TCREUR_Public/081030.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, October 30, 2008, Vol. 9, No. 216

                            Headlines

A U S T R I A

ARCHIPRO LLC: Claims Registration Period Ends November 19
ERNST DOUNI: Claims Registration Period Ends November 25
J.P.A. TRANSPORT: Claims Registration Period Ends November 17
JOHANN LLC: Claims Registration Period Ends November 17
VGH LLC: Claims Registration Period Ends November 10


B E L G I U M

FORTIS NV: Belgian Prosecutors Conduct Probe on Market Statements
FORTIS NV: Shareholder Group Seeks Probe on Possible Mismanagement


F I N L A N D

STORA ENSO: Posts EUR119.1 Mln Net Loss for Third Quarter 2008
STORA ENSO: Moody's Holds Ba1 Ratings & Changes Outlook to Neg.


F R A N C E

CIFG EUROPE: Moody's Rates Insurance Financial Strength at B3


G E R M A N Y

AHB TVMANUFACTUR: Claims Registration Period Ends Nov. 4
ALL IN ONE: Claims Registration Period Ends November 4
ANLAGEN UND SCHALLSCHUTZTECHNIK: Claims Filing Period Ends Nov. 3
BOIZENBURGER AKUSTIK: Claims Registration Period Ends November 3
C-TEX TEXTILPFLEGE: Claims Registration Period Ends November 3

CONDIS UMWELTTECHNIK: Claims Registration Period Ends Nov. 3
ERSCHLIESSUNGS- UND BAUGESELLSCHAFT: Claims Filing Ends Nov. 3
ESKADE OSTRAU: Claims Registration Period Ends November 3
FMH METALL: Claims Registration Period Ends November 4
GO-PRODUKT UND SERVICE: Claims Registration Period Ends Nov. 4

HOTEL TOELZER: Claims Registration Period Ends Nov. 4
KAWE TRANSPORT: Claims Registration Period Ends Nov. 4
KUECHENTRAUMWELT GMBH: Claims Registration Period Ends Nov. 4
MALERMEISTER HAUS: Claims Registration Period Ends Nov. 4
PROCREDIT HOLDING: Fitch Assigns 'BB-' Preferred Securities Rating

SETA-TRANS SPEDITIONS: Claims Registration Period Ends Nov. 4
WIMTEX MOEBELHANDELS: Claims Registration Period Ends Nov. 3


I C E L A N D

* Central Bank of Iceland Raises Policy Interest Rate to 18%


I T A L Y

ALITALIA SPA: CAI Approves EUR1.1 Billion Capital Increase
WHIRLPOOL CORP: To Close Facilities; About 5,000 Jobs at Risk


K A Z A K H S T A N

ALMA LTD: Creditors Must File Proofs of Claim by December 9
BUILD INDUSTRIES: Creditors' Claims Deadline Slated for Dec. 9
BYT LLP: Creditors' Claims Filing Period Ends December 9
DJEYRAN LLP: Creditors Must Register Claims by December 9
KAZSAK LLP: Creditors' Claims Due on December 9

PROIZVODSTVENNO-ECOLOGICHESKOYE: Creditors' Claims Due on Dec. 9
PROMSERVICE KOMPANIYASY: Claims Deadline Slated for Dec. 5
PUSK LLP: Creditors' Claims Filing Period Ends Dec. 5
SPETS MASH: Creditors Must Register Claims by December 5
VILUS LLP: Creditors Must File Proofs of Claim by Dec. 9

* Kazakhstan Government to Inject US$5 Billion Into Four Banks


K Y R G Y Z S T A N

FELLSTOCK TRADE: Creditors Must File Claims by Nov. 26


L I T H U A N I A

BITE LIETUVA: S&P Junks Credit Rating to CCC- on Default Risks


N E T H E R L A N D S

AEGON NV: Obtains EUR3BB Core Capital From Vereniging Shareholder

* Moody's Comments on Dutch Government's Support to Banks


R O M A N I A

* BUCHAREST: S&P Shifts Outlook to Neg.; Holds BB+ Credit Rating


R U S S I A

BOLSHERECHENSKY REPAIR: Creditor Must File Claims by November 17
FENIKS-MASH-KHIM: Creditors Must File Claims by November 17
KRAS-WOOD-T: Creditors Must File Claims by December 17
KUZNETSK-AVTO-YUG: Bankruptcy Hearing Set Feb. 11, 2009
SARATOVSKIY CERAMIC: Creditors Must File Claims by November 17

SIB-VTOR-MET CJSC: Creditors Must File Claims by December 17
SIBIR-PROM-SINTEZ LLC: Creditors Must File Claims by November 17
SIBIRSKAYA CONSTRUCTION: Creditor Must File Claims by Nov. 17
TOMSK-PODVOD-TRUBOPROVOD-STROY: Claims Filing Ends November 17
VOLGO-MET LLC: Astrakhan Bankruptcy Hearing Set December 23

VOLOGRA-LES-PRODUKT: Creditors Must File Claims by November 17
VTB BANK: Inks Memorandum of Cooperation with BIDV


S W E D E N

CARNEGIE INVESTMENT: Government Raises Loan Offer to SEK5 Billion


S W I T Z E R L A N D

AIR OPERATING: Creditors Must File Proofs of Claim by Nov. 7
DAO LAFOES: Deadline to File Proofs of Claim Set Dec. 18
GINGER FASHION: Creditors Have Until Dec. 15 to File Claims
IMMOBILIEN TELLEN: Proofs of Claim Filing Deadline is Nov. 21
SPAGOMED JSC: Creditors' Proofs of Claim Due by Dec. 23

WABIC LLC: Nov. 28 Set as Deadline to File Claims


U K R A I N E

ARNIKA-GROUP LLC: Creditors Must File Claims by November 2
ARTEKS LLC: Creditors Must File Claims by November 2
DONBASS-ONLINE LLC: Creditors Must File Claims by November 2
ENERGY TECHNICAL: Creditors Must File Claims by November 5
NOVAYA ODESSA: Creditors Must File Claims by November 2

PROGRESS-GNAROVSKAYA: Creditors Must File Claims by November 2
ROMAN LLC: Creditors Must File Claims by November 2
TELECOMPANY SKTEL: Creditors Must File Claims by November 2
TVORCHESTVO LLC: Creditors Must File Claims by November 5
VIDANA LLC: Creditors Must File Claims by November 2

ZHOVTNEVE OJSC: Creditors Must File Claims by November 2


U N I T E D   K I N G D O M

BARCLAYS PLC: Seeks GBP6.5BB Add'l Capital from Two Russian Banks
BEST VALUE: Brings in Joint Administrators from KPMG
BJNC LTD: Appoints Liquidators from Vantis Business Recovery
CHINA GATE: Calls in Joint Administrators from KPMG
CHOCOLATE EMPIRE: Taps Baker Tilly to Administer Assets

DAVID MCLEAN: Appoints Deloitte as Joint Administrators
DINO UK: Appoints Liquidators from Moore Stephens
HIGH TIDE: Fitch Cuts Ratings on Two Classes of Notes to Low-B
HITCHENS GROUP: Put Into Administration by Parent Company
ITV PLC: Fitch Trims LT Issuer Default Rating to BB+ from BBB-

JOHNSTON UK: Colin Prescott Leads Liquidation Procedure
LASER BROADCASTING: Court Appoints Administrators from Begbies
M G M LTD: Names Duncan R. Beat Liquidator
RVS MODULAR: Brings in Joint Administrators from Grant Thornton
SHOW PRESENTATION: Lending Restrictions Prompt Administration

STONEGUARD GROUP: Puts Five Companies Under Receivership
STYAL HOMES: Calls in Joint Administrators from PwC
TAILORED PROPERTY: Taps Liquidators from Tenon Recovery
TAYLOR WIMPEY: Lenders Choose to Rework Loan Covenants
TIME MACHINE: Appoints Joint Administrators from PwC

TITAN EUROPE 2006-5: S&P Slashes Rating on Class F Notes to CCC-
VONAGE HOLDINGS: Amends Financing Terms to Notes Purchase Offer

* S&P Analyzes European Corporate Liquidity Over Global Crunch
* European Banks Under Pressure Over Top 50 Borrowers, S&P Reports
* Michael Crosby Joins Proskauer Rose as a Partner in London

* Upcoming Meetings, Conferences and Seminars


                         *********


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


ARCHIPRO LLC: Claims Registration Period Ends November 19
---------------------------------------------------------
Creditors owed money by LLC Archipro (FN 139999g) have until
Nov. 19, 2008, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 3, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 30, 2008, (Bankr. Case No. 4 S 137/08m).   Dr. Eva
Wexberg represents Dr. Kainz in the bankruptcy proceedings.


ERNST DOUNI: Claims Registration Period Ends November 25
--------------------------------------------------------
Creditors owed money by LLC Ernst Douni (FN 84511g) have until
Nov. 25, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Christian Hajos
         Hauptstrasse 6
         2630 Ternitz
         Austria
         Tel: 02630/33 655
         Fax: 02630/33655-14
         E-mail: office@ra-winkler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Natschbach-Loipersbach, Austria, the Debtor
declared bankruptcy on Sept. 29, 2008, (Bankr. Case No. 11 S
98/08k).


J.P.A. TRANSPORT: Claims Registration Period Ends November 17
-------------------------------------------------------------
Creditors owed money by LLC J.P.A. Transport (FN 83913b) have
until Nov. 17, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Roland Heitzinger
         Ringstrasse 4/Plobergerstrasse 7
         4600 Wels
         Austria
         Tel: 07242/42605-0
         Fax: 07242/42605-20
         E-mail: heitzinger@ra-stossier.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Nov. 27, 2008, for the
examination of claims at:

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

Headquartered in Wels, Austria, the Debtor declared bankruptcy on
Sept. 30, 2008, (Bankr. Case No. 20 S 124/08y).


JOHANN LLC: Claims Registration Period Ends November 17
-------------------------------------------------------
Creditors owed money by LLC Johann (FN 280050p) have until
Nov. 17, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Ulrike Bauer
         Elisabethstrasse 26
         1010 Vienna
         Tel: 587 78 20 Serie
         Fax: 587 78 20 9
         E-mail: ra.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 1, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 2101
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 29, 2008, (Bankr. Case No. 38 S 42/08s).


VGH LLC: Claims Registration Period Ends November 10
----------------------------------------------------
Creditors owed money by VGH LLC (FN 055595h) have until Nov. 10,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Hans-Peter Kandler
         Grazer Strasse 53a/1/5
         2700 Wiener Neustadt
         Austria
         Tel: 02622/69 5 67
         Fax: 02622/69 5 67-13
         E-mail: dr.h.p.kandler.rechtsanwalt@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Nov. 20, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Perchtoldsdorf, Austria, the Debtor declared
bankruptcy on Sept. 29, 2008, (Bankr. Case No. 10 S 114/08f).


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


FORTIS NV: Belgian Prosecutors Conduct Probe on Market Statements
-----------------------------------------------------------------
Fortis NV is under Belgian prosecutors' scrutiny on whether the
firm misled investors on its financial status, various reports
say.

A spokesman for the Brussels prosecutor's office said the
investigation could concern both current and former heads of
Fortis.

The Brussels prosecutors appointed Judge Jeroen Burm to conduct
the investigation, according to Bloomberg News.

Fortis spokeswoman Liliane Tackaert said the group had not yet
been informed of the prosecutors' action.

According to The Wall Street Journal, the investigation follows
complaints from a former employee and public concern over the
matter.

Reuters says shareholder groups have complained that former
Chairman Maurice Lippens and ex-Chief Executive Jean-Paul Votron
repeatedly assured markets that the balance sheet was strong and
that there would be no change to the dividend policy, however,
Fortis scrapped its interim dividend and sought new capital at the
end of June.

Bloomberg News relates Fortis' shares fell 8 cents, or 8.9
percent, to 81 cents in Brussels trading on October 28, the lowest
closing price on record.  Fortis' shares have lost 97 percent of
their value since touching their previous intraday peak in April
2007.

As reported in the Troubled Company Reporter-Europe on Oct. 1,
2008, the Governments of Belgium, the Netherlands and Luxembourg
agreed to inject EUR11.2 billion into the bank.  Specifically,
Belgium invested EUR4.7 billion in Fortis Bank (Belgium), the
Netherlands invested EUR4.0 billion in Fortis Bank Nederland
(Holding) NV and Luxembourg invested EUR2.5 billion in Fortis
Banque Luxembourg SA.  Under the agreement, each government will
hold a 49% share in the bank's respective subsidiaries.

BNP Paribas SA later agreed to buy a 75 percent stake in Fortis
Bank SA/NV and take over the Belgian insurance division.

Reuters discloses the deals left Fortis Group with only its
international insurance business and a 66 percent share of a
EUR10.4 billion portfolio of structured credit products.

Following the three-government bailout, Fortis said it will sell
its interest in ABN AMRO (RFS Holdings).  Bloomberg News says
Fortis' purchase of the ABN Amro assets as the U.S. subprime-
mortgage market collapsed and credit markets froze contributed to
its problems.

According to Fortis, the sale of the stake in RFS Holdings will
represent the acquired activities of ABN AMRO, excluding Asset
Management (already transferred in the 2nd quarter of 2008).  The
sale, at a price below the acquisition price of EUR24 billion,
will lead to an impairment.  The impairment will not impact total
regulatory capital, however, a sales price below EUR12 billion
would, for that difference, negatively impact core equity, Fortis
noted.

                         About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                          *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


FORTIS NV: Shareholder Group Seeks Probe on Possible Mismanagement
------------------------------------------------------------------
Euroshareholders, the pan-European organization of shareholders
associations, has filed a request at the Enterprise Chamber of the
Dutch Court of Appeal in Amsterdam to take certain injunctions
with respect to Fortis NV's case.

Euroshareholders, which is currently supported by over 12,000
European Fortis-shareholders, says it is unacceptable that –
through the sale of the Dutch activities to the Dutch State
(October 3rd) and the Belgian activities (October 5th) to the
Belgian State and BNP Paribas – within 2 days, 95 percent of the
activities have been divested without having consulted the
shareholders.  According to Dutch law, these transactions (>33%)
require approval of the shareholders meeting.  Euroshareholders
requested the court (by injunction) to order Fortis to submit the
transactions to the shareholder’s meeting for its approval.

In addition, Euroshareholders requested the dismissal of the Board
of Directors
for mismanagement which resulted in the loss of EUR50 billion in
shareholder value and persistent misinformation to the
shareholders.

The shareholders also seek injunction with regards to these key
questions which remain unanswered:

    * How have the transactions been structured?

    * What has happened with the cash that came in from
      the various sales (in total close to EUR30 billion)
      and how is it possible that only approximately
      EUR8 billion is left for shareholders in Fortis?

    * Which structured products have been transferred to
      the special purpose vehicle, how has the valuation
      been determined, and is it possible to sell those
      products at the valuation used at the time of the
      transfer?

Accordingly, Euroshareholders requested that a shareholders
circular (memorandum) be published.

Euroshareholders also requested for an independent valuation of
the structured products portfolio, as well as publication of the
contracts that have been signed in relation to the transactions.

Euroshareholders further asked the court to order an investigation
into possible mismanagement at Fortis.

Euroshareholders argue that Fortis has consistently provided false
and misleading information with respect to its financial position,
which includes statements about:

    * The solid balance sheet (up to September 26th)
    * Denial of liquidity problems (up to September 26th)
    * The refusal of the European Commission to extend
      the period to realise divestments.
    * The execution of the September 29th transaction
      (Fortis stated on October 1st on its website that
      the transactions were finalized and that the amounts
      concerned had been paid to it; which later proved
      to be untrue).

Euroshareholders said it generally supports the request filed by
the Dutch Shareholder Association VEB against Fortis.

                         About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                          *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


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


STORA ENSO: Posts EUR119.1 Mln Net Loss for Third Quarter 2008
--------------------------------------------------------------
Stora Enso Oyj provided an interim review of its operations for
January-September 2008.

Favorable exchange rates, reduced overhead costs and pricing
improvements compensated for deteriorating market conditions since
the second quarter 2008.

Stora Enso posted a net loss of EUR119.1 million on sales of
EUR2.7 billion for the third quarter of 2008, compared to a net
loss of EUR274.5 million on sales of EUR2.9 billion for the third
quarter of 2007.

In the second quarter of 2008, Stora Enso reported a net profit of
EUR28.6 million on sales of EUR2.9 billion.

Stora Enso CEO Jouko Karvinen said, "The storm we have faced for
the past 18 months has changed.  Strengthening of the US dollar
and, even more important for us, weakening of the Swedish krona
have already clearly helped.  We can also see a downward trend in
fuel-based energy costs, which will start supporting us in early
2009 following the tremendous increases of recent quarters.
However, we now also face accelerating softening in market demand
in most grades.  This reality makes the actions we
have taken in the past year and a half, from cost and capacity
cuts, focus on pricing quality, increasing Finnish wood sourcing
and strengthening our balance sheet through divestments,
critically important.  Our third quarter results, although still
poor, were somewhat better than expected owing in part to our own
early actions.  The fact that we have since mid 2007 successfully
improved our liquidity and reduced our reliance on short-term
borrowings with a significantly extended debt maturity profile
also supports us now when we enter the next phase of the storm.

"Our focus on pricing quality has worked well in all magazine
paper grades, coated fine paper, consumer board and some of the
industrial packaging grades.  We have achieved meaningful -- and
necessary -- price increases in local currencies compared to the
prior year period.  We will continue to defend our margins by
adjusting volumes across our product mix towards more profitable
grades and safeguard our earnings capability even if that means
production curtailments.  In some segments, such as newsprint and
magazine paper, we have informed our customers that we intend to
increase prices in early 2009, despite the softening macroeconomic
outlook.

"Another key priority is to improve our weak operating cash flow.
We reduced our capital investments in the third quarter by some
more than 20% compared to a year earlier.  We are now reviewing
our entire capital investment program for the next one to two
years, with the aim of reducing the overall level while
ensuring that we progress in strategically critical projects. For
these projects, we will focus on safeguarding the quality and
progress of the investments, but we will consider rescheduling
them if needed.  We also have the aim of reducing working capital
and will curtail production to realistic
delivery volumes already in the fourth quarter to ensure that we
start 2009 with inventory levels appropriate for the challenging
year to come.  These production curtailments will have a clearly
unfavorable impact on our fourth quarter earnings.  We are
convinced this is the right preparation for the reality we face
in 2009.  As before, we believe it is right to plan for the worst,
and then adjust our plans upwards if and when the opportunity
comes."

                    Near-term Outlook

In Europe market demand is forecast to be weaker in the fourth
quarter than a year earlier for newsprint, magazine paper and fine
paper.  Despite weakening demand, markets for most paper products,
especially newsprint, are expected to remain balanced due to
substantial reductions in production capacity.

Consumer board and industrial packaging markets are forecast to be
weaker than a year earlier.  Demand for consumer board is
currently negatively impacted by food safety problems in China,
and industrial packaging will be affected by weaker demand in
consumer goods markets and construction industries.  The outlook
for wood products remains poor, further undermined by low consumer
confidence, and demand is likely to be weaker in the fourth
quarter than a year earlier.

Prices in Europe are expected to remain stable during the fourth
quarter for newsprint, magazine paper and uncoated fine paper.
Some improvement in coated fine paper and consumer board prices is
anticipated as already announced price increases are gradually
implemented.  Prices for industrial packaging products
are forecast to decrease slightly.  Persistent oversupply of wood
products is likely to keep prices under pressure in many markets.
Stora Enso intends to increase prices for newsprint, magazine
paper and coated fine paper in Europe in early 2009.

In China demand and prices are vulnerable to weakness in coated
magazine paper market, which is also having an affect on the
uncoated magazine paper market.  The outlook for fine paper demand
in China remains stable, but prices are exposed to some pressure
due to elevated mill inventories.

In Latin America demand for magazine paper is forecast to
stabilize, but prices for non-contractual business are predicted
to improve further.  In other overseas markets some improvement
during the quarter is anticipated in magazine paper
prices, whereas newsprint prices are expected to remain unchanged
after significant increases in the third quarter.

                About Stora Enso Oyj

Headquartered in Helsinki, Finland, Stora Enso --
http://www.storaenso.com/--  is an integrated paper, packaging
and forest products company producing newsprint, magazine paper,
fine paper, consumer board, industrial packaging and wood
products.  Stora Enso's sales totaled EUR11.8 billion in 2007.
The Group has some 36 000 employees in more than 40 countries on
five continents.

                  *     *     *

Stora Enso Oyj continues to carry 'BB+' Long-term Issuer Default
and senior unsecured ratings from Fitch.  Its Short-term IDR
stands at 'B'.  The Outlook on the LT IDR remains Negative.  The
ratings were downgraded to their current level in July 2008.


STORA ENSO: Moody's Holds Ba1 Ratings & Changes Outlook to Neg.
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 Corporate Family
Rating (CFR), the Ba1 Senior Unsecured Note Ratings and the Not
Prime short-term rating of Stora Enso Oyj.  At the same time, the
outlook on the ratings was changed to negative from stable.

"The outlook change to negative was prompted by continued erosion
of Stora Enso's profitability levels and further weakening
operating cash flows in the first nine months of 2008 compared to
the same period last year.  This resulted in credit metrics
falling below the thresholds set for the Ba1 rating category, as
well as an uncertain medium-term outlook for demand levels among
all paper grades in light of a softening macroeconomic
environment, which could potentially further compress
profitability and cash flow generation," says Christian Hendker, a
Moody's Assistant Vice President and Lead Analyst for Stora Enso.
"The negative outlook reflects an increasing uncertainty
surrounding Stora Enso's ability to preserve a financial profile
in line with the requirements of the Ba1 rating category, which is
linked to the extent that the burden of weakening deliveries will
be offset by the benefits from a softening of input costs, price
increases for certain paper grades or additional cost reduction
measures.  If the company's were to prove unable to significantly
reduce negative free cash flows either by operating cash flow
improvements, or through other discretionary measures to stem cash
consumption from capital activities, a downgrade could ensue
within the next quarters."

Moody's has noted a continued deterioration of Stora Enso's
earnings power and cash generation over the last few quarters,
particularly due to weakening operating performance in the wood
products, industrial packaging and newsprint divisions, driven by
weaker deliveries and continued cost inflation.  As a result, the
EBITDA margin in the last 12 months ending September 2008 of
around 8% was substantially weaker than the EBITDA margin of 11.9%
generated in 2007; this weakening is in contrast to the assumed
strengthening of operating margins reflected in the original
stable rating outlook.  Moreover, Stora Enso failed to strengthen
its operating cash flow generation, as funds from operations in
the last 12 months ending September 2008 fell to approximately
EUR0.7 billion from EUR1.4 billion in 2007.  Likewise, Stora Enso
generated significant negative free cash flows that have been
partially funded with proceeds of recent business disposals.

However, Moody's notes that operating margins and cash flows in
the next few quarters could benefit from: (i) a softening of
recent cost inflation due to lower energy and transportation
costs, with wood costs expected to remain high given the
introduction of the Russian export duty in 2009; (ii) an improving
exchange rate environment that could reduce repatriation of
exports as well as imports into Europe from North America; (iii)
targeted price increases in the paper division, mainly for
newsprint and magazine grades; (iv) additional cost reduction
measures, including production curtailments that, however, could
burden profitability and cash flows in the short term.  In
addition, Moody's notes that the company plans to implement
additional measures to improve free cash flow generation ability,
notably reducing capital expenditure and working capital.

Moody's could downgrade the ratings if Stora Enso's EBITDA margin
remains below 9%, if the company is unable to turn around negative
free cash flow generation towards break-even levels supported by a
strengthening operating cash flow generation ability, or if its
solid liquidity cushion weakens.

Moody's could change the rating outlook back to stable if the free
cash flows is restored to break-even levels, the RCF/Debt ratio is
improved towards the mid-teens and there is evidence that the
EBITDA margin will improve towards double-digit levels.

"The rating affirmation of the Ba1 CFR recognises Stora Enso's
relatively strong business profile as a diversified and leading
European paper and forest products manufacturer with a high level
of vertical integration," says Mr. Hendker.  "While Stora Enso's
rating is supported by an extended debt maturity profile and a
solid liquidity cushion, evidenced by a cash position of EUR400
million and access to a EUR1.4 billion revolving credit facility
that is currently undrawn, the rating is constrained by credit
metrics that are currently below the requirements for a Ba1
rating.  However, these metrics are expected to be materially
strengthened through the cycle.  The rating affirmation reflects
Moody's expectation that the company's management will continue
its proactive approach, in terms of capacity adjustments and cost
structure improvements, to address the industry's structural
overcapacity situation, and plan accordingly should weakening
demand levels strengthen."

The last rating action was on April 29, 2008, when Moody's
downgraded Stora Enso's rating from Baa3 to Ba1 with a stable
outlook.

Outlook Actions:

  Issuer: Stora Enso Oyj

   * Outlook, Changed To Negative From Stable

Stora Enso, with headquarters in Helsinki, Finland, is among the
world's largest paper and forest products companies with 2007
annual sales of approximately EUR13.4 billion.  The company's
activities encompass newsprint and book paper, magazine paper,
fine paper, consumer board, industrial packaging and wood
products.  The products are predominantly sold in Europe, and
captured a revenue share of about 83% in 2007.


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


CIFG EUROPE: Moody's Rates Insurance Financial Strength at B3
-------------------------------------------------------------
Moody's Investors Service has downgraded the insurance financial
strength ratings of CIFG Guaranty, CIFG Europe, and CIFG Assurance
North America, Inc. to B3, from Ba2, and continues its ratings
review with direction uncertain.

Moody's commented that the rating actions reflect its expectation
of substantially higher mortgage-related losses arising from
CIFG's insured portfolio, as well as the possibility that certain
troubled exposures could be commuted.  CIFG and its parents have
entered into a nonbinding memorandum of understanding (MOU) with
approximately 75% of CIFG's CDS counterparties (based on par
outstanding) regarding the commutation of approximately US$12
billion of ABS CDOs and certain CRE CDOs. The financial guarantor
indicated that it expects the contemplated commutation transaction
to close before the end of 2008.  Separately, CIFG has also
reached a definitive agreement to reinsure approximately US$13
billion of US municipal risks with Assured Guaranty (Aaa under
review for possible downgrade); the deal is still subject to some
closing conditions.  Moody's said that if CIFG is able to reach a
favorable settlement and complete the announced transactions,
remaining CIFG policyholders would likely benefit from an improved
credit profile at the company.  CIFG's insurance financial
strength rating remains on review with direction uncertain to
reflect the wide range of potential outcomes resulting from the
firm's restructuring initiatives.

Moody's believes that the terms of the troubled CDO commutation
may have some elements that are typically associated with a
distressed exchange, though such a determination is ultimately a
matter of judgment.

Moody's ratings on securities that are guaranteed or "wrapped" by
a financial guarantor are generally maintained at a level equal to
the higher of a) the rating of the guarantor (if rated at the
investment grade level), or b) the published underlying rating.
In accordance with current rating agency policy, following Moody's
May 20, 2008 rating action on CIFG which lowered its rating to
below the investment grade level, Moody's withdrew ratings on
CIFG-wrapped securities for which there was no published
underlying rating.  Should the guarantor's rating subsequently
move back into the investment grade range or should the agency
subsequently publish the associated underlying rating, Moody's
would reinstate previously withdrawn ratings on those wrapped
instruments.  For further information please see Moody's special
comment entitled: Assignment of Wrapped Ratings When Financial
Guarantor Falls Below Investment Grade (May, 2008).

Regarding CIFG's insured portfolio, Moody's expects further stress
on the company's risk-adjusted capital position in light of
continued deterioration in housing fundamentals and the related
implications on the company's mortgage-related exposures.  Higher
expected mortgage default rates and severity were reflected in
upward revisions to Moody's lifetime loss estimates for certain
recent vintage residential mortgage-backed securities announced in
September.

Moody's said that, as part of its review of CIFG's insurance
financial strength rating, it will further refine its assessment
of the guarantor's mortgage-related exposures and other insured
transactions.  The ratings review will also focus on the effect of
the US municipal reinsurance transaction and execution of
agreements relating to the commutation of ABS CDO exposures.  To
the extent CIFG is able to commute these exposures at a reasonable
price, CIFG's insurance financial strength rating would probably
be upgraded, but any upward rating revision would likely result in
a non-investment grade rating given the continued heightened risks
with respect to CIFG's remaining mortgage-related exposures and,
in Moody's opinion, uncertainty about the medium to long term
strategy of the group given its impaired franchise.  Conversely,
CIFG's inability to adequately mitigate the potential for further
losses on these contracts through negotiated settlements within a
reasonable timeframe could result in a confirmation of the rating
or a further downgrade, depending on Moody's view of capital
adequacy at the firm at the conclusion of our ratings review.

LIST OF RATING ACTIONS

These ratings have been downgraded and remain under review with
direction uncertain:

   CIFG Guaranty -- insurance financial strength at B3, from Ba2

   CIFG Europe -- insurance financial strength at B3, from Ba2

   CIFG Assurance North America, Inc. -- insurance financial
                                         strength at B3, from Ba2

Established in 2001, CIFG has provided financial guarantees to
issuers in the municipal and structured finance markets in the US
and Europe through CIFG Assurance North America, Inc. and CIFG
Europe, though it ceased writing business earlier this year to
conserve capital and to evaluate its strategic alternatives.
Caisse Nationale des Caisses d'Epargne Prevoyance (rated Aa3/P-
1/C+) and Banque Federale des Banques Populaires (rated Aa3/P-
1/C+) recently gained control of CIFG when they invested
approximately US$1.5 billion in the financial guarantor, which was
previously owned by their joint venture Natixis (rated Aa3/P-1/C).


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


AHB TVMANUFACTUR: Claims Registration Period Ends Nov. 4
--------------------------------------------------------
Creditors of AHB TVmanufactur GmbH have until Nov. 4, 2008, to
register their claims with court-appointed insolvency manager
Jochen Schnake.

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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Jochen Schnake
         Ravensberger Str. 35
         33824 Werther
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against AHB TVmanufactur GmbH on Sept. 30, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         AHB TVmanufactur GmbH
         Detmolder Str. 146
         33604 Bielefeld
         Germany

         Attn: Parvis Avini, Manager
         Autharistr. 39
         81545 Muenchen
         Germany


ALL IN ONE: Claims Registration Period Ends November 4
------------------------------------------------------
Creditors of ALL IN ONE International Logistics GmbH have until
Nov. 4, 2008, to register their claims with court-appointed
insolvency manager Thomas Luger.

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

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall One
         Insolvency Tribunal
         Strohstrasse 5
         73728 Esslingen
         Germany

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

The insolvency manager can be reached at:

         Thomas Luger
         Olgastr. 54
         70182 Stuttgart
         Germany
         Tel: 0711/16553-0
         Fax: 0711/16553-99

The District Court of Esslingen opened bankruptcy proceedings
against ALL IN ONE International Logistics GmbH on
Sept. 5, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ALL IN ONE International Logistics GmbH
         Attn: Alexander Sauer, Manager
         Stettener Hauptstr. 68/3
         70771 Leinfelden-Echterdingen
         Germany


ANLAGEN UND SCHALLSCHUTZTECHNIK: Claims Filing Period Ends Nov. 3
-----------------------------------------------------------------
Creditors of Anlagen und SchallschutzTechnik GmbH have until
Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Nov. 18, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Osterode am Harz
         Hall 12
         Amtshof 20
         37520 Osterode am Harz
         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:

         Torsten Gutmann
         Lueders Partnerschaftsgesellschaft
         Zum Blauen See 5
         31275 Hannover/Lehrte
         Germany
         Tel: 05132-8268-38 Sek.
         Fax: 05132-8268-96
         E-mail: Gutmann@luederslaw.de

The District Court of Osterode am Harz opened bankruptcy
proceedings against Anlagen und SchallschutzTechnik GmbH on
Sept. 15, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Anlagen und SchallschutzTechnik GmbH
         Am Freudenstein 1a
         37412 Herzberg am Harz
         Germany


BOIZENBURGER AKUSTIK: Claims Registration Period Ends November 3
----------------------------------------------------------------
Creditors of Boizenburger Akustik- & Trockenbau GmbH have until
Nov. 3, 2008, to register their claims with court-appointed
insolvency manager Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 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:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany
         Tel: 040/ 350060

The District Court of Schwerin opened bankruptcy proceedings
against Boizenburger Akustik- & Trockenbau GmbH on Sept. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Boizenburger Akustik- & Trockenbau GmbH
         Attn: Christian Mueller, Manager
         Fahrweg 3
         19258 Boizenburg
         Germany


C-TEX TEXTILPFLEGE: Claims Registration Period Ends November 3
--------------------------------------------------------------
Creditors of C-Tex Textilpflege GmbH have until Nov. 3, 2008, to
register their claims with court-appointed insolvency manager
Diplom-Volkswirt Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Dec. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Diplom-Volkswirt Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511 325095
         Fax: 0511 329934

The District Court of Hannover opened bankruptcy proceedings
against C-Tex Textilpflege GmbH on Oct. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         C-Tex Textilpflege GmbH
         Hermann-Gebauer-Weg 3
         30177 Hannover
         Germany


CONDIS UMWELTTECHNIK: Claims Registration Period Ends Nov. 3
------------------------------------------------------------
Creditors of Condis Umwelttechnik GmbH have until Nov. 3, 2008, to
register their claims with court-appointed insolvency manager
Henning Kempermann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Henning Kempermann
         Hildesheimer Str. 265
         30519 Hannover
         Germany
         Tel: 0511 87592495
         Fax: 0511 8759100

The District Court of Hannover opened bankruptcy proceedings
against Condis Umwelttechnik GmbH on Sept. 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Condis Umwelttechnik GmbH
         Lister Damm 19
         30163 Hannover
         Germany


ERSCHLIESSUNGS- UND BAUGESELLSCHAFT: Claims Filing Ends Nov. 3
--------------------------------------------------------------
Creditors of Erschliessungs- und Baugesellschaft Bargeshagen mbH
have until Nov. 3, 2008, to register their claims with court-
appointed insolvency manager Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Erschliessungs- und Baugesellschaft Bargeshagen mbH on
Sept. 25, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Erschliessungs- und Baugesellschaft Bargeshagen mbH
         Attn: Dr. Wolfgang Pieper
         Am Walkmueller Holz 24
         18209 Bad Doberan
         Germany


ESKADE OSTRAU: Claims Registration Period Ends November 3
---------------------------------------------------------
Creditors of Eskade Ostrau GmbH (i.G.) 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 1:00 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 056
         Ground Floor
         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
         Nonnenstr. 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 Eskade Ostrau GmbH (i.G.) on Sept. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Eskade Ostrau GmbH (i.G.)
         Sachsenstrasse 10
         04749 Ostrau
         Germany


FMH METALL: Claims Registration Period Ends November 4
------------------------------------------------------
Creditors of FMH METALL GmbH have until Nov. 4, 2008, to register
their claims with court-appointed insolvency manager Dr. Bettina
E. Breitenbuecher.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 16, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Bettina E. Breitenbuecher
         Nieritzstrasse 14
         01097 Dresden
         Germany
         Web site: www.kuebler-gbr.de

The District Court of Dresden opened bankruptcy proceedings
against FMH METALL GmbH on Oct. 7, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         FMH METALL GmbH
         Jahmener Weg 1
         02906 Quitzdorf am See OT Kollm
         Germany

         Attn: Marcel Froeschl, Manager
         geboren 1974
         Heinrich-Heine-Str. 49
         02977 Hoyerswerda
         Germany


GO-PRODUKT UND SERVICE: Claims Registration Period Ends Nov. 4
--------------------------------------------------------------
Creditors of Go-Produkt und Service GmbH have until
Nov. 4, 2008, to register their claims with court-appointed
insolvency manager Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 16, 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 Reinbek
         Parkallee 6
         21465 Reinbek
         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:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Go-Produkt und Service GmbH on Oct. 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Go-Produkt und Service GmbH
         Attn: Mark Schulze, Manager
         Grosse Str. 34 a
         22926 Ahrensbur
         Germany


HOTEL TOELZER: Claims Registration Period Ends Nov. 4
-----------------------------------------------------
Creditors of Hotel Toelzer Hof Betriebsgesellschaft mbH have until
Nov. 4, 2008, to register their claims with court-appointed
insolvency manager Thomas Kloeckner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Dec. 11, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfratshausen
         Meeting Halll 3/I
         Bahnhofstrasse 18
         Wolfratshausen
         Germany

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

The insolvency manager can be reached at:

         Thomas Kloeckner
         Hans-Urmiller-Ring 11
         82515 Wolfratshausen
         Germany
         Tel: 08171/38730-100
         Fax: 08171/38730-222

The District Court of Wolfratshausen opened bankruptcy proceedings
against Hotel Toelzer Hof Betriebsgesellschaft mbH on Oct. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Hotel Toelzer Hof Betriebsgesellschaft mbH
         Rieschstr. 21
         83646 Bad Toelz
         Germany


KAWE TRANSPORT: Claims Registration Period Ends Nov. 4
------------------------------------------------------
Creditors of KAWE Transport GmbH have until Nov. 4, 2008, to
register their claims with court-appointed insolvency manager
Dr. Dieter Schmid.

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

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Heiner-Metzger-Platz 1
         Room 211/II
         89231 Neu-Ulm
         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. Dieter Schmid
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50

The District Court of Neu-Ulm opened bankruptcy proceedings
against KAWE Transport GmbH on Sept. 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         KAWE Transport GmbH
         Ohmstr. 3
         89264 Weissenhorn
         Germany


KUECHENTRAUMWELT GMBH: Claims Registration Period Ends Nov. 4
-------------------------------------------------------------
Creditors of Kuechentraumwelt GmbH have until Nov. 4, 2008, to
register their claims with court-appointed insolvency manager
Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Leipzig
         Hall 145
         Ground Floor
         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:

         Joachim Voigt-Salus
         Jacobstrasse 25
         04105 Leipzig
         Germany
         Tel: 0341/702520
         Fax: 0341/7025244
         E-mail: Sozietaet@Voigt-Scheid.de

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

The Debtor can be reached at:

         Kuechentraumwelt GmbH
         Wurzner Strasse 20
         04315 Leipzig
         Germany


MALERMEISTER HAUS: Claims Registration Period Ends Nov. 4
---------------------------------------------------------
Creditors of Malermeister- Haus- und Grundstuecksservice Hohen
Neuendorf GmbH have until Nov. 4, 2008, to register their claims
with court-appointed insolvency manager Torben Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Dec. 4, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Torben Herbold
         Bleichstrasse 15
         17489 Greifswald
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Malermeister- Haus- und Grundstuecksservice Hohen
Neuendorf GmbH on Sept. 9, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Malermeister- Haus- und Grundstuecksservice
         Hohen Neuendorf GmbH
         Attn: Olaf Mueller, Manager
         Berliner Str. 48
         16540 Hohen Neuendorf
         Germany


PROCREDIT HOLDING: Fitch Assigns 'BB-' Preferred Securities Rating
------------------------------------------------------------------
Fitch Ratings has assigned Frankfurt-based ProCredit Holding AG's
(PCH, 'BBB-'/Outlook Stable/'F3') issue of up to EUR60 million
Tier 1 perpetual, non-cumulative, non-voting trust preferred
securities an expected Long-term rating of 'BB-'.  Fitch has
classified the issue as Class E (100% equity, 0% debt) in
accordance with its hybrids methodology.

The final ratings are contingent on the receipt of final documents
conforming to information already received.

The perpetual, non-cumulative, non-voting trust preferred
securities will be issued by ProCredit Capital Funding Trust
Delaware, a Delaware statutory trust formed for the purpose of
issuing the securities.  The registered securities holders have no
call option on the trust preferred securities.  PCH may call the
issue at the initial redemption date (2014) and every payment date
thereafter, subject to regulatory approval.  Interest on the trust
preferred securities is paid, provided that PCH has sufficient
distributable profit (Bilanzgewinn) on an unconsolidated basis in
the prior year, and there is no order from the German banking
regulator prohibiting PCH from making distributions.


SETA-TRANS SPEDITIONS: Claims Registration Period Ends Nov. 4
-------------------------------------------------------------
Creditors of SETA-TRANS Speditionsgesellschaft mbH have until
Nov. 4, 2008, to register their claims with court-appointed
insolvency manager Ingo Thurm.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Ingo Thurm
         Aegidientorplatz 2 B
         30159 Hannover
         Germany
         Tel: 0511 475577-47
         Fax: 0511 475577-99

The District Court of Hannover opened bankruptcy proceedings
against SETA-TRANS Speditionsgesellschaft mbH on Sept. 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SETA-TRANS Speditionsgesellschaft mbH
         Attn: Tatjana Meinert, Manager
         Lindhorn 60
         30419 Hannover
         Germany


WIMTEX MOEBELHANDELS: Claims Registration Period Ends Nov. 3
------------------------------------------------------------
Creditors of Wimtex Moebelhandels GmbH have until Nov. 3, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Pfeifer.

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 Coburg
         Meeting Room K
         I. Stick
         Auxiliary Building
         Coburg
         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:

         Ulrich Pfeifer
         An der Feuerwache 5
         95445 Bayreuth
         Germany
         Tel: 0921/7877806
         Fax: 0921/78778077

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

The Debtor can be reached at:

         Wimtex Moebelhandels GmbH
         Frohnlacher Str. 14
         96242 Sonnefeld
         Germany


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


* Central Bank of Iceland Raises Policy Interest Rate to 18%
------------------------------------------------------------
The Board of Governors of the Central Bank of Iceland has decided
to raise its policy interest rate by 6 percentage points to 18%.

On October 15, 2008, the Board of Governors of the Central Bank of
Iceland announced a policy rate reduction to 12%.  That decision
was explained by dramatically changed circumstances in the
Icelandic economy: contraction was under way, further contraction
was expected, and demand and expectations had plummeted.

Last week the Icelandic Government and a mission from the
International Monetary Fund concluded an agreement.  One of the
points in the agreement was that when it will be presented to the
Executive Board of the Fund for its approval, which should happen
in the next few days, the Central Bank was to have raised the
policy rate to 18%.  This has now been done.  This decision has
been taken with reference to the fact that, with the collapse of
three banks and the harsh external measures that followed,
Iceland's foreign exchange market became paralyzed. Although the
situation has eased somewhat, some restrictions continue to be
inevitable.

It is of overarching importance to restore stability in the
foreign exchange market and support the exchange rate of the
krona.  Although the real exchange rate is currently much lower
than is justifiable for the long term, it is considered
unavoidable to provide the krona with a firmer footing on the
foreign exchange market through a restrictive policy rate as
current restrictions are gradually removed.  Negative real
interest rates would weaken that footing.  A contraction in demand
will soon result in a surplus in the goods and services accounts.
A negative output gap coupled with balance or surplus in the
current account will contribute to the appreciation of the krona,
given that trust has been restored in the foreign exchange market.
If forecasts materialize, the policy rate will be reduced in
accordance with rapidly subsiding inflation.


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


ALITALIA SPA: CAI Approves EUR1.1 Billion Capital Increase
----------------------------------------------------------
Compagnia Aerea Italiana s.r.l., a consortium of Italian investors
created to save Alitalia SpA, has approved a capital increase of
up to EUR1.1 billion (US$1.38 billion) for its plan to purchase
parts of the insolvent carrier, various reports say.  The group
previously had a capital base of just EUR160,000, Ariel David of
The Associated Press relates.

In a statement cited by The Wall Street Journal, CAI said its
shareholders approved the consortium's conversion into a joint-
stock company and announced it could seek a stock-market listing
after three years of operations.

The shareholders also agreed to a five-year "lock up" period,
during which owners of CAI shares will only be able to sell them
to fellow shareholders, to other Italian citizens or to companies
owned by Italians, according to The AP.

The WSJ relates CAI decided to proceed with the capital increase
despite not having reached a definitive agreement on contract
terms with Alitalia's unions following talks that lasted
throughout Monday.

Reuters says the unions reluctantly agreed to back the investor
bail-out in principle last month to prevent Alitalia from being
liquidated, but talks to get them to sign on to detailed terms and
conditions of a new contract have stalled.

According to The WSJ, CAI's board will meet tomorrow, Friday, to
approve a final bid for Alitalia assets and formally present an
offer to Alitalia's government-appointed commissioner, Augusto
Fantozzi.

Reuters meanwhile reports that Commissioner Fantozzi has warned
the airline may be forced to seek a new loan to keep going if the
deal with CAI is not wrapped up by mid-November, since its cash
reserves are expected to last only until the start of December.

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

A TCR-Europe report on Sept. 30, 2008, said CAI is considering
launching the new Alitalia by November 1.  CAI's rescue plan calls
for renaming of Alitalia and writing off between EUR1.2 billion
and EUR2 billion worth of its debt.

The rescue plan also aims to buy Alitalia's best performing assets
and merge them with those of smaller rival Air One to relaunch it
as a smaller carrier which would then seek investment from another
European airline, Reuters relates.

                         About Alitalia

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

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

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


WHIRLPOOL CORP: To Close Facilities; About 5,000 Jobs at Risk
-------------------------------------------------------------
Whirlpool Corporation announced earnings from continuing
operations decreased 7 percent to US$163 million, or US$2.15 per
diluted share, compared to US$175 million, or US$2.20 per diluted
share reported during the previous year's quarter. Revenue of
US$4.9 billion for the quarter increased 1 percent from the US$4.8
billion reported in the third quarter of 2007.

Third-quarter earnings reflect lower global unit volumes, higher
material and oil-related costs and lower asset sale gains compared
to the third quarter of 2007.  These items were partially offset
by an income tax benefit, favorable price/mix and productivity
initiatives during the quarter.  The company's results included
US$10 million in asset sale gains compared with US$41 million of
asset sale gains and the sale of an investment in the previous
year's quarter.

"We are in the midst of a rapidly changing and very challenging
economic environment.  We have seen a sharp drop in demand in
North America and Europe during the third quarter, and we do not
expect demand conditions to improve in the near term," said Jeff
M. Fettig, Whirlpool Corporation chairman and chief executive
officer.  "Our third-quarter results were negatively impacted by
declining demand and record levels of cost inflation.  These
unfavorable factors were partially offset by improved price/mix
and productivity.

"The global credit crisis has had a profound negative impact on
what was already a weakening and very fragile global economy.
Declining home values, rising unemployment and very low consumer
confidence levels will likely prolong a negative demand
environment at least through the middle of 2009.

"In anticipation of this environment, we have announced
substantial cost and production capacity reductions to adjust our
business cost structure to expected demand levels.  We will reduce
our global workforce by approximately 5,000 positions by the end
of 2009.  In addition to the four facility closures we have
announced earlier this year, we are also closing our Jackson,
Tennessee facility and transferring production into our Findlay,
Ohio location."

The company outlined these actions: A reduction in force of
approximately 5,000 jobs, which is being implemented across the
global organization.  The reduction includes both jobs that have
already been announced through plant closures along with new
reductions taking place now and through the end of 2009:

    * The company will close its facility in Jackson, Tenn.
      Production from Jackson will be consolidated into the
      Findlay, Ohio plant.  The closure will result in a
      reduction of approximately 500 positions.  Since January
      2008, the company announced the closure of plants in
      LaVergne, Tenn.; Oxford, Miss.; Puebla, Mexico and
      Reynosa, Mexico, which resulted in a reduction of
      approximately 2,000 jobs.

    * The company will reduce approximately 500 salaried
      positions throughout North America.  These include both
      full time and contractor positions.

    * Whirlpool is implementing reductions across its
      international regions totaling approximately 1,900 jobs
      with the majority occurring in Europe.  These are
      comprised of new reductions as well as those announced
      earlier this year.

    * These actions do not include current or potential future
      layoffs, which are intended to be temporary in nature.

According to Fettig, the actions are expected to produce savings
of approximately US$275 million on an annualized basis.  "While
decisions to eliminate jobs and close facilities are very
difficult, they are necessary to create a cost-effective business
structure.  These changes will ensure that our company is
proactively taking the necessary steps to adjust its cost
structure and production capacity to lower expected demand
levels."

                Third-Quarter Regional Review

Whirlpool North America third-quarter sales of US$2.7 billion
declined 7 percent from the prior year.  U.S. industry unit
shipments of major appliances (T7)* declined approximately 11
percent.

Operating profit of US$74 million declined from US$132 million
reported in the previous year.  Significantly higher material and
oil-related costs and lower industry demand were the primary
factors affecting the company's third-quarter operating profit.
These factors were partially offset by favorable price/mix and
ongoing productivity initiatives.

Based on current economic conditions, the company expects full-
year 2008 U.S. industry unit shipments to decline approximately 10
percent from 2007 levels compared with its previous expectation of
a 6 percent to 7 percent decline.

Whirlpool Europe reported third-quarter sales of US$1.1 billion, a
9 percent increase from the prior year.  Excluding the effects of
currency, sales were approximately equal to the previous year.
Overall industry demand during the quarter declined approximately
4 percent from the prior year.

Operating profit decreased to US$52 million from US$84 million
reported in the previous year.  The region recorded an asset sale
gain of US$9 million in the third quarter compared with a US$32
million gain in the previous year.  In addition to the reduction
in asset sale gains, European results were unfavorably impacted by
higher material and oil-related costs, lower unit volumes and
lower fixed cost absorption.  These increased costs were
substantially offset by favorable product price/mix during the
quarter.

Based on current economic conditions in the European region, the
company expects full-year 2008 industry unit shipments to decline
3 percent to 4 percent from 2007 levels compared with its previous
expectation of a 2 percent to 3 percent decline.

Whirlpool Latin America net sales increased 22 percent to US$1.0
billion.  Sales results reflect continued strong demand for the
company's innovative products in the region and favorable foreign
currency translation.  Excluding currency translation, sales for
appliances and compressors increased approximately 11 percent.

Operating profit totaled US$116 million in the third quarter
compared with US$103 million in the prior year.  Increased
appliance unit shipments, regional tax incentives, favorable
price/mix and productivity were positive factors during the third
quarter.  These factors were mitigated by increased material and
oil-related costs and the non-recurrence of a non-income based tax
credit of US$12 million.

Based on current economic conditions in Latin America, the company
expects full-year 2008 shipments to rise 5 percent to 8 percent.

Whirlpool Asia reported third-quarter sales of US$137 million,
increasing 11 percent from the prior year.  Excluding the impact
of currency, sales increased approximately 16 percent
predominantly due to higher unit volume.  Operating profit during
the quarter was break even.  The year-over-year increase in
operating profit resulted from higher volume and favorable trends
in productivity and product price/mix.  These favorable items were
partially offset by higher material costs.

The company continues to expect full-year 2008 industry unit
shipments to increase 5 percent to 10 percent from 2007 levels.

                         Outlook

The additional actions the company is undertaking to reduce costs
across its global operations will result in additional
restructuring expenses.  For the full-year 2008, the company now
anticipates recording restructuring expenses of approximately
US$170 million compared with its previous estimate of US$100
million.

"Though we are in a challenging and uncertain economic
environment, Whirlpool remains very well positioned to overcome
these challenges and further strengthen our global operations,"
said Fettig.  "The actions we are taking reflect the strong
operating disciplines that are required to succeed in any
environment.  We will rapidly make the necessary changes to adapt
to this economic environment and will continue to invest in the
right areas that are key to our future success."

For the full-year 2008, Whirlpool now expects earnings per diluted
share from continuing operations to be in the US$5.75 to US$6.00
range compared with its previous estimate of US$7.00 to US$7.50
per share.  Based upon its revised earnings expectations and
industry outlook, the company expects to generate free cash flow
of US$0 to US$50 million for the full year compared to its
previous estimate of US$500 to US$550 million.

Given the challenging economic conditions and its revised free
cash flow outlook, the company has suspended its share repurchase
program.

* T7 refers to the following household appliance categories:
washers, dryers, refrigerators, freezers, dishwashers, ranges and
compactors.

At September 30, 2008, Whirlpool's consolidated condensed balance
sheets showed US$14.5 billion in total assets, US$10.5 billion in
total liabilities and US$3.9 billion in total stockholders'
equity.

               About Whirlpool Corporation

Whirlpool Corporation (NYSE: WHR) -- http://www.whirlpoolcorp.com
--  is a global manufacturer and marketer of major home
appliances.  The company has principal manufacturing operations
and marketing activities in North and South America, Europe, and
Asia.  Whirlpool's primary brand names -- KitchenAid, Roper,
Bauknecht, Ignis, Brastemp, Consul and its global Whirlpool brand
-- are marketed in more than 170 countries worldwide.

In Europe, the company has manufacturing sites in France, Italy,
Germany, Sweden, Slovakia and Poland.


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


ALMA LTD: Creditors Must File Proofs of Claim by December 9
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alma insolvent.

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

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


BUILD INDUSTRIES: Creditors' Claims Deadline Slated for Dec. 9
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Build Industries insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Taugul-1, 57-7
         Almaty
         Kazakhstan
         Tel: 8 (7272) 55-10-08
              8 777 396 92-07


BYT LLP: Creditors' Claims Filing Period Ends December 9
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Byt insolvent.

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

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


DJEYRAN LLP: Creditors Must Register Claims by December 9
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Djeyran insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 28, 25-12
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 40-03-12
              8 701 416 22-23


KAZSAK LLP: Creditors' Claims Due on December 9
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kazsak insolvent on Aug. 4, 2008.

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

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


PROIZVODSTVENNO-ECOLOGICHESKOYE: Creditors' Claims Due on Dec. 9
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Proizvodstvenno-Ecologicheskoye Predpriyatiye
Moskovskoi Rayonnoi Administratsiyi (Manufacturing-Ecological
Enterprise of Moscow Regional Administration) declared insolvent.

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

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


PROMSERVICE KOMPANIYASY: Claims Deadline Slated for Dec. 5
----------------------------------------------------------
LLP Promservice Kompaniyasy has declared liquidation.  Creditors
have until Dec. 5, 2008, to submit written proofs of claims to:

         LLP Promservice Kompaniyasy
         Kabanbai batyr Str. 164
         Almaty
         Kazakhstan


PUSK LLP: Creditors' Claims Filing Period Ends Dec. 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Pusk insolvent on April 9, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Rayimbek Str. 12
         Erkin
         Talgarsky
         Almaty
         Kazakhstan
         Tel: 8 701 558 34-19


SPETS MASH: Creditors Must Register Claims by December 5
--------------------------------------------------------
LLP Spets Mash Export has declared liquidation.  Creditors have
until Dec. 5, 2008, to submit written proofs of claims to:

         LLP Spets Mash Export
         Ospanov Str. 52-91
         Aktobe
         Aktube
         Kazakhstan


VILUS LLP: Creditors Must File Proofs of Claim by Dec. 9
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Vilus insolvent.

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

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


* Kazakhstan Government to Inject US$5 Billion Into Four Banks
--------------------------------------------------------------
The Government of Kazakhstan, in cooperation with the National
Bank of Kazakhstan and the FMSA, unveiled a set of comprehensive
proposals to further strengthen the capitalization and liquidity
of the Kazakhstan banking sector.

Since the summer of 2007, the global financial system has been
undergoing a severe downturn.  Despite a lack of access to
external debt markets, the Kazakhstan banking sector has
successfully overcome the external challenges and has been able to
meet its external and domestic debt redemptions.  During this
period, the Government and the National Bank have supported the
banking sector extensively.

The recent further contraction of liquidity and declines in share
prices have caused a steady deterioration in the quality of
banking assets (hence the need to build additional loan loss
reserves), a reduction in lending to the real economy and
ultimately, a decline in economic activity of local enterprises.
In these circumstances, the coordinating and supportive role of
the government is crucial, as evidenced by the actions taken by
governments and regulators around the world.

By supporting the banks, the state expects the banks to be in a
position to continue lending to the domestic economy, increase
financing to the SME sector, and maintain acceptable rates on
mortgages to single property owner-occupied borrowers.

In accordance with recommendations from the FMSA, the Government
has approached the shareholders of four systemically important
banks, namely Alliance Bank, BTA Bank, Halyk Bank and
Kazkommertsbank, with a request to provide additional capital
needed to further enhance the capital adequacy of those banks. The
Government intends to discuss the implementation of similar
proposals with the foreign majority shareholders of ATF and Bank
CenterCredit.

The total amount of capital injected under this plan will take the
form of common and preferred shares for up to US$5 billion. The
right to subscribe to common and preferred stock will be offered
initially to the existing shareholders in view of them providing
sufficient capital to sustain financial stability of these banking
institutions.  To the extent the existing shareholders forego the
opportunity to inject adequate capital into the banks, the
Government stands ready to become the shareholder of banks.  The
Government does not intend to own or control a majority of the
share capital of any bank.  More specifically, it is envisaged
that the Government will take an equity stake of 25% in the four
aforementioned banking institutions and will provide any
additional capital in the form of preferred stock and subordinated
debt.

The Government has asked the National Well-being Fund SamrukKazyna
to represent the Government as a potential new shareholder in the
aforementioned banks.  To provide the means to purchase these
securities, SamrukKazyna will receive as capital US$5billion from
the National Fund.

Finally, the Government does not intend to remain a long term
provider of capital to these banks, and will look to exit as a
shareholder within medium-term perspective depending on the
conditions in the international capital markets.  At that time,
any shares owned by the Government will be disposed of in a
market-conform way.

The proposals would provide the banks both with capital as well as
liquidity to meet any debt repayments that may come due.

The National Fund will provide SamrukKazyna with another US$5
billion of liquidity by subscribing to a bond which will be issued
by SamrukKazyna.  These funds are intended to be directed towards
lending to the real economy, including to important projects and
sectors such as SMEs and infrastructure projects. Initially, these
funds will be deposited with selected banks and over time, provide
support to the real economy while alleviating the pressure on
banks to roll-over existing loans.

The proposed plans also include liquidity support measures
provided by the National Bank of Kazakhstan, which will be made
available to the entire banking system.  The National Bank will
move to support current and short-term liquidity of banks by
offering additional sources, such as lower minimum reserve
requirements and expansion of the list of financial instruments
acceptable as collateral against repo-based loans.

Finally, the Distressed Asset Fund, designed to help improve the
average quality of the loan portfolios of banks, will begin
operations shortly.  The Fund will be capitalized with US$1
billion.


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


FELLSTOCK TRADE: Creditors Must File Claims by Nov. 26
------------------------------------------------------
LLC Fellstock Trade Ltd. has shut down.  Creditors have until
Nov. 26, 2008, to submit written proofs of claim to:

         LLC Fellstock Trade Ltd.
         Maldybayev Str. 40a-38
         Bishkek
         Kyrgyzstan


=================
L I T H U A N I A
=================


BITE LIETUVA: S&P Junks Credit Rating to CCC- on Default Risks
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Lithuania-headquartered mobile
telecommunications operator UAB Bite Lietuva and its 100% owner
Bite Finance International B.V. to 'CCC-' from 'B-' as a result of
increasing concerns regarding liquidity and covenant headroom.
The outlook is negative.

At the same time, S&P lowered its debt rating on the EUR190
million senior secured floating-rate notes due 2014 to 'CCC-' from
'B-' and its debt rating on the EUR110 million subordinated
floating-rate notes due 2017 to 'C' from 'CCC', both issued by
Bite Finance International.

"The downgrades reflect a substantial risk of default in 2009,"
said S&P's credit analyst Michael O'Brien.  "They are linked to a
further reduction in liquidity headroom as Bite will likely draw
down the bulk of the remaining undrawn EUR12 million portion of
its EUR30 million revolving credit facility over the coming months
and use its low cash balance of EUR2.3 million at Sept. 30, 2008,
to support its business needs and make interest payments.

"Covenant headroom is also extremely tight on Bite's revolving
credit facility, with the possibility of a breach within the next
eight to 12 months.  This leaves no margin for underperformance in
Bite's business plan and calls for very tight control over capital
expenditures."

On the positive side, Bite hopes to rapidly achieve positive
EBITDA in its growing Latvian business, while continuing to
maintain its established market position in the Lithuanian market.

The ratings could be further lowered -– with a material risk of
lowering to 'D' (default) during 2009.  Such a downgrade would
arise if the group's liquidity were to deteriorate further over
the next six months, ultimately proving to be insufficient, or if
the group were to breach its financial maintenance covenant.

Alternatively, the outlook could revert to stable or the rating
could be raised if Bite shows an improving operating performance
providing protection of its liquidity and better visibility on the
achievement of positive FOCF on a consolidated basis and if the
group successfully renegotiates the debt to EBITDA financial
maintenance covenant on its revolving credit facility to avoid a
potential breach.


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


AEGON NV: Obtains EUR3BB Core Capital From Vereniging Shareholder
-----------------------------------------------------------------
Alex Wynaendts, CEO of Aegon N.V., stated he welcomes an
additional capital buffer that the Dutch State has provided via
Vereniging AEGON in this time of uncertainty and unprecedented
economic turmoil.  Aegon said it has secured EUR3 billion of
additional core capital from the Dutch State via its largest
shareholder, Vereniging Aegon.  Aegon will issue 750 million non-
voting securities at EUR4 per security to Vereniging Aegon.  In
turn, Vereniging Aegon will be funded on back-to-back terms and
conditions by the Dutch State.

Aegon expects the transaction to close before the end of November
2008.

Aegon believes that, given today's market levels and the ongoing
uncertainty regarding the financial and economic environment, it
is prudent to reinforce its capital buffer to a level
substantially in excess of its AA rating requirements.  This
additional core capital complements Aegon's previously announced
acceleration of its risk reduction and capital release strategy,
the company said.  The structure provides Aegon with security in
the event that markets deteriorate significantly and flexibility
to avoid excessive overcapitalization in the event that markets
stabilize.  These actions, combined with the decision to forego
the final dividend for 2008 will enable Aegon to enter 2009 with a
significantly enhanced buffer.  Aegon's ability to repurchase
securities minimizes potential future dilution of common
shareholders.  Aegon's overall ownership structure is not
changing.

Aegon's move follows an announcement on October 9 by the Dutch
government that it would make EUR 20 billion of capital available
to companies in the financial sector that are fundamentally sound
and viable.

Alex Wynaendts, CEO of Aegon, stated: ". . . Together with the
steps we are taking to release capital and further reduce risk
from our businesses, this allows us to enter 2009 with a
significantly reinforced capital position and to focus on
executing our strategy.  There should be no doubt whatsoever about
Aegon's ability to fulfill its long-term obligations. Safeguarding
the trust and confidence of our shareholders, customers and
employees remains our main priority."

                Preliminary Third Quarter Results

Aegon will announce its results for the third quarter of 2008 as
planned on Thursday 6 November.  These are expected to include:

    * Underlying earnings before tax of approximately
      EUR500 million, mainly affected by lower equity markets
      and unfavorable mortality experience.

    * Net loss for the quarter of approximately EUR350 million.

      -- Underperformance of fair value items to total
         approximately EUR400 million pre-tax.

      -- Total impairment charges of approximately EUR400 million
         pre-tax.

    * Shareholders' equity including revaluation reserve of
      approximately EUR9.4 billion at the end of third quarter.

      -- Shareholders' equity, excluding revaluation reserve,
         will account for approximately 71% of capital base -–
         above target.

      -- Decline in revaluation reserve estimated at
         EUR2.5 billion, driven by widening in credit spreads.

      -- Excess capital in operating units of approximately
         EUR300 million above S&P AA rating requirements.  Aegon
         has a capital surplus of EUR 5 billion, equivalent to a
         solvency ratio of 160%, under the European Insurance
         Group Directive.

                            Dividend

Aegon will forego a final dividend for 2008.  Consequently, the
dividend for this year will total EUR0.30 a share -– an amount
already paid out to shareholders as an interim dividend earlier in
September.

           Additional Core Capital Financial Details

The 750 million non-voting securities issued to Vereniging Aegon
will be funded on back-to-back terms and conditions by the Dutch
State.  The new securities will rank equal to common shares (pari
passu), but will carry no voting rights.  This structure is
designed to avoid dilution of existing common shareholders.

Before Oct. 10, 2009, Aegon has the right to repurchase
250 million of the securities at a price between EUR4 and EUR4.52
per security, depending on Aegon's share price and the date of the
repurchase, and after that date at EUR6 per security.  Aegon may
at any time repurchase the remaining 500 million securities at
EUR6 per security (equivalent to 150% of the original issue
price).  Alternatively, after three years, Aegon may choose to
convert these securities into common shares on a one-for-one
basis.  In this situation, the Dutch State may opt for repayment
either in cash (at the original issue price of EUR4) or in shares.

Aegon retains full discretion over its policy regarding dividends
paid on common shares.  The coupon on the non-voting securities
will be paid only if a dividend is also paid to holders of common
shares.

As the holder of the non-voting securities, Vereniging Aegon will
receive either an annual coupon of EUR0.34 per security or, if
higher, an amount linked to the value of the dividend paid on
Aegon common shares.  This amount has been fixed at 110% for 2009,
rising to 120% for 2010 and 125% for 2011 and beyond.  The coupon
is not tax deductible.  Vereniging Aegon will use income from the
non-voting securities to service the loan from the Dutch State.

                            Governance

As part of the transaction, the Dutch state will nominate two
representatives to Aegon's Supervisory Board.  These
representatives will be members of AEGON’s Audit, Compensation and
Nominating Committees.  Shareholders will be asked to approve the
appointments at Aegon's next General Meeting of Shareholders.
Pending approval, the State representatives will attend meetings
as observers.  Approval from the State representatives will be
required for certain decisions, including share repurchases,
changes to Aegon's executive remuneration policy and any
acquisitions or divestments with a value of one quarter or more of
Aegon's issued capital and reserves.

                           Remuneration

Aegon's Supervisory Board will review the remuneration policy for
the Executive Board and senior management to ensure that it is
fully aligned with new international standards.  All members of
Aegon Executive Board forego all variable income, either in cash,
options or shares, relating to the performance in 2008 and limit
exit-arrangements to a maximum of one year’s fix'd salary.

            Seeking Capital Injection from Government

As reported by the Troubled Company Reporter-Europe on Oct. 28,
2008, Aegon announced a decision to consider tapping a EUR20
billion (US$25.17 billion) fund established by the Netherlands to
shore up its financial institutions.

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

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

                      About Vereniging Aegon

Vereniging Aegon is Aegon N.V.'s largest shareholder and
represents approximately 34% of the company's existing voting
rights.  Under normal circumstances the Vereniging exercises 24%
of Aegon's existing voting rights. Vereniging Aegon's sole purpose
is to safeguard the long-term interests of all Aegon stakeholders
–- its customers, employees, shareholders and business partners.

                         About Aegon NV

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


* Moody's Comments on Dutch Government's Support to Banks
---------------------------------------------------------
Moody's Investors Service commented on the announcements made by
the Dutch Ministry of Finance and the Dutch Central Bank regarding
the measures taken to restore stability and confidence in the
Dutch financial and banking system.  Moody's views these
announcements as a very positive development helping the banks to
restore liquidity and capitalization.  Moody's believes that these
actions will provide greater stability in the Dutch financial
system.  However, since external support is already incorporated
in the large banks' ratings, the rating agency does not expect
wholesale rating changes in the sector due to the announcements.

In addition to the announcement made on October 9, 2008, the Dutch
authorities announced on October 23, the formation of a Credit
Guarantee Scheme specifically aimed at Dutch banks.

The EUR200 billion scheme will be in place from October 23, 2008,
until December 31, 2009.  It will be operated by the Dutch State
Treasury Agency in order to guarantee debt instruments issued by
eligible Dutch banks.

The Dutch Credit Guarantee scheme is aimed at banks headquartered
in the Netherlands and with substantial business in the
Netherlands.  The Dutch Central Bank will be consulted upon
application to determine the bank's solvency, taking into account
the requirements of the Financial Markets and Service Authority
(FMSA) as well as its liquidity profile in relation to the loans.

The scheme covers both interest and principal and applies to non-
complex debt instruments denominated in Euros, US dollars or
British Pounds with the following characteristics:

   (i) senior unsecured debt instruments:

       * Certificates of deposits

       * Commercial paper or

       * Fixed or floating rate bullet medium term notes

  (ii) issuance on or after October 23, 2008, until December 31,
       2009

(iii) maturity of more than three months and no more than three
       years

  (iv) the terms of the debt instruments may not include any
       cross default, cross-acceleration of default, or any call
       option on the principal

   (v) the issuance of guaranteed debt for any institution is
       limited to the amount of existing debt falling due between
       October 23, 2008, and December 31, 2009.

The pricing of the guarantee scheme will depend on the maturity of
the debt instrument as well as on the creditworthiness of the
banks involved for debt exceeding a maturity of one year.

On October 9, 2008, the Dutch authorities announced two measures
to support both capitalizations and liquidity positions of all
financial enterprises (banks and insurance companies) in the
Netherlands supporting the solvency of Dutch financial
institutions at levels deemed necessary by the Supervisor on a
case by case basis.  EUR20 billion have been made immediately
available, including EUR10 billion provided to ING, as announced
on October 19, 2008.  Furthermore, the Dutch Central Bank declared
that it would grant special loans to individual financial
enterprises against adequate collateral, if and as long as
necessary.

                       Moody's Perspective

While to varying degrees, systemic support already had been
incorporated into our ratings for the larger banks the provision
of liquidity and capital by government actions will result in
reduced downward rating pressure on banks in need of liquidity
support.

However, rating actions (positive or negative) will continue to be
influenced by underlying credit and franchise fundamentals
utilizing Moody's established bank rating methodology and will
anticipate franchise strength following the scaling back of these
support programs when the financial crisis abates.  The exception
will be for obligations of banks for which there is clear
substitution of risk by the government for that of the bank, as in
the case of explicit guarantees.  Here, Moody's will de-link the
risk assessment from the bank and apply the appropriate government
rating to the specific obligations.

On October 8, Moody's released a Special Comment on its approach
towards incorporating government support for banking systems into
its ratings titled "Assessing the Rating Implications for Banks of
the Current Market Turmoil and Governmental Interventions to
Support Their Banking Systems" and on October 14, Moody's released
another Special Comment on the coordinated European response to
the crisis titled "Actions by European Sovereigns provide
substantial de-risking for large European banks".


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


* BUCHAREST: S&P Shifts Outlook to Neg.; Holds BB+ Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on the
Romanian City of Bucharest to negative from stable, following a
similar action on the sovereign.  At the same time, the 'BB+'
long-term issuer credit rating was affirmed.

"We revised the outlook as a result of our downgrade of the
sovereign," said S&P's credit analyst Jean-Louis Renaud.

The rating reflects the city's high debt burden, need to enhance
both debt and liquidity management, low financial flexibility, and
obstacles in implementing key infrastructure projects.

These constraints are mitigated by Bucharest's strategic position
as Romania's capital, its consistently sound operating balances,
and strong revenue growth.

The outlook is negative because the outlook on Romania is
negative.  The evolution of the ratings on Bucharest will follow
those on Romania.

"The outlook on Bucharest could be revised to stable if the
outlook on Romania is revised to stable or positive, assuming that
the city's fundamentals do not fall below our initial
expectations," said Mr. Renaud.  "The ratings would be lowered
either in the event of a further drop in the sovereign rating or
in the event of a deterioration in the city's financial profile."


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


BOLSHERECHENSKY REPAIR: Creditor Must File Claims by November 17
----------------------------------------------------------------
Creditors of LLC Bolsherechenskiy Repair Works have until
Nov. 17, 2008, to submit proofs of claims to:

         A. Volokitin
         Temporary Insolvency Manager
         Post User Box 3320
         656037 Barnaul
         Russia

The Arbitration Court of Altayskiy will convene at 9:15 a.m. on
April 1, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. AO3-9499/2008B.

The Debtor can be reached at:

         LLC Bolsherechenskiy Repair Works
         Yuzhny pereulok 1
         Troitskoe
         Altayskiy
         Russia


FENIKS-MASH-KHIM: Creditors Must File Claims by November 17
-----------------------------------------------------------
Creditors of LLC Feniks-Mash-Khim have until Nov. 17, 2008, to
submit proofs of claims to:

         S. Toropova
         Temporary Insolvency Manager
         Post User Box 59
         603086 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
supervision procedure on the company. The case is docketed under
Case No. A43-21748/2008-36-182.

The Debtor can be reached at:

         LLC Feniks-Mash-Khim
         Territory of OJSC Dzerzhinsk-Khim-Mash
         Dzerzhinsk
         Nizhegorodskaya
         Russia


KRAS-WOOD-T: Creditors Must File Claims by December 17
------------------------------------------------------
Creditors of LLC Kras-Wood-T (Forestry) have until Dec. 17, 2008,
to submit proofs of claims to:

         V. Kustikov
         Insolvency Manager
         Post User Box 13082
         660069 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-5272/2008.

The Debtor can be reached at:

         LLC Kras-Wood-T
         Dachnaya Str.5
         Taseyevo
         Russia


KUZNETSK-AVTO-YUG: Bankruptcy Hearing Set Feb. 11, 2009
-------------------------------------------------------
The Arbitration Court of Kemerovskaya will convene on Feb. 11,
2009, to hear bankruptcy proceedings on CJSC Kuznetsk-Avto-Yug
(Freight Transportation).  The case is docketed under Case No.
A27–8602/2007–4.

The Insolvency Manager is:

         A. Shestakov
         Apt.5
         Lesnoy pereulok 4
         634041 Tomsk
         Russia

The Debtor can be reached at:

         CJSC Kuznetsk-Avto-Yug
         Proezd Burkatskogo 30
         Novokuznetsk
         654005 Kemerovskaya
         Russia


SARATOVSKIY CERAMIC: Creditors Must File Claims by November 17
--------------------------------------------------------------
Creditors of LLC Saratovskiy Ceramic Materials Plant have until
Nov. 17, 2008, to submit proofs of claims to:

         L. Nikonov
         Insolvency Manager
         Barnaulskaya Str. 34
         410049 Saratov
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-2172/08-40.

The Debtor can be reached at:

         LLC Saratovskiy Ceramic Materials Plant
         Peschanoumetskaya Str. 10
         Saratov
         Russia


SIB-VTOR-MET CJSC: Creditors Must File Claims by December 17
------------------------------------------------------------
Creditors of CJSC Sib-Vtor-Met have until Dec. 17, 2008, to submit
proofs of claims to:

         O. Kosilova
         Insolvency Manager
         Post User Box 69
         656015 Barnaul
         Russia

The Arbitration Court of Altayskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. AO3-1894/08B.

The Debtor can be reached at:

         CJSC Sib-Vtor-Met
         Kalinina Prospect 28
         656037 Barnaul
         Russia


SIBIR-PROM-SINTEZ LLC: Creditors Must File Claims by November 17
----------------------------------------------------------------
Creditors of LLC Sibir-Prom-Sintez (Chemical Industry) have
until Nov. 17, 2008, to submit proofs of claims to:

         Yu. Zlobin
         Insolvency Manager
         Pochtovy pereulok 12
         659300 Biysk
         Russia

The Arbitration Court of Altayskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. AO3-8624/2008B.

The Debtor can be reached at:

         LLC Sibir-Prom-Sintez
         Biysk
         Altayskiy
         Russia


SIBIRSKAYA CONSTRUCTION: Creditor Must File Claims by Nov. 17
-------------------------------------------------------------
Creditors of CJSC Sibirskaya Construction Company have until
Nov. 17, 2008, to submit proofs of claims to:

         M. Bogatova
         Insolvency Manager
         Post User Box 3084
         650024 Kemerovo
         Russia

The Arbitration Court of Kemerovskaya will convene on Feb. 9,
2009, to hear bankruptcy proceedings.  The case is docketed under
Case No. A27 – 8970\2008–4.

The Debtor can be reached at:

         CJSC Sibirskaya Construction Company
         Avtotransportnaya Str. 45
         Novokuznetsk
         Kemerovskaya
         Russia


TOMSK-PODVOD-TRUBOPROVOD-STROY: Claims Filing Ends November 17
--------------------------------------------------------------
Creditors of LLC Tomsk-Podvod-Truboprovod-Stroy Management
Company (TIN 7005005654) have until Nov. 17, 2008, to submit
proofs of claims to:

         S. Yedygenov
         Temporary Insolvency Manager
         Office 1
         5 Armii Str. 4
         Omsk
         Russia

The Arbitration Court of Tomskaya will convene on Mar. 27, 2009,
to hear bankruptcy supervision procedure on the company. The case
is docketed under Case No. A67–4647/08.

The Debtor can be reached at:

         LLC Tomsk-Podvod-Truboprovod-Story
         Office 5
         Prospect Frunze 109a
         634021 Tomsk
         Russia


VOLGO-MET LLC: Astrakhan Bankruptcy Hearing Set December 23
-----------------------------------------------------------
The Arbitration Court of Astrakhan will convene at 2:00 p.m. on
Dec. 23, 2008, to hear bankruptcy supervision procedure on LLC
Volga-Met (Plastic) (TIN 3016043679, PSRN 1043001305698).  The
case is docketed under Case No. A06-477/2008-11.

The Temporary Insolvency Manager is:

         T. Bushneva
         Kurinskaya Str. 8
         4000081 Volgograd
         Russia

The Debtor can be reached at:

         LLC Volga-Met
         Sadovskikh Str. 17
         414011 Astrakhan
         Russia


VOLOGRA-LES-PRODUKT: Creditors Must File Claims by November 17
--------------------------------------------------------------
Creditors of LLC Vologda-Les-Produkt (Forestry) have until
Nov. 17, 2008, to submit proofs of claims to:

         O. Goreva
         Insolvency Manager
         Office 14
         Gertsena Str. 15
         610002 Kirov
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13–4650/2008.

The Debtor can be reached at:

         LLC Vologda-Les-Produkt
         Fedotovo
         Vologodskaya
         Russia


VTB BANK: Inks Memorandum of Cooperation with BIDV
--------------------------------------------------
VTB Bank and Bank for Investment and Development of Vietnam on
Oct. 28, signed a Memorandum of Cooperation in the presence of
Nguyen Minh Triet, President of the Socialist Republic of Vietnam.
The document provides for stronger cooperation in trade finance,
investment projects support, treasury operations and operations in
international capital markets, as well as support and assistance
in operation and development of Vietnam-Russia Bank.

The Central Bank of the Russian Federation had earlier authorized
VRB to open a representative office in Moscow, the bank's first
step towards a subsidiary in Russia to be launched in second
quarter of 2009.

VRB Office in Russia shall promote Russian-Vietnamese business and
banking relations, increase awareness of business community in
both countries on available banking services and products offered
by VRB.  One of its main tasks will be the participation of VRB in
servicing projects in trade, economic and investment cooperation
between the Russian Federation and the Socialist Republic of
Vietnam.

                      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.


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


CARNEGIE INVESTMENT: Government Raises Loan Offer to SEK5 Billion
-----------------------------------------------------------------
Sveriges Riksbank, the Swedish Central Bank, confirmed Tuesday
that it will raise its loan to Carnegie Investment Bank AB from
SEK1 billion to SEK5 billion, various reports say.  On Monday,
Carnegie's shares plunged 50% after news on the increased loan
from the central bank spread.

Carnegie said Tuesday the "larger credit facility enhances
financial flexibility, the reports note.  This does not imply that
Carnegie will use the entire facility."

"The Riksbank is prepared to provide the liquidity that is needed
to safeguard the stability of the financial system," the reports
quoted deputy Riksbank governor Lars Nyberg as saying.

The central bank and the Swedish Financial Supervisory Authority
said Carnegie was solvent, the reports relate.  The financial
watchdog was also to review Carnegie's internal management and
control "concerning possible deficits in handling of large credit
exposures."

Founded in 1803 as a trading company, Carnegie Investment Bank AB
is engaged in stockbroking, equity analysis, equity trading, asset
management and advice on corporate acquisitions in the Nordic
region.


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


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

         Dufourstrasse 121
         9001 St.Gallen
         Switzerland

The company is currently undergoing liquidation in St.Gallen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 4, 2008.


DAO LAFOES: Deadline to File Proofs of Claim Set Dec. 18
--------------------------------------------------------
Creditors owed money by LLC Dao Lafoes are requested to file their
proofs of claim by Dec. 18, 2008, to:

         Maria Clara Concalves Ferreira de Sousa
         LLC Dao Lafoes
         Zentrumstrasse 14
         5607 Hagglingen
         Switzerland

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


GINGER FASHION: Creditors Have Until Dec. 15 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC GINGER Fashion are requested to file
their proofs of claim by Dec. 15, 2008, to:

         LLC Duss Treuhand
         Baarerstrasse 86/Mail Box
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 27, 2008.


IMMOBILIEN TELLEN: Proofs of Claim Filing Deadline is Nov. 21
-------------------------------------------------------------
Creditors owed money by JSC Immobilien, Tellen are requested to
file their proofs of claim by Nov. 21, 2008, to:

         Nelli Grubenmann-Wyss
         Eggerstandenstrasse 24
         9050 Appenzell
         Switzerland

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


SPAGOMED JSC: Creditors' Proofs of Claim Due by Dec. 23
-------------------------------------------------------
Creditors owed money by JSC Spagomed are requested to file their
proofs of claim by Dec. 23, 2008, to:

         Schwendigrat
         3453 Heimisbach
         Switzerland

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


WABIC LLC: Nov. 28 Set as Deadline to File Claims
-------------------------------------------------
Creditors owed money by LLC Wabic are requested to file their
proofs of claim by Nov. 28, 2008, to:

         Brttenweg 11
         8052 Zurich
         Switzerland

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


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


ARNIKA-GROUP LLC: Creditors Must File Claims by November 2
----------------------------------------------------------
Creditors of LLC Arnika-Group (code EDRPOU 30963993) have until
Nov. 2, 2008, to submit proofs of claim to:

         I. Gusar
         Liquidator/Insolvency Manager
         P.O. Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 8, 2008.
The case is docketed as 15/881-b.

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

The Debtor can be reached at:

         LLC Arnika-Group
         General Naumov Str. 23-b
         Kiev
         Ukraine


ARTEKS LLC: Creditors Must File Claims by November 2
----------------------------------------------------
Creditors of LLC Arteks (code EDRPOU 30018588) have until Nov. 2,
2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 1, 2008.
The case is docketed as B 11/275-08.

The Debtor can be reached at:

         LLC Arteks
         Kiev Highway Str. 1
         Ivankov
         Kiev
         Ukraine


DONBASS-ONLINE LLC: Creditors Must File Claims by November 2
------------------------------------------------------------
Creditors of LLC Donbass-Online (code EDRPOU 33913719) have until
Nov. 2, 2008, to submit proofs of claim to:

         Maxim Kosinevsky
         Temporary Insolvency Manager
         Ap. 40
         April 12th Str. 22
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on Sept. 9, 2008.  The case is docketed
as B-24/171-08.

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

The Debtor can be reached at:

         LLC Donbass-Online
         Kotlov Str. 19
         61052 Kharkov
         Ukraine


ENERGY TECHNICAL: Creditors Must File Claims by November 5
----------------------------------------------------------
Creditors of LLC Energy Technical Resource (code EDRPOU 32142127)
have until Nov. 5, 2008, to submit proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on Aug. 7, 2008.  The case is docketed as
4/68.

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

The Debtor can be reached at:

         LLC Energy Technical Resource
         Churayevny Str. 3/2
         Poltava
         Ukraine


NOVAYA ODESSA: Creditors Must File Claims by November 2
-------------------------------------------------------
Creditors of OJSC Novaya Odessa Breadreceiving Enterprise (code
EDRPOU 34808405) have until Nov. 2, 2008, to submit proofs of
claim to:

         Irene Zakharchenko
         Temporary Insolvency Manager
         Ap. 53
         Oktiabrsky Lane 325\4
         54052 Nikolaev
         Ukraine
         Tel: (0512)63-57-72

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company on Sept. 9, 2008.  The case is docketed
as 5/410/08.

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

The Debtor can be reached at:

         OJSC Novaya Odessa Breadreceiving Enterprise
         Resheteyev Str. 79
         Novaya Odessa
         Nikolaev
         Ukraine


PROGRESS-GNAROVSKAYA: Creditors Must File Claims by November 2
--------------------------------------------------------------
Creditors of LLC Progress-Gnarovskaya (code EDRPOU 32607563) have
until Nov. 2, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy supervision
procedure on the company on Sept. 19, 2008.  The case is docketed
as 12/139/08.

The Debtor can be reached at:

         LLC Progress-Gnarovskaya
         Patrioticheskaya Str. 40
         96000 Zaporozhje
         Ukraine


ROMAN LLC: Creditors Must File Claims by November 2
---------------------------------------------------
Creditors of LLC Roman (code EDRPOU 24903497) have until Nov. 2,
2008, to submit proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 7, 2008.
The case is docketed as 10/124-08.

The Debtor can be reached at:

         LLC Roman
         Tsentralnaya Str. 14
         Zhmerinka
         Vinnica
         Ukraine


TELECOMPANY SKTEL: Creditors Must File Claims by November 2
-----------------------------------------------------------
Creditors of LLC Telecompany Sktel (code EDRPOU 24803554) have
until Nov. 2, 2008, to submit proofs of claim to:

         Maxim Kosinevsky
         Temporary Insolvency Manager
         Ap. 40
         April 12th Str. 22
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on Sept. 9, 2008.  The case is docketed
as B-24/170-08.

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

The Debtor can be reached at:

         LLC Telecompany Sktel
         Timurovtsev Str. 35-G
         61121 Kharkov
         Ukraine


TVORCHESTVO LLC: Creditors Must File Claims by November 5
---------------------------------------------------------
Creditors of LLC Production-Commerce Firm Tvorchestvo (code EDRPOU
21416466) have until Nov. 5, 2008, to submit proofs of claim to:

         Tatiana Dutchak
         Liquidator
         Krasnoarmeyskaya Str. 52/2
         58001 Chernovcy
         Ukraine
         Tel: 8(050)1061306

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 23, 2008.
The case is docketed as 10/109/b.

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Debtor can be reached at:

         LLC Production-Commerce Firm Tvorchestvo
         Golovnaya Str. 198-A/35
         58000 Chernovcy
         Ukraine


VIDANA LLC: Creditors Must File Claims by November 2
----------------------------------------------------
Creditors of LLC Vidana (code EDRPOU 33787264) have until Nov. 2,
2008, to submit proofs of claim to:

         Sergey Kitsul
         Liquidator/Insolvency Manager
         Ap. 15
         Leskovskaya Str. 28
         02097 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 10, 2008.
The case is docketed as 44/249-b.

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

The Debtor can be reached at:

         LLC Vidana
         Yaroslavsky Lane 3-b
         04071 Kiev
         Ukraine


ZHOVTNEVE OJSC: Creditors Must File Claims by November 2
--------------------------------------------------------
Creditors of OJSC Zhovtneve (code EDRPOU 00414121) have until
Nov. 2, 2008, to submit proofs of claim to:

         V. Cherepenko
         Liquidator/Insolvency Manager
         Moscow Str. 54a
         54017 Nikolaev
         Ukraine
         Tel: (0512)47-34-64

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 14/238/08.

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

The Debtor can be reached at:

         OJSC Zhovtneve
         Tsentralnaya Str. 1
         Galitsinovoye
         Zhovtnevy District
         Nikolaev
         Ukraine


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


BARCLAYS PLC: Seeks GBP6.5BB Add'l Capital from Two Russian Banks
-----------------------------------------------------------------
Barclays PLC is reportedly in discussion with two Russian banks in
hopes to get GBP6.5 billion (US$10.34 billion) additional capital
in order to meet government capital benchmarks, various reports
write.  According to the reports, Barclays has spoken to OAO VTB
and OAO Sberbank about potential capital injections, but it wasn't
clear Monday if Barclays' efforts had been successful.

Unlike other banks which have sought the government for help,
Barclays decided to tap private sources.  The Wall Street Journal
writes that Barclays sought to avoid selling shares to the U.K.
government, a move that would carry conditions such as a limit on
dividend payments to shareholders and would give the government a
say in some board seats.

The Journal notes that Russia, while it has been struggling with a
plunging stock market, wobbling ruble and falling prices for oil,
still has the third-largest currency reserves in the world, and
the Kremlin has made clear that it will back state-controlled
banks like Sberbank and VTB through the crisis.

VTB, according to the Journal, said its board has not received a
proposal from Barclays about a share swap.  It declined to comment
further Tuesday.

When Barclays has needed capital, it has sought investments from
institutions with which it can potentially do business in the long
term, the Journal observes.

The Journal and Citywire recall that earlier this year, the group
raised GBP4.5 billion after attracting investment from the Qatar
Sovereign Wealth fund, Japan's Sumitomo Mitsui Banking Corp., and
state-owned China Development bank.  Barclays has said it will
raise capital by selling preferred shares by the end of the year
and by selling equity by March, the Journal notes.

The Financial Times notes that Barclays already has a presence in
Russia after it bought Expobank for GBP373 million earlier in the
year, and it offers investment banking services in Russia through
its Barclays Capital subsidiary.

As reported by the Troubled Company Reporter-Europe on Oct. 14,
2008, Barclays Bank PLC will raise in excess of GBP6.5 billion of
Tier 1 Capital which will result in a pro forma Tier 1 Capital
ratio as at June 30, 2008 of over 11%.

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

                     About Barclays Bank PLC

Barclays Bank PLC -- http://www.barclays.com/-- is a global
financial services provider engaged in retail and commercial
banking, credit cards, investment banking, wealth management and
investment management services with international presence in
Europe, the United States, Africa and Asia.  Barclays operates in
over 50 countries and employs over 150,000 people.


BEST VALUE: Brings in Joint Administrators from KPMG
----------------------------------------------------
Howard Smith and Allan Watson Graham of KPMG LLP were appointed
joint administrators of Best Value Conservatories Ltd.
(Company Number 5332643) on Oct. 15, 2008.

The company can be reached at:

         Best Value Conservatories Ltd.
         c/o KPMG LLP
         Quayside House
         110 Quayside
         Newcastle upon Tyne
         England


BJNC LTD: Appoints Liquidators from Vantis Business Recovery
------------------------------------------------------------
Martin Weller and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of BJNC Ltd. on
Oct. 15, 2008, for the creditors' voluntary winding-up procedure
proceeding.

The company can be reached at:

         BJNC Ltd.
         c/o Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         England


CHINA GATE: Calls in Joint Administrators from KPMG
---------------------------------------------------
Paul Nicholas Dumbell, Paul Andrew Flint and Brian Green of  KPMG
LLP were appointed joint administrators of China Gate Ltd.
(Company Number 04345850) on Oct. 7, 2008.

The company can be reached at:

         China Gate Ltd.
         c/o The Wilson Henry Partnership
         Edge Lane
         Edge Hill
         Liverpool
         L7 2PF
         England


CHOCOLATE EMPIRE: Taps Baker Tilly to Administer Assets
-------------------------------------------------------
Susan Maund and Andrew White of Baker Tilly Restructuring &
Recovery LLP were appointed joint administrators of The Chocolate
Empire Ltd. (Company Number 06054196) on Oct. 14, 2008.

The company can be reached at:

         The Chocolate Empire Ltd.
         c/o Baker Tilly Restructuring & Recovery LLP
         International House
         Queens Road
         Brighton
         East Sussex
         BN1 3XE
         England


DAVID MCLEAN: Appoints Deloitte as Joint Administrators
-------------------------------------------------------
David McLean has gone into administration.  Nick Edwards, from
Deloitte, has been appointed joint administrator, Sarah Richardson
of building.co.uk reports.

Mr. Edwards, said, "Whilst the property downturn has impacted the
group's cash flow, the land and property assets are high quality,
and combined with the excellent reputation of the group, should
make the house building division an attractive prospect for
potential purchasers.  We are continuing to trade this part of the
business whilst we seek a buyer."

Mr. Edwards added, "The contracting division has struggled to
generate a critical mass of profitable contracts, and regrettably
we have had to take the decision to close that part of the
business, other than retaining a significantly reduced headcount
to work with customers to complete or transfer limited works on
outstanding contracts."


DINO UK: Appoints Liquidators from Moore Stephens
-------------------------------------------------
Nigel Price and Colin Prescott of Moore Stephens LLP were
appointed joint liquidators of Dino UK Ltd. on Oct. 13, 2008, for
the creditors' voluntary winding-up proceeding.


The company can be reached at:

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


HIGH TIDE: Fitch Cuts Ratings on Two Classes of Notes to Low-B
--------------------------------------------------------------
Fitch Ratings has downgraded High Tide CDO 1 S.A.'s notes due to
deterioration in the underlying asset quality and assigned all
classes a Negative Outlook as:

  -- Class A (ISIN XS0169669081) downgraded to 'BBB' from 'AAA';
     Outlook Negative

  -- Class B (ISIN XS0169669164) downgraded to 'BB' from 'AA+';
     Outlook Negative

  -- Class C (ISIN XS0169669248) downgraded to 'B' from 'A';
     Outlook Negative

This transaction, which initially referenced an all-investment
grade structured finance portfolio, has seen a marked increase in
speculative-grade names as a result of rating migration over the
past year.  Using Fitch derived ratings, 14 assets, representing
5.6% of the reference portfolio, are currently classified as
speculative-grade.  In addition, 25 assets or 14% of the portfolio
are on Rating Watch Negative, making further rating migration
likely.  The lowest rated portfolio assets are three tranches from
two synthetic U.S. collateralized debt obligations and one tranche
from a U.S. residential mortgage backed securities transaction
(totaling 1.7% of the portfolio).  All RWN names have been notched
down by three notches for the purpose of this analysis.

Regarding the senior tranche, the Class A notes continue to hold
an investment-grade rating.  This class can withstand significant
stress.  In particular, the credit enhancement of 8.22% would
allow for the total loss of all assets rated 'BBB-' and below
without causing a loss to the Class A notes.  In contrast the
Class C notes feature a credit enhancement of only 3.04%.  Further
migration would likely lead to impairment of the Class C notes.
As a result, the Class C notes have been downgraded to 'B'.  In
addition, all classes are assigned a Negative Outlook.  This
indicates the expectation of further negative migration affecting
the reference portfolio assets in the near- to medium-term.

High Tide is a synthetic arbitrage CDO of mainly investment-grade
European and North American structured finance securities.  The
ratings address the likelihood of full and timely payment of
interest and ultimate payment of principal of all classes of notes
by the scheduled maturity on 15 February 2040.  This likelihood is
largely dependent on the aggregate losses on High Tide's
structured finance portfolio, as defined and determined in
accordance with a portfolio credit default swap between High Tide
and Citibank, N.A., London Branch during the life of the
transaction.

Fitch announced proposals to change its rating methodology for
structured finance CDOs on 14 October 2008 and, at that time,
noted that the updated approach will apply to CDOs exposed to all
types of global structured finance assets following the issuance
of final criteria.  In this case, Fitch took rating action prior
to the finalization of SF CDO criteria due to the negative
portfolio performance.  This transaction is not expected to suffer
additional rating action due to the pending methodology change.

Fitch's rating Outlook indicates the likely direction of any
rating change over a one- to two-year period and may be Positive,
Negative, Stable or, occasionally, Evolving.


HITCHENS GROUP: Put Into Administration by Parent Company
---------------------------------------------------------
Hitchens store chain is put into administration by its parent the
Wallgate Group Plc.  According to Wallgate, the store chain was
losing money, Crains Manchester Business reports.

A Wallgate statement said, "In the event that a minimum of GBP1
million has not been raised by Nov. 28 through the proposed
placing, the company will need to explore alternative sources of
funding as a matter of urgency and may be required significantly
to curtail its operations and further review its business
strategy."

Hot Deals and Best Price Trading, two of Hitchens' 13 stores, will
remain open.


ITV PLC: Fitch Trims LT Issuer Default Rating to BB+ from BBB-
--------------------------------------------------------------
Fitch Ratings downgraded ITV plc's Long-term Issuer Default rating
and senior unsecured rating to 'BB+' from 'BBB-'.  Following the
downgrade, the rating Outlook is now Stable.  Fitch also
downgraded ITV's Short-term IDR to 'B' from 'F3' and withdrew the
Short-term rating.

The rating action follows further downward revisions in Fitch's
expectations for the UK advertising market over the medium term.

"The events of the last six weeks suggest there is more than an
outside chance that the current UK TV advertising downturn may be
materially worse than those in 1990-91 and 2000-01," says Alex
Griffiths, Senior Director in Fitch's TMT group in London.  "While
Fitch had factored these scenarios in as a possibility when it
changed ITV's Outlook to Negative in July 2008, they have now been
given a higher weighting in our analysis."

Fitch had adopted the approach of rating ITV through the business
cycle, and was prepared to allow significant variance in credit
metrics throughout the cycle for any given rating level.  Fitch's
current downside analysis suggests that, in a severe and prolonged
downturn, unadjusted net debt/EBITDA could peak above 3.5x, and
remain at these levels for a protracted period.  This is not
consistent with a 'BBB-' profile.

The 'BB+' rating level allows room for deterioration in ITV's
financial metrics due to cyclical factors.  In coming to its
conclusion on the downgrade Fitch has factored into its forecasts
a 12% cumulative decline in the UK TV advertising market in 2008
and 2009, with no recovery until 2011.  Barring an even further
fall in ad spend expectations, downward pressure on the rating is
likely to arise from any evidence of operational under-
performance, particularly falls in share of commercial impacts
below those implied by additional penetration of multi-channel
viewing.

Conversely, continued strong operating performance, better-than-
expected ad revenue performance, potentially due to the relaxation
of the Contract Rights Renewal mechanism, and ITV gaining real
revenue and profit traction from its revised online and production
strategies could put positive momentum back into the rating.

The group's strong liquidity profile provides considerable support
to the ratings.  It is underpinned by the GBP110 million FRN
issued earlier this year, additional GBP200 million five-year
financing negotiated in H108, balance-sheet cash and liquid
investments of GBP573 million at June 30, 2008 (including a GBP100
million short-term note due March 2009), and committed bank
facilities of GBP450 million.


JOHNSTON UK: Colin Prescott Leads Liquidation Procedure
-------------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of
Johnston UK Ltd. (formerly Gordon Johnston (Pershore) Ltd.) on
Oct. 14, 2008, for the creditors' voluntary winding-up procedure.

The company can be reached at:

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


LASER BROADCASTING: Court Appoints Administrators from Begbies
--------------------------------------------------------------
Laser Broadcasting is now under administration.  Mr. Andy Haslam,
from Begbies Traynor, was appointed administrator, Ben Perrin of
Swindon Advertiser reports.

Mr. Haslam said, "The radio stations will now go under an extended
marketing period, where companies can bid for them.  I understand
that Brunel FM will be part of three radio stations in the south
west, and two others, that will be sold together as a group.  We
have successfully rescued the radio stations.  It is up to the new
owners to take it from here."

On Oct. 10, 2008, TCR-Europe reported that Capital North East
No 1 Limited Partnership has petitioned Leeds High Court to wind-
up Laser.

On the other hand, the company applied to be placed under
administration in the same High Court in Leeds.

Solicitor Robert Abblestone, presented the winding-up order
saying, "Laser has now been placed into administration with
immediate effect."


M G M LTD: Names Duncan R. Beat Liquidator
------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
M G M (Marketing) Ltd. on Oct. 15, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         M G M (Marketing) Ltd.
         c/o Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


RVS MODULAR: Brings in Joint Administrators from Grant Thornton
---------------------------------------------------------------
Alistair Gareth Wardell and Nigel Morrison of Grant Thornton UK
LLP were appointed Oct. 10, 2008, joint administrators of:

   -- Sterlings - D.F.C. Ltd. (Company Number 00380143);

   -- RVS Transport Refrigeration Ltd.
     (Company Number 05616004)'

   -- RVS Transport Repair Ltd. (Company Number 05615816);

   -- RVS Transport Refrigeration Ltd.
     (Company Number 05616004);

   -- RVS Transport Repair Ltd. (Company Number 05615816);

   -- RVS Transport Repair (Bridgend) Ltd.
     (Company Number 05616007);

   -- RVS Commercial Refrigeration Ltd.
     (Company Number 05615404);

   -- RVS Insulation Services Ltd. (Company Number 05615817);

   -- RVS Consultants Ltd.  (Company Number 05605491); and

   -- RVS Modular Linings Ltd. (Company Number 05794506).

The companies can be reached at:

         RVS Modular Linings Ltd.
         Ynys Bridge
         Heol Yr Ynys
         Tongwynlais
         Near Cardiff
         CF4 7NT
         Wales


SHOW PRESENTATION: Lending Restrictions Prompt Administration
-------------------------------------------------------------
Show Presentation Services has gone into administration, Paul
Milligan of avinteractive.com.uk reports.

According to the report, Grant Thornton has been appointed as
administrators.  Letters have also been sent out to all creditors
to appraise them of the situation.

Due to lending restrictions, banks could not to extend the
company's credit line resulting to cash flow problems and
ultimately administration, the report relates.

Show Presentation Services -- http://www.showpres.com/-- is a
leading live event agency, based in the UK and operating
throughout Europe.


STONEGUARD GROUP: Puts Five Companies Under Receivership
--------------------------------------------------------
The Stoneguard Group has placed five of its companies under
administrative receivership last week.  On Oct. 27, 2008, the
group placed another company, Stoneguard Protec, under
administration, John Leitch of Contract Journal reports.

According to the report, in the 12 months ended December 31, 2007,
the company had a pre-tax profit of GBP430,000 which was ahead of
the previous profit figure of GBP310,000.

A spokeswoman said, "The most successful scenario would be that
the business and its assets are purchased.  But right now it is
still in the process of valuation."

Baker Tilley is Stoneguard's administrator.


STYAL HOMES: Calls in Joint Administrators from PwC
---------------------------------------------------
David Thornhill and Ian David Green of PricewaterhouseCoopers LLP
were appointed joint administrators of Styal Homes Ltd.(Company
Number 04447867) on Oct. 13, 2008.

The company can be reached at:

         Styal Homes Ltd.
         651a Mauldeth Road West
         Chorlton
         Manchester
         Lancashire
         M21 7SA
         England


TAILORED PROPERTY: Taps Liquidators from Tenon Recovery
-------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Tailored Property Management Ltd.
on Oct. 10, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Tailored Property Management Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN


TAYLOR WIMPEY: Lenders Choose to Rework Loan Covenants
------------------------------------------------------
Citing senior financial sources, Tom Bill at news website Building
reports that banks will restructure lending covenants with Barratt
and Taylor Wimpey rather than allow a breach.

"If there is the danger of a fresh covenant breach at Barratt or
Taylor Wimpey, the banks and the borrowers will sit down and
rework those covenants to ensure no breach occurs," Building
quotes a senior financial source close to the situation as saying.

The financial source however noted that a breach was not currently
on the cards at Barratt, Building discloses.

Building relates that another source close to the talks said that
while both Taylor Wimpey and Barratt have debt of about GBP1.7
billion, lenders had to take a realistic view given that they were
not prepared to pull the plug and take on developments themselves.

"The banks are only likely to pull the plug if debt coverage
ratios become so terrible that a fire sale of assets is the best
way out," the financial source said.

Meanwhile, a housebuilding analyst said that should banks give new
waivers they would demand a heavy price, although he believes they
are not necessary given all the stress-testing that has gone on,
Building adds.

                About Taylor Wimpey

Headquartered in London, Taylor Wimpey plc --
http://www.taylorwimpey.com/-- builds homes in the U.K., North
America, Spain and Gibraltar.  Taylor Wimpey also operates in the
Construction sector under the Taylor Woodrow brand.

Taylor Wimpey plc's major markets are experiencing a significant
downturn, characterized by significantly lower weekly sales
rates and lower average selling prices than in recent years.

Taylor Wimpey remains in full compliance with its banking
covenants.  However, without an amendment to the terms of its
banking facilities, in certain negative market scenarios Taylor
Wimpey might breach one or more banking covenants at the first
testing date in 2009.

                    *     *     *

As reported in the TCR-Europe on Oct. 7, 2008, Fitch Ratings has
downgraded Taylor Wimpey plc's Long-term Issuer Default and senior
unsecured ratings to 'B' from 'BB-' and maintained them on Rating
Watch Negative.  Its Short-term IDR at 'B' is now also on RWN.
Fitch has also assigned a Recovery Rating of 'RR4' to TW's senior
unsecured debt instruments.


TIME MACHINE: Appoints Joint Administrators from PwC
----------------------------------------------------
David Thornhill and Ian David Green of PricewaterhouseCoopers LLP
were appointed joint administrators of Time Machine Developments
Ltd. (Company Number 05844775) on Oct. 14, 2008.

The company can be reached at:

         Time Machine Developments Ltd.
         651a Mauldeth Road West
         Chorlton
         Manchester
         Lancashire
         M21 7SA
         England


TITAN EUROPE 2006-5: S&P Slashes Rating on Class F Notes to CCC-
----------------------------------------------------------------
Standard & Poor's Rating Services has lowered to 'CCC–' and kept
on CreditWatch negative its rating on the class F notes issued by
Titan Europe 2006-5 PLC.  The ratings on the other classes in the
transaction remain unaffected.

Titan Europe 2006-5 is backed by seven loans, all of which are
secured by properties in Germany.

On April 25, 2008, S&P lowered its 'BB' rating on the class F
notes to 'B' due to its increased concerns regarding the credit
quality of the Hilite loan.

On Sept. 26, 2008, S&P placed on CreditWatch negative its ratings
on the class E and F notes following further review of the DIVA
loan and the filing for insolvency of the DIVA borrowers.  The
loan was transferred into special servicing on Sept. 15, 2008.

The DIVA loan is the largest loan in the pool and is secured by
multifamily housing properties, predominantly situated in Berlin.
According to the servicer's reports, the rental income from the
properties has in fact improved by about 5% since the closing
date, and interest coverage currently stands at 1.34x for the
securitized portion of the loan.

S&P has been informed that no debt service was made under the DIVA
loan on the most recent interest payment date.  The interest
shortfall was entirely covered by the liquidity facility.
However, a cost shortfall including special servicing fees of
approximately EUR20,000 has already affected the class F note
interest payment this month.

S&P is aware that there are a number of possible workout
scenarios.  They include the exercise of a purchase option by the
junior lender, which could see the class F notes repaid in full by
legal final maturity.  The coverage on the senior loan and ability
to divert payments from the junior loan to the senior loan are
particularly positive features in this respect.

Nevertheless, S&P considers that a small principal loss on the
DIVA senior loan, particularly taking into account enforcement and
transaction costs, is still the most likely outcome and
consequently it has lowered the class F ratings to 'CCC-'.

S&P will continue to monitor the loan developments and expect to
resolve the class E and F CreditWatch placements in due course.


VONAGE HOLDINGS: Amends Financing Terms to Notes Purchase Offer
---------------------------------------------------------------
Vonage Holdings Corp. has amended the financing condition to its
offer to purchase for cash any and all of its outstanding 5%
Senior Unsecured Convertible Notes due 2010.

As disclosed on Oct. 20, 2008, Vonage signed definitive agreements
to refinance its convertible debt.  The agreed upon financing
consists of a US$130.3 million senior secured first lien credit
facility, a US$72.0 million senior secured second lien credit
facility and the sale of US$18.0 million of senior secured third
lien convertible notes.  The financing condition has been amended
such that the offer is conditioned upon the receipt of such
financing.

Miller Buckfire & Co., LLC is acting as Dealer Manager and D.F.
King & Co., Inc. is acting as the Information Agent in connection
with the offer.

American Stock Transfer & Trust Company, LLC is the Depositary for
the offer.

For any questions concerning the offer or for copies of the
documents related to the offer contact D.F. King & Co., Inc. by
calling (212) 269-5550 (for banks and brokers) or 1-888-628-9011
(all others toll free).

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with nearly 2.6 million subscriber lines.  The
company's Residential Premium Unlimited and Small Business
Unlimited calling plans offer consumers unlimited local and long
distance calling, and features like call waiting, call forwarding
and voicemail  for a flat monthly rate.  Vonage's service is sold
on the web and through national retailers including Best Buy,
Circuit City, Wal-Mart Stores Inc. and Target and is available to
customers in the U.S., Canada and the United Kingdom.

                        Going Concern Doubt

BDO Seidman, LLP, in Woodbridge, New Jersey, raised substantial
doubt as to Vonage Holdings Corp.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the years Dec. 31, 2007, and 2006.

Vonage Holdings's balance sheet at June 30, 2008, showed
US$466.1 million in total assets and US$551.9 million in total
liabilities, resulting in an US$85.8 million stockholders'
deficit.


* S&P Analyzes European Corporate Liquidity Over Global Crunch
--------------------------------------------------------------
In the current environment, characterized by a global credit
squeeze, sharp price falls for equity stocks and commodities, and
increased foreign-exchange volatility, Standard & Poor's Ratings
Services is refining its assumptions on the liquidity of European
corporate entities, as described in the article titled "Credit
Crunch Sharpens The Focus On European Corporate Liquidity,"
published on RatingsDirect.

This is despite the record-low default rates registered in recent
years.  Although only two rated European corporates have defaulted
to date since Jan. 1, 2008, S&P expects default rates to increase
sharply in the very near term.  S&P's general analytical framework
is unchanged.

S&P's corporate credit analysis methodology is based on an
analysis of both the business and financial risk profiles of a
company.  The business risk profile typically strongly influences
the level of financial risk appropriate for any rating category.

"However, when the capital and bank markets dry up, we believe
that liquidity can become the shortest path to default for
companies," said S&P's credit analyst Emmanuel Dubois-Pelerin,
"not surprisingly, liquidity becomes the major focus of our
analysis for some entities."

Liquidity is an important rating factor at all times.  However,
S&P recognizes that in the current period of stress, the weight of
liquidity in its overall analysis has increased, leading us to
increasingly differentiate issuer credit ratings based on this
factor.

Specifically, S&P's ongoing assessment evaluates, on a rolling
basis, over the subsequent 12 months, the difference between the
sum of liquidity resources and the sum of liquidity needs.  S&P
expects the difference to be a surplus in most cases, especially
for low-investment-grade and speculative-grade issuers --
reflecting its current assumption that the availability of fresh
financing may not be reliable for several quarters.

S&P views committed facilities as backstop-funding tools, and
wouldn't generally view a corporate that taps its committed
facilities to substitute commercial paper funding as being under
unusual credit stress.  However, full or near-full drawing of
committed facilities by a seemingly healthy corporate that didn't
appear to have a liquidity need in upcoming months would prompt
S&P to ask the issuer for further explanations as to whether it
has the full picture of current creditworthiness.

When access to fresh cash evaporates, the agreed loan
documentation becomes critical and covenants can become the
weakest link of the structure, decoupling the ratings from
underlying credit considerations.  S&P is most concerned about
those maintenance (as opposed to incurrence) covenants that could
restrict access to liquidity or trigger repayment.


* European Banks Under Pressure Over Top 50 Borrowers, S&P Reports
------------------------------------------------------------------
Difficult funding conditions in the bank markets, coupled with the
prospect of a long and potentially acute economic downturn are
likely to negatively affect leading issuers in the nonfinancial
and financial sectors alike through 2009, says a research report
titled "Banks Under Pressure, Corporate And Insurance Firms Stay
The Course As Europe's Top 50 Borrowers Wrestle Financial
Uncertainty," published by Standard & Poor's Ratings Services.
Nevertheless, S&P expects the creditworthiness of these firms and
the banks that make up the top 50 rated borrowers in Europe to
remain investment grade.

"The major European banks have already experienced exceptionally
difficult market conditions as a result of the confluence of
reduced asset valuations, higher funding costs, varying levels of
capital strains, and extremely fragile investor and client
confidence," said S&P's chief credit officer for Europe, Blaise
Ganguin.  "Across the world, banks have received extraordinary
external support form national authorities or from the local
banking sector in response to this systemic stress.

Mr. Ganguin added, "But while the global financial crisis is
testing the credit quality of European financial institutions,
nonfinancial corporates and insurance firms have so far remained
relatively immune.  We believe, however, that most industrial and
insurance companies could be affected by these conditions as the
region's economies slow and real estate markets enter their most
severe downturn in almost 20 years."

As the report points out, outside of the banking industry,
declining housing prices and lower consumer demand will directly
reduce profit margins and cash flows in the construction, retail,
consumer products, transportation, auto and many other sectors.
It will also cause nonperforming loans to increase within the
financial sector.  At the same time, industrial investment will
likely be curtailed as economic prospects dim.

With the current financial conditions evolving into a marked
global economic slowdown, both financial and nonfinancial sectors
of the economy will therefore be affected.  As a consequence, S&P
expects ratings on the top 50 corporate borrowers to come under
pressure, with downgrades and negative outlooks prevailing in the
coming quarters.

Nevertheless, it is important to note that this group of credits
benefits from considerable competitive strength as leaders in
their respective sectors or jurisdictions.  As such, S&P expects
them to successfully weather these conditions as they have done in
previous downturns.


* Michael Crosby Joins Proskauer Rose as a Partner in London
------------------------------------------------------------
Proskauer Rose LLP, a global law firm with approximately 800
lawyers worldwide, announced that Michael Crosby will join the
firm's London office as a partner.  An experienced finance lawyer,
Mr. Crosby is the latest addition to the firm's growing
international platform and its leading Corporate Finance Group.
Mr. Crosby advises a range of lenders and borrowers on all aspects
of acquisition financings, debt restructurings, recapitalizations
and leveraged buyouts.  He has particular expertise working with
mezzanine and other specialist junior capital lenders on domestic
and international corporate finance transactions.

"The changing dynamics of the international capital markets have
created even greater opportunities for specialist hedge funds and
other junior capital and mezzanine lenders.  Michael's background
and practice will allow us to fully expand our finance platform
into the U.K. and capitalize on these opportunities on behalf of
our clients," said Matthew Hudson, head of Proskauer's London
office.  "His practice, international experience, and
entrepreneurial drive make him a uniquely qualified member of our
expanding team."

Mr. Crosby joins the firm from Addleshaw Goddard LLP's London
office, where he was a partner in the Finance and Projects
Division.  He received his law degree from the College of Law in
London and an honours degree in Economics from the University of
Durham (University College).

The addition of Mr. Crosby to Proskauer follows the firm's recent
announcement of the opening of an office in Hong Kong and the
planned opening of an office in Beijing. Former Heller Ehrman
partners Ying Li, who led the firm's China Business Practice, and
Joseph Cha, who led its Beijing office and its Asian Private
Equity and Fund Formation Practice, are heading the firm's entry
into the Chinese market with Yuval Tal, a New York corporate
partner who is an integral part of Proskauer's internationally
recognized Lodging & Gaming Practice.

                    About Proskauer Rose

Founded in 1875, Proskauer Rose -- http://www.proskauer.com/-- is
an international law firm providing a wide variety of legal
services to clients worldwide from offices in Boca Raton, Boston,
Chicago, Hong Kong, London, Los Angeles, New Orleans, New York,
Newark, Paris, SAGBPo Paulo, and Washington, D.C.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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

                            *********

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.

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

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

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

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

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

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


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