TCREUR_Public/081205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, December 5, 2008, Vol. 9, No. 242

                            Headlines

A U S T R I A

AT LLC: Claims Registration Period Ends December 23
BACKHAUS FILLAFER: Claims Registration Period Ends December 15
REMARK ENGINEERING: Claims Registration Period Ends December 8
WEMIDIS LLC: Claims Registration Period Ends December 15


G E R M A N Y

ARCADIA-BAU GMBH: Claims Registration Period Ends January 2
BACKER ECKER: Claims Registration Period Ends January 5
CAMPA GMBH: Declares Insolvency for the Second Time
CLAVISCOM TECHNOLOGY: Claims Registration Period Ends January 2
CORVETT-SPITZEN GMBH: Claims Registration Period Ends January 4

HEIDELBERGCEMENT: Moody's Cuts Corporate Family Rating to 'Ba3'
TRIANGEL GMBH: Claims Registration Period Ends January 6
TUI AG: TUI Travel's Pre-Tax Profit Up 43% Following Cost Cuts
TUI AG: S&P Downgrades Long-Term Corporate Credit Rating to 'B+'
TUSEM HSB: Claims Registration Period Ends January 5


I R E L A N D

OMEGA CAPITAL: S&P Withdraws Low-B Ratings on Classes A to J Notes
MIDGARD CDO: S&P Lowers Rating on Class A 2005-10 Notes to 'BB'


I T A L Y

BANCA ITALEASE: Fitch Affirms Individual Rating at 'D/E'
CARLO TASSARA: Reaches Debt Deal with Italian Creditor Banks
SAFILO SPA: Fitch Cuts Long-Term Issuer Default Rating to 'B'
SEAT PAGINE: Begins Talks with RBS; Eyes Capital Increase
SEAT PAGINE: Sells German Unit WLW to Bisnode for EUR47.8 Mln

TELECOM ITALIA: Cuts More Jobs, Disposes Assets to Trim Debts


K Y R G Y Z S T A N

ELCAT TRAIDING: Creditors Must File Claims by January 9
INTERUST LLC: Creditors Must File Claims by January 9
KLONDIKE INTERNATIONAL: Creditors Must File Claims by January 9


L A T V I A

PAREX BANKA: Fitch Downgrades Issuer Default Ratings to 'RD'


N E T H E R L A N D S

DUTCH E-MAC: Moody's Reviews Ratings for Possible Downgrade
LYCOS EUROPE: To Halt Portal and Web Hosting Activities


P O R T U G A L

* Moody's Reports Negative Outlook for Portuguese Banking System
* S&P Says Portuguese RMBS Delinquency Rates Up in Third Quarter


R U S S I A

BENTO-KAM OJSC: Creditors Must File Claims by January 28
CONCRETE LLC: Court Names A. Savelyev as Insolvency Manager
ELSOKS CJSC: Creditors Must File Claims by January 28
FOREST LLC: Creditors Must File Claims by January 28
INDUSTRIAL ENERGETICS: Under Bankruptcy Procedure

IRKUTSK-PAPER LLC: Creditors Must File Claims by January 28
KIRENSKAYA HEATING: Court Names S. Galandinas Insolvency Manager
MASH-PROM LLC: Creditors Must File Claims by December 28
MDM BANK: S&P Puts 'BB' Credit Rating on CreditWatch Negative
NORD-LES LLC: Creditors Must File Claims by January 28

SITRONICS JSC: Inks US$230 Mln Credit Facility Agreement with VEB
TMK OAO: Seeks US$1 Billion Refinancing Aid from VEB
TNK-BP: President and CEO Robert Dudley Steps Down
TRANS-OIL LLC: Creditors Must File Claims by January 28
URSA BANK: Fitch Puts B+ Long-Term IDR on Watch Positive

VIMPELCOM OJSC: Posts US$269MM Net Income in 9-Mos Ended Sept. 30

* OBLAST OF SARATOV: Moody's Puts 'Ba2' Currency Ratings
* RUSSIA: May Set Aside RUB300 Billion in Loan Guarantees


S W I T Z E R L A N D

BEWAL WELLNESS: Creditors Must File Proofs of Claim by Dec. 15
CREDIT SUISSE: Expects CHF3 Billion 4th Qtr Net Loss
FERRY HOUSE: Deadline to File Proofs of Claim Set December 17
GRIP TESTCENTER: Creditors Have Until Dec. 14 to File Claims
LOGOLINE JSC: Proofs of Claim Filing Deadline is December 14

M & T HEALTH: Creditors' Proofs of Claim Due by December 17
PARKHAUS UND GEWERBECENTER: Deadline to File Claims on  Dec. 17


U K R A I N E

AFTER REPAIRS: Creditors Must File Claims by December 18
AGRARIY LLC: Creditors Must File Claims by December 18
BUDIVELNYK LLC: Creditors Must File Claims by December 18
CHIGIRIN ENERGY: Creditors Must File Claims by December 18
DRUZHBA LLC: Creditors Must File Claims by December 18

KIRIT-2007 LLC: Creditors Must File Claims by December 17
LOTTO MAYSTER: Creditors Must File Claims by December 17
NETWORK TARGET-PRODUCT: Creditors Must File Claims by Dec. 18
POBEDA LLC: Creditors Must File Claims by December 18
SPHERE LLC: Creditors Must File Claims by December 17


U N I T E D   K I N G D O M

ALDEN HENDI: Goes Into Administration; 135 Jobs Eliminated
BOWIE CASTLEBANK: Goes Into Administration; 817 Jobs Axed
DEKANIA EUROPE: Fitch Withdraws 'BB' Expected Rating on Class E
EUROSAIL 2006-2BL: S&P Junks Rating on Class F1c Notes
FAIRFAX GERRARD: Taps Joint Administrators from Grant Thornton

FITZGERALD LIGHTING: Goes Into Administration; KPMG Appointed
FLIGHTLINE LTD: Goes Into Administration; 235 Jobs Affected
IDS PLASTICS: Names Joint Administrators from Tenon Recovery
INEOS GROUP: Improves Loan Waiver Terms to Appease Investors
JPMORGAN CHASE: Investors Want to Flee From Highbridge Capital

MATRIX ENGINEERED: Goes Into Administration; 70 Jobs at Risk
MEAD SCOTLAND: Goes Into Liquidation; Tenon Recovery Appointed
MOLWIN DEVELOPMENTS: Taps Joint Administrators from Deloitte
NOMURA HOLDINGS: To Layoff 1,000 Workers in London
PRIMESHADE LTD: Taps Joint Administrators from Grant Thornton

RBRG LTD: Names Joint Administrators from Tenon Recovery
REFLEXION CARE: Appoints Joint Liquidators from Grant Thornton
SOLARWEB LTD: Names Joint Liquidators from Tenon Recovery
WHITE TOWER: Fitch Pares Rating on GBP68-MM Class E Notes to 'BB'
WOOLWORTHS GROUP: Still In Talks with BBC Over 2Entertain Stake

* UK: House of Commons to Cross-Examine Insolvency Service
* Reduced Bilateral Loans to Impact UK Businesses, KPMG Says
* PwC Says Bank of England Must Cut Interest Rates to 1.5%


X X X X X X X X

* Fitch Puts Negative Outlooks to 266 European CMBS Tranches
* Fitch Reports Decline in European Commercial Property Values
* S&P Says European Auto ABS Indices Delinquency Rates Up in 3Q08
* Big 3 Get UAW's OK on Healthcare Payment Delays & Jobs Bank Cuts

* BOOK REVIEW: How To Measure Managerial Performance


                         *********


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A U S T R I A
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AT LLC: Claims Registration Period Ends December 23
---------------------------------------------------
Creditors owed money by LLC AT (FN 273317m) have until Dec. 23,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Hans Pucher
         Wiener Strasse 3
         3100 St. Poelten
         Austria
         Tel: 02742/35 43 55
         Fax: 02742/35 14 35
         E-mail: office@gpls.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on Jan. 13, 2009, for the
examination of claims at:

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Nov. 10, 2008, (Bankr. Case No. 14 S 182/08t).


BACKHAUS FILLAFER: Claims Registration Period Ends December 15
--------------------------------------------------------------
Creditors owed money by LLC Backhaus Fillafer (FN 112765g) have
until Dec. 15, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Klaus Juergen Karner
         Widmanngasse 44
         9500 Villach
         Austria
         Tel: 04242/22 880
         Fax: 04242/ 21351
         E-mail: office.kjk@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on Dec. 22, 2008, for the
examination of claims at:

         Land Court of Klagenfurt
         Room 225
         Klagenfurt
         Austria

Headquartered in Landskron, Austria, the Debtor declared
bankruptcy on Nov. 11, 2008, (Bankr. Case No. 41 S 112/08f).


REMARK ENGINEERING: Claims Registration Period Ends December 8
--------------------------------------------------------------
Creditors owed money by LLC ReMarK Engineering (FN 260803i) have
until Dec. 8, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Andreas Haberl
         Feldgasse 17
         4840 Voecklabruck
         Austria
         Tel: 07672/22500
         Fax: 07672/22500-20
         E-mail: office@h2recht.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on Dec. 18, 2008, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

Headquartered in Timelkam, Austria, the Debtor declared bankruptcy
on Nov. 7, 2008, (Bankr. Case No. 20 S 139/08d).


WEMIDIS LLC: Claims Registration Period Ends December 15
--------------------------------------------------------
Creditors owed money by LLC Wemidis (FN 142538s) have until
Dec. 15, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Axel Seebacher
         Bahnhofstrasse 39/EG
         9020 Klagenfurt
         Austria
         Tel: 0463/31 94 52
         Fax: 0463/319452-4
         E-mail: seebacher@recht4you.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Dec. 22, 2008, for the
examination of claims at:

         Land Court of Klagenfurt
         Room 216
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Nov. 13, 2008, (Bankr. Case No. 41 S 113/08b).


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G E R M A N Y
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ARCADIA-BAU GMBH: Claims Registration Period Ends January 2
-----------------------------------------------------------
Creditors of Arcadia-Bau GmbH have until Jan. 2, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Jan. 21, 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 293
         Second Floor
         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:

         Dr. Guenter Trutnau, III
         Hagen 30
         45127 Essen
         Germany

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:

         Arcadia-Bau GmbH
         Attn: Wilhelm Rommeswinkel, Manager
         Gevelsberger Strasse 17
         45549 Sprockhjoevel
         Germany


BACKER ECKER: Claims Registration Period Ends January 5
-------------------------------------------------------
Creditors of Backer Ecker GmbH have until Jan. 5, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9.30 a.m. on Feb. 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Muehldorf
         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:

         Martin Schoebe
         Ainmillerstrasse 11
         80801 Muenchen
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 26, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Backer Ecker GmbH
         Attn: Tatjana Jager, Manager
         Dorfstrasse 28
         84556 Kastl
         Germany


CAMPA GMBH: Declares Insolvency for the Second Time
---------------------------------------------------
Campa GmbH has declared insolvency for the second time this year,
Michael Hogan at Reuters reports citing a court official.

Reuters relates a commercial court in Wuerzburg appointed a new
administrator.

Campa, Reuters recalls, first declared insolvency in May but
resumed production in early June after being bought by a
consortium of about 2,000 farmers in the southern state of
Bavaria.

Reuters recounts Campa suspended biodiesel production earlier this
year because of the impact of Germany's taxes on biodiesel and the
effect of cheap biodiesel imports from the United States but later
resumed production.

Based in Ochsenfurt in south Germany, Campa GmbH operates a
150,000 tonne annual capacity plant producing biodiesel from
rapeseed oil.


CLAVISCOM TECHNOLOGY: Claims Registration Period Ends January 2
---------------------------------------------------------------
Creditors of Claviscom Technology GmbH have until Jan. 2, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Robert Fliegner
         Gruenewalder Str. 29-31
         42657 Solingen
         Germany
         Tel: 0212 / 24 94 200
         Fax: 0212/24 94 201

The District Court opened bankruptcy proceedings against the
company on Nov. 27, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Claviscom Technology GmbH
         Gruenewalder str. 29-31
         42659 Solingen
         Germany

         Attn: Frank Voss, Manager
         Lerchenstr. 31
         42651 Solingen
         Germany


CORVETT-SPITZEN GMBH: Claims Registration Period Ends January 4
---------------------------------------------------------------
Creditors of Corvett-Spitzen GmbH have until Jan. 4, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 143
         Paulinenstrasse 46
         32756 Detmold
         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. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 26, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Corvett-Spitzen GmbH
         Siemensstr. 2
         32676 Luegde
         Germany

         Attn: Otto Siekmann, Manager
         Goeslingstr. 15
         31812 Bad Pyrmont
         Germany


HEIDELBERGCEMENT: Moody's Cuts Corporate Family Rating to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has downgraded HeidelbergCement's
corporate family and debt issuance ratings to Ba3 from Ba1.  The
outlook on the ratings is negative.

The rating action was prompted by further increasing uncertainties
related to HeidelbergCement's liquidity situation, which the
company has now started to address.  Though Moody's believes that
the banks should have incentives to remain supportive given the
business profile of the company, the agency notes that the number
of banks involved in the lending group of HeidelbergCement could
make the negotiations challenging.  The balance sheet of its major
shareholder could further add some complexity to these
discussions.

Moody's commented, that, given current market conditions and the
need to renegotiate its debt, HC may have to rely on additional
equity contributions or asset sales to shore up its capital
structure, which, due to the reported liquidity issues related to
the company's major shareholder itself and the economic slowdown,
could be difficult to achieve.

Moody's would consider a further downgrade if HC would fail to
progress in the restructuring of its bank debt and would therefore
be exposed to increasing short-term liquidity risks, given the
tight covenants situation notably per mid 2009.  Any indication
that a timely progress is not achieved in the negotiations would
put significant pressure on the rating possibly leading to a
downgrade by more than one notch.

The rating also takes into account continued uncertainties at the
Merckle group, which is also exposed to liquidity and leverage
concerns.

In addition, Moody's could introduce a notching for HC's bonds
according to Moody's LGD methodology should the company's banks
successfully strengthen their security package (eg by negotiating
the implementation of upstream guarantees from HC's operating
subsidiaries, which appear possible), which would put the
bondholders in a structurally subordinated position.

On the positive side Moody's notes that the strong business
profile and market positions of the company should allow the
company to very quickly benefit from any economic uptick in the
company's major markets, such as the US, the UK or Germany -- most
likely coming from the implementation of economic stimulus
packages in the respective countries.

The outlook could be stabilized if HC successfully restructures
its bank debt, removing the short term threat of a breach in
covenants.

Moody's last rating action on HeidelbergCement was to put the Ba1
ratings on review for possible downgrade on Nov. 19, 2008.

Rating actions:

Issuer: HeidelbergCement AG

  -- Probability of Default Rating, downgraded to Ba3 from Ba1

  -- Corporate Family Rating, downgraded to Ba3 from Ba1

  -- Senior Unsecured Medium-Term Note Program, downgraded to Ba3
     from Ba1

Issuer: HeidelbergCement Finance B.V.

  -- Senior Unsecured Medium-Term Note Program, downgraded to Ba3
     from Ba1

  -- Senior Unsecured Regbular Bond/Debenture, downgraded to Ba3
     from Ba1; assignment of LGD4, 53%

Issuer: Hanson Australia Funding Limited

  -- Senior Unsecured Regular Bond/Debenture, downgraded to Ba3
     from Ba1; assignment of LGD4, 53%

Issuer: Hanson Building Materials Limited

  -- Senior Unsecured Regular Bond/Debenture, downgraded to Ba3
     from Ba1; assignment of LGD4, 53%

Outlook Actions:

Issuers: HeidelbergCement AG, HeidelbergCement Finance B.V.,
Hanson Australia Funding Limited, Hanson Building Materials
Limited, Hanson Limited

  -- Outlook, changed to negative from rating under review

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


TRIANGEL GMBH: Claims Registration Period Ends January 6
--------------------------------------------------------
Creditors of Triangel GmbH have until Jan. 6, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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. Nikolaus Schmidt
         Loschwitzer Strasse 32
         01309 Dresden
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 26, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Triangel GmbH
         Attn: Mark Wolf, Manager
         Arnoldstrasse 16
         01307 Dresden
         Germany


TUI AG: TUI Travel's Pre-Tax Profit Up 43% Following Cost Cuts
--------------------------------------------------------------
BBC News reported TUI Travel's full-year pre-tax profit increased
43% to GBP319.7 million (US$489.5 million) as a result of cost
cuts.

TUI Travel, which was created last year through the merger of
Germany's TUI AG and Britain's First Choice, noted
its profit margins improved after it cut loss-making flights and
sold fewer holidays at higher prices, the report relates.

The group, the report adds, plans to carry out further
post-merger cost-cutting measures worth EUR175 million (GBP146
million), 16% more than its previous target.

                           About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and shipping
sectors.   The Company's core activities are in the tourism
business, focusing mainly on the markets of Central, Northern
and Western Europe.  TUI AG's shipping and logistics activities
are contained within its Hapag-Lloyd Container Linie GmbH and CP
Ships Ltd. Subsidiaries.

                      *    *    *

As reported in the TCR-Europe on Oct. 24, 2008, Standard & Poor's
Ratings Services said that its 'BB-' long-term corporate credit
ratings and all issue ratings on Germany-based
tourism and shipping group TUI AG remain on CreditWatch with
negative implications, where they were originally placed on March
19, 2008.

As reported in the TCR-Europe on Oct. 15, 2008, Moody's Investors
Service placed the B1 Corporate Family Rating and the B3 senior
unsecured and subordinated ratings of TUI AG on review for
possible downgrade.


TUI AG: S&P Downgrades Long-Term Corporate Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+' from 'BB-' its
long-term corporate credit rating on German tourism group TUI AG.
S&P also lowered the senior unsecured debt ratings to 'B' from
'B+'.  The recovery ratings on the senior unsecured debt remain
unchanged at '5', indicating S&P's expectation of modest (10%-30%)
recovery in a payment default.  S&P also lowered the junior
subordinated debt rating to 'CCC+' from 'B-'.  The recovery rating
on the subordinated debt remains unchanged at '6', indicating
S&P's expectation of negligible (0%-10%) recovery in a payment
default.  At the same time, S&P removed all the ratings from
CreditWatch, where they were placed with negative implications on
March 19, 2008.  The outlook is stable.

The one-notch downgrade reflects TUI's highly leveraged financial
profile, the group's reduced business diversification following
the agreed sale of container shipping unit Hapag-Lloyd AG,
concerns about the cyclical prospects for TUI's tourism businesses
in the light of increasing recessionary pressures in Europe, and
some remaining uncertainties about the use of proceeds from the HL
sale.

The HL transaction, which is expected to close in January 2009,
involves the sale of 100% of HL to a new vehicle for an enterprise
value of EUR4.45 billion.  The purchasing entity is 66.6%-owned by
the Hamburg-based Albert Ballin KG consortium, with TUI taking a
33.3% stake in the new vehicle for EUR700 million.  On closing of
the transaction, TUI will receive net cash proceeds of EUR2.0
billion, and at the same time dispose of EUR1.3 billion of HL debt
and leased assets with a capitalized net present value of about
EUR1.6 billion.  On completion of the transaction, TUI's remaining
principal interests will be 40.3% (51.4% of voting rights) of
London-listed TUI Travel PLC, its hotels and resorts division; a
small cruise business; and a 33.3% equity stake in the new vehicle
controlling HL.  S&P anticipate that some of the proceeds from the
HL sale will be dedicated to debt reduction, with the rest
expected to be reinvested in tourism-related assets.

The sale of HL will reduce TUI's overall capital intensity, but
the group's overall business risk profile will likely weaken as a
result of greater reliance on its relatively low-margin tourism
businesses.  Although tourism is expected to benefit from
synergies arising from the 2007 merger with First Choice Holidays
PLC, even a market leader like TUI is expected to come under some
pressure as a result of the squeeze on discretionary consumer
spending affecting many of the group's major markets.

The ratings on TUI reflect the group's complex structure, highly
leveraged financial risk profile (with a lease-adjusted net debt
to EBITDA ratio of 6.6x at Sept. 30, 2008), cash flow leakage to
minorities, and exposure to a seasonal and cyclical industry
facing margin pressures and high event risks.  These risks are
mitigated in part by TUI's market-leading positions in European
tourism, as well as its geographically well-diversified sales.

TUI's liquidity is adequate for the ratings and in the short term
will be strengthened significantly by the receipt of proceeds from
the HL disposal.  Short-term debt maturities and cash balances
fluctuate over the year due to the seasonality of the underlying
core businesses.  Liquidity needs related to the tourism business
have shifted to TTP from the parent company, but are partly funded
by TUI.  Relatively high capital expenditure and negative free
operating cash flow constrain liquidity.

At the seasonal peak of the group's cash cycle on Sept. 30, 2008,
short-term financial liabilities of EUR868 million were balanced
by a cash position of EUR2.8 billion (of which EUR1.26 billion was
at the TUI level) and about EUR200 million of undrawn committed AG
bank lines, with further undrawn lines available under TTP's
revolving credit facility.  The cash position will shrink somewhat
by year-end as a function of the normal seasonal working capital
cycle in the tourism business.

There are some significant short-term debt maturities, including a
EUR400 million floating-rate note issue due in August 2009, and
about EUR183 million of private placements due by end-2009.  Based
on existing cash resources and prospective asset sales, TUI is
expected to be in a position to repay these short-term maturities
without requiring additional financing.

The EUR400 million floating-rate notes due 2009, EUR625 million
senior unsecured notes maturing in 2011, EUR550 million floating-
rate notes due 2010, EUR694 million convertible notes due 2012,
and EUR450 million senior bonds maturing in 2012 issued by TUI are
rated 'B', one notch lower than the corporate credit rating. This
debt has a recovery rating of '5', indicating S&P's expectation of
modest (10%-30%) recovery in a payment default.

The issue rating on the EUR300 million perpetual notes issued by
TUI is 'CCC+', three notches lower than the CCR.  These debt
issues have a recovery rating of '6', indicating S&P's expectation
of negligible (0%-10%) recovery in a payment default.  The further
notch-down compared with the standard scale is due to the
deferability of the perpetual notes.

S&P has valued the company on a going-concern basis, given its
leading market position in the tourism business.

S&P's assumptions about group valuation and the debt amount at
default could change depending on TUI's use of the sale proceeds
from the shipping assets.

S&P's current valuation is based on the assumption that the group
would likely reinvest a proportion of the proceeds from the sale
of the shipping division in tourism-related assets.

S&P will review the assumptions behind its recovery analysis once
the sale of HL has been completed and there is greater certainty
regarding use of proceeds.

The stable outlook reflects the likelihood that deleveraging
following the sale of HL should enable TUI to achieve credit
metrics consistent with a 'B+' long-term CCR during fiscal 2009,
despite the increasing recessionary challenges to the operating
performance of its tourism and hotel businesses, provided
crucially that it exercises discipline in reinvestments and
shareholder returns.

With the group required to reinvest the proceeds from the HL sale
or pay down debt within 360 days of the sale, S&P currently expect
a combination of both strategies to be employed.  Reinvestment is
likely to be focused on tourism-related assets.  Any derogation
from the expected deleveraging path (whether by way of material
shareholder returns or outsized acquisitions) could trigger a
further negative rating action.

To retain the 'B+' rating, S&P expects TUI to reduce leverage from
the September 2008 level of lease-adjusted net debt to EBITDA of
6.6x, to a ratio of about 5.0x by December 2009.  Short-term
upgrade potential is considered limited in view of the structural
uncertainties and economic backdrop.


TUSEM HSB: Claims Registration Period Ends January 5
----------------------------------------------------
Creditors of Tusem HSB GmbH have until Jan. 5, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         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:

         Dr. Jens M. Schmittmann
         Zweigertstrasse 28-30
         45130 Essen
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 27, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Tusem HSB GmbH
         Attn: Dr. Niels Ellwanger,
               Michael Keusgen and
               Thomas Vomfell, Managers
         Steile Str. 50
         45149 Essen
         Germany


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I R E L A N D
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OMEGA CAPITAL: S&P Withdraws Low-B Ratings on Classes A to J Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
the class A to J notes series 36 issued by Omega Capital
Investments PLC.

The rating withdrawal is due to an early redemption. At the time
of the redemption the class I, H, and J notes were on CreditWatch
negative.

                             Ratings List

                           Rating Withdrawn

                      Omega Capital Investments PLC
       CHF21 Million, EUR26 Million, and US$16 Million Secured
                      Floating-Rate Notes Series 36

                                        Rating
                                        ------
                    Class          To          From
                    -----          --          ----
                    A              NR          BB
                    B              NR          BB
                    D              NR          BB
                    E              NR          BB-
                    F              NR          BB-
                    G              NR          BB-
                    H              NR          B+/Watch Neg
                    I              NR          B+/Watch Neg
                    J              NR          B+/Watch Neg

                       NR =97 Not rated.


MIDGARD CDO: S&P Lowers Rating on Class A 2005-10 Notes to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services reinstated its credit rating on
the class A credit-linked notes series 2005-10 issued by Midgard
CDO PLC.  At the same time, S&P lowered the rating and removed it
from CreditWatch negative.

On November 18, S&P withdrew its rating on these notes in error
based on S&P's understanding that the class A notes had been
redeemed.  S&P subsequently became aware that only the class AA
notes had been redeemed.

The reinstated ratings are lower than the ratings before their
withdrawal due to negative rating migration in the underlying
reference portfolio.  This negative asset performance has led to
an increase in the scenario loss rate for the notes, such that
available credit enhancement no longer supports the prior ratings.

                           Ratings List

                 Ratings Reinstated And Lowered

                         Midgard CDO PLC
        US$30 Million Embla Floating-Rate Credit-Linked Notes
                          Series 2005-10

                                 Ratings
                                 -------
                          To                  From
                          --                  ----
   Class A
     Reinstated           A/Watch Neg         NR
     Lowered              BB                  A/Watch Neg


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I T A L Y
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BANCA ITALEASE: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------------
Fitch Ratings is keeping Banca Italease's Long-term Issuer Default
rating of 'BBB-', Short-term IDR of 'F3' and Support rating of '2'
on Rating Watch Negative, where they were placed on 5 March 2008.
The Individual rating is affirmed at 'D/E'.  The Long-term 'BB'
rating of the bank's EUR150 million trust preferred securities
also remains on RWN.

On Nov. 30, 2008, Italease announced that the planned joint
venture with German leasing company VR-LEASING AG (VRL; rated
'A'/Stable) was not proceeding as VRL had withdrawn from the
letter of intent, which had been signed on October 10.  At the
same time, the member banks of Italease's shareholders' pact,
Banco Popolare ('A'/Negative), Banca Popolare dell'Emilia Romagna
('A-' (A minus)/Stable), Banca Popolare di Sondrio ('A'/Stable)
and Banca Popolare di Milano ('A'/Stable), announced that they had
made additional credit lines of EUR2bn available to Italease for
2009.

VRL's withdrawal from the joint venture means that Italease will
retain all its leasing and factoring business.  Based on end-March
2008 volumes, about EUR10bn of assets were to be transferred to
the joint venture, as well as about EUR9.7 billion in debt.  Fitch
does not expect a significant impact on the funding of Italease's
existing business because the abandoned project had always
envisaged that the assets transferred to the joint venture would
be financed with existing funding.  Growth in new business is
likely to be negatively affected by the abandonment of the planned
joint venture, as Italease will have to fund this business.
Although Italease depends on wholesale funding, its liquidity is
underpinned by support from its shareholders, which at end-
September 2008 provided EUR5.1 billion inter-bank funding, EUR3.2
billion of which was from Banco Popolare.  In addition, Italease
has undertaken securitisation transactions, where the asset-backed
securities are eligible for refinancing operations with the
European Central Bank.  The bank announced on 30 November that
under the bank's cash flow expectations and in the absence of new
lending, excluding the additional EUR2 billion lines made
available by the shareholder banks for 2009, Italease was
targeting to achieve net positive liquidity of EUR500 million for
end-2009.

Fitch notes that Italease's current Long-term IDR of 'BBB-' is
underpinned by the ongoing support provided by the shareholders,
in particular Banco Popolare.  Should support decrease, Italease's
Long-term IDR would be several notches below its current level.
The agency expects to resolve the RWN once details on the future
strategy of the bank have been made public, most likely in Q109.

In resolving the RWN, Fitch will evaluate the bank's strategy for
its future core leasing and factoring business, and the plans for
the management of problematic assets, which include the bank's
sizable portfolio of big ticket real estate leases.  Key rating
drivers are likely to include the bank's funding plan, its
expected profitability, plans for the management of the portfolio
of problem leases, including the large real estate leases, and the
ability of its shareholders to provide further support to
Italease.  Italease's ratings could come under pressure before the
publication of its strategic plan if the shareholders reduce their
commitment to the bank, which Fitch does currently not expect, or
if their ability to support Italease decreases.

The announcement has no impact on VRL's ratings, which are
affirmed at Long-term IDR 'A' Stable Outlook, Short-term IDR 'F1',
Individual 'C' and Support '1'.


CARLO TASSARA: Reaches Debt Deal with Italian Creditor Banks
------------------------------------------------------------
Ian Simpson and Giancarlo Navach at Reuters report that Carlo
Tassara SpA, the holding company of financier Romain Zaleski,
reached a deal with some banks over debts which include EUR1.3
billion (US$1.64 billion) owed Royal Bank of Scotland and BNP
Paribas .

According to Reuters, Carlo Tassara and some of its Italian
creditor banks agreed on a term sheet that calls for debt
reduction over 12 months once a definitive accord is signed.
Intesa Sanpaolo, Reuters recounts, signed the term sheet.  Based
on the terms, it will not extend new credit lines or suffer any
economic impact, Reuters recalls.

Carlo Tassara, Reuters relates, will use its own resources to pay
the amount it owed to Royal Bank of Scotland and BNP Paribas
within their deadlines -- the latest of which is March 2009.

Reuters discloses once the definitive agreement is signed, a six-
member executive board will be named and at least three members
will be appointed with a view to getting the most value out of
Carlo Tassara's listed holdings and to reducing debt.

Carlo Tassara, Reuters recounts, has been in talks for weeks with
banks that include Italy's two biggest, Intesa Sanpaolo SpA and
UniCredit SpA, over refinancing debt of about EUR5.4 billion.  The
debts, Reuters notes, were guaranteed by
Mr. Zaleski's holdings among Italian power and financial stocks,
including 5 percent of Intesa Sanpaolo, but those have lost value
as stock markets have slid.

Carlo Tassara, Reuters adds, plans to launch EUR200 million euro
capital increase once a final accord is reached.

In a Nov. 27 report, Reuters citing newspaper reports, stated the
capital increase was a precondition for banks to agree to a
refinancing of Carlo Tassara's debt.


SAFILO SPA: Fitch Cuts Long-Term Issuer Default Rating to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default rating
of Italy-based eyewear designer and manufacturer Safilo S.p.A. to
'B' from 'BB-'(BB minus).  At the same time, Fitch has also
downgraded Safilo's EUR400 million senior credit facilities to
'BB-'(BB minus) from 'BB+' and assigned a Recovery Rating of
'RR2', and Safilo Capital International S.A.'s EUR195 million
senior notes due 2013 to 'B-'(B minus) from 'BB-' (BB minus), and
assigned a Recovery Rating of 'RR5'.  Safilo's Short-term IDR was
affirmed at 'B' while the Outlook on the Long-term IDR remains
Negative.

"The downgrade of the Long-term IDR to 'B' reflects the much
sharper than expected deterioration in Safilo's results at Q308,
together with Fitch's expectation that there will be further
pressure on EBITDA and cashflows as the global recession
intensifies through 2009," says Michelle De Angelis, a Senior
Director in Fitch's Leveraged Finance team.  "The expected
severity of the recession exceeds prior estimates, and this will
in turn exacerbate Safilo's liquidity situation, which is also the
reason the Outlook remains Negative."

At the time of the last rating action during August 2008, Fitch
anticipated a global slowdown would put pressure on Safilo's
rating and liquidity position, but the subsequent intensification
of the global financial crisis has resulted in significant
downward revisions to Fitch's global economic growth outlook.  The
agency now anticipates a severe recession in the world economy.
Consequently Fitch's outlook for Safilo's performance over 2009
and 2010 has also become more negative.  Discretionary spending on
designer eyewear is expected to contract sharply as consumers
spend less on such items, or, as Fitch anticipates could become
increasingly likely in 2009, postpone spending altogether for
another year or more.

EBITDA in Q308 contracted by 44% year-on-year and the trailing
twelve month EBITDA has declined by 16% to EUR147 million since
YE07.  As a result of this decline, together with further debt
drawings, Fitch calculates that net debt to EBITDA increased to
3.9x on a LTM basis at Q308, and lease-adjusted net leverage
reached 4.5x, up sharply from 3.4x and 4.0x respectively at Q208
and 3.0x and 3.5x respectively at YE07.  Fitch anticipates higher
net leverage in 2009, mainly as a result of still lower EBITDA and
potentially only minimal reduction in debt levels.

Available committed liquidity has already decreased to EUR45
million at Q308 from EUR66 million at Q208 and EUR110 million at
YE07.  Continued availability under the committed Revolving Credit
Facility is dependent, among other things, on Safilo meeting two
financial covenants at six-monthly intervals, of which one, a net
debt to EBITDA (leverage) covenant originally set at 3.5x, had
looked likely to be in breach during December 2008.  The company
has agreed an amendment with its lenders for the December 2008
testing date only, now set at 4.85x (compared to actual net
leverage of 3.9x at Q308).  The testing dates for 2009 have not
been amended, and the company plans to address this with its
senior lenders as soon as its 2009 budget has been approved,
although there can be no guarantee that its lenders will agree to
potential amendments.

The senior term facilities continue to amortize, and although in
the past the company has used other sources of funding (generally
short term, uncommitted sources) to fund these repayments, the
agency has already highlighted the risk of pursuing such a
strategy in the current credit environment.  The agency will
consider favorably efforts by the company to conserve cash and
reduce its overall amount of debt, and to reduce dependency on
uncommitted funding, and such actions, combined with better than
expected revenue and EBITDA performance in 2009 could result in
the rating outlook being revised to Stable.


SEAT PAGINE: Begins Talks with RBS; Eyes Capital Increase
---------------------------------------------------------
In a press statement on Monday Seat Pagine Gialle S.p.A.  said
that discussions have been initiated with the Royal Bank of
Scotland aiming at enhancing the financial flexibility of the
company under its existing senior facility agreement.

Seat expects to be able to inform about the outcomes of this
process by the end of December.

Danilo Masoni and Stefano Rebaudo at Reuters report Seat is trying
to renegotiate its EUR1.3 billion (US$3.88 billion) debt.  At the
end of September, Seat, Reuters discloses, owed nearly EUR1.571
billion to RBS.

Seat, Reuters adds, is also believed to be considering a EUR250
million capital increase, which according to most analysts was the
most likely option for Seat to raise fresh resources in current
market conditions.

However, analysts indicated that while rights issue of EUR250
million would give the company temporary relief, it would not
solve its balance sheet problems, Reuters notes.

Reuters relates a financial source said a capital increase was
still a hypothesis and added that if launched, it would be with
the aim of renegotiating debt covenants until 2010.  The company
would probably need to rediscuss with banks its entire debt in
2011, the source added.

                  About Seat Pagine Gialle

Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A.
-- http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.

                       *     *     *

As reported in the TCR-Europe on Dec. 4, 2008, Fitch Ratings
downgraded Seat Pagine Gialle S.p.A.'s Long-Term Issuer Default
Rating to 'B+' from 'BB-'.  Seat's Outlook remains Negative.


SEAT PAGINE: Sells German Unit WLW to Bisnode for EUR47.8 Mln
-------------------------------------------------------------
Seat Pagine Gialle has reached an agreement to dispose of 100 per
cent of the shares of its German subsidiary Wer liefert was? (WLW)
to the Swedish firm Bisnode for a total consideration of EUR47.8
million, of which EUR40 million in terms of Enterprise Value and
EUR7.8 million in exchange for the adjusted net financial position
as of September 30.  The disposal is the result of a competitive
bid process and the transaction will imply a capital loss of
approximately EUR75 million.

WLW, a company providing online advertising services to German
small and mid-sized manufacturing companies, was acquired in 2007
to strengthen Seat's position in Germany and to develop revenue
synergies with the existing B2B Seat subsidiary Europages.

"The worsening of the German macroeconomic scenario has
significantly reduced the potential for such synergies, a key
rational for the acquisition," Luca Majocchi, CEO of Seat Pagine
Gialle, stated.  "The disposal of WLW is consistent with Seat
decision to focus on the Italian business and with the strategic
review of the international assets of Seat."

                About Seat Pagine Gialle

Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A.
-- http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.

                       *     *     *

As reported in the TCR-Europe on Dec. 4, 2008, Fitch Ratings
downgraded Seat Pagine Gialle S.p.A.'s Long-Term Issuer Default
Rating to 'B+' from 'BB-'.  Seat's Outlook remains Negative.


TELECOM ITALIA: Cuts More Jobs, Disposes Assets to Trim Debts
-------------------------------------------------------------
Telecom Italia SpA will cut an additional 4,000 jobs and dispose
of noncore assets valued at as much as EUR3 billion (US$3.8
billion) to reduce debt and trim costs, The Wall Street Journal
reports.

According to the report, the 4,000 job cuts come on top of the
5,000 the company announced in June.  Together, the moves will
reduce Telecom Italia's work force by 14% to 55,000 from 64,000,
the report says.

With its net debt totaling EUR35.77 billion as of Sept. 30,
Telecom Italia pledged to reduce its ratio of debt to earnings
before interest, taxes, depreciation and amortization to 2.9 times
by the end of next year, and to 2.3 times by the end of 2011, from
about three times at the end of 2008, the report relates.

The report discloses as Telecom Italia aims to maintain focus on
its core markets Italy and Brazil, Chief Executive Franco Bernabe
said, in a presentation to analysts in London, German broadband
unit HanseNet is among the assets earmarked for a possible sale.
Analysts value HanseNet at between EUR1 billion and EUR1.4
billion, according to the Journal.

The report states Telecom Italia said it has received expressions
of interests in some of its assets, but it was too early to talk
about prices.

Headquartered in Milan, Italy, Telecom Italia S.p.A. (NYSE:TI)  --
http://www.telecomitalia.it/-- is a telecommunications group that
operates in the communications sector, in the television sector
using both analog and digital terrestrial technology, and in the
office products sector.  The company is
engaged principally in the communications sector and,
particularly, in telephone and data services on fixed lines, for
final retail customers and wholesale providers, in the development
of fiber optic networks for wholesale customers, in Internet
services, in domestic and international mobile telecommunications
(especially in Brazil), in the television sector using both analog
and digital terrestrial technology and in the office products
sector.  The company operates mainly in Europe, the Mediterranean
Basin and in South America.  In August 2008, ILIAD SA announced
that it had finalized the acquisition of Alice France, the
broadband operations of the company.


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K Y R G Y Z S T A N
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ELCAT TRAIDING: Creditors Must File Claims by January 9
-------------------------------------------------------
LLC Elcat Traiding has declared insolvency.  Creditors have until
Jan. 9, 2009, to submit written proofs of claims to:

The company can be reached at: (0-517) 77-61-78


INTERUST LLC: Creditors Must File Claims by January 9
-----------------------------------------------------
LLC Interust has declared insolvency.  Creditors have until
Jan. 9, 2009, to submit written proofs of claims to:


The company can be reached at:

         (+996 312) 44-73-39
         (0-543) 89-34-66


KLONDIKE INTERNATIONAL: Creditors Must File Claims by January 9
---------------------------------------------------------------
LLC Klondike International has declared insolvency.  Creditors
have until Jan. 9, 2009, to submit written proofs of claims to:

         LLC Klondike International
         Molodaya Gvardiya Ave. 2a-46
         Bishkek
         Kazakhstan
         Tel: (+996 312) 65-46-49


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L A T V I A
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PAREX BANKA: Fitch Downgrades Issuer Default Ratings to 'RD'
------------------------------------------------------------
Fitch Ratings has downgraded Latvia-based Parex Banka's Long-term
Issuer Default Rating to 'RD' from 'BB', Short-term IDR to 'RD'
from 'B', and Support rating to '5' from '3'.  Parex's Support
Rating Floor has been changed to 'No Floor' from 'BB' and
Individual rating has been affirmed at 'F'.  In addition, Fitch
has downgraded the senior unsecured ratings to 'CC' from 'BB' and
assigned Recovery Rating 'RR4'.  Fitch has removed Long-term IDR
and senior unsecured ratings from Rating Watch Negative.
Fitch has also placed various Latvian banks' ratings on RWN:

Norvik Banka:

  -- Long-term IDR 'B+',
  -- Short-term IDR 'B'

Latvijas Krajbanka:

  -- Long-term IDR 'B+'
  -- Short-term IDR 'B'
  -- Support '4'

Hansabanka:

  -- Support Rating '1'

SEB Banka:

  -- Support Rating '1'

The rating action follows the decision by the Latvian government
and the Financial and Capital Market Commission on Dec. 1, 2008 to
set restrictions on the fulfillment of the obligations by Parex.
This decision restricts the deposit withdrawals by certain
parties.  While the measures have been taken to stabilize the
deposit outflow from Parex, Fitch views this as a restrictive
default in case of Parex and points to the potential wider
negative implications for the whole Latvian banking system.  In
Fitch's view, this may negatively affect depositor confidence,
especially non-resident depositors, increasing the risk of a
deposit freeze on the whole Latvian banking system.  Given these
risks Fitch has placed the ratings on the other banks on RWN.

Future rating actions relating to Parex will depend on the lifting
of the deposit withdrawal restrictions, reaching an agreement with
the syndicated loan providers for Parex, finalization of the
support packages from the IMF and the EU for Latvia, and finally
the stabilization of the current environment.  The resolution of
the RWN on the other banks will also depend on how various events
unfold.

Parex was nationalized (51% of total shares) on Nov. 8, 2008 after
the bank's application for support from the government as a result
of resident and non-resident deposit withdrawals.  The government
provided liquidity of LVL200 million and a guarantee on
refinancing of EUR775 million of syndication loans that are coming
due in 2009 (EUR275 million in February 2009 and EUR500 million in
June 2009).  Notwithstanding received liquidity support from the
government and refinancing guarantees for its maturing
syndications, the situation has remained very fluid and the
resident and non-resident deposit outflow has not stopped.

It was announced that the previous owners, Valery Kargin and
Viktor Krasovitsky, who held 85% of the bank, have been forced to
sell their remaining 34% of shares to Mortgage and Land Bank.
Parex was the second-largest bank by assets in Latvia at the end
of third-quarter 2008.  It is a universal bank offering a full
range of banking products directly and through specialized
subsidiaries.

Norvik Banka was the 12th-largest bank by assets in Latvia at end-
H108.  Straumborg, a family-owned Icelandic investment company,
became the majority shareholder in January 2006.  The two previous
majority owners (now with stakes of about 20% each) remain active
in the bank's management.  Norvik Banka, historically a non-
resident business bank has become increasingly focused on its
domestic business.

Krajbanka was the 11th-largest bank by assets in Latvia at end-
H108.  In September 2005, a majority stake in Krajbanka was
acquired by the Lithuanian bank Bankas Snoras (Snoras, rated
'BB-'; Negative Outlook).  Vladimir Antonov directly owns a 68.65%
stake in Snoras.  Krajbanka and Snoras share risk management
policies.  It is a universal bank serving mainly SMEs and
individuals.

Hansabanka was the largest bank by assets in Latvia at end-H108
with around 22% market share.  It is 99.7% owned by Swedbank
(rated 'A+'; Negative Outlook).

SEB Banka was the third largest bank by assets in Latvia at end-
H108 with around 13.5% market share.  It is fully owned by
Skandinaviska Enskilda Banken (SEB, rated 'A+'; Stable Outlook).


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N E T H E R L A N D S
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DUTCH E-MAC: Moody's Reviews Ratings for Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
all non-NHG Dutch E-MAC transactions issued prior to April 2008.
The ratings of the four Dutch E-MAC NHG transactions have been on
review since July 10, 2008.

The rating action was prompted by the exposure of the affected
transactions to a potential default to fulfill some of its
obligations by ResCap, which ultimately owns the entities
performing the cash management functions in these transactions.
ResCap's credit worthiness has continued to deteriorate and its
unsecured senior debt rating was downgraded to C with stable
outlook on Nov. 29, 2008.  Yet, at this stage, in all the
transactions being put on review, no back-up agreement has been
put in place for the role of issuer administrator, which performs
the tasks generally associated with those of a cash manager.

For the E-MAC NL series of transactions and the series of notes
issued out of the E-MAC Program prior to April 2008, GMAC RFC
Nederland B.V. is the appointed servicer and issuer administrator.
GMAC RFC Nederland B.V. was incorporated in the Netherlands in
2000 and is an indirect wholly-owned subsidiary of ResCap.  Stater
Nederland B.V. and Quion Groep B.V. (SQ2) are the delegated day-
to-day servicers of the mortgage loans according to the different
origination channels.  Both Stater and Quion have committed to
assume the role of primary servicer in case the appointment of
GMAC RFC Nederland B.V. is terminated.

However, no back-up issuer administrator was appointed at closing
for these transactions.  In a press release dated 30 May 2008 on
the impact of ResCap's downgrade on EMEA RMBS, Moody's stated that
it had been informed that GMAC RFC Nederland B.V. was in the
process of putting in place a back-up issuer administrator for all
the transactions of the E-MAC NL series, and for the series of
notes issued in 2006, 2007 and the first series issued in 2008 out
of the E-MAC Program.  GMAC has recently indicated its intention
to complete this process shortly.  To date, however, no such back-
up issuer administrator has been put in place for these
transactions.

The inability of an issuer administrator to fulfill its
obligations could result in consequences ranging from untimely
payments on the notes, to credit losses for noteholders that could
result from the unwinding of interest rate or currency exchange
hedges following termination events prompted by missed payments.
Moody's notes that in the most recent two transactions issued in
2008 by the E-MAC Program, ATC Financial Services B.V. is the
appointed third party issuer administrator performing most of the
cash management functions, although GMAC still performs
administrative activities at the program's level.  Despite their
residual exposure to GMAC, the ratings of these transactions have
not been put on review at this stage due to the limited scope of
GMAC's role.

Moody's will continue to closely monitor all these transactions
and expects to promptly resolve its rating review.  The review
will focus on the risks of disruptions in transaction payments due
to the potential inability of the issuer administrator to fulfill
its role.  Failure to shortly put in place back-up issuer
administrator agreements should result in the downgrade of the
ratings on review.  The magnitude of the downgrades would depend
on the severity of losses that would be expected to result from a
disruption of payments, taking into account the risk of hedge
arrangements falling apart.

                Complete List of Rating Actions

Issuer: E-MAC NL 2002-I B.V.

  -- Class A, Mortgage Backed Floating Rate Notes, current rating:
     Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     A2, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     Baa2, on review for possible downgrade.

  -- Class D, Mortgage Backed Floating Rate Notes, current rating:
     Ba2, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2003-I B.V.

  -- Class A, Mortgage Backed Floating Rate Notes, current rating:
     Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     A1, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     Baa2, on review for possible downgrade.

  -- Class D, Mortgage Backed Floating Rate Notes, current rating:
     Ba2, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2003-II B.V.

  -- Class A, Mortgage Backed Floating Rate Notes, current rating:
     Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     A2, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     Baa2, on review for possible downgrade.

  -- Class D, Mortgage Backed Floating Rate Notes, current rating:
     Ba2, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2004-I B.V.

  -- Class A, Mortgage Backed Floating Rate Notes, current rating:
     Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     A2, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     Baa2, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2004-II B.V.

  -- Class A, Mortgage Backed Floating Rate Notes, current rating:
     Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     Aa3, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     Baa1, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2005-I B.V.

  -- Class A, Mortgage Backed Floating Rate Notes, current rating:
     Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     Aa3, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     Baa1, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2005-III B.V.

  -- Class A, Mortgage Backed Floating Rate Notes, current rating:
     Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     Aa3, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     Baa1, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2006-II B.V.

  -- Class A, Mortgage Backed Floating Rate Notes, current rating:
     Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     Aa3, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     Baa1, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC Program B.V. / Compartment NL 2007-III

  -- Class A1, Mortgage Backed Floating Rate Notes, current
     rating: Aaa, on review for possible downgrade.

  -- Class A2, Mortgage Backed Floating Rate Notes, current
     rating: Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     Aa2, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     A2, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC Program B.V./ Compartment NL 2006-III

  -- Class A1, Mortgage Backed Floating Rate Notes, current
     rating: Aaa, on review for possible downgrade.

  -- Class A2, Mortgage Backed Floating Rate Notes, current
     rating: Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     Aa3, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC Program B.V./ Compartment NL 2007-I

  -- Class A1, Mortgage Backed Floating Rate Notes, current
     rating: Aaa, on review for possible downgrade.

  -- Class A2, Mortgage Backed Floating Rate Notes, current
     rating: Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     Aa3, on review for possible downgrade.

  -No previous rating action since initial rating assignment.

Issuer: E-MAC Program II B.V. / Compartment NL 2007-IV

  -- Class A, Mortgage Backed Floating Rate Notes, current rating:
     Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     Aa3, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     A2, on review for possible downgrade.

  -- Class D, Mortgage Backed Floating Rate Notes, current rating:
     Baa3, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.

Issuer: E-MAC Program III B.V. / Compartment NL 2008-I

  -- Class A1, Mortgage Backed Floating Rate Notes, current
     rating: Aaa, on review for possible downgrade.

  -- Class A2, Mortgage Backed Floating Rate Notes, current
     rating: Aaa, on review for possible downgrade.

  -- Class B, Mortgage Backed Floating Rate Notes, current rating:
     Aa2, on review for possible downgrade.

  -- Class C, Mortgage Backed Floating Rate Notes, current rating:
     A2, on review for possible downgrade.

  -- No previous rating action since initial rating assignment.


LYCOS EUROPE: To Halt Portal and Web Hosting Activities
-------------------------------------------------------
LYCOS Europe N.V. in a press statement on Tuesday announced the
results of its strategic review process.

LYCOS and its advisors have evaluated the different available
options including the sale of the company as a whole, a sale of
all or parts of the assets of LYCOS, and restructuring and partial
liquidation of the business.

As a result of this strategic review process the Management Board
and the Supervisory Board of LYCOS came to the conclusion that the
best available option of the company is to:

    (i) strive for a sale of its domains, Danish portal and
        shopping activities and

   (ii) to discontinue the portal and Web hosting activities.

As a result of this conclusion LYCOS intends to distribute an
amount of EUR50 million in 2008 to its shareholders.

According to vnunet.com, the company decided to put its European
portal and web hosting business into liquidation as its
restructuring evaluation concluded it will be very difficult for
the business to become profitable.

LYCOS, vnunet.com notes, expects its consolidated losses to
decrease substantially following the liquidation.

The decision on the move will be taken after the company's
shareholders' meeting on December 12, ITProPortal.com discloses.

ITProPortal.com recounts LYCOS failed to find an investor in the
current frosty economic environment.  It also faced some fierce
competition in Internet search domain from the likes of Google and
Yahoo, ITProPortal.com adds.

In the first three quarters, the company, ITProPortal.com relates,
incurred a massive net loss of EUR17.1 million on total sales of
EUR46.9 million.

Headquartered in Haarlem, the Netherlands -- LYCOS Europe N.V. --
http://www.lycos-europe.com-- is a portal provider and online
advertiser.  The company has four business units: Communication
and Communities, Portal and Search, Webhosting and Domain Names,
and Shopping.  It operates through its wholly owned subsidiaries
in the United Kingdom, Sweden, Germany, Denmark, the United
States, Armenia, Spain, the Netherlands, France, and Italy.


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P O R T U G A L
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* Moody's Reports Negative Outlook for Portuguese Banking System
----------------------------------------------------------------
The fundamental credit outlook for the Portuguese banking system
is negative, reflecting the pressures on the banks' profitability,
liquidity and capital amid the weakened credit environment, the
deteriorating macroeconomic outlook and the global liquidity
crisis, says Moody's Investors Service in its new Banking System
Outlook for Portugal.  Nonetheless, Moody's believes that the
banking system should generally remain resilient thanks to its
strong domestic retail franchises and the absence of a housing
boom in the recent past.  In addition, the recent government
decision to provide extraordinary guarantees should help restore
confidence in the financial system.

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

"The global credit and liquidity crunch and the negative
macroeconomic outlook have exposed existing vulnerabilities among
some of the smaller Portuguese banks, as reflected in some
negative rating actions in 2008 and the nationalization of Banco
Portugues de Negocios in November.  However, for the country's
larger banks with solid national franchises in retail and SME
banking, these macroeconomic challenges should remain manageable
and the banking system as a whole should prove resilient,"
explains Olga Cerqueira, a Moody's Analyst and author of the
report.

The Portuguese economy is structurally reliant on external debt
and the banking system derives around half of its funding from
foreign wholesale markets, whose closure has therefore resulted in
an overall increase in the liquidity risks of the country's banks.
They have responded to this not only through commercial efforts to
capture retail deposits, but also through an increased dependence
on short-term market funds.  The ability to issue covered bonds,
since the establishment of a new regulatory framework in 2006, has
mitigated this situation somewhat, offering a degree of funding
diversification.

"Portugal's banks are particularly exposed to external risks both
because of the limited size of the domestic market and because
their growth strategies have resulted in them becoming active
players in cross-border business.  In addition, most of them are
exposed to market risks due to their significantly sized
securities portfolios, as a result of which the continued decline
in market prices has been a key factor weighing on the
profitability and capitalization of most institutions," Ms
Cerqueira adds.  Moody's notes positively, however, that
Portuguese banks have had only immaterial exposure to the US sub-
prime market.

Asset quality for the Portuguese financial system is relatively
good.  Although delinquencies have continued to rise since end-
2007, no abrupt deterioration is anticipated.  Nonetheless, high
credit risk concentrations in terms of large exposures and some
concentration in certain sectors such as real estate and
construction heighten banks' risk profiles.  Moody's also notes
that Portuguese households have among the highest indebtedness
ratios in Europe.  This, combined with ongoing strong growth in
lending, prompts some caution in terms of banks' asset quality
going forward, although, as most mortgages have variable interest
rates, the currently low interest rate environment should
alleviate some of the pressure on households.

On Oct. 20, 2008, the Portuguese government approved EUR20 billion
in extraordinary state guarantees to support the stability of the
country's financial system and provide liquidity to credit
institutions based in Portugal, in line with similar schemes put
in place by other European countries.  Moody's Banking System
Outlook provides more details on these measures.

"Moody's views the guarantees as positive in the current
environment and believes they will help restore confidence in the
financial system.  Nevertheless, Moody's does not anticipate that
they will, by themselves, affect Portuguese banks' current ratings
as these already incorporate an expectation of government
support," Ms Cerqueira explains.


* S&P Says Portuguese RMBS Delinquency Rates Up in Third Quarter
----------------------------------------------------------------
Severe delinquencies in Standard & Poor's Ratings Services'
Portuguese RMBS index increased to 0.99% from 0.86% during Q3
2008, despite the European Central Bank's recent interest rate
cuts, according to Standard & Poor's index report for that sector.

Delinquencies between three and 12 months also increased to 1.53%
from 1.33% in Q2.

The increasing trend in long-term arrears started in March 2007
and reflects the effect that increasing interest rates have had on
mortgage installments.  Indeed, most Portuguese residential
mortgage-backed securities loans are linked to floating rates, so
a monthly householder's burden to repay their debt is quite
sensitive to rises in interest rates.

"The recent cumulative 100 bps interest rate cuts by the European
Central Bank (and the connected reduction in money-market rates)
should ease this pressure, even if it will take a few months
before lower rates are passed into mortgage installments," said
credit analyst Paloma Mateo-Guerrero.  "We expect the ECB to cut
interest rates by a further 75 bps to 100 bps."

Ms. Mateo-Guerrero added: "Given the current market and economic
conditions, S&P expects Portuguese RMBS transactions to come under
further pressure in the near future.  So far these general
performance trends have not affected any of S&P's ratings.  S&P
will continue to closely monitor any developments in performance
metrics to assess whether the structures maintain a level of
credit support consistent with the current ratings."

The lower liquidity in the financial markets is also affecting
borrowers' ability to refinance their debt and, subsequently, the
level of prepayment rates.  Prepayments in the Portuguese RMBS
market peaked in 2007 at 12%.  Since then, they have trended
downwards and converged in Q3 2008 at around 8.32%.


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R U S S I A
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BENTO-KAM OJSC: Creditors Must File Claims by January 28
--------------------------------------------------------
Creditors of OJSC Bento-Kam have until Jan. 28, 2009, to submit
proofs of claims to:

         G. Kuchumov
         Insolvency Manager
         Post User Box 111/1
         Yelabuga
         423602 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65=962620/2008,-AG4=9640.

The Debtor can be reached at:

         OJSC Bento-Kam
         Ugolnaya Str. 1a
         Nurlat
         423040 Tatarstan
         Russia


CONCRETE LLC: Court Names A. Savelyev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Vladimirskaya appointed A. Savelyev as
Insolvency Manager for LLC Concrete.  The case is docketed under
Case No. A11=964577/2008,-A1=96164B.  He can be reached at:

         Post User Box 27
         D-481
         125481 Moscow
         Russia

The Debtor can be reached at:

         LLC Concrete
         Muromskaya Str. 9A
         Kovrov
         Vladimirskaya
         Russia


ELSOKS CJSC: Creditors Must File Claims by January 28
-----------------------------------------------------
Creditors of CJSC Elsoks (TIN 5904008852) (Machinery and
Equipment Production) have until Jan. 28, 2009, to submit proofs
of claims to:

         S. Ryabov
         Insolvency Manager
         Post User Box 199
         Lysva
         618900 Permskiy
         Russia

The Arbitration Court of Permskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A50-3912/2008,-B2.

The Debtor can be reached at:

         CJSC Elsoks
         N. Ostrovskogo Str. 65
         614007 Perm
         Russia


FOREST LLC: Creditors Must File Claims by January 28
----------------------------------------------------
Creditors of LLC Forest have until Jan. 28, 2009, to submit proofs
of claims to:

         Ye. Kazyurin
         Insolvency Manager
         Post User Box 12305
         660041 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33=962871/2008.

The Debtor can be reached at:

         LLC Forest
         Office 210
         Mayerchaka Str. 4A
         660075 Krasnoyarsk
         Russia


INDUSTRIAL ENERGETICS: Under Bankruptcy Procedure
-------------------------------------------------
The Arbitration Court of Nizhegorodskaya has commenced external
management bankruptcy procedure on CJSC Industrial Energetics
(PSRN 1035205392155).  The Case is docketed under No. A43=96
35545/2006.

The External Insolvency Manager is:

         M. Petrvskiy
         Post User Box 25
         GOS 30
         Petropavlovsk-Kamchatskiy
         Russia

The Debtor can be reached at:

         CJSC Industrial Energetics
         Proviantskaya Str. 6
         Nizhny Novgorod
         Russia


IRKUTSK-PAPER LLC: Creditors Must File Claims by January 28
-----------------------------------------------------------
Creditors of LLC Irkutsk-Paper (TIN 3811041589) have until
Jan. 28, 2009, to submit proofs of claims to:

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

The Arbitration Court of Irkutskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19=968054/07=9637.

The Debtor can be reached at:

         LLC Irkutsk-Paper
         Apt. 12
         Podgornaya Str. 68A
         Irkutsk
         Russia


KIRENSKAYA HEATING: Court Names S. Galandinas Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Irkutskaya appointed S.Galandin as
Insolvency Manager for MUE Kirenskaya Heating and Energy Company
(TIN 3831003743).  The case is docketed under Case No. A19=96
15197/07=9637.  He can be reached at:

         Post User Box 224
         664007 Irkutsk
         Russia

The Debtor can be reached at:

         MUE Kirenskaya Heating and Energy Company
         Poliny Osipenko Str. 47
         666701 Kirensk
         Irkutskaya
         Russia


MASH-PROM LLC: Creditors Must File Claims by December 28
--------------------------------------------------------
Creditors of LLV Mash-Prom (Machinery) (TIN 6150041617) have
until Dec. 28, 2008, to submit proofs of claims to:

         D. Tatyanchenko
         Insolvency Manager
         Sotsialisticheskaya Str. 60V
         Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A53=963482/2008,-C1=9633.

The Debtor can be reached at:

         LLV Mash-Prom
         Platovskiy Prospect 101
         Novocherkassk
         Russia


MDM BANK: S&P Puts 'BB' Credit Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB' long-term counterparty credit rating on Russian MDM Bank on
CreditWatch with negative implications.  The 'B' short-term
counterparty credit rating was affirmed.

"The CreditWatch placement reflects the announcement that the
shareholders of MDM Bank and URSA Bank (not rated) plan to combine
their equity stakes to form a holding company, establish common
ownership over the two banks, and eventually merge them," said
Standard & Poor's credit analyst Eugene Tarzimanov.

S&P believes that this transaction will weaken MDM's credit
profile in the short term, because of URSA's higher risk profile
and the high execution and refinancing risks stemming from the
transaction. The continuing very challenging operating environment
in Russia places additional pressure on MDM's creditworthiness.

MDM and URSA plan to merge under a single banking license within
12-18 months, creating Russia's sixth-largest bank by assets and
fourth largest by capital.

S&P acknowledges that the planned transaction has a sound business
rationale in terms of diversification and economies of scale;
however, the risks outlined above currently outweigh the
commercial benefits, which will take time to materialize.

Although management and shareholders have stated that they have no
intention of supporting one bank to the detriment of the other,
until the merger of the banks has been achieved, S&P believes
that, from a reputational, practical, and shareholder perspective,
MDM has a strong incentive to support URSA financially if the need
arises.

In S&P's opinion, URSA has a weaker financial profile than MDM.
URSA is about two times smaller than MDM by assets.

"We expect to resolve the negative CreditWatch status within six
months, upon the transfer of MDM's and URSA's shares to the
holding company and the establishment of common ownership," said
Mr. Tarzimanov.

At this stage, S&P would not expect to lower the long-term rating
on MDM by more than one notch.


NORD-LES LLC: Creditors Must File Claims by January 28
------------------------------------------------------
Creditors of LLC Nord-Les (TIN 2925003955) (Forestry) have until
Jan. 28, 2009, to submit proofs of claims to:

         A. Kondrashkin
         Insolvency Manager
         Apt.61
         Potapovskiy Pereulok 9/11
         101000 Moscow
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56-52835/2007.

The Debtor can be reached at:

         LLC Nord-Les
         Gidrotekhnikov Str. 3A
         195220 Saint-Petersburg
         Russia


SITRONICS JSC: Inks US$230 Mln Credit Facility Agreement with VEB
-----------------------------------------------------------------
JSC SITRONICS has signed a US$230 million credit facility
agreement with State Corporation "Bank for Development and Foreign
Economic Affairs" (Vnesheconombank).

The one-year credit facility can be extended for a further 12
months subject to agreement between the parties.  The new funds
will be used to refinance loan facilities of US$125 million and
US$75 million, which were provided by Dresdner Bank AG in November
2007 and March 2008, and which mature in November 2008 and March
2009, respectively.  The facility will also be used to refinance
other short-term borrowings which were secured in 2006 and 2007.

Marina Zabolotneva, Chief Financial Officer and First Vice
President for Finance and Investments of SITRONICS, commented: "We
are pleased to have qualified to receive funds from
Vnesheconombank within the framework of the state program to
support strategically important assets.  The credit line will be
used to refinance borrowings that are now falling due for
repayment."

                        About JSC Sitronics

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

JSC Sitronics still carries a 'B-' long-term issuer default rating
from Fitch with negative outlook.


TMK OAO: Seeks US$1 Billion Refinancing Aid from VEB
----------------------------------------------------
OAO TMK has requested around US$1 billion in state loans to
refinance its foreign debt, Reuters reports citing Vedomosti
business daily.

Vedomosti said that according to an industry source, TMK's request
has been recognized as justified by the credit committee of state-
owned bank VEB, Reuters relates.

                        About TMK

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

                        *     *     *

OAO TMK continues to carry a Ba3 long-term corporate family and
probability of default rating from Moody's with stable outlook.

TMK also carries a B+ long-term foreign and short-term local
issuer default ratings from Standard & Poor's with stable outlook.
The ratings still apply to date.


TNK-BP: President and CEO Robert Dudley Steps Down
--------------------------------------------------
TNK-BP in a press statement on Monday said that it had received
the resignation of its founding President and CEO, Robert Dudley,
in accordance with the memorandum of understanding between Alfa
Access-Renova and BP in early September.
Mr. Dudley's resignation is effective from Monday, December 1.

On November 28 the Board of Directors of TNK-BP Management took a
unanimous decision on the new Chairman of the Management Board of
TNK-BP Management.

Tim Summers was appointed interim CEO/Chairman of the Management
Board of TNK-BP Management until the appointment and commencement
of a new non-affiliated CEO as agreed by the shareholders.

In compliance with the decision of the Board of Directors of TNK-
BP Management, on December 1 Board Chairman Victor Vekselberg
signed a corresponding labor contract with Tim Summers.

The appointment of a new CEO is currently being progressed by the
company's shareholders as are changes to the charters and Boards
of Directors of TNK-BP Holding and TNK-BP Management, together
with attendant ancillary matters.

"I depart TNK-BP after more than five challenging and immensely
satisfying years building and leading this unique and progressive
Russian oil major," Robert Dudley stated.  "I wish the new
management team every success in continuing the company's
development."

Incoming CEO Tim Summers noted "It is vital that the transition is
effected smoothly and seamlessly.  I will focus on closing out our
strong performance in 2008 and in setting our business plan for
next year in this difficult business environment."

                        About TNK-BP

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

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

                           *     *     *

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


TRANS-OIL LLC: Creditors Must File Claims by January 28
-------------------------------------------------------
Creditors of LLC Trans-Oil have until Jan. 28, 2009, to submit
proofs of claims to:

         N. Karpova
         Insolvency Manager
         Apt. 128
         K. Marksa Str. 13
         163000 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. AA5=961255/2008,.

The Debtor can be reached at:

         LLC Trans-Oil
         Arkticheskiy pereulok 1
         Iskateley
         Naryan-Mar
         166000 Nenetskiy
         Russia


URSA BANK: Fitch Puts B+ Long-Term IDR on Watch Positive
--------------------------------------------------------
Fitch has affirmed MDM Bank's Long-term IDR of 'BB' with a Stable
Outlook and placed URSA Bank's Long-term IDR of B+ on Rating Watch
Positive.

The rating actions follow the announcement of the planned merger
of the two banks.

Rating actions:

MDM Bank

  -- Long-term IDR: affirmed at 'BB'; Outlook remains Stable

  -- Short-term IDR: affirmed at 'B'

  -- Individual: affirmed at 'C/D'

  -- Support: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- National Long-term: affirmed at 'AA-(rus)' (AA minus (rus);
     Outlook remains Stable

URSA Bank

  -- Long-term Issuer IDR: rated at 'B+'; placed on Rating Watch
     Positive, the Stable Outlook has been removed

  -- Short-term IDR: affirmed at 'B'

  -- Individual: affirmed at 'D'

  -- Support Rating: rated at '5', placed on Rating Watch Positive

  -- Support Rating Floor: rated at 'B-' (B minus), placed on
     Rating Watch Positive


VIMPELCOM OJSC: Posts US$269MM Net Income in 9-Mos Ended Sept. 30
-----------------------------------------------------------------
OJSC Vimpel-Communications released its financial and operating
results for the quarter and nine months ended September 30, 2008.

           3Q08 Financial and Operating Highlights

    * Net operating revenues reached US$2,843 million, an
      increase of 45.3% versus 3Q07.

    * OIBDA reached US$1,388 million, an increase of 36.7%
      versus 3Q07.

    * OIBDA margin improved quarter-on-quarter to 48.8%,
      including 50.0% in Russia and 53.4% in Kazakhstan.

    * Net income totaled US$269 million, a reduction of 41.3%
      versus 3Q07, reflecting strong adverse currency impact.

    * Mobile subscribers increased by 7.1 million versus 3Q07,
      reaching 57.8 million.

    * Bonds in the amount of RUR10 billion were issued in July.

Alexander Izosimov, Chief Executive Officer of VimpelCom, said,
"We are pleased to present another strong set of quarterly
results.  In the third quarter our business showed 45% annual
revenue growth with an improved 49% OIBDA margin.

While our operations have not yet been affected by the financial
turmoil, we clearly understand that the Company will not be immune
to it going forward. Anticipating this, we have already taken
steps to mitigate any potential adverse impact of deteriorating
market conditions. We froze new orders for capital expenditures,
cut non-essential expenses, implemented a hiring freeze and re-
negotiated a number of contracts with vendors and suppliers. We
are monitoring the situation very closely and are prepared to
activate additional measures as events unfold.


We are confident that our robust business model and resilient cash
flow, further enhanced by the protective measures that we have
implemented, will ensure VimpelCom's ability to meet its
obligations and to continue its operations without significant
disruptions."

                     About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

OJSC Vimpel Communications continues to carry Ba2 long-term
corporate family rating, Ba2 senior unsecured debt rating and Ba2
probability of default rating from Moody's with positive outlook.

Vimpelcom also carries BB+ long-term foreign issuer credit rating
and BB+ long-term local issuer credit rating from Standard &
Poor's with stable outlook.


* OBLAST OF SARATOV: Moody's Puts 'Ba2' Currency Ratings
--------------------------------------------------------
Moody's Investors Service has assigned first-time global scale
local and foreign currency ratings of Ba2 to the Oblast of
Saratov.  The rating outlook is stable.  At the same time, Moody's
Interfax Rating Agency, which is majority-owned by Moody's,
assigned a national scale rating of Aa2.ru to the Oblast.

"The ratings are supported by the Oblast's adequate socio-economic
performance and stable budgetary operating results in the recent
past," says Alexander Proklov, a Moody's Senior Analyst and lead
analyst for the region. "The Oblast posted stable primary and
gross operating balances in 2003-07, averaging 12.1% and 11.3% of
operating revenues, respectively.  However, the Oblast's tax
revenue will likely be adversely impacted by an expected economic
slowdown in Russia," cautions the analyst.  This could lead to a
shortfall in the Oblast's corporate income tax proceeds in 2009
and, therefore, to new borrowings and/or budget spending cuts.  At
the same time, flexibility of operating expenditure is limited by
increasing public sector wages, social benefits and transfers.
Moody's notes that the Oblast's debt burden is low.

"The ratio of net direct and indirect debt to operating revenue
averaged 14% over last five years, while the region's interest
payments were kept at a very modest 1% of operating revenues,'
says Mr Proklov.  The Oblast's direct debt is represented by
medium-term bank credits and restructured federal loans, while
indirect exposure is negligible.

However, under the current, tightening market conditions, new bank
credits are only being provided on a short-term basis and with
high interest rates.  Moreover, the Oblast's accumulated cash may
not be sufficient to cover an expected budget deficit.  Therefore,
Moody's recognises that the ability of the Oblast's government to
pursue a prudent debt policy, avoiding a significant increase in
debt service, would be a key factor in the Oblast's
creditworthiness in the near future.

The Oblast of Saratov is located 860 kilometers south of Moscow
and has just over 2.6 million inhabitants (1.8% of Russian
population).  The Oblast's predominant industrial specialization
is in machine manufacturing, power generation, mineral fertilizers
and food industry.  The agricultural sector has historically
played an important role in the regional economy.


* RUSSIA: May Set Aside RUB300 Billion in Loan Guarantees
---------------------------------------------------------
Russia may buy banks' mortgages and provide RUB300 billion (US$11
billion) to guarantee corporate loans in a bid to boost liquidity,
Bloomberg News reports citing Finance Minister Alexei Kudrin.

"We need to provide targeted support," Bloomberg News cited
Minister Kudrin as saying during a meeting chaired by President
Dmitry Medvedev.

According to Bloomberg News, the Russian government has already
pledged about US$200 billion in emergency funding to help
companies and banks weather the credit markets' seizure.

"In order to strengthen guarantees for loans, including loans for
two and three years, the state must be ready to provide 300
billion rubles," Bloomberg News quoted Minister Kudrin's comments
broadcast by state channel Vesti-24.  "If necessary we can
increase this limit."

Minister Kudrin also said additional measures are being considered
to boost funds available as loans to companies, including by
buying mortgages from banks, Bloomberg News relates.

Bloomberg News says the World Bank predicts Russia's economic
growth will slow to 3 percent next year from an average of 7
percent annually since 1999.

Meanwhile, BNP Paribas estimates cited by Bloomberg News said
investors pulled US$190 billion out of Russia since the start of
August.


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S W I T Z E R L A N D
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BEWAL WELLNESS: Creditors Must File Proofs of Claim by Dec. 15
--------------------------------------------------------------
Creditors owed money by LLC Bewal Wellness are requested to file
their proofs of claim by Dec. 15, 2008, to:

         Lehngasse 3
         3812 Wilderswil
         Switzerland

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


CREDIT SUISSE: Expects CHF3 Billion 4th Qtr Net Loss
----------------------------------------------------
Credit Suisse Group AG estimates net loss of approximately CHF3
billion in the fourth quarter as of end-November 2008, reflecting
the impact of adverse market conditions in the quarter and costs
associated with the risk reduction program, primarily in
Investment Banking.

In light of Credit Suisse's 2008 performance to date, its
Chairman, Group CEO and Investment Bank CEO agreed not to receive
variable compensation for 2008.

Credit Suisse also plans reduction in headcount of 5,300,
primarily in Investment Banking, representing an 11% reduction of
the bank's current overall headcount.

The Wall Street Journal relates Credit Suisse shares have fallen
in recent days as fears over a poor fourth quarter spread.  The
Journal says so far this year the stock has slumped 59%, slightly
less than the 62% fall in Stoxx Europe 600 bank index.  Wednesday,
Credit Suisse shares closed at 27.7 francs, giving the bank a
market capitalization of US$28.6 billion, the Journal notes.

Headquartered in Zurich, Switzerland, Credit Suisse Group AG
(VTX:CSGN) -- http://www.credit-suisse.com/-- formerly Credit
Suisse Group, is a global financial services company catering to
corporate, institutional and government clients, and high-net-
worth individuals worldwide, as well as to retail clients in
Switzerland.  The Company serves its clients through its three
divisions: Private Banking, Investment Banking and Asset
Management.  In Private Banking, the Company offers advice and a
range of wealth management solutions, including pension planning,
life insurance products, tax planning and wealth and inheritance
advice. In Investment Banking, it offers investment banking and
securities products and services to corporate, institutional and
government clients worldwide.  In Asset Management, it provides
access to a range of investment classes, ranging from money
market, fixed income, equities and balanced products, to
alternative investments, such as real estate, hedge funds, private
equity and volatility management.


FERRY HOUSE: Deadline to File Proofs of Claim Set December 17
-------------------------------------------------------------
Creditors owed money by LLC Ferry House are requested to file
their proofs of claim by Dec. 17, 2008, to:

         Pia Ziegler
         Liquidator
         Itingerstrasse 5
         4450 Sissach
         Switzerland

The company is currently undergoing liquidation in Obergosgen SO.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 28, 2008.


GRIP TESTCENTER: Creditors Have Until Dec. 14 to File Claims
------------------------------------------------------------
Creditors owed money by JSC Grip Testcenter Wichlen in
liquidation, are requested to file their proofs of claim by
Dec. 14, 2008, to:

         Hansjurg Rhyner
         Advocacy Rhyner & Schmidt Rechtsanwalte
         Bahnhof
         8750 Glarus
         Switzerland

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


LOGOLINE JSC: Proofs of Claim Filing Deadline is December 14
------------------------------------------------------------
Creditors owed money by JSC Logoline, are requested to file their
proofs of claim by Dec. 14, 2008, to:

         Astrid Albrecht and
         Farid Khan
         Scheuchzerstrasse 210
         8057 Zurich
         Switzerland

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


M & T HEALTH: Creditors' Proofs of Claim Due by December 17
-----------------------------------------------------------
Creditors owed money by LLC M & T Health Consulting are requested
to file their proofs of claim by Dec. 17, 2008, to:

         Schutzenmattstrasse 43
         4051 Basel
         Switzerland

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


PARKHAUS UND GEWERBECENTER: Deadline to File Claims on  Dec. 17
---------------------------------------------------------------
Creditors owed money by JSC Parkhaus und Gewerbecenter am Gutsch
in liquidation, are requested to file their proofs of claim by
Dec. 17, 2008, to:

         Alexander Studhalter
         Matthofstrand 8
         Mail Box: 14164
         6000 Luzern
         Switzerland

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


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U K R A I N E
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AFTER REPAIRS: Creditors Must File Claims by December 18
--------------------------------------------------------
Creditors of LLC After Repairs Set (code EDRPOU 35497771) have
until Dec. 18, 2008, to submit proofs of claim to:

         Mr. Vladimir Gliadchenko
         Temporary Insolvency Manager
         Kirov Avenue, 96/13
         Dnipropetrovsk
         Ukraine 49000

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Oct.
10, 2008.  The case is docketed as B 26/224-08.

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

The Debtor can be reached at:

         LLC After Repairs Set
         Naberezhnaya Pobedy Str. 32
         49000 Dnipropetrovsk
         Ukraine


AGRARIY LLC: Creditors Must File Claims by December 18
------------------------------------------------------
Creditors of LLC Science-Production Center Agrariy (code EDRPOU
30272282) have until Dec. 18, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Arbitration Court of Cherkassy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 01/1693.

The Debtor can be reached at:

         LLC Science-Production Center Agrariy
         Nikolayev Str. 17
         Zolotonosha
         Cherkassy
         Ukraine


BUDIVELNYK LLC: Creditors Must File Claims by December 18
---------------------------------------------------------
Creditors of LLC Budivelnyk (code EDRPOU 24707282) have until Dec.
18, 2008, to submit proofs of claim to:

         Mrs. Yarmola Olga
         Liquidator / Insolvency Manager
         Apt. 12
         Lesovaya Str. 11a
         Zarichany
         12440 Zhytomir
         Ukraine

The Arbitration Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 14 2008.
The case is docketed as 12/123-B.

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

The Debtor can be reached at:

         LLC Budivelnyk
         Cherniakhov
         Zhytomir
         Ukraine


CHIGIRIN ENERGY: Creditors Must File Claims by December 18
----------------------------------------------------------
Creditors of OJSC Cherkassy Regional Energy Subsidiary Company
Chigirin Energy Trade (code EDRPOU 05424911) have until Dec. 18,
2008, to submit proofs of claim to:

         Mr. Yuditsky Alexander
         Temporary Insolvency Manager
         Apt. 9
         Khimikov Avenue, 60
         Cherkassy
         Ukraine

The Arbitration Court of Cherkassy commenced bankruptcy
proceedings against the company after finding it insolvent on
Nov. 4, 2008.  The case is docketed as 14/4633.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         OJSC Cherkassy Regional Energy Subsidiary
         Company Chigirin Energy Trade
         Mir Str. 1
         Chigirin
         20902 Cherkassy
         Ukraine


DRUZHBA LLC: Creditors Must File Claims by December 18
------------------------------------------------------
Creditors of Agricultural LLC Druzhba (code EDRPOU 03745982) have
until Dec. 18, 2008, to submit proofs of claim to:

         Mrs. Yarmola Olga
         Liquidator / Insolvency Manager
         Apt. 12
         Lesovaya Str. 11a
         Zarichany
         12440 Zhytomir
         Ukraine

The Arbitration Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 4, 2008.
The case is docketed as 3/167-B.

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

The Debtor can be reached at:

         Agricultural LLC Druzhba
         Yagodinka
         Romanovsky
         Zhytomir
         Ukraine


KIRIT-2007 LLC: Creditors Must File Claims by December 17
---------------------------------------------------------
Creditors of LLC Kirit-2007 (code EDRPOU 35408016) 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 Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on Sept. 11, 2008.  The case is docketed
as B-24/176-08.

The Debtor can be reached at:

         LLC Kirit-2007
         Krasnoarmeyskaya Str. 17
         Khroli
         61000 Kharkov
         Ukraine


LOTTO MAYSTER: Creditors Must File Claims by December 17
--------------------------------------------------------
Creditors of LLC Lotto Mayster Soft (code EDRPOU 35001275) have
until Dec. 17, 2008, to submit proofs of claim to:

         Mr. Andrew Vershynin
         Liquidator
         P.O.B. 151
         03110 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 13, 2008.
The case is docketed as 24/450-b.

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

The Debtor can be reached at:

         LLC Lotto Mayster Soft
         Apt. 1
         Burmistenko Str. 11
         03040 Kiev
         Ukraine


NETWORK TARGET-PRODUCT: Creditors Must File Claims by Dec. 18
-------------------------------------------------------------
Creditors of LLC Commerce Network Target-Product (code EDRPOU
34731998) have until Dec. 18, 2008, to submit proofs of claim to:

         LLC Judicial Union Dobra Porada
         Liquidator
         General Naumov Str. 23-b
         03164 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 11, 2008.
The case is docketed as 49/160-b.

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


POBEDA LLC: Creditors Must File Claims by December 18
-----------------------------------------------------
Creditors of Agricultural LLC Pobeda (code EDRPOU 03746065) have
until Dec. 18, 2008, to submit proofs of claim to:

         Mrs. Olga Yarmola
         Liquidator / Insolvency Manager
         Apt. 12
         Lesovaya Str. 11a
         Zarichany
         12440 Zhytomir
         Ukraine

The Arbitration Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 27, 2008.
The case is docketed as 7/162-b.

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

The Debtor can be reached at:

         Agricultural LLC Pobeda
         Prutovka
         Romanovsky
         13033 Zhytomir
         Ukraine


SPHERE LLC: Creditors Must File Claims by December 17
-----------------------------------------------------
Creditors of LLC Trading-Industrial Enterprise Sphere (code EDRPOU
34663656) have until Dec. 17, 2008, to submit proofs of claim to:

         Mr. Andrew Vershynin
         Liquidator
         P.O.B. 151
         03110 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 13, 2008.
The case is docketed as 24/449-b.

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

The Debtor can be reached at:

         LLC Trading-Industrial Enterprise Sphere
         Krasnoarmeyskaya Str. 132
         03150 Kiev
         Ukraine


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ALDEN HENDI: Goes Into Administration; 135 Jobs Eliminated
----------------------------------------------------------
The Joint Administrators of Alden HenDi have confirmed that 135 of
the 160 staff across the Hackney and Whitney sites have been given
notice of redundancy.

Mark Orton, KPMG Partner and administrator to Alden HenDi said:
"It is disappointing but unavoidable that we are unable to
continue trading across the two Alden HenDi sites and have had to
make a substantial number of staff redundant.  We are currently
working with Government agencies to ensure the employees' issues
are dealt with as quickly as possible and are now continuing with
some very limited trading to finalize orders for customers."

Alden HenDi was placed into administration Tuesday, December 2,
2008, at the request of the company directors.  The company
provides digital and litho printing services and translation and
publishing solutions from two sites.

Around 14 of the 120 staff have been kept on at the Witney site
and 11 of the 40 staff based the Hackney depot in East Street.

                    About KPMG LLP (UK)

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


BOWIE CASTLEBANK: Goes Into Administration; 817 Jobs Axed
---------------------------------------------------------
Blair Nimmo and Tony Friar of KPMG Restructuring were appointed as
Joint Administrators of the Bowie Castlebank Group which includes
Alexander Kennedy & Sons Ltd Tuesday, December 2, 2008, at the
request of the Company's directors.

Bowie Castlebank Group trades under the Klick Photopoint and Max
Spielman retail brand names in the photoprocessing market, and
also owns the William Munro Cleaners retail brand.  The company
employs 1,664 people across its network of 314 shops, its
processing center in Wishaw, its head office in Glasgow and
warehouse in Chester.  There are 197 branches Klick stores and 117
Max Spielman.  Approximately 60 Klick stores also provide Munro
Cleaners outlets.  All Munro cleaner outlets are based in
Scotland.

Due to the advance of digital photography, the photoprocessing
business has suffered significant losses in recent years, while
reduced levels of clothing requiring dry cleaning has seen the
cleaning business contract.  The company explored several
opportunities to restructure or refinance the business, but these
were not successful.  The Administrators have unfortunately had no
option but to significantly reduce trading activity with the
regrettable consequence of 817 redundancies.

Blair Nimmo, joint administrator and head of restructuring for
KPMG in Scotland said: "It is with regret that we have had to make
substantial redundancies across Bowie Castlebank's operations and
we are currently working with Government agencies to ensure the
employees' issues are dealt with as quickly as possible.  At the
same time we are marketing the business in an attempt to secure a
sale of some of the Group's stores or operations as a going
concern.  Any interested parties should contact the Joint
Administrators as soon as possible."

Customers who currently have photos with either Klick or Max
Spielman for development or have garments with Munro's for
cleaning, are advised to return to their local store as quickly as
possible to retrieve these items.  All efforts will be made to
return items to their owners where possible.

                    About KPMG LLP (UK)

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


DEKANIA EUROPE: Fitch Withdraws 'BB' Expected Rating on Class E
---------------------------------------------------------------
Fitch Ratings has withdrawn the expected ratings on Dekania Europe
Funding IV Limited.  The transaction did not close.

The expected ratings are:

  -- Class A1: expected rating 'AAA' withdrawn;
  -- Class A2: expected rating 'AAA' withdrawn;
  -- Class B: expected rating 'AA' withdrawn;
  -- Class C: expected rating 'A' withdrawn.
  -- Class D: expected rating 'BBB' withdrawn.
  -- Class E: expected rating 'BB' withdrawn.


EUROSAIL 2006-2BL: S&P Junks Rating on Class F1c Notes
------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on various subordinate
classes of notes issued by Eurosail 2006-2BL PLC and Eurosail
2006-4NP PLC due to deterioration in performance.

The downgrades are due to the deals' performance and not their
exposure to a Lehman-related swap counterparty.

On Sept. 17, S&P placed all the notes in these deals on
CreditWatch negative due to their exposure to Lehman Brothers
Special Financing Inc. as the fixed/floating swap counterparty for
both deals and the BBR/LIBOR swap counterparty for Eurosail 2006-
4NP.

In both Eurosail 2006-2BL and Eurosail 2006-4NP, most of the loans
currently paying a fixed rate of interest revert to a floating
rate linked to LIBOR by April 2009 and September 2009,
respectively.  S&P considered this exposure as part of its initial
analysis and ongoing surveillance, but the current fixed/floating
mismatches do not affect S&P's ratings in these transactions. For
this reason the notes do not remain on CreditWatch negative.

Eurosail 2006-4NP also had exposure to Lehman Brothers Special
Financing as the BBR/LIBOR swap counterparty. As of September
2008, this basis risk is approximately 13% by value of the pool.
S&P has sized for this risk, incorporating the current
dislocation, in S&P's cash flow analysis.  At present, this risk
does not affect S&P's ratings in this transaction.

         Key Performance Indicators as of September 2008

                                Eurosail       Eurosail
                                2006-2BL       2006-4NP
                                --------       --------
   Total delinquencies
     (including repossessions)  35.1%          22.1%
   Unsold repossessions(1)       5.3%          3.1%
   Cumulative losses            GBP3,247,729(2)  GBP1,372,805(3)
   WA loss severity             21.7%          25.1%

(1) Percentage of the outstanding principal balance.
(2) 0.53% of the original collateral-backed note balance.
(3) 0.18% of the original collateral-backed note balance.

                    WA - Weighted-average.

With U.K. house prices likely to continue falling in the near
future, S&P expects to see further losses in coming quarters.

                           Ratings List

                      Eurosail 2006-2BL PLC
       EUR60.8 Million, GBP406.28 Million, And $318 Million
               Mortgage-Backed Floating-Rate Notes

    Ratings Lowered And Removed From CreditWatch Negative

                           Rating
                           ------
     Class      To                            From
     -----      --                            ----
     D1a        BB                            BBB/Watch Neg
     D1c        BB                            BBB/Watch Neg
     E1c        B                             BB-/Watch Neg
     F1c        CCC                           B/Watch Neg

   Ratings Removed From CreditWatch Negative And Affirmed

                           Rating
                           ------
     Class      To                            From
     -----      --                            ----
     A1b        AAA                           AAA/Watch Neg
     A1c        AAA                           AAA/Watch Neg
     A2c        AAA                           AAA/Watch Neg
     B1a        AA+                           AA+/Watch Neg
     B1b        AA+                           AA+/Watch Neg
     C1a        A+                            A+/Watch Neg
     C1c        A+                            A+/Watch Neg

                       Eurosail 2006-4NP PLC

        GBP489 Million, US$64 Million, and EUR327.5 Million
     Mortgage-Backed Floating-Rate Notes and an Overissuance of
      GBP7.45 Million Excess Spread Backed Floating-Rate Notes

    Ratings Lowered And Removed From CreditWatch Negative

                           Rating
                           ------
     Class      To                            From
     -----      --                            ----
     C1a        BBB+                          A/Watch Neg
     C1c        BBB+                          A/Watch Neg
     D1a        BB+                           BBB/Watch Neg
     D1c        BB+                           BBB/Watch Neg
     E1c        B                             BB/Watch Neg

   Ratings Removed From CreditWatch Negative And Affirmed

                           Rating
                           ------
     Class      To                            From
     -----      --                            ----
     A2c        AAA                           AAA/Watch Neg
     A3a        AAA                           AAA/Watch Neg
     A3c        AAA                           AAA/Watch Neg
     M1a        AAA                           AAA/Watch Neg
     M1c        AAA                           AAA/Watch Neg
     B1a        AA                            AA/Watch Neg


FAIRFAX GERRARD: Taps Joint Administrators from Grant Thornton
--------------------------------------------------------------
On Nov. 18, 2008, David Matthews and Les Ross of Grant Thornton UK
LLP were appointed joint administrators of:

   -- Fairfax Gerrard Holdings Ltd.,
   -- Fairfax Gerrard International Ltd.,
   -- Fairfax Gerrard Traders Ltd.
   -- Fairfax Gerrard Contracts Ltd.,
   -- Assetine Trading Ltd.,
   -- Assetine Ltd., and
   -- Harringtons Exports Ltd.

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

         Kennet House
         80 Kings Road
         Reading
         Berkshire
         RG1 3BJ
         England


FITZGERALD LIGHTING: Goes Into Administration; KPMG Appointed
-------------------------------------------------------------
Richard Hill and Joff Pope of KPMG LLP have been appointed
administrators of Bodmin-based lighting producer, Fitzgerald
Lighting Ltd.

The business has been manufacturing and distributing industrial,
commercial and domestic lighting products for 36 years and has 357
employees, most of whom are based in Bodmin, Cornwall.

Richard Hill, KPMG partner and joint administrator, said: "It is
always upsetting when an established manufacturing business with a
loyal and long serving workforce enters insolvency.  Increased
competition has resulted in substantial losses being incurred in
recent years and attempts to restructure the company have been
unsuccessful.  Rescue efforts were hampered by reduced demand
across the lighting sector during 2008."

Mr. Hill continued: "We are assessing the best way of realizing
the company's assets which mainly comprise property, stock and
specialist equipment.  A number of parties have expressed interest
in acquiring parts of the business and we are talking to all
potential purchasers with a view to selling whatever we can as a
going concern.  However, 260 staff were made redundant on Monday
1st December."

Fitzgerald Lighting Ltd has distribution depots in Birmingham,
Edinburgh, St. Helens, West London, Belfast, Dublin and Dubai. Any
interested parties should contact the administrators via the
company.

                    About KPMG LLP (UK)

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


FLIGHTLINE LTD: Goes Into Administration; 235 Jobs Affected
-----------------------------------------------------------
Jane Moriarty and Myles Halley from KPMG LLP were appointed
administrators to Flightline Ltd on Wednesday, December 3, 2008.
The company, which is based at Southend Airport, operates in the
whole aircraft charter and ACMI (aircraft, crew, maintenance and
insurance) market.

Following the appointment of the administrators, the company's Air
Operating Certificate was suspended by the Civil Aviation
Authority, and the company has ceased trading.  A total of 235
staff have been made redundant, however, a small number of
employees remain to work alongside the administrators.

Jane Moriarty commented: "We are now undergoing an orderly wind
down of business, with the aim of realizing the value of any of
the remaining assets for the benefit of creditors."

                    About KPMG LLP (UK)

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


IDS PLASTICS: Names Joint Administrators from Tenon Recovery
------------------------------------------------------------
Jeremy Woodside and Christopher Ratten of Tenon Recovery, were
appointed joint administrators of IDS Plastics Ltd. on Nov. 21,
2008.

The company can be reached at:

         IDS Plastics Ltd.
         Essex House
         Kelsall Street
         Oldham
         Lancashire
         OL6 6HR
         England


INEOS GROUP: Improves Loan Waiver Terms to Appease Investors
------------------------------------------------------------
Tessa Walsh at Reuters reports that Ineos Group has improved the
terms on a key waiver to its EUR7.62 billion (US$9.63 billion)
leveraged loan to ease investors' concerns that no covenants would
apply in the next six months during a period of heightened risk as
the company readies its new business plan.

As reported in the TCR-Europe on Nov. 20, 2008, Ineos sought
consent for a waiver of bank covenants for the next two quarters,
conditional on submission of a new business plan in April 2009.
The company proposed to pay consenting lenders a fee of 50 bps and
increase the interest margins applicable to its senior debt
facilities by 100 =96 125 bps.

Ineos, Reuters relates, is now offering an additional margin
payment of 175-225 basis points (bps) in a move that will
substantially increase its borrowing costs.

Ineos will now pay considerably more than the EUR80 million
estimated cost of the original proposal, Reuters adds.

Rueters says if the waiver is passed, the company will pay 400 bps
on its term loan A and revolving credit, 450 bps on its term loan
B, 500 bps on its term loan C and 600 bps on its second lien loan.

Ineos, Reuters recounts, has also introduced a 5.25 times leverage
test for the end of the year that has been adjusted to reflect
customer destocking.

Citing bankers close to the deal, Reuters discloses Ineos' debt
service covenant has been left in place and will be tested on
March 2009.  The bankers, Reuters states, maintained that the
company has a strong cash position with around EUR1 billion of
cash on the balance sheet and was never in danger of payment
default.

"Ineos was not anywhere near to payment default, the covenants
when written never envisaged this kind of market disintegration.
Ineos has enough cash to service its debt and will continue to do
so," a banker close to the waiver was quoted by Reuters as saying.

Ineos 200-plus syndicate will vote to approve the changes to the
waiver on December 9, Reuters notes.

                        About INEOS

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


JPMORGAN CHASE: Investors Want to Flee From Highbridge Capital
--------------------------------------------------------------
Jenny Strasburg at The Wall Street Journal reports that investors
have asked to withdraw 36% of the assets from J.P. Morgan Chase &
Co.'s multistrategy fund, Highbridge Capital Management.

Citing people familiar with Highbridge Capital, WSJ relates that
the investor pullout and investment losses could reduce the once
US$15 billion fund to US$6 billion.  The report states that due to
woes in the convertible-bond market -- one of Highbridge Capital's
primary areas of focus ? caused a 25% performance decline in the
fund this year.  J.P. Morgan, says the report, would lose hundreds
of millions of dollars in fees that Highbridge Capital contributes
to the bank.  When Highbridge Capital makes money, 25% of the
profits will go to the fund's mangers, while sources say half goes
to J.P. Morgan, WSJ reports.

WSJ quoted J.P. Morgan's asset-management business chief Jes
Staley as saying, "Highbridge was a significant catalyst to
pushing J.P. Morgan successfully into alternative asset
management, but unfortunately any performance-based business
increases the volatility to your top-line revenue number."

Highbridge Capital's assets have dropped to less than
US$20 billion this year, from almost US$38 billion in 2007, WSJ
states.

Highbridge Capital Management, LLC, founded in 1992, is a multi-
strategy global hedge fund with over US$17 billion in current
assets under management and 160 employees.  The fund specializes
in non-traditional investment management strategies with offices
in New
York, London, and Hong Kong.  Highbridge has expertise across a
range of arbitrage and absolute return investment strategies in
the global equity markets.  JPMorgan Asset Management formed a
strategic partnership with Highbridge by purchasing a majority
interest in the firm in December 2004.

JPMorgan Chase & Co. (NYSE: JPM) -- http://www.jpmorganchase.com/
-- is a global financial services firm with assets of about
US$2.3 trillion and operations in more than 60 countries.  The
firm provides services in investment banking, financial services
for consumers, small business and commercial banking, financial
transaction processing, asset management, and private equity.  A
component of the Dow Jones Industrial Average, JPMorgan Chase
serves millions of consumers in the U.S. and many of the world's
most prominent corporate, institutional and government clients
under its J.P. Morgan, Chase, and WaMu brands.


MATRIX ENGINEERED: Goes Into Administration; 70 Jobs at Risk
------------------------------------------------------------
Matrix Engineered Systems has gone into administration after
running into cash-flow problems caused by operational difficulties
in buying raw materials, stv.tv reports.

Laurie Manson and Bruce Cartwright, of PricewaterhouseCoopers,
have been appointed joint administrators of the company, which
employs 70 people, the report relates.

Citing Mr. Cartwright, the report discloses the company had a
strong, long-term order book, particularly from the rail sector
and had also developed new markets for its products.

"With the support of key customers, we hope to trade the business
for a period of time while a buyer is sought," Mr. Cartwright was
quoted by the stv.tv as saying.

Matrix Engineered Systems is based in Brechin in Angus, Scotland.


MEAD SCOTLAND: Goes Into Liquidation; Tenon Recovery Appointed
--------------------------------------------------------------
Mead Scotland, the company which ran Hilton pub Dows Bar Diner,
has gone into liquidation, The Inverness Courier reports.

Iain Fraser of Tenon Recovery has been appointed by shareholders
as liquidator of Mead Scotland, the report relates.

According to the report, Dows Bar Diner is now being run by a
management company on behalf of the owners Scottish & Newcastle.

Mr. Fraser, as cited by the report, said the pub on Balloan Park,
which includes a sports and lounge bar, restaurant and a
conference suite, employs 20 staff.

Mead Scotland's creditors will meet at the Ardross Street office
of financial services company Tenon Recovery on December 9.


MOLWIN DEVELOPMENTS: Taps Joint Administrators from Deloitte
------------------------------------------------------------
Lee Anthony Manning and Richard Michael Hawes of Deloitte & Touche
LLP were appointed joint administrators of Molwin Developments
Ltd. on Nov. 12, 2008.

The company can be reached at:

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


NOMURA HOLDINGS: To Layoff 1,000 Workers in London
--------------------------------------------------
Nomura Holdings Inc will cut up to 1,000 or about 22 percent of
its London staff after an internal review following the purchase
of the Asian, European and Middle Eastern assets of Lehman
Brothers Holdings Inc., Reuters' Junko Fujita reports citing an e-
mailed statement from the Japanese brokerage firm.

Agence France-Presse says Nomura has a total of 4,500 employees in
the British capital.

"This will ensure that the company remains competitive in the
current market conditions, and establishes the right cost base
going forward," Nomura said in the statement obtained by Reuters.

Affected positions include staff in front and back offices,
including former Lehman employees and its own bankers, Bloomberg
News relates citing spokesman Tohru Namikawa.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
3, 2008, Bloomberg News said Nomura repeated a target of reaching
a JPY500 billion (US$5.3 billion) pretax profit for the year that
ends in March 2011.

According to Bloomberg News, Chief Executive Officer Kenichi
Watanabe told investors rising profit from investment banking
outside Japan will help Nomura reach the goal.

Bloomberg News noted Mr. Watanabe's remarks came as Goldman Sachs
Group Inc. cut a forecast for Nomura's fiscal 2011 pretax profit
by 20 percent to JPY250 billion.  Goldman said Nomura's
acquisition of parts of Lehman Brothers may force it to raise more
capital.

Bloomberg News recalled the company said in October it may spend
US$2 billion to integrate about 8,000 employees it acquired when
it took over Lehman's operations outside the Americas.

                             Losses

According to Bloomberg News, Nomura reported three straight
quarterly losses as global markets declined and flagged US$2
billion in costs stemming from the purchase of parts of Lehman
Brothers.  The company had a pretax loss of JPY64.6 billion for
the year ended March 31 while global investment banking profit was
JPY22.8 billion.  Nomura had about JPY430.9 billion of cash as of
Sept. 30.

Bloomberg News said the brokerage posted a wider-than-expected
JPY72.9 billion second-quarter loss, putting it on course for a
record full-year deficit.  The firm's first-half shortfall of
JPY149.5 billion was more than double its record JPY67.8 billion
annual loss last year, prompting Standard & Poor's and Moody's
Investors Service to say they may cut the firm's credit ratings,
Bloomberg News noted.

                          Dai-ichi Deal

Bloomberg News reported Nomura also plans to sell JPY110 billion
(US$1.2 billion) of bonds, mostly to Dai-ichi Mutual Life
Insurance Co., to boost capital.

According to the report, Nomura will sell JPY100 billion of
subordinated convertible bonds to Dai-ichi and will sell JPY10
billion of the bonds to Shinkin Central Bank.

Nomura also may sell as much as JPY300 billion of corporate bonds
by Dec. 8, 2010, the report said.

                      About Nomura Holdings

Headquartered in Tokyo, Japan, Nomura Holdings Inc. (NYSE:NMR) --
http://www.nomura.com/-- is a global securities and investment
banking firm.  Nomura is a holding company.  The services it
provides include trading, underwriting, and offering securities,
asset management services, and others. As of March 31, 2008, it
operated offices in about 30 countries and regions, including
Japan, the United States, the United Kingdom, Singapore and Hong
Kong through its subsidiaries.  The Company's customers include
individuals, corporations, financial institutions, governments and
governmental agencies.  Nomura operates in five business
divisions: domestic retail, global markets, global investment
banking, global merchant banking and asset management.  In
February, 2007, Nomura acquired Instinet Incorporated.  Effective
October 1, 2008, Nomura Holdings Inc. acquired Lehman Brothers
Holdings Inc.'s European equities and investment-banking business,
and decided not to take on the fixed-income unit.


PRIMESHADE LTD: Taps Joint Administrators from Grant Thornton
-------------------------------------------------------------
On Nov. 14, 2008, Alistair Gareth Wardell, Nigel Morrison and
Anthony Norman Flynn of Grant Thornton UK LLP were appointed joint
administrators of:

   -- Primeshade Ltd.,
   -- Utiliserv Ltd., and
   -- Utiliserv Group Ltd.

The company can be reached at:

         Primeshade House
         Heol Mostyn
         Village Farm Industrial Estate
         Pyle
         Bridgend
         CF33 6BJ
         England

These companies are engaged in the design, project formulation,
project management and multi-utility installation of gas, water,
electricity and telecommunications networks for domestic,
industrial, commercial, public and mixed-use community
developments.


RBRG LTD: Names Joint Administrators from Tenon Recovery
--------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of RBRG Ltd. (fka Multitrax U.K. Ltd.) on
Nov. 14, 2008.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


REFLEXION CARE: Appoints Joint Liquidators from Grant Thornton
--------------------------------------------------------------
Leslie Ross of Grant Thornton UK LLP was appointed liquidator of
Reflexion Care Ltd. on Oct. 24, 2008, for the creditors' voluntary
winding-up proceeding.

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

         4 Hardman Square
         Spinningfields
         Manchester
         M3 3EB
         England


SOLARWEB LTD: Names Joint Liquidators from Tenon Recovery
---------------------------------------------------------
J. K. Rolls and S. J. Parker of Tenon Recovery, were appointed
joint liquidators of Solarweb Ltd. on Nov. 17, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


WHITE TOWER: Fitch Pares Rating on GBP68-MM Class E Notes to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded White Tower 2006-3 plc's class B, C,
D and E notes.  The class A note's rating is affirmed at 'AAA'.
The agency has simultaneously revised its Outlooks on the four
downgraded tranches to Negative from Stable.  The rating actions
are:

  -- GBP678 million class A due October 2012 (XS0275770914)
     affirmed at 'AAA'; Outlook remains Stable

  -- GBP171.5 million class B due October 2012 (XS0275771649)
     downgraded to 'AA' from 'AAA'; Outlook revised to Negative
     from Stable

  -- GBP116 million class C due October 2012 (XS0275772704)
     downgraded to 'A' from 'AA'; Outlook revised to Negative from
     Stable

  -- GBP116 million class D due October 2012 (XS0275773181)
     downgraded to 'BBB' from 'A'; Outlook revised to Negative
     from Stable

  -- GBP68 million class E due October 2012 (XS0275774072)
     downgraded to 'BB' from 'BBB'; Outlook revised to Negative
     from Stable

Deteriorating London office market conditions have weakened the
creditworthiness of the loan securitized in this transaction.
This has resulted in the downgrades of the class B,C, D and E
notes.  Although the assets have not been re-valued since closing
in December 2006, Fitch estimates that the market value of the
collateral is likely to have declined by approximately 30% based
on prevailing market conditions.  Consequently, the securitized
loan currently has a Fitch loan-to-value ratio of 95.9%.

The securitized loan is an interest-only floating-rate senior loan
with an outstanding balance of GBP1,150m. It is scheduled to
mature in October 2009 and is therefore exposed to the current
adverse property and financing market conditions.  The loan is
wholly secured by London office properties, of which three
quarters (by market value) are located in the City of London.

While value reductions in UK commercial property have so far been
confined to outward yield shifts rather than rental value
declines, City of London offices are set to suffer from a
combination of increased supply and reduced demand as several
large development projects are being completed as financial
services' tenants scale back their operations.  The transaction is
also exposed to tenant concentration as the largest tenant,
JPMorgan Chase Bank N.A., accounts for 40% of the current gross
rent, equally split between the leases on two office properties
(expiring in March 2016 and March 2025, respectively).  The tenant
has recently committed to relocate out of the City of London to
Canary Wharf next year.


WOOLWORTHS GROUP: Still In Talks with BBC Over 2Entertain Stake
---------------------------------------------------------------
James Davey at Reuters reports that the British Broadcasting
Corporation said it remains in talks with Woolworths Group plc
over its acquisition of a 40% stake in the retail group's DVD
publishing business 2Entertain Ltd.

Reuters relates a spokeswoman for BBC Worldwide, the broadcaster's
commercial arm, which owns 60 percent of 2Entertain, dismissed a
report in The Times newspaper that Woolworths' stake in 2Entertain
was likely to be in administration by the end of the week as
"categorically untrue".

"Our view is it is not going to go into administration, you can't
put a stake into administration," the BBC Worldwide spokeswoman
was quoted by Reuters as saying.  "Even if the group went into
administration, the business is still highly profitable and would
not in itself be put into administration."

Reuters recounts Wednesday's Times newspaper said the BBC is
trying to cut its initial GBP100 million(US$147.4 million) offer
to take full control of 2Entertain.

As reported in the TCR-Europe, on November 27, 2008, the boards of
Woolworths plc and Entertainment UK Ltd resolved to file petitions
for administration in the High Court as that there is no longer
any prospect of those businesses being able to operate as a going
concern after discussions relating to the potential sale of
Woolworths Group plc's retail business have ended.

Neville Kahn, Dan Butters and Nick Dargan of Deloitte & Touche LLP
were appointed as Joint Administrators of the businesses.

Citing Bloomberg News, TCR-Europe disclosed stores will stay open
past Christmas and workers at the outlets will be paid.

Woolworths Group plc however is not in administration, the report
noted.

                   About Woolworths Group plc

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


* UK: House of Commons to Cross-Examine Insolvency Service
----------------------------------------------------------
Accountancy Age reported that the all-party Commons Business and
Enterprise Committee is set to cross-examine Insolvency Service
chief executive Stephen Speed early in the new year.

According to the report, the House of Commons will probe into the
ability of the service to cope with an "alarming" surge in
insolvency cases as the economy slows.

The move, the report noted, preceded the disclosure of a 7%
increase in bankruptcy figures issued by the Ministry of Justice.

The report disclosed figures issued by the Ministry of Justice.
showed that in third quarter of  2008 there were 13,653 debtor
petitions and 3,184 company wind-up petitions -- an increase of
13% on the same quarter in 2007 and a 9% increase on the second
quarter.

"Given the current economic situation, it is timely to look at the
Insolvency Service, both to assure ourselves of its efficiency and
to give the public the opportunity to raise any concerns they may
have about the underlying policy," Chairman Peter Luff, a Tory MP,
was quoted by the report as saying.


* Reduced Bilateral Loans to Impact UK Businesses, KPMG Says
------------------------------------------------------------
Simon Collins, Head of Corporate Finance at KPMG, working with
businesses across the industry spectrum, comments on how the
latest developments in the economy are affecting his clients:
"We are seeing evidence that lenders are still reducing
'bilateral' debt facilities, such as overdrafts, forex and BACS
services.  This cash will be a vital lifeline in the first quarter
of 2009.  Some businesses will feel the pain more acutely,
particularly in the retail, leisure and house-building sectors,
which have increased working capital requirements after the New
Year in the run up to Easter.  Retailers and house-builders, for
example, build up stock in the run up to spring. This will have
wider repercussions for the suppliers into these sectors as well
meaning the reduction of these facilities now could have far-
reaching consequences next quarter.  The inability to access
bilateral loans could be the tipping point for many businesses as
they brace themselves for the harsh trading of January and
February next year."


* PwC Says Bank of England Must Cut Interest Rates to 1.5%
----------------------------------------------------------
The Bank of England Monetary Policy Committee (MPC) should cut
interest rates by 150 basis points to 1.5% at its meeting this
week, according to economists at PricewaterhouseCoopers LLP (PwC).

Updated PwC projections suggest that, even with this further
interest rate cut and an estimated net boost of around 0.3% of GDP
from the fiscal stimulus announced in the Pre-Budget Report last
week, the UK economy is set to shrink by around 1.3% in 2009, the
worst performance of any G7 economy next year. Furthermore, risks
to this projection remain weighted to the downside.

John Hawksworth, head of macroeconomics, PricewaterhouseCoopers
LLP, commented: "This is no time for half measures.  The November
Inflation Report made clear that interest rates need to fall
further to avoid inflation significantly undershooting its 2%
target rate in the medium-term.  We see no reason for the MPC to
delay making a further one and a half percentage point cut in base
rates in order to mitigate the risks of the recession turning into
a full-blown depression.

"Lower interest rates are necessary but not sufficient to avert a
downward spiral into deflation.  Banks remain focused on
preserving capital and liquidity while the government is keen to
encourage responsible lending at reasonable levels.  It is
essential for the economy that where banks are scaling back their
lending, they do so in an orderly fashion."

            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.


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* Fitch Puts Negative Outlooks to 266 European CMBS Tranches
------------------------------------------------------------
Fitch Ratings has assigned Negative Outlooks to 266 tranches on
101 European CMBS transactions.  This represents 27.4% of European
CMBS tranches under Fitch surveillance.  In addition, the agency
revised outlooks on 13 tranches in nine of these transactions, to
Stable from Positive.

"These rating actions reflect the continued decline in market
values across European commercial real estate," says Andrew
Currie, Head of EMEA CMBS at Fitch.  "The combination of a
collapse in investor confidence, a scarcity of debt funding to the
sector and an anticipated reduction in tenant demand as the real
economy enters a severe recession indicates that values are set to
continue their downward trend for the foreseeable future".

"While falling values were initially most apparent in the UK,
assets across much of the rest of the Continent have also lost
value in recent months.  It is currently challenging to accurately
measure property values given the thin trading of assets but it is
clear that demand for commercial real estate investments has
diminished dramatically," Currie adds.

Published reports by market commentators indicate that UK
commercial property has suffered declines over 30% and market
commentators are currently forecasting cumulative declines of up
to 50% by 2010 from peak values.  In previous commentary dated 18
August 2008, Fitch placed the entire UK CMBS sector on negative
outlook.

"While property cash flows continue to be generally stable and the
majority of loans are currently making full debt service payments,
the recession will inevitably lead to more tenant defaults, with
the administration of Woolworths and MFI heralding the start of
this process," says Andy Brewer, Head of EMEA structured finance
surveillance at Fitch.  "Difficulties in achieving re-lettings on
assets with material vacancy rates or upcoming lease expiries will
also follow.  This will not only put strain on rental income but
is also likely to further dampen collateral values."

Negative Outlooks have been assigned to tranches within
transactions that Fitch perceives to be most exposed to market
value declines.  These are primarily CMBS whose underlying loans
have significant balloon payments due at their maturities, as the
"refinance risk" on these loans is now heightened by the severity
of continued value declines.  Transactions originated prior to
2005 have generally experienced significant property value
increases prior to the recent declines and are considered less "at
risk".

The affected tranches of UK transactions are generally the 'A' and
lower-rated tranches, as well as the 'AA'-rated tranches of
transactions originated in 2006 and 2007 that, by virtue of being
originated at or close to the peak of the market, are more exposed
to value declines.  Continental European transactions are less
affected as value declines to date have been less severe than
those observed in the UK.  The current rating action generally
affects 'BBB' and lower-rated tranches, as well as the 'A'-rated
tranches of transactions originated in 2006 and 2007.

The impact of the commercial property market correction is not
limited to rated CMBS debt.  At the peak in CMBS issuance in 2006,
it had become customary for arrangers to consider carving
contractually-subordinated participations (B-notes) out of
commercial mortgage whole loans and use CMBS to finance only the
senior A-notes.  The vast majority of these B-notes were rated in
the 'BB' or lower rating categories.  Just as the effects of the
steep declines in property values are more acutely felt at the
base of the CMBS capital structure, Fitch also expects B-notes to
come under pressure.  Several B-notes are privately-rated by Fitch
and they will also be placed on priority review with significant
negative rating action likely.

The rating actions reflect Fitch's view on the European CMBS
sector; the agency will be carrying out detailed individual
analysis on the affected transactions in the coming months.

The Outlook revisions are:

Alburn Real Estate Capital Limited:

  -- Class B (XS0285751904) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class C (XS0285753272) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0285753942) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0285755053) rated 'BBB-' (BBB minus) Outlook
     revised to Negative from Stable

Aquila (Eclipse 2005-1) plc:

  -- Class C (XS0213759938) rated 'A+'; Outlook revised to
     Negative from Stable

  -- Class D (XS0213760274) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0213760431) rated 'BB'; Outlook revised to
     Negative from Stable

Bruntwood Alpha PLC:

  -- Class B (XS0283196490) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class C (XS0283199593) rated 'A'; Outlook revised to Negative
     from Stable

Cornerstone Titan 2005-2 plc:

  -- Class E (XS0237331375) rated 'A'; Outlook revised to Negative
     from Positive

  -- Class F (XS0237331615) rated 'BB+'; Outlook revised to
     Negative from Positive

  -- Class G (XS0237330302) rated 'BB-' (BB minus); Outlook
     revised to Negative from Stable

Cornerstone Titan 2006-1 plc:

  -- Class C (XS0262024184) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class D (XS0262024424) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class E (XS0262025157) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class F (XS0262025405) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class G (XS0262025744) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

Cornerstone Titan 2007-1 plc:

  -- Class D (XS0288057648) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0288058885) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0288059420) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

  -- Class G (XS0288060196) rated 'BB'; Outlook revised to
     Negative from Stable

DECO Series 2005 - UK Conduit 1 plc:

  -- Class C (XS0222803842) rated 'A'; Outlook revised to Negative
     from Stable

DECO Series 2005 - Pan Europe 1 plc:

  -- Class D (XS0227113692) rated 'AA'; Outlook revised to Stable
     from Positive

  -- Class E (XS0227115630) rated 'A'; Outlook revised to Stable
     from Positive

  -- Class F (XS0227116281) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class G (XS0227116950) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class H (XS0227117503) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

DECO 8 - UK Conduit 2 plc:

  -- Class B (XS0251886833) rated 'AA+'; Outlook revised to
     Negative from Stable

  -- Class C (XS0251887211) rated 'AA-' (AA minus); Outlook
     revised to Negative from Stable

  -- Class D (XS0251887724) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0251889696) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0251890199) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

DECO 9 Pan Europe 3 p.l.c:

  -- Class E (XS0262563728) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class F (XS0262564452) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class G (XS0262565004) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

  -- Class H (XS0262565939) rated 'BB'; Outlook revised to
     Negative from Stable

  -- Class J (XS0262566234) rated 'BB-' (BB minus); Outlook
     revised to Negative from Stable

DECO 10 - Pan Europe 4 p.l.c:

  -- Class C (XS0276273074) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0276273660) rated 'BBB'; Outlook revised to
     Negative from Stable

DECO 11 - UK Conduit 3 plc:

  -- Class B (XS0279815426) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class C (XS0279816580) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0279817398) rated 'BBB'; Outlook revised to
     Negative from Stable

DECO 12 - UK 4 p.l.c:

  -- Class B (XS0289644550) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class C (XS0289644634) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0289644717) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0289644808) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

  -- Class F (XS0289644980) rated 'BB'; Outlook revised to
     Negative from Stable

DECO 14 - Pan Europe 5 B.V.:

  -- Class C (XS0291365566) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0291367182) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0291367422) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0291368156) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

Deco 15 - Pan Europe 6 Ltd.:

  -- Class C (XS0307405133) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0307405729) rated 'BBB+'; Outlook revised to
     Negative from Stable

  -- Class E (XS0307406453) rated 'BBB'; Outlook revised to
     Negative from Stable

DRACO (ECLIPSE 2005-4) plc:

  -- Class D (XS0238141377) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0238141617) rated 'BBB'; Outlook revised to
     Negative from Stable

Epic (Ayton) plc:

  -- Class F (XS0237889935) rated 'BBB+'; Outlook revised to
     Negative from Stable

Epic (Brodie) plc:

  -- Class C (XS0258763936) rated 'AA+'; Outlook revised to
     Negative from Stable

  -- Class D (XS0258769115) rated 'A+'; Outlook revised to
     Negative from Stable

  -- Class E (XS0258770550) rated 'BBB+'; Outlook revised to
     Negative from Stable

  -- Class F (XS0258771442) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class G (XS0258797249) rated 'BBB'; Outlook revised to
     Negative from Stable

Epic (Caspar) plc:

  -- Class B (XS0201997094) rated 'AA'; Outlook revised to Stable
     from Positive

  -- Class C (XS0201997177) rated 'A'; Outlook revised to Negative
     from Positive

  -- Class D (XS0201997250) rated 'BBB+'; Outlook revised to
     Negative from Positive

Epic (Culzean) plc:

  -- Class C (XS0286456867) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class D (XS0286457758) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0286458723) rated 'BBB+'; Outlook revised to
     Negative from Stable

  -- Class F (XS0286459374) rated 'BBB'; Outlook revised to
     Negative from Stable

EPIC (Drummond) Limited:

  -- Class D (XS0303391857) rated 'A+'; Outlook revised to
     Negative from Stable

  -- Class E (XS0303392236) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0303392400) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class G (XS0303393986) rated 'BBB-' (BBB minus) Outlook
     revised to Negative from Stable

Epic (More London) plc:

  -- Class B (XS0251155544) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class C (XS0251156435) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0251156781) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0251157912) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0251159371) rated 'BBB'; Outlook revised to
     Negative from Stable

EPIC (Value Retail) Limited:

  -- Class B (XS0309761699) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class C (XS0309761855) rated 'AA'; Outlook revised to
     Negative from Stable

Epic Opera (Arlington) Limited:

  -- Class C (XS0311217870) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class D (XS0311218258) rated 'A'; Outlook revised to Negative
     from Stable

EQUINOX (ECLIPSE 2006-1) plc:

  -- Class C (XS0259280161) rated 'AA+'; Outlook revised to
     Negative from Stable

  -- Class D (XS0259280591) rated 'A+'; Outlook revised to
     Negative from Stable

  -- Class E (XS0259280674) rated 'BBB+'; Outlook revised to
     Negative from Stable

  -- Class F (XS0259280914) rated 'BBB'; Outlook revised to
     Negative from Stable

European Property Capital 3 p.l.c.:

  -- Class D (XS0236881313) rated 'BBB'; Outlook revised to
     Negative from Stable

European Property Capital 4 p.l.c:

  -- Class C (XS0270903387) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class D (XS0270906729) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0270908006) rated 'BBB'; Outlook revised to
     Negative from Stable

EuroProp (EMC) S.A. (Compartment 1):

  -- Class C (XS0260130207) rated 'A+'; Outlook revised to
     Negative from Stable

  -- Class D (XS0260130975) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0260132088) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

EuroProp (EMC-VI) S.A.:

  -- Class C (XS0301903356) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0301903513) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0301903943) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0301904248) rated 'BB'; Outlook revised to
     Negative from Stable

Fairhold Securitisation Limited:

  -- Class B Tap Issue (XS0298927509) rated 'BBB'; Outlook revised
     to Negative from Stable

FCC Proudreed Properties 2005:

  -- Class D (FR0010247601) rated 'A'; Outlook revised to Stable
     from Positive

  -- Class E (FR0010247619) rated 'BBB'; Outlook revised to
     Negative from Positive

Fleet Street Finance One Plc:

  -- Class B (XS0224564582) rated 'AA+'; Outlook revised to Stable
     from Positive

  -- Class C (XS0224565043) rated 'AA'; Outlook revised to Stable
     from Positive

  -- Class D (XS0224565126) rated 'BBB+'; Outlook revised to
     Negative from Positive

  -- Class E (XS0224565639) rated 'BB+'; Outlook revised to
     Negative from Positive

Fleet Street Finance 2 plc:

  -- Class C (XS0268934451) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0268934618) rated 'BBB'; Outlook revised to
     Negative from Stable

Fleet Street Finance Three plc:

  -- Class B (XS0302958110) rated 'A '; Outlook revised to
     Negative from Stable

Fordgate Commercial Securitisation No.1 plc:

  -- Class B (XS0271605148) rated 'AA'; Outlook revised to N
     Negative from Stable

Fornax (Eclipse 2006-2) B.V.:

  -- Class E (XS0267555570) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class F (XS0267555737) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class G (XS0267556032) rated 'BB'; Outlook revised to
     Negative from Stable

German Residential Asset Note Distributor p.l.c:

  -- Class D (XS0260143101) rated 'A-' (A minus); Outlook revised
     to Negative from Stable

  -- Class E (XS0260143283) rated 'BBB+'; Outlook revised to
     Negative from Stable

  -- Class F (XS0260935035) rated 'BBB'; Outlook revised to
     Negative from Stable

German Residential Funding plc:

  -- Class C (XS0263195447) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0263195959) rated 'BBB+'; Outlook revised to
     Negative from Stable

  -- Class E (XS0263196338) rated 'BBB'; Outlook revised to
     Negative from Stable


Hallam Finance Plc:

  -- Class B (XS0206471160) rated 'A'; Outlook revised to Stable
     from Positive

  -- Class C (XS0206471590) rated 'BBB'; Outlook revised to
     Negative from Positive

Hercules (Eclipse 2006-4) plc:

  -- Class B (XS0276410833) rated 'AA+'; Outlook revised to
     Negative from Stable

  -- Class C (XS0276412375) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class D (XS0276413183) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0276413340) rated 'BBB'; Outlook revised to
     Negative from Stable

Immeo Residential Finance No. 2 Ltd.:

  -- Class D (XS0301457718) rated 'A'; Outlook revised to Negative
     from Stable

Indus (ECLIPSE 2007-1) plc:

  -- Class B (XS0294757173) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class C (XS0294757256) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0294757504) rated 'BBB'; Outlook revised to
     Negative from Stable

Infinity 2006-1 Classico:

  -- Class D (FR0010379370) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (FR0010379388) rated 'A'; Outlook revised to Negative
     from Stable

Infinity 2007-1 (SoPRANo):

  -- Class D (FR0010478453) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (FR0010478479) rated 'BBB'; Outlook revised to
     Negative from Stable

JUNO (Eclipse 2007-2):

  -- Class C (XS0299976836) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0299977057) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0299977131) rated 'BB'; Outlook revised to
     Negative from Stable

LCP Proudreed Plc:

  -- Class C (XS0233010676) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0233011054) rated 'BBB'; Outlook revised to
     Negative from Stable

LEO - MESDAG B.V.:

  -- Class D (XS0266642767) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0266644383) rated 'BBB'; Outlook revised to
     Negative from Stable

London & Regional Debt Securitisation No. 2 (LoRDS 2):

  -- Class C (XS0262545402) rated 'AA-' (AA minus); Outlook
     revised to Negative from Stable

Marlin (EMC-II) B.V.:

  -- Class D (XS0193659215) rated 'BBB'; Outlook revised to
     Negative from Stable

MESDAG:

  -- Class D (XS0239252819) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0239254195) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0243930467) rated 'BBB'; Outlook revised to
     Negative from Stable

MESDAG (Charlie) B.V.:

  -- Class C (XS0289823568) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0289824533) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0289824889) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

Mesdag (Delta) B.V.:

  -- Class C (XS0307576701) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0307578749) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0307580307) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

MESDAG (Echo) B.V.:

  -- Class A (XS0330725622) rated 'A-' (A minus); Outlook revised
     to Negative from Stable

Morpheus (European Loan Conduit No. 19) plc:

  -- Class C (XS0198509431) rated 'A+'; Outlook revised to
     Negative from Stable

  -- Class D rated 'BBB'; Outlook revised to Negative from Stable

  -- Class E rated 'BB-' (BB minus); Outlook revised to Negative
     from Stable

Nemus II (Arden) PLC:

  -- Class C (XS0278300727) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class D (XS0278301295) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0278301378) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0278301535) rated 'BB'; Outlook revised to
     Negative from Stable

Opera Finance (CMH) p.l.c.:

  -- Class C (XS0241935195) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0241935609) rated 'BBB'; Outlook revised to
     Negative from Stable

Opera Finance (CSC 3) PLC:

  -- Class C (XS0218956448) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0218957925) rated 'BBB'; Outlook revised to
     Negative from Stable

Opera Finance (Lakeside) plc:

  -- Class C (XS0198555970) rated 'A'; Outlook revised to Negative
     from Stable

Opera Finance (MEPC) plc:

  -- Class D (XS0234498979) rated 'A+'; Outlook revised to
     Negative from Stable

Opera Finance (MetroCentre) PLC:

  -- Class C (XS0211550800) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0211551105) rated 'BBB'; Outlook revised to
     Negative from Stable

Opera Finance (Scottish Retail) Plc:

  -- Class D (XS0217098325) rated 'A'; Outlook revised to Negative
     from Stable

Opera Finance (Uni-Invest) B.V.:

  -- Class D (XS0218492279) rated 'BBB'; Outlook revised to
     Negative from Stable

Opera Germany (No. 1) GmbH:

  -- Class C (XS0268817227) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0268817904) rated 'BBB'; Outlook revised to
     Negative from Stable

Opera Germany (No.2) p.l.c.:

  -- Class C (XS0278493266) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0278493340) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0278493423) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

Paris Prime Commercial Real Estate FCC:

  -- Class C (FR0010382325) rated 'A'; Outlook revised to Negative
     from Stable

Patrimonio Uno CMBS S.r.l.:

  -- Class F (IT0004078173) rated 'A'; Outlook revised to Negative
     from Stable

Perseus (European Loan Conduit No. 22) plc:

  -- Class C (XS0235326203) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0235326542) rated 'BBB'; Outlook revised to
     Negative from Stable

Prominent CMBS Funding No. 1 PLC:

  -- Class C (XS0234099256) rated 'AA'; Outlook revised to Stable
     from Positive

  -- Class D (XS0234154028) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0234154887) rated 'BB'; Outlook revised to
     Negative from Stable

Prominent CMBS Conduit No.2 Limited:

  -- Class B (XS0303848815) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class C (XS0303849201) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0303849896) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0303850555) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0305344417) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

Quirinus (European Loan Conduit No. 23) plc:

  -- Class E (XS0259563624) rated 'BBB+'; Outlook revised to
     Negative from Stable

  -- Class F (XS0259564192) rated 'BBB+'; Outlook revised to
     Negative from Stable

Radamantis (European Loan Conduit No. 24) plc:

  -- Class D (XS0263698945) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class E (XS0263700279) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class F (XS0263700782) rated 'A-' (A minus); Outlook revised
     to Negative from Stable

  -- Class G (XS0263695172) rated 'BBB'; Outlook revised to
     Negative from Stable

Rivoli - Pan Europe 1 plc:

  -- Class C (XS0278741771) rated 'A'; Outlook revised to Negative
     from Stable

Sandwell Commercial Finance No.1 Plc:

  -- Class C (XS0191372522) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0191373686) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0191373926) rated 'BB'; Outlook revised to
     Negative from Stable

Sandwell Commercial Finance No.2 Plc:

  -- Class C (XS0229030712) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0229031017) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0229031280) rated 'BB'; Outlook revised to
     Negative from Stable

Sandwell Commercial Finance No.3 Limited :

  -- Class C (XS0357089100) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0357089365) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0357089951) rated 'BB'; Outlook revised to
     Negative from Stable

STABILITY CMBS 2007-1 GmbH:

  -- Class C (DE000A0N3021) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (DE000A0N3039) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (DE000A0N3047) rated 'BB'; Outlook revised to
     Negative from Stable

Starling (Supermarkets) plc:

  -- Class C (XS0274552552) rated 'AA+'; Outlook revised to
     Negative from Stable

  -- Class D (XS0274552800) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0274551232) rated 'BBB'; Outlook revised to
     Negative from Stable

Tahiti Finance Plc:

  -- Class C (XS0233778884) rated 'A'; Outlook revised to Negative
     from Stable

TALISMAN-1 Finance plc:

  -- Class D (XS0220379514) rated 'BBB+'; Outlook revised to
     Negative from Stable

  -- Class E (XS0220379787) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0220380017) rated 'BB+'; Outlook revised to
     Negative from Stable

  -- Class G (XS0220380363) rated 'BB'; Outlook revised to
     Negative from Stable

TALISMAN - 3 Finance plc:

  -- Class C (XS0256115436) rated 'AA'; Outlook revised to Stable
     from Positive

  -- Class D (XS0256115865) rated 'BBB'; Outlook revised to
     Negative from Positive

  -- Class E (XS0256116327) rated 'BB'; Outlook revised to
     Negative from Positive

  -- Class F (XS0256116673) rated 'B'; Outlook revised to Negative
     from Stable

TALISMAN-4 Finance plc:

  -- Class B (XS0263098161) rated 'AA'; Outlook revised to Stable
     from Positive

  -- Class C (XS0263098914) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0263099722) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0263100835) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

  -- Class F (XS0263101304) rated 'BB'; Outlook revised to
     Negative from Stable

  -- Class G (XS0263101569) rated 'B'; Outlook revised to Negative
     from Stable

TALISMAN - 5 Finance plc:

  -- Class C (XS0278334973) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0278335277) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0278335863) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

TALISMAN-7 Finance Ltd:

  -- Class C (XS0304911224) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0304911901) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0304912388) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0304912891) rated 'BBB'; Outlook revised to
     Negative from Stable

Taurus CMBS No. 1 plc:

  -- Class E (XS0210824818) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0210825542) rated 'BBB'; Outlook revised to
     Negative from Stable

TAURUS CMBS No. 2 S.r.l.:

  -- Class C (IT0003957021) rated 'AA'; Outlook revised to Stable
     from Positive

  -- Class D (IT0003957039) rated 'A+'; Outlook revised to Stable
     from Positive

  -- Class E (IT0003957047) rated 'A-' (A minus); Outlook revised
     to Stable from Positive

  -- Class F (IT0003957054) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class G (IT0003957062) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Positive

Taurus CMBS (Germany) 2006-1 plc:

  -- Class C (XS0257715242) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0257715838) rated 'BBB'; Outlook revised to
     Negative from Stable

Taurus CMBS (UK) 2006-2 P.L.C.:

  -- Class B (XS0271523259) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class C (XS0271523846) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0271524653) rated 'BBB'; Outlook revised to
     Negative from Stable

Taurus CMBS (Pan-Europe) 2006-3 Plc:

  -- Class C (XS0274570372) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0274570703) rated 'BBB'; Outlook revised to
     Negative from Stable

Taurus CMBS (Pan-Europe) 2007-1 Limited :

  -- Class C (XS0305745597) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0305746215) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0309195567) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0309195997) rated 'BBB'; Outlook revised to
     Negative from Stable

Titan Europe 2006-2 plc:

  -- Class E (XS0254358004) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class F (XS0254358699) rated 'BBB'; Outlook revised to
     Negative from Stable

Titan Europe 2006-3 plc:

  -- Class D (XS0257769769) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0257770007) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0257770775) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

Titan Europe 2006-5 plc:

  -- Class C (XS0277729439) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0277732144) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0277733548) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

  -- Class F (XS0277734199) rated 'BB'; Outlook revised to
     Negative from Stable

Titan Europe 2007-2 limited:

  -- Class C (XS0302917512) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0302917868) rated 'BBB'; Outlook revised to
     Negative from Stable

Ursus 2 (Octane) plc:

  -- Class B (XS0259731270) rated 'AA+'; Outlook revised to
     Negative from Stable

  -- Class C (XS0259731353) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class D (XS0259731437) rated 'AA-' (AA minus); Outlook
     revised to Negative from Stable

  -- Class E (XS0259731510) rated 'A+'; Outlook revised to
     Negative from Stable

  -- Class F (XS0259731783) rated 'A'; Outlook revised to Negative
     from Stable

Vanwall Finance plc:

  -- Class C (XS0242558913) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class D (XS0242559994) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class E (XS0242561032) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class F (XS0242561891) rated 'BBB-' (BBB minus); Outlook
     revised to Negative from Stable

Victoria Funding (EMC V) Plc:

  -- Class B (XS0266990455) rated 'AA'; Outlook revised to
     Negative from Stable

  -- Class C (XS0266991420) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0266992584) rated 'BBB'; Outlook revised to
     Negative from Stable

Victoria Funding (EMC-III) plc:

  -- Class D (XS0231023077) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0231024802) rated 'BB'; Outlook revised to
     Negative from Stable

Vulcan (European Loan Conduit No.28) Ltd :

  -- Class D (XS0314740944) rated 'A'; Outlook revised to Negative
     from Stable

White Tower Europe 2007-1:

  -- Class C (XS0300056271) rated 'A'; Outlook revised to Negative
     from Stable

  -- Class D (XS0300056354) rated 'BBB'; Outlook revised to
     Negative from Stable

  -- Class E (XS0300056511) rated 'BB'; Outlook revised to
     Negative from Stable

Windermere XI CMBS Plc:

  -- Class B (XS0311592298) rated 'AA'; Outlook revised to
     Negative from Stable

Xuthus (European Loan Conduit No. 29):

  -- Class C (XS0332860237) rated 'A'; Outlook revised to Negative
     from Stable


* Fitch Reports Decline in European Commercial Property Values
--------------------------------------------------------------
In a new report, Fitch Ratings says that the continuing decline in
European commercial property values, particularly in the UK, has
highlighted the issues surrounding loan-to-value ratio covenants
in some European commercial mortgage-backed securities
transactions.  Of particular interest is the role of the servicer
in testing such covenants and executing remedial action following
a breach, which the agency notes is proving challenging in some
cases.

"Covenants clearly provide a basis for servicers to take prompt
enforcement action in full compliance with the servicing standard.
However, the speed at which commercial property markets has fallen
in value may cause some servicers to fear that testing LTV
covenants may reveal not only breaches, but also positions of
negative equity.  If negative equity is discovered, this may leave
servicers few options outside acceleration and liquidation of a
loan even if the loan is technically performing," says Edward
Register, Head of Fitch's European Structured Finance Operational
Risk Group.

The presumption that property values may begin to stabilize and
improve prior to a monetary event of default or final maturity of
a loan may explain the hesitancy of some servicers to revalue
assets and test LTV covenants.  However, Fitch believes this may
pose a greater risk to a transaction and even servicers.  Because
of the level of discretion associated with covenants, the agency's
rating analysis gives no formal credit to their inclusion in loan
documentation.

"While a number of European CMBS loans have recently fallen in
breach of their LTV covenants, this is not sufficient to warrant
negative rating action.  However, not testing, and therefore not
curing the covenant breach, may ultimately affect transaction
performance.  Prompt and effective servicer action could be key to
mitigating the threat or severity of potential downgrades," says
Euan Gatfield, Senior Director in Fitch's European CMBS team.


* S&P Says European Auto ABS Indices Delinquency Rates Up in 3Q08
-----------------------------------------------------------------
Overall delinquency rates in Standard & Poor's Ratings Services'
European auto ABS indices have displayed a moderate increase
during Q3 2008 compared with their levels at the end of Q2, with
Spanish 90+ day delinquencies continuing to increase, according to
its latest index report.

"In Spain, since the start of the year, S&P has noted a steeper
increase in arrears than previously observed," said credit analyst
Filippo Boninsegna.  "Given the current Spanish macroeconomic
environment, S&P believes this growth will continue ever more
rapidly, potentially putting the ratings on some junior notes
under pressure."

In other jurisdictions, delinquencies in auto asset-backed
securities remain fairly stable and several positive rating
actions reflect the seasonality and the good performance of the
collateral.

Loans more than 90 days in arrears were 1.06% in September 2008,
22 basis points higher than the level recorded at the end of Q2.
The current level of delinquencies broadly reflects the general
deterioration in the economic scenario.  S&P believes that any
further signs of deterioration, such as further increases in the
unemployment rate, will most likely be reflected in additional
increases in the level of delinquencies and eventually losses.

Outstanding ratings remain broadly stable.  Since the beginning of
the year S&P has upgraded notes in five deals and downgraded notes
in four.  One deal has its notes on CreditWatch positive.

S&P rated two new transactions during Q3 with a total issued
amount of EUR1.96 billion.  Both transactions were originated in
Germany, Driver Six GmbH by VW Bank and AUTO ABS COMPARTIMENT
2008-1 by Banque PSA Finance.


* Big 3 Get UAW's OK on Healthcare Payment Delays & Jobs Bank Cuts
------------------------------------------------------------------
Sharon Terlep at Dow Jones Newswires reports that the United Auto
Workers President Ron Gettelfinger said on Wednesday that the
union will let General Motors Corp., Chrysler LLC, and Ford Motor
Co. delay payments into a health-care trust and terminate the jobs
bank program for laid-off employees, to help the companies in
their plea for government loans.

As reported in the Troubled Company Reporter on Dec. 3, 2008, UAW
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.

According to Dow Jones, the UAW decided to revise its 2007
contracts with GM, Chrysler, and Ford Motor to help reduce costs.
Union leaders are able to suspend the jobs bank and postpone
payments to the health-care trust without renegotiating the labor
contract, the report states, citing Mr. Gettelfinger.  The union,
says the report, will have to form bargaining committees and start
talks with the companies for further changes.

Dow Jones relates that the health-care trust, or VEBA, is
considered as a key component of the firms' efforts to lessen
labor obligations.  It was scheduled to start paying benefits to
retirees beginning Jan. 1, 2010, but the automakers are running
short of cash and would likely fail to secure the billions of
dollars needed to initially fund the trust, states the report.

The jobs bank program, Dow Jones reports, provides laid-off
employees with most of their pay and benefits.  The program has
"shrunk dramatically," Dow Jones says, citing Mr. Gettelfinger.
The report states that GM and Ford have reduced their jobs banks
by almost 80,000 workers in recent years.  GM, Ford Motor, and
Chrysler currently have about 3,500 workers in the jobs bank,
according to the report.

UAW will launch an ad campaign in support of GM, Ford Motor, and
Chrysler, Dow Jones relates.  Other countries are also being asked
to extend support to their auto industries, the report states,
citing Mr. Gettelfinger.

       Chrysler's Short-Term & Long-Term Viability Plan

Chrysler LLC Chairperson and CEO Bob Nardelli will wrap up a
series of "Virtual Road Show" events with an actual road trip to
Washington, D.C.  Chrysler confirmed that the company's top
executive would drive a fuel-efficient hybrid vehicle to this
week's Senate and House hearings.

Mr. Nardelli and other Chrysler executives will spend the early
part of this week in discussions with a broad mix of affected
stakeholders.  The company is calling the grassroots public
relations push a "Virtual Road Show," with initiatives spread
across seven states in a three-day period.

The meetings and initiatives are being organized by a number of
groups and organizations to help develop an awareness of the
integral role U.S. auto makers play in the nation's economy and
national security as well as why the temporary financial
assistance provided by a bridge loan is critical to Chrysler and
the industry.  Chrysler Executive Director of Communications Lori
McTavish said, "Our goal is to meet with stakeholders to discuss
the U.S. auto industry's impact on their districts."

Chrysler will use the government loan to support ongoing
operations as the company continues to restructure the business,
including in the first quarter:

    -- US$8.0 billion in payments to parts suppliers US$1.2
       billion for other vendors,

    -- US$900 million in wages,

    -- US$500 million in healthcare and legacy costs, and

    -- US$500 million in capital expenditures.

Mr. Nardelli will receive a salary of US$1 a year.  He has no
employment contract, no change of control agreement, "golden
parachute," and no health care or life insurance benefits from the
company.  The company will negotiate concessions from all of our
constituents.

Chrysler's product plan features 24 major launches from 2009
through 2012.  For the 2009 model year, 73% of Chrysler products
will offer improved fuel economy compared to 2008 models.  The
company will launch additional small, fuel-efficient vehicles.
Chrysler's product plan includes the introduction of the Ram
Hybrid and its first electric-drive vehicle in 2010 with three
additional models by 2013.

Mr. Nardelli believes that further partnership, restructuring and
consolidation would make the U.S. auto industry even more viable
and competitive in the long run.  Further opportunities for
technology sharing would provide fuel-efficient cars and trucks
more cost effectively and faster to market.  The three-company
alliance that developed the dualmode hybrid is a good example.

Chrysler believes that it will be well-positioned to begin
repayment of the federal loans in 2012.

Details on Chrysler's Plan is available at:

http://ResearchArchives.com/t/s?35b1

          Gov't Facilitated Pre-packaged Bankruptcy

The Deal Journal relates that while Ford Motor, GM, and Chrysler
continue to rule out filing for bankruptcy, Congress members and
their staffers have been meeting privately with bankruptcy experts
and bankers to understand the mechanics and costs of a pre-
packaged bankruptcy.  According to The Deal, Senate Minority Whip
Jon Kyl said he has spoken to colleagues who said that they would
be open to the government facilitating a pre-packaged bankruptcy
for one or more of the three struggling Detroit companies.

The Deal states that Sen. Kyl said that he supports a plan for the
government to provide financing, while creating an account that
would ensure warrantees for owners of cars made by firms in
bankruptcy court.

The deal quoted Sen. Kyl as saying, "I'd be happy next week to
pass a bill that said for any of these three companies that go
through Chapter 11, we will provide a certain amount of DIP
[debtor-in-possession] financing" and money to backstop for car
warrantees.

Matthew Dolan and Josh Mitchell at The Wall Street Journal relate
that Ford Motor CEO Alan Mulally expressed concern on the fates of
GM and Chrysler, after the submission of the three company's
restructuring plans to the congress.  Mr. Mulally told WSJ during
an interview in Washington, that he was worried about the
financial health of GM and Chrysler after the two companies told
the Congress that they needed the immediate infusion of cash to
survive.

As reported in the Troubled Company Reporter on Dec. 3, 2008, Ford
Motor said in its 33-page turnaround plan that it doesn't need
federal funds immediately and that it is asking for a
US$9 billion line of credit to be available in case the recession
would be longer and deeper than expected.


* BOOK REVIEW: How To Measure Managerial Performance
----------------------------------------------------
Author:     Richard S. Sloma
Publisher:  Beard Books
Paperback:  272 pages
List Price: $34.95

Order your personal copy at:
http://www.amazon.com/exec/obidos/ASIN/1893122646/internetbankrupt

How to Measure Managerial Performance by Richard S. Sloma is a
valuable reference tool.  This practical handbook provides new
insights into enterprising management techniques.

This book is a compendium of principles and techniques to improve
and measure managerial performance in a number of areas important
to the successful operation of a business.

Rigorous application of the concepts of this instructive book will
enable an organization to perform at several levels higher in
efficiency and effectiveness.

                            *********

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 * * *