TCREUR_Public/081105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 5, 2008, Vol. 9, No. 220

                            Headlines

A U S T R I A

AUTOHAUS SEYFRIED: Claims Registration Period Ends November 26
E + M LOIDL: Claims Registration Period Ends Nov. 14
HARDI BAU: Claims Registration Period Ends November 19
HAUS POTTELSDORF:  Claims Registration Period Ends November 17
KMR LLC: Claims Registration Period Ends November 14


B U L G A R I A

CENTRAL EUROPEAN: Moody's Changes Outlook on Ba2 Ratings to Neg.


D E N M A R K

BLOCKBUSTER INC: Cuts Viacom Letter of Credit to US$75MM


G E R M A N Y

AZ GEBAUDEDIENSTE: Claims Registration Period Ends November 10
BMS GMBH: Claims Registration Period Ends November 11
BRAINTRUST PERSOENLICHKEITS: Claims Registration Ends Nov. 10
CASSENS WERFT: Claims Registration Period Ends November 10
CHIQUITA BRANDS: S&P Raises Sr. Unsec. Debt Ratings to 'B-'

CONEXANT SYSTEMS: October 3 Balance Sheet Upside-Down by US$137MM
PROPEX INC: Files Joint Plan of Reorganization
PROPEX INC: Classification & Treatment of Claims Under Plan
VISTEON CORP: September 30 Balance Sheet Upside Down by US$530MM


I R E L A N D

LEATIME CONSTRUCTION: ACC Bank Seizes Three Housing Schemes
TUSKAR ASSET: Investors Personally Liable for EUR18 Mln Debt


K A Z A K H S T A N

ALEX-TRADE LLP: Creditors Must File Proofs of Claim by Dec. 10
BAT TRADE: Creditors' Claims Deadline Slated for Dec. 10
ELECTRIC SERVICES: Creditors' Claims Filing Period Ends Dec. 12
JETY TEBE: Creditors Must Register Claims by Dec. 10
KAZEXIM BALTABAI: Creditors' Claims Due on Dec. 10

KOMEK INTER GAS: Creditors Must File Proofs of Claim by Dec. 10
MAIKUBEN COAL: Creditors' Claims Deadline Slated for Dec. 12
NAIPR LLP: Claims Filing Period Ends Dec. 10
NEWSTROY-2005 LLP: Creditors Must Register Claims by Dec. 12
RUSSKY VESTNIK: Creditors' Claims Due on Dec. 10


P O L A N D

BYD-MEAT: Bigger Meat Producers Shun Tender
POLMEAT: May Not Get Support from Bigger Meat Producers


R O M A N I A

OLTCHIM SA: Incurs US$9.5 Mil. 9-Months Loss on Weaker Currency


R U S S I A

GAS-PRIBOR OJSC: Creditors Must File Claims by December 24
GEO-STROY LLC: Creditors Must File Claims by December 24
LENOK FLAX-PROCESSING: Creditors Must File Claims by November 24
NOVOLYALINSKIY OJSC: O. Kuznetsova Named Insolvency Manager
PROM-MONTAZH LLC: Creditor Must File Claims by November 24

PROM-STROY LLC: Bankruptcy Hearing Set Jan. 16, 2009
TEKH-INDUSTRY LLC: Creditors Must File Claims by December 24
TEKH-INVEST-AGRO CJSC: Creditors Must File Claims by November 24
ZERNOGRAD-GIDRO-AGREGAT: Creditor Must File Claims by Dec. 24


S W E D E N

FORD MOTOR: Sees Higher F150 Sales in Jan.; To Rehire 1,000
TELIGENT AB: Applies for Bankruptcy at Sodertorn Court


S W I T Z E R L A N D

B+L ELEKTROTECHNIK: Creditors Must File Claims by Nov. 13
DERSIYON HEIMTEXTIL: Deadline to File Claims Set Nov. 12
FORTUNA HERISAU: Creditors Have Until Nov. 10 to File Claims
GENERAL MOTORS: October Deliveries Total 170,585 Drop 45%
GENERAL MOTORS: Union's Nod on Shutdowns & Layoffs May Sway Banks

HAFLIGER MEDIA: Proofs of Claim Filing Deadline is Nov. 13
NOVA GOLF: Creditors' Proofs of Claim Due by Nov. 12
NUMEX JSC: 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
PARMALAT SPA: UBS AG Agrees to Pay EUR500,000 Fine
UBS AG: Says SNB Deal to Weigh on Fourth Quarter Results


U K R A I N E

AGRICULTURAL RESOURCE: Creditors Must File Claims by November 13
AUTOMATIC-COAL-ORE-INDUSTRY: Claims Deadline Set November 13
CHEMICAL RESOURCE: Creditors Must File Claims by November 13
EXPORTERS OF UKRAINE: Creditors Must File Claims by November 13
FOODS-IMPORT-EXPORT: Creditors Must File Claims by Nov. 13

NEORANA BEST: Creditors Must File Claims by November 13
ROMANKOVTSY BREADRECEIVING: Claims Must Deadline on Nov. 13
UNIVERSAL TRADING: Creditors Must File Claims by November 13


U N I T E D   K I N G D O M

APB COLOUR: Brings in Liquidators from Grant Thornton
BARCLAYS PLC: Won't Push Through With Private Capital Raising
BIZZENERGY LTD: Goes Into Receivership; 120 Jobs Axed
BRITANNIA BULK: Placed Into Administration; BDO Stoy Appointed
BRITANNIA BULK: Moody's Cuts Probability of Default Rating to D

CMC MANAGEMENT: Goes Into Voluntary Liquidation
CONTINENTAL ALLOYS: S&P Affirms 'B' CCR; Removed From Watch
ENRON GAS: Brings in Liquidators from PricewaterhouseCoopers
ICICI BANK UK: Moody's Cuts Jr. Sub. Debt Rating to Ba2
KAUPTHING SINGER: Insolvent Liquidation Likely, Solicitor Says

MLS GROUP: In Talks with Landlords Over Loss-Making Sites
PACKFIELD BREWERY: Taps Liquidators from Tenon Recovery
QGS PREMIER: Brings in Liquidators from Tenon Recovery
TAGPOINT UK: Taps Liquidators from PricewaterhouseCoopers
VIRGIN: Lenders Okay Amendments to Senior Facilities Agreement

* Insolvencies in UK Hospitality & Leisure Sectors Soar, PwC Says


                         *********


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


AUTOHAUS SEYFRIED: Claims Registration Period Ends November 26
--------------------------------------------------------------
Creditors owed money by Kg Autohaus Seyfried (FN 16895x) have
until Nov. 26, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Reinhard Teubl
         Mittergasse 28
         8600 Bruck an der Mur
         Austria
         Tel: 03862-51462
         Fax: 03862-51462-10
         E-mail: rechtsanwaelte@bzt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 5, 2008, for the
examination of claims at:

         Land Court of Leoben
         Hall F
         Leoben
         Austria

Headquartered in Langenwang, Austria, the Debtor declared
bankruptcy on Oct. 2, 2008, (Bankr. Case No. 17 S 50/08h).


E + M LOIDL: Claims Registration Period Ends Nov. 14
----------------------------------------------------
Creditors owed money by OEG E + M Loidl (FN 218794g) have until
Nov. 14, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Edith Wieder
         Pfarrgasse 5
         4820 Bad Ischl
         Austria
         Tel: 06132/28226
         Fax: 06132/28226-6
         E-mail: kzl-wieder@ihr-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:20 p.m. on Nov. 27, 2008, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

Headquartered in CITY, Austria, the Debtor declared bankruptcy on
Oct. 7, 2008, (Bankr. Case No. 20 S 125/08w).


HARDI BAU: Claims Registration Period Ends November 19
------------------------------------------------------
Creditors owed money by LLC Hardi Bau (FN 301867y) have until
Nov. 19, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Stefan Langer
         Olzeltgasse 4
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10.15 a.m. on Dec. 3, 2008, for the
examination of claims at:

         Trade court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 2, 2008, (Bankr. Case No. 4 S 140/08b).


HAUS POTTELSDORF:  Claims Registration Period Ends November 17
--------------------------------------------------------------
Creditors owed money by LLC Haus Pottelsdorf (FN 127046h) have
until Nov. 17, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Klaus Dornhofer
         Franz Liszt-Gasse 1
         7000 Eisenstadt
         Austria
         Tel: 02682/62468
         Fax: 02682/66214
         E-mail: office@wirhabenrecht.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10.15 a.m. on Dec. 1, 2008, for the
examination of claims at:

         Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Kellerweg, Austria, the Debtor declared
bankruptcy on Oct. 9, 2008 (Bankr. Case No. 26 S 91/08x).


KMR LLC: Claims Registration Period Ends November 14
----------------------------------------------------
Creditors owed money by LLC Kmr (FN 54647p) have until Nov. 14,
2008, to file written proofs of claim to the court-appointed
estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:05 a.m. on Nov. 20, 2008, for the
examination of claims at:

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Voitsberg, Austria, the Debtor declared
bankruptcy on Oct. 6, 2008, (Bankr. Case No. act is 26 S 117/08p).


===============
B U L G A R I A
===============


CENTRAL EUROPEAN: Moody's Changes Outlook on Ba2 Ratings to Neg.
----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook for the
Ba2 corporate family rating of Central European Media Enterprises
Ltd and the Ba2 ratings on the EUR150 million senior notes due
2014 and the EUR245 million senior notes due 2012 to negative from
stable, following an assessment of CME's revised guidance for the
year 2008 presented both at the annual investor presentation and
its Q3 2008 results, in conjunction with Moody's consideration of
possible operating performance trends in 2009.

The rating action reflects Moody's view that, against the
background of a potential slowdown in fast-growing TV ad revenues
in each of CME's markets; the extent of the potential challenges
CME will face in maintaining double digit EBITDA growth (in local
currency terms) is likely to threaten the maintenance of its
credit metrics at levels consistent with a Ba2 rating such that
leverage as measured by Debt/EBITDA (as adjusted by Moody's) is
likely to remain above Moody's guidance of 3.5x at the end of 2009
(based on today's foreign exchange rates, and after taking into
account circa US$105 million excess EBRD loan that is recently
utilized to enhance liquidity).  Moody's notes that the negative
outlook factors in CME's commitment to deliver EBITDA growth in
local currency terms under any likely economic scenario next year,
and Moody's expectation of moderate opex and capex investments at
CME's recently acquired start-up business in Bulgaria in 2009.

With respect to the company's purchase of the remaining 10% stake
in its Ukraine business (Studio 1+1) following the exercise of its
call option for US$109.1 million, Moody's said that despite the
potential positives that the full control should bring to the
operational performance of this still developing TV station, the
transaction has from a financial risk point of view absorbed
further flexibility amid substantial weakness anticipated in the
Ukrainian advertising market over the next year.

The Ba2 rating factors in CME's leading positions in the TV
broadcasting market in most of the seven Central and Eastern
European countries where it operates; its solid and sustainable
audience share levels supported by its multi-channel offerings and
successful programming strategy focused on own local production;
its sound liquidity profile; and management's intention to
maintain leverage at around 3.0x Net Debt/EBITDA (as reported by
the company) over the medium term.  More positively, Moody's notes
management's intention to cut heavy capex investments scheduled in
Ukraine for the next year; and the substantially reduced appetite
for M&A activities in order not to jeopardize its existing
financial risk and liquidity profile in today's challenging
environment.

The limited visibility on the outlook over the medium term means
that downward pressure on the rating could be exerted on CME's
ratings in the event that i) there is a deviation from the
company's revised leverage guidance; ii) the operating performance
deteriorates more severely than currently anticipated by Moody's;
and iii) the company alters its acquisition strategy or makes a
greater-than-anticipated investment in new ventures, resulting in
increasing leverage on a Debt/EBITDA basis (as adjusted by
Moody's) above 3.5x on a sustainable basis.  Moody's nevertheless
notes management's recent comments regarding the intention to
temper capex plans and M&A activities next year, steps which could
help to mitigate any credit profile deterioration reflected as a
principal concern in this change in outlook to negative.

Central European Media Enterprises Ltd., a Bermuda-based company
is a TV broadcasting company with networks in seven Central and
Eastern European countries.  Launched in 1994, CME and its
partners now operate 20 channels, including TV Nova, Nova Cinema
and Nova Sport in the Czech Republic; PRO TV, PRO Cinema, Pro
International, Sport.ro, MTV and Acasa in Romania; Nova TV in
Croatia, TV Markiza and Vova Sport in the Slovak Republic; POP TV
and Kanal A in Slovenia; and Studio 1+1, Studio 1+1 International,
Kino and Citi in Ukraine; and the recently acquired TV2 and Ring
TV in Bulgaria.  For the year ending on 31 December 2007, CME
generated segment revenues of US$840 million and segment EBITDA of
US$320 million.


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


BLOCKBUSTER INC: Cuts Viacom Letter of Credit to US$75MM
--------------------------------------------------------
Blockbuster Inc. and Viacom Inc., its former parent company,
entered into Amendment No. 1 to the Amended and Restated Initial
Public Offering and Split-Off Agreement dated June 18, 2004.

Pursuant to the Amendment, the face amount of the Letter of Credit
required to be provided by Blockbuster for the benefit of Viacom
was reduced from US$150,000,000 to US$5,000,000 and the conditions
upon which Viacom may draw on the Letter of Credit were amended.
In addition, in the Amendment, Blockbuster assumed responsibility
for the payment of any and all fees and expenses incurred in
connection with the establishment and maintenance of the Letter of
Credit.

In connection with the Amendment, Blockbuster, Viacom, Viacom
International Inc., CBS Corporation and CBS Operations Inc. each
also entered into a letter agreement dated Oct. 24, 2008, pursuant
to which Blockbuster consented to the assignment of the rights,
benefits, obligations, liabilities, and duties of CBS Corporation
and CBS Operations Inc. under the documents entered into in
connection with the Blockbuster split-off, including the IPO and
Split-Off Agreement, to Viacom, and the assumption by Viacom of
all such rights, benefits, obligations, liabilities and duties of
CBS Corporation and CBS Operations Inc.

Full-text copies of the Amendment 1 TO IPO and Split Agreement and
Letter Agreement dated Oct. 24, 2008, are available for free at
http://ResearchArchives.com/t/s?3473and
http://ResearchArchives.com/t/s?3474

                    About Blockbuster Inc.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a provider of in-home
movie and game entertainment, with over 7,800 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, and
Australia.

At Jan. 6, 2008, the company's total debt, including capital lease
obligations, was US$57.8 million compared with US$984.2 million in
Dec. 31, 2006.

                          *    *    *

In August 2008, Moody's Investors Service downgraded Blockbuster
Inc.'s probability of default rating to Caa1 from B3.  The
company's Caa1 corporate family rating, Caa2 senior subordinated
note rating, and SGL-4 speculative grade liquidity rating were
affirmed.  At the same time, Moody's raised the company's secured
bank facilities to B1 from B3.  Moody's said that the outlook
remains negative.

In December 2007, Fitch Ratings affirmed Blockbuster Inc.'s long-
term Issuer Default Rating at 'CCC' and the senior subordinated
notes at 'CC/RR6'.  Fitch said that the rating outlook is stable.


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


AZ GEBAUDEDIENSTE: Claims Registration Period Ends November 10
--------------------------------------------------------------
Creditors of AZ Gebaudedienste GmbH have until Nov. 10, 2008, to
register their claims with court-appointed insolvency manager
Andreas Bender.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on Dec. 9, 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 Saarbruecken
         Area Hall 13
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         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 Bender
         Metzer Str. 4
         66636 Tholey
         Tel: 06853/ 961 890
         Fax: 06853/961 8920

The District Court of Saarbruecken opened bankruptcy proceedings
against AZ Gebaudedienste GmbH on Oct. 6, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AZ Gebaudedienste GmbH
         Attn: Guenter Kallenberg, Manager
         Gersweiler Str. 33
         66117 Saarbruecken
         Germany


BMS GMBH: Claims Registration Period Ends November 11
-----------------------------------------------------
Creditors of bms GmbH have until Nov. 11, 2008, to register their
claims with court-appointed insolvency manager Dr. Klaus
Tappmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Nov. 19, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Room 211
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         Germany

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

The insolvency manager can be reached at:

         Dr. Klaus Tappmeier
         Schwoerhausgasse 4/1
         89073 Ulm
         Germany
         Tel: 0731/140820
         Fax: 0731/1408222

The District Court of Neu-Ulm opened bankruptcy proceedings
against bms GmbH on Sept. 25, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         bms GmbH
         Fabrikstr. 12
         89290 Buch
         Germany


BRAINTRUST PERSOENLICHKEITS: Claims Registration Ends Nov. 10
-------------------------------------------------------------
Creditors of Braintrust Persoenlichkeits- und
Organisationsentwicklung Verwaltungs GmbH have until Nov. 10,
2008, to register their claims with court-appointed insolvency
manager Dr. Sven-Holger Undritz.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Braintrust Persoenlichkeits- und Organisationsentwicklung
Verwaltungs GmbH on Sept. 24, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Braintrust Persoenlichkeits- und
         Organisationsentwicklung Verwaltungs GmbH
         Attn: Rainer Lohkamp und
               Astrid Dieterle, Managers
         Willhoop 3
         22453 Hamburg
         Germany


CASSENS WERFT: Claims Registration Period Ends November 10
----------------------------------------------------------
Creditors of Cassens Werft GmbH have until Nov. 10, 2008, to
register their claims with court-appointed insolvency manager
Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 19, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Aurich
         Room 107
         Schlossplatz 2
         26603 Aurich
         Germany

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

The insolvency manager can be reached at:

         Stefan Hinrichs
         Heiligengeiststr. 29
         26121 Oldenburg
         Germany
         Tel: 0441 / 21891 - 0
         Fax: 0441 21891 - 39

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

The Debtor can be reached at:

         Cassens Werft GmbH
         Attn: Christian Hohagen und
               Hermann Kienitz, Managers
         II. Hafenabschnitt
         26723 Emden
         Germany


CHIQUITA BRANDS: S&P Raises Sr. Unsec. Debt Ratings to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its senior
unsecured debt ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. to 'B-' (same as the corporate credit rating)
from 'CCC+' and the recovery rating to '4' from '5' indicating the
expectation of average (30% to 50%) recovery in the event of
payment default.  The upgrades are principally the result of about
US$91 million of redemptions the company has made since June 2008.
At the same time, S&P affirmed the 'B-' corporate credit rating
and 'B+' senior secured ratings.  The outlook is stable.  As of
Sept. 30, 2008, Chiquita had about US$805 million of debt.

Third-quarter sales ended Sept. 30, 2008, and increased 7%,
primarily due to improved banana pricing and favorable foreign
exchange rates.  The company had an operating loss of US$5 million
for third-quarter 2008, compared with a US$7 million loss the
previous year.  The relative improvement was due to stronger
banana operating income, as the salad and healthy snacks category
remains unprofitable.  Adjusted debt was about US$1.4 billion as
of Sept. 30, 2008, and declined by US$25 million after the quarter
ended, reflecting repayment of senior unsecured notes.  The
company has repaid US$91 million of notes since June 2008, using
proceeds from the sale of its Atlanta AG subsidiary.

The outlook is stable.  Chiquita has reduced leverage and improved
covenant cushion despite high industry costs.  S&P estimates that
if EBITDA (as calculated under the credit agreement) declines by
15%, given the current economic uncertainties, Chiquita would
maintain sufficient (greater than 20%) cushion on its financial
covenants.  "An outlook revision to positive would require
sustained improvement in operating performance, credit measures,
and covenant cushion," said Standard & Poor's credit analyst
Alison Sullivan.

"We could revise the outlook to negative if liquidity becomes
constrained, for example, if covenant cushion declined to the
single-digit percentage area, and/or operating trends deteriorate
and leverage increases significantly," she continued.


CONEXANT SYSTEMS: October 3 Balance Sheet Upside-Down by US$137MM
-----------------------------------------------------------------
Conexant Systems, Inc.'s balance sheet at Oct. 3, 2008, showed
total assets of US$446.4 million, and total liabilities of
US$583.1 million, resulting in shareholders' deficit of
US$136.7 million.

The company disclosed financial results for the fourth quarter of
fiscal 2008 that met the updated guidance provided on Sept. 30,
2008, when the company increased its earnings outlook.

            Fourth Fiscal Quarter Financial Results

Conexant presents financial results based on Generally Accepted
Accounting Principles well as select non-GAAP financial measures
intended to reflect its core results of operations.  The company
believes these core financial measures provide investors with
additional insight into its underlying operating results.  Core
financial measures exclude non-cash and other non-core items as
fully described in the GAAP to non-GAAP reconciliation in the
accompanying financial data.

On Aug. 11, 2008, Conexant completed the sale of its Broadband
Media Processing product lines to NXP Semiconductors.  The
financial results of the BMP business unit are classified as
discontinued operations in the company's financial statements for
all periods.

Excluding results from discontinued operations, revenues for the
fourth quarter of fiscal 2008 were US$122.6 million.  Core gross
margins were 54.5% of revenues.  Core operating expenses were
US$47.0 million, and core operating income was US$19.9 million.
Core net income was US$13.0 million.

On a GAAP basis, gross margins were 54.1% of revenues.  GAAP
operating expenses were US$57.2 million.  GAAP operating income
was US$9.2 million, and GAAP net loss from continuing operations
was US$2.2 million.  GAAP net income was US$0.4 million.  GAAP net
income in the quarter included a loss of US$3.7 million from
discontinued operations related to the BMP business, which was
offset by a gain on the sale of that business of US$6.3 million.

The company ended the quarter with US$105.9 million in cash and
cash equivalents, a sequential decrease of approximately US$30
million.  The decrease was related to several events including the
company's retirement of US$80 million of its floating rate senior
notes due in November 2010, the reduction of a short-term
receivables facility by US$37 million, and a US$16 million cash
payment for the purchase of Freescale's "SigmaTel" multifunction
printer business.  These items were partially offset by US$95
million in cash received from the sale of the company's BMP
business to NXP.

"During our recently concluded fiscal year, we dramatically
improved our financial performance by exiting or selling
unprofitable businesses and significantly improving the
performance of our continuing businesses, expanding core gross
margins, and reducing core operating expenses," Scott Mercer,
Conexant's chairman and chief executive officer, said.  "As a
result, we delivered US$58 million in core operating income for
fiscal 2008, led by outstanding performance in our IPM product
lines.  We also strengthened our balance sheet by retiring nearly
US$175 million in debt during the year.

"Because of the financial improvements the Conexant team delivered
over the past fiscal year, we are a stronger, more competitive
company, and we are in a much better position to work through the
current economic challenges," Mr. Mercer said. "Moving forward, we
remain committed to driving further improvements in our business
model, generating positive cash flow, and strengthening our long-
term capital structure.  We will also continue to focus our
investments on market segments where we lead or have an
opportunity to lead, and we will continue to evaluate
opportunities to augment our internal product-development efforts
with select acquisitions."

                        About Conexant

Headquartered in Newport Beach, California,  (NASDAQ: CNXT) --
http://www.conexant.com/-- has a comprehensive portfolio of
innovative semiconductor solutions which includes products for
Internet connectivity, digital imaging, and media processing
applications.  Conexant is a fabless semiconductor company that
recorded revenues of US$809.0 million in fiscal year 2007.
Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.


PROPEX INC: Files Joint Plan of Reorganization
----------------------------------------------
Propex Inc., Propex Holdings Inc., Propex Concrete Systems
Corporation, Propex Fabrics International Holdings I Inc., and
Propex Fabrics International Holdings II Inc. delivered to the
Court a Joint Plan of Reorganization and Disclosure Statement on
October 29, 2008.

Propex Inc. Executive Vice President and Chief Operating Officer
William S. Brant relates that the Plan contemplates the
reorganization and ongoing business operations of Propex, and the
resolution of the outstanding Claims against Propex pursuant to
Sections 1129(a) and 1123 of the Bankruptcy Code.  The Plan
classifies all Claims against and Interests in Propex into eight
separate classes per Debtor.

The Plan also provides for:

  (1) the continued corporate existence of Reorganized Propex
      after the Plan Effective Date as separate corporate
      entities;

  (2) the cancellation of existing notes, instruments,
      debentures and common stock on the Plan Effective Date;

  (3) the issuance of new debt and securities on or as soon as
      reasonably practicable after the Effective Date;

  (4) the amendment of Reorganized Propex's certificate of
      incorporation and by-laws, including (i) a provision
      prohibiting the issuance of non-voting equity securities
      and (ii) the issuance of New Equity Interests in an amount
      not less than the amount necessary to permit the
      distributions required by the Plan; and

  (5) Reorganized Propex's entry into an exit financing.

The contemplated sources of cash for Plan distributions include
Propex's existing cash balances, Propex's business operations,
sales of assets or the exit financing.

According to Mr. Brant, Propex is in the process of soliciting
financing for its exit revolving credit facility.  However, no
assurances can be made as to the likelihood of obtaining such
financing in the current distressed credit market, he notes.

Under the Plan, the board of directors of Reorganized Propex will
consist of five members and will be comprised of the chief
executive officer of Reorganized Propex and four members of the
board to be selected by the Prepetition Lenders.

Mr. Brant adds that while the Plan provides for a very
significant reduction in indebtedness, Reorganized Propex will
still have a significant amount of debt outstanding and
significant debt service requirements in the future.  As of the
Effective Date, Reorganized Propex expect to have more than US$200
million of total debt, of which US$155 million is secured debt.
It also expects to have as much as US$50 million of borrowings
under a revolving credit facility as of the Effective Date.

"The Plan . . . preserves the value of the Debtors' business as a
going concern and provides a meaningful return to numerous
creditors, Mr. Brant says.

A full-text copy of the Propex Plan of Reorganization is
available for free at:

      http://bankrupt.com/misc/Propex_Chapter11Plan.pdf

A full-text copy of the Propex Disclosure Statement is available
for free at:

    http://bankrupt.com/misc/Propex_DisclosureStatement.pdf
    http://bankrupt.com/misc/Propex_DisclosureStatement2.pdf

                        About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249).  The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

(Propex Bankruptcy News, Issue No. 19; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Classification & Treatment of Claims Under Plan
-----------------------------------------------------------
The Joint Plan of Reorganization filed by Propex Inc. and its
debtor-affiliates designates claims and interests into certain
classes:

                              Estimated Aggregate      Class
Class  Description              Allowed Amount      Treatment
-----  -----------            -------------------    ---------
N/A  Administrative Claims                -      Unimpaired

N/A  DIP Lender Claims                    -      Unimpaired

N/A  Priority Tax Claims        US$2,500,000      Unimpaired

1A-E  Allowed Priority              US$50,000      Unimpaired
      Non-Tax Claims

2A-E  Allowed Secured            US$2,500,000      Unimpaired
      Tax Claims

3A-E  Allowed Other
      Secured Claims                US$200,000      Unimpaired

4A-E  Allowed Intercompany      US$31,000,000      Unimpaired
      Claims

5A-E  Allowed Prepetition      US$231,000,000        Impaired
      Lender Secured Claims

6A-E  Allowed Convenience          US$250,000        Impaired
      Class Claims

7A-E  Allowed General          US$235,000,000        Impaired
      Unsecured Claims      to US$250,000,000

8A-E  Allowed Interest            Various          Impaired

The Classes of Claims will be entitled to these treatments:

Class Claim            Treatment
-----------            ----------
Administrative Claims  Paid in full.

Priority Tax Claims    Paid in full.

DIP Lender Claims      Paid in full.

Class 1A-E            Paid in full.

Class 2A-E            Paid in full.

Class 3A-E            Holders of Allowed Other Secured Claims
                      will receive one of these treatment:

                      (a) The legal, equitable, and contractual
                          rights of the Claimant will be
                          reinstated;

                      (b) Cash equal to the value of the
                          Claimant's interest in the property
                          of the Estate that constitutes
                          collateral;

                      (c) The property of the Estate that
                          constitutes collateral for that
                          Allowed Class 3A-E Claim will be
                          conveyed to the holder of the claim;

                      (d) A note secured by that Claimant's
                          collateral; or

                      (e) Other treatment as held by the Court
                          as equitable.

Class 4A-E    Each Allowed Class 4A-E Claimholder will have its
              claim reinstated.

Class 5A-E    Each Allowed Class 5A-E Claimholder will receive
              in full satisfaction, release and discharge of
              and in exchange for the allowed Prepetition
              Lender Secured Claims, a Pro Rata share of
              distribution.

Class 6A-E    Each Allowed Class 6A-E Claimholder will receive
              in full and final satisfaction, settlement, and
              discharge equal to:

                (i) 100% of its allowed Convenience Claim if
                    the Claim is equal to or less than US$25,000;
                    or

              (ii) US$25,000 if the holder's allowed Convenience
                    Claim is greater than US$25,000 and the
                    holder of the Allowed Convenience Claim
                    elects to participate in the Allowed
                    Convenience Claims Class.

              In no event will the distributions under this
              Class exceed the aggregate amount of US$250,000.

Class 7A-E    If the requisite holders of Allowed Class 7A-E
              General Unsecured Claims vote in favor of the
              Plan, each holder of an Allowed Unsecured Class
              will receive, in full and final satisfaction,
              settlement, release and discharge of its pro rata
              share of the General Unsecured Claim Distribution
              on account of their Allowed Prepetition Lender
              Deficiency Claims.

Class 8A-E    On the Effective Date, all interest in Propex will
              be cancelled and extinguished, and the holders of
              Allowed Interests will not receive or retain any
              distribution on account of the Allowed Interests.

              Unliquidated or Contingent Claims

William S. Brant, executive vice president and chief operating
officer of Propex, Inc., and Propex Holdings, Inc. relates that
pursuant to Section 502 of the Bankruptcy Code, any Claimant or
the Debtors may seek the estimation of any unliquidated claim or
contingent claim.

To the extent an unliquidated Claim or a contingent Claim is
estimated by a final order of the Court, it will receive the
treatment for the particular type of Claim.  Any unliquidated
Claim or contingent Claim will be treated as a Disputed Claim
until and unless it becomes an Allowed Claim pursuant to a final
Court order.

                        About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249).
The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

(Propex Bankruptcy News, Issue No. 19; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


VISTEON CORP: September 30 Balance Sheet Upside Down by US$530MM
----------------------------------------------------------------
Visteon Corporation's balance sheet at Sept. 30, 2008, showed
total assets of US$5.9 billion and total liabilities of
US$6.4 billion, resulting in shareholders' deficit of roughly
US$530 million.

The company disclosed third quarter 2008 results, reporting a net
loss of US$188 million on total sales of US$2.11 billion.  For
third
quarter 2007, Visteon reported a net loss of US$109 million on
sales of US$2.55 billion.  Third quarter 2008 product sales
declined by US$400 million from the same period a year ago,
reflecting the impact of lower customer production volumes and
plant closures and divestitures.

Recent additional restructuring actions included the:

  -- In August, Visteon completed the sale of its interiors
      operations conducted at its Halewood, England, facility
      to International Automotive Components Group Limited
      Europe.  The Halewood facility is dedicated to the
      assembly and sequencing of cockpit systems and consoles to
      Jaguar Land Rover's Halewood operation.  Visteon's Halewood
      facility had 2007 sales of approximately US$150 million and
      operated on close to a break-even basis.  The nearly
      150 employees at the facility were also transferred to IAC
      Europe.

  -- Visteon reduced hourly and salaried headcount at its
      facilities in Mexico.  These reductions resulted from
      operating efficiencies and aligning headcount with lower
      North American production levels.  Approximately 880
      employees have been separated and Visteon has recorded
      US$8 million of restructuring charges, all of which are
      eligible for reimbursement from the restructuring escrow
      account.

  -- In addition, Visteon reduced its worldwide hourly
      workforce by approximately 1,200 during the third quarter.

  -- Visteon implemented a number of programs to reduce its
      worldwide salaried workforce by more than 800 positions.
      In connection with these reduction programs, Visteon
      recorded charges of US$25 million during the third quarter
      and expects total charges related to these programs to be
      approximately US$60 million.  The remaining charges, which
      will be recognized over the coming months, are eligible for
      reimbursement from the escrow account.  During the third
      quarter, about 150 employees were separated from the
      company, and nearly all of the remaining affected employees
      are expected to depart the company by the end of the first
      quarter 2009.  Visteon expects to realize more than
      US$60 million of total annual savings from these actions.

  -- In October, the company amended its other post-retirement
      employee benefits for certain former employees at two U.S.
      facilities that were closed in the past year.  Visteon
      eliminated company-sponsored prescription drug benefits
      for the plants' Medicare-eligible retirees, spouses and
      dependents effective Jan. 1, 2009.  This revision, combined
      with the contract that was ratified by the union
      representing hourly workers at Visteon's Pennsylvania
      facility, is expected to reduce OPEB liabilities by nearly
      US$100 million.  Additionally, the company expects to
      recognize a gain of US$15 million in fourth quarter 2008
      related to the curtailment of future benefit eligibility.

                    Nine Month 2008 Results

Visteon reported a net loss of US$335 million for the first nine
months of 2008, compared with a net loss of US$329 million for the
same period a year ago.  First nine month results for 2008
included US$117 million of restructuring expenses and US$81
million of reimbursements from the escrow account, and US$70
million of asset impairments and loss on divestitures.  The
company's provision for income taxes totaled US$131 million for
the first nine months of 2008, an increase of US$66 million from
the same period a year ago.

For the first nine months of 2008, sales from continuing
operations were US$7.88 billion, including US$7.53 billion of
product sales.  Product sales decreased US$471 million from the
first nine months of 2007, as divestitures and closures of
approximately US$800 million and volume and sourcing of
approximately US$105 million were partially offset by nearly
US$420 million of favorable foreign currency.  Services revenue
for the first nine months of US$345 million decreased US$62
million from the same period in 2007.

Product gross margin for the first nine months of 2008 was
US$466 million, increasing US$100 million from the same period a
year ago.  This increase reflects positive net cost performance
and favorable currency, partially offset by the impact of lower
production volumes and plant closures and divestitures.

                      Cash Flow and Liquidity

Cash used by operating activities totaled US$160 million for third
quarter 2008, compared with US$53 million for the same period a
year ago.  Capital expenditures were US$76 million for the
quarter, compared with US$88 million in third quarter 2007. Free
cash flow was negative US$236 million for third quarter 2008,
compared with negative US$141 million for the same period in 2007.

Visteon used US$153 million of cash from operations for the first
nine months of 2008, compared with US$38 million for the first
nine months of 2007.  Capital expenditures of US$230 million
through Sept. 30, 2008, were US$2 million lower than in the first
nine months of 2007.  For the first nine months of 2008, free cash
flow was a use of US$383 million, compared with a use of US$270
million for the same period a year ago.

As of Sept. 30, 2008, Visteon had cash balances totaling
US$1.13 billion and total debt of US$2.59 billion.  Additionally,
no
amounts were drawn on the company's asset-based U.S. revolving
credit facility.  Letters of credit issued under this facility
totaled US$55 million, leaving an additional US$170 million of
availability as of Sept. 30, 2008.  Additionally, the company had
availability under its European receivables securitization
facility of US$114 million, of which US$93 million was
outstanding.  The European receivables securitization facility was
amended as of Oct. 30, 2008, to provide for both additional
availability and flexibility under the structure.

A full-text copy of the company's 10-Q filing with the Securities
and Exchange Commission is available for free at
http://ResearchArchives.com/t/s?347e

                    About Visteon Corporation

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

Visteon Corporation's consolidated balance sheet at June 30, 2008,
showed US$7.02 billion in total assets, US$6.93 billion in total
liabilities, and US$295.0 million in minority interests, resulting
in a US$207.0 million stockholders' deficit.

                          *    *    *

As reported in the Troubled Company Reporter on Oct. 21, 2008,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Visteon Corp. to 'B-' from 'B'.  At the same time, S&P
also lowered its issue-level ratings on the company's debt.  The
outlook is negative.

Fitch Ratings has affirmed Visteon Corporation's ratings as: (i)
issuer default rating (IDR) at 'CCC'; (ii) senior secured bank
facilities at 'B/RR1'; and (iii) unsecured notes at 'CC/RR6'.
Fitch has also assigned a rating of 'CC/RR6' to Visteon's new
12.25% senior unsecured notes being issued as part of the
company's debt exchange offer. The ratings cover approximately
US$2.8 billion in debt.  The rating outlook is negative.


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


LEATIME CONSTRUCTION: ACC Bank Seizes Three Housing Schemes
-----------------------------------------------------------
ACC Bank has seized the housing schemes of Leatime Construction in
Cavan, Longford and Leitrim after the building firm defaulted on
its loans, Iank Kehoe writes for the Sunday Business Post.

ACC, the report relates, has appointed Declan Taite, insolvency
partner with accountancy firm FGS, as receiver over the company's
assets.  The bank seeks to secure almost EUR20 million that it
advanced to the company in a series of loans.

According to the report, Leatime ran into cashflow difficulties as
house prices fall and banks become more aggressive in pursuing
debts.

Leatime's most recent accounts show the firm had stocks valued at
EUR13.6 million at the end of March 2007.  However, it owed
creditors, including Bank of Ireland, close to EUR15 million, the
report notes.

Based in Longford, Ireland, Leatime Construction is owned by Larry
Keogh and Philip Mullins.


TUSKAR ASSET: Investors Personally Liable for EUR18 Mln Debt
------------------------------------------------------------
Ian Kehoe at the Sunday Business Post reports that more than 85
investors are personally liable for EUR18 million in losses
accrued by Tuskar Asset Management plc.

According to the report, all the investors in various group
companies connected with the Tuskar fund provided personal
guarantees in the event that the company incurred losses on its
investments.

Citing court documents, the report reveals the company had
invested EUR50 million in properties and assets, but racked up
debts of EUR18 million.

The report states a number of those who invested "significant
amounts" did so from self-administered pension funds.

The High Court, the report relates, appointed David Hughes as
examiner to six related companies in the Tuskar Asset Management
group after it determined that the company was insolvent.
Mr. Hughes, however, told the court last week that the firm had a
fair chance of survival if its debts could be restructured or
fresh investment secured, the report notes.

The Tuskar investors will meet with Mr. Hughes this week.  The
examiner, which has 100 days to prepare a financial rescue plan
for the firm, will brief them on the company's status, the report
discloses.


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


ALEX-TRADE LLP: Creditors Must File Proofs of Claim by Dec. 10
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alex-Trade declared insolvent on June 24, 2008.

The proofs of claim will be accepted at:

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


BAT TRADE: Creditors' Claims Deadline Slated for Dec. 10
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Bat Trade Corp. Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Temirlanovskoye Highway
         Shymkent
         South Kazakhstan
         Kazakhstan


ELECTRIC SERVICES: Creditors' Claims Filing Period Ends Dec. 12
---------------------------------------------------------------
LLP Electric Services & Production Ltd. has declared  liquidation.
Creditors have until Dec. 12, 2008, to submit written proofs of
claims to:

         LLP Electric Services & Production Ltd.
         Micro District 15, 53-77
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 41-17-63


JETY TEBE: Creditors Must Register Claims by Dec. 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Jety Tebe insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan


KAZEXIM BALTABAI: Creditors' Claims Due on Dec. 10
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kazexim Baltabai insolvent on Sept. 19, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tereshkov Str. 10
         Otenai
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (7282) 22-90-39
              8 701 321 43-31


KOMEK INTER GAS: Creditors Must File Proofs of Claim by Dec. 10
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Komek Inter Gas Service d// insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


MAIKUBEN COAL: Creditors' Claims Deadline Slated for Dec. 12
------------------------------------------------------------
LLP Maikuben Coal has declared liquidation.  Creditors have until
Dec. 12, 2008, to submit written proofs of claims to:

         LLP Maikuben Coal
         Shoptykol
         Bayanaulsky
         Pavlodar
         Kazakhstan


NAIPR LLP: Claims Filing Period Ends Dec. 10
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Naipr declared insolvent on May 14, 2008.

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

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


NEWSTROY-2005 LLP: Creditors Must Register Claims by Dec. 12
------------------------------------------------------------
LLP Construction Company Newstroy-2005 has declared  liquidation.
Creditors have until Dec. 12, 2008, to submit written proofs of
claims to:

         LLP Construction Company Newstroy-2005
         Office 412
         Micro District 8, 4a
         Almaty
         Kazakhstan


RUSSKY VESTNIK: Creditors' Claims Due on Dec. 10
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Russky Vestnik insolvent on Sept. 22, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tereshkov Str. 10
         Otenai
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (7282) 22-90-39
              8 701 321 43-31


===========
P O L A N D
===========


BYD-MEAT: Bigger Meat Producers Shun Tender
-------------------------------------------
Puls Biznesu reports that none of the three biggest meat producers
in Poland took part in the tender for bankrupt
plant Byd-Meat concluded Friday, October 31.  Byd-Meat is among
the meat companies in Poland hit by the crisis.

"We are not interested in acquisition of any bankrupt plants. Our
strategy provides for acquisitions of operating companies," PKM
Duda CEO Maciej Duda was quoted by Puls Biznesu as saying.

Meanwhile, Sokolow CEO Boguslaw Miszczuk, as cited by Puls
Biznesu, said the company decided not to participate in the tender
as it would be too risky as the plant has already lost its market,
and it would require a lot of investment.

"Animex is also not interested in any acquisitions," a company
spokesman told Puls Biznesu.

Byd-Meat CEO Marek Sadkowski, however, noted that while the
bankruptcy officer is putting up the assets of the the company for
sale for two times more than its debts, he wanted a bankruptcy
with the possibility to reach settlement, Puls Bizneus relates.
He believes only the strongest companies will survive the crisis.

Byd-Meat, the report reveals, has assets worth PLN48 million
(EUR13.2 million), while its debts stood at PLN22 million.

The court has decided to close the company, although
Mr. Sadkowski disclosed they have managed to build a new plant,
the report adds.


POLMEAT: May Not Get Support from Bigger Meat Producers
--------------------------------------------------------
Puls Biznesu reports that Polish bankrupt plant Polmeat may not be
able get support from bigger producers as the crisis hits more and
more companies in the meat sector in Poland.

The crisis, Puls Biznesu notes, particularly affects those meat
companies which have invested much in recent years.

According to the report, bigger meat companies, including PKM
Duda, Sokolow and Animex, are hesitant to acquire bankrupt plants.

"We produced goods worth PLN160 million annually, while our
capacities were much higher.  We were planning an IPO.  We didn't
manage to reach this goal," one of the biggest shareholders of
Polmeat was quoted by Puls Biznesu as saying.


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


OLTCHIM SA: Incurs US$9.5 Mil. 9-Months Loss on Weaker Currency
---------------------------------------------------------------
Oltchim SA recorded a loss of RON27.7 million (US$9.5 million) in
the first nine months of the year compared with a net profit of
RON3.4 million a year earlier,
as a weaker local currency increased the cost of imported raw
materials, Irina Savu of Bloomberg News reports.

The PVC plastic maker's revenue meanwhile rose 19 percent to
RON1.67 billion as costs increased 21.5 percent to RON1.7 billion.

According to the report, Romania's lei has weakened almost 11
percent against the euro in the past year, making imported raw
materials more expensive.

As reported in the Troubled Company Reporter-Europe on Oct. 14,
2008, Oltchim SA (aka Oltchim RM Valce) had working capital
deficit of US$170 million and total shareholders' deficit of US$7
million on assets of US$673 million.

Headquartered in Valcea, Romania, Oltchim SA --
http://www.oltchim.ro/-- is mainly active in the chemicals
industry.  It is divided into five business units: chlor-alkali,
petrochemical, chemical, technical and construction materials. Its
product range encompasses inorganic products, such as caustic
soda, chlorine, hydrochloric acid, hydrogen peroxide;
macromolecular products, such as polyvinyl chloride,
polyetherspolyols, and synthesis organic products, including oxo
alcohols, chlorinated products, phthalic anhydride and dioctyl
phthalate.  The Company also produces pesticides, door and window
frames, celluloid and thermo-isolating boards, as well as
alimentary products, such as vegetables and fruits cans,
beverages, eggs, forages, fodders, poultry and pork meat.  Its
subsidiaries include Oltchim Medical Products SRL, Oltchim GmbH,
Sistemplast SA and Oltchim Fundatia.  It distributes its products
nationally and internationally, in approximately 40 countries.


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


GAS-PRIBOR OJSC: Creditors Must File Claims by December 24
----------------------------------------------------------
Creditors of OJSC Gas-Pribor (Gas Devices Production) have until
Dec. 24, 2008, to submit proofs of claims to:

         V. Ivanov
         Insolvency Manager
         Apt. 128
         Inzhenernaya Str. 62A
         180019 Pskov
         Russia

The Arbitration Court of Pskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A52–1141/2008.

The Debtor can be reached at:

         OJSC Gas-Pribor
         Krasnogorskaya Naberezhnaya 26
         Pskov
         Russia


GEO-STROY LLC: Creditors Must File Claims by December 24
--------------------------------------------------------
Creditors of LLC Geo-Stroy (TIN 8608049533) (Engineering Works
for Construction) have until Dec. 24, 2008, to submit proofs of
claims to:

         A. Rodin
         Insolvency Manager
         Gagarina Str. 65
         628002 Khanty-Mansiysk
         Yugra
         Russia

The Arbitration Court of Khanty-Mansiysk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A75-5343/2007.

The Debtor can be reached at:

         LLC Geo-Stroy
         Tsentralnaya Str. 4
         Vostochnaya promzona
         628481 Kogalym
         Khanty-Mansiysk
         Russia


LENOK FLAX-PROCESSING: Creditors Must File Claims by November 24
----------------------------------------------------------------
Creditors of MB Lenok Flax-Processing Plant have until Nov. 24,
2008, to submit proofs of claims to:

         I. Kozhemyakin
         Temporary Insolvency Manager
         Apt. 7
         Zapadnaya Str. 2V
         180024 Pskov
         Russia

The Arbitration Court of Pskovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A52–
1241/2008.

The Debtor can be reached at:

         MB Lenok Flax-Processing Plant
         Norvezhskiy
         Pskovskaya
         Russia


NOVOLYALINSKIY OJSC: O. Kuznetsova Named Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Sverdlovskaya appointed O. Kuznetsova as
Insolvency Manager for OJSC Novolyalinskiy Paper Mill. The case is
docketed under Case No. A60-31933/2006-S11.  She can be
reached at:

         Post User Box 717
         620000 Yekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Novolyalinskiy Paper Mill
         Lenina Str. 2
         624400 Novaya Lyalya
         Russia


PROM-MONTAZH LLC: Creditor Must File Claims by November 24
----------------------------------------------------------
Creditors of LLC Prom-Montazh (TIN 7444030514, PSRN
1027402063028 ) (Construction) have until Nov. 24, 2008, to submit
proofs of claims to:

         P. Tumbasov
         Insolvency Manager
         Post User Box 33
         Magnitogorsk
         455026 Chelyabinskaya
         Russia

The Arbitration Court of Chelyabinskaya will convene on
Mar. 4, 2009, to hear bankruptcy proceedings.  The case is
docketed under
Case No. A76-6930/2008,-55-63.

The Debtor can be reached at:

         LLC Prom-Montazh
         Pervomayskaya Str. 17/3
         Magnitogorsk
         Chelyabinskaya
         Russia


PROM-STROY LLC: Bankruptcy Hearing Set Jan. 16, 2009
----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy will convene at
9.30 a.m. on Jan. 16, 2009, to hear bankruptcy supervision
procedure on LLC Prom-Stroy (Construction).  The case is docketed
under Case No. A81-3107/2008.

The Temporary Insolvency Manager is:

         Ye. Tsay
         Kedrovaya Str. 127a
         625034 Tumen
         Russia

The Debtor can be reached at:

         LLC Prom-Stroy
         Apt. 20
         Polyarnaya Str. 7A
         629730 Nadym
         Yamalo-Nenetskiy
         Russia


TEKH-INDUSTRY LLC: Creditors Must File Claims by December 24
------------------------------------------------------------
Creditors of LLC Tekh-Industry Commercial and Industrial Company
(Electrical Products) have until Dec. 24, 2008, to submit proofs
of claims to:

         A. Kuzmin
         Insolvency Manager
         K. Marksa Prospect 34a/16
         644042 Omsk
         Russia
         Tel: 8(3812)325418

The Arbitration Court of Omskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A46–18776/2008.

The Debtor can be reached at:

         LLC Tekh-Industry
         KharkovskayabStr. 15a
         Omsk
         Russia


TEKH-INVEST-AGRO CJSC: Creditors Must File Claims by November 24
----------------------------------------------------------------
Creditors of CJSC Tekh-Invest-Agro (Sale Cropping) have until
Nov. 24, 2008, to submit proofs of claims to:

         D. Ivanov
         Insolvency Manager
         Office 207
         Lenina Str. 65
         350000 Krasnodar
         Russia
         Tel: 8-9184658656

The Arbitration Court of Krasnodarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-13145/2008,-60/849B.


ZERNOGRAD-GIDRO-AGREGAT: Creditor Must File Claims by Dec. 24
-------------------------------------------------------------
Creditors of OJSC Zernograd-Gidro-Agregat (TIN 6111007034)
(Hydraulic Cylinder Production) have until Dec. 24, 2008, to
submit proofs of claims to:

         D. Oleynik
         Insolvency Manager
         Post User Box 3332
         344092 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 11:30 a.m.
on Feb.24, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A53–3486/2008,-S1–33.

The Court is located at:

         The Arbitration Court of Rostovskaya
         Office 104
         Stanislavskogo Str. 8a
         Rostov-on-Don
         Russia

The Debtor can be reached at:

         OJSC Zernograd-Gidro-Agregat
         Lenina Str. 16
         347740 Zernograd
         Rostovskaya
         Russia


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


FORD MOTOR: Sees Higher F150 Sales in Jan.; To Rehire 1,000
-----------------------------------------------------------
The Associated Press reports that Ford Motor Co. said it will
rehire 1,000 workers to its Dearborn F-150 factory in January as
demand for pickup truck is expected to go up.

The AP relates that Ford Motor said it will restore a third shift
to the plant.  Ford Motor spokesperson Angie Kozleski said that
the workers will come from those laid off earlier this year at
many Ford Motor plants when the firm cut production, the report
says.

Ford Motor's President of the Americas operations, Mark Fields,
Ford's president of the Americas, said that the company has done
well selling down the 2008 models in preparation for the new one,
and the company is anticipating increased sales, The AP states.

                    About Ford Motor Co.

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

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

                          *    *    *

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


TELIGENT AB: Applies for Bankruptcy at Sodertorn Court
-----------------------------------------------------
Considering the present situation where a significant number of
the company's creditors are against a prolongation of the company
reorganization, the Board of Teligent AB has decided to submit an
application for bankruptcy to the Sodertorn District Court.

"It is positive that we under the present circumstances have
managed to sell off large parts of Teligent's business during the
reorganization process, and that we consequently have secured the
survival of these businesses as well as the customers' investments
and a number of jobs," Jan Rynning, Chairman of the Board, said.

The Board anticipates that the remaining parts of the business
will be sold shortly.

                          About Teligent

Teligent AB -- www.teligent.se -- is a global supplier of value
added services to telecommunications carriers.  The company's
solutions are currently utilized in various configurations by a
large number of leading carriers worldwide, including BT, MTS,
Maroc Telecom, SingTel, SMART, Telenor, TeliaSonera, Verizon and
Vodafone.


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


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

         Willi Buechel
         Nebengrabenstrasse 44
         9430 St. Margrethen
         Switzerland

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


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

         Akcan Luetfi
         Fellerstrasse 40/B4
         3027 Bern
         Switzerland

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


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

         Viaduktstrasse 8
         9100 Herisau
         Switzerland

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


GENERAL MOTORS: October Deliveries Total 170,585 Drop 45%
---------------------------------------------------------
General Motors Corp. dealers in the U.S. delivered 170,585
vehicles in October, down 45% compared with a year ago.  GM truck
sales of 97,119 were down 51% and car sales of 73,466 were off
34%.  The steep decline in vehicle sales was largely due to a
significant drop in the market's retail demand as uncertainty over
the deepening credit crisis impacted consumer confidence.

"The market has been shrinking for three years, but in October we
saw a dramatic decline for the industry and GM," said Mark LaNeve,
vice president of GM North America Vehicle Sales, Service and
Marketing.  "We are obviously disappointed in our results which
reflect a difficult comparison with a strong year-ago October
performance.  More importantly, it also reflects an unprecedented
credit crunch that is dramatically impacting the entire U.S.
economy -- from the housing market to big and small companies to
banks to family run businesses.  The credit freeze has also had a
very negative impact on consumers' confidence and their purchase
behavior across America."

Mr. LaNeve stated, "We outpaced the competition with our sales
results in August and September, and fell back with the industry
in October.  If you adjust for population growth, this is probably
the worst industry sales month in the post-WWII era.  We believe
there is considerable pent-up demand from the last three years,
but until the credit markets open up and consumer confidence
improves, the entire U.S. economy, and any industry like autos
that relies on financing, will suffer.  We'll do our part to
continue fighting against these significant economic headwinds by
bringing consumers the highest quality, most fuel efficient and
affordable cars, trucks and crossovers that we can."

Mr. LaNeve said that GM's no-haggle Red Tag Event starts
nationwide tomorrow, Nov. 4.  The Red Tag Event will provide great
deals on most new vehicles in GM's portfolio by offering a special
Red Tag vehicle price and customer cash back.  In addition, GM's
recently announced "Financing That Fits" program enables consumers
to find financing at affordable rates from GMAC and thousands of
other banks, credit unions and financing institutions.

Despite the poor results in October, there were a number of bright
spots for individual GM car and truck lines, including:

    -- Chevrolet Malibu retail sales were up 129%.  For the
       month, Malibu total sales reached nearly 11,000 vehicles.
       For the year, Malibu retail sales have totaled nearly
       98,000 cars, up 134% from year-ago figures.

    -- The all-new Pontiac Vibe recorded a 6% total sales
       increase in October.  Almost 42,000 Vibes have been sold
       this year, up 36% from the prior year.

    -- Saab retail sales were up 7.4% compared with a year ago,
       driven by the strong retail performance of the 9-3, which
       was up more than 16%.

    -- GM sold 44,500 Chevrolet Silverado, GMC Sierra, and
       Chevrolet Avalanche full-size pickups in October, further
       solidifying its segment leadership.

    -- GM hybrids continue to build sales momentum and the
       company has broken through the 10-thousand vehicle sales
       mark.  A total of 1,496 hybrid vehicles were delivered in
       the month.  Hybrid sales included: 372 hybrid Chevrolet
       Tahoe, 193 GMC Yukon and 230 Cadillac Escalade 2-mode
       SUVs delivered.  There were 325 Chevrolet Malibu, 22
       Saturn Aura, and 354 Vue hybrids sold in October.  GM has
       sold 10,549 hybrids so far in 2008.

GM continues to proactively manage inventories to align supplies
with market demand.  In October, only about 799,000 vehicles were
in stock, down about 146,000 vehicles (or about 15%) compared with
last year.  There were about 336,000 cars and 463,000 trucks
(including crossovers) in inventory at the end of October.

"These are extraordinary times for the U.S. economy, for consumers
and for an auto industry that is running at deep recessionary
levels relative to 1999- 2006.  We are offering the highest
quality and best value vehicles to customers in our history --
along with great incentives.  But we can't do it alone as GM or
the auto industry. It will take a coordinated national effort to
turn this economy around," Mr. LaNeve stated.

                   Certified Used Vehicles

October 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre- Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre- Owned Vehicles, were 33,735
vehicles, down 15 percent from October 2007.  Year-to-date sales
are 408,451 vehicles, down 7% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted October sales of 29,167 vehicles, down 16% from
October 2007.  Saturn Certified Pre-Owned Vehicles sold 783
vehicles, down 11%.  Cadillac Certified Pre-Owned Vehicles sold
3,051 vehicles, down 6%.  Saab Certified Pre-Owned Vehicles sold
506 vehicles, down 2%, and HUMMER Certified Pre-Owned Vehicles
sold 228 vehicles, up 75%.

Mr. LaNeve said, "October sales were disappointing for certified
GM programs, as consumer uncertainty over the growing credit
crisis had a negative impact on consumer confidence and retail
demand for both new and used vehicles.  Going forward, we will
continue offering consumers the tremendous peace of mind and value
that comes with a factory-backed, fully inspected and
reconditioned, late-model used vehicle from the GM brands they
know and trust."

      GM North America Reports October, 2008 Production
      Fourth Quarter Forecast Remains at 875,000 Vehicles

In October, GM North America produced 318,000 vehicles -- 151,000
cars and 167,000 trucks.  This is down 105,000 vehicles or 25
percent compared with October 2007 when the region produced
423,000 vehicles -- 152,000 cars and 271,000 trucks.  Production
totals include joint venture production of 11,000 vehicles in
October 2008 and 18,000 vehicles in October 2007.

The GM North America fourth-quarter production forecast remains at
875,000 vehicles -- 407,000 cars and 468,000 trucks -- which is
down about 16 percent compared with a year ago.  GM North America
built 1.042 million vehicles -- 358,000 cars and 684,000 trucks --
in the fourth-quarter of 2007.

                  About General Motors

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

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

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


GENERAL MOTORS: Union's Nod on Shutdowns & Layoffs May Sway Banks
-----------------------------------------------------------------
John D. Stoll and Jeff Bennett at The Wall Street Journal report
that the United Auto Workers President Ron Gettelfinger's approval
on the plant shutdowns and worker layoffs that the General Motors
Corp. - Chrysler LLC merger will cause could sway banks and
lawmakers into considering financing the deal.

The merger may cost 74,000 jobs and close half of Chrysler's
plants, ABI World relates, citing accounting firm Grant Thornton
LLP.  WSJ states that analysts say that at least 50,000 workers
could be dismissed.

WSJ relates that the UAW doesn't have to approve the shutdowns and
layoffs.  The report says that the merged company could seek to
close several plants employing thousands of UAW members and
renegotiate parts of the labor contracts with GM and Chrysler.

Citing people familiar with the matter, Mr. Gettelfinger has
started meeting with GM Chief Operating Officer Fritz Henderson
and could reach out to Cerberus Capital Management LP's President
Stephen Feinberg.

According to WSJ, Sen. Barack Obama's victory in Tuesday's
presidential election could also boost the union's influence since
a deal may depend on bailout money from the government.  People
close to the union said that Sen. Obama has already consulted with
Mr. Gettelfinger on labor issues, WSJ states.

Previous reports say that Mr. Gettelfinger has expressed
disapproval of the GM-Chrysler merger, saying that it could lead
to massive job losses.  Sources said that Mr. Gettelfinger also
opposes renegotiating a massive health-care trust that the union
agreed to create for GM, Ford Motor Co., and Chrysler in 2007, WSJ
relates.

Steve Girsky isn't being placed in a decision-making role, but Mr.
Gettelfinger plans to have him present and active in discussions
with GM and Chrysler, WSJ reports, citing sources.

As reported in the Troubled Company Reporter on Nov. 3, 2008, UAW
retained Mr. Girsky as adviser on the talks.  Mr. Girsky will
assist Mr. Gettelfinger in evaluating the talks between GM and
Chrysler.

                    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.


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

         Weichlerweg 3
         4665 Oftringen
         Switzerland

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


NOVA GOLF: Creditors' Proofs of Claim Due by Nov. 12
----------------------------------------------------
Creditors owed money by JSC Oliva Nova Golf are requested to file
their proofs of claim by Nov. 12, 2008, to:

         Edgar Goethe
         Liquidator
         Mail Box: 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.


NUMEX JSC: Nov. 12 Set as Deadline to File Claims
-------------------------------------------------
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.


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
         Liquidator
         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 Buehler
         Liquidator
         Flurhohe 12
         6275 Ballwil
         Switzerland

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


PARMALAT SPA: UBS AG Agrees to Pay EUR500,000 Fine
--------------------------------------------------
Reuters reported that UBS AG agreed to pay a fine of EUR500,000 as
well as have EUR1 million of so-called money made from criminal
activity confiscated after a court ruled that the bank was among
those responsible for Parmalat SpA's collapse in 2003.

According to Reuters, around four years after Parmalat went into
bankruptcy with debts of EUR14 billion, a Milan judge ordered
banks Citigroup, UBS, Deutsche Bank, Bank of America and other
individuals to stand trial for alleged market-rigging by some
employees in connection to its collapse.

Other than UBS itself, Reuters said two former UBS managers also
entered plea-bargain agreements, as did a former Deutsche Bank
manager.

A court session for the trial has been scheduled today, November
5.

                         Citigroup Case

The UBS case reversed Citigroup Inc.'s.  Last month, Parmalat lost
a claim against Citigroup after the Superior Court of Bergen
County in New Jersey awarded the bank approximately US$364 million
in connection with counterclaims it had asserted against Parmalat.

Parmalat sued Citigroup for allegedly aiding and abetting breach
of fiduciary duty in connection with looting that occurred at
Parmalat prior to December 2003.

Bloomberg News reported October 21 that Parmalat also sued Bank of
America and accounting company Grant Thornton LLP for US$10
billion each, alleging they contributed to the fraud that caused
its 2003 collapse.  The cases are in a New York federal court.  A
trial is expected to take place in next year's second half,
Bloomberg cited Parmalat legal counsel Nicola Palmieri as saying.

As to collection of the award, Bloomberg News disclosed Mr.
Palmieri said Citigroup probably will be unable to collect damages
because the award comes under the Italian bankruptcy court's
jurisdiction.  According to the news agency, the amount would be
subject to recovery ratios already established by the court, which
Mr. Palmieri estimated at around 7 percent.  Any payout would be
made in stock, under bankruptcy rules, the report noted.

"Most likely they will get nothing," Mr. Palmieri said, noting
that Parmalat has spent more than half of its EUR50 million annual
budget for legal fees on the U.S. Lawsuits.

                        About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On Jan.
20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


UBS AG: Says SNB Deal to Weigh on Fourth Quarter Results
--------------------------------------------------------
UBS AG expects that the conditions seen at the beginning of fourth
quarter will continue to affect clients' assets, and therefore the
bank's fee-earning businesses.

The bank said fourth quarter results will be impacted by a
possible reversal of own credit gains and a loss on the equity in
the fund to be controlled by the Swiss National Bank (SNB).

In October, UBS and the SNB have reached an agreement to transfer
up to US$60 billion of currently illiquid securities and other
assets from UBS’s balance sheet to a separate fund entity.

Under the SNB pact, the assets to be transferred to the fund
include approximately US$31 billion (as per valuation at September
30, 2008) of primarily cash securities, already disclosed as
concentrated risk positions relating to US real estate-related
securities, US student loan auction rate securities and other US
student loan securities, and assets from the US reference-linked
note program (RLN).

Upon the completion of the transaction, UBS said its net exposure
to these risk categories will be reduced to nearly zero (compared
with US$44 billion on June 30, 2008 and US$32 billion at September
30, 2008), with residual long positions held by UBS in these asset
classes hedged through existing short positions, including credit
protection embedded in the RLN programs.

UBS expects to transfer assets to the fund primarily over fourth
quarter 2008 and first quarter 2009.

According to UBS, since the announcement of the SNB transaction,
credit spreads on its debts have narrowed.  If this persists, some
or most of the accumulated CHF4.8 billion own credit gain will
reverse.  In addition, a loss will be recognized on the sale of
the equity in the fund sold to the SNB – partly offset by
recognition of the value of UBS's option to buy the equity back in
the future.

UBS however said a possible reversal of own credit would not
affect its tier 1 capital and tier 1 ratio.

The bank stated that the transfer of assets into the SNB fund, and
the loss recognized on the sale of the equity, will reduce its
risk-weighted assets and tier 1 capital balance.

                          New Capital

UBS said in October that it will raise CHF6 billion of new capital
in the form of mandatory convertible notes (MCNs), fully placed
with the Swiss Confederation, subject to approval by UBS
shareholders at the November 27, 2008 extraordinary general
meeting (EGM).  The MCNs will count as tier 1 capital for BIS
capital adequacy purposes following approval at the EGM.

                   Third Quarter 2008 Results

For third quarter 2008, UBS reported a Group net profit of CHF296
million.

UBS said results were impacted by realized and unrealized losses
of USD4.4 billion on legacy risk positions, mainly on exposures
related to US residential real estate-related securities and other
credit positions

UBS continued to reduce exposures to risk positions throughout the
quarter, largely through sales and to a lesser extent further
writedowns.  Exposures to US residential real estate-related
positions were reduced by almost 50% by quarter end.

The bank also disclosed that:

    * its annualized RoE from continuing operations was
      negative 44.4% in the first nine months of 2008
      compared with positive 19.0% in the first nine months
      of 2007, following a substantial negative impact
      from Investment Bank losses on exposures related to
      the US residential mortgage market and other credit
      positions.

    * Diluted EPS from continuing operations were CHF 0.09
      in third quarter 2008, compared with negative
      CHF 0.17 in second quarter 2008.  This change was
      mainly driven by reduced losses in the Investment Bank.

    * The cost/income ratio was 102.1% in third quarter
      compared with 200.7% in the prior quarter.  Total
      operating expenses were down 26% from the previous
      quarter, mainly due to lower accruals for performance-
      related compensation in third quarter and the
      provision of CHF 919 million made in second quarter
      in relation to auction rate securities.

    * Third quarter 2008 saw net new money outflows of
      CHF 83.6 billion, compared with outflows of
      CHF 43.8 billion the prior quarter.  At the end of
      third quarter, total invested assets stood at
      CHF 2,640 billion, of which CHF 1,932 billion were
      attributable to Global Wealth Management & Business
      Banking and CHF 708 billion were attributable to
      Global Asset Management.

    * Global Wealth Management & Business Banking saw
      total net new money outflows of CHF 49.3 billion.
      Wealth Management International & Switzerland
      recorded net outflows of CHF 36.0 billion, Wealth
      Management US recorded net outflows of CHF 9.8 billion
      and Business Banking Switzerland recorded net
      outflows of CHF 3.5 billion.

    * Global Asset Management saw total net new money
      outflows of CHF 34.4 billion.  Institutional clients
      recorded net outflows of CHF 21.0 billion.  Excluding
      money market flows, outflows increased to
      CHF 16.1 billion from CHF 8.1 billion.  Net outflows
      were reported in equities, fixed income, multi-asset,
      alternative and quantitative investments and real
      estate mandates, with infrastructure reporting net
      inflows.  Wholesale intermediary recorded net outflows
      of CHF 13.4 billion.  Excluding money market flows,
      outflows of net new money decreased to CHF 13.1 billion
      from CHF 16.0 billion.  During third quarter, outflows
      were reported in multi-asset, equities, fixed income
      and alternative and quantitative investments, while
      inflows were reported in real estate funds.

                          About UBS AG

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on July 8,
2008, Moody's Investors Service downgraded to B- from B the
financial strength rating (BFSR) of UBS AG.  The rating outlook is
stable.

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

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


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


AGRICULTURAL RESOURCE: Creditors Must File Claims by November 13
----------------------------------------------------------------
Creditors of LLC Technical Agricultural Resource (code EDRPOU
35402901) have until Nov. 13, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 7, 2008.
The case is docketed as 5/444/08.

The Debtor can be reached at:

         LLC Technical Agricultural Resource
         Dachnaya Str. 77
         Nikolaev
         Ukraine


AUTOMATIC-COAL-ORE-INDUSTRY: Claims Deadline Set November 13
------------------------------------------------------------
Creditors of OJSC Research and Development Establishment
Automatic-Coal-Ore-Industry (code EDRPOU 23998857) have until
Nov. 13, 2008, to submit proofs of claim to:

         Mr. Krivenko Boris
         Liquidator/Insolvency Manager
         Of. 408
         Independency Square 1
         40030 Sumy
         Ukraine
         Tel: 8(0542)619-837

The Arbitration Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 2, 2008.
The case is docketed as 12/141-04.

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         OJSC Research and Development Establishment
         Automatic-Coal-Ore-Industry
         Krasnozavodskaya Str. 5
         Konotop
         41600 Sumy
         Ukraine


CHEMICAL RESOURCE: Creditors Must File Claims by November 13
------------------------------------------------------------
Creditors of LLC Nikolayev Building Chemical Resource (code EDRPOU
35472427) have until Nov. 13, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 7, 2008.
The case is docketed as 5/448/08.

The Debtor can be reached at:

         LLC Nikolayev Building Chemical Resource
         Dachnaya Str. 77
         Nikolaev
         Ukraine


EXPORTERS OF UKRAINE: Creditors Must File Claims by November 13
---------------------------------------------------------------
Creditors of LLC Exporters of Ukraine Union (code EDRPOU 32819745)
have until Nov. 13, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 7, 2008.
The case is docketed as 5/446/08.

The Debtor can be reached at:

         LLC Exporters of Ukraine Union
         Lenin Avenue, 67
         Nikolaev
         Ukraine


FOODS-IMPORT-EXPORT: Creditors Must File Claims by Nov. 13
----------------------------------------------------------
Creditors of LLC Foods-Import-Export (code EDRPOU 30975911) have
until Nov. 13, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 7, 2008.
The case is docketed as 5/440/08.

The Debtor can be reached at:

         LLC Foods-Import-Export
         Gmirev Str. 14-A
         Nikolaev
         Ukraine


NEORANA BEST: Creditors Must File Claims by November 13
-------------------------------------------------------
Creditors of LLC Advertising Agency Neorana Best (code EDRPOU
32884128) have until Nov. 13, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 7, 2008.
The case is docketed as 5/443/08.

The Debtor can be reached at:

         LLC Advertising Agency Neorana Best
         Nikolskaya Str. 51/2
         Nikolaev
         Ukraine


ROMANKOVTSY BREADRECEIVING: Claims Must Deadline on Nov. 13
-----------------------------------------------------------
Creditors of OJSC Romankovtsy Breadreceiving Enterprise (code
EDRPOU 00957146) have until Nov. 13, 2008, to submit proofs of
claim to:

         Mr. Milovanov Artur
         Liquidator
         Ap. 805
         Oct. Square, 1
         21001 Vinnica
         Ukraine
         Tel: 8(0432)67-11-61

The Arbitration Court of Chernovcy commenced bankruptcy
proceedings against the company after finding it insolvent on July
24, 2008.  The case is docketed as 8/217/b.

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

The Debtor can be reached at:

         OJSC Romankovtsy Breadreceiving Enterprise
         Romankovtsy
         Sokiriansky
         60226 Chernovcy
         Ukraine


UNIVERSAL TRADING: Creditors Must File Claims by November 13
------------------------------------------------------------
Creditors of LLC Universal Trading (code EDRPOU 34772751) have
until Nov. 13, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 7, 2008.
The case is docketed as 5/445/08.

The Debtor can be reached at:

         LLC Universal Trading
         Ap. 68
         Lazurnaya Str. 52
         Nikolaev
         Ukraine


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


APB COLOUR: Brings in Liquidators from Grant Thornton
-----------------------------------------------------
David Matthews and Nigel Morrison of Grant Thornton UK LLP were
appointed joint liquidators of APB Colour Print Ltd. on Oct. 17,
2008 for the creditors' voluntary winding proceeding.

The company can be reached at:

         APB Colour Print Ltd.
         c/o Grant Thornton UK LLP
         Kennet House
         80 Kings Road
         Reading
         RG1 3BJ
         England


BARCLAYS PLC: Won't Push Through With Private Capital Raising
-------------------------------------------------------------
Barclays PLC won't proceed with its plan to raise fresh capital
from existing shareholders after concluding that the move could
undermine confidence in the banking group, The Financial Times
reports citing Chief Executive John Varley.

In a memo cited by the FT, Mr. Varley said: "A rights issue
launched now would have subjected our shareholders, and just as
important our depositors, to a period of uncertainty which would
have lasted through to Christmas.  In an environment where
confidence is so fragile, the importance of certainty cannot be
overstated."

On October 31, Barclays announced a proposal to raise up to GBP7.3
billion of additional capital from existing and new strategic and
institutional investors.  Under the planned capital raising,
Barclays will issue GBP3 billion of reserve capital instruments,
with an associated issue of warrants, and an issue of up to GBP4.3
billion of mandatorily convertible notes.

With the capital raising, the bank expects to fully satisfy its
commitment, to raise new external capital as part of its overall
plan to achieve the new higher capital targets set by the UK
Financial Services Authority for all UK banks.

According to Barclays, the capital raising will:

   -- enable the bank simultaneously to achieve its tier one
      and equity capital issuance commitments to the FSA with
      certainty and ahead of the previously announced timetable;

   -- strengthen links with existing large shareholders and
      introduce a substantial new investor to Barclays; and

   -- provide the opportunity for existing institutional
      shareholders to participate in the Capital Raising by
      subscribing for Mandatorily Convertible Notes.

The FT relates the bank's shares continued to slide on Monday,
November 3, amid concerns among investors about the costs of its
plan to raise GBP5.8 billion (US$9.1 billion) from investors in
Qatar and Abu Dhabi.  The shares, which fell 7.4p to 171-1/2p,
have lost 16 per cent of their value since Barclays unveiled the
recapitalization plan on October 31, FT adds.

In a November 1 report, the FT said the deal could leave as much
as 30 per cent of the bank in the hands of two Middle Eastern
investors.

The fundraising, according to the FT, came less than three weeks
after British regulators forced the UK's largest banks to boost
capital reserves in an attempt to restore confidence in the
financial system.  However, Barclays opted to raise the required
capital from private investors with Mr. Varley defending the
decision arguing it was important for the bank to remain nimble in
terms of its strategy and day-to-day operations.  Shareholders
meanwhile complained that the terms of the fundraising were too
expensive and did not give existing investors sufficient
opportunity to participate, the FT said.

                       About Barclays PLC

Headquartered in London, England, Barclays PLC is a global
financial services provider engaged in retail and commercial
banking, credit cards, investment banking, wealth management and
investment management services.  The Company, along with its
subsidiaries, operates through six business segments: UK Banking,
Barclaycard, International Retail and Commercial Banking, Barclays
Capital, Barclays Global Investors and Barclays Wealth.  In April
2008, Barclays Capital acquired the assets of PowerLytix LLC, a
provider of market data analysis. In July 2008, Barclays PLC
completed the acquisition of 100% of Expobank, a Russian retail
and commercial bank.  Expobank became part of Barclays Global
Retail and Commercial Banking Emerging Markets business.  In
August 2008, Barclays PLC started operations in Pakistan.  On
September 22, 2008, Barclays PLC completed the acquisition of
Lehman Brothers North American investment banking and capital
markets operations and supporting infrastructure.


BIZZENERGY LTD: Goes Into Receivership; 120 Jobs Axed
-----------------------------------------------------
Mark Orton and Myles Halley of KPMG Restructuring were appointed
joint administrative receivers to Worcester-based BizzEnergy Ltd.
on October 31, 2008.  The administrative receivers have entered
into an agreement with British Gas Business, a division of British
Gas Trading, to take over the customer contracts which will ensure
continuity of supply to existing customers on current terms.

The business has now ceased to trade with 120 out of a workforce
of 168 being made redundant.

"We are pleased to have been able to enter into this agreement
with British Gas Business as it means that customers will be
largely unaffected by BizzEnergy's insolvency," Mr. Orton
commented.

British Gas Business has acquired BizzEnergy's 40,000 customer
sites.  This transaction completed just before midnight on Friday,
October 31, 2008.

BizzEnergy's customers' contracts have automatically been
transferred to BGB under their existing terms and conditions.  All
contract data are in BGB's system.

                    About KPMG LLP (UK)

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

                   About BizzEnergy Ltd.

BizzEnergy -- http://www.bizzenergy.com-- is a specialty retail
energy provider catering to small to medium-sized enterprises
(SMEs) in England, Scotland, and Wales.  The company has been
backed by investment firms Atlas Venture and Gerrard Energy
Ventures.  One of the UK's leading independent energy suppliers,
BizzEnergy was founded in 2000.


BRITANNIA BULK: Placed Into Administration; BDO Stoy Appointed
--------------------------------------------------------------
Britannia Bulk Plc, Britannia Bulk Holdings Inc.'s indirect wholly
owned subsidiary, has been placed into administration under United
Kingdom insolvency laws.

Britannia Bulk Plc is the borrower under a US$170 million term
loan facility with Lloyds TSB Bank Plc and Nordea Bank Denmark
A/S, which Facility is secured by twenty two vessels in the
Borrower's owned fleet.  The Company guaranteed the Facility.  As
set forth in the Company's press release of October 29, 2008, the
lenders under the Facility provided notice to the Borrower of the
acceleration of all of its obligations under the Facility and set
off the Borrower's cash accounts on deposit with one of the
lenders.

The discussions that ensued with the lenders under the Facility
regarding a sale of certain of the Borrower's assets were
ultimately unsuccessful.  Accordingly, the board of directors of
the Borrower resolved to place the Borrower into administration
under the UK insolvency regime and, by filing a notice of
appointment of administrators at the High Court in London earlier
this afternoon, appointed partners of BDO Stoy Hayward in London
to be the administrators of the Borrower.

With the Borrower in administration, the Company will not have
access to cash to pay any obligations and expects that its common
shares will have no value.  As previously announced, on October
29, 2008, NYSE Regulation, Inc. informed the Company that it had
determined that the Company's common stock was no longer suitable
for trading, a determination that the Company will not contest.

                  About Britannia Bulk Holdings Inc.

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

                   About Britannia Bulk Plc

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

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

BBL is a subsidiary of Britannia Bulk Holdings Inc.

                          *     *     *

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

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


BRITANNIA BULK: Moody's Cuts Probability of Default Rating to D
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Britannia Bulk Plc to Ca from Caa3.  The rating outlook
is stable.  At the same time, Moody's downgraded the company's
probability-of-default rating to D from Ca.

The downgrade follows the Company's announcement that it has been
placed into administration under U.K. insolvency laws, following
the notice of acceleration of all of its obligations under the US$
170 million term loan facility.

Moody's believes that the combination of cash balances, working
capital assets and Britbulk's fleet of 22 owned vessels could
provide for a meaningful recovery.  However, Moody's cautions
that, the uncertain amount of obligations related to FFA trading
and to owners of the significant fleet of chartered-in vessels
makes more precise estimates of recovery uncertain.

These ratings were downgraded:

   * Corporate Family Rating to Ca from Caa3

   * Probability of Default Rating to D from Ca.

The outlook on the CFR is stable.

The last rating action on Britbulk was taken on October 29, 2008,
when Moody's downgraded the Company's CFR to Caa3.

Britannia Bulk Plc is a dry bulk shipping company with a primary
focus on the Baltic Northern European coal trade.  It is the
market leader in this specific niche, which has unique
characteristics such as a predominance of short-haul trades,
substantial regulatory requirements and icy conditions.  As of the
end of June 2008, Britannia operates a fleet comprising 66 ships,
of which it owns 13 dry bulk vessels, five barges and four tugs.
At year-end 2007, it reported revenues of US$597 million.


CMC MANAGEMENT: Goes Into Voluntary Liquidation
-----------------------------------------------
Grangemouth-based CMC Management has gone into voluntary
liquidation after being hit by the credit crunch,
Fan Hitter reports.  The Falkirk Sheriff Court has appointed
Maureen Leslie of MLM Insolvency to oversee the liquidation
process.

"It is our understanding that a general downturn in business after
the smoking ban was introduced and the significant reduction in
trade due to the credit crunch are the two main factors behind the
business failing," the liquidator was quoted by Fan Hitter as
saying.

Fan Hitter relates 15 of the company's pubs, which are spread
throughout Scotland, are to close.  The closure of the pubs will
result to the loss of 100 jobs, Fan Hitter notes.


CONTINENTAL ALLOYS: S&P Affirms 'B' CCR; Removed From Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
the 'B' corporate credit rating, on Continental Alloys & Services
Inc.  At the same time, S&P removed all ratings on the company
from CreditWatch.  The outlook is negative.

Ratings had been placed on CreditWatch with negative implications
on Aug. 26, 2008, following the company's weaker-than-expected
second-quarter results and S&P's concern that it would not be able
to meet its fixed-charge coverage covenant in the third quarter.

"The affirmation reflects our assessment that, despite our
expectation that the company's operating performance will likely
weaken in the near term, its financial profile will remain
consistent with the rating," said Standard & Poor's credit analyst
Sherwin Brandford.

Performance will come under pressure from reduced spending by
energy service and exploration and production companies because of
falling energy prices and a generally weak economic outlook.
Specifically, S&P expects debt to EBITDA to remain at less than
3x.  Nonetheless, S&P remain concerned that the cushion against
levels set out in the company's bank facility covenants will
become tighter, given S&P's expectation of weaker performance in
2009.

The ratings reflect Continental's vulnerable business position as
a niche supplier of metal products, its highly volatile and
cyclical end markets, its large working capital requirements, and
its exposure to steel prices.  Only partially offsetting these
weaknesses are the company's long-standing customer relationships
and limited capital expenditure requirements.

Continental provides pipe, tube, and bar distribution; metals
sourcing and management; and manufacturing of completion products
and tools for the oilfield services sector.  The company operates
primarily in the U.S. and Canada, and maintains smaller operations
in the U.K. and Singapore.


ENRON GAS: Brings in Liquidators from PricewaterhouseCoopers
------------------------------------------------------------
Ian Christopher Oakley Smith and Russell Downs of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Enron Gas Processing (Europe) Ltd. on Oct. 7, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Enron Gas Processing (Europe) Ltd.
         c/o PricewaterhouseCoopers LLP
         40 Grosvenor Place
         London
         SW1X 7EN
         England


ICICI BANK UK: Moody's Cuts Jr. Sub. Debt Rating to Ba2
-------------------------------------------------------
Moody's has downgraded the supported long-term bank deposit and
senior unsecured debt ratings of ICICI Bank UK Ltd. to Baa2 from
Baa1, the subordinated debt to Baa3 from Baa2 and junior
subordinated debt to Ba2 from Ba1.  At the same time, Moody's also
affirmed the D bank financial strength rating (equivalent to a
baseline credit assessment (BCA) of Ba2), and the Prime-2 short-
term ratings.  The outlook on all ratings is stable.

In affirming the BFSR rating, Moody's noted that the current BFSR
of D incorporated a certain degree of volatility in earnings,
which could potentially arise from the bank's large securities
holdings.  Specifically, in September 2008, the bank announced
exposures of US$80 million to Lehman Brothers Holdings group, with
likely write-down implications, partly provided in September 2008
financial results.

According to Moody's estimates, this combined with additional
mark-to-market write-downs on the bank's investment book and
write-offs on the trading book could depress profitability for
this financial year, and impact negatively available-for-sale
reserves.  In this respect, the rating agency however notes that
the bank's investment policy has been rather conservative and that
the mark-to-market impact is a function of market volatility
rather than structured or high-risk sub-prime related securities.

Furthermore, Moody's takes comfort from the fact that the parent
bank, as demonstrated earlier this year, has been proactive in
supporting its largest overseas subsidiary by injecting an
additional US$100 million of Tier-1 equity to mitigate potential
losses and maintain ICICI Bank UK's current capitalization level.
Moody's believes that the parent also has additional flexibility
for future injections if needed.  In this respect, the bank has
set a target to maintain a capital ratio above the FSA
requirement, which we consider as a key rating driver for the
BFSR.

The downgrade of ICICI Bank UK's long-term debt and deposit
ratings is a function of Moody's change in the parent (ICICI Bank
Ltd) bank's baseline credit assessment to Baa2 which is the
highest BCA level assigned to Indian banks.  As such, the rating
action reflects ICICI Bank UK's high integration and dependency to
the group, evidenced by the recent capital injections, as well as
its strategic importance.  ICICI Bank UK Plc is a wholly-owned
subsidiary of India's ICICI Bank Ltd and is the largest operation
outside India of the ICICI group.  Consequently, ICICI UK's Baa2
long-term global local currency (GLC) deposit rating is derived
from its Ba2 baseline credit assessment as well as Moody's
assessment of very high probability of support from its parent,
India's ICICI Bank Ltd, in the event of need.

This rating reflects our assessment of very high support from
ICICI Bank Ltd (rated A2 for global local currency bank deposits,
Baa2 for foreign currency debt and C- for bank financial
strength), the probability of a debt moratorium on debt in India,
as reflected by the Baa2 foreign currency debt ceiling of the
country, and Moody's opinion that even in the event of a general
moratorium being put in place by the Indian financial authorities
the likelihood of support from the parent to ICICI UK is very
high.

These ratings were affected:

   * Long-term bank deposits -- to Baa2 from Baa1

   * Senior unsecured debt -- to Baa2 from Baa1

   * Subordinated debt -- to Baa3 from Baa2

   * Junior subordinated debt -- to Ba2 from Ba1

Based in London, United Kingdom, ICICI Bank UK plc had total
assets of US$8.8 billion in the year ending March 2008.


KAUPTHING SINGER: Insolvent Liquidation Likely, Solicitor Says
--------------------------------------------------------------
Kaupthing Singer and Friedlander Isle of Man is likely to be put
into insolvent liquidation, Manx Radio reports, citing, solicitor
Jonathan Smalley, a partner in the Douglas based Stuart Smalley &
Co.

"I think we are heading, inevitably, for an insolvent liquidation
of Kaupthing in the Isle of Man," Mr. Smalley
told Manx Radio.  "There's a chance that it may be solvent, but
all the indications that I can see are part of a
slow move towards the decision on November 27."

Treasury Minister Allan Bell, the report relates, declared that
the Manx government is doing all it can to recover the assets of
the bank, which has over 8,000 savers.  Mr. Bell, as cited by Manx
Radio, said at the end of last week his sincere hope remained that
all, or most, of the money would be recovered, and there would no
need to activate the recently enhanced Depositors' Protection
Scheme.

Manx Radio reveals a total of GBP860 million has been frozen in
London by the United Kingdom government, under anti-terrorism
laws.

             Adjournment of Winding-up Petition

At a hearing at the Isle of Man High Court on October 24, 2008,
before Deputy Deemster Corlett, the joint petition of the bank and
the Financial Supervision Commission was adjourned until 10:00
a.m. on November 27, 2008, at the request of the Isle of Man
Treasury.

The Isle of Man Treasury informed the court that high level
discussions were taking place between the UK Treasury (which is
representing the interests of the Isle of Man) and the Icelandic
Government which now owns Kaupthing Bank hf.

Only one creditor opposed the application for an adjournment.
Deputy Deemster Corlett noted that "the overwhelming majority of
creditors supported the Treasury's application for an adjournment"

             The Period Up to November 27, 2008

The provisional liquidator's will continue to pursue his duty to
preserve and protect the assets of the bank.  He will also
continue to seek parties interested in purchasing all or part of
the bank's assets.

    About Kaupthing Singer & Friedlander (Isle of Man) Ltd.

Kaupthing Singer & Friedlander (Isle of Man) Ltd. --
http://www.kaupthingsingers.co.im/-- is the UK subsidiary of
Iceland-based Kaupthing Bank hf.

On Oct. 9, 2008, the Isle of Man Court made a provisional
liquidation order in relation to Kaupthing Singer & Friedlander
(Isle of Man).  Subsequently, Michael Simpson of
PricewaterhouseCoopers was appointed as provisional liquidator of
the bank.

On Oct. 8, 2008, The Isle of Man Financial Supervision Commission
suspended the banking license of Kaupthing Singer & Friedlander
(Isle of Man).


MLS GROUP: In Talks with Landlords Over Loss-Making Sites
---------------------------------------------------------
Graham Ruddick at the Daily Telegraph reports MLS Group is in
talks with landlords about the future of its 10 loss-making sites.

Ian Kibby, the chief sales officer at MLS, revealed the properties
are causing losses of GBP2 million for the group, which is made up
of over 20 operating businesses, the report relates.

According to the report, at least one of the businesses may go
into receivership as part of the group's restructuring.

However, Mr. Kibby noted the group itself is "definitely not going
into administration", adding any clients in the buildings are
being "assisted with relocation."

Mr. Kibby, as cited by the Daily Telegraph, said MLS hopes to
resolve the situation within this week, stating resolving the
situation would "dramatically improve the profitability" of the
group.

MLS Group is the UK's second largest business center operator.


PACKFIELD BREWERY: Taps Liquidators from Tenon Recovery
-------------------------------------------------------
Peter John Forsey and Trevor Binyon of Tenon Recovery, were
appointed joint liquidators of Packfield Brewery Ltd. on
Oct. 16, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Packfield Brewery Ltd.
         c/o Tenon Recovery
         Suite 3
         Chalkwell Lawns
         648-656 London Road
         Westcliff-On-Sea
         Essex
         SS0 9HR
         England


QGS PREMIER: Brings in Liquidators from Tenon Recovery
------------------------------------------------------
Nicholas Charles Simmonds and Steven John Parker of Tenon Recovery
were appointed joint liquidators of QGS Premier Technology Ltd. on
Oct. 10, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         QGS Premier Technology Ltd.
         c/o Tenon Recovery
         54 Clarendon Road
         Watford
         Herts
         WD17 1DU
         England


TAGPOINT UK: Taps Liquidators from PricewaterhouseCoopers
---------------------------------------------------------
Nicholas Edward Reed and Edward Klempka of PricewaterhouseCoopers
LLP were appointed joint liquidators of Tagpoint UK Ltd. on
Oct. 9, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Tagpoint UK Ltd.
         c/o PricewaterhouseCoopers LLP
         33 Wellington Street
         Leeds
         LS1 4JP
         England


VIRGIN: Lenders Okay Amendments to Senior Facilities Agreement
-------------------------------------------------------------
Virgin Media Inc., on Monday, November 3, 2008, disclosed that the
Agent under its Senior Facilities Agreement has informed the
Company that sufficient votes have been cast in favor of the
proposed amendments for the amendments to be approved by the
required majority lenders.  Since part of the amendment also
requires each individual lender in the A and B tranches under the
facilities to make a separate decision and that requires the
return of the necessary paperwork, the Company is awaiting
confirmation from the Agent as to the level for these acceptances.

Virgin Media will be announcing its third quarter results on
November 6 and will be hosting Analyst Days in New York and London
on November 11 and 13 respectively to update investors on the
Company's strategy.  Location and registration details can be
found on the Company's website at www.virginmedia.com/investors.

The Company will provide a full update on the results of the
amendment process, including the percentage of lenders who have
individually agreed to move into new tranches of the senior loans
with modified payment terms as set forth in the proposed
amendments, in conjunction with the results announcement.

According to banking sources, the passing of the waiver by
Virgin's banking syndicate is positive for the company and is also
due to the company's careful handling of its banking syndicate,
the Guardian relates.

"It's a good thing for the company to have addressed a large
looming upcoming payment," a leveraged loan analyst was quoted by
the Guardian as saying.

Meanwhile, a leading leveraged investor, as cited by the Guardian,
asserted "This was a softer waiver around amortization rather than
underperformance, its easier for investors," adding "dealing with
the issue ahead of time was very responsible and the company
compensated its lenders."

As reported in the TCR-Europe on October 17, 2008, Virgin Media's
top ten relationship banks unanimously confirmed their support for
the proposed amendments.

         Background to and Reasons for Amendment Request

Virgin Media's senior facilities agreement currently comprises
GBP4,324 million of term loans in A, B and C tranches, in addition
to a GBP100 million revolving facility.  The company has already
repaid approximately GBP900 million of its indebtedness under its
senior facilities agreement from cash generated from its
operations and from the proceeds of subordinated indebtedness
since March 2006.  The company is on track to meet its debt
obligations in the near term and expects to fund its next material
amortization payment, due in Q1 2010, from available cash
generated from its operations.

Virgin Media originally anticipated entering into a new credit
facility by mid 2009 to refinance its obligations under its senior
facilities agreement.  However, in light of the disruption to the
credit markets, the company has decided to proactively address its
amortization payments that are due in 2010 and 2011.  The proposed
amendments will allow Virgin Media significantly more time to seek
a complete refinancing of the principal amounts that will remain
outstanding under its senior facilities agreement after the
amendment process is complete.

Virgin Media has brought in a new experienced management team that
is focusing on the core strengths of the business and maximizing
the generation of cash flow.  The company has also recently
expanded its Board with the addition of five new directors with
significant relevant experience.  By seeking the amendments,
Virgin Media aims to remove any potential future concerns that
might otherwise arise over its ability to meet its principal
amortization obligations, thereby permitting its management to
focus on continuing to enhance operations and grow cashflow over
the next three years.  Virgin Media therefore is requesting
amendments that it believes are in the best interest of its
customers, stockholders, lenders, employees and other stakeholders
in light of the current status of the credit markets.

                    The Proposed Amendments

The principal aims of the proposed amendments to Virgin Media's
senior facilities agreement are to:

   (i) defer the remaining amortization payments and the final
       maturity date of the A tranches and the final maturity
       date of the revolving facility until June 2012;

  (ii) obtain agreement of the lenders under the B tranches to
       relinquish their pro rata right to prepayments until the
       A tranches are repaid, in order to enable greater paydown
       of remaining amortization payments under the A tranches;

(iii) permit additional high yield debt offerings with the net
       proceeds being applied to repay indebtedness under the
       senior facilities agreement;

  (iv) provide flexibility to add tranches to the senior
       facilities agreement that will have a maturity no earlier
       than the final maturity of the B tranches to be used to
       facilitate any  additional refinancing under the senior
       facilities agreement;

   (v) relax the leverage and interest coverage financial
       covenants and adjust definitions to accommodate, among
       other things, the impact of increased interest expense
       and other effects of these proposed amendments to the
       senior facilities agreement; and

  (vi) add an additional debt basket for tax-related financings
       to be used to repay debt under the senior facilities
       agreement.

The changes to the amortization schedule of the A tranches and the
final maturity date of the revolving facility, as well as the
relaxation of the financial covenant ratios, are conditional upon
Virgin Media's repayment of at least 20% (approximately GBP415
million) of the amounts currently outstanding under the A tranches
to those lenders.  The company will have until the later of April
30, 2009 and six months after the effective date of the proposed
amendments, subject to a further three-month extension right, to
satisfy this repayment condition.  Virgin Media must also make
simultaneous payments to those B lenders who have not consented to
relinquish their pro rata right to prepayments when it makes
repayments under the A tranches. Virgin Media anticipates using
cash generated from operations and cash on its balance sheet,
supplemented by potential proceeds from debt offerings or other
sources, to meet this repayment condition.

The proposed amendments require the consent of two-thirds of all
lenders under the senior facilities agreement as well as the
consent of two-thirds of all lenders other than the lenders under
the C tranche.  Additionally, each lender under the A tranches and
the revolving facility must individually consent to the changes to
the amortization schedule of the A tranches and the final maturity
date of the revolving facility and each lender under the B
tranches must individually consent to the change to their pro rata
right to prepayments in order for those provisions to be effective
with respect to that lender.  No minimum acceptance rate is
required for those individual consents, and lenders who do not
consent will continue to be subject to the current payment and
repayment provisions governing the A and B tranches and the
revolving facility.

After giving effect to the proposed amendments (assuming that 100%
of the lenders under the A and B tranches give their consent as
outlined above), Virgin Media's first amortization payment would
not be due until June 2012, after giving effect to the 20% paydown
of the A tranches.

In connection with the amendment request, Virgin Media will pay a
fee to each lender who consents to the proposed amendments in an
amount equal to 0.25% of the total participation of such lender.
In addition, Virgin Media will pay a fee to each lender under the
A and B tranches and revolving facility who individually consents
to be subject to the new provisions governing those tranches
(amendments (i) and (ii) above) in an amount equal to 1.00% of the
amount of that lender's participation in those tranches.  The
total amount of fees can be up to approximately GBP70 million.
Additionally, the lenders who individually consent to the new
provisions governing the new A tranches and revolving facility
will enjoy a margin increase of 1.375% compared to the margins on
the existing A tranches and revolving facility, and the lenders
who individually consent to the new provisions governing the new B
tranches will enjoy a margin increase of 1.50% compared to the
margins on the existing B tranches.

                      About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As reported in the TCR-Europe on October 17, 2008, Fitch Ratings
affirmed Virgin Media Inc.'s Long-term Issuer Default Rating at
'BB-' with a Stable Outlook and Short-term IDR at 'B', following
its announcement that it is seeking amendments to its senior
secured facilities.

At the same time, Standard & Poor's Ratings Services said that its
ratings and outlook on U.K.-based telecommunications provider
Virgin Media Inc. (VMI) and related entities (B+/Positive/--) are
unchanged by the company's announcement that it has requested
various amendments to the senior facilities agreement.


* Insolvencies in UK Hospitality & Leisure Sectors Soar, PwC Says
-----------------------------------------------------------------
Pubs & bars, restaurants and most recently hotels are experiencing
very difficult trading conditions as the industry reels from a 95
per cent increase in insolvent hospitality and leisure (H&L)
companies in under two years.

Insolvency figures from the Business Recovery team at
PricewaterhouseCoopers LLP, out on Tuesday, reveal the latest
insolvency figures for quarter three of 2008, showing another 300
H&L companies going out of business.  Those hit hardest were pubs
& bars, restaurants and hotels.

The increase in hotel failures reflects both the cyclical nature
of the industry and the extremely difficult trading conditions
experienced in some markets often due to an increase in new
supply.

UK hotel performance has seen a slowdown in demand in the second
half of the year when trading seems to fall off a cliff.

The trend is likely to get worse from Q4 2008 onwards as the
combined impact of a reduction in business travel, conferences and
leisure result in reduced demand and lower profitability.

Stephen Broom, H&L director, PricewaterhouseCoopers LLP, said:
"As the downturn tightens its grip, it is easy to believe what we
have seen so far is just the tip of the iceberg for hotels.
Although hotel insolvencies have increased by over 150% from the
end of 2006 to October 2008 there will be further failures in 2009
when the full impacts of reduced demand will be felt."

However, hotels have seen very good trading in recent years and
some go into this recession from a relatively strong position.
Intuitively, well managed groups with attractive products, brands
and properties in prime locations can continue to win market share
over the next 18 months.

"Most hotel businesses are entering this recession far better
equipped to cope than was the case in the early 90's recession.
For example in addition to the availability of highly
sophisticated rooms yield software, hotels have the benefit of
access to multi channel distribution systems that allow the
operator much greater flexibility in terms of pricing and most
importantly speed of reaction to changing patterns of demand,” he
added.

Despite the fact that with more choice, more affordability, and
the UK eating-out culture that developed through the boom years,
restaurant insolvencies have increased by 95% from the end of 2006
to October 2008.

Squeezed consumer incomes, both from high inflation and worsening
economic conditions, means that discretionary spending in hotels
and restaurants is likely to fall sharply as consumers cut down
planned expenditure.  Efforts to persuade consumers to leave their
homes evidenced by the plethora of special deals from operators
will impact revenues and ultimately result in lower profitability.

Mr. Broom commented: "There is no doubt looking at these
statistics that we are now amidst a consumer slowdown.  As the
situation is likely to get worse in 2009, experience from previous
recessions tells us that consumers will trade down seeking value
for money options whilst also seeking a memorable experience.
Many more expensive high end restaurants will continue to struggle
as they will see fewer corporate and leisure consumers."

The pub and bar trade are continuing to experience some of the
most difficult trading conditions of recent times.  The cumulative
impact of the 2007 smoking ban, two wet summers, a failure to
qualify for Euro 2008, increased home consumption and now the
consumer downturn, have proved to be too much for many, with 64
businesses going under this quarter, an increase of 156% since the
back end of 2006.

"There are no surprises that in the last year pub insolvencies
have increased by 113%.  The majority of pubs suffering distress
are wet-led community pubs losing out to supermarkets.  Some have
also found the competition from well known pub chains has had a
detrimental effect as brand and familiarity become more important
to consumers when personal expenditure is under pressure," he
concluded.

               About PricewaterhouseCoopers LLP

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

                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan, Marites
O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante, Marie
Therese V.  Profetana and Frauline S. Abangan, 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 * * *