TCREUR_Public/081103.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

           Monday, November 3, 2008, Vol. 9, No. 218

                            Headlines

A U S T R I A

CITY TAXI: Claims Registration Period Ends November 11
FERDINAND URBAN: Claims Registration Period Ends November 5
FRANZ WALLNER: Claims Registration Period Ends November 5
STINAKOVITS LLC: Claims Registration Period Ends November 10


D E N M A R K

STERLING: Files for Bankruptcy; Hit by Oil and Financial Crisis
UPM-KYMMENE: Profitability in Paper Business Improved in 3Q2008
UPM-KYMMENE: To Reduce Sawmilling & Plywood Production Capacity


F R A N C E

KORREDEN S.A.: Moody's Junks Corporate Family Rating


G E R M A N Y

BADER + HEIZUNGSTECHNIK: Claims Registration Period Ends Nov. 7
BIOPHOX GMBH: Claims Registration Period Ends November 7
CHRYSLER LLC: Half of Assembly Lines Could Close in GM Merger
DART-VERTRIEBS GMBH: Claims Registration Period Ends November 7
DOMO GMBH: Claims Registration Period Ends November 7

FROMME GMBH: Claims Registration Period Ends November 7
G.L.O.B.A.L. MANAGEMENT: Claims Registration Ends November 7
K & L HANDELS: Claims Registration Period Ends November 7
LODGING.GASTRO.SERVICE: Claims Registration Ends November 7


K A Z A K H S T A N

AKTOBE-VERTIKAL LLP: Creditors Must File Claims by Dec. 12
ASTANA JSC: Creditors' Claims Deadline Slated for Dec. 10
BURDA-ALATAU PRESS: Creditors' Claims Filing Period Ends Dec. 12
EXPRESS-SERVICE LLP: Creditors Must Register Claims by Dec. 12


K Y R G Y Z S T A N

AK JOL: Creditors Must File Claims by November 26


L U X E M B O U R G

CRC BREEZE: S&P Affirms BB+ Rating on EUR50 Million Class B Notes


R O M A N I A

CN TRANSELECTRICA: S&P Shift Outlook to Nega; Holds BB+ Ratings
TRANSGAZ SA: S&P Cuts Currency Rating to BB+ on Romania Downgrade


R U S S I A

BASH-MED-STEKLO OJSC: Creditors Must File Claims by December 24
BASH-MED-STROY LLC: Creditor Must File Claims by November 24
DEMIDOV-LES LLC: Creditors Must File Claims by November 24
IRKUTSKENERGO: Moody's Changes Outlook on B1 Rating to Negative
IRON TRAKS: Creditor Must File Claims by November 17

KORUND CJSC: Creditor Must File Claims by November 24
LES-KOM LLC: Creditor Must File Claims by November 24
PROEKT-STROY-KOMPLEKT: Court Starts Bankruptcy Supervision
STEKLO-PAK LLC: Creditor Must File Claims by November 24
SYKTYVDINSKIY TIMBER: Creditor Must File Claims by November 24

* BRATSK: S&P Places B+ Issuer Credit Ratings on Negative Watch


S W I T Z E R L A N D

B+L ELEKTROTECHNIK: Creditors Must File Claims by Nov. 13
DERSIYON HEIMTEXTIL: Deadline to File Claims Set Nov. 12
FORTUNA HERISAU: Creditors Have Until Nov. 10 to File Claims
GENERAL MOTORS: Some Merger Issues Solved; Financing Woe Remains
GENERAL MOTORS: Merger Could Mean Major Plant Closures & Layoffs

GENERAL MOTORS: S&P Keeps 'B-' Credit Ratings Under Negative Watch
HAFLIGER MEDIA: Proofs of Claim Filing Deadline is Nov. 13
UBS AG: Settles Credit Default Swap Dispute with Paramax


U K R A I N E

EXPOSOYUZ LLC: Creditors Must File Claims by November 7
FORLAND LLC: Creditors Must File Claims by November 8
KRIVBASRUDBUD CJSC: Creditors Must File Claims by November 7
KUPIANSK FOUNDRY-MECHANICAL: Claims Filing Period Ends by Nov. 7
LUTIGE CJSC: Creditors Must File Claims by November 7

NORINSK RUBBLE: Creditors Must File Claims by November 7
PRIDNIEPROVSKY NONFERROUS: Creditors Must File Claims by Nov. 8


U N I T E D   K I N G D O M

BRITISH AIRWAYS: ACCC to Impose Fine for Alleged Price Fixing
BRITANNIA BULK: NYSE Suspends Trading; To Delist Shares
BUTTS PARK: Taps Joint Administrators from Deloitte & Touche
CANARY WHARF: Talks Over Collateral Posting Deal Ongoing, S&P Says
FARRINGDON MORTGAGES: S&P Holds Rating on Class B2a Notes at BB

GWYN POWELL: Calls in Joint Administrators from BDO Stoy Hayward
PERSIMMON PLC: May Breach Interest-Cover Covenants, Analyst Says
PERSIMMON PLC: Financial Turmoil Prompts GBP600 Mln Writedowns
ROSEBYS GROUP: Closes 25 Stores; Talks Over Sale Continue
SERVIS UK: Appoints Joint Administrators from PwC

* Weakening Markets Pressure U.K. Building Societies, S&P Reports
* UK Employers Predict More Redundancies, a KPMG Survey Reveals
* PPF 2007/08 Annual Report Shows Deficit Reduced by GBP92 Mil.
* JCP Creates Corporate Recovery and Insolvency Team
* S&P Studies Aggregate Default & Recovery Stats of European Loans

* BOND PRICING: For the Week Oct. 27 to Oct. 31, 2008


                         *********


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


CITY TAXI: Claims Registration Period Ends November 11
------------------------------------------------------
Creditors owed money by KEG City Taxi Krammer (FN 221155d) have
until Nov. 11, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Sabine Gauper-Mueller
         Waaggasse 17
         9020 Klagenfurt
         Austria
         Tel: 0463/50 88 40, Fax: 0463/50 88 40-20
         E-mail: kanzlei@fgr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 18, 2008, for the
examination of claims at:

         The Land Court of Klagenfurt
         Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Oct. 9, 2008, (Bankr. Case No. 40 S 60/08a).


FERDINAND URBAN: Claims Registration Period Ends November 5
-----------------------------------------------------------
Creditors owed money by KG Ferdinand Urban (FN 11005i) have until
Nov. 5, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Helmut Klementschitz
         Friedrichgasse 6/12
         8010 Graz
         Austria
         Tel: 0316/810000
         Fax: 0316/810000-81
         E-mail: ra.klementschitz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:25 p.m. on Nov. 20, 2008, for the
examination of claims at:

         The Graz Land Court
         Room 230
         Second Floor
         Hall L
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Oct. 9, 2008, (Bankr. Case No. 25 S 83/08f).


FRANZ WALLNER: Claims Registration Period Ends November 5
---------------------------------------------------------
Creditors owed money by LLC Franz Wallner & Co. Kg (FN187084z)
have until Nov. 5, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Wilfrid Stenitzer
         Hauptplatz 32-34
         8430 Leibnitz
         Tel: 03452/82203, 82252
         Fax: 03452/86742
         E-mail: office@stenitzer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:10 p.m. on Nov. 20, 2008, for the
examination of claims at:

         The Graz Land Court
         Room 230
         Second Floor
         Hall L
         Graz
         Austria

Headquartered in Leibnitz-Leitring, Austria, the Debtor declared
bankruptcy on Oct. 8, 2008, (Bankr. Case No. 25 S 82/08h).


STINAKOVITS LLC: Claims Registration Period Ends November 10
------------------------------------------------------------
Creditors owed money by LLC Stinakovits have until Nov. 10, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Peter Hajek
         Blumengasse 5
         7000 Eisenstadt
         Austria
         Tel: 02682/63108
         Fax: 02682/65640
         E-mail: eisenstadt@hbw.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Nov. 24, 2008, for the
examination of claims at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Unterfrauenhaid, Austria, the Debtor declared
bankruptcy on Oct. 9, 2008, (Bankr. Case No. 41 S 46/08i).


=============
D E N M A R K
=============


STERLING: Files for Bankruptcy; Hit by Oil and Financial Crisis
---------------------------------------------------------------
Sterling Airlines A/S, on Wednesday, October 29, 2008, decided to
file for bankruptcy.

"In recent weeks, Sterling officers, directors and principal
shareholder struggled to keep the company afloat.  Sadly, this has
not had a positive outcome," the company said in a statement on
its Web site.

                          Background

During the last three years, the Sterling has been through a lot
of changes and since acquired by new shareholders in spring 2005
the company has taken on a merger with Maersk Air A/S.  In 2005,
the total loss of both airlines exceeded 800 MDKK and both owners
wanted out one way or the other.  Therefore, all jobs in both
airlines were at stake and so was also the competitive landscape
in Scandinavian aviation since only the presence of a low cost
carrier would ensure healthy competition and pricing on the
market.

The merger process started in the autumn of 2005 and lasted until
mid-year 2006, and by that time the company employed over 1,200
employees with far more job security than before, and it had
expanded its route network to enable more customers in Scandinavia
to travel for less money.

The company's operation was progressing positively and its
finances were improving considering the massive losses that had
been encountered in the preceding years.  In 2007, it was doing
very well and saw that more and more customers were choosing
Sterling, and it ended the year with a positive EBITDA
(operational profit) for the first time in many years.

                 Oil and Financial Crisis

With the global financial recession that started in the autumn of
2007, Sterling by winter 2007–2008 was seeing signs of stagnation
in the market.  Significant fuel cost increases, and at the same
time a planned heavy expansion of the company's activities, made
it more exposed than it would have been otherwise.

By spring 2008, the airline industry was hit by decreasing demand
and rapidly increasing fuel prices.  That led to Sterling
accumulating large losses.  During summer and autumn the
management of Sterling implemented a restructuring plan of the
company resulting in a reduction in fleet and manpower, and a
pull-out of a lot of loss-making activities, without compromising
our services.  The full effect of these actions were planned to
have impact start of 2009.

To get the company restructured, the shareholder of Sterling gave
financial support from the end of July 2008 to the end of
September 2008 transferring DKK444.5 million to the company.  The
plan was to continue financial support into 2009.  On
September 29, 2008, the Icelandic financial environment started to
collapse.  Over a 3 to 4 weeks period, the whole financial system
melted down, and that resulted in our shareholder being unable to
continue his support to the company.  Negotiations have been
conducted with several potential investors, but it was impossible
to make ends meet.  The inevitable result is that the company has
no option but to file for bankruptcy.

Based in Copenhagen, Denmark, Sterling Airlines A/S --
http://www.sterling.com/-- was an Icelandic-owned low-fare
airline.  At the end of 2005 Sterling had 1,600 staff and 29
aircraft.  The company flew to some European 40 destinations, with
Copenhagen Airport, Oslo Airport, Gardermoen and Stockholm Arlanda
Airport as primary hubs.


UPM-KYMMENE: Profitability in Paper Business Improved in 3Q2008
---------------------------------------------------------------
UPM-Kymmene Oyj released its interim report for
January-September 2008 on Tuesday, October 28, 2008.

   -- operating profit excluding special items was
      EUR216 million (195 million)

   -- earnings per share for the third quarter were EUR-0.17
     (0.23 for the third quarter of 2007), excluding special
      items EUR0.25 (0.23)

   -- higher paper prices together with stringent cost control
      improved profitability

Jussi Pesonen, UPM's President and CEO, comments on the result of
the third quarter of 2008: "During the third quarter, higher paper
prices together with stringent cost control improved
profitability.  Our competitive energy and pulp assets also
contributed to the better result.  The recent weakening of the
euro improves our profitability in all export markets."

"Proactive and timely capacity closures in magazine papers,
newsprint, and fine papers improved the market and customer mix of
our paper business.  However, the permanent and temporary closures
decreased our deliveries.  We also gave up some market share by
refusing low-priced contracts."

"While the operating profit improved in paper business, the
profitability in Label Materials and Wood Products was weak. Label
Materials suffers from poor demand development and increasing
costs.  In Wood Products, the cost of wood has remained high while
prices and demand for sawn timber and plywood have declined.  We
plan significant efficiency improvements in Label Materials and
will today announce plans to curtail production in Wood Products."

"With these plans we are ready to face the business environment of
slow growth and high costs."

"The demand for our products is not immune to the economic
slowdown.  We are confident, however, that the internal
restructuring and savings programs that we have successfully
implemented, will give us competitive advantage in this extremely
challenging financial environment."

"Our new business structure, announced in September, will help us
to leverage our competitive advantages.  Preparations for the new
structure have proceeded well, and we believe that it will have a
far-reaching impact on our operations."

"We estimate that our operating profit for the fourth quarter,
excluding special items and change in the fair value of biological
assets, will be about the same as last year.  Due to cost savings
from the ongoing profitability actions, an increase in the
company's overall costs for the full year is still expected to be
about 2%," says Pesonen.

                       About UPM-Kymmene

Headquartered in Helsinki, Finland, UPM-Kymmene Oyj is a global
forest products group with core businesses in printing papers,
speciality papers, label materials and wood products.  UPM has
production in 14 countries and employs about 26,000 people.  The
company's sales in 2007 exceeded EUR10 billion.  The group's key
mills are located in Finland, Germany, France, the UK, Austria,
the United States and China.  UPM's shares are listed on the OMX
Nordic Exchange Helsinki, and the company has an ADR program on
the OTC market in the United States.

                         *     *     *

UPM-Kymmene Oyj continues to carry a "BB+" Long Term Issuer
Default Rating and "B" Short Term Issuer Default Rating placed by
Fitch Ratings on July 28, 2008, with a Negative outlook.


UPM-KYMMENE: To Reduce Sawmilling & Plywood Production Capacity
---------------------------------------------------------------
UPM-Kymmene Oyj plans to temporarily reduce its sawmilling and
plywood production capacity in 2009.  UPM will begin employee
negotiations on a plan to temporarily reduce sawn and processed
timber products production at all the company's production units
located in Finland.  The main reason for the capacity reduction is
still weakening market situation.  The production reductions at
each mill will be carried out according to plan made separately
for each mill.  The employee negotiations on production reductions
and the possible temporary layoffs will start immediately.
Approximately 800 people are affected by the negotiations.

In addition, UPM plans temporary layoffs at its Heinola plywood
mill.  The company will begin employee negotiations due to the
quickly weakened market situation in birch plywood.  The whole
mill and all employee groups are affected by the employee
negotiations.  The possible layoffs in Heinola are estimated to
last over 90 days.

UPM Timber supplies sawn timber and further processed timber
products to the building, construction and joinery industries.
Annual production capacity is 2.4 million cubic meters of WISA
timber products.  UPM Timber has 16 production units in Austria,
Finland, France and Russia.  In Finland, UPM operates seven
sawmills which are located in Lappeenranta, Kajaani, Pietarsaari,
Korkeakoski, Heinola, Pori and Leivonmaki.  Earlier this year UPM
announced the closure of the Leivonmaki sawmill by the end of the
year.  UPM Timber employs 1,350 people.

Heinola plywood mill produces refined WISA plywood for mainly
concrete product, building and parquet industries.  The annual
production capacity is approximately 50,000 cubic meters of birch
plywood.  The number of employees is 230 people.

                       About UPM-Kymmene

Headquartered in Helsinki, Finland, UPM-Kymmene Oyj is a global
forest products group with core businesses in printing papers,
speciality papers, label materials and wood products.  UPM has
production in 14 countries and employs about 26,000 people.  The
company's sales in 2007 exceeded EUR10 billion.  The group's key
mills are located in Finland, Germany, France, the UK, Austria,
the United States and China.  UPM's shares are listed on the OMX
Nordic Exchange Helsinki, and the company has an ADR program on
the OTC market in the United States.

                         *     *     *

UPM-Kymmene Oyj continues to carry a "BB+" Long Term Issuer
Default Rating and "B" Short Term Issuer Default Rating placed by
Fitch Ratings on July 28, 2008, with a Negative outlook.


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F R A N C E
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KORREDEN S.A.: Moody's Junks Corporate Family Rating
----------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2 the
corporate family rating (CFR) and probability of default rating of
Korreden S.A., which is the ultimate holding company for the
French residential property developer Akerys.  At the same time,
Moody's has downgraded to Caa2 from Caa1 the rating of the EUR300
million of senior floating-rate notes due 2014 issued by Akerys
Holdings SA, a finance subsidiary of Korreden.  The Loss Given
Default assessment is LGD5 (78.05%). The ratings were kept on
review for possible further downgrade.

"The rating downgrades reflect the expected further weakening of
the company's financial metrics, as Moody's perceives a more
severe downturn in the French buy-to-let housing market as
consumer confidence further erodes," explains Lynn Valkenaar, a
Vice President - Senior Analyst in Moody's Corporate Finance
group.  Affordability and availability of finance for these
investments have also become more difficult.  Moody's is also
concerned with the announced review of the financing structure and
its potential negative implication for the bond holders.

Korreden's Caa1 CFR reflects the strong negative impact that
changed market conditions have had upon Akerys's sales volumes,
despite its leading position in the buy-to-let segment of the
homebuilding market and good geographic diversification within
France.  It also reflects the group's lack of financial
flexibility due to its high leverage, with total debt to total
book capitalization above 70%.  "Should sales volumes decline by
more than 20% coupled with pressures on pricing, which now looks
more likely, Moody's believes that the company's EBIT may not
cover interest expense," cautions Ms. Valkenaar.  "The ratings
also incorporate Moody's expectations that the group will continue
to proactively manage its inventory levels, but may struggle to
produce positive free cash flow over the coming financial year."

Moody's says that the review relates to (i) the company's ability
to continue generating positive cash flow and sufficient earnings
to cover interest expense in light of the harsh operating
environment, (ii) the extent to which the current dislocation in
the credit market may make it more difficult for the company to
secure new financing, and (iii) the outcome of the group's review
of its capital structure.

The last rating action for Korreden was implemented on
October 14, 2008 when its CFR was downgraded to B2 from B1 and
placed on review for a possible further downgrade.

Headquartered in Toulouse, France, Akerys is the largest player in
the buy-to-let segment of the French homebuilding market with
7,335 housing units sold in 2007-08.  The Korreden group's main
shareholder is investment holding company Qualis SCA (not rated),
with a 78% interest.  In the financial year to June 30, 2008, the
group reported revenues of EUR790 million.

Issuer: Akerys Holdings S.A.

  Downgrades:

   * Senior Secured Regular Bond/Debenture,
     Downgraded to Caa2 from Caa1

Issuer: Korreden S.A.

  Downgrades:

   * Probability of Default Rating, Downgraded to Caa1 from B2
   * Corporate Family Rating, Downgraded to Caa1 from B2


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


BADER + HEIZUNGSTECHNIK: Claims Registration Period Ends Nov. 7
---------------------------------------------------------------
Creditors of BHT Bader + Heizungstechnik GmbH have until
Nov. 7, 2008, to register their claims with court-appointed
insolvency manager Uta Plischkaner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 8, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Uta Plischkaner
         Joh.Stelling - Str. 1
         19053 Schwerin
         Germany
         Tel: 0385/ 591390

The District Court of Schwerin opened bankruptcy proceedings
against BHT Bader + Heizungstechnik GmbH on Sept. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BHT Bader + Heizungstechnik GmbH
         Attn: Gabriele Breuing, Manager
         Breite Strasse 3
         19061 Schwerin
         Germany


BIOPHOX GMBH: Claims Registration Period Ends November 7
--------------------------------------------------------
Creditors of Biophox GmbH & Co. KG have until Nov. 7, 2008, to
register their claims with court-appointed insolvency manager
Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Dec. 3, 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 1240
         12th Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany
         Tel: 99 22 30-0
         Fax: +4922199223035

The District Court of Cologne opened bankruptcy proceedings
against Biophox GmbH & Co. KG on Sept. 19, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Biophox GmbH & Co. KG
         Roesrather Str. 2-16
         51107 Cologne
         Germany

         Attn: Dr. Hartmut Krins, Manager
         Judenpfad 55 a
         50996 Cologne
         Germany


CHRYSLER LLC: Half of Assembly Lines Could Close in GM Merger
-------------------------------------------------------------
Neal E. Boudette and John D. Stoll at The Wall Street Journal
report that Grant Thornton LLP auto-industry consultant, Kimberly
Rodriguez, said that much of Chrysler LLC would disappear in a
merger with General Motors Corp.  Chrysler could close seven of
its 14 asembly plants and eliminate 19 of its 26 car and truck
lines due to the merger, WSJ says, citing a study released
Thursday by Grant Thornton.  The study indicates that about 30,000
to 40,000 of Chrysler's 66,000 workers would be laid off, and an
additional 50,000 jobs at suppliers and other companies would be
affected.

According to WSJ, Ms. Rodriguez warned that the impact on jobs and
the economy would be worse without a deal.  A merger would be "in
the interest of the shareholders, the workers, the U.S.
government, all the stakeholders.  The alternative would be
bankruptcy for Chrysler," the report says, citing Patrick Anderson
-- a consultant and founder of Anderson Economic Group.

Cerberus Capital Management LP and General Motors Corp. are in
talks of a possible merger between the two automakers.  According
to published reports, in that deal, GM would take over Chrysler,
which is majority-owned by Cerberus, and Cerberus would have a
much larger stake in GM's GMAC LLC.  Cerberus currently owns 51%
of GMAC.

Mr. Stoll and Jeff Bennett at The Wall Street Journal report that
a group of six governors -- Michigan, Delaware, Kentucky, New
York, Ohio and South Dakota -- sent a letter to Treasury Secretary
Henry Paulson and Federal Reserve Chairperson Ben Bernanke on
Wednesday, asking government officials to work under the
provisions of the Emergency Economic Stabilization Act to aid the
auto industry.

According to WSJ, Michigan Gov. Jennifer Granholm, is willing to
support a request for federal assistance for the GM-Chrysler
merger, if the companies ask for it.  The report says that Gov.
Granholm said, "We are in touch with GM and Chrysler all the time
and we want to be partners in these discussions we are having."

                   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.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.


DART-VERTRIEBS GMBH: Claims Registration Period Ends November 7
---------------------------------------------------------------
Creditors of Deutsche Electronic Dart-Vertriebs GmbH & Co. KG have
until Nov. 7, 2008 to register their claims with court-appointed
insolvency manager Hans-Peter Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on Dec. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Traunstein
         Meeting Hall C 001
         Herzog-Otto-Str. 1
         83278 Traunstein
         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-Peter Mueller
         Marienstr. 5
         83278 Traunstein
         Germany
         Tel: 0861/69999
         Fax: 0861/69941

The District Court of Traunstein opened bankruptcy proceedings
against Deutsche Electronic Dart-Vertriebs GmbH & Co. KG on Sept.
26, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Deutsche Electronic Dart-Vertriebs GmbH & Co. KG
         Sepp-Koestler-Str. 7
         83278 Traunstein
         Germany


DOMO GMBH: Claims Registration Period Ends November 7
-----------------------------------------------------
Creditors of Domo GmbH have until Nov. 7, 2008, to register their
claims with court-appointed insolvency manager Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 5, 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 C205
         Second 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:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

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

The Debtor can be reached at:

         Domo GmbH
         Promenade 51
         46047 Oberhausen
         Germany


FROMME GMBH: Claims Registration Period Ends November 7
-------------------------------------------------------
Creditors of Fromme GmbH & Co Fussbodenverlegung und Malerbetrieb
have until Nov. 7, 2008, to register their claims with court-
appointed insolvency manager Arne M. Gerhards.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 28, 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 Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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:

         Arne M. Gerhards
         An der Saline 3
         34385 Bad Karlshafen
         Germany
         Tel: 05672925440
         Fax: 05672925442

The District Court of Paderborn opened bankruptcy proceedings
against Fromme GmbH & Co Fussbodenverlegung und Malerbetrieb on
Sept. 10, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Fromme GmbH & Co Fussbodenverlegung und Malerbetrieb
         Am Gruenenberg 1
         37671 Hoexter
         Germany


G.L.O.B.A.L. MANAGEMENT: Claims Registration Ends November 7
------------------------------------------------------------
Creditors of G.L.O.B.A.L. Management GmbH have until Nov. 7, 2008,
to register their claims with court-appointed insolvency manager
Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on Dec. 2, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Heiko Fialski
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against G.L.O.B.A.L. Management GmbH on Oct. 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         G.L.O.B.A.L. Management GmbH
         Stenzelring 25
         21107 Hamburg
         Germany


K & L HANDELS: Claims Registration Period Ends November 7
---------------------------------------------------------
Creditors of K & L Handels- und Transport GmbH have until Nov. 7,
2008, to register their claims with court-appointed insolvency
manager Thomas Kehe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 5, 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 Goslar
         House II
         Kaiserbleek 8
         38640 Goslar
         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 Kehe
         Braunschweiger Str. 15a D
         38723 Seesen
         Germany
         Tel: 05381/93 56-0
         Fax: 05381/93 56 44

The District Court of Goslar opened bankruptcy proceedings against
K & L Handels- und Transport GmbHon Sept. 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         K & L Handels- und Transport GmbH
         Attn: Rolf Lange, Manager
         Muehlenstr. 13
         38704 Liebenburg
         Germany


LODGING.GASTRO.SERVICE: Claims Registration Ends November 7
-----------------------------------------------------------
Creditors of lodging.gastro.service und consulting GmbH have until
Nov. 7, 2008, to register their claims with court-appointed
insolvency manager Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Dec. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against lodging.gastro.service und consulting GmbH on Sept. 10,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         lodging.gastro.service und consulting GmbH
         Fuhlsbuettler Str. 682
         22337 Hamburg
         Germany


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


AKTOBE-VERTIKAL LLP: Creditors Must File Claims by Dec. 12
----------------------------------------------------------
the Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe-Vertikal insolvent.

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

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


ASTANA JSC: Creditors' Claims Deadline Slated for Dec. 10
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared JSC Astana insolvent.

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


BURDA-ALATAU PRESS: Creditors' Claims Filing Period Ends Dec. 12
----------------------------------------------------------------
Branch of LLP Kazakh German Enterprise Burda-Alatau Press has
declared liquidation.  Creditors have until Dec. 12, 2008, to
submit written proofs of claims to:

         Branch of LLP Kazakh German
         Enterprise Burda-Alatau Press
         Kubanskaya Str. 63-51
         Pavlodar
         Kazakhstan


EXPRESS-SERVICE LLP: Creditors Must Register Claims by Dec. 12
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Express-Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


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


AK JOL: Creditors Must File Claims by November 26
-------------------------------------------------
CJSC Enterprise on Passenger Traffic AK Jol Trans Service has shut
down.  Creditors have until Nov. 26, 2008, to submit written
proofs of claim to:

         CJSC AK Jol Trans Service
         Usenbayev Str. 3a
         Bishkek
         Kyrgyzstan


===================
L U X E M B O U R G
===================


CRC BREEZE: S&P Affirms BB+ Rating on EUR50 Million Class B Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BBB' long-
term debt rating on the EUR300 million class A senior secured
amortizing notes due in 2026 and the 'BB+' long-term debt rating
on the EUR50 million class B subordinated notes, due in 2016
issued by CRC Breeze Finance S.A. (Breeze Two).

The ratings were removed from CreditWatch where they were placed
with negative implications on Aug 8, 2008.  The outlook on the
notes is negative.

Furthermore, S&P revised the recovery rating on these notes to '2'
from '1', indicating its expectation of substantial recovery of
principal (in the range of 70% to 90%) in the event of a payment
default.

"The affirmation reflects our view that Breeze Two's problems with
the foundations of a portion of its turbine portfolio are not
acute and are potentially manageable," said S&P's credit analyst
Ralf Etzelmueller.  "The negative outlook reflects the possibility
that the longer term cost of resolving the problems could weaken
the financial profile of this project."

Based on the technical and legal review of potential problems with
Breeze Two's Vestas turbines by the company and its independent
experts, S&P understands that all of the turbines have been
examined, and the condition of most of the turbine foundations is
of no immediate concern.  It is S&P's understanding that all
affected turbines are up and running, performing in line with
expectations, and still benefiting from insurance coverage.
Nevertheless, S&P understands a few turbines require repairs over
the next two to three years and potential repair costs for the
entire Vestas V-80 and V-90 turbines employed could be substantial
over the longer term.

The company and its advisors contend that the foundation design
provided by Vestas and executed by subcontractors does not assure
the long-term stability of most of the Vestas turbines, unless
improvements are made to the foundations.

S&P understands that the legal claims filed could take several
months, even years, before preliminary or final decisions
concerning any liability are made by the respective court.  S&P
also understands that Breeze Two is in negotiations with the
turbine supplier to solve this issue.

CRC Breeze Finance S.A. (Breeze Finance), a Luxembourg-based
special-purpose vehicle, used the proceeds of its debt issues to
make a loan to Breeze Two Energy GmbH & Co. KG (Breeze Two) and
Eoliennes Suroit SNC.  Breeze Two is a German limited partnership
company and Eoliennes Sϋroit is a French unlimited liability
partnership.  Each have been formed for the purpose of acquiring,
constructing, owning, and operating a portfolio of 39 wind farms
with a nameplate capacity of 305 megawatts  in Germany (Breeze
Two) and 27 MW in France (Eoliennes Suroit).


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


CN TRANSELECTRICA: S&P Shift Outlook to Nega; Holds BB+ Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook to
negative from positive on Romania-based C.N. Transelectrica S.A.,
the 74% state-owned electricity transmission operator.  At the
same time, S&P affirmed its 'BB+' long-term foreign and local
currency corporate ratings on the company.

"The rating action follows the downgrade of the Republic of
Romania and reflects Transelectrica's vulnerability to a potential
further weakening in macroeconomic conditions," said S&P's credit
analyst Tania Tsoneva.

S&P's assessment of Transelectrica does not incorporate any
explicit state support into the ratings, which are not directly
linked to the ratings on the Republic of Romania (foreign currency
BB+/Negative/B; local currency BBB-/Negative/A-3).  Still, S&P
recognizes the company's natural monopoly status in Romania, its
strategic importance within the energy sector, and the large
portion of state guarantees on existing debt.

The ratings are constrained by worsening macroeconomic conditions
in Romania; exposure to remaining transition-economy features; a
major, partly debt-funded capital expenditure program; a
regulatory tariff reset risk; and below-average financial risk
management practices.  The ratings are supported by the company's
position as the monopoly electricity transmission system operator
in Romania, the relatively benign revenue cap tariff regulation,
and the company's adequate liquidity on the back of available cash
balances.

Transelectrica's creditworthiness may weaken if Romania's
macroeconomic environment further worsens on the back of
expansionary fiscal policy and/or a tightening of external finance
conditions.  Although the supportive regulatory framework
insulates Transelectrica from certain market risks and inflation,
the company's cash flow generation and debt protection may be
substantially affected by lower-than-forecast transmission volumes
and higher inflation that is not recovered in full or in a timely
basis through tariff increases.  The deteriorating conditions
might affect the payment collection as well.

The company's credit quality might be affected by its exposure to
financial risks in light of the approved-by-law dividend policy
and below-average financial risk management practices.  The
dividend policy sets distribution of annual net profits at a
minimum of 50% to the shareholders and up to 10% to the company's
employees.  Transelectrica does not hedge against interest rates
and foreign exchange risks, which are not adjusted under the
revenue cap regime.  At the end of December 2007, all of
Transelectrica's debt was at floating interest rates and in euros,
U.S. dollars, or Japanese yen.

At Dec. 31, 2007, the Republic of Romania guaranteed about 70% of
Transelectrica's total debt outstanding, although S&P does not
expect such guarantees for new debt.  Nevertheless, S&P expects
the state to provide implicit support, in particular by avoiding
policies that could adversely affect the company's credit quality.

The negative outlook on Transelectrica reflects the outlook on the
Republic of Romania as well as the possibility of further adverse
macroeconomic developments and their potential effect on
Transelectrica's credit quality.  Additional factors that could
put pressure on the ratings include a material increase in capital
expenditure, cost overruns, and their funding through debt.

"A negative change to the sovereign ratings would, in all
likelihood, lead to a downward revision of the ratings on
Transelectrica," said Ms. Tsoneva.

Conversely, S&P would expect to revise the outlook to stable if
the ratings or outlook on the sovereign improves.  Nevertheless,
the ratings on Transelectrica are not directly linked to the
sovereign ratings.


TRANSGAZ SA: S&P Cuts Currency Rating to BB+ on Romania Downgrade
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'BB+' from
'BBB-' its foreign currency corporate rating on Romania-based
S.N.T.G.N. Transgaz S.A. Medias, the 75% state-owned natural gas
transmission monopoly.  At the same time, the local currency
corporate rating was affirmed at 'BBB-'.  The outlook on both
ratings is negative.

"The rating action on Transgaz follows the downgrade of the
sovereign ratings on the Republic of Romania on the back of
mounting risks to Romania's real economy due to rising private
sector leverage and dependency on uncertain external financing,"
said S&P's credit analyst Tania Tsoneva.

For further information, please refer to the article titled
"Romania Downgraded On Mounting Risks To Real Economy; Outlook
Negative," published Oct. 27, 2008, on RatingsDirect.

S&P's assessment of Transgaz does not incorporate any explicit
state support into the ratings, which are not directly linked to
the ratings on the Republic of Romania (foreign currency
BB+/Negative/B; local currency BBB-/Negative/A-3).  Still, S&P
recognizes the company's monopoly status in Romania and its
strategic importance within the energy sector as the country's
natural gas transmission system operator.

The ratings on Transgaz continue to be underpinned by the sole
licensed status of the operator, the predictable cash flows
generated from regulated transmission activities, and the
company's strong financial profile.  These strengths are offset by
an outdated asset base, which requires continuous investment;
remaining transition-economy features; and worsening macroeconomic
conditions in Romania.

Transgaz's creditworthiness may weaken if Romania's macroeconomic
environment further worsens on the back of the government's
continued expansionary fiscal policy, but the company is
relatively well positioned to withstand macroeconomic shocks
compared with companies in other sectors due to its regulated
monopoly status.  Nevertheless, Transgaz's cash flow generation
and debt protection measures may be substantially affected by
higher-than-expected inflation that is not recovered in full or on
a timely basis through tariff increases, worsening payment
collection, or higher dividend distribution.

The regulatory framework is generally supportive in insulating
Transgaz from market and inflation risks and provides visibility
over a five-year period, the current one of which ends June 30,
2012.  Yet, Transgaz has some exposure to remaining transition-
economy features such as late payments, which may rise on the back
of the economic deterioration in Romania.  In addition, the
company's credit quality might be affected by its exposure to
financial risks in light of the approved-by-law dividend policy
and below-average financial risk management practices.  This is
mitigated by a strong capital structure with currently low debt
levels, with debt to equity of 7.7%.  Although transit revenues
provide a natural hedge to the loan repayments denominated in
foreign currency, this advantage is to expire soon as the bulk of
contracted investment loans should be repaid by 2010.  The company
has not entered into any interest rate or foreign currency hedges.

A large portion of Transgaz's debt (about 70% at Dec. 31, 2007)
benefits from letters of comfort issued by the Ministry of Economy
and Finance.

Factors that could put pressure on the ratings include the
possibility of further adverse macroeconomic developments, an
inability to execute or a delay to the mandatory investment
program and/or material overruns in capital expenditure or
operating costs.  The ratings could also come under pressure if
the state fails to support Transgaz's investment in the Nabucco
pipeline or if the project's financing arrangements, once known,
substantially impair the company's financial risk profile.

To maintain the ratings, S&P expects Transgaz to sustain low debt
leverage and solid cash flow protection measures.

A negative change to the sovereign ratings would, in all
likelihood, lead to a downward revision of the ratings on
Transgaz.  Conversely, S&P would expect to revise the outlook to
stable if the ratings or outlook on the sovereign improves.
Nevertheless, the ratings on Transgaz do not incorporate any
explicit state support and are not directly linked to the
sovereign ratings.


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


BASH-MED-STEKLO OJSC: Creditors Must File Claims by December 24
--------------------------------------------------------------
Creditors of OJSC Bash-Med-Steklo (Medical Glass Items
Production) have until Dec. 24, 2008, to submit proofs of claims
to:

         V. Karteshkov
         Insolvency Manager
         Izborskaya Str. 31
         450591 Chesnokovka
         Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A07–3937/2008-G-FLE.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Bash-Med-Steklo
         S. Yulayeva Str. 12
         452755 Tuymazy
         Bashkortostan
         Russia


BASH-MED-STROY LLC: Creditor Must File Claims by November 24
------------------------------------------------------------
Creditors of LLC Bash-Med-Stroy (TIN 0267011758) (Construction)
have until Nov. 24, 2008, to submit proofs of claims to:

         R. Amerkhanov
         Temporary Insolvency Manager
         Stroiteley Str. 4/24
         453837 Sibay
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene at 10:30
a.m. on Jan. 14, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A07–8926/2008G-GRA. .

The Debtor can be reached at:

         LLC Bash-Med-Stroy
         Sibay
         Bashkortostan
         Russia


DEMIDOV-LES LLC: Creditors Must File Claims by November 24
----------------------------------------------------------
Creditors of LLC Demidov-Les (TIN 6703004539) (Forestry) have
until Nov.24, 2008 to submit proofs of claims to:

         I. Stepanov
         Temporary Insolvency Manager
         Moskovskaya Str. 127/218
         Alatyr
         Russia

The Arbitration Court of Smolenskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No.
A-62–3540/2008.

The Court is located at:

         The Arbitration Court of Smolenskaya
         Gagarina Prospect 46
         Smolensk
         Russia

The Debtor can be reached at:

         LLC Demidov-Les
         Zaborye
         Demidovskiy
         Smolenskaya
         Russia


IRKUTSKENERGO: Moody's Changes Outlook on B1 Rating to Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B1
corporate family rating of AOEiE Irkutskenergo to negative.  At
the same time, Moody's Interfax Rating Agency, which is majority
owned by Moody's, lowered the national scale rating (NSR) of the
company to A2.ru from A1.ru.

The change in the outlook reflects the increased pressure on the
company's liquidity profile and the company's limited ability to
attract long-term funding under the current credit crunch. In
addition to the liquidity issues, the company's cash flow is
expected to be affected by higher financing costs.  In Moody's
view, the weakening economic environment for its major industrial
customers may also have an impact on the company's cash flow
generation.  The action on the company's NSR was prompted by the
change in outlook on the global scale rating.

With its debt profile absolutely dominated by short-term
maturities, Irkutskenergo will see refinancing challenges in 2009
and remains dependent on its bank partners' willingness to renew
current short-term credit facilities or open new ones.  The
company's short-term debt as of the beginning of the fourth
quarter of 2008 significantly exceeded the amount of unused credit
lines and available cash.  Irkutskenergo's restructuring, with the
grid business to be spun off as an independent business by the end
of 2008, additionally requires the company to buy back shares from
those minorities that voted against the company reorganization,
thus creating additional pressure on the company's liquidity
profile.

Moody's appreciates Irkutskenergo's efforts to arrange new bank
facilities through tenders, as required by the company's status of
a monopoly business.  The agency will monitor the company's
actions to negotiate new bank facilities or extend existing ones
that mature in order to address additional cash requirements
related to the reorganization and refinancing issues from the
fourth quarter of 2008 through 2009.  The company's corporate
family ratings could be downgraded if the company's liquidity
profile continued to weaken and/or if the agency saw material
deterioration in the company's financial performance in the
challenging economic environment.

Headquartered in the city of Irkutsk, Irkutskenergo has been an
integrated electric utility business focusing on the Irkutsk
region.  The company is being restructured with its transmission
and distribution grid business to be spun off as an independent
entity up to the end of 2008.  The company has three hydroelectric
power plants with an installed capacity of 9.0 GW and twelve
combined heat and power plants with a total capacity of 3.9 GW.
The company generates approximately 63% of its 2007 Rbl 28.8
billion revenues from sales of electricity and 30% from sales of
heat.  Irkutskenergo's controlling beneficiary shareholders are
the same as those of UC RusAl, the largest aluminium business in
Russia and an international leader in the metals sector.  The
Russian state represented by the Federal Property Agency has a 40%
stake in the company.


IRON TRAKS: Creditor Must File Claims by November 17
----------------------------------------------------
Creditors of LLC Iron Traks (Machine Industry) (TIN 7802164976)
have until Nov. 17, 2008, to submit proofs of claims to:

         M. Brylev
         Temporary Insolvency Manager
         Post User Box 119
         191123 Saint-Petersburg
         Russia

The Arbitration Court of St. Petersburg will convene on
Mar. 20, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. A56-23703/2008.

The Debtor can be reached at:

         LLC Iron Traks
         B. Sampsoniyevskiy Prospect 85
         194156 St. Petersburg
         Russia


KORUND CJSC: Creditor Must File Claims by November 24
-----------------------------------------------------
Creditors of CJSC Korund (Artificial Corundum Production) have
until Nov. 24, 2008, to submit proofs of claims to:

         V. Konev
         Temporary Insolvency Manager
         Apt. 38
         Mirnaya Str. 11
         305000 Kursk
         Russia

The Arbitration Court of Kurskaya will convene on Nov. 26, 2008,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A35–3606/08-S19G.

The Debtor can be reached at:

         CJSC Korund
         Kurchatov
         307240 Kurskaya
         Russia


LES-KOM LLC: Creditor Must File Claims by November 24
-----------------------------------------------------
Creditors of LLC Les-Kom have until Nov. 24, 2008, to submit
proofs of claims to:

         V. Shmanay
         Temporary Insolvency Manager
         Post User box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy will convene at 9:00
a.m. on Feb. 19, 2008, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A33-11687/2008.

The Court is located at:

         The Arbitration Court of Krasnoyarskiy
         Office 22
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Les-Kom
         Spandaryana Str. 7
         660020 Krasnoyarsk
         Russia


PROEKT-STROY-KOMPLEKT: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Stavropolskiy commenced bankruptcy
supervision procedure on LLC Proekt-Stroy-Komplekt.  The case is
docketed under Case No. A63–8785/08-S5.

The Temporary Insolvency Manager is:

         A. Golovchenko
         Apt. 28
         Pirogova Str. 68/3
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Proekt-Stroy-Komplekt
         Mira Str. 458B
         355000 Stavropol
         Russia


STEKLO-PAK LLC: Creditor Must File Claims by November 24
--------------------------------------------------------
Creditors of LLC Steklo-Pak (Multiple Glazed Unit Production) (TIN
3123101607) have until Nov.24, 2008 to submit proofs of claims to:

         N. Yakubenko
         Temporary Insolvency Manager
         Post User Box 110
         Belgorod-36
         Russia

The Arbitration Court of Belgorodskaya will convene on Feb. 3,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A08–3546/2008–14B.

The Debtor can be reached at:

         LLC Steklo-Pak
         Dzgoyeva Str. 4
         Belgorod
         Russia


SYKTYVDINSKIY TIMBER: Creditor Must File Claims by November 24
--------------------------------------------------------------
Creditors of LLC Syktyvdinskiy Timber Processing Complex have
until Nov.24, 2008 to submit proofs of claims to:

         D. Chirkov
         Temporary Insolvency Manager
         Office 22
         Oktyarskiy Prospect 69
         Syktyvkar
         167001 Komi
         Russia

The Arbitration Court of Komi will convene on Feb. 24, 2009, to
hear bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A29–7260/2008.

The Debtor can be reached at:

         LLC Syktyvdinskiy Timber Processing Complex
         Koyty
         Syktyvdinskiy
         Komi
         Russia


* BRATSK: S&P Places B+ Issuer Credit Ratings on Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' long-term
issuer credit rating and 'ruA+' Russia national scale rating on
the Russian City of Bratsk on CreditWatch with negative
implications.  Bratsk is located in the Irkutsk Oblast (B+/Watch
Neg/--).

"The CreditWatch placement reflects rising refinancing risks in
the near term for the city, which has a very short debt profile,
amid tightening credit conditions in the markets," said S&P's
credit analyst Irina Pilman.

By year-end 2008, Bratsk has to repay debt obligations totaling
RUR344 million (about US$12.7 million).

S&P will resolve the CreditWatch after it assesses the city's
refinancing plan in the new tightened credit conditions in
Russia's regions.

"If the city presents a credible refinancing plan, the ratings are
likely to be affirmed.  However, if the city is unable to do that,
or significant uncertainty remains as to city's ability to obtain
funding, S&P will likely lower the ratings," said Ms. Pilman.


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


B+L ELEKTROTECHNIK: Creditors Must File Claims by Nov. 13
---------------------------------------------------------
Creditors owed money by LLC B+L Elektrotechnik are requested to
file their proofs of claim by Nov. 13, 2008, to:

         Willi Buchel
         Nebengrabenstrasse 44
         9430 St. Margrethen
         Switzerland

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


DERSIYON HEIMTEXTIL: Deadline to File Claims Set Nov. 12
--------------------------------------------------------
Creditors owed money by LLC Dersiyon Heimtextil Schweiz are
requested to file their proofs of claim by Nov. 12, 2008, to:

         Akcan Lutfi
         Fellerstrasse 40/B4
         3027 Bern
         Switzerland

The company is currently undergoing liquidation in Zollikofen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 19, 2006.


FORTUNA HERISAU: Creditors Have Until Nov. 10 to File Claims
------------------------------------------------------------
Creditors owed money by LLC Fortuna Herisau are requested to file
their proofs of claim by Nov. 10, 2008, to:

         Viaduktstrasse 8
         9100 Herisau
         Switzerland

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


GENERAL MOTORS: Some Merger Issues Solved; Financing Woe Remains
----------------------------------------------------------------
Some problems in the General Motors Corp.-Chrysler LLC merger have
been resolved, except for issues including the financing of the
deal, Tom Krisher at The Associated Press reports, citing two
people familiar with the talks.

The AP relates that financing for the merger is complex and will
likely involve the federal government.  The report says that GM is
asking the Bush administration and some members of Congress for
US$10 billion to US$15 billion in aid to help keep the company
going and to possibly make the Chrysler deal work.

John D. Stoll and Jeff Bennett at The Wall Street Journal report
that a group of six governors -- Michigan, Delaware, Kentucky, New
York, Ohio and South Dakota -- sent a letter to Treasury Secretary
Henry Paulson and Federal Reserve Chairperson Ben Bernanke on
Wednesday, asking government officials to work under the
provisions of the Emergency Economic Stabilization Act to aid the
auto industry.

According to WSJ, Michigan Gov. Jennifer Granholm, is willing to
support a request for federal assistance for the GM-Chrysler
merger, if the companies ask for it.  The report says that Gov.
Granholm said, "We are in touch with GM and Chrysler all the time
and we want to be partners in these discussions we are having."

The AP quoted a source as saying, "There are issues besides
financing."

According to The AP, the sources said that GM would keep its
management should the company push through the merger, because the
firm would run the combined company.

Citing industry analysts, The AP states that at GM's cash burn
rate, it could reach the minimum cash levels required to operate
the company of US$11 billion to US$14 billion in 2009.  According
to the report, GM has launched a program to save US$10 billion
with internal cuts and raise some US$5 billion through asset sales
and borrowing, although tight credit is likely getting
in the way of those efforts.

GM is also postponing the launching of several models and engines,
The AP says, citing a person familiar with GM's product plans.
According to trade publication Automotive News, the delays are
aimed at saving money.

The AP reports that GM also extended its Nov. 1 deadline for
white-collar workers to accept buyout and early retirement
packages.  GM's spokesperson Tom Wilkinson said that the company
is hoping that more employees will take the offers and lessen the
number of involuntary cuts, according to The AP.

The Kyodo news agency in Japan relates that GM is asking Toyota
for help turning itself around.

A merger between Chrysler and GM could force Ford Motor Co. to
also look for a partner for an alliance or a merger, WSJ reports.

                   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.


GENERAL MOTORS: Merger Could Mean Major Plant Closures & Layoffs
----------------------------------------------------------------
Neal E. Boudette and John D. Stoll at The Wall Street Journal
report that Grant Thornton LLP auto-industry consultant, Kimberly
Rodriguez, said that much of Chrysler LLC would disappear in a
merger with General Motors Corp.  Chrysler could close seven of
its 14 asembly plants and eliminate 19 of its 26 car and truck
lines due to the merger, WSJ says, citing a study released
Thursday by Grant Thornton.  The study indicates that about 30,000
to 40,000 of Chrysler's 66,000 workers would be laid off, and an
additional 50,000 jobs at suppliers and other companies would be
affected.

According to WSJ, Ms. Rodriguez warned that the impact on jobs and
the economy would be worse without a deal.  A merger would be "in
the interest of the shareholders, the workers, the U.S.
government, all the stakeholders.  The alternative would be
bankruptcy for Chrysler," the report says, citing Patrick Anderson
-- a consultant and founder of Anderson Economic Group.

Cerberus Capital Management LP and General Motors Corp. are in
talks of a possible merger between the two automakers.  According
to published reports, in that deal, GM would take over Chrysler,
which is majority-owned by Cerberus, and Cerberus would have a
much larger stake in GM's GMAC LLC.  Cerberus currently owns 51%
of GMAC.

Mr. Stoll and Jeff Bennett at The Wall Street Journal report that
a group of six governors -- Michigan, Delaware, Kentucky, New
York, Ohio and South Dakota -- sent a letter to Treasury Secretary
Henry Paulson and Federal Reserve Chairperson Ben Bernanke on
Wednesday, asking government officials to work under the
provisions of the Emergency Economic Stabilization Act to aid the
auto industry.

According to WSJ, Michigan Gov. Jennifer Granholm, is willing to
support a request for federal assistance for the GM-Chrysler
merger, if the companies ask for it.  The report says that Gov.
Granholm said, "We are in touch with GM and Chrysler all the time
and we want to be partners in these discussions we are having."

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital 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.


GENERAL MOTORS: S&P Keeps 'B-' Credit Ratings Under Negative Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on General
Motors Corp. and on GM's 49%-owned finance affiliate GMAC LLC,
including the 'B-' credit ratings on both, remain on CreditWatch,
where they were placed with negative implications on Oct. 9, 2008.

"Since the CreditWatch placement, GM's situation has become
increasingly complex and extremely fluid in light of the weakening
global economic outlook and the state of the capital markets,"
said Standard & Poor's credit analyst Robert Schulz.  Also,
published reports continue to discuss the potential for a merger
or partnership between GM and privately held Chrysler LLC
(CCC+/Negative/--).  There have also been reports about the
potential for U.S. government-related financing or investment to
support some form of a Chrysler/GM combination.

It is important to note that S&P does not view the potential for
any eventual transaction involving GM and Chrysler-or any other
automaker-even in combination with government support, as a
panacea for these companies' credit concerns.  New access to
funding could slow the erosion of these companies' liquidity.
However, rapid and massive changes would likely be integral to a
business combination, raising the possibility of a financial
restructuring or strategic bankruptcy filing by one or more of the
parties to facilitate such changes. (Managements of both GM and
Chrysler insist they will not pursue such strategies.)

In any event, S&P's most fundamental and serious concerns
regarding GM and Chrysler remain unchanged: the pressures on
liquidity facing both automakers and their auto finance affiliates
during the rest of this year and 2009, caused by the rapidly
weakening state of most global automotive markets and continued
turmoil in the credit markets.

Given the many possible permutations of corporate combinations and
government support and the uncertain timing of such talks, and in
the absence of specific information confirmed by the parties, S&P
expects to complete its CreditWatch review in early November--and
not await the outcome of any current discussions.


HAFLIGER MEDIA: Proofs of Claim Filing Deadline is Nov. 13
----------------------------------------------------------
Creditors owed money by LLC Hafliger Media are requested to file
their proofs of claim by Sept. 23, 2008, to:

         Weichlerweg 3
         4665 Oftringen
         Switzerland

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


UBS AG: Settles Credit Default Swap Dispute with Paramax
--------------------------------------------------------
Paramax Capital International and UBS AG have reached an amicable
settlement that fully resolves all outstanding issues between UBS
and one of Paramax's affiliated investment vehicles related to a
credit default swap transaction entered into between the two
parties.

"We are pleased to have amicably resolved our differences with
UBS, a firm for which we have a great deal of respect," Paramax
Capital Partners Chief Executive Officer Gordon A. Baird.  "This
settlement allows Paramax to focus our efforts on the investment
opportunities at hand as well as our other initiatives underway."

                       About Paramax

Paramax Capital Group is a private equity and finance firm focused
exclusively on investments in the financial services sector.
Founded in 2003 and based in Stamford, Connecticut, the firm has
over US$2 billion of assets under management.  Paramax has
extensive experience in banking and financial services with
particular collateral expertise across a broad range of asset
types including the asset-backed, mortgage-backed and corporate
markets.

                         About UBS AG

Based in Zurich, Switzerland, UBS AG -- http://www.ubs.com/--
is a global provider of financial services for wealthy clients.
UBS's financial businesses are organized on a worldwide basis
into three Business Groups and the Corporate Center.  Global
Wealth Management & Business Banking consists of three segments:
Wealth Management International & Switzerland, Wealth Management
US and Business Banking Switzerland.  The Business Groups
Investment Bank and Global Asset Management constitute one
segment each.  The Industrial Holdings segment holds all
industrial operations controlled by the Group.  Global Asset
Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.

                         *     *     *

For second quarter of 2008, UBS reported a Group net loss
attributable to shareholders of CHF358 million.

As reported in the Troubled Company Reporter-Europe on Oct. 6,
2008, UBS said it will reposition its Investment Bank following a
detailed review of the strategy by the Chairman and CEO of the
Investment Bank, Jerker Johansson, members of the Group
Executive Committee and the UBS Board of Directors.  According to
UBS, the Investment Bank will re-prioritize its business portfolio
to preserve its core strengths and client franchises across
Equities, IBD and FICC, while downsizing or exiting certain
business activities.  The Investment Bank will reduce net
headcount by an additional 2,000, bringing staffing levels to
approximately 17,000 by year-end, a reduction of around 6,000
since the peak in third quarter 2007.  Reductions will be
predominantly targeted to businesses being exited or downsized in
order to protect and sustain core client franchises.


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


EXPOSOYUZ LLC: Creditors Must File Claims by November 7
-------------------------------------------------------
Creditors of LLC Exposoyuz (code EDRPOU 32446331) have until
Nov. 7, 2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 22, 2008.
The case is docketed as B-39/106-08.


FORLAND LLC: Creditors Must File Claims by November 8
-----------------------------------------------------
Creditors of LLC Exposoyuz (code EDRPOU 32446331) have until
Nov. 8, 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 proceedings
against the company after finding it insolvent on Oct. 2, 2008.
The case is docketed as 7/188-08-3247.

The Debtor can be reached at:

         LLC Exposoyuz
         Bolgarskaya Str. 25
         Odessa
         Ukraine


KRIVBASRUDBUD CJSC: Creditors Must File Claims by November 7
------------------------------------------------------------
Creditors of CJSC Krivbasrudbud (code EDRPOU 01239051) have until
Nov. 7, 2008, to submit proofs of claim to:

         Alexander Vozdvizhensky
         Liquidator
         P.O. Box 1799
         49027 Dnipropetrovsk
         Ukraine
         Tel/Fax: 8(056)744-21-37, 770-22-92

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 30, 2008.  The case is docketed as B 15/88-08.

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

The Debtor can be reached at:

         CJSC Krivbasrudbud
         Svetlogorskaya Str. 74
         Krivoy Rog
         50011 Dnipropetrovsk
         Ukraine


KUPIANSK FOUNDRY-MECHANICAL: Claims Filing Period Ends by Nov. 7
----------------------------------------------------------------
Creditors of CJSC Kupiansk Foundry-Mechanical Plant (code EDRPOU
32785486) have until Nov. 7, 2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 19, 2008.
The case is docketed as B-39/96-08.


LUTIGE CJSC: Creditors Must File Claims by November 7
-----------------------------------------------------
Creditors of CJSC Agricultural Fishing-Industrial Enterprise
Lutige (code EDRPOU 02798479) have until Nov. 7, 2008, to submit
proofs of claim to:

         O. Agafonov
         Liquidator/Insolvency Manager
         P.O. Box 88
         01024 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 8, 2008.
The case is docketed as B 11/283-08.

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

The Debtor can be reached at:

         CJSC Agricultural Fishing-Industrial Enterprise Lutige
         Vetrianoy Str. 42
         Lutige
         Vyshgorod District
         07352 Kiev
         Ukraine


NORINSK RUBBLE: Creditors Must File Claims by November 7
--------------------------------------------------------
Creditors of OJSC Norinsk Rubble Chippings Plant (code EDRPOU
04865033) have until Nov. 7, 2008, to submit proofs of claim to:

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

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 19, 2008.
The case is docketed as 14/261-b.

The Debtor can be reached at:

         OJSC Norinsk Rubble Chippings Plant
         Norinsk
         Ovrutsky District
         11100 Zhytomir
         Ukraine


PRIDNIEPROVSKY NONFERROUS: Creditors Must File Claims by Nov. 8
---------------------------------------------------------------
Creditors of State Enterprise Pridnieprovsky Nonferrous Materials
Plant (code EDRPOU 25015310) have until Nov. 8, 2008, to submit
proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Oct.
2, 2008.  The case is docketed as B 26/159-08.

The Debtor can be reached at:

         State Enterprise Pridnieprovsky Nonferrous Materials
         Plant
         Anoshkin Avenue 179
         Dnieprodzerzhynsk
         51917 Dnipropetrovsk
         Ukraine


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


BRITISH AIRWAYS: ACCC to Impose Fine for Alleged Price Fixing
-------------------------------------------------------------
The Australian Competition and Consumer Commission, on Tuesday,
October 28, 2008, instituted separate proceedings in the Federal
Court, Sydney, against Qantas Airways Limited and British Airways
PLC seeking penalties for alleged price fixing between 2002 and
early 2006.

The alleged contraventions relate to fuel surcharges applied to
international carriage of air cargo during that period.

"The airlines are the first to be proceeded against in Australia
because both came forward and voluntarily made admissions under
the ACCC's Cooperation Policy," Chairman, Mr Graeme Samuel, said
Tuesday.

"The ACCC continues to investigate other airlines, some of which
are assisting voluntarily, while others are not.  The ACCC expects
to be able to resolve its investigations with other cooperating
airlines shortly."

Overseas regulators have brought a number of recent actions
concerning cartel conduct by international airlines, including in
relation to air freight.  The Department of Justice in the United
States of America has reached settlements with a number of
airlines.

In both cases the parties have reached agreement with the ACCC as
to the penalty they will recommend is appropriate for the court to
impose.

The recommended penalties reflect the serious nature of the cartel
contraventions and, in the case of Qantas, its very large share of
the Australian segment of the market.  However, they also reflect
the parties' high and continuing cooperation in the ACCC's
investigation.

"As soon as the Qantas board learned of the conduct, it instructed
its legal department and staff to make an exhaustive investigation
and to provide full assistance.  Qantas has continued to assist
and provide evidence both in relation to its own conduct and that
of others.  Its behavior after learning of the conduct in its
freight division has set a standard we would hope all companies
finding themselves in a similar position would follow.

"British Airways has also provided significant information as to
its own role and that of others.  It too has made available staff
to assist and voluntarily responded to multiple requests for
information and undertaken to continue doing so."

Other orders to be sought with the consent of the parties include
in each case injunctions and a contribution to the ACCC's costs.
Ultimately, it is a matter for the court to determine the level of
penalty to be imposed upon Qantas and British Airways and the
making of any other orders.

Mark Bendeich at Reuters reports Qantas Airways agreed to pay a
A$20 million (US$12.2 million) fine for its part in the price-
fixing case.  The airline, Reuters notes, also vowed to help
regulators as they probed 30 other airlines over the issue.

Reuters discloses British Airways also agreed to pay A$5 million,
bringing an end to its involvement in the investigation.

                  About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
-- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd.  and British Airways
Travel Shops Ltd.  BA has offices in India and Guatemala.

                         *     *     *

British Airways Plc continues to carry a "Ba1" senior
unsecured debt rating from Moody's with a stable outlook.


BRITANNIA BULK: NYSE Suspends Trading; To Delist Shares
-------------------------------------------------------
NYSE Regulation Inc., on Wednesday, October 29, 2008, suspended
trading of Britannia Bulk Holdings Inc.'s common stock, finchannel
reports.

NYSE Regulation, finchannel discloses, determined that the
security is no longer suitable for trading after the company
announced on Wednesday that the lenders under its wholly owned
subsidiary's US$170 million term loan facility provided notice of
acceleration and demanded immediate repayment of the loan, accrued
interest thereon and other amounts due of approximately of
US$158.7 million.

finchannel relates NYSE Regulation also considered the "abnormally
low" trading level of the common stock, which closed at US$0.27 on
Tuesday, October 28, 2008, with a resultant market capitalization
of approximately of US$5 million.

finchannel notes application to the U.S. Securities and Exchange
Commission to delist the issue is pending the completion of
applicable procedures.

As reported in the TCR-Europe on October 31, 2008, the company is
currently in negotiations with lenders regarding a sale of certain
of its assets, which, if consummated, is not expected to result in
any return to its common shareholders.

               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 October 31, 2008, 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.

On October 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.


BUTTS PARK: Taps Joint Administrators from Deloitte & Touche
------------------------------------------------------------
Daniel Francis Butters and Dominic Lee Zoong Wong of Deloitte &
Touche LLP were appointed joint administrators of Butts Park
Ventures Ltd. (Company Number 02658819) on Oct. 17, 2008.

The company can be reached at:

         Deloitte & Touche LLP
         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


CANARY WHARF: Talks Over Collateral Posting Deal Ongoing, S&P Says
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it is aware that
discussions are ongoing between transaction parties regarding the
mechanics of the collateral posting arrangements in Canary Wharf
Finance II PLC.

In its media release published on Oct. 9, 2008, S&P indicated that
the ratings on the notes issued by Canary Wharf Finance II could
be put under pressure if collateral is not posted.

S&P has been informed that the discussions regarding collateral
posting will be concluded promptly.  This is particularly
important to the agency's ratings as the initial AIG downgrade
occurred on Sept. 17, 2008 and S&P would have expected collateral
to have been posted by now.

In the circumstances of this transaction where transaction parties
are in active dialogue on arrangements following the downgrade of
a counterparty, S&P is not minded to downgrade transactions where
its criteria timing requirements are not strictly met.  However,
undue delay would put the ratings on the notes under pressure.


FARRINGDON MORTGAGES: S&P Holds Rating on Class B2a Notes at BB
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised and removed from
CreditWatch positive its credit rating on the class M2a notes
issued by Farringdon Mortgages No. 1 PLC following a significant
increase in the credit enhancement for the deal.  S&P affirmed all
other classes of notes in this transaction.

The rating actions follow a full credit and cash flow analysis of
the most recent loan-level information S&P has received.  The
transaction is well seasoned and the credit enhancement has
increased significantly, with the pool factor at 24%.

As of the October 2008 interest payment date, 90+ day arrears
(including repossessions) were 26.4%. The transaction is paying
sequentially and will continue to do so while the 90+ day arrears
percentage is above 22.5% .  The reserve fund is currently at
GBP3.2 million (10.4% of the outstanding note balance).
Collection rates have remained high in third quarter 2008.

All loans are paying a floating rate of interest linked to LIBOR.
For the current period LIBOR is set at 6.21%, an increase of 39
basis points since the previous period.  This will place pressure
on borrowers' mortgage payments in the short term, but S&P expects
collection rates to remain relatively high.

The notes, issued in February 2005, are backed by a portfolio of
first-ranking residential mortgages secured over freehold and
leasehold properties in England and Wales.

Farringdon Mortgages No. 1 PLC:

  -- GBP125 Million Mortgage-Backed Floating-Rate Notes

Rating Raised And Removed From CreditWatch Positive:

Class      To          From
-----      --          ----
M2a        AA      A/Watch Pos

Ratings Affirmed:

A2a         AAA
A2a DAC     AAA
B1a         BBB
B2a         BB
MERCs       AAA


GWYN POWELL: Calls in Joint Administrators from BDO Stoy Hayward
----------------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP (Company Number 03484873) (t/a Space Tailors) were
appointed joint administrators of Gwyn Powell &  Son Ltd.


PERSIMMON PLC: May Breach Interest-Cover Covenants, Analyst Says
----------------------------------------------------------------
Robin Hardy, analyst with KBC Peel, has raised concerns over
Persimmon plc's GBP900 million debt, John Leitch at Contract
Journal reports.

Mr. Hardy, Contract Journal relates, warned that "there is a risk
that the group's debt facilities will mature at a faster rate than
its ability to generate the cash to pay down its debt
requirements."

Mr. Hardy, as cited by Contract Journal, said that while Persimmon
is seen as a good business, commercially and financially, without
a refinancing of its debt –- ideally in the near future -– it will
be trading through the next two years just to "keep ahead of the
next maturity".

Mr. Hardy expects Persimmon to breach its interest-cover covenants
in the first half of 2009, Contract Journal discloses.

"Cash interest is forecast to be covered by EBITDA [a measure of
profit] just twice –- the covenants require at least three-times
cover," he said.

Contract Journal notes that according to the analyst, Persimmon
may have to surrender some of its debt facilities or redeem some
of them early if a breach occurs.  He cautioned the group may not
have sufficient resources to fund its working capital requirements
by the end of 2010 if debt capacity is withdrawn.

Persimmon, Contract Journal reveals, is expected to lose about
GBP1.1 billion of its borrowing capacity by November 2010, leaving
the house builder with just an estimated GBP290 million of
borrowing facilities.

Contract Journal says the group must generate a gross GBP1.3
billion in the five and a half years from June 2008 to be able to
meet all spending commitments, as well as feeding the cost of its
current debt, while holding actual debt at a level within the
GBP290 million limit.

                     About Persimmon Plc

Headquartered in Fulford York, United Kingdom, Persimmon Plc --
http://www.persimmonhomes.com/-- engages in house building in
England, Wales and Scotland.  It trades under the brand names of
Persimmon Homes, Charles Church, City Developments, Westbury
Partnerships and Space4.


PERSIMMON PLC: Financial Turmoil Prompts GBP600 Mln Writedowns
--------------------------------------------------------------
Persimmon plc released its third quarter Interim Management
Statement.  This report has been brought forward from the
previously announced date of November 18, 2008 in view of the
impact that the recent significant events in financial markets
have had on the UK housing market, in particular the further
pressure being experienced on selling prices and, consequentially,
residential land values.

The Group said, "We anticipate that our underlying trading results
for the full year will be in line with expectations.  We expect to
legally complete about 10,000 homes for the year ending December
31, 2008.  Sales revenues for this year including legal
completions to date are at about GBP1.8 billion with a further
about GBP250 million of sales already taken for 2009."

"Since we reported our Half Year results on August 21, 2008 we
have encountered deteriorating trading conditions.  The
uncertainty created in the housing market by the increasingly
turbulent and uncertain outlook in financial markets has had a
negative impact on all our regions across the UK.  The
availability of mortgages has continued to be very restricted and
cancellation rates have increased to about 35% over recent weeks
due to these market uncertainties.  Sales conditions remain
extremely competitive, while incentives and marketing costs are
increasing leading to further margin pressures.

"We continue to control all our costs tightly.  As previously
reported we are maintaining an extremely cautious approach to work
in progress expenditure and continue with the planned reduction of
our landbank in line with the scale of our business.  We also
remain focused on increasing social housing sales volumes.  This
year we expect to increase these volumes by about 25%."

"When we announced our half year results in August we stated that
we would continue to review the value of our land holdings in the
light of market conditions.  During H1 2008 we experienced selling
price weakness of about 5%.  At the half year stage we made a net
realizable value provision against our land holdings of GBP40
million as a consequence of this price weakness together with the
anticipation of a further about 5% reduction in the second half of
the year.  As a result of the increased downward pressure on
selling prices currently experienced, we now anticipate about 10%
reduction for H2 2008 with this continuing trend of price falls.

"From an accounting standpoint we have undertaken a thorough
review of all our land based on prudent assumptions.  This has
resulted in a net realizable provision requirement of a further
about GBP600 million.  The total provision represents about 19% of
stock value at June 2008 and would result in a pro forma net asset
value at that date of about 610 pence per share.  The additional
provision requirement will be accounted for in the second half and
further details will be provided when we announce our Preliminary
Results for the current year on
March 3, 2009."

"Despite the market deterioration, we expect our borrowings to
have reduced during the second half, with our planned cash
generation in line with previous guidance and that our debt will
reduce further during 2009.  The Group continues to comply with
all its financing covenants.

"We are fully supportive of the Government's initiatives to
increase mortgage availability to 2007 levels.  Until this begins
to take effect we do not expect to see any improvement in trading
conditions and we continue to carefully monitor all our
activities.  In the meantime our focus remains on generating cash
and reducing overall working capital levels to maintain a strong
balance sheet for the future."

According to Bloomberg News, Persimmon writedowns' are the biggest
booked by any of the country's housebuilders during the current
slump.

                     About Persimmon Plc

Headquartered in Fulford York, United Kingdom, Persimmon Plc --
http://www.persimmonhomes.com/-- engages in house building in
England, Wales and Scotland.  It trades under the brand names of
Persimmon Homes, Charles Church, City Developments, Westbury
Partnerships and Space4.


ROSEBYS GROUP: Closes 25 Stores; Talks Over Sale Continue
---------------------------------------------------------
The Joint Administrators of the Rosebys group of companies have
closed a further 25 stores last week, and continue negotiations
regarding a sale of the business.

The 25 stores closed last week, and accompanying redundancy
figures, are:

    * Bromborough (7)
    * Gateshead (7)
    * Warrington (6)
    * Stoke (8)
    * Bishopbriggs (7)
    * Doncaster (5)
    * Bolton (5)
    * Stockport (5)
    * Stafford (5)
    * Lincoln (5)
    * Cumbernauld (6)
    * Gloucester (6)
    * Greenock (7)
    * Nottingham (4)
    * Wrexham (5)
    * Kilmarnock (6)
    * Letchworth (5)
    * Barrow (5)
    * Gillingham (1)
    * Reading (4)
    * Scunthorpe (3)
    * Milton Keynes (4)
    * Waltham Abbey (4)
    * Biggleswade (9)
    * North Finchley (5)


                     About KPMG LLP (UK)

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

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

                      About Rosebys

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

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

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


SERVIS UK: Appoints Joint Administrators from PwC
-------------------------------------------------
Anthony Stephen Barrell and Robert Jonathan Hunt of
PricewaterhouseCoopers LLP were appointed joint administrators of
Servis UK Ltd. (Company Number 05934467) on Oct. 17, 2008.

The company can be reached at:

         Servis UK Ltd.
         PO Box 14
         Darlaston Road
         Wednesbury
         West Midlands
         WS10 7TJ
         England


* Weakening Markets Pressure U.K. Building Societies, S&P Reports
-----------------------------------------------------------------
Aside from Iceland and the U.S., the U.K.'s banking system has
been one of the hardest hit by the adverse economic and financial
market environment, Standard & Poor's Ratings Services noted in
a report published on RatingsDirect titled "Smaller U.K. Building
Societies Pressured By Deteriorating Economy And Property
Markets."  This is reflected in recent government actions
including the nationalization of Northern Rock PLC and Bradford &
Bingley PLC, the proposed waiver of anti-trust rules to enable
Lloyds TSB Group PLC's agreed acquisition of HBOS PLC for less
than book value, and the announced injection of up to GBP37
billion of Tier 1 capital into HBOS, Lloyds TSB, and Royal Bank of
Scotland Group PLC.

These events have overshadowed developments at U.K. building
societies.  This sector has seen renewed consolidation activity in
recent months, with three societies initiating mergers with larger
counterparts after incurring losses on specialist residential
mortgages, commercial loans, and Icelandic bank exposures.

"We consider that the deteriorating U.K. economy and property
markets will drive higher credit losses at banks and building
societies alike in the coming years," said S&P's credit analyst
Richard Barnes.  "We expect that the robust capital, liquidity,
and asset quality profiles of most societies will see them through
this challenging period," he added.  However, as in the U.K.
recession of the early 1990s, some building societies will
struggle to remain independent.  The most vulnerable would appear
to be those which materially diversified into relatively higher
risk loans and investments as spreads came under pressure prior to
mid-2007.  Many societies have  relatively modest earnings and
capital bases in absolute terms, and could therefore struggle to
absorb concentrated risk charges on a loan portfolio or large
counterparty exposure.

Larger building societies have, in S&P's view, an exemplary track
record in supporting struggling brethren through mergers. As a
result, according to the sector's trade association, no investor
has lost money since at least 1945.  The rating agency expects
further consolidation, probably with regulatory encouragement, as
the economic downturn plays out.  However, S&P believes it is
likely that larger societies will intervene only if the
transactions do not compromise their balance sheet strength or
members' interests.

There are currently 59 U.K. building societies, of which S&P rates
only the three largest by asset size: Nationwide Building Society
(A+/Stable/A-1+), Britannia Building Society (A-/Stable/A-2), and
Yorkshire Building Society (A/Negative/A-1). S&P's information on
the others is limited to publicly available data, which often
comprise annual accounts only.


* UK Employers Predict More Redundancies, a KPMG Survey Reveals
---------------------------------------------------------------
A survey of 721 UK employers reveals that the UK economy should be
braced for yet more redundancies in the year ahead, with older
workers set to bear the brunt.  The CIPD/KPMG Labour Market
Outlook "Redundancy Special" reveals that more than a quarter of
employers (26%) have contingency plans to make new or further
redundancies in the next twelve months in addition to those
already planned.

Organizations who have already made or planned to make
redundancies in the next three months are more likely to be
considering further job cuts in the next twelve months.  The news
comes on the back of grim unemployment statistics, which show that
redundancy activity has increased sharply in recent months.

Almost one in five employers say that they are going to enforce
the Government's retirement age policy -- which allows UK
organizations to make workers over 65 redundant without having to
provide a business reason for doing so -- more vigorously. The
report also shows that the average cost for making workers
redundant now stands at more than GBP10,000.

Dr. John Philpott, CIPD Chief Economist comments, "The props that
have held up the jobs market in the past year are being kicked
away.  Employers have held off from making redundancies until
recently; but the current economic situation is forcing employers
to make redundancies and many more to consider making new or
further redundancies in the year ahead.  Clearly, many
organizations are keeping one eye on the economy before
formalizing any further redundancy programs.  The Bank of England
can help improve business confidence with at least a half
percentage point cut in interest rates in November."

"However, with the cost of redundancy now running at more than ten
thousand pounds, there is a financial incentive for organizations
to hold on to staff where they can.  This is easier said than done
in such tough times; but the business performance of organizations
will be strengthened if they have the right people and skills in
place to prepare them for the inevitable upturn in the economy."

Dave Conder, KPMG HR Director comments: "Redundancy doesn't have
to be the only cost reduction option for businesses during
difficult times.  Closing down recruitment avenues, deploying
flexible resource management and simply having controls on
optional spending will all help in the long run.  Redundancy is
sometimes a short term fix to the problems that businesses
experience in a downturn.  The survey clearly shows that making
redundancies will cost employers on average GBP10,000 per head
which could take several months to recoup.  There is no doubt many
businesses will have to look carefully at their cost reduction
options and weigh up the short and long term effects to their
businesses."

Key findings:

    * Of the 26% of organizations who have contingency plans in
      place to make further redundancies in the coming year, 59%
      of them are planning to make redundancies in the next 3
      months.  In comparison, of the 73% who don't have
      contingency plans in place to make further redundancies in
      the coming year, just 13% of them are planning to make
      redundancies in the next 3 months.

    * The majority of redundancies in both the private and
      voluntary/not for profit sectors are compulsory (81%) in
      sharp contrast to the public sector where 62% are
      voluntary.

    * Managers and professionals and skilled non-manual workers
      are most likely to suffer from the redundancy cull.

    * Half (50%) of organizations surveyed offer redundancy pay
      above the statutory minimum.

    * The average cost of making an employee redundant varies
      greatly across sectors.  The average payment in the public
      sector is GBP17,926, compared with GBP8,981 and GBP7,629
      in the private and voluntary sectors respectively.  The
      average payment across all sectors is GBP10,575.

                   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.


* PPF 2007/08 Annual Report Shows Deficit Reduced by GBP92 Mil.
--------------------------------------------------------------
The Pension Protection Fund, on Wednesday, October 29, 2008,
published its annual report for 2007/08.

The report confirms that:

    * by the end of April 2008, more than 3,600 people were
      receiving PPF compensation and it had paid out a total of
      more than GBP17 million

    * during the year, the PPF continued to focus on achieving
      long-term financial stability and reduced its deficit from
      GBP609 million to GBP517 million

    * the PPF passed GBP1 billion of assets under management,
      and

    * continued its work to recognize more fully the long-term
      risks that the PPF is exposed to.

PPF Chairman, Lawrence Churchill, said: "The reduction in our
deficit was a satisfactory result given the problems that have
affected the capital and credit markets during the year. However,
it is likely that we will see an increase in the number of
insolvencies as the downturn bites and with markets at current
levels, associated deficits in schemes entering the assessment
period may be higher than we have seen to date.

"But, whatever challenges we may face in the future, our ambition
is to make sure the PPF remains a respected and established
institution which adheres to our main principles of simplicity,
fairness and proportionality."

PPF Chief Executive, Partha Dasgupta, added: "Our third year of
operations was an exciting one.  Most importantly, we shepherded
thousands of scheme members through our assessment period,
providing them with the comfort and knowledge that their
compensation each month comes from a stable, trusted and secure
source.

"We also collected a levy which was significantly closer to our
estimate than the previous year.  We will be continuing our
consultation on the long-term development of the pension
protection levy, building on the work we carried out during
2007/08, and we welcome industry views about how to take forward
our proposals."

           About the Pension Protection Fund

The Pension Protection Fund --
http://www.pensionprotectionfund.org.uk/-- is a statutory fund
run by the Board of the Pension Protection Fund, a statutory
corporation established  under the provisions of the Pensions Act
2004.

The PPF's main function is to provide compensation to members of
eligible defined benefit pension schemes, when there is a
qualifying insolvency event in relation to the employer, and where
there are insufficient assets in the pension scheme to cover the
Pension Protection Fund level of compensation.


* JCP Creates Corporate Recovery and Insolvency Team
----------------------------------------------------
John Collins and Partners LLP has created a specialist Corporate
Recovery and Insolvency team in order to deal with the increasing
demand for services in this area.

The team will be led by insolvency specialist Gareth Llewellyn
Williams, Partner at JCP, who has more than 15 years' experience
of dealing with insolvency issues for businesses and
practitioners.  The creation of this targeted team means the firm
can take a more focused approach and assign a dedicated and
permanent team of specialists to each individual case where
required.

Working alongside Llewellyn Williams in the team are Partners,
Christian Edwards, Clive Garrett-Evans, Michael Williams and Rosa
Fernandez.  Mr. Edwards is a commercial litigator with
considerable experience in directors' disqualification and
misfeasance claims, while Miss Fernandez is an employment law
specialist.  Mr. Williams and Mr. Garrett-Evans will focus on non-
contentious insolvency issues such as re-structuring and re-
financing, business sales and the full range of property issues.

"It is an unfortunate reality that we have recently found
ourselves inundated by business owners who are struggling to keep
their heads above water - the credit crunch and subsequent
restrictions on the availability of credit have resulted in an
increased demand for insolvency and corporate recovery advice,"
Mr. Llewellyn Williams said.

"Recent collapses of a number of businesses in South Wales
demonstrates how susceptible businesses are to the economic
conditions at the moment, and everyone from small business owners
to those operating large companies are, quite rightly, concerned
about their future.

"We have created this specialist insolvency team to bring together
a number of different skills and expertise from various legal
teams at JCP, so that our clients can get the best possible
service in matters such as liquidations, bankruptcy and debt
recovery."

JCP currently provides support to Insolvency Practitioners and
lending institutions, offering a comprehensive range of insolvency
services to office holders and stakeholders in both contentious
and non-contentious cases.  The newly created team is fortunate to
be able to draw on the resources of JCP's other specialist areas
with regard to commercial property, employment, intellectual
property, corporate finance, agriculture, environmental and
licensing, should it prove necessary.

"We now have a team with a vast wealth of experience, which can
only benefit both our new and existing clients," Mr. Llewellyn
Williams continued.

"It's easy in the current climate to assume once a business gets
into trouble the worst will happen, but as advisors with a more
entrepreneurial approach, we endeavor to find a solution that
minimizes financial losses for all involved, including staff and
creditors.

                       About John Collins

John Collins and Partners LLP provides a full range of business
and individual legal services from its two offices in Swansea,
United Kingdom.  It has 18 Partners and 120 Legal staff.


* S&P Studies Aggregate Default & Recovery Stats of European Loans
------------------------------------------------------------------
Standard & Poor's Ratings Services has produced its latest study
of the aggregate default and recovery statistics for European
leveraged loans.

This is the fourth annual study, with analysis up to the end of
2007.  With an increase in the number of data providers, the size
of the portfolio of transactions is contributing to an
increasingly robust report.

"However, with the backdrop of the liquidity crunch and in
particular the banking crisis, we emphasize that the analysis in
the report is historical in nature and reflects defaults and
recoveries from a much more benign credit environment," said
credit analyst Audrey Whitfill.  "Future recoveries may be lower."

The report, titled "European Leveraged Loan Default And Recovery
Study," aggregates loan-level data from a consortium of 17 1eading
banks and investors active in leveraged finance in Europe.  S&P
produces this report annually for participating banks and
investors.


* BOND PRICING: For the Week Oct. 27 to Oct. 31, 2008
------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Oester Volksbk            4.81     07/29/25     EUR      67.23

CYPRUS
------
Abh Financial Lt          8.200    06/25/12     USD      49.74
Alfa MTN Invest           9.250    06/24/13     USD      97.50

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      10.74
                          6.375    04/07/14     EUR      67.32
Altran Technologies S.A.  3.750    01/01/09     EUR      12.73
Artemis Conseil           2.000    07/31/11     EUR      72.78
Bouygues                  4.250    07/22/20     EUR      73.41
                          5.500    10/06/26     GBP      70.66
Calyon                    6.000    06/18/47     EUR      34.87
Soc Air France            2.750    04/01/20     EUR      15.87
Wavecom S.A.              1.750    01/01/14     EUR      24.32

GERMANY
-------
BASF AG                   3.375    05/30/12     EUR      96.38
Bayer AG                  5.000    07/29/05     EUR      67.36

IRELAND
-------
Alfa Bank                 8.625    12/09/15     USD      44.87
                          8.635    02/22/17     USD      42.23
Allied Irish Bks          5.250    03/10/25     GBP      67.63
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Bank of Ireland           4.625    02/27/19     EUR      80.28
Banca Agrileasin          5.220    04/11/17     EUR      74.20

LUXEMBOURG
----------
AK Bars Bank              8.250    06/28/10     USD      51.42
Bank of Moscow            7.335    05/13/13     USD      54.87
                          6.807    05/10/17     USD      34.00
Beverage Pack             9.500    06/15/17     EUR      42.12

NETHERLANDS
-----------
ABN Amo Bank B.V.         4.650    06/04/18     USD      79.00
                          8.060    01/13/20     USD      30.50
                          6.000    03/16/35     EUR      54.62
Air Berlin Finance B.V.   1.500    04/11/27     EUR      23.33
ALB Finance BV            8.750    04/20/11     USD      39.93
                          7.875    02/01/12     EUR      32.44
                          9.250    09/25/13     USD      37.29
                          9.250    09/25/13     USD      34.89
Ardagh Glass Fin          8.875    07/01/13     EUR      70.20
                          8.875    07/01/13     EUR      63.92
ASML Holding NV           5.750    06/13/17     EUR      73.54
Astana Finance            7.875    06/08/10     EUR      98.97
ATF Capital BV            9.250    02/21/14     USD      52.28
BK Ned Gemeenten          0.500    06/27/18     CDN      68.42
                          0.500    02/24/25     CDN      43.21
BLT Finance BV            7.500    05/15/14     USD      26.40
Centercrdt Intl           8.000    02/02/11     USD      53.01
Turanalem Fin BV          7.875    06/02/10     USD      97.12
                          6.250    09/27/11     EUR      37.92
                          7.750    04/25/13     USD      35.85
                          8.000    03/24/14     USD      32.19
                          8.500    02/10/15     USD      36.59
                          8.250    01/22/37     USD      39.54

RUSSIA
------
Sistema Capital           8.875    01/28/11     USD      64.41

SPAIN
-----
Abertis Infra             4.375    03/30/20     EUR      71.25
Ayt Cedulas Caja          3.750    12/14/22     EUR      73.33
Banco Bilbao Viz          5.750    07/20/17     USD     102.52

UNITED KINGDOM
--------------
Alfa-Bank CJSC            9.250     07/26/10    USD      98.88
Anglian Water
  Finance Plc             2.400     04/20/35    GBP      44.58
Aspire Defence            4.674     03/31/40    GBP      57.33
                          4.674     03/31/40    GBP      57.67
Aviva Plc                 5.250     10/02/23    EUR      76.30
                          6.875     05/22/38    EUR      63.70
                          6.875     05/20/58    GBP      74.14
Bank Of India             6.625     09/22/21    USD      65.61
Barclays Bank Plc        11.650     05/20/10    USD      60.50
                          5.700     07/14/25    USD      69.09
                          5.750     09/14/26    GBP      79.62
BL Super Finance          5.270     07/04/25    GBP      74.79
                          4.482     10/04/25    GBP      73.96
Bradford&Bin BLD          5.625     02/02/13    GBP      74.76
                          4.875     06/28/17    EUR      89.48
                          5.500     01/15/18    GBP      14.97
                          6.625     06/16/23    GBP      14.96
                          4.910     02/01/47    EUR      66.55
Brit Insurance            6.630     12/09/30    GBP      66.30
British Sky Broadcasting  6.000     0 5/21/27   GBP      74.68
Britannia Building
  Society                 5.875     03/28/33    GBP      63.20
                          5.750     12/02/24    GBP      65.37
British Land Co           5.005     09/24/35    GBP      70.47
British Tel Plc           5.750     12/07/28    GBP      69.53
                          6.375     06/23/37    GBP      74.92
Broadgate Finance         4.999     10/05/31    GBP      72.58
                          5.098     04/05/33    GBP      64.59
                          4.821     07/05/33    GBP      71.58
White City                5.120     04/17/35    GBP      74.60

                            *********

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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