TCREUR_Public/081126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 26, 2008, Vol. 9, No. 235

                            Headlines

A U S T R I A

GANZER & CO: Claims Registration Period Ends December 5
GRABNER & CO: Claims Registration Period Ends December 5
MUST LLC: Claims Registration Period Ends December 9
TAVOLO ROSSO: Claims Registration Period Ends December 8


F R A N C E

DELPHI CORP: Wants to Defer GM Deal and DIP Hearing to Dec. 1


G E R M A N Y

ABFALL VERWERTUNGS: Claims Registration Period Ends January 4
AC PERSONALMANAGEMENT: Claims Registration Period Ends Jan. 15
BOT LOGISTIC: Claims Registration Period Ends January 13
FATEK CONCRETE: Claims Registration Period Ends December 29
SCHREINEREI KOCH: Claims Registration Period Ends January 5

UBS DEUTSCHLAND: Moody's Junks Rating on EUR50 Million Loan
WEM INDUSTRIEANLAGENBAU: Claims Registration Period Ends Dec. 15


H U N G A R Y

* HUNGARY: Corporate Insolvencies Up 11% to 15,200 in Q1-Q3


I C E L A N D

ICESAVE: Iceland Agrees to Compensate Part of British Accounts

* Iceland's Liabilities to UK Over Icesave Stood at GBP2.2Bln


I R E L A N D

EBS BUILDING: Fitch Downgrades Support Rating Floor at 'BB+'

* Moody's Reports Negative Outlook for Irish Banking System
* IRELAND: Solvency at Risk; Draws Up Fresh Bail-Out for Banks


I T A L Y

ALITALIA SPA: Air-France Still Interested to Buy Minority Stake
FINMECCANICA SPA: Moody's Upgrades Ratings From Low-Bs


K A Z A K H S T A N

ENERGY COMMERCE: Creditors Must File Proofs of Claim by Jan. 2
ERTIS MAI: Creditors' Claims Deadline Slated for Jan. 2
GOLD SNUB: Creditors' Claims Filing Period Ends December 31
KATA SECURITY: Creditors' Claims Due on December 31
KAZ INTER COM: Creditors Must Register Claims by December 31

KAZAKHSTAN ELECTRICITY: S&P Maintains 'BB+' Corp. Credit Rating
NURANI-INTERNATIONAL LLP: Creditors Must File Claims by Jan. 2
PAVLODAR TRANS: Creditors' Claims Deadline Slated for Dec. 31
PELEKANOM LLP: Creditors' Claims Filing Period Ends Dec. 31
STROY-MAXIMUM LLP: Creditors Must Register Claims by Jan. 2

TRANSIT INTER: Creditors' Claims Due on December 31

* KAZAKHSTAN: Gov't Reveals US$21 Billion Rescue Package


K Y R G Y Z S T A N

EMPATI LTD: Creditors Must File Claims by December 27
IKEEN GROUP: Creditors Must File Claims by December 27
NEOMED-LABORATORY: Creditors Must File Claims by December 31


L U X E M B O U R G

LOGWIN AG: Moody's Maintains Sr. Subordinated Rating at 'Caa1'


N E T H E R L A N D S

LYONDELL BASELL: Weak Financial Results Cue Fitch's Rating Cuts


P O R T U G A L

HIPOTOTTA 9: Moody's Puts Final Ba3 Rating on Class E Notes


R U S S I A

BANK SOYUZ: S&P Downgrades Counterparty Credit Rating to 'B-'
DONSKIE STAINLESS: Creditor Must File Claims by January 14
EVRAZ GROUP: Gets US$1.8 Billion Loan from Vnesheconombank
IRBITSKIY AUTO-AGGREGATE: Creditors Must File Claims by Jan. 14
IZHEVSKIY AUTOMATIVE: Creditor Must File Claims by December 14

KALACHINSKIY CONSTRUCTION: Court Names Insolvency Manager
KAMA SHIP-BUILDING: Creditor Must File Claims by December 14
LEVOBEREZHNY MINERAL: Creditor Must File Claims by December 14
LINIYA: Secures Financing from Russia's State Bank VTB
MOUNTING TECHNOLOGIES: Creditor Must File Claims by December 14

TAYGINSKIY CRUSHED: Creditor Must File Claims by December 14
TRANS-LINE LLC: Creditor Must File Claims by December 14
YELIZAVEYINSKIY PILOT: Creditors Must File Claims by January 14

* LENINGRAD OBLAST: S&P Upgrades Issuer Ratings to 'BB/ruAA'
* RUSSIA: VEB Grants US$2BB Loan to Mining, Electronic Firms


S P A I N

CEMEX SAB: Fitch Corrects Rating Release to Include Rinker IDR
FONDO DE TITULIZACION: S&P Holds Junk Rating on Class F Notes


S W E D E N

* Big 3 May Ask Congress for Measures That Would Spur Demand
* Obama Team Denies Explore Prepack Bankruptcy for Big 3


S W I T Z E R L A N D

AEROGIE.PLUS JSC: Creditors Must File Proofs of Claim by Dec. 15
ART ON STREETS: Deadline to File Proofs of Claim Set Dec. 15
DAL-DALCO JSC: Creditors Have Until Dec. 12 to File Claims
EYELIES LLC: Proofs of Claim Filing Deadline is Dec. 15
GULLOTTI LLC: Creditors' Proofs of Claim Due by Dec. 11

MUSICAL HERITAGE: Dec. 12 Set as Deadline to File Claims
RULAG JSC: Creditors Must File Proofs of Claim by Dec. 10
TTG DIENSTLEISTUNGEN: Deadline to File Claims Set Dec. 15
UBS AG: Swiss Government Offers More Financial Help


U K R A I N E

ASU COAL: Creditors Must File Claims by December 6
COMPLEX OJSC: Creditors Must File Claims by December 5
IZIUM FURNITURE: Creditors Must File Claims by December 6
KAMIANKA SUGAR: Creditors Must File Claims by December 6
LASTAR LLC: Creditors Must File Claims by December 6

NORMA CAPITAL: Creditors Must File Claims by December 5
OREOL LLC: Creditors Must File Claims by December 6
OST-WEST LLC: Creditors Must File Claims by December 5
S-MEDIA GROUP: Creditors Must File Claims by December 5
SERVICE-PLUS LLC: Creditors Must File Claims by December 5


U N I T E D   K I N G D O M

ABACUS CONTACT: Appoints Joint Liquidators from Tenon
BEE FLY: Names Joint Liquidators from BDO Stoy
C & N INTERNATIONAL: Appoints Joint Administrators from PKF
COLORSET: Goes Into Liquidation; Blames Tight Lending Restrictions
DECO 6: Fitch Affirms 'BB' Rating on GBP24.09 Mil. Class D Notes

ELISION LTD: Names Joint Administrators from PwC
FULHAM ROAD: Moody's Puts Low-B Ratings on Three Classes of Notes
GAMBLE TRACKLINE: Taps Joint Liquidators from BDO Stoy
HANSA: Goes Into Administration; West Ham Not Affected
HEATHMANS: To Enter Into Liquidation

MORTGAGE MINT: Winding-Up Order Sought by Legal & General
NORHAM HOUSE: Taps Joint Administrators from BDO Stoy
PREMIER FOODS: Scraps Dividend; Defers Covenant Test to March 31
ROYAL BANK: Shareholders Back Government Bail-Out Plan
SOUTHERN PACIFIC: S&P Removes Ratings on 3 Tranches From NegWatch

UBS AG: Deteriorating Credit Quality Cues Moody's to Junk Rating
WOOLWORTHS GROUP: Main Shareholder Puts Forward Alternative Plan
WOOLWORTHS GROUP: Hilco Sweetens GBP1 Offer for Retail Unit

* Moody's Takes Rating Actions on EUR1.02 Billion CDO Tranches


                         *********


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A U S T R I A
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GANZER & CO: Claims Registration Period Ends December 5
-------------------------------------------------------
Creditors owed money by LLC Ganzer & Co (FN 23674s) have until
Dec. 5, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Reinhold Unterweger
         Rosengasse 8
         9900 Lienz
         Tel: 04852/65644
              04852/65645
         Fax: 04852/656444
         E-mail: kanzlei@ra-unterweger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Dec. 19, 2008, for the
examination of claims at:

         Land Court of Innsbruck
         Room 214
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Osttirol, Austria, the Debtor declared bankruptcy
on Oct. 29, 2008, (Bankr. Case No. 9 S 21/08z).


GRABNER & CO: Claims Registration Period Ends December 5
--------------------------------------------------------
Creditors owed money by LLC Grabner & Co. KEG have until
Dec. 5, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Arno Lerchbaumer
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/822244
         Fax: 0316/822244-22
         E-mail: office@lerchbaumer.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on Dec. 10, 2008, for the
examination of claims at:

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Oct. 29, 2008, (Bankr. Case No.  26 S 128/08f).


MUST LLC: Claims Registration Period Ends December 9
----------------------------------------------------
Creditors owed money by LLC Must (FN 292907x) have until Dec. 9,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Dec. 23, 2008, for the
examination of claims at:

         Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 20, 2008, (Bankr. Case No. 28 S 134/08x).


TAVOLO ROSSO: Claims Registration Period Ends December 8
--------------------------------------------------------
Creditors owed money by LLC Tavolo Rosso Gastro (FN 279019y) have
until Dec. 8, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Heinrich Oppitz
         Karl Loy Strasse 17
         4600 Wels
         Austria
         Tel: 07242/26613
         Fax: 07242/26613-6
         E-mail: office@ra-oppitz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Dec. 18, 2008, for the
examination of claims at:

         Trade Court of Wels
         Hall 101
         Maria Theresia Str. 12
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy on
Oct. 30, 2008, (Bankr. Case No. 20 S 135/08s).


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DELPHI CORP: Wants to Defer GM Deal and DIP Hearing to Dec. 1
-------------------------------------------------------------
Delphi Corp. asked the U.S. Bankruptcy Court for the Southern
District of New York at the monthly omnibus hearing to defer
completing the hearings on Delphi's GM Arrangement Second
Amendment Agreement Approval Motion and Debtor-In Possession
Accommodation Motion until Dec. 1, 2008, pending further
discussions among Delphi, GM and the Administrative Agent for the
DIP Lenders.

Delphi filed both motions with the Bankruptcy Court on Nov. 7,
2008.  The DIP Accommodation Motion seeks authority to continue
use of the proceeds from its DIP Credit Facility through June 30,
2009, pursuant to an accommodation agreement to be entered into
between Delphi and certain lenders that constitute the majority of
holders by amount of Delphi's two most senior tranches of its DIP
Credit Facility.  When filed, the agreement reflected the support
of the administrative agent and the anticipated support of the
Required Lenders for Delphi's transformation efforts, despite the
economic downturn and the unprecedented turmoil in the capital
markets.  The company made various changes to the Accommodation
Agreement since the November 7 filing in order to obtain support
from as many DIP lenders as practicable and has received signature
pages from more than the Required Lenders needed to implement the
agreement.

The GM Arrangement Second Amendment Agreement Approval Motion
provides the company with access to up to US$600 million in
additional liquidity through June 2009 through a combination of
US$300 million in additional payments from GM that are
subordinated to the DIP lenders and the temporary acceleration of
US$300 million in payments from GM during March, April and May of
2009.  The company said that while the original form of
Accommodation Agreement was acceptable to GM, GM has asked, and
Delphi has agreed, to reconsider certain of the subsequent
amendments agreed to between Delphi and the Required Lenders
subsequent to the November 7 filing.  Delphi intends to engage in
discussions with GM and certain of Delphi's DIP lenders in an
attempt to identify acceptable changes to the documents presented
to the Bankruptcy Court.  While there can be no assurance that
acceptable changes will be agreed among the parties, the company
expects such discussions to be completed before the continued
hearing on Dec. 1, 2008.

                 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.

                     About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional headquarters
in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed
USUS$9,162,000,000 in total assets and USUS$23,742,000,000 in
total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
USUS$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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ABFALL VERWERTUNGS: Claims Registration Period Ends January 4
-------------------------------------------------------------
Creditors of AVB Abfall Verwertungs Betrieb & Oezkan
Containerdienst GmbH have until Jan. 4, 2008, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Feb. 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         Luxemburger Strasse 101
         50939 Cologne
         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:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Koeln
         Germany
         Tel: 0221/33660130
         Fax: +492213366085

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:

         AVB Abfall Verwertungs Betrieb &
         Oezkan Containerdienst GmbH
         Josef-Linden-Weg 16
         51149 Koeln
         Germany

         Attn: Wilfried Wilms, Manager
         Burgstr. 38
         41836 Hueckelhoven
         Germany


AC PERSONALMANAGEMENT: Claims Registration Period Ends Jan. 15
--------------------------------------------------------------
Creditors of AC Personalmanagement GmbH have until
Jan. 15, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Feb. 26, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         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. Jan Roth
         Pfingstweidstrasse 3
         60316 Frankfurt am Main
         Germany
         Tel: 069/209739-0
         Fax: 069/20973929

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:

         AC Personalmanagement GmbH
         Attn: Amir Cehic, Manager
         Roedelheimer Bahnweg 10
         60489 Frankfurt am Main
         Germany


BOT LOGISTIC: Claims Registration Period Ends January 13
--------------------------------------------------------
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
         Room E 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.  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


FATEK CONCRETE: Claims Registration Period Ends December 29
-----------------------------------------------------------
Creditors of FATEK Concrete Services GmbH have until Dec. 29,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on Jan. 19, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dessau-Rosslau
         Hall 123
         Willy-Lohmann-Str. 33
         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:

         Joerg Riedemann
         Muehlweg 47
         06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

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:

         FATEK Concrete Services GmbH
         Attn: Michael Hofhans, Manager
         Karl-Liebknecht-Strasse 60
         06766 Bitterfeld-Wolfen OT
         Wolfen
         Germany


SCHREINEREI KOCH: Claims Registration Period Ends January 5
-----------------------------------------------------------
Creditors of Schreinerei Koch GmbH have until Jan. 5, 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 Feb. 2, 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:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 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:

         Schreinerei Koch GmbH
         Piepenstockstrasse 8
         44263 Dortmund
         Germany

         Attn: Kai Schulte, Manager
         Auf dem Brink 236
         44329 Dortmund
         Germany


UBS DEUTSCHLAND: Moody's Junks Rating on EUR50 Million Loan
-----------------------------------------------------------
Moody's Investors Service has downgraded its rating the EUR50
million Schuldsche in Loan Agreement where UBS Deutschland AG is
Borrower and Protection Buyer.

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 one Icelandic bank, specifically
Kaupthing Bank hf.

Rating action is:

UBS Deutschland AG:

EUR50,000,000 Floating Rate Portfolio Credit Linked Schuldschein
Loan Agreement due 2015

  -- Current Rating: Caa1
  -- Prior Rating: A3
  -- Prior Rating Action Date: Sept. 27, 2007


WEM INDUSTRIEANLAGENBAU: Claims Registration Period Ends Dec. 15
----------------------------------------------------------------
Creditors of WEM Industrieanlagenbau-Verwaltungs GmbH have until
Dec. 15, 2008, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 13, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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. Rainer Maus
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/4937099

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:

         WEM Industrieanlagenbau-Verwaltungs GmbH
         Attn: Lorenz Eberhardt, Manager
         Friedenstrasse 143
         42699 Solingen
         Germany


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* HUNGARY: Corporate Insolvencies Up 11% to 15,200 in Q1-Q3
-----------------------------------------------------------
The number of corporate insolvencies in Hungary increased by 11%
to about 15,200 in Q1-Q3 from the same period a year earlier,
Budapest Business Journal reports citing figures compiled by the
Hungarian unit of French credit insurance company Coface.

According to the report, about 26% of insolvency procedures were
in the trade sector and 17% were in the construction sector.

The number of insolvencies was also disproportionately high in the
tourism, real estate and automotive sectors, the report notes.

The report discloses almost 7,100 companies were wound up in Q1-
Q3, up 10% from the same period a year earlier.

The number of companies liquidated at the initiation of creditors
rose 12% to 8,100, while only 12 companies asked for bankruptcy
protection, the report states.


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ICESAVE: Iceland Agrees to Compensate Part of British Accounts
--------------------------------------------------------------
The government of Iceland has agreed to repay British savers the
first GBP18,000 they had in their Icesave accounts, Emily Coakley
at Finding Dulcinea reported last week citing the Daily Mail.

The Financial Services Compensation Scheme has already paid GBP250
million to many Icesave customers, Finding Dulcinea recalled.

Finding Dulcinea noted that the Daily Mail said the FSCS is to
kick in the next GBP32,000 to cover up to GBP50,000 of an
individual's account after Icesave compensates for the first
GBP18,000 of a person's account.

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.

                       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.

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 stepped in, declaring it would protect all UK
savers in full.


* Iceland's Liabilities to UK Over Icesave Stood at GBP2.2Bln
-------------------------------------------------------------
Daniel Bentley at the Independent reported last week that the UK
is owed GBP2.2 billion by Iceland.

Citing a Treasury official, the report disclosed the figure was
the amount paid to Icesave to cover Britons' savings when its
parent company Landsbanki went into receivership last month.

The report noted the money is now part of a US$10.2 billion
(GBP6.8 billion) package of support for Iceland agreed by the
International Monetary Fund on Thursday, Nov. 20.

"We will work out a timetable for repayment over the next few
weeks," Prime Minister Gordon Brown's spokesman was quoted by the
report as saying.  "It's money that's owed to us as a result of
the problems in the Icelandic banking sector."

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 stepped in, declaring it would protect all UK
savers in full.

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.

                          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.


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I R E L A N D
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EBS BUILDING: Fitch Downgrades Support Rating Floor at 'BB+'
------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default rating
of Ireland-based EBS Building Society to 'A-' from 'A'.  The
Outlook is changed to Negative from Stable.  The agency has
downgraded the Individual rating to 'B/C' from 'B', while
affirming the Short-term IDR at 'F1+', the Support rating at '3'
and the Support Rating Floor at 'BB+'.  The senior debt of EBS is
downgraded to 'A'.  Subordinated debt and permanent interest
bearing shares are downgraded to 'BBB+' from 'A-'.

However, all senior and lower Tier II debt issues with original
maturities longer than one year which mature before 29 September
2010 are included in the Irish government's credit institutions
financial support scheme and are therefore rated at 'AAA'.

The rating action reflects the agency's view that the economy in
Ireland is performing worse than expected, with growth being
reversed and unemployment likely to continue rising.  House prices
have fallen by 15% and Fitch expects them to fall further.  In
this context, Fitch considers that the two riskiest elements in
the society's loan book are its reasonably large exposure to high
loan to value mortgages and a portion of its commercial lending.

These two characteristics are likely to lead the society to report
significant loan impairment charges, reducing operating profit.
Fitch considers that the dislocated financial markets also reduce
the operating flexibility of the society.  Fitch notes that EBS
benefits from the funding guarantee provided by the Irish
government in its credit institutions financial support scheme,
which is reflected in the 'F1+' Short-term IDR.

As a response to the tougher financial market conditions, like all
other credit institutions, EBS is adopting a more conservative
approach.  It has increased its deposit gathering and expects to
improve its loan/deposit ratio which has been strained by rapid
growth in loans.  It has ceased new commercial lending to
concentrate on offering residential mortgages to its members.  It
will control costs attentively and aims to strengthen its capital
position by retaining earnings while managing cautiously the size
of its balance sheet.  Fitch views positively all these measures
and notes the society's good retail funding franchise and
liquidity and its acceptable level of capital.  EBS could
experience a further downgrade if asset quality deteriorates
significantly and credit impairment charges erode operating profit
to a level weaker than its 'A-' rated peers.


* Moody's Reports Negative Outlook for Irish Banking System
-----------------------------------------------------------
The fundamental credit outlook for the Irish banking system is
negative, reflecting the increased potential for a further
weakening in asset quality, loan volumes and profitability in a
domestic economy that is now in recession, says Moody's Investors
Service in its new Banking System Outlook for Ireland.

Moody's negative credit outlook for the Irish banking system
expresses the rating agency's view on the likely future direction
of fundamental credit conditions in the industry over the next 12
to 18 months.  It does not represent a projection of rating
upgrades versus downgrades.

"The Irish economy is now in recession, primarily due to a more
pronounced weakening of the real estate market.  This is likely to
result in a substantial increase in bad debts for lenders,
especially in the residential development sector, as well as lower
lending volumes and weaker profitability," explains Ross
Abercromby, a Moody's Vice-President/Senior Analyst and author of
the report.  "At the same time, the dislocation in the global
markets has continued to weigh on the Irish banks' ability to
raise funding, one result of which was the recently announced two-
year guarantee from the Irish government for banks' deposits,
senior debt, covered bonds and dated subordinated debt," the
analyst adds.

Moody's views the guarantee positively, and indeed has assigned
backed-Aaa/Prime-1 ratings to securities maturing within the
guarantee period, as it should restore market confidence, at least
during the guarantee period, into the institutions' liquidity.
However, as such support had been already factored into the
current ratings and given the temporary nature of the guarantee
(for a two year term) this will not impact the long-term bank
deposit ratings or debt maturing after the end of the guarantee
period of the six institutions.  These ratings already incorporate
uplift from their respective bank financial strength ratings as a
result of potential systemic support.

Moody's also notes that some of the Irish banks display relatively
lower levels of capital that have left them less well prepared as
they have entered a more challenging operating environment.
However, Ross Abercromby explained that "the six institutions
covered by the guarantee have all been required to deliver revised
business plans to the regulator in the last week and Moody's
expects capital adequacy to be a key factor in these, therefore
given the capital injections seen at other banks across Europe and
the USA Moody's would not rule out a similar process in Ireland.
As part of this process Moody's would also expect to see some
consolidation in the Irish market, although it is too early to
discuss the possible rating implications."

Overall, however, Moody's continues to believe that the financial
strength of the Irish banking sector is relatively solid.  The two
largest banks, Allied Irish Banks and Bank of Ireland, have strong
franchises supported by diversification of earnings by product and
geography, and relatively good liquidity underpinned by a broad
range of funding sources and stable, and indeed growing, deposit
bases.  These strengths mitigate to some extent the large exposure
that the banks have to the country's residential and commercial
real estate markets.

The smaller institutions tend to be more focused on certain
markets,  e.g. in commercial property or residential mortgages, or
are subsidiaries of foreign banks.  The less diversified
institutions tend to be rated at lower levels and, given their
concentration on the Irish property market, Moody's views them
less positively in the current environment.

Moody's has taken rating actions on ten entities within the Irish
banking sector since the start of the credit crisis, for a variety
of reasons, including downgrades of parent banks, deteriorating
asset quality and the expectation of higher provisioning.  Given
the rapid deterioration in the economic outlook, further downward
adjustments of ratings are possible in 2008 and 2009.


* IRELAND: Solvency at Risk; Draws Up Fresh Bail-Out for Banks
--------------------------------------------------------------
Citing Michael Klawitter, a strategist at Dresdner Kleinwort, the
Daily Telegraph reported Wednesday last week that the markets have
begun to see a risk to the solvency of the Irish government amid
talk of a fresh bail-out for its banks.

Mr. Klawitter, as cited by the report, said the cost of insuring
Irish sovereign debt through credit default swaps (CDS) has surged
to 133 basis points, casting doubt on the financial capability of
the country to back up the guarantees.

According to the report, Ireland is vulnerable as financial
services make up 9.8pc of GDP, including its 'Canary Dwarf'
enclave of hedge funds.

The liabilities of its lenders are twice Irish GDP, the report
noted.

There are fears that investors could start to shun sovereign debt
in Western states where banks have outgrown the underlying
economy, the report stated.

Ulster Bank, the report recalled, warned Ireland's economy will
contract by 4pc next year.  As a member of the eurozone, Ireland
cannot devalue or slash interest rates to cushion the downturn nor
can it resort to a fiscal boost since the budget deficit is
nearing 8pc of GDP, the report noted.

However, Ronnie O'Toole, chief economist at National Irish Bank,
said Ireland had low debt, a young population and would "get
through this", the report added.

The Taoiseach, Brian Cowen, told the Irish parliament Tuesday last
week he was exploring "all options" to shore up Anglo Irish, Bank
of Ireland and other lenders after the collapse of their share
prices over recent days, the report recounted.  He said the
original EUR440 billion (GBP368 billion) bail-out agreed in
September had been successful in containing a liquidity crisis but
had since been overtaken by events in the global markets.

The report recounted officials from Ireland's treasury and central
bank are drawing up a new rescue plan, this time involving a
direct infusion of money into the banks to raise core capital
ratios to safer levels.


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I T A L Y
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ALITALIA SPA: Air-France Still Interested to Buy Minority Stake
---------------------------------------------------------------
Air-France KLM reiterated its interest in acquiring a minority
stake in Alitalia SpA, according to Business Report.

Business Report quoted chief executive Air-France KLM Jean-Cyril
Spinetta as saying the Paris-based carrier was still interested in
buying a minority stake in the insolvent Italian airline.

Air-France KLM, Business Report recalls, dropped a takeover offer
for Alitalia in April after opposition from the state-controlled
carrier's nine labor unions.

                         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.


FINMECCANICA SPA: Moody's Upgrades Ratings From Low-Bs
------------------------------------------------------
Moody's Investors Service confirmed the senior unsecured debt
rating of Finmeccanica SpA and Finmeccanica Finance, SA at A3.
Finmeccanica is a Government Related Issuer and the Baseline
Credit Assessment is a 9, which maps to the equivalent of a Baa2
senior unsecured rating.  In a related action, Moody's raised the
ratings of the senior debt of DRS Technologies, Inc. to A3 from B1
and the subordinated debt to Baa1 from B3, and withdrew ratings on
the DRS revolving credit, the convertible bond (converted) and the
Corporate Family and Probability of Default ratings of B1.  The
rating outlook is stable.  This completes the review of the
Finmeccanica and DRS debt ratings opened on May 13, 2008.

Pro-forma for the additional EUR1.2 billion of equity that
Finmeccanica raised in connection with the DRS acquisition and the
asset sales and cash flow since the transaction was announced, key
metrics of retained cash flow to debt, debt to EBITDA and EBIT to
interest are comparable to other issuers at the Baa rating level
(equivalent to Finmeccanica's BCA).  As well, the pro-forma credit
metrics are similar to the levels Finmeccanica posted before the
acquisition, and should improve over the near term with lower debt
from the proceeds of asset sales and the free cash flow as
Finmeccanica and DRS deliver their backlog.

The stable outlook anticipates some modest near term improvement
in the 8 % EBITA margin and somewhat lowered financial leverage
from debt reduction.

"Completing the EUR1.2 billion of equity in a timely manner was an
important factor in confirming the rating, as the company
fulfilled its promise to finance a meaningful portion of the
transaction through equity", noted Bob Jankowitz, Senior Vice
President at Moody's Investors Service.  This was done despite the
dilution that resulted from the weakened equity markets.  Moody's
anticipates only very modest acquisitions for some time as
Finmeccanica works to merge the cultures and deliver on the
backlog that is now nearly three times revenue.  As well, Moody's
expects that Finmeccanica will sustain its moderate dividend
payout level, and will not purchase shares.

Ratings on the DRS Notes were raised based on Finmeccanica's plan
to issue an unconditional guarantee. The DRS senior notes will be
guaranteed on a senior basis, and the DRS senior subordinated
notes will be guaranteed on a subordinated basis.

Finmeccanica is a Government Related Issuer and application of
Moody's rating methodology using moderate support from the Italian
government and low dependence adds two notches to the BCA,
bringing the senior unsecured rating to A3.  The Italian Treasury
purchased about EUR250 million of Finmeccanica shares, preserving
its stake at over 30%.  Effectively, the Italian government
controls Finmeccanica's board and management appointments because
of its share position and because other shareholders are limited
to a 3% stake.  As well, the government can veto corporate
activities if it concludes those activities are a challenge to
national security.  Finmeccanica is Italy's largest defense
company and an important supplier elsewhere in the EU as well.

The rating could be lowered with any indication that DRS's
potential profits could be lower than expected because of loss of
a major defense contract, or if the operating margin in
Finmeccanica's Defense Electronics segment weakens.  The rating or
outlook could also be pressured down if Finmeccanica is unable to
complete the remaining assets sales (which target proceeds of up
to EUR600 million, in addition to the remainder of the STM
shares), if the operating margin of Finmeccanica's helicopter and
aeronautical segments weaken, or if retained cash flow to debt is
sustained below the low 20% level.  The rating could be raised
with a consolidated operating margin sustained at around the 10%
level, with return on capital (EBITA to average assets) improving
to the 11% level and retained cash flow to debt approaching the
30% level, while continuing to focus its business around the three
core units of defense electronics, aviation and helicopters.

Upgrades:

Issuer: DRS Technologies, Inc.

  -- Senior Subordinated Regular Bond/Debenture, Upgraded to Baa1
     from B3

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to A3 from
     B1

Outlook Actions:

Issuer: DRS Technologies, Inc.

  -- Outlook, Changed To Stable From Rating Under Review

Issuer: Finmeccanica Finance S.A.

  -- Outlook, Changed To Stable From Rating Under Review

Issuer: Finmeccanica S.p.A.

  -- Outlook, Changed To Stable From Rating Under Review

Confirmations:

Issuer: Finmeccanica Finance S.A.

  -- Senior Unsecured Conv./Exch. Bond/Debenture, Confirmed at A3
  -- Senior Unsecured Medium-Term Note Program, Confirmed at A3
  -- Senior Unsecured Regular Bond/Debenture, Confirmed at A3

Issuer: Finmeccanica S.p.A.

  -- Senior Unsecured Medium-Term Note Program, Confirmed at A3
  -- Senior Unsecured Regular Bond/Debenture, Confirmed at A3

Withdrawals:

Issuer: DRS Technologies, Inc.

  -- Probability of Default Rating, Withdrawn, previously rated B1

  -- Corporate Family Rating, Withdrawn, previously rated B1

  -- Senior Subordinated Regular Bond/Debenture, Withdrawn,
     previously rated LGD5, 84%

  -- Senior Secured Bank Credit Facility, Withdrawn, previously
     rated Ba1, LGD2, 12%

  -- Senior Unsecured Conv./Exch. Bond/Debenture, Withdrawn,
     previously rated B1, LGD3, 46%

  -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
     previously rated LGD3, 46%

Finmeccanica SpA, based in Rome, Italy, is one of the world's
largest defense contractors.


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K A Z A K H S T A N
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ENERGY COMMERCE: Creditors Must File Proofs of Claim by Jan. 2
--------------------------------------------------------------
LLP Company Energy Commerce Limited has gone into liquidation.
Creditors have until Jan. 2, 2009, to submit written proofs of
claims to:

         LLP Company Energy Commerce Limited
         Micro District Samal-2, 81-3
         Almaty
         Kazakhstan


ERTIS MAI: Creditors' Claims Deadline Slated for Jan. 2
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ertis Mai & K insolvent on April 1, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Lenin Str. 61
         Pavlodar
         Kazakhstan


GOLD SNUB: Creditors' Claims Filing Period Ends December 31
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Gold Snub insolvent on June 12, 2008.

Creditors have until Dec. 31, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Makataev Str. 196-36
         Almaty
         Kazakhstan
         Tel: 8 (7272) 79-86-66
              8 (7272) 79-86-76
              8 701 795 30-25


KATA SECURITY: Creditors' Claims Due on December 31
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Kata Security insolvent.

Creditors have until Dec. 31, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Kutuzov Str. 91/1
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 54-98-55


KAZ INTER COM: Creditors Must Register Claims by December 31
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kaz Inter Com insolvent on June 12, 2008.

Creditors have until Dec. 31, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Makataev Str. 196-36
         Almaty
         Kazakhstan
         Tel: 8 (7272) 79-86-66
              8 (7272) 79-86-76
              8 701 795 30-25


KAZAKHSTAN ELECTRICITY: S&P Maintains 'BB+' Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB+'
long-term corporate credit rating on Kazakhstan Electricity Grid
Operating Co., Kazakhstan's state-owned transmission grid
operator.  The outlook is negative.

S&P applies a top-down rating approach to KEGOC, notching down two
notches below the local currency rating on the Republic of
Kazakhstan (foreign currency BBB-/Negative/A-3, local currency
BBB/Negative/A-3).  This reflects KEGOC's strategically important
status to the Kazakh government as a provider of core
infrastructure services.  S&P estimates KEGOC's stand-alone credit
quality at 'B+'.

"The stand-alone credit quality on KEGOC is constrained by the
company's aggressive financial policy, large grid investment
program and associated construction risk, high foreign currency
and floating interest risk exposure, and Kazakhstan's relatively
weak power sector characteristics," said Standard & Poor's credit
analyst Sergei Gorin.

Kazakhstan's relatively low wealth, limited customer
diversification, and historically delayed payments impair KEGOC's
market position.

These risks are mitigated by state support to KEGOC in the form of
guarantees on most of its debt, supportive tariffs, and potential
extraordinary support.  KEGOC also benefits from its monopoly
position in a stable and low-operating-risk electricity
transmission business.

On Sept. 30, 2008, according to the company's management,
available liquidity reserves of Kazakhstani tenge (KZT) 6.7
billion covered its KZT3.6 billion of debt maturing over the next
12 months.

The outlook is negative because the outlook on the sovereign is
negative.  The outlook also reflects S&P's expectation that KEGOC
will remain closely integrated with the government as its 100%
ultimate owner and will continue to benefit from various forms of
state support, such as debt guarantees or equity increases.

A change in the sovereign credit rating would not automatically
result in a change in the rating on KEGOC; it would be subject to
a separate review.

"Were the government to deviate from its supportive policy or
initiate a privatization process, KEGOC's credit risk would become
more dependent on its weaker stand-alone credit profile, and this
might put downward pressure on the ratings or the outlook," said
Mr. Gorin.


NURANI-INTERNATIONAL LLP: Creditors Must File Claims by Jan. 2
--------------------------------------------------------------
Foreign LLP Nurani-International has gone into liquidation.
Creditors have until Jan. 2, 2009, to submit written proofs of
claims to:

         Foreign LLP Nurani-International
         Office 71
         Kazybek Bi Str. 50
         Almaty
         Kazakhstan


PAVLODAR TRANS: Creditors' Claims Deadline Slated for Dec. 31
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Pavlodar Trans insolvent.

Creditors have until Dec. 31, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Kutuzov Str. 91/1
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 54-98-55


PELEKANOM LLP: Creditors' Claims Filing Period Ends Dec. 31
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Pelekanom insolvent.

Creditors have until Dec. 31, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


STROY-MAXIMUM LLP: Creditors Must Register Claims by Jan. 2
-----------------------------------------------------------
LLP Construction Company Stroy-Maximum has declared liquidation.
Creditors have until Jan. 2, 2009, to submit written proofs of
claims to:

         LLP Construction Company Stroy-Maximum
         Jomartbaev Str. 12a
         Semey
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7222) 67-04-42


TRANSIT INTER: Creditors' Claims Due on December 31
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Transit Inter Service insolvent.

Creditors have until Dec. 31, 2008, to submit written proofs of
claims to:

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


* KAZAKHSTAN: Gov't Reveals US$21 Billion Rescue Package
--------------------------------------------------------
The Financial Times reports Kazakhstan has unveiled a US$21
billion rescue package which includes emergency funding for the
banking, property and agricultural sectors and small and medium
sized businesses.  The package, the report says, is equivalent to
20 per cent of the country's GDP.

According to the report, Kazakhstan has been hit by the US
subprime mortgage crisis and falling oil prices.  The credit
crunch, FT notes, stranded its banks with US$40 billion of foreign
debts.

The government, FT relates, has lowered its forecast for economic
growth this year to 3 per cent from an earlier 5 per cent and
anticipates growth of no more than 5 per cent next year.  At least
US$4 billion was required to stabilize the banking system and
boost lending to the real economy, FT says, citing Kazakh prime
minister  Karim Massimov.

FT states that under the rescue package:

  -- Kazakhstan's four leading banks have agreed
     to sell up to 25 per cent of their equity
     to the government;

  -- a US$1 billion distressed asset fund
     will be used to mop up bad bank loans;

  -- some US$3 billion will be for the
     construction industry and real estate;

  -- US$1 billion will go to agriculture
     to boost production and stave
     off food price inflation;

  -- US$1 billion cash injection will
     be used to help struggling small
     businesses will receive; and

  -- another US$1 billion will be invested in
     electricity, oil and transport projects.

The rescue plan has been devised by the government in partnership
with the National Bank and the financial supervisory agency, the
FT says.


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K Y R G Y Z S T A N
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EMPATI LTD: Creditors Must File Claims by December 27
-----------------------------------------------------
LLC Empati Ltd. has declared insolvency.  Creditors have until
Dec. 27, 2008, to submit written proofs of claims to:

         Borodin Str. 1
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 24-47-94


IKEEN GROUP: Creditors Must File Claims by December 27
------------------------------------------------------
LLC Ikeen Group has declared insolvency.  Creditors have until
Dec. 27, 2008, to submit written proofs of claims to:

         Toktonaliev Str. 109
         720052 Bishkek
         Kyrgyzstan
         Tel: (+996 312) 54-48-79


NEOMED-LABORATORY: Creditors Must File Claims by December 31
------------------------------------------------------------
LLC Neomed-Laboratory has declared insolvency.  Creditors have
until Dec. 31, 2008, to submit written proofs of claims.

The company can be reached at: (+996 312) 90-60-90


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L U X E M B O U R G
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LOGWIN AG: Moody's Maintains Sr. Subordinated Rating at 'Caa1'
--------------------------------------------------------------
Moody's Investors Service has affirmed Logwin AG Corporate Family
Rating of B2 and the senior subordinated rating of Caa1 on the
EUR130 million notes due in 2012 but changed the outlook to
negative from stable.  The action was prompted by weakening
company's operating profitability so far this year and by Moody's
concerns on deteriorating market conditions in the broader
logistic industry.

"The rating action takes into consideration the company's thin
operating margins that allow for modest absorption to potential
shocks in the market at time when market conditions remain
unsettled, and reflects Moody's view that the logistic segment in
general might experience a period of soft demand while Logwin
remains exposed to specific industry sectors that are also going
through difficult trading conditions", said Paolo Leschiutta a
Moody's Vice President - Senior Analyst and responsible for
Logwin.  "Moody's recognizes the progress made by the company over
the last few quarters in improving its financial profile, thanks
to strict control on cash generation achieved through tight
working capital management and rigid investment policies, however
the rating agency notes the modest deterioration in operating
margins during the current FY ending December 2008 that is likely
to result in weaker credit metrics than previously anticipated",
continued Mr. Leschiutta.

During the first nine months of FYE December 2008, despite a
modest increase of revenues of 2.9%, the company reported a drop
in EBIT pre exceptional of 17.1% corresponding to a reduction in
EBIT margin, as measured by the company, to 1.6% over the period,
compared to 2% the year before.  Operating performances in the
Solutions divisions were particularly affected as the company
remains exposed to the Automotive, Fashion, Media and Consumer
Goods segments that are all experiencing tough trading conditions,
with currently modest outlook for recovery.  Moody's however, also
recognizes the continued growth experienced by the Air + Ocean and
Road + Rail divisions, that partially compensate for difficulties
in the Solution division, although warns that trading over recent
weeks has become more difficult while operating margins in the
Road + Rail remains at break even level.

"The negative outlook reflects Moody's expectations that market
conditions are likely to remain subdued over the short term and
that weak demand resulting in under utilization of main Logwin
warehouses is likely to result in weakening credit metrics."

Logwin's B2 Corporate Family Rating reflects the group solid
market position, the good business diversification and the
adequate liquidity profile, although reliant on bank support to
renew the 364-day credit lines.  However, the rating also reflects
the exposure to the Fashion, Media and Automotive sectors, the
relatively high customers' concentration and the fact that thin
operating margins allow for modest flexibility to adapt to
changing market conditions.  Although key credit metrics are
expected to remain within the current rating category, the
Corporate Family Rating could be downgraded in case of further
erosion in operating performance below current level or in case of
a change in Moody's perception of current market conditions.  The
rating could also be downgraded in the case of financial leverage
increasing towards 6x, a deterioration in the company's liquidity
profile and/or a contraction of the company interest coverage,
measured as EBIT/Interest towards 1x.

The last rating action on Logwin was on 16 July 2007, when Moody's
affirmed the B2 Corporate Family Rating and changed the outlook
from negative to stable.

Ratings affirmed:

  -- Logwin Corporate Family Rating and Probability of Default
     Rating of B2;

  -- The Senior Subordinated Caa1 (LGD6, 90%) rating on the EUR
     130 million notes due 2012;

The outlook is negative.

Based in Luxembourg, Logwin AG is a medium-sized provider of
specialist and traditional logistics services, operating primarily
in Germany and Austria but also in Eastern Europe and Asia (mainly
China).  The group specializes in providing entire supply chain
logistics services and solutions, including (1) overland road,
rail, air transportation and sea freight services; (2) warehousing
and supply chain management; and (3) design and execution of
customized logistics solutions.


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N E T H E R L A N D S
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LYONDELL BASELL: Weak Financial Results Cue Fitch's Rating Cuts
---------------------------------------------------------------
Fitch Ratings has downgraded Netherlands-based petrochemicals
company Lyondell Basell Industries AF SCA's Long-term Issuer
Default rating to 'B-'(B minus) from 'B+' while maintaining a
Negative Outlook.  At the same time, Fitch has affirmed LBI's
Short-term IDR at 'B'.

The downgrade of the Long-term IDR reflects LBI's weaker than
expected year-to-date September 2008 results which were
particularly affected by the ongoing price volatility of purchased
hydrocarbon feedstock and energy.  Other factors also weighed down
LBI's results and liquidity, including the temporary downtimes of
North American production facilities related to hurricanes Ike and
Gustav, as well as the turnaround and downtime of the company's
Houston refinery.  Fitch believes that LBI's deteriorated credit
metrics as of end-September 2008, including estimated net leverage
of 7.4x, cash interest cover of 1.5x and fixed charge cover of
1.1x, are commensurate with a 'B-' (B minus) rating.

In conjunction with LBI's diminished cash flow head room to cover
minimum fixed charges, the agency is further concerned about LBI's
available liquidity sources - these have declined by around 44% to
US$1.575 million by end-September.  Current liquidity sources also
include a US$750 million revolving credit facility provided by
shareholder Access Industries that expires in September -09.

Fitch has maintained a Negative rating Outlook as LBI's business
and highly leveraged financial profile make it particularly
vulnerable to the effects of a major economic slowdown in the
company's main markets of North America and Europe.  In addition,
Fitch notes that LBI's liquidity situation may not provide
sufficient funding if major restructuring efforts are required to
adjust excess production capacities.

The downgrade of the second lien recovery ratings for Lyondell
Basell Finance Co to 'RR6' from 'RR5' reflects the different
assumptions used by Fitch in its latest recovery estimates.  The
agency has now assumed a blended distressed enterprise value to
EBITDA for the group in the low end of 5-6x as opposed to the high
end of this range as per the previous RR5 ratings.  This is driven
by a re-assessment of the petrochemical demand and capacity
balances, as Fitch now expects a protracted recovery in revenue
and profit growth in the medium- to longer-term.

LBI, owned by Access Industries, was formed in December 2007 as a
result of a merger between chemical groups, Basell and Lyondell.
It is the world's third-largest independent chemical company.
The rating actions applicable to LBI and its related entities are:

Lyondell Basell Industries AF SCA (renamed from Basell AF SCA and
subsidiaries)

  -- Long-term IDR: downgraded to 'B-'(B minus) from 'B+';
     maintains Negative Outlook

  -- Senior notes: downgraded to 'CCC'/'RR6' from 'B-'(B
     minus)/'RR6'

Lyondell Chemicals Company

  -- Long-term IDR: downgraded to 'B-'(B minus) from 'B+';
     maintains Negative Outlook

  -- Secured debentures: downgraded to 'BB-' (BB minus)/'RR1' from
     'BB+'/'RR1'

Lyondell Basell Finance Co

  -- Fixed-rate second-lien loan: downgraded to 'CCC'/'RR6' from
     'B'/'RR5'

  -- Floating-rate second-lien loan: downgraded to 'CCC'/'RR6'
     from 'B'/'RR5'

  -- Floating-rate third-lien loan: downgraded to 'CCC'/'RR6' from
     'B-'(B minus)/'RR6'

Equistar Chemicals L.P.

  -- Long-term IDR: downgraded to 'B-'(B minus) from 'B+';
     maintains Negative Outlook

  -- Secured debentures: downgraded to 'BB-'(BB minus)/'RR1' from
     'BB+'/'RR1'

Millenium America Inc.

  -- Long-term IDR: downgraded to 'B-'(B minus) from 'B+';
     maintains Negative Outlook

  -- Senior debentures: downgraded to 'CCC'/'RR6' from 'B-'(B
     minus)/'RR6'

As outlined in Fitch's October 30, 2008 rating action, the bridge
loan ratings are subject to execution and completion of the
amendment and restatement as specified in the Form 8-K SEC filing
on October 23, 2008.


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P O R T U G A L
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HIPOTOTTA 9: Moody's Puts Final Ba3 Rating on Class E Notes
-----------------------------------------------------------
Moody's assigns definitive credit ratings to these classes of
Notes issued by Hipototta No. 9 Limited.

  -- Aaa to the EUR155,000,000 Class A1 Mortgage Backed Floating
     Rate Notes due 2061

  -- Aaa to the EUR1,282,600,000 Class A2 Mortgage Backed
     Floating Rate Notes due 2061

  -- Aa2 to the EUR34,800,000 Class B Mortgage Backed Floating
     Rate Notes due 2061

  -- A2 to the EUR34,800,000 Class C Mortgage Backed Floating
     Rate Notes due 2061

  -- Baa3 to the EUR15,500,000 Class D Mortgage Backed Floating
     Rate Notes due 2061

  -- Ba3 to the EUR27,300,000 Class E Mortgage Backed Floating
     Rate Notes due 2061

The transaction represents the securitization of Portuguese
residential mortgage loans originated by Banco Santander Totta
S.A., rated Aa3/Prime-1.  The assets supporting the Notes are
prime mortgage loans secured on residential properties located in
Portugal.  The portfolio will be serviced by Banco Santander Totta
S.A.

The ratings of the Notes are based upon the analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, the legal and
structural integrity of the issue and the credit quality of the
parties involved in the transaction.

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Class A1, Class A2, Class
B, Class C, and Class D Notes on or before the legal final
maturity date.  Moody's ratings address only the credit risk
associated with the transaction.  Other non-credit risks have not
been addressed but may have significant effect on the yield to
investors.

Moody's initially analyzed and monitors this transaction using the
rating methodology for EMEA RMBS transactions as described in the
Rating Methodology reports.

Moody's based the provisional ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) historical
performance and bank' internal ratings information; (iii) the swap
agreements hedging the interest rate risk; (iv) the credit
enhancement provided by the reserve fund, the subordination of the
notes, and the excess spread; and (v) the legal and structural
integrity of the transaction.


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R U S S I A
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BANK SOYUZ: S&P Downgrades Counterparty Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit rating on Russia-based Bank Soyuz to
'B-' from 'B' and its Russia national scale rating to 'ruBBB-'
from 'ruA-'.  The ratings were removed from CreditWatch with
negative implications, where they were placed on Oct. 7, 2008, on
trading losses and tighter financial flexibility.  The outlook is
negative.  At the same time, the 'C' short-term counterparty
credit rating on the bank was affirmed.

"The rating action reflects the bank's significantly deteriorated
liquidity position, massive customer deposit outflow, and large
trading losses related to the ongoing negative trend in the
Russian financial markets," said Standard & Poor's credit analyst
Maria Malyukova.

Soyuz is ultimately owned by Basic Element (not rated), one of
Russia's largest financial and industrial groups.

The rating on Bank Soyuz incorporates a one-notch uplift from its
stand-alone creditworthiness to reflect ongoing liquidity support
from its parent and the government.  Basic Element's ability to
support Soyuz has weakened and is constrained by current market
conditions.

The bank experienced massive customer deposit withdrawal in
October 2008 as a result of the stressed environment and flight to
quality.

The bank has wracked up significant trading losses along with the
recent plummeting of the Russian stock and debt markets.  S&P is
unable to assess the exact size of the bank's losses, because some
of the bank's securities were carried through a separate entity,
which has been sold.  S&P believes that these losses are major,
and have significantly eroded the bank's capitalization.

The negative outlook reflects the bank's increasingly tight
liquidity, high exposure to market risk, and pressure on its
capital standing and financial performance.

"We would lower the ratings if S&P's concerns regarding the
liquidity and capitalization are not eased by sufficient
shareholder or government support, or if the ongoing turbulence in
Russia's financial markets places higher stress levels on the
bank," said Ms. Malyukova.


DONSKIE STAINLESS: Creditor Must File Claims by January 14
----------------------------------------------------------
Creditors of LLC Donskie Stainless Steel (TIN 6162038753) have
until Jan. 14, 2009, to submit proofs of claims to:

         I. Prokopenko
         Insolvency Manager
         Office 45
         Floor 1
         Building B-2
         Stanislavskogo/Bratskiy Str. 8a/10, 11/13
         Russia

The Arbitration Court of Rostovskaya will convene at 2:20 a.m.
on Feb. 5, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A53=967252/2008-S1=9631.

The Debtor can be reached at:

         LLC Donskie Stainless Steel
         Industrialnaya Str. 2
         Bataysk
         Russia


EVRAZ GROUP: Gets US$1.8 Billion Loan from Vnesheconombank
----------------------------------------------------------
Evraz Group SA has received a US$1.8 billion loan to refinance its
foreign liabilities, RIA Novosti reports citing business paper
Vedomosti.

According to the report, Vedomosti said the Supervisory Board of
state-controlled national development bank, Vnesheconombank (VEB),
approved on Friday loans worth a total of US$2 billion to
refinance deals concluded by companies in the Russian mining and
microelectronic industries.

Terms of the loan have not been disclosed and Evraz Group
representatives declined to comment, however, RIA Novosti says a
source close to VEB told Vedomosti that Evraz Group had received
the US$1.8 billion as requested out of that sum.

RIA Novosti relates that according to Vedomosti, Evraz Group's
debt totaled about US$10.24 billion as of late September, of which
short-term liabilities stood at US$4.14 billion, with US$2.2
billion due to be repaid by the end of this year.

                        IPSCO Acquisition

As reported in the Troubled Company Reporter-Europe on Nov. 19,
2008, Reuters said Evraz Group requested a US$1.8 billion loan
from VEB to refinance debt incurred to acquire Canadian steel pipe
maker IPSCO.

Citing Vedomosti, RIA Novosti relates Dmitry Smolin, an analyst
with Uralsib investment group, said that US$800 million out of
Evraz Group's US$2.2 billion short-term debt included a loan taken
by the Group to buy IPSCO.  IPSCO's assets were pledged as
security for the loan and Evraz could lose them if the company
failed to repay the sum due, the analyst noted.

Few days prior to the VEB loan request, Evraz secured a US$364
million one-year loan from state-controlled VTB Bank to pay taxes,
Reuters said in a Nov. 13
report.

Reuters recalled Evraz said it is cutting production and capital
expenditures at a number of its plants due to the global financial
crisis, and may be forced to cut production within Russia by up to
a quarter this month.  Its European and North
American operations are not to be affected, Reuters noted.

Vnesheconombank, according to Reuters, has been entrusted by the
Kremlin with the task of distributing a US$50 billion rescue
package to help Russian companies refinance a total US$120 billion
of Western loans by the end of 2009.

VTB Bank meanwhile operates in the commercial banking sector.

                      About Evraz Group S.A.

Evraz Group S.A. and its subsidiaries are involved in the
production and distribution of steel and related products.  In
addition, the Company owns and operates certain mining assets.
Its steel production and mining facilities are mainly located in
the Russian Federation.  During the year ended December 31, 2007,
Evraz produced 16.4 million tons of crude steel.  Evraz's
principal assets comprise three of the steel plants in Russia:
Nizhny Tagil (NTMK) in the Urals region and West Siberian (Zapsib)
and Novokuznetsk (NKMK) in Siberia, as well as Palini e Bertoli in
Italy, Evraz Vitkovice Steel in the Czech Republic, and Evraz
Oregon Steel Mills headquartered in the United States.  In October
2007, the Company completed the buyout of NTMK, Zapsib, KGOK and
VGOK, and the Nakhodka Commercial Sea Port.  On January 16, 2008,
the Company acquired Claymont Steel Holdings, Inc. In June 2008,
the Company completed the acquisition of IPSCO's Canadian plate
and pipe business from SSAB.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 18,
2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-
term corporate credit, bank loan,
and senior unsecured debt ratings on Evraz Group S.A.

S&P also revised its outlook on Evraz and its core subsidiary
Mastercroft Ltd. to stable from positive due to the sharp
deterioration in market conditions in the global steel sector and
the group's high levels of short-term debt.


IRBITSKIY AUTO-AGGREGATE: Creditors Must File Claims by Jan. 14
---------------------------------------------------------------
Creditors of OJSC Irbitskiy Auto-Aggregate Plant (TIN
6611001418) have until Jan.14, 2009, to submit proofs of claims
to:

         P. Podporin
         Insolvency Manager
         Office 211
         Belinskogo Str. 34
         GSP-573
         620219 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-4523/2008=96S11.

The Debtor can be reached at:

         OJSC Irbitskiy Auto-Aggregate Plant
         Revolutsii Str. 27
         623850 Irbit
         Sverdlovskaya
         Russia


IZHEVSKIY AUTOMATIVE: Creditor Must File Claims by December 14
--------------------------------------------------------------
Creditors of LLC Izhevskiy Automative Equipment Maintenance
Plant (TIN 1833045015) have until Dec. 14, 2008, to submit proofs
of claims to:

         O. Tebenkova
         Temporary Insolvency Manager
         50 Let Pionerii Str. 26
         426033 Izhevsk
         Udmurtia
         Russia

The Arbitration Court of Udmurtia will convene at 10:00 a.m. on
Feb. 20, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A71=968371/2008-G15.

The Debtor can be reached at:

         LLC Izhevskiy Automative Equipment Maintenance Plant
         Vladivostokskaya Str. 1a
         Izhevsk
         Udmurtia
         Russia


KALACHINSKIY CONSTRUCTION: Court Names Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Omskaya appointed O. Revin as
Insolvency Manager for LLC Kalachinskiy Construction Materials
Plant.  The case is docketed under Case No. A46=9619500/2008.  He
can be reached at:

         Pushkina Str. 13-/14
         644046 Omsk
         Russia

The Debtor can be reached at:

         LLC Kalachinskiy Construction Materials Plant
         Cherepove Str. 100
         Kalachinsk
         646905 Omskaya
         Russia


KAMA SHIP-BUILDING: Creditor Must File Claims by December 14
------------------------------------------------------------
Creditors of OJSC Kama Ship-Building Plant (TIN 5908002280) have
until Dec. 14, 2008, to submit proofs of claims to:

         A. Demin
         Temporary Insolvency Manager
         G. Zvezda Str. 13
         614045 Perm
         Russia

The Arbitration Court of Permskiy will convene at 10.00 a.m. on
Apr. 29, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A50=9614431/2008-B2.

The Debtor can be reached at:

         OJSC Kama Ship-Building Plant
         Buksirnaya Str. 4
         614023 Perm
         Russia


LEVOBEREZHNY MINERAL: Creditor Must File Claims by December 14
--------------------------------------------------------------
Creditors of CJSC Levoberezhny Mineral Water Bottling Plant (TIN
5507073340) have until Dec. 14, 2008, to submit proofs of claims
to:

         P. Krupodra
         Temporary Insolvency Manager
         Tyulenina Str. 1/1/64
         644010 Omsk
         Russia

The Arbitration Court of Omskaya will convene at 10:00 a.m. on
Apr. 14, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A46=9619603/2008.

The Debtor can be reached at:

         CJSC Levoberezhny Mineral Water Bottling Plant
         Omsk
         Russia


LINIYA: Secures Financing from Russia's State Bank VTB
------------------------------------------------------
Maria Kiselyova of Reuters reports that hypermarket chain Liniya
has secured financing from Russia's state bank VTB.

The bank, the report relates, had set a one-year RUR3 billion
(US$108.8 million) credit limit for OJSC Grinn Corp, the parent
company of Liniya.

The company will use the funds to replenish its working capital
and settle accounts with suppliers, the report notes.


MOUNTING TECHNOLOGIES: Creditor Must File Claims by December 14
---------------------------------------------------------------
Creditors of LLC Construction and Mounting Technologies (TIN
6154070094) have until Dec. 14, 2008 to submit proofs of claims
to:

         M. Sogomonov
         Temporary Insolvency Manager
         Buynakskaya Str. 2/56
         344037 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 3:45 p.m.
on Dec.16, 2008 to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A53=9614157/2008-S1=968.

The Court is located at:

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

The Debtor can be reached at:

         LLC Construction and Mounting Technologies
         Sotsialisticheskaya Str. 154
         Taganrog
         Russia


TAYGINSKIY CRUSHED: Creditor Must File Claims by December 14
------------------------------------------------------------
Creditors of LLC Tayginskiy Crushed Stone Plant (TIN 7413010780)
have until Dec. 14, 2008, to submit proofs of claims to:

         S. Kudashev
         Temporary Insolvency Manager
         Post User Box 106
         620000 Yekaterinburg
         Russia

The Arbitration Court of Chelyabinskaya will convene at
11:30 a.m. on Jan. 29, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A76-13988/2008-60-
157.

The Debtor can be reached at:

         LLC Tayginskiy Crushed Stone Plant
         Maslobazovaya Str. 5
         Chelyabinsk
         Russia


TRANS-LINE LLC: Creditor Must File Claims by December 14
--------------------------------------------------------
Creditors of LLC Trans-Line have until Dec. 14, 2008, to submit
proofs of claims to:

         A. Demin
         Temporary Insolvency Manager
         G. Zvezda Str. 13
         614045 Perm
         Russia

The Arbitration Court of Perm will convene at 10:30 a.m. on
Feb. 20, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A50=9612136/2008-B7.

The Debtor can be reached at:

         LLC Trans-Line
         Izhevskaya Str. 12a
         614064 Perm
         Russia


YELIZAVEYINSKIY PILOT: Creditors Must File Claims by January 14
---------------------------------------------------------------
Creditors of OJSC Yelizavetinskiy Pilot-Production Plant (TIN
6664003384) have until Jan.14, 2009, to submit proofs of claims
to:

         E. Chu
         Insolvency Manager
         Posadskaya Str. 21/312
         620086 Yekaterinburg
         Russia
         Tel: 233-75-61

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-4437/2008-S11.

The Debtor can be reached at:

         OJSC Yelizavetinskiy Pilot-Production Plant
         Rudny
         620054 Yekaterinburg
         Russia


* LENINGRAD OBLAST: S&P Upgrades Issuer Ratings to 'BB/ruAA'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised the
long-term issuer and Russia national scale ratings on Leningrad
Oblast to 'BB/ruAA' from 'BB-/ruAA-'.  The outlook is stable.

"The upgrade reflects the oblast's solid economic and revenue
base, large liquidity, and low debt," said Standard & Poor's
credit analyst Irina Pilman.

Leningrad Oblast, located in the northwest of The Russian
Federation (foreign currency BBB+/Negative/A-2, local currency
A-/Negative/A-2, Russia national scale 'ruAAA'), suffers from low
financial flexibility and predictability in the context of the
Russian intergovernmental and tax systems.  Moderate economic
concentration and continuous expenditure pressures further
constrain the ratings.

However, the oblast enjoys a solid and buoyant economic
environment in its location surrounding the City of St. Petersburg
(BBB/Stable/--); a low debt burden; solid reserves that exceed
short-term borrowing needs; and sound budgetary performance.

Thanks to its favorable location surrounding St Petersburg,
however, and continuous inflows of investments in energy
generation, manufacturing, transport, and communication, the
oblast benefits from a solid, diversifying, and rapidly growing
economy.  Investment comprised about 40% of the gross regional
product, which grew at more than 9% on average over the past five
years.

S&P expects economic growth to cool slightly over the next two
years, however, because the progress of any new projects hangs on
the evolution of the financial markets.

The economic slowdown may cause tax revenue growth to decline
somewhat, especially in 2009.  However, S&P expects the oblast
administration to be able to contain expenditure growth so that,
ultimately, operating balances decline only moderately to a 6.5%
annual average over 2009-2011.

S&P expects the oblast's year-end 2008 cash reserves to be
sufficient to finance its capital needs over the next few years,
with only marginal recourse to borrowing.  The oblast's free cash
as of Oct. 1, 2008, was 1.6x the average monthly operating
expenditures expected in 2008. The bulk of the oblast's liquidity
reserves (RUR5.7 billion or 82% of free cash) was on deposit in
several local banks.

The stable outlook reflects S&P's expectation that Leningrad
Oblast's revenues will continue to benefit from a solid economic
base and that the administration will manage to stabilize the
operating performance at an annual average of 6.5% of operating
revenues, while financing its investment program without
materially increasing its debt burden over 2009-2011.

"Future positive rating actions will depend on the oblast
strengthening its budgetary performance and reserves above S&P's
expectations," said Ms. Pilman.


* RUSSIA: VEB Grants US$2BB Loan to Mining, Electronic Firms
-------------------------------------------------------------
Guy Faulconbridge of Reuters reports that Russia's state bank VEB
approved on Friday a US$2 billion loan for domestic mining and
electronics firms to refinance their foreign debt.

VEB, as cited by Reuters said, the total amount of approved VEB
loans for refinancing the foreign debts of domestic companies now
stands at US$10 billion.


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CEMEX SAB: Fitch Corrects Rating Release to Include Rinker IDR
--------------------------------------------------------------
Cemex's ratings were downgraded by Fitch Ratings on Oct. 31, 2008.
In that press release, the downgrade and withdrawal of the Rinker
IDR was omitted.  Fitch issued an amended press release to include
that rating action:

Fitch Ratings has downgraded these ratings of Cemex, S.A.B. de
C.V. and related entities:

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

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

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

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

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

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

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

The Rating Outlook is Negative.

In addition to this action, these ratings have been downgraded and
withdrawn:

-- Rinker Group Limited (Rinker) Long Term IDR to 'BB+' from
    'BBB-';

-- Rinker Short Term IDR to 'B' from 'F3'.

The rating actions reflect weaker than expected operating results
and higher leverage levels than previously anticipated due to
economic weakness in most of the company's important markets.
Additionally, adverse market conditions have slowed the pace of
the company's divestiture program and should continue to make this
process challenging over the next year.  Further incorporated into
the ratings is Cemex's reduced liquidity position, with the
company facing significant maturities during 2009 amid a difficult
credit market, resulting in increased refinancing risk.

The ratings also consider the company's strong global business
position as an integrated cement player, robust cash flow
generation ability and good geographic diversification, with a
presence in over 50 countries.

While the company has been able to reduce debt by close to US$3
billion since the Rinker acquisition, leverage remains higher than
originally anticipated.  At Sept. 30, 2008, Cemex had total
adjusted debt of US$23.3 billion.  Adjusted debt includes total
debt
plus perpetual debt and operating leases; considering annual
estimated EBITDAR of US$4.9 billion, the total adjusted debt to
EBITDAR ratio is 4.8 times (x), still high for the rating
category.  While the company should continue to focus its efforts
on debt reduction, prevalent weak operating market conditions in
its main markets, as well as revised economic growth prospects for
most of the regions in which it operates should result in a slower
than expected pace of deleveraging for the company.

Fitch's ratings incorporate the recent measures announced by the
company that are focused on increasing free cash flow generation.
Cemex recently announced a cost cutting program that will provide
US$500 million in recurrent annual savings, starting in 2009.  The
company has also reduced its capital expenditure program for 2009
to US$845 million, coming down from US$2 billion in 2008 and has
targeted additional assets to divest.  These measures should
provide additional free cash flow to be used towards debt
repayment.

Cemex's liquidity position is tight, as the company faces
maturities of US$5.7 billion during 2009.  Of this figure,
US$3 billion consist of a syndicated loan related to the Rinker
acquisition which matures in December 2009.  The company has
started negotiating with its main banks, and has closed
commitments totaling close to US$1.3 billion to extend the
maturity until December 2010.  The remaining US$2.6 billion in
maturities in 2009 are spread throughout the year and consist of
US$310 million of Certificados Bursatiles issued in the local
capital markets and US$2.3 billion in bank debt.  Additionally,
the recent volatility in currencies resulted in mark-to-market
losses on derivatives instruments held by the company totaling
US$711 million as of Oct. 14, 2008.  Cash posted on margin calls
totaled US$445 million; further margin calls are limited as the
company has unwound most of its cross currency swaps positions
related to its peso denominated debt and all of its capital hedge
position.  Cash available at this date was US$630 million.

CEMEX is the third-largest cement producer in the world based on
production capacity of approximately 97 million metric tons and
operates in more than 50 countries.  The company is also the
global leader in the ready mix concrete market with sales of over
80.5 million cubic meters and an important global player in the
aggregates business with sales of 222.7 million tons.  In 2007,
the company's net revenues and EBITDA reached US$21.7 billion and
US$4.6 billion, respectively.  Pro forma including full year
results from Rinker, EBITDA reached US$5.1 billion.  CEMEX's U.S.
operations generated 32% of consolidated EBITDA followed by the
Mexico with 24% and Spain with 11%.


FONDO DE TITULIZACION: S&P Holds Junk Rating on Class F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
the class D notes issued by Fondo de Titulizacion de Activos
Santander Financiacion 1.  At the same time, S&P removed the class
C notes from CreditWatch negative.  S&P also affirmed the ratings
on the class A, B, C, E, and F notes.

Thisrating actions follow a full credit and cash flow analysis of
the most recent transaction information that S&P has received.
This analysis showed that the credit enhancement available for the
class D notes was not sufficient to maintain the current ratings.
This was mainly driven by further deterioration of the pool's
performance.

Current delinquency and default information was input into S&P's
cash flow analysis.  The results are that the class D can no
longer withstand S&P's 'BB+' rating stresses but pass at 'BB'.  At
the same time, all the other classes of notes pass S&P's stresses
at their respective rating levels.

In October 2008, delinquent loans showed a further increase, both
as a percentage of outstanding collateral balance and in absolute
terms.  Since July 2008, loans in arrears for more than 90 days
have increased by about 25% to almost EUR72.8 million from EUR58.2
million.  As of November 24, 2008, they represent 6.22% of the
outstanding pool from 4.50% on the previous payment date.  In
January 2008, the arrears for more than 90 days increased to above
the trigger level (2.5%), causing the revolving period to
terminate and the transaction to start amortizing.

Given the current macroeconomic environment in Spain and the
performance of the collateral since the beginning of the year, S&P
expects a significant portion of current severe delinquencies
(loans in arrears for more than 180 days) to roll into defaulted
loans in the near future.  This will have a negative effect on the
ability to generate excess spread and may result in further draws
on the reserve fund.

In line with the sharp increase in loans in arrears for more than
180 days, in July 2008, S&P observed a sharp increase in write-
offs that caused a draw on the reserve fund of EUR2.1 million.  On
the last payment date, the structure generated enough excess cash
to replenish the reserve fund to its required level.

The write-offs in July were cured using the cash reserve, the
excess spread generated by the transaction in the period, and
additional available funds provided by a "withholding fee amount
in favor of Santander Central Hispano".  This withholding fee was
held in the treasury account after each payment date and was
generated from arbitrary retention of residual cash generated by
the structure.  This provision of cash represented an important
part of the available funds up to July 2008.

The notes, issued in 2006, are backed by a portfolio of Spanish
consumer loans originated by Banco Santander S.A. (AA/Stable/A-
1+).

                          Ratings List

                        Ratings Lowered

   Fondo de Titulizacion de Activos Santander Financiacion 1
       EUR1,914.3 Million Asset-Backed Floating-Rate Notes

                                 Ratings
                                 -------
              Class      To                     From
              -----      --                     ----
              D          BB                     BB+

          Ratings Affirmed and Removed From CreditWatch

                                 Ratings
                                 -------
              Class      To                     From
              -----      --                     ----
              C          A                      A/Watch Neg

                       Ratings Affirmed

              Class      Rating
              -----      ------
              A          AAA
              B          AA
              E          B-
              F          CCC-


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* Big 3 May Ask Congress for Measures That Would Spur Demand
------------------------------------------------------------
John D. Stoll and Monica Langley at The Wall Street Journal report
that General Motors Corp., Ford Motor Co., and Chrysler LLC might
ask the Congress to take measures to spur consumer demand, in
addition to a US$25 billion bailout.

Tom Krisher at The Associated Press reports that the Congress has
asked GM, Chrysler, and Ford Motor Co. to show how they would
ensure that:

    -- the government would be reimbursed,

    -- the government would get a share in future profits,

    -- how the companies would stop dividend payments,

    -- how the companies would stop lavish executive pay
       packages,

    -- how the companies would meet fuel-efficiency standards,
       and

    -- how the companies would address their health care and
       pension obligations to workers.

GM CEO Rick Wagoner told the press on Thursday that the firm has
already shared a detailed plan confidentially with the Bush
administration and key staffers in Washington.  "Historically,
things like your future product plans, technology plans and
financial plans would be competitively sensitive information, and
so for a variety of reasons, we wouldn't be sharing that
publicly," The AP quoted Mr. Wagoner as saying.

According to WSJ, concern is rising in Detroit that it will be
difficult to show lawmakers how Ford Motor, GM, and Chrysler can
return to profitability with sales at their current depressed
level.  WSJ quoted an executive at one of the auto companies as
saying, "There is no way any car company can make money at the
current demand level.  The government has to get credit flowing so
that the market goes back to at least 14 million to 15 million
[vehicles].... We can figure out how to survive at that level."

WSJ reports that a spokesperson for Sen. Charles Schumer said that
the official will:

    -- ask the Federal Reserve to make financing available for
       the auto companies' lending arms, which would allow them
       to offer more auto loans; and

    -- also ask the Treasury to speed approval of GMAC LLC's
       request to become a bank holding company.

Auto dealers and a few members of the Congress called for tax
incentives or other measures designed to improve car buying, WSJ
reports.  Michigan Gov. Jennifer Granholm said that she is working
with the auto makers to come up with a "definitive plan" to
present to Congress on Dec. 2, which is also the deadline for Ford
Motor, GM, and Chrysler to present their business plans.

One way of getting help from TARP would be to have banks that get
some of the US$700 billion bring financing to GM, Ford Motor, and
Chrysler, or provide those companies with short-term loans to keep
them from running short of cash, WSJ relates, citing Gov.
Granholm.

               Need for More Cost Cutting Measures

GM and Chrysler must implement drastic spending cuts, to ensure
their companies live long enough to use any loans they get, The AP
states, citing industry analysts and bankruptcy experts.

According to The AP, GM and Chrysler face huge expenses and a lack
of revenue, as car buyers are having trouble getting financing or
are delaying big purchases due to uncertainty about their jobs.
Citing experts, the report says that inside the headquarters of GM
and Chrysler, teams are likely to be seeking ways to reduce
expenses any way they can, including delays in new investments.

The AP relates that GM said on Friday that it is canceling its
traditional holiday party for the media, and will replace that
party with a US$5,000 donation to a journalism scholarship fund.
Chrysler CEO Bob Nardelli said that the company has a cash
committee that scrutinizes requests every week, according to the
report.

Lawmakers, says The AP, also criticized Chrysler and GM's high
labor costs and the jobs bank, in which laid-off employees get 95%
of their pay plus benefits even though they aren't working.
According to The AP, the United Auto Workers said that it already
cut the jobs bank and placed time limits on it in new contracts
signed with the firms in 2007.  The report states that more than
3,500 employees are still getting paid for not working, and that
number will increase as the companies continue layoffs.

GM should seek help from the United Auto Workers union, The AP
reports, citing Northeastern University corporate turnaround
professor Harlan Platt.  "The bank right now is the union, and
they're going to have to give up something in the near term so
they have something very valuable in the long term," the report
quoted Mr. Platt as saying.

The AP relates that UAW President Ron Gettelfinger said on
Thursday that the union is at the bargaining table already and
that it "would welcome all the other stakeholders to the table to
make some concessions."

Citing a source familiar with the matter, WSJ says that GM is
negotiating some of its financial obligations, including terms of
debt and money it owes to UAW.  According to the report, the
source said that GM's board is open to considering all options for
GM's survival and will be meeting several times this week.  Ford
motor and Chrysler executives said on Sunday that they are also
developing plans, the report states.

John D. Stoll and Sharon Terlep at WSJ relates that, as part of a
drive to cut US$15 billion in costs, GM is not even keeping its
562 wall clocks in working order, now stops escalators at its
Renaissance Center headquarters at 7:00 p.m., has changed the type
of wipe-up towels it buys, used cheaper pencils, and eliminated
voice mail in the plants, the report states.

According to The AP, GM said on Friday that it would extend
holiday shutdowns and make other production cuts at five North
American factories.  GM also accelerated the closure of a truck
plant in Ontario, the report says.  GM and Chrysler, WSJ relates,
have stopped or slowed work on new vehicles to cut development
expenditures, and didn't hold news conferences at the Los Angeles
Auto Show last week.

WSJ reports that Ford Motor said earlier this month that it will
lay off about 10% of its North American salaried work force, and
cut its capital spending, manufacturing, information-technology,
and advertising costs.

GM won't be giving out in 2009 its "Mark of Excellence" awards to
its top-selling dealers, and has cut the fleet of cars for
reporters to test drive, WSJ states.

            Suppliers May Demand Cash on Delivery

Dow Jones Newswires relates that three major auto suppliers --
which provide GM with everything from brakes to entertainment
systems -- said on Thursday that the company may have to pay cash
on delivery for parts if it fails to secure government bailout.
According to Dow Jones, GM already acknowledged the threat of
suppliers switching to cash on delivery from the traditional 60-
to 90-day payment terms.

Dow Jones quoted an official at one supplier as saying, "No one
wants [cash on delivery], but we have to protect ourselves at this
point.  We have other customers that need products and we have to
pay our people to keep our plants open."

According to Dow Jones, GM Chief Financial Officer Fritz Henderson
said in a conference call, "We've not seen [cash on delivery] in
any substantive way, and we'll just have to continue to work with
them."

              Ellen J. Kullman May Leave Board

Joann S. Lublin at The Wall Street Journal reports that DuPont Co.
directors have asked the company's CEO Ellen J. Kullman to quit
her post at General Motors Corp.'s board before the agreed June
2009 deadline.

DuPont wants Ms. Kullman to leave GM sooner because she "lacks
time to breathe," WSJ states, citing a source.  Ms. Kullman had
agreed to resign from GM's board when DuPont directors named her
as the company's CEO.  MarketWatch reported in September 2008 that
Ms. Kullman was elected CEO as of Jan. 1.

According to WSJ, a GM spokesperson said that the company's
directors are meeting several times a week by phone as the company
seeks financial aid from the government, among other options.

                      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-'.


* Obama Team Denies Explore Prepack Bankruptcy for Big 3
--------------------------------------------------------
Bankruptcy Law360 reports that President-elect Barack Obama's
transition team has reportedly said it is not exploring a
prepackaged bankruptcy plan for the automakers.

According to the report, officials from Obama's team quickly
denied reports that surfaced Friday morning that the transition
team had contacted at least one bankruptcy law firm to discuss a
prepackaged deal.

American Bankruptcy Institute says the Obama transition team is
exploring a swift, prepackaged bankruptcy for automakers as a
possible solution to the industry's financial crisis.

ABI says the Detroit Three's troubles may affect the financial
sector.  Citing a Wall Street Journal report, ABI notes that the
automakers owe more than US$100 billion to their bankers and
bondholders, and Wall Street is starting to wonder how much of
that will be paid back.

As reported by the Troubled Company Reporter on November 19, 2008,
Siobhan Hughes at Dow Jones Newswires said Chrysler CEO Robert
Nardelli said his company wants US$7 billion of the requested
US$25 billion in emergency funding from the government.

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

Ford Motor Co. CEO Alan Mulally said that his company is seeking
US$7 billion to US$8 billion, Dow Jones reported.

                      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-'.


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AEROGIE.PLUS JSC: Creditors Must File Proofs of Claim by Dec. 15
----------------------------------------------------------------
Creditors owed money by JSC Aerogie.plus are requested to file
their proofs of claim by Dec. 15, 2008, to:

         Eduard Bouchard
         Kirchstrasse 42
         8807 Freienbach
         Switzerland

The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 15, 2008.


ART ON STREETS: Deadline to File Proofs of Claim Set Dec. 15
------------------------------------------------------------
Creditors owed money by LLC Art on Streets are requested to file
their proofs of claim by Dec. 15, 2008, to:

         Lindenstrasse 16
         6341 Baar
         Switzerland

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


DAL-DALCO JSC: Creditors Have Until Dec. 12 to File Claims
----------------------------------------------------------
Creditors owed money by JSC Dal-Dalco are requested to file their
proofs of claim by Dec. 12, 2008, to:

         Vorstadt 30
         Mail Box: 623
         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. 15, 2008.


EYELIES LLC: Proofs of Claim Filing Deadline is Dec. 15
-------------------------------------------------------
Creditors owed money by LLC EyeLies are requested to file their
proofs of claim by Dec. 15, 2008, to:

         Andreas Husi
         Liquidator
         Buchbergstrasse 51
         9425 Thal
         Switzerland

The company is currently undergoing liquidation in Thal.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 13, 2008.


GULLOTTI LLC: Creditors' Proofs of Claim Due by Dec. 11
-------------------------------------------------------
Creditors owed money by LLC Gullotti are requested to file their
proofs of claim by Dec. 11, 2008, to:

         JSC Von Graffenried Treuhand
         Waaghausgasse 1
         3011 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 11, 2008.


MUSICAL HERITAGE: Dec. 12 Set as Deadline to File Claims
--------------------------------------------------------
Creditors owed money by JSC Musical Heritage are requested to file
their proofs of claim by Dec. 12, 2008, to:

         Oberneuhofstrasse 5
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 15, 2008.


RULAG JSC: Creditors Must File Proofs of Claim by Dec. 10
---------------------------------------------------------
Creditors owed money by JSC Rulag are requested to file their
proofs of claim by Dec. 10, 2008, to:

         Gurzelenstrasse 12
         4512 Bellach
         Switzerland

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


TTG DIENSTLEISTUNGEN: Deadline to File Claims Set Dec. 15
---------------------------------------------------------
Creditors owed money by LLC TTG Dienstleistungen are requested to
file their proofs of claim by Dec. 15, 2008, to:

         Peter Greutert
         Liquidator
         Mail Box: 1130
         5401 Baden
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 19, 2008.


UBS AG: Swiss Government Offers More Financial Help
---------------------------------------------------
Bloomberg News reports Federal Banking Commission Director Daniel
Zuberbuehler told SonntagsZeitung in an interview the Swiss
government is willing to assist UBS AG with more capital if
financial markets don't calm down.

News of the funding offer sent the bank's shares up by 21 percent
to 13.78 francs on Nov. 24, Bloomberg News relates.

                          Inflated Fees

Separately, Bloomberg News reports that in his wrongful-
termination lawsuit, a former official alleges UBS charged
inflated fees at an US$11.7 billion U.S. real-estate fund by
overvaluing some commercial properties.

According to the report, Richard Trusz, 52, who was managing
director and head of valuations at UBS Realty Investors LLC in
Hartford, Connecticut, said in court papers that before being
fired in August he repeatedly clashed with his bosses over
returning fees to clients, including public pension funds in
Alaska and Iowa.

"No disclosures have been made to clients, no errors have been
corrected to reflect accurate information for the respective
quarters and no excess fees collected by defendant UBS Realty have
been refunded," Mr. Trusz said in a Sept. 22 complaint
obtained by Bloomberg News.  The complaint was filed under
Connecticut's so-called whistleblower law in Superior Court in
Hartford, Bloomberg News says.

"The allegations made by Mr. Trusz are completely without merit
and have not been substantiated," UBS spokesman Kris Kagel said in
an e-mail to Bloomberg News.  "UBS stands by the valuation-review
process we have used and the values that have been reported, and
the firm intends to defend itself vigorously in this matter."

The report says the bank has filed a motion to dismiss the case.
The lawsuit is Richard Trusz vs. UBS Realty Investors LLC and UBS
AG, State of Connecticut Docket No. HHD-CV-08-4038185 S.

                    On Fourth Quarter Results

As reported in the Troubled Company Reporter-Europe on Nov. 5,
2008, UBS said it expects that the conditions seen at the
beginning of fourth quarter will continue to affect clients'
assets, and therefore the bank's fee-earning businesses.  The bank
said fourth quarter results will be impacted by a possible
reversal of own credit gains and a loss on the equity in the fund
to be controlled by the Swiss National Bank (SNB).

In October, UBS and the SNB have reached an agreement to transfer
up to US$60 billion of currently illiquid securities and other
assets from UBS's balance sheet to a separate fund entity.  Under
the SNB pact, the assets to be transferred to the fund include
approximately US$31 billion (as per valuation at September 30,
2008) of primarily cash securities, already disclosed as
concentrated risk positions relating to US real estate-related
securities, US student loan auction rate securities and other US
student loan securities, and assets from the US reference-linked
note program (RLN).

Upon the completion of the transaction, UBS said its net exposure
to these risk categories will be reduced to nearly zero (compared
with US$44 billion on June 30, 2008 and US$32 billion at September
30, 2008), with residual long positions held by UBS in these asset
classes hedged through existing short positions, including credit
protection embedded in the RLN programs.  UBS expects to transfer
assets to the fund primarily over fourth quarter 2008 and first
quarter 2009.

According to UBS, since the announcement of the SNB transaction,
credit spreads on its debts have narrowed.  If this persists, some
or most of the accumulated CHF4.8 billion own credit gain will
reverse.  In addition, a loss will be recognized on the sale of
the equity in the fund sold to the SNB =96 partly offset by
recognition of the value of UBS's option to buy the equity back in
the future.

The Zurich-based bank, Bloomberg News notes, has lost US$48.6
billion in the subprime mortgage market and also faces a U.S.
investigation into whether it illegally helped wealthy investors
avoid taxes.

The bank will be holding an extraordinary general meeting of
shareholders on Thursday, November 27.

                          About UBS AG

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


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U K R A I N E
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ASU COAL: Creditors Must File Claims by December 6
--------------------------------------------------
Creditors of State OJSC Asu Coal Automatics (code EDRPOU 04674818)
have until Dec. 6, 2008, to submit proofs of claim to:

         Mrs. Karaush Julie
         Liquidator / Insolvency Manager
         Tumanian Str. 21/3
         83077 Donetsk
         Ukraine
         Tel: 8(062)349-42-40

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 22, 2008.
The case is docketed as 27/301B.

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

The Debtor can be reached at:

         State OJSC Asu Coal Automatics
         Khirurgicheskaya Str. 22
         Donetsk
         Ukraine


COMPLEX OJSC: Creditors Must File Claims by December 5
------------------------------------------------------
Creditors of OJSC Complex (code EDRPOU 14308724) have until
Dec. 5, 2008, to submit proofs of claim to:

         Mr. Panchenko Roman
         Liquidator / Insolvency Manager
         P.O.B. 554
         18002 Cherkassy
         Ukraine
         Tel: 8(067)474-03-95

The Arbitration Court of Cherkassy commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 23, 2008.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         OJSC Complex
         Smila Str. 44
         18000 Cherkassy
         Ukraine


IZIUM FURNITURE: Creditors Must File Claims by December 6
---------------------------------------------------------
Creditors of CJSC Izium Furniture Plant (code EDRPOU 00275197)
have until Dec. 6, 2008, to submit proofs of claim to:

         Mr. Romaschenko Victor
         Liquidator
         Ap. 1
         Zheleznodorozhnaya Str. 16
         Izium
         64301 Kharkov
         Ukraine

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 23, 2008.
The case is docketed as B-24/93-07.

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         CJSC Izium Furniture Plant
         Marshal Fedorenko Str. 2
         Izium
         64304 Kharkov
         Ukraine


KAMIANKA SUGAR: Creditors Must File Claims by December 6
--------------------------------------------------------
Creditors of LLC Runa Subsidiary Company Kamianka Sugar Plant
(code EDRPOU 32895522) have until Dec. 6, 2008, to submit proofs
of claim to:

         Mr. Nogovsky Igor
         Temporary Insolvency Manager
         Blagovesnaya Str. 414/1
         18000 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure.  The case is docketed as 10/4896.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Runa Subsidiary Company
         Kamianka Sugar Plant
         Pobeda Str. 2
         Kamianka
         20800 Cherkassy
         Ukraine


LASTAR LLC: Creditors Must File Claims by December 6
----------------------------------------------------
Creditors of LLC Lastar (code EDRPOU 32311176) have until
Dec. 6, 2008, to submit proofs of claim to:

         Mr. Sunitsa Victor
         Liquidator
         P.O.B. 70
         01042 Kiev
         Ukraine
         Tel: 5293037
              8(050)543-8948

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 46/279.

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

The Debtor can be reached at:

         LLC Lastar
         Kanev Str. 41a
         04215 Kiev
         Ukraine


NORMA CAPITAL: Creditors Must File Claims by December 5
-------------------------------------------------------
Creditors of LLC Norma Capital (code EDRPOU 35136493) have until
Dec. 5, 2008, to submit proofs of claim to:

         Mr. Baskakov Alexander
         Liquidator
         Gayevaya Str. 18
         Korzhy
         Barishevsky
         07544 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.
The case is docketed as 50/313.

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

The Debtor can be reached at:

         LLC Norma Capital
         Chapayev Str. 10
         Kiev
         Ukraine


OREOL LLC: Creditors Must File Claims by December 6
---------------------------------------------------
Creditors of LLC Oreol Subsidiary Company Zodchy (code EDRPOU
31462737) have until Dec. 6, 2008, to submit proofs of claim to:

         Mr. Monastyrsky Frants
         Liquidator / Insolvency Manager
         Verbitsky Str. 8/24
         Ternopol
         Ukraine

The Arbitration Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 23, 2008.
The case is docketed as 11/B-1099.

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine

The Debtor can be reached at:

         LLC Oreol Subsidiary Company Zodchy
         Karpenko Str. 22/111
         Ternopol
         Ukraine


OST-WEST LLC: Creditors Must File Claims by December 5
------------------------------------------------------
Creditors of LLC Company Ost-West (code EDRPOU 34972289) have
until Dec. 5, 2008, to submit proofs of claim to:

         Mr. Finko Andrew
         Liquidator / Insolvency Manager
         Ovrazhnaya Str. 29
         Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.
The case is docketed as 5/131B.

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

The Debtor can be reached at:

         LLC Company Ost-West
         Ovnatanian Str. 4
         83017 Donetsk
         Ukraine


S-MEDIA GROUP: Creditors Must File Claims by December 5
-------------------------------------------------------
Creditors of LLC S-Media Group (code EDRPOU 33835684) have until
Dec. 5, 2008, to submit proofs of claim to:

         Mr. Baskakov Alexander
         Liquidator
         Gayevaya Str. 18
         Korzhy
         Barishevsky
         07544 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.
The case is docketed as 50/310.

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

The Debtor can be reached at:

         LLC S-Media Group
         Dmitrovskaya Str. 71
         Kiev
         Ukraine


SERVICE-PLUS LLC: Creditors Must File Claims by December 5
----------------------------------------------------------
Creditors of LLC Company Service-Plus (code EDRPOU 35082485) have
until Dec. 5, 2008, to submit proofs of claim to:

         Mr. Finko Andrew
         Liquidator / Insolvency Manager
         Ovrazhnaya Str. 29
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings on
the company on Oct. 16, 2008.  The case is docketed as 5/132B.

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

The Debtor can be reached at:

         LLC Company Service-Plus
         Kirov Str. 90
         83037 Donetsk
         Ukraine


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ABACUS CONTACT: Appoints Joint Liquidators from Tenon
-----------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Abacus Contact Centre Ltd. on
Nov. 7, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

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


BEE FLY: Names Joint Liquidators from BDO Stoy
----------------------------------------------
C. K. Rayment and S. Hopper of BDO Stoy Hayward LLP were appointed
joint liquidators of Bee Fly Ltd. on Nov. 4, 2008, for the
creditors' voluntary winding-up proceeding.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


C & N INTERNATIONAL: Appoints Joint Administrators from PKF
-----------------------------------------------------------
Edward T. Kerr and Brian J. Hamblin of PKF (UK) LLP were appointed
joint administrators of C & N International Ltd. on Nov. 12, 2008.

The company can be reached at:

         C & N International Ltd.
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


COLORSET: Goes Into Liquidation; Blames Tight Lending Restrictions
------------------------------------------------------------------
Angela Jameson at The Times reports that Colorset has gone into
liquidation, resulting to the loss of 14 jobs.

Colorset, the report relates, blamed its demise on its bank HSBC
for threatening the company with soaring interest rates and
charges when it was at its most vulnerable, after losing an
important contract worth GBP220,000.

The report recounts Colorset's directors decided to put the firm
into a company voluntary arrangement (CVA), a legally binding
agreement with creditors, which allows a company to trade on.
However, the report notes the conditions offered by the bank was
so harsh that the company could not proceed with the CVA and had
to go into liquidation.

"We were told that our bank charges would increase 'dramatically',
but they couldn't tell us by how much.  An undisclosed monthly
management charge would be imposed and it became clear that the
new consolidated loan would be at 'considerably more' than the 6
per cent over base originally offered," Tom Phelan, Colorset's
director was quoted by the report as saying.

A spokesman for HSBC, on the other hand, maintained that it has
tried to help the company through what has undoubtedly been a very
difficult trading period for them, stressing it was the directors
of the company who took the decision to approach the liquidators,
not the bank, the report relates.

The only option left is for the firm to be sold to a larger rival,
the report states.

The Government, the report adds, has been appealing to high street
banks to step up their lending to small firms, which was supposed
to be one of the conditions of its GBP500 million bank bailout
last month.

Based in Bermondsey, southeast London, Colorset supplied printed
large-format graphics for Labour Party conferences and events for
six years.  Its clients included Barclays, Boots, Gucci and the
BBC.


DECO 6: Fitch Affirms 'BB' Rating on GBP24.09 Mil. Class D Notes
----------------------------------------------------------------
Fitch Ratings has downgraded the class B and class C ratings of
DECO 6 - UK Large Loan 2 plc (DECO 6). A Negative Outlook has been
assigned to the class B. The rating action is:

  -- GBP63.65 million class A1 due July 2017 (XS0235682845)
     affirmed at 'AAA'; Outlook Stable

  -- GBP208.04 million class A2 due July 2017 (XS0235683223)
     affirmed at 'AAA'; Outlook Stable

  -- GBP34.42 million class B due July 2017 (XS0235683736)
     downgraded to 'AA-' (AA minus) from 'AA'; Outlook revised to
     Negative from Stable

  -- GBP39.30 million class C due July 2017 (XS0235684114)
     downgraded to 'A-' (A minus) from 'A'; Outlook Negative

  -- GBP24.09 million class D due July 2017 (XS0235684544)
     affirmed at 'BB'; Outlook Negative

The deteriorating property market conditions have weakened the
creditworthiness of the loans securitized in this transaction.
This has resulted in the downgrades of classes B and C.  Although
the assets have not been re-valued since closing in December 2005,
it is likely that the recent value declines have fully offset and
in fact reversed the value gains that occurred between 2005 and
2006.  Fitch estimates that the values of the properties are
likely to have declined by up to 30% based on prevailing market
conditions.

Two loans in the portfolio are secured over shopping centers
undergoing re-development.  The Brunel loan is secured over a
shopping center in the South West of England and the St Enoch loan
is secured over shopping center in Glasgow, Scotland.  This has
resulted in a significant decline in rental income since closing,
on a like for like basis there has been a total reduction of
32.6%, mainly attributable to the St Enoch Shopping Centre.
Overall vacancy has also increased to 9.3% from 0.5% at closing.
Again, this is mainly attributable to the St Enoch Shopping Centre
that, at October 2008, showed a vacancy rate of 17%.  Both the
DSCR covenant in the Brunel loan and the ICR covenant in the St
Enoch loan were suspended last year, at the borrowers' request.
Progress on re-lettings will be key to monitoring the ratings.

In the coming months, the expected economic recession will
inevitably lead to difficulties in achieving re-lettings as well
as an increased number of tenant defaults, putting strain on
rental income.  Fitch believes the retail sector in particular is
vulnerable to tenant defaults as UK consumers reduce their
spending.


ELISION LTD: Names Joint Administrators from PwC
------------------------------------------------
Robert William Birchall and David Christian Chubb of
PricewaterhouseCoopers LLP were appointed joint administrators of
Elision Ltd. on Nov. 10, 2008.

The company can be reached at:

         Elision Ltd.
         Ames House
         7 Duke of York Street
         London
         SW1Y 6LA
         England


FULHAM ROAD: Moody's Puts Low-B Ratings on Three Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of six classes of notes issued by Fulham Road Finance Limited.
Fulham Road is a synthetic CDO squared transaction arranged and
managed by KBC.  The portfolio comprises of corporate reference
obligations and ten bespoke CDO obligations also referencing
corporate names.

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 direct exposures
to Lehman Brothers Holdings Inc., which filed for protection under
Chapter 11 of the U.S. Bankruptcy Code on Sept. 15, 2008 and
Washington Mutual Inc., which was seized by federal regulators on
Sept. 25, 2008 and subsequently virtually all of its assets were
sold to JPMorgan Chase.

In addition, the portfolio has significant exposure to the
Banking, Insurance and Buildings and Real Estate sectors which
continue to deteriorate in the current economic environment.

The rating actions are:

Fulham Road Finance Limited:

(1) EUR70,000,000 Class A Floating Rate Credit-Linked Notes

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(2) EUR95,000,000 Class B Floating Rate Credit-Linked Notes

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(3) EUR40,000,000 Class C Floating Rate Credit-Linked Notes

  -- Current Rating: Baa3, on review for possible downgrade
  -- Prior Rating: A1, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(4) EUR20,000,000 Class D Floating Rate Credit-Linked Notes

  -- Current Rating: Ba2, on review for possible downgrade
  -- Prior Rating: A3, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(5) EUR15,000,000 Class E Floating Rate Credit-Linked Notes

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(6) EUR15,000,000 Class F Floating Rate Credit-Linked Notes,

  -- Current Rating: B3, on review for possible downgrade
  -- Prior Rating: Ba1, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008


GAMBLE TRACKLINE: Taps Joint Liquidators from BDO Stoy
------------------------------------------------------
G. N. Lee of Begbies Traynor and D. J. Power of BDO Stoy Hayward
LLP were appointed joint liquidators of Gamble Trackline Services
Ltd. on Nov. 7, 2008, for the creditors' voluntary winding-up
proceeding.

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

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


HANSA: Goes Into Administration; West Ham Not Affected
------------------------------------------------------
The Daily Telegraph's Jeremy Wilson reports that Hansa, the
holding company of football club West Ham United plc, has gone
into administration.

The report relates that according to vice-chairman Asgeir
Fridgeirsson, Hansa had "started the process of administration".
However, he noted there would be no day-to-day impact on the club.

"It is not affecting the operation of West Ham, there is no debt
within West Ham from Hansa or vice-versa," Mr. Fridgeirsson  was
quoted by the report as saying.  "He put GBP30 million into the
club last year, it is not a loan as some owners of clubs.  It was
paid in as equity.  There is a clean sheet there.  He did not put
any debts on to the club to pay off any debts related to the
acquisition of the club.  The entity is not affected by this."

"There is no money going from the club to the owner.  It is fire-
walled.  The operation will go on =96 it is unaffected by this
development," he added.

West Ham's owner Bjorgolfur Gudmundsson, the report recounts, lost
an estimated GBP230 million following the nationalization of
Landsbanki and one of his companies, Samson Holdings, have
recently filed for administration.


HEATHMANS: To Enter Into Liquidation
------------------------------------
West London-based mastering studio Heathmans is expected to enter
into liquidation in early December, Music Week reports.

According to the report, Heathmans' director Maria Archer engaged
David Rubin and Partners to instruct her on entering liquidation
after attempts to keep the business afloat ultimately failed.

The report notes that David Rubin and Partners is likely to be the
liquidator in this case, although this will eventually be decided
by the Heathmans' directors.


MORTGAGE MINT: Winding-Up Order Sought by Legal & General
---------------------------------------------------------
Joe McGrath at the Financial Times reported last week that
Legal & General applied to Nottingham County Court for a winding-
up order against Doncaster-based adviser Mortgage Mint.

According to the FT, L&G decided to seek legal assistance in
closing down Mortgage Mint after the intermediary member failed to
respond to requests to repay commission from lapsed policies.

"It would appear that the company is not in a good state and we
have not been able to get any recourse from them," Berni Ryan, a
spokeswoman for L&G was quoted by the FT as saying.

The FT recalled Berni Ryan, a spokeswoman for L&G, told Money
Management that the FSA has since delisted the firm and has
withdrawn its authorization to trade.

L&G, the FT disclosed, appointed Eversheds as its legal advisers.

The FT meanwhile noted the winding up order is still going through
the courts and was expected to complete at the end of November.


NORHAM HOUSE: Taps Joint Administrators from BDO Stoy
-----------------------------------------------------
David Gilbert and Antony Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Norham House 1119 Ltd. on
Nov. 11, 2008.

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

         55 Baker Street
         London
         W1U 7EU
         England


PREMIER FOODS: Scraps Dividend; Defers Covenant Test to March 31
----------------------------------------------------------------
Premier Foods plc issued last week an interim management statement
for the 17 weeks ended October 25, 2008.

Highlights:

    * Group sales up 9% in the period and 8% year to date

    * Group Trading profit(2) in line with our expectations

    * Positive consumer response to Hovis relaunch

    * Manufacturing rationalization program completed

    * RHM and Campbell's synergies continue to develop in
      line with plan

    * Ongoing review of capital structure.  Constructive
      discussions with lending banks continue.  Deferral of
      December 31, 2008 covenant test to March 31, 2009.
      2008 Interim dividend will no longer be paid

Robert Schofield, Chief Executive, said: "I am pleased to report
that Premier is benefiting from the strong platform that
we have built through the acquisition and integration of the RHM
and Campbell's businesses.  As stated previously, we expected
progress in 2008 to be weighted towards the second half and we
have seen trading profit increase in line with our expectations as
the benefits from the manufacturing rationalization
program and our actions to recover higher input costs have been
realized.

"We have seen both good sales volume and value growth over the
last two months  in our Grocery division and that momentum has
continued into November.  Our broad portfolio of category leading
brands and retailer branded products is demonstrating a natural
resilience in the current economic conditions.  Our
relaunch of Hovis has been positively received by consumers and
our Chilled & Ireland division is benefiting from improved
volumes."

David Kappler, Chairman, said: "As previously announced, Premier
is reviewing a range of options to accelerate the reduction of
Group debt in order to establish a more appropriate long-term
capital structure given the fundamental change in the credit
markets.  As part of this review, the Company has entered into
discussions with its lending banks, which are expected to continue
into the first quarter of 2009.  Premier and the
lending banks have agreed that, with the review ongoing, it would
be appropriate to defer the date of the next covenant test from
December 31, 2008 to March 31, 2009.

"In these circumstances, the Board has determined not to pay the
2008 interim dividend and will consider the future dividend policy
as part of the long term capital structure review but it is the
Board's intention to resume dividend payments when debt levels
permit.  The Board is confident that these measures
will facilitate the changes to our capital structure, enabling the
business to continue pursuing its successful growth strategy"


Sales

The Group achieved sales growth of 9% over the four months to
October 2008 compared to the same period last year, which
reflected both the impact of pricing across the business and
volume growth in its Grocery division.  Year to date sales are 8%
ahead of the same period last year.  Trading profit has
improved in line with expectations as the benefits of the
integration synergies and cost recoveries are realized.

Grocery

Sales for the four months to October 2008 were 9% ahead of the
same period in 2007 and 5% ahead year to date.  Through September
and October, the Group has seen increasing volumes across a wide
range of its categories demonstrating the
resilience of its portfolio in this challenging economic
environment.

Hovis

Sales for the four months to October 2008 were 11% ahead of the
same period in 2007 and 14% ahead year to date.  The Group is
delighted by the consumer response to the Hovis relaunch and new
advertising, which combined with the quality and range
improvements provide it with a strong platform going forward.
Hovis' market share has seen improvement in October despite
intense promotional activity by some of its competitors and brand
health key performance indicators, such as "preference on quality"
and "worth paying more for", have seen particularly good progress
since the relaunch.

Chilled & Ireland

Sales for the four months to October 2008 were 7% ahead of the
same period in 2007 and 4% ahead year to date.  The Group's Meat-
free business continues to grow sales volume and value and its
chilled retailer branded business is benefiting from  the
additional contracts gained in the middle of the year.  Despite
the tough economic conditions in Ireland, its business there is
showing strong profit development as integration synergies flow
through.

Transformation Program

The Group is delighted by the continued progress it has made on
the integration of  RHM and Campbell's and its has now closed
eight of the factories scheduled for  closure.  The last factory,
in Wythenshawe, is due to close at the end of this  week.  It
remains on track to deliver the GBP113 million of annual cost
savings that it identified when it acquired the businesses.

Financial Position

As previously announced, Premier is reviewing a range of options
to accelerate the reduction of Group debt in order to establish a
more appropriate long-term capital structure.  As part of this
review, the Company has entered into discussions with its lending
banks, which are expected to continue into the  first quarter of
2009.  As previously stated, Premier anticipates that it would
have met its covenant tests at December 31, 2008. However, with
the review ongoing, Premier and its lending banks have agreed that
it would be appropriate to defer the date of the next covenant
test from December 31, 2008 to March 31,
2009.  In consideration of this a fee of GBP4.9 million will be
paid to the lending banks.

In these circumstances, the Board has determined not to pay the
2008 interim dividend that was due to be paid on January 2, 2009
and will consider the future dividend policy as part of the long
term capital structure review but it is the Board's intention to
resume dividend payments when debt levels permit.

Premier will provide further updates regarding this review as and
when appropriate.

Trading Outlook

The strong sales growth seen in September and October has
continued.  November and December are important trading periods
for Premier and  the Group's expectations for the full year remain
unchanged.  Premier's portfolio of staple food products and
leading brands is providing us with a resilient base in the more
difficult  economic environment.

Headquartered in Birmingham, England, Premier Foods --
http://www.premierfoods.co.uk/-- manufactures Ambrosia custard
and rice pudding, Branston pickle, Hartley's jams and marmalade
and Sarsons vinegar.


ROYAL BANK: Shareholders Back Government Bail-Out Plan
------------------------------------------------------
100Mortgages reports that at a meeting on Thursday in Edinburgh,
Royal Bank of Scotland shareholders voted in favor of a GBP20
billion government bail-out plan, putting 60% of the bank in
public hands.

According to the report, RBS, which had been hit by the banking
crisis, will be offering GBP15 million in new ordinary shares to
shore up its finances.  The government, the report adds, will also
buy GBP5 billion in preference shares.

The report however notes that the shareholders will not want the
shares that RBS will be offering them as they are trading well
below the 65.5p offer price.

The TCR-Europe, citing Bloomberg News, reported on Oct. 15, 2008,
that RBS wrote down GBP5.9 billion of assets this year and posted
a loss of GBP761 million in the first half of the year amid rising
defaults and a slumping housing market in Britain and the U.S.,
where it lends to consumers and companies through its Citizens
unit.  The bank may also take losses of as much as EUR500 million
(US$673 million) on holdings tied to Icelandic banks.

Headquartered in Edinburgh, Scotland, The Royal Bank of Scotland
Group plc (RBS) -- http://www.rbs.com/-- is a holding company of
The Royal Bank of Scotland plc (Royal Bank) and National
Westminster Bank Plc (NatWest), which are United Kingdom-based
clearing banks.  The Company's activities are organized in six
business divisions: Corporate Markets (comprising Global Banking
and Markets and United Kingdom Corporate Banking), Retail Markets
(comprising Retail and Wealth Management), Ulster Bank, Citizens,
RBS Insurance and Manufacturing.  On Oct. 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


SOUTHERN PACIFIC: S&P Removes Ratings on 3 Tranches From NegWatch
-----------------------------------------------------------------
Following a review of Lehman Brothers' participation in Southern
Pacific Securities 05-1 PLC (SPS 05-1), Southern Pacific
Securities 05-3 PLC (SPS 05-3), and Southern Pacific Securities
06-1 PLC (SPS 06-1), Standard & Poor's Ratings Services has
removed from CreditWatch negative the ratings on the senior
tranches issued by these three deals.

The junior notes of SPS 05-3 and SPS 06-1 remain on CreditWatch
negative due to pool performance, while SPS 05-1 has undergone
sufficient de-leverage to warrant reinstating the CreditWatch
positive placement of all junior notes.

SPS 05-1 contained two interest rate caps provided by Lehman.  The
first cap hedged rises in LIBOR with a strike of 8% and was due to
expire after the next three interest payment dates (June 2009);
the second cap had already expired in Dec. 2006.  Following a
review of SPS 05-1, S&P has concluded that without replacing the
cap the ratings would be unaffected and therefore S&P has revised
the CreditWatch placements on the B1c to E notes issued in this
deal to CreditWatch positive, in line with their placements pre-
Lehman insolvency.  This transaction has experienced a substantial
increase in credit enhancement; the current pool factor is 18.32%.

SPS 05-3 contained an interest cap that hedged rises in LIBOR with
a strike of 8% and was due to expire in two IPDs time (March
2009).  It also had an interest rate cap that hedged the fixed-
rate loans with a strike of 4.90% again terminating in two IPDs
time (also March 2009).  Although the second cap had been
providing support to the issuance, any payment to be received in
the next IPD is minimal.  This payment can be provided by the
revenue receipts held in the interest rate cap proceeds reserve
ledger which, as of September 2008, held GBP1,654,338.47.  Support
provided by the cap was GBP131,074 on the Sept. 2008 IPD.  Thus,
S&P has concluded that without replacing the cap, the ratings
would be unchanged and therefore the CreditWatch negative
placements of the E1c, ETc, and FTc notes remain, in line with
their status pre-Lehman insolvency.

SPS 06-1 contained similarly structured caps to SPS 05-3.
Firstly, an interest cap that hedged rises in LIBOR with a strike
of 8%, due to expire in two IPDs time (March 2009), and secondly,
an interest rate cap that hedged the fixed-rate loans with a
strike of 4.91%, again terminating in two IPDs time.  The second
cap had been providing support to the issuance.  However, any
payment received in the next IPDs can be provided by the revenue
receipts held in the interest rate cap proceeds reserve ledger.
This ledger currently holds GBP554,727.  S&P does not expect any
receipts from the cap to have exceeded amounts currently held in
this ledger.  Support provided by the cap on the Sept. 2008
payment date totalled GBP312,986.97.  Thus, S&P has concluded that
without replacing the cap, the ratings would be unchanged and
therefore the CreditWatch negative placements of the E1c, Etc, and
FTc notes remain in line with their status pre-Lehman insolvency.

The CreditWatch negative placements of junior notes in SPS 05-3
and SPS 06-1 are based on a decline in the key performance
indicators for those deals.  As of June 2008, losses since
inception of the SPS 05-3 portfolio increased to 1.01% from 0.82%.
In the March 2008 payment period, S&P's index for nonconforming
deals in interest payment period 10 is 0.59% for the 2005 vintage.
Repossessions outstanding comprise 4.98% of the current portfolio.
Additionally, 90+ day delinquencies for the SPS 06-1 portfolio as
of June 2008 are significantly high at 31.96%, while S&P's
nonconforming index is 24.53%.

The portfolio performance has resulted in an increase in risk for
the excess spread notes, with the notes receiving no notional
reduction since June 2007 for SPS 05-3 and since March 2007 for
SPS 06-1.

S&P will resolve these CreditWatch placements, together with any
effects on the ratings on any of the notes in due course.

                           Ratings List

   * Ratings Removed From CreditWatch Negative

Southern Pacific Financing 05-1 PLC
GBP489.7 Million And EUR306 Million Mortgage-Backed Floating-Rate
Notes

                                   Rating
                                   ------
             Class         To                 From
             -----         --                 ----
             A2a           AAA             AAA/Watch Neg
             A2c           AAA             AAA/Watch Neg

Southern Pacific Securities 05-3 PLC
GBP135 Million And EUR304.3 Million And $100 Million Mortgage-
Backed Floating-Rate Notes Plus An Over Issuance Of GBP14 Million
Mortgage-Backed Floating-Rate Notes And GBP4 Million Mortgage-
Backed Deferrable-Interest Notes

                                   Rating
                                   ------
             Class         To                 From
             -----         --                 ----
             A2a          AAA             AAA/Watch Neg
             A2c          AAA             AAA/Watch Neg
             A2c DACs     AAA             AAA/Watch Neg
             B1a          AA              AA/Watch Neg
             B1c          AA              AA/Watch Neg
             C1a          A               A/Watch Neg
             C1c          A               A/Watch Neg
             D1a          BBB             BBB/Watch Neg
             D1c          BBB             BBB/Watch Neg
             DTc          BBB             BBB/Watch Neg

Southern Pacific Securities 06-1 PLC
GBP140.45 Million, EUR157.85 Million And $199.15 Million Mortgage-
Backed Floating-Rate Notes Plus An Over Issuance Of GBP13.68
Million And GBP2.88 Million Deferrable Interest Notes

                                   Rating
                                   ------
             Class         To                 From
             -----         --                 ----
             A2a          AAA            AAA/Watch Neg
             A2c          AAA            AAA/Watch Neg
             A2c DACs     AAA            AAA/Watch Neg
             B1c          AA             AA/Watch Neg
             C1a          A              A/Watch Neg
             C1c          A              A/Watch Neg
             D1a          BBB            BBB/Watch Neg
             D1c          BBB            BBB/Watch Neg
             DTc          BBB            BBB/Watch Neg

   * CreditWatch Placements Revised

Southern Pacific Financing 05-1 PLC
GBP489.7 Million And EUR306 Million Mortgage-Backed Floating-Rate
Notes

                                   Rating
                                   ------
             Class         To                 From
             -----         --                 ----
             B1c           AA/Watch Pos    AA/Watch Neg
             C1c           A/Watch Pos     A/Watch Neg
             D1c           BBB/Watch Pos   BBB/Watch Neg
             E             BB/Watch Pos    BB/Watch Neg

   * Ratings Kept On CreditWatch Negative

Southern Pacific Securities 05-3 PLC
GBP135 Million And EUR304.3 Million And $100 Million Mortgage-
Backed Floating-Rate Notes Plus An Over Issuance Of GBP14 Million
Mortgage-Backed Floating-Rate Notes And GBP4 Million Mortgage-
Backed Deferrable-Interest Notes

             E1c          BB/Watch Neg    BB/Watch Neg
             Etc          BB/Watch Neg    BB/Watch Neg
             FTc          B/Watch Neg     B/Watch Neg

Southern Pacific Securities 06-1 PLC
GBP140.45 Million, EUR157.85 Million And $199.15 Million Mortgage-
Backed Floating-Rate Notes Plus An Over Issuance Of GBP13.68
Million And GBP2.88 Million Deferrable Interest Notes

             E1c          BB/Watch Neg   BB/Watch Neg
             Etc          BB/Watch Neg   BB/Watch Neg
             FTc          B/Watch Neg    B/Watch Neg


UBS AG: Deteriorating Credit Quality Cues Moody's to Junk Rating
---------------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of notes issued by UBS AG, Jersey Branch.

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 Fannie
Mae and Freddie Mac, which were placed into the conservatorship of
the U.S. government on Sept. 8, 2008 and two Icelandic banks,
specifically Kaupthing Bank hf and Glitnir Banki hf.

Rating action is:

UBS AG, Jersey Branch:
Series 6116 CHF 50,000,000 Fixed Rate Notes due 2017 linked to the
credit of a portfolio of Reference Entities managed by JPMorgan
Asset Management (UK) Limited

  -- Current Rating: Caa3
  -- Prior Rating: A2
  -- Prior Rating Action Date: Oct. 25, 2007


WOOLWORTHS GROUP: Main Shareholder Puts Forward Alternative Plan
----------------------------------------------------------------
Helen Power at The Times reports that Ardeshir Naghshineh,
Woolworths' biggest shareholder, met with lenders Monday and put
forward an alternative plan in an attempt to block a sale of the
group's retail division to Hilco.

According to the report, Mr. Naghshineh, who holds a 10% stake in
Woolworths, is proposing a deal that would allow him to sell 200
of the chain's 840 high street stores and use the money from the
sale of the leases to give the remaining sites a more upmarket
image.

Mr. Naghshineh, the report relates, is convinced Woolworths can
survive without the Hilco deal.

"Woolworths has a strong balance sheet and its retail division
enjoys a unique place on the high street, with one of the best-
loved and recognized brands," Mr. Naghshineh was quoted by the
report saying.

However, the report discloses a source close to the company cast
doubt on Mr. Nagshineh's chances of success, asserting "The board
would not be in these talks with Hilco and the banks if they felt
there was something they could just do themselves."

Woolworths, the report recounts, fell by a further 6.29 per cent
on Monday to 1.34p, suggesting that the market believes there is
little hope for Mr. Naghshineh's plan unless he can win over the
lenders.

Woolworths' lenders, the report notes, must reach agreement on any
deal with either Mr. Naghshineh or Hilco.  Hilco is believed to
want a deal today, the report adds.

Woolworths is valued at GBP18 million - 95 per cent less than its
GBP385 million debt burden, the report states.

The report meanwhile adds Woolworths remain in rescue talks with
its lending syndicate.

Citing the Daily Telegraph, the TCR-Europe reported on Nov. 24,
2008, that Woolworths admitted Wednesday last week that it was in
talks with restructuring specialist Hilco about the possible sale
of its 800-store retail chain for a nominal GBP1.

The report said Hilco and the Woolworths board are close to
finalizing the details of the deal in which Hilco would take on
about GBP250 million worth of Woolworths' debt alongside its
stores.

The deal was aimed at securing jobs and protecting shareholders'
investment in the group's profitable DVD publisher 2entertain, and
EUK, a specialist distributor, the report disclosed.

Woolworths, the report noted, must complete the disposal of the
retail chain before Christmas to avoid the risk of being pushed
into administration by its syndicate of lenders, led by Bank of
Ireland subsidiary Burdale Financial and GMAC Commercial.

Headquartered in London, England, Woolworths Group plc --
http://www.woolworths.co.uk/-- is principally a UK retailer
focused on the home, family and entertainment.


WOOLWORTHS GROUP: Hilco Sweetens GBP1 Offer for Retail Unit
-----------------------------------------------------------
Helen Power at The Times reports that Hilco has sweetened the
terms of its GBP1 offer for Woolworths' retail division.

Hilco, the report relates, has offered to assume an additional
GBP35 million of the group's debt.

Under the new deal, Hilco is to take on up to GBP300 million of
the group's debts in return for the the group's retail business,
while EUK and 2Entertain, the publishing and distribution
businesses, would stay solvent, retaining about GBP85 million of
debt and the group's entire pension deficit of about GBP100
million, the report discloses.

According to the report, Hilco is also likely to put the retail
unit through a prepackaged administration to enable it to close
its worst-performing stores as quickly as possible.

Woolworths' lenders have yet to approve the new offer, the report
notes.

It is understood that Deloitte will step in if sale talks fail and
the lenders are forced to put the retailer into administration in
December, by which time the retailer has to agree a new financing
package with its banks, the report states.

Meanwhile, rescue talks between the retailer, its bank and Hilco
continue, the report adds.

Headquartered in London, England, Woolworths Group plc --
http://www.woolworths.co.uk/-- is principally a UK retailer
focused on the home, family and entertainment.


* Moody's Takes Rating Actions on EUR1.02 Billion CDO Tranches
--------------------------------------------------------------
Moody's Investors Service has taken rating actions on
approximately EUR1.02 billion of CDO tranches.

These rating actions are a response to credit deterioration in the
underlying portfolios, due in a significant proportion, to
expectations of increased losses in the underlying RMBS and ABS
CDO assets as well as corporate name defaults and general
corporate deterioration.

The transactions, managed by KBC Financial Products, all have
underlying portfolios which consist of corporate CDOs, corporates,
US RMBS, CMBS, and CDO of ABS among other assets.  Each of the
CDOs are similar in structure and comprise of between 13% - 20%
ABS assets, primarily of the 2004, 2005 and 2006 vintages.

Moody's announced on Sept. 18, 2008 that it is revising its
expected loss assumptions of subprime and prime 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 also announced in a press release on Nov. 17, 2008, that
it is revising its expectations of lifetime losses on pools
backing US Alt-A residential mortgage-backed securities issued in
2006 and 2007.  Moody's explained that it will utilise these
revised loss projections when monitoring ABS CDO ratings.

All three transactions have exposure to Lehman Brothers Holdings,
Inc, Washington Mutual, Inc. and the three largest Icelandic
banks, namely Kaupthing bank hf, Landsbanki Islands hf and Glitnir
banki hf.  In addition, Clifton Street also has exposure to
Freddie Mac and Fannie Mae.

The rating actions are:

Clifton Street Finance Limited:

(1) EUR53,250,000 Class A-1 Floating Rate Credit Linked Notes

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(2) EUR48,750,000 Class A-2 Floating Rate Credit Linked Notes

  -- Current Rating: Baa3, on review for possible downgrade
  -- Prior Rating: Aa1, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(3) EUR37,500,000 Class B Floating Rate Credit-Linked Notes

  -- Current Rating: Ba3, on review for possible downgrade
  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(4) EUR32,000,000 Class C Floating Rate Credit-Linked Notes

  -- Current Rating: B3, on review for possible downgrade
  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(5) EUR30,000,000 Class D Floating Rate Credit-Linked Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(6) EUR17,500,000 Class E Floating Rate Credit-Linked Notes,

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Ba2, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(7) EUR15,000,000 Class F Floating Rate Credit-Linked Notes

  -- Current Rating: Ca
  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(8) EUR15,000,000 Class G Floating Rate Credit-Linked Notes

  -- Current Rating: C
  -- Prior Rating: B3, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(9) EUR12,000,000 Class H Floating Rate Credit-Linked Notes

  -- Current Rating: C
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

Oxford Street Finance Limited:

(1) EUR87,000,000 Class A1 Floating Rate Credit-Linked Notes

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: Oct. 28, 2005

(2) EUR80,000,000 Class A2 Floating Rate Credit-Linked Notes

  -- Current Rating: Baa1, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: 29 May 2008

(3) EUR64,000,000 Class B Floating Rate Credit-Linked Notes

  -- Current Rating: Baa3, on review for possible downgrade
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(4) EUR43,000,000 Class C Floating Rate Credit-Linked Notes

  -- Current Rating: Ba2, on review for possible downgrade
  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(5) EUR33,000,000 Class D Floating Rate Credit-Linked Notes

  -- Current Rating: B2, on review for possible downgrade
  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(6) EUR28,000,000 Class E Floating Rate Credit-Linked Notes

  -- Current Rating: Caa2, on review for possible downgrade
  -- Prior Rating: Baa1, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(7) EUR17,000,000 Class F Floating Rate Credit-Linked Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(8) EUR16,000,000 Class G Floating Rate Credit-Linked Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Ba2, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(9) EUR14,000,000 Class H Floating Rate Credit-Linked Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

Sydney Street Finance Limited:

(1) EUR70,000,000 Class A-1 Floating Rate Credit-Linked Notes

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: Jan. 18, 2008

(2) EUR66,700,000 Class A-2 Floating Rate Credit-Linked Notes

  -- Current Rating: Baa3, on review for possible downgrade
  -- Prior Rating: Aa1, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(3) EUR60,000,000 Class B Floating Rate Credit-Linked Notes

  -- Current Rating: Ba3, on review for possible downgrade
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(4) EUR46,700,000 Class C Floating Rate Credit-Linked Notes

  -- Current Rating: B3, on review for possible downgrade
  -- Prior Rating: A1, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(5) EUR44,000,000 Class D Floating Rate Credit-Linked Notes

  -- Current Rating: Caa2, on review for possible downgrade
  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(6) EUR26,700,000 Class E Floating Rate Credit-Linked Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Baa1, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(7) EUR21,350,000 Class F Floating Rate Credit-Linked Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(8) EUR21,350,000 Class G Floating Rate Credit-Linked Notes,

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Ba2, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

(9) EUR20,000,000 Class H Floating Rate Credit-Linked Notes

  -- Current Rating: C
  -- Prior Rating: B3, on review for possible downgrade
  -- Prior Rating Action Date: June 2, 2008

                            *********

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 * * *