         Liquidator
         Ap. 18
         Shevchenko Quarter 17
         91033 Lugansk
         Ukraine
         Tel: 8-0642-34-76-37


NOVY ZAVOD: Creditors Must File Claims by November 5
----------------------------------------------------
Creditors of Novy Zavod Agricultural LLC (code EDRPOU 03745640)
have until Nov. 1, 2008, to submit proofs of claim to:

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

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 9, 2008.
The case is docketed as 7/111-b.

The Debtor can be reached at:

         Novy Zavod Agricultural LLC
         Novy Zavod
         Krasnoarmeysky District
         12056 Zhytomir
         Ukraine


WUDWEST LLC: Creditors Must File Claims by November 1
-----------------------------------------------------
Creditors of LLC Wudwest (code EDRPOU 31769442) have until Nov. 1,
2008, to submit proofs of claim to:

         I. Vatutin
         Liquidator/Insolvency Manager
         Novodvorsky Str. 24
         Kolomiya
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 16, 2008.  The case is docketed as B-8/161.

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Wudwest
         I. Franko Str. 41
         Stary Lisets
         Tismenitsky District
         Ivano-Frankovsk
         Ukraine


ZINKOV AGRICULTURAL: Creditors Must File Claims by November 5
-------------------------------------------------------------
Creditors of OJSC Zinkov Agricultural Chemistry (code EDRPOU
05487024) have until Nov. 1, 2008, to submit proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on Aug. 5, 2008.  The case is docketed as
4/19.

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

The Debtor can be reached at:

         OJSC Zinkov Agricultural Chemistry
         Krasnoarmeyskaya Str. 49
         Zinkov
         Poltava
         Ukraine


* S&P Chips Counterparty Credit Ratings on 3 Ukrainian Banks to B
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
counterparty credit ratings on Alfa-Bank Ukraine, JSC Kredobank,
and Ukrsotsbank OJSC to 'B' from 'B+' and removed them from
CreditWatch where they were placed with negative implications on
Oct. 16, 2008. The 'B' short-term ratings were affirmed.  At the
same time, the Ukraine national scale ratings on Alfa-Bank and
Kredobank were lowered to 'uaBBB' from 'uaA-'.  The outlook on all
three banks is negative.

"These rating actions follow the lowering of the long-term foreign
currency sovereign credit rating on Ukraine to 'B' from 'B+' and
that on the local currency rating to 'B+' from 'BB-' on Oct. 24,
2008," said S&P's credit analyst Annette Ess.

The downgrade of the sovereign reflects the rising cost to the
Ukrainian government of a necessary recapitalization of the
banking sector against the backdrop of declining growth and
heightened exchange rate risk.  Ukraine's fragile political
consensus will likely test the effectiveness of the government's
stabilization efforts, even after a package is agreed with the
International Monetary Fund.

"The rating actions reflect our concerns about the impact of the
country's deteriorating economic situation, the associated
exchange-rate depreciation, and high inflation on asset quality in
Ukraine's financial sector, especially in light of the high level
of private-sector foreign currency borrowing," said Ms. Ess.  "Low
confidence in Ukraine's financial and monetary institutions
increases banks' funding and liquidity risks."

"The outlook on these three Ukrainian banks is negative because of
the negative outlook on the sovereign and increased pressure on
the banks' asset quality, liquidity, and funding," added Ms. Ess

The ratings could be lowered following a further downward revision
of the sovereign foreign currency rating, as well as due to a
material deterioration of the banks' asset quality,
capitalization, or liquidity.  Conversely, S&P would consider
revising the outlook to stable following a similar action on the
sovereign, providing that the financial and business profiles of
the banks prove resilient.


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


BISON LTD: Goes Into Administration; 67 Jobs Axed
-------------------------------------------------
Nigel Scott at Yorkshire Evening Post reports that concrete
manufacturer Bison has gone into administration, leaving 67
workers jobless.

Rob Hunt and Ian Green of PricewaterhouseCoopers were appointed
joint administrative receivers to Bison Ltd. and Bison Concrete
Products Ltd. Wednesday last week, the report discloses.

According to the report, construction firm Laing O'Rourke has
bought two of Bison's three UK sites for an undisclosed sum,
safeguarding 450 jobs.  The factories which have been rescued are
in Swadlincote, Derbyshire and Uddingston in Scotland.  They will
be operated by Laing O'Rourke under the new name of Bison
Manufacturing, the report says.

Meanwhile, a spokeswoman for the administrators confirmed that the
fate of Bison's Leeds site, in Stourton, rests on a potential
buyer coming forward, the report notes.

The report reveals 99 people will be out of work if a buyer is not
found.

business-sale.com states sales of Bison's precast concrete
products had been drastically reduced as a result of the downturn
in the housing and commercial sectors.


BOUNDARY METAL: Taps Joint Administrators from Ernst & Young
------------------------------------------------------------
Thomas Merchant Burton and Angela Swarbrick of Ernst & Young LLP
were appointed joint administrators of Boundary Metal Ltd.
(Company Number 02544244) on Oct. 14, 2008.

The company can be reached at:

         Boundary Metal Ltd.
         c/o Ernst & Young LLP
         1 More London Place
         London
         SE1 2AF
         England


BRITANNIA BULK: Market Decline Cues S&P to Put B+ Rating on Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its long-term 'B+'
corporate credit rating on U.K.-based shipping group Britannia
Bulk PLC on CreditWatch with negative implications due to the
sudden collapse in prices in the dry bulk shipping market, which
raises doubts over the sustainability of Britannia's current level
of cash flow generation.

"The CreditWatch placement is prompted by the sudden and dramatic
declines in the volume and pricing of dry bulk shipping trades,"
said S&P's credit analyst Stuart Clements.

The drop in rates, of up to 90% from their 2008 peak, has been
influenced by both the adverse effect on shipping demand caused by
a limited availability of bank letters of credit to guarantee
trading counterparties as well as a rapid and substantial
reduction of imports by China.

Britannia's key credit ratios for the rolling 12-months to June
30, 2008, look strong for the rating category, with funds from
operations to adjusted debt of 57.8% and adjusted debt to EBITDA
of 2.5x.  However, S&P is concerned that Britannia's reliance on
short-term contracts of affreightment (CoAs) and the spot market
could result in losses and put stress on its financial profile and
liquidity, given the minimal shipping volumes currently available
and the significant proportion of Britannia's fleet that is
chartered in at much higher rates than the current spot market.
S&P is also cognizant of the potential longer-term adverse effect
on the dry bulk market of the substantial global new build order
book scheduled to be delivered over the next three years as well
as what appears to be a deepening global economic downturn.

The review will enable S&P to gain a better understanding of the
likely consequences current events are having on Britannia's
business and financial risk profiles, with a particular focus on
liquidity.  S&P would also seek to obtain a full update of
Britannia's strategy going forward in what increasingly appears to
look like a significantly weaker market.


CENTAURUS CAPITAL: Seeks Restructuring of Flagship Fund
-------------------------------------------------------
Cassell Bryan-Low at The Wall Street Journal reported Wednesday
last week that London-based Centaurus Capital LP is seeking to
restructure its flagship fund in an attempt to satisfy investor
demand for cash and avoid liquidation of all of its portfolio at
depressed prices.

According to the report, Centaurus Capital's Centaurus Alpha Fund
declined 22% this year.

Centaurus Capital, the report disclosed, is proposing to return
30% of investors' cash immediately and lock up the rest of the
money for two years with reduced fees.

Centaurus' principals will meet with investors over the coming
weeks and by mid November finalize plans that, if approved, would
take effect Dec. 1, the report noted.

"In the last few weeks global markets have ceased to function
normally and have experienced unprecedented levels of
dislocation," the firm's principals said in a letter to investors
sent Wednesday.  "Falling equity and credit markets have led to a
deleveraging spiral which has led to further falls in asset prices
to levels which we believe are far beyond what can be justified on
the basis of fundamentals."

Centaurus Capital, which had more than US$4 billion of assets at
its peak, has already lost US$1 billion following poor performance
and hefty investor redemptions, the report revealed.  It continues
to face requests from investors to withdraw about half of its
remaining US$2 billion of assets, the report added.

Centaurus Capital L.P. -- http://www.centaurus-capital.com/-- is
a private investment management company, with an emphasis on
Europe.  The company manages assets by selectively investing
capital on the basis of a rigorous bottom-up fundamental approach.

Centaurus Capital was launched in year 2000 and originated from an
investment team working together at BNP Paribas since 1993.

Centaurus Capital Ltd. is authorized and regulated by the
Financial Services Authority.


DSG INTERNATIONAL: Like for Like Sales Down 7% in 1st Half 2008
--------------------------------------------------------
DSG international plc is updating the market on trading for the 24
weeks ended October 18, 2008.

    * Total Group sales up 3% in sterling and like for like
      sales down 7%.

    * Gross margins across the Group were down 0.7% year on
      year, primarily as a result of increased hardware mix,
      such as vision, and managing stock to the appropriate
      level in a depressed market.

    * Consumer confidence has significantly deteriorated across
      Europe, particularly in more discretionary areas, in
      recent weeks.

    * As a result the Group is further focusing on cash, cutting
      costs, improving margins and reducing stock.

    * The Group is also cutting capital expenditure by
      approximately GBP30 million this year with reductions
      focused on lower returning areas of lesser priority.

The Group's Renewal and Transformation plans are progressing well
with early results exceeding expectations, offering confidence for
the future.  This program improves the shopping trip for
customers, widens ranges and gives better service.  It also
simplifies the business to make it easier for colleagues to
deliver for customers.

                 24 Weeks ended 18 October 2008

Sales                   Total growth     Like for like growth
UK & Ireland
UK & Ireland Electricals    (5)%                 (7)%
UK Computing               (10)%                (11)%

Nordics                       +1%                 (6)%

Other International
Southern Europe             (3)%                (10)%
Central Europe               (6)%                 n/a

e-commerce                    +9%                  +9%

Total Group                   +3%                 (7)%

Further progress around the renewal and transformation plan:

* Initial performance of new format stores ahead
   of expectations

   -- 7 Currys and 4 Currys.digital new format stores opening
      before Peak.

   -- 40 new format PC World stores to open by mid November.

* Large format store program on track

   -- Currys Megastore, the UK's largest specialist electrical
      store at 55,000 ft2 successfully opened at J9 near
      Birmingham.

   -- Three new large format stores are now operational across
      the Nordics and all are trading strongly.

* Continued progress in enhancing service offering in the UK

   -- 10,000 colleagues now through the first stage of the new
      in-store service program.

   -- Now offering next day delivery, with 3 hour time slots,
      7:00 a.m. to 10:00 p.m., for large electricals.

* The Italian turnaround plan continues to show good progress
   in a tough market.  Total sales were impacted by the store
   closure program which is ahead of plan.  New trial stores are
   performing ahead of expectations with better stock
   availability, ranges improved and positive customer feedback.

John Browett, Chief Executive, commented: "The trading environment
continues to be tough.  We are very focused on managing through
this by reducing costs and improving our cash position.  Alongside
this we are progressing our Renewal and
Transformation program as it is delivering for customers and
generating returns ahead of initial targets."

Headquartered in Hemel Hempstead, England, DSG international plc
http://www.dsgiplc.com/-- is one of Europe's leading specialist
electrical retailing groups.

                       *     *     *

As reported in the TCR-Europe on Sept. 10, 2008, Moody's Investors
Service has changed the outlook on the Ba1 corporate family rating
of DSG International plc to negative from stable following the
company's weak trading performance for the 16 weeks ended Aug. 23,
2008.


DSG INTERNATIONAL: Moody's Puts Ba1 Rating on Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service has placed the Ba1 ratings of DSG
International on review for possible downgrade.

"Moody's decision to place DSGi on review was triggered by the
company's H1 trading statement, which confirmed the challenging
trading environment for the company," explains Yasmina Serghini,
lead analyst for DSGi in Moody's Corporate Finance group.
According to the trading statement, which covered the 24 weeks
ending on October 18, 2008, total sales of the company were up 3%,
but the underlying trend remains very weak, with like-for-like
sales down 7% and 11%, respectively, in DSGi's UK & Ireland
Electricals and UK Computing divisions.  The downward trend is
also confirmed in DSGi's operations outside the UK, with both the
Nordics and Southern Europe reporting declines in like-for-like
sales by 6% and 10%, respectively.

Furthermore, DSGi's gross margins weakened by 0.7% year-on-year
and Moody's is concerned that the sustained weakness in the
customer environment might affect the company's operating
performance such that its profit before tax would trend below
Moody's previously indicated guidance of GBP130 million.  "This
would result in weaker credit metrics, with a leverage ratio
moving above 5.0x, a level that Moody's would not view as
commensurate with a Ba1 rating category," cautions Ms. Serghini.

However, Moody's positively notes that the company remains
committed to delivering additional cost savings.  It currently
expects comparable costs -- excluding changes in exchange rates
and space -- to be flat over the year.  In addition, it has
announced a reduction of around GBP30 million in its total planned
capital expenditures in the current financial year, in a move to
further protect its cash flow generation and its net debt
position.

Moody's rating review will focus on (i) the company's trading
performance in its key Christmas period, and (ii) its ability to
successfully control costs across the group to mitigate the
negative effects from a reduction in customer spending.  "Moody's
anticipates that a downgrade, if any, would be limited to one
notch," says Ms. Serghini.

Moody's previous rating action on DSGi was implemented on
September 8, 2008, when the rating agency changed the outlook on
the Ba1 rating to negative from stable.

Headquartered in Hemel Hempstead, England, DSG international plc
is one of Europe's leading specialist consumer electrical
retailers.  It posted revenues of GBP8.5 billion for the fiscal
year ending in April 2008.


FILM SOLUTIONS: Brings in Liquidators from Tenon Recovery
---------------------------------------------------------
Christopher Benjamin Barrett and Thomas Dixon of Tenon Recovery
were appointed joint liquidators of Film Solutions UK Ltd. on
Oct. 14, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Film Solutions UK Ltd.
         c/o Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


L P C TRADING: Calls in Liquidators from Vantis
-----------------------------------------------
P. Atkinson and D. C. Wilson of Vantis Business Recovery Services
were appointed joint liquidators of L P C Trading Ltd. on Oct. 14,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         L P C Trading Ltd.
         c/o Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


MICRO COMPUTER: Appoints Joint Administrators from Baker Tilly
--------------------------------------------------------------
Guy Edward Brooke Mander and Graham Paul Bushby of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Micro Computer Forms Ltd. (Company Number 02177183) on Oct. 10,
2008.

The company can be reached at:

         Micro Computer Forms Ltd.
         9a Narrowboat Way
         The Blackbrook Business Parks
         Dudley
         West Midlands
         DY2 0XQ
         England


PRESTIGIOUS RETIREMENT: Puts Three Units Into Administration
------------------------------------------------------------
The Directors of Prestigious Retirement Villages plc have revealed
that while the Company continues to progress possible
opportunities, a number of the subsidiary companies continue to
experience deteriorating market conditions and worsening liquidity
problems.

As a consequence Allied Irish Bank plc has informed the Company
that it is now unable to continue to provide working capital
facilities to these wholly owned subsidiaries of the Company:

   -- PRV (Middleton Towers) Ltd,
   -- PRV (Lytham) Ltd, and
   -- Prestigious Retirement Villages (UK) Ltd.

The Directors have considered the effect of this change and
consequently have requested Allied Irish Bank plc to appoint
Administrators for the companies with immediate effect.

The Directors also disclosed that they have signed a two year
option to purchase approximately 74 acres at Galston in Scotland.
The proposed project would be set around a Loch and would include
400 dwellings, a hotel, a nursing home and some associated
commercial development.  The Directors are confident that planning
amendments can be obtained to allow for the development of a
Retirement Village.


TAURUS CMBS: S&P Cuts Rating on Class D Notes to BB; Off WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch negative its credit ratings on the class C and D notes
issued by Taurus CMBS (U.K.) 2006-2 PLC.  The ratings on the other
classes of notes in this transaction remain unaffected.

On Sept. 2, S&P placed the class C and D notes on CreditWatch
negative, principally due to S&P's concerns regarding the Times
Square loan.  S&P's rating actions reflect certain principal
concerns.

S&P's outlook for the Times Square property has deteriorated.  S&P
considers that the value of the Times Square property has
materially declined since closing because of significant market
value declines in the secondary retail sector in the U.K. since
early 2007.  Proceeds from a sale (or refinance) of the Times
Square property may not be sufficient to repay the loan in full,
resulting in potential losses to the most junior class or classes
of notes.

Furthermore, the net operating income generated by the Times
Square property has declined since closing, despite the gross rent
having remained virtually unchanged.  During its recent visit to
the property S&P noted a number of tenants that no longer appear
to be trading or occupying their units.  The rating agency is also
aware that Next PLC -- which occupies two units -- has taken a new
unit elsewhere in Sutton and it does not, therefore, expect it to
renew its lease in 2010.  If occupancy continues to decline, the
agency expects a breach of the whole-loan interest coverage ratio
covenant in the medium term.

Two of the loans (Iron Mountain and Dundee) are each secured by a
single property let entirely to one tenant: Iron Mountain and NCR
Financial Solutions Ltd., respectively.

A more detailed description of S&P's surveillance analysis will be
provided in a Transaction Update to be published shortly.

Taurus CMBS (U.K.) 2006-2 PLC

  -- GBP447.15 Million Commercial Mortgage-Backed Floating-Rate
     Notes

Ratings Lowered And Removed From CreditWatch Negative:

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


WEST POINT: Brings in Joint Administrators from KPMG
----------------------------------------------------
Jonathan Scott Pope and Richard John Hill of KPMG LLP were
appointed joint administrators of West Point Distributors Ltd.
(Company Number 01269636) on Oct. 15, 2008.

The company can be reached at:

         West Point Distributors Ltd.
         Cheddar Industrial Park
         Wedmore Road
         Cheddar
         Somerset
         BS27 3EB
         England


WILKINSON CLOSE: Taps Tenon Recovery to Administer Assets
---------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Wilkinson Close Ltd. (t/a The
Wheatsheaf) on Oct. 8, 2008, for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Wilkinson Close Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


* GLG Partners Chief Sees Collapse of One-Third Hedge Funds
-----------------------------------------------------------
Manny Roman, co-chief executive of GLG Partners, warned last
Thursday that almost a third of hedge funds will face closure and
thousands of units would be forced to liquidate their portfolios
as fallout of market turmoil, The Financial Times reports.

At an investor conference in London, Mr. Roman asserted that
regulations were "long overdue", the report relates.  He said that
the markets had now overshot and offered some excellent investment
opportunities.

Morgan Stanley has forecast that 15% to 25% of European hedge fund
assets will be redeemed, with a lower level in the U.S, the FT
notes.

Mr. Roman previously ran the European prime brokerage operation of
Goldman Sachs, a U.S. investment bank, the FT recalls.


* PwC Says Emerging Economies Could Surpass Advanced Economies
--------------------------------------------------------------
The emerging economies could surpass the advanced economies as
early as 2013 in terms of their share of world GDP, according to
calculations by PricewaterhouseCoopers LLP (PwC).  An asymmetrical
global economic downturn, brought about by advanced economies
being hit harder by the financial crisis than the large emerging
economies (particularly China and India), could accelerate a shift
in the global center of gravity.

PwC projects that by 2013 the share of emerging economies (on the
International Monetary Fund – IMF - definition) could rise to just
over half (50.2%) of world GDP in purchasing power parity (PPP)
terms, up from 43.7% in 2007.  The PwC figures are based on
analysis of data and projections by the IMF combined with the
firm's own growth projections.

John Hawksworth, head of macroeconomics at PricewaterhouseCoopers
LLP, commented: "It is striking that such a significant shift in
world GDP share from advanced economies to emerging economies
could occur within as little as five years, and that by 2013 more
than half of world GDP could come from these high growth
countries."

Ian Coleman, head of emerging markets, PricewaterhouseCoopers LLP,
added: "The analysis provides an interesting insight into how the
opportunities for investors from the UK and other advanced
economies are likely to change as the emerging economies grow
their consumer markets.  Instead of being viewed predominantly as
low cost manufacturing and offshoring centers by businesses in the
advanced economies, the projections indicate they are fast
becoming destination markets in themselves."

Other notable findings in the country level results include, by
2013:

    * While the US would remain in first place, its share of
      world GDP at PPPs is projected to be down from 21.3% in
      2007 to 18.8%;

    * China could overtake the euro area and move into second
      place;

    * India could nudge ahead of Japan; and

    * Russia and Africa could move ahead of the UK (with the UK
      share of world GDP down from 3.3% in 2007 to 2.9%
      in 2013).

John Hawksworth, head of macroeconomics at PricewaterhouseCoopers
LLP, said:  "The Russian projection based on IMF forecasts may now
seem somewhat optimistic in the light of the events of the last
few weeks, but the same could be said of the UK growth projections
given the third quarter GDP data published last week."

              About PricewaterhouseCoopers LLP

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

                            *********

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-
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                 * * * End of Transmission * * *