TCREUR_Public/081204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, December 4, 2008, Vol. 9, No. 241

                            Headlines

A U S T R I A

CRAFT LLC: Claims Registration Period Ends December 23
DEPA LLC: Claims Registration Period Ends December 23
DISPLAY PRODUCTION: Claims Registration Period Ends December 23
FRIEDRICH ECKERT: Claims Registration Period Ends December 23
SPREITZGRABER KEG: Claims Registration Period Ends December 23


F R A N C E

EUROPCAR GROUPE: Moody's Cuts Corp. Family and PD Ratings to 'B2'
THOMSON SA: S&P Cuts Rating on Jr. Sub. Perpetual Notes to 'CCC-'


G E R M A N Y

AMPERIA GMBH: Claims Registration Period Ends February 2
DS-CONCEPT BETEILIGUNGSGESELLSCHAFT: Claims Period Ends Jan. 20
FLORIAN FOOD: Claims Registration Period Ends January 20
HATTINGIA VERLAGS: Claims Registration Period Ends December 30
HOMERUN GMBH: Claims Registration Period Ends January 20

INFINEON TECHNOLOGIES: FY 2008 Net Loss Widens to EUR 3.1 Bil.
MENUE SERVICE: Claims Registration Period Ends January 7


I C E L A N  D

KAUPTHING BANK: Files Chapter 15 Bankruptcy in New York


I R E L A N D

AMERICAN INT'L: Wants to Renegotiate Terms of Rescue Package
ARDAGH GLASS: S&P Revises Outlook to Stable; Keeps 'B+' Rating
JUNO ECLIPSE: S&P Removes Class D Notes' BB Rating from Watch Neg.

* Moody's Reports Lansdowne 1 Transaction Takes Minor Loss


I T A L Y

SEAT PAGINE: Fitch Downgrades Issuer Default Rating to 'B+'


K Y R G Y Z S T A N

EDELVEIS INTERNATIONAL: Creditors Must File Claims by Jan. 14
RJK TRADING: Creditors Must File Claims by January 14
TECHNO BUILD CONSTRUCTION: Creditors Must File Claims by Jan. 14


R U S S I A

BULAT SBS LLC: Creditors Must File Claims by December 28
CONSUMER FINANCE: Fitch Keeps 'B-' Rating; Outlook Negative
KOVROVETS EXCAVATOR: Under External Bankruptcy Procedure
KUCHINSKIY BRICKMAKING: Creditor Must File Claims by December 28
KUZBASS-ELEMENT CJSC: Kemerovskaya Bankruptcy Hearing Set May 5

OIL-RESOURCE LLC: Creditor Must File Claims by December 28
PETERBURG-KALININGRAD-STROY CJSC: Bankruptcy Hearing Set Feb. 24
SIBIR-LES-EXPO LLC: Creditor Must File Claims by December 28
TEKHNO-STROY LLC:  Creditors Must File Claims by December 28
VOLGOGRADSKIY PAINT: Bankruptcy Hearing Set Feb. 25


S P A I N

CAJA DE AHORROS: Fitch Downgrades 11 Tranches of CDO Transactions
SANTANDER CONSUMER: S&P Holds 'CCC-' Ratings on Three Note Classes


S W E D E N

FORD MOTOR: To Re-Evaluate Strategic Options for Volvo
FORD MOTOR: In Talks with Swedish Gov't. Over Volvo Aid
GENERAL MOTORS: In Talks with Swedish Gov't Over Saab Aid


S W I T Z E R L A N D

DS TRADE: Creditors Must File Proofs of Claim by December 14
FRIGOSUISSE IMMOBILIEN: Deadline to Claims Set December 13
FUTURA COMERCIAL: Creditors Have Until Dec. 14 to File Claims
METHODE SCHLUMBERGER: Proofs of Claim Filing Deadline is Dec. 14
RUEDI WALLE: Creditors' Proofs of Claim Due by December 14

SCHLUMBERGER THERMOGLAS: Dec. 14 Set as Deadline to File Claims


U K R A I N E

RESOURCE AND K: Creditors Must File Claims by December 17
COMPROMISS-SERVICE LLC: Creditors Must File Claims by Dec. 17
ENERGYEXPORT-1 LLC: Creditors Must File Claims by December 17
EURO PETROLEUM: Creditors Must File Claims by December 17
KIEV-RECONSTRUCTION OJSC: Creditors Must File Claims by Dec. 17

LAZ-INSTRUMENT OJSC: Creditors Must File Claims by December 17
MAXIM TRADE: Creditors Must File Claims by December 17
MONOLIT-C LLC: Creditors Must File Claims by December 17
RASTAVETS LLC: Creditors Must File Claims by December 17
TMM REAL: Fitch Assigns 'CC' Long-Term Issuer Default Ratings


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Explores Potential Merger with Qantas
COFFEE REPUBLIC: Eliminates Debt, First Half Loss Down by 40%
E-REPORTING GROUP: Appoints Joint Administrators from KPMG
ENTERTAINMENT TECHNOLOGY: Taps Joint Liquidators from Tenon
LONDON SCOTTISH: Goes Into Administration

MOLWIN HOMES: Names Joint Administrators from Deloitte & Touche
NEW STAR: FSA Turns Down Request to Suspend Share Trading
PERSIMMON PLC: To Refinance Debt Prematurely to Avoid Breach
REDWOOD GARDEN: Taps Joint Administrators from Grant Thornton
RMAC SECURITIES: Moody's Cuts Classes B1a and B1c Ratings to B1

ROYAL WORCESTER: 16 Outlets Run Clearance Sales
STARLIGHT MARINE: Appoints Joint Administrators from BDO Stoy
TITAN EUROPE: Fitch Cuts Rating on 2007-1 Class E Notes to 'BB'

X X X X X X X X

* S&P Report Predicts Worse European CMBS Loan Performance Ahead
* S&P Takes Rating Actions on 791 European Synthetic CDO Tranches
* Fitch Reports Negative Outlook for European Media Sector in 2009
* Fitch Reports Stable Outlook in 2009 for EMEA Telecoms Sector
* Fitch Says European Utilities Face Weaker Interest Cover Ratios

* Detroit 3 Submit Turnaround Plan to Congress; Seeks US$9BB Loan

* Upcoming Meetings, Conferences and Seminars


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A U S T R I A
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CRAFT LLC: Claims Registration Period Ends December 23
------------------------------------------------------
Creditors owed money by LLC Craft (FN 260374d) have until Dec. 23,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Gerhard Bauer
         Mahlerstrasse 7
         1010 Wien
         Austria
         Tel: 512 97 06
         Fax: DW 20
         E-mail: ra-g.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Jan. 8, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 24, 2008, (Bankr. Case No. 2 S 134/08f).


DEPA LLC: Claims Registration Period Ends December 23
-----------------------------------------------------
Creditors owed money by LLC Depa (FN 253642d) have until
Dec. 23, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Wien
         Austria
         Tel: 4060551
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Jan. 8, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 28, 2008, (Bankr. Case No. 5 S 114/08m).


DISPLAY PRODUCTION: Claims Registration Period Ends December 23
---------------------------------------------------------------
Creditors owed money by LLC Display Production (FN 43974v) have
until Dec. 23, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Gerhard Bauer
         Mahlerstrasse 7
         1010 Wien
         Austria
         Tel: 512 97 06
         Fax: DW 20
         E-mail: ra-g.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Jan. 8, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 27, 2008, (Bankr. Case No. 5 S 113/08i).


FRIEDRICH ECKERT: Claims Registration Period Ends December 23
-------------------------------------------------------------
Creditors owed money by LLC Friedrich Eckert (FN 127790b) have
until Dec. 23, 2008 , to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Wien
         Austria
         Tel: 712 63 02, 713 61 92
         Fax: DW 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Jan. 8, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 24, 2008, (Bankr. Case No. 2 S 135/08b).


SPREITZGRABER KEG: Claims Registration Period Ends December 23
--------------------------------------------------------------
Creditors owed money by KEG Spreitzgraber have until Dec. 23,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Oliver Simoncic
         Rathausplatz 3-4
         3100 St. Poelten
         Austria
         Tel: 02742/47 082
         Fax: 02742/47 082-19
         E-mail: rechtsanwalt@simoncic.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Jan. 13, 2009, for the
examination of claims at:

         Land Court of St. Poelten
         Room 216
         St. Poelten
         Austria

Headquartered in Traisen, Austria, the Debtor declared bankruptcy
on Nov. 6, 2008, (Bankr. Case No. 14 S 176/08k).


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F R A N C E
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EUROPCAR GROUPE: Moody's Cuts Corp. Family and PD Ratings to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Europcar Groupe S.A. to B2 from B1 and the probability
of default rating to B2 from B1.  The rating of the company's
senior subordinated secured notes was downgraded to B3 from B2 and
the rating of its senior subordinated unsecured notes to Caa1 from
B3.  The outlook on all ratings remains negative.

"The downgrade reflects Moody's revised expectation that Europcar
is unlikely to achieve a reduction in financial leverage in line
with Moody's requirements for the B1 rating category over the
medium term, in light of a highly leveraged capital structure and
based on the company's recent announcement of contracting rental
day volumes due to a depressed macroeconomic environment in all of
Europcar's key markets," explains Christian Hendker, Moody's lead
analyst for Europcar.  "The negative outlook reflects the
challenge to avoid a further erosion in credit metrics, in case
that the impact of a potential extended drop in rental day volumes
on operating margins cannot be fully mitigated by cost reductions,
but also considering that Europcar's fleet holding costs may not
soften in the short term, which could add further pressure on
margins in the absence of adequate price adjustments," Mr. Hendker
continues.

As outlined in Moody's recent press release of Sept. 19, 2008,
Europcar had been weakly positioned in the B1 rating category and
the rating incorporated the expectation of constant performance
improvements, which now appear highly unlikely given the changed
operating environment.  At that time, Moody's stated that the
rating could come under downward pressure if the group's credit
metrics fell rather than rose -- indicated, for instance, by a
decline in RCF to net debt towards 10% and EBIT to interest
expense below 1.1x.  While Europcar increased rental days in the
first nine months of 2008, increasing volumes have not been
adequately translated into rising profitability levels and credit
metrics improvements.  This is particularly due to rising fleet
holding and interest costs, which were only partially passed on to
higher rental prices given the intensely competitive environment
and the industry's limited tolerance to adjust rental prices.
Based on recent operating performance and the likelihood that
rental volumes will erode over the medium term, a downgrade was
warranted.

Moody's notes that Europcar's margin is protected against the
short-term volatility of fleet residual value risks, as 95% of
fleet purchases are protected by implicit and explicit buyback
agreements with OEMs and car dealerships, which reduces the impact
of recent erosion in car residual values on Europcar's margin.
However, Moody's will closely monitor how Europcar's fleet holding
costs could be indirectly impacted over the medium term as a
result of a general downward trend in residual values as well as
weakening financial conditions of OEMs and car dealership
counterparties.

Moody's could further downgrade the ratings if Europcar can
not mitigate the impact of lower volumes on credit metrics, as
evidenced by the EBIT to interest ratio trending towards 1.0x, if
debt to EBITDA does not recover from current levels of around 6.0x
in the last twelve months ending September 2008 (as adjusted by
Moody's and impacted by seasonality), a weakening of the solid
liquidity cushion or fundamental changes in fleet purchase
conditions.

Moody's could upgrade the ratings if Europcar returns to a track
record of growth of operating performance and credit metrics
improvements, as evidenced by EBIT to interest above 1.3x for a
sustained period or if debt to EBITDA improves towards 5.0x.
Europcar's B2 corporate family rating reflects (i) the company's
strong brand and market position in the key European rental car
markets based on a balanced level of segmental diversification in
the business, private and replacement market segments; (ii) a
solid degree of regional diversification enhanced by stable
earning contributions from its global franchise network; (iii)
margin protection from residual value risks of purchased cars due
to a substantial degree of buyback agreement; (iv) a track record
of relatively stable operating performance levels through the
cycle, given Europcar's cost structure flexibility thanks to
rapid vehicle turnover rates allowing for continuous fleet size
adjustments, which also ensures a continuous debt repayment
ability; and (v) solid financial flexibility with unrestricted on-
balance-sheet cash of around EUR150 million and sufficient
availability under a EUR350 million revolving credit facility and
an extended debt maturity profile.

The ratings also reflect these challenges: (i) Europcar's limited
absolute scale; (ii) its highly leveraged capital structure
evidenced by credit metrics which are weak for the B2 rating
category and the prospect of increasing debt levels in line with a
further expansion of the fleet size; (iii) its high exposure to
rising interest rates and to volatile fleet purchase conditions;
(iv) limited ability to pass on cost inflation in the form of
rising rental prices; and (v) translation FX exposure of the UK
subsidiary, whose profit contribution is on a decreasing trend.

Downgrades:

Issuer: Europcar Groupe S.A.

  -- Corporate Family Rating, Downgraded to B2 from B1

  -- Probability of Default Rating, Downgraded to B2 from B1

  -- Senior Subordinated Secured floating rate notes, Downgraded
     to B3 from B2

  -- Senior Subordinated Unsecured notes, Downgraded to Caa1 from
     B3

The last rating action was implemented on Sept. 19, 2008, when
Moody's changed the outlook on Europcar to negative from stable.

Headquartered in Paris, France, Europcar is one of the leading
European rental car companies with reported sales of
EUR2.1 billion in 2007.


THOMSON SA: S&P Cuts Rating on Jr. Sub. Perpetual Notes to 'CCC-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit and senior unsecured bank loan ratings on
France-based technology group Thomson S.A. to 'B' from 'B+' and
placed them on Credit Watch with negative implications.  In
addition, S&P lowered its rating on Thomson's junior subordinated
perpetual notes to 'CCC-' from 'CCC' and placed it on CreditWatch
with negative implications.  The recovery ratings on the debt are
unchanged, at '3' for the senior unsecured bank loan and '6' for
the junior subordinated notes, indicating S&P's expectation of
meaningful (50%-70%) and negligible (0%-10%) recovery,
respectively, for unsecured creditors in the event of a payment
default.  The 'B' short-term corporate credit rating was affirmed.

At June 30, 2008, Thomson had gross debt, excluding a
EUR0.5 billion perpetual note, of about EUR1.98 billion (including
the Silver Lake convertible bond repaid on Sept. 22, 2008).
Thomson has not published debt levels as at Sept. 30, 2008.

"The downgrade primarily reflects the group's weaker-than-expected
operating performance as indicated in the group's third-quarter
sales release, a general deterioration in the economic and
operating environment, narrowing covenant headroom, and high
leverage," said S&P's credit analyst Leandro de Torres Zabala.

These factors are offsetting the company's diversified customer
portfolio and its extensive cost-cutting plan.

S&P expects to resolve the CreditWatch placement after having
analyzed Thomson's 2008 annual results and certificate of
compliance with financial covenants, probably in February 2009.

"The critical driver of the ratings will be the group's financial
flexibility in the context of its operating performance and
prospects, its medium-term cash flow generation profile, and
covenant headroom," said Mr. de Torres Zabala.  "Thomson's
advancement in its program of cost cutting and the disposal of
loss-making assets will also be key considerations."


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G E R M A N Y
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AMPERIA GMBH: Claims Registration Period Ends February 2
--------------------------------------------------------
Creditors of Amperia GmbH have until Feb. 2, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Feb. 6, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Thomas Schmitz
         Am Flohbusch 1-3
         47802 Krefeld
         Germany
         Tel: 02151/965350
         Fax: 02151/965360

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

The Debtor can be reached at:

         Amperia GmbH
         Erkelenzer Strasse 81-83
         47807 Krefeld
         Germany

         Attn: Anatol Ostrowski, Manager
         Kopernikusstrasse 89
         40225 Duesseldorf
         Germany


DS-CONCEPT BETEILIGUNGSGESELLSCHAFT: Claims Period Ends Jan. 20
---------------------------------------------------------------
Creditors of DS-Concept Beteiligungsgesellschaft Kubitzer Wohnpark
GmbH have until Jan. 20, 2009, to register their claims with
court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Feb. 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 Cologne
         Meeting Hall 14
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Koeln
         Germany

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

The Debtor can be reached at:

         DS-Concept Beteiligungsgesellschaft
         Kubitzer Wohnpark GmbH
         Guerzenichstr. 50
         50677 Koeln
         Germany

         Attn: Wolfgang Doerge, Manager
         Nimrodstr. 68
         13469 Berlin
         Germany


FLORIAN FOOD: Claims Registration Period Ends January 20
--------------------------------------------------------
Creditors of Florian Food & More GmbH & Co KG have until
Jan. 20, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Cologne
         Meeting Hall 14
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Frystatzki
         Rathausstr. 12
         53225 Bonn
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 19, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Florian Food & More GmbH & Co KG
         Attn: Hans-Dieter Podehl, Manager
         An Maria Bronn 35
         50354 Huerth
         Germany


HATTINGIA VERLAGS: Claims Registration Period Ends December 30
--------------------------------------------------------------
Creditors of Hattingia Verlags-GmbH have until Dec. 30, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Jan. 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 185
         Zweigertstr. 52
         45130 Essen
         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:

         Joseph Albers
         Von-der-Recke-Str. 5-7
         45879 Gelsenkirchen
         Germany
         Tel: 0209/179890

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:

         Hattingia Verlags-GmbH
         Attn: Angelika Jarosch, Manager
         Wittener Str. 28
         45527 Hattingen
         Germany


HOMERUN GMBH: Claims Registration Period Ends January 20
--------------------------------------------------------
Creditors of HomeRun GmbH have until Jan. 20, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Cologne
         Meeting Hall 14
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Heinrich Druegh
         Nussbaumer Strasse 19
         50823 Koeln
         Germany

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:

         HomeRun GmbH
         Venloer Str. 264
         50823 Koeln
         Germany

         Attn: Hasan Arslan, Manager
         Melissenweg 11
         51061 Koeln
         Germany


INFINEON TECHNOLOGIES: FY 2008 Net Loss Widens to EUR 3.1 Bil.
--------------------------------------------------------------
Infineon Technologies AG's group net loss for the 2008 fiscal year
increased to EUR3,122 million from EUR368 million in the 2007
fiscal year.

Net loss from continuing operations for the full 2008 fiscal year
was EUR135 million compared to EUR37 million in the 2007 fiscal
year.

The company recorded a EUR 2,987 million net loss from
discontinued operations, net of tax, for the 2008 fiscal year.
This loss, the company said, included Infineon's share in
Qimonda's net loss, as well as EUR1,303 million from the write-
down of Qimonda to its net realizable value less costs to sell.

Infineon's revenues in the full 2008 fiscal year increased to
EUR4,321 million from EUR4,074 million in the prior year.

                         4th Qtr Results

Net loss from continuing operations for the fourth quarter was
EUR244 million, compared to a net income from continuing
operations of EUR45 million in the third quarter.

The net loss from discontinued operations was EUR519 million for
the fourth quarter.

For the fourth quarter, Infineon reported group net loss of EUR763
million.

Infineon's revenues in the fourth quarter of the 2008 fiscal year
were EUR1,153 million, up 12 percent sequentially and two percent
year-over-year.

                        FY 2009 Outlook

The company expects total revenues for Infineon in the 2009 fiscal
year to decrease by at least 15 percent compared to the 2008
fiscal year.  The year-over-year decrease is expected to be driven
in particular by its automotive segment.

                  About Infineon Technologies AG

Headquartered in Neubiberg, Germany, Infineon Technologies AG
(FRA:IFX) -- http://www.infineon.com/-- is a semiconductor
company.  It designs, develops, manufactures and markets a range
of semiconductors and complete systems solutions used in a variety
of microelectronic applications, including computer systems,
telecommunications systems, consumer goods, automotive products,
industrial automation and control systems, and chip card
applications.  Its products include standard commodity components,
full-custom devices, semi-custom devices and application-specific
components for memory, analog, digital and mixed-signal
applications.  The Company has operations, investments and
customers located in Europe, Asia and North America.  Its core
business is conducted through its Automotive, Industrial &
Multimarket segment, and its Communication Solutions segment.  Its
memory products business is conducted through its majority owned
subsidiary, Qimonda AG.  In April 2008, LSI Corporation purchased
the assets of the hard disk drive semiconductor business of
Infineon.


MENUE SERVICE: Claims Registration Period Ends January 7
--------------------------------------------------------
Creditors of MS Menue - Service GmbH have until Jan. 7, 2009, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Heike Metzger
         Hauptstrasse 161
         68259 Mannheim
         Germany
         Tel: 0621/4328899-0
         Fax: 0621/4328899-50

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:

         MS Menue - Service GmbH
         Raiffeisenstrasse 1
         71723 Grossbottwar
         Germany

         Attn: Karin Schaude-Jahnichen, Manager
         Herlikofer Strasse 19
         73527 Schwabisch Gmuend
         Germany


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KAUPTHING BANK: Files Chapter 15 Bankruptcy in New York
-------------------------------------------------------
Kaupthing Bank hf., on Sunday, November 30, 2008 filed a voluntary
petition under Chapter 15 of the US Bankruptcy Code, in order to
seek US recognition of the bank's moratorium, which has been
granted by the District Court of Reykjavik, Iceland.

The purpose of the filing is to obtain protection for the Bank's
assets in the US, similar to the moratorium protection in the
European Economic Area, pursuant to Directive 2001/24/EC on the
reorganization and winding-up of credit institutions, in order to
be able to maximize recovery to, and provide for an equitable
distribution of value among, all creditors.  The bank has
furthermore, at a hearing on December 1, been granted provisional
injunctive relief under the US Bankruptcy Code.

Kaupthing, Reuters relates, filed the petition with the U.S.
bankruptcy court for the Southern District of New York.

Citing a court filing by Olafur Gardarsson, a court-appointed
assistant who is managing the bank's reorganization, Reuters
discloses Kaupthing has about US$14.8 billion of principal assets,
including US$222 million located in the United States, and US$26
billion of principal indebtedness.

Mr. Gardarsson, Reuters notes, asked to have Kaupthing's court
proceedings in Iceland recognized in the United States.

"The ultimate goal of Kaupthing is to satisfy the claims of all
creditors and to try to preserve the value of the bank's assets to
the extent possible," Mr. Gardarsson was quoted by Reuters  as
saying.

             Reykjavik Court Grants Moratorium

As reported in the TCR-Europe, on November 24, 2008 the District
Court of Reykjavik granted Kaupthing a moratorium on payments to
creditors.  In the opinion of the Resolution Committee, applying
for the moratorium was a necessary step in order to ensure that
all creditors of Kaupthing are treated fairly and appropriately,
in accordance with Icelandic law and EU directives.  It will
provide Kaupthing with appropriate protection from legal action,
while retaining a banking license sufficient to support its
assets.

The moratorium will also give Kaupthing the opportunity to
continue discussions with the bank's creditors with the aim of
maximizing recovery for all stakeholders.  As has been announced
previously, an Informal Creditors' Committee (ICC) has been
formed.  The moratorium will assist in making Kaupthing's ongoing
co-operation with the ICC more effective.  It is intended that a
second meeting with the ICC will be held in December.

Mr. Olafur Gardarsson, Advocate to the Supreme Court of Iceland,
has been hired as Moratorium Supervisor.  He will work with the
Resolution Committee, which will continue to wield the powers of
the Board of Directors of Kaupthing in accordance with Icelandic
law.  His aims are consistent with those of the Resolution
Committee, namely, to preserve assets and to optimize recovery for
the creditor body.

The moratorium has been granted until Friday, February 13, 2009,
at 2:00 p.m. Icelandic time.  The Moratorium Supervisor is obliged
to summon Kaupthing's creditors to a meeting to be held not later
than three days prior to that date.  The moratorium process can,
at a maximum, last for 24 months.

Nyi Kaup=FEing banki hf. (New Kaupthing Bank), which assumed the
Icelandic operations of Kaupthing on October 21, 2008, is not
affected by the moratorium.

                   About Kaupthing Bank

Headquarted in Reykjavik, Iceland, Kaupthing Bank --
http://www.kaupthing.com-- is engaged in the provision of
financial services, such as private banking, asset management,
pension services, brokerage services, investment banking, as well
as corporate and retail banking.  The Bank's offer is targeted at
companies, institutional investors and individuals.  The Bank is
operational in thirteen countries, including Luxembourg,
Switzerland, the Nordic countries, the United Kingdom and the
United States.  The main subsidiaries include Kaupthing Singer &
Friedlander and FIH Erhvervsbank.

                         *    *    *

As reported in the Troubled Company Reporter-Europe on
October 13, 2008, Fitch Ratings downgraded Kaupthing Bank hf.'s
Long-term Issuer Default rating to 'D' from 'CCC' and removed it
from Rating Watch Evolving.  This follows the announcement that
Kaupthing is now subject to similar arrangements as its two
Icelandic peers, Glitnir Banki and Landsbanki Islands, with the
Icelandic authorities effectively seizing control of the bank.

At the same time, Moody's Investors Service downgraded the bank
financial strength rating (BFSR) of Kaupthing Bank hf to E from
D+, its long-term deposit ratings to Caa1 from Baa3, the long-term
senior debt ratings to Caa2 from Ba1.  In addition, Moody's
downgraded the bank's subordinated debt to C from Ba2 and its
preferred stock to C from B1.  The bank's short-term rating was
downgraded to Not-Prime from P-3.  Moody's is maintaining
Kaupthing's long-term deposit ratings, the long-term senior debt
ratings and its BFSR on review for further possible downgrade.


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AMERICAN INT'L: Wants to Renegotiate Terms of Rescue Package
------------------------------------------------------------
American International Group's CEO Edward Liddy said that when the
company makes progress on selling assets and paying down its
government loan, it would seek to renegotiate the terms of its
rescue package, The Wall Street Journal reports, citing Liam
Pleven and Marshall Eckblad report.

WSJ relates that the government lent AIG up to US$85 billion at
high interest rates in September and increased it to almost
US$123 billion.  The government, says WSJ, then agreed to a
US$150 billion new package in November.  The new agreement cut
AIG's interest rate on the loan, according to the report.

AIG wants to cut the 10% dividend on the preferred shares that the
government is getting for the bailout, and to have the government
reduce its 79.9% holding in AIG to encourage private investors to
provide capital to the company, WSJ states, citing Mr. Liddy.  The
report quoted him as saying, "We would very much like the interest
rate on the perpetual preferred [shares] to be lower.  I
personally believe the 79.9% is too high a stake.  It kind of
chokes out any private market" investment.

AIG said in a filing with the Securities and Exchange Commission
that on Nov. 25, 2008, the company entered into a Master
Investment and Credit Agreement with the Federal Reserve Bank of
New York (the NY Fed), Maiden Lane III LLC (ML III), and The Bank
of New York Mellon, to establish financing arrangements, through
ML III, to fund the purchase of multi-sector collateralized debt
obligations (Multi-Sector CDOs) underlying or related to credit
default swaps and similar derivative instruments (CDS) written by
AIG Financial Products Corp. (AIGFP) in connection with the
termination of the CDS.

Pursuant to the Agreement, the NY Fed, as senior lender, has made
available to ML III a term loan facility (the Senior Loan) in an
aggregate amount up to approximately US$30.0 billion.  The Senior
Loan bears interest at one-month LIBOR plus 1.00% and has a six-
year expected term, subject to extension by the NY Fed at its sole
discretion.

AIG has contributed US$5.0 billion for an equity interest in ML
III.  The equity interest will accrue distributions at a rate per
annum equal to one-month LIBOR plus 3.00%.  Accrued but unpaid
distributions on the equity interest will be compounded monthly.
AIG's rights to payment from ML III are fully subordinated and
junior in right of payment to all principal of, and interest on,
the Senior Loan.  The creditors of ML III will not have recourse
to AIG for ML III's obligations, although AIG will be exposed to
losses on the portfolio of Multi-Sector CDOs held by ML III up to
the full amount of AIG's equity interest in ML III.

Upon payment in full of the Senior Loan and AIG's equity interest
in ML III, all remaining amounts received by ML III will be paid
67% to the NY Fed as contingent interest and 33% to AIG as
contingent distributions on its equity interest.

The NY Fed is the controlling party and managing member of ML III
under the transaction documents for so long as the NY Fed is owed
any amounts under the transaction documents, and AIG will not have
any control rights over ML III or under the transaction documents.

AIGFP, ML III, and the NY Fed have entered into agreements with
AIGFP's CDS counterparties to terminate approximately
US$53.5 billion notional amount of CDS and purchase the related
Multi-Sector CDOs.  Of these, CDOs with a principal amount of
approximately US$46.1 billion settled on Nov. 25, 2008, and a
corresponding notional amount of CDS were terminated.  Settlement
on the remaining US$7.4 billion notional amount of CDS is
contingent upon the ability of the related counterparty to obtain
the related
Multi-Sector CDOs and thereby settle with ML III and terminate
such CDS with AIGFP.  Pending such settlement, which AIG expects
by year-end, the collateral posting provisions relating to these
CDS have been suspended such that additional collateral will not
be required of AIGFP nor will posted collateral be returned to
AIGFP.  If a given counterparty is ultimately unable to obtain the
related Multi-Sector CDOs, the related CDS will not terminate and
the relevant collateral posting provisions will resume.  In such a
case, AIG will continue to bear market risk and the risk of
adverse changes in collateral posting requirements relating to
these CDS that do not terminate and could incur additional
unrealized market valuation losses.

With respect to the approximately US$11.2 billion of exposure to
Multi-Sector CDOs as to which AIGFP, ML III, and the NY Fed have
not executed agreements, AIG and the NY Fed are working to
structure the termination of the related CDS and/or the purchase
by ML III of the related Multi-Sector CDOs.  Unless this exposure
is terminated, AIG will continue to bear market risk and the risk
of adverse changes in collateral posting requirements relating to
these CDS and could incur additional unrealized market valuation
losses with respect to these CDS.

On Nov. 25, 2008, ML III bought approximately US$46.1 billion in
par amount of Multi-Sector CDOs through a net payment to CDS
counterparties of approximately US$20.1 billion, and AIGFP
terminated the related CDS with the same notional amount.  The
aggregate cost of the purchases and terminations was funded
through approximately US$15.1 billion of borrowings under the
Senior Loan, the surrender by AIGFP of approximately
US$25.9 billion of collateral previously posted by AIGFP to CDS
counterparties in respect of the terminated CDS and AIG's equity
investment in ML III of US$5.0 billion.

AIGFP has entered into a Shortfall Agreement, dated November 25,
2008, with ML III relating to the approximately US$53.5 billion of
Multi-Sector CDO exposure covered by agreements with CDS
counterparties under which (i) AIGFP must make a payment to ML III
to the extent the excess of the notional amount of the CDS being
terminated over the market value as of Oct. 31, 2008, of the
related Multi-Sector CDOs is greater than the collateral
previously posted by AIGFP with respect to such CDS, and (ii) ML
III must make a payment to AIGFP to the extent the amount of such
posted collateral exceeds such excess.  AIGFP was not required to
make any payments under the Shortfall Agreement with respect to ML
III's initial purchase of the approximately US$46.1 billion of
Multi-Sector CDOs.

                About American International Group

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on Sept. 8, 2008, to
US$4.76 on Sept. 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On Sept. 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, US$40 billion of newly issued
AIG perpetual preferred shares and warrants to purchase a number
of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility. The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had US$1.022 trillion in total consolidated
assets and US$950.9 billion in total debts.  Shareholders' equity
was US$71.18 billion, including the addition of US$23 billion of
consideration received for preferred stock not yet issued.


ARDAGH GLASS: S&P Revises Outlook to Stable; Keeps 'B+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Ireland-based glass-container manufacturer Ardagh Glass Group PLC
and related entity Ardagh Glass Holdings Ltd. to stable from
positive.  At the same time, S&P affirmed the 'B+' long-term
corporate credit rating and all debt issue ratings.

"The outlook revision reflects our assessment that softening
demand and continued energy cost pressures are likely to lead to a
weaker-than-expected financial performance over the next quarters,
and, as a result, reduce the likelihood of an upgrade over the
near term," said Standard & Poor's credit analyst Izabela
Listowska.  S&P previously considered there was potential for a
higher rating, owing to Argagh's continued meaningful expansion of
earnings and cash flows, and the resulting improvement in credit
protection measures in 2009.  However, S&P now expect the
company's financial performance and resulting credit measures to
remain adequate for the existing ratings.

The ratings continue to reflect the group's highly leveraged
financial profile, its exposure to volatile energy prices, and
high capital intensity.  These factors are tempered to some extent
by the group's leading position as one of the largest glass-
packaging providers in Europe, underpinned by advanced production
technology, and a well invested asset base.  The ratings also
reflect relatively recession-resistant end markets and the
company's improved profitability.  On Sept. 30, 2008, the group
reported total debt of about EUR960 million.

Operating performance for the first nine months of 2008 improved
as expected, with EBITDA margins up to 19.5% from 17.5% year on
year pro forma for the acquisition of the glass unit of Rexam PLC
(BBB/Negative/A-3), completed in June 2007.  Despite softening
demand and continued pressure from rising energy prices and the
weak British pound, S&P expects Ardagh's operating profits to
remain relatively stable over the near term, reflecting benefits
from selling price increases and potential gains from continuing
productivity and quality improvement initiatives.  This should
allow Ardagh to largely maintain its credit measures.  These have
strengthened as expected in the past quarters and are now well in
line with the rating, with debt to EBITDA at 4.4x and funds from
operations to debt at 14.8% in the 12 months to Sept. 30,
2008.

"The stable outlook reflects our expectation that, despite the
ongoing difficult market conditions, Ardagh's leading market
position, continued ability to largely pass on input cost
inflation, and relatively recession-resistant products will allow
the company to maintain credit measures and liquidity consistent
with the current rating," said Ms. Listowska.  At the current
rating level, adjusted debt to EBITDA should remain at less than
5.0x and FFO to adjusted debt in the high end of the 10%-15%
range.


JUNO ECLIPSE: S&P Removes Class D Notes' BB Rating from Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative its 'BB' credit rating on the class D notes issued by
JUNO (ECLIPSE 2007-2) Ltd.  The ratings on the other classes of
notes in this transaction are unaffected.

S&P understands that there has been a change of sponsor for the
Keops loan.  The new sponsor has provided a capital expenditure
facility that S&P understands will be used to maintain and improve
the secured properties.  This results in the application of a
higher property valuation for the purpose of calculating the
loan-to-value ratio.

In addition, S&P has been informed that an affiliate of the
borrower has acquired a minority participation in the junior-
ranking B-note.  From this position, the borrower made a cure
payment to the issuer and remedied the breach of the loan-to-value
ratio covenant.  S&P is informed that the borrower funded this
payment from equity.

S&P has considered the effect of the borrower affiliate being a
junior lender and do not consider it to be detrimental to the
transaction, primarily because it holds only a minority interest
that does not give it control over key decisions.

As a result of the cure payment and, in S&P's view, the borrower
affiliate's limited influence as junior lender, S&P has removed
the class D notes from CreditWatch negative.

S&P continues to monitor all loans in this transaction.


* Moody's Reports Lansdowne 1 Transaction Takes Minor Loss
----------------------------------------------------------
As of Q3 2008 there were no repossessions or losses reported in
any of the Irish Prime RMBS transactions.  One Non-Conforming
transaction, namely Lansdowne 1, experienced a minor loss of
0.009% of its original balance, writes Moody's Investors Service
in its report titled "Irish RMBS Q3 2008 Indices".

"The weighted-average Irish Prime 90+ days delinquency trend was
1.26% as of Q3 2008.  This is 47 bps above the level in Q3 2007.
The average trend level recorded since 2001 was 1.30%," says
Georgij Ludmirskij, a Moody's Senior Associate and co-author of
the report.  "The weighted-average 360+ days delinquency trend was
0.18% as of Q3 2008, up from 0.10% in Q3 2007," continues Mr.
Ludmirskij.

The Irish economy had invested heavily in the real estate sector:
13% of the labour force was employed in the construction sector at
its peak and construction contributed to almost 12% of gross value
added in 2006.  "This has created a negative feedback loop, where
the initial weakness in the housing market has had an impact on
market segments that rely on housing and in turn the higher
unemployment and economic stress in these sectors have amplified
the initial housing market weakness," explains Nitesh Shah, a
Moody's Economist and report co-author.

"The Irish government has put a number of measures in place to
help stem the fall, including income tax relief on mortgage
interest and abolishing stamp duty for first-time buyers.  Despite
these measures, house prices still have some room to fall," says
Mr. Shah.


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SEAT PAGINE: Fitch Downgrades Issuer Default Rating to 'B+'
-----------------------------------------------------------
Fitch Ratings has downgraded Seat Pagine Gialle S.p.A.'s Long-Term
Issuer Default Rating to 'B+' from 'BB-'.  Seat's Outlook remains
Negative.

The downgrade reflects Fitch's perception of increased business
risk for Seat as it faces the challenge of switching its business
model online against the backdrop of a severe economic downturn, a
potential increase in competition and the first major debt
repayment of its Senior Secured debt package due in 2012.

"It is now clear to Fitch that growth in internet sales is
paramount to Seat maintaining revenue levels as print directory
revenues are currently reducing faster than first anticipated,"
says Cecile Durand-Agbo, Associate Director in Fitch's Leveraged
Finance group in London.  "While Fitch recognizes that Seat is
still and should remain a very cash generative business, the
challenge of switching the business model online in the context of
an economic downturn, increased online competition, and more debt
amortization pressure puts the issuer's profile more in line with
a 'B+' rating than a 'BB-'(BB minus)."

The Negative Outlook captures the risk of a potential
deterioration in Seat's liquidity situation and ability to meet
its financial covenants if its market position and profitability
were to severely deteriorate.  Fitch notes that Seat is taking
appropriate steps to address this including entering into
discussions with The Royal Bank of Scotland plc (RBS - 'AA-'(AA
minus)/Outlook Stable) aimed at enhancing the financial
flexibility of the company under its existing Senior Facility
Agreement.  Depending on the outcome of the discussions with RBS,
as well as stabilizing revenue and cash flow trends in 2009, the
Outlook may be revised to Stable.  If no agreement can be reached,
then a downgrade, potentially of more than one notch, may occur.

Given the nature of the business, in case of default the going-
concern recovery route is more likely than the liquidation
scenario.  Fitch has adjusted its assumptions in terms of
recovery, mainly in terms of distressed enterprise value, with a
distressed EBITDA multiple more in line with market multiples and
recent directory sales.  As a result, the recovery rating for the
Senior Secured Debt remains at 'RR3', which leads to an instrument
recovery rating of 'BB-'(BB minus) (downgraded from 'BB') and the
Lighthouse Subordinated Debt recovery rating is downgraded to
'RR6' from 'RR5', leading to an instrument recovery rating of
'B-'(B minus) (downgraded from 'B+').


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EDELVEIS INTERNATIONAL: Creditors Must File Claims by Jan. 14
-------------------------------------------------------------
LLC Edelveis International Gluvs has declared insolvency.
Creditors have until Jan. 14, 2009, to submit written proofs of
claims to:

         LLC Edelveis International Gluvs
         Panfilov Str. 22a
         Alamudun
         Chui
         Kyrgyzstan


RJK TRADING: Creditors Must File Claims by January 14
-----------------------------------------------------
LLC RJK Trading has declared insolvency. Creditors have until Jan.
14, 2009, to submit written proofs of claims .

The company can be reached at: (+996 312) 62-16-35


TECHNO BUILD CONSTRUCTION: Creditors Must File Claims by Jan. 14
----------------------------------------------------------------
LLC Construction Company Techno Build Construction has declared
insolvency.  Creditors have until Jan. 14, 2009, to submit written
proofs of claims.

The company can be reached at: (+996 312) 90-26-21


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BULAT SBS LLC: Creditors Must File Claims by December 28
--------------------------------------------------------
Creditors of LLC Bulat SBS (TIN 2920008830) ( Rock Mining) have
until Dec. 28, 2008, to submit proofs of claims to:

         P. Sologub
         Temporary Insolvency Manager
         Klepacha Str. 13
         163039 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?05=96
10000/2008.

The Debtor can be reached at:

         LLC Bulat SBS
         Slepyana Str. 6a
         Plesetsk
         164000 Arkhangelsk
         Russia


CONSUMER FINANCE: Fitch Keeps 'B-' Rating; Outlook Negative
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Russia-based Commercial
Bank Consumer Finance Company to Negative from Stable.  At the
same time, the agency has affirmed the bank's ratings, including
its Long-term Issuer Default rating of 'B-'.

The Outlook revision reflects the challenges that the broader MC
Consumer Finance Company group is facing in the current market
environment.  These include markedly curtailed access to the
wholesale markets, which MCCFC had planned to largely rely on for
its funding, and the likely negative impact on both profitability
and asset growth.  The Negative Outlook also reflects the notably
worsened operating environment in Russia which is likely to feed
through into a further deterioration in asset quality in the
coming months, while the MCCFC's high proportion of foreign
currency loans is also a potential source of credit risk.  In
addition, Fitch notes markedly increased market risk stemming from
a large long position in the Russian Rouble which could result in
sizable losses in the 2008 financial statements due to the ongoing
depreciation of the RUB against the US dollar.

CFC Bank's ratings also reflect MCCFC's limited track record, its
small size by international standards, high cost base,
concentrated funding, with almost sole reliance on the wholesale
markets, modest capitalization and low loan impairment coverage.
However, Fitch recognizes that considerable progress has been made
with respect to funding diversification (with the share of related
party funding decreasing to 39% of liabilities at end-H108 from
93% at end-2006), a relatively comfortable liquidity position,
with short-term assets generally funded by long-term borrowings,
the high collateralization of the loan portfolio and healthy net
interest margin.

CFC Bank is one of the two principal operating subsidiaries of
MCCFC, and is highly integrated within the group.  MCCFC, a
Cyprus-based holding company, was founded in 2004 and owns a
number of Russian subsidiaries that offer car loans to
individuals, and conduct leasing and residential mortgage lending.
CFC Bank books all the group's mortgages and a small part of the
group's car loans on its balance sheet, and also owns and
consolidates a leasing company in its accounts.  Fitch understands
that all MCCFC's companies are run centrally by one management
team, and that the group is regarded as a single entity by its
shareholders, who are a number of individuals.  Risk management is
fully centralized and most funding is raised at the head company.

CFC Bank's ratings are:

  -- Long-term IDR: affirmed at 'B-'(B minus); Outlook revised to
     Negative from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Individual: affirmed at 'D/E'

  -- Support: affirmed at '5'

  -- Support Rating Floor assigned at 'No Floor'


KOVROVETS EXCAVATOR: Under External Bankruptcy Procedure
--------------------------------------------------------
The Arbitration Court of Vladimirskaya has commenced external
management bankruptcy procedure on OJSC Kovrovets Excavator
Plant.  The Case is docketed under No. A11=962177/2008,-?1=96104B.

The External Insolvency Manager is:

         D. Gryaznov
         Building 1
         Planetnaya Str. 29
         Moscow
         Russia

The Debtor can be reached at:

         OJSC Kovrovets Excavator Plant
         Lopatina Str. 5
         Kovrov
         Vladimirskaya
         Russia


KUCHINSKIY BRICKMAKING: Creditor Must File Claims by December 28
----------------------------------------------------------------
Creditors of LLC Kuchinskiy Brickmaking Plant have until
Dec. 28, 2008, to submit proofs of claims to:

         Ye. Ivanov
         Temporary Insolvency Manager
         Post User Box 19
         105082 Moscow
         Russia
         Tel: 727-10-40

The Arbitration Court of Moscow will convene at 2:30 p.m. on
Mar. 16, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?-41=9621601/08.

The Debtor can be reached at:

         LLC Kuchinskiy Brickmaking Plant
         Keramicheskaya Str. 2b
         Zheleznodorozhny
         143983 Mosckovskaya
         Russia


KUZBASS-ELEMENT CJSC: Kemerovskaya Bankruptcy Hearing Set May 5
---------------------------------------------------------------
The Arbitration Court of Kemerovskaya will convene at 10:30 a.m.
on May 5, 2009, to hear bankruptcy supervision procedure on CJSC
Kuzbass-Element.  The case is docketed under Case No. ?27=96
14852/2008,=964.

The Temporary Insolvency Manager is:

         G. Kuptsov
         Predzavodskaya Str. 1b
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Kuzbass-Element
         Spasstantsiya Str. 15
         Leninsk-Kuznetskiy
         Russia


OIL-RESOURCE LLC: Creditor Must File Claims by December 28
----------------------------------------------------------
Creditors of LLC Oil-Resource have until Dec. 28, 2008, to submit
proofs of claims to:

         N. Tarygin
         Temporary Insolvency Manager
         Office 170
         Oktyabrskaya Strr. 4
         Tulgan
         462010 Orenburgskaya
         Russia
         Tel: (35332)2-26-95.

The Arbitration Court of Orenburgskaya will convene at 9:00 a.m.
on Mar. 11, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?47=966278/2008,=9614/3 GK.

The Debtor can be reached at:

         LLC Oil-Resource
         Orenburg
         Russia


PETERBURG-KALININGRAD-STROY CJSC: Bankruptcy Hearing Set Feb. 24
----------------------------------------------------------------
The Arbitration Court of Kaliningrad will convene at 2:30 p.m.
on Feb. 24, 2009, to hear bankruptcy supervision procedure on
CJSC Peterburg-Kaliningrad-Stroy.  The case is docketed under
Case No. ?21=966129/2008.

The Temporary Insolvency Manager is:

         N. Kustov
         Portovaya Str. 24
         236003 Kaliningrad
         Russia
         Tel: 69-25-36
         Fax: 69-25-34.

The Debtor can be reached at:

         CJSC Peterburg-Kaliningrad-Story
         Bagrationa Str. 82/8
         236039 Kaliningrad
         Russia


SIBIR-LES-EXPO LLC: Creditor Must File Claims by December 28
------------------------------------------------------------
Creditors of LLC Sibir-Les-Expo (Forestry) have until
Dec. 28, 2008, to submit proofs of claims to:

         Ye. Katser
         Temporary Insolvency Manager
         Post User Box 12161
         660041 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy will convene at
10:00 a.m. onFeb.11, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. ?33=9611921/2008,.

The Court is located at:

         The Arbitration Court of Krasnoyarskiy
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Sibir-Les-Expo
         Bograda Str. 111
         Yeniseysk
         663180 Krasnodarskiy
         Russia


TEKHNO-STROY LLC:  Creditors Must File Claims by December 28
------------------------------------------------------------
Creditors of LLC Tekhno-Stroy (TIN 7715383562, PSRN
1037715048360) (Construction) have until Dec. 28, 2008, to submit
proofs of claims to:

         G. Belova
         Insolvency Manager
         Building 3
         1st Truzhennikov pereulok 12
         119121 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40=9648072/08-101-105B.

The Debtor can be reached at:

         LLC Tekhno-Stroy
         Dezhneva Prospect 23
         127081 Moscow
         Russia


VOLGOGRADSKIY PAINT: Bankruptcy Hearing Set Feb. 25
---------------------------------------------------
The Arbitration Court of Volgogradskaya will convene at
10:00 a.m. on Feb.25, 2009, to hear bankruptcy supervision
procedure on LLC Volgogradskiy Paint and Varnish Plant.  The case
is docketed under Case No. ?12=9615015/08-s55.

The Temporary Insolvency Manager is:

         A. Kharkov
         Post User Box 1032
         400105 Volgograd
         Russia

The Debtor can be reached at:

         LLC Volgogradskiy Paint and Varnish Plant
         Pionerskaya Str. 1
         400012 Volgograd
         Russia


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CAJA DE AHORROS: Fitch Downgrades 11 Tranches of CDO Transactions
-----------------------------------------------------------------
Fitch Ratings has taken various rating actions on five Spanish
small- and medium-sized enterprise collateralized debt obligation
transactions originated by Caja de Ahorros de Valencia, Castellon
y Alicante (rated 'A'/'F1'/Outlook Stable).  In total, 11 tranches
were downgraded and 11 tranches were affirmed.  Six tranches were
assigned Negative rating Outlooks, six tranches had their Negative
rating Outlooks maintained, and seven tranches were assigned
Stable rating Outlooks.

Earlier this year, driven by a combination of declining
performance trends as well as the worsening Spanish macro-economic
environment, Fitch assigned Negative rating Outlooks to 19
tranches issued by Spanish SME CDO transactions.  In a special
report published on May 8, 2008, entitled "Rating Outlooks in
Spanish SME CDOs", Fitch discussed why the agency had a negative
view for the next one to two years and highlighted macro-economic
trends and concerns which, the agency believes, place these notes
at increased risk for downgrade over the long term.

Since then, there has been a notable increase in delinquencies.
While significant losses have yet to materialize, Fitch expects
further deterioration due to the downturn in the Spanish economy
and the significant exposure of the transactions to the real
estate and related sectors.  While recent declines in interest
rates and augmented collection efforts may relieve some degree of
stress in the portfolios, Fitch expects performance to weaken
further over the near-term due to deteriorating macroeconomic
conditions and growing stress in the real estate and construction
sectors.  Given these expectations, the transactions listed below
were reviewed to determine if the levels of credit protection were
sufficient to maintain the current ratings.

In the analysis undertaken, assumptions on probability of default
and loss severity were made with regards to current delinquencies
as well as the performing portfolio.  Fitch assumed an economic
cycle adjusted base case PD of approximately 10-15% and a 'BB'
recovery rate from the initial rating analysis.  The base case PD
was increased for the portion of the portfolio which is
delinquent.  The longer the loans have been delinquent, the higher
the assumed PD (up to 100% for loans greater than six months in
arrears).  The resulting expected losses were compared to the
subordination available for each tranche and the coverage afforded
determines the appropriate ratings for the notes.  Seasoning,
excess spread, as well as industry and obligor concentration risk
also factored into Fitch's credit view.

The rating actions, the transactions' main portfolio parameters
and rating action rationale are:

FTPYME Bancaja 2 Fondo de Titulizacion de Activos

  -- Class A3 (G) (ISIN ES0339751028) affirmed at 'AAA'; assigned
     a Stable Outlook

  -- Class B (ISIN ES0339751036) downgraded to 'A' from 'AA-'(AA
     minus); assigned a Negative Outlook

  -- Class C (ISIN ES0339751044) downgraded to 'BB' from 'BBB+';
     assigned a Negative Outlook

As of Sept. 30, 2008, 90+ day delinquencies stood at 0.8% of the
current portfolio, real estate and related sectors exposure 50.1%,
and the largest geographical region is Valencia at 59.7%.  The
transaction as a whole has benefited from de-leveraging that has
reached 20.2% of the initial portfolio balance.  While the reserve
fund of EUR5 million provides 4.6% of credit enhancement to class
C, the largest obligor is EUR1.3 million and the top five obligors
total EUR5.9 million.  The lowest-rated tranche class C, and to a
lesser extent class B are highly exposed to the top obligors'
concentration risk, as well as any increase in expected defaults
and assumed loss severity, and hence have been downgraded and
assigned Negative rating Outlooks as noted above.

FTPYME Bancaja 3 Fondo de Titulizacion de Activos

  -- Class A3 (G) (ISIN ES0304501028) affirmed at 'AAA'; assigned
     a Stable Outlook

  -- Class B (ISIN ES0304501036) downgraded to 'AA' from 'AAA';
     assigned a Negative Outlook

  -- Class C (ISIN ES0304501044) downgraded to 'BB' from 'BBB+';
     assigned a Negative Outlook

  -- Class D (ISIN ES0304501051) downgraded to 'B' from 'BBB-'(BBB
     minus); assigned a Negative Outlook

As of Sept. 30, 2008, 90+ day delinquencies stood at 3.7% of the
current portfolio, real estate and related sectors exposure 48.4%,
and the largest geographical region is Valencia at 57.8%.  The
transaction as a whole has benefited from de-leveraging that has
reached 21% of the initial portfolio balance. Credit enhancement
for classes B, C and D are 17.2%, 6.9% and 2.6% respectively;
provided by subordination and the reserve fund of EUR5 million.
In comparison, the largest obligor in the portfolio is EUR4.3
million and the top five obligors total EUR15.5 million.  Class B
is exposed to any increase in expected defaults and assumed loss
severity, and hence has been downgraded and assigned a Negative
rating Outlook as noted above.  The two lowest-rated tranches
class C and class D are highly exposed to the top obligors'
concentration risk as well as any increase in expected defaults
and assumed loss severity, and hence have been downgraded to below
investment grade and assigned Negative rating Outlooks.

FTPYME Bancaja 4 Fondo de Titulizacion de Activos

  -- Class A2 (ISIN ES0339731012) affirmed at 'AAA'; assigned a
     Stable Outlook

  -- Class A3 (G) (ISIN ES0339731020) affirmed at 'AAA'; assigned
     a Stable Outlook

  -- Class B (ISIN ES0339731038) affirmed at 'A'; assigned a
     Stable Outlook

  -- Class C (ISIN ES0339731046) affirmed at 'BBB+'; assigned a
     Negative Outlook

  -- Class D (ISIN ES0339731053) downgraded to 'B' from 'BB-' (BB
     minus); Negative Outlook maintained

  -- Class E (ISIN ES0339731061) affirmed at 'CC'

As of Sept. 30, 2008, 90+ day delinquencies stood at 5.1% current
portfolio, real estate and related sectors exposure 52.6%, and the
largest geographical region is Valencia at 53.3%.  The transaction
as a whole has benefited from de-leveraging that has reached 21.8%
of the initial portfolio balance.  The largest obligor is EUR6.2
million and the top five obligors total EUR22.9 million.  While
the reserve fund of EUR20.4 million provides 6% of credit
enhancement to class D, the note remains highly exposed to the
expected loss from current and further delinquencies, and hence
has been downgraded as above, with a Negative rating Outlook being
maintained.  Meanwhile, class C is currently deemed to have
sufficient credit protection to maintain an investment grade
rating; however, due to the downturn in the economy and expected
increase in delinquencies, a Negative rating Outlook was assigned
to the tranche.

PYME Bancaja 5, Fondo de Titulizacion de Activos

  -- Class A3 (ISIN ES0372259020) affirmed at 'AAA'; assigned a
     Stable Outlook

  -- Class B (ISIN ES0372259038) affirmed at 'A'; Negative Outlook
     maintained

  -- Class C (ISIN ES0372259046) downgraded to 'BB' from 'BBB';
     Negative Outlook maintained

  -- Class D (ISIN ES0372259053) downgraded to 'CC' from 'CCC'

As of Oct. 31, 2008, 90+ day delinquencies stood at 6% current
portfolio, real estate and related sectors exposure 63.2%, and the
largest geographical region is Valencia at 49.2%.  The transaction
has benefited to some degree from de-leveraging that has reached
39.2% of the initial portfolio balance.  While the reserve fund of
EUR27.9 million provides 5.5% of credit enhancement to class C,
the note remains highly exposed to the expected loss from current
and further delinquencies.  Given the continued increase in
delinquencies and limited amount of credit protection in place,
classes C and D have been downgraded and Negative rating Outlooks
are being maintained for classes B and C.

FTPYME Bancaja 6, Fondo de Titulizacion de Activos

  -- Class A2 (ISIN ES0339735013) downgraded to 'AA' from 'AAA';
     Negative Outlook maintained

  -- Class A3 (G) (ISIN ES0339735021) affirmed at 'AAA'; assigned
     a Stable Outlook

  -- Class B (ISIN ES0339735039) downgraded to 'BBB' from 'A-' (A
     minus); Negative Outlook maintained

  -- Class C (ISIN ES0339735047) downgraded to 'B' from 'BBB-'(BBB
     minus); Negative Outlook

  -- Class D (ISIN ES0339735054) affirmed at 'CC'

As of Oct. 31, 2008, 90+ day delinquencies are at 5.4% current
portfolio, real estate and related sectors exposure 58.1%, and the
largest geographical region is Valencia at 55.7%.  The transaction
closed in 2007 and has not benefited from de-leveraging to the
same degree as older vintage transactions; the current portfolio
is 69.8% of initial portfolio balance.  The reserve fund of EUR27
million provides 3.65% of credit enhancement.  Given the seasoning
of the transaction, current delinquencies are high and further
delinquencies are expected. Our analysis of the delinquency
pipeline and updated default forecast for the current portion of
the portfolio indicate that current levels of credit protection
for classes A2, B, and C have declined considerably.  As such,
these classes have been downgraded with Negative rating Outlooks
maintained as noted above.


SANTANDER CONSUMER: S&P Holds 'CCC-' Ratings on Three Note Classes
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings in
three Spanish asset-backed securities transactions originated by
Santander Consumer, E.F.C., S.A., due to deteriorating performance
and thus insufficient credit enhancement.

Specifically, S&P lowered and removed from CreditWatch negative
its ratings on the class B, C, and D notes issued by Fondo de
Titulizacion de Activos Santander Consumer Spain Auto 06 (Consumer
Auto 06) and on the class B and C notes issued by Fondo de
Titulizacion de Activos Sandander Consumer Spain Auto 07-1
(Consumer Auto 07-1).

At the same time, S&P lowered its ratings on the class B, C, and D
notes issued by Fondo de Titulizacion Consumer Spain 07-2
(Consumer Spain 07-2) and affirmed all other notes in all three
transactions.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information that S&P has received.
This analysis showed that the credit enhancement available for the
class B and C notes in Consumer Auto 07-1 and class B, C, and D
notes in the other two transactions were not sufficient to
maintain the current ratings.

This was driven mainly by further deterioration of the pools'
performance, which led, together with the deterioration of the
economic environment in Spain, to an increase in S&P's
expectations for defaults for each of the transactions.

The three transactions have breached their revolving trigger
threshold at 1.5%, resulting in early amortization.  Consumer Auto
06 in July 2008, Consumer Auto 07-1 in September 2008, and
Consumer Spain 07-2 in May 2008.  At the time when the
transactions breached their revolving triggers, loans in arrears
for more than 90 days as a percentage of the outstanding balance
were 1.579%, 2.320%, and 2.640%, respectively.

The early termination of a revolving period does not generally, in
itself, negatively affect ratings.  Indeed, a shorter revolving
period may result in the pools' assets being more seasoned, while
pool amortization will lead to higher levels of credit enhancement
available to the outstanding notes.

However, in these three transactions, delinquency rates have
continued to rise rapidly since these triggers were breached and
loans in arrears for more than 90 days are currently at 2.55% for
Consumer Auto 06, 2.32% for Consumer Auto 07-1, and 7.08% for
Consumer Spain 07-2.  Loans in arrears for more than 180 days as a
percentage of the outstanding balance are 1.16% for Consumer Auto
06, 0.84% for Consumer Auto 07-1, and 4.12% for Consumer Spain
07-2.

Given the current macroeconomic environment in Spain and the
performance of the collateral since the beginning of the year, S&P
expects a significant portion of loans in arrears for more than 90
and 180 days to roll through to default in the near future.  This
will have a negative effect on the ability to generate excess
spread and may result in draws on the reserve funds, putting
further pressure on the junior and mezzanine notes.

The notes issued by Consumer Auto 06 and Consumer Auto 07-1 are
backed by a portfolio of Spanish consumer loans originated by
Santander Consumer, E.F.C. and granted to individuals and
enterprises for buying new or used cars.  The notes issued by
Consumer Spain 07-2 are backed by a portfolio of both auto and
consumer loans granted to individuals and businesses domiciled in
Spain.

           Ratings Lowered and Removed From CreditWatch

Fondo de Titulizacion de Activos Santander Consumer Spain Auto 06
         EUR1,360.2 Million Asset-Backed Floating-Rate Notes

       Class                Rating
       -----                ------
                  To                         From
                  --                         ----
       B          A                          AA/Watch Neg
       C          BBB                        A/Watch Neg
       D          BB                         BBB/Watch Neg

    Fondo de Titulizacion de Activos Santander Consumer Spain
                         Auto 07-1
       EUR2,040 Million Asset-Backed Floating-Rate Notes

       Class                Rating
       -----                ------
                  To                         From
                  --                         ----
       B          BBB                        A/Watch Neg
       C          BB                         BBB/Watch Neg

                     Ratings Lowered

Fondo de Titulizacion de Activos Santander Consumer Spain 07-2
       EUR1,020 Million Asset-Backed Floating-Rate Notes

       Class                Rating
       -----                ------
                  To                         From
                  --                         ----
       B          A                          AA
       C          BBB                        A
       D          BB                         BBB

                         Ratings Affirmed

Fondo de Titulizacion de Activos Santander Consumer Spain Auto 06
      EUR1,360.2 Million Asset-Backed Floating-Rate Notes

                  Class                     Rating
                  -----                     ------
                  A                         AAA
                  E                         CCC-

    Fondo de Titulizacion de Activos Santander Consumer Spain
                          Auto 07-1
       EUR2,040 Million Asset-Backed Floating-Rate Notes

                  Class                     Rating
                  -----                     ------
                  A                         AAA
                  D                         CCC-

Fondo de Titulizacion de Activos Santander Consumer Spain 07-2
        EUR1,020 Million Asset-Backed Floating-Rate Notes

                  Class                     Rating
                  -----                     ------
                  A                         AAA
                  E                         CCC-


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FORD MOTOR: To Re-Evaluate Strategic Options for Volvo
------------------------------------------------------
Ford Motor Company in a press statement on Monday said it will re-
evaluate strategic options for Volvo Car Corporation, including
the possible sale of the Sweden-based premium automaker.

Ford said the decision to re-evaluate strategic options for Volvo
comes in response to the significant decline in the global auto
industry particularly in the past three months and the severe
economic instability worldwide.  The strategic review of Volvo is
in line with a broad range of actions Ford is taking to strengthen
its balance sheet and ensure it has the resources to implement its
product-led transformation plan.

"Given the unprecedented external challenges facing Ford and the
entire industry, it is prudent for Ford to evaluate options for
Volvo as we implement our ONE Ford plan," said Ford President and
CEO Alan Mulally.  "Volvo is a strong global brand with a proud
heritage of safety and environmental responsibility and has
launched an aggressive plan to right-size its operations and
improve its financial results. As we conduct this review, we are
committed to making the best decision for both Ford and Volvo
going forward."

Ford said the review likely will take several months to complete.
In the meantime, Ford will continue working closely with Volvo as
it implements its restructuring plan under CEO Stephen Odell, who
was appointed to lead Volvo earlier this year.

At the same time, Ford and Volvo will continue to put in place
processes that allow Volvo to operate on a more stand-alone basis
in the absence of the Premier Automotive Group structure, an
effort which began in November 2007 following a previous review by
Ford of strategic options for Volvo.

"Outstanding safety, an increased focus on environmentally
friendly vehicles and contemporary Scandinavian design will
continue to be the foundation upon which we will build a strong
Volvo business for the future." Mr. Odell said.  "We intend to
build upon our strong brand heritage and to appeal to our global
customers with vehicles like the new XC60 =96 the safest car Volvo
has ever built.  Volvo also will introduce seven low-emission
models in 2009, giving us the best environmental product range in
the premium segment.

"We have a strong brand presence in Europe, North America and the
Asia Pacific region, and are growing in key markets such as China
and Russia, where we are the leading premium brand."
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-'.


FORD MOTOR: In Talks with Swedish Gov't. Over Volvo Aid
-------------------------------------------------------
The Swedish government confirmed it is in talks with General
Motors and Ford following a report that the US carmakers are
seeking support for their struggling Swedish brands, the
Associated Press says.

"We are obviously in talks with Saab, Volvo, GM and Ford all the
time, considering the difficult situation," Lisa Warn, a
spokeswoman for the Swedish government, was quoted by the AP as
saying.

Ms. Warn however declined to give details on the talks, although
she noted that the European Union's tough competition regulations
restrain the options for the Swedish government should it wish to
support the Swedish-based car industry, the AP relates.  Officials
at GM-owned Saab and Ford-owned Volvo also  weren't immediately
available for comments.

Citing a report in the Financial Times, the AP discloses GM and
Ford have approached the Swedish government about aid.

According to the AP, the FT said GM is seeking money for Saab
while Ford is seeking money for Volvo.

Volvo Cars, the AP recalls, earlier unveiled plans to cut some
6,000 jobs worldwide, of which more than half are in Sweden.

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-'.


GENERAL MOTORS: In Talks with Swedish Gov't Over Saab Aid
---------------------------------------------------------
The Swedish government confirmed it is in talks with General
Motors and Ford following a report that the US carmakers are
seeking support for their struggling Swedish brands, the
Associated Press says.

"We are obviously in talks with Saab, Volvo, GM and Ford all the
time, considering the difficult situation," Lisa Warn, a
spokeswoman for the Swedish government, was quoted by the AP as
saying.

Ms. Warn however declined to give details on the talks, although
she noted that the European Union's tough competition regulations
restrain the options for the Swedish government should it wish to
support the Swedish-based car industry, the AP relates.  Officials
at GM-owned Saab and Ford-owned Volvo also  weren't immediately
available for comments.

Citing a report in the Financial Times, the AP discloses GM and
Ford have approached the Swedish government about aid.

According to the AP, the FT said GM is seeking money for Saab
while Ford is seeking money for Volvo.

Volvo Cars, the AP recalls, earlier unveiled plans to cut some
6,000 jobs worldwide, of which more than half are in Sweden.

                      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.


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S W I T Z E R L A N D
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DS TRADE: Creditors Must File Proofs of Claim by December 14
------------------------------------------------------------
Creditors owed money by JSC DS Trade are requested to file their
proofs of claim by Dec. 14, 2008, to:

         G. Guisan 12
         6902 Paradiso
         Switzerland

The company is currently undergoing liquidation in Paradiso.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 29, 2008.


FRIGOSUISSE IMMOBILIEN: Deadline to Claims Set December 13
----------------------------------------------------------
Creditors owed money by JSC Frigosuisse Immobilien are requested
to file their proofs of claim by Dec. 13, 2008, to:

         Frank Buhler
         Liquidator
         Advocacy and notary's office Vischer
         Aeschenvorstadt 4
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 31, 2008.


FUTURA COMERCIAL: Creditors Have Until Dec. 14 to File Claims
-------------------------------------------------------------
Creditors owed money by JSC Futura Comercial are requested to file
their proofs of claim by Dec. 14, 2008, to:

         Arthur Stockli
         Kreuzstrasse 30
         8640 Rapperswil
         Switzerland

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


METHODE SCHLUMBERGER: Proofs of Claim Filing Deadline is Dec. 14
----------------------------------------------------------------
Creditors owed money by LLC Methode Schlumberger are requested to
file their proofs of claim by Dec. 14, 2008, to:

         Dr. F. Ruder
         Industriestrasse 31
         8305 Dietlikon
         Germany

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


RUEDI WALLE: Creditors' Proofs of Claim Due by December 14
----------------------------------------------------------
Creditors owed money by LLC Ruedi Walle are requested to file
their proofs of claim by Dec. 14, 2008, to:

         Ruedi Walle
         Stofel
         9105 Wald-Schonengrund
         Switzerland

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


SCHLUMBERGER THERMOGLAS: Dec. 14 Set as Deadline to File Claims
---------------------------------------------------------------
Creditors owed money by LLC Schlumberger Thermoglas are requested
to file their proofs of claim by Dec. 14, 2008, to:

         Dr. F. Ruder
         Industriestrasse 31
         8305 Dietlikon
         Switzerland

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


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U K R A I N E
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RESOURCE AND K: Creditors Must File Claims by December 17
---------------------------------------------------------
Creditors of LLC Building-Technical Resource And K (code EDRPOU
35474398) have until Dec. 17, 2008, to submit proofs of claim to:

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

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 13, 2008.
The case is docketed as B-19/174-08.


COMPROMISS-SERVICE LLC: Creditors Must File Claims by Dec. 17
-------------------------------------------------------------
Creditors of LLC Compromiss-Service (code EDRPOU 32680051) have
until Dec. 17, 2008, to submit proofs of claim to:

         Mr. Arkady Gorban
         Temporary Insolvency Manager
         Skovoroda Str. 32
         Hmelnitskiy 29000
         Ukraine

The Economic Court of Hmelnitskiy Region commenced bankruptcy
supervision procedure on the company on Oct. 6, 2008.  The case is
docketed as 7/208-B.

         Economic Court of Hmelnitskiy Region
         Independency Square, 1
         29000 Hmelnitskij
         Ukraine

The Debtor can be reached at:

         LLC Compromiss-Service
         Kurchatov Str. 18
         29000 Hmelnitskij
         Ukraine


ENERGYEXPORT-1 LLC: Creditors Must File Claims by December 17
-------------------------------------------------------------
Creditors of LLC Energyexport-1 (code EDRPOU 30515633) have until
Dec. 17, 2008, to submit proofs of claim to:

         Mr. A. Petrenko
         Liquidator / Insolvency Manager
         Komsomolskaya Str. 30
         69063 Zaporozhje
         Ukraine
         Tel: 8(061)764-32-25

The Arbitration Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on Oct.
27, 2008.  The case is docketed as 16/201/08.

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

The Debtor can be reached at:

         LLC Energyexport-1
         Apt. 40
         Ladozhskaya Str. 8
         69000 Zaporozhje
         Ukraine


EURO PETROLEUM: Creditors Must File Claims by December 17
---------------------------------------------------------
Creditors of LLC Euro Petroleum Limited Ltd. (code EDRPOU
24594530) have until Dec. 17, 2008, to submit proofs of claim to:

         Mr. Andrew Nadlonok
         Liquidator
         Zubrovskaya Str. 25a/33
         79066 Lvov
         Ukraine
         Tel: 8-097-289-43-40

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.
The case is docketed as 50/311.

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

The Debtor can be reached at:

         LLC Euro Petroleum Limited Ltd.
         Vasilenko Str. 23-b
         Kiev
         Ukraine


KIEV-RECONSTRUCTION OJSC: Creditors Must File Claims by Dec. 17
---------------------------------------------------------------
Creditors of OJSC Joint Stock Company Kiev-Reconstruction (code
EDRPOU 03335623) have until Dec. 17, 2008, to submit proofs of
claim to:

         Mr. Vasily Kuzmenko
         Temporary Insolvency Manager
         Office 42
         Pechersky Slope, 18
         01011 Kiev
         Ukraine
         Tel: 8(044)280-78-04

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on Oct. 17, 2008.  The case is docketed
as 50/369.

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

The Debtor can be reached at:

         OJSC Joint Stock Company Kiev-Reconstruction
         Gorky Str. 5
         01004 Kiev
         Ukraine


LAZ-INSTRUMENT OJSC: Creditors Must File Claims by December 17
--------------------------------------------------------------
Creditors of OJSC Laz-Instrument (code EDRPOU 22347046) have until
Dec. 17, 2008, to submit proofs of claim to:

         Mr. Oleg Kobelnik
         Liquidator
         Dovbush Str. 21
         Pustomity
         Lvov 81100
         Ukraine

The Arbitration Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 28, 2008.
The case is docketed as 8/79.

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         OJSC Laz-Instrument
         Striy Str. 45
         79026 Lvov
         Ukraine


MAXIM TRADE: Creditors Must File Claims by December 17
------------------------------------------------------
Creditors of LLC Maxim Trade (code EDRPOU 35738664) have until
Dec. 17, 2008, to submit proofs of claim to:

         Mr. Rostislav Talan
         Liquidator
         A/B 158
         49000 Dnipropetrovsk
         Ukraine
         Tel: (056)370-74-70

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Nov.
11, 2008.  The case is docketed as B 29/244-08.

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

The Debtor can be reached at:

         LLC Maxim Trade
         Apt. 23
         Shevchenko Str. 33
         49000 Dnipropetrovsk
         Ukraine


MONOLIT-C LLC: Creditors Must File Claims by December 17
--------------------------------------------------------
Creditors of LLC Monolit-C (code EDRPOU 3290707) have until
Dec. 17, 2008, to submit proofs of claim to:

         Mr. Oleg Savchuk
         Liquidator / Insolvency Manager
         Apt. 39
         V. Stus Str. 9
         76008 Ivano-Frankovsk
         Ukraine
         Tel: 8(0342)588-027

The Arbitration Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B-13/275.

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Monolit-C
         Dolinskaya Str. 60
         Kalush
         Ivano-Frankovsk
         Ukraine


RASTAVETS LLC: Creditors Must File Claims by December 17
--------------------------------------------------------
Creditors of Agricultural LLC Rastavets (code EDRPOU 30847922)
have until Dec. 17, 2008, to submit proofs of claim to:

         Mr. O. Dovzhanitsa
         Liquidator / Insolvency Manager
         Uritsky Str. 160
         Cherniakhov
         12301 Zhytomir
         Ukraine
         Tel: 8(050)556-9800

The Arbitration Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 15, 2008.
The case is docketed as 7/134-b.

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

The Debtor can be reached at:

         Agricultural LLC Rastavets
         Belilovka
         Ruzhynski
         Zhytomir
         Ukraine


TMM REAL: Fitch Assigns 'CC' Long-Term Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has assigned TMM Real Estate Development plc,
operating in Ukraine, Long-term foreign and local currency Issuer
Default ratings of 'CC', a National Long-term rating of 'B(ukr)',
and has simultaneously placed both ratings on Rating Watch
Negative.

The ratings are supported by TMM's favorable position within the
Ukrainian residential property market, the company's vertical
integration comprising development, construction and construction
materials businesses, and its substantial project portfolio which
is well diversified by quantity (35 projects) and types of
project.  The main part of the project portfolio is represented by
residential projects in which the company has its most expertise.

Negative rating factors include that most of TMM's projects have
yet to start.  The company's ability to build out this project
pipeline is heavily reliant on it being able to attract external
debt facilities, which Fitch notes could prove to be very
challenging in the current financing environment.  TMM's ratings
reflect the relatively small scale of the company's business (net
revenues of US$61 million, EBITDAR of US$9 million at FYE07), its
weak liquidity position, lack of rental income and vulnerability
to a possible decrease of EBITDAR margin in case of a real estate
market downturn.  If EBITDAR margin decreased, it could cause a
dramatic rise of the net debt to EBITDAR financial ratio.
Furthermore, TMM's corporate governance is below global standards,
with a high level of a key-person risk -- since the key role in
the company's governance pertains to its major beneficiary and CEO
Mykola Tolmachov who controls 70% of its shares.  In addition, TMM
does not have robust internal policies regulating the level of
liquidity, as well as material mechanisms to prevent cash up-
streaming to its shareholders.

The RWN reflects Fitch's expectation that TMM is unlikely to be
able to repay and to refinance its short-term maturities, given
the company's weak liquidity position, the impact of a possible
real estate market downturn, and the challenging financing
environment.  Therefore, the company is strongly reliant on the
decisions of its lenders to extend the maturities, and Fitch
cannot safely assume that all lenders may be willing to grant an
extension.  A downgrade of the ratings could be triggered by
either TMM's actual failure to repay its debt maturities, or
evidence of imminence of default.  Conversely, Fitch notes that
the RWN could be resolved if the company creates liquidity
reserves sufficient to cover its short-term debt maturities.

TMM's liquidity is supported by cash reserves of US$1 million and
committed un-drawn credit facilities totaling US$25 million (as at
November 20, 2008).  At the same time, the company's funding needs
comprise short-term debt of US$65 million and it continues to
generate negative free cash flow.  Therefore, TMM has a weak
liquidity score of below 0.5x.  As at November 20, 2008 the
company's total debt is US$88 million, of which 66% is secured
(mainly with real estate assets).  No financial covenants are
present in the loan documentation.  All the debt is concentrated
at TMM's Ukrainian-based 100% subsidiary Firma TMM - LLC, which is
the main operating company of TMM group specializing in
construction and development.  The loan portfolio includes the
domestic bond issue of UAH181 million (equivalent of US$30m) with
a coupon of 16.5% due October 2009.

TMM is incorporated in Cyprus.  It is a holding company of a
vertically integrated development and construction group operating
in Ukraine - mainly in Kiev, with presence in Kharkov and Crimea.
In FY07 TMM's net revenues made up US$61 million, EBITDAR was US$9
million, EBITDAR margin 15%.  The revenue was provided by sales of
apartments (45%), construction (48%), rentals (2%) and other
activities (5%).  In 2007 the company IPO'd at the Deutsche Stock
Exchange. Free float is 13%.


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U N I T E D   K I N G D O M
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BRITISH AIRWAYS: Explores Potential Merger with Qantas
------------------------------------------------------
In response to recent media speculation, British Airways Plc, on
Tuesday, December 2, confirmed that it is exploring a potential
merger with Qantas Airways Limited via a dual-listed company
structure.

The discussions between British Airways and Iberia are continuing.

BA however said there is no guarantee that any transaction will be
forthcoming and a further announcement will be made in due course,
if appropriate.

BBC News relates Australian Transport Minister Anthony Albanese
proposed earlier on Tuesday that the rules on foreign ownership be
changed so that while 51% must still be Australian-owned, the
remaining 49% may be owned by a single foreign airline.

Under current Australian law, Qantas must be at least 51%
Australian-owned, BBC discloses.

BBC notes any individual foreign airline can only own up to 25% of
it and only a total of 35% may be owned by foreign airlines.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
-- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd.  and British Airways
Travel Shops Ltd.  BA has offices in India and Guatemala.

                          *     *     *

As reported in the TCR-Europe on Nov. 18, 2008, Moody's Investors
Service placed all ratings of British Airways plc (Baa3 Corporate
Family Rating - CFR); Ba1 senior unsecured and the Ba2 rating of
the perpetual guaranteed preferred securities on review for
possible downgrade.


COFFEE REPUBLIC: Eliminates Debt, First Half Loss Down by 40%
-------------------------------------------------------------
Coffee Republic PLC is now debt free after reducing the company's
bank borrowings to GBP1.5 million at the end of this half year
(September 28) from GBP3.3 million two years ago, Chairman and
Chief Executive Officer Peter J F Breach said in a statement.

Mr. Breach disclosed this position was arrived at following
agreement with the company's bank for the elimination of its
borrowings provided they were paid a reduced amount promptly.

According to Mr. Breach, with the benefit of a share placing and
the approval of resolutions at an extraordinary general meeting on
December 1, the company has complied with the terms of the
agreement and has redeemed in full its bank obligations.  The
placing comprised 2,272,665 ordinary shares at 30 pence each which
amounted to GBP681,799.50.

Mr. Breach said he and Non-Executive Director Steven Bartlett,
through related parties, participated in the placing and (with
connected parties) now own 30.37%.  This has been cleared by the
Takeover Panel and was ratified at an EGM on December 2.

The repayment results in the elimination of interest and charges
approaching GBP200,000 a year.

                     First Half Loss Down 40%

For the six months ended September 28, 2008, the company's loss
reported on an IFRS basis was GBP527,000 a reduction of 40 percent
on the same period last year (2007: GBP895,000).  On an adjusted
basis the loss was GBP296,000 (2007: GBP550,000).

Mr. Breach stated a material factor in the loss was the cost
associated with the return to company ownership of a number of
poorly trading franchise stores.  The possibility of more stores
being returned must remain an area of concern for all franchise
businesses in the current economic environment but the raising of
standards required of franchise proposals should reduce this
problem in future, he said.

"Sales at UK coffeeshops, including Coffee Republic, are currently
showing resilience in the face of the generally depressed retail
environment.  Like for like network sales are flat although after
taking account of new openings sales are up by 33 percent compared
with a year ago.  Also, store expansion continues satisfactorily
but, nonetheless, we intend to proceed warily," Mr. Breach added.

                          Equity Deficit

Coffee Republic's unaudited consolidated balance sheet as of
September 28, 2008, showed total assets of GBP4,059,000 and total
liabilities of GBP6,394,000 resulting in a total equity deficit of
GBP2,335,000.

                      About Coffee Republic

Coffee Republic PLC (LON:CFE) -- http://www.coffeerepublic.com/--
is a United Kingdom-based company.  The company is engaged in the
operation, both directly and through franchising, of specialty
espresso and deli bars.  Its subsidiaries include Coffee Republic
(UK) Limited, Goodbean Limited, Republic Deli Limited and Coffee
Republic Franchising Limited. As of August 28, 2008, it had 16
company operated bars and 53 franchise operated bars.


E-REPORTING GROUP: Appoints Joint Administrators from KPMG
----------------------------------------------------------
On Nov. 18, 2008 Andrew Stephen McGill and Myles Antony Halley of
KPMG LLP were appointed joint administrators of:

   -- E-Reporting Group Ltd.,
   -- Medical Report Services Ltd.,
   -- Remedy Matters Ltd.,
   -- Healthcare 24 Ltd., and
   -- Ewitness Ltd.

These companies can be reached at:

         Suite C
         Cannon Newton House
         Evesham Walk
         Redditch
         Worcestershire
         B97 4HA


ENTERTAINMENT TECHNOLOGY: Taps Joint Liquidators from Tenon
-----------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of Entertainment Technology Solutions Ltd. on
Nov. 19, 2008.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


LONDON SCOTTISH: Goes Into Administration
-----------------------------------------
On November 30, 2008, the Financial Services Authority determined
that London Scottish Bank plc should be prevented from accepting
further deposits as it no longer met the FSA's threshold
conditions for authorization.  It was placed into administration
later that evening by the Court on the  application of its
directors.  Ernst and Young has been appointed as administrator.

As a result of the bank's administration the Financial Services
Compensation Scheme (FSCS) has been triggered to safeguard retail
deposits.  The FSCS is now putting arrangements in place to pay
back customers and will provide further information for customers
shortly.  The Chancellor has taken action to protect FSCS eligible
retail depositors above the FSCS limits.

Eligible retail depositors will be compensated through the FSCS
with HM Treasury protecting balances above the current UK deposit
limit of GBP50,000.  The FSCS will administer the full payout of
deposits.

The bank, the Financial Times says, collapsed into administration
after failing to secure a takeover or otherwise make up a
shortfall in its capital ratio for nearly a year.

The FSA watchdog 11 months ago ordered the bank to increase its
capital ratio, the FT recounts.

The bank's shares, which closed on Friday at 2.6 pence (US$0.04),
were suspended on the London Stock Exchange, the Associated Press
relates.

                           Operations

In a statement posted in LSB's Web site, joint administrators
Maggie Mills, Tom Jack, and Simon Allport said the bank has not
ceased to trade.

While in administration, the bank will continue to manage its
current loan book and the administrators will be seeking to find
purchasers for, and will continue to manage, the remainder of the
bank business and loan book to maximize recovery for creditors.
The existing mortgage/loan agreements of borrowers remain in
place, the repayment profile of your mortgage/loans is not being
changed and you are not being expected to refinance elsewhere.
Borrowers should continue to make payments in the usual way.

The directors are still the directors of the bank.  While in
administration, the administrators are ultimately responsible for
Company.  However, the directors and existing management structure
will remain in place and the directors and their existing
management team will be responsible for the day-to-day operations.

Citing a spokeswoman for Ernst & Young, Reuters reports that many
potential buyers had expressed interest both in the bank as a
whole and in its profitable debt collection unit, although she
added that it was "too early to say" whether any of the
expressions of interest would result in a sale.

LSB, Reuters discloses, reported a group loss of GBP7.4 million
for the six months to April 30, while its debt collection
business, Robinson Way, had a profit of GBP4.3 million pounds.

London Scottish Bank plc based in Manchester, accepted deposits,
and provides loans principally through door-to-door collection as
well as mortgage business including "right-to-buy" under local
authority housing sales.  The bank has approximately 10,000
depositors.


MOLWIN HOMES: Names Joint Administrators from Deloitte & Touche
---------------------------------------------------------------
Lee Anthony Manning of Deloitte & Touche LLP were appointed joint
administrators of Molwin Homes Ltd. on Nov. 12, 2008.

The company can be reached at:

         Molwin Homes Ltd.
         Target Consulting Ltd.
         Lawrence House
         Lower Bristol Road
         Bath
         BA2 9ET
         England

Molwin Homes is a property developer.


NEW STAR: FSA Turns Down Request to Suspend Share Trading
---------------------------------------------------------
Paul Farrow at the Daily Telegraph reports that the Financial
Services Authority has rejected the request of New Star Asset
Management to suspend trading in its shares.

"New Star had not made a formal request to the UK Listing
Authority to suspend its shares when it made the RNS announcement.
We reviewed the suspension request but did not see a case for
suspension.  At no point did we indicate to New Star or its
advisers that we would suspend the shares.  We may have said we
would consider it, if you asked us, which is a different matter,"
a spokeswoman for the FSA was quoted by the report as saying.

However, it is thought the FSA rejected New Star's request as it
did not feel it was its role to put a floor under the shares, the
report notes.

According to the report, New Star, which last month suspended the
trading of its GBP470 million international property fund last
month after a rush of redemptions caused liquidity problems, had
asked on Sunday for its ordinary shares to be temporarily
suspended, while it held negotiations with its bank syndicate.

New Star, the report recalls, has been in talks with its brokers,
UBS, and banks including HBOS, Lloyds TBS, Royal Bank of Scotland,
HSBC and National Australia Bank, about a debt-for-equity swap for
more than a week.

Talks with the banks are said to be at an advanced stage and a
refinancing deal is expected to be finalized this week, the report
relates.

New Star, the report states, has more than GBP230 million worth of
debt on its balance sheet after a special dividend paid to
shareholders in 2007.  Its assets under management dropped from
GBP19.8 billion at the end of June, to around GBP13 billion amid
falling markets and a wave of redemptions by nervous investors.

The fund manager, the report recounts, re-negotiated its banking
covenants last month.  It also confirmed Stephen Whittaker, its
chief investment officer, resigned after the underperformance of
its UK Growth fund, the report adds.

Citing the Scotsman, the TCR-Europe reported on Nov. 4, 2008, that
New Star may have to restructure its bank lending covenants or end
up breaching them.

According to the TCR-Europe report, an analyst warned that when
the FTSE 100 is between about 4,000 and 4,400, New Star could
breach its banking covenants.  The analyst added "a key driver of
value in the fund management sector is funds under management.  If
equities drop it impacts revenues."

Meanwhile, another analyst cautioned that if New Star did breach
its covenants it would have to pay 1.5% more interest on its loans
"substantially raising costs, such that it could become loss-
making," the report disclosed.

New Star Asset Management -- http://www.newstaram.com/-- is a UK
fund manager, offering a wide range of investment products for
retail and institutional investors.


PERSIMMON PLC: To Refinance Debt Prematurely to Avoid Breach
------------------------------------------------------------
Persimmon plc is looking at refinancing its debt prematurely in
attempt to avoid a possible breach of its banking covenants, the
Financial Times reports.

Citing people close to the situation, the FT relates the company
has called in investment bank NM Rothschild to help it renegotiate
terms for its GBP900 million net debt.

The company is using a routine refinancing of its debt, originally
set for 2009, to push for new conditions, the report notes.

Citing Contract Journal, the TCR-Europe reported on Nov. 3, 2008,
that Robin Hardy, analyst with KBC Peel, raised concerns over
Persimmon's GBP900 million debt.

Mr. Hardy, the report recalled, warned that "there is a risk that
the group's debt facilities will mature at a faster rate than its
ability to generate the cash to pay down its debt
requirements."

Mr. Hardy said that while Persimmon is seen as a good business,
commercially and financially, without a refinancing of its debt =96-
ideally in the near future -=96 it will be trading through the next
two years just to "keep ahead of the next maturity".

Mr. Hardy expects Persimmon to breach its interest-cover covenants
in the first half of 2009, the report disclosed.

"Cash interest is forecast to be covered by EBITDA [a measure of
profit] just twice =96- the covenants require at least three-times
cover," he said.

According to the analyst, Persimmon may have to surrender some of
its debt facilities or redeem some of them early if a breach
occurs.  He cautioned the group may not have sufficient resources
to fund its working capital requirements by the end of 2010 if
debt capacity is withdrawn, the report noted.

Persimmon, the report revealed, is expected to lose about
GBP1.1 billion of its borrowing capacity by November 2010, leaving
the house builder with just an estimated GBP290 million of
borrowing facilities.

The group, the report added, must generate a gross GBP1.3
billion in the five and a half years from June 2008 to be able to
meet all spending commitments, as well as feeding the cost of its
current debt, while holding actual debt at a level within the
GBP290 million limit.

                     About Persimmon Plc

Headquartered in Fulford York, United Kingdom, Persimmon Plc --
http://www.persimmonhomes.com/-- engages in house building in
England, Wales and Scotland.  It trades under the brand names of
Persimmon Homes, Charles Church, City Developments, Westbury
Partnerships and Space4.


REDWOOD GARDEN: Taps Joint Administrators from Grant Thornton
-------------------------------------------------------------
Leslie Ross and David Riley of Grant Thornton UK LLP were
appointed joint administrators of Redwood Garden Centre Ltd. on
Nov. 19, 2008.

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

         4 Hardman Square
         Spinningfields
         Manchester
         M3 3EB
         England


RMAC SECURITIES: Moody's Cuts Classes B1a and B1c Ratings to B1
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on Series
2007-NS1, issued by RMAC Securities No 1 PLC:

  -- Class A2a GBP184.3 Million, Current Rating Aaa, downgraded
     to Aa1;

  -- Class A2b US$110.0 Million, Current Rating Aaa, downgraded
     to Aa1;

  -- Class A2c EUR55.0 Million, Current Rating Aaa, downgraded to
     Aa1;

  -- Class M1a GBP14.0 Million, Current Rating Aa2 and on review
     for downgrade, downgraded to A2;

  -- Class M1c EUR32.6 Million, Current Rating Aa2 and on review
     for downgrade, downgraded to A2;

  -- Class M2c EUR21.5 Million, Current Rating A3 and on review
     for downgrade, downgraded to Baa3;

  -- Class B1a GBP6.5 Million, Current Rating Ba3 and on review
     for downgrade, downgraded to B1;

  -- Class B1c EUR19.6 Million, Current Rating Ba3 and on review
     for downgrade, downgraded to B1.

The rating action concludes the review process of the notes that
started on 22 June 2008, when classes M1a, M1c, M2c, B1a and B1c
were placed on review for downgrade.  The rating actions were
prompted by the continuing worse-than-expected collateral
performance and took into account the increased portfolio loss
expectations and the negative outlook for the UK housing market.

After assessing updated loan-by-loan information of the
outstanding portfolio, Moody's estimates that the expected losses
for this transaction is currently within the 2.7% to 3.1% range.
Series 2007-NS1's collateral performance is still deviating from
the performance of previous transactions of the RMAC series.
Within one period from the last rating review the 90+
delinquencies have increased from 7.26% to 7.90% and the
outstanding unsold repossession balance has increased from 1.49%
to 2.06% (both references on the current portfolio balance).

Within one period from the last rating review the cumulative
realized losses have also increased from for 0.12% to 0.18% of the
original portfolio balance.  The realized losses, the reduction of
the available spread due to the increase of delinquencies and the
exposure to unhedged basis risk between the Libor paid on the
Notes and the Bank of England Base Rate (BBR) has caused the
fourth consecutive reserve fund drawing.  After the last drawing
the reserve fund has further decreased to a level of 80.9% of its
required amount.

Series 2007-NS1 closed in June 2007 and its current pool factor is
86.6%.  The collateral included in Series 2007-NS1 was originated
by GMAC-RFC (99.8% of original portfolio balance), and Amber Home
Loans (0.2% of original portfolio balance).  GMAC RFC Limited is a
wholly-owned subsidiary of ResCap. Homeloan Management Limited
(SQ2+) is the sub-delegated day-to-day servicer as well as the
back-up servicer which will assume the role of primary servicer in
case the appointment of GMAC RFC Limited is terminated by the
trustee because of insolvency or default on its obligations.
Similar to a few other UK RMBS transactions originated by GMAC RFC
Limited, no back-up cash bond administrator was appointed at
closing for this series of notes.  On Aug. 15, 2008 GMAC RFC
Limited and HML entered into a standby cash management deed
whereby HML assumed the obligation to continue performing cash
bond administration functions for Series 2007-NS1 in case the
appointment of GMAC RFC Limited is terminated by the trustee.

The last rating action on the notes issued by Series 2007-NS1 was
released on June 22, 2008.  Moody's will continue to monitor
closely the performance of this transaction.


ROYAL WORCESTER: 16 Outlets Run Clearance Sales
-----------------------------------------------
The administrators of Royal Worcester and Spode from
PricewaterhouseCoopers LLP can confirm a number of immediate
changes to the retail outlet portfolio.

A total of 16 Royal Worcester and Spode retail outlets have been
operating clearance sales since Wednesday, November 19, 2008.

Sales promotions are now running in the remaining stores listed
below which are fully stocked and open as normal in the run up to
Christmas.

The administrators will continue work alongside staff at Royal
Worcester and Spode to trade the business normally during this
busy seasonal period.

Retail outlets remaining open and running sales promotions:

   -- A de Gruchy, Jersey;
   -- Allders, Croydon;
   -- Beales, Poole;
   -- Beales, Worthing;
   -- Boundary Mill Stores, Colne;
   -- Boundary Mill Stores, Shiremoor;
   -- Boundary Mill Stores, Walsall;
   -- McArthur Glen Outlet Village, Bridgend;
   -- Junction 32 Outlet Village, Castleford;
   -- Clarkes Village, Street;
   -- Debenhams, Chester;
   -- Debenhams, Eastbourne;
   -- Debenhams, Oxford Street;
   -- Debenhams, Southampton;
   -- Fenwick, Leicester;
   -- Harrods, Knightsbridge;
   -- Jarrold, Norwich;
   -- Trentham Retail Village, Trentham; and
   -- Webbs Garden Centre, Wychbold.

As reported in the TCR-Europe, Matthew Hammond, Rob Hunt and Mike
Jervis of PricewaterhouseCoopers LLP were appointed joint
administrators to Royal Worcester & Spode Ltd. on November 6,
2008.

Mr. Hammond said the inability to complete the proposed sale of a
site of strategic importance in Stoke and the effect of the
current economic downturn on sales has led to the decision by the
directors of the Royal Worcester & Spode to place the company into
administration.

             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.


             About Royal Worcester & Spode Ltd.

Royal Worcester & Spode Ltd. sources, manufactures and sells
earthenware and china products from three operational sites in the
UK and one site in North America.  The main UK trading subsidiary
is The Porcelain and Fine China Companies Limited which is also
now in administration.  The US trading subsidiary is The Royal
China and Porcelain Companies Inc which remains outside the formal
administration regime.  The UK will continue to work with the US
management team who remain autonomous.  The company operates from
two freehold premises in Stoke and Worcester, two leasehold units
at Lymedale and employs 388 people in the UK.


STARLIGHT MARINE: Appoints Joint Administrators from BDO Stoy
-------------------------------------------------------------
Shay Bannon, Mark Shaw and Toby Underwood of BDO Stoy Hayward LLP,
were appointed joint administrators of Starlight Marine Ltd. on
Nov. 11, 2008.

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

         55 Baker Street
         London
         W1U 7EU
         England


TITAN EUROPE: Fitch Cuts Rating on 2007-1 Class E Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded Titan Europe 2007-1 Limited notes and
has maintained them on Rating Watch Negative:

  -- GBP435.85 million class A secured floating-rate notes due
     2017: Not rated

  -- GBP0.005 million class X secured floating-rate notes due
     2017: Not rated

  -- GBP42.15 million class B secured floating-rate notes due
     2017: downgraded to 'AA-' (AA minus) from 'AA'; remain on RWN

  -- GBP42.00 million class C secured floating-rate notes due
     2017: downgraded to 'A-' (A minus) from 'A'; remain on RWN

  -- GBP58.00 million class D secured floating-rate notes due
     2017: downgraded to 'BBB+' from 'A'; remain on RWN

  -- GBP60.00 million class E secured floating-rate notes due
     2017: downgraded to 'BB' from 'BBB'; remain on RWN

Titan Europe 2007-1 is the Issuer behind the securitization of a
GBP638 million senior loan granted to nursing homes owned by NHP
and which are majority-operated by Southern Cross.

The downgrade reflects the default of the GBP1.172 billion Libra
Whole Loan -- of which the Libra loan is the senior securitized
tranche -- and the significant decline in value of the properties
securing the loan.  The loan event of default has occurred as a
result of loan-to-value covenant being breached following a recent
valuation which revealed a 31% decline in value of the collateral
from GBP1.338 billion at closing in May 2007 to GBP930 million.

Fitch has maintained the RWN to reflect uncertainty over the
possible outcomes of a standstill agreement between the borrowers,
lenders and special servicer which expires on January 14, 2009,
one day before the maturity of the loan.  Fitch understands that
the discussions between parties involved include also a scenario
for a consensual restructure of the indebtedness of the borrowers
and an extension of the loan maturity.  Fitch further understands
that the loan may be extended for a one year without the consent
of the noteholders, but further extension beyond 15 January 2010
would require noteholders' consent.

Fitch notes that the refinancing risk of the bonds is still
mitigated by the eight-year tail period provided by the 2017 legal
final maturity date, the senior ranking of the securitized Libra
loan within the inter-creditor agreement and the presence of an
advance provider if shortfalls arise in the rental payments to
service the interest payments.

Fitch aims to resolve the RWN when more information is available
on the outcome of negotiations between the lenders and the special
servicer.


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X X X X X X X X
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D


* S&P Report Predicts Worse European CMBS Loan Performance Ahead
----------------------------------------------------------------
The ongoing turmoil in the financial and real estate markets bodes
badly for Europe's commercial real estate lending markets, which
face increasing term and refinance risks, according to a report
published by Standard & Poor's Ratings Services.

November 2008 saw continued disruptions in financial markets and
further declines reported in European real estate values, as well
as daily news of yet more businesses facing difficulties.

"Current performance data on European commercial mortgage-backed
securities S&P rate suggests a fairly moderate impact to date,"
said credit analyst Judith O'Driscoll.  "However, S&P think it is
likely that loan performance will deteriorate."

At this stage, the delinquency loan rate in European CMBS--loans
experiencing non-payment of either interest or principal--is
surprisingly low.

Nevertheless, if, as S&P thinks likely, market turmoil and credit
contraction translate into lower occupier and investment demand,
this will place additional stress on borrowers and on real estate
market values.

"In this context, S&P expects the number of delinquencies to rise
rapidly in the short term and, over the medium term, if conditions
continue this is likely to result in losses on rated CMBS notes,"
Ms. O'Driscoll forewarned.


* S&P Takes Rating Actions on 791 European Synthetic CDO Tranches
-----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
791 European synthetic collateralized debt obligation tranches.

Specifically, the ratings on:

  -- 513 tranches were lowered; and
  -- 278 tranches were lowered and remain on CreditWatch negative.

Of the 791 tranches lowered:

  -- 38 reference U.S. residential mortgage-backed securities and
     U.S. CDOs that are exposed to U.S. RMBS, which have
     experienced negative rating actions; and

  -- 753 have experienced corporate downgrades in their portfolio.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs.  These actions incorporate, among other things,
the impact of recent rating migration within reference portfolios
and recent credit events on several corporate entities.

For transactions that have experienced these credit events, and
where the final recovery is still to be determined, S&P has
assumed these recovery valuations:

  -- 91.51% for senior Fannie Mae debt and 99.90% for subordinated
     debt;

  -- 94% for senior Freddie Mac debt and 98% for subordinated
     debt;

  -- 8.625% for Lehman Brothers Inc. (Lehman debt);

  -- 57% for Washington Mutual Inc. debt;

  -- 1.25% for senior Landsbanki Islands debt and 0.125% for
     subordinated debt;

  -- 3% for senior Glitnir debt and 0.1250% for subordinated debt;
     and

  -- 6.625% for senior Kaupthing debt and 2.375% for subordinated
     debt.

The rating actions also reflect the new correlation assumptions
for CDOs that have exposure to:

  -- Financial intermediaries;

  -- Insurance companies; and

  -- Real estate investment trusts and real estate operating
     companies

                         Rating Action Summary

         Downgrades  Upgrades
         (no. of     (no. of   Key corporate
         tranches)   tranches) downgrades*
         ----------  --------- -------------
  Jan-08    57         8       United Parcel Service Inc.
                               (AAA/Watch Neg to AA-/Stable)
                               Jan. 9, 2008

                               Quebecor World Inc.
                               (CCC/Watch Neg to D)
                               Jan. 16, 2008

  Feb-08    90         9       GMAC LLC
                               (BB+/Negative to B+/Negative)
                               Feb. 22, 2008

                               Residential Capital, LLC
                               (BB+/Negative to B/Negative)
                               Feb. 22, 2008

  Mar-08    79         2       FGIC Corp.
                               (BBB/Watch Neg to B/Negative)
                               March 28, 2008

                               FGIC UK Ltd.
                               (A/Watch Neg to BB/Negative)
                               March 28, 2008

  Apr-08   118         9       Royal Caribbean Cruises Ltd.
                               (BBB-/Negative to BB+/Stable)
                               April 3, 2008

                               Residential Capital, LLC
                               (B/Negative to CCC+/Watch Neg)
                               April 24, 2008

  May-08   152         1       Countrywide Home Loans, Inc.
                               (BBB+/Watch Pos to BB+/Watch Dev)
                               May 2, 2008

                               Residential Capital, LLC
                               (CCC+/Watch Neg to CC/Watch Neg)
                               May 2, 2008

  Jun-08   109         0       Ambac Assurance Corp.
                               (AAA/Negative to AA/Watch Neg)
                               June 5, 2008

                               MBIA Inc.
                               (AA-/Negative to A-/Watch Neg)
                               June 5, 2008

  Jul-08    44        41       Radian Asset Assurance Inc.
                               (AA/Watch Neg to A/Watch Neg)
                               June 16, 2008

                               Countrywide Home Loans, Inc.
                               (BB+/Watch Dev to AA/Negative)
                               July 1, 2008

  Aug-08    75        27       Residential Capital, LLC
                               (SD to CCC+/Negative)
                               July 15, 2008

                               Louisiana-Pacific Corp.
                               (BBB-/Negative to BB+/Watch Neg)
                               July 29, 2008

  Sep-08    38         0       Radian Group Inc.
                               (BBB/Watch Neg to BB+/Negative)
                               Aug. 26, 2008

                               PMI Group Inc.
                               (BBB+/Negative to BBB-/Watch Neg)
                               Aug. 26, 2008

  Oct=9708    77         0       Lehman Brothers Inc.
                               (A+/Negative to A+/Watch Neg)
                               Sept. 9, 2008
                               (A+/Watch Neg to BB-/Watch Dev)
                               Sept. 15, 2008
                               (BB-/Watch Dev to D)
                               Sept. 23, 2008

                               Washington Mutual, Inc.
                               (BBB-/Negative to BB-/Negative)
                               Sept. 15, 2008
                               (BB-/Negative to CCC/Negative)
                               Sept. 24, 2008
                               (CCC/Negative to D)
                               Sept. 26, 2008

                               American International Group
                               (AA-/Watch Neg to A-/Watch Neg)
                               Sept. 15, 2008

  Nov=9708   791         0       Fortis N.V.
                               (A-/Developing to
                               BBB-/Watch Neg)
                               Oct. 6, 2008

                               Glitnir Bank
                               (CCC/Watch Neg to D)
                               Oct. 9, 2008

* Those corporate names that have experienced a significant notch
downgrade, as well as being highly referenced within European
synthetic CDOs.

For those transactions that have been on CreditWatch negative for
longer than 90 days, where S&P has either not received material
levels of information or relative portfolio credit quality has not
improved since the CreditWatch placement to a level sufficient to
affirm the rating, S&P has modeled recovery rates in accordance
with its criteria and assessed portfolio quality based on its
credit quality.

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements made
on Nov. 17, 2008.

For the second review, where SROC (synthetic rated
overcollateralization) is less than 100%, S&P runs scenarios that
project the current portfolio 90 days into the future, assuming no
asset rating migration.  Where this projection indicates that the
SROC would return to a level above 100% at that time, the rating
is maintained, and it remains on CreditWatch negative.  If, on the
other hand, the projection indicates that the SROC would remain
below 100%, S&P lowers the rating.


* Fitch Reports Negative Outlook for European Media Sector in 2009
------------------------------------------------------------------
Fitch Ratings views the outlook for the European Media sector for
2009 as negative.  The main drivers of this outlook are lowered
expectations for advertising income in 2009 and 2010 for media
companies and high levels of acquisition spending going into a
cyclical downturn.

"A downturn of the magnitude Fitch's economists are now predicting
was always going to have a negative effect on the ratings of ad-
funded media companies, it being deeper than the sort of cycle we
would normally factor into a rating" says Alex Griffiths, Senior
Director in Fitch's TMT group in London.  "What is more surprising
is the second trend - far less cyclical groups taking advantage of
a comparatively cheap acquisition environment at the expense of
their leverage metrics."

Of Fitch's portfolio of media issuers, four have been subject to
downgrades in the last three months.  This followed a revision of
Fitch's expectations of macroeconomic growth prospects for 2009
and 2010, and the effect this would have on advertising spending.
Only one of these downgrades, ITV plc (BB+/Stable), was purely due
to lowered advertising expectations.  Seat Pagine Gialle SpA's
(B+/Negative) downgrade from 'BB-' reflected a combination of the
Italian economic environment and a more urgent need to transition
the business model to an online platform.  The two others, WPP
(BBB/Stable) and Daily Mail and General Trust Plc (BBB- Stable)
reflected a combination of heightened leverage due to acquisitions
and share buybacks, and what Fitch now sees as the company's
slower than expected ability to delever.

The negative outlooks which have been applied to Reed Elsevier
(A-/Negative) and Wolters Kluwer (BBB+/Negative) are in spite of
the robustness these businesses are expected to show during a
downturn.  Both have made significant acquisitions in 2008 and,
while EBITDA is likely to remain stable or grow marginally, Fitch
believes deleveraging will be slower than could have been
anticipated earlier in 2008.


* Fitch Reports Stable Outlook in 2009 for EMEA Telecoms Sector
---------------------------------------------------------------
In a new report published today, Fitch Ratings says it views the
2009 Outlook for most telecoms operators in the EMEA region as
Stable.

The sector continues to demonstrate strong defensive qualities for
bond investors with a visible and defendable cash flow, the
flexibility to reduce costs and a solid liquidity profile.
Although there will be some moderate pressure on EBITDA as a
result of weakening demand and continued price regulation, Fitch
believes that in general the sector will be able to cope with
these challenges through better product management and cost
controls.

The agency notes that the downturn in the economic cycle coincides
with a period when most western European incumbents still need to
roll out fibre but are now understandably much more focused on the
short term retention of cash.  The regulatory picture regarding
fibre investment in Europe continues to remain opaque which, in
combination with the impact of an economic recession, will likely
mean that these fibre program roll outs will progress at an even
slower pace, which would be negative for the longer-term prospects
of the sector.

Conversely, the impact of an economic recession will prompt a
return to normalized asset values at a time when consolidation
remains a key sector theme.  Stronger players will likely be able
to take advantage of this shift in values, while Fitch expects
some weaker players will exit the sector, ultimately leading to
more stable long term market dynamics.


* Fitch Says European Utilities Face Weaker Interest Cover Ratios
-----------------------------------------------------------------
Fitch Ratings says that increased spreads on bond issues recently
placed by European utilities will negatively impact interest
coverage ratios.  However, the negative consequences of increased
borrowing costs will be partially mitigated by a "portfolio
effect", as a number of utilities have large portfolios of
outstanding bonds spread across different maturities, many of
which were issued at a time when pricing was substantially lower
than in current market conditions.

For these companies, the increase in average costs of debt has
been minimal so far, and will not have a major impact on coverage
ratios.  This may change though if the current pricing environment
is sustained in the medium term, causing large portions of
outstanding debt to be refinanced at more expensive levels.
"The increased costs of borrowing recorded over the last two
quarters of 2008 will particularly result in a deterioration of
coverage ratios of those utilities which increased their leverage,
or which had sizable debt maturities, during 2008," says Jacek
Kawalczewski, Associate Director in Fitch's Energy, Utilities and
Regulation team.

Fitch notes that utilities have been among the first to take
advantage of windows of opportunity to issue in what is an
intermittently open bond market, supported by the sector's stable
cash flow generating characteristics and generally solid
investment grade ratings.  However, the current challenging credit
market environment has pushed the pricing for the highest-rated
European energy companies up to approximately 200 basis points for
5-year maturities, and around 300 bp for 10-year maturities, based
on recent issuance.  This is a substantial difference compared to
the 2007 September and October 5-year bonds issued by E.ON AG
('A+'/Outlook Negative) and CEZ, a.s. ('A-'/Outlook Stable), both
priced at around 60 bp, and to E.ON's 12-year issue placed at 110
bp in April 2008.

Fitch believes that increased borrowing costs together with the
slowdown in consumption that is likely to characterize a number of
recessionary European economies in 2009 might cause utility
companies to revise their sizable investment plans, as certain
projects or acquisitions may no longer meet minimum hurdle rates
and the strain on existing assets becomes less pronounced.

Therefore, as confirmed by a number of already revised business
plans, total industry capex could be scaled back, given the
discretionary nature of many projects, whilst others might be
delayed or suspended.  Utilities with flexible investment plans
should therefore be able to at least partially offset the negative
implications on their financial profiles of weakened credit market
conditions by reduced capex spending.

In the last two weeks several European utilities have accessed the
bond market with the total issuance amount reaching almost EUR10
billion, including Electricite de France ('AA-' (AA minus)/Outlook
RWN) and RWE AG ('A+'/Outlook Negative).  Both utility groups
raised EUR2bn respectively.  This was followed by German issuers
EnBW AG and E.ON AG, Spain's Iberdrola ('A'/Outlook Negative) and
Sweden's Vattenfall AB ('A+'/Outlook Negative).

Fitch believes highly rated European utilities are well placed to
take advantage of potential further capital market issuance
opportunities, particularly in the case of frequent-issuers who
have already been active in recent months, such as E.ON, which has
issued more than EUR18 billion since September 2007 and
Electricite de France, which has placed bonds on the European
market four times during 2008.  However, the agency will closely
monitor the funding efforts of utilities with sizable near-term
refinancing needs, such as Enel SpA ('A-'(A minus)/Outlook
Negative), which has some EUR14 billion of debt maturing in 2010.
Furthermore, Fitch will monitor the trade-off that individual
entities make between increased financing costs related to new
borrowings and their commitment to ease pressure on refinancing to
be done in 2009 and 2010.  Entities that are willing to compromise
their liquidity profiles by postponing issuance in anticipation of
a potential reduction in borrowing costs are likely to see their
ratings negatively affected.


* Detroit 3 Submit Turnaround Plan to Congress; Seeks US$9BB Loan
---------------------------------------------------------------
John D. Stoll and Matthew Dolan at The Wall Street Journal report
that General Motors Corp., Chrysler LLC, and Ford Motor Co.
presented their turnaround plans to the Congress on Tuesday, with
Ford Motor asking for a US$9 billion line of credit.

According to WSJ, Ford Motor said in its 33-page turnaround plan
submitted to the Congress that it doesn't need federal funds
immediately.  Ford Motor explained that it needs the US$9 billion
line of credit to be available in case the recession would be
longer and deeper than expected, WSJ states.

WSJ says that Ford Motor is in better shape than GM, mainly
because Ford Motor mortgaged almost all of its assets in 2006,
which raised US$18 billion long before credit markets tightened.

WSJ relates that Ford Motor estimated that it will return to
profitability by 2011.  Ford Motor, according to the report, said
that it would accelerate the development of new hybrid and
battery-powered vehicles, reduce dealers selling its vehicles, and
retool plants to make small cars in the U.S. that it can sell for
a profit.

Ford Motor CEO Alan Mulally, says WSJ, suggested that the UAW
union may also have to make concessions to help the companies
recover and convinced Congress to approve aid.  Mr. Mulally said
that all the elements of the current UAW labor contract should be
re-evaluated to keep the auto industry competitive, the report
states.

           GM Seeks US$18BB in Government Loans

GM, according to WSJ, is requesting for US$18 billion in
government loans.

WSJ relates that GM's Plan indicated that the company is in a more
dire situation than previously thought.  The loans the company
requested is about US$6 billion more than it was requesting in
November.  As reported in the Troubled Company Reporter on Nov.
19, 2008, GM CEO Rick Wagoner said that the company wanted US$10
billion to US$12 billion of the requested US$25 billion in
emergency funding from the government.

According to WSJ, GM said that it needs an immediate injection of
US$4 billion to stay afloat until year-end.

WSJ reports that GM President Frederick Henderson said in a
conference call on Tuesday that GM could give taxpayers:

       -- warrants for company stock,

       -- a senior position in the company's lineup of
          creditors, and

       -- a promise to pay the money back sometime around 2012.

GM's North American operations could break even by 2012, WSJ
states, citing Mr. Henderson.

To try to reduce its debt load by US$30 billion, or about 50%, GM
will start negotiating with bondholders this week to swap debt for
equity, and ask the United Auto Workers to allow the company to
make changes on its obligations to a union health-care trust set
to begin paying benefits to retirees in 2010, WSJ relates.

Mr. Henderson, according to WSJ, said that the attempt to
restructure the balance sheet is essentially an out-of-court
bankruptcy reorganization.

WSJ reports that GM also told the Congress that it is considering:

       -- the sale of its Saab division, or
       -- the sale or consolidation of its Saturn brand and
          reduction of its vehicle line up to 40 models from 60.

GM will continue cuts in workforce and structural costs and hire
lower-cost workers, WSJ says.

   Chrysler May Lack Cash to Run Co. in First Quarter 2009

According to WSJ, Chrysler said on Tuesday that its cash may not
be enough for the company to operate in the first quarter of 2009.
WSJ relates that Chrysler is seeking US$7 billion from the
government by Dec. 31.  Chrysler, WSJ states, said that CEO Robert
Nardelli gets a US$1 a year salary and receives no health care or
other benefits.

                     Decline in Sales

Mike Barris at WSJ relates that U.S. auto makers continued to
report sharp sales declines in November 2008.  As reported in the
TCR on Dec. 1, 2008, an expected decline in auto sales for
November could help GM, Ford Motor, and Chrysler make their case
before the Congress for a government bailout.  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 GM North American Sales Chief Mark LaNeve, WSJ reports that
the auto industry sold 34%, or 400,000, fewer vehicles in November
2008, compared to 2007, equivalent to "the annual volume of two
full production plants that have simply evaporated in a single
month.  The global economic crisis and credit freeze have had a
very negative impact on the vehicle market which runs on consumer
confidence and available financing."

According to WSJ, GM car sales dropped 44% and light trucks
declined 39%.  WSJ says that GM's light-vehicle sales totaled
153,404, down from 261,273.  The company also lowered its fourth-
quarter production forecast, WSJ states.  The report says that GM
expects fourth-quarter North American production of 835,000
vehicles, down from its previous estimate of 875,000.  GM,
according to the report, also expects 600,000 vehicles to be made
in North America during the first quarter 2008, down compared to
885,000 in 2007, when production of about 100,000 vehicles were
lost from the American Axle strike.

Ford Motor's sales decreased 31% and Chrysler's sales declined
47%, WSJ relates.

            Bankruptcy Still Not Good Option

Citing House Speaker Nancy Pelosi, WSJ states that filing for
bankruptcy isn't a good option for the troubled auto makers,
partly due to the length of time a restructuring would take.  GM
President Frederick Henderson reiterated to the press in a
conference call that the company isn't considering bankruptcy as
an option and that it is focusing on securing help from the
government, WSJ says.

People familiar with the situation said that UAW top leaders are
telling some of the union's officials that GM may have to file for
Chapter 11 protection before Christmas if the company fails to
secure government funding in the coming days, WSJ relates.  UAW,
says the report scheduled an emergency meeting on
Dec. 3 to discuss what role the union should play in helping GM,
Ford Motor, and Chrysler become more viable companies.

GM remains firm on its decision on not filing for Chapter 11 and
isn't expected to change its mind, says WSJ.  "We do not believe
that a Chapter 11 filing is a viable option, nor does it answer
the current liquidity issues, which have been brought on by the
collapse of the financial markets and consumer confidence issues,"
the report quoted GM spokesperson Tony Cervone as saying.

American Bankruptcy Institute relates that Prof. Elizabeth Warren,
the head of a new congressional panel set up to monitor the
federal bailout, says that the government still does not seem to
have a coherent strategy for easing the financial crisis, despite
the billions it has already spent in that effort.

                      About Ford Motor Co.

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

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

                      *     *     *

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

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

                      About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

                      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.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
   Deepening Insolvency =96 Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
   Reverse Mergers=97the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *