TCREUR_Public/081104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 4, 2008, Vol. 9, No. 219

                            Headlines

A U S T R I A

A-Z LLC: Claims Registration Period Ends November 11
BUCHEGGER ENTSORGUNG: Claims Registration Period Ends Nov. 11
KENAD & DANEK: Claims Registration Period Ends November 10
KOMMUNALKREDIT AUSTRIA: Fitch Junks Individual Rating
REPRO PRINT: Claims Registration Period Ends November 10

SAFAK KEG: Claims Registration Period Ends November 11


F I N L A N D

M-REAL: EU, US Authorities Approve Sale of Graphic Paper Biz


F R A N C E

NIPSON SAS: Placed Into Redressment Judiciare by Parent


G E R M A N Y

LOVE CLUB: Claims Registration Period Ends November 7
PIEPERSCHE DRUCKEREI: Claims Registration Period Ends Nov. 7
SECURITYSYSTEMS PRINTING: Claims Registration Ends November 7
SOLAR PARK: Claims Registration Period Ends November 7
TOPTEM GMBH: Claims Registration Period Ends November 7

W.A.S. SANITAR: Claims Registration Period Ends November 7
WEKO-FERTIGBAU GMBH: Claims Registration Period Ends Nov. 7
WERBUNG UND PRODUKTION: Claims Registration Period Ends Nov. 7


I R E L A N D

CLOVERIE PLC: Fitch Junks Series 2004 - 72, 77 and 2005-04
CLOVERIE PLC: Fitch Cuts Series 26 Notes to 'CCC'
DELTA CDO: Fitch Junks Series 2005-2 Ratings


K A Z A K H S T A N

HANSEUNG KAZAKHSTAN: Creditors' Claims Due on Dec. 12
JAZIRA LTD: Creditors Must File Proofs of Claim by Dec. 12
METALL PROM: Creditors' Claims Deadline Slated for Dec. 12
NEFTE MASH: Creditors' Claims Filing Period Ends Dec. 12
TEMIR VTOR: Creditors Must Register Claims by Dec. 12


K Y R G Y Z S T A N

BAYARD INVESTMENTS: Creditors Must File Claims by November 21


N E T H E R L A N D S

PEAR MORTGAGE: Fitch Affirms 21 Tranches from Dutch RMBS


R U S S I A

BAYANGOL-LES LLC: Creditors Must File Claims by November 24
BERLEY LLC: Creditors Must File Claims by December 24
DIABAZ LLC: Creditors Must File Claims by December 24
FAKT-STROY LLC: Creditors Must File Claims by December 24
MAKUSHINSKIY AGRO-MACHINE: Creditors Must File Claims by Dec. 24

MOBILE TELESYSTEMS: Inks Strategic Partnership with Vodafone
N-FLEKS LLC: Creditor Must File Claims by December 24
RUSAL: Secures US$4.5 Billion Loan Refinancing from VEB
SHCHEKIN-GAZ-STROY OJSC: Creditors Must File Claims by Dec. 24
SPURT BANK: Fitch Puts 'B-' L-T Foreign Currency IDR on Watch Neg

TEKHNO-STROM-DOR-STROY: Bankruptcy Hearing Set January 22, 2009
TRANS-COAL LLC: Creditors Must File Claims by November 24
YUR-FIN-STROY LLC: Creditor Must File Claims by November 24

* MURMANSK RUSSIA: Fitch Affirms Rating 'BB-'; Outlook Stable
* RUSSIA: Places RUR170 Million VEB Under Moscow's Rescue Plan
* RUSSIA: Electricity Distributors at Risk of Going Bankrupt


S P A I N

CAJAMAR CAJA: Fitch Affirms Individual Rating at 'B'


S W I T Z E R L A N D

GENERAL MOTORS: Merger Talks Proceed; Cerberus Halts Nissan Talks
NUMEX JSC: Creditors' Proofs of Claim Due by Nov. 12
OLIVA NOVA: Nov. 12 Set as Deadline to File Claims
PM TECH: Creditors Must File Proofs of Claim by Nov. 10
QUICOCHE JSC: Deadline to File Proofs of Claim Set Nov. 12

RADOMAT JSC: Creditors Have Until Nov. 13 to File Claims


U K R A I N E

BOUMERANG MT: Creditors Must File Claims by November 9
DEVICE-FACTOR LLC: Creditors Must File Claims by November 9
EUROTEL: Creditors Must File Claims by November 9
FBG IMPERA: Creditors Must File Claims by November 8
MECHANIZED COLUMN 560: Creditors Must File Claims by November 8

PROGRESS LLC: Creditors Must File Claims by November 8
PROMSYSTEM LLC: Creditors Must File Claims by November 8
STANDARD-GIGA LLC: Creditors Must File Claims by November 8
STYLE GROUP: Creditors Must File Claims by November 8
VIBROSEPARATOR OJSC: Creditors Must File Claims by November 8


U N I T E D   K I N G D O M

COUSINS AND WHITEHOUSE: Brings in Joint Administrators
EASYPAY CAR: Appoints Administrator from Tenon Recovery
EXETER BLUE: Fitch Places 'BB' Rating on EUR8.5MM Class E Notes
GWSL REALISATIONS: Taps Administrators from Tenon Recovery
LEHMAN: MFA Meets Administrator to Tackle Administration Issues

MACCOA LIMITED: Appoints Joint Administrators from Tenon
NAPA VALLEY: Fitch Cuts Claris Series Notes to 'CCC'
NEW STAR: May Breach Banking Covenants, Analyst Says
WESTBRIDGE HOME: Appoints Administrators from Ernst and Young
Z REALISATIONS: Appoints Administrators from PKF LLP

* Large Companies with Insolvent Balance Sheet


                         *********


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


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

         Dr. Kurt Weinreich
         3100 St. Poelten
         Austria
         Tel.: 02742/72 222
         Fax: 02742/72 222-10
         E-mail: kanzlei@tws-rae.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Dec. 2, 2008, for the
examination of claims at:

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Oct. 2, 2008, (Bankr. Case No. 14 S 153/08b).


BUCHEGGER ENTSORGUNG: Claims Registration Period Ends Nov. 11
-------------------------------------------------------------
Creditors owed money by KEG Buchegger Entsorgung have until
Nov. 11, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Gerhard Taufner
         Bahnhofstrasse 5
         3390 Melk
         Austria
         Tel: 02752/5 24 66
         Fax: 02752/5 25 74
         E-mail: rechtsanwalt.taufner@taufner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on Dec. 2, 2008, for the
examination of claims at:

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

Headquartered in Loosdorf, Austria, the Debtor declared bankruptcy
on Oct. 2, 2008, (Bankr. Case No. 14 S 152/08f).


KENAD & DANEK: Claims Registration Period Ends November 10
----------------------------------------------------------
Creditors owed money by LLC Kenad & Danek 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/ 63 1 08
         Fax: 02682/65640
         E-mail: eisenstadt@hbw.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Nov. 24, 2008, for the
examination of claims at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Hornstein, Austria, the Debtor declared
bankruptcy on Oct. 7, 2008, (Bankr. Case No. 26 S 88/08f).


KOMMUNALKREDIT AUSTRIA: Fitch Junks Individual Rating
-----------------------------------------------------
Fitch Ratings has placed Kommunalkredit Austria's (KA) Long-term
Issuer Default (IDR) of 'A+' and Short-term IDR of 'F1' on Rating
Watch Evolving (RWE).  This follows KA's ongoing discussions with
the Austrian authorities regarding potential liquidity or capital
support for the bank in light of the government's banking support
package announced earlier this month.

At the same time, Fitch has downgraded KA's Individual rating to
'C' from 'B/C' and placed it on Rating Watch Negative (RWN).

The Support rating and the Support Rating Floor have been affirmed
at '1' and 'A-' (A minus) respectively.  The IDRs of KA's fully-
owned Cyprus-based subsidiary, Kommunalkredit International Bank
Ltd. (KIB), have also been placed on RWE. KIB's Support rating is
affirmed at '1'.  Given the close integration of KIB into KA,
Fitch has not assigned an Individual rating to KIB.  The agency
has also placed EUR50 million perpetual, non-cumulative, non-
voting preferred securities (rated 'A') issued by KIB on RWN.

Fitch expects a public announcement of the outcome of these
discussions in the coming days and the agency will resolve the
respective Rating Watches as and when more information becomes
available.  The Austrian authorities' propensity to support KA and
KIB is, in Fitch's opinion, extremely high.  This reflects KA's
importance to the Austrian economy, through its public sector
lending business and other tasks it performs on behalf of the
Austrian government.

The RWE on KA's and KIB's IDRs reflects Fitch's opinion that there
is an increased possibility that KA will make use of the capital
support being offered by the Austrian authorities.  The resolution
of the RWEs depends on the degree of state involvement -- if any
-- following the conclusion of the discussion between KA and the
Austrian authorities.  Should the Austrian authorities acquire a
majority stake in KA, with the intention to hold this stake over
the long-term, this could put upward pressure on KA's IDRs.  Given
the weakening of KA's stand-alone financial conditions, more
limited involvement of the Austrian state may lead to a downgrade.

The RWN on KA's Individual rating reflects Fitch's opinion that
KA's financial flexibility has been reduced, due to its tighter
liquidity, and reduced access to wholesale markets, where the bank
sources much of its funding.  As a result, Fitch anticipates that
profitability for 2008 and 2009 will be lower.  KA's profitability
is also likely to have suffered from exposure to recently
defaulted bank counterparties.  Further, given challenging capital
market conditions and the effective nationalization of various
other public-sector lenders, Fitch believes KA will, over the
longer term, find it difficult to remain competitive in its
current form, with regards to lending rates and, more importantly,
funding costs.  Fitch will resolve the RWN as soon as more
detailed information on KA's recent performance and access to
capital market funding becomes available.

KA is primarily an Austria-based long-term lender to public
authorities, but also a trustee of government development funds
and a consultant on development projects.  It promotes regional,
particularly environmental, development.  KA's majority
shareholder is VBAG, the central institution of the cooperative
Volksbanken Verbund (rated 'A'/Outlook Stable), Austria's fourth-
largest banking group.  Dexia (rated 'AA-' (AA minus)/Outlook
Stable), through Dexia Credit Local, owns 49% of KA's shares.

Like its parent, KIB focuses on public-sector finance.
Management, risk management policies and systems are largely
identical with those of KA.  KIB is responsible for KA's short-
term funding requirements.


REPRO PRINT: Claims Registration Period Ends November 10
--------------------------------------------------------
Creditors owed money by LLC Repro Print 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 10:00 a.m. on Nov. 24, 2008, for the
examination of claims at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Hornstein, Austria, the Debtor declared
bankruptcy on Oct. 7, 2008, (Bankr. Case No. 41 S 45/08t).


SAFAK KEG: Claims Registration Period Ends November 11
------------------------------------------------------
Creditors owed money by KEG Safak have until Nov. 11, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 a.m. on Nov. 25, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 2, 2008, (Bankr. Case No. 6 S 118/08g ).


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


M-REAL: EU, US Authorities Approve Sale of Graphic Paper Biz
------------------------------------------------------------
The EU and US competition authorities have approved the sale of
M-real Corp.'s Graphic Paper business to South African Sappi Ltd.

On September 29, 2008, M-real signed an agreement to sell the
business for an enterprise value of EUR750 million.

The Sappi extraordinary shareholders' meeting will be held on
November 3, 2008 to consider the transaction, after which Sappi's
aim is to implement the planned rights offering.  The sale is
expected to be completed after the implementation of the rights
offering during the first quarter of 2009 at the latest.

Headquartered in Espoo, Finland, M-real Corp. --
http://www.M-Real.com/-- produces and distributes coated and
uncoated fine papers for printing and packaging industries.  The
company has operations in Brazil and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
October 1, 2008, Standard & Poor's Rating Services has affirmed
its 'B-' long-term and 'B' short-term corporate credit ratings on
Finland-based forest product company M-real Corp.  The outlook is
negative.

M-Real continues to carry a B3 corporate family rating from
Moody's Investors Service.  The outlook was changed to negative
from stable in October 2007.


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


NIPSON SAS: Placed Into Redressment Judiciare by Parent
-------------------------------------------------------
William Mitting at printweek.com reports that Nipson Digital
Printing plc has placed its France-based main operating unit
Nipson SAS into the Redressment Judiciare, the French equivalent
of administration.

According to the report, the company's French manufacturing
division ran into "severe financial constraints" over the past two
months resulting in a debt for equity swap which saw Creacorp, an
investment company with ties to Xeikon manufacturer Punch Graphix,
take a 41.8% stake in the business.

Nipson's finance director Robert Cahill, as cited by
printweek.com, said the initial period of restructuring fixed by
the administrator is six months.  He added Creacorp will
ultimately decide on the direction of the restructuring and
whether that will involve a sale of assets, printweek.com relates.

"The restructuring plan will include a sizable reduction in the
number of employees, although the exact number is yet to be
finalized," Nipson said in a statement released to the stock
exchange.

Nipson Digital Printing Systems plc -- http://www.nipson.com/--
develops and manufactures printing solutions which meet the
quality, speed, reliability, cost and variable content
requirements of the high speed black and white digital printing
market.

From its Manufacturing and R&D plant based in Belfort, France and
with subsidiaries or representative offices in the United States,
Germany, the United Kingdom and Malaysia, Nipson markets its
products and services worldwide, covering more than 70 countries
through a network of value added distributors and/or a strong
direct sales force.


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


LOVE CLUB: Claims Registration Period Ends November 7
-----------------------------------------------------
Creditors of LOVE Club Entertainment GmbH have until Nov. 7, 2008,
to register their claims with court-appointed insolvency manager
Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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:

         Dirk Decker
         Julius-Vosseler-Strasse 42
         22527 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against LOVE Club Entertainment GmbH on Sept. 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LOVE Club Entertainment GmbH
         Attn: Jason Mc Carthy, Manager
         Grosse Freiheit 4
         22767 Hamburg
         Germany


PIEPERSCHE DRUCKEREI: Claims Registration Period Ends Nov. 7
------------------------------------------------------------
Creditors of Piepersche Druckerei und Verlag GmbH have until
Nov. 7, 2008, to register their claims with court-appointed
insolvency manager Ruediger Berkhan.

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 2
         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:

         Ruediger Berkhan
         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
Piepersche Druckerei und Verlag GmbH on Oct. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Piepersche Druckerei und Verlag GmbH
         Gerhard-Rauschenbach-Str. 14
         38678 Clausthal-Zellerfeld
         Germany

         Attn: Edmund Dalke, Manager
         Gruener Weg 2
         38723 Seesen
         Germany


SECURITYSYSTEMS PRINTING: Claims Registration Ends November 7
-------------------------------------------------------------
Creditors of SecuritySystems Printing GmbH  have until
Nov. 7, 2008, to register their claims with court-appointed
insolvency manager Peter Knoepfel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 27, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B 11
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The insolvency manager can be reached at:

         Peter Knoepfel
         C/o Treugarant AG
         Hallerstr. 76
         D 20146 Hamburg
         Germany
         Tel: 040/4146380
         Fax: 040/445635
         E-mail: goettingen@treugarant.de

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

The Debtor can be reached at:

         SecuritySystems Printing GmbH
         Attn: Roland Arndt, Manager
         Grimsehlstrasse 23
         37574 Einbeck
         Germany


SOLAR PARK: Claims Registration Period Ends November 7
------------------------------------------------------
Creditors of Deutsche Solar Park GmbH have until Nov. 7, 2008, to
register their claims with court-appointed insolvency manager
Dr. Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 20, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         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. Stephan Laubereau
         Pluta Rechtsanwalts GmbH
         Trakehner Str. 7-9
         D 60487 Frankfurt
         Germany
         Tel: 069 /8509693-0
         Fax: 069 / 8509693-29
         E-mail: frankfurt@pluta.net
         Web site: www.pluta.net

The District Court of Hanau opened bankruptcy proceedings against
Deutsche Solar Park GmbH on Sept. 25, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Deutsche Solar Park GmbH
         Waldstrasse 5
         36396 Steinau
         Germany

         Attn: Lars Curland, Manager
         Luisenstr. 58
         63067 Offenbach
         Germany


TOPTEM GMBH: Claims Registration Period Ends November 7
-------------------------------------------------------
Creditors of Toptem GmbH have until Nov. 7, 2008, to register
their claims with court-appointed insolvency manager Andreas
Elsasser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Konstanz
         Main Building
         Hall 207
         Untere Laube 12
         78462 Konstanz
         Germany

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

The insolvency manager can be reached at:

         Andreas Elsasser
         Obere Laube 46
         78462 Konstanz
         Germany

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

The Debtor can be reached at:

         Toptem GmbH
         Attn: Werner Greuter, Manager
         Macairestr. 8
         78467 Konstanz
         Germany


W.A.S. SANITAR: Claims Registration Period Ends November 7
----------------------------------------------------------
Creditors of W.A.S. Sanitar Installation GmbH have until
Nov. 7, 2008, to register their claims with court-appointed
insolvency manager Rene Bruckhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Cologne
         Meeting Hall 14
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Rene Bruckhoff
         Theodor-Heuss-Ring 19-21
         50668 Koeln
         Germany
         Tel: 0221/7716-322
         Fax: +492217716335

The District Court of Cologne opened bankruptcy proceedings
against W.A.S. Sanitar Installation GmbH on Oct. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         W.A.S. Sanitar Installation GmbH
         Elisabethstr. 16
         50226 Frechen
         Germany

         Attn: Friedrich Wilhelm Schulz, Manager
         Michaelstr. 19
         50226 Frechen
         Germany


WEKO-FERTIGBAU GMBH: Claims Registration Period Ends Nov. 7
-----------------------------------------------------------
Creditors of WEKO-Fertigbau GmbH have until Nov. 7, 2008, to
register their claims with court-appointed insolvency manager
Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Bonn
         Hall W 1.26
         William-Strasse 23
         53111 Bonn
         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:

         Siegfried Mueller
         Zum Markt 10
         53894 Mechernich
         Germany
         Tel: 02443/98120
         Fax: 0244398 12 19

The District Court of Bonn opened bankruptcy proceedings against
WEKO-Fertigbau GmbH on Oct. 6, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         WEKO-Fertigbau GmbH
         Attn: Ernst Peter Esser, Manager
         Auf dem Daniel 17
         53894 Mechernich
         Germany


WERBUNG UND PRODUKTION: Claims Registration Period Ends Nov. 7
--------------------------------------------------------------
Creditors of Werbung und Produktion mbH have until Nov. 7, 2008,
to register their claims with court-appointed insolvency manager
Dr. Frank Nikolaus .

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 26, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 165
         Zweigertstr. 52
         45130 Essen
         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. Frank Nikolaus
         Alfredstr. 108-112
         45131 Essen
         Germany
         Tel: 87 90 40

The District Court of Essen opened bankruptcy proceedings against
Werbung und Produktion mbH on Sept. 30, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Werbung und Produktion mbH
         Attn: Hansfried Pelka, Manager
         Im Teelbruch 63
         45219 Essen
         Germany


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


CLOVERIE PLC: Fitch Junks Series 2004 - 72, 77 and 2005-04
----------------------------------------------------------
Fitch Ratings has downgraded Cloverie Plc's (Cloverie) Series
2004-72, 2004-77 and 2005-04:

   -- EUR30 million Series 2004-72 Class C (ISIN: XS0205981581):
      downgraded to 'CCC' from 'BB'; removed from RWN

   -- EUR50 million Series 2004-77 Class C (ISIN: XS0207605162):
      downgraded to 'CCC' from 'BB'; removed from RWN

   -- US$50 million Series 2005-04 Class C (ISIN: XS0212294077):
      downgraded to 'CCC' from 'BB'; removed from RWN

Since the last rating action in May 2008, the reference portfolio
of the three Cloverie transactions has suffered additional
negative rating migration.  The static portfolio consists of 100%
2004 vintage US RMBS Home Equity Loans (HEL) that were initially
rated 'AAA'.  Although most of the portfolio is still rated 'AAA',
credit deterioration in two reference entities has substantially
increased the risk of the CDO tranches.

In addition, the amortization of the underlying portfolio will
continue to reduce the synthetic excess spread which serves as
first loss protection.  For example, the 2008 annual excess spread
is expected to decline to US$1.6 million from US$1.8 million for
2007 and US$2.5 million for 2006.  The excess spread is only
retained for one year -- after which the balance after losses is
transferred to the swap counterparty, Citigroup Global Markets
Limited. Of the original 80 assets in the portfolio, only 44
remain outstanding according to the October 2008 trustee report.

Starting 2009, Fitch expects the combined credit enhancement from
subordination and synthetic excess spread will not be sufficient
to cover the risk of the losses from the portfolio.  Specifically,
there are two positions which continue to pose significant risk -
both are currently rated 'B+' and on RWN.  Credit events on these
positions would lead to the impairment of the three rated CDO
notes.

These transactions are synthetic collateralized debt obligations.
Cloverie is a special purpose vehicle incorporated under the laws
of Ireland.  It has entered into mezzanine credit default swaps
with Citigroup Global Markets Limited.  Each series references an
identical static portfolio of 100% US RMBS HEL originated in 2004.
The notes are backed by eligible collateral securities purchased
with the net proceeds of their issuance.

Deal information and historical performance of each transaction
are available on the agency's subscription CDO S.M.A.R.T. Web site
at http://www.fitchresearch.com/


CLOVERIE PLC: Fitch Cuts Series 26 Notes to 'CCC'
-------------------------------------------------
Fitch Ratings has taken rating action on Cloverie Plc-Ghibli CDO
1's (Cloverie Ghibli) floating-rate portfolio credit-linked notes
due April 2030:

   -- Series 2004-26 (ISIN XS0191537389) downgraded to 'CCC' from
      'BB'; removed from Rating Watch Negative (RWN)

   -- Series 2004-27 (ISIN XS0191536738) affirmed at 'CC'

Fitch's rating action follows continued collateral deterioration
in Cloverie Ghibli's reference portfolio. In particular, since
Fitch's rating action in May 2008 U.S. subprime RMBS, U.S.
alternative A (Alt-A) mortgage loans transactions and U.S.
structured finance collateralized debt obligations (CDOs) have
experienced sustained negative credit migration.

Speculative-grade assets, using Fitch derived ratings, stand at
23.9% of the portfolio as of September 2008.  Of these, assets
rated at 'CCC+' or below have increased to 10.6% of the portfolio
from 7.2%.  In addition, 18 assets are currently on RWN,
representing 23.9% of the portfolio, making further negative
rating migration likely.  All RWN names have been notched down
three notches for the purpose of this analysis.  Furthermore, one
portfolio asset, SAIL 2006-3 M8 (0.07% of the portfolio), has
experienced significant write-downs.  However, no credit event
notice has been served to date.

The portfolio comprises U.S. subprime RMBS (16.8%), Alt-A mortgage
loans (12.5%), and U.S. diversified structured finance CDOs
(13.7%).  U.S. subprime RMBS of the 2005 and 2006 vintages account
for 0.7% and 6.1% of the portfolio, respectively.

Cloverie Plc is a special purpose vehicle (SPV) incorporated under
the laws of Ireland.  This transaction is a partially funded
synthetic CDO referencing a substitutable portfolio of asset-
backed securities obligations with a maximum notional amount of
EUR1.25 billion.  At close, proceeds from the issuance of the
notes were used to collateralize mezzanine credit default swaps
(CDS) between the issuer and Citigroup Global Markets Limited, the
CDS counterparty (guaranteed by Citigroup Global Markets Holdings
Inc., rated 'AA-' (AA minus)/'F1+ '/RWN).

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


DELTA CDO: Fitch Junks Series 2005-2 Ratings
--------------------------------------------
Fitch Ratings has downgraded Delta CDO plc Series 2005-2's (Delta
2005-2) collateralized debt obligations (CDO) and removed them
from Rating Watch Negative (RWN):

   -- Class B-1 (ISIN US24741NAD57) downgraded to 'CC' from 'B';
      removed from RWN

   -- Class C-1 (ISIN US24741NAE31) downgraded to 'CC' from 'B-'
     (B minus); removed from RWN

   -- Class E-1 (ISIN US24741NAG88) affirmed at 'CC'

The transaction, which initially referenced an all-investment
grade structured finance portfolio, has seen a marked increase in
speculative-grade names as a result of continued rating migration
over the past year.  Using Fitch derived ratings, 35 assets,
representing 27.9% of the reference portfolio, are speculative-
grade. Of these 7.3% are rated 'CCC' or below.  In addition, 11
assets or 11.4% of the portfolio are on RWN, making further rating
migration likely.  All RWN names have been notched down by three
notches for the purpose of this analysis.

As of the August 2008 investor report, the reference portfolio
stands at US$1.63 billion and is composed of 115 U.S. structured
finance securities.  The majority of the portfolio is linked to
the U.S. real estate sector: subprime RMBS (residential mortgage-
backed securities) comprise 63.8%, alternative A (Alt-A) mortgage
loans 29.89% and prime RMBS 0.8% of the portfolio notional.

Class B-1 and C-1 have been downgraded to 'CC' from 'B' and 'B-'
(B minus) respectively as the available credit enhancement of
6.14% and 2.76% respectively does not protect against the loss of
the portfolio assets rated 'CCC' and below without impairing the
notes.

The transaction is a funded synthetic securitization of a
portfolio of highly rated asset-backed securities (ABS). At
closing, Deutsche Bank AG ("Deutsche Bank", 'AA-'(AA minus)
/'F1+'/'Outlook Stable') bought protection via four credit default
swap (CDS) agreements on a portfolio with a total value of US$2
billion.  Deutsche Bank entered into the CDS with Delta plc, a
limited liability company incorporated in Ireland.  To fund its
obligations under the CDS agreements, Delta issued credit-linked
notes and entered into asset swaps with Deutsche Bank for each
class of notes.

The ratings address the likelihood of full and timely payment of
interest and ultimate payment of principal of all Classes of notes
by final maturity in 2045.

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

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


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


HANSEUNG KAZAKHSTAN: Creditors' Claims Due on Dec. 12
-----------------------------------------------------
LLP Hanseung Kazakhstan Construction has gone into liquidation.
Creditors have until Dec. 12, 2008, to submit written proofs of
claims to:

         LLP Hanseung Kazakhstan Construction
         Al-Farabi ave. 7/4-83
         Almaty
         Kazakhstan
         Tel: 8 (7272) 11-04-49


JAZIRA LTD: Creditors Must File Proofs of Claim by Dec. 12
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Trade House Jazira 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


METALL PROM: Creditors' Claims Deadline Slated for Dec. 12
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Metall Prom insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


NEFTE MASH: Creditors' Claims Filing Period Ends Dec. 12
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared CJSC Nefte Mash Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Room 11
         Building of Auto Station
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 41-14-58


TEMIR VTOR: Creditors Must Register Claims by Dec. 12
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Temir Vtor Met insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


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


BAYARD INVESTMENTS: Creditors Must File Claims by November 21
-------------------------------------------------------------
Representation of Company Bayard Investments Ltd. has shut down.
Creditors have until Nov. 21, 2008, to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 61-22-20.


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


PEAR MORTGAGE: Fitch Affirms 21 Tranches from Dutch RMBS
--------------------------------------------------------
Fitch Ratings has affirmed 21 tranches from seven Dutch
residential mortgage-backed securities (RMBS) transactions
following a satisfactory performance review of PEARL Mortgage
Backed Securities I B.V. (Pearl I), PEARL Mortgage Backed
Securities II B.V. (Pearl II), Green Apple B.V., Securitized
Guaranteed Mortgage Loans I B.V. (SGML), Dutch Mortgage Portfolio
Loans I B.V. (DMPL), Shield 1 B.V. and SwAFE I B.V.  The Outlooks
remain Stable.

Affirmations of the ratings on these transactions are based on low
arrears levels as well as extremely low losses realized by more
seasoned transactions.

Delinquencies, defined as mortgage loans that are more than three
months in arrears, remain low in Dutch transactions.  Within the
reviewed transactions, delinquencies ranged from as low as 0.03%
in SwAFE I B.V. as of August 2008 to Shield 1 B.V. at 0.38% as of
October 2008.  Reported losses on these transactions have been
insignificant.

In Pearl I, Pearl II, SGML and Green Apple transactions, all
mortgages benefit from a Nationale Hypotheek Garantie (NHG)
guarantee which covers potential losses mortgage lenders incur on
a guaranteed loan after the sale or foreclosure of a related
property.

It is also important to note that, with the exception of SwAFE I
B.V. and DMPL, all of the reviewed transactions are currently in
their substitution periods.  Once they have reached the end of
their substitution periods, the transactions will be paid
sequentially.  Sequential pay down of the notes is expected to
provide a strong build up of credit enhancement within the
transactions.

The rating actions are:

PEARL Mortgage Backed Securities I B.V.:
Class A (ISIN XS0265250638): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0265252253): affirmed at 'BBB-'(BBB minus);
Outlook Stable

PEARL Mortgage Backed Securities II B.V.:
Class A (ISIN XS0304854598): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0304857690): affirmed at 'BBB-'(BBB minus);
Outlook Stable

Green Apple B.V.:
Class A (ISIN XS0322161026): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0322161299): affirmed at 'BBB+'; Outlook Stable
Class C (ISIN XS0322161372): affirmed at 'BBB-'(BBB minus);
Outlook Stable

Securitized Guaranteed Mortgage Loans I B.V:
Class A (ISIN XS0277021399): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0277021803): affirmed at 'BBB+'; Outlook Stable

Dutch Mortgage Portfolio Loans I B.V.:
Class A2 (ISIN XS0116881284): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0116881524): affirmed at 'AAA'; Outlook Stable
Class C (ISIN XS0116881797): affirmed at 'BBB+'; Outlook Stable

Shield 1 B.V.
Class A (ISIN XS0238072895) affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0238073273) affirmed at 'AA'; Outlook Stable
Class C (ISIN XS0238073356) affirmed at 'A'; Outlook Stable
Class D (ISIN XS0238073513) affirmed at 'BBB+'; Outlook Stable
Class E (ISIN XS0238073604) affirmed at 'BB'; Outlook Stable
Class F (ISIN XS0238073786) affirmed at 'B'; Outlook Stable

SwAFE I B.V.:
Class A1 (ISIN XS0141782440) affirmed at 'AAA'; Outlook Stable
Class A2 (ISIN XS0141782879) affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0141783174) affirmed at 'AAA'; Outlook Stable

Fitch has employed its credit cover multiple methodology in
reviewing the deals to assess the level of credit support
available to each class of notes.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-year
period.


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


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

         A. Dorzhiyev
         Insolvency Manager
         Yermakovskaya Str. 7/8
         670000 Ulan-Ude
         Buryatia
         Russia

The Arbitration Court of Buryatia commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A10–942/08.


BERLEY LLC: Creditors Must File Claims by December 24
-----------------------------------------------------
Creditors of LLC Berley (TIN 2312075608, PSRN 1032307165560)
(Tobacco Goods) have until Dec. 24, 2008, to submit proofs of
claims to:

         A. Pyatkov
         Insolvency Manager
         Office 307
         Kolkhoznaya Str. 3
         350042 Krasnodar
         Russia

The Arbitration Court of Krasnodarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32–22575/2007–27/529-B.

The Debtor can be reached at:

         LLC Berley
         Novorossiyskaya Str. 220
         350059 Krasnodar
         Russia


DIABAZ LLC: Creditors Must File Claims by December 24
-----------------------------------------------------
Creditors of LLC Diabaz Non-Metallic Mineral Complex (Crushed
Rock Production) have until Dec. 24, 2008, to submit proofs of
claims to:

         M. Nikolayev
         Insolvency Manager
         Post User Box 51
         Lyzina Str. 28
         664009 Irkutsk
         Russia

The Arbitration Court of Irkutskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19–6064/08–8 .

The Debtor can be reached at:

         LLC Diabaz
         Traktovaya Str.5/9
         Smolenshchina
         664519 Irkutskaya
         Russia


FAKT-STROY LLC: Creditors Must File Claims by December 24
---------------------------------------------------------
Creditors of LLC Fakt-Stroy (TIN 7729099270) (Construction) have
until Dec. 24, 2008, to submit proofs of claims to:

         M. Pavlov
         Insolvency Manager
         Post User Box 386
         Zemlyanoy Val 2/50
         105064 Moscow
         Russia
         Tel: 8–963-689–59-93

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–36537/07–36-97B.

The Debtor can be reached at:

         LLC Fakt-Stroy
         Vernadskogo Prospect 12d
         Moscow
         Russia


MAKUSHINSKIY AGRO-MACHINE: Creditors Must File Claims by Dec. 24
----------------------------------------------------------------
Creditors of OJSC Makushinskiy Agro-Machine Building Plant
(TIN 4500000052, PSRN 102450176025) have until Dec. 24, 2008, to
submit proofs of claims to:

         S. Skryabin
         Insolvency Manager
         Post User Box 3258
         640023 Kurgan-23
         Russia

The Arbitration Court of Kurganskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A34–1433/2008.

The Debtor can be reached at:

         OJSC Makushinskiy Agro-Machine Building Plant
         Zheleznodorozhnaya Str. 1
         Makushino
         641600 Kurganskaya
         Russia


MOBILE TELESYSTEMS: Inks Strategic Partnership with Vodafone
------------------------------------------------------------
Mobile TeleSystems OJSC and Vodafone has announced a strategic,
non-equity partnership to provide customers with high quality
communications services and to collaborate jointly on future
technological developments.

Under the agreement, MTS will be able to draw on Vodafone's
expertise in building and developing third generation networks and
mobile broadband products, working with leading global equipment
providers and deploying innovative CRM practices to enhance
quality and further improve the efficiency of its operations.  In
addition, MTS will have an exclusive access to a range of
products, services and devices from Vodafone for its markets of
operation in Russia, Ukraine, Uzbekistan, Turkmenistan and
Armenia.

The partnership with MTS will give Vodafone valuable insight into
the opportunities of the important telecommunications markets of
Russia and the CIS, which are among the fastest growing in the
world.  Vodafone's products will be made available to MTS' 87
million subscribers, including more than 60 million customers in
Russia.

Vodafone's products and services will be marketed in Russia and
the CIS under a co-branded approach.  Vodafone will also open a
representative office in Moscow to co-operate more closely with
MTS on future offerings and customer services.

Mr. Mikhail Shamolin, President and CEO of MTS, said, "A
partnership with Vodafone will allow MTS to bring tangible
benefits to both its customers and shareholders.  This
groundbreaking agreement will give our customers the most
innovative products and services from around the world.  At the
same time, Vodafone's commercial insights and technical expertise
will translate into significant operational efficiencies for MTS
over the long-term as we transition our networks to 3G and
beyond."

Mr. Vittorio Colao, CEO of Vodafone, commented, "Our agreement
with MTS is an opportunity for Vodafone to build its presence and
work with the leading operator in these important markets.  By
combining the geographical reach of the company's respective
networks, we can give customers greater roaming capabilities and
extended coverage.  We are delighted that MTS has joined our
successful Partner Markets community, which will be much stronger
with the addition of Russia and the CIS."

                         About Vodafone

Vodafone is the world's leading international mobile
communications group with approximately 269 million proportionate
customers as of June 30, 2008.  Vodafone currently has equity
interests in 27 countries across five continents and over 40
partner networks worldwide.

                    About Mobile TeleSystems

Based in Moscow, OJSC Mobile TeleSystems --http://www.mtsgsm.com/
-- provides wireless telecommunications services operator in
Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia, and Belarus.

                         *      *      *

Mobile TeleSystems continues to carry a Long-term Issuer Default
rating of 'BB+', National Long-term rating of 'AA(rus)' and Short-
term IDR of B from Fitch Ratings, with stable outlook.  The
ratings were assigned in April 2008.

Mobile TeleSystems also carries Ba2 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service,
which says the outlook is positive.


N-FLEKS LLC: Creditor Must File Claims by December 24
-----------------------------------------------------
Creditors of LLC N-Fleks (Metalwork Construction) have until
Dec. 24, 2008, to submit proofs of claims to:

         O. Kruglova
         Insolvency Manager
         Post User Box 162
         Post Office 20
         Krasnodar
         Russia

The Arbitration Court of Krasnodarskiy will convene at
10:45 a.m. on Dec. 11. 2008, to hear bankruptcy proceedings. The
case is docketed under Case No. A-32–16147/08–38/1098B.

The Debtor can be reached at:

         LLC N-Fleks
         Tamanskaya Str. 182/22
         Krasnodar
         Russia


RUSAL: Secures US$4.5 Billion Loan Refinancing from VEB
-------------------------------------------------------
United Company RusAl has secured a loan refinancing from state-
owned Vnesheconombank, the Moscow Times and Reuters report.

Citing the Russian press, Nadia Popova at the Moscow Times writes
RusAl borrowed US$4.5 billion from VEB last week to repay a US$4.5
billion syndicated loan it took out from ABN Amro, BNP Paribas,
Credit Suisse, and Merrill Lynch to buy 25% of Norilsk Nickel from
Mikhail Prokhorov in April.  The shares, the Moscow Times
discloses, were pledged as collateral for the loan, which had to
be repaid Friday.

RusAl, which earlier failed to agree a US$1.9 billion club loan
with its relationship banks because of market turmoil, was facing
the threat of handing over the stake in Norilsk to creditors
unless it managed to refinance, a banking source told Reuters Loan
Pricing Corp.

A banking source, as cited by Reuters, said the terms of the VEB
loan were agreed and the loan was put in place on Wednesday.

According to the Moscow Times, the Audit Chamber will oversee the
use of the US$4.5 billion in financing that VEB loaned to RusAl
with auditors Valery Goreglyad and Mikhail Beskhmelnitsyn set to
carry out a review this month.

The financing, Moscow Times notes, is part of a US$50 billion
bailout package provided to VEB by the Central Bank to refinance
the foreign debt of domestic companies.  The maximum loan for any
one company would be US$2.5 billion and must be returned by Dec.
31, 2009, the Moscow Times reveals.

VEB however has not confirmed giving a loan to RusAl, and did not
respond to e-mailed requests for comment.  A RusAl representative,
also declined to comment on the loan issue until VEB itself
report, the Moscow Times adds.

                            About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum -
http://www.rusal.ru/en/-- is the world's largest producer of
aluminium and alumina, was established in March 2007 following the
merger of assets of three companies: RUSAL, previously the third
largest global aluminium company; SUAL, one of the world’s top ten
players in the aluminium business; and the alumina assets of
Glencore (Switzerland).


SHCHEKIN-GAZ-STROY OJSC: Creditors Must File Claims by Dec. 24
--------------------------------------------------------------
Creditors of OJSC Shchekin-Gaz-Stroy (TIN 7118006810, PSRN
102710503648, RVC 770301001) have until Dec. 24, 2008, to submit
proofs of claims to:

         P. Trunkin
         Insolvency Manager
         Post User Box 67
         123242 Moscow
         Russia

The Arbitration Court of Tulskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A68–2179/07–184B.

The Debtor can be reached at:

         OJSC Shchekin-Gaz-Stroy
         Building 4
         Gruzinskiy Val Str. 11
         123056 Moscow
         Russia


SPURT BANK: Fitch Puts 'B-' L-T Foreign Currency IDR on Watch Neg
-----------------------------------------------------------------
Fitch Ratings has placed Russia-based Spurt Bank's (Spurt) Issuer
Default ratings (IDRs) and Individual rating on Rating Watch
Negative (RWN).  The RWN reflects Fitch's concerns over the bank's
liquidity position in light of an upcoming bond redemption and
recent deposit instability.

Fitch notes, that an early redemption option embedded in Spurt's
RUB1bn domestic bond falls on December 4, 2008, while the bank's
current liquid assets (cash and equivalents and unpledged
government securities) currently only marginally exceed that
amount.  Repayment of maturing term deposits and outflow of
current accounts was also considerable in October (just over RUR1
billion or 24% of the end-September total), while the bank has
drawn down in full its RUR1.4 billion unsecured lending limit from
the Russian Central Bank (CBR).  This credit facility matures in
November, but is expected to be rolled over.

To improve its liquidity position, Spurt needs to stabilize its
deposit base and attract new wholesale funding.  Fitch was
informed that the bank is currently negotiating a credit facility
from the European Bank for Reconstruction and Development (EBRD,
'AAA'/Stable), a shareholder of the bank.  The timing and final
amount of this facility remain uncertain, although Fitch
understands this could be at least US$10 million (around RUR270
million) and may be received in November.  Should this be made in
the form of subordinated debt, the bank may also apply for an
additional subordinated loan from Vnesheconombank (VEB;
'BBB+'/Stable) of up to RUR200 million (15% of regulatory
capital).  Spurt may also secure additional credit facilities from
the CBR (secured by loans) and Russian Bank for Development (under
SME lending program), and it currently has open credit lines from
local commercial banks. Loan repayments to end-November are
estimated at RUR570 million.

If the bank is successful in stabilizing its deposit base,
attracting new wholesale funding and maintaining a reasonable
liquidity cushion after the date of the early redemption option,
then the RWN may be removed and the ratings affirmed.

However, if the liquidity position tightens further, then the
ratings may be downgraded.

Spurt is a small Russian bank, although it has a niche franchise
in the Republic of Tatarstan (RT; 'BBB-' (BBB minus)/Stable).
Since 2005 it has been actively expanding its SME and retail
franchise.  Its capitalization (regulatory ratio of 17.7% at 28
October 2008) and reported asset quality (90-day overdue at 0.5%
of total loans at end-H108) have been sound, while performance
indicators have been quite moderate, undermined by a narrowing net
interest margin and moderate non-interest income.  The largest
stake in Spurt is held by Eugenia Dautova (Chairwoman of the
bank's Management Board, 40% stake); other large shareholders
include the EBRD (28%) and Nizhnekamskneftekhim ('B+'/Positive)
and its employees (holding in aggregate 25%).

Rating actions:

   -- Long-term foreign currency IDR: 'B-' (B minus) placed on
Rating Watch Negative

   -- Short-term foreign currency IDR: 'B' placed on Rating Watch
Negative

   -- Support rating: affirmed at '5'

   -- Individual rating: 'D/E' placed on Rating Watch Negative

   -- Support Rating Floor: assigned 'No Floor'


TEKHNO-STROM-DOR-STROY: Bankruptcy Hearing Set January 22, 2009
---------------------------------------------------------------
The Arbitration Court of St. Petersburg will convene at
11:00 a.m. on Jan. 22, 2009, to hear bankruptcy supervision
procedure on LLC Tekhno-Strom-Dor-Stroy (Construction).  The case
is docketed under Case No. A56–27548/2008.

The Temporary Insolvency Manager is:

         A. Buravchenkov
         Post User Box 131
         191119 St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Tekhno-Strom-Dor-Story
         Ivana Chernukh Str. 20
         198095 St. Petersburg
         Russia


TRANS-COAL LLC: Creditors Must File Claims by November 24
---------------------------------------------------------
Creditors of LLC Trans-Coal (TIN 4202024001) 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 Kemerovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A27–
8590/2008–4.

The Debtor can be reached at:

         LLC Trans-Coal
         Posadskaya Str. 11a
         Inskoy
         Belovo
         Kemerovskaya
         Russia


YUR-FIN-STROY LLC: Creditor Must File Claims by November 24
-----------------------------------------------------------
Creditors of LLC Yur-Fin-Stroy have until Nov. 24, 2008, to submit
proofs of claims to:

         V. Sirotkin
         Temporary Insolvency Manager
         Office 211
         Ordzhonikidze Str.49 a
         167982 Syktyvkar
         Russia

The Arbitration Court of Komi will convene on Feb. 3, 2009, to
hear bankruptcy supervision procedure.  The case is docketed
under Case No. A29–6958/2008.

The Debtor can be reached at:

         LLC Yur-Fin-Stroy
         Syktyvkar
         Komi
         Russia


* MURMANSK RUSSIA: Fitch Affirms Rating 'BB-'; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed the Russian region of Murmansk's
ratings at Long-term foreign and local currency 'BB-' (BB minus),
and Short-term foreign currency 'B'.  Fitch also affirmed its
National Long-term 'A+(rus)' rating.  The Outlooks for the Long-
term ratings are Stable.

The ratings reflect the high tax concentration and the relatively
low capital expenditure of the region's budget, accompanied by
high budget rigidity and expected growth in contingent
liabilities.  The ratings also factor in the region's strong local
economy with large economic potential, its low debt burden, and
satisfactory budgetary performance.

The Stable Outlooks reflect Fitch's expectation that economic
growth will drive revenue growth, allowing the region to maintain
satisfactory budgetary performance and continue to record strong
debt protection ratios despite a projected increase of indirect
debt.

Murmansk's economy has a strong industrial base (40% of value
added production in 2007), dominated by mining and machinery.

The region is among the top 10 Russian regions in terms of per
capita gross regional product and has ample natural resources.

Unique transportation facilities contribute to the importance of
the region as a transport hub.  At the same time, tax
concentration is high: the 10 largest taxpayers in the regional
budget contributed about 50% of tax proceeds in 2007.  The
region's economy is export-oriented, which leaves it vulnerable to
international market fluctuations.

The region's direct debt is low: as of October 1, 2008, the
region's debt amounted to RUR325 million and consisted solely of
loans from the federal budget.  Murmansk's debt declined to a
negligible 1.1% of current revenue by end-2007 from a peak of
28.3% in 2003.  The region is, however, exposed to additional
contingent risk arising from public sector liabilities. This risk
amounted to RUR1 billion as of January 1, 2008 and will increase
by end-2008 as the region is planning to guarantee a RUR981
million loan from the Nordic Investment Bank to the public company
TEKOS (heating provider) for infrastructure modernization.

The region demonstrated an improved budgetary performance in 2007
with a positive operating balance, equivalent to 9.3% of operating
revenue, up from 6.3% in 2006.  However, budgetary rigidity has
been high as current expenditure averaged 91% of total expenditure
between 2006 and 2007.  Murmansk's capital expenditure declined to
10% of total expenditure in 2007 from an average of 15.5% between
2003 and 2004.  Given a high level of deterioration in the
region's infrastructure, capital expenditure will probably need to
be increased.  There is also little room for cutting back
expenditure as staff expenses and transfers of all kinds accounted
for a high 83% of total expenditure in 2007.

The Murmansk region is located in the northwest part of the
Russian Federation (RF).  The region's capital, the City of
Murmansk, is the fourth-largest sea port in the RF, with a
population over 320,000.  The region contributed 0.7% of the RF's
gross domestic product in 2006 and accounted for 0.6% of its
population.


* RUSSIA: Places RUR170 Million VEB Under Moscow's Rescue Plan
---------------------------------------------------------------
Citing Finance Ministry data, Toni Vorobyova at Reuters reports
that Russia has placed RUR170 million (US$6.41 billion) of the
National Wealth Fund's money on deposit with state bank
Vnesheconombank, as part of Moscow's US$200 billion markets and
economy rescue plan.

The plan, the report notes, includes allocating RUR175 billion
this year for state purchases of shares and corporate bonds.

According to the report, VEB has already received RUR45 billion
such deposits.  The bank, the report says, acts as the agent and
the money deposited with it until 2013.

The rescue packages, the report adds, also allocates RUR950
billion for subordinated loans to Russian banks.  The National
Wealth Fund provides 450 billion of that via 2019 deposits with
VEB.  So far RUR125 billion have been placed on such deposits, the
report states.

Both types of deposit pay the fund 7% interest, the report
reveals.

The National Wealth Fund stood at US$62.82 billion, including the
VEB deposits, while Russia's Reserve Fund totaled US$134.60
billion.  The two oil wealth funds together were worth RUR5.24
trillion (US$197.4 billion) as of Nov. 1, the report discloses.


* RUSSIA: Electricity Distributors at Risk of Going Bankrupt
------------------------------------------------------------
Citing Integrated Energy System president Mikhail Slobodin,
Nadia Popova at the Moscow Times reports that electricity
distributors in Russia are facing bankruptcy early next year
because of cash flow problems as consumers delay payments for
supplies.

Mr. Slobodin said Tuesday at a Federation Council round table on
problems in the electricity sector, distributors will need some
RUR30 billion (US$1.1 billion) in the fourth quarter to refinance
debt, the report notes.

"The distributors will all be bankrupt in the first quarter of
2009," Mr. Slobodin was quoted by the report as saying.

According to Mr. Slobodin, consumers delayed 15% of payments to
IES distribution this month, while Smolensk Energy Distribution
Company deputy general director Alexander Shkolnikov disclosed 18%
of payments to Smolensk Energy Distribution Company were being
delayed, the report reveals.

Mr. Slobodin, the report relates, warned distributors will either
underpay the generators or the grids or may end up with generators
having nothing to pay for the fuel.  He described the situation as
"very bad," and that "serious crisis management" was needed.

Meanwhile, Dmitry Ponomaryov, head of the Market Council, a
government watchdog for the sector, said the Energy Ministry and
the council are in talks with with state banks about discounted
loans of RUR35 billion to RUR40 billion for the fourth quarter of
this year and the first quarter of 2009 for the distribution
companies, the report adds.


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


CAJAMAR CAJA: Fitch Affirms Individual Rating at 'B'
----------------------------------------------------
Fitch Ratings has affirmed Cajamar Caja Rural, Sociedad
Cooperativa de Credito's ratings at Long-term Issuer Default (IDR)
'A', Short-term IDR 'F1', Individual 'B', Support '3' and Support
Rating Floor 'BB'.  The Outlook for the Long-term IDR is Stable.

Cajamar's ratings reflect its strong retail franchises in Almeria,
Malaga and Murcia, consistently good profitability, healthy asset
quality and robust capital base.  They also reflect real estate
concentration and a certain reliance on short-term ECB (European
Central Bank) funding.

The Stable Outlook reflects Fitch's view that Cajamar's track
record of good profitability and robust capital adequacy are
sustainable.  If management does not succeed in lengthening
current reliance on short-term financing, Cajamar's Individual
rating could be downgraded.  Cajamar's ratings could also feel
downward pressure from a failure to transform real estate exposure
into mortgages to individuals, and from a higher-than-expected
deterioration in asset quality and profitability.

Cajamar's good pre-impairment operating profitability in H108 was
assisted by a wider net interest margin and a controlled cost
base.  Its cost/income ratio remained sound at 55%.

Despite an abrupt slowdown in the Spanish economy and housing
sector, asset quality remained healthy at end-H108, with an
impaired/total loans ratio of 1.8% (coverage: 120%), aided by
Cajamar's in-depth knowledge of the key areas in which it
operates.  Exposure to the construction and real estate sectors
remains at 25% of total lending at end-H108, although comfort is
derived from its sound collateral, its residential nature and the
small size of the projects.  Further diversification comes from
52% of total loans being to individuals and low risk concentration
by borrower.

Cajamar's liquidity has tightened, although it benefits from a
large and stable deposit base (64% of lending, excluding
securitizations) and well-diversified by maturity long-term
wholesale funding sources.  Cajamar has also built up a EUR4.2
billion portfolio of discountable assets at the ECB, of which EUR2
billion were used at end-H108.

Capital adequacy is robust, with a Basel II total ratio of 12.7%
at end-H108, and a Tier 1 ratio of 9.9% consisting entirely of
core capital.

Cajamar is Spain's largest rural credit cooperative and its
banking activities are predominantly retail.  Headquartered in
Almeria (Andalusia), where it has a market share of 33%, Cajamar
also has good franchises in Malaga, Murcia and Valladolid (market
shares of 8%, 11.5% and 5.6%, respectively).  At end-H108, Cajamar
had 912 branches.


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


GENERAL MOTORS: Merger Talks Proceed; Cerberus Halts Nissan Talks
-----------------------------------------------------------------
Chrysler LLC's parent, Cerberus Capital Management LP, has ended
talks with Nissan Motor Co., Jeff Bennett and John Stoll at The
Wall Street Journal reports, citing a person familiar with the
discussions.

According to WSJ, the sources said that Cerberus Capital wants to
focus on merger discussions with General Motors Corp.

WSJ relates that Cerberus Capital has been negotiating with Nissan
since the start of the year about having Chrysler join the Nissan-
Renault SA alliance.  The three companies, says WSJ, had agreed
that Chrysler will produce pickup trucks for Nissan, while Nissan
will make a compact car for Chrysler.

Carlos Ghosn, Nissan and Renault's CEO, has dismissed reports of
talks with Chrysler as speculation, WSJ states.

        Treasury Won't Negotiate Financial Aid for Merger

A government official said on Thursday that the U.S. Treasury
Department won't negotiate with GM and the owners of Chrysler on a
request to provide direct government financial support to their
merger, David Lawder at Reuters reports.

Industry sources said that GM had asked for US$10 billion in a
government rescue package to support its acquisition of Chrysler
from Cerberus Capital Management, Reuters states.  According to
the report, the request was viewed as above the US$25 billion in
funds to allow the automakers to produce fuel-efficient vehicles.
Citing the official, Reuters relates that the government is
working to accelerate the distribution to automakers of US$25
billion in factory retooling funds authorized by Congress in
September.

According to Reuters, the Treasury confirmed that automakers'
financial companies like GMAC LLC and Chrysler Financial would
qualify to sell distressed assets to the Treasury when it launches
reverse auctions under its US$700 billion market bailout program.
Reuters relates that the finance arms must be registered as
federally regulated bank holding companies to qualify for a
capital injection under the US$250 billion equity purchase portion
of the bailout program.  Previous reports say that GMAC said that
it was seeking the bank holding company designation.

        Steve Girsky to Advise Union on Merger Talks

According to WSJ, the United Auto Workers union is preparing to
weigh in on a potential GM-Chrysler merger, which would likely
result in thousands of layoffs at Chrysler.  Citing people
familiar with the matter, WSJ relates that the union retained
Steve Girsky as adviser on the talks.  WSJ states that he will
assist UAW President Ron Gettelfinger in evaluating the talks
between GM and Chrysler.  The report says that Mr. Gettelfinger
has spoken out against the merger.

Mr. Girsky is president of Centerbridge Industrial Partners in New
York.  Mr. Girsky is a board member of Dana Corp.  Mr. Girsky
was a former adviser to GM Chief Executive Rick Wagoner and helped
the CEO in forming a restructuring plan for GM.

A person familiar with the matter said that UAW has begun meetings
with the auto makers hoping to "get a grasp of the situation," WSJ
reports.

                    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.


NUMEX JSC: Creditors' Proofs of Claim Due by Nov. 12
----------------------------------------------------
Creditors owed money by JSC Numex are requested to file their
proofs of claim by Nov. 12, 2008, to:

         Alte Steinhauserstrasse 33
         6330 Cham
         Switzerland

The company is currently undergoing liquidation in Cham.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 9, 2008.


OLIVA NOVA: Nov. 12 Set as Deadline to File Claims
--------------------------------------------------
Creditors owed money by JSC Oliva Nova Golf are requested to file
their proofs of claim by Nov. 12, 2008, to:

         Edgar Goethe
         Mail Bbox: 1628
         8801 Thalwil
         Switzerland

The company is currently undergoing liquidation in Thalwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 8, 2008.


PM TECH: Creditors Must File Proofs of Claim by Nov. 10
-------------------------------------------------------
Creditors owed money by JSC PM Tech are requested to file their
proofs of claim by Nov. 10, 2008, to:

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

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


QUICOCHE JSC: Deadline to File Proofs of Claim Set Nov. 12
----------------------------------------------------------
Creditors owed money by JSC Quicoche are requested to file their
proofs of claim by Nov. 12, 2008, to:

         Gauggelistrasse 25
         7000 Chur
         Switzerland

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


RADOMAT JSC: Creditors Have Until Nov. 13 to File Claims
--------------------------------------------------------
Creditors owed money by JSC Radomat are requested to file their
proofs of claim by Nov. 13, 2008, to:

         Marianne Buhler
         Flurhohe 12
         6275 Ballwil
         Switzerland

The company is currently undergoing liquidation in Hunenberg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 15, 2005.


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


BOUMERANG MT: Creditors Must File Claims by November 9
------------------------------------------------------
Creditors of LLC Boumerang MT have until Nov. 9, 2008, to submit
proofs of claim to:

         Mrs. Chudaykina Liudmila
         Liquidator/Insolvency Manager
         p.o.b. 1041
         Ap. 25,
         Lazurnaya str., 2-b
         54058 Nikolaev
         Ukraine
         Tel: 8(0512)41-60-48
              8(050)136-07-40

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 2, 2008.
The case is docketed as 14/297/08.

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

The Debtor can be reached at:

         LLC Boumerang MT
         Ap. 2
         Nikolskaya str., 7
         54003 Nikolaev
         Ukraine


DEVICE-FACTOR LLC: Creditors Must File Claims by November 9
-----------------------------------------------------------
Creditors of LLC Device-Factor (code EDRPOU 34616564) have until
Nov. 9, 2008, to submit proofs of claim to:

         Private Enterprise Uktimo
         Liquidator
         Ap. 10
         Mayakovsky avenue, 32-D
         02222 Kiev
         Ukraine

The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 1, 2008.
The case is docketed as 43/446.

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

The Debtor can be reached at:

         LLC Device-Factor
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


EUROTEL: Creditors Must File Claims by November 9
-------------------------------------------------
Creditors of Subsidiary Company Eurotel (code EDRPOU 32383832)
have until Nov. 9, 2008, to submit proofs of claim to:

         LLC ROS-CONSULT
         Liquidator/Insolvency Manager
         Ap. 10
         Mayakovsky avenue, 32-D
         02222 Kiev
         Ukraine

The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 1, 2008.
The case is docketed as B 11/276-08.

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

The Debtor can be reached at:

         Subsidiary Company Eurotel
         Sholudenko str. 1
         Vyshgorod
         Kiev
         Ukraine


FBG IMPERA: Creditors Must File Claims by November 8
----------------------------------------------------
Creditors of LLC FBG Impera code EDRPOU 35585197 have until
Nov. 8, 2008, to submit proofs of claim to:

         Mr. Borodiy Alexander
         Liquidator/Insolvency Manager
         Kiev, p.o.b. 48
         02068 Kiev
         Ukraine
         Tel: 8(044)223-86-37

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 17, 2008.
The case is docketed as B 11/254-08.

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

The Debtor can be reached at:

         LLC FBG IMPERA
         Kiev highway Str. 1
         Ivankov
         07200  Kiev
         Ukraine


MECHANIZED COLUMN 560: Creditors Must File Claims by November 8
---------------------------------------------------------------
Creditors of State Enterprise Specialized Movable Mechanized
Column-560 (code EDRPOU 14120437) have until Nov. 8, 2008, to
submit proofs of claim to:

         Economic Court of Herson Region
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Arbitration Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent on July 3, 2008.
The case is docketed as 5/189-B-07.

The Debtor can be reached at:

         State Enterprise Specialized Movable
         Mechanized Column-560
         Novaya Kakhovka
         Herson
         Ukraine


PROGRESS LLC: Creditors Must File Claims by November 8
------------------------------------------------------
Creditors of Agricultural LLC Progress (code EDRPOU 30868806) have
until Nov. 8, 2008, to submit proofs of claim to:

         Mr. V. Kunashenko
         Liquidator/Insolvency Manager
         Ap. 30
         Sheshukov str., 1
         Shepetovka
         30400 Hmelnitsky
         Ukraine
         Tel: 8(03840)5-49-45

The Arbitration Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 29, 2008.  The case is docketed as 3/135-B.

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Progress
         Kolkhoznaya Str. 12
         Khristovka
         Iziaslav
         Hmelnitskij
         Ukraine


PROMSYSTEM LLC: Creditors Must File Claims by November 8
--------------------------------------------------------
Creditors of LLC Promsystem (code EDRPOU 14120437) have until
Nov. 8, 2008, to submit proofs of claim to:

         Economic Court of Kiev
         B. Hmelnitskiy str., 44-b.
         01030 Kyiv
         Ukraine

The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 1, 2008.
The case is docketed as B11/274-08.

The Debtor can be reached at:

         LLC Promsystem
         Kiev Highway Str. 14
         Borispol
         Kiev
         Ukraine


STANDARD-GIGA LLC: Creditors Must File Claims by November 8
-----------------------------------------------------------
Creditors of LLC Standard-Giga (code EDRPOU 32616058) have until
Nov. 8, 2008, to submit proofs of claim to:

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

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 24, 2008.  The case is docketed as B 40/86-08.

The Debtor can be reached at:

         LLC Standard-Giga
         Boyko Str. 49
         Dnieprodzerzhynsk
         51900 Dnipropetrovsk
         Ukraine


STYLE GROUP: Creditors Must File Claims by November 8
-----------------------------------------------------
Creditors of LLC Style Group (code EDRPOU 34466014) have until
Nov. 8, 2008, to submit proofs of claim to:

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

The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 1, 2008.
The case is docketed as B 11/273-08.

The Debtor can be reached at:

         LLC Style Group
         Kiev highway str. 14
         Borispol
         Kiev
         Ukraine


VIBROSEPARATOR OJSC: Creditors Must File Claims by November 8
-------------------------------------------------------------
Creditors of OJSC Vibroseparator Subsidiary Company VS-Service
(code EDRPOU 30104048) have until Nov. 8, 2008, to submit proofs
of claim to:

         Economic Court of Zhytomir
         Putiatinskiy Square, 3/65
         10002 Zhytomir
         Ukraine

The Arbitration Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 4, 2008.
The case is docketed as 3/104-b.

The Debtor can be reached at:

         JSC Vibroseparator Subsidiary Company VS-Service
         Baranov str., 93
         10001 Zhytomir
         Ukraine


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


COUSINS AND WHITEHOUSE: Brings in Joint Administrators
-------------------------------------------- ---------
Ian J. Gould of PKF (UK) LLP and John D. Travers of John D. Tavers
& Company were appointed as joint administrators of Cousins and
Whitehouse Ltd.

PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's leading
firms of accountants and business advisers, which specializes in
advising the management of developing private and public
businesses.


EASYPAY CAR: Appoints Administrator from Tenon Recovery
-------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator of
Easypay Car Hire Ltd. on Oct. 13, 2008.

Tenon Recovery -- http://www.tenongroup.com-- provides accounting
and business advice to entrepreneurs and owner-managed and private
businesses.

Tenon has over 1900 staff operating through a network of over 40
offices.


EXETER BLUE: Fitch Places 'BB' Rating on EUR8.5MM Class E Notes
---------------------------------------------------------------
Fitch Ratings has assigned Exeter Blue Limited's EUR125.9 million
floating rate notes due 2025 final ratings.  The transaction is a
managed securitization of public private partnership/public
finance initiative (PPP/PFI) and project finance loans
predominantly located in western Europe and North America.

   -- EUR31.875 million Class A: 'AAA'; Outlook Stable
   -- EUR31.875 million Class B: 'AA'; Outlook Stable
   -- EUR26.5625 million Class C: 'A'; Outlook Stable
   -- EUR10.625 million Class D: 'BBB'; Outlook Stable
   -- EUR8.5 million Class E: 'BB'; Outlook Stable

The ratings are based on the credit enhancement available to the
Class A through E notes in the form of subordination, structural
covenants and excess spread.  Although excess spread is used only
to offset principal losses on the subordinated notes (which are
not rated), the Class A through E notes benefit as losses on the
subordinated notes that are offset may partially or fully restore
the original credit enhancement levels.

The ratings also take into account the quality and diversity of
the portfolio of assets.  The closing portfolio has significant
concentration in the PPP/PFI energy and transport sectors as well
as significant single obligor exposure where the top five obligors
comprise approximately 23% of the portfolio.  The transaction
allows for a replenishment period of four years during which
Lloyds TSB may reference additional assets or increase exposure to
existing assets as a result of amortizations in the initial
portfolio.

The issuer is a company with limited liability, incorporated under
the laws of Jersey.  At closing, the issuer enters into six credit
default swaps with Lloyds TSB ('AA+' / 'F1+'/Rating Watch
Negative) where Lloyds TSB buys protection on a reference
portfolio of EUR1,062.5 million.  Each credit default swap
corresponds to one of five classes of rated notes and the sole
class of subordinated notes.  The notional amount corresponding to
the most senior level of the capital structure (the senior
exposure) will not be issued and sold to any noteholder, although
it will be considered in making determinations related to the
credit default swaps.  The note issuance proceeds will be held in
a deposit account with Lloyds TSB over which all rated notes will
have a contractual right.

The ratings of the notes address the likelihood that investors
will receive full and timely payments of interest and ultimate
repayment of principal by the legal final maturity date according
to the terms of the notes.

A copy of the presale report for this transaction is available on
the agency's public Web site, http://www.fitchratings.com/


GWSL REALISATIONS: Taps Administrators from Tenon Recovery
----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of GWSL Realisations Ltd.
on Oct. 17, 2008.

Tenon Recovery -- http://www.tenongroup.com-- provides accounting
and business advice to entrepreneurs and owner-managed and private
businesses.

Tenon has over 1900 staff operating through a network of over 40
offices.


LEHMAN: MFA Meets Administrator to Tackle Administration Issues
---------------------------------------------------------------
Managed Funds Association (MFA) on Tuesday, October 28, hosted, in
conjunction with Schulte Roth & Zabel LLP, a discussion and Q&A
session with Mr. Tony Lomas, one of the administrators of Lehman
Brothers International Europe (LBIE).  During a trip last week to
England, MFA invited Mr. Lomas, a partner at
PricewaterhouseCoopers, to come to the U.S. to meet with MFA
members, and others, regarding the LBIE administrators' efforts to
return an estimated US$40-70 billion in client assets frozen in
the UK as the result of the insolvency of Lehman Brothers, Inc.
At that meeting, MFA urged the consideration of options to
expedite the bankruptcy resolution process.  MFA also encouraged
Mr. Lomas to take steps to improve communication and provide
greater transparency to the LBIE administration process.  While in
the UK, MFA also met with representatives from the FSA and
Treasury to discuss the administration of LBIE and its impact on
the UK prime brokerage industry and global financial markets.

Richard H. Baker, MFA President and CEO said, "We are grateful
that Tony accepted our invitation to come to New York to address
the concerns and questions so many of our members have regarding
the administration of LBIE.  We believe his visit is indicative of
an overall commitment to reduce uncertainty, and we appreciate his
willingness to listen to our concerns and recommendations toward
an efficient resolution to this problem."

Mr. Lomas said, "I welcomed the opportunity to come to the U.S. to
discuss these important issues.  I recognize that there has been
considerable confusion and frustration for some regarding the UK's
administration process.  My visit was intended to assure MFA
members that we are committed to hearing their views, responding
to their inquiries, and ensuring that the administration process
is well-informed and moving as expeditiously as possible under our
legal authority."

On October 13, MFA sent a letter to the Bank of England urging
intervention to expedite the release of billions of dollars in
assets frozen in the UK as the result of the insolvency of Lehman
Brothers, Inc.  MFA's letter offered recommendations for an
expedited administration process that would reduce systemic risk,
inject much-needed liquidity and financial stability into capital
markets and promote the ongoing viability of the UK’s prime
brokerage industry.  In its letter, which can be found at
www.managedfunds.org/latest-developments.asp, MFA encouraged the
Lehman administrator, PwC, to take immediate action to reduce the
uncertainty and mitigate systemic risk by distributing these
assets in an expedited manner.

                About Managed Funds Association

MFA -- www.managedfunds.org -- is the voice of the global
alternative investment industry.  Its members are professionals in
hedge funds, funds of funds and managed futures funds, as well as
industry service providers.  Established in 1991, MFA is the
primary source of information for policy makers and the media and
the leading advocate for sound business practices and industry
growth.  MFA members include the vast majority of the largest
hedge fund groups in the world who manage a substantial portion of
the approximately US$2 trillion invested in absolute return
strategies.  MFA is headquartered in Washington, D.C., with an
office in New York.

                     About Lehman Brothers

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

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

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).  Several other affiliates followed
thereafter.

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

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

                 International Operations Collapse

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

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

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


MACCOA LIMITED: Appoints Joint Administrators from Tenon
--------------------------------------------------------
Dilip K. Dattani and Patrick Ellward of Tenon Recovery were
appointed joint administrators of Maccoa Ltd. on Oct. 7, 2008.

The company can be reached at:

         Maccoa Ltd.
         1 Bede Island Road
         Bede Island Business Park
         Leicester
         LE2 7EA
         England

Tenon Recovery -- http://www.tenongroup.com-- provides accounting
and business advice to entrepreneurs and owner-managed and private
businesses.

Tenon has over 1900 staff operating through a network of over 40
offices.


NAPA VALLEY: Fitch Cuts Claris Series Notes to 'CCC'
----------------------------------------------------
Fitch Ratings has downgraded Claris Series 59 Napa Valley V
Synthetic CDO of ABS's EUR40 million floating-rate notes (ISIN:
XS0234280088), due 2025, to 'CCC' from 'BB' and removed them from
Rating Watch Negative (RWN).

The downgrade reflects continued collateral deterioration in
Claris Series 59's reference portfolio.  In particular, U.S.
subprime RMBS (residential mortgage-backed securities) and U.S.
Alternative A (Alt-A) mortgage loan transactions have experienced
sustained negative credit migration over the last year.

Further migration is expected as nine names, or 9.7% of the
portfolio, are on RWN.  As of the October 1, 2008 investor report,
the portfolio contains three names in the speculative grade.  One
asset is rated in the 'BB' category (1.45 % of the portfolio), one
in the 'B' category (1.28%), while the lowest-rated asset (1.45%)
is rated in the 'CCC' category.  Two of the assets are also on
RWN.  All RWN names are notched down by three notches for the
purpose of this analysis.  Furthermore, the credit enhancement
level available to the Series 59 notes of 1.82% would only be able
to sustain the total loss of one portfolio asset before the notes
would be impaired.

The portfolio comprises U.S. subprime RMBS (21.4%) and prime RMBS
(2.5%), Alt-A mortgage loans (18.4%), ABS or asset-backed
securities (17.3%) and CMBS (commercial mortgage-backed
securities) (40.4%).  At close in November 2005, all assets were
rated 'AAA'.

At close, Claris Ltd., a public limited company incorporated in
Jersey, entered into a credit default swap (CDS) agreement with
French bank Societe Generale (SG; rated 'AA-' (AA minus)/Outlook
Stable/'F1+') under which SG bought EUR40 million of protection on
the EUR2.05bn reference portfolio.  The portfolio is managed by SG
for the first seven years of the transaction, during which ABS are
replaced or replenished, subject to portfolio guidelines.

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


NEW STAR: May Breach Banking Covenants, Analyst Says
----------------------------------------------------
Martin Flanagan at the Scotsman reports that fund manager New
Start Asset Management may have to restructure its bank lending
covenants or end up breaching them.

According to the report, an analyst warned that when the FTSE 100
is between about 4,000 and 4,400, New Star could breach its
banking covenants.  The analyst added "a key driver of value in
the fund management sector is funds under management.  If equities
drop it impacts revenues."

The group's assets under management fell 14% to GBP19.8 billion in
the first six months of this year, the report says.

Meanwhile, another analyst cautioned that if New Star did breach
its covenants it would have to pay 1.5% more interest on its loans
"substantially raising costs, such that it could become loss-
making," the report discloses.

However, another analyst contended that using the FTSE 100 at
4,000 as a "proxy for when New Star could get into trouble with
its covenants is too imprecise," as about 50% of the fund
manager's investments were in equities.  The analyst added such a
measure "also assumes a static cost base when most fund managers
must be looking to reduce their costs."

The Footsie, the report relates, closed Wednesday, October 29, up
280 points at 4,206.  New Star's shares trod water at 29.75 pence
against a 52-week high of 362 pence, the report notes.

New Star owes about GBP220 million to five main banks, thought to
include Royal Bank of Scotland and HBOS, the report reveals.

The fund manager, whose dividend was slashed from 4 pence to 1
pence, is also thought to implement further cost-cutting measures,
the report adds.

New Star Asset Management -- http://www.newstaram.com/-- is a UK
fund manager, offering a wide range of investment products for
retail and institutional investors.


WESTBRIDGE HOME: Appoints Administrators from Ernst and Young
-------------------------------------------------------------
Robert Hunter Kelly and Charles Graham John King of Ernst & Young
LLP, were appointed joint administrators of Westbridge Homes Ltd.
on Oct. 17, 2008.

The company can be reached at:

         Westbridge Homes Limited
         c/o Ernst & Young LLP
         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5QR
         England

Ernst & Young -- http://www.ey.com-- provides assurance, tax,
transaction and advisory services.


Z REALISATIONS: Appoints Administrators from PKF LLP
----------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint administrators of Z Realisations LLP on Oct. 21, 2008.

The company is located at:

         Z Realisations LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England

PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's leading
firms of accountants and business advisers, which specializes in
advising the management of developing private and public
businesses.


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

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


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


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


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


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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *