TCREUR_Public/081118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 18, 2008, Vol. 9, No. 229

                            Headlines

A U S T R I A

ABM LLC: Claims Registration Period Ends December 3
EHG HAUSGERATE: Claims Registration Period Ends December 3
KR LLC: Claims Registration Period Ends December 1, 2008
LINHART & PARTNER: Claims Registration Period Ends December 1
PEGASUS IMMOBILIEN: Claims Registration Period Ends December 3


B E L G I U M

DEXIA SA: Posts EUR1,544 Million 3rd Qtr Loss
JUNO ECLIPSE: S&P Cuts Ratings on Class D and E Notes to Low-B


F I N L A N D

* European Commission Approves Finnish Support Scheme for Banks


F R A N C E

WINDERMERE XII: Fitch Retains Negative Watch on Seven Note Classes


G E R M A N Y

ADAM OPEL: EUR1 Billion Requested Lifeline Still in Limbo
ARTE-BONITA GMBH: Claims Registration Period Ends December 9
GROKA TELECOM: Claims Registration Period Ends December 12
KFW BANKENGRUPPE: To Post EUR1.8 Bil. IKB-Linked 9-Month Loss
IMOTEC GMBH: Claims Registration Period Ends December 5

S K B SYSTEM: Claims Registration Period Ends December 9
SEIDENWEBER REISEN: Claims Registration Period Ends December 5
TEXIPRINT GMBH: Claims Registration Period Ends December 8
TI AUTOMOTIVE: Moody's Junks Corporate Family Rating from 'B3'
VAC FINANZIERUNG: Moody's Junks Rating on Senior Secured Notes


I C E L A N D

* ICELAND: Expects to Finalize US$6 Bil. IMF Loan Tomorrow


I R E L A N D

CUSP POINT: Applies for Examinership
MA INTERNATIONAL: Goes Into Liquidation; 20 Jobs at Risk


I T A L Y

* European Commission Authorizes Italian Refinancing Scheme


K A Z A K H S T A N

ATYRAU-ART STROY: Creditors Must File Proofs of Claim by Dec. 24
DEN GROUP: Creditors' Claims Deadline Slated for Dec. 24
ELVIT XXI: Creditors' Claims Filing Period Ends Dec. 24
FAMIAM LLP: Creditors Must Register Claims by Dec. 24
ITI-OLIMP LLP: Creditors' Claims Due on December 24

KASPY STROY TECHNO: Creditors Must File Claims by Dec. 24
MANGISTAU ELECTRICITY: Fitch Puts Senior Unsecured Rating at 'BB+'
MUNAI-CENTER LLP: Creditors' Claims Deadline Slated for Dec. 24
PROM TECH MONTAGE: Creditors' Claims Filing Period Ends Dec. 24
SIB TORG: Creditors Must Register Claims by December 24

SOUZ MET: Creditors' Claims Due on December 24


K Y R G Y Z S T A N

BLACK DAIMOND: Creditors Must File Claims by December 5
PROIZVODSTVENNY TSEH: Creditors Must File Claims by December 10


N E T H E R L A N D S

ELM BV: Moody's Downgrades Ratings on Series of Notes to 'C'
FORNAX ECLIPSE: S&P Puts BB-Rated Class G Notes on Watch Negative
LYONDELLBASELL INDUSTRIES: Weak Earnings Cue S&P's Rating Cuts
X5 RETAIL: Inks RUR7 Billion Refinancing Deal with VTB

* Moody's Reports Performance Indicators for Dutch RMBS


R O M A N I A

* Fitch Expects Weak Economy to Negatively Impact Romanian Banks


R U S S I A

AKTANYSHSKIY BRICK: Creditors Must File Claims by January 7
ANOD OJSC: Creditors Must File Claims by January 7
ARTEM-INVEST-STROY LLC: Creditors Must File Claims by January 7
BERDSKIY WINERY: Creditors Must File Claims by December 7
ENGELS-VOD-STROY OJSC: Creditors Must File Claims by January 7

EVRAZ GROUP: S&P Keeps 'BB-' Ratings & Changes Outlook to Stable
KOLOBOVSKAYA TEXTILE: Under Management Bankruptcy Procedure
KLIN RAYON: S&P  to Lower Ratings to 'SD/ruSD'
KRASNODARSKIY CONSTRUCTION: Names V. Kudlay Insolvency Manager
LIVADIYSKIY FISH: Creditors Must File Claims by December 7

NIKOLAYEVSKIY-ON-AMUR OJSC: Under Bankruptcy Procedure
PRESS-FORGING PLANT CJSC: Creditors Must File Claims by Dec. 7
SEVERSTAL OAO: S&P Changes Outlook to Stable & Holds 'BB' Ratings
VTB BANK: Supervisory Board Approves Management Action Plan
X5 RETAIL: Inks RUR7 Billion Refinancing Deal with VTB


S P A I N

CEMEX SAB: In Talks With Five Banks to Refinance Debt
SANTANDER HIPOTECARIO 3: Moody's Holds Class F Notes' Junk Rating
SANTANDER HIPOTECARIO 4: Moody's Holds Class F Notes' 'Ca' Rating


S W I T Z E R L A N D

A.V. FINANCE: Creditors Must File Proofs of Claim by Nov. 30
BIOSYNERGIE JSC: Deadline to File Proofs of Claim Set Nov. 30
DIHO LLC: Creditors Have Until November 30 to File Claims
EMERGING MARKETS: Proofs of Claim Filing Deadline is Nov. 30
GUNIT JSC: Creditors' Proofs of Claim Due by November 30

SWISS MED: November 30 Set as Deadline to File Claims


U K R A I N E

BATKIVSCHINA LLC: Creditors Must File Claims by November 28
CHEMICAL RESOURCE: Creditors Must File Claims by November 28
ELECTRICAL MACHINES: Creditors Must File Claims by November 29
LANDMARKTECH LLC: Creditors Must File Claims by November 29
LUX-FAVORIT LLC: Creditors Must File Claims by November 28

MAKEDONY LLC: Creditors Must File Claims by November 28
MINERS SERVICE: Creditors Must File Claims by November 28
MOBIL-K LLC: Creditors Must File Claims by November 29
ORKAN LLC: Creditors Must File Claims by November 29
PLANT PROMIN: Creditors Must File Claims by November 29


U N I T E D   K I N G D O M

ABA ELECTRICAL: Taps Joint Liquidators from Tenon Recovery
AQUA POLYMERS: Taps Joint Administrators from Tenon Recovery
ARLO IV: Partially Repurchases Notes Rated Low-B by Moody's
ARLO IV: Moody's Withdraws Ratings on Two Classes of Notes
BAXI HOLDIONGS: S&P Junks Corporate Credit Rating from 'B-'

BRITISH AIRWAYS: Moody's Puts Ratings on Review for Possible Cuts
CARDIFF TPS: Names Joint Administrators from BDO Stoy
CLEAR PLC: Moody's Withdraws Ratings on Three Classes of Notes
COURIER FINANCE: Taps Joint Liquidators from Tenon Recovery
DERMASALVE SCIENCES: Put Into Creditors' Voluntary Liquidation

FKI PLC: Moody's Withdraws 'Ba3' Corporate Family Rating
KAUPTHING SINGER: Savers Action Group Seeks Legal Representation
LOTUS CONSTRUCTION: Goes Into Administration
LUNAR FUNDING: Fitch Cuts Ratings on EUR75 Mln Securities to 'B'
NATIONWIDE VEHICLE: Taps Joint Administrators from Tenon

SPEEDFERRIES LTD: Placed Into Administration
STAFF FINDERS: Appoints Joint Liquidators from Tenon Recovery
TURNER AND TURNER: Names Joint Liquidators from Tenon Recovery
VEHICLE OPTIONS: Names Duncan Beat as Liquidator
WARWICK HOUSE: Goes Into Liquidation; Owes GBP1 Million

* Fitch Says US Government Support of AIG Eases SF Rating Concerns
* Fitch Reports Impact of Pressures on UK Credit Card Issuers
* S&P Says Eurozone Consumption Growth to Turn Negative Thru 2009
* Moody's EMEA Non-Financial Corp. Issuers to Face Liquidity Woes

* Large Companies with Insolvent Balance Sheet


                         *********


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A U S T R I A
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ABM LLC: Claims Registration Period Ends December 3
---------------------------------------------------
Creditors owed money by LLC ABM (FN 285175a) have until
Dec. 3, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Kurt Bernegger
         Jaquingasse 21
         1030 Vienna
         Austria
         Tel: 01/799 15 80
         Fax: 01/796 59 14
         E-mail: kanzlei@bernegger-wt.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Dec. 17, 2008, for the
examination of claims at:

         Trade court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 15, 2008, (Bankr. Case No.  2 S 127/08a).


EHG HAUSGERATE: Claims Registration Period Ends December 3
----------------------------------------------------------
Creditors owed money by LLC EHG Hausgerate (FN 112729d) have until
Dec. 3, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Dec. 17, 2008, for the
examination of claims at:

         Trade court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 16, 2008, (Bankr. Case No. 2 S 99/08h).


KR LLC: Claims Registration Period Ends December 1, 2008
--------------------------------------------------------
Creditors owed money by LLC KR (FN 281712h) have until
Dec. 1, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Georg Unger
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00 Serie
         Fax: 526 72 74
         E-mail: maschke@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Dec. 15, 2008, for the
examination of claims at:

         Trade court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 20, 2008 (Bankr. Case No. 3 S 104/08a).


LINHART & PARTNER: Claims Registration Period Ends December 1
-------------------------------------------------------------
Creditors owed money by LLC Linhart & Partner (FN 171818z) have
until Dec. 1, 2008, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Dec. 15, 2008, for the
examination of claims at:

         Trade court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 17, 2008, (Bankr. Case No. 3 S 125/08i).


PEGASUS IMMOBILIEN: Claims Registration Period Ends December 3
--------------------------------------------------------------
Creditors owed money by LLC Pegasus Immobilien (FN 267957f) have
until Dec. 3, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Andreas Alzinger
         Karntner Ring 12
         1010 Vienna
         Austria
         Tel: 515 50 333
         Fax: 515 50 50
         E-mail: a.alzinger@baierboehm.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Dec. 17, 2008, for the
examination of claims at:

         Trade court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 14, 2008, (Bankr. Case No. 2 S 125/08g).


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B E L G I U M
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DEXIA SA: Posts EUR1,544 Million 3rd Qtr Loss
---------------------------------------------
Dexia SA reported a net loss of EUR1,544 million in the third
quarter of 2008, reflecting a major negative impact from the
financial crisis of EUR2,191 million.

Excluding all crisis impacts, net income was stable at EUR647
million (group share).  On a year-to-date basis, net income (group
share) amounted to a loss of EUR723 million.  The EUR1,544 million
3Q08 loss was driven by EUR2,191 million losses directly linked to
the financial crisis, of which EUR460 million from FSA and
EUR1,731 million from other credit and market effects.

Revenues were down 78% YoY owing to a EUR1,606 million impact from
the financial crisis.  Excluding financial crisis impact, revenues
were up 9.1% YoY.

Costs were up 9.1% YoY:

   * 1/3 of cost growth due to restructuring charges
   * Remaining 2/3 mainly related to business developments

Cost of risk directly impacted by financial crisis for EUR994
million.  Excluding financial crisis, the cost of risk amounted to
EUR84 million.

Due to the deterioration of the economic and of the mortgage and
financial markets
environment in the US, FSA strengthened its provisions for a total
after tax amount of EUR460 million:

   -- Part of it came from the insured portfolio
      (EUR165 million, after tax) and is related to
      the RMBS sector, and more specifically to
      transactions backed by home equity lines of
      credit (HELOCs), Alt-A mortgages and option ARMs.

   -- FSA also established "Other Than Temporary
      Impairments" for an amount, after tax, of
      EUR232 million on certain assets which are held
      as available for sale in the Financial Products
      portfolio.

   -- In addition, FSA suffered from a EUR178 million
      negative after tax mark-to-market effect on its
      insured Credit Default Swap (CDS) portfolio as
      a result of a further widening of market spreads.

   -- These negative impacts were partly offset by a
      positive mark-to-market adjustment on FSA's
      own credit risk (EUR +115 million, after tax).

   -- Dexia's bond investment portfolios were affected
      by the deterioration in the creditworthiness of
      some banking counterparties for a total amount,
      after tax, of EUR741 million.  This amount breaks
      down into the following:

          ** EUR482 million on Lehman brothers;
          ** EUR188 million on Icelandic banks;
          ** EUR63 million on Washington Mutual; and
          ** EUR9 million on Hypo Real Estate.

      Losses on Lehman Brothers are higher than first
      expected as a more conservative recovery rate
      was retained (10%) and as the replacement costs
      of derivative products proved higher than anticipated
      due to adverse market conditions.

   -- Dexia decided to book an after tax EUR320 million
      additional collective provision for credit risks.
      Reduced visibility and adverse credit risk factors
      led Dexia to adopt a cautious approach and build
      this additional reserve.

   -- Dexia's trading books were affected by the
      unprecedented market turbulences for an after
      tax amount of EUR 304 million.  This is mostly
      explained by the effect of widening spreads
      on Treasury & Financial Markets trading portfolios,
      among which the trading portion of the Credit Spread
      Portfolio is the largest.  Of notice, Dexia did
      not make use of accounting reclassification options
      related to the recently adopted IAS 39 amendment.

   -- An after tax charge of EUR267 million related to
      the situation in Central Europe.  As disclosed on
      November 3, the transaction by which Dexia exits
      from Kommunalkredit Austria AG and takes full
      ownership of Dexia Kommunalkredit Bank AG had a
      net impact of EUR105 million.  In addition, Dexia
      was affected by a clients related forex loss of
      EUR82 million via its Slovakian subsidiary
      (disclosed on October 28), by a EUR68 million
      after tax impact related to 3Q 2008 bond impairments
      at Dexia's previously 49% held Kommunalkredit Austria
      and by other items for a total amount of EUR12 million.

   -- Insurance operations also booked a number of
      impairments, mainly on financial bonds and shares,
      for a total after tax amount of EUR128 million.  With
      realized gains below realized financial losses, the
      estimated impact from the financial crisis is estimated
      at EUR-138 million, after tax.

   -- A number of smaller negative impacts were also
      identified as a direct consequence of this
      exceptional financial crisis for an amount of
      EUR94 million, after tax.

   -- Two securitization-related CDS had a positive
      after tax impact of EUR134 million, as a
      result of the widening of market credit spreads.

                 Sale of FSA Insurance Business

Dexia has entered into a sale and purchase agreement with Assured
Guaranty Ltd (Assured Guaranty) relative to the sale of FSA
Holdings (FSAH), excluding its Financial Products activity.
Through this transaction, Dexia will exit a no longer core
insurance business with significant exposure to the US market.  At
the end of third quarter 2008, the sold Insured Portfolio =96 net of
reinsurance =96 amounted to US$425 billion of net par value, of
which US$315 billion was related to public finance and US$110
billion to asset back securities.  The consideration received by
Dexia will be US$361 million in cash and 44.6 million of newly
issued Assured Guaranty shares.

Based on Assured Guaranty's closing price of November 13, 2008
(USD 8.10 per share), the transaction results in:

   -- a total consideration of US$722 million;

   -- a 50% cash / 50% stock consideration mix
      (up to 75% cash / 25% stock at buyer's
      discretion, before closing); and

   -- a 24.7% Dexia ownership in Assured Guaranty.

Assured Guaranty had a market capitalization of US$737 million as
of
November 13, 2008, and is rated AAA (stable) by S&P, Aaa (under
review) by Moody's and AAA (stable) by Fitch.

Goldman Sachs acted as sole financial advisor to Dexia in the sale
of FSAH to Assured Guaranty.

                    Containment of Exposure to
                FSA's Financial Products activity

FSA's US$16.5 billion Financial Products portfolio, managed by FSA
Asset Management ("FSAM"), is excluded from the scope of the sale
of FSAH.  The Financial Products activity will be carved out of
the transaction and be put into run-off, under Dexia's ownership.

The Belgian and French States have agreed to provide a guarantee
of the assets managed by FSAM.  Dexia will cover first loss of
US$3.1 billion above the amount of US$1.4 billion already reserved
for at September 30, 2008.  If the losses exceed US$4.5 billion,
the States will be entitled to receive ordinary shares of Dexia or
profit sharing certificates.  This mechanism will be submitted for
approval to a Dexia extraordinary shareholders' meeting.

Dexia will continue to ensure the liquidity of FSAM through the
existing US$5 billion liquidity line.

                        Transformation Plan

The Group intends to reduce its risk profile through these
actions:

   -- The EUR164 billion credit spread and public bond
      portfolios will be put in run-off and centrally
      managed;

   -- Proprietary trading activities will be stopped and the
      value-at-risk limits will be significantly reduced.

   -- In order to improve its short and medium term
      liquidity, and reduce its balance sheet mismatch,
      the group already benefits from wholesale funding state
      guarantee from Belgium, France, Luxembourg and other
      country mechanisms.

   -- It will maximize deposit gathering in all its geographies
      and adjust its lending business to funding capabilities in
      each geography.

                      Fourth Quarter Outlook

Dexia said its fourth quarter results will be adversely impacted
but solvency will remain strong.  The bank anticipates:

   -- Dislocation of financial markets in the beginning of 4Q
   -- IAS39 amendment to be implemented in 4Q
   -- Sale of FSA Inc. and containment of Financial Products
   -- Increased cost of funding:
         * Market deteriorations since end of 3Q
         * Additional costs linked to State guarantees
   -- Beginning of scaling down of activities/portfolios
   -- Additional restructuring charges

                          About Dexia SA

Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.


JUNO ECLIPSE: S&P Cuts Ratings on Class D and E Notes to Low-B
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class D and E notes issued by JUNO (ECLIPSE 2007-2) Ltd.  The
ratings on the class D notes are also placed on CreditWatch
negative.  The ratings on the other classes of notes in this
transaction are unaffected.

The rating action reflects the changes in outlook that S&P has for
several of the 17 loans in the transaction, namely: SCI Clichy,
Senior and Junior Den Tir, Ostend, and Seaford.

The SCI Clichy loan is secured by an office property in central
Paris, France.  Since the loan closed, the property has seen
increased vacancy.  Furthermore, there is a short weighted-average
unexpired lease term to break option of tenants in occupation.
Furthermore, despite refurbishment works that the sponsor is
undertaking of vacant space, it may prove difficult to re-let due
to current market conditions.  As a result, proceeds from a sale
(or refinance) of the property may not be sufficient to repay the
loan in full, resulting in potential losses to the most junior
class or classes of notes.

The Senior and Junior Den Tir loans are secured by a retail parade
in Antwerp, Belgium.  The property, which was opened in 2006, has
not performed in line with S&P's expectations at closing.  Several
tenants have already provided notice to vacate at their first
break option.  If occupancy continues to decline, S&P
consider a breach of the whole-loan interest coverage ratio
covenant in the medium term becomes more likely.  If a default
results in enforcement and current market value declines persist,
the outcome could lead to insufficient sale (or refinance)
proceeds to repay the junior loan, in particular, and
possibly an element of the senior portion.  This scenario could
result in losses to the most junior class or classes of notes.

Ostend is a loan secured against a shopping center in the town of
Ostend, Belgium.  On Nov. 12, the loan was transferred to special
servicing following a breach of the loan-to-value covenant.  The
relatively newly constructed property appears to be
underperforming against S&P's initial expectations. S&P expect the
net operating income to decline due to tenant vacancies and the
ability to achieve new lettings in the future may be challenging.
Proceeds from a sale (or refinance) of the property may not be
sufficient to repay the loan in full, resulting in potential
losses to the most junior class or classes of notes.

The Seaford loan is secured by a portfolio of secondary logistics
properties in Germany and let to a single tenant.  If the tenant
was to default during the term or at maturity, S&P considers that
in the current environment of market value declines, the
implications could be severe and may result in losses to junior
classes of notes.

S&P continues to monitor the Keops Portfolio, which has recently
been transferred to special servicing following a breach of the
loan-to-value covenant.  For this reason S&P also placed the class
D notes on CreditWatch negative.

                          Ratings List

                  JUNO (ECLIPSE 2007-2) LTD.
EUR867.95 Million Commercial Mortgage-Backed Floating-Rate Notes

         Rating Lowered And Place On CreditWatch Negative

            Class          To                  From
            -----          --                  ----
            D              BB/Watch Neg        BBB

                       Rating Lowered

            Class          To                  From
            -----          --                  ----
            E              B                   BB


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* European Commission Approves Finnish Support Scheme for Banks
---------------------------------------------------------------
The European Commission has approved under EC Treaty state aid
rules a Finnish support scheme to stabilize financial markets by
providing guarantees to eligible financial institutions.  The
Commission found the measure to be in line with its Guidance
Communication on state aid to overcome the financial crisis.  In
particular, the scheme is non-discriminatory, limited in time and
scope, provides for behavioral constraints to avoid abuses and is
subject to a market-oriented remuneration from the beneficiaries.
The Commission therefore concluded that the scheme was an adequate
means to remedy a serious disturbance of the Finnish economy and
as such in line with Article 87.3.b of the EC Treaty.

Competition Commissioner Neelie Kroes said: "The Finnish scheme
demonstrates again what is the great strength of the Commission in
this crisis: supervise Member States' support schemes with enough
flexibility to take into account national particularities while
ensuring enough coherence to maintain a level playing field for
all European banks and limiting the moral hazard problem."

On November 11, 2008, Finland notified a guarantee scheme, aimed
at stabilizing the financial markets by ensuring financial
institutions' access to financing, to the Commission.

The state guarantee would cover, against remuneration, the
issuance of new short and medium term non-subordinated debt with a
maturity between 90 days and three years.  A maturity of up to
five years is limited to mortgage-backed bonds only.  The scheme's
overall budget is capped at EUR50 billion.  Only solvent banks
would be allowed to enter it.  Instruments guaranteed under the
scheme may be issued until April 30, 2009.

The scheme contains elements of state aid but foresees various
safeguards aimed at ensuring that the state intervention is
proportionate, limited to what is necessary to stimulate interbank
lending and adequate to reach this goal, in accordance with the EU
state aid rules, as laid down in the Commission's guidance
document.

In particular, the scheme provides for non-discriminatory access
as it will be open to all solvent Finnish deposit and mortgage
banks, including Finnish subsidiaries of foreign banks.  It is
limited in time and scope, as both its global budget and
individual guarantees are capped, for instance each bank may
receive guarantees only up to the nominal value of short term debt
issued by October 17, 2008.  To benefit from the guarantee,
participating banks are required to pay a market-oriented fee, in
line with recommendations from the European Central Bank.

Moreover, beneficiaries will be subject to a series of behavioral
commitments, to avoid an abusive use of the state support.  These
include restrictions on beneficiaries' balance sheet growth with
regard to national and EU averages, limitations on expansion and
marketing and strict conditions for staff remuneration or bonus
payments.  Finally, Finland committed to notify restructuring or
liquidation plans for each beneficiary that had effectively drawn
on the guarantee and to report periodically to the Commission on
the implementation of the scheme.

In light of these commitments and conditions, the Commission
concluded that the scheme would be an adequate means to restore
confidence on the Finnish financial markets and to boost interbank
lending.  The strict safeguards will ensure that the state support
is limited to what is necessary to stabilize the Finnish financial
sector and that negative spill-over effects are minimized.


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WINDERMERE XII: Fitch Retains Negative Watch on Seven Note Classes
------------------------------------------------------------------
Fitch Ratings says that seven classes of Windermere XII FCC remain
on Rating Watch Negative after the borrower of the loan securing
the notes filed for temporary protection from creditors on
November 3, 2008.

The RWN is being maintained because at present there is
insufficient information available for Fitch to determine the
likely outcome of this chain of events.  Given the elevated level
of uncertainty, the RWN status will remain in place pending
greater visibility on the nature of the court filing and its
terms.  Fitch will continue to monitor the performance of the
transaction.

The borrower, a special purpose vehicle controlled by an asset-
management subsidiary of the bankrupt US bank Lehman Brothers,
filed under the "procedure de sauvegarde", a French insolvency
law.  Following discussions with the trustee and servicer and a
review of public information, Fitch understands that this action
is related to the termination of a hedging agreement between the
borrower and another subsidiary of Lehman Brothers, and the
subsequent failure by the borrower to comply with its contractual
obligation to find a replacement counterparty on suitable terms.

The transaction is a securitization of one commercial mortgage
loan and one acquisition facility loan originated by Lehman
Brothers Bankhaus Aktiengesellschaft (Lehman Brothers Bank AG),
funded on July 10, 2007.  The issuer has a 50% participation in
both facility loans.  The loans are secured over Coeur Defense, a
grade A+ office tower located in the heart of the La Defense
financial district, Paris that provides 177,040 sq m of very high
quality space.

Fitch downgraded the class B, C, D, E, F G and H notes of the
transaction on 26 September 2008 in light of the termination of
the hedging agreement

  -- EUR776 million class A due July 2017: 'AAA';
     Outlook remains Stable

  -- EUR0.003 million class X due July 2017: 'AAA';
     Outlook remains Stable

  -- EUR317.4 million class B due July 2017: AA'; remains on RWN

  -- EUR126.6 million class C due July 2017: 'A'; remains on RWN

  -- EUR39.2 million class D due July 2017: 'A'; remains on RWN

  -- EUR80.8 million class E due July 2017: 'BBB+'; remains on RWN

  -- EUR81.3 million class F due July 2017: 'BBB'; remains on RWN

  -- EUR38.7 million class G due July 2017: 'BB'; remains on RWN

  -- EUR59 million class H due July 2017: 'BB-'(BB minus);
     remains on RWN


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ADAM OPEL: EUR1 Billion Requested Lifeline Still in Limbo
---------------------------------------------------------
After a meeting yesterday with leaders of Adam Opel GmbH, German
Chancellor Angela Merkel said it was "not yet determined" whether
the automaker would be given EUR1 billion (US$1.25 billion) in
loan guarantees from the German government, Deutsche Welle
reports.  However, Deutsche Welle says further talks on the issue
has been planned and a decision is expected by Christmas.

According to Bloomberg News, Opel is asking for assistance as its
parent General Motors Corp. seeks a U.S. government bailout to
avert bankruptcy.  The German unit, Blooomberg News relates, wants
loan guarantees in case it's affected by the parent's crisis and
"GM's financial situation were to intensify."

"We haven't yet decided if such a bailout is necessary, it depends
on the developments in the United States, but from the side of the
federal government, we said we'll approach the assessment of a
bailout positively, which is an important signal to the
employees," the Associated Press quoted Chancellor Merkel as
saying.

Chancellor Merkel meanwhile noted that "if such a bailout did take
place, the funding would have to stay in Germany with Opel."

Opel earlier said the government aid would cover developing
vehicles and equipment for its German factories and that it would
"under no circumstances" be used outside Europe, Bloomberg News
reports.

Deutsche Welle relates Opel might receive help from Hesse, North
Rhine-Westphalia and Rhineland-Palatinate after the state
governments signaled willingness to participate in loan
guarantees.

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).  Its
high-performance VXR range includes souped-up versions of Opel
models like the Meriva minivan, the Corsa hatchback, and the Astra
sports compact.  Opel is GM's largest subsidiary outside North
America.


ARTE-BONITA GMBH: Claims Registration Period Ends December 9
------------------------------------------------------------
Creditors of arte-bonita GmbH have until Dec. 9, 2008, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 9, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Room 1.01
         Ground Floor
         Extension Branch
         Schulberg 14
         72074 Tuebingen
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Gerhard Walter
         Beim Kupferhammer 5/4
         72070 Tuebingen
         Germany
         Tel: 07071/945661
         Fax: 07071/945668

The District Court opened bankruptcy proceedings against the
company on Oct. 15, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         arte-bonita GmbH
         Juergen Schneider, Manager
         Schickhardtstr. 9
         72108 Rottenburg
         Germany


GROKA TELECOM: Claims Registration Period Ends December 12
----------------------------------------------------------
Creditors of Groka Telecom GmbH have until Dec. 12, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Joerg Lehr
         GF 192
         Jean-Pierre-Jungels-Strasse 6
         D 55126 Mainz
         Germany
         Tel: 06131/948000
         Fax: 06131/9480050

The District Court opened bankruptcy proceedings against the
company on Oct. 13, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Groka Telecom GmbH
         Rheinhessenstr. 9a
         55129 Mainz
         Germany

         Attn: Patrick Gross, Manager
         Casinostr. 1b
         56068 Koblenz
         Germany


KFW BANKENGRUPPE: To Post EUR1.8 Bil. IKB-Linked 9-Month Loss
-------------------------------------------------------------
KfW Bankengruppe will be releasing its nine-month results earlier
than initially planned as it expects to post a loss of EUR1.8
billion (US$2.28 billion) for the first nine months of 2008,
Reuters reports citing the Handelsblatt newspaper.

According to Reuters, Handelsblatt said the German state bank was
hit by its exposure to subprime casualty IKB Deutsche
Industriebank AG.  Reuters relates the financial crisis had led to
a sharp deterioration the value of financial instruments held by
KfW, particularly those linked to IKB.

Reuters recounts IKB nearly collapsed last year under the weight
of US$24 billion in investments linked to risky U.S. home loans.
The government was forced to broker three rescues for the bank
before KfW, its largest shareholder, announced in August that IKB
would be sold to U.S. investor Lone Star, Reuters says.

Hellmuth Tromm of Bloomberg News adds to this report that on top
of EUR300 million in writedowns following the collapse of Lehman
Brothers Holdings Inc. and losses for investments in Icelandic
banks, KfW will have markdowns for government bonds from countries
such as Italy, Greece and Portugal.

IKB -- http://www.ikb.de/-- is a Germany-based banking company,
which specializes in the field of long-term financing.

KfW Bankengruppe (formerly Kreditanstalt fuer Wiederaufbau) --
http://www.kfw.de/EN_Home/index.jsp/-- is a state-owned
development bank designed to assist developing countries and the
German economy.  The bank lends to small and midsized German
businesses and buys securitized small and midsized business loan
portfolios from German banks in order to keep that area of lending
robust.  It also provides funds for housing, infrastructure,
environmental protection and preservation, and venture capital.
KfW is involved in funding telecommunications, transportation,
energy infrastructure, and industrial projects around the world.


IMOTEC GMBH: Claims Registration Period Ends December 5
-------------------------------------------------------
Creditors of Imotec GmbH have until Dec. 5, 2008, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Jan. 7, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Bernd Gerber
         Lindenstr. 5
         08523 Plauen
         Germany
         Tel: 03741/258080
         Fax: 03741/2580880

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

The Debtor can be reached at:

         IMOTEC GmbH
         Attn: Herbert Trapp, Manager
         Yorckstr. 23
         95030 Hof
         Germany


S K B SYSTEM: Claims Registration Period Ends December 9
--------------------------------------------------------
Creditors of S K B System Logistik GmbH have until Dec. 9, 2008,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:07 a.m. on Dec. 12, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf
         Germany
         Tel: 0211 13940
         Fax: +4902111394251

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

The Debtor can be reached at:

         S K B System Logistik GmbH
         Bataverstr. 15
         47809 Krefeld
         Germany

         Attn: Stefan Schmitt, Manager
         Hans-Litten-Str. 12
         59192 Bergkamen
         Germany


SEIDENWEBER REISEN: Claims Registration Period Ends December 5
--------------------------------------------------------------
Creditors of Sedef Fuar GmbH have until Dec. 5, 2008, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Dec. 12, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: (02151) 80 58 0
         Fax: +4902151805858

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

The Debtor can be reached at:

         SR Seidenweber Reisen GmbH
         Zur Eibe 2
         47802 Krefeld
         Germany

         Attn: Sabine Brockers, Manager
         Alte Rather Str. 219
         47802 Krefeld
         Germany


TEXIPRINT GMBH: Claims Registration Period Ends December 8
----------------------------------------------------------
Creditors of texiprint GmbH have until Dec. 8, 2008, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at a.m. on DT, at which time the insolvency manager
will present his first report.

The meeting of creditors will be held at:

         The District Court of Lingen (Ems)
         Hall Z 17
         New Building
         Burgstrasse 28
         49808 Lingen (Ems)
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Karl-Hermann Kruse
         Emsstrasse 7
         48499 Salzbergen
         Germany
         Tel: 05976-1505
         Fax: 05976-9381

The District Court opened bankruptcy proceedings against the
company on Oct. 8, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         texiprint GmbH
         Attn: Norbert Froend, Manager
         Kampstrasse 1 a
         49811 Lingen
         Germany


TI AUTOMOTIVE: Moody's Junks Corporate Family Rating from 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of TI Automotive Ltd to Caa1 from B3.  The rating outlook
remains negative.

Rainer Neidnig, lead analyst at Moody's for TI Automotive, said:
"The downgrade reflects Moody's view that restructuring efforts
and improvements in operating efficiency might not be sufficient
to offset the negative earnings impact from the current sharp
decline in automotive production volumes.  Hence, Moody's sees a
heightened risk that earnings and cash flow in 2008 and also 2009
could fall short of previous expectations which would result in
weaker than anticipated credit metrics and diminishing headroom
under financial covenants in the company's financial
arrangements".

The negative outlook reflects primarily the significant
uncertainty around the length and severity of the current downturn
in car production volumes as well as the increased challenge to
remain in compliance with financial covenants.

The rating continues to consider TI's resilient performance as per
Q3/2008 despite a very challenging environment which led to
revenues and earnings broadly in line with prior expectations.
Moody's also considers positively the substantial restructuring
efforts and subsequent efficiency improvements as well as TI's
solid market positions.  However, Moody's is concerned that given
the speed and magnitude of the current decline in car production
volumes, TI's earnings could suffer over coming quarters as most
measures to adjust costs and operations to lower volumes will take
a certain period of time to unfold their impact.  Together with
adverse foreign exchange translation effects on the company's debt
position -- coming from the weakened Sterling versus the Euro and
US-Dollar -- such development could result in further
deteriorating credit metrics and eventually result in a breach of
financial covenants.  Moreover, Moody's cautions that given the
current market environment it has become increasingly challenging
for TI to return to positive Free Cash Flow in 2009 which would be
required to maintain an adequate financial flexibility.  In this
context, Moody's notes that TI had cash on hand of GBP40 million
as per September 2008 together with availability of approximately
GBP20 million under its GBP75 million revolving credit facility.

Moody's notes that the ratings could be downgraded within the next
couple of quarters in case TI does not take timely initiatives to
regain sufficient headroom under financial covenants or fails to
return to positive Free Cash Flow.  In turn, Moody's may stabilize
the outlook again if financial covenants could be adjusted to
levels that allow TI to operate under sufficient headroom going
forward, and TI proves to be successful in protecting
profitability with clear visibility of near term positive Free
Cash Flow generation.

Based on Moody's Loss Given Default Methodology TI's debt
instruments are rated:

Downgrades:

Issuer: TI Automotive Limited

  -- Probability of Default Rating, Downgraded to Caa1 from B3

  -- Corporate Family Rating, Downgraded to Caa1 from B3

  -- Senior Secured Bank Credit Facility, Downgraded to a range of
     Caa3 to B1 from a range of Caa2 to Ba3

Headquartered in Oxford, England and Warren, Michigan, TI
Automotive is a leading "Tier 1" automotive supplier delivering
fuel systems, brake and fuel fluid carrying systems and components
for air conditioning, power steering and oil cooling systems.  In
2007, TI Auto reported consolidated sales of GBP 1.4 billion.


VAC FINANZIERUNG: Moody's Junks Rating on Senior Secured Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family and
Probability of Default rating of Vac Finanzierung GmbH, the
ultimate holding company of Vacuumschmelze GmbH & Co. KG, to B3
from B2 as well as the rating of its Senior Secured Notes to Caa1
from B3.  The outlook on the ratings continues to be negative.

"The downgrade to B3 reflects Moody's revised expectation, that
VAC is unlikely to improve its operating performance and credit
metrics over the medium term in light of a more challenging
macroeconomic environment which could simultaneously impact demand
in a broader number of VAC's customer segments, but also the
diminishing headroom under the financial covenants of the
company's senior credit facilities," says Christian Hendker, a
Moody's AVP and lead analyst for VAC.

"The negative rating outlook considers the uncertainty about the
magnitude and duration of a performance erosion and the heightened
challenge for VAC to remain in compliance with financial covenants
under its senior credit facilities as financial covenants will
further step up over the next quarters", Mr Hendker continues.

This rating action reflects Moody's revised expectation that VAC
will not be able to preserve the thresholds for the B2 rating
category, as outlined following Moody's last rating action on
June 11, 2008, when Moody's changed the outlook from stable to
negative.  Therefore Moody's anticipate that debt to EBITDA is
likely to remain above 6.0x and EBITA to Interest Expense will not
materially improve above 1.5x in expectation of an increasing
pressure on VAC's revenue top-line, resulting from a more severe
macroeconomic environment which is already visible in some of
VAC's end markets, particularly evidenced in a weakening demand
from the semiconductor industry and for electronic article
surveillance products.  While Moody's recognizes the company's
continuous implementation of cost management initiatives, these
measures may not be sufficient to protect VAC's profitability
levels and to avoid a breach of financial covenants, as Moody's
expect that revenues could be pressured by a weakening demand
among a broad number of VAC's customer market segments over the
next quarters.

When Moody's had initially assigned a B2 corporate family rating
to VAC in 2006, given the company's highly leveraged capital
structure, Moody's expected a gradually improving debt repayment
capacity driven by gradual performance improvements on the back of
the company's growth initiatives with a broad diversity of
magnetic products, as well as its solid customer diversity with
varying economic cycles.  While the company made some progress in
de-leveraging, supported by a constant positive free cash flow
generation, VAC has fallen materially behind its original business
plan with regard to target leverage metrics.  The agency also
notes the challenge to maintain sufficient headroom under
financial covenants of its senior credit facilities.

Moody's recognizes that VAC has preserved a solid liquidity
position, considering EUR19 million of on-balance-sheet cash as of
June 2008, and sufficient availability under a EUR40 million
liquidity facility.  While the company has an extended debt
maturity profile, a covenant breach under its senior credit
facility if not waived, could trigger an early repayment of the
EUR146 million senior credit facility and the EUR135 million
senior secured notes which are protected by a cross-default
clause.

Therefore Moody's notes that the ratings could be downgraded
within the next couple of quarters in case that (1) the company
does not take timely initiatives to regain sufficient headroom
under its financial covenants, or (2) a material weakening of
operating performance resulting in a deterioration in credit
metrics, as evidenced by debt to EBITDA falling below 6.5x, or (3)
an erosion of the company's liquidity position.

Moody's may change the negative rating outlook back to stable
within the next 12 to 18 months if (1) VAC's key lenders agree to
re-set the financial covenants to a level that allows the company
to operate under a sufficient headroom going forward, and, (2) the
company proves to be successful in protecting its profitability
levels and continues to generate free cash flows at least at break
even levels and preserves a solid liquidity cushion.

The B3 corporate family rating for VAC reflects the group's solid
market positioning as an integrated manufacturer of magnetic
products with good profitability levels as evidenced by an EBITA
Margin of 12.8% in 2007.  Furthermore the rating benefits from a
broad customer diversification across various industries, with
longstanding and sole supplier relationships with key customers
and good segmental diversification with solid end-user diversity.
According to Moody's, the rating is constrained by its highly
leveraged capital structure, reflected in Debt to EBITDA of 6.1x
in 2007 with limited headroom for performance deviations and
relatively weak cash generation metrics for the single B rating
category, as evidenced by the 2007 RCF to Net debt of 7.5%.
Another rating constraint are the small absolute scale of the
company, evidenced by revenues of around EUR342 million in 2007
and a lack of regional diversity due to VAC's revenue
concentration on Europe.

Downgrades:

Issuer: VAC Finanzierung GmbH

  -- Probability of Default Rating, Downgraded to B3 from B2

  -- Corporate Family Rating, Downgraded to B3 from B2

  -- Senior Secured Regular Bond/Debenture, Downgraded to Caa1
     from B3

Headquartered in Hanau, Germany, Vacuumschmelze GmbH & Co KG has a
solid and well-established market position in the design and
manufacturing of magnetic products.  In 2007, the company
generated revenues of EUR342 million.


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* ICELAND: Expects to Finalize US$6 Bil. IMF Loan Tomorrow
----------------------------------------------------------
Iceland could finalize as early as tomorrow, Nov. 19, a US$6
billion loan package from the International Monetary Fund after
the country reached an accord with European Union countries,
Bloomberg News reports citing Prime Minister Geir Haarde.

Enough of the loan package's draft would be ready by that time "in
order for it to be finalized," Mr. Haarde told Bloomberg News in
an interview.

Iceland will be able to draw US$830 million after the IMF-led loan
is completed, Mr. Haarde noted.

According to Bloomberg News, Iceland helped clear the way for a
loan deal Nov. 16 reaching an EU-backed accord with the U.K. and
the Netherlands on repaying depositors at Icesave, the online
banking unit of failed lender Landsbanki Islands hf.  Deposits at
Icesave may amount to as much as GBP5.5 billion (US$8.2 billion),
the size of Iceland's economy, Bloomberg News says citing a report
by Jon Danielsson, an economist at the London School of Economics.

Under a preliminary agreement reached on Oct. 24, the IMF will
provide a US$2.1 billion loan, with the rest of it coming from
contributing countries, Bloomberg News discloses.

Bloomberg News relates that in addition to the IMF, Norway has
pledged EUR500 million (US$635 million), the Faroe Islands DKK300
million (US$50 million) and Poland US$200 million.


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CUSP POINT: Applies for Examinership
------------------------------------
Ian Kehoe and Emma Kennedy at Sunday Business Post Online report
that the directors of Cusp Point have petitioned the High Court to
place the Irish software company into examinership.

According to the report, the company failed to secure additional
funding and ran into cashflow difficulties.

Citing documents lodged with the courts last week, the report
states the company had generated revenues of EUR143,000 this year,
but racked up losses of EUR4.7 million.  It has liabilities of
EUR5.3 million, and a cash deficiency of EUR1.8 million, the
report reveals.

In its petition to the court, the company, as cited by the report,
said it had sought to secure new investors to ease its financial
difficulties.  However, it noted that due to the "current global
economic crisis, it was recently confirmed that these long-term
funding options were no longer available."

The company, the report discloses, has proposed Kieran Wallace, a
corporate restructuring partner with KPMG accountants, as
examiner.

The company has laid off 29 staff, the report relates.

Cusp Point developed web-based document management software.  It
had opened offices in Dublin, New York and Minnesota.


MA INTERNATIONAL: Goes Into Liquidation; 20 Jobs at Risk
--------------------------------------------------------
Emily Seares at Drapers reports that MA International Ltd. is
going into liquidation.

According to the report, a meeting with the liquidator is
scheduled to take place on November 20.

The report discloses up to 20 jobs could be lost while the future
of the brands remains unclear.

"We've had cash flow problems as a result of the credit crunch.
But we've had huge interest in the business and received huge
support from the trade.  Spring orders will go ahead," Peter
Catterson, the managing director of MA International, was quoted
by Drapers as saying.

The liquidation, the report notes, may have an impact on JS Levy,
the company's UK agent.

Headquartered in Dublin, Ireland, MA International Ltd. --
http://www.mainternational.ie/-- owns womenswear brands Michel
Ambers, Kate Cooper and Claudia Stevens.


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* European Commission Authorizes Italian Refinancing Scheme
-----------------------------------------------------------
The European Commission has authorized under EC Treaty state aid
rules Italy's liabilities' guarantee and swaps scheme for credit
institutions aimed at stabilizing financial markets.  The
Commission concluded that the scheme is an appropriate, necessary
and proportionate means to remedy a serious disturbance in the
Italian economy, in line with the criteria set out in the
Commission's Communication on support for banks during the
financial crisis, and is, therefore, compatible with Article
87(3)(b) of the EC Treaty).  In particular, the scheme provides
for non-discriminatory access, is limited in time and scope, and
introduces proper safeguards for limiting distortions of
competition.  The recapitalization measures notified by Italy will
be the dealt with in a separate decision.

Competition Commissioner Neelie Kroes said: "The Italian guarantee
and swap scheme is an effective instrument for boosting market
confidence and the commitments we have secured from the Italian
authorities ensure that distortions of competition are kept to a
minimum."

On October 13, 2008 the Italian authorities adopted a decree
establishing several measures for stabilizing the financial
markets[1].  Following contacts with the Commission, the scheme
was notified on October 17, 2008.

The measures comprise:

   1. a state guarantee on new liabilities issued by banks for
       maturities longer than 3 months and up to 5 years

   2. a 6-months renewable swap between bank's debt certificates
      and Treasury bills, whose interest rate and maturity
      perfectly match, so as to ensure an identical cash flow
      and straightforward pricing, and

   3. a state guarantee for banks in favor of third parties
     (like insurance companies) lending them high-grade assets
      which are in turn used by the banks in the Eurosystem to
      get refinancing.

All three measures are open for solvent banks only.  Their
remuneration is based on European Central Bank (ECB)
recommendations; the scheme also foresees specific top-ups for
guarantees on liabilities longer than 2 years and for swaps
between liabilities and Treasury bills.

In addition, the Italian central bank set up a one-month swap
facility to allow a temporary exchange of government bonds held by
the central bank with financial instruments held by banks and
rated at least BBB; this facility is capped at EUR40 billion.

The Commission reached the conclusion that the Italian refinancing
scheme was an appropriate means of restoring confidence on the
financial markets, in line with EU state aid rules.  In
particular, it provides for:

    * non-discriminatory access for banks authorized in Italy,
      including the subsidiaries of foreign groups;

    * a market oriented pricing mechanism;

    * appropriate safeguards against abuses, including
      restrictions on advertising and balance sheet growth of
      the beneficiary banks.

The Italian authorities committed that the total amount of
guarantees issued with a maturity of more than three years will
not exceed 25% of the total amount covered.  Likewise, Italy will
monitor that the total amount to be received by a bank does not
exceed certain pre-defined thresholds.

In any event, Italy has undertaken to re-notify the possible need
to extend the measures beyond six months from the entry into force
of the scheme, depending on developments in the financial markets.

The one-month swap facility introduced by the Italian central bank
is also compatible with the state aid rules.

[1] NB: besides this scheme, Italy notified further measures,
notably for bank recapitalization, for which the implementing
provisions are in preparation.  These measures will be the subject
of a separate decision.


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K A Z A K H S T A N
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ATYRAU-ART STROY: Creditors Must File Proofs of Claim by Dec. 24
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Atyrau-Art Stroy insolvent.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional Economic
         Court of Atyrau
         3rd. Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


DEN GROUP: Creditors' Claims Deadline Slated for Dec. 24
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Den Group insolvent.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

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


ELVIT XXI: Creditors' Claims Filing Period Ends Dec. 24
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Elvit XXI insolvent.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

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


FAMIAM LLP: Creditors Must Register Claims by Dec. 24
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Famiam insolvent.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional Economic
         Court of Almaty
         Post Office Box 1
         Kazakhstan
         Tel: 8 777 679 16-41


ITI-OLIMP LLP: Creditors' Claims Due on December 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Iti-Olimp insolvent.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional Economic
         Court of Kostanai
         Karbyshev Str. 47-39
         Kostanai
         Kazakhstan


KASPY STROY TECHNO: Creditors Must File Claims by Dec. 24
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Kaspy Stroy Techno insolvent.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional Economic
         Court of Atyrau
         3rd. Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


MANGISTAU ELECTRICITY: Fitch Puts Senior Unsecured Rating at 'BB+'
------------------------------------------------------------------
Fitch Ratings has assigned Mangistau Electricity Distribution
Network Company's KZT800 million 16% domestic bond due February
2013 a senior unsecured local currency rating of 'BB+'.  MEDNC is
rated Long-term foreign currency Issuer Default 'BB' with Negative
Outlook, Short-term foreign currency IDR 'B' and National Long-
term 'AA-(kaz)' with Stable Outlook.

The proceeds from the bond issue will be used to finance capital
expenditures.  This bond is issued under MEDNC's domestic bond
program of KZT9,864.5 million.  The bond prospectus does not
contain any financial or other covenants and does not foresee a
bond buy-back.  MEDNC is a state-owned near-monopoly regional
electricity distribution company which services the region of
Mangistau (with the exception of the city of Aktau) located in the
south-west of Kazakhstan near the Caspian Sea.  It accounts for
2.5% of Kazakhstan's transmission and distribution network.


MUNAI-CENTER LLP: Creditors' Claims Deadline Slated for Dec. 24
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Munai-Center insolvent.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional Economic
         Court of Almaty
         Post Office Box 1
         Kazakhstan
         Tel: 8 777 679 16-41


PROM TECH MONTAGE: Creditors' Claims Filing Period Ends Dec. 24
---------------------------------------------------------------
Shymkent Branch of JSC Kaz Stroy Prom Tech Montage has declared
liquidation.  Creditors have until Dec. 24, 2008, to submit
written proofs of claims to:

         JSC Kaz Stroy Prom Tech Montage
         Shymkent Branch
         Spataev Str. 16
         Telman
         Abaisky
         160015 Shymkent
         South Kazakhstan
         Kazakhstan


SIB TORG: Creditors Must Register Claims by December 24
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP MTO Kostanai Sib Torg insolvent.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional Economic
         Court of Kostanai
         Karbyshev Str. 47-39
         Kostanai
         Kazakhstan


SOUZ MET: Creditors' Claims Due on December 24
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Souz Met Service insolvent.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional Economic
         Court of Kostanai
         Gorky Str. 10-1
         Zatobolsk
         Kostanai
         Kazakhstan


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K Y R G Y Z S T A N
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BLACK DAIMOND: Creditors Must File Claims by December 5
-------------------------------------------------------
LLC Black Daimond has declared insolvency.  Creditors have until
Dec. 5, 2008, to submit written proofs of claims.

Inquiries can be addressed to (0-555) 74-74-22.


PROIZVODSTVENNY TSEH: Creditors Must File Claims by December 10
---------------------------------------------------------------
LLC Proizvodstvenny Tseh Jelezobetonnyh Izdelyi I Konstruktsy
(Manufacturing Workshop of Concrete Products and Constructions)
has declared insolvency.

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

Inquiries can be addressed to (+996 312) 68-05-79.


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N E T H E R L A N D S
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ELM BV: Moody's Downgrades Ratings on Series of Notes to 'C'
------------------------------------------------------------
Moody's Investors Service downgraded these series of notes issued
by ELM B.V.

Elm B.V. Cairn IG CDO II (MASS):

(1) Series 37 US$40,000,000 Class A Leveraged Super Senior
    Secured Notes due 2012

  -- Current Rating: C
  -- Prior Rating: Caa3, under review for possible downgrade
  -- Prior Rating Action Date: 30 Sept. 2008

(2) Series 38 EUR50,000,000 Class A Leveraged Super Senior
    Secured Notes due 2012

  -- Current Rating: C
  -- Prior Rating: Caa3, under review for possible downgrade
  -- Prior Rating Action Date: 30 Sept. 2008

These rating actions follow the occurrence of Early WAS Unwind
Option, after the triggering of a WAS Trigger Event on Oct. 21,
2008.  As described in the transaction documentation, a WAS
Trigger Event occurs when the weighted average spread of the Long
portfolio exceeds a pre-determined threshold that is a function of
the time to maturity and losses incurred on the portfolio.


FORNAX ECLIPSE: S&P Puts BB-Rated Class G Notes on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Rating Services placed on CreditWatch negative
its credit ratings on the class F and G notes issued by FORNAX
(ECLIPSE 2006-2) B.V. due to concerns regarding two of the loans.
The ratings on the other classes in the transaction are
unaffected.

In S&P's initial new issue report, S&P expressed some concerns
about two of the loans (ATU Germany and ATU Austria).  Those loans
are exposed to single-tenant concentration, with ATU Auto Teile=96
Unger being speculative-grade.  The properties are specialized,
with limited alternative use. The loans are also exposed to an
operating business (motor vehicle parts and accessories) that
could be subject to greater market volatility than traditional
core property sectors.

With about 16% of the overall passing rent, ATU Auto Teile-Unger
represents the issuer's main exposure.

S&P understands that the ATU entity, i.e., the tenant of the
German portfolio, recently only partially met rent payments due to
financial problems and restructuring.  Although the full amount of
rent has since been paid, S&P has immediate concerns about the
potential evolution of those loans because of declining property
values (including vacant possession value, if the tenant were to
default) in the current volatile environment.  For this reason,
S&P has taken rating actions.

S&P will now carry out a full updated analysis of all loans in the
transaction, with particular focus on the two mentioned above.
S&P will resolve the CreditWatch placement on the class F and G
notes once S&P have carried out this review.

                          Ratings List

                  FORNAX (ECLIPSE 2006-2) B.V.
       EUR545.13 Million Commercial Mortgage-Backed Variable
                     And Floating-Rate Notes

             Ratings Placed On CreditWatch Negative

           Class           To                      From
           -----           --                      ----
           F               BBB/Watch Neg           BBB
           G               BB/Watch Neg            BB


LYONDELLBASELL INDUSTRIES: Weak Earnings Cue S&P's Rating Cuts
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on The Netherlands-based petrochemicals producer
LyondellBasell Industries AF S.C.A. to 'B-' from 'B'.  The outlook
is negative.

"This follows the company's weaker-than-expected earnings in the
third quarter of 2008 and a significant deterioration in its
covenant headroom to about 15%," said Standard & Poor's credit
analyst Tobias Mock.

LyondellBasell's third-quarter 2008 earnings were extremely weak,
with EBITDA declining by about 50% over third-quarter 2007.  They
were heavily affected by hurricane Ike, longer than expected
maintenance work, and the onset of the cyclical downturn in the
chemicals and polymers industry.

The company's very large debt burden grew further in third-quarter
2008 to about US$23.9 billion, and consequently its headroom under
its financial covenant tightened considerably to slightly above
15%.  This considerably increases the risk of a covenant breach in
the coming quarters.  LyondellBasell is therefore entering the
petrochemicals downturn with significant leverage and low
liquidity flexibility.

The outlook for petrochemicals producers will be challenging over
the next two to three years at least, because of weakening demand,
increases in low-cost capacities from the Middle East, and highly
volatile feedstock prices.

The LyondellBasell's high debt burden following the 100% debt-
financed acquisition of Lyondell by Basell in 2007 is a key
negative credit factor, especially in combination with the
volatility of cash flows and bleak trading prospects.

Following LyondellBasell's third-quarter results, S&P now expect
its debt to EBITDA to be about 7x at the end of 2008.  In S&P's
view, this could weaken further in 2009 and 2010 because of the
downturn in the petrochemical cycle and the company's weakening
refinery business.

"The negative outlook on LyondellBasell reflects the risk of a
further downgrade in the near term, owing to a continuously weak
operating performance and its impact on covenant compliance, and
thereby liquidity," said Mr. Mock.  "A covenant breach would
trigger the need for negotiations with its bankers and credit
holders."

Fourth-quarter operating performance and a reduction in working
capital as a result of the oil price decline will play an
essential role in bolstering the company's liquidity.


X5 RETAIL: Inks RUR7 Billion Refinancing Deal with VTB
------------------------------------------------------
X5 Retail Group N.V. on Friday said that an agreement has been
reached with VTB to provide RUR7 billion in financing to X5 Retail
Group within the framework of the Russian government initiatives
aimed at supporting the country's retail industry.

The company said the financing will be provided in the form of a
revolving credit line for a total amount of RUR7 billion open for
1.5 years.

"We welcome the initiatives of the government to support Russian
retail, which along with financing imply long-term measures aimed
at promoting the development of the industry.  Financing provided
to leading retailers, which are source of liquidity to thousands
of producers and service needs of millions of Russian consumers,
should help to minimize the consequences of the financial crisis,"
X5 Retail Group CEO Lev Khasis commented.
"An agreement reached with VTB is an important step on the way to
expanding our relationship with the bank and we plan to continue
our fruitful cooperation."

According to Reuters, as of June 30, X5's total debt was US$2.3
billion, including more than US$700 million of short-term debt, of
which almost half has to be repaid before the end of 2008.

Reuters recounts Mr. Khasis earlier said X5 would withdraw funds
from its operational cash flow to refinance debts if it fails to
secure financing from the state, which will depress its growth.

On Friday Reuters reports X5's London-listed shares rose as much
as 13.57 percent to US$7.95 as news of the refinancing eased
solvency fears for the company.  Reuters notes the stock later
tracked back to US$7.6, up 8.57 percent.

UralSib, Reuters discloses, believes X5 is protected against
short-term insolvency problems as as of the end of first half 2008
it had US$377 million in cash, which is sufficient to cover 52
percent of its short-term debt.

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                         *       *      *

X5 Retail Group N.V. continues to carry B1 corporate family and
probability of default ratings from Moody's with positive outlook.

The company still carries BB- long-term foreign and local issuer
credit ratings from Standard & Poor's with stable outlook.


* Moody's Reports Performance Indicators for Dutch RMBS
-------------------------------------------------------
A total of 122 Dutch residential mortgage-backed securities
transactions were outstanding with an outstanding pool balance of
EUR162.2 billion, says Moody's Investors Service in its Q3 2008
index report for the sector.

"There was very limited issuance activity in the sector in Q3
2008," says Maria Divid, a Moody's Statistical Analyst, and co-
author of the report.  "One transaction closed with a total note
volume of EUR0.3 billion.  This is in contrast to six transactions
in the previous quarter with a volume of EUR12.6 billion."

The 60+ days delinquency trend has remained stable since late
2006, decreasing slightly to the current level of 0.47% from 0.49%
in the previous quarter, with the 2006 and 2007--Q1 2008 vintages
still showing delinquency levels below the market level.

"Weighted-average cumulative foreclosures have increased to 0.49%
from 0.36% in Q3 2007, but remain at a very low level for the EMEA
region. The 2003, 2004 and 2005 vintages have continued to show a
steeper trend than the overall market," Ms. Divid adds.

The report finds that in terms of losses, older vintages display a
better performance than their younger peers.  This is partly due
to the higher level of equity in the properties of older vintages
resulting from house price increases, leading to higher recovery
rates in the case of foreclosure proceedings.  The weighted-
average constant prepayment rate has increased slightly to 9.69%,
compared with 8.83% in the previous quarter.  The 2006 and 2007--
Q1 2008 vintages are displaying below market average prepayments
at their respective months since closing.

"The combined impact of supply increasing and general economic
conditions slowing is likely to lead to house price growth
moderating further over the medium term," says Nitesh Shah, a
Moody's Economist and co-author of the report.  "However, because
the supply-demand mismatch has been deep for so long, it is
unlikely that the house prices will move significantly downwards.
Housing supply is still generally tight.  Furthermore,
unemployment has not shown any signs of increasing yet, which
should avoid placing financial stress on obligors for now."

The prevalence of fixed-rate mortgages leaves Dutch households
somewhat less exposed to interest rate fluctuations, but the high
degree of leverage leaves them more vulnerable to an economic
shock.


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* Fitch Expects Weak Economy to Negatively Impact Romanian Banks
----------------------------------------------------------------
Fitch Ratings says in a special report that global financial
turbulence has increased the risks for Romanian banks.  The
country's high current account deficit exposes Romania's economy
to the deteriorating global economic environment and pressures on
international liquidity.  This is expected to reduce the
availability of bank funding, raise the cost of funding which
would in turn result in slower economic activities, higher
impaired lending and lower profitability.

To date the Romanian banking sector's performance has been
impacted by margin compression mainly due to increased funding
costs, higher expenses related to the continued expansion of
branch network and higher loan impairment charges.  The growing
contribution of non-interest income only partly compensates
narrower margins.

"Ongoing margin compression, slower loan growth and rising
impairment charges as a percentage of loans are expected to be
dominant features in the Romanian banking landscape," says Gulcin
Orgun, Director in Fitch's Financial Institutions team.
The Romanian banking system is largely foreign-owned (88% share in
total assets) and concentrated.  Foreign parents have provided a
large portion of the wholesale funding that has supported rapid
growth in recent years.  The loan-to-deposit ratio is high (H108:
127%) and there is reliance on wholesale funding.  Nevertheless,
parent related wholesale funding provide some comfort against
potential refinancing risks.  Fitch still expects to see reduced
availability of new funding from foreign parents as they have also
been affected by the international liquidity crisis.  This should
lead to higher domestic funding costs and slower credit growth.
While loan growth is slowing, it is still high and continues to
increase credit and operational risks at Romanian banks.  Some
signs of asset quality deterioration are already evident.

The high share of foreign exchange loans is an additional risk in
the event of a sharp depreciation in the RON. Notwithstanding
tight interbank liquidity, the overall liquidity of Romanian banks
is comfortable owing to stringent regulatory measures.  From a
capital adequacy perspective, the banking system stood at 12.78%
at end-H108, above the regulatory minimum of 8%.  Nevertheless,
faced with growing asset quality concerns, mounting risks in the
operating environment and profitability pressure, Fitch believes
banks would benefit from more conservative capital management.
The Issuer Default Ratings of foreign-owned Romanian banks reflect
the potential support they can expect from their majority
shareholders, which is currently constrained by Romania's 'BBB'
Country Ceiling.

The Fitch Banking System Indicator for Romania is 'D', reflecting
the weaknesses in the banks' intrinsic strength.  Unless there is
a major improvement in the operating environment, which is not
expected in the near term, as reflected in the Negative Outlook on
sovereign's Long-Term IDRs, upward movement in the banks'
Individual ratings is unlikely.


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AKTANYSHSKIY BRICK: Creditors Must File Claims by January 7
-----------------------------------------------------------
Creditors of LLC Aktanyshskiy Brick Plant (TIN 1604004634, RVC
160401001) have until Jan. 7, 2009, to submit proofs of claims to:

         Sh. Garipov
         Insolvency Manager
         Post User Box 16
         420073 Kazan
         420073 Tatrstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65=96100272008-SG4=9639.

The Debtor can be reached at:

         LLC Aktanyshskiy Brick Plant
         Urazayevo
         423740 Aktanyshskiy
         Tatarstan
         Russia


ANOD OJSC: Creditors Must File Claims by January 7
--------------------------------------------------
Creditors of OJSC Anod (Electric Devices Production) have until
Jan. 7, 2009, to submit proofs of claims to:

         N. Bushkov
         Insolvency Manager
         Post User Box 22
         424037 Ioshkar-Ola
         Russia

The Arbitration Court of Mariy El commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A38=963989/2008=969=96154.

The Debtor can be reached at:

         OJSC Anod
         Promploshchadka Str.
         Zvenigovo
         425060 Mariy El
         Russia


ARTEM-INVEST-STROY LLC: Creditors Must File Claims by January 7
---------------------------------------------------------------
Creditors of LLC Artem-Invest-Stroy (Construction) have until
Jan. 7, 2009, to submit proofs of claims to:

         Yu. Shirokov
         Insolvency Manager
         3 KPS
         Mordovtseva Str. 3
         690091 Vladivostok
         Russia

The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A 51=962285/2006 26=9637B.

The Debtor can be reached at:

         LLC Artem-Invest-Stroy
         Karla Marksa Str. 30
         630087 Novosibirsk
         Russia


BERDSKIY WINERY: Creditors Must File Claims by December 7
---------------------------------------------------------
Creditors of CJSC Berdskiy Winery have until Dec. 7, 2008, to
submit proofs of claims to:

         S. Danchenko
         Temporary Insolvency Manager
         Gorkogo Str. 96/13
         Biysk
         Russia

The Arbitration Court of Novosibirskaya will convene at
2:30 a.m. on Feb.4, 2009, to hear bankruptcy supervision
procedure.

The case is docketed under Case No. A45=9611613/2008.

The Debtor can be reached at:

         CJSC Berdskiy Winery
         Pervomayskaya Str. 5
         Berdsk
         Novosibirskaya
         Russia


ENGELS-VOD-STROY OJSC: Creditors Must File Claims by January 7
--------------------------------------------------------------
Creditors of OJSC Engels-Vod-Stroy (TIN 6449000046) have until
Jan. 7, 2009, to submit proofs of claims to:

         R. Perepletov
         Insolvency Manager
         Post User Box 1531
         410000 Saratov
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57=963285/08=96226.

The Debtor can be reached at:

         OJSC Engels-Vod-Story
         Studencheskiy Proezd 4a
         Engels
         Russia


EVRAZ GROUP: S&P Keeps 'BB-' Ratings & Changes Outlook to Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russia-
based steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd. to stable from positive.  This is due to the
sharp deterioration in market conditions in the global steel
sector in recent months, and the group's high levels of short-term
debt.

At the same time, the 'BB-' long-term corporate credit, bank loan,
and senior unsecured debt ratings, on Evraz were affirmed.  In
addition, the Russia national scale rating on Evraz was lowered to
'ruAA-' from 'ruAA'.  The recovery ratings on the bank loan and
senior secured debt issues are unchanged at '4', indicating
Standard & Poor's expectation of average recovery (30%-50%) for
creditors in the event of a payment default.

"The outlook revision reflects S&P's expectation of much weaker
profits and cash flows at Evraz in 2009, due to a notable
weakening in steel market conditions," said Standard & Poor's
credit analyst Alex Herbert.  "Slowing demand in steel consuming
sectors such as construction have triggered industry-wide
production cutbacks.  While the extent and duration of the
downturn, and its effects on Evraz, are uncertain, S&P believes
that there is less upward potential in the rating, and therefore a
lower likelihood of an upgrade within the next 12 months.

"In addition, Evraz has a weak liquidity position, evident in its
significant short-term debt.  S&P regards this position to be
manageable, however, and believe the company will be successful in
its refinancing efforts this year."

S&P expects Evraz to join a growing list of steelmakers that are
responding to the deteriorating business climate with cuts in
production.  Producers expect such cuts to be temporary, made with
the aim of reducing inventories within the market.  Standard &
Poor's, however, believes that these reductions will be required
for a longer period, certainly well into 2009.

The ratings on Evraz and Mastercroft reflect the group's position
as a leading Russia-based steel producer, but are constrained by
high short-term debt and an acquisitive financial policy.  In
addition, Evraz faces country risks in The Russian Federation
(foreign currency BBB+/Negative/A-2; local currency A-/Negative/A-
2), where the company's principal cash-generating operations are
located.  The ratings are supported, however, by a leading
domestic market position in long products; vertical integration
into own raw materials supply; low costs; and improving geographic
diversification.

Upside rating potential is constrained by weak liquidity; an
acquisitive financial policy; the cyclical, capital-intensive
industry in which the group operates; and its main cash-generating
assets being located in Russia.  Downside pressure on the rating
could develop if the company is unsuccessful in improving
liquidity; or if it does not respond adequately to the more
difficult market conditions by curtailing capital spending and
further debt-financed acquisitions.


KOLOBOVSKAYA TEXTILE: Under Management Bankruptcy Procedure
-----------------------------------------------------------
The Arbitration Court of Ivanovskaya has commenced external
management bankruptcy procedure on OJSC Kolobovskaya Textile
Factory.  The Case is docketed under No. A17=96630/2008.

The External Insolvency Manager is:

         A. Rychagov
         B. Vorobyevskaya Str. 26/49
         153000 Ivanovo
         Russia

The Debtor can be reached at:

         OJSC Kolobovskaya Textile Factory
         1st Fabrichnaya Str. 6
         Kolobovo
         Shuiskiy
         155933 Ivanovskaya
         Russia


KLIN RAYON: S&P  to Lower Ratings to 'SD/ruSD'
----------------------------------------------
Standard & Poor's Ratings Services said that Klin Rayon (CC/Watch
Neg/--), in the Moscow Oblast (B-/Watch Neg/--), had managed to
pay on time the last coupon of its Russian RUR300 million
(US$11 million) bond due Nov. 13, 2008.  However, the rayon had
not yet finalized its payments on the bond's principal.

Nevertheless, S&P expects payment to the bond holders to be
processed.  S&P bases this opinion on information that the Moscow
Oblast had this morning transferred the sum needed to repay the
bond to the rayon, and that the rayon had then transferred it to
the bond payment agent.

Even so, without confirmation that all bond holders have been
repaid by or on Nov. 17, 2008, the ratings on the rayon will be
lowered to 'SD/ruSD'.


KRASNODARSKIY CONSTRUCTION: Names V. Kudlay Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnodarskiy appointed V. Kudlay as
Insolvency Manager for LLC Krasnodarskiy Construction Materials
and Structures Plant.  The case is docketed under Case No. A-32=96
15118/2008=9644/1309B.  He can be reached at:

         Chernyshevskogo Str. 66
         Tikhoretsk
         352100 Krasnodarskiy
         Russia


LIVADIYSKIY FISH: Creditors Must File Claims by December 7
----------------------------------------------------------
Creditors of LLC Livadiyskiy Fish Processing Plant have until
Dec. 7, 2008, to submit proofs of claims to:

         O. Rusakova
         Insolvency Manager
         Post User Box 45
         690105 Vladivostok-105
         Russia

The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51=962406/2008 21=9675B.

The Debtor can be reached at:

         LLC Livadiyskiy Fish Processing Plant
         Zarechnaya Str. 7/28
         Naberezhnaya Str.32
         Livadiya
         692953 Nakhodka
         Russia


NIKOLAYEVSKIY-ON-AMUR OJSC: Under Bankruptcy Procedure
------------------------------------------------------
The Arbitration Court of Khabarovskiy has commenced external
management bankruptcy procedure on OJSC Nikolayevskiy-on-Amur
Ship-Building Yard.  The Case is docketed under No. A73=96
13626/2006=9638.

The External Insolvency Manager is:

         A. Baranov
         Dzerzhinskogo Str. 28
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         OJSC Nikolayevskiy-on-Amur Ship-Building Yard
         Sovetskaya Str. 126
         Nikolayevsk-on-Amur
         Russia


PRESS-FORGING PLANT CJSC: Creditors Must File Claims by Dec. 7
--------------------------------------------------------------
Creditors of CJSC Press-Forging Plant (TIN 6140020336) have
until Dec. 7, 2008, to submit proofs of claims to:

         Ye. Savchenko
         Temporary Insolvency Manager
         Degtyareva Str. 31
         400006 Volgograd
         Russia

The Arbitration Court of Rostovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A53=96
11292/2008-S1=9621.

The Debtor can be reached at:

         CJSC Press-Forging Plant
         Zavodskaya Str. 1
         Azov
         Rostovskaya
         Russia


SEVERSTAL OAO: S&P Changes Outlook to Stable & Holds 'BB' Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russia-
based steel producer OAO Severstal to stable from positive.  This
is due to the sharp deterioration in market conditions in the
global steel sector in recent months.

At the same time, the 'BB' long-term corporate credit and senior
unsecured debt ratings, and the 'ruAA' Russia national scale
rating, on Severstal were affirmed.  The recovery ratings on the
notes are unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.

"The outlook revision reflects S&P's expectation of much weaker
profits and cash flows for Severstal in 2009, due to a notable
weakening in steel market conditions," said Standard & Poor's
credit analyst Alex Herbert.  "Slowing demand in steel consuming
sectors such as autos, as well as in service centers and
distributors, have triggered industry-wide production cuts.  While
the extent and duration of the downturn, and its effects on
Severstal, are uncertain, S&P believes that there is less upward
potential in the rating, and therefore a lower likelihood of an
upgrade within the next 12 months."

Severstal is among a growing list of steelmakers that are
responding to the worsening business climate with production
cutbacks. Producers expect such cuts to be temporary, aimed at
reducing inventories within the market.  Standard & Poor's,
however, believes that these reductions will be required for a
longer period, certainly well into 2009.

S&P expects Severstal to report lower volumes in Russia and Europe
in 2009 than this year, although acquisitions made in North
America will help offset such reductions.  Margins and cash flows
are also likely to be reduced.

As with peers, S&P expects Severstal to be proactive in reducing
capital expenditures and refraining from further debt financed
acquisitions in order to help mitigate the negative effects of the
weakened market.  Nevertheless, there is reduced forward
visibility, and heightened uncertainty about future trading and
Severstal's credit profile.

The ratings reflect Severstal's position as the largest Russia-
based steel producer in a cyclical, capital-intensive, and
competitive industry; substantial capital expenditure plans; and
country risks in The Russian Federation (foreign currency
BBB+/Negative/A-2; local currency A-/Negative/A-2), where the
company's principal cash-generating operations are located.  The
ratings are supported by a leading domestic market position,
especially in flat products; high vertical integration into own
raw materials; and improving diversification.

Upside rating potential is constrained by Severstal's active
acquisition strategy this year; the cyclical, capital-intensive
industry in which it operates; and its main cash-generating assets
being located in Russia.  Downside pressure on the rating could
develop if the company does not respond adequately to the more
difficult market conditions by curtailing capital spending and
further debt financed acquisitions.


VTB BANK: Supervisory Board Approves Management Action Plan
-----------------------------------------------------------
The Supervisory Board of VTB Bank has approved a Management Action
Plan to ensure the bank is effectively positioned to weather the
current unprecedented market conditions.

Given the bank's pivotal role within the Russian economy as the
largest corporate lender, VTB has been working actively with the
support of the Government to build long-term strategic
partnerships with key corporates throughout the economy.  VTB has
been actively channeling funding to businesses in the
construction, retail and agricultural and food production, sectors
identified by the Government as priority.  The bank has also been
actively supporting the liquidity of the banking system as a
whole, through a series of measures targeting smaller regional
banks deemed essential to the smooth functioning of the banking
system as a whole.

Since early September when the Government announced its package of
measures, VTB has extended credit to Russian companies amounting
to RUR377 billion.  In the year to end of October 2008, under
IFRS, corporate loans were RUR667 billion against RUR363 billion
gained over the similar period in 2007.  VTB Group retail loan
portfolio has grown, under IFRS, over the ten months of 2008 by
RUR183 billion, or a 97% increase.

The bank is taking steps to cut costs including postponing the
planned head office move scheduled for 2010 and a moratorium on
new hiring.  The bank will also focus even more rigorously on risk
management, and risk control through more centralized monitoring
of risk and the establishment of a specialized work-out unit.

With respect to geographic expansion, the bank continues to
prioritize investment in high growth CIS countries, which may
amount to 6-7% of assets by 2010.  This includes Kazakhstan and
Azerbaijan, planned investments in other lower growth countries in
the region will be shelved at least until conditions stabilize.

The Board has also approved two changes in the Management Board.
Mr. Andrei Puchkov, a member of the Management Board and Head of
Legal Department, was appointed as Deputy Chairman of the
Management Board, and Valery Lukyanenko, Corporate Client Division
was elected to the Management Board.  Both appointments are
subject to approval by the Central Bank of Russia and are until
June 9, 2012.

Mr. Andrei Kostin, VTB Bank President and Management Board
Chairman, said, "The steps we are taking, in addition to the role
we are playing at this crucial time in supporting Government
actions to assist the economy, will enhance our competitive
position while ensuring we remain a strong and well funded bank
that continues to deliver value to shareholders."

                      About OJSC VTB Bank

Headquartered in St. Petersburg, Russia, OJSC VTB --
http://www.vtb.com/-- is a leading Russian universal banking
group offering a wide range of banking services and products
across Russia, certain CIS countries and selected countries in
Western Europe, Asia and Africa.

                        *     *     *

OJSC VTB continues to carry a D bank financial strength rating
from Moody's Investors Service.  The rating was placed in November
2007.


X5 RETAIL: Inks RUR7 Billion Refinancing Deal with VTB
------------------------------------------------------
X5 Retail Group N.V. on Friday said that an agreement has been
reached with VTB to provide RUR7 billion in financing to X5 Retail
Group within the framework of the Russian government initiatives
aimed at supporting the country's retail industry.

The company said the financing will be provided in the form of a
revolving credit line for a total amount of RUR7 billion open for
1.5 years.

"We welcome the initiatives of the government to support Russian
retail, which along with financing imply long-term measures aimed
at promoting the development of the industry.  Financing provided
to leading retailers, which are source of liquidity to thousands
of producers and service needs of millions of Russian consumers,
should help to minimize the consequences of the financial crisis,"
X5 Retail Group CEO Lev Khasis commented.
"An agreement reached with VTB is an important step on the way to
expanding our relationship with the bank and we plan to continue
our fruitful cooperation."

According to Reuters, as of June 30, X5's total debt was US$2.3
billion, including more than US$700 million of short-term debt, of
which almost half has to be repaid before the end of 2008.

Reuters recounts Mr. Khasis earlier said X5 would withdraw funds
from its operational cash flow to refinance debts if it fails to
secure financing from the state, which will depress its growth.

On Friday Reuters reports X5's London-listed shares rose as much
as 13.57 percent to US$7.95 as news of the refinancing eased
solvency fears for the company.  Reuters notes the stock later
tracked back to US$7.6, up 8.57 percent.

UralSib, Reuters discloses, believes X5 is protected against
short-term insolvency problems as as of the end of first half 2008
it had US$377 million in cash, which is sufficient to cover 52
percent of its short-term debt.

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                         *       *      *

X5 Retail Group N.V. continues to carry B1 corporate family and
probability of default ratings from Moody's with positive outlook.

The company still carries BB- long-term foreign and local issuer
credit ratings from Standard & Poor's with stable outlook.


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S P A I N
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CEMEX SAB: In Talks With Five Banks to Refinance Debt
-----------------------------------------------------
CEMEX, S.A.B. de C.V. is in talks with five banks to refinance
part of its US$6.6 billion debt due at the end of 2009, Reuters
reports.

The report relates that some investors are concerned it will
struggle to refinance amid tight global credit conditions and
falling sales volumes in its key U.S. and European markets.

According to Reuters, to "negotiate joint bilateral facilities"
for itself and its Cemex Espana unit,  the company chose:

  -- Spain's BBVA
  -- Banco Santander
  -- HSBC
  -- Britain's Royal Bank of Scotland, and
  -- Citigroup

The report points out that the banks will help Cemex amend other
existing syndicated loans.  "If consents are obtained, Cemex would
achieve greater financial flexibility by lengthening the maturity
of the bilateral and syndicated facilities," Reuters cited the
company as saying.

Meanwhile, the report says that Cemex's purchase last year of
Australia's Rinker just as the U.S. housing market was collapsing
increased Cemex's net debt to US$16.4 billion.  Even though Cemex
has reduced its debt by US$3 billion since that acquisition,
investors say the company is still highly leveraged, the same
report notes.

Reuters adds that Cemex aims to extend a payment of US$446 million
in locally-issued debentures to late 2011 and said it had won
commitments to defer US$1 billion of a syndicated loan out to
December 2010.
                   About Cemex S.A.B.

CEMEX, S.A.B. de C.V. (CEMEX) a holding company primarily engaged,
through its operating subsidiaries, in the production,
distribution, marketing and sale of cement, ready-mix concrete,
aggregates and clinker.  The company is a global cement
manufacturer with operations in North America, Europe, South
America, Central America, the Caribbean, Africa, the Middle East,
Oceania and Asia.  As of December 31, 2007, the company's main
cement production facilities were located in Mexico, the United
States, Spain, the United Kingdom, Germany, Poland, Croatia,
Latvia, Venezuela, Colombia, Costa Rica, the Dominican Republic,
Panama, Nicaragua, Puerto Rico, Egypt, the Philippines and
Thailand.  On August 28, 2007, CEMEX completed the acquisition of
100% of the Rinker Group Limited.

                         *     *     *
As reported by the Troubled Company Reporter - Latin America on
November 4, 2008, Fitch Ratings has downgraded these ratings of
Cemex, S.A.B. de C.V. (Cemex) and related entities:

   -- Cemex foreign currency Issuer Default Rating (IDR) to 'BB+'
      from 'BBB-';

   -- Cemex local currency IDR to 'BB+' from 'BBB-';

   -- Cemex Espana S.A. (Cemex Espana) IDR to 'BB+' from 'BBB-';

   -- Senior unsecured debt obligations of Cemex and Cemex Espana
      to 'BB+' from 'BBB-';

   -- Rinker Materials Corporation US$150 million senior unsecured
      notes due 2025 to 'BB+' from 'BBB-';

   -- Cemex long-term national scale rating to 'AA-(mex)' from
      'AA+(mex)';

   -- Cemex short-term national scale rating to 'F1(mex)' from
      'F1+(mex)';

The Rating Outlook is Negative.


SANTANDER HIPOTECARIO 3: Moody's Holds Class F Notes' Junk Rating
-----------------------------------------------------------------
Moody's Investors Service taken these rating actions on the Notes
issued by Santander Hipotecario 3, FTA:

  - Class A1, Current Rating: Aaa, downgraded to Aa1;
  - Class A2, Current Rating: Aaa, downgraded to Aa1;
  - Class A3, Current Rating: Aaa, downgraded to Aa1;
  - Class B,  Current Rating: Aa2, downgraded to A3;
  - Class C, Current Rating: A1, downgraded to Baa3;
  - Class D, Current Rating: Baa2, downgraded to Ba3;
  - Class E, Current Rating: Ba3, downgraded to B3; and
  - Class F, Current Rating: Ca, rating confirmed.

Last rating action date for Santander Hipotecario 3, FTA: July 23,
2008.

As explained in the press release issued on July 2008 in relation
to the methodology update, the refinements to Moody's Spanish
MILAN model result in higher credit enhancement levels for Spanish
RMBS pools, especially those with riskier features, such as higher
loan-to-value ratios and higher-risk products.  Santander
Hipotecario 3, FTA was one of the deals flagged by Moody's as
having such features.  All Classes of Notes were placed on review
for possible downgrade on 23 July 2008. Actions conclude a
detailed review of the transaction.

Santander Hipotecario 3, FTA closed in March 2007.  In this
transaction, the originator (Banco Santander S.A., Aa1/P-1)
securitized a portfolio of 16,890 first ranking mortgage loans
secured on residential properties located in Spain, for an overall
amount of EUR 2.8 billion.  The collateral consisted of loans with
a loan-to-value over 80%.  These high LTV loans represented 78.67%
of the outstanding pool balance as of October 2008 reporting date.

This transaction includes an interest rate swap to hedge interest
rate risk in the transaction, securing weighted average interest
rate on the notes plus 0.75% excess spread and covering the
servicing fee in case Banco Santander S.A. is replaced as
servicer.  Class A1, A2 and A3 Notes, which initially amortized
sequentially, are currently amortizing pro-rata, following the
breach of the pro-rata trigger in April 2008.

The portfolio is showing worse-than-expected collateral
performance leading to above market average delinquencies.  After
18 months since issuance, corresponding to Oct. 2008 reporting
date, the aggregate of (1) acquisitions, (2) losses in relation to
acquisitions (corresponding to the difference between outstanding
debt and acquisition amount), and (3) defaulted loans (these being
defined as 18 months in arrears) are equal to 1.57% of the
original pool balance, and the 90+ days arrears (excluding
outstanding defaults) correspond to approximately 3. 8% of the
current pool balance.

The reserve fund has not been at target level for the last three
periods following the insufficient excess spread to cover
artificial write-off of (a) loans more than 18 months delinquent
and (b) acquisitions.  This typical Spanish RMBS mechanism speeds
up the off-balance sheet treatment of a non-performing loan
compared to waiting for the "natural write-off"; thus, the amount
of notes collateralized by non-performing loans is minimized, and,
consequently, the negative carry.

During the last three quarters, excess spread has not been
sufficient to provision for artificial write-offs, resulting in
full drawings of the reserve fund.  Moody's expects that available
funds will increase as recoveries from written-off loans are
collected.  In the last payment date, available funds were not
sufficient to pay all principal due to the notes.  As a result, a
principal deficiency ledger of EUR6.67 million was caused.

Following an updated loan-by-loan analysis, and on the basis of
the performance experienced by the portfolio so far, Moody's has
updated the portfolio's expected loss assumption modeled from a
range of 1.55%-1.75% to 2.95%-3.35% (as a percentage of original
pool balance).  Moody's further raised its credit support
expectations for the rating levels assigned.

Moody's notes that the Spanish Government approved on Nov. 8, 2008
a support program to assist unemployed, self-employed and
pensioner mortgage borrowers.  At this stage, Moody's are awaiting
further clarifications on the program to determine any potential
liquidity and/or credit implications possible for this
transaction.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes (January 2050).  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.


SANTANDER HIPOTECARIO 4: Moody's Holds Class F Notes' 'Ca' Rating
-----------------------------------------------------------------
Moody's Investors Service taken these rating actions on the Notes
issued by Santander Hipotecario 4, FTA:

  - Class A1, Current Rating: Aaa, downgraded to Aa2;
  - Class A2, Current Rating: Aaa, downgraded to Aa2;
  - Class A3, Current Rating: Aaa, downgraded to Aa2;
  - Class B, Current Rating: Aa2, downgraded to A3;
  - Class C, Current Rating: A1, downgraded to Baa3;
  - Class D, Current Rating: Baa1, downgraded to Ba3;
  - Class E, Current Rating: Ba2, downgraded to B3; and
  - Class F, Current Rating: Ca, rating confirmed.

As explained in the press release issued on July 2008 in relation
to the methodology update, the refinements to Moody's Spanish
MILAN model result in higher credit enhancement levels for Spanish
RMBS pools, especially those with riskier features, such as higher
loan-to-value ratios and higher-risk products.  Santander
Hipotecario 4, FTA was one of the deals flagged by Moody's as
having such features.  All Classes of Notes were placed on review
for possible downgrade on July 23, 2008. actions conclude a
detailed review of the transaction.

Santander Hipotecario 4, FTA closed in Oct. 2007.  In this
transaction, the originator (Banco Santander S.A., Aa1/P-1)
securitized a portfolio of 6,878 first ranking mortgage loans
secured on residential properties located in Spain, for an overall
amount of EUR1.23 billion.  The collateral consisted of loans with
a loan-to-value over 80%.  These high LTV loans represented 85.63%
of the outstanding pool balance as of October 2008 reporting date.

This transaction includes an interest rate swap to hedge interest
rate risk in the transaction, securing weighted average interest
rate on the notes plus 0.65% excess spread and covering the
servicing fee in case Banco Santander S.A. is replaced as
servicer.  Class A1, A2 and A3 Notes, which initially amortized
sequentially, are currently amortizing pro-rata, following the
breach of the pro-rata trigger in July 2008.

The portfolio is showing worse-than-expected collateral
performance leading to above market average delinquencies.  After
11 months since issuance, corresponding to Oct. 2008 reporting
date, the aggregate of (1) acquisitions, (2) losses in relation to
acquisitions (corresponding to the difference between outstanding
debt and acquisition amount), and (3) defaulted loans (these being
defined as 18 months in arrears) are equal to 2.27% of the
original pool balance, and the 90+ arrears (excluding outstanding
defaults) correspond to approximately 5. 04% of the current pool
balance.

The reserve fund has not been at target level for the last three
periods following the insufficient excess spread to cover
artificial write-off of (1) loans more than 18 months delinquent
and (2) acquisitions.  This typical Spanish RMBS mechanism speeds
up the off-balance sheet treatment of a non-performing loan
compared to waiting for the "natural write-off"; thus, the amount
of notes collateralized by non-performing loans is minimized, and,
consequently, the negative carry.

During the last three quarters excess spread has not been
sufficient to provision for artificial write-offs, resulting in
full drawings of the reserve fund.  Moody's expects that available
funds will increase as recoveries from written-off loans are
collected.  In the last payment date available funds were not
sufficient to pay all principal due to the notes.  As a result, a
principal deficiency ledger of EUR0.95 million was caused.

Following an updated loan-by-loan analysis, and on the basis of
the performance experienced by the portfolio so far, Moody's has
updated the portfolio's expected loss assumption modeled from a
range of 1.10%-1.30% to 3.65%-4.05% (as a percentage of original
pool balance).  Moody's further raised its credit support
expectations for the rating levels assigned.

Moody's notes that the Spanish Government approved on 8 November
2008 a support program to assist unemployed, self-employed and
pensioner mortgage borrowers.  At this stage, Moody's are awaiting
further clarifications on the program to determine any potential
liquidity and/or credit implications possible for this
transaction.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes (October 2050).  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.


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S W I T Z E R L A N D
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A.V. FINANCE: Creditors Must File Proofs of Claim by Nov. 30
------------------------------------------------------------
Creditors owed money by LLC A.V. Finance are requested to file
their proofs of claim by Nov. 30, 2008, to:

         Sonnhaldenstrasse 13
         6052 Hergiswil
         Switzerland

The company is currently undergoing liquidation in Risch ZH.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 16, 2008.


BIOSYNERGIE JSC: Deadline to File Proofs of Claim Set Nov. 30
-------------------------------------------------------------
Creditors owed money by JSC Biosynergie are requested to file
their proofs of claim by Nov. 30, 2008, to:

         Martin Muller
         Liquidator
         Seilerstrasse 4
         3011 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on  May 26, 2008.


DIHO LLC: Creditors Have Until November 30 to File Claims
---------------------------------------------------------
Creditors owed money by LLC Diho are requested to file their
proofs of claim by Nov. 30, 2008, to:

         Feldstrasse 36
         8902 Urdorf
         Switzerland

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


EMERGING MARKETS: Proofs of Claim Filing Deadline is Nov. 30
------------------------------------------------------------
Creditors owed money by Emerging Markets Invest Ltd. are requested
to file their proofs of claim by Nov. 30, 2008, to:

         Sumpfstrasse 15
         6300 Zug
         Switzerland

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


GUNIT JSC: Creditors' Proofs of Claim Due by November 30
--------------------------------------------------------
Creditors owed money by JSC Gunit are requested to file their
proofs of claim by Nov. 30, 2008, to:

         Hanspeter Bonetti
         Am Scheidgraben 7
         6373 Ennetburgen
         Switzerland

The company is currently undergoing liquidation in Silenen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 22, 2008.


SWISS MED: November 30 Set as Deadline to File Claims
-----------------------------------------------------
Creditors owed money by JSC Swiss Med Pharma are requested to file
their proofs of claim by Nov. 30, 2008, to:

         Sihlamtsstrasse 5
         8002 Zurich
         Switzerland

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


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U K R A I N E
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BATKIVSCHINA LLC: Creditors Must File Claims by November 28
-----------------------------------------------------------
Creditors of LLC Batkivschina (code EDRPOU 03786403) have until
Nov. 28, 2008, to submit proofs of claim to:

         Mrs. Irene  Gerasimenko
         Liquidator / Insolvency Manager
         Ap. 63
         Mir Str. 8
         Kamianets-Podolsky
         32300 Hmelnitsky
         Ukraine

The Arbitration Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent on
Oct. 15, 2008.  The case is docketed as 5/182-B.

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Debtor can be reached at:

         LLC Batkivschina
         Podlesny Mukarov
         Dunayavetsky
         Hmelnitskij
         Ukraine


CHEMICAL RESOURCE: Creditors Must File Claims by November 28
------------------------------------------------------------
Creditors of LLC Ukrainian Chemical Resource (code EDRPOU
31589072) have until Nov. 28, 2008, to submit proofs of claim to:

         Mr. Ruslan Krivich
         Temporary Insolvency Manager
         Puliuy Str. 21/42
         Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company on Aug. 13, 2008.  The case is docketed
as 27/108.

         The Economic Court of Lvov
         Lichakivska Str. 128
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Chemical Resource
         Striy Str. 98
         76026 Lvov
         Ukraine


ELECTRICAL MACHINES: Creditors Must File Claims by November 29
--------------------------------------------------------------
Creditors of LLC Trading House Big Electrical Machines Plant (code
EDRPOU 34438626) have until Nov. 29, 2008, to submit proofs of
claim to:

         Mr. Nikolay Kryzhanovsky
         Liquidator / Insolvency Manager
         Ap. 18
         Kalinin Str. 125-A
         73008 Herson
         Ukraine

The Arbitration Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 15, 2008.
The case is docketed as 12/236-B-08.

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

The Debtor can be reached at:

         LLC Trading House Big Electrical Machines Plant
         Pervomayskaya Str. 35-A
         Novaya Kakhovka
         74903 Herson
         Ukraine


LANDMARKTECH LLC: Creditors Must File Claims by November 29
-----------------------------------------------------------
Creditors of LLC Landmarktech (code EDRPOU 35507826) have until
Nov. 29, 2008, to submit proofs of claim to:

         LLC Loyengreen
         Liquidator
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.
The case is docketed as 23/259-b.

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

The Debtor can be reached at:

         LLC Landmarktech
         Sosneny Family Str. 3
         03148 Kiev
         Ukraine


LUX-FAVORIT LLC: Creditors Must File Claims by November 28
----------------------------------------------------------
Creditors of LLC Lux-Favorit (code EDRPOU 33769025) have until
Nov. 28, 2008, to submit proofs of claim to:

         Mr. Sergey Vasilcov
         Liquidator / Insolvency Manager
         Spartakovskaya Str. 39
         Guliaypole
         70200 Zaporozhje
         Ukraine

The Arbitration Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
Oct. 3, 2008.  The case is docketed as 12/180/08.

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

The Debtor can be reached at:

         LLC Lux-Favorit
         Spartakovskaya Str. 39
         Guliaypole
         70200 Zaporozhje
         Ukraine


MAKEDONY LLC: Creditors Must File Claims by November 28
-------------------------------------------------------
Creditors of Agricultural LLC Makedony (code EDRPOU 03755992) have
until Nov. 28, 2008, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 21, 2008.
The case is docketed as B 11/071-07/14/18/2.

The Debtor can be reached at:

         Agricultural LLC Makedony
         Makedony
         Mironovsky
         08820 Kiev
         Ukraine


MINERS SERVICE: Creditors Must File Claims by November 28
---------------------------------------------------------
Creditors of State Enterprise Trading-Production Enterprise on
Miners Service (code EDRPOU 25706994)  have until Nov. 28, 2008,
to submit proofs of claim to:

         Mr. Nikolay Amelchenko
         Liquidator / Insolvency Manager
         Ap. 176
         Diumin Str. 53
         Berdiansk
         71100 Zaporozhye
         Ukraine
         Tel: 8(066)36-17-467

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 13, 2008.
The case is docketed as 42/112B.

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

The Debtor can be reached at:

         State Enterprise Trading-Production
         Enterprise on Miners Service
         Illich Avenue, 109-a
         86600 Donetsk
         Ukraine


MOBIL-K LLC: Creditors Must File Claims by November 29
------------------------------------------------------
Creditors of LLC Mobil-K (code EDRPOU 35369826) have until
Nov. 29, 2008, to submit proofs of claim to:

         LLC ANKAR 10
         Liquidator
         Miloslavskaya Str. 58
         02097 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.
The case is docketed as 23/257-b.

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

The Debtor can be reached at:

         LLC Mobil-K
         Miloslavskaya Str. 58
         02097 Kiev
         Ukraine


ORKAN LLC: Creditors Must File Claims by November 29
----------------------------------------------------
Creditors of LLC Science-Production Enterprise Orkan (code EDRPOU
34935205) have until Nov. 29, 2008, to submit proofs of claim to:

         LLC Company Ukrainian Business
         Liquidator
         Predslavinskaya Str. 34-B
         03150 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.
The case is docketed as 23/253-b.

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

The Debtor can be reached at:

         LLC Science-Production Enterprise Orkan
         Liatoshynsky Str. 4A/289
         03191 Kiev
         Ukraine


PLANT PROMIN: Creditors Must File Claims by November 29
-------------------------------------------------------
Creditors of LLC Plant Promin (code EDRPOU 20374100) have until
Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 42/54B.

The Debtor can be reached at:

         LLC Plant Promin
         Nizhnevartovskaya Str. 18
         83111 Donetsk
         Ukraine


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ABA ELECTRICAL: Taps Joint Liquidators from Tenon Recovery
----------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Aba Electrical Services Ltd. on
Oct. 31, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


AQUA POLYMERS: Taps Joint Administrators from Tenon Recovery
------------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of Aqua Polymers Ltd. on Oct. 28,
2008.

The company can be reached through Tenon Recovery at:

         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


ARLO IV: Partially Repurchases Notes Rated Low-B by Moody's
-----------------------------------------------------------
Moody's Investors Service notes that ARLO IV Limited has partially
repurchased and canceled these series of notes:

(1) EUR7 million of Euler-CDO Class A-1E Secured Limited Recourse
    Credit-Linked Notes due 2012, as a result the outstanding
    notional balance decreases from EUR14 million to
    EUR7 million.  The notes are currently rated B1.

(2) EUR5 million of Euler CDO Class A-2E Secured Limited Recourse
    Credit-Linked Notes due 2015, as a result the outstanding
    notional balance decreases from EUR10 million to
    EUR5 million.  The notes are currently rated Ba1.


ARLO IV: Moody's Withdraws Ratings on Two Classes of Notes
----------------------------------------------------------
Moody's Investors Service has withdrawn its ratings of these
classes of notes issued by ARLO IV Limited:

(1) Euler-CDO Class B-2E EUR42,750,000 Secured Limited Recourse
    Credit-Linked Notes due 2015

  -- Current Rating: WR
  -- Prior Rating: B3
  -- Prior Rating Action Date: Oct. 30, 2008

(2) Euler-CDO Class B-6E EUR20,000,000 Secured Limited Recourse
    Credit-Linked Notes due 2016

  -- Current Rating: WR
  -- Prior Rating: Caa2
  -- Prior Rating Action Date: Oct. 30, 2008


BAXI HOLDIONGS: S&P Junks Corporate Credit Rating from 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on United Kingdom-based heating products
manufacturer Baxi Holdings Ltd. to 'CCC+' from 'B-', reflecting
concerns about the group's liquidity and further weakening
business conditions.  The outlook is negative.

At the same time, the subordinated debt rating on the GBP100
million second-lien mezzanine notes issued by finance subsidiary
Heating Finance PLC and guaranteed by Baxi and other subsidiaries
was lowered one notch to 'CCC-' from 'CCC'.  The recovery rating
on the notes is unchanged at '6', indicating S&P's expectation of
negligible (0%-10%) recovery in the event of a payment default.

The downgrade reflects S&P's concerns over the group's fragile
liquidity position, weak prospects for the markets in which the
group operates, and to a lesser extent, the likelihood of a
covenant breach in the next few quarters.

"Despite a satisfactory operating performance, S&P expect free
operating cash flow generation for full-year 2008 to be poor
compared with the group's high debt repayment.  As a result, S&P
expects drawings under the revolving credit facility to increase
and the group's financial flexibility to significantly decline
over 2009," said Standard & Poor's credit analyst Andres Albricci.

FOCF generation for the next year will continue to be affected by
the difficult economic environment, which in turn will put
pressure on EBITDA generation, and high interest expense; as a
consequence, Baxi's ability to meet scheduled debt amortization of
about GBP44 million could be seriously impaired.

The downgrade also reflects the continued challenging market
situation in almost all the markets in which Baxi operates and
S&P's expectations that this will continue over 2009.  Although
S&P expects Baxi's profitability to benefit from a decrease in raw
material and component prices and from restructuring measures
implemented in 2008, the persisting decline in the construction
sector, particularly in the U.K. and Spain, will continue to
negatively affect the group's operating performance and, in turn,
cash flow generation.

The ratings also reflect S&P's concerns over Baxi's ability to
meet its financial covenants at the end of December 2008 and over
2009.  Although the group is progressively reducing its debt
levels, financial covenants become more demanding every quarter.
As a consequence, a slight underperformance compared with
management expectations is likely to lead to a breach; this would
represent an event of default under Baxi's facilities agreement
and could ultimately trigger a default on all the group's debt.

A further downgrade could result if S&P see a considerable
deterioration in Baxi's operating performance over the next few
quarters, as this could severely impair the group's liquidity
resources.  In addition, a downward revision of the ratings in the
very short term is likely in the event of a breach of financial
covenants.

An upward revision of the ratings is unlikely in the short to
medium term, unless Baxi is able to significantly improve its FOCF
generation to a level that would be sufficient to comfortably
serve its debt repayments.


BRITISH AIRWAYS: Moody's Puts Ratings on Review for Possible Cuts
-----------------------------------------------------------------
Moody's Investors Service placed all ratings of British Airways
plc (Baa3 Corporate Family Rating - CFR); Ba1 senior unsecured and
the Ba2 rating of the perpetual guaranteed preferred securities on
review for possible downgrade.

The review was prompted by the continued weakness in the company's
operating results, largely on account of significantly higher fuel
prices (up 52% year-on-year in the first half of FY2009 to Sept.).
Moody's notes that in spite of a significant decline in the market
price for fuel, this was reportedly offset by the weaker Sterling
exchange rate versus the dollar, as well as the effects of
previous hedging.  Operating costs were also burdened by higher
employee costs, which the company attributed to both severance
provisions as well as manpower required for the transition to
Terminal 5.  The company continues to forecast a fuel bill in the
range of GBP3 billion this year, nearly 50% higher than in FY2008
(to March), and is currently targeting a small operating profit in
the current financial year.

Moody's expects that the company's key metric for debt/EBITDA will
finish the year above the 4x target set for the Current Rating (as
adjusted by Moody's), and that it is unlikely in the current
economic environment that the company will succeed in rebuilding
its credit metrics to a level commensurate with the Current Rating
in the near future.  Moody's recognizes, however, that the company
has reduced its capital expenditure plans in the current fiscal
year to GBP550 million from GBP650 million, and that it expects to
benefit from lower fuel prices in FY2010 as current hedging
contracts mature.

The review will therefore focus on i) the outlook for fuel costs
in FY2010 in light of both market prices and exchange rate
movements; ii) the overall outlook for the company's profitability
in FY2010, and the extent to which it can benefit from falling oil
prices; and iii) the ability of the company to adapt to rising
cost pressures and to rebuild credit metrics to levels expected
for the Current Rating over the medium term.  Moody's believes
that a downgrade, if any, would be limited to one notch.

The company's liquidity is strong, and is supported by its cash
balance, which remained at just under GBP2 billion at Sept. 30,
2008.  In light of pending aircraft orders, BA has augmented its
level of committed and undrawn facilities to GBP2.6 billion
(USD4.2 billion), although Moody's notes that only GBP600 million
are for general purposes, while the remainder are earmarked for
aircraft purchases.  The company reported GBP568 million in short-
term borrowings at Sept. 2008.  Moody's notes that over the
longer-term the company reported c. GBP3.8 billion in capital
expenditure commitments, notably for aircraft purchases until
2016, for which Moody's would expect adequate funding to be in
place in a timely manner.

Moody's notes the company's ongoing discussions for a potential
merger with Iberia, which it states will take several months to
conclude. Such a merger is not factored into Moody's Current
Rating or outlook, and will be assessed if and when details become
available.

British Airways, based in Harmondsworth, United Kingdom, is
Europe's third largest airline carrier with over 33 million
passengers in FY2008 (to March 31), and flying to over 150
destinations world-wide with a fleet of 245 aircraft at year-end.
In FY2008 the company reported revenues and operating profits of
GBP8.75 billion and GBP875 million, respectively.


CARDIFF TPS: Names Joint Administrators from BDO Stoy
-----------------------------------------------------
Graham Randall and Simon Girling of BDO Stoy Hayward LLP were
appointed joint administrators of Cardiff TPS Ltd. on Oct. 30,
2008.

The company can be reached through BDO Stoy Hayward LLP at:

         One Victoria Street
         Bristol
         BS1 6AA
         England

Cardiff TPS Ltd. is a car parts retailer.


CLEAR PLC: Moody's Withdraws Ratings on Three Classes of Notes
--------------------------------------------------------------
Moody's withdrew its rating of three classes of notes issued by
Clear PLC.  These notes were redeemed on Oct. 31, 2008.

Clear PLC:

(1) Series 48: JPY2,500,000,000 Limited Recourse Secured Floating
    Rate Credit Linked Notes due 2017.

  -- Current Rating: WR
  -- Prior Rating: Ca
  -- Prior Rating Date: Oct. 3, 2008

(2) Series 49: JPY2,000,000,000 Limited Recourse Secured Floating
    Rate Credit Linked Notes due 2017.

  -- Current Rating: WR
  -- Prior Rating: Ca
  -- Prior Rating Date: Oct. 3, 2008

(3) Series 61 JPY2,000,000,000 Limited Recourse Secured Credit-
    Linked Notes due 2017.

  -- Current Rating: WR
  -- Prior Rating: Ca
  -- Prior Rating Date: Oct. 3, 2008


COURIER FINANCE: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Andrew James Pear and Ian Cadlock of Tenon Recovery were appointed
joint liquidators of Courier Finance Ltd. on Oct. 27, 2008, for
the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         3rd. Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


DERMASALVE SCIENCES: Put Into Creditors' Voluntary Liquidation
--------------------------------------------------------------
Dermasalve Sciences plc said in a press statement that having
considered the company's financial position, the directors on
Thursday resolved that the company cannot, by reason of its
liabilities, continue in business and that it ought to be wound up
voluntarily.  Accordingly, the directors have instructed an
insolvency practitioner to assist with the convening of meetings
of shareholders and creditors, pursuant to Section 98 of the
Insolvency Act 1986, in order that the company be placed into
creditors' voluntary liquidation.  Formal notices will be
circulated to all known shareholders and creditors shortly.  The
notices will provide full details of the time, date and venue of
the meetings.  The same course of action is also to be undertaken
in respect of the company's wholly owned subsidiaries, Dermasalve
Ltd. and Healthy and Essential Ltd.

The company disclosed the decision by the directors follows the
exhaustive pursuit of many possible sources of financing over
recent months.  According to the company, several debt and equity
based options have been pursued as well as third party
collaborations and the potential sale of the company's assets in
part and whole.  It noted that during this time market conditions
have been extremely challenging.  However, none of the initiatives
have come to fruition and the board was forced to seek the
appointment of the insolvency practitioner.

The company on Thursday received notice of the resignation of
Hanson Westhouse Ltd. as nominated adviser and broker with
immediate effect.  The company's shares are currently suspended
from trading on AIM due to the failure to publish both the annual
accounts for the year ended December 31, 2007 in accordance with
AIM Rule 19 and the half yearly report for the six months ended
June 30, 2008 in accordance with AIM Rule 18. The resignation of
the company's nominated adviser is a further reason for the
continuing suspension of trading in the shares. In accordance with
AIM Rule 1, if the company fails to appoint a new nominated
adviser within one month, the admission of the company's shares to
trading on AIM will be canceled at 7:00 a.m. on December 15, 2008.

Headquartered in London, Dermasalve Sciences plc --
http://www.dermasalvesciences.com/-- is engaged in providing
skincare solutions for dry and sensitive skin types.


FKI PLC: Moody's Withdraws 'Ba3' Corporate Family Rating
--------------------------------------------------------
Moody's Investor's Service has withdrawn the Ba3 Corporate Family
Rating of FKI plc as well as the Ba3 Senior Unsecured Rating of
FKI's Eurobond maturing in February 2010.

The rating has been withdrawn because, following the de-listing of
FKI plc, Moody's believes it lacks adequate information to
maintain a rating.

Outlook Actions:

Issuer: FKI plc

  -- Outlook, Changed To Rating Withdrawn From Rating Under Review
     Withdrawals:

Issuer: FKI plc

  -- Probability of Default Rating, Withdrawn, previously rated
     Ba3

  -- Corporate Family Rating, Withdrawn, previously rated Ba3

  -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
     previously rated Ba3, LGD4, 56%

FKI, headquartered at its new registered head office in Alcester,
England, is an international engineering group active in four
specialized business areas: FKI Logistex, Lifting Products &
Services, Hardware and Energy Technology.  The group, which
generated revenues of GBP1,048 million from continuing operations
in FY 2007/08 has been taken over by Melrose plc, Alcester,
England, in July 2008.


KAUPTHING SINGER: Savers Action Group Seeks Legal Representation
----------------------------------------------------------------
Edward Lander at Citywire reports that an action group for savers
in Kaupthing Singer & Friedlander Isle of Man
has appointed lawyer David Greene of Edwin Coe to draw up plans
for legal action in an attempt to recover their deposits.

The group, the report notes, opted to seek legal representation as
negotiations with provisional liquidator Mike Simpson have so far
proved fruitless.   The group, as cited by the report, also said
that depositors feel "abandoned" by the government following
Chancellor Alistair Darling's decision not to protect UK savers in
the Isle of Man.

"While certain parties in the UK are receiving reassurances about
their money, depositors in KSFIOM have heard nothing to give them
hope in this matter," the group was quoted by the report as
saying.  "The depositors are frustrated by the lack of
communication from Mr. Simpson and now plan to explore various
legal routes to ensure that their interests are being upheld."

The group, according to Press Association, brought in an advocate
to represent them at a liquidation hearing due to be held at the
end of the month, during which the depositors are expected to seek
clarification on a number of issues, including what action is
being taken to recover GBP550 million of assets which were being
held by a UK arm of the bank and have been frozen by the UK
Government alongside other assets belonging to Icelandic banks.

The group, Press Association adds, is also looking into the
possibility of appointing a legal representative in the UK.

  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).


LOTUS CONSTRUCTION: Goes Into Administration
--------------------------------------------
Paul Langan at Wharfedale & Airdale Observer reports that Otley-
based Lotus Construction has gone into administration after
running into financial difficulties last week.

Hunter Kelly and Charles King of Ernst & Young LLP were appointed
as joint administrators to Lotus Construction (Yorkshire) Ltd and
its trading subsidiary, Lotus Construction Ltd, on November 7,
2008, the report relates.

"The group has been experiencing significant cash flow pressures
and delays with key contracts," Mr. King was quoted by the report
as saying.  "The directors have made every effort to rescue the
group but, unfortunately, the extent of the cash requirements and
the ability to raise finance in the current market has thwarted
their attempts."

According to the report, 80 of the company's 91 workers were laid
off on Friday.

Lotus Construction was founded in 1993 by Richard Lumley and
Tracey Lloyd.  The company had an annual turnover of GBP19
million.


LUNAR FUNDING: Fitch Cuts Ratings on EUR75 Mln Securities to 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded Lunar Funding V plc's EUR75 million
Series 2007-45 leveraged mortgage-backed securities due 2060 to
'B' from 'BB' Outlook Negative.  The transaction references, via
total return swaps, leveraged portfolios of 'AAA' prime European
RMBS and CMBS assets and is exposed to market value risk.

The rating action reflects a continued decline in the reported
market values of the reference assets since the close of the
transaction in August 2007.  The decrease in market value has
increased the risk of breaching the market value triggers for the
transaction although the transaction has partially deleveraged.
The market value cushion has eroded to approximately 5% from 13%
in 2007 ie, a further 5% drop in the weighted average price of the
portfolio would result in the unwinding of the transaction.

The market value cushion is the difference between the current
market price and the rating trigger.  The notes have zero credit
enhancement and therefore are exposed to the first dollar of loss.


NATIONWIDE VEHICLE: Taps Joint Administrators from Tenon
--------------------------------------------------------
Dilip K. Dattani and Andrew Appleyard of Tenon Recovery were
appointed joint administrators of Nationwide Vehicle Rentals Ltd.
on Nov. 5, 2008.

The company is located at:

         Nationwide Vehicle Rentals Ltd.
         5 The Terrace
         Rugby Road
         Lutterworth
         Leicestershire
         LE17 4BW
         England


SPEEDFERRIES LTD: Placed Into Administration
---------------------------------------------
Press Association reports that cross-Channel ferry company
SpeedFerries Ltd. has been placed into administration.

According to the report, the company ran into difficulties after
the Boulogne Port Authority seized its only vessel, SpeedOne, in a
dispute over unpaid taxes and fees.

thisiskent.co.uk notes talks between the Boulogne Chamber of
Commerce and SpeedFerries owner Curt Stavis began Monday last week
but failed to reach an agreement.

The company, thisiskent.co.uk discloses, also owe a considerable
sum to Dover Harbour Board for the use of the Western Dock.

The company, on Wednesday, November 12, issued a notice informing
customers that on the application of the directors, the High Court
of Justice, Chancery Division, made an administration order in
relation to Speedferries.  Angela Swarbrick and Tom Burton of
Ernst & Young LLP were appointed as joint administrators of the
company.

"The administration is necessary because of Speedferries financial
position and to ensure the best interests of creditors and
customers are served.  The administrators are currently exploring
the option of selling the business as a
going concern," the notice said.

The directors are still the directors of Speedferries.  However,
while the company is in administration, the administrators, are
ultimately responsible for the company.  The directors and
existing management structure will remain in place and the
directors and their existing management team will be involved in
the day-to-day operations.

"We will be working closely with management and while we explore
the option of selling the business we do not envisage any major
changes to procedures on a day-to-day basis.  Our objective is to
sell the business as a going concern and to achieve this we will
require your support during this process," the company's joint
administrators said.

SpeedFerries Ltd -- http://www.speedferries.com/-- operates one
route between Dover and Boulogne.  It employs around 150 people.


STAFF FINDERS: Appoints Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Staff Finders UK Ltd. on
Oct. 28, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Lowgate House
         Lowgate
         Hull
         HU1 1EL
         England

The company is a labor recruitment agency.


TURNER AND TURNER: Names Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Thomas Dixon and Christopher Benjamin Barrett of Tenon Recovery
were appointed joint liquidators of Turner and Turner (Northwest)
Ltd. on Nov. 3, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England

The company is engaged in the fabrication of metals.


VEHICLE OPTIONS: Names Duncan Beat as Liquidator
------------------------------------------------
Duncan Beat of Tenon Recovery was appointed liquidator of
Vehicle Options Ltd. on Oct. 22, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


WARWICK HOUSE: Goes Into Liquidation; Owes GBP1 Million
-------------------------------------------------------
Malvern Gazette reports that department store Warwick House
Investments Ltd has gone into liquidation, racking up debts of
GBP1 million.

MB Insolvency has been appointed liquidator, the report relates.

The company, the report discloses, owes Malvern estate agents
GBP11,770 and a locally-based building firm GBP1,150.

However, Roger Barter of Philip Laney and Jolly, which was the
managing agent for the property, as cited by the report, said that
despite the liquidation, residents of flats in Warwick House do
not have to worry as "a new management company will be set up to
handle the affairs of Warwick House, and all monies belonging to
Warwick House are safely secured in client accounts."

He added that the property is fully insured until next September,
the report notes.

Warwick House Investments Ltd was incorporated in 1993 by Richard
Webb and a colleague in 1993 to buy and run the Warwick House
shop.


* Fitch Says US Government Support of AIG Eases SF Rating Concerns
------------------------------------------------------------------
Fitch Ratings says that the high degree of support extended by the
US government to AIG has removed the risk of adverse rating action
on global structured finance transactions where AIG or one of its
subsidiaries is a counterparty.

Fitch affirmed AIG's Issuer Default rating at 'A' on 10 November
2008, among other rating affirmations, and removed its ratings
from Rating Watch Evolving.  This followed the announcement by the
US Treasury and the Federal Reserve of a series of actions to
provide a high level of explicit and implicit government support
to AIG.  Furthermore, Fitch believes the US government has
significant incentives to ensure AIG is successful in implementing
its restructuring plan.  Fitch expects the assumed 'government
support floor' for AIG to remain in place until AIG fully executes
its restructuring plan, thereby limiting immediate AIG
counterparty risk in existing structured finance transactions.

Many of the transactions involved were exposed to AIG counterparty
risk in the form of interest rate and FX swaps or other derivative
contracts and, to a much lesser extent, in the form of rental
guarantees of rental payments in certain CMBS transactions.  Each
contract has specific remedies to mitigate counterparty risk.  In
most instances collateral was posted by the relevant AIG entity
for the benefit of the transaction following AIG's downgrade in
September 2008.  Had the RWE, prior to its removal, resulted in
adverse rating action for the insurer, AIG would have breached
Fitch's current criteria for counterparties that support
structured finance transactions with the highest investment-grade
ratings, which incorporates a minimum rating expectation of
'A'/'F1'.  In that event, Fitch would have expected AIG to take
remedial action in the form of either replacement or guarantee of
AIG's commitment or collateralisation of the position, in order
for the structured finance ratings to be maintained at current
levels.

Fitch is currently reviewing its counterparty criteria in light of
recent market turmoil.  Fitch will continue to monitor the
structured finance transactions involved in the course of its
surveillance process and will provide further commentary, if
warranted, in the future.


* Fitch Reports Impact of Pressures on UK Credit Card Issuers
-------------------------------------------------------------
Fitch Ratings says pressure on UK credit card issuers to reduce
interest rates, following the recent 1.5% interest rate cut by the
Bank of England, will add further stress to the current
performance of the asset class because it may lead to reduced
levels of yield being achieved by credit card trusts.  However,
given that yield compression is factored into Fitch's rating
analysis, the current developments are not expected to have an
immediate impact on the ratings of notes issued from UK credit
card trusts.

As credit card trusts typically pay Libor-based interest, any
reduction of yield in excess of reductions in Libor would reduce
current levels of excess spread.  However, Fitch notes that the
impact of current developments is mitigated by the fact that
current excess spread levels already reflect heightened Libor
levels and that a further reduction in interest rates over the
near- to medium-term is expected.  Nevertheless, any limitations
from governmental or regulatory bodies on the ability of credit
card issuers to set interest rates will restrict the ability to
increase (or maintain) yield to offset increased charge-offs,
adding stress to the asset class.

Since 2004, average credit card trust yield, as measured by the
Fitch Yield Index, has increased gradually to 20.1% for 2008
(September YTD) from 18.6%.  This has helped to offset some of the
increase in charge-offs which, as measured by the Fitch Charge-Off
Index, increased to an average 6.4% from 4.2% during the same
period.  Given the current UK economic outlook and the likely
negative impact on credit card charge-off levels, the ability to
increase yield would help to maintain excess spread levels.
Recent developments in the US provide some indication of the
pressures that UK credit card issuers may encounter.  In the US,
regulatory and legislative discussions have focused on the credit
card issuer's ability to increase rates.  Although the regulatory
guidance has not yet been finalized and the legislation has not
yet been passed, credit card companies are already beginning to
prepare changes to their business model to preserve margins (e.g.
reducing low rate offers).  Ultimately, less flexibility on rate
changes may result in fewer extensions of credit and higher base
credit costs for cardholders as card issuers seek to maintain
yield levels.  In the event that UK issuers are unable to maintain
yield levels this would have a negative impact on ABS
transactions.

Falling excess spread has the consequence of triggering cash
trapping, in most trusts, and ultimately early amortization, in
all trusts, if three-month average excess spread falls to zero.
Early amortization would reduce the amount of funding available to
credit card issuers.

Fitch's rating approach applies simultaneous stresses to increase
charge-offs and decrease yield.  Yield is assumed to decrease from
historically derived base case levels, as a result of market
stresses, subject to remaining above the assumed Libor rate.
Yield is maintained above Libor to reflect the view that issuers
would have the ability to re-price credit cards during an
increasing interest tare environment, albeit with reduced margins.
Reported yield levels typically include fee and insurance income,
to which Fitch gives limited credit when setting base case
assumptions.


* S&P Says Eurozone Consumption Growth to Turn Negative Thru 2009
-----------------------------------------------------------------
Consumption growth in the Eurozone will fall to negative 0.5% in
both 2008 and 2009 thanks to rising unemployment, stagnant or
declining real incomes, and harder-to-obtain consumer loans, says
a research report.  What's more, the outcome could be even worse
in countries such as the U.K., where high personal debt levels and
a low savings rate prevail.

"Lower incomes growth and high economic uncertainties could
trigger a sharp increase in the savings rate, which would
translate into a significant drop in consumption and, in turn, a
more severe recession in the U.K.," said Jean-Michel Six, Standard
& Poor's chief economist for Europe.  "This is one of the key
reasons behind the recent decision by the Bank of England to bring
down its policy rate by an unexpected 150 basis points:
Specifically, the Bank is giving borrowers with mortgages that
track its base rate some rapid relief in their monthly payments,
while at the same time setting the stage for more favorable
consumer credit conditions overall."

As the report points out, the situation in the U.K. is exacerbated
by the 14.6% fall in house prices in the 12 months to October
2008.  In the boom years for housing markets up to August 2007,
many households took advantage of mortgage equity withdrawals to
add on average between 6% and 8% to their disposable incomes
between 2005 and 2007--a significant boost that fed into
consumption.  MEWs, hardly available elsewhere in Europe (but very
common in the U.S.), allow homeowners to borrow part of the
difference between the market value of their property and what
they still owe to the bank.  With house prices falling rapidly
since August 2007, such help is no longer at hand.

But the Bank of England's extraordinary move to cut its base rate
by 150 bps faces several hurdles: First, credit distribution needs
to resume for consumers to be able to take advantage of lower
interest rates.  Second, with stock markets currently in turmoil,
households with savings to invest may simply decide to hoard cash
at their bank.

This is what happened in Japan in the 1990s, albeit on a different
scale.  There, higher savings rates translated into lower
consumption, which in turn caused the overall economy to remain in
recession, to the point where retail prices started to fall as a
result of very weak demand.  In such a situation, lowering
interest rates becomes ineffective, creating a "liquidity trap."

A liquidity trap occurs when the nominal interest rate is close or
equal to zero, and monetary authorities are unable to stimulate
the economy with traditional monetary policy tools because lenders
retain any newly created liquidity.  In this situation, people do
not expect high returns on physical or financial investments,
therefore they keep assets as short-term cash bank accounts rather
than make long-term investments.  The net effect is to increase
the severity of the recession.

The U.K. economy has not yet reached such a critical stage, argues
Mr. Six.  The combination of low interest rates and recapitalized
banks can still create the conditions for a bounce-back in
lending, eventually kick-starting the economy.

"But this may be a race against time," he added.  "Households have
started to reduce their indebtedness and their savings rate is
bound to rise significantly, increasing the risk of a deep
consumer-led recession."


* Moody's EMEA Non-Financial Corp. Issuers to Face Liquidity Woes
-----------------------------------------------------------------
A return to normal conditions on capital and bank markets cannot
be foreseen at this stage, and liquidity is therefore likely to be
a major near-term challenge for non-financial corporate issuers in
EMEA, says Moody's Investors Service in a new report.  Moreover,
the extent to which the economic slowdown will weaken the
liquidity profiles of non-financial companies by curtailing their
cash flow generation has yet to be determined.

At present, most issuers reviewed are expected to have sufficient
internal and external sources of liquidity available to cover debt
maturities and other cash outflows over the next 12 months.

"However, with banks constrained to renew and extend credit
facilities and also insisting on significantly tighter terms,
liquidity is expected to weaken for a number of issuers over the
next few months," says Jean-Michel Carayon, Regional Credit
Officer and co-author of the report.  "Moreover, difficult and
intermittent terms of access to funding in capital markets are
likely to contribute to the gradual deterioration in the liquidity
profile of non-financial corporates as a group."

Moody's believes internal sources of liquidity are also likely to
weaken as the credit turmoil spills over into the real economy,
affecting operating cash flows.  As explained by Mr. Carayon, "the
current severity of the downturn may cause some companies' cash
flow to fall short of previous estimates."

In view of this exceptional environment, Moody's may give greater
weight to liquidity in its ratings.  "While issuers with very
strong liquidity and the capacity to restore their credit metrics
may continue to be allowed some flexibility within their rating
category for temporary deviations from expected credit metrics,
issuers with weak liquidity may be increasingly exposed to
negative rating actions," says Ms. Renner, Analyst and Co-author.

The report surveys 370 non-financial, non-utility corporate
issuers rated B2 and above by Moody's and based in EMEA.  Of those
370, 210 are investment grade and 160 are speculative grade
issuers rated B2 and above.  The report assesses the adequacy of
their liquidity profile and identifies potential vulnerabilities.


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

AUSTRIA
-------
Libro AG                            (110)         174     (168)
Sky Europe                            (4)         213      (54)


BELGIUM
-------
Sabena S.A.                          (85)       2,215     (279)


CYPRUS
------
Allbury Travel                        (5)         275     (100)
Libra Holidays                        (5)         275     (100)

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


DENMARK
-------
Elite Shipping                       (28)         101        3
Roskilde Bank                       (533)       7,877      N.A.


FRANCE
------
BSN Glasspack                       (101)       1,151      159
Grande Paroisse S.A.                (927)         629      347
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (44)
Matussiere et Forest S.A. MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (342)       6,507      712
SDR Centrest                        (132)        (252)     N.A.
Selcodis S.A.             SPVX       (21)         141      (36)
Trouvay Cauvin                        (0)         134        9


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         144      109
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (27)
EECH Group AG                          0          109       57
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         151      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (17)         182      (99)
Nordsee AG                            (8)         195      (14)
P & T Technology                       0          109       57
Primacom AG               PRC        (14)         730      (68)
Rinol AG                               0          168       (6)
Sander AG                             (6)         128       32
Sinnleffers AG                        (4)         454     (182)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28


GREECE
------
Empedos SA                           (34)         175      (57)
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP      (15)         294     (143)
Radio A.Korassidis        KORA      (101)         181     (165)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (107)


HUNGARY
-------
Brodograde Indus                   (322)         264      (366)
IPK Osijek DD OS                    (15)         124       (82)
OT Optima Teleko                    (26)         119         7


ICELAND
-------
Decode Genetics                    (187)         111        48


IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (506)         821       364


ITALY
-----
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (152)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,213      N.A.
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (73)         540     (127)
Lazzio S.p.A.                        (15)         261      (40)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,4219)       4,121  (16,919)
Snia S.p.A.               SN         (25)         488       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


LUXEMBOURG
----------
Carrier1 International S.A.          (95)         472      393


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      184
United Pan-Euro Air       UPC     (5,505)       5,113   (9,170)


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


POLAND
------
Toora                               (289)          147     (86)


PORTUGAL
--------
Lisgrafica Impressao
   e Artes Graficas SA    LIG         (4)          117     (27)


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


RUSSIA
------
Akcionernoe Brd                     (117)         135      (24)
East Siberia Brd          VSNK      (113)         148      (11)
Gukovugol                            (58)         144     (148)
OAO Samaraneftegas                  (332)         892     (611)
Vanadiy-Tula-Brd                     (12)         105       (3)
Vimpel Ship               SOVP      (116)         135      (24)
Zil Auto                  ZILLP     (240)         478     (447)


SWITZERLAND
-----------
Fortune Management                  (119)         265      (54)

TURKEY
------
Egs Ege Giyim VE                      (7)         147      (25)
Iktisat Financial                    (46)         108      N.A.
Mudurnu Tavukcul                     (65)         160     (115)
Nergis Holding                       (77)         299       38
Sifas                                (17)         117       21
Yasarbank                          (4,025)      2,644      N.A.

UKRAINE
-------
Dniprooblenergo           DNON       (51)         433     (200)
Donetskoblenergo          DOON      (367)         631     (469)


UNITED KINGDOM
--------------
Advance Display                   (3,016)       2,590     (411)
Airtours Plc                        (379)       1,818     (932)
Alldays Plc                         (120)         252     (290)
Amer Bus Sys                        (497)         121     (497)
Amey Plc                  AMY        (49)         932      (76)
Anker Plc                            (22)         115       16
Atkins (WS) Plc           ATK        (46)       1,345       58
Black & Edgingto                    (140)         203       23
BNB Recruitment                      (10)         104       38
Booker Plc                BKRUY      (60)       1,298      (13)
Bradstock Group           BDK         (2)         269        7
British Energy Ltd                (5,823)       4,921      534
British Energy Plc        BGY     (5,823)       4,921      534
British Sky Broadcast               (334)       8,126     (388)
Carlisle Group                       (12)         204       30
Compass Group             CPG       (668)       2,972     (440)
Danka Bus                           (497)         121     (497)
Dawson Holdings                      (18)         226      (63)
Dignity Plc               DTY         (9)         648       71
E-II Holdings                       (199)         651      149
Easynet Group             ESY.L      (45)         323       68
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (582)
European Home                        (14)         111      (70)
Farepak Plc                          (14)         111      (70)
Gartland Whalley                     (11)         145      (13)
Hilton Food Group                    (21)         256      (12)
Kleeneze Plc                         (14)         111      (70)
Ladbrokes Plc             LAD       (814)       2,403     (706)
Lambert Fenchurch Group               (1)       1,827        5
Leeds United                         (73)         144      (48)
M 2003 Plc                        (2,204)       7,204   (1,078)
Mytravel Group            MT.L      (380)       1,818     (931)
New Star Asset                      (398)         293       21
Next Plc                            (119)       3,161     (125)
Orange Plc                ORNGF     (594)       2,902       12
Orbis Plc                             (4)         128       (5)
Patientline Plc                      (55)         125      (10)
Preedy Alfred                       (119)       3,161     (125)
Rank Group Plc                      (132)       1,066     (175)
Regus Plc                            (46)         367      (97)
Rentokil Initial                      (8)       4,178     (886)
Saatchi & Saatchi         SSI       (119)         705      (66)
Samsonite Corp.                     (199)         651     (149)
SFI Group                 SUF       (108)         178     (265)
Skyepharma Plc            SKP       (140)         203       23
Smiths News Plc                     (124)         201      (92)
Styles & Wood                        (57)         107       (9)
Telewest
   Communications Plc     TLWT    (3,702)       7,581  (10,042)
Thorn Emi Plc                     (2,266)       2,950     (582)
Topps Tiles Plc                     (111)         195       18
Trio Finance                         (14)         592      N.A.
UTC Group                            (12)         204       30
Virgin Mobile                       (392)         166     (176)
Watson & Philip                     (120)         252     (290)

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *