TCREUR_Public/081031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, October 31, 2008, Vol. 9, No. 217

                            Headlines

A U S T R I A

FETAHOVIC BAU: Claims Registration Period Ends November 19
PORTFOLIO BROKERAGE: Claims Registration Period Ends November 27
RIMA BAU: Claims Registration Period Ends November 18
SUCASA BAU: Claims Registration Period Ends November 11
VOITSBERG MGVB: Claims Registration Period Ends November 14

YILDIRIM-BAU: Claims Registration Period Ends November 27


B E L G I U M

CHEROKEE INTERNATIONAL: Sells European Units to Eric Bowers


F I N L A N D

STORA ENSO: Mulls Temporary Production Halt on Wood Products


G E R M A N Y

ALL CONCEPT: Claims Registration Period Ends November 5
BAD SCHUSSENRIED: Claims Registration Period Ends Nov. 7
GARTEN- UND LANDSCHAFTSBAU: Claims Registration Ends November 5
IFR CAPITAL: Fitch Withdraws Ratings on Insufficient Information
L.C.D. VERWALTUNGS: Claims Registration Period Ends November 5

LINDENAU: Gets EUR28 Million Loan from HSH Nordbank
ME HAUSTECHNIK: Claims Registration Period Ends November 5
MONANI SPEDITIONS: Creditors' Meeting Slated for November 6
NV MOEBELWERKSTATTEN: Claims Registration Period Ends November 5
PRONTOPOSTO GMBH: Claims Registration Period Ends November 5

TORRINGER BACKSTEINWERK: Claims Registration Ends Nov. 5
VMC GMBH: Claims Registration Period Ends November 5
WEKA TELEMMMUNIKATION: Claims Registration Period Ends Nov. 6
WL-PLAST GMBH: Claims Registration Period Ends Nov. 6
ZIKU KUNSTSTOFFTECHNIK: Claims Registration Ends November 5


H U N G A R Y

* Hungary Gets US$25.1 Bil. Financing Package to Bolster Economy


I T A L Y

WIND TELECOMUNICAZIONI: Fitch Revises Outlook; Holds Low-B Ratings
WIND TELECOMUNICAZIONI: S&P Keeps BB-/Stable Corp. Credit Rating


K A Z A K H S T A N

ALMA BUSINESS: Creditors Must File Proofs of Claim by Dec. 10
AVTOBUSNY PARK: Creditors' Claims Deadline Slated for Dec. 12
DOR REM: Creditors' Claims Filing Period Ends Dec. 10
KAZ-TUMEN JSC: Creditors Must Register Claims by Dec. 12
KENTRANS LLP: Creditors' Claims Due on December 10

KUANYSH LLP: Creditors Must File Proofs of Claim by Dec. 10
LIMIT-INVEST CO: Creditors' Claims Deadline Slated for Dec. 10
OIL TRADE: Creditors' Claims Filing Period Ends Dec. 12
STROY SERVICE-2030: Creditors Must Register Claims by Dec. 12

* S&P Remains Concerned Over Liquidity Pressures on Kazakh Banks


K Y R G Y Z S T A N

EXPRESS COMPANY: Creditors Must File Claims by November 26


N E T H E R L A N D S

CHEROKEE INTERNATIONAL: Sells European Units to Eric Bowers


N O R W A Y

MPF CORP: Taps Thommessen as Norwegian Counsel


R O M A N I A

BANCA COMERCIALA: S&P Slashes Counterparty Credit Rating to BB+


R U S S I A

ASTRA-SHINA LLC: Creditors Must File Claims by December 17
AVSTROM-GLASS LLC: Creditors Must File Claims by November 17
BVI LLC: Creditors Must File Claims by December 17
KALACHINSKOE LLC: Creditors Must File Claims by December 17
KAPITAL-STROY LLC: Court Starts Bankruptcy Supervision Procedure

KLIN RAYON: S&P Junks Ratings to 'CC/ruCC' on Default Probability
KRASNY GIGANT: Names Yu. Petrushchenkov as Insolvency Manager
MARETEX LTD: S&P Junks Corporate Credit Rating to CCC+ from B-
MECHANICAL-REPAIR DEPARTMENT: Claims Filing Period Ends Nov. 17
NADYM-SPETS-TRANS-STROY: Creditors Must File Claims by Nov. 17

OMSK CONSTRUCTION: Creditor Must File Claims by November 17
URAL-TEKH-PROM: Creditors Must File Claims by November 17

* IRKUTSK OBLAST: S&P Puts B+ Issuer Credit Rating on Watch Neg.
* RUSSIAN KALUGA: Fitch Assigns 'BB-' Long-Term Currency IDRs
* RUSSIAN YAROSLAVL: Fitch Puts Long-Term Currency Ratings at BB-


S P A I N

SANTANDER HIPOTECARIO 5: S&P Junks Rating on Class F Notes to CCC-
TDA 25: Fitch Lowers Rating on Class D Loans to 'B'


S W I T Z E R L A N D

ARNOVITA LLC: Creditors Must File Proofs of Claim by Oct. 31
BERATERTEAM LLC: Deadline to File Proofs of Claim Set Nov. 9
INTERMOTION LLC: Creditors Have Until Oct. 31 to File Claims
GENERAL MOTORS: 3rd Qtr Vehicle Sales Down 11.4% to 2.1 Million
GS CARS: Proofs of Claim Filing Deadline is November 8

MEDDEVELOP SCHWEIZ: Creditors' Proofs of Claim Due by Nov. 9
PUMAS MANAGEMENT: Nov. 9 Set as Deadline to File Claims
SANDRA'S WYLADELI: Creditors Must File Claims by Nov. 8
SPORTHALLEN EMAU: Deadline to File Proofs of Claim Set Nov. 9
ZENTUS LLC: Creditors Have Until Nov. 9 to File Claims

* CLOSE BROTHERS: Opens Swiss Office, Appoints Managing Director


U K R A I N E

AZOVSTAL IRON: S&P Cuts Credit Rating to B on Ukraine's Downgrade
DONBASSTELESPUTNIK LLC: Creditors Must File Claims by Nov. 7
ENERGYATOM LLC: Creditors Must File Claims by November 5
INTERGAS DNIEPRO: Creditors Must File Claims by November 5
INTERVEST SLK: Creditors Must File Claims by November 7

NOVOPSKOV MOTORTRANSPORT 10909: Claims Filing Ends November 7
OBRIY LLC: Creditors Must File Claims by November 6
PETROL-CARGO CJSC: Creditors Must File Claims by November 5
SKTEL LLC: Creditors Must File Claims by November 7
TRADING HOUSE: Creditors Must File Claims by November 5

VTB JSC: Fitch Keeps 'D/E' Individual Rating; Outlook Stable

* CITY OF KYIV: Fitch Revises Outlook to Negative; Affirms Ratings


U N I T E D   K I N G D O M

BLUE TARGET: Brings in Liquidators from Vantis Business Recovery
BRITANNIA: Lenders Issue Acceleration Notice on US$170 Mln Loan
BRITANNIA BULK: S&P Junks Corporate Credit Rating to CC/Negative
COATBRIDGE KNITWEAR: Claims Filing Period Ends November 21
LEHMAN BROTHERS: Unwinding of European Operations Faces Delay

MARSH GLAZING: Appoints Liquidators from Tenon Recovery
MINT MINICOACHES: Duncan Beat Leads Liquidation Procedure
PARKER SEVEN: Calls in Liquidators from PKF
PRESS & BANKS: Taps Liquidators from Vantis Business Recovery
PUMPSTER PROPERTY: Brings in Administrators from Ernst & Young

RECOMAC SURFACING: Goes Into Administration; 16 Jobs Axed
ZEBRA DEVELOPMENTS: Appoints Joint Administrators from PwC

* UK Retailers to Face a Tough Christmas 2008, PwC Says
* S&P Rates Various European Synthetic CDO Transactions
* S&P Says Strong Liquidity Favors European Public Financing Firms
* S&P Expects Public-Private Deals in Global Infrastructure Sector

* BOOK REVIEW: Crafting Solutions for Troubled Businesses:


                         *********


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


FETAHOVIC BAU: Claims Registration Period Ends November 19
----------------------------------------------------------
Creditors owed money by LLC Fetahovic Bau (FN 285204v) have until
Nov. 19, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Robert Klein
         An der Huelben 1
         1010 Vienna
         Austria
         Tel: 513 99 39
         Fax: 513 99 39 30
         E-mail: klein@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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 Oct. 1, 2008, (Bankr. Case No. 4 S 139/08f).


PORTFOLIO BROKERAGE: Claims Registration Period Ends November 27
----------------------------------------------------------------
Creditors owed money by LLC Portfolio Brokerage have until
Nov. 27, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Dr. Reinhard Perstel
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 11, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 1, 2008, (Bankr. Case No. 5 S 86/08v).


RIMA BAU: Claims Registration Period Ends November 18
-----------------------------------------------------
Creditors owed money by LLC Rima Bau (FN 210338x) have until
Nov. 18, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna
         Austria
         Tel: 715 25 26
         Fax: 715 25 26 27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Dec. 2, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 30, 2008, (Bankr. Case No. 28 S 125/08y).


SUCASA BAU: Claims Registration Period Ends November 11
-------------------------------------------------------
Creditors owed money by LLC Sucasa bau have until Nov. 11, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Carl Knittl
         Porzellangasse 22a/7
         1090 Vienna
         Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on Nov. 25, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 30, 2008, (Bankr. Case No. 6 S 117/08k).


VOITSBERG MGVB: Claims Registration Period Ends November 14
-----------------------------------------------------------
Creditors owed money by Media Community Voitsberg MGVB (FN ZVR:
037357987) have until Nov. 14, 2008, to file written proofs of
claim to the court-appointed estate administrator:

         Mag. Herbert Ortner
         Hauptplatz 46
         8570 Voitsberg
         Austria
         Tel: 03142/22303
         Fax: 03142/223036
         E-mail: office@recht-kompetent.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 20, 2008, for the
examination of claims at:

         The Graz Land Court
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Barnbach, Austria, the Debtor declared bankruptcy
on Oct. 2, 2008, (Bankr. Case No. 26 S 115/08v).


YILDIRIM-BAU: Claims Registration Period Ends November 27
---------------------------------------------------------
Creditors owed money by LLC Yildirim-Bau (FN 260057m) have until
Nov. 27, 2008, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 11, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 30, 2008, (Bankr. Case No. 5 S 103/08v).


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


CHEROKEE INTERNATIONAL: Sells European Units to Eric Bowers
-----------------------------------------------------------
Cherokee International Corporation disclosed in a Securities and
Exchange Commission filing that on Oct. 18, 2008, pursuant to an
Agreement for the Sale and Purchase of All of the Issued and
Outstanding Shares of Cherokee SPRL, Cherokee Netherlands II B.V.,
a subsidiary of the company, sold all of the issued and
outstanding shares of Cherokee Europe SPRL, a private limited
liability company incorporated under Belgian law, and all of the
issued and outstanding shares of Cherokee Europe SCA, a
partnership limited by shares incorporated under Belgian law to
Eric Brouwers, acting in his own name or in the name of a company
in the process of incorporation under Belgian law.

Mr. Brouwers was the general manager of Cherokee's European
operations prior to the sale.  Mr. Brouwers paid nominal
consideration for the shares of the Companies, in exchange for his
agreement to purchase the shares without representations or
warranties from, and without recourse to, the Seller.  The terms
of the transaction were determined in arm's-length negotiations by
the parties.

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer
and manufacturer of a range of switch mode power supplies for
original equipment manufacturers in the telecommunications,
networking, high-end workstations and other electronic equipment
industries.  The company has offices and manufacturing plants in
Tustin and Irvine, California, Wavre, Belgium, Bombay, India,
Guadalajara, Mexico, and Penang, Malaysia.

                        Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the consolidated financial statements
of Cherokee International Corporation and subsidiaries as of
Dec. 30, 2007, and Dec. 31, 2006.  The company's management
anticipates that there will be insufficient cash balances
available to repay the outstanding debt at its maturity.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the company's 5.25% Senior Notes will become due
and payable. The company does not expect to have sufficient cash
available at the time of maturity to repay this indebtedness and
are currently working on a variety of possible alternatives to
satisfy this obligation.  The company also cannot be certain that
it will have sufficient assets or cash flow available to support
refinancing these notes at current market rates or on terms that
are satisfactory to the company.  If the company is unable to
refinance on terms satisfactory to it, it may be forced to
refinance on terms that are materially less favorable, seek funds
through other means such as a sale of some of assets, or otherwise
significantly alter its operating plan, any of which could have a
material adverse effect on its business, financial condition and
results of operation.  These circumstances create substantial
doubt about the company's ability to continue as a going concern.


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


STORA ENSO: Mulls Temporary Production Halt on Wood Products
------------------------------------------------------------
Stora Enso Ojy is planning additional production curtailments in
its Wood Products business area through temporary mill closures,
shift reductions, efficiency measures and extended maintenance
stoppages in Finland, Estonia and the Czech Republic.  The Group
has already recently agreed similar measures in Austria, Sweden
and the Baltic States.

In addition, Stora Enso plans to restructure its joinery component
business in Estonia by permanently closing down the Viljandi
component mill and transferring the business to Imavere sawmill.
These planned new measures and already agreed new measures would
reduce total production by about 1.2 million cubic metres per year
in Finland, the Baltic States, Austria, the Czech Republic and
Sweden.

Stora Enso will start co-determination negotiations concerning
possible temporary lay-offs of Wood Products personnel at its
Kitee, Tolkkinen and Kotka sawmills and possible temporary and
permanent lay-offs at its distribution company Puumerkki Oy in
Finland.  The total number of employees affected by the co-
determination negotiations in Finland is about 460.  It is also
planned to reduce the number of employees at Plana sawmill in the
Czech Republic by about 30.  Further about 40 jobs could be lost
at Viljandi in Estonia.  All these measures are subject to local
consultation as required.

Earlier this month, Stora Enso concluded co-determination
negotiations to curtail production at Ybbs sawmill in Austria from
the fourth quarter of 2008 and Kopparfors sawmill in Sweden from
the first quarter of 2009.  These actions together with other
efficiency measures already implemented in Poland and the Baltic
States affect approximately 175 employees.  Paikuse sawmill in
Estonia, with an annual capacity of 170 000 cubic metres, was
permanently closed down in October, instead of December as
announced on Sept. 10, 2008.  In addition, most Stora Enso
sawmills plan to take extended Christmas breaks to curtail
production and adjust inventory levels.

According to Stora Enso, the Wood Products business area faces
very difficult operating conditions due to weakening demand,
falling sales prices and continuing oversupply in most markets.
Raw material costs have not adjusted quickly enough to this new
reality.  The operating conditions and profitability problems are
severest in Finland.

"The planned actions will strengthen our position for the very
difficult quarters to come, although we cannot be sure that they
will be enough.  We will limit our exposure to the least
competitive raw material regions, aggressively reduce our
inventory levels and reorganize our product portfolio to improve
profitability.  We are still determined to maintain our level of
service to our customers.  We also remain committed to minimizing
the impact of these planned actions on our personnel and their
communities.  In the negotiations, we shall jointly with local
authorities consider all possibilities for helping the employees
affected," says Hannu Kasurinen, head of Stora Enso Wood Products.

As reported in the Troubled Company Reporter-Europe on Oct. 30,
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.

                       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.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 30,
2008, Moody's Investors Service 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.

As reported in the Troubled Company Reporter-Europe on July 30,
2008, Fitch Ratings downgraded Stora Enso's Long-term Issuer
Default and senior unsecured ratings to 'BB+' from 'BBB-'.  The
Short-term IDR is also downgraded to 'B' from 'F3'.  The Outlook
on the LT IDR remains Negative.


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


ALL CONCEPT: Claims Registration Period Ends November 5
-------------------------------------------------------
Creditors of All concept GmbH have until Nov. 5, 2008, to register
their claims with court-appointed insolvency manager Hans-Gerd
Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 12, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Cologne
         Germany
         Tel: 0221/33660130
         Fax: +492213366085

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

The Debtor can be reached at:

         All concept GmbH
         Max-Planck-Str. 22
         50858 Cologne
         Germany


BAD SCHUSSENRIED: Claims Registration Period Ends Nov. 7
--------------------------------------------------------
Creditors of Bad Schussenried GmbH have until Nov. 7, 2008, to
register their claims with court-appointed insolvency manager
Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Ravensburg
         Hall 127
         Herrenstr. 42
         88212 Ravensburg
         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 Pluta
         Karlstr. 33
         89073 Ulm
         Germany

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

The Debtor can be reached at:

         Bad Schussenried GmbH
         Attn: Marcus Bollmann, Manager
         Zellerseeweg 11
         88427 Bad Schussenried
         Germany


GARTEN- UND LANDSCHAFTSBAU: Claims Registration Ends November 5
---------------------------------------------------------------
Creditors of Garten- und Landschaftsbau GmbH Hottelstedt have
until Nov. 5, 2008, to register their claims with court-appointed
insolvency manager O. Kupke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 19, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         O. Kupke
         Neuwerkstr. 38
         99084 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings against
Garten- und Landschaftsbau GmbH Hottelstedt on Sept. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Garten- und Landschaftsbau GmbH Hottelstedt
         Grubenstrasse 19A
         99086 Erfurt
         Germany


IFR CAPITAL: Fitch Withdraws Ratings on Insufficient Information
----------------------------------------------------------------
Fitch Ratings has withdrawn Germany-based holding company IFR
Capital plc's 'B' Long-term Issuer Default Rating with Negative
Outlook due to a lack of information.  Fitch will no longer
provide analytical coverage on the issuer.

These instrument ratings have been also withdrawn:

  -- EUR165.1 million senior secured loan rating of 'BB'/'RR1'
  -- EUR21.9 million second lien loan rating of 'B-'/'RR5'


L.C.D. VERWALTUNGS: Claims Registration Period Ends November 5
--------------------------------------------------------------
Creditors of L.C.D. Verwaltungs GmbH have until Nov. 5, 2008, to
register their claims with court-appointed insolvency manager
Henning Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 26, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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 Samisch
         Muehlenkamp 59D
         22303 Hamburg
         Germany
         Tel: 040650390
         Fax: 04065039199

The District Court of Lueneburg opened bankruptcy proceedings
against L.C.D. Verwaltungs GmbH on Sept. 23, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         L.C.D. Verwaltungs GmbH
         Salzstrasse 1
         21335 Lueneburg
         Germany


LINDENAU: Gets EUR28 Million Loan from HSH Nordbank
---------------------------------------------------
Kiel, Germany-based shipyard Lindenau has secured a EUR28 million
(US$34.8 million) loan from HSH Nordbank, Patrick Hagen at Lloyd's
List reports.

The loan, Lloyd's List discloses, will be used for the
construction of a double-hull tanker for Bremen-based
German Tanker Shipping, Lindenau's longest-standing customer.

According to a TCR-Europe report on Sept. 29, 2008, the yard,
which has an order book worth EUR225 million and no debt, failed
to raise about EUR9 million of short-term financing, threatening
its ability to complete the tanker.

In September, HSH Nordbank, Lloyd's List relates, declined to
provide a loan to Lindenau, forcing the yard to file for
insolvency.  However, the bank did not give reasons for the shift
in its position, Lloyd's List notes.

"The loan is only being given on condition that there will be
continuous supervision of all construction phases by independent
experts," Lloyd's List quotes a spokesman for HSH Nordbank as
saying.

Meanwhile, talks between Lindenau and German bank KfW over funding
for a 35,000 dwt fruit juice tanker for Switzerland-based
Atlanship continue, Lloyd's List reveals.  The yard, Lloyd's List
adds, is also building a vessel for wind-turbine manufacturer
Enercon.


ME HAUSTECHNIK: Claims Registration Period Ends November 5
----------------------------------------------------------
Creditors of ME Haustechnik GmbH have until Nov. 5, 2008, to
register their claims with court-appointed insolvency manager RA
Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Nov. 26, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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:

         RA Klaus Siemon
         Strasse der Nationen 51
         09111 Chemnitz
         Germany

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

The Debtor can be reached at:

         ME Haustechnik GmbH
         Mittlere-Motsch-Str. 14
         96515 Sonneberg
         Germany


MONANI SPEDITIONS: Creditors' Meeting Slated for November 6
-----------------------------=-----------------------------
The court-appointed insolvency manager for Monani Speditions GMBH,
Holger Riedel, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
Nov. 6, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Dec. 11, 2008, at the same venue.

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

The insolvency manager can be reached at:

         Holger Riedel
         Moeserstrasse 31
         49074 Osnabrueck
         Germany
         Tel: 0541/21002
         Fax: 0541/259255
         E-mail: info-riedel-insolvenz@osnanet.de
The District Court of Osnabrueck opened bankruptcy proceedings
against Monani Speditions GMBH on Sept. 30, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Monani Speditions GMBH
         Attn: Heiko Koehler, Manager
         Voltstrasse 37
         49084 Osnabrueck
         Germany


NV MOEBELWERKSTATTEN: Claims Registration Period Ends November 5
----------------------------------------------------------------
Creditors of NV Moebelwerkstatten GmbH & Co. KG have until Nov. 5,
2008, to register their claims with court-appointed insolvency
manager Dr. Juergen M. Thiel.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Juergen M. Thiel
         Markt 8
         32423 Minden
         Germany

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

The Debtor can be reached at:

         NV Moebelwerkstatten GmbH & Co. KG
         Dornbusch 7a
         32427 Minden
         Germany


PRONTOPOSTO GMBH: Claims Registration Period Ends November 5
------------------------------------------------------------
Creditors of ProntoPosto GmbH have until Nov. 5, 2008, to register
their claims with court-appointed insolvency manager Miguel
Grosser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 26, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Miguel Grosser
         Franz-Joseph-Str. 8
         80801 Munich
         Germany
         Tel: 089/255487-00
         Fax: 089/255487-10

The District Court of Munich opened bankruptcy proceedings against
ProntoPosto GmbH on Sept. 15, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ProntoPosto GmbH
         Freimanner Bahnhofstr. 17
         80807 Munich
         Germany


TORRINGER BACKSTEINWERK: Claims Registration Ends Nov. 5
--------------------------------------------------------
Creditors of Torringer Backsteinwerk Rettmer GmbH have until
Nov. 5, 2008, to register their claims with court-appointed
insolvency manager Henning Saemisch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Nov. 26, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Am Ochsenmarkt 3
         21335 Lueneburg
         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 Saemisch
         Muehlenkamp 59
         D 22303 Hamburg
         Germany
         Tel: 040650390
         Fax: 04065039199

The District Court of Lueneburg opened bankruptcy proceedings
against Torringer Backsteinwerk Rettmer GmbH on Sept. 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Torringer Backsteinwerk Rettmer GmbH
         Attn: Joerg Fuhrhop, Manager
         Heiligenthaler Str. 1
         21335 Lueneburg-Rettmer
         Germany


VMC GMBH: Claims Registration Period Ends November 5
----------------------------------------------------
Creditors of VMC GmbH have until Nov. 5, 2008, to register their
claims with court-appointed insolvency manager Dr. Rudolf
Dobmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Dec. 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 Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Rudolf Dobmeier
         Dr.Gessler-Str. 20
         93051 Regensburg
         Germany
         Tel: 0941/2303910

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

The Debtor can be reached at:

         VMC GmbH
         Gerhart-Hauptmann-Str. 13
         93138 Lappersdorf
         Germany


WEKA TELEMMMUNIKATION: Claims Registration Period Ends Nov. 6
-------------------------------------------------------------
Creditors of WEKA Telemmmunikation GmbH have until Nov. 6, 2008,
to register their claims with court-appointed insolvency manager
Thomas Lauterfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 27, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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 Lauterfeld
         Friedrich-Ebert-Str. 34
         45468 Muelheim an der Ruhr
         Germany

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

The Debtor can be reached at:

         WEKA Telemmmunikation GmbH
         Attn: Ibrahim Kahraman, Manager
         Lepkesfeld 32
         46047 Oberhausen
         Germany


WL-PLAST GMBH: Claims Registration Period Ends Nov. 6
-----------------------------------------------------
Creditors of WL-PLAST GmbH have until Nov. 6, 2008, to register
their claims with court-appointed insolvency manager Dr. Juergen
Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 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 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. Juergen Wallner
         Bautzner Strasse 102
         01099 Dresden
         Germany
         Web site: www.wallnerweiss.info

The District Court of Dresden opened bankruptcy proceedings
against  WL-PLAST GmbH on Oct. 2, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         WL-PLAST GmbH
         Arnsdorf Nr. 26
         02894 Vierkirchen
         Germany

         Attn: Richard Rodgers, Manager
         Lindenstr. 2
         16909 Wittstock
         Germany


ZIKU KUNSTSTOFFTECHNIK: Claims Registration Ends November 5
-----------------------------------------------------------
Creditors of Ziku Kunststofftechnik GmbH have until
Nov. 5, 2008, to register their claims with court-appointed
insolvency manager Dr. Volker Grub.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Nov. 20, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall 1
         Holzmarkt 2
         79098 Freiburg i.Br.
         Germany

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

The insolvency manager can be reached at:

         Dr. Volker Grub
         Humboldtstrasse 16
         70178 Stuttgart
         Germany
         Tel: 0711/966890
         Fax: 0711/9668919

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

The Debtor can be reached at:

         Ziku Kunststofftechnik GmbH
         Bahnhofstr. 5-9
         77972 Mahlberg-Orschweier
         Germany

         Attn: Karin Ziegelhoefer, Manager
         Hinter den Gaerten 22
         77972 Mahlberg-Orschweier
         Germany

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


* Hungary Gets US$25.1 Bil. Financing Package to Bolster Economy
----------------------------------------------------------------
The IMF, the European Union (EU), and the World Bank announced a
joint financing package for Hungary totaling US$25.1 billion to
bolster its economy, hit by recent financial market turbulence.

Subject to agreement by the IMF's Management and Executive Board,
the IMF is ready to lend Hungary US$15.7 billion (EUR12.5 billion)
under a 17-month Stand-By Arrangement.  The proposed package could
be reviewed by the Board under the Fund's emergency procedures in
early November, the IMF said in a press statement.

The EU stands ready to provide a loan of EUR6.5 billion (US$8.1
billion), and the World Bank has agreed to provide EUR1.0 billion
(US$1.3 billion).

                    Third Financing Package

The IMF is moving quickly to help emerging markets battered by
fallout from global financial turmoil and the sharp slowdown in
the economies of advanced industrialized countries.  The 185-
member institution has more than US$200 billion of loanable funds
and can draw on additional resources through two standing
borrowing arrangements with groups of IMF member countries.

The planned financing package for Hungary follows within days
earlier announcements of tentative loan agreements with both
Iceland and Ukraine.  The IMF is also in discussions with several
other countries about possible new lending programs.

                Restoring Confidence in Hungary

The IMF said in the statement that the Hungarian authorities have
developed a comprehensive policy package designed to restore
investor confidence and alleviate the stress experienced in recent
weeks in the Hungarian financial markets.  It will bolster the
economy's near-term stability and improve its long-term growth
potential, the IMF said.

Core measures under the program are designed to improve fiscal
sustainability and strengthen the financial sector. Specifically,
the package includes measures to secure adequate domestic and
foreign currency liquidity, as well as strong levels of capital
for the banking system.

Important measures in the fiscal area will reduce government
financing needs and ensure longer term debt sustainability. "These
strong policies justify the exceptional level of access to Fund
resources—equivalent to around 1,020 percent of Hungary's quota in
the IMF—and deserve the support of the international community,"
said IMF Managing Director Dominique Strauss-Kahn.

The success of the policy package will be a shared responsibility
between all stakeholders in the country and the international
community.  The IMF has worked in close coordination with the
European Union, the European Presidency, and the World Bank on the
issue.  "We will continue assisting the Hungarian authorities on
how to adapt to the current global financial turmoil and to
catalyze financing as needed,"
Mr. Strauss-Kahn added.


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


WIND TELECOMUNICAZIONI: Fitch Revises Outlook; Holds Low-B Ratings
------------------------------------------------------------------
Fitch Ratings has changed Wind Telecomunicazioni SpA's Outlook to
Positive from Stable, based on continued deleveraging to-date and
strong operational metrics.  At the same time, the agency has
affirmed Wind's Long-term Issuer Default Rating at 'BB-' and
Short-term IDR at 'B'.  All instrument ratings are affirmed at
their current levels as listed below.

"The Positive Outlook reflects our expectation that, despite the
economic slowdown in Europe, Wind can continue to generate strong
free cash flow and apply this cash towards debt prepayment," says
Michelle De Angelis, Senior Director in Fitch's Leveraged Finance
team.  With net debt to reported EBITDA at 4.2x at end-Q208, Fitch
notes Wind's financial and operational profile is approaching
levels commensurate with a 'BB' rating.  "The IDR could be
upgraded by a notch if the company can continue to de-leverage
while also addressing the refinancing risk inherent in the PIK
instrument's 2011 maturity," adds Ms De Angelis.

Fitch acknowledges that the maturity date of the PIK instrument in
2011 creates a refinancing requirement of as much as EUR2 billion
in that year, and the outcome of any refinancing remains uncertain
given current market conditions.  The agency believes the
company's operational profile and its overall financial metrics at
that time should position it strongly for a refinancing should the
capital markets recover.  However, the risk of continued market
dislocation cannot be discounted and Fitch will continue to
reassess the level of refinancing risk during the next two years.
If the company is successful in addressing the refinancing risk
during that period, this could result in an upgrade of the IDR.

Wind has reduced financial leverage through a combination of
improving EBITDA, which reached EUR1.9 billion on a last-twelve-
months basis at end-Q208 from EUR1.7 billion LTM at end-Q207, and
primarily through strong cash generation, applied to prepay senior
debt.  The company has recently obtained consent to allow it to
apply EUR412 million of senior debt prepayments against the
earliest installments in 2009 and 2010, and these amounts were
applied on October 22.  In addition, in 2009 the company will
begin to upstream dividends to prepay the PIKs, the most expensive
debt instrument in the company's capital structure.  Fitch
anticipates that Wind will continue to generate significant levels
of free cash flow, which should enable it to continue to prepay
similar levels of senior debt despite dividend outflows.

The instrument ratings are:

  -- Wind Telecomunicazioni SpA senior secured facilities:
     affirmed at 'BB+';

  -- Wind Finance SL S.A. second lien facilities: affirmed at
     'BB+';

  -- Wind Acquisition Finance S.A. senior notes: affirmed at 'BB'.


WIND TELECOMUNICAZIONI: S&P Keeps BB-/Stable Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term corporate credit rating on Italy's second-largest integrated
alternative telecoms operator, Wind Telecomunicazioni SpA.  The
outlook is stable.

At the same time, S&P revised its recovery ratings on Wind's
second-lien bonds to '2' from '3', indicating that lenders can now
expect substantial (70%-90%) recovery in the event of a payment
default.  Correspondingly, the long-term debt rating on these
bonds was raised to 'BB', from 'BB-'.

S&P also revised its recovery rating on the senior unsecured notes
issued by Wind Acquisition Finance S.A. (and guaranteed by Wind
Telecomunicazioni SpA) to '4' from '6', indicating that lenders
can now expect average (30%-50%) recovery in the event of a
payment default.  Consequently, the long-term debt rating on these
notes was raised to 'BB-' from 'B'.

Lastly, S&P affirmed its 'BB' long-term debt rating on Wind's
senior secured bank facilities.  The recovery rating of '2' is
unchanged, indicating that lenders can expect substantial (70%-
90%) recovery in the event of a payment default.

The recovery and issue rating changes reflect S&P's view that
ongoing capital-market conditions and Wind's recently granted
waiver allowing it to upstream a certain amount of cash to prepay
payment-in-kind (PIK) debt now make it less likely that the
company will raise additional senior secured debt as previously
contemplated.

"The corporate credit rating affirmation reflects the company's
continued good performance and sustained cash flow generation,"
said S&P's credit analyst Leandro de Torres Zabala.

The rating is constrained by the complex capital and shareholder
structures of Wind and the Weather group -- which heighten
refinancing risk -- and by Wind's still high financial leverage.

Specifically, the EUR1.96 billion PIK notes at Wind's parent
company Wind Acquisition Holdings Finance SpA (WAHF) mature in
December 2011 and contain cross default provisions with Wind's
other debt.  The notes are also fairly expensive, with a 12.4%
interest rate, and will become more so by December 2009 given a
200-basis point step-up.  In October 2008, Wind obtained waivers
from senior lenders allowing it to upstream cash (to the extent
allowed by the bond documentation, i.e. a maximum of 50% of
cumulative net income) from Wind to WAHF.  According to S&P's
calculations, Wind should be able to upstream about EUR240 million
in March 2009 and EUR140 milion-EUR150 million in March of each
subsequent year.  Although it is not legally obliged, S&P expects
Weather to use this cash to start redeeming the PIK notes, thereby
diminishing the pace of interest capitalization and somewhat
stemming the increasing refinancing risk that the company will
face.

"That said, the PIK refinancing currently represents the main
default risk for Wind over the next three years," emphasized Mr.
de Torres.

Wind's gross debt has decreased over the past few years, although
it remains considerable, at EUR8.6 billion at June 30, 2008,
including the PIK notes.

S&P expects Wind to continue to perform strongly -- particularly
in mobile telephony services -- resulting in robust free operating
cash flow generation that will primarily be dedicated to reducing
the still-high debt at the Wind level.

"We also expect all cash upstreamed to WAHF to be dedicated to
prepaying PIK notes, and, critically, the group to address the
refinancing of this debt in the next 18 months," said Mr. de
Torres.

A downgrade would most likely be triggered if Wind were unable
to refinance its PIK notes in the timeframe set above,
sufficiently well in advance of its 2011 maturity date.  A
downgrade would also be possible in the event of unexpected
operating underperformance or the unexpected adoption by
management of a more aggressive financial policy.

S&P sees no upside rating potential at this stage until the group
addresses its refinancing risk and simplifies its complex capital
structure.  If and once it has dealt with these issues, S&P would
consider an upgrade if operating performance remained solid and
leverage did not increase.


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


ALMA BUSINESS: Creditors Must File Proofs of Claim by Dec. 10
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared JSC Alma Business Service insolvent on June 23, 2008.

Creditors have until Dec. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Room 317
         Tole bi Str. 295
         Almaty
         Kazakhstan
         Tel: 8 701 772 00-03
              8 777 562 62-33


AVTOBUSNY PARK: Creditors' Claims Deadline Slated for Dec. 12
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared JSC Avtobusny Park #6 (Auto Bus Park #6) insolvent.

Creditors have until Dec. 12, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro district Mamy-1, 13-43
         Almaty
         Kazakhstan
         Tel: 8 777 294 44-97


DOR REM: Creditors' Claims Filing Period Ends Dec. 10
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Dor Rem Slujba (Road Repairing Service)
insolvent.

Creditors have until Dec. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (72335) 6-03-83
              8 (72335) 4-01-07


KAZ-TUMEN JSC: Creditors Must Register Claims by Dec. 12
--------------------------------------------------------
JSC Kaz-Tumen has declared liquidation.  Creditors have until
Dec. 12, 2008, to submit written proofs of claims to:

         JSC Kaz-Tumen
         Polyarnaya Str. 2/1
         Ridder
         East Kazakhstan
         Kazakhstan


KENTRANS LLP: Creditors' Claims Due on December 10
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Kentrans insolvent.

Creditors have until Dec. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (72335) 6-03-83
              8 (72335) 4-01-07


KUANYSH LLP: Creditors Must File Proofs of Claim by Dec. 10
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Kuanysh insolvent.

Creditors have until Dec. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Baidibek Str. 87
         Shayan
         Baidibeksky
         South Kazakhstan
         Kazakhstan


LIMIT-INVEST CO: Creditors' Claims Deadline Slated for Dec. 10
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared Ltd Limit-Invest Co. insolvent on May 5, 2008.

Creditors have until Dec. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Room 317
         Tole bi Str. 295
         Almaty
         Kazakhstan
         Tel: 8 701 772 00-03
              8 777 562 62-33


OIL TRADE: Creditors' Claims Filing Period Ends Dec. 12
-------------------------------------------------------
LLP Oil Trade Center Asia has declared liquidation.  Creditors
have until Dec. 12, 2008, to submit written proofs of claims to:

         LLP Oil Trade Center Asia
         Suyunbai ave. 2
         Jetysusky
         Almaty
         Kazakhstan


STROY SERVICE-2030: Creditors Must Register Claims by Dec. 12
-------------------------------------------------------------
LLP Energo Stroy Service-2030 has declared liquidation.  Creditors
have until Dec. 12, 2008, to submit written proofs of claims to:

         LLP Energo Stroy Service-2030
         Shaimerdenov Str. 17-14
         Al-Farabyisky
         Shymkent
         160050, South Kazakhstan
         Kazakhstan


* S&P Remains Concerned Over Liquidity Pressures on Kazakh Banks
----------------------------------------------------------------
Following the recent proposals by the Kazakh government regarding
banking sector support.  In its press release titled "On Further
Steps Aimed At Banking Sector Stabilization", Standard & Poor's
Ratings Services has said that, over the coming weeks, it will
examine the proposed support package and discuss with the Kazakh
authorities its implications for the banking system.

In particular, S&P will assess the impact on the creditworthiness
of the country's rated banks, as well as the implications for the
country's Bank Industry Country Risk Assessment (BICRA).  S&P
considers that the proposal could potentially affect the
creditworthiness of the banks cited in the government's release as
systemically important, as well as the rest of the banking system,
given the difficult environment characterized by mounting asset
quality problems and liquidity issues.

S&P remains concerned about the increasing pressure on asset
quality and liquidity that Kazakh banks are experiencing as the
current market turmoil persists.  Although Kazakh banks have
adapted swiftly and effectively to the radically altered economic
and banking environment, S&P feels that the prolonged and
deepening situation is eroding their creditworthiness.  The
environment is characterized by a deep-set global liquidity crisis
and domestic economic slowdown, both of which continue to erode
banks' liquidity levels and asset quality.

S&P has classified Kazakhstan as "Interventionist" in respect of
government support for privately owned, systemically important
banks.  As such, S&P has uplifted the ratings on the three largest
banks that it rates -- Kazkommertsbank (JSC) (KKB), Bank TuranAlem
(BTA), and Halyk Savings Bank of Kazakhstan -- by one notch above
their stand-alone creditworthiness.  However, the Kazakh
authorities' material measures have so far been relatively limited
and reactive.

Nevertheless, the latest moves seem to propose more concrete and
significant measures of intervention by the government.  This
support will come in the form of direct participation in the
capital of what the government describes as the country's four
systemically important banks, and will be used to strengthen
these banks and address funding and liquidity pressures.  The
government is offering to inject new capital by buying up to 25%
ownership stakes in the banks concerned and granting additional
capital in the form of preferred shares and subordinated loans if
shareholders are unable to inject the necessary funds immediately.
The named banks -- which include KKB, BTA, Halyk, and the
country's fourth-largest bank, Alliance -- could benefit from
fresh capital and/or long-term funding contributions totaling US$5
billion.  The government is also contemplating taking additional
measures, in the form of liquidity support, to enable timely
repayment of banks' foreign obligations.

Given the current uncertainty over the exact timing and scope of
these proposals, S&P's will monitor any developments closely and
will assess the impact on the creditworthiness of all rated Kazakh
banks in the coming weeks.


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


EXPRESS COMPANY: Creditors Must File Claims by November 26
----------------------------------------------------------
Foreign Kazakh LLC Express Company has shut down.  Creditors have
until Nov. 26, 2008, to submit written proofs of claim to:

         Foreign Kazakh LLC Express Company
         Room 501
         Chui Ave. 230
         Bishkek
         Kyrgyzstan


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


CHEROKEE INTERNATIONAL: Sells European Units to Eric Bowers
-----------------------------------------------------------
Cherokee International Corporation disclosed in a Securities and
Exchange Commission filing that on Oct. 18, 2008, pursuant to an
Agreement for the Sale and Purchase of All of the Issued and
Outstanding Shares of Cherokee SPRL, Cherokee Netherlands II B.V.,
a subsidiary of the company, sold all of the issued and
outstanding shares of Cherokee Europe SPRL, a private limited
liability company incorporated under Belgian law, and all of the
issued and outstanding shares of Cherokee Europe SCA, a
partnership limited by shares incorporated under Belgian law to
Eric Brouwers, acting in his own name or in the name of a company
in the process of incorporation under Belgian law.

Mr. Brouwers was the general manager of Cherokee's European
operations prior to the sale.  Mr. Brouwers paid nominal
consideration for the shares of the Companies, in exchange for his
agreement to purchase the shares without representations or
warranties from, and without recourse to, the Seller.  The terms
of the transaction were determined in arm's-length negotiations by
the parties.

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer
and manufacturer of a range of switch mode power supplies for
original equipment manufacturers in the telecommunications,
networking, high-end workstations and other electronic equipment
industries.  The company has offices and manufacturing plants in
Tustin and Irvine, California, Wavre, Belgium, Bombay, India,
Guadalajara, Mexico, and Penang, Malaysia.

                        Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the consolidated financial statements
of Cherokee International Corporation and subsidiaries as of
Dec. 30, 2007, and Dec. 31, 2006.  The company's management
anticipates that there will be insufficient cash balances
available to repay the outstanding debt at its maturity.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the company's 5.25% Senior Notes will become due
and payable. The company does not expect to have sufficient cash
available at the time of maturity to repay this indebtedness and
are currently working on a variety of possible alternatives to
satisfy this obligation.  The company also cannot be certain that
it will have sufficient assets or cash flow available to support
refinancing these notes at current market rates or on terms that
are satisfactory to the company.  If the company is unable to
refinance on terms satisfactory to it, it may be forced to
refinance on terms that are materially less favorable, seek funds
through other means such as a sale of some of assets, or otherwise
significantly alter its operating plan, any of which could have a
material adverse effect on its business, financial condition and
results of operation.  These circumstances create substantial
doubt about the company's ability to continue as a going concern.


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


MPF CORP: Taps Thommessen as Norwegian Counsel
----------------------------------------------
MPF Corp and its debtor-affiliates ask the United States
Bankruptcy Court for the Southern District of Texas for permission
to employ Thommessen Krefting Greve Lund as advokatfirma as
special Norwegian counsel.

The firm will:

a) provide legal advice on Norwegian and international law
    issues arising out of the substantial cost overruns on the
    Debtors' project including advising the Debtors on M&A
    efforts and on other efforts related to the sale of
    assets;

b) consult with the Debtors on issues that arise in maintaining
    relationships with existing creditors; and

c) coordinate as necessary with the Debtors' United States and
    Bermuda counsel with respect to their Chapter 11 cases.

The firm's professionals and their compensation rates are:

    Designations              Hourly Rates
    ------------              ------------
    Partners                  US$387-US$501
    Senior Associates         US$272-US$372
    Associates                US$157-US$287

    Professionals             Designations
    -------------             ------------
    Jorgen Lund               Partner
    Siri Wennevik             Partner
    Otto Beyer                Senior Associate
    Mads Haavardsholm         Associate

To the best of the Debtors' knowledge, the firm does not hold any
interest adverse to the Debtors' estates and is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

                         About MPF Corp.

Headquartered in Bermuda, MPF Corp. Ltd. --
http://www.mpf-corp.com/-- engages in deep water oil and gas
exploration.  The company was established on April 25, 2006.  The
company and debtor-affiliate MPF Holding US LLC filed separate
petitions for Chapter 11 relief on Sept. 24, 2008 (Bankr. S.D.
Tex. Case Nos. 08-36086 and 08-36084).  MPF-01 followed on
Sept. 25, 2008.

D. Bobbitt Noel, Jr., Esq. at Vinson & Elkins LLP, represents the
Debtors as counsel. When the Debtors filed for protection from
creditors, they listed assets of US$100 million to US$500 million,
and the same range of debts.

The Bermuda Proceedings and the Chapter 11 cases in the U.S. run
as parallel proceedings, which is coordinated to effectuate the
Debtors' goal of providing for a restructuring of their businesses
or sale of assets as may be in the best interests of their estates
and creditors.

The Debtors are in possession of their properties and continue to
operate and manage their businesses as debtors-in-possession.

Due to the size and complexity of the Debtors' businesses, and
their prepetition focus on restructuring their financial affairs
to avoid Chapter 11 filings, the Debtors failed to complete the
drafting of the Schedules and Statements, and do not anticipate
having the Schedules and Statements ready for filing within the
15-day period.


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


BANCA COMERCIALA: S&P Slashes Counterparty Credit Rating to BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
counterparty credit rating on Romania-based Banca Comerciala
Romana (BCR) to 'BB+' from 'BBB-'.  The outlook remains negative.

The rating action follows the rating action on the Republic of
Romania (foreign currency BB+/Negative/B; local currency BBB-
/Negative/A-3; for more information, see "Romania Downgraded On
Mounting Risks to Real Economy; Outlook Negative," published Oct.
27, 2008, on RatingsDirect).  The downgrade of Romania reflects
the mounting risks to the country's real economy due to high and
rising private sector leverage and the related dependency on an
increasingly uncertain external financing channel.

"As the largest bank in the country, BCR's performance and
fundamentals are highly correlated with sovereign creditworthiness
through, among other things, its role as the major financier of
the local economy and its material holdings of government
securities," said S&P's credit analyst Magar Kouyoumdjian.
Romania's economy has been overheating and overleveraging, a
process fuelled by high nongovernment credit growth.  This has
given rise to the private sector's high indebtedness, making
banks' asset quality vulnerable.

The ratings on BCR reflect the bank's strategic importance to its
parent -- Erste Group Bank AG (Erste Bank; A/Negative/A-1) -- and
resultant parental commitment.  They also reflect its commanding
position in the Romanian financial market, and its good liquidity
and improving core profitability.  The ratings on BCR remain
constrained by its relatively high level of adversely classified
loans; increasing competition, particularly from foreign banks;
pressurized margins; and high economic and industry risks in the
Romanian banking sector.

"The outlook on BCR reflects that on the sovereign, as well as
our growing concerns about the impact of the difficult operating
environment in Romania, which could place downward pressure on
the bank's stand-alone creditworthiness," said Mr. Kouyoumdjian.
Given the increasing level of macroeconomic stress being
experienced in Central and Eastern Europe that could impact Erste
Bank's capacity to provide strong support in the future, there is
a possibility that S&P might factor a lower level of parental
support into the rating than previously.  Conversely, if the
operating environment in Romania was to improve, S&P may consider
positive rating actions.


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


ASTRA-SHINA LLC: Creditors Must File Claims by December 17
----------------------------------------------------------
Creditors of LLC Astra-Shina (Transport Equipment, Spare
Details) (TIN 6658174046) have until Dec. 17, 2008, to submit
proofs of claims to:

         A. Zamarayev
         Insolvency Manager
         Post User box 437
         Central Post Office
         620000 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-25018/2008-?11.

The Debtor can be reached at:

         LLC Astra-Shina
         Gurzufskaya Str 18
         620102 Yekaterinburg
         Russia


AVSTROM-GLASS LLC: Creditors Must File Claims by November 17
------------------------------------------------------------
Creditors of LLC Avstrom-Glass have until Nov. 17, 2008, to submit
proofs of claims to:

         V. Zaytsev
         Temporary Insolvency Manager
         Post User box 1686
         Berezniki
         618400 Permskiy
         Russia

The Arbitration Court of commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A50-11614/2008-B7.

The Debtor can be reached at:

         LLC Avstrom-Glass
         Kuybysheva Str. 101
         614011 Perm
         Russia


BVI LLC: Creditors Must File Claims by December 17
--------------------------------------------------
Creditors of LLC BVI (TIN 8602144702) have until Dec. 17, 2008, to
submit proofs of claims to:

         G. Tretyakova
         Insolvency Manager
         Ostrovskogo Str.8/10
         628617 Surgut
         Tumenskaya
         Russia

The Arbitration Court of Khanty-Mansiysk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A75-3145/2008.

The Debtor can be reached at:

         LLC BVI
         Mira Str. 30/55
         628426 Surgut
         Russia


KALACHINSKOE LLC: Creditors Must File Claims by December 17
-----------------------------------------------------------
Creditors of LLC Kalachinskoe have until Dec. 17, 2008, to submit
proofs of claims to:

         Yu. Kushchenko
         Insolvency Manager
         Post User Box 9271
         644029 Omsk-29
         Russia

The Arbitration Court of Omskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A46-10573/2008.

The Debtor can be reached at:

         LLC Kalachinskoe
         Cherepova Str. 81A
         Kalachinsk
         Omskaya
         Russia


KAPITAL-STROY LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Rostovskaya commenced bankruptcy
supervision procecure on LLC Kapital-Stroy (TIN 6168006081).  The
case is docketed under Case No. A53–11854/2008-S1–8.

The Temporary Insolvency Manager is:

         S. Shatalov
         Office 419
         Menzhinskogo Str.2L
         344029 Rostov-on-Don
         Russia

The Debtor can be reached at:

         LLC Kapital-Stroy
         Profsouznaya Str.134
         Rostov-on-Don
         Russia


KLIN RAYON: S&P Junks Ratings to 'CC/ruCC' on Default Probability
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
issuer and Russia national scale ratings on Klin Rayon to
'CC/ruCC' from 'B-/ruBBB'.  The ratings remain on CreditWatch with
negative implications, where they were placed on Sept. 26, 2008.

Klin Rayon is located in the Moscow Oblast (B-/Watch Neg/--;
Russia national scale ruBBB-/Watch Neg/--).

"The downgrade reflects a higher-than-expected probability that
Klin will not meet its financial obligations on Nov. 13, 2008,
when the municipality's Russian ruble (RUR) 300 million bond comes
due," said S&P's credit analyst Irina Pilman."  The downgrade also
reflects remaining uncertainties about the rayon's bank and
budgetary loan repayments due in December 2008."

When we placed the ratings on CreditWatch last month, we expected
the local government would successfully be able to refinance its
debt from local banks and/or receive additional subsidies from
Moscow Oblast.  However, both options seem much less likely now.
The rayon's free cash is not enough to repay its bond due Nov.
13, 2008.

"The CreditWatch placement may be resolved by the issuer credit
rating being lowered to 'SD' and issue rating to 'D', if the bond
is not paid on time.  Subsequent rating actions may follow by the
end of the year, based on the rayon's ability to refinance its
debt and attract additional liquidity," said Ms. Pilman.


KRASNY GIGANT: Names Yu. Petrushchenkov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Penzenskaya appointed Yu. Petrushchenkov
as Insolvency Manager for FSUE Krasny Gigant Plant (Cut-Glass and
Glass Items Production).  He can be reached at:

         Yu. Petrushchenkov
         Komsomolskaya Str.27
         Nikolsk
         442680 Penzenskaya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49–6422/2005–1146/10.

The Debtor can be reached at:

         FSUE Krasny Gigant Plant
         Komsomolskaya Str.27
         Nikolsk
         442680 Penzenskaya
         Russia


MARETEX LTD: S&P Junks Corporate Credit Rating to CCC+ from B-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Russian metal distributor Maretex Ltd.,
which operates under the OJSC Comtech brand, to 'CCC+' from 'B-',
based on the expectation of significant losses in the fourth
quarter of 2008 and the deterioration of conditions in the steel
distribution industry.  The Russia national scale rating was
lowered to 'ruBB+' from 'ruBBB'.  The outlook is negative.

At the same time, the debt rating on the US$150 million credit-
linked notes (CLNs) issued by special-purpose vehicle C.R.R. B.V.
was lowered to 'CCC+' from 'B-'.  This debt has a recovery rating
of '3', indicating S&P's expectation of meaningful (50% to 70%)
recovery in the event of a payment default.

"The downgrade reflects our expectation that poor results for
2008, weakening demand for steel in Russia, and challenging
financial market conditions will make it very difficult for
Maretex to successfully address the put option on its US$150
million CLNs in June 2009," said S&P's credit analyst Andrey
Nikolaev. " This is only partly offset by the company's fair
market position and improving product mix."

Weakening steel demand caused prices to fall by 30%-40% in
September-October this year.  In addition, because of the nature
of the distribution business, Maretex has to keep a considerable
amount of stock on hand to supply its customers.  As a result, S&P
expects the company to incur very significant losses in the second
half of 2008 because of the need to sell its products at prices
well below cost.

Maretex is Russia's largest independent steel distributor, with a
healthy 7.2% market share in warehouse trading in 2007 and a
strong presence across various Russian regions.  The company
benefited from rising steel demand in Russia in 2004-2007 and
managed to expand the revenues from its distribution business in
2007 by 35%, while its EBITDA margin increased to 4.4%.  The
revenues from processing assets and steel service centers, in
which the company has invested heavily, increased to US$60 million
and US$65 million, respectively, with EBITDA margins of 10.2% and
7.5%.

Nevertheless, Maretex's liquidity is very weak, reflecting the
company's need to refinance the put option on its US$150 million
CLN issue in June 2009.  Given the current market conditions and
a coupon rate of only 10%, S&P expects almost all of the notes to
be resold to the issuer.  At the same time, Maretex only has US$17
million in cash and its available committed lines of US$65 million
are short term.

The company's headroom under its CLN covenants was adequate as of
June 30, 2008.  Although there is the risk of a covenant breach as
of Dec. 31, 2008, due to losses on inventories, this shouldn't
create additional liquidity pressure as S&P expects the CLNs to
be presented to Maretex before the covenant test date.

"The outlook is negative because of uncertainty about the
company's ability to secure financing for the put option on its
US$150 million CLN issue in June 2009," said Mr. Nikolaev.
"Further losses caused by falling steel prices will put additional
pressure on the rating."


MECHANICAL-REPAIR DEPARTMENT: Claims Filing Period Ends Nov. 17
---------------------------------------------------------------
Creditors of LLC Mechanical-Repair Department have until Nov. 17,
2008 to submit proofs of claims to:

         I. Bagin
         Insolvency Manager
         Post User Box 141
         620041 Yekaterinburg
         Russia

The Arbitration Court of Chelyabinskaya will convene on Dec. 15,
2008, to hear bankruptcy proceedings.  The case is docketed under
Case No. A76-5781/2008-34-36.

The Debtor can be reached at:

         LLC Mechanical-Repair Department
         Beregovaya Str.1
         Yuzhno-Uralsk
         Chelyabinskaya
         Russia


NADYM-SPETS-TRANS-STROY: Creditors Must File Claims by Nov. 17
--------------------------------------------------------------
Creditors of LLC Nadym-Spets-Trans-Stroy (Paving Slab
Production) (TIN 8903021380) have until Nov. 17, 2008, to submit
proofs of claims to:

         V. Konovalov
         Insolvency Manager
         Post User box 7664
         Central Post Office
         644099 Omsk
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A81-2679/2008.

The Debtor can be reached at:

         LLC Nadym-Spets-Trans-Stroy
         Panel C
         Airport
         629730 Nadym
         Yamalo-Nenetskiy
         Russia


OMSK CONSTRUCTION: Creditor Must File Claims by November 17
-----------------------------------------------------------
Creditors of LLC Omsk Construction Company (TIN 5528017146) have
until Nov. 17, 2008, to submit proofs of claims to:

         N. Utochenko
         Temporary Insolvency Manager
         Apt. 136
         Prospect Mira 106a
         Omsk-89
         Russia

The Arbitration Court of Omskaya will convene on Nov. 11, 2008, to
hear bankruptcy supervision procedure on the company. The case is
docketed under Case No. A46-18323/2008.

The Debtor can be reached at:

         LLC Omsk Construction Company
         Goryachiy Kluch
         Omskaya
         Russia


URAL-TEKH-PROM: Creditors Must File Claims by November 17
---------------------------------------------------------
Creditors of LLC Ural-Tekh-Prom (Production of Electric
Eguipment)(TIN 7449053434) have until Nov. 17, 2008, to submit
proofs of claims to:

         O. Artemov
         Insolvency Manager
         Post User Box 5
         620033 Yekaterinburg
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-10292/08-36-115.

The Debtor can be reached at:

         LLC Ural-Tekh-Prom
         Barbusa Str. 140A
         Chelyabinsk
         Russia


* IRKUTSK OBLAST: S&P Puts B+ Issuer Credit Rating on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' long-term
issuer credit rating on Irkutsk Oblast on CreditWatch with
negative implications, due to insufficient liquidity on the eve
of debt repayments due in December, as well as the likely negative
impact of increasing refinancing costs on the oblast's
fundamentals

By the end of December, the oblast will have to repay RUR2.8
billion (US$100 million) of short-term loans and bond
amortizations, although by the end of October it expects to have
ready cash of only slightly more than RUR1 billion.

"The oblast may receive a loan from the federal budget worth
RUR500 million, but the amount of liquid resources will still
remain less than the debt repayments in 2008 -- until at least
mid-November," said S&P's credit analyst Felix Ejgel.

The oblast has already announced a public tender to raise one-year
loans of RUR4 billion on Nov. 5, 2008, and plans to announce
another tender to raise two-year loans of another RUR2.5 billion
at the end of November to roll over its debts and finance its
implementation of the capital-investment program.

S&P plans to resolve the CreditWatch on Irkutsk oblast within the
next two months, firstly after it has reviewed the outcome of
public tenders announced to raise loans, and, secondly, after it
has analyzed the impact the liquidity problems will have on the
oblast's budgetary performance in 2008 and 2009.

"If by the end of November the oblast fails to raise new funding
sufficient to refinance debts due in December, the ratings could
be lowered by several notches," said Mr. Ejgel.  "If the oblast
manages to conclude new loan agreements in November and secure
funds to roll over its debt this year, the evolution of the
ratings will depend on how successful Irkutsk will be in curbing
expenditure accumulation to address the expected revenue
contraction."


* RUSSIAN KALUGA: Fitch Assigns 'BB-' Long-Term Currency IDRs
-------------------------------------------------------------
Fitch Ratings has assigned the Russian Kaluga region Long-term
foreign and local currency ratings of 'BB-', a Short-term foreign
currency rating of 'B' and a National Long-term rating of
'A+(rus)'.  The Outlooks for the Long-term ratings are Stable.
The rating action affects RUB2.6bn outstanding domestic bonds
issued by the region.

The ratings reflect an increase in the region's overall risk,
including its contingent liabilities and below-national average
economic strength.  The ratings also factor in Kaluga's sound and
stable budget performance, with high levels of capital expenditure
- indicating considerable expenditure flexibility - and prudent
budget management.  The Stable Outlooks reflect Fitch's
expectation that the region will be able to consolidate its budget
performance via control over both its operating expenditure and
debt burden.

The overall scale of the region's economy is relatively modest.
Per capita gross regional product was 53% of the average of
Russian regions in 2006.  However, during 2006-2008, the region
demonstrated fast economic development and attracted several
international strategic investors.  Volkswagen AG, PSA Peugeot
Citroen, Volvo Truck Corporation and Samsung Electronics are all
in the process of setting up manufacturing plants in the region.

Kaluga has demonstrated consistent revenue growth; tax revenue
rose to RUB11bn in 2007 from RUB3bn in 2003.  Over the last five
years, the region has become more reliant on its own revenue
sources and financial aid as a share of total budget revenue
declined to 10% in 2007 from 25% in 2003.  The region's prudent
budget management has resulted in tightly controlled operating
expenditure, high capital expenditure and stable budgetary
performance.  During 2005-2007, Kaluga's operating balance
averaged 10% of operating revenue and capital expenditure
accounted for 21% of total expenditure.

The region has seen a notable increase in its total debt burden
during the last five years, albeit from a low base.  Nevertheless,
its current debt burden remains manageable, with a total
debt/current balance payback ratio below three years during 2006-
2008.  As at 1 October 2008 the region's direct debt and
guarantees totalled RUB6bn or 25% of expected full-year revenue.
The region's contingent liabilities increased to RUB2.8bn as of 1
October 2008 from RUB243m at end-2007, due to a single guarantee
issued to Development Corporation of Kaluga Region, which is
majority-owned by the region and actively involved in the
infrastructure development of industrial parks.  The region
guaranteed a RUB2.4bn bank loan granted to DCKR by Vnesheconombank
('BBB+'/Stable/'F2'), which will be funded indirectly by Kaluga
given DCKR's limited revenues.

Kaluga is located in the central part of Russia.  The region
contributed 0.4% of the Russian Federation's GDP in 2006 and
accounted for 0.7% of the country's population.


* RUSSIAN YAROSLAVL: Fitch Puts Long-Term Currency Ratings at BB-
-----------------------------------------------------------------
Fitch Ratings has assigned the Russian Yaroslavl region Long-term
foreign and local currency ratings of 'BB-', a Short-term foreign
currency rating of 'B' and a National Long-term rating of
'A+(rus)'.  The Outlooks for the Long-term ratings are Stable.
The rating action affects RUB6.3 billion outstanding domestic
bonds issued by the region.

The ratings take into account the Yaroslavl region's increased
direct debt, high expenditure rigidity and revenue concentration
on a small number of tax payers.  The ratings also factor in the
region's improved budget performance in 2007 and the stable tax
revenue generated by its industrial economy.  The Stable Outlooks
reflect Fitch's expectation that continued tax revenue growth and
fiscal discipline will allow the region to consolidate its budget
performance, while debt will remain at a manageable level.

In 2007, the Yaroslavl region's operating balance reached 12.16%
of operating revenue, up from 4.9% in 2006.  The region's
operating revenue grew 24.3% year-on-year in 2007, outpacing the
14.9% increase in operating expenditure, allowing the region to
improve its liquidity position and narrow its budget deficit.  The
growth was buoyed by the development of the local economy and more
conservative fiscal policy.  The region's socio-economic
development will be boosted in the medium term by preparations for
the 1,000th anniversary celebration of the city of Yaroslavl in
2010.

In 2003-2007 the region's debt burden increased and the direct
debt/current revenue ratio reached 37% at end-2007 (14% in 2003).
However, Yaroslavl optimized its debt structure and bonds
accounted for 78.2% of total debt in 2007 which helped to lengthen
its maturity profile.  The payback ratio improved to four-and-a-
half years (2006: 15.6 years).  The region's contingent
liabilities are modest and composed of the debt of several public
sector entities.

The region's budget remains rigid on the expenditure side, while
its tax revenue is concentrated in top-10 taxpayers, which
represented 33.1% of fiscal revenues in 2005-07.  Expenditure on
staff and transfers, primarily to municipalities, has resulted in
high expenditure rigidity reaching 87.2% of the region's operating
expenditure in 2003-2007.  The flexibility of the regional budget
is constrained by the high share of social spending and municipal
transfers mandated by the national and regional legislature.

The Yaroslavl region is located in the northern part of central
Russia.  Its gross regional product contributes 0.7% to Russia's
national gross domestic product, and its population accounts for
0.9% of the national total.


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


SANTANDER HIPOTECARIO 5: S&P Junks Rating on Class F Notes to CCC-
------------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
credit ratings to the EUR1,375 million mortgage-backed floating-
rate notes to be issued by Fondo de Titulizacion de Activos
Santander Hipotecario 5.  In addition, Santander Hipotecario 5
will issue an overissuance of EUR24.7 million floating-rate class
F notes.

This will be the 26th securitization to be originated by the
Santander group over its residential mortgage portfolio.

Santander Hipotecario 5 will purchase mortgage transmission
certificates from the participation issuer, Banco Santander S.A.
(Santander; AA/Stable/A-1+) and will issue six classes of
floating-rate notes.

The class A to E notes will be backed by a pool of first-ranking
mortgages secured over residential properties in Spain and
originated by Santander.  The class F notes will fund the reserve
fund and will be repaid with excess spread.

The transaction features mortgage insurance on a portion of the
loans.  This insurance will be provided by AIG Europe S.A. and
Genworth Financial Mortgage Insurance Ltd., reducing the losses
incurred.

The swap agreement will provide credit enhancement to the
transaction by providing additional excess spread and adjusted
notional.

The transaction will use the proceeds from the principal and
interest on the loans to pay interest and principal on the notes.
However, to protect the most senior notes, the priority of
payments will feature a trigger based on the amount of loans that
are more than 18 months past due.  Under certain stress scenarios
this will protect the most senior tranches.

The transaction will also feature an artificial write-off
mechanism, whereby the outstanding balance of loans more than 18
months past due will be added to the amortization amount of the
notes, and therefore the notes will pay at a faster pace.  The
notes will pay sequentially unless the pro rata triggers are
hit.

Fondo de Titulizacion de Activos Santander Hipotecario 5

  -- EUR1,375 Million Mortgage-Backed Floating-Rate Notes And An
     Overissuance Of EUR24.7 Million Floating-Rate Notes

Class    Prelim. Rating   Prelim. Amount (EUR)
-----    --------------   --------------------
A              AAA           1,216.9 million
B              AA             34.4 million
C              A              34.4 million
D              BBB            34.3 million
E              BB             55.0 million
F[1]           CCC-           24.7 million

[1] The class F note proceeds will fully fund the reserve fund at
closing.


TDA 25: Fitch Lowers Rating on Class D Loans to 'B'
----------------------------------------------------
Fitch Ratings has downgraded three tranches of TDA 25, Fondo de
Titulizacion and revised the Outlook to Negative from Stable on
the senior Classes.  This reflects the continued increase in
defaulted loans, which have now totaled 1.28% of the original
collateral balance, and a strong pipeline of arrears that are
likely to result in further defaults.

The rating actions are:

  -- Class A (ISIN ES0377929007) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class NAS-IO (ISIN ESO377929049) affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0377929015) downgraded to 'A-' from 'A';
     Outlook revised to Negative from Stable

  -- Class C (ISIN ES0377929023) downgraded to 'BB+' from a
     'BBB-'; Outlook remains Negative

  -- Class D (ISIN ES0377929031) downgraded to 'B' from 'BB-';
     Outlook remains Negative

The level of defaults, defined as loans in arrears by more than 12
months, has resulted in the reserve fund being fully utilized to
write off these loans.  Although this is the first European RMBS
transaction to completely exhaust its reserve fund, it should be
noted that this has been caused by the provisioning mechanism
rather than actual losses.  The transaction will therefore receive
recoveries on these loans at a later date, and although recoveries
to date have been limited, Fitch assumes a lengthy recovery
timeline in its analysis of Spanish RMBS and expects that
recoveries will return to the transaction.

The transaction uses a combined waterfall, and therefore the
exhaustion of the reserve fund means that principal can be used to
pay interest on the notes.  This can occur until the relevant
default trigger for each class of notes is breached.  The first of
these triggers is set at cumulative defaults of 3.9%, at which
point the interest on the class D notes will be deferred.  Given
current performance this trigger is unlikely to be breached in the
near future and in the longer term Fitch expects recoveries would
replace any principal used to meet interest payments.

The Negative Outlook on all tranches reflects the uncertainty with
regards to the level of recoveries, plus the increased level of
arrears in the transaction.  Loans in arrears by more than three
months now comprise 6.04% of the current portfolio.  The deal has
experienced a high roll rate of loans in arrears to default; with
virtually all loans that are more than six months in arrears
eventually defaulting.  The NAS-IO note will mature next year and
therefore the Outlook remains Stable.

The inclusion of an interest-only note reduces the excess spread
available to cover defaulted loans.  The NAS-IO expires in
September 2009 at which point available revenue to cover defaulted
loans and potentially rebuild the reserve fund will increase.  By
this stage Fitch would also expect recoveries to begin to be
realized; however, until this happens it is likely that the amount
of defaulted loans will continue to be significantly above the
available excess spread, meaning that not all defaulted loans will
be fully written off.


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


ARNOVITA LLC: Creditors Must File Proofs of Claim by Oct. 31
------------------------------------------------------------
Creditors owed money by LLC ARNOVITA are requested to file their
proofs of claim by Oct. 31, 2008, to:

         Neuhofstrasse 22
         6345 Neuheim
         Switzerland

The company is currently undergoing liquidation in Neuheim.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 24, 2008.


BERATERTEAM LLC: Deadline to File Proofs of Claim Set Nov. 9
------------------------------------------------------------
Creditors owed money by LLC Beraterteam are requested to file
their proofs of claim by Nov. 9, 2008, to:

         Allmendstrasse 34
         5300 Turgi
         Switzerland

The company is currently undergoing liquidation in Turgi.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 24, 2008.


INTERMOTION LLC: Creditors Have Until Oct. 31 to File Claims
------------------------------------------------------------
Creditors owed money by LLC Intermotion are requested to file
their proofs of claim by Oct. 31, 2008, to:

         Brandschenkestrasse 170
         8002 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 5, 2008.


GENERAL MOTORS: 3rd Qtr Vehicle Sales Down 11.4% to 2.1 Million
----------------------------------------------------------------
General Motors Corp. said Oct. 29 that it sold more than 2.1
million vehicles globally during the third quarter of 2008, down
11.4% year over year.  GM said that its latest results reflect
continuing economic pressures in the U.S. market, which pushed
North America sales down 18.9%, and growing pressure in Europe,
where sales were down 12.3%.

Bloomberg News notes that GM is poised to end a 77-year run as the
world's largest automaker, as Michigan-based automaker's latest
results pushed GM's 9-month total to 6.66 million units compared
with 7.05 million for Toyota City, Japan-based Toyota.

GM has not yet disclosed third quarter earnings and revenues.

General Motors sold 2.29 million vehicles in the second quarter,
but that level of sales resulted to a net loss of US$15.5 billion
on US$38.2 billion of revenues.  According to GM, losses in that
quarter were driven by volume declines -- global vehicle sales
were down 5% year over year, while North American sales slid 20%.

"The recent challenges in the global financial markets, including
credit tightening and the drop in commodity prices, have
negatively impacted market demand.  However, our sales performance
shows that we are continuing to take advantage of new emerging
market opportunities and are meeting customer needs with fuel-
efficient products that offer compelling design and great value,"
Jonathan Browning, vice president, global sales, service and
marketing, said Oct. 29.

"The last quarter has seen unprecedented turmoil in the financial
markets in many places around the world as credit has become
harder to obtain," GM's chief sales analyst, Mike DiGiovanni, said
at a conference call, according to Bloomberg.

General Motors and Chrysler LLC are currently in talks about a
merger.  Cerberus Capital Management LP, which co-owns GMAC with
General Motors Corp. and largest shareholder of Chrysler, supports
the merger and has sought to exchange most of its Chrysler
holdings for a larger share of GMAC.  Citing people involved in
the GM-Chrysler talks, The Wall Street Journal stated that GM and
Chrysler estimate that a combined entity would need US$10 billion
in new equity for layoffs, plant shutdowns, integration of GM and
Chrysler, and to provide liquidity.

Chrysler and GM, as well as the third of the Michigan Big 3, Ford
Motor Company, have been under pressure to stem losses amid an
industry-wide slump in sales.  GM, however, has noted increase
sales by Chevrolet in emerging markets, and record sales in two
regions.  However, according to Mr. DiGiovanni, in emerging
markets "there was not quite enough volume in the third quarter to
offset the weakness in North America."

"Our sales performance during the third quarter saw increases by
Chevrolet outside North America and Wuling and GM Daewoo
regionally," Mr. Browning has said.

Chevrolet sales in Asia Pacific, the industry's second-largest
region, grew 5.3% compared with the third quarter a year ago.
Chevrolet sales in China (up 4.3 percent) and India (up 4.9
percent) powered much of this growth.  The Wuling brand continued
strong growth in China with sales up 21.9 percent in the third
quarter compared to the same period a year ago.

In the Latin America, Africa and Middle East region -- a
traditional Chevrolet stronghold -- sales grew 3.4% compared with
the third quarter 2007.  Chevrolet accounted for 90% of GM's third
quarter sales in the region.

Chevrolet sales in Europe also contributed to the brand's solid
third-quarter results, growing 2.7%.  Chevrolet is seeing strong
growth in emerging markets including Eastern Europe.  Chevrolet
was up 6.2% for the first nine months of the year in Russia.  In
addition, Opel sales in Russia increased by 39 percent, while Saab
increased 90.4 percent.

Chevrolet sales in North America were down 16.6%; however, GM
added production capacity to satisfy the strong demand for the
all-new Malibu sedan.

Sales of Cadillac outside of the United States grew 10.7% in the
third quarter, supported by strong growth of the brand in Latin
America, Africa and Middle East (up 10 percent) and Asia Pacific
(up 39.2 percent).  Cadillac sales in Europe were down 9.3%.  In
North America, Cadillac sales declined about 28 percent, largely
reflecting the negative impact of the financing environment in the
luxury vehicle market.

                   About General Motors

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

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

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


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

         K. Sbeiti
         Schauenberg Str. 18
         8046 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 1, 2005.


MEDDEVELOP SCHWEIZ: Creditors' Proofs of Claim Due by Nov. 9
------------------------------------------------------------
Creditors owed money by JSC MedDevelop Schweiz are requested to
file their proofs of claim by Nov. 9, 2008, to:

         Rolf Herter or
         Dr. Teddy S. Stojan
         Streichenberg Rechtsanwalte
         Stockerstrasse 38
         8002 Zurich
         Switzerland

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


PUMAS MANAGEMENT: Nov. 9 Set as Deadline to File Claims
-------------------------------------------------------
Creditors owed money by LLC PUMAS MANAGEMENT SERVICES are
requested to file their proofs of claim by Nov. 9, 2008, to:

         Richard E. Trumpler
         Ackersteinstrasse 12
         8049 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 17, 200.


SANDRA'S WYLADELI: Creditors Must File Claims by Nov. 8
-------------------------------------------------------
Creditors owed money by LLC Sandra's Wyladeli are requested to
file their proofs of claim by Nov. 8, 2008, to:

         Lukas Christen
         Ruchweg 266
         5078 Effingen
         Switzerland

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


SPORTHALLEN EMAU: Deadline to File Proofs of Claim Set Nov. 9
-------------------------------------------------------------
Creditors owed money by JSC Sporthallen Emau are requested to file
their proofs of claim by Nov. 9, 2008, to:

         JSC Arlas Treuhand
         Weidstrasse 8b
         8962 Bergdietikon
         Switzerland

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


ZENTUS LLC: Creditors Have Until Nov. 9 to File Claims
------------------------------------------------------
Creditors owed money by LLC Zentus are requested to file their
proofs of claim by Nov. 8, 2008, to:

         Emil Bertschinger
         Zentralstrasse 3
         8610 Uster
         Switzerland

The company is currently undergoing liquidation in Uster.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 28, 2008.


* CLOSE BROTHERS: Opens Swiss Office, Appoints Managing Director
----------------------------------------------------------------
Close Brothers Corporate Finance has opened an office in Zurich,
Switzerland and has appointed a new Managing Director to head its
Swiss operations.

Jurg Glesti joins Close Brothers from BNP Paribas where he was a
Global Relationship Banker for mid-cap and large corporates. Prior
to that he spent nine years at KPMG where he headed the Swiss
corporate finance division.

Close Brothers is opening the Swiss office having successfully
advised on two mid-market transactions in the IT sector in recent
months.  These include advising the principal shareholder of the
Swiss software company Adcubum AG on the sale of shares to the
Swiss software entrepreneur Francisco Fernandez, founder and
principal shareholder of Avaloq AG; and the sale of KCS.net
Holding AG, a Swiss-based Enterprise Resource Planning (ERP)
solution vendor to The Carlyle Group.

This latest office opening reinforces Close Brothers' continued
commitment to building its international business based around
market leading local teams, and its emphasis on the importance of
sourcing and executing cross-border transactions for its clients.
This follows the recent acquisition of the remaining equity stakes
in its French and Spanish operations and the opening of its
Manchester office.

Stephen Aulsebrook, CEO of Close Brothers Corporate Finance,
commented: "We see great opportunities in the Swiss market, both
domestically and internationally.  When many other advisory firms
are retracting we believe this is a good time to be expanding our
European presence to capture the opportunities that are emerging
from today's unprecedented market conditions."

Based in London, England, Close Brothers -- http://www.cbcf.com/
-- part of Close Brothers Group, is a European corporate finance
adviser.  The firm advises a wide spectrum of organizations, from
corporates and private equity houses to financial institutions and
hedge funds.  Its advice focuses on five areas:  mergers and
acquisitions, structuring and raising debt, corporate
restructuring, advising private equity groups and advising
companies and pension trustees on issues surrounding defined
benefit pension schemes.


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


AZOVSTAL IRON: S&P Cuts Credit Rating to B on Ukraine's Downgrade
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Ukrainian steel producer JSC Azovstal
Iron and Steel Works to 'B' from 'B+'.  The outlook is negative.
S&P also lowered the long-term rating on Azovstal's senior
unsecured debt to 'B-' from 'B'.  The recovery rating is unchanged
at '5', indicating S&P's expectation of modest (10%-30%) recovery
for senior noteholders in the event of payment default.

At the same time, S&P removed all the ratings from CreditWatch
with negative implications, where they had been placed on Oct. 17,
2008.

"The downgrade reflects Ukraine's worsening macroeconomic
environment, highlighted by our downgrade of the sovereign; the
rapid deterioration of conditions in the global steel industry;
and very weak liquidity," said S&P's credit analyst Andrey
Nikolaev.

The ratings continue to reflect Azovstal's stand-alone credit
quality, as well as expected ongoing and extraordinary support
from its financially stronger parent.

The ratings are constrained by the company's position as a
commodity player in a cyclical industry and its aged asset base
that requires large capital expenditures.  Although Azovstal's
balance-sheet debt is moderate, its co-borrowings under several
Metinvest credit facilities increase its leverage considerably.

These risks are tempered by Azovstal's high proportion of exports
within sales (more than 70%), access to low-cost resources in
Ukraine, and vertical integration in iron ore, coke, and scrap at
the parent level.

Azovstal's liquidity largely depends on that of Metinvest as a
whole.  As of Sept. 30, 2008, Metinvest had short-term debt of
US$1.8 billion, of which US$1.5 billion matures within three
months. Although US$0.9 billion of Metinvest's short-term debt is
revolving trade finance, refinancing risks are still very high.

The negative outlook reflects the likelihood of a further
downgrade, if Metinvest is unable to attract long-term debt
financing by the beginning of December, or in the event of further
deterioration of Ukraine's economic environment.  Continued
weakening of steel industry conditions will pressure the ratings,"
said Mr. Nikolaev.


DONBASSTELESPUTNIK LLC: Creditors Must File Claims by Nov. 7
------------------------------------------------------------
Creditors of LLC Television and Radio Organization
Donbasstelesputnik (code EDRPOU 30206047) have until Nov. 7, 2008,
to submit proofs of claim to:

         Maxim Kosinevsky
         Temporary Insolvency Manager
         Universitetskaya Str. 9
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on Sept. 11, 2008.  The case is docketed
as B-24/174-08.

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

The Debtor can be reached at:

         LLC Television and Radio Organization
         Donbasstelesputnik
         9th Five Year Plan Str. 49
         Kommunar
         62490 Kharkov
         Ukraine


ENERGYATOM LLC: Creditors Must File Claims by November 5
--------------------------------------------------------
Creditors of LLC -Energyatom- (code EDRPOU 34733560) have until
Nov. 5, 2008, to submit proofs of claim to:

         Vladimir Gliadchenko
         Liquidator
         Kirov Avenue 96/13
         49055 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 23, 2008.  The case is docketed as B 26/186-08.

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

The Debtor can be reached at:

         LLC -Energyatom-
         Pobediteley Str. 9
         49000 Dnipropetrovsk
         Ukraine


INTERGAS DNIEPRO: Creditors Must File Claims by November 5
----------------------------------------------------------
Creditors of LLC Intergas-Dniepro (code EDRPOU 35042526) have
until Nov. 5, 2008, to submit proofs of claim to:

         Vladimir Gliadchenko
         Liquidator
         Kirov Avenue 96/13
         49055 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 24, 2008.  The case is docketed as B 40/84-08.

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

The Debtor can be reached at:

         LLC Intergas-Dniepro
         Kalinov Str. 51-A
         49087 Dnipropetrovsk
         Ukraine


INTERVEST SLK: Creditors Must File Claims by November 7
-------------------------------------------------------
Creditors of LLC Intervest SLK (code EDRPOU 34708534) have until
Nov. 7, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 30, 2008.
The case is docketed as 13/187-B.

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Debtor can be reached at:

         LLC Intervest SLK
         Ap. 195
         Ozernaya Str. 10/1-V
         29000 Hmelnitskij
         Ukraine


NOVOPSKOV MOTORTRANSPORT 10909: Claims Filing Ends November 7
-------------------------------------------------------------
Creditors of OJSC Novopskov Motortransport Enterprise 10909 (code
EDRPOU 03113383) have until Nov. 7, 2008, to submit proofs of
claim to:

         Victoriya Deynegina
         Ap. 13
         Sovetskaya Str. 59a
         91055 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 23, 2008.
The case is docketed as 22/66b.

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

The Debtor can be reached at:

         OJSC Novopskov Motortransport Enterprise 10909
         Shkolnaya Str. 1
         Novopskov
         Lugansk
         Ukraine


OBRIY LLC: Creditors Must File Claims by November 6
---------------------------------------------------
Creditors of LLC Obriy (code EDRPOU 30835311) have until Nov. 6,
2008, to submit proofs of claim to:

         Aleksey Ivanov
         Liquidator/Insolvency Manager
         Ap. 404
         Teatralny Avenue 21
         83055 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 15, 2008.
The case is docketed as 5/158B.

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

The Debtor can be reached at:

         LLC Obriy
         Kirov Str. 27
         Katerinovka
         Konstantinovka District
         85150 Donetsk
         Ukraine


PETROL-CARGO CJSC: Creditors Must File Claims by November 5
-----------------------------------------------------------
Creditors of CJSC Insurance Company Petrol-Cargo (code EDRPOU
22447581) have until Nov. 5, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company on Sept. 15, 2008.  The case is docketed
as 24/77-08-3882.

The Debtor can be reached at:

         CJSC Insurance Company Petrol-Cargo
         Karl Marks Str. 98
         Petrovka
         Ivanovsky District
         Odessa
         Ukraine


SKTEL LLC: Creditors Must File Claims by November 7
---------------------------------------------------
Creditors of LLC Sktel (code EDRPOU 33703083) have until Nov. 7,
2008, to submit proofs of claim to:

         Maxim Kosinevsky
         Temporary Insolvency Manager
         Universitetskaya Str. 9
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on Sept. 11, 2008.  The case is docketed
as B-24/175-08.

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

The Debtor can be reached at:

         LLC Sktel
         Of. 31
         Pravda Avenue 10
         61022 Kharkov
         Ukraine


TRADING HOUSE: Creditors Must File Claims by November 5
-------------------------------------------------------
Creditors of LLC Trading House Building Road Machinery (code
EDRPOU 25393227) have until Nov. 5, 2008, to submit proofs of
claim to:

         D. Maltsev
         Liquidator/Insolvency Manager
         Ap. 19
         Nikolsko-Slobodskaya Str. 6-a
         02002 Kiev
         Ukraine
         Tel: 8(044)234-87-70

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 24/286-b.

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

The Debtor can be reached at:

         LLC Trading House Building Road Machinery
         Yakir Str. 19
         04119 Kiev
         Ukraine


VTB JSC: Fitch Keeps 'D/E' Individual Rating; Outlook Stable
------------------------------------------------------------
Fitch Ratings assigned JSC VTB Bank two series (A and B, each for
UAH250 million) senior unsecured bonds due November 2009 and
January 2011, respectively, final National Long-term ratings of
'AAA'(ukr)'.

VTBU's ratings are Long-term foreign currency Issuer Default 'B+',
Long-term local currency IDR 'BB-', Short-term foreign currency
IDR 'B', Individual 'D/E', Support '4' and National Long-term
'AAA'(ukr)'.  Both Long-term IDRs have Negative Outlooks.  The
National rating has a Stable Outlook.

VTBU is a medium-sized Ukrainian bank, ranked 12 by assets in the
country at end-H108, according to the National Bank of Ukraine.
More than 99.8% of VTBU is owned by JSC Bank VTB ('BBB+'/Stable).


* CITY OF KYIV: Fitch Revises Outlook to Negative; Affirms Ratings
------------------------------------------------------------------
Fitch Ratings has revised Ukraine's City of Kyiv Outlook to
Negative from Stable for its Long-term Foreign and Local currency
ratings.  Kyiv's ratings are affirmed at Long-term foreign and
local currency ratings of 'BB-' and a Short-term foreign currency
rating of 'B'.  Fitch also affirmed Kyiv's National Long-term
rating of 'AA+(ukr)', with Stable Outlook.

This rating action follows the revision of Ukraine's Outlook from
Stable to Negative due to a growing risk of a currency crisis and
deteriorating financial fundamentals.

The City of Kyiv is the capital of Ukraine.  It has a population
of around 2.7 million inhabitants, which makes up about 5.6% of
Ukraine's total population.


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


BLUE TARGET: Brings in Liquidators from Vantis Business Recovery
----------------------------------------------------------------
Beverley Jayne Marsh and Jonathan Mark Birch of Vantis Business
Recovery Services were appointed joint liquidators of Blue Target
Retail Ltd. on Oct. 15, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Blue Target Retail Ltd.
         Fourth Floor (HF)
         Tuition House
         27-37 St George's Road
         Wimbledon
         London
         England


BRITANNIA: Lenders Issue Acceleration Notice on US$170 Mln Loan
---------------------------------------------------------------
Britannia Bulk Holdings Inc. announced that, following the
Company's press release of October 28, 2008, the lenders under the
US$170.00 million term loan facility of Britannia Bulk Plc, a
wholly owned subsidiary of the Company, have provided notice to
the Borrower of the acceleration of all of its obligations under
the Facility and the set off of the Borrower's cash accounts on
deposit with one of the lenders.  The Company has guaranteed the
Borrower's obligations under the Facility.  The acceleration
notice alleges that certain events of default under the Facility
have occurred, including material adverse changes in the
Borrower's financial condition, and demands immediate repayment of
the loan, accrued interest thereon and other amounts due thereon,
aggregating approximately US$158.7 million without taking into
account the set off of the Borrower's cash accounts.

Following further discussion with the Company, the lenders have
advised the Company that they are prepared, subject to certain
conditions, to make funds available to ensure that the vessels
securing the Facility continue to operate normally and meet their
commitments.  Such understanding is in the context of ongoing
negotiations with the lenders regarding a sale of certain of the
Company's assets, which, if consummated, is not expected to result
in any return to the Company's common shareholders.

On October 28, 2008, the Company provided an update on significant
financial and operational matters prior to the Company's upcoming
release of unaudited financial and operational results for the
three month and the nine month periods ended September 30, 2008.

        Expected Third Quarter 2008 Financial Trends

While the Company has not yet concluded the review of its
financial results for the three months ended September 30, 2008,
the Company expects to announce a significant net loss for the
period compared to the net income achieved during the second
quarter of 2008.  The Company believes that the expected loss will
have resulted from the substantial decreases in dry bulk charter
rates that occurred during the period, exacerbated by the
Company's increase in chartered-in capacity during the same period
and its entry into the forward freight agreements (FFAs) and a
bunker fuel hedge more fully described below.

     Update on Third Quarter 2008 Operational Difficulties

Chartered-In Vessels.  Historically the Company has chartered-in
vessels to increase its overall dead weight tonnage capacity and
enhance its service offering to customers.  During the three
months ended September 30, 2008 the Company increased its
chartered-in capacity at a time when the demand for dry bulk
shipping capacity decreased significantly.  This decrease
continued throughout the third quarter of 2008 and dry bulk
charter rates fell substantially during the same period.  As a
result, the charter rates the Company achieved during the three
months ended September 30, 2008 for its chartered-in vessels were
less than the rates the Company paid to secure many of these
vessels, resulting in significant losses.

Forward Freight Agreements.  A Forward Freight Agreement (FFA) is
an agreement to pay the difference between a current price and the
future price of moving a product from one location to another, or
for the future price of hiring a ship over a period of time.  FFAs
are used by ship-owners and charterers as means of protecting
themselves against the volatility of freight rates.  For example,
a ship-owner would typically sell FFAs to hedge against falling
freight rates. Similarly, a charterer would typically buy FFAs to
fix shipping costs.  Positions in FFAs can be closed out by buying
or selling opposing positions.
The Company has historically entered into dry bulk FFAs as
economic hedges relating to identifiable ship or cargo positions
and as economic hedges of transactions expected to be carried out
in the normal course of its shipping business.  None of the
Company's FFA derivatives qualify for hedge accounting; therefore,
the net changes in derivative assets and liabilities are reflected
in current period operations.  In the past, the Company has
entered into FFA contracts to provide a fixed number of
theoretical voyages at fixed rates, with such contracts generally
ranging from one month to one year and settling monthly based on a
published index.  For such contracts, the Company recognizes
monthly realized gains or losses from FFAs concurrently with
monthly cash settlements.  In addition, unrealized gains or losses
on the FFAs are recorded in the Company's statement of operations
under "gains on forward freight agreements."  Entering into FFAs
can lead to material fluctuations in the Company's reported net
income on a period to period basis.  Since July 2008, the Company
bought FFAs that appear not to have been purchased to hedge
identifiable ship or cargo positions.  This resulted in the
Company being more exposed to the falling charter rates and
reduced overall demand for dry bulk shipping services than it
would have been if its historic practice of using FFAs as economic
hedges had been followed.  In marking these FFAs to market, the
Company expects to recognize a significant realized loss for the
three months ended September 30, 2008.  Cash settlement of such
FFAs is scheduled to commence in the fourth quarter of 2008 and
continue into 2009.

An independent committee of the Company's Board of Directors has
resolved to retain an external advisor to assist it in determining
how the Company came to enter into these FFAs.
Bunker Fuel Hedge.  If the Company's vessels are time-chartered
out to third parties, the charterer pays for the bunker (fuel and
oil).  In such instance, any inflationary pressure on the cost of
bunker fuel does not affect the Company's results of operations.
If, however, the Company's vessels are employed under contracts of
affreightment (COAs) or spot charters, the freight rates it
receives are generally sensitive to the price of bunker fuel.  A
rise in bunker costs can sometimes have a negative temporary
effect on the Company's results since freight rates generally
adjust upwards only after bunker fuel prices settle at a higher
level.  To mitigate the risk of this temporary effect, and in
light of recent substantial movements in the price for bunker
fuel, the Company has in the past entered into hedging
arrangements whereby it purchased a fixed quantity of bunker fuel,
calculated against identifiable COAs, at a fixed price to be
delivered over a specified period of time.  Bunker fuel hedges are
designated as cash flow hedges for accounting purposes and,
accordingly, unrealized gains or losses resulting from changes in
fuel prices are recorded in other comprehensive income (loss), a
component of stockholders' equity.

In the three months ended September 30, 2008, the Company entered
into a bunker fuel hedge which is currently uncompetitive because
it is hedged to prices which are significantly above the current
market price of bunker fuel.  As a result, the Company currently
estimates that its aggregate bunker fuel hedging losses for the
three months ended September 30, 2008 will be significant.

           Board Discussions with Company Management

In response to the severe financial difficulties the Company is
experiencing, the Board is currently conducting extensive
discussions with the Company's management team to identify and
implement any necessary changes.  While discussions and resulting
changes are ongoing, the Board has recently imposed a number of
cash conservation and cost reduction measures on the Company and
has limited management's ability to conduct daily sales and
purchases and hedging activities, including entering into any new
FFAs or bunker fuel hedge arrangements, without specific Board
approval.

            Engagement of Outside Corporate Advisors

The Company has engaged AlixPartners, a leading corporate advisory
firm, to assist the Company's management in discussions and
negotiations with the Company's lenders and trade counterparties
and to address the Company's current financial and liquidity
issues.  Representatives of AlixPartners are working with
management to immediately implement measures to conserve cash and
reduce costs.  AlixPartners is expected to have an integral role
in helping the Company address key issues with its lenders and
trade counterparties.

              No Payment of Third Quarter Dividend

As a result of its current financials, the Company has determined
that it will not pay a dividend on its common shares for the
quarter ended September 30, 2008.  While the timing and amount of
any future dividend payments will depend on future earnings,
financial condition, capital requirements and such other factors
as the Board may consider relevant at such future date, the
Company does not expect to pay a dividend in the foreseeable
future.

               About Britannia Bulk Holdings Inc.

Britannia Bulk Holdings Inc. (NYSE: DWT) --
http://www.britbulk.net/-- is an international provider of
drybulk shipping and maritime logistics services with a focus on
transporting drybulk commodities in and out of the Baltic region.
The current owned fleet consists of 22 vessels, including 13
drybulk vessels, five of which are ice-class, five ocean going
ice-class barges, and four ice-class tugs. The Company also
charters-in additional vessels to increase its overall deadweight
tonnage capacity and enhance its service to its customers. As at
June 30, 2008, the number of chartered-in drybulk vessels under
the Company's control was 53, 9 of which were ice-class.

                   About Britannia Bulk Plc

Headquartered in London, Britannia Bulk Plc --
http://www.britbulk.net/-- is an international provider of
drybulk transportation services with a focus on transporting
drybulk commodities and the Baltic region.  Its fleet consist of
about 50-70 ships and barges, a mix of our owned thirteen bulk
carriers, five barges and four tugs and chartered-in bulk
carriers.

BBL operates in the Baltic/Continent coal trade, and in areas such
as Europe, South America, Far East and Australia, principally in
the Handy to Panamax size.

BBL is a subsidiary of Britannia Bulk Holdings Inc.

                          *     *     *

As reported in the TCR-Europe on Oct. 29, 2008, Standard & Poor's
Ratings Services has placed its long-term 'B+'
corporate credit rating on U.K.-based shipping group Britannia
Bulk PLC on CreditWatch with negative implications due to the
sudden collapse in prices in the dry bulk shipping market, which
raises doubts over the sustainability of Britannia's current level
of cash flow generation.

On Oct. 27, 2008, the TCR-Europe reported that Moody's Investors
Service has placed the B2 Corporate Family Rating (CFR) and
Probability of Default Rating of Britannia Bulk plc on review for
possible downgrade.


BRITANNIA BULK: S&P Junks Corporate Credit Rating to CC/Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on U.K.-based shipping group Britannia
Bulk PLC to 'CC' from 'B+' and removed it from CreditWatch, where
it was placed with negative implications on Oct. 27, 2008.  The
outlook is negative.

"The multiple notch downgrade follows an announcement today by the
company advising that lenders have issued an acceleration notice
with respect to its US$170 million term loan facility alleging
events of default under the facility have occurred, including a
material adverse change in the borrower's financial position,"
said S&P's credit analyst Stuart Clements.

"The downgrade also reflects the company's announcement yesterday
that it is having severe financial difficulties," said Mr.
Clements.

Britannia's current difficulties have been driven by the
substantial declines in the volume and pricing of dry bulk
shipping trades and exacerbated by the company's recent increase
of its chartered-in capacity at rates significantly higher than
the current spot market.  Britannia has also unexpectedly
announced that significant losses on forward freight agreements
and bunker fuel hedges have contributed to the current troubles.
The drop in freight rates, of up to 90% from their 2008 peak, to
a six-year low has been influenced by both the adverse effect on
shipping demand caused by a limited availability of bank letters
of credit to guarantee trading counterparties as well as a
substantial reduction of imports by China.

Britannia's key credit ratios for the rolling 12 months to June
30, 2008, look strong for the 'CC' rating category, with funds
from operations to adjusted debt of 57.8% and adjusted debt to
EBITDA of 2.5x.  However, S&P is concerned that current losses
will have put significant stress on its financial profile and in
particular its liquidity.  S&P is also cognizant of the potential
longer-term adverse effect on the dry bulk market of the
substantial global new build order book scheduled to be delivered
over the next three years as well as what appears to be a
deepening global economic downturn.

There is considerable uncertainty with regard to Britannia's
future viability following the announcement of lenders'
acceleration of its loan obligations.  The ratings could be
lowered further in the event Britannia is unable to fully meet
this demand for repayment on the due date.  Upside in the rating
is presently considered limited.  S&P will continue to monitor
developments and take appropriate rating actions.


COATBRIDGE KNITWEAR: Claims Filing Period Ends November 21
----------------------------------------------------------
Creditors of Coatbridge Knitwear Ltd. (t/a MacKinnon of Scotland)
have until Nov. 21, 2008, to send in their full names, their
addresses and descriptions, full particulars of their debts and
claims, and names and addresses of their solicitors (if any) to:

         Dilip K. Dattani
         Liquidator
         Tenon Recovery
         The Poynt
         45 Wollaton Street
         Nottingham
         NG1 5FW
         England

Dilip K. Dattani and Alexander Iain Fraser of Tenon Recovery were
appointed joint liquidators of the company on Oct. 10, 2008 by
resolutions of members and creditors.


LEHMAN BROTHERS: Unwinding of European Operations Faces Delay
-------------------------------------------------------------
Jennifer Hughes and Anousha Sakoui at the Financial Times reports
that the slow cooperation from other banks delays the unwinding of
Lehman Brothers' European operations.

The administrators, the FT relates, are facing pressure from hedge
funds and other creditors to return client assets.  Lehman
clients, led by large US hedge funds, have warned of risks to the
financial system if they do not get hold of their assets soon, the
FT discloses.

However, Tony Lomas, lead administrator for the bank's London-
based operations, told the FT they were still waiting for
confirmations from many of Lehman's counterparties.

"I'd like us to be further on with the numbers by now," the FT
quotes Mr. Lomas, who is leading a team from PwC, as saying.
"There are 97 different custodians around the world who are
holding securities that either belong to us or our clients, and
the returns from them are not yet complete.  That means that we
don't know for certain what is out there in terms of assets."

The FT notes that while the administrators were able to quite
quickly settle Lehman trades conducted via exchanges, there are
billions in bilateral, over-the-counter trades outstanding with
hundreds of counterparties.

According to the FT, Lehman's prime brokerage unit, which served
hedge funds, held more than US$40 billion in client assets.  Much
of this was held as collateral for complex loans, many of which
allowed the assets to be re-lent, which is making the
administrators' job even harder, the FT says.

Mr. Tomas, as cited by the FT, said it will take many years to
fully settle the affairs of Lehman's main European operations as
"there is absolutely no question that this is the biggest UK
administration there has ever been," adding the

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. History.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600).

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

             International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc. reported
about JPY3.4 trillion (US$33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.


MARSH GLAZING: Appoints Liquidators from Tenon Recovery
-------------------------------------------------------
Jonathan Paul Philmore and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Marsh Glazing Ltd. on
Oct. 16, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Tenon Recovery
         Unit 1 Calder Close
         Calder Park
         Wakefield
         WF4 3BA
         England


MINT MINICOACHES: Duncan Beat Leads Liquidation Procedure
---------------------------------------------------------
Duncan Beat of Tenon Recovery were appointed joint liquidators of
Mint Minicoaches Ltd., Mint Travel Ltd. and Practical Maida Vale
Ltd. on Oct. 7, 2008, for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


PARKER SEVEN: Calls in Liquidators from PKF
-------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint administrators of Parker-Seven Builders Merchants Ltd.
(Company Number 01694609) on Oct. 13, 2008.

The company can be reached at:

          Parker-Seven Builders Merchants Ltd.
          c/o PKF (UK) LLP
          Pannell House
          159 Charles Street
          Leicester
          LE1 1LD
          England


PRESS & BANKS: Taps Liquidators from Vantis Business Recovery
-------------------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis Business
Recovery Services were appointed joint liquidators of Press &
Banks Ltd. (formerly CEL Homes Ltd.) on Oct. 16, 2008.

The company can be reached at:

         Press & Banks Ltd.
         c/o Vantis Business Recovery Services
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


PUMPSTER PROPERTY: Brings in Administrators from Ernst & Young
--------------------------------------------------------------
Patrick Joseph Brazzill and Elizabeth Anne Bingham of Ernst &
Young LLP were appointed Oct. 13, 2008, joint administrators of:

   -- Pumpster Property (No. 2) Ltd. (Company Number 05724703);

   -- Pumpster Holdco Ltd. (former Pumpster Holdings Ltd.)
      (Company Number: 05297977)

   -- Pumpster Property Holdings Ltd. (Company Number 05725673);
      and

   -- YS&L Holdco Ltd.

The companies can be reached at:

         Ernst & Young LLP
         1 More London Place
         London
         SE1 2AF
         England


RECOMAC SURFACING: Goes Into Administration; 16 Jobs Axed
---------------------------------------------------------
Paul Flint and Brian Green from KPMG Restructuring in Manchester
have been appointed as Joint Administrators of Recomac Surfacing
Ltd, a manufacturer of specialist surfacing for motorways, roads,
car parks and footpaths.

The company, which employed 26 people from its site in Kearsley,
Manchester, is continuing to trade while a buyer is sought for the
business and assets.  A total of 16 people have been made
redundant as a result of the administration.

Established in 1992, the firm provides a full contracting service,
as well as the ability to work alongside local authorities and
major contractors to surface motorways, roads, car parks and
footpaths.  In addition, Recomac also provides surfacing to the
sports sector, including the installation of synthetic grass
pitches to cater for a variety of sports including rugby, tennis
and hockey and football, with previous clients including
Premiership football clubs across the region.

Paul Flint, director, KPMG Restructuring in Manchester, commented,
"Recomac recently completed the development of a 30 apartment
complex on its former site in Worsley.  Although this was fully
completed to a very high standard, the ongoing volatility in the
housing market has unfortunately meant that the company has been
placed into administration.  We would therefore encourage anyone
who is interested in acquiring the business, its assets or indeed
the development complex to contact us as soon as possible."

                    About KPMG LLP (UK)

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


ZEBRA DEVELOPMENTS: Appoints Joint Administrators from PwC
----------------------------------------------------------
David Thornhill and Ian David Green of PricewaterhouseCoopers LLP
were appointed joint administrators of Zebra Developments Ltd.
(Company Number 06444844) on Oct. 14, 2008.

The company can be reached at:

         Zebra Developments Ltd.
         651a Mauldeth Road West
         Chorlton, Manchester
         Lancashire
         M21 7SA
         England


* UK Retailers to Face a Tough Christmas 2008, PwC Says
-------------------------------------------------------
Christmas looks set to be very tough on the high street as
consumers cut back their spend even further.  According to PwC's
most recent consumer survey, 63% of respondents think they will be
worse off financially over the next 12 months, compared to only
37% six months ago.  This bodes badly for the festive period,
traditionally the most important time of the year for retailers.

Mark Hudson, UK retail and consumer leader at
PricewaterhouseCoopers, outlines how retailers will be tackling
the prospect of a not very merry Christmas.

"Christmas 2008 looks set to be a real nailbiter for retailers.
Recent turmoil in the financial markets is making consumers even
more jittery about parting with their cash.  Retailers will be
chasing sales through considerable discounting.  Online vouchers
offering discounts of 20% or more will continue to land in
people's inboxes.

"Christmas always comes, it's just later and later - this year the
game of 'sale chicken' between customers and retailers in the run-
up to Christmas will be especially nailbiting.  The combination of
terrible consumer confidence and retailers planning for the worst
means that like-for-likes will be negative versus last year.  I
would not be surprised if some fascias disappear from the UK high
street as further retail administrations occur."

Mark Hudson

Retailers have been preparing for Christmas for the past year,
reading the signs and developing strategies to deal with a
challenging Christmas.

Things they can do and will be doing are:

   -- reducing the number of product lines they stock;

   -- changing their price architecture;

   -- putting fewer staff hours into stores in order to
      protect their margin;

   -- significant discounting - in store and through offers
      such as online vouchers;

   -- developing their Internet presence as online shopping
      will be even more popular than last year.

            About PricewaterhouseCoopers LLP

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


* S&P Rates Various European Synthetic CDO Transactions
-------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating actions
on 77 European synthetic collateralized debt obligation (CDO)
tranches.

Specifically, the ratings on:

  -— 57 tranches were lowered; and
  -— 20 tranches were lowered and remain on CreditWatch negative;

Of the 57 tranches lowered:

  -— 35 reference U.S. residential mortgage-backed securities
     (RMBS) and U.S. CDOs that are exposed to U.S. RMBS, which
      have experienced recent negative rating actions; and

  -— 22 have experienced corporate downgrades in their
     portfolios.

The rating actions taken include the following recent
developments:

  -— Revised correlation assumptions for CDOs that reference
     financial intermediaries ("Criteria:Revised Correlation
     Assumptions For Rtng CDO/CDS Exposed To Financial
     Intermediaries," published on Oct. 3, 2008);

  -— Assumed recovery valuations of 91.51% for senior Fannie Mae
     debt and 99.90% for subordinated debt;

  -— Assumed recovery valuations of 94% for senior Freddie Mac
     debt and 98% for subordinated debt; and

  -- Assumed recovery valuations of 8.625% for Lehman Brothers
     Inc. debt.

S&P continues to review transactions that reference Fannie Mae,
Freddie Mac, Lehman, and other credit events, and will update the
ratings in due course.

Rating Action Summary

         Downgrades  Upgrades  Key corporate
         (no. of     (no. of   downgrades*
         tranches)   tranches)

Jan-08    57         8       United Parcel Service Inc.
                             (AAA/Watch Neg to AA-/Stable)
                             Jan. 9, 2008
                             Quebecor World Inc.
                             (CCC/Watch Neg to D)
                             Jan. 16, 2008
Feb-08    90         9       GMAC LLC
                             (BB+/Negative to B+/Negative)
                             Feb. 22, 2008
                             Residential Capital, LLC
                             (BB+/Negative to B/Negative)
                             Feb. 22, 2008
Mar-08    79         2       FGIC Corp.
                             (BBB/Watch Neg to B/Negative)
                             March 28, 2008
                             FGIC UK Ltd.
                             (A/Watch Neg to BB/Negative)
                             March 28, 2008
Apr-08   118         9       Royal Caribbean Cruises Ltd.
                             (BBB-/Negative to BB+/Stable)
                             April 3, 2008
                             Residential Capital, LLC
                             (B/Negative to CCC+/Watch Neg)
                             April 24, 2008
May-08   152         1       Countrywide Home Loans, Inc.
                             (BBB+/Watch Pos to BB+/Watch Dev)
                             May 2, 2008
                             Residential Capital, LLC
                             (CCC+/Watch Neg to CC/Watch Neg)
                             May 2, 2008
Jun-08   109         0       Ambac Assurance Corp.
                             (AAA/Negative to AA/Watch Neg)
                             June 5, 2008
                             MBIA Inc.
                             (AA-/Negative to A-/Watch Neg)
                             June 5, 2008
Jul-08    44        41       Radian Asset Assurance Inc.
                             (AA/Watch Neg to A/Watch Neg)
                             June 16, 2008
                             Countrywide Home Loans, Inc.
                             (BB+/Watch Dev to AA/Negative)
                             July 1, 2008
Aug-08    75        27       Residential Capital, LLC
                             (SD to CCC+/Negative)
                             July 15, 2008
                             Louisiana-Pacific Corp.
                             (BBB-/Negative to BB+/Watch Neg)
                             July 29, 2008
Sep-08    38         0       Radian Group Inc.
                             (BBB/Watch Neg to BB+/Negative)
                             Aug. 26, 2008
                             PMI Group Inc.
                             (BBB+/Negative to BBB-/Watch Neg)
                             Aug. 26, 2008
Oct—08    77         0       Lehman Brothers Inc.
                             (A+/Negative to A+/Watch Neg)
                             Sept. 9, 2008
                             (A+/Watch Neg to BB-/Watch Dev)
                             Sept. 15, 2008
                             (BB-/Watch Dev to D)
                             Sept. 23, 2008
                             Washington Mutual, Inc.
                             (BBB-/Negative to BB-/Negative)
                             Sept. 15, 2008
                             (BB-/Negative to CCC/Negative)
                             Sept. 24, 2008
                             (CCC/Negative to D)
                             Sept. 26, 2008
                             American International Group
                             (AA-/Watch Neg to A-/Watch Neg)
                             Sept. 15, 2008

For those transactions that have been on CreditWatch negative for
longer than 90 days, where S&P has either not received material
levels of information or relative portfolio credit quality has
not improved since the CreditWatch placement to a level sufficient
to affirm the rating, it has modeled recovery rates in accordance
with S&P's criteria and assessed portfolio quality based on its
credit quality.

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements made
on Oct. 10, 2008.  The second review was of the ratings on
tranches that have been on CreditWatch negative for more than 90
days.

Where SROC (synthetic rated overcollateralization) is less than
100%, S&P runs scenarios that project the current portfolio 90
days into the future, assuming no asset rating migration.  Where
this projection indicates that the SROC would return to a level
above 100% at that time, the rating is maintained, but S&P places
it on CreditWatch negative.  If, on the other hand, the projection
indicates that the SROC would remain below 100%, S&P immediately
lowers the rating.


* S&P Says Strong Liquidity Favors European Public Financing Firms
------------------------------------------------------------------
The six rated public sector financing organizations in Europe all
have very strong credit fundamentals, making them well-equipped
to cope with various forms of current market stresses, according
to a report published by Standard & Poor's Ratings Services.

The report, titled "Strong Liquidity Eases Funding Pressure On
European Public Sector Financing Organizations" and published on
RatingsDirect, states that these organizations are currently under
some pressure regarding, for example, having reduced access to
external funding for a limited time period.

However, their credit fundamentals -- for example, support
structures, asset quality, asset-liability management, and
liquidity buffers -- means that these organizations appear to have
enjoyed relatively stable operations and, until very recently, few
or no impediments to accessing funding.

The six rated public sector financing organizations are KBN
Kommunalbanken Norway, KommuneKredit, Kommuninvest i Sverige AB,
Municipality Finance PLC, Bank Nederlandse Gemeenten, and
Nederlandse Waterschapsbank N.V.  S&P rates all these
organizations AAA/Stable/A-1+.


* S&P Expects Public-Private Deals in Global Infrastructure Sector
------------------------------------------------------------------
Faced with a lack of funds to repair and construct transportation
infrastructure, countries around the globe are increasingly
turning to privatization as a solution, according to a report
published by Standard & Poor's Ratings Services titled "How
Public-Private Partnerships Could Pave The Way For Global
Infrastructure Upgrades."

The idea has been around for a while, particularly in Europe.
France, for example, has relied on private funding for more than
3,000 miles of intercity highways since World War II.

"Now, following Europe's lead, the U.S. and countries in Asia
and Latin America are also looking to investors to help rebuild
and refurbish transportation grids that simply can't meet the
needs of growing populations," said S&P's chief economist David
Wyss.

Countries around the world are turning to increasing public-
private partnerships (PPP) to draw more investment in
infrastructure projects.  Typically, PPPs are ventures financed
and operated by a partnership of a state or municipal government
and one or more private-sector entities.  While these agreements
can vary in detail, many involve the use of tax revenues for
investment, with operations run jointly, or an initial private-
sector investment with the promise of future revenues, such as the
collection of bridge tolls.  Worldwide, governments and investors
have made more than 1,100 transportation-related deals, valued at
US$360 billion, in the past two decades alone, according to the
U.S. Dept. of Transportation.

PPP test cases are popping up in the U.S.  In November of 2006,
Pennsylvania Governor Ed Rendell broached the idea of leasing
the Pennsylvania Turnpike to a private consortium -- not only to
repair and operate the toll road, but to help raise money to
improve other infrastructure in the state.  Emulating examples
of similar arrangements in Illinois, Texas, and Virginia, the plan
awaits the Pennsylvania legislature's vote.


* BOOK REVIEW: Crafting Solutions for Troubled Businesses:
              A Disciplined Approach to Diagnosing and
              Confronting Management Challenges
----------------------------------------------------------
Authors: Stephen J. Hopkins and S. Douglas Hopkins
Publisher:  Beard Books
Hardcover:  316 pages
List Price: US$74.95

Own your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982870/internetbankrupt

Crafting Solutions for Troubled Businesses: A Disciplined Approach
to Diagnosing and Confronting Management Challenges, by Stephen J.
Hopkins and S. Douglas Hopkins, will change the way you think
about the problems of businesses in distress.

The book will be of great value to turnaround management
practitioners, lenders facing loan covenant defaults, Board
Members of struggling companies who need a basis for evaluating
and assisting their management to realistically confront problems,
and private equity firm management facing problems with portfolio
companies or seeking to identify turnaround investment
opportunities.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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