TCREUR_Public/081120.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

          Thursday, November 20, 2008, Vol. 9, No. 231

                            Headlines

A U S T R I A

ENERGY CONCEOTS: Claims Registration Period Ends December 2
IFI JSC: Claims Registration Period Ends December 28
KONRAD FRANK: Claims Registration Period Ends December 2
LIFE LINE: Claims Registration Period Ends December 1
WOLFAN LLC: Claims Registration Period Ends December 4


B E L G I U M

FORTIS NV: Sale of Belgian Units to BNP Paribas to Push Through


F R A N C E

THEOLIA SA: Scraps Financial & Operational Targets Amid Crisis


G E R M A N Y

10TACLE GAME-DEVELOPMENT: Claims Registration Period Ends Dec. 4
OMEGA-DIGITAL DEUTSCHLAND: Claims Registration Ends Dec. 12
TETRANET SOLUTIONS: Claims Registration Period Ends November 28
ZAWITA GMBH: Claims Registration Period Ends December 15


H U N G A R Y

HUNGARIAN STATE: S&P Downgrades Issuer Credit Ratings to 'BB+/B'


I C E L A N D

* IMF Board Approves US$2.1 Bln Stand-By Arrangement for Iceland
* ICELAND: Central Bank Warns of Massive Currency Outflow


I T A L Y

ALITALIA SPA: Creditors Barred From Seizing U.S. Assets
COMPAGNIE INDUSTRIALI: S&P Maintains 'BB+/B' Corp. Credit Ratings
SAFILO SPA: Moody's Downgrades Corporate Family Rating to 'B1'


K A Z A K H S T A N

AIR GALAXY: Creditors Must File Proofs of Claim by January 6
BIOS GOLD: Creditors' Claims Deadline Slated for January 2
COMFORT STROY SERVICE-A: Claims Filing Period Ends January 2
KARATOBE LLP: Creditors Must Register Claims by December 30
KOMSOMOLSK POULTRY: Creditors' Claims Due on January 2

SERVICE CONTROL-B: Creditors Must File Claims by January 2
SNUM PRODJETTEE: Claims Deadline Slated for December 30
URALSKAYA BAZA: Creditors' Claims Filing Period Ends Dec. 30


K Y R G Y Z S T A N

ACOM OJSC: Creditors Must File Claims by December 17
BUILD MANAGEMENT: Creditors Must File Claims by December 17
PALANDOKEN LLC: Creditors Must File Claims by December 10


P O L A N D

TVN SA: S&P Changes Outlook to Negative & Keeps 'BB' Corp. Rating


R U S S I A

ALROSA CO: To Cut Rough Diamonds Supplies by 40%
EVRAZ GROUP: Posts US$17BB IFRS Net Profit in January-September
FOKINO-LES LLC: Creditors Must File Claims by December 13
KALTANSKIY BOILER: Creditor Must File Claims by January 13
KLIN RAYON: S&P Lifts LT Issuer Credit Rating to 'CCC-/ruCCC'

KORENEVSKIY CANNERY: Creditors Must File Claims by Jan. 13
MOBILE TELESYSTEMS: Applied to VEB to Refinance Syndicated Loan
MOBILE TELESYSTEMS: 3Q 2008 Net Income Down 21.3% to US$515.6 Mln
NOVATEK OAO: January-September Net Profit Up 18% to US$481 Mln
PIK GROUP: Cut to Underweight by JPMorgan on Default Concerns

SEVERSTAL OAO: In Talks with VEB to Refinance US$325 Mln Bonds
SEVERSTAL OAO: Net Profit Up 112.5% in 9-Mos Ended September 30
SIBIRSKAYA FUEL: Court Names Temporary Insolvency Manager
SPETS-STROY-GAS-SYSTEM: Creditors Must File Claims by Dec. 13
STROY-AVTOBAN LLC: Tula Bankruptcy Hearing Set March 13

STROY-MET-RESURS CJSC: Creditor Must File Claims by December 13
TMK OAO: In Talks with State Banks to Refinance Debt
TNK-BP: Shareholders to Elect New CEO by December 11
TUMEN-ENERGO-MONTAZH CJSC: Creditors Must File Claims by Jan. 13
UST-ILIMSKIY HYDROLYSIS: Creditors Must File Claims by Jan. 13

ZAPAL LLC: Creditors Must File Claims by December 13

* RUSSIA: VEB Gets US$75Bln Corporate Refinancing Requests


S E R B I A   &   M O N T E N E G R O

* IMF and Serbia Agree on US$518 Million Stand-By Arrangement


S W E D E N

FORD MOTOR: Seeks Up to $8BB of Requested Auto Financial Aid


S W I T Z E R L A N D

ATP IMMO: Creditors Must File Proofs of Claim by December 3
BRAND EMPOWERMENT: Deadline to File Proofs of Claim Set Dec. 3
BUCHWALDER TRANSPORTE: Dec. 3 Set as Deadline to File Claims
FREDDY AMSTUTZ: Proofs of Claim Filing Deadline is December 1
GENERAL MOTORS: Seeks Up to US$12BB of Requested Auto Fin'l Aid

LEVO TRANSPORT: Creditors' Proofs of Claim Due by November 30
MABRE TECH: November 30 Set as Deadline to File Claims
MEDCONSULT NORTHWEST: Creditors Must File Claims by Dec. 3
RUNGGALDIER ENGINEERING: Deadline to File Claim Set December 1


U K R A I N E

ATLANT LIGHT: Creditors Must File Claims by November 29
DELTA-NIK-INVEST LLC: Creditors Must File Claims by November 29
DIPRIS LLC: Creditors Must File Claims by November 29
FRESH RAIN: Creditors Must File Claims by November 29
GRANE HILL: Creditors Must File Claims by November 29

KONTINENT AVS: Creditors Must File Claims by November 29
MORETRANS-N LLC: Creditors Must File Claims by November 29
N. TAVROS LLC: Creditors Must File Claims by November 29
PROMALP UKRAINE: Creditors Must File Claims by November 29
ROSTCORN LLC: Creditors Must File Claims by November 29

SEEDS SALE-K: Creditors Must File Claims by November 29
TECHNICAL INDUSTRY BTM: Creditors Must File Claims by Nov. 29


U N I T E D   K I N G D O M

AMBER LANGIS: Taps Joint Administrators from Smith & Williamson
BRITTANIA BULK: Files for Chapter 15 Bankruptcy to Stem Lawsuits
BRITANNIA BULK: Voluntary Chapter 15 Case Summary
DUNCARSE DEVELOPMENTS: Goes Into Administration
EIRLES TWO: Moody's Downgrades Ratings on Seven Classes of Notes

FLETCHER ELECTRICAL: Names Joint Administrators from Tenon
INEOS GROUP: Requests for Covenant Waivers from Lenders
INEOS GROUP: Moody's Junks Ratings on 2nd Lien Facilities & Notes
INEOS GROUP: S&P Downgrades Corporate Credit Rating to 'B-'
INSULATION SERVICES: Appoints Joint Liquidators from PKF

LEHMAN BROTHERS: Remaining 1,000 UK Staff to Receive Bonuses
NICKAY LTD. Taps Joint Administrators from PKF
UNITED TRAILERS: Name Joint Administrators from Grant Thornton

* LEHMAN BROTHERS: Asks Court to Approve Deal With European Units
* Fitch Says European RMBS Asset Performance Continues to Decline

* Upcoming Meetings, Conferences and Seminars


                         *********


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


ENERGY CONCEOTS: Claims Registration Period Ends December 2
-----------------------------------------------------------
Creditors owed money by LLC Encc Energy Concepts & Consulting
(FN 295216t) have until Dec. 2, 2008, to file written proofs of
claim to the court-appointed estate administrator:

         Dr. Erhard Hackl
         Hofgasse 7
         4020 Linz
         Austria
         Tel: 77 62 34
              77 62 35
         Fax: 77 62 34 22
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10.30 a.m. on Dec. 16, 2008, for the
examination of claims at:

         Land Court of Linz
         Hall 522
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Oct. 17, 2008, (Bankr. Case No. 17 S 49/08t).


IFI JSC: Claims Registration Period Ends December 28
----------------------------------------------------
Creditors owed money by JSC IFI (FN 225697h) have until Dec. 28,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Heimo Hofstatter
         OEG Hofstatter & Kohlfuerst Rechtsanwalte
         Marburger Kai 47
         8010 Graz
         Austria
         Tel: 0316/81 54 54
         Fax: 0316/81 54 54 - 22
         E-mail: advokat@hofstaetter.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10.30 a.m. on Dec. 3, 2008, for the
examination of claims at:

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Oct. 24, 2008, (Bankr. Case No. 26 S 108/08i).


KONRAD FRANK: Claims Registration Period Ends December 2
--------------------------------------------------------
Creditors owed money by LLC Konrad Frank (FN 118843w) have until
Dec. 2, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Edmund Roehlich
         Am Heumarkt 9/I/11
         1030 Wien
         Austria
         Tel: 713 46 51, Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9.45 a.m. on Dec. 16, 2008, for the
examination of claims at:

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 20, 2008, (Bankr. Case No. 4 S 151/08w ).


LIFE LINE: Claims Registration Period Ends December 1
-----------------------------------------------------
Creditors owed money by LLC Life Line (FN 169006p) have until
Dec. 1, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Karl Schirl
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11.15 a.m. on Dec. 15, 2008, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in CT, Austria, the Debtor declared bankruptcy on
Oct. 20, 2008, (Bankr. Case No. 3 S 112/08b).


WOLFAN LLC: Claims Registration Period Ends December 4
------------------------------------------------------
Creditors owed money by LLC Wolfan (FN 209674w) have until
Dec. 4, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Wien
         Austria
         Tel: 402 15 54
         Fax: 402 15 54 54
         E-mail: office@leonlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10.00 a.m. on Dec. 18, 2008, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 20, 2008, (Bankr. Case No. 5 S 109/08a).


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


FORTIS NV: Sale of Belgian Units to BNP Paribas to Push Through
---------------------------------------------------------------
Bloomberg News reports that a Brussels court rejected demands of
Fortis NV minority investors to block the sale of the financial-
services firm's Belgian units to BNP Paribas SA and asked for a
college of experts to determine the value of those assets.

"The loss in value for Fortis investors is strictly pecuniary and
can be repaired," Judge Francine De Tandt of the Brussels
commercial court said in a ruling cited by Bloomberg News.

In a statement, Fortis Bank and Fortis Insurance Belgium said
their future now lies with BNP Paribas.

The transaction with BNP Paribas is expected to close in December
2008.  Currently, Fortis Bank is still 99.93% owned by the Belgian
State.  After the closing BNP Paribas will own up to 75% of Fortis
Bank and the Belgian State up to 25%.  Fortis Insurance Belgium
will be owned 100% by BNP Paribas.

Fortis Bank and Fortis Insurance Belgium are convinced that the
project with BNP Paribas is the best option to rebuild trust.

In a separate statement, Fortis holding (Fortis SA/NV and Fortis
N.V.) said with the ruling, it can continue preparations for the
General Meetings of Shareholders planned for December 1 and 2,
2008.

Fortis holding (Fortis SA/NV and Fortis N.V.) will, after the
conclusion of the deal with BNP Paribas, include only:

   (1) international insurance activities,
   (2) a 66% stake in a structured credit portfolio entity, and
   (3) financial assets and liabilities of various financing
vehicles.

The international insurance activities (Fortis Insurance
International) are located in UK, France, Hong Kong, Luxembourg
(Non-Life), Germany, Turkey, Russia, and Ukraine, and in joint
ventures in Luxembourg (Life), Portugal, China, Malaysia, India
and Thailand.

Fortis holding noted that it is no longer involved in any banking
activities, and once the deal with BNP Paribas is concluded, will
concern only international insurance activities.

                         About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                          *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


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


THEOLIA SA: Scraps Financial & Operational Targets Amid Crisis
--------------------------------------------------------------
Theolia SA's Interim Chief Executive Officer Marc van't Noordende
has scrapped earnings and output targets and reversed a strategy
announced this year to keep more wind capacity, Bloomberg News
reports.

"Given the ongoing restructuring and potential large impact of
one-offs, the company is not in a position to confirm its earlier
2008" target for earnings before interest, tax, depreciation and
amortization, Theolia said in an e-mailed statement to Bloomberg
News.

"The earlier stated 2009-2011 megawatt targets cannot be
maintained in the current financial environment," the statement
added.

According to the report, the Chief Executive also plans to slash
jobs, sell assets and cut costs and has canceled a project to list
the company's emerging-markets division.

"We are in a traditional growth crisis," Bloomberg News quoted Mr.
van't Noordende
as saying during a Webcast presentation.  “Right now the priority
is to come clean and start 2009 with a clean slate.”

The report relates Mr. van't Noordende added that the company's
directors lack the budgetary and accounting tools to manage a
company of Theolia's size and must make generating cash a
priority.

Bloomberg News recalls that in September, Theolia announced a
strategy to retain and operate wind-power installations to benefit
from higher demand for electricity from renewable-energy sources.

The announcement, the report says, sent Theolia's shares down on
concern that the company won't be able to finance debt as it seeks
cash to build and run more wind parks.

The report discloses that also in September, Theolia cut its 2008
Ebitda outlook to "a minimum" of EUR20 million from an earlier
forecast of EUR55 million to EUR65 million, saying it would sell
less wind capacity.

Meanwhile, the report adds Theolia's unaudited cash position sank
to EUR95 million at the end of October from EUR162 million on June
30 and EUR326 million at the end of 2007.

In addition to cutting staff at headquarters by almost half,
Theolia recently sold a 55.5-megawatt wind farm in the German
state of Saxony-Anhalt to Meinl International Power Ltd. for EUR81
million and may do the same with its wind farms in other
countries, Bloomberg News says.

Theolia SA (EPA:TEO) -- http://www.theolia.com/-- is a France-
based energy company that develops and manages renewable energy
sources.  It specializes in the production of electricity using
wind power, as well as in the construction of wind power plants
and turbines, based notably in France and Germany.  Additionally,
the Company is engaged in non-wind turbine activities, such as the
utilization of biomass, cogeneration and biogas techniques for the
production of electricity, through its subsidiary, THENERGO.
Theolia SA operates several subsidiaries, including Ventura,
Natenco SAS, Meastrale Green Energy and Theolia Iberica.  The
Company is operational in such countries as Germany, Spain,
Brazil, Greece, Italy, India and Morocco.


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


10TACLE GAME-DEVELOPMENT: Claims Registration Period Ends Dec. 4
---------------------------------------------------------------
Creditors of 10tacle Game-Development & Production XVI GmbH have
until Dec. 4, 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. 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 Darmstadt
         Hall 4.326
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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. Lason Gutsche
         Cronstettenstrasse 30
         60322 Frankfurt
         Germany
         Tel: 069-9591100
         Fax: 069-95911012

The District Court opened bankruptcy proceedings against the
company on Oct. 21, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         10tacle Game-Development &
         Production XVI GmbH
         Attn: Michele Pes, Manager
         Goebelstrasse 21
         64293 Darmstadt
         Germany


OMEGA-DIGITAL DEUTSCHLAND: Claims Registration Ends Dec. 12
-----------------------------------------------------------
Creditors of Omega-digital Deutschland 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 9:00 a.m. on Jan. 13, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Dirk Hofschulte
         Bonhoefferstr. 10
         48282 Emsdetten
         Germany
         Tel: 02572/875-0
         Fax: +49257287533

The District Court opened bankruptcy proceedings against the
company on Oct. 17, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Omega-digital Deutschland GmbH
         Am Goldhuegel 35
         48432 Rheine
         Germany

         Attn: Karolin Kleinhaus-Reckers
         Dahlkampstrasse 41
         48432 Rheine
         Germany


TETRANET SOLUTIONS: Claims Registration Period Ends November 28
---------------------------------------------------------------
Creditors of Tetranet solutions GmbH have until Nov. 28, 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. 11. 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Room 8/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut
         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:

         Stephan Ammann
         Zeppelinstr. 2
         85399 Hallbergmoos
         Germany
         Tel: 089/8589633
         Fax: 089/85896350

The District Court opened bankruptcy proceedings against the
company on Nov. 5, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Tetranet solutions GmbH
         Attn: Juergen Brux, Manager
         Theresienstr. 38
         85399 Hallbergmoos
         Germany


ZAWITA GMBH: Claims Registration Period Ends December 15
--------------------------------------------------------
Creditors of Zawita GmbH have until Dec. 15, 2008, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 12, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         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:

         Alexandra Ohlhorst
         Schuesselkorb 3
         28195 Bremen
         Germany
         Tel: 0421/33061-0
         Fax: 0421/330611-0

The District Court opened bankruptcy proceedings against the
company on Oct. 14, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         ZAWITA GmbH
         Attn: Dr. Harald Hasler, Manager
         Bremer Str. 294
         27751 Delmenhorst
         Germany


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


HUNGARIAN STATE: S&P Downgrades Issuer Credit Ratings to 'BB+/B'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term and
short-term issuer credit ratings on Hungarian State Railways Co.
Ltd, the 100% state-owned vertically integrated rail
infrastructure operator in Hungary, to 'BB+/B' from 'BBB-/A-3',
following the downgrade of the ratings on the Republic of Hungary.
The outlook is negative.  The ratings were removed CreditWatch,
where they were placed with negative implications on Oct. 17,
2008.

The downgrade on the sovereign reflects the adverse impact of a
deteriorating international financial and economic environment on
the Hungarian economy.  Dependence on external financing inflows
as well as the high stock of government debt make Hungary
particularly vulnerable to weakening risk appetite.  Limited
availability of external funding, reduced external demand, and a
sharp slowdown in domestic lending will bring about an abrupt
economic correction, a contraction of economic activity, and will
put pressure on private sector and public sector balance sheets.

Standard & Poor's applies a top-down rating approach on MAV,
notching down from the rating on the sovereign because MAV is a
government-related entity and plays a central role in meeting
political and economic objectives.

"The ratings are two notches lower than those on the Republic of
Hungary, reflecting the absence of direct state guarantees for
MAV's total debt and that timely financial support is not
explicitly guaranteed," said Standard & Poor's credit analyst
Timon Binder.

The government has a demonstrated track record of support for the
company through recurring budget allocations, capital injections,
and state guarantees for almost 72% of the company's outstanding
debt (expected for Dec. 31, 2008).  Given the company's key policy
role, S&P expects the government's willingness to extend
extraordinary support to MAV to remain strong and intact, even in
the current stressed economic environment.

The negative outlook reflects that of the sovereign.  The ratings
on Hungary could be lowered further if the economic adjustment
were to prove more disruptive than currently expected or if
political support for fiscal consolidation were to falter.

"We expect the rating on MAV to continue to move in line with that
on the sovereign," said Mr. Binder.  "A downgrade could occur if
the ability and willingness of the state to support MAV weakened
materially."


=============
I C E L A N D
=============


* IMF Board Approves US$2.1 Bln Stand-By Arrangement for Iceland
----------------------------------------------------------------
The Executive Board of the International Monetary Fund yesterday
approved a two-year SDR1.4 billion (about US$2.1 billion)
Stand-By Arrangement for Iceland to support the country's program
to restore confidence and stabilize the economy.  The approval
makes SDR560 million (about US$827 million) immediately available
and the remainder in eight equal installments of SDR105 million
(about US$155 million), subject to quarterly reviews.  The Stand-
By Arrangement entails exceptional access to IMF resources,
amounting to 1,190 percent of Iceland's quota, and was approved
under the Fund's fast-track Emergency Financing Mechanism
procedures.

There are three main objectives of the IMF-supported program:

    * to contain the negative impact of the crisis on the
      economy by restoring confidence and stabilizing the
      exchange rate in the near-term;

    * to promote a viable domestic banking sector and safeguard
      international financial relations by implementing a sound
      banking system strategy that is nondiscriminatory and
      collaborative; and

    * to safeguard medium-term fiscal viability by limiting the
      socialization of losses in the collapsed banks and
      implementing an ambitious multi-year fiscal consolidation
      program.

Iceland's economic program envisages that the Fund's Stand-By
Arrangement will fill about 42 percent of the country's
2008-2010 financing gap.  The remainder will be met by official
bilateral creditors.

Following the Executive Board discussion on Iceland, Mr. John
Lipsky, First Deputy Managing Director and Acting Chairman, said:
"Iceland is in the midst of a banking crisis of extraordinary
proportions.  The three main banks, accounting for about 85
percent of the banking system, collapsed within a time span of
less than one week.  The krona fell sharply, the equity market
plummeted, and severe disruptions in the external payments
followed.  As a result, Iceland is facing a severe recession,
given the high debt level in the economy and significant
dependence of the private sector on foreign currency and
inflation-indexed debt.

"In response to these challenges, the authorities' program,
supported by a Stand-By Arrangement and substantial access to Fund
resources, has three key objectives: (i) to stabilize the exchange
rate, (ii) to develop a comprehensive and collaborative strategy
for bank restructuring, and (iii) to ensure medium-term fiscal
sustainability.

"Exchange rate stabilization is an immediate priority in order to
contain the negative impact of the crisis on output and
employment.  To this end, the program includes an appropriately
tight monetary policy and continued restrictions on capital
outflows in the near term.

"A comprehensive banking sector strategy will guide bank
restructuring.  The strategy contains measures to achieve fair
valuation of assets, maximize asset recovery, strengthen
supervisory practices, and ensure the fair and equitable treatment
of depositors and creditors of the intervened banks.  This is
needed to promote a viable domestic banking sector and safeguard
Iceland's integration into the international financial system.

"Medium-term fiscal sustainability will be restored.  In 2009, the
fiscal balance will be allowed to worsen due to the effects of the
economic cycle.  But the program also includes the development of
a strong medium-term fiscal plan—to be launched in 2010—to cut
expenditures and/or to raise taxes.  This effort is needed to deal
with the very substantial increase in public sector debt (of about
80 percent of GDP) due to bank restructuring.

"The road ahead is difficult.  The program is subject to
exceptionally large uncertainty and significant risks, reflecting
the unprecedented magnitude of the banking sector collapse.  With
this in mind, the authorities remain committed to maintaining a
resolute policy implementation, and stand ready to adjust policies
as circumstances change, working closely with the Fund.  At the
same time, Iceland's long-term growth prospects remain favorable,
buttressed by its very strong fundamentals of a highly educated
labor force, a favorable investment climate, and a rich natural
resource endowment," Mr. Lipsky said.

                  Recent Economic Developments

Iceland's highly leveraged economy was unprepared to withstand the
global financial turmoil.  Over the past several years, a number
of underlying imbalances built up, making the economy vulnerable
to adverse external shocks.  A long home-grown, foreign-funded
boom led to overstretched private sector balance sheets, with high
corporate and household leverage and a large share of foreign
exchange-linked and inflation-indexed debt.  The current account
deficit surged to over 15 percent in each of the past three years,
and inflation soared.  The banking sector relied on the
availability of ample foreign funding to rapidly expand abroad and
accumulated assets amounted to almost 900 percent of GDP by end-
2007.  At the same time, gross external indebtedness reached 550
percent of GDP, largely on account of the banks.

Pressures in international markets and the loss of confidence in
Iceland's financial system in October 2008 led to the collapse of
its three largest banks, Glitnir, Landsbanki, and Kaupthing.  As a
result, key asset prices plummeted: the onshore foreign exchange
market dried up, the krona depreciated by more than 70 percent in
the off-shore market, and the equity market fell by 80 percent.
Severe disruptions in the external payments system threatened to
quickly spread to the real economy.  In response, the government
took a number of initial actions while developing the
comprehensive program that is now supported by the Stand-By
Arrangement.

                      Program Summary

Under the program, the Icelandic economy is expected to adjust
sharply in the near term.  Given the high leverage in the economy
and significant dependence of the private sector on foreign
currency and inflation-indexed debt, the economy is expected to
enter into a serious recession in 2009-10.  The anticipated large
import compression will, however, lead to a rapid swing of the
current account into surplus, providing significant support to the
exchange rate going forward.  Once confidence is restored and
balance sheets readjusted, domestic demand—both investment and
consumption—is projected to rebound strongly in 2011.  Long-term
growth prospects are favorable, in line with Iceland's very strong
fundamentals, not least its highly educated labor force, favorable
investment climate and rich natural resource endowment.

To achieve this outcome, the program focuses on addressing the key
challenges at hand:

    * Preventing further sharp krona depreciation by maintaining
      an appropriately tight monetary policy in the context of a
      flexible exchange rate policy.  Restrictions on capital
      outflows will remain in the near term.

    * Developing a comprehensive and collaborative strategy for
      bank restructuring by

      (i) putting in place an efficient organizational structure
          to facilitate the restructuring process,

     (ii) proceeding promptly with the valuation of banks'
          assets,

    (iii) maximizing asset recovery in the old banks,

     (iv) ensuring the fair and equitable treatment of
          depositors and creditors of the intervened banks, and

      (v) strengthening supervisory practices and the insolvency
          framework.

    * Ensuring medium-term fiscal sustainability.  While
      automatic fiscal stabilizers will be allowed to work in
      full during 2009, the program includes the development of
      a strong medium-term fiscal consolidation plan to be
      launched in 2010.  This effort is needed to deal with the
      very substantial increase in public sector debt that is
      likely as a result of the budgetary cost of recapitalizing
      the banking system fulfilling the deposit insurance
      obligations to depositors in foreign branches of Icelandic
      banks.

Iceland joined the IMF on December 27, 1945; its quota is
SDR117.6 million (about US$173.6 million), and it has no
outstanding use of IMF credits.

Citing Reuters, the TCR-Europe reported on Nov. 17, 2008, the
International Monetary Fund admitted that it has delayed the
approval of a U$2 billion loan to Iceland as there are deposit
issues between the country and potential creditors that need to be
resolved.

The report said that according to the IMF, the disputes with
European creditors, including the Netherlands and Britain, over
its citizens' deposits in Icelandic banks abroad, caused the
delays.

Citing the Financial Times, the TCR-Europe reported on Nov. 13,
2008, that the International Monetary Fund withheld official
backing for the loan.


* ICELAND: Central Bank Warns of Massive Currency Outflow
---------------------------------------------------------
The Financial Times reports that Iceland central bank estimates
international investors own up to Ikr400 billion (US$2.9 billion)
of domestic bonds, and has warned that the nation should prepare
itself for a "massive currency outflow".  The FT says Iceland's
currency has already lost about 70 per cent of its value in the
crisis.

According to the FT, the currency reflotation is expected soon
after Wednesday's planned decision by the executive board of the
International Monetary Fund to approve a US$2 billion loan to
Iceland, clearing the way for other governments to provide
additional loans of US$3 billion.

The FT relates overseas investors are desperate to close huge bond
positions that have been frozen since Iceland’s foreign exchange
market dried up following the collapse of its banking system.

"Owners of domestic bonds, a large proportion of whom are non-
residents, may attempt to sell their Iceland krona assets once an
organized foreign exchange market reopens," the central bank said
in a report cited by the FT.

The central bank, the FT says, is prepared to intervene in the
currency market to offset the impact of the overseas selling by
using its existing reserves of Ikr409 billion and US$5 billion in
loans from the IMF and other governments.


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


ALITALIA SPA: Creditors Barred From Seizing U.S. Assets
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
granted a preliminary injunction prohibiting creditors of Alitalia
SpA from seizing, enforcing or executing liens or judgments
against the Italian carrier's assets in the United States pending
a hearing on its Chapter 15 petition.

Judge Burton R. Lifland is scheduled to hear Alitalia's Chapter 15
petition on November 25, 2008.

Alitalia-Linee Aeree Italiane, S.p.A. filed for Chapter 15
protection with the U.S. Bankruptcy Court in the Southern District
of New York on October 29, 2008.  Italy's national airline
experienced financial difficulties for a number of years caused,
in large measure, by a combination of competition from low-cost
air carriers, poor management and onerous union obligations,
according to papers filed with the court.

The European Commission on Nov. 12 concluded that the sale of
Alitalia's assets does not constitute State aid provided that the
Italian authorities fully comply with the undertakings they have
given.  The sale is planned in the context of the special
administration procedure which will lead to the winding-up of the
Italian airline.  The Commission therefore gave Italy the go-ahead
to start selling the assets.

The decision follows the Commission's earlier decision to close
the official State aid investigation procedure it started June 11,
2008, to look into a EUR300 million loan from Italy to Alitalia.
The Commission's conclusion was that the loan was unlawful aid and
incompatible with the common market.

Unions representing Alitalia pilots and flight attendants have
planned to carry out a strike on November 25 to protest against a
plan by Italian investors to rescue the airline by laying off
workers and cutting routes, the Scotsman reported.  The unions,
the report said, also plan a total of 14 days of walkouts between
December and May despite warnings from Alitalia's bankruptcy
administrator against strikes.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profit in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

In the chapter 15 petition, Prof. Augusto Fantozzi, the appointed
administrator, said the airline's financial difficulties have been
and exacerbated by spiraling fuel prices.

Within the last two years, Mr. Fantozzi stated that efforts were
made by Alitalia and the government of Italy to find a strategic
airline partner to purchase the airline or, alternatively, an
investor willing to recapitalize it.  As these efforts progressed,
Alitalia attempted to renegotiate its union contracts, a condition
imposed by all would-be strategic partners and potential
investors.

Mr. Fantozzi recalled that in April, one of the purchasers, Air
France/KLM, withdrew its offer to buy Alitalia when it was unable
to reach an agreement with Alitalia's several unions.

                   Investor Consortium Formed

Following Air France/KLM's withdrawal, a new Italian investor
consortium, Compagnia Aerea Italiana, was formed with the
expectations that it would invest approximately US$1.4 Billion to
buy many of Alitalia's assets and to relaunch a "new' Alitalia.
It likewise, however, initially ran into difficulties in reaching
a suitable agreement with many of Alitalia's unions, Mr. Fantozzi
noted.  By late August 2008, with time running out, it became
apparent to Alitalia's Board that, in the absence of immediate
success in the negotiations with the unions and the resultant
commitment of CAI to purchase its assets and assume its
operations, it would run out of cash, and would need to likely
wind down its operations and liquidate.

                        Bankruptcy Bill

To ensure continuity of Alitalia's operations, the government of
Italy adopted the Bankruptcy Bill which, broadly speaking, is the
rough equivalent of Chapter 11 of the Bankruptcy Code.  The bill,
among other things, allowed Alitalia to liquidate its assets and
lay off workers as it might deem necessary.

At or about the same time, the government relaxed certain
antitrust laws in order to permit the possibility of a partnership
or strategic alliance between Alitalia and Air One, Italy's second
largest carrier.

                   Italian Bankruptcy Filing

On Aug. 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.

                       CAI Rescue Plan

In late September, CAI finally reached agreement with all of
Alitalia's major unions.  Specifically, CAI agreed to:

  -- continue its due diligence to purchase Alitalia's assets,

  -- negotiate with appropriate governmental authorities
     to acquire flight privileges and authority currently
     held by Alitalia,

  -- collect funds from its investors (approximately
     US$1.4 Billion) needed, and

  -- launch a newly created airline.

However, Mr. Fantozzi said that until this time, the future of
Alitalia itself continues to remain uncertain.

Mr. Fantozzi pointed out that to protect Alitalia's estate and
creditors and to keep it flying during this period, seeking relief
under Chapter 15 of the U.S. Bankruptcy Code is necessary.

The Chapter 15 petition, according to Mr. Fantozzi, will ensure
the preservation of the airline's assets in the United States.

Alitalia's property in the United States mainly consists of cash
in its operating bank accounts, furniture and fixtures in its
various offices and facilities located throughout the country (but
mostly in New York, New Jersey, Florida, Illinois and California),
and relatively modest amounts of equipment used in its air carrier
and air freight operations.  In sum, the value of this property is
approximately US$1,000,000.

Mr. Fantozzi further disclosed that upon information and belief,
similar relief is being sought in other countries where Alitalia
operates.

Kaplan, von Ohlen & Massamillo, LLC serves as Mr. Fantozzi's U.S.
Counsel.

                        About Alitalia

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.


COMPAGNIE INDUSTRIALI: S&P Maintains 'BB+/B' Corp. Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' long- and
short-term corporate credit ratings on Italy-based holding company
CIR-Compagnie Industriali Riunite SpA, and removed them from
CreditWatch with negative implications, where they had been placed
on Aug. 1, 2008.  The outlook is negative.

At the same time, Standard & Poor's assigned its '3' recovery
ratings to CIR's unsecured outstanding bonds and affirmed its
'BB+' issue ratings on this debt.

The ratings affirmation follows the recently announced decision by
CIR to cancel its demerger project.

"The negative outlook reflects possible future ratings pressure,
if S&P's assessment of portfolio asset quality and liquidity
weakens, portfolio concentration increases, and/or upstreamed
common dividends are cut," said Standard & Poor's credit analyst
Xavier Buffon.

These negatives could occur as a result of the challenging
economic and financial environment, and ultimate impacts on CIR's
investment holdings' performances or values.

A material recovery in listed assets' share prices, and/or credit
quality improvement at Sorgenia, and an overall improvement in the
business profile, could help CIR return to a stable outlook,
provided that liquidity is not weakened.

Ratings upside potential does not exist currently.

The ratings on CIR reflect its:

  -- Heavy value concentration of its investment portfolio on its
     54%-owned power utility Sorgenia, which S&P views as weak
     from a credit standpoint, given execution risks and
     aggressive debt leverage and investments;

  -- Significant market challenges experienced by L'Espresso and
     Sogefi; and

  -- Only modest liquidity, following the considerable shrinkage
     in the market values of L'Espresso and Sogefi, which have
     lost roughly 75% of their combined value in two years, and
     given the non-listed nature of Sorgenia.

Management's entrepreneurial philosophy and risk appetite for
strategic investments in either unproven or not yet stabilized new
ventures is also a credit negative.  These weaknesses are
mitigated by moderate debt leverage at CIR holdings; significant
business diversity in the portfolio, including growing activities
in power and health care; well established businesses models and
sound credit profiles of Gruppo Editoriale L'Espresso SpA
(BBB-/Watch Neg/--) and Sogefi; and still a significant amount of
financial assets in the portfolio.


SAFILO SPA: Moody's Downgrades Corporate Family Rating to 'B1'
--------------------------------------------------------------
Moody's Investors Service downgraded Safilo S.p.A.'s Corporate
Family Rating to B1 from Ba3 and the senior unsecured rating on
the EUR195 million notes due 2013 issued by Safilo Capital
International SA to B3 from B2, reflecting weakening market
conditions and Moody's concerns about their potential impact on
the company's credit profile.  The outlook for the ratings is
negative.

"The rating action reflects Moody's expectation that the luxury
eyewear market is likely to endure a period of soft demand that
might result in Safilo's credit metrics remaining below levels
previously anticipated for longer than expected," explains Paolo
Leschiutta, Vice President at Moody's and lead analyst for Safilo.

"At the same time, Safilo's liquidity profile remains vulnerable
and cash flow generation during the year is expected to remain
modest given market conditions and the company's acquisition and
dividend payments earlier in the year."  In this context, Moody's
notes the company's shareholder's friendly attitude, although it
would expect the company to maintain a positive free cash flow
generation (after dividends) on an ongoing basis.

Moody's recognizes the company's implementation of measures aimed
at restoring the weakened liquidity profile and at reducing
operating leverage, which should limit the negative impact on key
credit metrics over the coming months.  Moody's would also expect
banks to remain supportive, as recently demonstrated by the
renegotiation of the financial leverage covenant for the test at
December 2008, that has been increased to 4.85x compared to the
previous 3.5x.  However, the negative outlook reflects ongoing
challenging market conditions in addition to the difficult credit
environment that is likely to result in higher interest costs.

Safilo's B1 CFR continues to reflect the leading position of the
company, the good business diversification by geographic area and
by business segment, and the strong portfolio of brands that
compensate for the exposure to the cyclical fashion industry and
mitigate the risk of license termination.  Moody's also recognizes
the recent renewal of some licenses, including Gucci, which has
been extended until 2018.

"However, Moody's notes that Safilo's relatively low business risk
profile is weakened by the deterioration in the general economic
environment, which is resulting in lower demand in specific
markets -- namely Spain, the UK and Japan -- and a shift in
consumer preferences towards low price products," says Mr.
Leschiutta.

"Safilo's financial results are additionally affected by the
relatively high operating leverage and a degree of adverse
movements in foreign exchange rates. Credit metrics are likely to
come under pressure during the current financial year and remain
at a lower level over the medium term, as consumer spending is
likely to remain subdued during at least part of 2009."  Moody's
also notes that the company must maintain stronger credit metrics
than the rating category would imply to compensate for the
seasonality of the business.

Should the company demonstrate the ability to reverse operating
margin deterioration, with the EBITA margin remaining above 10%
together with improvement in the current weak liquidity profile,
the outlook could change back to stable.  The ratings could be
downgraded if the company's liquidity profile weakens further or
if Moody's perception of market conditions changes.  Moreover,
should operating margins continue to deteriorate and the company
demonstrates poor control of cash flow generation that results in
leverage rising towards 5.5x, and Retained Cash Flow over Net Debt
drops towards the mid-single digits, with modest prospect of
recovery, the rating could be downgraded.

The last rating action was implemented on Sept. 17, 2008 when
Moody's confirmed Safilo's Ba3 CFR and the B2 rating on the senior
unsecured EUR195 million notes due 2013 issued by Safilo Capital
International SA and changed the outlook on all ratings to
negative.

Headquartered in Padua, Italy, Safilo SpA is the world leader in
the high-end and luxury eyewear sector, generating EUR1.2 billion
of revenues during FYE December 2007.  It has been listed on the
Italian Stock Exchange since December 2005, with almost 60% of
floating shares.  The company operates in more than 30 countries
and sells its products in over 130 countries, offering a strong
portfolio of both owned and licensed brands.


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


AIR GALAXY: Creditors Must File Proofs of Claim by January 6
------------------------------------------------------------
JSC Air Company Air Galaxy has declared liquidation.  Creditors
have until Jan. 6, 2009, to submit written proofs of claims to:

         JSC Air Company Air Galaxy
         Teplichnaya Str. 38
         Taugul
         Almaty
         Kazakhstan


BIOS GOLD: Creditors' Claims Deadline Slated for January 2
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Bios Gold insolvent.

Creditors have until Jan. 2, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Room 414/3
         Al-Farabi Str. 119
         Kostanai
         Kazakhstan


COMFORT STROY SERVICE-A: Claims Filing Period Ends January 2
------------------------------------------------------------
LLP Construction Company Comfort Stroy Service-A has gone into
liquidation.  Creditors have until Jan. 2, 2009, to submit written
proofs of claims to:

         LLP Construction Company Comfort Stroy Service-A
         Office 40
         Kazybek bi Str. 49
         Al-Farabisky
         Shymkent
         160050 South Kazakhstan
         Kazakhstan


KARATOBE LLP: Creditors Must Register Claims by December 30
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Karatobe insolvent on Oct. 9, 2008.

Creditors have Dec. 30, 2008, to submit written proofs of claims
to:

         The Specialized Inter-Regional Economic
         Court of West Kazakhstan
         Vagonnaya Str. 2/1
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 97-14-29


KOMSOMOLSK POULTRY: Creditors' Claims Due on January 2
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared JSC Komsomolskaya Ptitsefabrika Komsomolsk Poultry
Factory insolvent.

Creditors have until Jan. 2, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Room 414/3
         Al-Farabi Str. 119
         Kostanai
         Kazakhstan


SERVICE CONTROL-B: Creditors Must File Claims by January 2
----------------------------------------------------------
LLP Montage Service Control-B has gone into liquidation.
Creditors have until Jan. 2, 2009, to submit written proofs of
claims to:

         LLP Montage Service Control-B
         Office 40
         Kazybek bi Str. 49
         Al-Farabisky
         Shymkent
         160050 South Kazakhstan
         Kazakhstan


SNUM PRODJETTEE: Claims Deadline Slated for December 30
-------------------------------------------------------
Kazakh Branch of CJSC Snum Prodjettee Engineering BV has gone into
liquidation.  Creditors have until Dec. 30, 2008, to submit
written proofs of claims to:

         CJSC Snum Prodjettee Engineering BV
         Post Office Box 86
         Aksai
         Burlinsky
         West Kazakhstan
         Kazakhstan


URALSKAYA BAZA: Creditors' Claims Filing Period Ends Dec. 30
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Uralskaya Baza Stroitelnyh Materialov (Uralsk
Base of Construction Materials) insolvent.

Creditors have Dec. 30, 2008, to submit written proofs of claims
to:

         The Specialized Inter-Regional Economic
         Court of West Kazakhstan
         Vagonnaya Str. 2/1
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 97-14-29


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


ACOM OJSC: Creditors Must File Claims by December 17
----------------------------------------------------
OJSC Acom has declared insolvency.  Creditors have until Dec. 17,
2008, to submit written proofs of claims to:

         OJSC Acom
         Drujba Str. 5
         Bishkek
         Kyrgystan


BUILD MANAGEMENT: Creditors Must File Claims by December 17
-----------------------------------------------------------
LLC Build Management Corporation has declared insolvency.
Creditors have until Dec. 17, 2008, to submit written proofs of
claims:

Inquiries can be addressed to (+996312) 65-28-94, (0-555) 74-53-
44.


PALANDOKEN LLC: Creditors Must File Claims by December 10
---------------------------------------------------------
LLC Palandoken has declared insolvency. Creditors have until
Dec. 10, 2008, to submit written proofs of claims.

The company can be reached at: (0-772) 61-77-80


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


TVN SA: S&P Changes Outlook to Negative & Keeps 'BB' Corp. Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to negative
from stable on Polish TV broadcaster TVN S.A.

At the same time S&P affirmed S&P's 'BB' long-term corporate
credit rating and all debt ratings on the group.

"The outlook change primarily reflects S&P's concerns that, in the
short to medium term, the potential adverse impact that parent
company ITI Group could have on TVN's financial profile may be
significantly higher than initially expected," said Standard &
Poor's credit analyst Melvyn Cooke.

Although S&P expects TVN's operating performance and credit
measures to remain strong for the full year 2008, S&P believes
that potential cash needs for the development of satellite Pay-TV
platform "n" at ITI over the next 12-18 months, combined with a
generally expected slowdown of the Polish economy in 2009, could
result in incremental credit risks and credit measures no longer
commensurate with the 'BB' rating.

The rating does not anticipate that TVN will take control and
fully consolidate "n" within the next 12-18 months.  The rating
also assumes that TVN will maintain its solid position in the
Polish TV market and its established track record of high audience
share among urban viewers.  In order to maintain the ratings,
TVN's lease-adjusted total debt to EBITDA should not exceed 3.5x
through the cycle, with steady positive free cash flow generation.
Consequently, S&P anticipates that the company will be able to
structurally generate sufficient cash flows to service dividend
payments needed to adequately cover interest payments at ITI.  The
ratings also assume that TVN's shareholder distribution policy
will not stress the financial risk profile, provided current cash
flow generation is maintained.

Any cash contributions and/or transactions made by TVN and
originating from ITI which would materially impact TVN's financial
profile, resulting in a substantial deterioration of credit
measures and liquidity, may lead to a rating downgrade.  Any
downturn in the Polish TV advertising market that hampers S&P's
visibility on TVN's revenues and cash flows could also result in
downward ratings pressure.

S&P doesn't see any ratings upside at this point, given the steady
operating performance already incorporated into the ratings and
ITI's continuing aggressive growth strategy and much weaker
business and financial risk profiles.


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


ALROSA CO: To Cut Rough Diamonds Supplies by 40%
-------------------------------------------------
Alrosa Co. Ltd. plans to cut supplies of rough diamonds by 40%,
RIA Novosti reports citing the International Diamond and Jewelry
Exchange.

RIA Novosti relates that according to the IDEX, Alrosa president
Sergei Vybornov said the company will sell excess production to
the state repository Gokhran.

Alrosa, which is 50.9% owned by the Russian government, produced
diamonds worth US$2.37 billion in 2007, the report notes.

                          About Alrosa

ALROSA Co. Ltd. -- http://eng.alrosa.ru/eng/-- is Russia's
largest diamond company engaged in the exploration, mining,
manufacture and sales of diamonds and one of the world's major
rough diamond producers.  ALROSA produces about 20% of the world's
rough diamond output and accounts for almost 100% of all rough
diamonds produced in Russia.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
October 14, 2008, Standard & Poor's Ratings Services placed its
'BB' long-term corporate credit rating on state-controlled Russian
diamond miner Alrosa Co. Ltd. on CreditWatch with negative
implications.  This action follows the announcement by Alrosa's
subsidiary, Investment Group Alrosa, of its acquisition of 45% of
Russian KIT Finance Investment Bank (not rated), which is
experiencing financial difficulties.  The 'B' short-term corporate
credit rating was affirmed.


EVRAZ GROUP: Posts US$17BB IFRS Net Profit in January-September
---------------------------------------------------------------
RIA Novosti reports Evraz Group S.A. posted a net profit of US$17
billion in January-September 2008 calculated to International
Financial Reporting Standards compared to a net profit of US$2.44
billion last year.

According to the report, the company's earnings before interest,
taxes, depreciation and amortization (EBITDA) in the reporting
period totaled US$5.95 billion compared to an EBITDA of US$4.25
billion in the prior year.

In 2007 the company posted an IFRS revenue of US$12.8 billion, the
report discloses.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Nov. 18, 2008, 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.


FOKINO-LES LLC: Creditors Must File Claims by December 13
---------------------------------------------------------
Creditors of LLC Fokino-Les (PSRN 1021201250740) (Wood
Fashioning) have until Dec. 13, 2008, to submit proofs of claims
to:

         N. Smyshlyayev
         Temporary Insolvency Manager
         Post User Box 75
         424007 Ishkar Ola
         Mariy El
         Russia

The Arbitration Court of Mariy El commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A38–
3845/2008–11-72.

The Debtor can be reached at:

         LLC Fokino-Les
         Sadovaya Str.6
         Sovetskiy
         Mariy El
         Russia


KALTANSKIY BOILER: Creditor Must File Claims by January 13
----------------------------------------------------------
Creditors of LLC Kaltanskiy Boiler Supporting Machinery and
Pipeline Production Company have until Jan. 13, 2009, to submit
proofs of claims to:

         G. Kuptsov
         Insolvency Manager
         Komsomolskaya Str. 10
         Kaltan
         Russia

The Arbitration Court of Kemerovskaya will convene at 11.00 a.m.
on Oct. 26, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A27–6152/2008–4.

The Debtor can be reached at:

         LLC Kaltanskiy Boiler
         Supporting Machinery and Pipeline
         Komsomolskaya Str. 10
         Kaltan
         Russia


KLIN RAYON: S&P Lifts LT Issuer Credit Rating to 'CCC-/ruCCC'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit and Russia national scale ratings on Klin Rayon to
'CCC-/ruCCC', from 'CC/ruCC'.  The ratings were kept on
CreditWatch, where they were placed on Sept. 26, 2008, but S&P has
changed the implications to developing from negative.

"The upgrade follows the rayon's repayment on Nov. 14, 2008, of
its RUR300 million (about US$11 million) bond, which S&P did not
rate," said Standard & Poor's credit analyst Irina Pilman.

This payment was made possible by an exceptional transfer from the
Moscow Oblast (B-/Watch Neg/--), as the rayon itself did not have
enough liquidity to meet the obligation.  Since the repayment of
this bond, Klin Rayon's short-term refinancing risks have been
significantly reduced, although they remain important, with a bank
loan and interbudgetary loans due by the year-end.

The ratings on Klin Rayon continue to be constrained by its
aggressive financial policy and high dependence on subsidies and
budget loans from the Moscow Oblast.

The ratings also reflect the rayon's high reliance on short-term
debt and significant refinancing risk.

Nevertheless, the rayon's favorable location near the City of
Moscow (BBB+/Negative/--) continues to support the rating.

Klin's direct debt as of Nov. 17, 2008, is RUR1.1 billion.

"The ratings remain on CreditWatch, but S&P have changed the
implications to developing from negative, indicating that S&P
might raise or lower the rating within the next three months,"
said Ms. Pilman.

If the rayon is able to successfully repay its RUR44 million bank
loan and if the Moscow Oblast extends or refinances with subsidies
the RUR270 million interbudgetary loan due by the rayon to the
oblast (both obligations are due Dec. 25, 2008), S&P could upgrade
the rayon.

However, if the rayon fails to repay its bank loan--which S&P
considers unlikely, given that refinancing has almost been
finalized--we would lower the ratings to 'SD'.


KORENEVSKIY CANNERY: Creditors Must File Claims by Jan. 13
----------------------------------------------------------
Creditors of Production Enterprise Korenevskiy Cannery Plant
(TIN 4610002510)have until Jan. 13, 2009, to submit proofs of
claims to:

         A. Zaborny
         Insolvency Manager
         St. Razina Str. 9b
         305004 Kursk
         Russia

The Arbitration Court of Kurskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A35–1529/08- S24.

The Debtor can be reached at:

         Production Enterprise Korenevskiy Cannery Plant
         Krupskoy Str. 147
         Korenevo
         307410 Kurskaya
         Russia


MOBILE TELESYSTEMS: Applied to VEB to Refinance Syndicated Loan
---------------------------------------------------------------
Finam reports Mobile TeleSystems OJSC is seeking to refinance a
US$680 million syndicated loan.

Citing MTS president Mikhail Shamolin, Finam relates the company
applied to Vnesheconombank to raise funds for the partial
repayment of the US$1.2 billion syndicated loan in the second
quarter of 2009.

Finam notes total repayments under the loan equal US$800 million
in 2009.

Mr. Shamolin, according to Finam, said MTS decided to refinance as
a precaution.  He however indicated it is not certain the
refinancing aid from VEB will be used as he believes cash flows in
2008 and 2009 will be sufficient to meet the company's obligations
and that it will have access to other sources of funding.

The MTS executive added the company has no plans to buy back its
securities or bonds currently circulating on the market, Finam
discloses.

                  About Mobile TeleSystems

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

                         *      *      *

As reported in the TCR-Europe on Oct. 27, 2008, Fitch Ratings
assigned OJSC Mobile TeleSystems' two proposed domestic bond
issues, totaling up to RUB10 billion each and with headline
maturity of five and seven years, expected senior unsecured
foreign currency ratings of 'BB+' and National Long-term
ratings of 'AA(rus)'.  MTS is rated Long-term Issuer Default 'BB+'
with a Stable Outlook, Short-term IDR 'B' and National Long-term
'AA(rus)' with a Stable Outlook.


MOBILE TELESYSTEMS: 3Q 2008 Net Income Down 21.3% to US$515.6 Mln
-----------------------------------------------------------------
Mobile TeleSystems OJSC released its unaudited consolidated US
GAAP financial results for the three months ended September 30,
2008.

           Key Financial Highlights of Q3 2008

    * Consolidated revenues up 27% y-o-y to US$2,812 million due
      to subscriber additions, rising voice traffic and VAS
      adoption throughout the Group

    * Consolidated OIBDA up 23.7% to US$1,453 million y-o-y
      with 51.7% OIBDA margin due to continued benefits from
      cost optimization initiatives and sustained revenue growth

    * Consolidated net income down 21.3% y-o-y to
      US$515.6 million as effective financial management was
      offset by period non-cash FOREX loss through US GAAP
      translation of US dollar-denominated debt

    * Free cash-flow positive with US$1,745 million for the
      nine months of 2008 due to sustained revenue growth of the
      Group

    * Guidance for FY2008

      -- MTS reiterates its revenue guidance of 25% revenue
         growth based on current exchange rates of national
         currency

     -- MTS affirms its OIBDA margin guidance of 50%

     -- MTS reduces its CAPEX outlook from US$2.5 billion to
        US$2.0 billion through currency factors, engagement with
        suppliers to extract favorable payment terms and delays
        in launching HSPA-enabled networks in Moscow

             Key Corporate and Industry Highlights

    * Repurchase of 37.8 mln shares as part of reorganization of
      Bashcell and MSS in August 2008

    * Credit rating upgrade by S&P to "BB" from "BB-" with
      positive outlook in August 2008

    * Launch of add'l 3G networks in Novosibirsk, Norilsk and
      Vladivostok in September 2008

    * Launch of 3G test zone in Uzbekistan in October 2008
    * Launch of iPhone 3G sales in October 2008

    * Expansion of Board from seven to nine members with three
      independent in October 2008

    * Placement of two 10 billion ruble bonds in October 2008

    * Signing of a non-equity strategic partnership agreement
      with Vodafone in October 2008

    * On-going cost optimization initiatives aimed at sustaining
      Group profitability

                   Additional Developments

    * The average ruble-to-dollar rate for the period rose 2.6%
      from 23.6 to 24.3, a trend that will negatively impact
      financial results

    * Since the end of the period, the national currencies of
      the company's markets of operation have weakened,
      which will in turn negatively impact its financial results

    * MTS acknowledges that the current macroeconomic
      environment and global difficulties within the financial
      sector make it difficult to attract additional financing

Mikhail Shamolin, President and Chief Executive Officer,
commented, "We are pleased to deliver our sixth consecutive
quarter of profitable growth despite weakening currency factors in
our core markets late in the period.  We are maintaining our
strong OIBDA margin through revenue growth and our on-going
efficiency improvements.  Our performance validates our 3+2
strategy of pursuing profitable growth as we witness rising voice
and data traffic in all of our markets."

Mr. Shamolin added, "Our decline in earnings is directly
attributable to the US GAAP translation of our US dollar-
denominated debt.  As is evident by our recent issuance of
RUR30 billion, we are working to more closely match our revenues
with debt so as to stabilize future earnings performance.  Though
we see signs of a weakening macroeconomic environment both
globally and in our markets of operation, we are confident that
the nature of our product and the efficiency of the organization
is well-positioned to meet whatever challenges may lay ahead."

At September 30, 2008, the company's balance sheet showed
US$11.2 billion in total assets, US$6.2 billion in total
liabilities and US$5 billion in total shareholders' equity.

                  About Mobile TeleSystems

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

                         *      *      *

As reported in the TCR-Europe on Oct. 27, 2008, Fitch Ratings
assigned OJSC Mobile TeleSystems' two proposed domestic bond
issues, totaling up to RUB10 billion each and with headline
maturity of five and seven years, expected senior unsecured
foreign currency ratings of 'BB+' and National Long-term
ratings of 'AA(rus)'.  MTS is rated Long-term Issuer Default 'BB+'
with a Stable Outlook, Short-term IDR 'B' and National Long-term
'AA(rus)' with a Stable Outlook.


NOVATEK OAO: January-September Net Profit Up 18% to US$481 Mln
--------------------------------------------------------------
RIA Novosti reports OAO Novatek said Friday that its net profit
grew 18% year-on-year to RUR13 billion (US$481 million) in
January-September 2008.

According to the report, Novatek's revenue climbed 42% year-on-
year to almost RUR50 billion (US$1.8 billion) in the reporting
period, while gas output went up 9.2% to 22.83 bcm in the first
nine months of 2008, against the same period of last year.

                          About Novatek

Based in Tarko-Sale, Russia, OAO Novatek -- http://www.novatek.ru/
-- engages in the exploration, production and processing of
natural gas and liquid hydrocarbons.  The company's upstream
activities are concentrated in the prolific Yamal-Nenets Region in
Western Siberia.

                          *     *     *

OAO Novatek continues to carry a 'BB+' long-term corporate credit
rating from Standard & Poor's with stable outlook.  The rating was
raised by S&P to its current level from 'BB' in July 2008.

The company also carries a Ba2 corporate family rating from
Moody's with stable outlook.


PIK GROUP: Cut to Underweight by JPMorgan on Default Concerns
-------------------------------------------------------------
Torrey Clark at Bloomberg News reports that default concerns
prompted JPMorgan Chase & Co. to downgrade OJSC PIK Group to
"underweight" from "overweight".

Elena Jouronova, a property analyst at JPMorgan in Moscow, warned
the developer may be unable to repay US$700 million of debt due
this year as the Moscow city government seeks to overturn housing
orders PIK won in October and renegotiate prices, Bloomberg
discloses.

In a note to clients cited by Bloomberg, Ms. Jouronova wrote "We
see a serious risk that the company may not meet some of its debt
obligations, raising questions about the company's ongoing
viability in its current shape."

JP Morgan, Bloomberg relates, cut its earnings per share estimates
for PIK for 2008 to 2010 by between 55 percent and 75 percent amid
the weakening of the ruble and the dwindling demand for real
estate.  The bank also removed its price estimate for the shares
on questions about how PIK will repay its debt, Bloomberg adds.

Bloomberg notes PIK lost 75 cents, or 43 percent, to US$1.00 as of
12:17 p.m. in London on Monday, Nov. 17, following the JPMorgan
downgrade.  It was the largest drop since the shares were listed
in the UK in June 2007, according to Bloomberg.

                     About OJSC PIK Group

OJSC PIK Group -- http://www.pik.ru/-- is a residential
nationwide developer in Russia, focusing on mass market
communities.  Its business activities are concentrated in Moscow
and the Moscow region with a footprint in many of Russia's other
regions.  Its principal activity is the development, construction
and sale of residential properties in large scale developments
targeted primarily at the middle income housing market in Russia.
The Company's core activities include development of residential
real estate projects and sales of completed units, including
service and maintenance of residential real estate developed by
the Company and by other developers; production and assembly of
concrete panel housing in Moscow and the Moscow region, and
production and sales of raw materials and construction materials.
As of January 1, 2008, 96% of the Company's property portfolio was
represented by residential areas and 40% of the portfolio's total
area consisted of properties in the course of development.

                          *     *     *

As reported in the TCR-Europe on Nov. 14, 2008, Fitch Ratings
downgraded Russian housebuilder OJSC PIK Group's Long-term Issuer
Default rating to 'CCC' from 'BB-' and Short-term
IDR to 'C' from 'B' due to liquidity concerns.  All ratings have
also been placed on Rating Watch Evolving.

The downgrade reflects Fitch's concern that PIK will not be able
to honor upcoming debt maturities.  The company faces sizable
maturities in the very near-term and currently has insufficient
liquidity to meet these.


SEVERSTAL OAO: In Talks with VEB to Refinance US$325 Mln Bonds
--------------------------------------------------------------
OAO Severstal is in talks with state bank VEB to refinance
75% percent of a US$325 million bond due in February 2009, Reuters
reports citing the steel maker's chief financial officer, Sergei
Kuznetsov.

Mr. Kuznetsov however stressed the company has sufficient
liquidity on hand to repay the amount, noting the refinancing
would provide "an extra cushion", Reuters relates.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                          *     *     *

As reported in the TCR-Europe on Nov. 18, 2008, 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.


SEVERSTAL OAO: Net Profit Up 112.5% in 9-Mos Ended September 30
---------------------------------------------------------------
OAO Severstal, on Tuesday, Nov. 18, released financial results for
the nine months ended September 30, 2008.

                 Nine months 2008 Highlights

    * Revenues up 60.6% to US$18,152 million

    * EBITDA of US$4,981 million, up 69.4% year-on-year
      including US$156 million of one-off events

    * Net profit up 112.5% to US$3,243 million including
      US$620 million of one-off gains

    * EPS up 112.5% to US$3.22 from US$1.51 year-on-year

    * Q3 dividend per share of US$0.26, or RUR7.17

               Outlook and Management Actions

    * Uncertain global economic outlook impacting steel
      consuming industries

    * Operating cash flow and committed facilities in place to
      meet debt requirements

    * Strong management actions taken to address tougher
      market environment:

      -- 2008 capex reduced by 20%; majority of the planned
         2009-2011 US$8 billion investment program deferred
         until market visibility and conditions improve

      -- Production is being reduced further, reflecting market
         conditions

      -- Headcount reduction program underway across the group

Alexey Mordashov, Chief Executive of Severstal, said, "Severstal
achieved strong results for the first nine months of 2008, with
significant growth in all our markets driven by price increases,
volume growth and margin improvement.

However, in light of the uncertain global economic outlook and its
impact on the world's steel consuming industries, we have put in
place a series of strong management actions to allow the group to
continue to operate profitably in a tougher environment.

We have reduced production and cut back our planned capital
investment program.

In light of the current tougher market conditions, we now expect
EBITDA for the current year to be in the range of US$5.1-US$5.3
billion."

                   Chief Executive's Review
                            of the
             nine months ended September 30, 2008

Severstal Russian Steel

In the first nine months of 2008, Russian Steel benefited from
favorable prices, a strong domestic market, increased export
prices and growth in production volumes.  This resulted in a 44.1%
increase in EBITDA for the division year-on-year from US$2,071
million to US$2,985 million.  Revenues were up by 48.5% to
US$9,172 million in 9m 2008 compared with US$6,177 million in 9m
2007.  EBITDA margin was 32.5% for the first nine months of the
year, compared to 33.5% for the same period last year, although it
increased to 39.3% in the third quarter due to higher selling
prices.

Izhora Pipe Mill demonstrated significant year-on-year growth,
with EBITDA increasing 170.8% to US$241 million in 9m 2008 from
US$89 million in 9m 2007.  EBITDA margin increased from 28.5% in
9m 2007 to 30.5% in 9m 2008.  Pipe production was higher year-on-
year and quarter-on-quarter due to strong demand and significant
price increases.

Severstal Resources

Severstal Resources saw an 110.8% rise in EBITDA year-on-year from
US$390 million to US$822 million, benefiting from increases in
coal and iron ore prices.  EBITDA margin increased to 40.8% from
29.1% in the same period last year.  The production of iron
products (pellets and concentrate) increased by 6% year-on-year.
Coal production was down, reflecting sale of Kuzbassugol in Q2. At
the same time production in Vorkutaugol saw continued steady
growth in Q2 and Q3.

Severstal acquired PBS Coals, a Pennsylvania-based coal company,
in November.  This acquisition is an important step in the
implementation of its vertically integrated strategy, increasing
its self-sufficiency in coking coal in US.  The total cash
consideration was CAD1,006 million (US$829.5 million at the
transaction date exchange rate).

Severstal International

In Severstal International, the company's North American
operations showed US$449 million of EBITDA, including US$156 m of
one-off events, in 9m 2008 compared with US$5 million of negative
EBITDA in the same period of 2007.  This increase and the growth
in revenues from US$1,303 million to US$3,966 million reflect the
changing scale and efficiency of the business after consolidation
of newly acquired steel making capacities in Q3 2008 and
successful ramp-up of Severstal Columbus plant.  EBITDA margin was
11.3%, compared to -0.4% in the same period last year.  Production
of crude steel was 174% higher at 4.1 million tonnes, with hot
metal production up 114% at 2.6 million tonnes.

In Severstal's European operations, Lucchini's EBITDA in 9m 2008
increased by 19.7% compared with the same period last year to
US$431 million.  This was due to price increases for finished
goods, while production of rolled products was 1% up and semi-
finished products 12% down year-on-year.  Revenues were up by
19.2%.  EBITDA margin remained stable at 13.0% in 9m 2008 and
12.9% in 9m 2007.


  Financial Summary for Nine Months Ended September 30, 2008

Severstal's revenues increased by 60.6% to US$18,152 million in
nine months of 2008 compared with US$11,303 million in 9m 2007.
Strong price increases and volume growth were the main drivers of
this growth, as well as consolidation of new US assets in Q2 and
Q3.

Cost of sales were US$12,382 million in 9m 2008 compared with
US$7,689 million for the same period of 2007, an increase of
61.0%, caused primarily by increases in the costs of raw
materials.  Cost of sales as a percentage of consolidated revenues
increased to 68.2% in 9m 2008 compared with 68.0% in 9m 2007.

Profit from operations increased by 80.7% to US$4,179 million in
9m 2008.  This increase was due to strong prices, higher
production volumes and efficient control over COGS, SG&A and
distribution costs.  Group operating margin increased to 23.0% in
9m 2008 from 20.5% in 9m 2007.  The additional operating income
(mainly one-offs in North America) improves operating margin in 9m
2008.

EBITDA increased by 69.4% to US$4,981 million in nine months of
2008 from US$2,941 million in 9m 2007.  In nine months of 2008,
Severstal reported an increase in consolidated net profit
attributable to shareholders of 112.5% to US$3,243 million from
US$1,526 million in 9m 2007.  Net profit attributable to
shareholders for 9m 2008 includes negative goodwill gain of US$219
million from acquisition of Sparrows Point, US$12 million from
acquisition of Wheeling and US$33 million from acquisition of WCI.
Severstal saw a net gain after tax of US$255 million from the
disposal of Kuzbassugol, and a US$101 million net gain after tax
from the termination of a long-term electricity supply contract at
SNA.

EPS increased to US$3.22 in 9m 2008 from US$1.51 in 9m 2007.

Net cash from operating activities was US$2,137 million in 9m 2008
compared with US$1,996 million in 9m 2007.  Increase in cash flow
attributable to significant increase in revenues partially offset
by increase in a working capital related to the expansion of
Severstal's operations as well as a significant growth in costs.

Net debt, calculated as total indebtedness less cash and cash
equivalents, less short-term bank deposits, increased from
US$1,500 million as at December 31, 2007 to US$3,568 million as at
September 30, 2008.  Total indebtedness increased from US$3,786
million as at December 31, 2007 to US$6,784 million as at
September 30, 2008.  Cash, cash equivalents and short-term bank
deposits increased from US$2,286 million as at December 31,  2007
to US$3,216 million as at September 30, 2008.

In light of the current turmoil in world financial markets,
Severstal has suspended its share buy back program.  The company
will keep the situation under close and constant review and will
inform the market once it resumes the buy back program.
Dividend

The board of Severstal is recommending a dividend of US$0.26, or
RUR7.17, per share for Q3 2008.  This represents a 20% payout
ratio for the Q3 and a payout ratio of 38.2% on a nine months
basis.

Approval of the dividend is expected at the EGM which will take
place on December 26, 2008.

Outlook

The financial turmoil over recent months has affected economic
growth prospects across global markets, resulting in weakening
demand for steel.  In light of these more difficult market
conditions, the Board of Severstal now expects EBITDA for the full
year to be in the range of US$5.1-US$5.3 billion.

                      About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                          *     *     *

As reported in the TCR-Europe on Nov. 18, 2008, 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.


SIBIRSKAYA FUEL: Court Names Temporary Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Khanty-Mansiysk appointed S. Leshchev
as Temporary Insolvency Manager for CJSC Sibirskaya Fuel Energy
Company.  He can be reached at:

         Kirova Str. 10/88
         Yugorsk
         628260 Tumenskaya
         Russia

The Debtor can be reached at:

         CJSC Sibirskaya Fuel Energy Company
         Gagarina Str. 128
         Khanty-Mansiysk
         Russia


SPETS-STROY-GAS-SYSTEM: Creditors Must File Claims by Dec. 13
-------------------------------------------------------------
Creditors of LLC Spets-Stroy-Gas-System (TIN 7202115134, PSRN
1037200596597) (Vapory Construction, other Construction
Services) have until Dec. 13, 2008, to submit proofs of claims to:

         S. Shilov
         Temporary Insolvency Manager
         N. Fedorova Str. 11/10
         625016 Tumen
         Russia

The Arbitration Court of Tumen commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A-70–6158/3–
2008.

The Debtor can be reached at:

         LLC Spets-Stroy-Gas-System
         Shcherbakova Str. 88a
         Tumen
         Russia


STROY-AVTOBAN LLC: Tula Bankruptcy Hearing Set March 13
-------------------------------------------------------
The Arbitration Court of Tula will convene on Mar. 13, 2009, to
hear bankruptcy supervision procedure on LLC Stroy-Avtoban.  The
case is docketed under Case No. A68–7265/08–105/B.

The Temporary Insolvency Manager is:

         I. Sapegin
         Post User Box 1977
         300012 Tula
         Russia

The Debtor can be reached at:

         LLC Stroy-Avtoban
         Odoyevskoe shosse 65
         300036 Tula
         Russia


STROY-MET-RESURS CJSC: Creditor Must File Claims by December 13
---------------------------------------------------------------
Creditors of CJSC Stroy-Met-Resurs (TIN 7706217350)
(Construction) have until Dec. 13, 2008, to submit proofs of
claims to:

         A. Kirichek
         Temporary Insolvency Manager
         Post User Box 81
         129090 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10.30 a.m. on
Mar.11, 2009 to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A41-A2–21110/07.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 440
         Prospekt A. Sakharova 18
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Stroy-Met-Resurs
         Shcherbinka
         Moskovskaya
         Russia


TMK OAO: In Talks with State Banks to Refinance Debt
----------------------------------------------------
TMK OAO is in talks with state banks to refinance outstanding debt
from its US$1.2 billion acquisition of IPSCO's U.S. assets, Alfred
Kueppers and Polina Devitt at Reuters report citing the steel pipe
maker's deputy general director, Vladimir Shmatovich.

Mr. Shmatovich, as cited by Reuters, said TMK was in talks with
with the top four or five Russian banks, although he did not name
them.  He also declined to specify how much the company was
seeking in state loans, Reuters notes.

Reuters discloses the company was also seeking to refinance
EUR3 billion (US$109.4 million) of debt due in March 2009, and  a
US$300 million Eurobond due in September.

"We hope this will be an essential part of our plan to refinance
and improve the structure of our debt," Mr. Shmatovich told
Reuters in a telephone interview.

                            About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmk-group.ru/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                           *     *     *

As reported in the TCR-Europe on Oct. 9, 2008, Standard & Poor's
Ratings Services lowered the rating on one Russian company and
revised the outlooks on four others following a review of the
country's corporate and infrastructure issuers.

The long-term corporate credit rating on steel pipe producer OAO
TMK was lowered to 'B+' from 'BB-'.  The outlook is stable.  The
Russia national scale rating was lowered to 'ruA+' from 'ruAA-'.


TNK-BP: Shareholders to Elect New CEO by December 11
----------------------------------------------------
RIA Novosti reports that shareholders of Russian-British joint oil
venture TNK-BP will elect a new CEO by December 11.

Citing Victor Vekselberg, the Renova Group owner and president,
RIA Novosti discloses the shortlist included three persons with
Denis Morozov, former head of Russian metals giant Norilsk Nickel,
seen as frontrunner.

RIA Novosti notes an October 19 report in the Sunday Times
revealed other candidates on the list are thought to be Peter
O'Brien, a former Morgan Stanley banker and vice-president of
Rosneft, and Pyotr Galitsyn, head of the Russian unit of BASF, the
German chemicals group.

RIA Novosti recalls Robert Dudley, the current head of TNK-BP,
left Russia in July amid what BP alleged was a harassment campaign
orchestrated by authorities.

As agreed under a deal by British and Russian partners in
September, Mr. Dudley will leave TNK-BP by December to be replaced
by an executive from outside BP with extensive Russian experience,
RIA Novosti relates.

                           About TNK-BP

Headquartered in Moscow, Russia, TNK-BP -- http://www.tnk-bp.ru/
-- is a vertically integrated oil company.  The company owns and
operates four refineries in Russia and one in Ukraine, and has a
retail network of approximately 1,600 sites.  It employs
approximately 65,000 people.

TNK-BP was formed in 2003 as a result of the merger of BP's
Russian oil and gas assets and the oil and gas assets of Alfa,
Access/Renova group (AAR).  BP and AAR each own 50% of the
company.

                           *     *     *

TNK-BP International Ltd. continues to carry 'BB' long-term and
'B' short-term corporate credit ratings from Standard & Poor's.
S&P affirmed the ratings and revised its outlook on the company to
stable from negative in September 2008.


TUMEN-ENERGO-MONTAZH CJSC: Creditors Must File Claims by Jan. 13
----------------------------------------------------------------
Creditors of CJSC Tumen-Energo-Montazh (TIN 7203150090, PSRN
1047200603405) (Electrical Installation Works) have until
Jan. 13, 2009, to submit proofs of claims to:

         S. Shilov
         Insolvency Manager
         N. Fedorova Str. 11/10
         625016 Tumen
         Russia

The Arbitration Court of Tumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-70–3156/3–2008.

The Debtor can be reached at:

         CJSC Tumen-Energo-Montazh
         Odesskaya Str. 1
         Tumen
         Russia


UST-ILIMSKIY HYDROLYSIS: Creditors Must File Claims by Jan. 13
--------------------------------------------------------------
Creditors of OJSC Ust-Ilimskiy Hydrolysis Yeast Plant (TIN
3817004590) have until Jan. 13, 2009, to submit proofs of claims
to:

         S. Galandin
         Insolvency Manager
         Post User Box 224
         664007 Irkutsk
         Russia

The Arbitration Court of Irkutskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19–6406/07–29–4–63.

The Debtor can be reached at:

         OJSC Ust-Ilimskiy Hydrolysis Yeast Plant
         Promploshchadka
         Ust-Ilimsk-14
         Irkutskaya
         Russia


ZAPAL LLC: Creditors Must File Claims by December 13
----------------------------------------------------
Creditors of LLC Zapal (Construction) have until Dec. 13, 2008, to
submit proofs of claims to:

         E. Zhukova
         Insolvency Manager
         Lesteva Str. 18
         115162 Moscow
         Russia

The Arbitration Court of Krasnodarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32–16921/2008–27/1129-B.

The Debtor can be reached at:

         LLC Zapal
         Kolkhoznaya Str. 5
         Krasnodar
         Russia


* RUSSIA: VEB Gets US$75Bln Corporate Refinancing Requests
----------------------------------------------------------
Dmitry Sergeev and Toni Vorobyova at Reuters report that VEB,
Russia's state bank, has received requests worth US$75 billion for
corporate refinancing aid.

VEB chief Vladimir Dmitriyev, according to Interfax news agency,
said companies have so far sought for US$44 billion of refinancing
aid, and banks for another US$31 billion.

The money, Reuters notes, will be available to companies working
in the real economy and strategic sectors, who had borrowed to
fund investment projects or asset purchases within Russia.

Reuters relates Mr. Dmitriyev, as cited by Russian news agencies,
said Wednesday last week VEB got requests for subordinated loans
to the banking sector worth around RUR90 billion (US$3.29 billion)
from around 30 banks.

Mr. Dmitriyev disclosed the bank already allocated a RUR200
billion subordinated loan to VTB and RUR25 billion to
Rosselkhozbank, Reuters reveals.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* IMF and Serbia Agree on US$518 Million Stand-By Arrangement
-------------------------------------------------------------
Mr. Dominique Strauss-Kahn, Managing Director of the International
Monetary Fund said in a press statement on Monday  that an IMF
staff mission and the Serbian authorities reached agreement,
subject to approval by IMF Management and the Executive Board, on
an economic program supported by an SDR351 million loan (about
US$518 million) under a 15-month precautionary Stand-By
Arrangement (SBA).

Mr. Strauss-Kahn said in view of Serbia's comfortable
international reserve position and continued access to external
financing, the arrangement is being considered under regular, not
exceptional, procedures and access limits.  The Serbian
authorities do not intend to draw on the resources made available
under the arrangement unless the need arises.

Mr. Strauss-Kahn noted the global financial turmoil has begun to
spill over to Serbia, and this abrupt shift in the international
environment is likely to slow down credit flows and economic
activity across the region.  He pointed out that while the banking
sector's capital and liquidity buffers are substantial and should
help weather the financial headwinds, strong policies will be
important to maintain investor and market confidence.

According to Mr. Strauss-Kahn, the authorities have designed a
strong and comprehensive program.  The proposed SBA is intended to
support the policies aimed at maintaining macroeconomic and
financial stability.  He said these involve fiscal restraint, with
a deficit limited to 1 1/2 percent of GDP next year; monetary
policy focused on containing inflation; financial sector measures
to preempt and, if necessary, react to possible threats to
stability; and structural reforms to boost the economy's growth
and export potential.


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


FORD MOTOR: Seeks Up to $8BB of Requested Auto Financial Aid
------------------------------------------------------------
Siobhan Hughes at Dow Jones Newswires reports that Ford Motor Co.
CEO Alan Mulally said that his company is seeking US$7 billion to
US$8 billion of the requested $25 billion in emergency funding
from the government.

American Bankruptcy Institute reports that the U.S. Senate
Democrats released details of a US$25 billion Auto Rescue Package.
The funding is part of an economic stimulus package carved from
the US$700 billion financial market bailout, the report says.
Bankruptcy Law360 says top executives of U.S. automakers on
Tuesday made their case before a Senate panel, arguing that they
should be next in line to get government aid in the wake of the
financial crisis.

Dow Jones relates that General Motors CEO Rick Wagoner said that
the company wants US$10 billion to US$12 billion of the requested
funding.  According to Dow Jones, Mr. Wagoner told Sen. Bob Corker
at a Senate Banking Committee hearing, "We felt that we should get
our proportionate market share of that."

Chrysler LLC CEO Robert Nardelli said that his company wants
$7 billion, Dow Jones states.

                   Curbs in Executives' Pay

Matthew Dolan at The Wall Street Journal reports that GM and Ford
may set up caps on executive pay.  The report says that the bill
in the House of Representatives has provisions that would bar
bonuses for executives of companies receiving loans.  The report
states that the bill in the congress would demand:

    -- no bonuses to workers making more than US$200,000,
    -- no "golden parachutes" payouts to fleeing executives, and
    -- "no compensation plan that could encourage manipulation
       of reported earnings to enhance compensation."

Chrysler said in a statement that it expected any loan package to
come with conditions "including taxpayers having equity.  We do
not expect that this is a final product.  The company is open to
further discussions with Congress."

Ford Motor and GM spokespersons said their companies are reviewing
the bills released on Monday, WSJ relates.  The companies are
already taking steps that would effectively institute similar
kinds of caps, the report says, citing the spokespersons.

WSJ states that Mr. Wagoner's salary was increased by 33% to about
US$2.2 million this year -- compared to US$1.65 million in 2007 --
and equity compensation of at least US$1.68 million for his
performance in 2007, even though GM has been losing money since
2005.  According to the report, Mr. Wagoner was also awarded
75,000 restricted stock units valued at US$1.68 million, based on
GM's closing stock price in March, and given stock options
representing 500,000 shares.

WSJ reports that GM officials insist those reported figures need
context.  Mr. Wagoner took a 50% cut in his base salary pay in
2006, the report states, citing GM spokesperson Tony Cervone.
Figures cited by the company indicate that Mr. Wagoner's overall
compensation is down from 2003 when he made US$8.3 million in
compensation from salary and bonuses alone.  Mr. Cervone said that
much of Mr. Wagoner's overall compensation is also "at-risk," or
tied to the stock price of the company which has dropped.  GM,
according to the report, said that they would cut bonuses this
year.

Mr. Mulally, says WSJ, has also got "a rich pay package," while
Ford is losing money and even pulled back from a pledge to return
to profitability in 2009.  WSJ relates that Ford reported in April
2008 the Mr. Mulally received US$2 million in base salary, a US$4
million bonus and more than US$11 million of stock and options
last year.  The report says that Mr. Mulally's base salary
remained the same over 2006.  According to the report, Mr. Mulally
has earned almost US$50 million in compensation since leading
Ford.

WSJ relates that after Mr. Mulally's pay package was disclosed,
Ford said that it will pay bonuses to hourly and salaried
employees despite its losses, partly to avoid any bitterness among
the rank and file.  Ford executives said in a conference call
earlier this month that those bonuses have now been cut.  Mr.
Mulally said in "Good Morning America" that Ford has stopped merit
raises, incentives and bonuses for top management.

Less is known about Chrysler CEO Robert Nardelli's package because
the company is privately held, WSJ says.

According to WSJ, Chrysler said it will keep multimillion dollar
retention bonuses promised to executives in 2007, when it was
taken over the private equity firm, Cerberus Capital Management.
A Chrysler spokesperson said that those bonuses will be paid out
in August 2009, the report says.  They were valued at US$30
million, but have been reduced because some executives have
already left the company without being able to cash out their
bonus, the report states, citing the spokesperson.

                About Ford Motor Co.

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

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

                      *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

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


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


ATP IMMO: Creditors Must File Proofs of Claim by December 3
-----------------------------------------------------------
Creditors owed money by JSC ATP Immo Real are requested to file
their proofs of claim by Dec. 3, 2008, to:

         JSC STM Steuerberatung & Treuhand Mettler
         Loewenstrasse 53
         8021 Zurich
         Switzerland

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


BRAND EMPOWERMENT: Deadline to File Proofs of Claim Set Dec. 3
--------------------------------------------------------------
Creditors owed money by LLC Brand Empowerment are requested to
file their proofs of claim by Dec. 3, 2008, to:

         Muehleacker 62
         4588 Oberramsern
         Switzerland

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


BUCHWALDER TRANSPORTE: Dec. 3 Set as Deadline to File Claims
------------------------------------------------------------
Creditors owed money by LLC Buchwalder Transporte are requested to
file their proofs of claim by Dec. 3, 2008, to:

         JSC STM Steuerberatung & Treuhand Mettler
         Loewenstrasse 53
         8021 Zurich
         Switzerland

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


FREDDY AMSTUTZ: Proofs of Claim Filing Deadline is December 1
-------------------------------------------------------------
Creditors owed money by JSC Freddy Amstutz are requested to file
their proofs of claim by Dec. 1, 2008, to:

         Alfred Amstutz
         Alte Gasse 6
         6390 Engelberg
         Switzerland

The company is currently undergoing liquidation in Engelberg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on D.


GENERAL MOTORS: Seeks Up to US$12BB of Requested Auto Fin'l Aid
---------------------------------------------------------------
Siobhan Hughes at Dow Jones Newswires reports that General Motors
CEO Rick Wagoner said that the company wants US$10 billion to
US$12 billion of the requested US$25 billion in emergency funding
from the government.

According to Dow Jones, Mr. Wagoner told Sen. Bob Corker at a
Senate Banking Committee hearing, "We felt that we should get our
proportionate market share of that."

Dow Jones relates that Ford Motor Co. CEO Alan Mulally said that
his company was seeking US$7 billion to US$8 billion.  Chrysler
LLC CEO Robert Nardelli, according to Dow Jones, said that his
company wants US$7 billion.

American Bankruptcy Institute reports that the U.S. Senate
Democrats released details of a US$25 billion Auto Rescue Package.
The funding is part of an economic stimulus package carved from
the US$700 billion financial market bailout, the report says.
Bankruptcy Law360 says top executives of U.S. automakers on
Tuesday made their case before a Senate panel, arguing that they
should be next in line to get government aid in the wake of the
financial crisis.

                   Curbs in Executives' Pay

Matthew Dolan at The Wall Street Journal reports that GM and Ford
may set up caps on executive pay.  The report says that the bill
in the House of Representatives has provisions that would bar
bonuses for executives of companies receiving loans.  The report
states that the bill in the congress would demand:

    -- no bonuses to workers making more than US$200,000,
    -- no "golden parachutes" payouts to fleeing executives, and
    -- "no compensation plan that could encourage manipulation
       of reported earnings to enhance compensation."

Chrysler said in a statement that it expected any loan package to
come with conditions "including taxpayers having equity.  We do
not expect that this is a final product.  The company is open to
further discussions with Congress."

Ford Motor and GM spokespersons said their companies are reviewing
the bills released on Monday, WSJ relates.  The companies are
already taking steps that would effectively institute similar
kinds of caps, the report says, citing the spokespersons.

WSJ states that Mr. Wagoner's salary was increased by 33% to about
US$2.2 million this year -- compared to US$1.65 million in 2007 --
and equity compensation of at least US$1.68 million for his
performance in 2007, even though GM has been losing money since
2005.  According to the report, Mr. Wagoner was also awarded
75,000 restricted stock units valued at US$1.68 million, based on
GM's closing stock price in March, and given stock options
representing 500,000 shares.

WSJ reports that GM officials insist those reported figures need
context.  Mr. Wagoner took a 50% cut in his base salary pay in
2006, the report states, citing GM spokesperson Tony Cervone.
Figures cited by the company indicate that Mr. Wagoner's overall
compensation is down from 2003 when he made US$8.3 million in
compensation from salary and bonuses alone.  Mr. Cervone said that
much of Mr. Wagoner's overall compensation is also "at-risk," or
tied to the stock price of the company which has dropped.  GM,
according to the report, said that they would cut bonuses this
year.

Mr. Mulally, says WSJ, has also got "a rich pay package," while
Ford is losing money and even pulled back from a pledge to return
to profitability in 2009.  WSJ relates that Ford reported in April
2008 the Mr. Mulally received US$2 million in base salary, a US$4
million bonus and more than US$11 million of stock and options
last year.  The report says that Mr. Mulally's base salary
remained the same over 2006.  According to the report, Mr. Mulally
has earned almost US$50 million in compensation since leading
Ford.

WSJ relates that after Mr. Mulally's pay package was disclosed,
Ford said that it will pay bonuses to hourly and salaried
employees despite its losses, partly to avoid any bitterness among
the rank and file.  Ford executives said in a conference call
earlier this month that those bonuses have now been cut.  Mr.
Mulally said in "Good Morning America" that Ford has stopped merit
raises, incentives and bonuses for top management.

Less is known about Chrysler CEO Robert Nardelli's package because
the company is privately held, WSJ says.

According to WSJ, Chrysler said it will keep multimillion dollar
retention bonuses promised to executives in 2007, when it was
taken over the private equity firm, Cerberus Capital Management.
A Chrysler spokesperson said that those bonuses will be paid out
in August 2009, the report says.  They were valued at US$30
million, but have been reduced because some executives have
already left the company without being able to cash out their
bonus, the report states, citing the spokesperson.

                  About General Motors

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

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

                    *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. economy.


LEVO TRANSPORT: Creditors' Proofs of Claim Due by November 30
-------------------------------------------------------------
Creditors owed money by LLC Levo Transport are requested to file
their proofs of claim by Nov. 30, 2008, to:

         Trust Company Yildiz & Weibel Treuhand
         Gartenstrasse 22
         4052 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 10, 2007.


MABRE TECH: November 30 Set as Deadline to File Claims
------------------------------------------------------
Creditors owed money by LLC Mabre Tech are requested to file their
proofs of claim by Nov. 30, 2008, to:

         Wiesenstrasse 4
         8370 Sirnach
         Switzerland

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


MEDCONSULT NORTHWEST: Creditors Must File Claims by Dec. 3
----------------------------------------------------------
Creditors owed money by LLC Medconsult Northwest are requested to
file their proofs of claim by DL, to:

         Roland Meier
         Liquidator
         JSC Coll-Control
         Claragraben 54
         4058 Basel
         Switzerland

The company is currently undergoing liquidation in Arlesheim.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on D.


RUNGGALDIER ENGINEERING: Deadline to File Claim Set December 1
--------------------------------------------------------------
Creditors owed money by LLC Runggaldier Engineering are requested
to file their proofs of claim by Dec. 1, 2008, to:

         Maria-Theresa Campigotto
         Alte Landstrasse 44
         4657 Dulliken
         Switzerland

The company is currently undergoing liquidation in Dulliken.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 21, 2008.


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


ATLANT LIGHT: Creditors Must File Claims by November 29
-------------------------------------------------------
Creditors of LLC Atlant Light (code EDRPOU 35106647) have until
Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 5/485/08.

The Debtor can be reached at:

         LLC Atlant Light
         Gmirev Str. 14-B
         Nikolaev
         Ukraine


DELTA-NIK-INVEST LLC: Creditors Must File Claims by November 29
---------------------------------------------------------------
Creditors of LLC Delta-Nik-Invest (code EDRPOU 35472563) have
until Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 5/486/08.

The Debtor can be reached at:

         LLC Delta-Nik-Invest
         Ap. 59
         Pervomaysky Lane, 63
         Nikolaev
         Ukraine


DIPRIS LLC: Creditors Must File Claims by November 29
-----------------------------------------------------
Creditors of LLC Dipris (code EDRPOU 35472626) have until
Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 5/490/08.

The Debtor can be reached at:

         LLC Dipris
         Navarinskaya Str. 2/1
         Nikolaev
         Ukraine


FRESH RAIN: Creditors Must File Claims by November 29
-----------------------------------------------------
Creditors of LLC Fresh Rain (code EDRPOU 34472976) have until Nov.
29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 5/494/08.

The Debtor can be reached at:

         LLC Fresh Rain
         Shevchenko Str. 119-g
         Peresadovka
         Zhovtnevy
         Nikolaev
         Ukraine


GRANE HILL: Creditors Must File Claims by November 29
-----------------------------------------------------
Creditors of LLC Grane Hill (code EDRPOU 35218130) have until
Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 5/489/08.

The Debtor can be reached at:

         LLC Grane Hill
         Ap. 3
         Admiral Makarov Str. 38
         Nikolaev
         Ukraine


KONTINENT AVS: Creditors Must File Claims by November 29
--------------------------------------------------------
Creditors of LLC Kontinent AVS (code EDRPOU 35106940) have until
Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008
The case is docketed as 5/487/08.

The Debtor can be reached at:

         LLC Kontinent AVS
         Ap. 46
         Artem Str. 4
         Nikolaev
         Ukraine


MORETRANS-N LLC: Creditors Must File Claims by November 29
----------------------------------------------------------
Creditors of LLC Moretrans-N (code EDRPOU 32884499) have until
Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 5/491/08.

The Debtor can be reached at:

         LLC Moretrans-N
         Artileriyskaya Str. 19/1
         Nikolaev
         Ukraine


N. TAVROS LLC: Creditors Must File Claims by November 29
--------------------------------------------------------
Creditors of LLC N. Tavros (code EDRPOU 35403531) have until
Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 5/488/08.

The Debtor can be reached at:

         LLC N. Tavros
         Ap. 36
         Heroes of Stalingrad Avenue, 91
         Nikolaev
         Ukraine


PROMALP UKRAINE: Creditors Must File Claims by November 29
----------------------------------------------------------
Creditors of LLC Promalp Ukraine (code EDRPOU 35106191) have until
Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 5/492/08.

The Debtor can be reached at:

         LLC Promalp Ukraine
         Ap. 8
         Heroes of Stalingrad Avenue, 17
         Nikolaev
         Ukraine


ROSTCORN LLC: Creditors Must File Claims by November 29
-------------------------------------------------------
Creditors of LLC Rostcorn (code EDRPOU 35786346) have until
Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as  5/496/08,

The Debtor can be reached at:

         LLC Rostcorn
         11th. Voyennaya Str. 8
         Nikolaev
         Ukraine


SEEDS SALE-K: Creditors Must File Claims by November 29
-------------------------------------------------------
Creditors of LLC Seeds Sale-K (code EDRPOU 33084276) have until
Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 5/495/08.

The Debtor can be reached at:

         LLC Seeds Sale-K
         Kirovogradskaya Str. 19
         Nikolaev
         Ukraine


TECHNICAL INDUSTRY BTM: Creditors Must File Claims by Nov. 29
-------------------------------------------------------------
Creditors of LLC Technical Industry BTM (code EDRPOU 35673733)
have until Nov. 29, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 5/493/08.

The Debtor can be reached at:

         LLC Technical Industry BTM
         Shevchenko Str. 71
         Nikolaev
         Ukraine


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


AMBER LANGIS: Taps Joint Administrators from Smith & Williamson
---------------------------------------------------------------
Henry Anthony Shinners and Anthony Cliff Spicer of Smith &
Williamson Ltd. were appointed joint administrators of Amber
Langis Holdings Ltd. on Nov. 4, 2008.

The company can be reached at:

         Amber Langis Holdings Ltd.
         56A Church Road
         Ashford
         Middlesex
         TW15 2TS
         England


BRITTANIA BULK: Files for Chapter 15 Bankruptcy to Stem Lawsuits
----------------------------------------------------------------
Bloomberg News' Christopher Scinta reports that Britannia Bulk Plc
sought protection under Chapter 15 of the United States Code in
the Bankruptcy Court for the Southern District of New York from
its creditors seeking to take its assets.

London-based Britannia Bulk Holdings Inc. asked the Court for
authority to allow its United Kingdom bankruptcy to govern its
American creditors and stop them from filing lawsuits, Mr. Scinta
says.  According the the company's website, Mark Shaw, Malcolm
Cohen and Shay Bannon of BDO Stoy Hayward LLP were named joint
administrators of Britannia Bulk on Oct. 31, 2008.

Bloomberg quoted Mr. Shaw as saying, "Since late September 2008,
certain counterparties to Britannia's freight forwarding contracts
have filed over 14 actions against Britannia or its affiliates
seeking attachment and garnishment over the U.S. assets."

Nordea Bank Denmark A/S and Lloyd's TSB Group Plc wanted an
immediate repayment of US$158.7 million outstanding on a loan and
that it was in talks with the banks about an asset sale, Bloomberg
says.  The company defaulted on the loan when a record plunge in
shipping rates and wrong-way bets on prices and fuel costs, the
report adds.

The company listed assets between US$10 million and US$50 million,
and debt as much as US$1 billion in its filing, Bloomberg notes.

Headquartered in London, England, Brittania Bulk Plc --
http://www.britbulk.com/-- operates more than 70 ships and
barges.


BRITANNIA BULK: Voluntary Chapter 15 Case Summary
-------------------------------------------------
Chapter 15 Debtor: Britannia Bulk Plc
                  London, England

Bankruptcy Case No.: 08-14543

Type of Business: The Debtor's affairs, business and assets are
                 managed by Mark Shaw, Malcolm Cohen and Shay
                 Bannon of BDO Stoy Hayward LLP at 55 Baker
                 Street in London, as the joint administrators.
                 The firm can be reached at (020) 7486-5888.

                 See: http://www.britbulk.com/

Chapter 15 Petition Date: November 15, 2008

Court: Southern District of New York (Manhattan)

Judge: Robert E. Gerber

Debtor's Counsel: Brian W. Harvey, Esq.
                 bharvey@goodwinprocter.com
                 Goodwin Procter LLP
                 The New York Times Building
                 620 Eighth Avenue
                 New York, NY 10018
                 Tel: (212) 813-8829
                 Fax: (212) 355-3333

Estimated Assets: US$10 million to US$50 million

Estimated Debts: More than US$1 billion

The Debtor does not have any creditors who are not insiders.


DUNCARSE DEVELOPMENTS: Goes Into Administration
-----------------------------------------------
Duncarse Developments has been placed into administration,
BBC News reports.

BBC relates Duncarse, the company behind the GBP40 million luxury
housing development in Dundee, brought in administrators
PricewaterhouseCoopers after running into liquidity problems.

The company's Web site said J. Bruce Cartwright and Graham D.
Frost were acting as joint administrators of Duncarse Ltd. and
Duncarse Riverside Ltd to manage its affairs, business and
property as its agents.

Citing Mr. Cartwright, BBC discloses the company failed to secure
additional funds to support the business.

The administrators, according to BBC, are currently exploring
options for the company.  They are seeking a third party to take
over Duncarse projects in West Green Park in Liff and at Magdallen
Yard Road, BBC adds.

The administrators however indicated there was uncertainty over
whether 25 buyers who had paid deposits for homes would get their
money back as "it appears that the contracts in place are in the
form of an unsecured loan against the company", BBC notes.


EIRLES TWO: Moody's Downgrades Ratings on Seven Classes of Notes
----------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade its ratings of seven classes of notes issued by
Eirles Two Limited, four classes of notes issued by Eirles Four
Limited and twelve credit default swaps entered into by Deutsche
Bank AG referencing the TSAR_05 portfolio.  These credit-linked
notes issued by Eirles Two Limited and Eirles Four Limited are
repacks of various credit default swaps entered into by Deutsche
Bank AG, London Branch.

The portfolio contains approximately 30% RMBS and 8% ABS CDOs,
primarily of the 2004, 2005, and 2006 vintages.  Approximately 5%
of the pool is currently rated Caa1 or below with the junior most
rated tranche attaching at 0.95%.  In August 2008, approximately
3% of the pool was rated Caa1 or below.

Moody's announced on Sept. 18, 2008 that it is revising its
expected loss assumptions which are used for the surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
second half 2005 -- first half 2007 vintages. Moody's stated that
for purposes of monitoring its ratings of ABS CDOs with exposure
to second half 2005 -- first half 2007 subprime RMBS, it will rely
on certain projections of the lifetime average cumulative losses
for vintages of RMBS set forth in a recent Moody's Special Report.

Moody's explained that it will utilize the range of loss
projections set forth in the report based on deal performance and
quarterly vintage to modify its prior assumptions of the expected
loss inputs when monitoring ABS CDO ratings.

Rating actions are:

EIRLES TWO LIMITED:

1) The JPY1,000,000,000 Series 66 Floating and Variable Rate
Secured Notes

  -- Current Rating: C
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

2) The JPY2,000,000,000 Series 68 Floating and Variable Rate
Secured Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

3) The JPY3,000,000,000 Series 69 Floating and Variable Rate
Secured Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

4) The JPY6,000,000,000 Series 71 Floating and Variable Rate
Secured Notes

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

5) The JPY1,000,000,000 Series 75 Floating and Variable Rate
Secured Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

6) The EUR10,000,000 Series 110 Floating and Variable Rate Secured
Notes

  -- Current Rating: Ca
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

7) The EUR50,000,000 Series 118 Floating and Variable Rate Secured
Notes

  -- Current Rating: Ca
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

EIRLES FOUR LIMITED:

1) The US$126,000,000 Series 9 Floating Rate Secured Notes

  -- Current Rating: C
  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

2) The DKK350,000,000 Series 32 Floating and Variable Rate Secured
Notes

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

3) The EUR50,000,000 Series 60 Floating and Variable Rate Secured
Notes

  -- Current Rating: Ba3, on review for possible downgrade
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

4) The EUR5,000,000 Series 86 Floating and Variable Rate Secured
Notes

  -- Current Rating: Ca
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

Deutsche Bank AG, London Branch - TSAR_05 Swaps 2005
(Class B to E):

1) The US$15,910,000 TSAR_05 (DB) Class B Portfolio Credit Default
Swap

  -- Current Rating: Ca
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

2) The US$7,160,000 TSAR_05 (DB) Class C Portfolio Credit Default
Swap

  -- Current Rating: C
  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

DEUTSCHE BANK AG, LONDON BRANCH - TSAR_05

1) The Class A Swap with a maximum exposure of US$5,409,514,269.8

  -- Current Rating: Baa3, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

2) The Class A (3) Swap with a maximum exposure of US$31,533,999

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

3) The Class A- (1) Swap with a maximum exposure of
US$57,334,544.46

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

4) The Class A (2) Swap with a maximum exposure of
US$77,401,635.02

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

5) The Class A- (2) Swap with a maximum exposure of
US$86,001,816.69

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

6) The Class B Swap with a maximum exposure of US$114,669,088.92

  -- Current Rating: Ca
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

7) The Class B (1) Swap with a maximum exposure of
US$114,669,088.92

  -- Current Rating: Ca
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

8) The Class B (2) Swap with a maximum exposure of
US$71,668,180.58

  -- Current Rating: C
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

9) The Class C Swap with a maximum exposure of US$51,601,090.01

  -- Current Rating: C
  -- Prior Rating: Caa3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008

Deutsche Bank AG, London Branch - Tsar_05 Credit Default Swap:

1) The Class B(3) Swap with a maximum exposure of US$12,180,000

  -- Current Rating: Ca
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Date: Aug. 20, 2008


FLETCHER ELECTRICAL: Names Joint Administrators from Tenon
----------------------------------------------------------
On Nov. 4, 2008, Ian William Kings and Steven Philip Ross of Tenon
Recovery were appointed joint administrators of:

   -- Fletcher Electrical (Darlington) Ltd.,
   -- Fletcher Electrical (Building Services) Ltd.,
   -- Fletcher Electrical (Holdings) Ltd.,
   -- Fletcher Electrical (Commercial) Ltd., and
   -- Fletcher Electrical (Retail) Ltd.

The companies can be reached through Tenon Recovery:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


INEOS GROUP: Requests for Covenant Waivers from Lenders
-------------------------------------------------------
Further to the Q3 2008 trading update announced on
October 24, 2008, INEOS Group Holdings plc announces its results
for the nine and three months ended 30 September 2008 and a
request for covenant waivers from the lenders in its senior
facilities.

Key highlights:

    * Three month revenues for the quarter ended 30 September
      2008 were EUR8.5 billion (2007 EUR6.9 billion) Nine month
      revenues of EUR24.2 billion, were up 18.3% on prior year
     (2007: EUR20.5 billion).  The increase predominantly
      reflects the impact of higher oil prices during 2008.

    * EBITDA for the quarter ended September 30, 2008 was
      EUR402 million (2007: EUR504 million).  This includes:

         -- Inventory holding losses of EUR100 million as a
            result of the significant decline in oil prices
            in the quarter.

         -- Storm and flood damage from Hurricane Ike impacted
            results by EUR15 million.  A further EUR15 million
            will be reported in Q4, 2008.

    * Year to date EBITDA was EUR1.3 billion compared to EUR1.7
      billion in 2007.

      Exceptional events during the year have impacted results
      by EUR166 million, primarily the Grangemouth strike and
      Hurricane Ike.

         -- Margins have been squeezed during 2008 as rising
            feedstock (oil-based) prices outpaced the rise in
            selling prices.

         -- A weaker US$ reduces the year on year comparison of
            EBITDA by over EUR100 million.

    * A further EUR140 million of fixed cost savings have been
      delivered in the nine month period bringing total fixed
      cost savings since the acquisition of Innovene in 2005 to
      over EUR700 million.  Working capital improvements since
      the acquisition of Innovene have delivered EUR550 million
      of cash benefits.

    * Net debt at the end of the quarter was EUR7.29 billion
      resulting in net debt leverage of 4.0x EBITDA for the last
      twelve months.

    * Liquidity remains strong with EUR1.8 billion of cash and
      undrawn committed facilities available as of September 30,
      2008.

    * All businesses are now positioned to be profitable and
      cash generative at "normal" bottom-of-cycle conditions.

    * In Q4, 2008 the group has seen an unprecedented fall in
      demand due to de-stocking and plant closures by customers
      reacting to the weak macro-economic environment.  This has
      created extremely limited short-term visibility.

    * In addition, the collapse in oil prices will mean a
      significant further inventory holding loss in Q4, 2008
      expected to be around EUR560 million, assuming US$60 oil
      price at the year-end.  This would take the full year loss
      to EUR400 million.

    * As a result of the above, short term covenant waivers are
      being sought until clearer market conditions resume at end
      of Q1 2009.

    * Further near term actions being taken to optimize the
      defensive qualities of the business include:

         -- EUR200 million of further annualized cost saving
            identified and actioned.

         -- Reduction in planned capex for 2009 to
            EUR250 million from EUR600 million in 2008.

         -- Further steps to improve working capital
            performance.

    * INEOS remains profitable and cash generative.  Liquidity
      is expected to remain good as lower prices lead to a
      working capital unwind.

    * INEOS forecasts full year 2008 EBITDA in the range
      EUR1.7 billion to EUR1.8 billion before inventory holding
      losses of EUR400 million and exceptional events of EUR180
      million.

    * INEOS' lead bankers, Barclays Capital and Merrill Lynch,
      have approved the bank covenant waivers.

    * Lazard & Co., Limited is acting as financial advisor to
      INEOS.

John Reece, CFO of INEOS, said: "INEOS is a business that is
profitable and cash generative.  The actions taken to reduce the
cost base and invest in efficient plants over the past few years
mean that each individual business and the Group as a whole can
produce significant profits and cash flows even at the bottom of
the cycle.

In recent weeks, it has become clear that the entire industry is
now facing a period of unprecedented market turmoil caused by the
declining price environment and driven by general macro-economic
uncertainty.  This is resulting in severe customer
de-stocking.  While this reduces short-term visibility, we believe
that the picture will become much clearer at the end of Q1 2009.

We are therefore requesting covenant waivers from our senior banks
for the period to the end of May 2009.  At that stage we expect to
have clearer visibility, which will allow us to deliver the new
business plan.  In the meantime, we have adequate liquidity and
expect to remain cash generative.  We have already begun the
process of optimizing our cash flows by reducing fixed costs
further, curtailing capital expenditure and improving our working
capital ratios.  We expect to deliver
EUR60 million of fixed cost savings as early as Q4 this year."

Following the delivery of a strong performance in 2007 with EBITDA
of EUR2.2 billion (22% higher than in 2006), operating conditions
in the chemicals markets have deteriorated during 2008.

Despite this, revenues for the nine months ended 30 September 2008
increased by 18.3% to EUR24.2 billion reflecting the pass through
of increases in underlying feedstock prices, which are linked to
oil prices.  Volume of product sold has been steady in the first
three quarters of 2008.

EBITDA for nine months to September 30, 2008 of EUR1,297 million
is 25.7% lower than prior year, reflecting the unprecedented oil
price movements which have suppressed margins.  EBITDA for the
period has also been impacted by exceptional events of EUR166
million.  These are principally EUR100 million due to the strike
action at Grangemouth and EUR15 million storm and flood damage
from Hurricane Ike (with a further EUR15 million to be reported in
Q4, 2008).  The effect of movements in foreign exchange rates also
have a combined impact on year-on-year profits by EUR108 million.

The business had EUR1.3 billion in cash and EUR500 million of
availability under a revolving credit facility and securitization
facility, as at September 30, 2008.

Since INEOS bought the Innovene business in 2005, the Group has
grown from revenues of EUR22 billion to EUR31 billion.  It has
repaid EUR1 billion of debt and reduced working capital by EUR550
million.  It has also cut fixed costs by EUR700 million of which
EUR140 million was achieved in the nine months ended 30 September
2008.  All businesses are now well positioned to be profitable at
the bottom of the cycle and to deal with bottom-of-the-cycle
conditions.  Many of these have built market-leading positions in
a wide variety of petrochemical and specialty chemical products,
with 73% of chemicals assets situated in the first two cost
quartiles.

The rapidly changing market environment – short-term effects that
make forecasting difficult

The collapse in the oil price and the reversal in global economic
conditions have caused an unprecedented drop in feedstock and
product prices.  Asia is a leading indicator of global trends and
Asian polymer margins have collapsed in recent weeks.  Customers
are delaying orders and rapidly de-stocking which, when overlaid
with plant closures over the Christmas break, makes volume
prediction difficult.  Unit margins have held up well due to
quarterly pricing regimes but margins are expected to decline when
prices are reset in Q1 2009.

INEOS expects more normal, bottom-of-the-cycle market conditions
to be apparent by the end of Q1 2009.

Liquidity is expected to remain stable, augmented by working
capital releases as raw material input prices continue to soften.

In light of the current abnormal market conditions, INEOS has
already begun to undertake a series of further near-term
initiatives in order to improve cash flow.  Additional reductions
in fixed costs with savings of EUR60 million in Q4 2008 and annual
savings of EUR200 million by 2009 have been actioned.  Capital
expenditure, which is expected to amount to EUR600 million in
2008, will be reduced to EUR250 million in 2009.  In addition,
further measures are being taken to improve working capital
performance and a number of initiatives are being considered to
reduce indebtedness further.

                Request for Covenant Waivers

INEOS is well positioned to trade through the chemicals cycle.
However, the short-term market visibility is exceptionally low, a
situation that is likely to continue until the end of Q1 2009 for
the reasons outlined above.  INEOS is seeking consent for a waiver
of bank covenants for the next two quarters, conditional on
submission of a new business plan in April 2009.  INEOS is
proposing to pay consenting lenders a fee of 50 bps and increase
the interest margins applicable to its senior debt facilities by
100 – 125 bps.  The Group expects this waiver process to be
completed in December 2008.

                      Business Review

Refining results in the third quarter continued to benefit from a
strong demand environment, which saw the continuation of the high
average margins experienced in the second quarter.  Q3 EBITDA was
very strong as a result of the robust margins on middle
distillates such as gasoil, diesel and jet fuel and strong
volumes.  Demand for middle distillates continues to be strong
with tight supply conditions being experienced in Europe. However,
Refining's performance in 2008 was negatively impacted by the
industrial action at Grangemouth (EUR83 million EBITDA impact),
non-recurring operational issues at Lavera (EUR35 million EBITDA
impact) and by inventory holding losses as the price of crude oil
fell from its peaks in July to below US$100/bbl at the end of
September 2008.

The O&P North America segment saw a decline in performance
compared to the second quarter, partly as a result of inventory
holding losses experienced in the quarter as crude oil and product
prices fell significantly during the period.  The olefins business
continued to optimize its advantaged gas feedstock position to
maintain margins.  The segment was also impacted by storm and
flood damage from Hurricane Ike in September 2008, which led to
the closure of the Chocolate Bayou facility with a EUR30 million
EBITDA impact, part of which will be in the fourth quarter.  The
site is now fully operational again.  In the absence of this
closure O&P North America would have had a record Q3 as a result
of robust olefins margins on falling feedstock prices.

In Q1 and Q2 2008 O&P Europe experienced lower margins as
feedstock (oil-based) price rises could not be passed on quickly
in selling prices due to the quarterly pricing regime in Europe.
This margin squeeze continued in Q3 2008 due to peak oil prices,
though there was some recovery in September 2008.  Polyolefins has
encountered weaker market conditions in the third quarter, which
have impacted volumes to some degree.

Chemicals Intermediates experienced an improved performance in the
third quarter, resulting from strong demand for Oxide, Oligomers
and Phenol.  Oligomers' performance in the quarter was much
improved with strong demand across all products leading to an
improvement in margins.  Oxide and Phenol continued to deliver
strong performances with good market conditions and solid margins.
Nitriles performance was satisfactory, although impacted by early
signs of weaker demand in the Asian markets. Margins in
ChlorVinyls continued to be impacted by high UK gas prices,
although their results have improved from previous quarters as a
result of tighter demand in the caustic market.

                 Conclusion and Outlook

The chemical industry is currently experiencing a period of
unprecedented volatility and uncertainty across all end markets
and accurate forecasting is expected to remain extremely difficult
in the short term.

INEOS is well positioned for normal bottom-of-the-cycle conditions
with leading positions across all key segments and well invested
manufacturing facilities that maintain cost competitiveness versus
peers.  The business has a strong liquidity position and we are
taking all available actions to preserve cash.

After adjusting for the effect of inventory holding losses
(expected to be EUR400 million in 2008 assuming US$60 oil) and the
exceptional events of EUR180 million, underlying EBITDA is
expected to be in the range of EUR1.7 billion to EUR1.8 billion
for the year ending December 31, 2008.

                          About INEOS

Headquartered in Lyndhurst, Hampshire, INEOS Group Holdings plc --
http://www.ineos.com/-- is a global manufacturer of
petrochemicals, specialty chemicals and oil products.  It
comprises 18 businesses each with a major chemical company
heritage.  Its production network spans 70 manufacturing
facilities in 14 countries throughout the world.  It has 16,000
employees.


INEOS GROUP: Moody's Junks Ratings on 2nd Lien Facilities & Notes
-----------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Ineos Group Holdings plc to B3 from B1, the senior first lien
facilities were downgraded to B2 from Ba3, the second-lien
facilities were downgraded to Caa2 from B3 and the senior
guaranteed notes and legacy notes at Ineos Vinyls were downgraded
to Caa2 from B3.

The ratings were also placed under review for further downgrade
following the announcement made by the company on Nov. 17, 2008
that it has initiated discussions with its senior creditors to
obtain a waiver for some of its financial covenants.  Moody's
notes that following the rapid decline in oil prices, the
company's reported EBITDA is likely to be further affected by a
significant negative inventory holding adjustment, which is likely
to restrict the headroom under some of the company's financial
covenants.  As part of the review, Moody's will monitor the
outcome of the waiver discussions with the senior lenders, and
will also cover (a) the likely evolution of the credit profile of
Ineos in the medium term and (b) Ineos ability ultimately to
maintain sufficient headroom under the financial covenants and
availability of any cure measures to support the company's
compliance with covenants through a downturn in the cycle, as well
as (c) the group's liquidity position pending resolution of the
potential covenant breach with the senior lenders.

The downgrade of the ratings takes into account the company's
elevated leverage and the resulting limited financial flexibility,
exacerbated by the conditions of the current cyclical downturn and
unusually high volatility in feedstock prices.  The positioning of
the rating in the single-B rating category will need to be
supported by the demonstrated ability of the company to maintain
through a downturn in the cycle sufficient headroom under its
covenants, to be agreed with its senior lenders, while the company
is expected to remain at least FCF neutral in the medium term.

Moody's notes that the company's working capital facility is part
of the senior secured facilities and is also subject to the
financial covenants. Should the operating performance of the
company deteriorate substantially further, Moody's may review its
assumptions behind the corporate family recovery rates.

Moody's nevertheless notes that Ineos's performance in the nine
months of 2008 was influenced by a number of one-off events, such
as a strike at its Grangemouth facilities and a fire at the
ethylene pipeline in Koln, as well as the adjustment of the cost
of inventory in 3Q 3Q 2008.  The performance also reflected some
structural pressure on O&P margins in Europe that to a certain
extent began to correct during the last quarter of 2008.  While
the underlying performance is expected to remain broadly in line
with the expectation for the business in the downturn of the
cycle, the volatility in the raw material prices, as well as the
on-going de-stocking and volume reductions are likely to
substantially affect the reported EBITDA for 2008.

Moody's has previously indicated that a deterioration in the
group's cash flow debt coverage metrics are likely to put negative
pressure on the current ratings.  Moody's estimates FFO + Interest
/ Interest to likely reach below x 1.3 on 2008 LTM basis (while at
the end of 3Q 2008 the metric still remains at x2.0 times).

Looking ahead, Moody's expects the group to remain cash flow
generative through the downturn of in the cycle following
substantial reduction in the fixed costs and acknowledging some
flexibility in delaying expansionary CAPEX in the medium term.
At the end of September 2008, the company reported EUR135 million
in availability under its working capital facility and some
availability under its securitization facility, as well as EUR1.3
billion in cash balances.  Moody's is also notes that pending the
resolution of the consent request, the company's constrained
headroom under the group's financial covenants may potentially
raise liquidity concerns.

These ratings are affected by the rating action:

Ineos Group Holdings plc:

  -- Corporate Family Rating: B3

  -- EUR1,750 million and US$750 million 2016 senior
     g-teed notes -- Caa2/LGD 5 (89);

Ineos Holding Limited

  -- EUR4,310 million and US$1,930 million first-lien senior
     g-teed bank facilities -- B2/ LGD 3 (34);

  -- EUR650 million second lien senior loans -- Caa2/LGD 5 (79);
     Ineos Vinyls Finance plc

  -- EUR160 million senior g-teed notes -- Caa2/LGD 6 (96).

Ineos Group Holdings plc is a diversified and integrated chemicals
group headquartered in Southampton, the United Kingdom.  Ineos
reported 2007 Revenues of EUR27.5 billion and EBIT of
EUR1.2 billion.


INEOS GROUP: S&P Downgrades Corporate Credit Rating to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit ratings to 'B-' from 'B+' on United Kingdom-based Ineos,
which includes Ineos Group Holdings PLC, Ineos Holdings Ltd.,
Ineos Vinyls Finance PLC, and Ineos Vinyls Ltd.  S&P also lowered
the issue ratings:

  -- To 'B' from'BB-' on the senior secured facilities issued by
     Ineos Holdings Ltd. The recovery rating on these facilities
     remains at '2', indicating S&P's expectation of substantial
      (70%-90%) recovery for senior secured lenders in the event
     of a payment default.

  -- To 'CCC' from 'B-' on Ineos Holding Ltd.'s second-lien bank
     loan.  The '6' recovery rating on this loan remains
     unchanged, indicating S&P's expectation of negligible (0%-
     10%) recovery for second-lien secured lenders in the event of
     a payment default.

  -- To 'CCC' from 'B-' on subordinated notes issued by Ineos
     Group Holdings PLC. The recovery rating on these notes
     remains at '6', indicating S&P's expectation negligible (0%-
     10%) recovery for noteholders in the event of a payment
     default.

  -- To 'CCC' from 'B-' on senior unsecured notes issued by Ineos
     Vinyls Finance PLC.  The recovery rating remains at '6',
     indicating S&P's expectation negligible (0%-10%) recovery for
     noteholders in the event of a payment default.

At the same time, S&P placed all the ratings on CreditWatch with
negative implications.

Ineos produces various commodity chemicals, operates two
refineries, and recorded total sales of about EUR27 billion in
2007.

"The rating action reflects the risks linked with the group's
ongoing waiver consent solicitation offer tied to its senior debt,
to be closed on Dec. 9, 2008, and Ineos' weak and uncertain
prospects for 2009 and 2010," said Standard & Poor's credit
analyst Lucas Sevenin.  "We expect cyclical pressures in the
industry and reduced demand for the group's products as economies
weaken."

On Nov. 17, Ineos asked its senior debt holders to waive all its
year-end 2008 covenants, and two of its three first-quarter 2009
covenants, given the group's expectation for meager fourth-quarter
2008 EBITDA following anticipated substantial inventory holding
losses tied to rapidly falling oil prices and thin visibility.  As
part of the solicitation process, Ineos is offering lenders higher
credit spreads of about 100 basis points, but S&P is concerned
that the effective increase could be ultimately much higher.

Standard & Poor's anticipates that Ineos' credit metrics will
weaken in the last quarter of 2008, 2009, and 2010 following S&P's
expectations:

  -- The petrochemical industry will likely face a downturn from
     2009, as material and much cheaper capacities come on stream,
     particularly in the Middle East.

  -- Refining margins stand to narrow against the record posted in
     third-quarter 2008, even though middle distillates, which
     make up about 50% of Ineos' refining segment output, should
     continue to enjoy better dynamics than other refined
     products.

  -- Demand for Ineos' products--sold chiefly in Europe and North
     America--is set to slacken given the current weakening
     economic trends.

  -- Customers are likely to destock substantially in fourth-
     quarter 2008, which stands to hit volumes hard.

"We expect to resolve the CreditWatch following the announced
results of the Dec. 9, 2008, consent solicitation," said Mr.
Sevenin.

The current rating assumes the group will be able to work out its
covenants in fourth-quarter 2008 and first-quarter 2009.


INSULATION SERVICES: Appoints Joint Liquidators from PKF
--------------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP, were appointed
joint liquidators of Insulation Services (UK) Ltd. on Nov. 5,
2008.

The company can be reached through PKF (UK)LLP at:

         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


LEHMAN BROTHERS: Remaining 1,000 UK Staff to Receive Bonuses
------------------------------------------------------------
BBC News reports that the remaining staff of Lehman Brothers in
the UK will get annual bonuses despite the bank being in
administration.

BBC relates Lehman's administrators retained over 1,000 employees
as they try to unwind the bank's complex financial positions.

Tony Lomas, the head administrator, confirmed the employees will
be paid a bonus roughly similar to the amount received last year,
BBC discloses.

"In order to keep these people, we need to offer them broadly what
they've been paid in the past," Mr. Lomas was quoted by BBC as
saying.  "So there will be significant pay packages, but that's
the price of hiring that sort of resource."

Citing PricewaterhouseCoopers, Philip Aldrick at the Daily
Telegraph reveals the monthly wage bill for Lehman's remaining
1,100 bankers excluding planned "small retention bonuses" is GBP8
million–GBP2 million a week, while Lehman's administrators are
being paid GBP4 million a week.

PwC has around 300 employees working on the Lehman administration,
the Daily Telegraph notes.

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

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

The Sept. 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

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

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

Barclays Bank Plc agreed to acquire Lehman Brothers' North
American investment banking and capital markets operations and
supporting infrastructure for US$1.75 billion.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units of Lehman Brothers Holdings, Inc., which has filed for
bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

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

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


NICKAY LTD. Taps Joint Administrators from PKF
----------------------------------------------
Charles William Anthony Escott and Willie Duncan of PKF (UK) LLP
were appointed joint administrators of Nickay Ltd. on Oct. 30,
2008.

The company can be reached through PKF (UK) LLP at:

         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England


UNITED TRAILERS: Name Joint Administrators from Grant Thornton
--------------------------------------------------------------
Ian Carr and John Whitfield of Grant Thornton UK LLP, were
appointed joint administrators of United Trailers (UK) Ltd. on
Nov. 3, 2008.

The company can be reached through Grant Thornton UK LLP at:

         Byron House
         Cambridge Business Park
         England

The company manufactures trailers.


* LEHMAN BROTHERS: Asks Court to Approve Deal With European Units
-----------------------------------------------------------------
Bankruptcy Law360 reports that Lehman Brothers Holdings Inc. has
asked the U.S. Bankruptcy Court for the Southern District of New
York to approve a deal that should allow the Debtor to unwind a
book of business in Europe.  The report says the business consists
of more than 1 million trading positions and billions of dollars
worth of receivables.

Bankruptcy Law360 also reports that San Mateo County in California
has filed a lawsuit against Lehman Brothers' top brass for
allegedly lying about the investment bank's financial health.
According to the report, this led to a US$150 million loss for the
county after Lehman's collapse.

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

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

The Sept. 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

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

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

Barclays Bank Plc agreed to acquire Lehman Brothers' North
American investment banking and capital markets operations and
supporting infrastructure for US$1.75 billion.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units of Lehman Brothers Holdings, Inc., which has filed for
bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

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

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


* Fitch Says European RMBS Asset Performance Continues to Decline
-----------------------------------------------------------------
Fitch Ratings says that asset performance continues to decline
across European RMBS (residential mortgage-backed securities).
Increasing arrears trends continue to be most notable in recent
Spanish and UK RMBS transactions.  However, the deterioration in
performance is also evident in other jurisdictions, such as
Portugal.

"Increasing arrears levels, in themselves, will not lead to a
rating downgrade.  However, with deteriorating housing markets and
the prospect of higher losses on defaulted loans, the outlook for
ratings is negative," says Peter Dossett, Associate Director in
Fitch's European Structured Finance Group.

A total of 283 tranches of European RMBS now either have a
Negative Outlook or are on Rating Watch Negative.  This compares
to 153 tranches at the end of Q208.

This is one of the highlights underscored in Fitch's latest pan-
European RMBS quarterly performance update, which brings together
arrears and payment rate performance data from each of the main
European RMBS countries and provides commentary on the agency's
rating actions from the last quarter.

With two pages dedicated to each major jurisdiction, the report
focuses on some of the main drivers of changes in arrears and
principal payment rates, and provides an overview of recent rating
actions, current ratings and the outstanding issuance of each
country.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Nov. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Housing & Long Term Care
         Washington Athletic Club,Seattle, Washington
            Contact: www.turnaround.org

Nov. 27, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Chris Kaup
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         Terminal City Club, Vancouver, British Columbia
            Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

Dec. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Gathering
         TBD, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         Washington Athletic Club, Seattle, Washington
            Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Casurina, Grand Cayman Island, AL
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Valcon
         Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Beverly Wilshire, Beverly Hills, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
   NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
      NABT Spring Seminar
         The Peabody, Orlando, Florida
            Contact: http://www.nabt.com/

Apr. 20, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         John Adams Courthouse, Boston, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

Apr. 28-30, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

May 14-16, 2009
   ALI-ABA
      Chapter 11 Business Reorganizations
         Langham Hotel, Boston, Massachusetts
            Contact: http://www.ali-aba.org

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Brewster, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay, Cambridge, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Dec. 2-4, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China's New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today's Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                            *********

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 * * *