TCREUR_Public/081121.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

          Friday, November 21, 2008, Vol. 9, No. 232

                            Headlines

A U S T R I A

F 33 LLC: Claims Registration Period Ends December 3
FIRST SOLUTION: Claims Registration Period Ends December 2
MIKROPOL LLC: Claims Registration Period Ends December 1
REVE LLC: Claims Registration Period Ends December 5
SHKUMBIM LLC: Claims Registration Period Ends December 2


C R O A T I A

* Moody's Keeps 'Ba1' Bank Deposits Rating; Outlook is Stable


D E N M A R K

STERLING AIRLINES: Liquidators Give Up on Sale Attempts


G E R M A N Y

BIOFUEL ENERGY: Creditors Meeting Slated for December 5
BOT LOGISTIC: Claims Registration Period Ends Jan. 13, 2009
GENERAL MOTORS: SolarWorld Mulls EUR1 Bil. Offer for German Unit
HEIDELBERGCEMENT: Moody's Places Ratings on Review for Likely Cut
KS LOGISTIK: Claims Registration Period Ends December 1

PLUS PERSONAL: Claims Registration Period Ends December 7
WEGAS GMBH: Claims Registration Period Ends December 12
WITT GMBH: Claims Registration Period Ends December 10


I C E L A N D

LANDSBANKI: Ex-Chair Says Assets Enough to Cover Icesave Savers

* Icelandic Banks' Low Recovery Prospects Cue Fitch's Junk Ratings


I R E L A N D

PRESBYTERIAN MUTUAL: High Investor Withdrawals Spur Administration
TAGGART ESTATES: Placed Into Administration


I T A L Y

ALITALIA SPA: Sale to Push Through, Offer Raised to EUR1.052 Bil.
SESTANTE FINANCE: S&P Cuts Rating on Series 4 Class C2 Notes to BB

* Moody's Says Delinquencies in Italian Leasing ABS Market Up 4%
* ITALY: Economy in Recession; GDP Falls 0.5% in Third Quarter


K A Z A K H S T A N

ADIKA REM: Creditors Must File Proofs of Claim by January 2
ASFALTOBETON LLP: Creditors' Claims Deadline Slated for Dec. 30
EDINY REGISTRATOR: Creditors' Claims Filing Period Ends Jan. 2
ENERGO HIM: Creditors Must Register Claims by January 2
KAZAKHGOLD GROUP: Polyus Gold Gets Consent to Acquire 50.1% Stake

KORGAU LLP: Creditors' Claims Due on January 2
KUANYSH COMPANY: Creditors Must File Proofs of Claim by Jan. 2
MAGNUS LLP: Creditors' Claims Deadline Slated for January 2
ZAPAD STROY: Creditors' Claims Filing Period Ends December 30


K Y R G Y Z S T A N

EUROPLAST PLUS: Creditors Must File Claims by December 17
INVEST TRADE: Creditors Must File Claims by December 17
SOODA IMPEX: Creditors Must File Claims by December 17


N E T H E R L A N D S

CREDIT SUISSE: Moody's Junks Rating on US$10 Mil. Ashworth Notes
ICESAVE: Over 1000,000 Dutch Depositors File Claim with DNB

* NETHERLANDS: Tightens Rules for Local Government Saving


R U S S I A

AOEIE IRKUTSKENERGO: Moody's Cuts Corporate Family Rating to 'B2'
ELECTRO-TECHNICAL OJSC: Creditors Must File Claims by Dec. 14
BUILD INDUSTRY: Moscow Bankruptcy Hearing Set March 11
GAZ-MET-EXPORT-KUBAN LLC: Creditor Must File Claims by Jan. 14
KODINSK-LES LLC: Creditors Must File Claims by January 14

KOM-LES-PROM CJSC: Creditors Must File Claims by January 14
LESNAYA COMPANY LLC: Creditor Must File Claims by December 14
PREMYER CJSC: Creditors Must File Claims by January 14
RUSSIAN STANDARD: S&P Cuts LT Counterparty Credit Rating to 'B+'
SED-KONTAKT LLC: Creditors Must File Claims by January 14

TOMSKIY ELECTRIC-BULB: Tomskaya Bankruptcy Hearing Set Dec. 8
VYAZNIKOVSKAYA FUEL:Creditors Must File Claims by January 14


S P A I N

MBS BANCAJA: Fitch Affirms Junks Ratings on Three Classes of Notes
SANTANDER CONSUMER: Moody's Junks Rating on Class E Notes

* SPAIN: To Slip Into Recession in the Fourth Quarter


S W I T Z E R L A N D

EXCEL JSC: Creditors Must File Proofs of Claim by December 7
GENERAL MOTORS: CEO Wagoner Says Bankruptcy Would Be Catastrophic
MAVIS JSC: Deadline to File Proofs of Claim Set December 7
MEDEVICE CRITICAL: Creditors Have Until Dec. 5 to File Claims
MINEX JSC: Proofs of Claim Filing Deadline is December 6

NANTUA BETEILIGUNG: Creditors' Proofs of Claim Due by December 7
OPPIDUM JSC: December 6 Set as Deadline to File Claims

* Ford & GM CEOs Won't Accept US$1 Salary in Exchange for Govt Aid


T U R K E Y

TURKCELL ILETISIM: S&P Upgrades Corporate Credit Rating to 'BB+'

* Fitch Says Turkish Banks Face Challenging Near-Term Outlook


U K R A I N E

CENTER SUPERPRINT: Creditors Must File Claims by November 30
DNIEPRO-CHEMICAL-BUILDING: Creditors Must File Claims by Nov. 30
GOODS 2006: Creditors Must File Claims by November 29
OPT TRADE: Creditors Must File Claims by November 30
RKM-GROUP LLC: Creditors Must File Claims by November 30

SPORTTECHNOFINANCE LLC: Creditors Must File Claims by Nov. 29
UNION APEKS: Creditors Must File Claims by November 29


U N I T E D   K I N G D O M

BARCLAYS BANK: Moody's Junks Ratings on Three Default Swaps
BARCLAYS PLC: GBP500 Mil. Reserve Capital Instruments Fully Sold
BRITISH LAND: Second Quarter Net Loss Widens to GBP747 Million
CURZON FUNDING: Moody's Junks Ratings on Four Note Classes
ESL SERVICES: Appoints Joint Administrators from Grant Thornton

FERRY & PORT: Appoints Joint Liquidators from Ernst & Young
FINE CHINA: Names Joint Administrators from PwC
ICESAVE: FSCS Pays Out GBP0.5 Billion to Icesave Customers
I J WEIR ESTATES: Taps Joint Administrators from PwC
JACKSONS CARS: Goes Into Administration; Deloitte Appointed

KINGLY SQUARE: Moody's Downgrades Rating on Class A Notes to 'B2'
LADBROKES PLC: Group Profit Up 10% in 4-Mos Ended October 31
TAYLOR WIMPEY: Oaktree Capital and Apax Partners Eye Bid
TAYLOR WIMPEY: Fitch Junks Ratings on Heightened Default Risk
TIPOGRAFIC PRINT: Names Joint Liquidators from BDO Stoy

XELO IV: Moody's Cuts Rating on EUR5 Million Secured Notes to Ba1

* Moody's Reports Rise in UK House Repossessions in Third Quarter
* SMMT Calls for Government Action to Support UK Auto Sector
* Moody's Says EMEA CMBS Performance Stable in Third Quarter 2008

* BOOK REVIEW: The First Junk Bond: A Story of Corporate


                         *********


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


F 33 LLC: Claims Registration Period Ends December 3
----------------------------------------------------
Creditors owed money by LLC F 33 (FN 281361t) have until
Dec. 3, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Wien
         Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@ksw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Dec. 17, 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. 21, 2008, (Bankr. Case No. 4 S 152/08t).


FIRST SOLUTION: Claims Registration Period Ends December 2
----------------------------------------------------------
Creditors owed money by LLC First Solution (FN 286959z) have until
Dec. 2, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Robert Gschwandtner
         Tuchlauben 8
         1010 Wien
         Austria
         Tel: 513 29 79
         Fax: 513 29 79-25
         E-mail: pullezgschwandtner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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. 21, 2008, (Bankr. Case No. 4 S 153/08i).


MIKROPOL LLC: Claims Registration Period Ends December 1
--------------------------------------------------------
Creditors owed money by LLC Mikropol (FN 191616p) have until
Dec. 1, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Wien
         Austria
         Tel: 533 19 39 Serie
         Fax: 533 19 39-39
         E-mail: helmut.platzgummer@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on Dec. 15, 2008, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 22, 2008, (Bankr. Case No. 3 S 127/08h).


REVE LLC: Claims Registration Period Ends December 5
----------------------------------------------------
Creditors owed money by LLC Reve (FN 308613v) have until
Dec. 5, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Helmut Nestler
         Abstallerstrasse 41
         8052 Graz - Wetzelsdorf
         Austria
         Tel: 0664/8334509
         Fax: 0316/285624/4
         E-mail: nestler.h@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Dec. 18, 2008, for the
examination of claims at:

         Graz Land Court
         Room 230
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Oct. 21, 2008, (Bankr. Case No. 25 S 88/08s).


SHKUMBIM LLC: Claims Registration Period Ends December 2
--------------------------------------------------------
Creditors owed money by LLC Shkumbim (FN 82589f) have until
Dec. 2, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Wien
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on Dec. 16, 2008, for the
examination of claims at:

         Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 20, 2008, (Bankr. Case No. 6 S 122/08w).


=============
C R O A T I A
=============


* Moody's Keeps 'Ba1' Bank Deposits Rating; Outlook is Stable
-------------------------------------------------------------
Moody's Investors Service changed the outlook on Croatia's Baa3
foreign currency government bond rating to stable from positive.
The agency also lowered the government's local currency bond
rating to Baa2 from Baa1, with a stable outlook.

Croatia's foreign currency country ceilings -- A1 for bonds and
Ba1 for bank deposits -- were affirmed, but the outlook was
changed to stable from positive.

"Although Croatia has been among the countries able to withstand
the impact of the global credit crisis so far, its relatively
large external debt and financial euro-ization potentially make
the economy more vulnerable," said Moody's lead analyst for
Croatia, Joan Feldbaum-Vidra.

Croatia was identified in a recent Moody's special comment,
"Rating Sovereigns During a Global "Sudden Stop" in International
Funding," as being among those countries whose ratings were
somewhat more exposed to the currently adverse credit conditions.
Ms. Feldbaum-Vidra said that a stable rating outlook therefore
better reflects the likely trend in Croatia's foreign currency
ratings in the next 12-18 months than does a positive outlook.
She said Croatia's local currency rating was moved down a notch to
Baa2.  In Moody's opinion, the incremental fiscal pressures being
exerted by the slowdown in domestic and global growth as well as
the external vulnerabilities of the government's balance sheet
suggest the gap between the local currency and foreign currency
government ratings should be narrowed.

Ms. Feldbaum-Vidra emphasized that Croatia is an EU candidate
country that is likely to complete its membership negotiations by
the end of the decade.  All things equal, EU membership prospects
will bolster Croatia's economic and political modernization and
the maturation of its institutions.

"In turn, these reforms should enhance Croatia's prosperity and
credit quality over the medium term," said the analyst.

Moody's also moved Croatia's local currency deposit ceiling to A1
from Aa1, narrowing the gap with the government's local currency
bond rating.  The LCDC represents the highest rating that a local
currency bank deposit in a systemically important bank can obtain.


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


STERLING AIRLINES: Liquidators Give Up on Sale Attempts
-------------------------------------------------------
The Earth Times reports liquidators of Sterling Airlines A/S have
given up attempts to sell off the bankrupt low-cost carrier as a
single entity after the Danish Federation of Salaried Employees in
Service Trades decided to withdrew from talks on Monday.

The report notes a sticking point appeared to be demands to
renegotiate terms for pilots and other crew members, which the
union said would have posed a threat to the "Danish model".

The liquidators, the report says, had aimed to save 430 jobs, a
third of Sterling's staff of some 1,100 employees.

According to the report, the liquidators are now looking for new
buyers.

As reported in the TCR-Europe, Sterling Airlines filed for
bankruptcy on Oct. 29, 2008.

                         Background

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

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

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

                 Oil and Financial Crisis

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

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

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

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


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


BIOFUEL ENERGY: Creditors Meeting Slated for December 5
-------------------------------------------------------
The court-appointed insolvency manager for Biofuel Energy GmbH,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:00 a.m. on
Dec. 5, 2008.

The meeting of creditors and other interested parties will be held
at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Jan. 30, 2009, at the same venue.

Creditors have until Dec. 3, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Uwe Kuhmann
         Schuesselkorb 3
         28195 Bremen
         Germany
         Tel: 0421/33061-0
         Fax: 0421/33061-10

The District Court opened bankruptcy proceedings on
Nov. 4, 2008. Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Biofuel Energy GmbH
         Nienburger Strasse 4
         27283 Verden
         Germany

         Attn: Jobst von Arenstorff
         Hauptstrasse 22
         27324 Hassel/Weser
         Germany


BOT LOGISTIC: Claims Registration Period Ends Jan. 13, 2009
-----------------------------------------------------------
Creditors of BOT Logistic GmbH have until Jan. 13, 2009, 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. 20, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bersenbrueck
         Meeting Hall 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck
         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:

         Klaus Niemeyer
         Schillerstrasse 20
         D 49074 Osnabrueck
         Germany
         Tel: 0541/338500
         Fax: 0541/3385050

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

The Debtor can be reached at:

         BOT Logistic GmbH
         Schleptruper Strasse 26
         49565 Bramsche
         Germany

         Attn: Kathrin Sepp, Manager
         Friedrichstr. 44
         49565 Bramsche
         Germany


GENERAL MOTORS: SolarWorld Mulls EUR1 Bil. Offer for German Unit
----------------------------------------------------------------
SolarWorld AG is planning to submit an offer to the US car maker
General Motors Corp. (GM) to take over the four German factories
and the Ruesselsheim development center of Adam Opel GmbH, the
company said in a statement.

SolarWorld said it can make available cash funds amounting to
EUR250 million and bank credit lines worth EUR750 million under
the proviso that the federal government provides a guarantee.  A
core prerequisite for the submission of the offer is the complete
separation of Opel from the GM Group and a compensation payment of
EUR40,000 per German job (totaling EUR1 billion).

The SolarWorld Group which has so far been exclusively involved in
solar power technology intends to develop Opel into the first
'green' European automotive group.  The group has already been
working for some years on the development and testing of electric
drive vehicles that are propelled by solar energy.

"Sustainability is a comprehensive concept.  The challenges of
climate protection and of the market can only be met if we move on
from automotive to solar-motive concepts," said SolarWorld
Chairman and CEO Frank H. Asbeck.

                    General Motors Comments

Sharon Terlep of Dow Jones Newswires reports that in response to
SolarWorld's announcement, General Motors said the unit is not for
sale.

"This is pure speculation," Karin Kirchner, a GM spokeswoman at
the company's European headquarters in Zurich, said in an e-mail
cited by Dow Jones.

"Opel is not for sale," Ms. Kirchner said, but declined to
specifically discuss SolarWorld's offer.

                  EUR1 Bil. Lifeline for Opel

As reported in the Troubled Company Reporter-Europe on Nov. 18,
2008, according to newspaper Deutsche Welle, after a Nov. 17
meeting with leaders of Adam Opel, German Chancellor Angela Merkel
said the automaker's request for a EUR1 billion aid from the
German government is "not yet determined."  However, Deutsche
Welle said further talks on the issue has been planned and a
decision is expected by Christmas.

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

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

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

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

                       About SolarWorld AG

Headquartered in Bonn, Germany, SolarWorld AG (FRA:SWV) --
http://www.solarworld.de/-- operates in the photovoltaic sector.
The Company divides its operation into six business segments.
Research and Development includes activities for the technology,
process and product development.  The Raw Materials segment offers
production and processing of solar silicon.  The Wafers segment
produces crystalline solar wafers.  The Solar Cells segment
produces silicon-based solar cells for use in solar power modules.
The Modules segment offers hook-up of solar cells, placement of
connection socket and framing for use in power generation.  The
Trading segment is engaged in the international distribution of
SolarWorld modules and complete systems.  The Company’s
subsidiaries include SolarWorld Innovations GmbH, Sunicon AG,
Deutsche Solar AG, Deutsche Cell GmbH and Solar Factory GmbH,
among others.

                         About Adam Opel

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

                      About General Motors

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

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

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 $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.


HEIDELBERGCEMENT: Moody's Places Ratings on Review for Likely Cut
-----------------------------------------------------------------
Moody's Investors Service has put HeidelbergCement's corporate
family and senior unsecured bond ratings under review for possible
downgrade.

The rating action was prompted by news that HeidelbergCement's
majority shareholder may have come under increasing pressure by
its banks with regard to his own financing arrangements.  Though
Moody's acknowledges that the funding of the Merckle group and
HeidelbergCement are arranged separately without direct
interaction or link, the indebtedness of the former has always
been factored as an overhang on HeidelbergCement own standing.

The rating review therefore reflects concerns about the potential
increasing pressure brought by the level of indebtedness and
contingent financial obligation of the majority shareholder which
could indirectly constrain the financial flexibility of the issuer
by either limiting the ability of the Merckle group to contribute
to the development of HC by contributing equity as in the past or
potentially increase the need to upstream funds to service the
debt of the majority shareholder.  It is Moody's understanding,
however, that there is limited ability at this time for
HeidelbergCement to support the Merckle family, except for paying
out dividends, and that minority shareholder protection enshrined
in German Law remains applicable to the situation of
HeidelbergCement.

The review will focus on any possible impact a potential
restructuring of the Merckle group will have on the flexibility
and strategy of HeidelbergCement, on the future ability of the
shareholder to contribute to the shoring up of the capital
structure of HeidelbergCement, as well as on the likelihood that
the banking group will remain supportive notably by providing more
headroom under the covenants of its loan agreements.

On Review for Possible Downgrade:

Issuer: Hanson Australia Funding Limited

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba1

Issuer: Hanson Building Materials Limited

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba1

Issuer: Hanson Limited

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba1

Issuer: HeidelbergCement AG

  -- Issuer Rating, Placed on Review for Possible Downgrade,
     currently Ba1

  -- Probability of Default Rating, Placed on Review for Possible
     Downgrade, currently Ba1

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently Ba1

  -- Senior Unsecured Medium-Term Note Program, Placed on Review
     for Possible Downgrade, currently Ba1

Issuer: Heidelbergcement Finance B.V.

  -- Senior Unsecured Medium-Term Note Program, Placed on Review
     for Possible Downgrade, currently Ba1

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba1

Outlook Actions:

Issuer: Hanson Australia Funding Limited

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Hanson Building Materials Limited

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Hanson Limited

  -- Outlook, Changed To Rating Under Review From Negative


Issuer: HeidelbergCement AG

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Heidelbergcement Finance B.V.

  -- Outlook, Changed To Rating Under Review From Negative

HeidelbergCement AG is the world's third-largest cement producer.
HC generated sales of EUR12.9 billion per last 12 months (June
2008).  With the acquisition of UK building materials producer
Hanson plc in mid-2007, HC is now the world's largest producer of
aggregates with an annual output in 2007 of 334 mt, and the
second-largest producer of ready-mixed concrete with an output of
46 million cubic meters, behind Cemex.


KS LOGISTIK: Claims Registration Period Ends December 1
-------------------------------------------------------
Creditors of KS Logistik GmbH have until Dec. 1, 2008, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.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 Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         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. Winfrid Andres
         Stefanstrasse 2
         44135 Dortmund
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 4, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         KS Logistik GmbH
         Attn: Karsten Schwub, Manager
         Dieselstr. 7
         59174 Kamen
         Germany


PLUS PERSONAL: Claims Registration Period Ends December 7
---------------------------------------------------------
Creditors of PLUS Personal Leasing und Service GmbH have until
Dec. 7, 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. 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Gerhard Fichter
         Uhlandstrasse 4
         74072 Heilbronn
         Germany
         Tel: 07131/888666
         Fax: 07131/888667

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

The Debtor can be reached at:

         PLUS Personal Leasing und Service GmbH
         Allee 64
         74072 Heilbronn
         Germany

         Attn: Wolfgang Hamann, Manager
         Sachsenackerstrasse 17
         74078 Heilbronn
         Germany


WEGAS GMBH: Claims Registration Period Ends December 12
-------------------------------------------------------
Creditors of WeGas 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. 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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. Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 12, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         WeGas GmbH
         Attn: Matthias Wedner, Manager
         Am Wallgraben 44
         40625 Duesseldorf
         Germany


WITT GMBH: Claims Registration Period Ends December 10
------------------------------------------------------
Creditors of Witt GmbH have until Dec. 10, 2008, to register their
claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         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:

         Frank M. Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421 / 34 85 20
         Fax: 0421/ 34 10 78

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

The Debtor can be reached at:

         Witt GmbH
         Attn: Uwe Witt, Manager
         Mindener Landstrasse 20
         31629 Estorf
         Germany


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


LANDSBANKI: Ex-Chair Says Assets Enough to Cover Icesave Savers
---------------------------------------------------------------
Iceland Review reports that Bjorgolfur Gudmundsson, former
majority owner and chairman of Landsbanki, stated in an interview
on news magazine Kastljos Thursday last week that the bank's
assets will suffice to compensate Icesave account holders.

Iceland Review relates Mr. Gudmundsson noted that while the value
of Landsbanki's assets have decreased by 50% percent since then,
assets of the bank at September 30 were worth twice the amounts
deposited in Icesave.

Citing Frettabladid, Iceland Review discloses a rough estimate of
the value of Landsbanki's assets is ISK900 to 1,200 billion
(US$6.6 to US$8.7 billion, EUR5.2 to EUR7.0 billion), while
total claims to the bank's bankruptcy estate amount to
ISK2,500 billion (US$18.2 billion, EUR14.5 billion) of which
deposits amount to ISK1,200 billion.

Iceland Review adds Frettabladid said part of the old Landsbanki's
assets are tied up in debentures, which the new state-run
Landsbanki issued to the old one, worth ISK600 billion (US$4.4
billion, EUR3.5 billion).  The value of the assets, according to
Frettabladid, is almost exactly the amount needed to cover the
deposit insurance of the Icesave accounts, Iceland Review reveals.

Morgunbladid quoted Mr. Gudmundsson as saying it was a
misunderstanding that Landsbanki's debts in relation to Icesave
would end up as the Icelandic nation's responsibility.  He claimed
the Icesave dispute between Icelandic, British and Dutch
authorities originated in Iceland's emergency legislation, Iceland
Review recounts.

                        About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is-- is engaged in the provision of retail,
corporate an investment banking services.  The Bank's product
range includes financial products and services, such as specialty
insurance and real estate financing, for both corporate and
private clients.  It is also operational through a number of
subsidiaries, including Heritable Bank Ltd, operating consultancy
and financing services for residential development; Landsbanki
Holdings Europe SA, a Luxembourg-based holding company providing
banking services; Landsbanki Guernsey Ltd, offering retail
banking; Landsbanki Securities (UK) Holdings plc, engaged in the
provision of stockbrokers and financial services; Landsvaki hf, an
operation company for mutual funds; Verdbrefun hf, a
securitization company; Landsbankinn eignarhaldsfelag hf, a real
estate company, and others.

                           *    *    *

As reported in the TCR-Europe on Oct. 10, 2008, Moody's Investors
Service downgraded the bank financial strength rating (BFSR) of
Landsbanki Islands hf to E from C-, its long-term deposit ratings
to Caa1 from A2 and its senior unsecured ratings to Caa2 from A2.
Consequently, the bank's Prime-1 short-term rating was downgraded
to Not-Prime.  In addition, the bank's subordinated, junior
subordinated and preferred stock ratings were downgraded to C.
The outlook on all ratings is developing.

At the same time, Fitch Ratings downgraded the Long-term
Issuer Default ratings of Glitnir Banki hf. and Landsbanki Islands
to 'B' from 'BBB-' and 'BBB' respectively, and that of Straumur
Burduras Investment Bank to 'BB-' from 'BB+'.  The ratings of
Kaupthing Bank hf. are under review.

This rating action follows the announcement of legislative
measures providing for broad authority to Icelandic authorities to
intervene in the Icelandic financial system and the statement that
Landsbanki has been placed in receivership, and reflects Fitch's
view that both the ability and propensity of the Icelandic
authorities to support the Icelandic banking system are becoming
increasingly compromised.  The support rating floor for the major
Icelandic banks is now 'B'.

Both Glitnir, following the acquisition by the Icelandic
authorities last month of a 75% stake, and Landsbanki, which was
placed in receivership, are now at their support rating floor.
Glitnir's Individual rating of 'F' is affirmed and Landsbanki's
Individual rating has been downgraded to 'F' from 'C' to reflect
the receivership arrangement.


* Icelandic Banks' Low Recovery Prospects Cue Fitch's Junk Ratings
------------------------------------------------------------------
Fitch Ratings has downgraded the ratings of ten classes of notes,
from ten synthetic investment-grade corporate CDO transactions,
based on the very low recovery prospects of three Icelandic banks
recently subject to a Bankruptcy Credit Event, namely, Landsbanki
Islands, Kaupthing Bank hf. and Glitnir Banki hf.  The recent ISDA
CDS Protocol credit event auction results of the senior
obligations of the three banks were in the range of 1.25% to
6.625%, while the subordinated obligations were in the range of
0.125% to 2.375%.

All downgraded transactions referenced at least one of the three
aforementioned Icelandic banks senior obligations, five
transactions referenced two of them and four transactions
referenced all three.  Based on the CDS auction results mentioned
above, although they do not bind the transaction parties, it is
likely that the final valuations of their senior obligations
determined by the calculation agent for each transaction will be
very low.  Consequently, the credit enhancement levels of each
transaction are expected to either reduce further to negligible
levels that can only further withstand the default of one to two
assets in the CCC range or B range before noteholders are
impaired, or to a negative level that will result in losses to the
noteholders.  On average these transactions currently have around
4% of the portfolio in the B rating category and 2% in the 'CCC'
or below rating categories.

The rating actions on the ten CDO transactions are:

  -- Castle Finance III Limited Series 1 US$76 million due 2012:
     downgraded to 'C' from 'CC';

  -- Castle Finance III Limited Series 2 US$54.75 million
     due 2012: downgraded to 'C' from 'CC';

  -- Corsair (Jersey) Limited Series 304 US$10 million due 2012:
     downgraded to 'C' from 'CCC';

  -- Corsair (Jersey) Limited Series 324 JPY3,000 million
     due 2012: downgraded to 'CCC' from 'B'; removed from Negative
     Outlook;

  -- Corsair (Jersey) Limited Series 328 JPY4,000 million
     due 2014: downgraded to CCC from B; removed from Negative
     Outlook;

  -- Corsair (Jersey) Limited Series 334 US$10 million due 2012:
     downgraded to 'CCC' from 'B'; removed from Negative Outlook;

  -- Corsair (Jersey) Limited Series 336 JPY1,000 million
     due 2012: downgraded to 'CCC' from 'B'; removed from Negative
     Outlook;

  -- Morgan Stanley ACES SPC Series 2007-37 US$7.311 million
     due 2012: downgraded to 'CCC' from 'B'; removed from Negative
     Outlook;

  -- Omega Capital Investments Plc Series 44 US$30 million
     due 2014: downgraded to 'C' from 'CC'; and

  -- Queenstown CDO Limited Series 2007-2 US$30 million due 2014:
     downgraded to 'C' from 'CC'.

Fitch introduced Rating Outlooks for Asia-Pacific structured
finance in June 2008 to provide investors with forward-looking
analysis for a structured finance tranche's credit performance.
Fitch's Rating Outlook indicates the likely direction of any
rating change over a one- to two-year period and may be Positive,
Negative, Stable or, occasionally, Evolving.


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


PRESBYTERIAN MUTUAL: High Investor Withdrawals Spur Administration
-------------------------------------------------------------
News Letter reports that the Presbyterian Mutual Society has gone
into administration after high investor withdrawals left it out of
cash.

According to the report, shareholders rushed to withdraw their
investments when they realized the society had no government-
backed security in the current economic climate.

Arthur Boyd, of Belfast-based chartered accountants and business
recovery specialists Arthur Boyd & Company, was appointed
administrator at the request of the society's directors, the
report relates.

Mr. Boyd, as cited by the report, said his appointment will
provide protection for the assets of the society, which has some
GBP180 million invested in loans and GBP130 million in fixed and
other assets including commercial property.

The report however notes the appointment of the administrator
stops a fire sale.

The administrator, the report adds, indicated there are still no
guarantees for investors.

"I cannot at this stage say whether members' funds can be returned
to them in full or what proportion of their funds can be
returned," Mr. Boyd was quoted by the Belfast Telegraph as saying.
"The society has considerable assets, but if those assets were
sold now it might not produce the best return for members."

Mr. Boyd warned the administration process was likely to take some
time, Belfast Telegraph recounts.

The Presbyterian Mutual Society has 9,500 members.  It is based in
Belfast, Ireland.


TAGGART ESTATES: Placed Into Administration
-------------------------------------------
BreakingNews.ie reports that Taggart Estates Ltd, a subsidiary of
building firm Taggart Homes, was put into administration Wednesday
at the request of its directors.

Garth Carlow and Rob Birchall of PricewaterhouseCoopers have been
appointed as administrators, the report relates.

According to the report, Taggart Estates holds the land bank for
the Taggart group of companies.  It owns five sites of development
land and a part share in a sixth, totaling 87 acres, of which 84
are within seven miles of Belfast city center.


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


ALITALIA SPA: Sale to Push Through, Offer Raised to EUR1.052 Bil.
-----------------------------------------------------------------
Sale of Alitalia's main flight business will now push through
after the Italian government accepted Compagnia Aerea Italiana's
improved offer of EUR1.052 billion (US$1.33 billion) including
debt, various reports say.  CAI initially offered EUR1 billion for
the airline's best assets.

According to Reuters, CAI had initially bid EUR275 million
(US$347.2 million) for Alitalia's flight operations and EUR100
million in a mix of cash and debt for other units, and would take
on further debt of EUR625 million.

In its revised bid, Bloomberg News relates CAI will pay EUR427
million in cash, EUR100 million of which will be payable on the
closing date of Nov. 30.  CAI is also assuming EUR625 million in
debt, including financing for planes.

Bloomberg News says Alitalia is losing EUR2 million a day and has
lost almost EUR4 billion in the past eight years.  The carrier
forecast an operating loss of EUR1 billion this year on revenue of
EUR3.7 billion, offer documents obtained by Bloomberg News said.

Additionally, as reported in the Troubled Company Reporter-Europe
on Nov. 14, 2008, Alitalia is expected to pay back a EUR300
million bridging loan it obtained from the Italian government
after the European Commission concluded that the loan was unlawful
aid and incompatible with the common market.

According to the Commission, the sale of Alitalia's assets does
not constitute State aid as the sale is planned in the context of
the special administration procedure which will lead to the
winding-up of the Italian airline.

The decision followed the Commission's earlier decision to close
the official State aid investigation procedure it started on June
11, 2008 to look into the loan.

A new Alitalia is expected to be launched next month with the
carrier's core flight assets merged with domestic rival Air One
SpA.  CAI is also expected to pick either Air France-KLM or
Lufthansa as a foreign partner to give Alitalia operational
backing and buy a 20 percent stake in the relaunched airline,
Reuters says.

                          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.

As reported in the TCR-Europe on November 7, 2008, Alitalia S.p.A.
filed for Chapter 15 protection with the U.S. Bankruptcy Court in
the Southern District of New York.  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.

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
profits 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 petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties have been and exacerbated by spiraling fuel prices.

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.


SESTANTE FINANCE: S&P Cuts Rating on Series 4 Class C2 Notes to BB
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on the series 4 class C2
notes issued by Sestante Finance S.r.l.  At the same time, S&P
removed from CreditWatch negative and affirmed S&P's credit
ratings on the series 4 class A1, A2, B, and C1 notes and all the
series 2 and series 3 notes.

These rating actions address the rating impact of the insolvency
of the interest rate cap provider, Lehman Brothers, in the three
transactions.  It also finalizes the performance-related review
for the series 4 class C1 and C2 notes.

On Sept. 17, S&P placed on CreditWatch negative all the series 2
and 3 notes and the class A1, A2, and B series 4 notes issued by
Sestante Finance following Lehman Brothers' insolvency.  S&P
placed the series 4 class C1 and C2 notes on CreditWatch negative
on July 30 following an increase in delinquencies and defaults and
a substantial rise in prepayments.

To assess the effect of the interest rate caps on the three
transactions, S&P ran a cash flow analysis comparing the results
of runs in which S&P gave credit to the interest rate caps with
runs in which S&P did not.  In S&P's simulations the interest rate
caps had a negligible effect on the ratings.  The credit given to
the interest rate caps was limited to their residual lives.  In
Sestante Finance series 3 and 4 S&P continued to give full credit
for the interest rate caps provided by Dresdner Bank AG.  The
notional under these caps was the same as the notional under the
swaps with Lehman Brothers.

S&P also separately reviewed the series 4 class C1 and C2 notes,
which S&P placed on CreditWatch negative before Lehman's
insolvency.  S&P's analysis focused on arrears and default
patterns generated by the underlying pools.  S&P also took into
consideration the way higher prepayments could affect levels of
excess spread available in the transaction to cure defaults and
the interest income to be trapped to redeem the class C2 notes.
S&P's review, based on the most updated loan-level data received
from the originator and a cash flow model simulating the
transactions' behavior under stressed scenarios, led to downgrade
of the class C2 notes and affirmation of the class C1 notes.

The Sestante transactions are all backed by pools of residential
mortgage loans secured over properties in Italy.  During the first
18 months, the portfolios were allowed to revolve, subject to
replenishment criteria.

                      Ratings List

   * Rating Lowered And Removed From CreditWatch Negative

Sestante Finance S.r.l.
EUR647.9 Million Asset-Backed Floating-Rate Notes Series 4

      Class              To                     From
      -----              --                     ----
       C2                BB                      BBB-/Watch Neg

   * Ratings Removed From CreditWatch Negative and Affirmed

Sestante Finance S.r.l.
EUR647.2 Million Asset-Backed Floating-Rate Notes Series 2

      Class              To                     From
      -----              --                     ----
       A                 AAA                    AAA/Watch Neg
       B                 A+                     A+/Watch Neg
       C1                BBB                    BBB/Watch Neg
       C2                BBB                    BBB/Watch Neg

Sestante Finance S.r.l.
EUR890.9 Million Asset-Backed Floating-Rate Notes Series 3

      Class              To                     From
      -----              --                     ----
       A                 AAA                    AAA/Watch Neg
       B                 AA-                    AA-/Watch Neg
       C1                A-                     A-/Watch Neg
       C2                BBB                    BBB/Watch Neg

Sestante Finance S.r.l.
EUR647.9 Million Asset-Backed Floating-Rate Notes Series 4

      Class              To                     From
      -----              --                     ----
       A1                AAA                    AAA/Watch Neg
       A2                AAA                    AAA/Watch Neg
       B                 A+                     A+/Watch Neg
       C1                BBB                    BBB/Watch Neg


* Moody's Says Delinquencies in Italian Leasing ABS Market Up 4%
-----------------------------------------------------------------
The Italian leasing asset-backed securities market accounted for
EUR18.3 billion with 31 underlying receivables pools in Q3 2008,
says Moody's Investors Service in its latest index report on the
Italian leasing market.  Moody's index report, which covers
performance data up to the end of September 2008, details
delinquencies and defaults for Italian leasing ABS transactions.

"Total delinquencies are currently 4.0% while four quarters ago,
total delinquencies leveled at 2.4%.  Net cumulative defaults at
present are at 1.6% which constitutes a rise of 0.14% from Q2
2008," says Olimpia da Silva, a Moody's Associate Analyst and
author of the report.

In Q3 2008, the sector displayed an average Constant Prepayment
Rate of 3.6%.  Prepayments are not a contractual provision in
Italian leasing contracts, but have to be agreed with the
originator each time that prepayments are considered.  This market
characteristic explains the general low levels in prepayments that
are seen in this sector.

Typical Italian leasing backed securitizations hold a multi-pool
portfolio which comprises three types of assets: Auto, Equipment
and Real Estate.  However, some transactions hold only single
pools, which may also comprise these three types of assets.
The report also looks at how economic growth is pressured in
Italy.  The 'flash' release for the third quarter GDP result
showed that growth in Italy has slowed markedly.  The Italian
economy contracted in the Q3 2008 again and GDP fell by 0.5% on a
quarter-by-quarter basis, the main drivers of the contraction
being exports and private consumption.

"Business confidence in August 2008 remained at a seven-year low
following further decline in production orders." says Nitesh Shah,
a Moody's Economist and co-author of the report.  "This trend
might have an impact on the Italian leasing ABS market, since the
majority of leases in this segment serve commercial purposes."


* ITALY: Economy in Recession; GDP Falls 0.5% in Third Quarter
--------------------------------------------------------------
Xinhua reports that the Italian economy has slid into a recession
for the first time since 2005.  Xinhua notes this is also the
worst since the end of 1992 and the start of 1993.

Citing the Italian National statistics bureau Istat, Xinhua
discloses Italy's GDP fell 0.5 percent in the third quarter
compared to the previous quarter and 0.9 percent compared to the
same quarter in 2007.

Xinhua relates that according to Codacons, a consumer rights group
in Italy, the Istat GDP figures underscored the need to boost the
available income families had for spending.

The GDP figures "are very worrisome and confirm that Italy is in a
full recession which is involving all sectors including
agriculture, industry and services," Codacons was quoted by
Xinhua as saying.

On the other hand, Xinhua recounts Emma Marcegaglia, head of
industrial employers' association Confindustria, has put forward
measures aimed at boosting the country's economy, which included
cutting corporate taxes, eliminating tax on reinvested profits and
embarking on important infrastructure projects.


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


ADIKA REM: Creditors Must File Proofs of Claim by January 2
-----------------------------------------------------------
The Tax Committee of Almaty has ordered the liquidation of
LLP Adika Rem Stroy.

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

         The Tax Committee of Almaty
         Room 312
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (7282) 24-34-21


ASFALTOBETON LLP: Creditors' Claims Deadline Slated for Dec. 30
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Asfaltobeton insolvent.

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

         The Specialized Inter-Regional Economic
         Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


EDINY REGISTRATOR: Creditors' Claims Filing Period Ends Jan. 2
--------------------------------------------------------------
JSC Ediny Registrator declares about its liquidation.  Creditors
have until Jan. 2, 2009, to submit written proofs of claims to:

         JSC Ediny Registrator
         Esenov Str. 36-32
         Almaty
         Kazakhstan
         Tel: 8 (7272) 32-08-08


ENERGO HIM: Creditors Must Register Claims by January 2
-------------------------------------------------------
LLP Energo Him Complect has declared liquidation.  Creditors have
until Jan. 2, 2009, to submit written proofs of claims to:

         LLP Energo Him Complect
         Ak-Jol Str. 4
         Micro District Shanyrak-1
         Almaty
         Kazakhstan


KAZAKHGOLD GROUP: Polyus Gold Gets Consent to Acquire 50.1% Stake
-----------------------------------------------------------------
OJSC Polyus Gold notes recent press speculation in relation to the
waiver from the Ministry for Energy and Mineral Resources of the
Republic of Kazakhstan in respect of its pre-emption right to
acquire shares of  KazakhGold Group Limited, in the event of a
change of control of KazakhGold and consent to the possible
partial offer for KazakhGold by Polyus Gold.  Polyus Gold can
confirm that such a waiver and consent has been received by
KazakhGold for the acquisition of 50.1% of the issued and to be
issued share capital of KazakhGold by a subsidiary of Polyus Gold
based on the terms previously announced on September 29, 2008.

The announcement of the Possible Partial Offer, if made, would be
subject to the conditions referred to the announcement of
September 29, 2008.

There can be no certainty that any partial offer for the issued
share capital of KazakhGold will be forthcoming.  A further
announcement will be made in due course as appropriate.

Headquartered in Stepnogorsk, Kazakhstan, KazakhGold Group
(London: KZG)  -- http://www.kazakhgold.com/-- is a gold mining
company whose business dates back to 1929.  The Group's core
assets are the Aksu, Bestobe and Zholymbet mines located in
Northern Kazakhstan, in close proximity to the country's capital
city Astana.  Since its London listing on last year, the company
has acquired several new deposits in Eastern Kazakhstan, which are
subject to the joint venture with Barrick Gold.  The company
employs 3,200 workers.

                           *    *    *

KazakhGold Group Limited continues to carry a 'B' long-term issuer
default rating from Fitch with stable outlook.  The company's
US$200 million senior notes issue rating also stands at 'B'.  The
ratings were affirmed by Fitch in September 2007.


KORGAU LLP: Creditors' Claims Due on January 2
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Korgau 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


KUANYSH COMPANY: Creditors Must File Proofs of Claim by Jan. 2
--------------------------------------------------------------
LLP Kuanysh Company Astana has declared liquidation.  Creditors
have until Jan. 2, 2009, to submit written proofs of claims to:

         LLP Kuanysh Company Astana
         Jeltoksan Str. 12
         Astana
         Kazakhstan
         Tel: 8 (7172) 32-62-99


MAGNUS LLP: Creditors' Claims Deadline Slated for January 2
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Magnus 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


ZAPAD STROY: Creditors' Claims Filing Period Ends December 30
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Zapad Stroy Service Engineering insolvent.

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

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


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


EUROPLAST PLUS: Creditors Must File Claims by December 17
---------------------------------------------------------
LLC Construction Company Europlast Plus Stroy has declared
insolvency.  Creditors have until Dec. 17, 2008, to submit written
proofs of claims to:

         LLC Construction Company Europlast Plus Stroy
         Messarosha Str. 76
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-06-50


INVEST TRADE: Creditors Must File Claims by December 17
-------------------------------------------------------
LLC Invest Trade has declared insolvency.  Creditors have until
Dec. 17, 2008, to submit written proofs of claims:

The company can be reached at: (+996 312) 61-25-89


SOODA IMPEX: Creditors Must File Claims by December 17
------------------------------------------------------
LLC Sooda Impex has declared insolvency.  Creditors have until
Dec. 17, 2008, to submit written proofs of claims:

The company can be reached at: (+996 312) 47-41-75


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


CREDIT SUISSE: Moody's Junks Rating on US$10 Mil. Ashworth Notes
----------------------------------------------------------------
Moody's Investors Service downgraded its ratings of one class of
notes issued by Credit Suisse Securities (Nederland) B.V.

This transaction represents the repackaging of the Series 2006-16
US$55,000,000 Ashworth Synthetic CDO Portfolio Credit Linked Notes
due 2016 issued by Magnolia Finance VI plc, which was downgraded
to Ca from A3.  The Issuer will pass amounts received under the
Charged Assets to the Noteholders.
Rating action is:

Credit Suisse Securities (Nederland) B.V.:

(1) Series 2007-9 US$10,000,000 Ashworth Notes due December 20,
    2016

  -- Current Rating: Ca
  -- Prior Rating: A3
  -- Prior Rating Action Date: March 7th 2007


ICESAVE: Over 1000,000 Dutch Depositors File Claim with DNB
-----------------------------------------------------------
Citing the Volkskrant, DutchNews.nl reported Wednesday last week
that over 100,000 Dutch depositors with Icesave have filed a claim
for compensation with the Dutch central bank DNB.

DutchNews.nl noted savings up to a maximum EUR100,000 per person
are guaranteed under the central bank's scheme.

Citing the Daily Telegraph, the TCR-Europe reported on
Nov. 6, 2008, that all Icesave accounts were frozen in the UK on
Oct. 7, when its parent bank, Landsbanki, went into receivership
in Iceland.  After it emerged that the Icelandic compensation
scheme had insufficient funds to meet its guarantees, the UK
Government stepped in, declaring it would protect all UK savers in
full.

                         About Icesave

Icesave is the UK branch of Landsbanki Islands hf (trading under
the registered name Icesave).  It is an EEA bank that is
authorized by the Fjarmalaeftirlitio (FME), the financial services
regulator in Iceland.


* NETHERLANDS: Tightens Rules for Local Government Saving
---------------------------------------------------------
The Dutch cabinet has tightened rules for local government saving,
Xinhua reports.

Citing Radio Netherlands, Xinhua discloses that from now on, the
governments of Dutch provinces, cities and the district
authorities in charge of water affairs may only save in banks
within the European Union.

Xinhua relates that the Radio Netherlands said the Dutch cabinet
is also considering obliging local governments to save only with
the Dutch Municipal Bank or with the Dutch state itself.

Xinhua notes Dutch local governments may have lost EUR400 million
(US$504 million) they deposited with Icelandic bank Landsbanki,
while Dutch private citizens lost EUR1.6 billion (US$2 billion
dollars) in deposits with the bank.


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


AOEIE IRKUTSKENERGO: Moody's Cuts Corporate Family Rating to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of AOEiE Irkutskenergo to B2 from B1.  At the same time,
Moody's Interfax Rating Agency, which is majority owned by
Moody's, has downgraded the company's national scale rating to
Baa1.ru from A2.ru.  The ratings are on review for possible
further downgrade.

The downgrade reflects the increasing liquidity risks facing
Irkutskenergo.  The company may encounter difficulties in making
timely payments to its minorities that voted against the company
reorganization.  Given its short debt maturity profile, the
company is continuously challenged by the refinancing risk and
remains fully dependent on its bank partners' willingness to renew
current short-term credit facilities or open new ones.  The
company's short-term debt at the beginning of the fourth quarter
of 2008 significantly exceeded the amount of unused credit lines
and available cash.  At the same time, the company's cash flow
generation is expected to be further affected by higher financing
costs and by the weakening economic conditions for its major
industrial customers.

Moody's acknowledges Irkutskenergo's efforts to arrange new bank
facilities through tenders, as required by the company's status as
a monopoly business.  However, the agency notes the increasing
risks of bank participants reviewing its tender proposals in the
current environment, and hence of delays in the completion of
tender procedures and accessing new bank funding.

Moody's review will focus on Irkutskenergo's ability to follow its
plan to have a number of one-year bank facilities opened and agree
on a long-term bank facility no later than December 2008.

Irkutskenergo's ratings could be downgraded if the company were
unable to (i) follow its plan to strengthen liquidity, (ii)
address the payment requirements of minorities and (iii) prepare
fully in December to address its January refinancing needs.
Moody's last rating action for Irkutskenergo was on Oct. 30, 2008
when the agency changed the outlook on the company's B1 corporate
family rating to negative due to the increased pressure on the
company's liquidity profile and the company's limited ability to
attract long-term funding under the current credit crunch.

Headquartered in the City of Irkutsk (Russian Federation),
Irkutskenergo was initially an integrated electric utility
business focusing on the Irkutsk region.  The company is being
restructured, with its transmission and distribution grid business
to be spun off as an independent entity by the end of 2008.  The
company has three hydroelectric power plants with an installed
capacity of 9.0GW and 12 combined heat and power plants with a
total capacity of 3.9GW.  The company generates approximately 63%
of its 2007 RUR28.8 billion revenues from sales of electricity and
30% from sales of heat.  Irkutskenergo's controlling beneficiary
shareholders are the same as those of UC RusAl, the largest
aluminium business in Russia and an international leader in the
metals sector.  The Russian state,represented by the Federal
Property Agency, has a 40% stake in the company.


ELECTRO-TECHNICAL OJSC: Creditors Must File Claims by Dec. 14
-------------------------------------------------------------
Creditors of OJSC Electro-Technical Company (TIN 7713557125,
PSRN 1057747207319) have until Dec. 14, 2008, to submit proofs of
claims to:

         G. Rabina
         Insolvency Manager
         Office 302
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–57953/08–95-189B.

The Debtor can be reached at:

         OJSC Electro-Technical Company
         Building 1
         Dmitrovskoe shosse 46
         Moscow
         Russia


BUILD INDUSTRY: Moscow Bankruptcy Hearing Set March 11
------------------------------------------------------
The Arbitration Court of Moscow will convene at 10.00 a.m. on
March 11, 2009, to hear bankruptcy supervision procedure on LLC
Build Industry (Construction Project Management).  The case is
docketed under Case No. A41–12994/08.

The Temporary Insolvency Manager is:

         I. Ovchinnikov
         Post User Box 37
         Post Office -20
         302020 Orel
         Russia

The Debtor can be reached at:

         LLC Build Industry
         Stroitelnaya Str. 5
         143400 Krasnogorsk
         Russia


GAZ-MET-EXPORT-KUBAN LLC: Creditor Must File Claims by Jan. 14
--------------------------------------------------------------
Creditors of LLC Gaz-Met-Export-Kuban (Metal Trade) have until
Jan. 14, 2009, to submit proofs of claims to:

         V. Ryjov
         Insolvency Manager
         Office 3
         Lenina Str. 101
         350033 Krasnodar
         Russia

The Arbitration Court of Krasnodarskiy will convene at 3.00 p.m.
on Dec. 1, 2008, to hear bankruptcy proceedings.  The case is
docketed under Case No. A-32–10434/2008,–1/407B.

The Debtor can be reached at:

         LLC Gaz-Met-Export-Kuban
         Dorozhnaya Str. 1
         Vyselki
         353100 Krasnodarskiy
         Russia


KODINSK-LES LLC: Creditors Must File Claims by January 14
---------------------------------------------------------
Creditors of LLC Kodinsk-Les (Lumber) have until Jan. 14, 2009, to
submit proofs of claims to:

         I. Gorn
         Insolvency Manager
         Post User Box 1530
         634006 Tomsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33–3450/2008,.

The Debtor can be reached at:

         LLC Kodinsk-Les
         Prospect Leninskogo Komsomola 11/47
         663491 Kodinsk
         Krasnoyarskiy
         Russia


KOM-LES-PROM CJSC: Creditors Must File Claims by January 14
-----------------------------------------------------------
Creditors of CJSC Kom-Les-Prom (Lumbering Operations) have until
Jan. 14, 2009, to submit proofs of claims to:

         I. Gorn
         Insolvency Manager
         Post User Box 1530
         634006 Tomsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33–1696/2008,.

The Debtor can be reached at:

         CJSC Kom-Les-Prom
         Taezhny 5
         Boguchanskiy
         663467 Krasnoyarskiy
         Russia


LESNAYA COMPANY LLC: Creditor Must File Claims by December 14
-------------------------------------------------------------
Creditors of LLC Lesnaya Company (TIN 3808165383) (Forestry)
have until Dec. 14, 2008, to submit proofs of claims to:

         N. Fomin
         Insolvency Manager
         Post User Box 131
         664025 Irkutsk
         Russia
         Tel: (3952) 34-21-09

The Arbitration Court of Irkutskaya will convene at 10.00 a.m.
on Oct.21, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A19–12679/08–37.

The Debtor can be reached at:

         LLC Lesnaya Company
         Nizhnyaya Naberezhnaya Str. 12b/1
         Irkutsk
         Russia


PREMYER CJSC: Creditors Must File Claims by January 14
------------------------------------------------------
Creditors of CJSC Premyer Moscow Commercial Bank have until
Jan. 14, 2009, to submit proofs of claims to:

         Investment Insurance Agency
         Acting as Insolvency Manager
         Post User Box 48
         109052 Moscow
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-55554/08-73-173B.

The Debtor can be reached at:

         CJSC Premyer
         Building 1/6
         Derbenevskaya Str. 1
         113114 Moscow
         Russia


RUSSIAN STANDARD: S&P Cuts LT Counterparty Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Russian Standard Bank CJSC to 'B+'
from 'BB-' and its Russia national scale rating to 'ruA' from
'ruAA-'.  At the same time it affirmed the 'B' short-term
counterparty credit rating.  The outlook is negative.

"The downgrade reflects the bank's pressured refinancing capacity
and near-term growth prospects amid the deepening global liquidity
and credit crisis and local banking sector turbulence," said
Standard & Poor's credit analyst Ekaterina Trofimova.

The ratings reflect the bank's stand-alone credit quality, and do
not include any uplift for extraordinary external support --
either from owners or the government.

In response to a tougher refinancing environment and outflows of
customer deposits, RSB has increased its recourse to state-related
financing, which it uses mainly to support its liquidity cushion.
This is not a sustainable funding source and exacerbates the
bank's refinancing needs.  However, RSB's near-term repayment
needs should be manageable, as the bank has adequate risk
management, short asset duration, a track record of strategic and
managerial flexibility, and a good market position.

RSB took substantial credit enhancement measures in the fourth
quarter of 2007, which improved asset quality in the first half of
2008.  However, tougher macroeconomic prospects reduce the
potential for further significant asset quality improvements.

The bank is intrinsically exposed to high credit risk typical for
unsecured lending, mitigated by high interest margins, adequate
risk management, collection, and provisioning coverage.

After several years of very strong profits, RSB's profitability
has been on a downward trend since the third quarter of 2007.
However, profitability remains above the sector average, which,
along with adequate capitalization, cushions the bank against
unexpected shocks.

The negative outlook reflects the bank's increased refinancing
challenges and pressure on its financial performance and
commercial position.

"We could lower the ratings if the bank's difficult access to
funding lasts longer than S&P currently expects, asset quality
deteriorates significantly, current funding erodes materially, its
revised strategy falters, or if the bank fails to retain its key
managers or stabilize its profitability at a level commensurate
with its risk profile," said Ms. Trofimova.


SED-KONTAKT LLC: Creditors Must File Claims by January 14
---------------------------------------------------------
Creditors of LLC Sed-Kontakt have until Jan. 14, 2009, to submit
proofs of claims to:

         F. Safin
         Insolvency Manager
         Akademicheskaya Str. 2/212
         42009, 7 Kazan
         Tatarstan
         Russia

The Arbitration Court of Ulyanovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72–2695/08–29/34B.

The Debtor can be reached at:

         LLC Sed-Kontakt
         9th Inzhenerny prospect 10
         Ulyanovsk
         Russia


TOMSKIY ELECTRIC-BULB: Tomskaya Bankruptcy Hearing Set Dec. 8
-------------------------------------------------------------
The Arbitration Court of Tomskaya will convene at 9.30 a.m. on
Dec. 8, 2008, to hear bankruptcy supervision procedure on OJSC
Tomskiy Electric-Bulb Plant.  The case is docketed under Case
No. A67–2236/08.

The Court is located at:

         The Arbitration Court of Tomskaya
         Office 302
         Prospect Kirova 10
         Omsk
         Russia


VYAZNIKOVSKAYA FUEL:Creditors Must File Claims by January 14
------------------------------------------------------------
Creditors of LLC Vyaznikovskaya Fuel Company have until
Jan. 14, 2009, to submit proofs of claims to:

         A. Shurov
         Insolvency Manager
         Radiozavodskoe shosse 2a
         Murom
         02264 Vladimirskaya
         Russia

The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11–2628/2008,-A1–112B.

The Debtor can be reached at:

         LLC Vyaznikovskaya Fuel Company
         Serkovo
         Vyaznikovskiy
         601424 Vladimirskaya
         Russia


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


MBS BANCAJA: Fitch Affirms Junks Ratings on Three Classes of Notes
------------------------------------------------------------------
Fitch Ratings has downgraded the class D notes of MBS Bancaja 4 to
'BBB' from 'BBB+' and revised the Outlooks on three tranches of
the transaction to Negative from Stable.  The agency has
simultaneously affirmed all tranches of MBS Bancaja RMBS 1 to 3
following a performance review.  The portfolios are backed by
residential and commercial mortgages originated by Caja de Ahorros
de Valencia, Castellon y Alicante ('A'/Outlook Stable).

The downgrade and Outlook revisions affecting MBS Bancaja 4
reflect deterioration in the transaction's performance indicators.
Since closing, MBS Bancaja 4 has experienced increasing arrears,
which are currently above the Spanish Fitch Three-months plus
Arrears Index and the other MBS Bancaja transactions.  Loans in
arrears by more than three months reached 1.27% of the outstanding
balance in September 2008.  Because the deal is only 18-months
seasoned, no defaults have been seen.  However, the level of
delinquencies at this time of seasoning and their trend amid
current mortgage market conditions indicate significant defaults
are likely to occur in coming quarters.  The MBS Bancaja 4
portfolio also has the series' highest share of second homes at
80.3% of the collateral.  Declining house prices and increasing
unemployment in Spain will place additional pressure on loans in
this transaction.  Additionally, this transaction has low initial
credit enhancement and has benefited less from CE growth compared
to other Bancaja deals.

Delinquencies within MBS Bancaja 1 to 3 have remained low and,
although an upward trend has been observed in the past few months,
they are still below the Spanish Fitch Three-months plus Arrears
Index.

As of September 2008, MBS Bancaja 1 loans in arrears by more than
three months ranked the lowest at 0.47% of the outstanding
balance, while those in MBS Bancaja 2 and 3 were 1.04% and 0.96%,
respectively as of the same date.  Although these are fairly
seasoned deals, the level of arrears has more than doubled in the
last nine months.  Given their current CE and ratings, the level
of arrears of these deals is still adequate.  MBS Bancaja 1 is 49-
month seasoned while MBS Bancaja 3 is 30-months seasoned, and both
transactions have benefited considerably from sequential
prepayment.  The Positive Outlook on selected tranches of MBS
Bancaja 2 reflects its good performance with current CE levels.
The higher arrears at the same time of seasoning reflect the
stable outlooks of MBS Bancaja 3.Only MBS Bancaja 1 has switched
to pro rata and its reserve fund has started to amortise,
therefore limiting its CE growth.

The MBS Bancaja Series has a share of commercial loans that range
from 31% in MBS Bancaja 1 to 36.8% in MBS Bancaja 3.  MBS Bancaja
4 has only 9.1% of commercial loans, but considerably higher
second homes and 21% of the loans are for debt consolidation
purposes.  These features, among others that could increase the
risk of the portfolio, were taken into account at closing.  For
the first three deals, the loan splits did not seem to have a
major impact on the arrears, as they remained low and in line with
deals that only consist of residential mortgages.  MBS Bancaja 4's
higher arrears could be driven by the higher percentage of second
homes.  The deal closed in May 2007 and is the most recent of the
series.

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

The rating actions are:

MBS Bancaja 1, Fondo de Titulizacion de Activos;

  -- Class A (ISIN ES0361794003): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0361794011): affirmed at 'AAA'; Outlook
     Stable

  -- Class C (ISIN ES0361794029): affirmed at to 'AA'; Outlook
     Stable

  -- Class D (ISIN ES0361794037): affirmed at 'A-' (A minus);
     Outlook Stable

MBS Bancaja 2, Fondo de Titulizacion de Activos;

  -- Class A (ISIN ES0361795000): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0361795018): affirmed at 'AA'; Outlook
     Positive

  -- Class C (ISIN ES0361795026): affirmed at 'A+'; Outlook
     Positive

  -- Class D (ISIN ES0361795034): affirmed at 'BBB+'; Outlook
     Positive

  -- Class E (ISIN ES0361795042): affirmed at 'BB+'; Outlook
     Stable

  -- Class F (ISIN ES0361795059): affirmed at 'CC'; Outlook Stable

MBS Bancaja 3, Fondo de Titulizacion de Activos;

  -- Class A1 (ISIN ES0361796008): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN ES0361796016): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0361796024): affirmed at 'AA'; Outlook Stable

  -- Class C (ISIN ES0361796032) affirmed at 'A'; Outlook Stable

  -- Class D (ISIN ES0361796040): affirmed at 'BBB+'; Outlook
     Stable

  -- Class E (ISIN ES0361796057): affirmed at 'CC'; Outlook Stable

MBS Bancaja 4, Fondo de Titulizacion de Activos;

  -- Class A1 (ISIN ES0361797006 ): PIF

  -- Class A2 (ISIN ES0361797014 ): affirmed at 'AAA'; Outlook
     Stable

  -- Class A3 (ISIN ES0361797022): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0361797030): affirmed at 'AA'; Outlook
     revised to Negative from Stable

  -- Class C (ISIN ES0361797048): affirmed at 'A+'; Outlook
     revised to Negative from Stable

  -- Class D (ISIN ES0361797055): downgraded to 'BBB' from 'BBB+';
     Outlook revised to Negative from Stable

  -- Class E (ISIN ES0361797063): affirmed at 'CCC'; assigned
     Distressed Recovery '3'


SANTANDER CONSUMER: Moody's Junks Rating on Class E Notes
---------------------------------------------------------
Moody's Investors Service downgraded these long-term ratings
assigned to Notes issued by Santander Consumer Spain 07-2, FTA:

   -- Class A, Current Rating: Aaa, downgraded to Aa1,
   -- Class B, Current Rating: Aa3, downgraded to A3,
   -- Class C, Current Rating: A1, downgraded to Ba1,
   -- Class D, Current Rating: Baa3, downgraded to B3, and
   -- Class E, Current Rating: Caa2, downgraded to Caa3.

Date of previous rating action: No previous rating action since
definitive rating assignment on Sept. 17, 2007.

The rating action was prompted by the worse-than-expected
portfolio performance.  The action takes into account revised
assumptions for the mean default rate, standard deviation and
recovery rate.  Santander Consumer Spain 07-2, FTA is the fourth
consumer loan-backed securitization transaction carried out by
Santander Consumer, and the first to include consumer loans in
addition to auto loans.

In May 2008, the Issuer reported the early termination of the
revolving period.  This event was triggered by the fact that the
principal outstanding balance of delinquent loans for more than 90
days reached 2.64%, exceeding the trigger level set at 1.5%. The
regular amortization was expected to start in February 2010.  As
of August 20, 2008, the amount of written-off loans remained small
due to the limited seasoning of the transaction.  The reserve fund
was fully funded.  A loan is written-off once it has been more
than 12 months delinquent or loans which are considered not
collectible.  The amount of loans in arrears for more than 90 days
is currently 4.55%.

Moody's rating action is based on the information made available
through investor reports.  To determine the rating associated with
each Class of Notes, Moody's applied the methodology described in
the Special Report published in July 2000.  Taking into account
the current amount of delinquencies 90+ days and completing a
roll-rate and severity analysis for the non-defaulted portion of
the portfolio, Moody's has adjusted its default expectation to
7.7% of original balance and the standard deviation to 2.3%, which
compare to a 4.5% mean default and 1.1% standard deviation for the
initial pool and a 5% mean default and 1.3% standard deviation on
the additional pool assumed at closing.  Moody's assumption of the
expected recovery rate on defaulted loans was reduced to 30% from
an original range of 30% to 45%.  The constant prepayment rate
assumed in the cash flow model was reduced to 10%.  In Moody's
opinion, the revised assumptions are in line with the pool actual
performance.

The ratings address the expected loss posed to investors by the
legal final maturity (Aug. 20, 2022).  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.


* SPAIN: To Slip Into Recession in the Fourth Quarter
-----------------------------------------------------
Citing Bank of Spain head Miguel Angel Fernandez Ordonez,
BBC News reports Spain may slid into recession in the fourth
quarter after the country's economy contracted by 0.2% in the
third quarter, the first shrinkage since 1993.

"The scenario for the next quarters is very similar to that of the
third quarter," Mr. Ordonez was quoted by BBC as saying.

According to BBC, the expansion of Spain's economy, which has
relied heavily on construction and consumer spending, has been hit
hard by the global financial crisis and rising unemployment.

BBC discloses the central bank head has forecast an intensified
slump in spending on new construction projects.  He also expects
consumer spending to slow further.

BBC relates that Jose Luis Martinez at Citigroup noted "The
consumer slowdown is faster than expected and also the contraction
in investment is worse than expected, and points to a faster rate
of decline in the fourth quarter."

BBC recounts the International Monetary Fund has predicted that
Spain's economy will grow by just 1.4% in 2008, slower than
expected, and shrink by 0.7% in 2009.

In a report cited by BBC, The Organisation for Economic Co-
operation and Development (OECD) pointed out that while the
downturn in the Spanish economy was at "an early stage", it has
already resulted in a marked increase in unemployment, hitting
workers in low skill occupations, including immigrants,
particularly hard."

The OECD report stated that Spain should take steps to improve
worker training and to increase competition in certain sectors of
the economy, BBC adds.


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


EXCEL JSC: Creditors Must File Proofs of Claim by December 7
------------------------------------------------------------
Creditors owed money by JSC Excel are requested to file their
proofs of claim by Dec. 7, 2008, to:

         Albert Studer
         Liquidator
         Weinbergstrasse 98
         8006 Zurich
         Switzerland

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


GENERAL MOTORS: CEO Wagoner Says Bankruptcy Would Be Catastrophic
-----------------------------------------------------------------
General Motors Corporation distributed to certain members of the
U.S. government materials related to the testimony by G. Richard
Wagoner, Jr., GM Chairman and Chief Executive Officer, before the
Senate Banking Committee on November 18, 2008, and before the
House Committee on Financial Services on November 19.

General Motors Corp, along with Ford Motor Company and Chrysler
LLC, has requested a US$25-billion bailout for automakers in order
to help them avoid collapse or bankruptcy.  The Big 3 have
proposed to access emergency funding from the US$700-billion
package approved by Congress in October intended to bail out
financial institutions.

A copy of Mr. Wagoner's presentation is available for free at:
http://researcharchives.com/t/s?3501

Mr. Wagoner sad that GM has taken far-reaching actions over the
last several years to restructure and position its business for
viability.  Despite dramatic cost reductions, among other things,
the credit crisis is overwhelming operating plans -- weakening
U.S. vehicle market and closing off financial market funding.

"Bankruptcy filing would be catastrophic to the nation; would have
massive and far reaching systematic economic and social costs."

Mr. Wagoner noted that GM directly employs 240,000 people and
supports another 5 million jobs at dealers, parts suppliers and
service providers.  He said a Chapter 11 bankruptcy filing by GM,
which comprises 4% of U.S. gross domestic product, would be
catastrophic:

  -- Successful Chapter 11 filing would require both preservation
     of revenue (especially in a high fixed cost industry like
     the auto industry) and successful financing while in
     bankruptcy

  -- Filing would precipitate massive and rapid desertion by
     customers:

     * automobiles are the second largest purchase for most
       individuals, and purchase decisions are impacted by
       consideration of warranty, service parts and residual
       value

     * customers have other options: a June 2008 survey by CNW
       Research indicated that about 80% of customers would not
       purchase a vehicle from bankrupt manufacturer

  -- In today's credit market, financing while in bankruptcy
     would be very difficult -- especially if the company was not
     able to protect its revenue base

  -- Significant negative effects on U.S. automotive industry,
     broader economy and global credit markets.

Mr. Wagoner warned that a full collapse by the Detroit 3 in 2009
would cause more than 1.7 million in lost jobs in 2009, and a 50%
reduction by the Detroit 3 will result to 1.4 million jobs cut.
He gave these figures in a full collapse:

                         2009        2010         2011
                         ----        ----         ----
Detriot 3 Reduction       100%        100%         100%
Direct Employment      (239,341)    (239,341)    (205,611)
Supplier Employment    (973,969)    (795,223)    (544,598)
Indirect Employment  (1,738,034)  (1,427,452)  (1,021,354)
                    ----------   ----------   ----------
                    (2,951,344)  (2,462,016)  (1-771,563)

Mr. Wagoner assured lawmakers that GM would be "a winning auto
company for the long-term".  He said GM is building the best cars
in its 100-year history, including a U.S. launch of the Chevrolet
Cruze in 2010, and recent successful launch of the Cadillac CTS,
Chevrolet Malibu and Buick Enclave.  He added that GM's landmark
agreement with union United Auto Workers provides new operating
flexibility, competitive U.S. hourly labor costs in 2010 and caps
GM's hourly retiree healthcare liability.

European and Asian automakers, while implementing job cuts and
other cost reductions to address the worldwide economic crisis,
are not facing trouble as deep as the U.S. Big 3's.  "We're
expecting to be profitable next year; that's the goal," BMW Chief
Executive Officer Norbert Reithofer said in an interview.
Volkswagen AG, Europe's largest carmaker, according to Bloomberg,
is continuing with plans to complete its Chattanooga, Tennessee,
plant by the second half of 2010, and expects U.S. production in
2009 to equal this year's.  Nissan Motor Co., Japan's third-
largest automaker, said profit in the second half of 2008 may go
to "zero" because of lower sales in the U.S. and a stronger yen.

BMW agreed with GM's views that a bankruptcy by GM would have
catastrophic effects, especially on the auto-parts supply sector,
but said that it wouldn't acquire GM's Hummber, Saab or Opel
brands, which acquisition would boost GM's liquidity.  "If such a
large company would declare bankruptcy, it would also have
tremendous effects on the supply sector," Mr. Reithofer, BMW's
CEO, said. "I wouldn't like it at all."

"We don't know if GM will go bankrupt, but we certainly don't hope
so," said Mark Barnes, COO of Volkswagen's America unit.  "Now
that we are building a U.S. plant, we need suppliers."

Bloomberg TV says GM is suspending production at a plant in
Thailand. Bloomberg also noted that Mr. Wagoner has indicated he
may step down from GM if asked to.

Meanwhile, American Bankruptcy Institute says while the heads of
the Big Three automakers of Detroit pleaded at a Senate Banking
Committee for emergency government aid to stave off potential
collapse, they appeared they had not persuaded enough lawmakers to
move quickly on a bailout.  ABIWorld.org also said the
government's handling of the crisis in the airline industry
following the September 11, 2001, terrorist attacks could offer a
blueprint for a potential intervention to prop up the automakers.

                      About General Motors

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

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

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.


MAVIS JSC: Deadline to File Proofs of Claim Set December 7
----------------------------------------------------------
Creditors owed money by JSC Mavis are requested to file their
proofs of claim by Dec. 7, 2008, to:

         Stephan Nobs
         Liquidator
         Waldeckweg 21
         4102 Binningen
         Switzerland

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


MEDEVICE CRITICAL: Creditors Have Until Dec. 5 to File Claims
-------------------------------------------------------------
Creditors owed money by JSC Medevice Critical Care Systems are
requested to file their proofs of claim by Dec. 5, 2008, to:

         Dr. Patrick Nuetzi
         Grabenstrasse 42
         6301 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 20, 2008.


MINEX JSC: Proofs of Claim Filing Deadline is December 6
--------------------------------------------------------
Creditors owed money by JSC Minex are requested to file their
proofs of claim by Dec. 6, 2008, to:

         Advocacy Feller Rechtsanwalte
         Neugasse 1
         6301 Zug
         Switzerland

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


NANTUA BETEILIGUNG: Creditors' Proofs of Claim Due by December 7
----------------------------------------------------------------
Creditors owed money by JSC Nantua Beteiligung are requested to
file their proofs of claim by Dec. 7, 2008, to:

         Andreas Gubser
         Liquidator
         Trust company Gubser Treuhand
         Bleicherweg 33
         8027 Zurich
         Switzerland

The company is currently undergoing liquidation in Glarus.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 2, 2008.


OPPIDUM JSC: December 6 Set as Deadline to File Claims
------------------------------------------------------
Creditors owed money by JSC Oppidum are requested to file their
proofs of claim by Dec. 6, 2008, to:

         Dr. Sydney Peter Allanson
         Liquidator
         Genossenschaft Migros Aare
         Industriestrasse 20
         Mail Box: 16
         3321 Schoenbuehl
         Switzerland

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


* Ford & GM CEOs Won't Accept US$1 Salary in Exchange for Govt Aid
------------------------------------------------------------------
Josh Mitchell at Dow Jones Newswires reports that the CEOs of
General Motors Corp. and Ford Motor Co. said on Wednesday that
they would refuse a US$1 salary in exchange for government aid.

According to Dow Jones, a House Financial Services Committee
member told GM CEO Rick Wagoner and Ford Motor CEO Alan Mulally
during a hearing on Wednesday that reducing their annual salaries
to US$1 would be "an important symbolic gesture" as they seek for
US$25 billion in loans funded by tax dollars

Mr. Wagoner said that his salary has already been decreased
significantly and that he has given up other forms of
compensation, Dow Jones states.  Workforce.com relates that
Mr. Wagoner said he had previously cut his salary by 50%.

Dow Jones quoted Mr. Mulally as saying, "I understand your point
about the symbol.  But I think, not just for me, but we're trying
to fill a skilled and motivated team."  According to
Workforce.com, Mr. Mulally -- who earned US$21 million in 2007 --
said that he was concerned that cutting compensation might cause
Ford Motor to lose executives and be unable to attract top talent.
Dow Jones says that when Mr. Mulally was pressed on whether he
would work for US$1 per year, he said, "I think I'm OK where I
am."

Chrysler LLC CEO Robert Nardelli said on Tuesday that he would be
willing to work under a US$1 salary as a condition for a federal
bailout package, Dow Jones reports.  Workforce.com relates that
Mr. Nardelli said that he would accept a US$1 yearly salary if it
helped Chrysler obtain its US$7 billion share of a proposed
US$25 billion automaker rescue package.

Dow Jones states that former Chrysler CEO Lee Iacocca accepted in
1979 to have a US$1 yearly salary to secure a US$1.5 billion loan
guarantee from the government, which bailed out the company in the
1980s.

Neal E. Boudette, Josh Mitchell, and Siobhan Hughes at The Wall
Street Journal report that Ford Motor, Chrysler, and GM, tried
told the House Financial Services Committee that the auto industry
could collapse without emergency assistance from the government.

According to WSJ, Chrysler has worked out some contingency plans
in case it has to file for Chapter 11 protection.  Mr. Nardelli
said that Chrysler has "looked at all aspects" of a potential
bankruptcy filing and "have gone through advisors to help us think
this through," WSJ relates.

A bankruptcy filing would likely lead GM to "liquidate the company
because you wouldn't have any revenue," and so GM has decided to
put "all effort into avoiding" bankruptcy and hasn't worked out a
detailed contingency plan, WSJ says, citing Mr. Wagoner.

WSJ states that Mr. Mulally said Ford Motor has studied a
bankruptcy option and believes "it is not a viable" option.

Messrs. Wagoner and Nardelli, as they did in a Senate committee
hearing on Tuesday, said that without help, GM and Chrysler could
run out of money soon, WSJ reports.

Democrats, according to WSJ, are proposing to take the requested
US$25 billion auto bailout from the US$700 billion plan for the
financial markets.  The Bush administration is saying that the
companies should get the money quicker from previously approved
loans, WSJ states.  President-elect Barack Obama is backing quick
aid to the auto makers, according to the report.

WSJ relates that Rep. Barney Frank, the Massachusetts Democrat who
chairs the committee, crafted a House plan that requires
automakers to submit operating and restructuring plans and
describe how the loan money would be used.  The report says that
under that bill, taxpayers would be reimbursed, with interest,
while "golden parachutes" and dividend payments over the life of
the loans would be banned.

The proposed loans being supported by Democrats would be for 10
years, starting at an interest rate of 5%, and would be provided
under the government's US$700 billion financial rescue plan, WSJ
states.

              Nissan & Renault No Longer Seeking Alliances

Nissan Motor Co. and Renault SA's Carlos Goshn has said he's no
longer seeking alliances, according to Bloomberg TV.

As reported in the Troubled Company Reporter on Oct. 22, 2008,
Chrysler might join a manufacturing and development alliance
between Nissan Motor and Renault, but still preferred a merger
deal with GM.  While GM was unable to secure financing for the
deal, Chrysler parent Cerberus Capital was continuing to explore
Chrysler's possible team up with Nissan.  Cerberus Capital was
considering selling a minority stake to Nissan and Renault.

                        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-'.

                       About General Motors

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

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

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.


===========
T U R K E Y
===========


TURKCELL ILETISIM: S&P Upgrades Corporate Credit Rating to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
currency corporate credit rating on Turkey's leading mobile
telecom operator Turkcell Iletisim Hizmetleri A.S. to 'BB+' from
'BB'.  The outlook is negative.

At the same time, S&P assigned S&P's 'BB+' long-term local
currency (LC) corporate credit rating to Turkcell.  The outlook on
the LC rating is stable.

At Sept. 30, 2008, Turkcell had gross on-balance-sheet unadjusted
debt of US$821 million, including overdrafts.

"The upgrade reflects Turkcell's continued solid operating
performance in the dynamic but gradually maturing Turkish mobile
telecom market; good cash flow generation; low financial leverage;
and high, partly hard-currency-denominated cash balances," said
Standard & Poor's credit analyst Patrice Cochelin.

Rating constraints are the volatile Turkish macroeconomic
environment, potential currency swings, international expansion in
Ukraine and Belarus, and continuing legal disputes among the
group's major shareholders.

The negative outlook on the FC rating reflects the fact that the
rating is capped by S&P's transfer and convertibility assessment
on Turkey.  A downgrade of the sovereign FC rating could
potentially lead to a lowering of the transfer and convertibility
assessment, which would likely lead to a lowering of Turkcell's FC
rating.  A revision of the outlook on the sovereign to stable
could enable a parallel move on the outlook on Turkcell's FC
rating.

The stable outlook on the LC rating reflects S&P's expectation
that Turkcell's operations will remain robust amid potentially
more difficult operating conditions in Turkey, Ukraine, and
Belarus.  Downside potential is limited at this stage, barring a
violent macroeconomic deterioration in Turkey.  Upside potential
is constrained by the volatile Turkish macroeconomic environment
and by disputes among Turkcell's shareholders, and is therefore
extremely remote.


* Fitch Says Turkish Banks Face Challenging Near-Term Outlook
-------------------------------------------------------------
Fitch Ratings says in a special report that Turkey's banking
sector faces a challenging near-term outlook, although the banking
system is better positioned to meet operating pressures than it
was during previous economic downturns.

"Turkish banks do not have any exposure to US subprime mortgages
or other complex structured assets, and loan quality appears to be
holding up well.  Commercial banks' impaired loan ratio was 3.1%
at end-H108," says Levent Topcu, Assistant Director in Fitch's
Financial Institutions team.

"Major Turkish banks have access to strong core deposit franchises
and the dependence on international funding by smaller
institutions is not significant.  There have been no marked
liquidity squeezes in the system.  The net open foreign exchange
position for the system was also very low, at only 2% of total
equity at end-H108, providing some comfort."

Turkey's banking system is largely retail deposit funded, which is
a strength in the current tight-liquidity environment.  Bank
funding, including deposits, bilateral loans, syndications and
securitizations, was relatively low at 14% of non-equity
liabilities at end-H108.

Although Turkey's banks are not reliant on wholesale international
funding and foreign exchange risks are well contained, there are
some significant risks for Turkish banks in this period of global
de-leveraging, a deteriorating global economic growth outlook and
scarce funding.  These risks include the negative impact of the
expected economic slowdown and the impact of rapid loan growth on
asset quality, capitalization and profitability.  Turkish
corporates, so far, have increasingly contributed to the financing
of Turkey's current account deficit through long-term FX-
denominated borrowings.  Although their short-term open FX
positions remain fairly matched, long-term risks related to open
FX positions exist.

Rapid credit growth has continued since 2002, although Fitch now
anticipates a slowdown in lending.  While credit growth has
expanded, Turkey's credit growth has been lower than many emerging
European countries.  The slowdown in lending could weaken margins
and profitability for banks that have geared up for continued loan
expansion.  Fitch expects a weaker environment and loan portfolio
seasoning to increase impaired loans.

Capital adequacy ratios were moderate at 15.4% at end-H108,
although a general declining trend was visible due to balance-
sheet expansion, the implementation of charges related to the
operational risk in 2007 and increased risk weighting of off-
balance-sheet loan commitments.


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


CENTER SUPERPRINT: Creditors Must File Claims by November 30
------------------------------------------------------------
Creditors of LLC National Center Superprint have until
Nov. 30, 2008, to submit proofs of claim to:

         Mr. Sergey Krupenko
         Temporary Insolvency Mmanager
         P.O.B. 93
         Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 3, 2008.
The case is docketed as 23/224-b.

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

The Debtor can be reached at:

         LLC National Center Superprint
         P.O.B. 93
         Kiev
         Ukraine


DNIEPRO-CHEMICAL-BUILDING: Creditors Must File Claims by Nov. 30
----------------------------------------------------------------
Creditors of OJSC Dniepro-Chemical-Building (code EDRPOU 01238318)
have until Nov. 30, 2008, to submit proofs of claim to:

         Mrs. Svetlana Smirnova
         Liquidator
         Ap. 1
         Krasnaya Str. 44
         Berdiansk
         Zaporozhye
         Ukraine

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Oct.
14, 2008.  The case is docketed as B 29/91/03.

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

The Debtor can be reached at:

         OJSC Dniepro-Chemical-Building
         Dniepropetrovsk Str. 27
         Dnieprodzerzhynsk
         51919 Dnipropetrovsk
         Ukraine


GOODS 2006: Creditors Must File Claims by November 29
-----------------------------------------------------
Creditors of LLC Industrial Energy Goods 2006 (code EDRPOU
34472227) have until Nov. 29, 2008, to submit proofs of claim to:

         Mr. Jury Zbaratsky
         Temporary Insolvency Manager
         P.O.B. 393
         Energodar
         71503 Zaporozhje
         Ukraine

The Arbitration Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 12/199/08.

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

The Debtor can be reached at:

         LLC Industrial Energy Goods 2006
         Energetikov Avenue, 10/90
         Energodar
         71503 Zaporozhje
         Ukraine


OPT TRADE: Creditors Must File Claims by November 30
----------------------------------------------------
Creditors of LLC Opt Trade (code EDRPOU 34915922) have until
Nov. 30, 2008, to submit proofs of claim to:

         Mr. Vladimir Gliadchenko
         Liquidator
         Kirov Str. 96/13
         49000 Dniepropetrovsk
         Ukraine

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Oct. 13, 2008.  The case is docketed as B 29/213-08.

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

The Debtor can be reached at:

         LLC Opt Trade
         Ap. 14
         Krivoy Rog Str. 16-A
         49000 Dnipropetrovsk
         Ukraine


RKM-GROUP LLC: Creditors Must File Claims by November 30
--------------------------------------------------------
Creditors of LLC RKM-Group have until Nov. 30, 2008, to submit
proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 23, 2008.
The case is docketed as 24/420-b.

The Debtor can be reached at:

         LLC RKM-Group
         Bakinskaya Str. 37
         04086 Kiev
         Ukraine


SPORTTECHNOFINANCE LLC: Creditors Must File Claims by Nov. 29
-------------------------------------------------------------
Creditors of LLC Sporttechnofinance (code EDRPOU 33349216) have
until Nov. 29, 2008, to submit proofs of claim to:

         Mr. Fedor Lazarev
         Temporary Insolvency Manager
         Matrosov Str. 27
         36002 Poltava
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on
Sept. 19, 2008.  The case is docketed as 23/242-b.

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

The Debtor can be reached at:

         LLC Sporttechnofinance
         Reuters Str. 35-A
         01034 Kiev
         Ukraine


UNION APEKS: Creditors Must File Claims by November 29
------------------------------------------------------
Creditors of LLC Science-Production Union Apeks (code EDRPOU
25341788) have until Nov. 29, 2008, to submit proofs of claim to:

         Mr. L. Nesvit
         Temporary Insolvency Manager
         Ap. 2
         M. Mametova Str. 8
         Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on July 3, 2008.
The case is docketed as 27/124B.

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

The Debtor can be reached at:

         LLC Science-Production Union Apeks
         Naberezhnaya Str. 125/10
         83100 Donetsk
         Ukraine


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


BARCLAYS BANK: Moody's Junks Ratings on Three Default Swaps
-----------------------------------------------------------
Moody's Investors Service downgraded its ratings of three Barclays
Bank PLC Euler-CDO Credit Default Swaps.

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on Sept. 15, 2008, Washington
Mutual Inc., which was seized by federal regulators on September
25, 2008 and subsequently virtually all of its assets were sold to
JPMorgan Chase, Fannie Mae and Freddie Mac, which were placed into
the conservatorship of the U.S. government on Sept. 8, 2008 and
three Icelandic banks, specifically Kaupthing Bank hf, Landsbanki
Islands hf, and Glitnir Banki hf.

Rating actions are:

(1) Barclays Bank PLC - EULER-CDO-related US$50,000000 Credit
Default Swap due December 2015 (Euler C-1SD)

  -- Current Rating: Caa3
  -- Prior Rating: A2
  -- Prior Rating Action Date: Feb. 13, 2006

(2) Barclays Bank PLC - EULER-CDO-related US$50,000000 Credit
Default Swap March 2016 (Euler C-6SD)

  -- Current Rating: Caa3
  -- Prior Rating: A2
  -- Prior Rating Action Date: March 29, 2006

(3) Barclays Bank PLC - EULER-CDO-related US$50,000000 Credit
Default Swap due June 2016 (Euler C-7SD)
  -- Current Rating: Caa3
  -- Prior Rating: A2
  -- Prior Rating Action Date: March 29, 2006


BARCLAYS PLC: GBP500 Mil. Reserve Capital Instruments Fully Sold
----------------------------------------------------------------
Barclays Plc has sold all GBP500 million of reserve capital
instruments to institutional investors, the company said in a
statement.

Barclays originally reserved the instruments, similar to preferred
shares, to Qatar Holding LLC and entities representing the
beneficial interests of HH Sheikh Mansour Bin Zayed Al Nahyan as
part of its October 31 announcement to raise over GBP7 billion of
additional capital.

As shareholders complaint about the deal escalate, Barclays opened
the stock to institutional investors by way of a bookbuild
placing.

Shareholders are to vote on Barclays' GBP7 billion capital-raising
plan on Monday, Nov. 24.

Barclays meanwhile noted that there are no other changes to its
capital raising plan.

Barclays disclosed that "in recognition of the extraordinary
circumstances of the capital raising," all members of the Board
will exceptionally offer themselves for re-election at the
Barclays Annual General Meeting to be held in April 2009.  In
addition, no annual bonuses will be paid to executive directors of
Barclays PLC for 2008, following the offer by the executive
directors to waive any annual bonus for 2008.

Barclays Capital acted as the sole Bookrunner in respect of the
placing of reserve capital instruments to institutional investors
and Credit Suisse and JPMorgan Cazenove served as Co-Managers.

                       About Barclays PLC

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


BRITISH LAND: Second Quarter Net Loss Widens to GBP747 Million
--------------------------------------------------------------
British Land Co's net loss for the three months ended Sept. 30,
2008 widened to GBP747 million from GBP277 million pounds in the
same period last year.

Net rental and related income for the current quarter decreased to
GBP121 million from GBP141 million in the same quarter in 2007.

For the six months ended September 30, 2008, British Land reported
a GBP1,312 million after tax loss on net rental and related income
of GBP248 million compared with GBP2 million after tax loss on net
rental and related income of GBP282 million in the same period
last year.

As of September 30, 2008, the company has net assets of GBP5,289
million on total assets of GBP10,751 million and total liabilities
of GBP(5,462) million.

The company's balance sheet as of September 30, 2008, showed
GBP499 million in  total current assets available to pay GBP(522)
million in total current liabilities.  The company's total current
assets and total current liabilities as of September 30, 2008,
stood at GBP663 million and GBP(601) million respectively.

Bloomberg News relates British Land has been forced to cut GBP2.8
billion from its property values in 18 months, as a freeze on bank
lending cut credit to most property borrowers.

"We are still in a period of heightened stress in credit markets
and this affects investor sentiment towards all asset classes,
property being no exception," Bloomberg News cited Executive
Chairman Chris Gibson-Smith as saying.

Additionally, Bloomberg News says:

   -- British Land cut the value of its stake in Canary
      Wharf office estate in London's Docklands by
      40 percent.  It has an 11 percent holding in
      Songbird Estates Plc, the majority owner of the
      property.

   -- Net rental income fell 14 percent to GBP121 million
      after British Land sold assets.  The sales helped
      reduce borrowings in the first half by GBP500 million
      to GBP5.9 billion including investments in ventures
      and funds.

   -- Interest payments in the quarter dropped 27 percent
      to GBP53 million from a year earlier.

   -- Three percent of British Land's properties are
      now empty.

   -- At the end of March 2007, the company owned
      GBP16.9 billion of shops and offices.  That has since
      shrunk to GBP11.6 billion after British Land sold
      more than GBP3 billion of assets, and after shop
      and office prices sank.

Headquartered in London, England, British Land Company plc
(LON:BLND) -- http://www.britishland.com/-- operates in the
fields of property investment and development, finance and
investment.  During the fiscal year ended March 31, 2008 (fiscal
2008), the Company's out-of-town portfolio comprised 203 retail
schemes, including the superstores and Meadowhall shopping centre;
providing 21 million square feet arranged in 1,761 retail units,
and with an average lease length to first break of 15 years.  The
Company's investment in superstores represents 9.4% of the total
portfolio.  In addition to the superstores portfolio, British
Land, either directly or through joint ventures, owns a further 11
food stores, predominantly let to Somerfield.  Additionally the
Company owns a further 28 units let to food retailers, on retail
parks and shopping centers, totaling some 1.5 million square feet.
During fiscal 2008, British Land and Pillar Retail Europark Fund
(PREF) jointly acquired a prime regional shopping centre and
retail park, Nueva Condomina in Murcia, Spain.


CURZON FUNDING: Moody's Junks Ratings on Four Note Classes
----------------------------------------------------------
Moody's Investors Service downgraded and left under review for
further downgrade eight classes of credit-linked notes issued by
Curzon Funding Limited.

These rating actions are a response to credit deterioration in the
underlying portfolio.  The transactions are synthetic CDOs
referencing, among other assets, US RMBS and ABS CDOs of the 2005
- 2007 vintages.  The classes of notes issued under Series 2005-1
and Series 2005-2 have the same structure, attachment points in
percentage terms, and reference the same portfolio.  However, the
notes and reference portfolio under Series 2005-1 are denominated
in USD whereas they are denominated in Euro under Series 2005-2.
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:

Curzon Funding Limited Series 2005-1 (HORIZON CDO Series):

1) US$20,000,000 Series 2005-1 Horizon Class A Variable Coupon
Notes Due 2095

  -- Current Rating: Aa2, on review for downgrade
  -- Prior Rating: Aaa, on review for downgrade
  -- Prior Rating Action Date: Sept. 29, 2008

2) The US$20,000,000 Series 2005-1 Horizon Class B Variable Coupon
Notes Due 2095

  -- Current Rating: Ba1, on review for downgrade
  -- Prior Rating: Aa3, on review for downgrade
  -- Prior Rating Action Date: June 13, 2008

3) The US$10,000,000 Series 2005-1 Horizon Class C Variable Coupon
Notes Due 2095

  -- Current Rating: Caa1, on review for downgrade
  -- Prior Rating: Baa2, on review for downgrade
  -- Prior Rating Action Date: June 13, 2008

4) The US$10,000,000 Series 2005-1 Horizon Class D Variable
Coupon Notes Due 2095

  -- Current Rating: Caa3, on review for downgrade
  -- Prior Rating: Ba2, on review for downgrade
  -- Prior Rating Action Date: June 13, 2008

Curzon Funding Limited Series 2005-2 (Horizon IIIE):

1) EUR15,000,000 Series 2005-2 Horizon IIIE Class A Variable
Coupon Notes Due 2095

  -- Current Rating: Aa2, on review for downgrade
  -- Prior Rating: Aaa, on review for downgrade
  -- Prior Rating Action Date: Sept. 29, 2008

2) The EUR15,000,000 Series 2005-2 Horizon IIIE Class B Variable
Coupon Notes Due 2095

  -- Current Rating: Ba1, on review for downgrade
  -- Prior Rating: Aa3, on review for downgrade
  -- Prior Rating Action Date: June 13, 2008

3) The EUR7,500,000 Series 2005-2 Horizon IIIE Class C Variable
Coupon Notes Due 2095

  -- Current Rating: Caa1, on review for downgrade
  -- Prior Rating: Baa2, on review for downgrade
  -- Prior Rating Action Date: June 13, 2008

4) The EUR7,500,000 Series 2005-2 Horizon IIIE Class D Variable
Coupon Notes Due 2095

  -- Current Rating: Caa3, on review for downgrade
  -- Prior Rating: Ba2, on review for downgrade
  -- Prior Rating Action Date: June 13, 2008


ESL SERVICES: Appoints Joint Administrators from Grant Thornton
---------------------------------------------------------------
David Dunckley and Andrew Hosking of Grant Thornton UK LLP were
appointed joint administrators of ESL Services Ltd. on Nov. 6,
2008.

The company can be reached at:

         ESL Services Ltd.
         Escon House
         8 Fieldings Road
         Cheshunt
         Hertfordshire
         EN8 9TL
         England

The company is a real estate developer.


FERRY & PORT: Appoints Joint Liquidators from Ernst & Young
-----------------------------------------------------------
Elizabeth Anne Bingham and Patrick Joseph Brazzill of Ernst &
Young LLP were appointed joint liquidators of Ferry & Port
Holdings Ltd. on Nov. 4, 2008.

The company can be reached through Ernst & Young LLP at:

         1 More London Place
         London
         SE1 2AF
         England


FINE CHINA: Names Joint Administrators from PwC
-----------------------------------------------
Robert Jonathan Hunt, Matthew Hammond and Michael John Andrew
Jervis of PricewaterhouseCoopers LLP were appointed joint
administrators of The Porcelain & Fine China Companies Ltd. on
Nov. 16, 2008.

The company can be reached at:

         The Porcelain & Fine China Companies Ltd
         118 Church Street
         Stoke-on-Trent
         Staffordshire
         ST4 1BX
         England

The company is engaged in the importation and Sale of tableware,
oven to tableware, ornamental products in fine bone china,
porcelain and earthernwares.


ICESAVE: FSCS Pays Out GBP0.5 Billion to Icesave Customers
----------------------------------------------------------
The Financial Services Compensation Scheme on Monday said in a
press statement that UK customers of Icesave have started to get
their money back after the FSCS began making payments to Icesave
customers.  By the end of Monday, Nov. 17,  the FSCS had signed
off over GBP0.5 billion in BACs transfers to UK Icesave customers.

The FSCS invited UK Icesave customers to reclaim their money last
week using the accelerated online claims process.  Using the
existing Icesave Web site most people opted to claim their cash
through a BACS transfer to their nominated accounts.  The average
time it is taking consumers to effect the BACS transfer is less
than four minutes.

The FSCS is now increasing the number of people who are being sent
a second email inviting them to log on using their existing
details and follow a short process to claim their compensation.

The emails are being phased for security and operational reasons.
There is no set pattern in the ordering of emails at this time.
The FSCS is encouraging those who have received their second email
to log on as soon as possible to complete the process.

FSCS Chief Executive Loretta Minghella says: "Five weeks ago a lot
of Icesave savers were worried that they were going to be left
high and dry.  Now they can be confident that the process is
underway and people are getting their money back."

The first emails to UK customers of Icesave were sent on Nov. 4.

As reported in the TCR-Europe on Nov. 10, 2008, the UK government
loaned GBP800 million to the FSCS to refund British savers in
Icesave.

In the same report, the TCR-Europe disclosed around 300,000
British savers had accounts worth some GBP4 billion in Icesave,
which attracted overseas customers with offers of high interest
rates on savings.

Citing the Daily Telegraph, the TCR-Europe on Nov. 6, 2008,
reported that all Icesave accounts were frozen in the UK on
October 7, when its parent bank, Landsbanki, went into
receivership in Iceland.  After it emerged that the Icelandic
compensation scheme had insufficient funds to meet its guarantees,
the UK Government, the report recalled, stepped in, declaring it
would protect all UK savers in full.

                     About Icesave

Icesave is the UK branch of Landsbanki Islands hf (trading under
the registered name Icesave).  It is an EEA bank that is
authorized by the Fjarmalaeftirlitio (FME), the financial services
regulator in Iceland.


I J WEIR ESTATES: Taps Joint Administrators from PwC
----------------------------------------------------
Paul William Harding and Ian Green of PricewaterhouseCoopers LLP
were appointed joint administrators of I J Weir Estates Ltd. on
Nov. 6, 2008.

The company can be reached at:

         I J Weir Estates Ltd.
         24 Canford Lane
         Westbury on Trym
         Bristol
         BS9 3DH
         England


JACKSONS CARS: Goes Into Administration; Deloitte Appointed
-----------------------------------------------------------
Sion Barry at Western Mail reports that Jacksons Cars has gone
into administration.

The company, the report relates, brought in administrators
Richard Hawes and Robin Allen of business advisory firm Deloitte
after running into financial difficulties.

"Jacksons Cars suffered severe financial difficulties as a result
of the decline in the motor sales industry in the UK in recent
months and the tightening of credit," Mr. Hawes was quoted by the
report as saying.  "We are seeking interested parties to acquire
the business as a going concern."

According to the report, the business will continue to trade as
normal while the administrators seek a buyer.  The report notes
there have been no redundancies.

Based in Bridgend in South Wales, Jacksons Cars operates a car
sales and servicing business.  The company sells Hyundai and
Citroen vehicles.  It employs 32 staff.


KINGLY SQUARE: Moody's Downgrades Rating on Class A Notes to 'B2'
-----------------------------------------------------------------
Moody's Investors Service downgraded its rating of Class A notes
issued by Kingly Square No.2 Ltd.

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on Sept. 15, 2008, Freddie Mac,
which was placed into the conservatorship of the U.S. government
on Sept. 8, 2008 and three Icelandic banks, specifically Kaupthing
Bank hf, Landsbanki Islands hf, and Glitnir Banki hf.

Rating action is:

Kingly Square No.2 (CDO) Ltd:

(1) Class A US$100,000,000 Floating Rate Credit-Linked Notes.

  -- Current Rating: B2
  -- Prior Rating: Aa3
  -- Prior Rating Action Date: 21 August 2008


LADBROKES PLC: Group Profit Up 10% in 4-Mos Ended October 31
------------------------------------------------------------
Ladbrokes Plc provided trading update for the four months ended
October 31, 2008.

Group profit from continuing operations before interest and tax
and non-trading items excluding Telephone High Rollers for the
four months ended October 31, 2008 increased by 10%.  (3% after
adjusting for advertising costs of GBP3.7 million in the prior
year.)  Profit from continuing operations before interest and tax
and non-trading items from High Rollers during the period was
GBP17 million following collection of customer receivables
previously provided for.

Group gross win (excluding High Rollers) increased by 12% during
the period.

                        UK Retail

Total gross win increased by 5%.

    * Machine gross win increased by 14%.  Average weekly gross
      win per gaming machine was GBP677 compared to GBP586 for
      the same period in 2007.

    * Over The Counter (OTC) gross win was flat (down 2% after
      free bets) but was significantly impacted by poor results
      in the last 2 weeks of the period.  While gross win margin
      was up over the period the amounts staked fell, with lower
      greyhound activity due primarily to presentation issues in
      the shops since the introduction of Turf TV.

    * UK Retail costs remain tightly managed, with expectations
      for the full year within the previous 8% guidance.

                   Other European Retail

Ladbrokes Ireland's gross win grew by 52%,including the
contribution from the Eastwood and McCarten acquisitions in
Northern Ireland.  Like for like gross win at constant currency
was down 11%, reflecting the cancellation of 29 Irish horse
meetings (2007: 7 meetings) and weaker economic conditions in the
Republic of Ireland.

In Italy, while the rate of shop openings has been slower than
anticipated, all should be fully operational by the year end.  The
Group currently has 66 shops and 47 corners.  Recent trading has
been impacted by a strike within the Italian horse racing industry
which has now been resolved.

In Spain the Group has opened an additional 20 outlets since June
30 to bring its presence in Madrid to 34.

                        EGaming

Net revenue increased 22% during the period with good growth
across the Sportsbook, Casino and Games.  Poker performance
continues to reflect the highly competitive market and the Group
looks forward to joining the Microgaming network in the New Year.
The Group continues to expect full year profitability in 2008 to
be in line with 2007.

                      Telephone

Excluding High Rollers, Telephone betting net revenue fell by 12%.

    Material Events, Transactions and Financial Position

At October 31, 2008, net debt was GBP998 million.

During the period Ladbrokes signed an additional GBP60 million of
committed bank facilities.  Undrawn committed facilities as at
October 31, 2008 were GBP536 million.  Bond maturities in 2009 and
2010 amount to GBP378 million and GBP15 million respectively.

On October 31, 2008, the Horserace Betting Levy was agreed, with a
roll-over at 10% of UK horserace gross win.  In addition British
Horseracing have agreed to stage additional races in 2009.

Ladbrokes, together with the other claimants, will shortly apply
for leave to appeal against the ruling in its court case with
Amalgamated Racing and other parties.  The claim relates to the
collective selling and anti-competitive behavior of the defendants
in the course of creating Turf TV.  Justice Morgan dismissed the
defendants' counter-claim in a ruling announced on November 6.

                        Outlook

Chris Bell, Chief Executive, said, "Despite the generally
challenging economic conditions, Group profit grew overall.  UK
retail gross win increased by 5% while eGaming has continued to
successfully follow its strategy of investing in new customer
acquisition and grew net revenue by 22%."

"The Group has benefited from GBP185 million of new bank
facilities signed during the year and is trading comfortably
within its banking covenants."

"Although a run of poor football and horserace results at the end
of the period has affected performance, the Group remains within
the market expectation range for 2008."

The figures in the trading update are unaudited.

                      About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

                          *     *     *

As reported in the TCR-Europe on Oct. 7, 2008, Moody's Investors
Service placed the Ba2 corporate family rating and senior
unsecured debt ratings of Ladbrokes plc and Ladbrokes Group
Finance plc on review for possible downgrade.


TAYLOR WIMPEY: Oaktree Capital and Apax Partners Eye Bid
--------------------------------------------------------
Citing the Observer, Scott Hamilton at Bloomberg News reports that
U.S. private-equity firms Oaktree Capital Management LLP and Apax
Partners Worldwide LLP were contemplating a bid for Taylor Wimpey
plc.

Bloomberg relates the Observer, citing an unidentified person in
London's financial community, said British venture-capital firms
3i Group Plc and Permira Advisers LLP are also considering offers.

Bloomberg discloses that according to the Observer, Oaktree and
Apax are looking into a plan under which they would hold Taylor
Wimpey's shares for five years.  The Observer added any acquiring
private equity group may also opt to take on all the borrowings of
Taylor Wimpey, valuing the housebuilder's equity at zero,
Bloomberg noted.

The housebuilder however declined to comment, Bloomberg says.

Taylor Wimpey, the Scotsman recounts, axed 1,000 jobs last week
amid a further slump in property sales.

The group, which racked up debts of GBP1.9 billion, must
renegotiate its terms with lenders before early next year to avoid
breaking banking covenants, the Scotsman states.

                       About Taylor Wimpey

Headquartered in London, Taylor Wimpey plc --
http://www.taylorwimpey.com/-- builds homes in the U.K., North
America, Spain and Gibraltar.  Taylor Wimpey also operates in the
Construction sector under the Taylor Woodrow brand.

Taylor Wimpey plc's major markets are experiencing a significant
downturn, characterized by significantly lower weekly sales
rates and lower average selling prices than in recent years.

Taylor Wimpey remains in full compliance with its banking
covenants.  However, without an amendment to the terms of its
banking facilities, in certain negative market scenarios Taylor
Wimpey might breach one or more banking covenants at the first
testing date in 2009.

                         *     *     *

As reported in the TCR-Europe on Oct. 7, 2008, Fitch Ratings
downgraded Taylor Wimpey plc's Long-term Issuer Default and senior
unsecured ratings to 'B' from 'BB-' and maintained them on Rating
Watch Negative.  Its Short-term IDR at 'B' is now also on RWN.
Fitch also assigned a Recovery Rating of 'RR4' to TW's senior
unsecured debt instruments.


TAYLOR WIMPEY: Fitch Junks Ratings on Heightened Default Risk
-------------------------------------------------------------
Fitch Ratings has downgraded Taylor Wimpey plc's Long-term Issuer
Default rating and senior unsecured ratings to 'CCC' from 'B' and
Short-term IDR to 'C' from 'B'.  All ratings are being maintained
on Rating Watch Negative.  Fitch has simultaneously affirmed the
'RR4' Recovery Rating on TW's senior unsecured debt instruments.

The rating downgrades reflect the heightened default risk facing
TW as its next covenant testing date approaches (now understood to
be January 1, 2009, rather than mid-February 2009).  Due to the
ongoing weakness in the UK housing market, TW is likely to breach
interest coverage covenants when next tested.  Although the
company continues to talk to its creditors in an effort to
renegotiate its covenant package, it has publicly stated that an
agreement is unlikely before the January test date.

Fitch understands that TW's creditors may choose to suspend
testing while negotiations continue into Q109, although the
creditors may also retain the ability to request testing at any
point after January 1.  This seems likely to leave TW highly
dependent on the actions of its creditors, as a test request could
lead to an event of default soon after (following any applicable
grace period).

Fitch now believes that default at TW is a real possibility, with
a distressed debt exchange (which qualifies as a default under
Fitch's definition), such as a debt-for-equity swap, looking
increasingly likely.  Although Fitch believes it less likely,
given the relatively limited recovery prospects for creditors, a
forced liquidation of the company is also a possibility.  Under a
liquidation scenario, the agency estimates recovery prospects for
creditors at 39% based on Fitch's recovery analysis.

All of TW's ratings remain on RWN, reflecting the risk that TW may
be unable to agree a deal with its creditors that allows a default
to be avoided.  The ratings are likely to be downgraded further,
possibly by more than one notch, if TW has still not reached a
favorable resolution with its creditors upon the testing of its
covenants in early 2009.

Fitch also has concerns about potential subordination of TW's 2012
and 2019 Eurobond holders as part of the covenant negotiation
process.  Reflecting market practice, it is Fitch's belief that
these Eurobond holders fall outside of the inter-creditor
agreement, the agreement that forms the basis of the creditor's
proposals to TW.  Instead, this inter-creditor agreement is being
formulated by TW's other main creditors (its banks and USPP
holders), and could be skewed in favor of these particular
creditors and to the detriment of the Eurobond holders.  For
example, TW's other creditors could push for beneficial amendments
to their own debt packages, such as security or a cash sweep
mechanism, which would effectively subordinate the Eurobond
holders.  Eurobond holders are only protected to the extent that
their Eurobond documentation prohibits such measures.  While
certain preventative clauses do exist in the documentation (such
as the presence of a priority debt clause), these may not fully
offset the risk of subordination.  Should Fitch see evidence of
subordination of the Eurobonds, it will likely downgrade both the
Recovery Rating (currently 'RR4') and the instrument rating
(currently 'CCC') assigned to these bonds.


TIPOGRAFIC PRINT: Names Joint Liquidators from BDO Stoy
-------------------------------------------------------
Dermot Justin Power and Christopher Kim Rayment of BDO Stoy
Hayward were appointed joint liquidators of Tipografic Print
Solutions Ltd. on Oct. 31, 2008.

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

         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


XELO IV: Moody's Cuts Rating on EUR5 Million Secured Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service downgraded its ratings of one class of
notes issued by Xelo IV Plc.

This transaction represents the repackaging of the Tranche 2
Series 2005 (Euler-CDO, Class A-2E) EUR5,000,000 Secured Limited
Recourse Credit-Linked Notes due 2015 issued by Arlo IV Limited,
which was downgraded to Ba1 from Aaa on October 30, 2008.  The
Issuer will pass amounts received under the Charged Assets to the
Noteholders.

Rating action is:

XELO IV Public Limited Company:

(1) Series 2006 (Euler-CDO, Class A-2RE) EUR5,000,000 Secured
    Limited Recourse Pass-Through Notes due 2015

  -- Current Rating: Ba1
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: March 14, 2006


* Moody's Reports Rise in UK House Repossessions in Third Quarter
-----------------------------------------------------------------
With the UK economy in recession and unemployment, personal
insolvencies and house possessions all rising sharply, the
performance of Non-Conforming mortgages is likely to continue to
deteriorate, says Moody's Investors Service in its latest index
report for the sector.

According to the report, the weighted-average delinquency trend
for the UK Non-Conforming RMBS sector continued to rise during Q3
2008 increasing to 11.2% of the current outstanding balance, up
from 10.0% in Q2 2008.  The weighted-average repossessions trend
jumped to 2.7%, and the cumulative loss trend over original pool
balance reached 0.48% in Q3 2008.

"Transaction activity in the housing market is low and consumer
confidence is depressed -- pointing towards continued falls in
house prices," says Nitesh Shah, a Moody's Economist and co-author
of the report entitled 'UK Non-Conforming RMBS Q3 2008 Indices'.
Falling property prices put additional pressure on the mortgage
servicers, and create an incentive for them to repossess and sell
the properties early.  There is a risk of a second round impact on
the house prices, if ceteris paribus the supply of property on the
market increases when the repossessed properties are offered for
sale.

Despite current low re-mortgage activity and tighter credit
conditions, there has not been any significant drop in total
redemption rates so far.  With a TRR of 29.8%, the 2006 vintage is
performing in line with historical experience.

"However, it is unlikely that the 2007 vintage will show repayment
rates comparable to those recorded for older vintages," says
Georgij Ludmirskij, a Moody's Senior Associate and report co-
author.


* SMMT Calls for Government Action to Support UK Auto Sector
------------------------------------------------------------
The Society of Motor Manufacturers and Traders (SMMT) and the
Retail Motor Industry Federation (RMIF) have sent a joint letter
to the chancellor, the Rt Hon Alistair Darling MP, and business
secretary, Lord Mandelson, regarding the impact of the current
economic crisis on the UK motor industry.

The letter suggests a number of initiatives, designed to stimulate
the UK vehicle market and mitigate the short and long-term effects
of the economic downturn throughout the sector, from supply chain
to retail and to ensure UK automotive manufacturing remains an
efficient and effective global player.

The automotive sector is calling for support measures to include:
Allowing manufacturers' finance companies access to the funding
available to banks through the special liquidity arrangements.
This would allow them to support customers and their franchise
networks.  Scrapping plans for increased VED and new first year
rate.  This would provide a strong signal to buyers and help to
improve residual values.  Increase capital allowances for fleet
buyers, particularly for buyers of commercial vehicles, to
stimulate immediate demand.  Shelve plans for reform of business
car capital allowances, as overall impact and timing is unhelpful.
Remove expensive car restrictions under capital allowances to help
demand for UK higher end manufacturers.

And, manufacturing support to include: National arrangements to
allow manufacturers and suppliers access to loan facilities,
including potential government guarantees, to maintain liquidity
and investment.  Help to speed up the allocation of existing
funding to support training, R&D projects and energy efficiency
measures.  This would help upskill employees, accelerate
innovation and provide an immediate stimulus for green collar
jobs.

"The motor industry faces a set of unprecedented market
conditions.  The dramatic falls in demand for new vehicles in the
UK, Europe and around the world, combined with the limited
availability of funding and liquidity now puts at risk valuable
industrial capability.  Urgent action is required to boost demand
for new vehicles and ease pressure on UK automotive suppliers,"
said Paul Everitt, SMMT chief executive.  "The
pre-Budget report should set out the strategy and measures needed
to restore consumer confidence and support valuable industrial
capability during this difficult period."

Paul Williams, RMIF Chairman said: "It is vital that the motor
industry presents a united front at this time.  These measures and
others, jointly presented by the two industry trade associations,
would go some way to helping the revival of consumer confidence in
our sector.  We urge the chancellor to undertake these measures,
and to discuss further action with us if necessary."

                        About the SMMT

The Society of Motor Manufacturers and Traders (SMMT) --
http://www.smmt.co.uk/-- exists to support and promote the
interests of the UK automotive industry at home and abroad.
Working closely with member companies, SMMT acts as the voice of
the motor industry, promoting its position to government,
stakeholders and the media.


* Moody's Says EMEA CMBS Performance Stable in Third Quarter 2008
-----------------------------------------------------------------
Moody's Investors Service published its EMEA CMBS Q3 2008
Surveillance Report that covers the performance of Commercial
Mortgage-Backed Securities and Multi-family transactions in
Europe, the Middle East and Africa transactions up to end of the
third quarter 2008.

The main focus of this report is: (i) the bankruptcy of Lehman
Brothers and the implications on sixteen transactions due to
Lehman Brothers entities being transaction counterparty, major
sponsor or major tenant, (ii) the worsening conditions in a number
of EMEA countries' real estate markets and especially loans and
transactions with properties in the UK that have either breached
or come close to breaching their LTV covenants, and (iii) the
increasing number of loans which have been transferred to the
special servicer and the number of loans experiencing loan events
of default.

"In Q3 2008, the number of defaulted loans and loans in special
servicing has further increased, although the overall number of
these loans is still low compared with the total number of loans
monitored by Moody's," says Frank Prasse, a Moody's Associate
Analyst and co-author of the report.  "Despite the deteriorating
performance of loans over the past quarters and decreasing
property market values in a number of EMEA countries, the
performance and ratings of EMEA CMBS transactions has been
relatively stable to date."

In terms of rating performance, during Q3 2008, Moody's downgraded
seven tranches in four EMEA CMBS transactions and upgraded not a
single tranche.  All but one of the downgrades was due to
transaction under-performance.  During the first three quarters of
2008, Moody's upgraded eleven tranches and downgraded 40 tranches.
However, 32 downgrades resulted from Moody's downgrade of the
monoline financial guarantors MBIA Insurance Corporation and Ambac
Assurance Corporation in Q2 2008.  During Q3 2008, Moody's placed
71 classes of Notes, affecting 26 transactions, on review for
possible downgrade.  For 36 of the affected classes of Notes in
eleven transactions the review for downgrade resulted from Lehman
Brothers' insolvency and subsequent ratings downgrades.

Going forward, Moody's anticipates a further increase in the
number of loans and transactions experiencing adverse issues.
Moody's considers that certain transaction types will be more
exposed than others to loan performance-related rating
sensitivity.  The transactions which depend on loan refinancing in
the next years, those which constitute higher-than-average LTV
loans, those which are geographically concentrated in certain
regions/sectors, those with short lease profiles and/or those
which may be sensitive to counterparty rating changes due to the
current market turmoil, will be more exposed than others.

"In light of the sharp correction taking place in various key EMEA
CMBS real estate markets, with the weakening of certain
occupational markets, the increased likelihood of tenant defaults
and the limited availability of property financing sources,
Moody's expects that the rating impact of adverse transaction
performance will not be constrained to the most junior Notes and
in certain cases the senior Notes might be subject to negative
rating migration," says Deniz Yegenaga, Associate Analyst.


* BOOK REVIEW: The First Junk Bond: A Story of Corporate
                         Boom and Bust
--------------------------------------------------------
Author:     Harlan D. Platt
Publisher:  Beard Books
Paperback:  256 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587981203/internetbankrupt

This is a book that business people will find particularly
enlightening.  It details how Texas International, Inc.'s
bankruptcy filing affected various stakeholders, the bankruptcy
negotiation process, and the alternative post-bankruptcy
structures that were considered.

This engrossing book follows the extraordinary journey of the
company through its corporate growth and decline, debt exchange
offers, and corporate rebirth.

It is a case study of a company that exemplified the 1980s,
complete with fascinating people, financial innovations, and
successive rounds of high stakes poker, as the misfortunes of
the company unfold.

Detailed is the involvement of Drexel Lambert banking house and
its guiding spirit Michael Milken, who secured fresh capital for
the company through the issuance of a high-yield bond with an
above-market rate of interest to counterbalance its elevated
credit risk.

                            *********

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 * * *