TCREUR_Public/081202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 2, 2008, Vol. 9, No. 239

                            Headlines

A U S T R I A

GOGG LLC: Claims Registration Period Ends December 10
H&S JARITZ: Claims Registration Period Ends December 9
REISEBUERO LLC: Claims Registration Period Ends December 16
SAFARI GASTRONOMIE: Claims Registration Period Ends December 8
ZOTTL E. LLC: Claims Registration Period Ends December 9


B E L G I U M

* Moody's Issues Special Report on Fortis Group


G E R M A N Y

AK DOENER: Claims Registration Period Ends January 5
BAYERNLB: To Receive EUR7 Billion Capital Increase from Bavaria
GOLD DOENER: Claims Registration Period Ends January 2
HYPO REAL ESTATE: DBRS Downgrades Unit's Securities Rating to BB
MACARICO EDV: Claims Registration Period Ends January 2

MC CUT FRISEURDISCOUNT: Claims Registration Period Ends Jan. 8
NEUNDORF & PARTNER: Claims Registration Period Ends January 2
POWER MEDICAL: Requests a Hearing and Delisting Action Stay

* S&P Increases German RMBS Foreclosure Period Assumptions


G R E E C E

HELLAS TELECOMMUNICATIONS: Moody's Cuts Corp. Family Rating to B3
WIND HELLAS: Fitch Downgrades Issuer Default Rating to 'B-'


I R E L A N D

ATHENEE CDO: Poor Credit Quality Cues Moody's B1 Ratings on Notes
G SQUARE FINANCE: Moody's Junks Ratings on Three Note Classes
G&L PROPERTY: Enters Into Examinership; Owes More Than EUR40 Mln
THOMAS READ: Enters Into Examinership; Owes EUR26.7 Million


K A Z A K H S T A N

ABAI CASTING: Creditors Must File Proofs of Claim by January 9
AGRO TECH: Creditors Must File Claims by January 16
ASIA TRANS: Creditors' Claims Deadline Slated for January 20
ATF BANK: Moody's Changes Outlook on 'D-' BSFR to Negative
EMTA INSHAAT: Creditors' Claims Filing Period Ends January 21

IMG KAZAKHSTAN: Creditors Must Register Claims by January 20
NISSO PROM: Creditors' Claims Due on January 20
TORESHE-LTD LLP: Creditors' Claims Deadline Slated for Jan. 16


K Y R G Y Z S T A N

TEHNICHESKY UZEL: Creditors Must File Claims by January 14


N E T H E R L A N D S

AEGON NV: EU Commissions Approves Dutch Emergency Recapitalization
ALLORO B.V.: DBRS Confirms Low-B Ratings on Six Tranches
SOCIETE GENERALI: Credit Deterioration Prompts Moody's Rating Cuts


N O R W A Y

* Moody's Reports Negative Outlook for Norwegian Banking System


P O L A N D

ODLEWNIA ZELIWA: EU Commission Approves PLN24 Mln State Aid


R U S S I A

BIO RESOURCES: Court Names O. Zaytsev as Insolvency Manager
BKO-STEEL LLC: Creditors Must File Claims by January 21
BRAND DEVELOPMENT: S&P Junks Corp. Credit Rating; Outlook Negative
BUINSKAYA COTTON: Creditors Must File Claims by January 21
DUBOVSKIY WOODWORKING: Creditors Must File Claims by December 21

EXPO-LES LLC: Creditors Must File Claims by January 21
GEO-TRANS LLC: Creditors Must File Claims by December 21
METALLIST LLC: Creditors Must File Claims by January 21
NS FINANCE: Moody's Puts B3 LT Debt Rating on Series 01 Bonds
PIK GROUP: Fitch Shifts Rating Outlook on 'CCC' Rating to Negative

PRIMORSKIY PLANT: Creditor Must File Claims by December 21
RBC INFORMATION: Barclays Extends Repayment Date of Notes
RBC OJSC: S&P Cuts Then Raises Corporate Credit Rating to 'CC'
ROSPROMBANK: Moody's Raises Currency Deposit Ratings to 'B1'
STROY-PROFIL LLC: Creditor Must File Claims by December 21

USMANSKIY HOUSE-BUILDING: Creditor Must File Claims by Dec. 21


S P A I N

CABLEUROPA SAU: Posts Net Loss of About EUR1 Mln in 3Q 2008
CABLEUROPA SAU: S&P Puts 'B' Corporate Rating on Negative Watch
HABITAT: Files for Administration; Owes EUR2.3 Billion
INMOBILIARIA COLONIAL: Not In Insolvency Proceedings


S W E D E N

FORD MOTOR: Expected Drop in November Sales May Help Bailout Plea


S W I T Z E R L A N D

ADCONTI JSC: Creditors Must File Proofs of Claim by December 12
COMPUTER HELLER: Deadline to File Proofs of Claim Set Dec. 12
GENERAL MOTORS: Turns to Debtholders to Evade Chapter 11 Filing
HEMA HERISAUER: Creditors Have Until Dec. 12 to File Claims
MULTEX CONSULTANCY: Proofs of Claim Filing Deadline is Dec. 12

NADES JSC: Creditors' Proofs of Claim Due by December 12
SVM JSC: December 12 Set as Deadline to File Claims


U K R A I N E

AGRICULTURAL MACHINE: Creditors Must File Claims by December 11
AGROVITIAZ LLC: Creditors Must File Claims by December 11
BELERING LLC: Creditors Must File Claims by December 11
BIS PLUS: Creditors Must File Claims by December 11
EXPRESS TV-SERVICE: Creditors Must File Claims by December 11

DONETSKSTEEL CJSC: Fitch Puts 'B-' Issuer Rating on Negative Watch
GALICH LLC: Creditors Must File Claims by December 11
INDUSTRIAL UNION: Fitch Downgrades Issuer Default Rating to 'B'
INTERPIPE LIMITED: Fitch Downgrades Issuer Default Rating to 'B'
LUBNY CLOTHING: Creditors Must File Claims by December 11

MEGAMETALOSVIT LLC: Creditors Must File Claims by December 11
METINVEST BV: Fitch Downgrades Issuer Default Rating to 'B+'
NPSO FOCON: Creditors Must File Claims by December 11
UKRAINIAN CHEESE: Creditors Must File Claims by December 11

* Fitch Revises 11 Ukrainian Banks' Outlooks to Negative


U N I T E D   K I N G D O M

BULLOCK & DRIFFILL: Appoints Joint Administrators from Deloitte
CLARIS IV: DBRS Rates Series 30 US$10MM Class II-B Notes 'BB(low)'
CLARIS IV: DBRS Rates Series 28 Class II-B Notes at 'BB(low)'
CLARIS IV: DBRS Rates Series 29 US$55MM Class II-B Notes 'BB(low)'
CLARIS IV: DBRS Rates Series 25 US$48MM Class II-B Notes 'BB(low)'

COPE & TIMMINS: Names Joint Administrators from KPMG
DOLPHIN HOTEL: Goes Into Administration; KPMG Appointed
DONS DOORS: Names Joint Liquidators from Smith & Williamson
FIRST CALL: Appoints Joint Liquidators from Tenon Recovery
GLOBE PUB: Fitch Issues Performance Report

GMAC RFC: Fitch Cuts Ratings on 15 Tranches From RMAC Securities
MARKOSS AVIATION: Taps Joint Administrators from Grant Thornton
MCLELLAN RAWSON: Appoints Joint Administrators from Deloitte
PETTIFER CONSTRUCTION: KPMG to Wind Down Business; 120 Jobs Axed
ROCCO LTD: Names Joint Administrators from Tenon Recovery

ROYAL BANK: British Gov't Takes Majority Stake in Bank
WOOLWORTHS GROUP: In Talks With 10 "Serious" Bidders
YORK HOUSE: Goes Into Administration; 90 Jobs at Risk

* PwC Says Empty Property Rate Aid to Hit Speculative Developers
* November 2008 ESI in EU and Euro Area Falls to Record Low
* BCI in Euro Area Declines Further in November 2008
* KPMG Says Businesses Rely on Short-Term Fixes to Defy Crunch

* Large Companies with Insolvent Balance Sheet


                         *********


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A U S T R I A
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GOGG LLC: Claims Registration Period Ends December 10
-----------------------------------------------------
Creditors owed money by LLC GOGG (FN 124623w) have until Dec. 10,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Arno Lerchbaumer
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/82 22 44
         Fax: 0316/82 22 44 - 22
         E-mail: office@lerchbaumer.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Dec. 17, 2009, for the
examination of claims at:

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Nov. 5, 2008, (Bankr. Case No. 26 S 131/08x).


H&S JARITZ: Claims Registration Period Ends December 9
------------------------------------------------------
Creditors owed money by LLC H&S Jaritz (40 S 62/08w) have until
Dec. 9, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Axel Seebacher
         Bahnhofstra=DFe 39/EG
         9020 Klagenfurt
         Austria
         Tel: 0463/31 94 52
         Fax: 0463/31 94 52-4
         E-mail: seebacher@recht4you.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Dec. 16, 2008, for the
examination of claims at:

         Land Court of Klagenfurt
         Meeting Room 225
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Nov. 5, 2008, (Bankr. Case No. 40 S 62/08w).


REISEBUERO LLC: Claims Registration Period Ends December 16
-----------------------------------------------------------
Creditors owed money by LLC Reisebuero (FN 39054h) have until Dec.
16, 2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Wien
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:24 a.m. on Dec. 30, 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. 28, 2008, (Bankr. Case No. 28 S 138/08k).


SAFARI GASTRONOMIE: Claims Registration Period Ends December 8
--------------------------------------------------------------
Creditors owed money by LLC SAFARI Gastronomie (FN 254728a) have
until Dec. 8, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Rudolf Zachhuber
         Maria Theresia Strasse 19
         4600 Wels
         Austria
         Tel: 07242/69471
         Fax: 07242/6947130
         E-mail: r.zachhuber@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on Dec. 18, 2008, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy on
Nov. 6, 2008, (Bankr. Case No. 20 S 138/08g).


ZOTTL E. LLC: Claims Registration Period Ends December 9
--------------------------------------------------------
Creditors owed money by LLC Zottl E. (FN 162467y) have until Dec.
9, 2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Josef Holzmueller
         Bahngasse 8
         2700 Wiener Neustadt
         Austria
         Tel: 02622/66 101
         Fax: 02622/66 101-4
         E-mail: dr-holzmueller@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Dec. 18, 2008, for the
examination of claims at:

         Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Enzesfeld - Lindabrunn, Austria, the Debtor
declared bankruptcy on Nov. 6, 2008, (Bankr. Case No. 10 S
123/08d).


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B E L G I U M
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* Moody's Issues Special Report on Fortis Group
-----------------------------------------------
Moody's Investors Service has issued a special report on the
dismantling of the Fortis Group.

Fortis used to be a financial conglomerate, whose main assets were
banking and insurance operations with leading positions in the
Benelux.  Since the third quarter of 2007, turmoil in financial
markets has led to a significant deterioration of the Group's
capitalization and financial flexibility, exacerbated by the
financing needs related to the acquisition of some ABN AMRO's
activities in 2007.  This weakened financial strength finally
translated into a dramatic depletion of the liquidity position of
the Group's banking operations which forced the Benelux
governments to intervene.

First, the Dutch, Belgian and Luxembourg banking operations were
recapitalized by their respective states on the 28th of September
2008.  On the 3rd of October 2008, Fortis ceded 100% of its Dutch
banking and insurance operations to the Dutch State.  Then, on the
6th of October, the Belgian State acquired the remaining banking
activities of the Group and Fortis announced that BNP Paribas will
subsequently acquire these operations as well as Fortis Insurance
Belgium.

If this transaction completes, Fortis will be ultimately
dismantled into three different pieces, and all the debts issued
by the Group will be spread amongst these various pieces.
Moody's special report intends to clarify the current status of
all the entities which previously composed the Fortis Group, as
well as to present the situation of the outstanding debts which
have been issued by Fortis up to the Sept. 30, 2008.

In particular, Moody's highlights the key characteristics of the
most junior hybrid debts which will now be served by entities
outside of the new Fortis but for which the Group continues to act
as a co-obligator (MCS and CASHES).

Finally, Moody's provides an analysis of the balance sheet of the
new Fortis Group and comments on the debts remaining on the
Group's balance sheet.


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G E R M A N Y
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AK DOENER: Claims Registration Period Ends January 5
----------------------------------------------------
Creditors of AK Doener 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 11:00 a.m. on Feb. 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         Gerichtsplatz 2
         Cottbus
         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:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court opened bankruptcy proceedings against the
company on Oct. 20, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         AK Doener GmbH
         Attn: Erdogan Celik, Manager
         Lauchhammer Strasse 43 A
         01987 Schwarzheide
         Germany


BAYERNLB: To Receive EUR7 Billion Capital Increase from Bavaria
---------------------------------------------------------------
The Free State of Bavaria agreed to increase BayernLB's capital by
a total of EUR7 billion in two tranches, the bank disclosed in a
press statement.  BayernLB said it is due to receive EUR3 billion
this year, with the remaining amount scheduled for the first
quarter of 2009.

The bank also disclosed that the application it submitted in
October for recapitalization from the Special Fund to Stabilize
Financial Markets (SoFFin) will be reduced from EUR5.4 billion to
EUR3 billion.

According to the bank, the capital increase is expected to take
the form of preference shares with voting rights for the Free
State of Bavaria and will be conducted in line with the Financial
Markets Stabilization Act and EU stipulations.  The legal
authorizations required will be obtained in the next few weeks.
The Bavarian State Government is already in contact with the EU
Commission, the bank said.

After completing the capital injection, the Free State of Bavaria
will own the vast majority of BayernLB's capital.  The exact
ownership structure is still to be determined based on a company
valuation.

The bank said the capital requirement of EUR6.4 billion calculated
in October
has increased because of these factors:

   -- The rapid economic slowdown means that additional
      capital must be set aside for the loan portfolio
      under the Basel II rules.  Moreover, the value of
      assets denominated in US dollars has greatly
      increased due to changes in exchange rates.

   -- The amount of core capital expected by international
      market participants compared to regulatory requirements
      has significantly increased.  Furthermore, higher
      levels of equity capital are required in order to
      utilize German federal guarantees under SoFFin.

   -- In addition to these factors, the value of the
      ABS investment portfolio has deteriorated since the
      middle of October 2008 due to the performance of
      financial markets.  In future, the negative impact
      on the income statement from the ABS investment
      portfolio will be largely neutralized by a protection
      plan from the government of the Free State of Bavaria
      in the form of guarantees over the entire term of
      the assets.  Under this protection plan, BayernLB
      will continue to bear the first loss on EUR1.2 billion
      and the Free State of Bavaria will guarantee a
      further EUR4.8 billion in losses.

As a further measure, on November 10, BayernLB said it applied for
EUR15 billion in guarantees under SoFFin for new issues and debt
instruments from BayernLB.  SoFFin has not yet rendered a decision
on this application.


GOLD DOENER: Claims Registration Period Ends January 2
------------------------------------------------------
Creditors of Gold Doener Sachsen GmbH have until Jan. 2, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Florian Stapper
         Karl-Heine-Strasse 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Fax: 0341/9841111
         E-mail: leipzig@stapper-korn.de

The District Court opened bankruptcy proceedings against the
company on Nov. 25, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Gold Doener Sachsen GmbH
         Attn: Senol Seven, Manager
         Spohrstr. 3
         04103 Leipzig
         Germany


HYPO REAL ESTATE: DBRS Downgrades Unit's Securities Rating to BB
----------------------------------------------------------------
On November 24, 2008, Dominion Bond Rating Service downgraded its
long-term ratings for Hypo Real Estate Holding AG (Holding) and
related entities (together Hypo Real Estate or the Group),
including the Senior Unsecured Long-Term Debt rating for Holding,
which was downgraded to A (low) from "A".  Concurrently, all
ratings have been placed Under Review with Negative Implications.
DBRS's rating action follows the announcement of Hypo Real
Estate's Q3 2008 results, the announcement of an additional EUR20
billion short-term debt guarantee and of additional information
about the Group's liquidity challenges, earnings outlook and
pending application for more comprehensive external support.

The downgrade and the Under Review =96 Negative status reflect
DBRS's concern that Hypo Real Estate's franchise has been weakened
by its ongoing liquidity challenges.  The Group's lack of access
to market funding currently restricts its ability to write new
business and requires it to seek more comprehensive support,
demonstrating the weakening of its intrinsic fundamentals.

The rating action also reflects DBRS's concern that the support
Hypo Real Estate has received so far is short-term in nature and
insufficient to stabilize the Group over the longer term.
Moreover, DBRS views Hypo Real Estate's EUR3.105 billion pretax
loss in Q3 2008 as large relative to its average pretax earnings
of EUR110 million per quarter between Q3 2007 and Q2 2008.  The
loss is also considered large relative to the Group's EUR6.6
billion of core regulatory capital (under German rules) as of
September 2008.

The Group announced on November 21, 2008, that it has received a
short-term guarantee from the Fund of EUR20 for debt to be issued
by the subsidiary Hypo Real Estate Bank AG.  This guarantee came
in addition to the EUR50 billion liquidity support from a
consortium of the German financial sector, the government and the
Bundesbank, which became fully available on November 13, 2008.
The EUR20 billion guarantee covers debt expiring through
January 15, 2009, while the EUR50 billion liquidity support has an
initial maturity of March 2009.  In the view of DBRS, these short-
term measures show that support is available to Hypo Real Estate,
but they are not sufficient to stabilize the Group.  The Group has
stated that it needs more comprehensive capital and liquidity
support and that it is currently negotiating about a comprehensive
support package with the German Financial Markets Stabilisation
Fund (SoFFin).

Hypo Real Estate's ratings are currently driven by the systemic
support it is receiving.  As such, current ratings are higher than
the Group's underlying fundamentals would suggest.  DBRS views
Hypo Real Estate as a systemically important institution that is
likely to receive additional support as needed due to its position
as one of the largest issuers of covered bonds in Europe.
Moreover, a robust framework to provide support exists in Germany,
as the federal government has established SoFFin which is
authorized to issue government guarantees on up to EUR400 billion
of new bank debt issuance and to inject up to EUR80 billion in
capital into financial institutions.

In DBRS's view, comprehensive support is crucial for Hypo Real
Estate to avoid permanent impairment of its franchise, which could
lead to multiple-notch downgrades.  DBRS has downgraded its Trust-
Preferred Securities rating for Hypo Real Estate International I
by three notches, to BB (high) from BBB (high).  This reflects
DBRS's view that securities qualifying as regulatory capital may
be subject to losses as part of the Group's necessary
restructuring.

In the view of DBRS, Hypo Real Estate requires a substantial
capital injection to re-emerge as a viable institution on a stand-
alone basis.  Hypo Real Estate's core capital ratio (under German
rules) declined to 6.8% as of September 2008, down from 7.0% as of
June 2008.  DBRS views a significant capital injection as
necessary for the Group to avoid further downgrades.

Hypo Real Estate's earnings outlook is negative.  The Group
projects the cost of its EUR50 billion liquidity support at
EUR466 million annually, plus EUR455 million due to a debtor
warrant (Besserungsschein), which becomes payable when Hypo Real
Estate returns to profitability.  In addition, the EUR20 billion
debt guarantee carries a fee of 1.5% for any drawn amount and a
commitment commission of 0.1% of the unutilized amount.  Moreover,
DBRS expects credit costs in commercial real estate (CRE) to stay
high. Hypo Real Estate booked EUR105 million in portfolio-based
loan loss provisions in Q3 2008 to cover future CRE losses.  DBRS
also views further losses on Hypo Real Estate's exposure to bank
bonds, structured credit and public-sector assets as likely.  In
Q3 2008, the Group sustained losses of EUR257 million due to its
exposures Lehman Brothers, Icelandic banks and its stake in
investment firm Babcock & Brown.

In the near term, ratings momentum for Hypo Real Estate primarily
depends on its ability to secure more comprehensive liquidity and
capital support and to develop a credible strategy to re-emerge as
a viable institution.  Ratings are unlikely to move higher in the
near term; however, multi-notch downgrades are likely if Hypo Real
Estate fails to secure more comprehensive, longer-term support.
Consequently, all ratings have been placed Under Review with
Negative Implications.


MACARICO EDV: Claims Registration Period Ends January 2
-------------------------------------------------------
Creditors of Macarico EDV GmbH have until Jan. 2, 2009, 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 Jan. 23, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 218
         Bogen 2-4
         33098 Paderborn
         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:

         Cornelia Moenert
         Lise-Meitner-Str. 13
         33605 Bielefeld
         Germany
         Tel: (05 21) 938410
         Fax: 9384130

The District Court opened bankruptcy proceedings against the
company on Nov. 19, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Macarico EDV GmbH
         Stadtlanfert 7
         33106 Paderborn
         Germany

         Attn: Ralf Goellner, Manager
         Rolandsweg 52 a
         33102 Paderborn
         Germany


MC CUT FRISEURDISCOUNT: Claims Registration Period Ends Jan. 8
--------------------------------------------------------------
Creditors of Mc CUT Friseurdiscount GmbH have until Jan. 8, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Florian Stapper
         Karl-Heine-Strasse 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Fax: 0341/9841111
         E-mail: leipzig@stapper-korn.de

The District Court opened bankruptcy proceedings against the
company on Nov. 25, 200.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Mc CUT Friseurdiscount GmbH
         Glockenblumenweg 10-12
         04420 Markranstadt
         Germany

         Attn: Dietmar Thamm, Manager
         Bloecken 66
         24111 Kiel
         Germany


NEUNDORF & PARTNER: Claims Registration Period Ends January 2
-------------------------------------------------------------
Creditors of Neundorf & Partner Management und Verwaltungs GmbH
have until Jan. 2, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:12 a.m. on Jan. 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany
         Tel: (0 40) 3 50 06 - 188
         Fax: (0 40) 3 50 06 - 176

The District Court opened bankruptcy proceedings against the
company on Nov. 19, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Neundorf & Partner Management und
         Verwaltungs GmbH
         Attn: Hans Heinrich von Wieding
         Worthstrasse 8
         27374 Visselhoevede
         Germany


POWER MEDICAL: Requests a Hearing and Delisting Action Stay
-----------------------------------------------------------
Power Medical Interventions(r), Inc., received a letter from the
Listing Qualifications Staff of The NASDAQ Stock Market LLC
notifying it that, based upon the company's non-compliance with
the US$50 million market value of listed securities requirement
for continued listing on The NASDAQ Global Market, as set forth in
NASDAQ Marketplace Rule 4450(b)(1)(A), the company's securities
were subject to delisting from NASDAQ unless the company requested
a hearing before a NASDAQ Listing Qualifications Panel.

The company requested a hearing before the NASDAQ Panel, which
will stay any action with respect to the Staff Determination until
the Panel renders a decision subsequent to the hearing.  There can
be no assurance that following the hearing the Panel will grant
the company's request for continued listing.

The Staff Determination follows correspondence from NASDAQ dated
Oct. 22, 2008, which was disclosed by the company on Oct. 24,
2008, indicating that, should the company fail to regain
compliance with the market value of listed securities requirement
by Nov. 21, 2008, NASDAQ would provide written notification of
such and the opportunity to request a hearing before the NASDAQ
Panel.

Based in Langhorne, Pennsylvania, Power Medical Interventions(r),
Inc. (NASDAQ:PMII) -- http://www.pmi2.com/-- is the world's only
provider of computer-assisted, power-actuated surgical stapling
products.  PMI's Intelligent Surgical Instruments(tm) enable less
invasive surgical techniques to benefit surgeons, patients,
hospitals and healthcare networks. PMI manufactures durable
recyclable technology to reduce medical waste and help keep the
planet clean.  The company was founded in 1999, and has additional
offices in Germany, France, and Japan.


* S&P Increases German RMBS Foreclosure Period Assumptions
----------------------------------------------------------
Standard & Poor's Ratings Services increased its foreclosure
period assumptions in German residential mortgage-backed
securities and mortgage covered bonds following a recent change to
the German Civil Code.

The Civil Code amendment aims primarily to protect mortgage
borrowers and may affect the cash flows in securitizations and
covered bonds backed by those mortgages.

S&P does not believe that its new foreclosure period assumptions
will affect its current ratings on existing RMBS or covered bonds
(or new securities issued in the near term) because the underlying
mortgages in these transactions would have been created before the
date the new law became effective (Aug. 19, 2008).

However, as the portion of these mortgages in any new transaction
increases, so would the likely effect of potential higher
foreclosure costs and delayed recoveries on S&P's RMBS ratings or
future levels of credit enhancement/overcollateralization for
covered bonds.

The change was introduced through the so-called Risk Limitation
Act -- known locally as "Risikobegrenzungsgesetz."  Among other
measures, this act includes an amendment to the German Civil Code
relating to the notice period relevant for enforcing German
mortgages in the form of land charges.

S&P believes the change could result in a longer foreclosure
period -- the time it takes for the mortgage to be enforced after
a borrower defaults--for mortgages created after the effective
date.  For this reason S&P decided to increase its foreclosure
period assumptions for such mortgages included in new RMBS or
covered bond transactions.


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HELLAS TELECOMMUNICATIONS: Moody's Cuts Corp. Family Rating to B3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Hellas Telecommunications II S.a.r.l. and the ratings on
the existing debt instruments issued by its subsidiaries.  Hellas
Telecommunications II is a holding company of Wind Hellas
Telecommunications.  The outlook on the ratings is negative.

The ratings affected are:

  -- Corporate Family Rating at Hellas Telecommunications II
     downgraded to B3 from B2

  -- EUR1,222 billion in senior secured notes issued at Hellas
     Telecommunications (Luxembourg) V downgraded to B2 from B1

  -- EUR355 million in senior notes issued at Hellas
     Telecommunications (Luxembourg) III downgraded to Caa1 from
     B3

  -- EUR1,170 billion in subordinated notes issued at Hellas
     Telecommunications II S.a.r.l. downgraded to Caa2 from Caa1.

The ratings downgrades reflect (i) weaker than expected financial
performance of the company's core business, Wind Hellas, in Q3
2008; (ii) the anticipated challenging operating environment in
2009, which would result in a lower EBITDA for Wind Hellas based
on the company's public guidance; and (iii) concerns relating to
the company's weak liquidity position, which is likely to
deteriorate further in 2009.

Based on the Q3 annualized EBITDA of EUR460 million for Wind
Hellas standalone, the company is likely to under-perform its
stand-alone EBITDA guidance of EUR470 million.  Tellas, the
company's fixed line business, is expected to perform modestly
better than the expected EBITDA loss of EUR30 million for 2008.
Moody's acknowledges that the company reiterated its consolidated
EBITDA guidance of EUR440 million for 2008.

Despite modest underperformance of the mobile business and
reiteration of the consolidated EBITDA guidance, Moody's believes
that the company is facing challenging operating conditions in
2009.  On Jan. 1, 2009, the termination rates will be
significantly reduced and the termination rate asymmetry
applicable to Wind Hellas will be eliminated.  Wind Hellas
publicly estimated a negative EUR25 million impact on the mobile
business's EBITDA.  Furthermore, the economic environment in
Greece has weakened over the course of 2008 and is unlikely to
support any revenue and EBITDA growth which could potentially
offset the negative impact on EBITDA from the termination rate
reduction.

As regards Tellas, the company publicly indicated that it would
expect Tellas to be EBITDA break even in 2009.  Moody's notes the
existence of a high degree of execution risk associated with the
company's business plan for 2009.

In addition to challenges associated with the operating
environment, Moody's is also concerned about Wind Hellas' tight
liquidity.  Although as of Q3 2008, the company had
EUR55.4 million in cash & cash equivalents and EUR50 million of
undrawn revolving credit facility, the company expects
approximately EUR40 million cash burn in 2008.  Furthermore given
the company's capex cycle, it will be using cash through working
capital absorption in H1 2009.  Therefore, Moody's believes that
the liquidity would be pressurized further, particularly in Q2
2009, although the company has indicated that any shortfall could
be absorbed by a different timing of capex spend.

Moody's acknowledges that the company's current strategy is
focused on cash preservation to the extent it is feasible for a
growing company in a competitive market.  The company is also
expecting positive cash contribution from the merger with Tellas
through the realization of operating synergies, more efficient tax
treatment and receipt of government subsidies.  However, the
timing of cash flows from these developments is uncertain.

The negative outlook on the rating reflects the high degree of
execution risk of the company's business plan associated with
achieving its public guidance on EBITDA in light of the planned
termination rates reduction and a weakened operating environment.
Additionally, liquidity will remain a concern over the next 12
months.  In this context Moody's notes that Weather Investments,
the company's parent, has stated its commitment to the Greek
market and has indicated its willingness to provide support.  The
outlook could be stabilized if the company establishes a strong
track record of achieving its EBITDA guidance for both mobile and
fixed line businesses and substantially reduces the group's
liquidity risk.

Wind Hellas is a third mobile operator in Greece.  At the end of
2007, the company acquired Tellas, an alternative fixed line
operator.  In the first nine months of 2009, the company generated
EUR958.9 million in revenues on a consolidated basis.


WIND HELLAS: Fitch Downgrades Issuer Default Rating to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded Greek mobile operator, WIND Hellas
Telecommunications S.A.'s Long-term Issuer Default Rating to 'B-'
from 'B' on concerns about its leverage and future cashflow
generation.  The short-term rating is affirmed at 'B'.  The
outlook is Stable.

Fitch has downgraded WIND Hellas as the agency expects an increase
in net cash-pay leverage to 6.7x EBITDA by YE09 and a
deterioration in liquidity due to ongoing investments in its
fixed-line business, Tellas.  Leverage is expected to peak in mid-
2009 due to working capital seasonality, timing of cash interest
payments, and the fact that the company does not expect Tellas to
break even at the EBITDA level until H209.  Failure to generate
positive EBITDA on a quarterly basis for Tellas in H209, as well
as an underperformance in operating cashflow, coupled with a lack
of parental support could place further negative pressure on the
rating.

Fitch sees little prospect for deleveraging on a group basis
before the fixed-line Tellas business posts positive EBITDA and
cashflow.  Tellas is not expected to be cashflow positive on a
standalone basis until 2012, although Fitch notes that the
consolidated group could be cashflow positive as early as 2010.
Consequently, the funding and capital expenditure requirements for
the development of Tellas's LLU business are expected to delay the
further deleveraging of the combined group until 2010-11.  The
EUR1.2bn senior secured floating rate notes fall due for repayment
in October 2012, and therefore refinancing risk is likely to be
significantly higher than previously anticipated and certainly now
in excess of a level commensurate with the previous 'B' rating
category.

The 'B-' rating also reflects the slowdown in the Greek mobile
market, unabating competitive pressure on the prepaid segment
driving ARPUs lower, and the effects of the anticipated reduction
in termination rates from 10.4 Euro cents in July 2008 to 4.95
cents by January 2011, which are unlikely to be compensated by
usage growth in the current market environment.  However, Fitch
currently expects the rate of cash burn to halve in 2009 from 2008
due to lower capex requirements and some cost synergies as well as
cash tax synergies arising from the Tellas merger.  The agency
also takes comfort from the fact that Weather Investments, the
parent company, sees Wind Hellas as a strategic asset and remains
committed to its Greek operations in the long-term.  Therefore,
Fitch has factored in parental support from Weather Investments in
the event of further liquidity pressure.

The instrument ratings on the Hellas Telecommunications
(Luxembourg) V senior revolving credit facility and Hellas
Telecommunications (Luxembourg) V senior secured floating rate
notes due 2012 have been simultaneously downgraded to 'B'/'RR3'
from 'B+' (B plus) /'RR3'.  The rating of the Hellas
Telecommunications (Luxembourg) III senior notes due 2013 is
downgraded to 'CCC+' / 'RR5' from 'B+' (B plus) / 'RR3', and the
rating on Hellas Telecommunications (Luxembourg) II subordinated
floating-rate notes due 2015 is also downgraded to 'CCC' / 'RR6'
from 'CCC+' / 'RR6'.

In Fitch's bespoke recovery analysis for WIND Hellas, a distressed
enterprise value of EUR1.7bn is assumed.  This implies an EBITDA
discount of 30% applied to EBITDA and an EV/EBITDA multiple of
5.5x, which results in strong anticipated recoveries for the
Senior Secured Revolving Credit Facility and Senior Secured Notes,
but less than 30% recoveries for the Senior Notes, resulting in a
downgrade of the recovery rating to 'RR5' from 'RR3'.


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ATHENEE CDO: Poor Credit Quality Cues Moody's B1 Ratings on Notes
-----------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further possible downgrade its ratings of two classes of notes
issued by Athenee CDO Plc.

The transaction is a managed synthetic CDO referencing, among
other assets US and European corporate names.  The banking and
Insurance sectors constitute approximately 40% of the underlying
pool.

According to Moody's, the rating actions are the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on Sept. 15, 2008; Washington
Mutual Inc., which was seized by federal regulators on Sept. 25,
2008 and subsequently virtually all of its assets were sold to
JPMorgan Chase; and three Icelandic banks, specifically Kaupthing
Bank hf, Landsbanki Islands hf, and Glitnir Banki hf.  The
transaction also has a significant exposure to other corporate
names which continue to deteriorate in the current economic
environment.  This will weigh on the ratings of the tranches in
this transaction.

These rating actions are:

Athenee CDO Plc:

(1) The Series 2006-5 EUR20,000,000 Tranche A2 Secured Step Up
Floating Rate Notes due 2013

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Action Date: April 27, 2006

(2) The Series 2006-6 EUR10,000,000 Tranche A2 Secured Floating
Rate Notes due 2013

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Action Date: April 27, 2006


G SQUARE FINANCE: Moody's Junks Ratings on Three Note Classes
-------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further possible downgrade its ratings of four classes of notes
issued by G Square Finance Limited.

The transaction is a managed cash and synthetic hybrid CDO
referencing, among other assets, US subprime RMBS and Alt-A of the
2004 -2006 vintages.  This rating actions are a response to credit
deterioration in the underlying portfolio due, in a significant
proportion, to expectations of increased losses in the underlying
RMBS.  A significant proportion of the assets are now rated sub-
investment grade.

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 utilize these revised loss
projections when monitoring ABS CDO ratings.

These rating actions are:

G Square Finance Limited:

(1) The US$65,000,000 Class A Notes due 2050

  -- Current Rating: B3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: Dec. 14, 2004

(2) The US$33,750,000 Class B Notes due 2050

  -- Current Rating: Ca
  -- Prior Rating: Aa2
  -- Prior Rating Date: Dec. 14, 2004

(3) The US$15,250,000 Class C Notes due 2050

  -- Current Rating: C
  -- Prior Rating: Baa2
  -- Prior Rating Date: Dec. 14, 2004

(4) The US$5,000,000 Class S Combination Notes due 2050

  -- Current Rating: C
  -- Prior Rating: Baa2
  -- Prior Rating Date: Dec. 14, 2004


G&L PROPERTY: Enters Into Examinership; Owes More Than EUR40 Mln
----------------------------------------------------------------
G&L Property Investments, the development company behind the
Parkside retail and residential development in Co Laois, has
entered into examinership, Ian Kehoe writes for the Sunday
Business Post Online.

According to the report, G&L Property Investments petitioned the
High Court late last Friday to be put into examinership after
running out of cash.  The company, the report discloses, racked up
debts of more than EUR40 million, while its most recent accounts
showed revenues of EUR17.4 million in 2006 and retained profits of
EUR2.4 million.

ACC is the company's largest creditor and is owed in the region of
EUR40 million, the report notes.

The court, the report recounts, appointed KPMG accountant Kieran
Wallace as interim examiner and a full hearing on his appointment
will take place in the coming days.

Mr. Wallace has 69 days to finalize a rescue package for the
business, the report states.  He is believed to be in talks with a
number of potential investors, the report adds.


THOMAS READ: Enters Into Examinership; Owes EUR26.7 Million
-----------------------------------------------------------
Thomas Read group has entered into examinership, RTE Business
reports.

Mr Justice Brian McGovern on Friday, November 28, appointed Kieran
McCarthy of Hughes Blake accountants as interim examiner to
Sharmane Ltd and 14 related companies, known as the Thomas Read
Group, the report relates.

According to the report, Guerneville Ltd, the parent company of
the group, petitioned the High Court to put the Thomas Read group
of companies into examinership as Sharmane was likely or unlikely
to be able to pay its debts.

The companies, which employ more than 400 people, racked up debts
of EUR26.7 million, the report discloses.

Citing Gary McCarthy of Guerneville, the report reveals the Diageo
Ireland, Heineken Murphy Breweries and Britvic C&C were among the
largest creditors, while the group's banker creditors included ACC
Bank, owed more than EUR15 million; Ulster Bank, owed EUR5.6
million; AIB, owed EUR3.5 million and Anglo Irish Bank, owed
EUR597,000.

The counsel, the report recounts, said a report from independent
accountant Alan McClean expressed the view the companies had a
reasonable prospect of survival, provided certain conditions were
met.

In his report, Mr. McClean noted that although the companies
inherited a historical debt when the owners bought it from the
O'Regan group in 2005 and had been affected by the economic
downturn, the core business was strong and most of the
subsidiaries in the group were trading on a solvent basis, the
report states.

Simon Kelly, a director of the company, meanwhile said it is
business as usual at Thomas Read, the report adds.


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K A Z A K H S T A N
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ABAI CASTING: Creditors Must File Proofs of Claim by January 9
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared OJSC Abai Casting-Mechanical Plant Abaisky Liteyno-
Mehanichesky Zavod insolvent.

Creditors have until Jan. 9, 2008, to submit written proofs of
claims to:

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

AGRO TECH: Creditors Must File Claims by January 16
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Agro Tech Service-2000 insolvent on Oct. 23, 2008.

Creditors have until Jan. 16, 2008, to submit written proofs of
claims to:

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


ASIA TRANS: Creditors' Claims Deadline Slated for January 20
------------------------------------------------------------
LLP Energy Company Asia Trans has declared liquidation. Creditors
have until Jan. 20, 2009, to submit written proofs of claims to:

         LLP Energy Company Asia Trans
         Vinzavodskaya Str. 1-1
         Shamalgan
         Karasaisky
         Almaty
         Kazakhstan


ATF BANK: Moody's Changes Outlook on 'D-' BSFR to Negative
----------------------------------------------------------
Moody's Investors Service has changed the outlook on the D- bank
financial strength rating of ATF Bank to negative from stable.  At
the same time, Moody's has affirmed ATF's Baa2/Prime-2 global
local currency deposit ratings, Baa2 senior unsecured debt rating
and Ba1 junior subordinated debt rating with their existing
negative outlook, and the Ba1/Not Prime foreign currency deposit
ratings with their stable outlook.

"The previously stable outlook on ATF's BFSR had reflected Moody's
view that the bank was comfortably positioned within the D-
category.  However, Moody's has changed the outlook to negative,
in anticipation of the adverse effect that recent market
developments in Kazakhstan are likely to exert on the bank's
financial fundamentals and funding profile," explains Andrey
Artyukhin, Vice President -- Senior Analyst in Moody's Financial
Institutions Group.

In Moody's view, the key rating factor contributing to the change
in outlook is the likelihood of a deterioration in ATF's loan
portfolio quality as result of tightening economic conditions in
Kazakhstan, particularly the crisis in the construction and real
estate sector, to which the bank is significantly exposed
(accounting for 21% of its gross loans at mid-2008).  A possible
material increase in ATF's loan loss provision expenses is the key
factor that could have an adverse impact on the bank's earnings
performance in 2008.

Another negative rating driver is ATF's reduced capacity to
attract market funding, significantly increasing its exposure to
refinancing risk.  However, Moody's notes that the support for the
bank from its ultimate parent, UniCredit (rated Aa3/P-1/C+ for
bank deposits/BFSR), which owns 99.8% of its common shares,
provides ATF with a cushion enabling it to meet its obligations
falling due in the near term.

Moody's previous rating action on ATF was implemented on Oct.
7,2008, when the outlook on the Baa2 local currency deposit and
debt ratings and the Ba1 junior subordinated debt rating was
changed to negative; the BFSR of D- and foreign currency deposit
rating of Ba1 were affirmed.

Headquartered in Almaty, Kazakhstan, ATF reported consolidated
total assets of US$8.6 billion and shareholders' equity of US$0.9
billion under IFRS as at June 30, 2008.


EMTA INSHAAT: Creditors' Claims Filing Period Ends January 21
-------------------------------------------------------------
Branch of JSC Emta Inshaat Tyaahut Ve Tidjaret Ash has opted
forliquidation.  Creditors have until Jan. 21, 2009, to submit
written proofs of claims to:

         JSC Emta Inshaat Tyaahut Ve Tidjaret Ash
         Office 200
         Dostyk Ave. 105
         Almaty
         Kazakhstan


IMG KAZAKHSTAN: Creditors Must Register Claims by January 20
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Img Kazakhstan insolvent.

Creditors have until Jan. 20, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Almatinskaya Str. 35
         Pokrovka
         Almaty  Iltisky
         Kazakhstan
         Tel: 8 777 226 20-31


NISSO PROM: Creditors' Claims Due on January 20
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Nisso Prom insolvent on Dec. 4, 2007.

Creditors have until Jan. 20, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk ave. 44-99
         Almaty
         Kazakhstan
         Tel: 8 (7272) 91-46-47


TORESHE-LTD LLP: Creditors' Claims Deadline Slated for Jan. 16
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Toreshe-Ltd insolvent on Oct. 24, 2008.

Creditors have until Jan. 16, 2008, to submit written proofs of
claims to:

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


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K Y R G Y Z S T A N
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TEHNICHESKY UZEL: Creditors Must File Claims by January 14
----------------------------------------------------------
Branch of JSC Kazakh Telecom - Tehnichesky Uzel Seti Magistralnyh
Svyazey I Televideniya #4 has declared insolvency.

Creditors have until Jan. 14, 2009, to submit written proofs of
claims:

The company can be reached at:

         (+996 312) 65-19-59
         (+996 312) 65-20-81


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N E T H E R L A N D S
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AEGON NV: EU Commissions Approves Dutch Emergency Recapitalization
-------------------------------------------------------------
The European Commission has approved, under EC Treaty state aid
rules, an emergency intervention in the form of a
recapitalization, that the Dutch authorities intend to grant to
Aegon N.V., the holding company of the Dutch insurance and pension
group Aegon.  The Commission found the measure to be in line with
its Guidance Communication on state aid to overcome the current
financial crisis.  The measure constitutes an adequate means to
remedy a serious disturbance in the Dutch economy while avoiding
undue distortions of competition and is therefore compatible with
Article 87.3.b. of the EC Treaty.  In particular, the measure is
limited in time and scope, requires an adequate remuneration and
provides safeguards to minimize distortions of competition.

Competition Commissioner Neelie Kroes said: "The capital injection
is necessary to maintain the markets' confidence in Aegon and to
ensure the refinancing of this company.  The intervention is
limited in time and its distortive effect is minimized through
appropriate safeguards."

On November 12, 2008, the Dutch authorities notified their plans
to recapitalize Aegon N.V. with EUR3 billion through a special
type of securities.  The securities are to be issued on
December 1, 2008.

In the current financial climate, even fundamentally sound
institutions like Aegon may experience difficulties and need to
reassure financial markets about their financial stability.

The securities to be issued would qualify as capital under the
applicable solvency regulations and produce an annual coupon equal
to the higher of:

    * EUR0.34 per security, non cumulative, payable annually in
      arrears

    * 110% of the dividend paid on the ordinary shares in 2009

    * 120% of the dividend paid on the ordinary shares in 2010

    * 125% of the dividend paid on the ordinary shares from 2011
      onwards

The coupon would only be paid if a dividend is paid on the
ordinary shares.  If Aegon decides to buy the securities back, the
state would receive 150% of the issue price.  This payment
structure is similar to the one used in the recapitalization of
ING, approved by the Commission on November 13, 2008.  The
Commission concluded that the measure complies with the conditions
laid down in its Communication on the application of the state aid
rules to measures taken in relation to financial institutions in
the context of the current global financial crisis .  In
particular, the measure meets the following criteria:

    * Necessity: Aegon has an important function in the Dutch
      financial sector - a loss of confidence in such an
      institution would have led to a further disturbance of the
      current situation and harmful spill-over effects to the
      economy as whole

    * Limited temporal scope: the Dutch authorities have
      committed to submit a restructuring plan after six months

    * Aid limited to the strict necessary: even with the
      uncertainty inherent in low-ranking securities, Aegon
      would pay, taking into account the annual coupon and the
      repurchase premium, an adequate remuneration to the state,
      with an expected return in excess of 10%.  Adequate
      safeguards are in place so that the Commission is informed
      if there are any deviations and, if necessary, can impose
      additional behavioral constraints

    * Avoidance of undue distortions of competition: the package
      foresees sufficient behavioral rules to prevent an abuse
      of the state support.

                         About Aegon NV

Headquartered in The Hague, Netherlands, Aegon N.V. --
http://www.aegon.com/-- operates as a life insurance and pension
company.  The company's businesses focus on life insurance,
pensions, savings and investment products.  The AEGON Group is
also active in accident, supplemental health, general insurance
and some limited banking activities.  The company's major markets
are the United States, the Netherlands and the United Kingdom.  In
addition, AEGON operates in over 20 other markets in the Americas,
Europe and Asia.  The AEGON Group has four geographic segments:
the Americas (which include the United States, Canada and Mexico),
the Netherlands, the United Kingdom, and Other Countries, which
include Hungary, Spain, Taiwan, China, Poland and a number of
other countries with smaller operations.  In December 2007, AEGON
USA acquired 100% of the shares of Merrill Lynch Life Insurance
Company and ML Life Insurance Company of New York.


ALLORO B.V.: DBRS Confirms Low-B Ratings on Six Tranches
--------------------------------------------------------
On November 13, 2008, Dominion Bond Rating Service confirmed the
ratings of a revolving portfolio of syndicated, high-yield secured
corporate loans originated by Credit Suisse through their New
York, London, Sydney and Cayman Islands branches.  The portfolio
is credit-enhanced through Alloro B.V. (Alloro), a special-purpose
vehicle domiciled in the Netherlands.

DBRS will model the portfolio on an ongoing basis to reflect
changes in the Alloro vehicle and the loan portfolio's composition
and credit quality.  Updates to the ratings will be posted on the
DBRS website.

The following revised tranche sizes and associated rating grades
reflect the portfolio on July 31, 2008, with an outstanding amount
of EUR1,542,453,850.00:

   -- EUR1,188,784,607 rated AAA
   -- EUR15,433,793 rated AA (high)
   -- EUR11,719,564 rated AA
   -- EUR17,816,884 rated AA (low)
   -- EUR4,849,475 rated A (high)
   -- EUR8,637,742 rated "A"
   -- EUR72,495 rated A (low)
   -- EUR2,068,431 rated BBB (high)
   -- EUR37,119,152 rated BBB
   -- EUR27,438,712 rated BBB (low)
   -- EUR55,010,074 rated BB (high)
   -- EUR209,774 rated BB
   -- EUR8,650,081 rated BB (low)
   -- EUR31,657,631 rated B (high)
   -- EUR11,017,131 rated B
   -- EUR1,590,116 rated B (low)
   -- EUR120,378,189 not rated

The ratings were assigned through the application of DBRS
simulation methodology, which was developed to analyze diverse
portfolios of assets and their associated liability structures.
This analysis used the DBRS CDO Toolbox simulation model with
adjustments for the unique structure of both the Alloro vehicle
and the associated loan portfolio. DBRS models the portfolio-based
key inputs, such as asset credit quality, asset tenors,
correlation and recovery rates.


SOCIETE GENERALI: Credit Deterioration Prompts Moody's Rating Cuts
------------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further possible downgrade its ratings of two classes of notes
issued by Societe Generale Acceptance N.V., one class of notes
issued by Claris Limited and two credit default swaps entered into
by Societe Generale and Societe General Acceptance N.V., all
issued under the transaction NAPA VALLEY II Synthetic CDO of ABS.
The transaction is a synthetic CDO referencing a replenishable
portfolio of high-grade ABS exposures, mainly RMBS First and
Second Lien Prime, subprime RMBS and CMBS Large Loans of the 2004
to 2006 vintages.

These rating actions are a response to credit deterioration in the
underlying portfolio due, in a significant proportion, to
expectations of increased losses in the underlying RMBS.

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.

These actions are:

Claris Limited:

(1) Series 29/2004 Tranche 1 EUR40,000,000 Napa Valley II
Synthetic CDO of ABS Floating Rate Notes due 2024

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: Oct. 11, 2004

Societe Generale Acceptance N.V.:

(1) Series 7040/04-09 Tranche 1 EUR28,500,000 Napa Valley II
Synthetic CDO of ABS Floating Rate Notes due 2024

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: April 21, 2008

(2) Series 7041/04-09 Tranche 1 EUR5,000,000 Napa Valley II
Synthetic CDO of ABS Floating Rate Notes due 2024

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: April 21, 2008

(3) CDS providing protection on the reference portfolio for losses
up to 1.65% of the portfolio related to SGA Series 7040/04-09
Notes

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: April 21, 2008

(4) CDS providing protection on the reference portfolio for losses
exceeding 0.05% up to 1.65% of the portfolio related to SGA Series
7041/04-09 Notes

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: April 21, 2008


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* Moody's Reports Negative Outlook for Norwegian Banking System
---------------------------------------------------------------
The fundamental credit outlook for the Norwegian financial
institutions is negative, reflecting the uncertain operating
environment, in particular the prospects of a decline in economic
growth and its effect on credit quality and profitability, says
Moody's Investors Service in its new Banking System Outlook on
Norway.

Moody's negative outlook for the Norwegian 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.

"In a European context, Norwegian banks are currently in a sound
position, given that they have had limited exposure to riskier
investments.  However, liquidity positions have been affected by
the global economic downturn and Moody's cautions that the
prospects of weakening economic growth will adversely affect
banks' credit quality and profitability," says Eeva Antila,
Moody's Analyst and author of the report.

Norwegian banks have felt the impact of the global financial
crisis in terms of valuations of financial instruments and
funding.  The widening of credit spreads and weaker equity markets
have resulted in banks' securities portfolios declining in value,
although Moody's notes that, in general, Norwegian banks have had
limited exposure to the US sub-prime market, structured investment
products or troubled financial institutions such as Lehman
Brothers and Icelandic financial institutions.  Like the banking
sector globally, banks' overall funding costs have increased
significantly and access to international markets is currently
limited.

"From a financial strength point of view, the Norwegian banks
rated by Moody's continue to display satisfactory asset quality,
but problem loan ratios have weakened.  High lending growth in the
past few years has resulted in less seasoned loan books and
Moody's believes that asset quality is likely to face more
challenges," explains Ms. Antila.  Capitalisation is satisfactory,
especially considering that most lending is to households in the
form of mortgages with relatively well-contained loan-to-value
ratios, and provides something of a buffer against increased loan
losses.  The rated banks have also continued to display good core
profitability, but valuation losses on financial instruments and
increased loan loss provisions are affecting overall figures.

Looking ahead, Moody's recognises that maintaining asset quality
is one of the key challenges given the weaker economic outlook and
the fact that the majority of the banks' assets consists of loans
to households and corporates.  The increased uncertainty has
spilled over into the housing market and is likely to affect the
corporate sector as well, especially if the export sectors --
including oil and gas industries and shipping -- deteriorate due
to slower global economic growth.  At the same time, banks have
tightened credit standards for both household and corporate loans
in recent quarters and are expected to continue to do so in coming
months.

In addition, Moody's says that Norwegian banks face funding
pressures under the current market conditions where access to
market funding is restricted.  "In response to the liquidity
problems caused by the escalating global financial crisis, the
Norwegian central bank has widened its lending facilities and the
Norwegian government has established a swap facility whereby
covered bonds can be exchanged for government securities," adds
Ms. Antila.


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ODLEWNIA ZELIWA: EU Commission Approves PLN24 Mln State Aid
-----------------------------------------------------------
The European Commission has approved under EC Treaty state aid
rules restructuring aid in favor of the cast iron producer
Odlewnia Zeliwa "Srem" (OZS).  After an in-depth investigation,
the Commission found that the restructuring measures were adequate
to restore the company's viability, that the aid was limited to
the minimum necessary and did not create undue distortions of
competition.  The Commission therefore concluded that the aid was
in line with the EU rules on restructuring of companies in
difficulties.

Competition Commissioner Neelie Kroes commented: "I am satisfied
that the aid will restore the long term viability of the company
without unduly distorting competition. It is definitely good news
that the company managed to find a private investor."

OZS is located in the city of Srem in Poland.  It produces cast
iron, mainly for the shipbuilding industry, and employs about 1
450 persons.

In 2006, Poland informed the Commission about measures granted in
support of restructuring of OZS.  The Commission's examination
showed that some aid was granted before accession (PLN19.5 million
or around EUR5.1), and some after accession mostly in the form of
deferrals and waivers of public law liabilities (PLN24.2 million
or around EUR6.2).

The Commission opened an in-depth investigation to assess the
compatibility of the measures granted after accession with the EU
state aid rules.  In the course of the investigation, the Polish
authorities withdrew the notification because the company had
repaid with interest some of the liabilities initially deferred or
planned to be written off.

However, through the deferred payment of liabilities, OZS had
already benefited from an economic advantage and thus state aid.
Such measures cannot be withdrawn, even if eventually the
beneficiary repays the liabilities.

The Commission's investigation found that the measures complied
with the requirements laid down in the EU guidelines on state aid
for rescuing and restructuring firms in difficulty.  In
particular, the entry of a private investor was a sign that the
market believed in the restoration of the company's viability.
Furthermore, the private contribution to the financing of the
restructuring was sufficiently high and the risk of distorting
competition has been minimized by OZS' commitment to withdraw from
some of the markets where it was formerly active.


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R U S S I A
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BIO RESOURCES: Court Names O. Zaytsev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Khabarovskiy appointed O. Zaytsev as
Insolvency Manager for LLC Bio Resources.  The case is docketed
under Case No. A73=962343/2008=969.  He can be reached at:

         Post User Box 11/10
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         LLC Bio Resources
         Pobedy Square 12/2
         Sovetskaya Gavan
         Russia


BKO-STEEL LLC: Creditors Must File Claims by January 21
-------------------------------------------------------
Creditors of LLC BKO Steel (TIN 4027074857, PSRN 1064027054960)
have until Jan. 21, 2009, to submit proofs of claims to:

         Ye. Pozdnyakova
         Insolvency Manager
         Post User Box 1058
         305018 Kursk
         Russia

The Arbitration Court of Kaluzhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A23=962278/08B-17=9692.

The Debtor can be reached at:

         LLC BKO Steel
         Plekhanova Str. 48/8-403
         Kaluga
         Russia


BRAND DEVELOPMENT: S&P Junks Corp. Credit Rating; Outlook Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Russian fresh produce
distributor Brand Development Inc. to 'CCC+' from 'B-'.  At the
same time, the Russia national scale rating was lowered to 'ruBB'
from 'ruBBB'.  The outlook is negative.

"The downgrade reflects Sunway's extremely weak liquidity and
delays in securing committed financing necessary for repaying its
near-term debt maturities," said S&P's credit analyst Anton Geyze.

The company's progress in obtaining new facilities to roll over
its substantial upcoming debt maturities remains very slow and is
inconsistent with the rating category.  Significant working-
capital needs, reflecting the typical seasonal winter peak,
further stretch Sunway's liquidity.

The company continues to rely on the rollover of uncommitted
facilities, which increases the risk that debt obligations won't
be serviced in time or in full.

Sunway's leverage remained relatively high when adjusted debt
exceeded EBITDA by 3.6x for the year ended June 30, 2008, and
totaled US$263 million, US$215 million of which is short-term.

Free operating cash flow was negative at US$59 million for the
year ended June 30, 2008, after deducting US$45 million in capital
expenditures.

Sunway's business remained relatively resilient in the year ended
June 30, 2008, however.  The company has kept its leading position
in the Russian fruit market, which continues to grow from its
early low per capita consumption levels.  Sunway's liquidity
position is very weak.  Short-term debt equaled US$214 million
as of June 30, 2008, with an US$8 million cash balance and very
limited committed credit lines.  As of Nov. 24, 2008, maturities
due in the coming weeks and months were not covered by cash and
committed bank lines.  Sunway has so far not secured enough
committed lines to cover all of the RUR1 billion maturing in
December.  Sunway has very little covenant headroom, which will be
tested again after an issue of semiannual financials for the
second half of 2008.

The negative outlook highlights pressing liquidity issues,
stemming from the magnitude of debt maturing in the near term and
the company's negative FOCF.

"The ratings could be lowered if Sunway fails to obtain sufficient
backup facilities to cover short-term maturities, including
upcoming bond repayments," said Mr. Geyze.

The outlook could be revised to stable, however, if the company
raises necessary backup facilities to cover its short-term
refinancing needs.


BUINSKAYA COTTON: Creditors Must File Claims by January 21
----------------------------------------------------------
Creditors of OJSC Buinskaya Cotton Factory have until Jan. 21,
2009, to submit proofs of claims to:

         A. Sibgatullin
         Insolvency Manager
         Post User Box 24
         420021 Kazan
         Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65=966950/2008-SG4=9639.

The Debtor can be reached at:

         OJSC Buinskaya Cotton Factory
         Buinsk
         Tatarstan
         Russia


DUBOVSKIY WOODWORKING: Creditors Must File Claims by December 21
----------------------------------------------------------------
Creditors of OJSC Dubovskiy Woodworking Plant (PSRN 1023405371230)
have until Dec. 21, 2008 to submit proofs of
claims to:

         P. Bashmakov
         Insolvency Manager
         Post User Box 251
         400005 Volgograd
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12=9617026/08-s50.

The Debtor can be reached at:

         OJSC Dubovskiy Woodworking Plant
         Stepnaya Str. 1
         Dubovka
         404002 Volgogradskaya
         Russia


EXPO-LES LLC: Creditors Must File Claims by January 21
------------------------------------------------------
Creditors of LLC Expo-Les (Forestry) have until Jan. 21, 2009, to
submit proofs of claims to:

         N. Vitchutkov
         Insolvency Manager
         Apt. 22
         Antsiferova Str.19
         424020 Ishkar Ola
         Mariy El
         Russia

The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A28=964473/2008=96181/19.

The Debtor can be reached at:

         LLC Expo-Les
         Office 44
         Derendyayeva Str. 50
         610000 Kirov
         Russia


GEO-TRANS LLC: Creditors Must File Claims by December 21
--------------------------------------------------------
Creditors of LLC Geo-Trans (Railway Construction) have until
Dec. 21, 2008 to submit proofs of claims to:

         Yu. Sidenkov
         Temporary Insolvency Manager
         Office 628
         Aleutskaya Str. 45a
         690091 Vladivostok
         Russia

The Arbitration Court of Yakutia commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A58-
2504/08.

The Debtor can be reached at:

         LLC Geo-Trans
         Polyarnaya Str. 1a
         Ust-Kuiga
         Ust-Yanskiy
         Yakutia
         Russia


METALLIST LLC: Creditors Must File Claims by January 21
-------------------------------------------------------
Creditors of LLC Metallist (TIN 2723080523) (Iron Items
Production) have until Jan.  21, 2009, to submit proofs of claims
to:

         V. Perepelitsa
         Insolvency Manager
         Office 7
         Amurskiy Blvd 11
         680028 Khabarovsk
         Russia
         Tel: (4212) 572186

The Arbitration Court of Khabarovskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73=963566/2008=969.

The Debtor can be reached at:

         LLC Metallist
         Office 26
         Suvorova Str. 73
         680015 Khabarovsk
         Russia


NS FINANCE: Moody's Puts B3 LT Debt Rating on Series 01 Bonds
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 long-term
local currency debt rating to the Series 01 of domestic
rouble-denominated bonds issued in May 2008 by NS Finance, a
wholly owned subsidiary of National Standard Bank.  Concurrently,
Moody's Interfax Rating Agency assigned a long-term national scale
rating of Baa3.ru to this bond issue.  Moscow-based Moody's
Interfax is majority-owned by Moody's.  The outlook on the global
scale debt rating is stable, while the NSR carries no specific
outlook.  The issue size is RUB2 billion (approximately US$70
million) with a maturity of three years and a one-year put option.

Moody's notes that the B3 local currency debt rating and the
Baa3.ru NSR for the bonds are primarily based on the fundamental
ability of NS-Bank to make timely payments of interest and
ultimate payment of principal on the bonds.  NS Finance has been
established for the sole purpose of attracting funding for NS-
Bank.  The bond issue is fully guaranteed by NS-Bank.  The bank
and its subsidiary are jointly liable on the bonds.

NS-Bank is currently rated B3/Not Prime for long- and short-term
foreign and local currency deposits, and E+ for financial
strength.  All of the bank's ratings carry a stable outlook.  The
NSR has been assigned to the bank at the Baa3.ru level.

National Standard Bank is headquartered in Moscow and reported
total assets of RUR29.5 billion (US$1.2 billion) under IFRS as at
Dec. 31, 2007.


PIK GROUP: Fitch Shifts Rating Outlook on 'CCC' Rating to Negative
------------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on Russian homebuilder
OJSC PIK Group's Long-term Issuer Default rating of 'CCC' and
Short-term IDR of 'C' to Negative from Evolving.

PIK's ratings continue to reflect concerns about the company's
ability to repay its short-term debt.  As previously indicated in
Fitch's rating action on 12 November 2008 (which downgraded PIK's
Long-term IDR to 'CCC' from 'BB-'), PIK faces sizable debt
maturities over the short-term.  In Fitch's opinion, the company
may not have sufficient liquidity to meet these obligations, and
therefore continues to be reliant on either rolling-over each
upcoming maturity or accessing rescue-funding to avoid default.

Fitch understands that PIK has made progress over recent weeks
with rolling-over its immediate debt maturities, although further
near-term debt maturities remain outstanding.  Fitch expects that
some of these upcoming debt maturities will be repaid through the
provision of a state-sponsored loan.  PIK's social importance as
one of Russia's largest producers of mass-market housing positions
it well for such potential state-support.  However, Fitch believes
any state-support is unlikely to cover all of PIK's near-term debt
maturities, and therefore the company may still need to roll-over
an additional portion of its debt facilities or obtain additional
funding from elsewhere.

There remains a risk that PIK will be unable to achieve either of
these, which in turn would sharply increase the risk of default.
The revision of the Rating Watch on PIK's ratings to Negative
reflects this downside risk.  Fitch may downgrade the Long-term
IDR - possibly by more than one notch - if PIK is unable to
demonstrate a credible plan to the agency for meeting each one of
its short-term maturities.

Fitch originally placed PIK's ratings on RWE on Nov. 12, 2008,
reflecting the possibility that the ratings could be either
upgraded or downgraded in the near-term.  In its previous rating
action, the agency flagged the receipt in the near-term of
'sizable funds covering substantially all of PIK's short-term
debt' as being a trigger for a ratings upgrade.  Part of these
'sizable funds' included the possible receipt of cash proceeds
from the City of Moscow (rated 'BBB+/F2' with a Negative Outlook
by Fitch) for wholesale housing sales.  These receipts have not
materialized as planned and future proceeds remain uncertain.
Fitch therefore believes that it is unlikely that in the near term
PIK will receive funds 'covering substantially all' of its short-
term debt.  For this reason, an upgrade of the ratings is unlikely
in the near-term, hence the agency has replaced the RWE status
with RWN.


PRIMORSKIY PLANT: Creditor Must File Claims by December 21
----------------------------------------------------------
Creditors of OJSC Ship repairing Complex =96 Primorskiy Plant have
until Dec. 21, 2008 to submit proofs of claims to:

         Ye. Novichikhin
         Temporary Insolvency Manager
         Sudoremontnaya Str. 32
         Nakhodka
         692911 Primorskiy
         Russia

The Arbitration Court of Primorskiy will convene at 1.00 p.m. on
May 13, 20089to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A51=9610942/2008 15=9656B.

The Debtor can be reached at:

         OJSC Ship repairing Complex =96 Primorskiy Plant
         Sudoremontnaya Str. 32
         Nakhodka
         Russia


RBC INFORMATION: Barclays Extends Repayment Date of Notes
---------------------------------------------------------
OAO RBC Information Systems in a press statement on Thursday said
it has successfully reached an agreement with Barclays Bank Plc
about the short-term extension of credit linked notes issued in
November 2007.

The company placed this CLN issue with a total volume of US$45
million and a fixed coupon rate of 11.25% p.a. a year earlier.
Originally the notes had a one-year maturity coming due on
November 27, 2008.  The notes were issued on the back of a loan
extended by Barclays Bank Plc to RBC Investments (Cyprus) Ltd,
which was guaranteed by a number of RBC's subsidiaries.

RBC Management said: "Notwithstanding the current difficult
economic environment, RBC is taking the appropriate action for the
long term future of the company.  This is supported by the
creditors of this particular debt facility.  RBC will continue to
build on its successful track record achieved in the media
industry over the last few years."

RBC has also appointed advisors on the reorganization/ refinancing
of both debt and equity with the aim of achieving a firmer
financial footing.  The company will update the market in the near
future as to the developments of this process.

Founded in 1993, OAO RBC Information Systems (MICEX, RTS: RBCI) --
http://www.rbcinfosystems.com/--  is one of the largest media
holdings in Russia, which has attained undisputed leadership on
the business news market.  It is also quickly expanding its
presence in the area of mass market Internet services.

RBC owns over 28 business, thematic and entertainment Internet
resources, with their total audience numbering over 38mln unique
users a month.

                         *     *     *

As reported in the TCR-Europe on Nov. 7, 2008, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating on
Russian media group OJSC RBC Information Systems (RBC) to 'CCC'
from 'B'.  At the same time, the Russia national scale and senior
unsecured debt ratings on RBC were lowered to 'ruB' from 'ruBBB+',
and the short-term corporate credit rating was lowered to 'C' from
'B'.  In addition, Standard & Poor's said that it maintains the
ratings on CreditWatch, but has revised the implications to
developing from negative.


RBC OJSC: S&P Cuts Then Raises Corporate Credit Rating to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Russia-based media group OJSC RBC Information
Systems to 'SD' from 'CCC', indicating selective default.  At the
same time, S&P lowered its Russia national scale rating on RBC to
'SD' from 'ruB', its short-term corporate credit rating to 'SD'
from 'C', and its senior unsecured debt ratings to 'ruCC' from
'ruB'.  The ratings were removed from CreditWatch were they were
placed on Nov. 5, 2008, with developing implications.

These rating actions follow RBC's announcement that, at its
request, Barclays Bank Plc. has agreed to an extension of the
repayment date of its credit linked notes.  The payment for the
US$45 million credit-linked notes originally fell due on Nov. 27,
2008.

S&P's views the agreement to extend the repayment date as late, as
it was reached very close to the original due date and with
respect to a distressed issuer (S&P downgraded RBC to 'CCC' on
Nov. 5, 2008), as tantamount to a default under its definitions.
While Barclays has agreed to the extension of the maturity date,
S&P considers a default to have effectively occurred  when a
payment related to an obligation is not made in accordance with
the original terms (even with investor agreement) and when the
nonpayment implicitly appears as being the direct result of the
borrower's financial stress.  S&P's default definitions include
payment defaults on both rated and unrated financial obligations.
RBC has, however, confirmed that the payments on its other
borrowings remain current, which is why S&P sees this default as
selective.

Subsequent to the downgrade, and after the amendment agreement was
signed by Barclays, S&P raised its corporate credit rating to 'CC'
from 'SD' on RBC.  Accordingly, S&P's Russia national scale rating
on RBC was upgraded to 'ruCC' from 'SD', and S&P's short-term
corporate credit rating to 'C from 'SD'.  S&P's senior unsecured
debt ratings on RBC remain at 'ruCC'.  The outlook is negative.

These rating actions recognize Barclays Bank Plc.'s agreement to
an extension of the repayment date of the credit linked notes, but
also take into account RBC's intention to reach an agreement with
its lenders on debt maturities and/or a possible restructuring of
its capital structure, which could lead the ratings back to 'D' or
'SD'.

At this stage, RBC's capacity to meet its debt obligations
(US$216 million as of Sept. 30, 2008 reported by the company) is
dependant on additional equity financing or issuance of new debt
-- both being particularly challenging in the current environment
-- or debt restructuring.

RBC's liquidity position is inadequate, as reflected by its
request to defer the repayment on the Barclays credit linked
notes.  This worsening liquidity arises from material impairments
to its investment portfolio and the uncertain progress in its
refinancing efforts, in an environment of particularly tough
capital market conditions in Russia.  Furthermore, S&P note that
the group has issued a loan of $46 million to a related party
controlled by the principal shareholders: This has resulted in
further depletion of the group's liquid resources and raised
questions regarding the group's governance.

All of RBC's debt obligations are short-term, with its capital
structure not benefitting from any stable long-term debt
financing.  In addition, cash generated in the financial year 2008
is estimated to be insufficient to ensure compliance with the
financial covenants in RBC's loan documentation.

The group depends on refinancing or equity infusion to meet its
obligations and continue to fund its working capital and operating
needs.  RBC has appointed advisors to provide assistance in its
reorganization and refinancing efforts.  Management's negotiations
with several large Russian and international banks, along with
other potential equity and debt sponsors, are critical to RBC's
refinancing efforts.

The negative outlook reflects RBC's distressed liquidity level
that could trigger a default in the near future, which could take
several forms.

Over the next few months, the ratings could be lowered to 'D'
(default) or 'SD' if RBC fails again to meet one of its
obligations.  The corporate credit ratings could also be lowered
to 'D' upon voluntary bankruptcy filing or completion of a
distressed exchange offer.

Equally, the ratings could be affirmed if RBC is able to rapidly
secure its 2008 and 2009 debt obligations through adequate
refinancing and show prudent liquidity management.


ROSPROMBANK: Moody's Raises Currency Deposit Ratings to 'B1'
------------------------------------------------------------
Moody's Investors Service upgraded the long-term local and
foreign currency deposit ratings of Rosprombank to B1 from B3.
Rosprombank's bank financial strength rating of E+ and its Not
Prime short-term global scale local and foreign currency deposit
ratings were affirmed.  The outlook on all ratings is stable.

Concurrently, Moody's Interfax Rating Agency upgraded the bank's
long-term national scale rating to A2.ru from Baa2.ru. Moscow-
based Moody's Interfax is majority-owned by Moody's, a leading
global rating agency.

In September 2008, Marfin Popular Bank Public Company Ltd (MPB,
rated A3/P-1/C-, stable) completed its acquisition of a 50.04%
stake in ZAO "RPB-Holding", which owns close to 100% of
Rosprombank, following approvals from the Cypriot and Russian
regulatory authorities.  "The upgrade of Rosprombank's deposit
ratings reflects Moody's view of the prospective level of parental
support for the bank on the part of its new shareholder, although
Moody's does not expect the acquisition to have any immediate
effect on Rosprombank's intrinsic financial strength," says Maxim
Bogdashkin, lead analyst at Moody's for Rosprombank.

Given the relatively small size of the acquisition, MPB's own
ratings are not affected.

According to Moody's, Rosprombank's E+ BFSR remains constrained by
the operating and regulatory environment in Russia, the
uncertainty relating to the bank's ability to increase its market
share and the still concentrated nature of its loan portfolio.
However, it is supported by the bank's good financial indicators.
Moody's notes that MPB will be exercising close strategic and
managerial oversight of Rosprombank's activity through majority
representation on the subsidiary's board of directors and audit
committee, on which it holds three of the five seats and two of
the three seats, respectively.  Moody's expects this to result in
improvements in Rosprombank's corporate governance and risk
management practices in the medium to longer term.

According to MPB, Rosprombank will continue to focus on the
corporate sector while expanding its penetration of the SME
segment, capitalising on its relatively wide territorial coverage.
Incorporated in Cyprus, MPB is the second-largest commercial bank
in its domicile, with significant operations in Greece and an
expanding presence in Southeastern Europe.  Reflecting the strong
business links between Cyprus and Russia, the bank is now entering
the Russian market.  It reported total assets of EUR35.3 billion
at June 2008.

Moody's prior rating action on Rosprombank was on Dec. 21, 2007,
when the rating agency assigned first-time ratings of B3/Not
Prime/E+.  At the same time, Moody's Interfax Rating Agency
affirmed the bank's Baa2.ru long-term national scale credit
rating.

Headquartered in Moscow, Russian Federation, Rosprombank reported
total consolidated assets in accordance with IFRS of US$436.3
million, total shareholders' equity of US$78.8 million and net
profit of US$9.28 million as at Dec. 31, 2007.  The bank operates
a distribution network of 35 branches and sales offices in Moscow
and 13 other Russian regions.


STROY-PROFIL LLC: Creditor Must File Claims by December 21
----------------------------------------------------------
Creditors of LLC Stroy-Profil(TIN 2325016582) (Structural
Shapes) have until Dec. 21, 2008 to submit proofs of claims to:

         V. Goldin
         Temporary Insolvency Manager
         Apt. 162
         Deputatskaya Str.2
         394055 Voronezh
         Russia

The Arbitration Court of Krasnodarskiy will convene at 11.30
a.m. on Mar.  23, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A-32=9619537/2008=962/1275.

The Debtor can be reached at:

         LLC Stroy-Profil
         Promyslovaya Str. 26
         Apsheronsk
         352690 Krasnodarskiy
         Russia


USMANSKIY HOUSE-BUILDING: Creditor Must File Claims by Dec. 21
--------------------------------------------------------------
Creditors of LLC Usmanskiy House-Building Plant (TIN 4816006710,
PSRN 1054800125632) have until Dec. 21, 2008 to submit proofs of
claims to:

         T. Kozhenkova
         Temporary Insolvency Manager
         Office 14
         Ignatyeva Str. 29
         398002 Lipetsk
         Russia

The Arbitration Court of Lipetskaya will convene at 9.20 a.m.
on Mar. 12, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A36=962642/2008.

The Debtor can be reached at:

         LLC Usmanskiy House-Building Plant
         Nekrasova Str. 19A
         Usman
         399373 Lipetskaya
         Russia


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CABLEUROPA SAU: Posts Net Loss of About EUR1 Mln in 3Q 2008
-----------------------------------------------------------
Cableuropa S.A.U. (ONO) in a press statement on Tuesday last week
said that it closed the first nine months of 2008 with an
operating profit (EBITDA) of EUR522 million.  The figure
represents an increase of 8.8% over the EBITDA recorded during the
same period the previous year (EUR480 million).  The company
recorded a net loss of nearly EUR1 million in the third quarter,
leaving the net profit accumulated from January to September in
EUR20 million.

During the third quarter, in a macroeconomic environment and
competition especially hard-ONO launched various initiatives to
improve the efficiency of its business and cope with the crisis.

As a first step, last July 31 the carrier agreed with the
syndicate of banks improved condition of the financing for
EUR 3,600 million it earned a year earlier, in June 2007.

Established the financial framework of the company, ONO conducted
a series of adjustments whose main objectives are basically two:

    * Maintain positive cash flows in an environment where new
      funding opportunities will be nil or slim, given the
      liquidity crisis affecting the international financial
      system

    * Strengthen a business model focused on the customer and
      based on the principle of a lasting relationship

To that end, beginning in September ONO launched, among other
things, a new business model more efficient, a system of cost
control in different areas of the company, new schemes designed to
increase quality of customer satisfaction and a new investment
plan suited to the current market situation.

As a result of changes in the company's strategy for dealing with
a clearly adverse economic climate, ONO reported last October 24
the need to conduct a Regulatory Record of Employment (ERE).  The
initial estimate of the company is the record that affects a
maximum of 1,300 employees.

                 Consolidating the Alternative

The new model will have a positive impact in the medium and long
term in the company and will allow ONO to consolidate its position
as the leading alternative operator of communication and
entertainment via broadband in Spain.

In fact, the effect of measures taken has been able to leave do so
partly in the third quarter with the positive evolution of EBITDA
and its margins, which hit Sept. 30 and 43.4%, higher than in 3, 9
percentage points to the same period last year (39.5%).

The focus on the customer has also allowed ONO has achieved a 5.6%
increase in the average household goods contracted by (RGUs per
customer), which has grown from 2.00 in the first nine months of
2007, the 2.11 in the same period this year.

In the same vein, ONO had traded on September 30 this year 3.95
million products (RGUs), representing a growth of 7.9% compared
with the same date last year (3.66 million RGUs).  Ie: in the last
twelve months, customers of ONO have hired a total of 289,000
RGUs.

By product, ONO attracted 5,000 new net TV customers during the
third quarter, remained stable in its broadband portfolio and
handed 7,000 clients telephony.  Thus, September 30, the company
had 1,057,000 clients on television, 16.3% more than a year
earlier (909,000); 1.27 million broadband customers, a growth of
9.6% (1.15 million) and 1.62 million telephone customers, 1.8%
more (1.59 million).

The operator has also continued to advance with strength in its
offer 'triple play'.  At the close of the third quarter, ONO had
630,000 customers offer combined television, telephone and the
Internet, 10% more than a year before (572,000 customers) and an
increase of 11,000 customers of its kind during the past three
months.  The figure represents 33.7% of the total portfolio of
residential customers of cable operator (1.87 million, some 19,000
less compared with the closing of the previous quarter due to the
realignment of the business model) and allows ONO has been
Consolidated, a quarter more, as the leader of offer 'triple play'
in Spain.

                     Stable Income

Despite growing economic slowdown, the total income of ONO
remained stable during the nine months reached EUR1205 million.

On the one hand, as it has done over the past few years, the
operator continued with its policy of reducing unprofitable
business lines such as indirect access residential and corporate,
from the former Auna TLC.  For reference, the revenue from
indirect residential access business fell by 43.5% to EUR 16-
million-January to September, compared with the same period last
year.

On the other hand, ONO has continued to develop strongly its main
sources of income.  Thus, the business turnover of residential
direct access during the nine months grew by 4.1% to a total of
EUR914 million, from EUR878 million in the same period last year.
In fact, the ARPU (average revenue per customer) is stable in the
environment of the EUR 52.4.

At the same time, the company has experienced substantial growth
in its gross margin to 76.9%, thereby improving the 73.4% recorded
from January to September 2007. The company made a strong effort
to stabilize the operating costs (EUR396 million) and to reduce
the direct costs by 15.7% to EUR286 million.

76.7% of revenue comes from business and residential ONO 22.3% is
attributable to the corporate and wholesale business and that,
prior to the acquisition of Auna TLC, only represented 10% of
total revenue.

The focus on the policy of profitable growth and efficiency was an
acceleration of operating profit (EBITDA) between January and
September to EUR522 million, a figure higher at 8.8% recorded for
the ONO during the same period of 2007 ( EUR480 million).

In the first nine months of 2008, ONO recorded a net profit of
EUR20 million.  The figure compares with a loss of EUR186 million
during the same period last year.

              Preparations for an Adverse Market

"During the third quarter we have seen a greater impact of the
crisis in our industry, in general, and ONO, in particular," said
Richard Alden, CEO of ONO.  "However, we are able to manage an
extremely adverse macroeconomic situation in order to assure a
future of stability for the company."

Headquartered in Madrid, Spain, Cableuropa S.A.U. --
http://www.ono.es/-- provides integrated fixed-line and
broadband services.  Under the ONO brand, the company offers
broadband telecom services such as cable TV, Internet access,
and local exchange access to residential customers and business
client.

                        *     *     *

As reported in the TCR-Europe on Oct. 29, 2008, Moody's Investors
Service placed the B1 Corporate Family Rating (CFR) and
Probability of Default Rating of Cableuropa S.A.U. (ONO) and the
B3 ratings of the associated debt issues of ONO Finance Plc and
ONO Finance II Plc on review for possible downgrade in light of
expectations that the improvement in ONO's credit profile,
originally anticipated in the B1 CFR, is now likely to be delayed.


CABLEUROPA SAU: S&P Puts 'B' Corporate Rating on Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its 'B'
long-term corporate credit rating on Spanish cable operator
Cableuropa S.A.U. on CreditWatch with negative implications,
following the group's publication of third-quarter 2008 results
and a review of the group's financial and business prospects.

At the same time, S&P placed on CreditWatch with negative
implications the 'CCC+' long-term debt rating on the senior
unsecured debt issued by financing vehicles ONO Finance PLC and
ONO Finance II PLC, guaranteed by Cableuropa.  At Sept. 30, 2008,
Cableuropa had EUR450 million of senior unsecured notes rated by
Standard & Poor's.

"The CreditWatch placement reflects the negative impact that the
deteriorating economic and financial environment is having on
Cableuropa, including slowing growth rates and lower financial
flexibility," said S&P's credit analyst Guillaume Trentin.  "In
particular, Cableuropa has a heavy debt maturity profile over the
next two years."

The company is undertaking a number of bold measures to preserve
cash, including a very significant reduction of investments in
network extension, and a plan--currently being negotiated with
unions--to reduce headcount by up to 1,300 (30% of staff).

S&P expects to resolve the CreditWatch placement in early 2009,
after S&P has assessed the measures -- and their effect on growth
and cash flow -- that the management will be ready to take within
the framework of its new estimates for the following years.

"The critical driver of the rating will be the group's ability and
options to maintain adequate financial flexibility in the context
of its debt maturity profile and covenant levels," said Mr.
Trentin.

The group's expected medium-term operating performance and the
achievement of significant, sustainable positive free cash flow
generation will also be important factors.


HABITAT: Files for Administration; Owes EUR2.3 Billion
------------------------------------------------------
Andres Gonzalez and Sarah Morris at Reuters report that unlisted
Spanish real estate company Habitat filed for administration on
Friday, November 28.

Habitat, the report relates, racked up debts of EUR2.3 billion
(US$3 billion)

Habitat however said property sales would continue as normal and
it would work with administrators to reach a deal with creditors,
which include La Caixa, Caja Madrid and BBVA, the report states.

According to the report, at the end of June the company owed
EUR232.3 million to La Caixa, EUR218 million to Caja Madrid, and
EUR190 million to bank BBVA.

Citing Habitat Chairman Bruno Figueras, the report notes that
while Habitat is heavily affected by the current financial-
property crisis, it is a viable project and has high-value assets
which support it and give it solidity.

As reported in the TCR-Europe on October 29, 2008, Habitat said it
would attempt to reach a restructuring deal with its creditors
after shareholders turned down a EUR900 million capital injection.

Habitat, the report said, owes almost EUR1.6 billion to 39
banks.  It has to pay EUR35 million in interest in December, the
report stated.

Habitat's shareholders are composed mainly of private Spanish
investors but include builder Ferrovial, the report disclosed.

According to a TCR-Europe report on September 24, 2008, Habitat
called for an extraordinary general meeting, seeking a capital
increase after the value of the company's assets fell below half
that of its share capital, putting it at risk of being dissolved.

Under Spanish corporate law, a limited company must maintain the
value of its assets above a threshold fixed at half the value of
its share capital otherwise it will be dissolved, the report
noted.


INMOBILIARIA COLONIAL: Not In Insolvency Proceedings
----------------------------------------------------
Sonya Dowsett at Reuters reports that Spanish real estate
Inmobiliaria Colonial on Friday said it was not in insolvency
proceedings, insisting its situation had improved since signing an
agreement with creditor banks.

In a prospectus for its bond issue, Colonial said it needed to
complete a EUR1.41 billion convertible bond issue and sell
subsidiary Riofisa, or a large part of it, together with stakes in
builder FCC and French group SFL, the report relates.

According to the report, the stake sales were agreed as part of
Colonial's EUR6.5 billion five-year refinancing announced in
September.

Colonial, the report recounts, warned if it fails to meet the sale
obligations it would not be able to meet its payments on the long-
term restructured debt.

"All that could cause a substantial adverse effect on its
business, its results and the financial state of Colonial or even,
ultimately, insolvency and the entering into administration of the
company," Colonial was quoted by the report as saying.

However, the company maintained the comments were standard risk
statements as required by the Spanish stock exchange regulator,
the report notes.

Colonial, the report discloses, was still seeking buyers for the
stakes, although the company declined to reveal the deadline for
selling Riofisa, saying it was confidential.

However, analysts cast doubt about Colonial's chances of selling
the assets in a market where there is little appetite for property
assets and where financing is tight, the report adds.

Citing Bruno Silva, an analyst at BPI, the report states
Colonial's creditor banks may opt to take the stakes.

The company, the report reveals, had given its creditor banks buy
options which they could exercise between Dec. 11, 2008, and Jan.
10, 2009.

Citing the Financial Times, the TCR-Europe reported on Sept. 17,
2008, that Inmobiliaria Colonial said it successfully completed
the restructuring of its borrowings after finally reaching a
formal binding agreement with its syndicated loan's Arranging
Banks (Goldman Sachs, Eurohypo, Calyon and Royal Bank of Scotland)
and other bank creditors.

The reorganization of Inmobiliaria Colonial SA is the biggest so
far in the Spain's property sector, which has been hit by
oversupply and the credit crunch, the report said.  Colonial will
dispose off non-performing assets worth EUR2 billion as part of a
complex EUR7 billion debt restructuring agreement with creditors.

This conclusive deal was signed following a non-binding agreement
in principle formalized on August 31, under which consensus was
achieved between the syndicated loan's Arrangers, the report
disclosed.

Inmobiliaria Colonial (BMAD: COL) -- http://www.inmocolonial.com/
-- is a Spanish multinational corporation, which includes
companies in the domains of real estate.


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FORD MOTOR: Expected Drop in November Sales May Help Bailout Plea
-----------------------------------------------------------------
Alex P. Kellogg at The Wall Street Journal reports that an
expected decline in auto sales for November could help Ford Motor
Co., GM, and Chrysler LLC make their case before the Congress for
a government bailout.

If the three companies succeed, the Congress could start
considering legislation next week, according to WSJ.  The report
says that big declines for stronger rivals like BMW, Toyota Motor
Corp., and Honda Motor Co. would support GM, Ford Motor, and
Chrysler's argument that the financial crisis is a major cause of
trouble across the auto industry.

Citing Barclays Capital, WSJ says that vehicle sales in November
are expected to come in at an annualized pace of below 11 million
vehicles, a slight improvement from October's rate of 10.6
million.  The report states that the November 2008 vehicle
sales would be five million vehicles below the 16.1 million year-
ago seasonally adjusted annualized rate.  GM, Ford Motor, and
Chrysler could suffer 30% drops or more in their sales, according
to the report.

         PBGC Express Concern on Use of Pension Funds

WSJ reports that the U.S. Pension Benefit Guaranty Corp. has
written to GM, Ford Motor, and Chrysler, asking for projections on
how they will use their pension plans to cover early retirements
or other buyout deals.  PBGC, says the report, is concerned that
the companies' use of pension funds to pay for restructuring
threatens to drain the funds.  The agency is worried that it might
have to step in to make the payments, the report states.

WSJ relates that the three companies' pension plans currently are
currently overfunded and PBGC Director Charles E. F. Millard said
that they won't have any funding problems in the next year or so.
WSJ says that Mr. Millard was worried of the continued use of the
plans for other corporate purposes, including restructuring, as
Ford Motor, GM, and Chrysler could take several more years to
restructure and could use the pension plans to cover the cost of
offering buyouts and early retirement.

The PBGC reported a US$14 billion deficit in 2007, which was
narrowed to US$11 billion in September 2008, according to WSJ.

                      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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ADCONTI JSC: Creditors Must File Proofs of Claim by December 12
---------------------------------------------------------------
Creditors owed money by JSC Alpenplan are requested to file their
proofs of claim by Dec. 12, 2008, to:

         JSC Lehmann
         Mezenerweg 8A
         3000 Bern 25
         Switzerland

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


COMPUTER HELLER: Deadline to File Proofs of Claim Set Dec. 12
-------------------------------------------------------------
Creditors owed money by JSC Computer Heller are requested to file
their proofs of claim by Dec. 12, 2008, to:

         Marcel Heller
         Liquidator
         Tafernstrasse 37
         5405 Baden-Dattwil
         Switzerland

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


GENERAL MOTORS: Turns to Debtholders to Evade Chapter 11 Filing
---------------------------------------------------------------
John D. Stoll and Monica Langley at The Wall Street Journal report
that people familiar with the matter said that General Motors
Corp. is asking debtholders to exchange debt with equity.

WSJ relates that GM CEO Rick Wagoner and company executives are
drafting a business plan to be submitted to the Congress by
Tuesday.  The plan, says WSJ, must prove that GM can remain a
viable company despite bleak market conditions.  The report states
that GM will insist that it can turn itself into a leaner entity
with the help of a short-term loan from the government and
agreements with creditors and unions.  Citing people familiar with
the matter, the report says that that plan is yet to be approved
by GM's board and would include details on how GM will lighten its
debt obligations without filing for Chapter 11.

According to WSJ, many unsecured debtholders would absorb big
losses on their investment, but access to equity could allow them
to cash out of GM at a more attractive price.

WSJ quoted KDP Investment Advisors auto analyst Kip Penniman as
saying, "The terms will be very important," and investors will ask
"are they really going to fix this company or are we going to
potentially be back in a bankruptcy situation in a couple of
years."  Mr. Penniman, according to the report, said that this
recent maneuver could be critical to gaining government support.
It must be accompanied by strategy shifts or bondholders might
decline, the report states, citing the analyst.

WSJ says that GM has been asking banks, investors, and other
parties to help it as it seeks to sell assets, raise financing,
and cut debt.  "At a high level, we think interest expense
reduction is needed immediately for cash flow improvement, but GM
simply needs to reduce overall leverage.  This suggests principal
reduction should be one of the primary drivers of debt
restructuring," the report quoted J.P. Morgan Chase & Co. auto
analyst Himanshu Patel as saying.

J.P. Morgan estimates GM's debt load at US$43.3 billion, with an
annual interest expense of US$2.9 billion, WSJ reports.  The debt
has been a primary cause in GM's deterioration in recent years,
says the report.

Alex P. Kellogg at WSJ states that an expected decline in auto
sales for November could help GM, Ford Motor Co., and Chrysler LLC
make their case before the Congress for a government bailout.  If
the three companies succeed, the Congress could start considering
legislation next week, according to the report.  The report says
that big declines for stronger rivals like BMW, Toyota Motor
Corp., and Honda Motor Co. would support GM, Ford Motor, and
Chrysler's argument that the financial crisis is a major cause of
trouble across the auto industry.

Citing Barclays Capital, WSJ says that vehicle sales in November
are expected to come in at an annualized pace of below 11 million
vehicles, a slight improvement from October's rate of
10.6 million.  The report states that the November 2008 vehicle
sales would be five million vehicles below the 16.1 million year-
ago seasonally adjusted annualized rate.  GM, Ford Motor, and
Chrysler could suffer 30% drops or more in their sales, according
to the report.

Douglas A. McIntyre at 24/7 Wall St. relates that the debt to
equity conversion GM is seeking won't solve its problems.
According to 24/7, it would lead to several more problems.

GM's debt, according to WSJ, is trading at "distressed levels."
24/7 states that GM, with its stock at US$5.24, has a market cap
of US$3.2 billion.  The report says that a large conversion of
debt to equity could dilute shareholders by two or three times the
current level of stock, and GM's price-per-share could drop below
US$2.  The value of the equity "could be further compromised" when
GM secures a government loan, the report adds.

         PBGC Express Concern on Use of Pension Funds

WSJ reports that the U.S. Pension Benefit Guaranty Corp. has
written to GM, Ford Motor, and Chrysler, asking for projections on
how they will use their pension plans to cover early retirements
or other buyout deals.  PBGC, says the report, is concerned that
the companies' use of pension funds to pay for restructuring
threatens to drain the funds.  The agency is worried that it might
have to step in to make the payments, the report states.

WSJ relates that the three companies' pension plans currently are
currently overfunded and PBGC Director Charles E. F. Millard said
that they won't have any funding problems in the next year or so.
WSJ says that Mr. Millard was worried of the continued use of the
plans for other corporate purposes, including restructuring, as
Ford Motor, GM, and Chrysler could take several more years to
restructure and could use the pension plans to cover the cost of
offering buyouts and early retirement.

The PBGC reported a US$14 billion deficit in 2007, which was
narrowed to US$11 billion in September 2008, according to WSJ.

                      About General Motors

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

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

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

                          *     *     *

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

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

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

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


HEMA HERISAUER: Creditors Have Until Dec. 12 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC HEMA Herisauer are requested to file
their proofs of claim by Dec. 12, 2008, to:

         JSC Muellener Touristik
         Oberdorfstrasse 24
         9102 Herisau
         Switzerland

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


MULTEX CONSULTANCY: Proofs of Claim Filing Deadline is Dec. 12
--------------------------------------------------------------
Creditors owed money by JSC Multex Consultancy are requested to
file their proofs of claim by Dec. 12, 2008, to:

         Hans Peter Wirz
         Liquidator
         Bettingerstrasse 67
         4125 Riehen
         Switzerland

The company is currently undergoing liquidation in Wadenswil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 7, 2008.


NADES JSC: Creditors' Proofs of Claim Due by December 12
--------------------------------------------------------
Creditors owed money by JSC Nades are requested to file their
proofs of claim by Dec. 12, 2008, to:

         BDO Visura
         Herbert Rellstab
         Landenbergstrasse 34
         6005 Luzern
         Switzerland

The company is currently undergoing liquidation in Stans.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 14, 2008.


SVM JSC: December 12 Set as Deadline to File Claims
---------------------------------------------------
Creditors owed money by JSC SVM are requested to file their proofs
of claim by Dec. 12, 2009, to:

         Hans Peter Wirz
         Liquidator
         Bettingerstrasse 67
         4125 Riehen
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 7, 2008.


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U K R A I N E
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AGRICULTURAL MACHINE: Creditors Must File Claims by December 11
---------------------------------------------------------------
Creditors of OJSC Agricultural Machine (code EDRPOU 13554349) have
until Dec. 11, 2008, to submit proofs of claim to:

         Mr. Sergey Volovik
         Liquidator / Insolvency Manager
         Levanevsky Str. 16/36
         40011 Sumy
         Ukraine

The Arbitration Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 11, 2008.
The case is docketed as 7/166-b.

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         OJSC Agricultural Machine
         Nizgorskaya Str. 16
         Berdichev
         Zhytomir
         Ukraine


AGROVITIAZ LLC: Creditors Must File Claims by December 11
---------------------------------------------------------
Creditors of LLC Agrovitiaz (code EDRPOU 35497677) have until
Dec. 11, 2008, to submit proofs of claim to:

         Mrs. Venskaya Oksana
         Temporary Insolvency Manager
         Kirov Avenue, 96/13
         49000 Dnipropetrovsk
         Ukraine

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Nov. 3, 2008.  The case is docketed as B 26/224-08.

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


BELERING LLC: Creditors Must File Claims by December 11
-------------------------------------------------------
Creditors of  LLC Belering (code EDRPOU 35273652) have until
Dec. 11, 2008, to submit proofs of claim to:

         Mrs. Larisa Timofeeva
         Liquidator / Insolvency Manager
         P.O.B. 179
         Nikolaev 54017
         Ukraine
         Tel: (512)47-89-69

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 21, 2008.
The case is docketed as 5/509/08.

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

The Debtor can be reached at:

         LLC Belering
         Mir Avenue, 42
         54056 Nikolaev
         Ukraine


BIS PLUS: Creditors Must File Claims by December 11
---------------------------------------------------
Creditors of Subsidiary Company Science-Production Firm Bis Plus
(code EDRPOU 30114543) have until Dec. 11, 2008, to submit proofs
of claim to:

         Mr. E. Gavriliuk
         Liquidator
         Ap. 87
         Konstantinovskaya Str. 63/12
         Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 3, 2008.
The case is docketed as 50/274.

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

The Debtor can be reached at:

         Subsidiary Company Science-Production
         Firm Bis Plus
         Ap. 100
         Pochayninskaya Str. 57/59
         Kiev
         Ukraine


EXPRESS TV-SERVICE: Creditors Must File Claims by December 11
-------------------------------------------------------------
Creditors of LLC TV and Radio Company Express TV-Service Plus
(code EDRPOU 2399704) have until Dec. 11, 2008, to submit proofs
of claim to:

         Mr. Kosinevsky Maxim
         Liquidator
         Ap. 40
         12th of April Str. 22
         61089 Kharkov
         Ukraine

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 3, 2008.
The case is docketed as B-24/157-08.

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

The Debtor can be reached at:

         LLC TV and Radio Company Express
         TV-Service Plus
         Ap. 2
         Lebedinskaya Str. 3
         61001 Kharkov
         Ukraine


DONETSKSTEEL CJSC: Fitch Puts 'B-' Issuer Rating on Negative Watch
------------------------------------------------------------------
Fitch Ratings has placed Ukrainian-based CJSC Donetsksteel Iron
and Steel Works' Long-term foreign and local currency Issuer
Default ratings of 'B-' and its Short-term foreign and local
currency IDRs of 'B' on Rating Watch Negative.

The assignation of the RWN reflects Fitch's concern that
Donetsksteel may not be able to comply with the covenants under
its existing loan agreements over the next 12 months.  The agency
has also simultaneously downgraded Donetsksteel's National Long-
term rating and National senior unsecured rating to 'BBB-(ukr)'
(BBB minus) from 'BBB+(ukr)', and its National Short-term rating
to 'F3(ukr)' from 'F2(ukr)' and placed them on RWN.

The RWN and downgrades recognise the recent and probable future
deterioration of the coal and metal market environment and the
expectation that Donetsksteel's EBITDA is likely to decrease
dramatically during FY09.  Fitch believes this could lead to a
breach of covenants over the next 12 months of the net debt to
EBITDA ratio (net leverage) and the EBITDA to net interest expense
ratio (net interest coverage), which are present in Donetsksteel's
loan agreements with several banks.

The agency notes that in the current year Donetsksteel has spent
$102 million for social expenses such as the construction of
recreation and health centres, churches and donations to church
charities.  The company intends to continue financing such
expenses, though in significantly decreased amounts and Fitch
believes that, if needed, these could be cut.

Fitch will continue to closely monitor the company's compliance
with its covenants.  A downgrade of the ratings could be triggered
by either an actual breach of a covenant or growing evidence of a
substantial increase in the likelihood of a covenant breach, as
well as by sustained weaker than expected operating results,
increased dividend payments and/or high social expenses.
Conversely, the RWN could be resolved if the company can create
additional headroom for compliance with the covenants by
decreasing its net leverage as well as increasing the net interest
coverage.

Donetsksteel is a private metals and mining company operating in
Donetsk, Ukraine.  The company produces metallurgical coal, coke,
pig iron, hot-rolled steel sections, plates and billets.  The
company's consolidated revenue totaled US$1.8 billion in FY07, led
by metals (44%), coke (33%) and coal (23%).  These businesses
respectively accounted for 31%, 36% and 33% of the company's FY07
EBITDA which totaled US$0.29 billion.


GALICH LLC: Creditors Must File Claims by December 11
-----------------------------------------------------
Creditors of LLC Galich (code EDRPOU 20812800) have until
Dec. 11, 2008, to submit proofs of claim to:

         Mr. S. Lipsky
         Temporary Insolvency Manager
         P.O.B. 4389
         79013 Lvov
         Ukraine

The Arbitration Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 29/101.

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

The Debtor can be reached at:

         LLC Galich
         Shevchenko Str. 144/19
         Lvov
         Ukraine


INDUSTRIAL UNION: Fitch Downgrades Issuer Default Rating to 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded Ukrainian-based metal producer
Corporation Industrial Union of Donbass's Long-term Issuer Default
Rating to 'B' from 'B+' while maintaining a Negative Outlook.  At
the same time, Fitch has affirmed the company's Short-term IDR at
B.

The downgrade of the Long-term IDR reflects Fitch's forecast that
the company's revenue and EBITDAR will decrease by 50%, due to a
decrease in production volume and prices, to US$910-950 million at
FY2009, caused by the current global economic downturn and
potential volatility in the demand for and pricing of metal
products.  As a result, this means the company will have limited
covenant headroom under its bank facilities (Net Debt/EBITDA<2.6x)
when compared with leverage ratios (Net Debt/EBITDA of 2.3x-2.5x)
at FYE2009 as forecast by Fitch.

The agency believes IUD will be significantly affected by the
economic downturn because the company is export oriented (more
than 70% of FY2007 sales) and therefore has limited pricing power.
It also has over a 35% share of commodity products (such as slabs
and billets) which have endured sharp price declines.  Fitch also
notes IUD has significant expected maturing credit lines in FY2009
amounting to US$0.4 billion.  Furthermore, in light of current
credit market conditions, the agency is concerned that IUD's
foreign currency-providing banks (mainly subsidiaries of foreign-
owned banks, which are themselves increasingly capital-
constrained) may restrict or may not refinance the company's
credit lines which could expose IUD to short-term liquidity and
refinancing risks.

Positive rating factors include IUD's production of high value
added products (hot rolled coils and plates) at its facilities in
Eastern Europe, its low cost production base, and its flexibility
to cut back significant capex investments and reduce its workforce
to preserve generated cash.  Fitch notes IUD is likely to maintain
a stable EBITDA margin of 20% due to a significant reduction in
costs tied to the recent steep drop in raw material input costs
for steel.

The Negative Outlook reflects Fitch's view that the Ukrainian
metal and mining industry is expected to recover more slowly than
the global metal and mining industry.  IUD's high level of
indebtedness and tight covenants level in what it is a challenging
debt and banking environment are also captured in the Negative
Outlook.

At end-Q308, IUD had total debt of US$3.3 billion from which
US$0.5 billion is maturing within the next twelve month.  The
company's FY2008 Gross debt/EBITDA is expected at 1.95x.


INTERPIPE LIMITED: Fitch Downgrades Issuer Default Rating to 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded Ukraine-based pipes and railway
wheels producer Interpipe Limited's Long-term Issuer Default
Rating and senior unsecured rating to 'B' from 'B+', while
maintaining a Negative Outlook on the Long-term IDR.  The recovery
rating on the senior unsecured rating remains at 'RR4'.  Fitch has
simultaneously affirmed Interpipe's Short-term IDR at 'B'.

The rating downgrade of Interpipe reflects the company export
orientation (around 75% of H1 2008 sales were exported) and
comparatively high level of commodity steel production (32% of
total output) which mean that its operating results and financial
metrics are expected to be proportionally more than affected than
most other steel producers given the background of a global
economic recession and associated sharp downturn in steel prices.

Fitch believes that Interpipe's pipe operations could see a
decrease in production of 25-30% in FY2009 while its business will
be less impacted. Overall the agency believes that FY2009 EBITDAR
could fall by 30-35% to around US$275 million given the expected
movement in prices and volumes.  This could result in Interpipe
approaching its most restrictive covenants of Net Debt/EBITDAR
<2.5x and EBITDAR/Interest >3.8x).

Fitch also notes the company's significant maturing debt/credit
lines over Q2 and Q3 2009 which total US$270 million.  The agency
is concerned that foreign currency-providing banks (mainly local
subsidiaries of foreign-owned banks, which are themselves
increasingly capital-constrained) may not refinance Interpipe's
credit lines which could expose the company to liquidity and
refinancing risks.

The Negative Outlook reflects Fitch's view that the Ukrainian
metal and mining industry will recover more slowly than the global
metal and mining industry, and that the company may encounter
difficulties in refinancing its maturing debt obligations.

At end-Q308, Interpipe had total debt of US$1.0 billion.  The
company's gearing increased from Net Debt to EBITDA of 0.2x as at
Q1 2007 to 1.86x in Q3 FY08 due to a strategic capital expenditure
program to construct an electric-arc-furnace and demands on
working capital due to business expansion.

Fitch revised the Outlook for Interpipe's Long-term IDR to
Negative from Stable on Oct. 17, 2008.  The revision followed a
downgrade of Ukraine's sovereign rating to 'B+'/Outlook Negative.


LUBNY CLOTHING: Creditors Must File Claims by December 11
---------------------------------------------------------
Creditors of OJSC Lubny Clothing Factory Lubenchanka (code EDRPOU
00309714) have until Dec. 11, 2008, to submit proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Arbitration Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.
The case is docketed as 7/132-4/86.

The Debtor can be reached at:

         OJSC Lubny Clothing Factory Lubenchanka
         Kirov square, 16/1
         Lubny
         37500 Poltava
         Ukraine


MEGAMETALOSVIT LLC: Creditors Must File Claims by December 11
-------------------------------------------------------------
Creditors of LLC Megametalosvit (code EDRPOU 33257162) have until
Dec. 11, 2008, to submit proofs of claim to:

         Mrs. Nathalie Boyko
         Temporary Insolvency Manager
         Lugovtsov Str. 12/17
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on Oct. 15, 2008.  The case is docketed
as 27/159B.

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

The Debtor can be reached at:

         LLC Megametalosvit
         Poligrafichnaya Str. 1
         83054 Donetsk
         Ukraine


METINVEST BV: Fitch Downgrades Issuer Default Rating to 'B+'
------------------------------------------------------------
Fitch Ratings has downgraded Metinvest B.V.'s Long-term local
currency Issuer Default Rating to 'B+' from 'BB-'; its National
Long-term rating to 'A+(ukr)' from 'AA+(ukr)' and its National
Short-term rating to 'F1(ukr)' from 'F1+(ukr)'.  The agency has
meanwhile affirmed the company's Long-term foreign currency IDR at
'B+' and Short-term foreign and local currency IDR at 'B'.  The
Outlook on the Long-term IDR is Negative while the Outlooks on the
Long-term local currency IDR and the National Long-term rating are
now Stable.  The Outlook on the Long-term foreign currency IDR is
in line with Ukraine's sovereign rating.

The rating actions reflect the background of the current global
economic recession and associated downturn in international steel
prices.  Given Metinvest's high proportion of export sales (around
70% of production is exported), and focus on commodity steel
products, Fitch expects its operating results and financial
metrics to be proportionally more than affected than those steel
producers who are focused on meeting core domestic steel demand.

The outlook for the international steel trade in FY2009 is
currently uncertain.  Based on a downside case scenario whereby
market conditions remain weak throughout FY2009, and production
volumes decline by 40-50% year-on-year, Fitch estimates that
Metinvest's revenues could fall by around 50-60%.  Under this
scenario gross leverage (gross debt/EBITDAR) would rise to around
1.8-2.0x; more than twice that previously forecast by Fitch.

The Stable Outlooks on the company's Long-term local currency IDR
and the National Long-term rating reflects the company's
satisfactory liquidity position with forecast Free Cash Flow in
FY2009 of around $800 million versus maturing debt of $675
million.

At end-Q308, Metinvest had total debt of US$3.0 billion (including
around US$800 million of revolving trade finance facilities) and
US$0.8 billion in undrawn credit lines.  Its FY08 Fitch expects
debt/EBITDAR to be around 0.8-1.0x, below the company's target and
its most restrictive covenant of less than 3x.  Fitch downgraded
Metinvest's Long-term IDR to 'B+' from 'BB-' and assigned a
Negative Outlook on October 17, 2008.  The downgrade followed the
downgrade of Ukraine's sovereign rating (Outlook Negative) to 'B+'
from 'BB-'.


NPSO FOCON: Creditors Must File Claims by December 11
-----------------------------------------------------
Creditors of LLC NPSO Focon (code EDRPOU 34860109) have until
Dec. 11, 2008, to submit proofs of claim to:

         Mr. Denis Makhnev
         Liquidator
         Ap. 33
         Frunze Str. 50
         Izium
         Kharkov
         Ukraine

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 10, 2008.
The case is docketed as B-39/147-08.

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

The Debtor can be reached at:

         LLC NPSO Focon
         Ac. Pavlov Str. 271
         Kharkov,
         Ukraine


UKRAINIAN CHEESE: Creditors Must File Claims by December 11
-----------------------------------------------------------
Creditors of CJSC Ukrainian Cheese Industry (code EDRPOU 30392227)
have until Dec. 11, 2008, to submit proofs of claim to:

         Mr. Denis Likhopek
         Liquidator
         A/B 37
         49000 Dnipropetrovsk
         Ukraine
         Tel: (056)744-78-57

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Oct.
24, 2008.  The case is docketed as B 24/333-08.

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

The Debtor can be reached at:

         CJSC Ukrainian Cheese Industry
         Karl Marks Str. 90
         Pavlograd
         51400 Dnipropetrovsk
         Ukraine


* Fitch Revises 11 Ukrainian Banks' Outlooks to Negative
--------------------------------------------------------
Fitch Ratings has changed to Negative from Stable the Outlooks for
eleven Ukrainian banks: Privatbank, First Ukrainian International
Bank, Bank Credit Dnepr, Industrialbank, Bank Khreschatyk,
Kreditprombank, Pivdennyi Bank, Ukrgasbank, Vseukrainsky
Aksionerny Bank, Nadra Bank and Bank Diamant.

The change in Outlooks reflects Fitch's increased concerns about
the credit profiles of Ukrainian banks in light of the renewed
sharp depreciation of the national currency, the Hryvnia, or UAH.
The official US$/UAH exchange rate has fallen from 1/5.79 on
November 18 to 1/6.74 (a 16% drop), and has fallen further in
market trading. The current official rate already represents a 39%
depreciation compared to that of October 1.

In Fitch's view, UAH depreciation heightens risks for Ukrainian
banks in three main areas.  Firstly, there is an increased risk of
renewed deposit withdrawals as confidence in the banking system
ebbs and customers seek to convert UAH into US$, which could put
additional pressure on liquidity.  Secondly, asset quality is
likely to deteriorate more rapidly, in light of the high
proportion of lending in foreign currency (50% at end-Q308), often
to unhedged borrowers.  Thirdly, capital ratios will in many cases
fall significantly, as UAH-equivalent balance sheets expand
considerably without a corresponding increase in capital.

These effects add to the already significant liquidity and asset
quality risks for Ukrainian banks.  Liquidity has tightened
significantly during the last two months as a result of
considerable deposit outflow (a 9% reduction of corporate UAH
deposits and a 10% fall in retail UAH deposits in October) and the
drying up of the interbank market.  Reported asset quality has
been reasonable at most banks to date, but a sharp slowdown in
economic activity and the seasoning of loan books which have been
built up very rapidly in recent years are likely to result in a
significant increase in loan impairment, even before the impact of
the UAH depreciation.

Further negative rating actions on Ukrainian banks are possible as
Fitch monitors and assesses the impact of the deteriorating
environment on individual institutions.


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U N I T E D   K I N G D O M
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BULLOCK & DRIFFILL: Appoints Joint Administrators from Deloitte
---------------------------------------------------------------
Christopher James Farrington and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed joint administrators of
Bullock & Driffill Ltd. on Nov. 18, 2008.

The company can be reached at:

         Bullock & Driffill Ltd.
         Staunton Works
         Newark Road
         Staunton in the Vale
         Nottingham
         NG13 9PF
         England

The company is engaged in manufacture and erection of timber frame
buildings.


CLARIS IV: DBRS Rates Series 30 US$10MM Class II-B Notes 'BB(low)'
------------------------------------------------------------------
On November 26, 2008, Dominion Bond Rating Service assigned
ratings to the Class I Swaps and Class II Notes issued by Claris
IV Limited =96 Series 30:

   -- US$10,851,750 Class I -A Swap, Series 30 at A (high)
   -- US$3,071,250 Class I-B Swap, Series 30 at A (low)
   -- US$13,718,250 Class I-C Swap, Series 30 at BBB (low)
   -- US$1 million Class II-A Notes, Series 30 at BBB (low)
   -- US$10 million Class II-B Notes, Series 30 at BB (low)

The obligations are collateralized primarily by a portfolio of
U.S. residential mortgage-backed securities (RMBS).  The ratings
of the Class I-A Swaps, Class I-B Swaps and Class I-C Swaps only
address the probability of these classes breaching their
respective attachment points as defined in transaction documents
at or prior to their maturity dates.  The ratings of the Class II-
A Notes and Class II-B Notes address the timely payments of
interest and ultimate payments of principal at their maturity
dates.

The ratings reflect:

(1) The integrity of the transaction structure.

(2) DBRS's assessment of portfolio quality.

(3) The adequate credit enhancements for respective swaps and
    rated notes.

The transaction is a static portfolio.  The credit enhancement for
each swap and rated notes is in the form of subordination.  In
assessing the sufficiency of credit enhancement level, DBRS
incorporated its simulation methodology, the DBRS CDO Toolbox,
which was developed to analyze portfolio loss rates.  The CDO
Toolbox models the portfolio's loss rates based on key inputs such
as asset credit quality, asset tenors, loss given default and
correlation.


CLARIS IV: DBRS Rates Series 28 Class II-B Notes at 'BB(low)'
-------------------------------------------------------------
On November 26, 2008, Dominion Bond Rating Service assigned
ratings to the Class I Swaps and Class II Notes issued by Claris
IV Limited =96 Series 28:

   -=96 US$273,282,456 Class I -A Swap, Series 28 at AA (high)
   -=96 US$71,291,075 Class I-B Swap, Series 28 at A (low)
   -=96 US$99,015,382 Class I-C Swap, Series 28 at BBB (low)
   -=96 US$8.5million Class II-A Notes, Series 28 at BBB (low)
   -=96 US$68.5 million Class II-B Notes, Series 28 at BB (low)

The obligations are collateralized primarily by a portfolio of
U.S. residential mortgage-backed securities (RMBS).  The ratings
of the Class I-A Swaps, Class I-B Swaps and Class I-C Swaps only
address the probability of these classes breaching their
respective attachment points as defined in transaction documents
at or prior to their maturity dates.  The ratings of the Class II-
A Notes and Class II-B Notes address the timely payments of
interest and ultimate payments of principal at their maturity
dates.

The ratings reflect:

(1) The integrity of the transaction structure.

(2) DBRS's assessment of portfolio quality.

(3) The adequate credit enhancements for respective swaps and
    rated notes.

The transaction is a static portfolio.  The credit enhancement for
each swap and rated notes is in the form of subordination.  In
assessing the sufficiency of credit enhancement level, DBRS
incorporated its methodology, the DBRS CDO Toolbox, which was
developed to analyze portfolio loss rates.  The CDO Toolbox models
the portfolio's loss rates based on key inputs such as asset
credit quality, asset tenors, loss given default and correlation.


CLARIS IV: DBRS Rates Series 29 US$55MM Class II-B Notes 'BB(low)'
------------------------------------------------------------------
On November 26, 2008, Dominion Bond Rating Service assigned
ratings to the Class I Swaps and Class II Notes issued by Claris
IV Limited =96 Series 29:

   -=96 US$590,712,837 Class I -A Swap, Series 29 at AA (high)
   -=96 US$118,142,567 Class I-B Swap, Series 29 at A (low)
   -=96 US$111,579,092 Class I-C Swap, Series 29 at BBB (low)
   -=96 US$17.5 million Class II-A Notes, Series 29 at BBB (low)
   -=96 US$55 million Class II-B Notes, Series 29 at BB (low)

The obligations are collateralized primarily by a portfolio of
U.S. residential mortgage-backed securities (RMBS).  The ratings
of the Class I-A Swaps, Class I-B Swaps and Class I-C Swaps only
address the probability of these classes breaching their
respective attachment points as defined in transaction documents
at or prior to their maturity dates.  The ratings of the Class II-
A Notes and Class II-B Notes address the timely payments of
interest and ultimate payments of principal at their maturity
dates.

The ratings reflect:

(1) The integrity of the transaction structure.

(2) DBRS's assessment of portfolio quality.

(3) The adequate credit enhancements for respective swaps and
    rated notes.

The transaction is a static portfolio.  The credit enhancement for
each swap and rated note is in the form of subordination.  In
assessing the sufficiency of the credit enhancement level, DBRS
incorporated its simulation methodology, the DBRS CDO Toolbox,
which was developed to analyze portfolio loss rates.  The CDO
Toolbox models the portfolio's loss rates based on key inputs such
as asset credit quality, asset tenors, loss given default and
correlation.


CLARIS IV: DBRS Rates Series 25 US$48MM Class II-B Notes 'BB(low)'
------------------------------------------------------------------
On November 26, 2008, Dominion Bond Rating Service assigned
ratings to the Class I Swaps and Class II Notes issued by Claris
IV Limited =96 Series 25:

   -=96 US$1,012,896,125 Class I-A Swap, Series 25 at AA (high)
   -=96 US$255,011,495 Class I-B Swap, Series 25 at AA (low)
   -=96 US$114,397,680 Class I-C Swap, Series 25 at BBB (high)
   -=96 US$140 million Class II-A Notes, Series 25 at BBB (low)
   -=96 US$48 million Class II-B Notes, Series 25 at BB (low)

The obligations are collateralized primarily by a portfolio of
U.S. residential mortgage-backed securities (RMBS).  The ratings
of the Class I-A Swaps, Class I-B Swaps and Class I-C Swaps only
address the probability of these classes breaching their
respective attachment points as defined in transaction documents
at or prior to their maturity dates.  The ratings of the Class II-
A Notes and Class II-B Notes address the timely payments of
interest and ultimate payments of principal at their maturity
dates.

The ratings reflect:

(1) The integrity of the transaction structure.

(2) DBRS's assessment of portfolio quality.

(3) The adequate credit enhancements for respective swaps and
    rated notes.

The transaction is a static portfolio.  The credit enhancement for
each swap and rated note is in the form of subordination.  In
assessing the sufficiency of credit enhancement level, DBRS
incorporated its methodology, the DBRS CDO Toolbox, which was
developed to analyze portfolio loss rates.  The CDO Toolbox models
the portfolio's loss rates based on key inputs such as asset
credit quality, asset tenors, loss given default and correlation.


COPE & TIMMINS: Names Joint Administrators from KPMG
----------------------------------------------------
Allan Watson Graham and David John Crawshaw of KPMG LLP were
appointed joint administrators of Cope & Timmins Ltd. on Nov. 17,
2008.

The company can be reached at:

         Cope & Timmins Ltd.
         Innova House
         4 Kinetic Crescent
         Enfield
         Middlesex
         EN3 7XH
         England

The company is engaged in the importation and distribution of
Curtain rails and poles.


DOLPHIN HOTEL: Goes Into Administration; KPMG Appointed
-------------------------------------------------------
Jane Moriarty and Richard Hill of KPMG Restructuring have been
appointed joint administrators of the Dolphin Hotel (Southampton)
Ltd.

The business, located on the High Street in Southampton city
center, has an annual turnover of GBP1.5 million.  The hotel has
65 rooms, a newly-opened bar called the Dolphin Tap, a 60-seat
restaurant and extensive banqueting suites.  It is trading as
normal and 48 members of staff on site continue to be employed.

The hotel has encountered difficulties due the effects of the
economic downturn, which have impacted the business.  In addition,
a planned development of the hotel's car park has not gone ahead
which would have released funds to the business.

Jane Moriarty, KPMG partner and joint administrator said: "We will
now be working closely with the management of the hotel to try and
secure a buyer for the business as a going concern.  In the
meantime it is business as usual for the hotel, bar and
restaurant."

Bob Musker, managing director of the Dolphin Hotel said: "The
support of our customers has always been important to the success
of the hotel and we would like to thank everyone for that.  The
recently opened Tap bar has already exceeded its ambitious sales
targets.  As the hotel moves into another era, we feel confident
that this support from the city will continue."

                    About KPMG LLP (UK)

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


DONS DOORS: Names Joint Liquidators from Smith & Williamson
-----------------------------------------------------------
Stephen John Adshead and Gregory Andrew Palfrey of Smith &
Williamson were appointed joint liquidators of Dons Doors Ltd. on
Nov. 18, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Dons Doors Ltd.
         Clifton House
         Bunnian Place
         Basingstoke
         Hampshire
         RG21 7JE
         England


FIRST CALL: Appoints Joint Liquidators from Tenon Recovery
----------------------------------------------------------
J. K. Rolls and S. J. Parker of Tenon Recovery were appointed
joint liquidators of First Call Services U.K. Ltd. on Nov. 12,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


GLOBE PUB: Fitch Issues Performance Report
------------------------------------------
Fitch Ratings has issued Globe Pub Issuer Plc's performance
report.  Fitch downgraded Globe's class A1 notes on October 21,
2008 to 'BBB-' from 'BBB+' and maintained the Negative Outlook.
The class B1 notes were downgraded to 'BB-'from 'BBB-', removed
from Rating Watch Negative and assigned a Negative Outlook.

Globe continues to suffer from the nature of its estate.  The now
past effects of the smoking ban, the worsening consumer confidence
and the continued price gap on alcohol between the off-trade and
the on-trade have led to further severe declines in beer sales,
rents and machine income for Globe.  The trailing 12 months EBITDA
as of August 30, 2008 of GBP25.6 million was down by almost 9%
over the past two quarters, showing an accelerated decline.
Moreover, the effects of past and recent refurbishment programs
have not helped to reverse the declining trend of the operating
profit.

Fitch considers it unlikely in the short to medium term that the
Globe estate, in its current size and form, will experience a
deceleration or even a reversal of EBITDA declines, particularly
in a very likely UK recession with rising unemployment and despite
the negative effects of the smoking ban fading away.

Globe is a whole business securitization of a portfolio of
tenanted and leased pubs owned by Globe Pub Company and managed by
Scottish and Newcastle Pub Enterprises.  Fitch will continue to
monitor the transaction regularly and as warranted by events.


GMAC RFC: Fitch Cuts Ratings on 15 Tranches From RMAC Securities
----------------------------------------------------------------
Fitch Ratings has downgraded 15 tranches and affirmed 26 from the
2006 vintage RMAC securities series and 2007-NS1 series of non-
conforming RMBS transactions backed by loans originated by GMAC
RFC.  Rating Outlooks on eight tranches have been revised to
Negative from Stable.

Vintages from the 2006 RMAC series have all seen reserve fund
draws over the past 12 months primarily due to the lack of any
arrangements to hedge the difference between the fixed rates due
on the mortgages and the floating rates due to be paid on the
notes.  Although Fitch accounted for this in its initial analysis,
the LIBOR increases seen over the past few months were higher than
expected.  Despite the reduction in recent weeks of these levels,
the differential remains high and any excess spread generated
remains too low to cover the level of losses coming through in
these transactions.

RMAC 2006-NS1 topped up the reserve fund to the required amount in
the last period (GBP19.3 million) and as a result the amortization
switched to pro-rata from sequential.  Loans that are three months
or greater in arrears account for 9.94% of the outstanding
balance; in September 2008 arrears, inclusive of repossessions,
jumped to 13.32% from 11.52% in June 2008.  The transaction has a
high weighted-average loss severity compared to subsequent RMAC
deals.  Period WALS is 24.60%.  The arrears and repossessions
levels are increasing, and, as of September 2008, 80.65% of the
loans are linked to the Bank of England base rate.  The
combination of these factors can be attributed to the downgrade of
the junior class notes.

The reserve fund for RMAC 2006-NS2 has been topping up over the
last two quarters through available excess spread, however, it
remains below the target amount of GBP7.4 million.  This
transaction has the highest arrears levels as of September 2008,
and comparably higher arrears than RMAC 2006-NS1 at similar
seasoning.  Loans that are three months or greater in arrears
account for 10.03% (or 12.41% including repossessions); properties
currently in repossession total 1.33% of the original collateral
balance.

Period loss in September 2008 amounted to 0.18% of the outstanding
balance; WALS for the September was 18.25% (cumulative WALS amount
to 15.96%).  In similarity to RMAC 2006-NS1, 68.35% of the fixed
rate loans have reverted to BBR, this is likely to negatively
impact the transaction's performance.

RMAC 2006-NS3 has drawn continuously on its reserve fund since
September 2007, owing predominantly to the high percentage of
fixed rate loans in the pool (this transaction has the highest of
all of the 2006 RMAC vintages).  The latest reserve fund draw of
GBP1.7 million reduced the reserve fund to GBP1.5 million, below
the floor amount of GBP3.8 million.  It is subsequently likely
that a draw next period, given the level of losses to date in the
transaction, could deplete the reserve fund in full, with losses
then allocated to the unrated class B1c.  September losses
accounted for 0.36% of the original collateral balance, with a
period WALS of 29.74%: RMAC 2006-NS3 has the highest WALS of the
2006 vintages and RMAC 2007-NS1.  Loans that are three months or
greater in arrears, including repossessions, totaled 11.13% in the
last quarter.

Despite a slight top up of the reserve fund in RMAC 2006-NS4 in
June 2008, the reserve fund drew again in September 2008, although
GBP10.1 million of the reserve fund remains.  Of the original 72%
that were fixed rate loans, this has reduced to 59%.  The majority
of the fixed rates should revert over the next quarter which may
negatively impact the performance of this transaction.  Loans that
are three months or greater in arrears, including repossessions,
account for 8.97% of the outstanding balance; 1.45% of properties
are currently in repossession.  These levels are likely to
increase as loans revert from their initial fixed period; the
majority is due to revert by January 2009.  Period losses in
September totaled 0.16% of the original balance with period WALS
of 22.83%.

The reserve fund in RMAC 2007-NS1 has been drawn in the last four
quarters and currently equals 0.89% of the original note balance.
The draws may be attributed to low post-swap margins and early
losses in the transaction; however, the agency expects that there
will be further draws in the next three interest payment dates.
The arrears levels seen in this transaction are significantly
higher than the levels seen in the 2006 RMAC vintage.  Loans that
are three months or greater in arrears, including repossessions,
account for 9.95%.  Similar to the 2006 vintage, these levels are
expected to increase as loans revert from their initial fixed
period (the majority by July 2009).  This transaction has seen
rapid repossession activity with losses appearing after just seven
months and cumulative losses account for 0.18% of the original
balance and the period WALS is 16.26%.

RMAC Securities No.1 Plc (Series 2006-NS1):

  -- Class A2a (ISIN XS0248588047): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2c (ISIN XS0248595091): affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0248589524): affirmed at 'AA+'; Outlook
     Stable

  -- Class M1c (ISIN XS0248596735): affirmed at 'AA+'; Outlook
     Stable

  -- Class M2a (ISIN XS0248590613): affirmed at 'A'; Outlook
     Stable

  -- Class M2c (ISIN XS0248595687): affirmed at 'A'; Outlook
     Stable

  -- Class B1c (ISIN XS0248597543): downgraded to 'BB' from
     'BBB'; Outlook remains Negative

RMAC Securities No.1 Plc (Series 2006-NS2):

  -- Class A2a (ISIN XS0257367960): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2c (ISIN XS0257369073): affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0257369156): affirmed at 'AA+'; Outlook
     Stable

  -- Class M1c (ISIN XS0257370329): affirmed at 'AA+'; Outlook
     Stable

  -- Class M2c (ISIN XS0257371137): affirmed at 'A+'; Outlook
     Stable

  -- Class B1a (ISIN XS0257371301): downgraded to 'BB' from
     'BBB'; Outlook remains Negative

  -- Class B1c (ISIN XS0257372374): downgraded to 'BB' from
     'BBB'; Outlook remains Negative

RMAC Securities No.1 Plc (Series 2006-NS3):

  -- Class A2a (ISIN XS0268014353): affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0268021721): affirmed at 'AA'; Outlook
     Stable

  -- Class M1c (ISIN XS0268024071): affirmed at 'AA'; Outlook
     Stable

  -- Class M2c (ISIN XS0268027769): downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable

RMAC Securities No.1 Plc (Series 2006-NS4):

  -- Class A1a (ISIN XS0277394747): affirmed at 'AAA'; Outlook
     Stable

  -- Class A1b (ISIN XS0277801725): affirmed at 'AAA'; Outlook
     Stable

  -- Class A1c (ISIN XS0277401625): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2a (ISIN XS0277404728): affirmed at 'AAA'; Outlook
     Stable

  -- Class A3a (ISIN XS0277409446): affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0277411004): downgraded to 'AA-' (AA
     minus) from 'AA'; Outlook revised to Negative from Stable

  -- Class M1c (ISIN XS0277437223): downgraded to 'AA-' (AA
     minus) from 'AA'; Outlook revised to Negative from Stable

  -- Class M2a (ISIN XS0277457841): downgraded to 'A-' (A minus)
     from 'A'; Outlook revised to Negative from Stable

  -- Class M2c (ISIN XS0277445671): downgraded to 'A-' (A minus)
     from 'A'; Outlook revised to Negative from Stable

  -- Class B1a (ISIN XS0277450838): downgraded to 'B' from 'BBB-'
     (BBB minus); Outlook remains Negative

  -- Class B1c (ISIN XS0277453691): downgraded to 'B' from 'BBB-'
     (BBB minus); Outlook remains Negative

RMAC Securities No.1 Plc (Series 2007-NS1):

  -- Class A1a (ISIN XS0307485903): affirmed at 'AAA'; Outlook
     Stable

  -- Class A1b (ISIN XS0307488675): affirmed at 'AAA'; Outlook
     Stable

  -- Class A1c (ISIN XS0307486976): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2a (ISIN XS0307493162): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2b (ISIN XS0307489566): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2c (ISIN XS0307505601): affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0307496264): downgraded to 'AA-' (AA
     minus) from 'AA'; Outlook revised to Negative from Stable

  -- Class M1c (ISIN XS0307506674): downgraded to 'AA-' (AA
     minus) from 'AA'; Outlook revised to Negative from Stable

  -- Class M2c (ISIN XS0307511591): downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable

  -- Class B1a (ISIN XS0307500479): downgraded to 'B' from 'BBB';
     Outlook remains Negative

  -- Class B1c (ISIN XS0307512219): downgraded to 'B' from 'BBB';
     Outlook remains Negative


MARKOSS AVIATION: Taps Joint Administrators from Grant Thornton
---------------------------------------------------------------
Nick Wood and Kevin Hellard of Grant Thornton UK LLP were
appointed joint administrators of Markoss Aviation U.K. Ltd. on
Nov. 18, 2008.

The company can be reached at:

         Markoss Aviation U.K. Ltd.
         The Jet Centre
         Hanger 527
         Churchill Way
         Biggin Hill Airport
         Biggin Hill
         Kent
         TN16 3BN
         England


MCLELLAN RAWSON: Appoints Joint Administrators from Deloitte
------------------------------------------------------------
Christopher James Farrington and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed joint administrators of
Mclellan Rawson & Co Ltd. on Nov. 18, 2008.

The company can be reached at:

          Mclellan Rawson & Co. Ltd.
          Staunton Works
          Newark Road
          Staunton in the Vale
          Nottingham
          NG13 9PF
          England


PETTIFER CONSTRUCTION: KPMG to Wind Down Business; 120 Jobs Axed
----------------------------------------------------------------
Nick Whitten at cnplus.co.uk reports that Pettifer Construction
administrators KPMG will wind down the business making all 120
workers redundant.

Pettifer Construction, the contracting arm of Pettifer Group, went
into administration on Thursday, November 27, cnplus.co.uk
recounts.

KPMG Restructuring administrator Mark Orton, as cited by
cnplus.co.uk, said Pettifer Construction, which has turnover of
GBP50 million, has been suffering from cashflow difficulties,
mainly due to the current financial and economic climate.

Contract Journal recalls the contracting unit ran into problems
after the banks pulled short-term cash funding.

"The new management team of Pettifer Construction led by Chris
Pape made great strides in resolving past issues and had generated
a robust pipeline of new contracts starting in the New Year,
however regrettably funding could not be secured to fund our short
term cash requirement," Pettifer Group Chairman Brian Pettifer was
quoted by Contract Journal as saying.

According to Contract Journal, Pettifer's individual contracts
will now be sold on a piecemeal.

Mr. Pettifer meanwhile warned the rest of the business is at risk
of slipping into administration, except for the firm's investment
arm, cnplus.co.uk adds.

The group, Contract Journal discloses, is currently trying to sell
the PCM consulting business which employs 85 people.

Based in Shipston-on-Stour Pettifer Construction operates in the
South-east and West Midlands across sectors which include retail,
residential, retirement homes, leisure and commercial.
Its major clients include Morrisons, Colney, Hanover and
Intercounty Properties.


ROCCO LTD: Names Joint Administrators from Tenon Recovery
---------------------------------------------------------
J. K. Rolls and S. J. Parker of Tenon Recovery were appointed
joint administrators of Rocco Ltd. on Nov. 14, 2008.

The company can be reached at:

         Rocco Ltd.
         1 Carnegie Road
         Newbury
         Berkshire
         RG14 5DJ
         England


ROYAL BANK: British Gov't Takes Majority Stake in Bank
------------------------------------------------------
Royal Bank of Scotland investors have shunned the lender's share
sale resulting in the British government taking majority control,
the International Herald Tribune reports.

The report says investors only signed up for 0.24 percent of the
shares, which were offered as part of a plan to bolster the bank's
capital, and the government had to take up the rest, leaving it
with a 57.9 percent stake in RBS.

The government also agreed to buy a separate block of preferred
shares bringing its investment in RBS to about GBP20 billion, or
US$31 billion, says the report.

The report relates investors balked at buying RBS shares after
they dropped below the share issue offer price of 65.5 pence a
share this month.  Before that, the report recalls some investors
considered buying the shares to avoid the government taking a
stake in the bank because it meant RBS would be constrained by
strict limits on dividend and bonus payments.  But they failed to
do so when it became less expensive to buy the shares on the open
market than through the share issue, the report notes.

According to the report, the government stake is held by a special
holding vehicle chaired by Philip Hampton, a former finance
director of Lloyds.

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.


WOOLWORTHS GROUP: In Talks With 10 "Serious" Bidders
----------------------------------------------------
Caroline Binham of Bloomberg News reports Woolworths Group plc's
administrator disclosed 10 "serious" bidders are in talks to buy
the British retailer.

"Face-to-face talks took place on Friday with a number of
interested parties, including those interested in the retail and
wholesale parts of the business," Jamie Harley, a Deloitte
spokesman, was cited by Bloomberg News as saying.
Talks are to resume this week, he added.

Last week, Woolworths called in administrators after discussions
relating to the potential sale of its retail business ended.

The company said that following, and as a consequence of the
termination of those discussions, the boards of Woolworths plc and
Entertainment UK Ltd have concluded that there is no longer any
prospect of those businesses being able to operate as a going
concern.   Accordingly, the boards of both companies resolved to
file petitions for administration in the High Court.

The company however noted that Woolworths Group plc is not in
administration and remains in discussions with BBC Worldwide
relating to the possible sale of its 40% interest in 2 Entertain
Ltd.

Bloomberg News related Neville Kahn, Nick Dargan and Dan Butters
of Deloitte were appointed administrators to Woolworths Plc and to
its wholesale business, Entertainment UK Ltd.

According to Bloomberg News, the stores will stay open past
Christmas and workers at the outlets will be paid.

                      About Woolworths Group plc

Headquartered in London, England, Woolworths Group plc (LON:WLW)
-- http://www.woolworthsgroupplc.com/-- is a general merchandise
retailer, and entertainment wholesaler and publisher.  The
Company's business is divided into Retail, and Entertainment
Wholesale and Publishing segments.  Woolworths, Streets Online
Limited, WMS Card Services Limited and Flogistics Limited are
included within the Retail segment, with Entertainment UK Limited,
Disc Distribution Limited and 2entertain Limited being the
constituents of Entertainment Wholesale and Publishing segment.
The stores comprise Woolworths outlets located in small towns and
city suburbs, targeted at meeting basic everyday shopping
requirements, as well as larger stores located on shopping streets
in regional shopping centers.  The product offer covers toys,
children's clothing, events, confectionery, home and
entertainment, and larger stores include a range of home and
children's clothing.


YORK HOUSE: Goes Into Administration; 90 Jobs at Risk
-----------------------------------------------------
Dan Stewart at building.co.uk reports that Yorkshire-based York
House Construction has gone into administration, putting 90 jobs
at risk.

The contractor, the report notes, was one of the 112 firms
implicated in the OFT's investigation into the construction
industry.

Established in 2000, the company has two Yorkshire offices in
Leeds and Brompton on Swale.


* PwC Says Empty Property Rate Aid to Hit Speculative Developers
----------------------------------------------------------------
In response to the Chancellors Pre-Budget report released
Wednesday last week, and the government confirming that there will
be limited rates assistance for owners of empty properties with a
rateable value of less than GBP15,000, developers and larger
struggling businesses will be left out in the cold, says
PricewaterhouseCoopers LLP.

Simon Tivey, Head of Rating at PricewaterhouseCoopers LLP, said:
"This temporary move may assist the small property investor or a
small business with some empty buildings, but will do nothing to
relieve the property tax burden on speculative developers, pension
funds or owners of medium to large empty property in general =96
effectively leaving them out in the cold in terms of any rate
relief in a property market that is already depressed."

"A supply of refurbished and new property has always been a major
driver of the wider economy and the general lack of rate relief
for empty property continues to suppress development activity."

"An across the board substantial reduction from the 100% level at
which empty rates are charged would have been more welcome."

The Chancellor's announcement to offer empty rate relief on
properties within the threshold will generate a one-off business
rates cash saving of up to approximately GBP7,000 for individual
properties that fall into the GBP1 to GBP14,999 rateable value
range.  The new rules will come into effect from April 1, 2009 to
March 31, 2010.

               About PricewaterhouseCoopers LLP

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


* November 2008 ESI in EU and Euro Area Falls to Record Low
-----------------------------------------------------------
In November, the Economic Sentiment Indicator (ESI) declined
considerably in the EU and the euro area.  This came after another
sharp decline in sentiment observed in the October survey.  It
fell by 6.7 points in the EU and by 5.1 points in the euro area,
to 70.5 and 74.9, respectively.  The ESI for the EU stands at its
lowest since January 1985, while that for the euro area is at the
lowest since August 1993.

Economic sentiment indicator (s.a.)

EU: November 70.5

Euro area: November 74.9

In both the EU and the euro area, the decline in the overall ESI
reflects a general decrease in sentiment.  The industrial
confidence indicator fell significantly again in both regions. The
services confidence indicator marks a new record-low level for
both regions since the introduction of the survey twelve years
ago.  Consumer confidence declined only marginally, but remains at
very low levels compared to its average value. Sentiment in the
retail sector declined further in the EU, but remained the same in
the euro area, while the construction confidence indicator dropped
markedly =96 by 4 points in both regions.

Reflecting the widespread deterioration in economic sentiment, all
EU countries reported weakening sentiment.  Among the large Member
States, confidence in the UK fell the most (-8.8 points), followed
by Poland (-7), Germany (-6.3) and the Netherlands (-5.4). T he
confidence indicator fell less significantly in France (-1.3),
Italy (-1.2) and Spain (-2.8); however the latter now stands at
its lowest ever.

The financial services confidence indicator =96 not included in the
ESI =96 reported another substantial fall in both regions this
month.  Last month, it turned negative for the first time since
the survey was launched in 2006.  The majority of managers
interviewed expect demand for their financial services to decline
in the next three months after they reported worsening demand over
the past three months.

According to the six-monthly industrial investment survey, which
was carried out in October and November of this year, managers in
most Member States expect to decrease their investment volumes in
2009 compared to 2008.  More specifically, in 2009 real investment
is expected to drop by 5% in both the EU and the euro area.  In
the same survey, managers estimated that real investment grew by
3% (EU) and 4% (euro area) in 2008 compared to 2007, lower than
foreseen in spring 2008.

Industrial confidence indicator (s.a.)

Service confidence indicator (s.a.)

EU: November -17

Euro area: November -12

Consumer confidence indicator (s.a.)

EU: November -24

Euro area: November -25

Retail trade confidence indicator (s.a.)

EU: November -18

Euro area: November -13

Construction confidence indicator (s.a.)

EU: November -29

Euro area: November -24

Financial services confidence indicator (n.s.a.)

EU: November -15

Euro area: November -12


* BCI in Euro Area Declines Further in November 2008
----------------------------------------------------
The Business Climate Indicator (BCI) for the euro area fell more
markedly this month than last, and now stands close to values last
observed in 1993.  The continued steep decline of the indicator
signals a deteriorating trend in year-on-year industrial
production growth, which is likely to continue to be negative even
in the fourth quarter.  All five underlying components of the BCI
deteriorated.  Managers reported a sharp fall in the production
trend observed in recent months while stocks of finished goods
increased.  Their assessment of the current overall order book and
export order book is increasingly negative.  Looking ahead,
production expectations in the euro area worsened notably compared
to last month.

The BCI is based on a factor analysis of the euro area aggregate
balances (seasonally adjusted) of five of the monthly questions in
the industry survey (only employment and selling-price
expectations are excluded).

Full details of the Business Climate Indicator are available on
the Europa website:

http://ec.europa.eu/economy_finance/db_indicators/db_indicators865
0_en.htm

The next BCI Results are due to be published on January 8, 2009.


* KPMG Says Businesses Rely on Short-Term Fixes to Defy Crunch
--------------------------------------------------------------
A KPMG survey of Chief Financial Officers, conducted by CFO Europe
magazine, has found that companies are focusing on short-term
fixes to relieve the pressure of the credit crunch, by negotiating
longer payment terms with their suppliers (nearly half of
respondents) and tightening credit terms.  In addition, 92 percent
of respondents said their customers were attempting to stretch
payment terms, while 87 percent were seeing suppliers demand
earlier payment of invoices.

The KPMG survey of over 500 CFOs in the US, UK and Europe
considers how CFOs can balance the short-term requirements of
their need to raise cash with the long-term requirements to make
the organizational changes necessary to sustain working capital
performance.

Roger Bayly, KPMG Restructuring partner comments: "Although it may
not feel like it now, the credit crunch represents a chance to
push through reforms of working capital systems, and not just rely
on 'quick fixes' which aren't sustainable in the long-term.

"The call to action is for businesses to install the processes and
procedures which will lead to continual improvements to long-term
working capital performance."

The survey found that:

    * Only 14 percent of respondents said their cash flow
      forecasts were on target during the past 12 months; while
      only 5 percent said they didn't attempt any form of cash
      forecasting at all.

    * Less surprisingly, the survey also found that more than 40
      percent of respondents said the credit crunch had an
      adverse or extremely adverse impact on their access to
      credit and on the cost of credit.  However, cash
      management remains the number one priority for just under
      a quarter of respondents (24 percent), while a further 61
      percent describe it as one of the top five priorities for
      their business as a whole.  Half of respondents
      acknowledged that there was a significant increase in
      stakeholder pressure to improve cash generation.

    * Other factors that affect the effective management of
      working capital can include increased lead times, cited by
      a fifth of respondents, as a result of sourcing of goods
      and services in low-cost foreign markets.

The best performing businesses tend to be those who link working
capital performance to managerial incentives, and the survey found
that almost a quarter of respondents hadn't established a
relationship between working capital and pay.  Companies that
provided incentives fared better over the last three years and
expect to suffer less over the next three years, with more than 70
percent saying that they were slightly or very important to the
success of a capital improvement initiative.

On a similar theme, a key message for many businesses is to
instill a culture of executive sponsorship and effective
communication of the importance of working capital across the
business: 60 percent of respondents described this as very
important.

Roger Bayly concludes: "It's crucial not to overlook the human
element in driving forward a better capital management program.
Businesses need to have visibility and the control of cash is a
vital step to creating the right framework for managing cash.

"Clearly cash remains high on companies 'to do' list.  By
releasing it, it gives companies both the flexibility and the
opportunity to embed cash into the culture and maintain a healthy
balance between cash and earnings once economic prosperity
returns."

                     About KPMG LLP (UK)

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


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

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


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


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *