TCREUR_Public/081209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 9, 2008, Vol. 9, No. 244

                            Headlines

A U S T R I A

HOCHWARTER LLC: Claims Registration Period Ends December 29
HYPO ALPE: Shareholders Okay EUR700 Million Capital Increase
KBA IMMOBILIEN: Claims Registration Period Ends December 29
KEIM HIRTENBERGER: Claims Registration Period Ends December 30
OSKAR GAUF: Claims Registration Period Ends December 30

RIFA LLC: Claims Registration Period Ends December 29


B E L G I U M

FORTIS: Commission Clears Belgium and Netherlands Support Package
FORTIS: Commission Clears BNP's Acquisition of Two Subsidiaries


F R A N C E

CHESAPEAKE CORPORATION: Posts US$277MM Net Loss in Last 9 Months
DELPHI CORP: Court OKs Creditors' Retention of Moelis & Co.
DELPHI CORP: Wins Court OK for GM Liquidity Enhancement Deals

* FRANCE: President Unveils EUR26 Billion Stimulus Plan


G E R M A N Y

A.T.M. DIENSTLEISTUNGS: Claims Registration Period Ends Jan. 23
ASASPED GMBH: Claims Registration Period Ends January 16
CM-SINTERTECHNIK GMBH: Claims Registration Period Ends Jan. 9
HEIDELBERGCEMENT AG: Fitch Cuts IDR to BB- on Refinancing Problems
KECK GENERALUEBERNEHMER: Claims Registration Period Ends Jan. 20

SUED-EFFEKT-GRUNDBESITZ GMBH: Claims Registration Ends Jan. 22


I C E L A N D

GLITNIR BANKI: SpareBank 1 Banks Buys Norwegian Unit for NOK300MM
KAUPTHING BANK: Ceases Market Making for Straumur-Burdaras
LANDSBANKI ISLANDS: Granted Moratorium


I R E L A N D

MAGNOLIA FINANCE: Moody's Cuts Ratings on Two Note Classes to 'C'
THOMAS READ: High Court Judge Approves Rescue Plan


I T A L Y

ALITALIA SPA: Judge Lifland Grants Chapter 15 Petition


K A Z A K H S T A N

ADIANA MACHINERY: Proof of Claim Deadline Slated for January 21
ADVERTISEMENT ALBION: Creditors Must File Claims by January 20
AHMAT & K: Claims Filing Period Ends January 16
ASTANA STROY MONTAGE: Creditors' Claims Due on January 21
DM ENGINEERING: Claims Registration Ends January 21

ENIKOM TRANS: Proof of Claim Deadline Slated for January 21
KAZPRO VS: Creditors Must File Claims by January 21
NAR-ALI LTD: Claims Filing Period Ends January 16
NEFTE GAS MONTAGE: Creditors' Claims Due on January 21
TRAST INVEST: Claims Registration Ends January 21


K Y R G Y Z S T A N

NEW TECHNOLOGY: Creditors Must File Claims by January 16
STROY CENTRE LLC: Creditors Must File Claims by Jan. 21
TECHNO MIR: Creditors Must File Claims by January 16


L A T V I A

PAREX BANK: Moody's Cuts BFSR to 'E'; Outlook Negative


L U X E M B O U R G

GATE GOURMET: S&P Keeps 'B' Corp. Credit Ratings; Outlook Stable


N E T H E R L A N D S

DECO 14: S&P Places 'BB' Class G Rating on Negative CreditWatch
STORM 2008: Moody's Puts Ba2 Definitive LT Rating on EUR30MM Notes
STORM 2008: Fitch Assigns 'BB-' Final Rating on EUR30 Mil. Notes


P O L A N D

* POLAND: Gov't. Launches PLN91.3 Billion Stimulus Plan


R O M A N I A

MKB ROMEXTERRA: S&P Keeps 'B' Counterparty Rating; Outlook Neg.


R U S S I A

BIOCOR LLC: Creditors Must File Claims by December 28
CHIM-PLAST OJSC: Court Names G. Parshkov as Insolvency Manager
DONSKAYA AIR CARRIER LLC: Creditors Must File Claims by Jan. 28
KANSKAYA TOBACCO: Court Names A. Ivanov as Insolvency Manager
KAVKAZKIY BIO-CHEMICAL: Court Names Insolvency Manager

MINING COMPANY: Creditors Must File Claims by January 28
MOLNIYA-AVIA OJSC: Creditors Must File Claims by January 28
OMSKAYA TOBACCO: Creditors Must File Claims by January 28
SIBIRSKAYA BEREZA CJSC: Creditors Must File Claims by January 28

* SVERDLOVSK OBLAST: S&P Keeps 'BB' Credit Rating; Outlook Stable
* Fitch Affirms Short-Term Rating on Nizhniy Novgorod at 'B'


S P A I N

* Moody's Downgrades Ratings on 14 Classes of Spanish RMBS Notes


S W E D E N

FORD MOTOR: Seeks Financial Support From Canadian Gov't
FORD MOTOR: Car Sales Drop to 118,818; Down 30% from 2007
FORD MOTOR: Sufficient Liquidity Cues Moody's to Keep Caa1 Ratings


S W I T Z E R L A N D

ART OF EXPERIENCE: Creditors Must File Claims by December 31
BAHNHOF GARAGE: Deadline to File Proofs of Claim Set Feb. 26
GENERAL MOTORS: May Replace Rick Wagoner as CEO
GENERAL MOTORS: Reports 154,877 Deliveries in November 2008
GENERAL MOTORS: Moody's Cuts Corporate Family & Debt Ratings to Ca

GENERAL MOTORS: S&P Downgrades Corporate Credit Rating to 'CC'
NACHHILFEPILOT JSC: Creditors Have Until Jan. 30 to File Claims
NYCOMED: Moody's Affirms Corporate Family Rating at 'B2'
ROLF SCHERRER: Proofs of Claim Filing Deadline is December 28
TCM AM SEE: Creditors' Proofs of Claim Due by January 7

WALTER RIEBLI: January 6 Set as Deadline to File Claims

* SWITZERLAND: Bankruptcy Figures Up 20% Since September


U K R A I N E

BK VALORES: Creditors Must File Claims by December 21
DEFENCE EXPERTISE: Creditors Must File Claims by December 20
GARANT-2 LLC: Creditors Must File Claims by December 20
L.E.R. TRADE: Creditors Must File Claims by December 20
PETROVSKY PLANT: Creditors Must File Claims by December 21

PORTSELAK CJSC: Creditors Must File Claims by December 21
PRODCOM LLC: Creditors Must File Claims by December 20
RESTAURANT UKRAINE: Creditors Must File Claims by December 20
SOUTH ENERGY: Creditors Must File Claims by December 21
SVETAL LLC: Creditors Must File Claims by December 20


U N I T E D   K I N G D O M

AAIM: Goes Into Administration; Grant Thornton Appointed
BLEC LANDSCAPING: Goes Into Administration; 35 Staff Laid Off
BRITISH AIRWAYS: Qantas Wants Some Issues Resolved Before Merger
BRITISH AIRWAYS: Traffic Figures Down 5.9% in November 2008
CASTLE HOLDCO: Moody's Revises Rating Release; Outlook Negative

CLOROX COMPANY: September 30 Balance Sheet Upside-Down by US$370MM
CUMMING AND CO: Economic Downturn Spurs Administration
DRAGON TRUCK: Appoints Joint Administrators from Deloitte
J UPTON REMOVALS: Taps Joint Liquidators from Smith & Williamson
JA MAGSON: Placed in Administration; Leonard Curtis Appointed

JOHN PIMBLETT: Goes Into Administration; KPMG Appointed
MIKE THOMPSON: Goes Into Administration; Baker Tilly Appointed
NICE CAR: Goes Into Administration After Sales Dropped
PEACHYTECH LTD: Names Joint Liquidators from Smith & Williamson
PIER LTD: Goes Into Administration; Mazars Appointed

PROVIDENT INSURANCE: S&P Assigns 'BB+' Counterparty Credit Rating
ROADCHEF FINANCE: Fitch Downgrades Class B Notes' Rating to 'B-'
STAND FIRM: Taps Joint Liquidators from Smith & Williamson
TAURUS RECRUITMENT: Taps Administrators from Grant Thornton
WOOLWORTHS PLC: Administrators Axes 450 Support Jobs

* Moody's Says UK Mortgage Support Scheme to Impact RMBS Deals
* Moody's Says Outlook for UK Life Insurance Industry Is Negative
* UK: Bank of England Cuts Bank Rate by 1.0 Percentage Points
* CBI/KPMG Survey Says Crunch Threatens London's Competitiveness


X X X X X X X X

* S&P Cuts Ratings on 22 Senior Notes by Various Issuers to 'CCC'
* Detroit 3 Willing to Work Under Gov't Oversight Board
* Euler Hermes Expects Significant Rise in European Insolvencies
* Eurostat Says Euro Area and EU27 GDP Down 0.2% in 3Q2008
* KPMG Says Value Investing to Continue Into 2009

* Large Companies with Insolvent Balance Sheet


                         *********


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


HOCHWARTER LLC: Claims Registration Period Ends December 29
-----------------------------------------------------------
Creditors owed money by LLC Hochwarter (FN 119374a) have until
Dec. 29, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Elisabeth Hrastnik
         Hauptplatz 11
         Atrium Top 16 A
         7400 Oberwart
         Austria
         Tel: 03352/31375
         Fax: 03352/31375-16
         E-mail: dr.hrastnik@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11.22 a.m. on Jan. 12, 2009, for the
examination of claims at:

         Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Anger, Austria, the Debtor declared bankruptcy on
Nov. 11, 2008, (Bankr. Case No. 41 S 51/08z).


HYPO ALPE: Shareholders Okay EUR700 Million Capital Increase
------------------------------------------------------------
The shareholders of Hypo Alpe-Adria-Bank International AG decided
to increase the bank's capital by EUR700 million.  The bank said
the move will increase the core capital (TIER 1) of the Group to
around EUR2 billion resulting in a 6% core capital ratio until the
end of the year.  After the availment of the bank aid package the
overall equity ratio is expected to be at least 9%.

BayernLB will participate in the capital increase with an amount
of EUR699.9 million, while HYPO ALPE ADRIA Mitarbeiter
Privatstiftung will inject EUR 0.1 million.  The remaining
shareholders do not make use of their subscription right.

Following the completion of the capital increase, BayernLB will
hold 67.08%, the Grawe Group 20.48%, Kaerntner Landesholding
12.42% and HYPO ALPE ADRIA Mitarbeiter Privatstiftung 0.02%.

                    Austrian bank aid package

Hypo Alpe-Adria-Bank International said its owners have decided to
take up a participation capital pursuant to Section 23 (4) of the
Austrian Banking Act (Bankwesengesetz or BWG) in the amount of up
to EUR1.5 billion.

Bloomberg News relates Austria agreed on Oct. 20 to make EUR100
billion of assistance available to banks.

"This is an important step for the future organization of Hypo
Group Alpe Adria. The Bank will be capitalized on a permanent and
stable way.  This is good news for our customers and our staff,"
Dr. Tilo Berlin, Chairman of the Executive Board of Hypo Group
Alpe Adria, said.

                     Hypo Group Alpe Adria

Hypo Group Alpe Adria -- http://www.hypo-alpe-adria.com/-- is an
international financing group with more than 370 banking and
leasing locations in 12 countries (Austria, Italy, Slovenia,
Croatia, Bosnia-Herzegovina, Serbia, Montenegro, Germany, Hungary,
Bulgaria, Macedonia and the Ukraine), which can look back on a
history of more than 110 years.  The principal company of Hypo
Group Alpe Adria is Hypo Alpe-Adria-Bank International AG, which
has its head office in Klagenfurt (Austria).  The Hypo Group Alpe
Adria network currently has over 7,400 employees serving
approximately 1.2 million customers.


KBA IMMOBILIEN: Claims Registration Period Ends December 29
-----------------------------------------------------------
Creditors owed money by LLC KBA Immobilien (FN 273951w) have until
Dec. 29, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Edmund Roehlich
         Am Heumarkt 9/I/11
         1030 Wien
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9.45 a.m. on Jan. 12, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 7, 2008, (Bankr. Case No. 3 S 117/08p).


KEIM HIRTENBERGER: Claims Registration Period Ends December 30
--------------------------------------------------------------
Creditors owed money by LLC Keim Hirtenberger Wasche & Co KG (FN
174684p) have until Dec. 30, 2008, to file written proofs of claim
to the court-appointed estate administrator:

         Gernot Faber
         Neunkirchner Strasse 34
         2700 Wiener Neustadt
         Austria
         Tel: 02622/82 1 18
         Fax: 02622/82118-6
         E-mail: kanzlei@ra-faber.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9.30 a.m. on Jan. 13, 2009, for the
examination of claims at:

         Trade Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Oct. 28, 2008.


OSKAR GAUF: Claims Registration Period Ends December 30
-------------------------------------------------------
Creditors owed money by LLC Oskar Gauf (FN 52433h) have until Dec.
30, 2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Georg Kahlig
         Siebensterngasse 42/3
         1070 Vienna
         Austria
         Tel: 523 47 91-0
         Fax: 523 47 91 33
         E-mail: kanzlei@ra-faber.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10.15 a.m. on Jan. 13, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 29, 2008, (Bankr. Case No. 4 S 154/08m).


RIFA LLC: Claims Registration Period Ends December 29
-----------------------------------------------------
Creditors owed money by LLC Rifa (FN 170216v) have until Dec. 29,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Elisabeth Hrastnik
         Hauptplatz 11
         Atrium Top 16 A
         7400 Oberwart
         Austria
         Tel: 03352/31375
         Fax: 03352/31375-16
         E-mail: dr.hrastnik@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11.15 a.m. on Jan. 12, 2009, for the
examination of claims at:

         Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Loipersdorf, Austria, the Debtor declared
bankruptcy on Nov. 5, 2008, (Bankr. Case No. 26 S 97/08d).


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B E L G I U M
=============


FORTIS: Commission Clears Belgium and Netherlands Support Package
-----------------------------------------------------------------
The European Commission has approved under EC Treaty state aid
rules, a support package granted between September 29 and October
5, 2008 by Belgium, Luxemburg and the Netherlands to Fortis Bank
and Fortis Bank Luxemburg following the crisis on the financial
markets.  Given Fortis Bank's size, market share in the retail
sector and the prevailing crisis on the financial markets, the
bank's collapse would have given rise to a systemic risk to the
financial sector.  The measures have restored the long term
viability of the bank and are limited to the minimum necessary.
To limit distortions of competition, Fortis Bank has, in
particular, sold its Dutch operations, which accounted for 40% of
its size, and thereafter was sold to BNP Paribas.  The aid is
therefore, compatible with the EU rules on state aid (Article
87(3)(b) of the EC Treaty), as explained in the Communication on
how these rules apply to banks in times of crisis.

Competition Commissioner Neelie Kroes said: "The failure of Fortis
would have had critical effects on the economy of several member
States.  The support measures have addressed the specific causes
of the bank's problems and allow it to return to viability.  As
they have also reduced Fortis Bank's size by 40%, there is no risk
of undue distortions of competition."

Fortis Bank was until recently one of Europe's largest banks. Part
of the Fortis group, which included insurance operations, the bank
held a pre-eminent position on the markets of Belgium, Luxembourg
and The Netherlands.  As a result of its participation in the
purchase of ABN AMRO and of large investments in structured
credits, Fortis Bank found itself very vulnerable when the sub-
prime crisis started and the wholesale loans market dried up.

Between September 28, and October 5, 2008, Belgium, Luxembourg and
The Netherlands took a series of aid measures because a failure of
the bank would have severely compromised the stability of the
financial system and the economy.  On September 28 they announced
a capital injection in exchange of a 49% stake in the bank.  As
this failed to restore market confidence in the bank and the
liquidity crisis worsened, the Belgian authorities put in place on
September 29 a special liquidity assistance amounting to tens of
billions of euros.   On October 3, the Dutch operations of Fortis
Bank, including ABN AMRO, were sold to the Dutch State.  The
remainder was bought by the Belgian state, which immediately sold
75 % to the French bank BNP Paribas.  Through this sale, BNP
Paribas will also control Fortis Bank Luxembourg.

The Member States involved claimed that they had acted as ordinary
private investors and that the measures were therefore free of
state aid.  However, the Commission found that the interventions
constitute state aid to the benefit of Fortis Bank and Fortis Bank
Luxemburg.

The Commission concluded that the aid was compatible with EU state
aid rules because it was necessary to save the bank and thus to
remedy a threat to the financial system.  The fact that Fortis
Bank has been taken over by BNP Paribas, one of the world's
largest and highest rated banks, indicates that Fortis Bank is
likely to return to long term viability.  Moreover, the sale of
its Dutch operations -- which accounted for 25 % of Fortis Bank's
income in the first six months of 2008, half its net profits, 35%
of the retail branches and 47% of the workforce -- has radically
reduced Fortis Bank's market presence.  This, in conjunction with
other commitments by Fortis, ensures that the aid will not unduly
distort competition.

The Commission also found that the sale of 75 % of Fortis bank and
16 % of Fortis Bank Luxembourg to BNP Paribas does not involve
state aid in favor of BNP Paribas, as the latter paid the market
price for these acquisitions.

This decision does not address the question whether the purchase
of the Dutch activities of Fortis on October 3 entails state aid
to Fortis Bank Nederland, i.e. to the purchased undertaking.  This
matter will be assessed by the Commission in a separate decision.
As regards the purchase of Fortis Insurance Nederland by the Dutch
State on the same day, the Commission concluded that it does not
constitute state aid.

                       About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                            *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


FORTIS: Commission Clears BNP's Acquisition of Two Subsidiaries
---------------------------------------------------------------
The European Commission has cleared, under the EU Merger
Regulation, the acquisition of the Belgian and Luxembourg
subsidiaries of Fortis Holding, namely Fortis Bank Belgium, Fortis
Banque Luxembourg, and Fortis Insurance Belgium, by BNP Paribas, a
bank with retail operations primarily in France.  This clearance
is subject to the full divestment of BNP Paribas Personal Finance
Belgium SA/NV ("PFB"), formerly Cetelem Belgium, including its
stake in Fidexis and in the credit processing venture Cetelem
Services (an EEIG), to which, inter alia, KBC Bank is also a
party.  The Commission's concerns were related to the issuing of
credit cards in Belgium and partly in Luxembourg, where the merged
entity would have become by far the largest player, thereby
reducing clients' choice for credit cards.  To address the
Commission's concerns, BNP offered to divest entirely its Belgian
credit card arm, PFB.  In light of this commitment, the Commission
concluded that the transaction would not significantly impede
effective competition in the European Economic Area (EEA) or any
substantial part of it.

Commissioner Neelie Kroes stated: "This decision is a perfect
example of the Commission's ability to reconcile a rapid response
to the credit crisis with the need to ensure that competition law
plays its role in the defense of legitimate consumer interests."

BNP Paribas is present in Belgium and Luxembourg in credit cards
through its subsidiary PFB, which issues cards under the
Mastercard label and Aurora brand.  It is also present through
Fimaser, a Belgian joint venture with the retail chain Carrefour,
Fidexis, a 100% owned subsidiary of PFB; and KBC Pinto Systems, a
joint venture with the Belgian bank KBC.  All of these activities
rely on Cetelem Services EEIG for certain support needs.  This is
a European Economic Interest Grouping in which PFB itself,
Fimaser, KBC Pinto Systems, and UCB Hypotheken n.v. (also a
subsidiary of BNP Paribas) are members

The Commission's concerns centered on credit cards as a payment
instrument as well as on the provision by the Parties of credit to
consumers through the cards.  The Commission's concerns do not
relate to the acquiring side of the market.

BNP Paribas' Belgian consumer finance business is by a long way
the largest player in card-based credit, while Fortis is active in
the same area, in particular through its Alpha Credit subsidiary.
Fortis is at the same time a major issuer of cards in Belgium and
a major supplier of card and general banking services to both
private and corporate clients.

The Commission's investigation indicated that in Belgium the
merged entity would have become by far the largest player in card
issuing and the related provision of credit, and that the
concentration, as initially notified, would have reduced choice in
the market, both from the standpoint of commercial partners
involved in distribution and co-branding arrangements with card
issuers and from the viewpoint of the final cardholder.  Debit
cards linked to a personal account were considered separately. In
this area, the Parties' activities do not overlap to any
significant extent.

In Luxembourg, the Commission came to the conclusion that the
transaction would not lead to competitive concerns as regards
credit, but that such concerns could not be excluded for credit
cards.

BNPP's commitment to divest PFB would substantially offset the
increase in market share due to the merger on the problematic
markets, and would maintain robust competition to the benefit of
consumers.

The Commission also analyzed a number of other markets in which
the overlap of the Parties was limited and concluded that these
markets did not raise competition concerns.

                       About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                       *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


===========
F R A N C E
===========


CHESAPEAKE CORPORATION: Posts US$277MM Net Loss in Last 9 Months
----------------------------------------------------------------
Chesapeake Corporation's balance sheet at Sept. 28, 2008, showed
total assets of US$936.6 million and total liabilities of
US$937.1 million, resulting in a stockholders' deficit of
US$500,000.

The company reported net loss of US$8.3 million for the quarter
ended Sept. 28, 2008, compares with net income of US$4.3 million
for the same quarter in the previous year.

For nine months ended Sept. 28, 2008, the company incurred net
loss of US$277.1 million compares to net loss of US$5.5 million
for the same period in the previous year.

                 Liquidity and Financial Position

Net cash used in operating activities was US$29.1 million for the
first nine months of fiscal 2008, compared to net cash provided by
operating activities of US$15.4 million for the first nine months
of fiscal 2007.  For the first nine months of fiscal 2008, the
decrease in net cash provided by operating activities was due to
the decrease in operating results and increased working capital
requirements compared to the same period in 2007.  Net cash flows
related to operating activities for the first nine months of
fiscal 2008 and fiscal 2007 included spending under restructuring
programs of US$4.7 million and US$8.8 million.

Net cash used in investing activities in the first nine months of
fiscal 2008 was US$5.9 million compared to US$30.7 million in the
first nine months of fiscal 2007.  Net cash used in investing
activities during the first nine months of fiscal 2008 reflects
proceeds of US$22.0 million including proceeds received in the
first
quarter of fiscal 2008 from the sale of its paperboard
manufacturing facility in Bremen, Germany in December 2007, the
sale of its plastics manufacturing facility in Crewe, England in
March 2008, which the company subsequently have leased back from
the purchaser, the sale of its corporate office building in
Amersham, England in the third quarter of 2008, and the sale of
other non-core assets during the nine-month period.  These sales
proceeds were more than offset by capital spending of
US$27.9 million.  Net cash used in investing activities during the
first nine months of fiscal 2007 reflects capital spending of
US$33.7 million, slightly offset by cash proceeds from sales of
fixed assets.

Net cash provided by financing activities in the first nine months
of fiscal 2008 was US$44.8 million, compared to net cash provided
by financing activities of US$10.4 million in the first nine
months of fiscal 2007.  Net cash provided by financing activities
in the first nine months of fiscal 2008 primarily reflects
increased borrowings on its lines of credit.  Net cash provided by
financing activities in the first nine months of fiscal 2007
reflects increased borrowings on its lines of credit, partially
offset by payment of dividends.  The company paid cash dividends
of US$8.5 million in the first nine months of fiscal 2007.

For the fiscal years ended December 30, 2007, Dec. 31, 2006, and
Dec. 31, 2005, the company incurred net losses of US$11.2 million,
US$36.7 million, and US$318.3 million.  Additionally, for the
first nine months of 2008, the company incurred net losses of
about US$277.1 million.  As a result the company has a total
stockholders' deficit of US$500,000 at Sept. 28, 2008.

Factors contributing to these net losses included, but were not
limited to: goodwill impairment charges, costs associated with its
cost-savings plan and other restructuring efforts, environmental
remediation costs, price competition, rising raw material costs
and lost customer business due to geographic shifts in production
within the consumer products industry which the company serves.
Certain of these factors, as goodwill or other asset impairments,
are non-cash charges and therefore do not have a direct impact on
its liquidity.  The current challenging economic climate may also
lead to adverse changes in working capital levels or additional
pension expense and funding requirements, which may also have a
direct impact on its results and financial position.  These and
other factors may adversely affect the company's liquidity and its
ability to generate profits in the future.

A full-text copy of the 10-Q filing is available for free at
http://ResearchArchives.com/t/s?3504

                  About Chesapeake Corporation

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE: CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche end-
use markets.  Chesapeake has 47 locations in France, Ireland,
United Kingdom, North America, China, HongKong, among others and
employs approximately 5,500 people.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 27, 2008,
Moody's Investors Service downgraded Chesapeake Corporation's
corporate family rating and probability of default rating to Ca
from Caa2.  Concurrently, Moody's downgraded the company's senior
unsecured revenue bonds to Ca from Caa3 and senior subordinated
notes to C from Caa3.  The CFR, PDR, and revenue bonds remain on
review for possible downgrade.


DELPHI CORP: Court OKs Creditors' Retention of Moelis & Co.
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved, on a final basis, the retention of the Official
Committee of Unsecured Creditors in Delphi's cases of Moelis &
Company LLC, as co-investment banker, in cooperation with
Jefferies & Company, Inc., effective nunc pro tunc to July 1,
2008.

The Creditors Committee tapped the services of Moelis after
professionals of Jefferies who performed investment banking
services to the Committee moved to Moelis.

According to the transcript of the 31st Omnibus Hearing,
Michael Riela, Esq., at Warner Stevens, LLP, informed Judge Drain
that Jefferies will continue to be retained in the case, but
there was going to be a sharing of the fees.  Mr. Riela also
assured the Court that the Debtors' estates would not incur
additional expenses as a result of the retention of two
investment bankers.

Committee Chairperson David Daigle said, "At this critical
juncture, the Committee needs to be fully engaged in assessing
the Debtors' reorganization alternatives without the delay or
undue cost that would be incurred by losing the knowledge and
expertise the Moelis professionals have.  Losing access to these
professionals could hinder the Committee's ability to effectively
respond to new developments and necessary modifications to the
Plan", Mr. Daigle asserts.

The Moelis professionals primarily responsible for providing
services to the Committee are (i) William Q. Derrough, (ii) Isaac
Lee, and (iii) David Groban.

The Committee selected Moelis as its investment banker for the
purpose of providing assistance and advice, in cooperation with
Jefferies, with respect to any potential strategy for
restructuring the Debtors' outstanding indebtedness, labor costs
or capital structure, whether pursuant to a reorganization plan,
a sale of assets pursuant to Section 363 of the Bankruptcy Code,
a liquidation or otherwise, Mr. Daigle relates.

The Committee seeks to continue to use the services of the
Jefferies as its co-investment banker.  Jefferies will be
primarily responsible for services related to asset sales,
analysis of debtor-in-possession financing and labor, pension and
OPEB issues.  Jefferies and Moelis have entered into an agreement
whereby they would allocate between themselves the fees earned
from the services rendered to the Committee, Mr. Daigle explains.

Moelis will be entitled to receive from the Debtors' estates, as
compensation for its services:

(1) US$131,250 monthly fee; and

(ii) and a transaction fee of 1/3 of (i) 0.50% of total
      consideration greater than US$0.50 and up to US$0.75 per
      US$1 of allowed unsecured claim and (ii) 0.75% of Total
      Consideration, as defined in the Engagement letter,
      greater than US$0.75 per US$1 of allowed unsecured claim.

The transaction fee will not be less than US$670,000 or greater
than US$3,330,000, however, Moelis has reserved the right to
request modification of the cap.

For purposes of clarification, the engagement Letter defines
Total Consideration as "[T]he total aggregate consideration paid
by the Debtors on account of allowed unsecured claims against the
Debtors pursuant to a plan or plans of reorganization in the
Cases, including any amounts in escrow, but excluding any
unsecured claims of, and consideration paid by the Debtors on
account of claims of, the Pension Benefit Guaranty
Corporation or any assignee of the PBGC.

                    About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
USUS$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News, Issue No. 152; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Wins Court OK for GM Liquidity Enhancement Deals
-------------------------------------------------------------
Delphi Corp. and its affiliates obtained approval from the U.S.
Bankruptcy Court for the Southern District of New York to enhance
their liquidity through June 30, 2009, by entering into two
agreements with General Motors Corp:

  -- The Debtors obtained permission to amend and extend, through
June 30, 2009, their current arrangement with GM pursuant to which
GM has agreed to provide up to US$300 million of liquidity
enhancement; and

  -- The Debtors obtained authority to enter into a new
agreement with GM whereby GM would provide an additional aggregate
US$300 million during the second quarter of 2009 through a
temporary acceleration of its accounts payable to the Debtors.

Delphi did not receive objections to the GM deals but asked the
Bankruptcy Court to defer for seven days, to Dec. 1, 2008, the
hearing on their proposed deals with General Motors Corp., to
permit further discussions by the parties on the proposed changes
to its US$4.35-billion DIP facility.  Delphi has entered into an
accommodation agreement with JPMorgan Chase Bank, N.A., as the
administrative agent under the DIP facility, and majority of the
lenders under tranches A and B of the facility.  The Accommodation
Agreement, which grants Delphi access to DIP financing until
June 30, 2009, faced opposition by the tranche C lenders, but
nonetheless, was subsequently approved by the Court.

As reported by the Troubled Company Reporter on Nov. 18, the two
agreements will afford the Debtors additional liquidity of
up to US$600 million through the end of the second quarter of
2009.  This will also provide the Debtors the time to seek
sufficient emergence funding capital to allow them to emerge from
chapter 11 as soon as practicable.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, in Chicago, Illinois, relates that through the Second
Amendment Agreement and the Partial Temporary Accelerated Payment
Agreement, GM would provide additional liquidity to the Debtors
through the second quarter of 2009, during the period covered by
the accommodation agreement with certain of the DIP Lenders.

The Debtors said the liquidity provided by the agreements
with GM should help facilitate their plan modifications and
emergence strategy while addressing the concerns of Delphi's
customers and suppliers.

                  More GM Support to Delphi

According to Mr. Butler, the relief sought by Delphi reflects
GM's further support for the Debtors' reorganization efforts.
GM has already made significant and substantial contributions
to the Debtors' reorganization efforts.  On September 26, 2008,
the Debtors received the authority to implement the Amended GSA
and the Amended MRA, which agreements became effective on
September 29, 2008.  The Amended GSA and Amended MRA, among other
things, produced US$4.6 billion in incremental net contributions
to Delphi from GM (resulting in an expected net contribution from
GM in the approximate amount of US$10.6 billion), pulled forward
GM's financial obligations under the global settlement agreement
and master restructuring agreement approved as part of the Plan to
the effective date of the Amended GSA and Amended MRA, made all
of GM's incremental financial contributions in the Amended GSA
and Amended MRA immediately and unconditionally effective on the
effective date of the Amended GSA and Amended MRA, eliminated
substantially all of GM's termination rights, and eliminated
substantial conditional aspects of the Original GSA and Original
MRA.  The agreements became effective on September 29, 2008, and
the Debtors and GM executed the first step of the section 414(l)
transfer on that date, transferring approximately US$2.1 billion
of the Debtors' net unfunded hourly pension liabilities to GM's
pension plan.

             Delphi Couldn't Find Exit Financing
                    Amid Worst Bear Market

Following the implementation of the Amended GSA and the Amended
MRA, the Debtors continued to take steps toward emergence from
chapter 11.  On October 3, 2008, the Debtors filed the Plan
Modification Approval Motion which included the Debtors' revised
emergence business plan and enterprise valuation.  That same day,
the United States House of Representatives approved the federal
bailout plan, now known as the Troubled Asset Relief Program or
"TARP."  However, on the following Monday, and for much of the
rest of the month of October, the global credit markets seized up
and experienced one of the five worst bear markets in history.

Despite the efforts of the federal government to provide
stability to the capital markets and banks, the markets have
remained extremely volatile and liquidity in the capital markets
has been nearly frozen, resulting in an unprecedented challenge
for the Debtors to successfully attract emergence capital funding
for their Modified Plan, particularly in light of the current
conditions in the global automotive industry, Mr. Butler
explains.

"Nevertheless, assuming that this Court approves this Motion and
the Accommodation Motion, the Debtors will continue to work with
their stakeholders in an effort to emerge from chapter 11 as
quickly as practicable despite the difficult economic
environment," Mr. Butler avers.

                    Amended GM Arrangement

The Amended GM Arrangement, as modified by the Second Amendment
Agreement, functions as an adjunct to the Debtors' US$4-billion
DIP financing facility, effectively providing Delphi with
US$300 million in additional unsecured, subordinated advancements
from GM, thereby continuing a definite and reliable source of
liquidity during an extended period of uncertainty in the capital
markets generally and the automotive industry in particular.

Under the terms of the Second Amendment Agreement, GM has agreed,
subject to this Court's approval, to make available to the
Debtors up to US$300 million through the maturity date of the
Second Amendment Agreement, subject to certain modified borrowing
mechanics and provided that certain conditions are met.  The
maturity date for the Second Amendment Agreement will be the
earliest of:

  (i) June 30, 2009,

(ii) the date on which Delphi or any guarantor of the GM
      Arrangement files any motion or other pleading seeking to
      amend the Plan or Disclosure Statement filed by the
      Debtors on October 3, 2008 in a manner not reasonably
      acceptable to GM,

(iii) the DIP Termination Date,

(iv) on or after January 1, 2009, the expiration or
      termination of the Accommodation Agreement or the
      Accommodation Period, and

  (v) the occurrence of the effective date of the Plan.

In addition, certain modifications were made to the Amended GM
Arrangement that protects GM in the event the Accommodation
Agreement is modified in a manner adverse to GM.  In such
circumstance, to the extent that Delphi seeks continued access to
the Second Amended GM Arrangement, GM would have approval rights
with respect to such modifications to the Accommodation
Agreement.  Other proposed modifications to the Amended
GM Arrangement are largely technical and conforming changes.

Effectiveness of the Second Amendment Agreement is conditioned
on, among other things, (i) the Debtors having no Automatic
Accommodation Termination Default and no Accommodation Default
and (ii) entry of a final, non-appealable order by the Court
approving the Accommodation Agreement and the Second Amendment
Agreement on or prior to December 31, 2008.

Upon the effectiveness of the Second Amendment Agreement, the
terms and conditions of the Amended GM Arrangement will remain in
full force and effect, including the provisions that GM and its
relevant Affiliates will have (a) allowed claims with
administrative expense priority pursuant to Section 503(b)(1) of
the Bankruptcy Code against Delphi and the GM Guarantors under and
as defined in the DIP Credit Agreement for all Obligations owing
to GM or any applicable GM Affiliates and (b) all other rights
under the Amended GM Arrangement and the Second Amendment
Agreement, including, without limitation, the ability to exercise
the right to set off and apply, subject to the terms of the
Amended GM Arrangement and the Second Amendment Agreement, any
indebtedness or liabilities owing by GM or the GM Affiliates to or
for the credit or the account of Delphi or the GM Guarantors
against any and all GM Arrangement Obligations of Delphi or the GM
Guarantors without the need to seek additional modification of the
automatic stay imposed pursuant to Section 362 of the Bankruptcy
Code and without further order of the Court.

Pursuant to a side letter between Delphi and GM, GM has agreed
that prior to the earlier of (i) the occurrence of the DIP
Termination Date, (ii) the effectiveness of the Debtors' plan of
reorganization, or (iii) the receipt of DIP Agent consent, GM
will not assert or exercise against any of the GM GSA Claims any
setoff of any amounts payable by GM or any of its Affiliates to
Delphi or any of its affiliates.  The GM GSA Claims are the First
Net Liability Transfer Claim, the Second Net Liability Transfer
Claim, and the GM Unsecured Claim.  The Side Letter does not
prejudice other parties' rights to contest GM's setoff rights if
(a) the Side Letter does not become effective or (b) one of the
events set forth in clauses (i)-(iii) above has occurred.  The
Side Letter will become effective on the date when all of the
conditions precedent set forth in section 3 of the Second
Amendment Agreement have been satisfied or waived.

Copies of the New GM Agreements are available at no charge at
http://bankrupt.com/misc/Delphi_GM_DealsNov08.pdf

                     About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
USUS$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News, Issue No. 152; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


* FRANCE: President Unveils EUR26 Billion Stimulus Plan
-------------------------------------------------------
BBC News reported Thursday that French President Nicolas Sarkozy
unveiled a EUR26 billion (US$33 billion; GBP23 billion) stimulus
plan to help France fend off financial crisis.

According to the report, the plan, which amounts to 1.3% of
France's gross domestic product, includes a EUR1 billion loan for
carmakers and EUR5 billion of new public sector investments.

The plan is expected to boost the country's economic growth by
0.6% in 2009.  It will also increase the budget deficit to 3.9% of
GDP from the previously forecast 3.1%, the report added.

Apart from the stimulus package, the French government, the report
disclosed, is also giving companies EUR11.5 billion's worth of
credits and tax breaks on investment next year.

Alexander Law at research consultancy Xerfi however noted
a EUR15 billion or EUR26 billion plan is not going to get growth
going immediately, but shock therapy was vital, the report
recounted.

France, the report said, is not technically in recession yet, but
the outlook is bleak.  Unemployment in the country soared to  to
7.7% in the three months to the end of September, from 7.6% in the
previous quarter, with experts predicting jobless figures to hit
more than 8% in 2009, the report stated.


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


A.T.M. DIENSTLEISTUNGS: Claims Registration Period Ends Jan. 23
---------------------------------------------------------------
Creditors of A.T.M. Dienstleistungs GmbH have until Jan. 23, 2009,
to register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Am Schlossgarten 4
         38518 Gifhorn
         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:

         Rene Wolfram
         Witzlebenstr. 123
         29223 Celle
         Germany
         Tel: 05141/540890
         Fax: 05141/540891

The District Court opened bankruptcy proceedings against the
company on Nov. 24, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         A.T.M. Dienstleistungs GmbH
         Hamburger Str. 3
         38518 Gifhorn
         Germany

         Attn: Anne Huebner, Manager
         Wiesengrund 1
         38542 Leiferde
         Germany


ASASPED GMBH: Claims Registration Period Ends January 16
--------------------------------------------------------
Creditors of Asasped GmbH Internationale Spedition have until
Jan. 16, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Feb. 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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. Tjark Thies
         Domstrasse 15
         20095 Hamburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 1, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         ASASPED GmbH Internationale Spedition
         Attn: Hans-Uwe Schodrok, Manager
         Alte Schleuse 13 - 15
         21107 Hamburg
         Germany


CM-SINTERTECHNIK GMBH: Claims Registration Period Ends Jan. 9
-------------------------------------------------------------
Creditors of CM-Sintertechnik GmbH have until Jan. 9, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10.30 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 Ravensburg
         Room qw7
         Herrenstr. 42
         88212 Ravensburg
         Germany

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

The insolvency manager can be reached at:

         Hans-Joerg Derra
         Frauenstr. 14
         89073 Ulm
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         CM-Sintertechnik GmbH
         Attn: Dr. Andreas Wolf, Manager
         Karl-Etzel-Str. 1
         88427 Bad Schussenried
         Germany


HEIDELBERGCEMENT AG: Fitch Cuts IDR to BB- on Refinancing Problems
------------------------------------------------------------------
Fitch Ratings has downgraded Germany-based HeidelbergCement AG's
Long-term Issuer Default and senior unsecured ratings to 'BB-' (BB
minus) from 'BB+' and placed the ratings on Rating Watch Negative.
The Short-term IDR has been affirmed at 'B'.  Fitch has
simultaneously downgraded HC's subsidiary Hanson plc's senior
unsecured rating to 'BB-' (BB minus) from 'BB+' and placed the
rating on RWN.

The downgrades reflect Fitch's view that, given recent news that
HC's major shareholder (the Merckle family) is experiencing
financial constraint, this is now likely to negatively impact the
group's ability to refinance its EUR5 billion Tranche B Hanson
acquisition facility, maturing in May 2010.  Fitch also believes
that unprecedented tight credit markets, coupled with continued
difficult trading conditions in the US construction market and a
slowdown or decline in some European countries, will translate
into a substantial reduction in headroom for HC under its existing
debt covenants, or even result in a potential covenant breach.  As
a result, Fitch is of the opinion that events occurring at the
shareholder level could potentially impair HC's efforts to
successfully renegotiate debt covenants.

The resolution of the RWN will follow Fitch's assessment of the
progress on refinancing negotiations at both the shareholder and
HC level.  The agency notes that evidence that the outcome of
these negotiations would be to the detriment of HC's financial
profile might result in further negative rating pressure.

Fitch understands that HC's major shareholder (the Merckle family)
is negotiating a standstill agreement with more than 30 banks to
prevent them from making claims until financing is put in place to
cover losses at the family's investment unit, and to refinance
debt.  Recent news suggests that the shareholder has offered to
provide securities and assets as collateral, which could include
HC's shares.  Therefore, Fitch now sees an increased potential for
event risk relating to a potential change of ownership at HC,
should the shareholder's credit profile further deteriorate.

The ratings continue to reflect HC's strong operational profile
and leading market positions in cement and aggregates, which are
essential for establishing solid market presence in downstream
activities such as ready-mixed concrete and concrete products.
The group benefits from good diversification by geography - with
presence in 50 countries - and by end-market.


KECK GENERALUEBERNEHMER: Claims Registration Period Ends Jan. 20
----------------------------------------------------------------
Creditors of Keck Generaluebernehmer und Einrichter GmbH have
until Jan. 20, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Feb. 16, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Aalen
         Hall 0.11
         Stuttgarter Strasse 7
         73430 Aalen
         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:

         Wolfgang Hauser
         Moehringer Landstr. 5
         70563 Stuttgart
         Germany
         Tel: 0711/90134-20
         Fax: 0711/90134-199
         E-mail: STUTTGART@HAUSER-HAWELKA.DE

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:

         Keck Generaluebernehmer und Einrichter GmbH
         Kolpingstr. 6
         73433 Aalen
         Germany

         Attn:: Henning Necker, Manager
         Egerlandstrasse 82
         73431 Aalen
         Germany


SUED-EFFEKT-GRUNDBESITZ GMBH: Claims Registration Ends Jan. 22
--------------------------------------------------------------
Creditors of Sued-Effekt-Grundbesitz GmbH have until Jan. 22,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Feb. 12, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Thomas Becker
         Brueckenstrasse 60
         66763 Dillingen
         Germany
         Tel: (06831) 769980
         Fax: (06831) 7699870

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:

         Sued-Effekt-Grundbesitz GmbH
         Saarbruecker Strasse 43
         66773 Schwalbach
         Germany

         Attn: Hans-Joachim Holzer, Manager
         Lothringer Strasse 4
         66740 Saarlouis
         Germany


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


GLITNIR BANKI: SpareBank 1 Banks Buys Norwegian Unit for NOK300MM
-----------------------------------------------------------------
The SpareBank 1 banks have acquired Glitnir Bank ASA for
NOK300 million.  The acquisition is carried out without the
SpareBank 1 banks bringing in fresh capital.

The Ministry of Finance has authorized the SpareBank 1 banks to
acquire all shares of Glitnir Bank.

The new owners of Glitnir Bank are SpareBank 1 SMN (25 per cent),
SpareBank 1 SR-Bank (20 per cent), SpareBank 1 Nord-Norge (20 per
cent), 16 collaborating savings banks (20 per cent) and
Sparebanken Hedmark (15 per cent).

"This is a day of joy in SpareBank 1 and Glitnir Bank.  The
license has been given, and all conditions devised in the
acquisition contract have been met.  These include the attachment
levied on the shares of Glitnir Bank, so the planned transaction
can go ahead as intended," CEO Eldar Mathisen at SpareBank 1
Gruppen, who will be the Chairman of the Board in Glitnir Bank,
said.

"We can now intensify our effort to arrive at a long-term
industrial solution in keeping with the market.  The aim is to
complete a new foundation for the bank in the course of the first
quarter of 2009," Mr. Mathisen said.

In addition to Mr. Mathisen the Board of Glitnir Bank will consist
of Kjell Fordal, Executive Director of Finance of SpareBank 1 SMN
(Deputy Chair); Lisbeth K. Naero, Executive Director of Finance in
SpareBank 1 SR-Bank; Liv Bortne Ulriksen, Group Executive Director
in SpareBank 1 Nord-Norge and Marianne Sommerro Evensen,
Controller in SpareBank 1 Vestfold.  MBA Roar Nyhus and Employee
Representative Bard Idar Kvam from the former Board of Glitnir
Bank will also continue as board members.

"As employees we look forward to becoming part of SpareBank1 and
to creating value for our new owners.  We can now put months of
uncertainty behind us and look ahead once again," Mr. Kvam in
Glitnir Bank, said.

Glitnir Bank ASA is a subsidiary of Glitnir banki hf.

                     About Glitnir banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Glitnir banki filed a Chapter 15 petition on November 26, 2008
(Bankr. S.D. N.Y. Case No. 08-14757).  The firm has retained Gary
S. Lee, Esq., at Morrison & Foerster LLP, in New York, as counsel.
In its Chapter 15 petition, the company estimated both its assets
and debts to be than US$1 billion each.


KAUPTHING BANK: Ceases Market Making for Straumur-Burdaras
----------------------------------------------------------
Kaupthing Bank hf., Landsbanki Islands hf. and Glitnir hf. have
ceased market making for Straumur-Burdaras Investment Bank hf.

Straumur and Nyi Kaupthing banki hf (Kaupthing) have signed a
market-making agreement according to which Kaupώing acts as a
market maker for shares issued by Straumur on NASDAQ OMX Iceland
effective two days after the trading halt on Straumur shares is
lifted.

The purpose of the agreement is to facilitate trading and improve
liquidity in the shares of Straumur on the NASDAQ OMX Iceland in
order to promote the development of market prices and to encourage
effective and transparent price formation.

The terms of the market-making agreement are as follows: Kaupthing
is committed to make a daily bid and offer quotes on all trading
days for a minimum of 1,000,000 shares in Straumur at a price as
determined by Kaupthing.

The maximum bid/ask spread shall not exceed 1.25% and the
deviation from the last transaction price shall not exceed 3.0%.

Kaupthing secures the amount of the total trade for one day to be
at nominal price at a minimum ISK25,000,000.

                      About Kaupthing Bank

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

                        *    *    *

As reported in the TCR-Europe, Kaupthing Bank hf., on
November 30, 2008 filed a voluntary petition under Chapter 15 of
the US Bankruptcy Code, in order to seek US recognition of the
bank's moratorium, which has been granted by the District Court of
Reykjavik, Iceland.

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


LANDSBANKI ISLANDS: Granted Moratorium
--------------------------------------
Landsbanki Islands hf. is currently being controlled by a
Resolution Committee appointed by the Icelandic Finance
Supervisory Authority (the "FME") under emergency legislation
passed at the beginning of October.  The bank is not in any form
of administration or liquidation process.

The Resolution Committee will continue to run the operations of
Landsbanki with the aim of maximizing the value of the assets for
all creditors (irrespective of their jurisdiction of
residence).  To enable Landsbanki to continue to be operated over
the medium term, Landsbanki has sought and obtained a Moratorium
under Icelandic Act No. 161/2002 on Financial Undertakings (which
it is expected will be recognized throughout the member states of
the European Union and the European Economic Area (the "EEA")
under the provisions of the European Directive on Reorganisation
and Winding Up of Credit Institutions).  The main effect of the
moratorium will be
that creditors will be prevented from bringing enforcement
proceedings against Landsbanki.  The court has appointed
Mr. Kristinn Bjarnason, a Supreme Court attorney to act as the
assistant in relation to the Moratorium.

Additional information regarding the recently passed Icelandic
legislation (including an English translation) is available on the
FME's website at www.fme.is.  In relation to jurisdictions outside
the EEA where it has material assets, Landsbanki will take
whatever action it can to seek recognition of the Moratorium.
This includes filing for Chapter 15 protection in the United
States.

In relation to the London branch, this is not a separate legal
entity but is a division of Landsbanki.  The current operations of
the London branch and the powers given to local management of the
branch to deal with its customers and vendors will remain in
effect following the Moratorium.  Assets of Landsbanki in the UK
are subject to a freezing order from HM Treasury but the London
branch has subsequently been granted licenses to operate its
business by HM Treasury.  Neither the freezing order nor such
licenses will be affected by the Moratorium and the London branch
will continue to be able operate in the ordinary course of its
current business under such licenses in the same way it did prior
to the Moratorium.

None of these developments have any impact on the current
operations of Landsbanki.  During the Moratorium, which may
continue for a period of up to 24 months, the Resolution Committee
of Landsbanki will continue to operate as it has been and will
endeavor to protect and maximize the value of the bank's assets
and evaluate restructuring alternatives that will further the
Resolution Committee's objectives.

For the avoidance of doubt, the Moratorium has no effect on NBI
hf. which assumed the domestic Icelandic operations of Landsbanki
on October 9, 2008.

                       About Landsbanki

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

                           *    *    *

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

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

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

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


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


MAGNOLIA FINANCE: Moody's Cuts Ratings on Two Note Classes to 'C'
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Magnolia Finance VI plc.  These
transactions are managed synthetic equity tranche CDO referencing
a pool of corporate names.

According to Moody's, the rating actions are the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on September 15, 2008; Washington
Mutual Inc., which was seized by federal regulators on
September 25, 2008 and subsequently virtually all of its assets
were sold to JPMorgan Chase; Fannie Mae and Freddie Mac, which
were placed into the conservatorship of the U.S. government on
September 8, 2008; and three Icelandic banks, specifically
Kaupthing Bank hf, Landsbanki Islands hf, and Glitnir Banki hf.
The transaction also has a significant exposure to other corporate
names which continue to deteriorate in the current economic
environment.  The defaults have exhausted one tranche and
irreversibly impaired the other.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:

  -- Moody's Approach To Rating Synthetic CDOs (July 2003)

  -- Moody's Approach to Rating Digital Credit Default Swaps (July
     2004)

  -- Moody's Revisits Its Assumptions Regarding Corporate Default
     (and Asset) Correlations for CDOs (November 2004)

  -- Understanding Collateral Risks of Funded Synthetics in CDOs
     (June 2006)

The rating actions are:

Magnolia Finance VI plc:

(1) Series 2006-15 EUR75,500,000 Derwent Synthetic CDO Portfolio
Variable Step Down Credit Linked Notes due June 2014

  -- Current Rating: C
  -- Prior Rating: A3
  -- Prior Rating Date: 22 January 2007

(2) The Series 2007-21 EUR10,000,000 Derwent Synthetic CDO
Portfolio Variable Credit Linked Notes due June 2017

  -- Current Rating: C
  -- Prior Rating: A3
  -- Prior Rating Date: 22 May 2007


THOMAS READ: High Court Judge Approves Rescue Plan
--------------------------------------------------
Tim Healy at the Independent.ie reports that Ms Justice Mary
Finlay Geogegan on Thursday approved a rescue plan for 21 of
Dublin's best known bars and restaurants operated by the Thomas
Read group after being convinced that the companies are insolvent
but have a reasonable prospect of survival in whole or in part if
a number of conditions are met.

Citing Gary McCarthy, counsel for the group, the report states
the conditions include securing additional investment,
restructuring debts and resolving "the situation" with the group's
former managing director Mark Leavey, who initiated court
proceedings over being made redundant.

The High Court judge, the report relates, confirmed Kieran
McCarthy of accountants Hughes Blake as examiner to Sharmane Ltd,
the parent company of the Thomas Read group, and as examiner to 13
of the 14 companies operating the bars.

The court heard all but three of the companies are trading
profitably, the report reveals.

According to Lyndon MacCann, counsel for the examiner, the
companies would not need external finance to keep going during the
protection period.  He added the examiner had also received nine
unsolicited queries expressing interest in either the group itself
or assets within it, the report discloses.

The judge however adjourned the application for examinership for
the 14th company -- Floridita Ireland Ltd, which operates a bar
and restaurant in the Irish Life Centre, Abbey Street -- as the
agreed transfer of 60pc of the shareholding of that company to
Sharmane is not complete and therefore, does not yet fall within
the legal definition of a related company, the report notes.

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

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

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

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

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

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

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


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


ALITALIA SPA: Judge Lifland Grants Chapter 15 Petition
------------------------------------------------------
The Hon. Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York has granted Alitalia-Linee Aeree
Italiane, S.p.A.'s Chapter 15 petition.

In his Dec. 4 order, Judge Lifland recognized Alitalia's
extraordinary administration proceeding under the laws of the
Republic of Italy as a "foreign main proceeding," as referred to
in Section 1517(b)(1) of the U.S. Bankruptcy Code.

The order prohibits all persons and entities from pursuing claims
against the Debtor and from executing against any and all of the
Debtor's U.S. assets except by or with the written consent of its
administrator, Prof. Augusto Fantozzi, to the extent such actions
are not automatically stayed under Section 1520(b) of the U.S.
Bankruptcy Code.

Judge Lifland ruled that creditors in the United States and all
plaintiffs in pending litigations against the Debtor in the United
States will be accorded treatment no less favorable than that
accorded to other claimants who may have filed claims in the
extraordinary proceeding on or before November 16, 2008.

                        Chapter 15 Filing

As reported in the Troubled Company Reporter-Europe on Nov. 7,
2008, Alitalia filed for Chapter 15 protection to ensure the
preservation of its assets in the United States.

Alitalia's property in the United States consists mainly of cash
in its operating bank accounts, furniture and fixtures in its
various offices and facilities located throughout the country (but
mostly in New York, New Jersey, Florida, Illinois and California),
and relatively modest amounts of equipment used in its air carrier
and air freight operations.  In sum, the value of this property is
approximately US$1,000,000.

According to papers filed with the court, Italy's national airline
experienced financial difficulties for a number of years caused,
in large measure, by a
combination of competition from low-cost air carriers, poor
management and onerous union obligations, exacerbated by spiraling
fuel prices.

                         Alitalia Rescue

Compagnia Aerea Italiana, a consortium of Italian investors,
agreed to buy many of Alitalia's assets and to relaunch a "new'
Alitalia.

Various reports say CAI and Alitalia will officially sign the deal
on Dec. 12.

As reported in the Troubled Company Reporter-Europe on Nov. 21,
2008, CAI improved its EUR1 billion offer for Alitalia's best
assets to EUR1.052 billion (US$1.33 billion) including debt.

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

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

                         About Alitalia

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.


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


ADIANA MACHINERY: Proof of Claim Deadline Slated for January 21
---------------------------------------------------------------
LLC Adiana Machinery Group has declared insolvency.  Creditors
have until Jan. 21, 2009, to submit written proofs of claim to:

         LLC Adiana Machinery Group
         Office 3
         Buhtarminskaya Str. 4
         Almaty
         Kazakhstan


ADVERTISEMENT ALBION: Creditors Must File Claims by January 20
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLC Advertisement Centre Albion insolvent.

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

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


AHMAT & K: Claims Filing Period Ends January 16
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLC Ahmat & K insolvent on Oct. 15, 2008.

Creditors have until Jan. 16, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakhstan


ASTANA STROY MONTAGE: Creditors' Claims Due on January 21
---------------------------------------------------------
LLC Construction Company Astana Stroy Montage has declared
insolvency.  Creditors have until Jan. 21, 2009, to submit written
proofs of claim to:

         LLC Construction Company
         Astana Stroy Montage
         Imanov Str. 6-30
         Astana
         Kazakhstan


DM ENGINEERING: Claims Registration Ends January 21
---------------------------------------------------
LLP DM Engineering has declared insolvency.  Creditors have until
Jan. 21, 2009, to submit written proofs of claim to:

         LLP DM Engineering
         Auezov Str. 134-23
         Almaty
         Kazakhstan


ENIKOM TRANS: Proof of Claim Deadline Slated for January 21
-----------------------------------------------------------
LLC Enikom Trans Service has declared insolvency.  Creditors have
until Jan. 21, 2009, to submit written proofs of claim to:

         LLC Enikom Trans Service
         Kok-Shoky
         Karasaisky
         Almaty
         Kazakhstan


KAZPRO VS: Creditors Must File Claims by January 21
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLC Kazpro Vs insolvent on Oct. 14, 2008.

Creditors have until Jan. 21, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Timiryazev Str. 61-2
         Almaty
         Kazakhstan
         Tel: 8 (7272) 75-67-84


NAR-ALI LTD: Claims Filing Period Ends January 16
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLC NAR-ALI LTD insolvent on Oct. 1, 2008.

Creditors have until Jan. 16, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


NEFTE GAS MONTAGE: Creditors' Claims Due on January 21
------------------------------------------------------
LLC Corporation KAZ Nefte Gas Montage has declared insolvency.
Creditors have until Jan. 21, 2009, to submit written proofs of
claim to:

         LLC Corporation KAZ Nefte Gas Montage
         Tajybaeva Str. 184
         Almaty
         Kazakhstan


TRAST INVEST: Claims Registration Ends January 21
-------------------------------------------------
LLC Trast Invest Service has declared insolvency.  Creditors have
until Jan. 21, 2009, to submit written proofs of claim to:

         LLC Trast Invest Service
         Rozybakiev Str. 247a
         Almaty
         Kazakhstan


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


NEW TECHNOLOGY: Creditors Must File Claims by January 16
--------------------------------------------------------
LLC New Technology Communication has declared insolvency.
Creditors have until Jan. 16, 2009, to submit written proofs of
claim to:

         LLC New Technology Communication
         Tynystanov Str. 104-17
         Bishkek
         Kyrgyzstan


STROY CENTRE LLC: Creditors Must File Claims by Jan. 21
-------------------------------------------------------
LLC Construction Company Stroy Centre has declared insolvency.
Creditors have until Jan. 21, 2009, to submit written proofs of
claim:

The company can be reached at: (+996 312) 67-01-31


TECHNO MIR: Creditors Must File Claims by January 16
----------------------------------------------------
LLC Engineering-Technological Centre Techno Mir has declared
insolvency.  Creditors have until Jan. 16, 2009, to submit written
proofs of claim to:

         LLC Engineering-Technological Centre
         Techno Mir
         Manas ave. 28
         Bishkek


===========
L A T V I A
===========


PAREX BANK: Moody's Cuts BFSR to 'E'; Outlook Negative
------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Parex Bank to E from E+.  The outlook on this rating is
now stable.  Moody's also downgraded the bank's local and foreign
currency long-term bank deposit and debt ratings to B2 from Ba1,
and placed them on review for possible further downgrade. The
bank's Not Prime short-term rating was affirmed.

The rating actions follow the announcement of deposit withdrawal
restrictions put in place earlier this week by the Cabinet of
Ministers of the Republic of Latvia and the Financial and Capital
Market Commission.

Moody's decision to downgrade the BFSR to E, which maps to a
baseline credit assessment of Caa1, takes into consideration the
bank's much weakened financial fundamentals and future franchise
viability as a result of the significant outflows of deposits and
other funding that will make it difficult for the bank to continue
operating normally and competitively as a lending and deposit-
taking institution.

The E BFSR, the lowest on Moody's rating scale, also reflects
Parex Bank's weak liquidity position on a standalone basis (i.e.
excluding any expectations of external support).  In Moody's
opinion, the government's intervention on November 8, 2008
revealed fundamental weaknesses in the bank's liquidity management
as well as the need for capital support.

Moody's also notes that Parex Bank's financial fundamentals have
deteriorated.  Its profitability weakened in the first nine months
of 2008: pre-tax profits decreased 62% year on year, primarily due
to weaker financial income and higher operating expenses and loan
loss provisions.  In addition, the bank's capital adequacy has
been on a downward trend and, in Moody's view, has significantly
reduced the bank's loan loss absorption capacity.  The Tier 1
ratio at end-September 2008 was 7.4%, down from 8.8% at year-end
2007.

Furthermore, Moody's expects the ongoing economic downturn to have
a further negative impact on the bank's already weakened asset
quality.  Problem loans accounted for 3.8% of total loans at end-
June 2008, up from 2.4% at end-2007.  At the same time, the bank's
credit risk concentrations remain high.  The bank's real estate
management sector exposure -- which, in Moody's view, is likely to
be hardest hit by the economic slowdown -- accounted for a high
18% of the total loan portfolio (or 175% of Tier 1 capital) at
end-June 2008.

The downgrade of Parex Bank's deposit and debt ratings to B2
reflects not only the downgrade of the BFSR, but particularly the
partial deposit freeze, which Moody's views as constituting a
selective default.  In Moody's opinion, deposit withdrawal
restrictions could badly damage the bank's franchise value over
the near term.  The rating agency noted in particular the
potential impact on the bank's non-resident business, which has
historically been an important customer group for the bank.
Approximately 20% of the bank's loan portfolio and 56% of total
customer deposits are to clients residing outside the Baltic
states.

Moody's nevertheless continues to assess the probability of
systemic support for the bank in the event of a stress situation
as high, reflecting the government's intervention and efforts to
stem the outflow of deposits.  As a result, the bank's deposit and
debt ratings receive a two-notch uplift from the Caa1 baseline
credit assessment.

Moreover, the government has announced its intentions to increase
its shareholding in the bank to 85% from 51%.  In order to support
Parex Bank, the government has injected LVL200 million into the
bank and has undertaken to issue guarantees for the bank's
significant debt maturities in 2009.  The finalization of these
undertakings is still pending the outcome of the government's
negotiations on debt repayments and refinancing with the bank's
syndicate lenders.  The B2 ratings therefore also reflect a much
higher probability of default on the bank's senior obligations as
a result of protracted, and potentially unsuccessful, negotiations
with the bank's senior creditors.

Moody's review for downgrade of the B2 ratings will focus on: (i)
the outcome of the government's efforts to stabilize the bank's
liquidity position and, more specifically, the outcome of the
ongoing discussions with the bank's syndicate lenders; (ii)
obtaining further clarity on the government's intentions with
respect to the bank's future, in terms of developing the bank's
franchise and, particularly, supporting the bank's obligations on
a timely basis; and (iii) the progress of the bank's sale process
as the government has stated its intentions to find a strategic
investor for it.

Moody's previous rating action on Parex Bank was on 11 November
2008, when its BFSR was downgraded to E+, long-term debt and
deposit ratings to Ba1 with a developing outlook and short-term
deposit rating to Not Prime.

Headquartered in Riga, Latvia, Parex Bank reported total assets of
LVL3.3 billion (EUR4.6 billion) at the end of September 2008.


===================
L U X E M B O U R G
===================


GATE GOURMET: S&P Keeps 'B' Corp. Credit Ratings; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised the
outlook to stable from positive on Luxembourg-based airline
caterer Gate Gourmet Holdings S.C.A. and its 100%-owned subsidiary
Gate Gourmet Borrower LLC.  At the same time, S&P affirmed the 'B'
long-term corporate credit ratings on the group.

"The outlook revision reflects our concerns that the effect of a
weakening economic environment within Europe and the U.S., along
with the adverse implications on the airline industry, will make
it increasingly challenging for Gate Gourmet to improve its
operating performance and achieve our target credit measures for a
higher rating level, including funds from operations to debt of
more than 15% on a sustainable basis," said S&P's credit analyst
Mohammed Fayek.

The ratings continue to reflect the group's exposure to the
cyclical and price-competitive commercial airline industry,
limited bargaining power, sensitive operating margins, and highly
leveraged financial structure.  These factors are partially offset
by the group's leading market position with widespread geographic
coverage and low capital requirements.

With revenues of Swiss franc 2.22 billion in the nine months ended
Sept. 30, 2008, Gate Gourmet is No. 2 globally in the airline-
catering industry, with an estimated 24% global market share.
Europe represented 61% of the revenues generated during the nine
months ended Sept. 30, 2008, while North America and the rest of
the world generated 25% and 14%, respectively.

Gate Gourmet's high exposure to the cyclicality of the airline
industry and to its customers' weak financial positions gives the
group a vulnerable business risk profile.  Sectorwide deflationary
trends are leading to pricing pressure, forcing the group to adopt
cost-cutting initiatives to maintain profitability.  As a result
of these initiatives, Gate Gourmet's management reported EBITDA
margins (excluding Turkish operations and 2007-2008 acquisitions)
of 10.5% in the first nine months of 2008, similar to the same
period in 2007.  The restructuring of newly acquired assets and
the sale of the higher-margin Turkish business in 2007 resulted in
the drop of overall margins to 8.7% in the nine months ended
Sept. 30, 2008, 170 basis points lower than their levels during
the same period in 2007.  S&P expects the benefits of
restructuring newly acquired assets to largely offset potential
pressure resulting from worsening economic conditions facing the
airline industry.

Gate Gourmet's financial risk profile remained relatively stable
during the first nine months of 2008 owing to sustained operating
cash flows.  The ratio of adjusted FFO to debt stood at
approximately 16.2% during the 12 months ended Sept. 30, 2008,
compared with 16.5% in fiscal 2007.  The group completed a share
buyback in October 2008 for CHF50 million, funded by drawing
under the group's CHF300 million delay drawdown facility; this
resulted in pro forma adjusted FFO to debt of 15.2% for the 12
months ended September 2008.  Gate Gourmet will have limited
flexibility within the ratings to undertake either further
acquisitions or shareholder-friendly measures.

S&P expects the group's liquidity to remain adequate in the near
term and adjusted FFO to debt to remain above 10%.

The ratings could be under pressure if market conditions
deteriorate beyond the group's cost-cutting capacity, if the group
increases debt excessively to pursue growth prospects, or if
liquidity weakens.  Potential upside is limited given the
worsening conditions within the airline sector.


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


DECO 14: S&P Places 'BB' Class G Rating on Negative CreditWatch
---------------------------------------------------------------
Standard & Poor's Rating Services placed on CreditWatch negative
its 'BB' rating on the class G notes issued by DECO 14 - Pan
Europe 5 B.V., following the weak performance of the underlying
Arcadia loan.

This loan is secured by 28 predominantly retail properties across
Germany.  The rental income is granular from more than 100
tenants; most of the leases (more than 70% by gross rental income)
expire after the scheduled loan maturity date.  However, the net
income from the loan has gradually reduced over recent months due
to a slight increase in vacancy and non-recoverable expenses.

On the October 2008 interest payment date, the borrower was unable
to pay interest in full, meaning that the B-Lender did not receive
any interest and the issuer drew on the liquidity facility to meet
the interest obligations under the notes.

S&P considers it likely that the net income from the properties
will increase because some of the expenses experienced recently
are understood to be non-recurring.  S&P's analysis shows,
nevertheless, that the whole loan is likely to stay in default,
because debt service is scheduled to increase as of January 2009
to reflect amortization.  The future obligations for the whole
loan are likely to be higher than the net operating income from
the properties.

While S&P considers it likely that the whole loan will remain in
default, the A-loan may not be affected given the intercreditor
arrangements.

However, the recent events have raised some uncertainties
regarding the stability of the cash flow and the borrower's
ability to meet its debt service obligations during the loan term
and at loan maturity.

In light of these developments, S&P considers it appropriate to
place the class G notes on CreditWatch.  S&P will resolve this
CreditWatch placement on the class G notes when S&P carry out a
full review of the transaction.


STORM 2008: Moody's Puts Ba2 Definitive LT Rating on EUR30MM Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive long term
ratings to five classes of Notes issued by STORM 2008 B.V.
The definitive ratings assigned are:

  -- Aaa to EUR2,835 Million Senior Class A Notes due 2051,
  -- Aa2 to EUR66 Million Mezzanine Class B Notes due 2051,
  -- A1 to EUR45 Million Mezzanine Class C Notes due 2051,
  -- Baa1 to EUR24 Million Junior Class D Notes due 2051, and
  -- Ba2 to EUR30 Million Subordinated Class E Notes due 2051.

Moody's did not assign a rating to the Class F Notes.

This transaction represents the twelfth securitization of Dutch
residential mortgage loans originated by Obvion N.V. and has been
arranged by Rabobank International.  Obvion is the new name of ABP
Hypotheken N.V. formerly a 100 per cent subsidiary of Stichting
Pensioenfonds ABP.  The Notes are secured on the assignment of
Dutch Residential Mortgages to the Issuer and the security
assignments closely follow the security structure observed in
other Dutch Residential Mortgage-Backed transactions.  The
transaction benefits from a swap with Obvion N.V. to hedge
interest rate risk over the entire term of the transaction.

Rabobank International guarantees the performance of Obvion N.V.
under the swap.  In contrast to other Dutch transactions the swap
arrangement does not guarantee excess spread.  However, the Issuer
is entitled to keep all interest on the transaction accounts as
well as interest and prepayment penalties paid by the borrowers.
The GIC and the Liquidity Facility are provided by Rabobank
International.

Moody's applied its Dutch MILAN loan-by-loan analysis to assess
the reference portfolio as described in the report published in
December 2004.  The expected portfolio loss and the Aaa required
credit enhancement serve as input parameters for Moody's cash flow
and tranching model, which is based on a probabilistic lognormal
distribution and described in the report published in September
2000.  The key parameters used by Moody's to calibrate the loss
distribution curve are a Milan Aaa CE range of 6.9% to 7.4% and an
Expected Loss range of 0.35% to 0.45%.

The definitive ratings address the expected loss posed to
investors by the legal final maturity. In Moody's opinion, the
structure allows for the timely payment of interest and ultimate
payment of principal by the legal final maturity.

  -- Date of previous rating action: no previous rating action
     since initial rating assignment.


STORM 2008: Fitch Assigns 'BB-' Final Rating on EUR30 Mil. Notes
----------------------------------------------------------------
Fitch Ratings has assigned final ratings to STORM 2008 B.V.'s EUR3
billion floating-rate notes due 2051:

  -- EUR2,835 million class A mortgage-backed floating-rate notes:
     'AAA'; Outlook Stable

  -- EUR66 million class B mortgage-backed floating-rate notes:
     'AA'; Outlook Stable

  -- EUR45 million class C mortgage-backed floating-rate notes:
     'A'; Outlook Stable

  -- EUR24 million class D mortgage-backed floating-rate notes:
     'BBB'; Outlook Stable

  -- EUR30 million class E floating-rate notes: 'BB-'(BB minus);
     Outlook Stable

STORM 2008 is a securitization of Dutch residential mortgages
originated by Obvion N.V. which also acts as the servicer.  The
portfolio consists of first-ranking fixed- and floating-rate
mortgages secured against residential properties located in the
Netherlands.

The ratings are based on the quality of the collateral, available
credit enhancement and excess spread, the legal structure,
Obvion's underwriting and servicing, the liquidity facility, the
guaranteed investment contract in place and the interest rate swap
provided by Obvion and Rabobank as the back-up swap counterparty.
The ratings address timely payment of interest and ultimate
payment of principal on the notes in accordance with the
transaction's legal documentation.

At closing, credit enhancement provided by subordination and the
reserve fund totalled 6.2% for the class A notes, 4% for the class
B notes, 2.5% for the class C notes and 1.7% for the class D
notes.  The uncollateralized EUR21 million class F notes fund the
balance of the reserve account, equating to 1.7% of the balance of
the class A, B, C and D notes.  The interest rate swap agreement
does not guarantee any excess margin.  The transaction benefits
from a liquidity facility provided by Rabobank equating to 2% of
the note principal balance and subject to a floor of 1.45% of the
outstanding balance to meet shortfalls in interest payments on the
notes.

Upon satisfaction of certain conditions, the issuer will purchase
further advances on each quarterly payment date up to the
quarterly payment date immediately preceding the first optional
redemption date, falling in January 2012.


===========
P O L A N D
===========


* POLAND: Gov't. Launches PLN91.3 Billion Stimulus Plan
-------------------------------------------------------
BBC News reported last week that the Polish government has
launched a stimulus plan worth PLN91.3 billion (US$31.4 billion;
US$20.6 billion) to kick-start the economy amid the global
slowdown.

According to the report, some of the money will be used for bank
guarantees, business loans and developing renewable energy
sources.

The plan, the report noted, needs approval from parliament.

"It is a stabilization and development program, because Poland is
a country that is still developing," Polish prime minister Donald
Tusk was quoted by the BBC as saying.

Mr. Tusk maintained the consequences of the global crisis for
Poland are not so grave, the report recalled.

However, analysts expressed fears that central and eastern
European states with large current account deficits, such as
Poland, could be particularly vulnerable during the credit crisis,
although the country's economy has been booming since it joined
the European Union in 2004, the report disclosed.

The Polish government also cut its growth forecast for 2009 to
3.7%, down 1.1% from the previous outlook, the report added.


=============
R O M A N I A
=============


MKB ROMEXTERRA: S&P Keeps 'B' Counterparty Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Romania-based MKB Romexterra Bank S.A. to negative from
stable.  At the same time, the 'BB-' long-term and 'B' short-term
counterparty credit ratings were affirmed.

"The outlook revision reflects our increasing concerns about the
impact on the bank of the increasingly difficult operating
environment in Romania, which places downward pressure on the
bank's stand-alone creditworthiness," said Standard & Poor's
credit analyst Elena Romanova.

It also reflects the rapid deterioration of the bank's financial
performance in 2008, with a significant increase in expenses and
loan loss provisions triggering a net loss for the first nine
months.  Finally, there is a probability of a lower level of
parental support being factored into the ratings, due to the
increasing level of macroeconomic stress in Central and
Eastern Europe, which could restrict the willingness or capacity
of the parent group to provide additional support.

MKB Romexterra is 80% owned by Hungary-based bank MKB Bank ZRT
(MKB; local currency BBBpi/--/--; unsolicited rating).  The long-
term rating on MKB Romexterra includes a two-notch uplift from its
stand-alone creditworthiness to reflect expected support from MKB
and its parent, Bayerische Landesbank (A/Negative/A-1).  S&P
considers MKB Romexterra to be a strategically important
subsidiary within the group.

MKB Romexterra is a midsize bank, ranking 19th by asset size in
the Republic of Romania (foreign currency: BB+/Negative/B; local
currency BBB-/Negative/A-3), with a 1% market share.  Its risk
profile is dominated by high credit risks, accentuated by its very
rapid growth in 2007 and the first half of 2008, as well as
Romania's deteriorating financial and banking environment.
Liquidity risk mainly stems from the ongoing market turmoil, but
is mitigated by strong funding support from the parent.

According to Romanian generally accepted accounting principles,
the bank's profitability fell dramatically in 2008, with a
moderate loss for the first nine months.

The negative outlook reflects the negative impact of the
deteriorated domestic operating and financial environment in
Romania on MKB Romexterra's financial profile and performance.

"A material weakening of the bank's asset quality or profitability
would lead us to lower the ratings on the bank," said Ms.
Romanova.  "In addition, the continuing stress in global markets,
including the CEE region, may restrict the willingness or capacity
of MKB and its parent to provide additional support."


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


BIOCOR LLC: Creditors Must File Claims by December 28
-----------------------------------------------------
Creditors of LLC Biocor Paint and Varnish Plant (TIN
1808202641 ) have until Dec.28, 2008 to submit proofs of claims
to:

         K. Dedyukhin
         Temporary Insolvency Manager
         Office 2
         K. Libknekhta Str. 65
         426063 Izhevsk
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A71–
957/2008G15.

The Debtor can be reached at:

         LLC Biocor
         Mirnuy
         Zavyalovskiy
         427000 Udmurtia
         Russia


CHIM-PLAST OJSC: Court Names G. Parshkov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Novosibirsk appointed G. Parshkov as
Insolvency Manager for OJSC Chim-Plast (Chemical Plant).

The case is docketed under Case No. A45–6913/2006–10/20.  He can
be reached at:

         Fabrichnaya Str. 10
         630007 Novosibirsk
         Russia


DONSKAYA AIR CARRIER LLC: Creditors Must File Claims by Jan. 28
---------------------------------------------------------------
Creditors of LLC Donskaya Air Carrier (TIN 6133007775) have
until Jan. 28, 2009, to submit proofs of claims to:

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

The Arbitration Court of Rostovskaya will convene at 2.00 p.m.
on Mar. 3, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A53–6153/08-S1–33.

The Court is located at:

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

The Debtor can be reached at:

         LLC Donskaya Air Carrier
         Vasilyevka
         Tarasovskiy
         Rostovskaya
         Russia


KANSKAYA TOBACCO: Court Names A. Ivanov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Krasnoyarsky appointed A. Ivanov as
Insolvency Manager for OJSC Kanskaya Tobacco Processing Plant.

The case is docketed under Case No. A33–5638/2007.  He can be
reached at:

         Lenina Str. 62a/10
         Krasnoyarsk
         Russia


KAVKAZKIY BIO-CHEMICAL: Court Names Insolvency Manager
------------------------------------------------------
The Arbitration Court of Krasnodarskiy appointed S.Porshin as
Insolvency Manager for OJSC Kavkazskiy Bio-Chemical Plant.  The
case is docketed under Case No. A-32–5583/2006–1/78B.  He can be
reached at:

         Tovarnaya Str. 7k
         350033 Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Kavkazskiy Bio-Chemical Plant
         Krasnaya Str.1
         Girey
         Gulkevichskiy
         352160 Krasnodarskiy
         Russia


MINING COMPANY: Creditors Must File Claims by January 28
--------------------------------------------------------
Creditors of CJSC Mining Company (TIN 7451096932, PSRN
1027401065900) have until Jan. 28, 2009, to submit proofs of
claims to:

         A. Lavrov
         Insolvency Manager
         Post User Box 406
         Zlatoust
         456219 Chelyabinskaya
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-2088/08-36-25.

The Debtor can be reached at:

         CJSC Mining Company
         Kalinina Str. 53
         Satka
         456910 Chelyabinskaya
         Russia


MOLNIYA-AVIA OJSC: Creditors Must File Claims by January 28
-----------------------------------------------------------
Creditors of OJSC Molniya-Avia (Air and Space Craft Production)
have until Jan. 28, 2009, to submit proofs of claims to:

         O. Yershov
         Insolvency Manager
         Apt. 4
         Building 1
         B. Kornilova Str. 7
         603106 Nizhny Novgorod
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-11045/08-36-33B.

The Debtor can be reached at:

         OJSC Molniya-Avia
         Building 7
         Novoposelkovaya Str. 6
         Moscow
         Russia


OMSKAYA TOBACCO: Creditors Must File Claims by January 28
---------------------------------------------------------
Creditors of LLC Omskaya Tobacco Plant have until Jan. 28, 2009,
to submit proofs of claims to:

         A. Biryukov
         Insolvency Manager
         Post User Box 2004
         650000 Kemerovo
         Russia

The Arbitration Court of Omskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A46–15109/2008.

The Debtor can be reached at:

         LLC Omskaya Tobacco Plant
         22 Partsyezda Str. 51v
         644105 Omsk
         Russia


SIBIRSKAYA BEREZA CJSC: Creditors Must File Claims by January 28
----------------------------------------------------------------
Creditors of CJSC Sibirskaya Bereza (Forestry) have until
Jan. 28, 2009, to submit proofs of claims to:

         A. Kuzmin
         Insolvency Manager
         Office 16
         K.Marksa Prospect 34A
         644042 Omsk
         Russia
         Tel: 8 (3812) 325418.

The Arbitration Court of Omskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A46–19748/2008.

The Debtor can be reached at:

         CJSC Sibirskaya Bereza
         Bulatova Str. 101/213
         Omsk
         Russia


* SVERDLOVSK OBLAST: S&P Keeps 'BB' Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Russia's Sverdlovsk Oblast to stable from positive,
reflecting the expectation that the oblast's economic performance
and revenue growth will decline.  At the same time, the 'BB' long-
term issuer credit rating was affirmed.

Sverdlovsk Oblast is one of the strongest industrial regions in
the Russian Federation (foreign currency BBB+/Negative/A-2; local
currency A-/Negative/A-2; Russia national scale rating 'ruAAA').

"The rating on the oblast is constrained by its restricted budget
flexibility and predictability," said Standard & Poor's credit
analyst Irina Pilman.  "These negative factors are exacerbated by
the relative certainty of lower tax proceeds due to the economic
slowdown over the next few years, combined with remaining pressure
of operating costs and large investment needs."

Positive rating factors are the oblast's low debt burden, the
administration's intentions to maintain a balanced budget in the
medium term, substantial industrial capital stock, and high wealth
levels in the Russian context.

Corporate profit tax amounts to almost 50% of tax proceeds, is
especially volatile, given Sverdlovsk's dependence on industrial
cycles and the market fluctuations of its main products, ferrous
and nonferrous metals.  Total revenue growth slowed in 2008 to
about 15.8% and could decline in nominal terms by about 5% in
2009.

Sverdlovsk has limited future expenditure growth in its budget for
2009-2011 and put several projects and investment subsidies on
hold, as well as public-sector salary raises.

The oblast has enjoyed a strong budgetary performance of operating
and overall surpluses over the past three years.  S&P expects the
surplus to be about 5% on average.

Management had no borrowings in 2005–2008 and intends to finance
its capital needs without recourse to debt in 2009-2010.

Total tax-supported debt stood at 2.5% of total revenues on
Oct. 1, 2008 and consisted of guarantees provided to local
enterprises in construction, agriculture, and industry.

Sverdlovsk's investment increased over the past five years, which
helped keep gross regional product growth well above the Russian
average.  Successful modernization created substantial industrial
capital stock in the region and the oblast plans to create new
industrial and scientific zones to employ its qualified workforce.
These plans may be frozen for a few years, but will be continued
in the longer term.

Sverdlovsk's wealth levels are low in the international context,
but above average for Russia.  As in most Russian regions,
significant improvements in roads, utilities, and residential
infrastructure are needed.

As of Dec. 1, 2008, the oblast held free cash of Russian ruble
(RUR) 9.4 billion (US$338.5 million equivalent), sufficient to
cover one month of operating expenditures at the 2008 level.  The
oblast has no direct debt.

"The stable outlook reflects our view that Sverdlovsk Oblast's
administration will manage to hold back expenditure growth and
maintain budget balances without weakening operating balances to
less than 5% of operating expenditures on average in 2009–2010,"
said Ms. Pilman.  "We also assume that the debt burden will remain
low."


* Fitch Affirms Short-Term Rating on Nizhniy Novgorod at 'B'
------------------------------------------------------------
Fitch Ratings has affirmed the Russian region of Nizhniy
Novgorod's Long-term foreign currency rating and Long-term local
currency rating at 'BB-'(BB minus) respectively, while affirming
the region's Short-term foreign currency rating at 'B'.  The
agency has also affirmed its National Long-term rating at
'A+(rus)'.  All the Long-term rating Outlooks remain Stable.

The rating affirmations reflect Nizhniy Novgorod's well-
diversified economy, sound budgetary performance and moderate debt
burden.  However, the ratings also factor in the region's expected
direct debt increase and the slowdown of the national economy,
which are likely to cause a deterioration in the region's
budgetary performance.  The Stable Outlook reflects Fitch's
expectation that the Nizhniy Novgorod region will successfully
control its operating expenditure, which would compensate for
expected negative pressure on tax revenue, allowing the region to
maintain a satisfactory operating margin over the medium term.
Fitch expects the Nizhniy Novgorod region's debt burden to remain
manageable.

The region possesses a well-diversified local economy with a
strong industrial base.  The contribution of the top 10 companies
accounted for 20% of the region's tax revenue in 2007, which makes
it less dependent on a particular company or economy sector.  The
regional economy grew at 8% year-on-year in 2006 and 2007, which
underpinned tax revenue growth and sound budgetary performance.
During the first nine months of 2008, the Nizhniy Novgorod region
recorded a RUB10.7bn operating balance and Fitch expects the full-
year operating margin will be close to that of 2007.  However, the
expected slowdown of the Russian economy will likely lead to the
region's budget performance deteriorating in 2009 with its
operating margin declining to about 5%, which will still remain
within the current rating levels.

The administration has demonstrated good control over the region's
risk.  It imposed an upper ceiling on total debt volume at 40% of
the region's own revenue (total revenue less federal transfers),
which is much lower than the ceiling set by federal legislation
(100%).  As a result of prudent financial management, the region's
total debt burden (direct risk and guarantees issued) fell to
11.4% of current revenue at end 2007 from 44.6% in 2003.  The bulk
of the region's risk corresponds to long-term debt issuance.

According to the 2009 budget projection, the deficit before debt
variation is expected to be RUR5.5 billion.  The administration
expects to resort to bank loans and issue RUR3 billion in domestic
bonds.  This would result in an increase of the region's absolute
debt from RUR5.2 billion as of November 1, 2008 to RUR10.7 billion
by end-2009. However, the relative debt burden will remain
moderate by national and international standards and not exceed
15% of current revenue.  The Nizhniy Novgorod region is located in
the central area of the Russian Federation.  It contributed 1.2%
of national gross domestic product in 2006 and accounted for 2.4%
of Russia's population.


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


* Moody's Downgrades Ratings on 14 Classes of Spanish RMBS Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded 14 classes of Notes
issued by TDA CAM 6, FTA, TDA CAM 7, FTA, TDA CAM 8, FTA, TDA CAM
9, FTA and TDA CAM 10, FTA; all these Spanish RMBS transactions
closed between 2006 and 2007.  For TDA CAM 10, FTA, the rating
actions conclude the rating review that was initiated on July 23,
2008.

The downgrade was prompted by all the portfolios showing
worse-than-expected collateral performance, leading to above
market average delinquencies.  In addition, the collateral backing
TDA CAM 10, FTA, comprises a large proportion of loans with a
loan-to-value (LTV) over 80%.  The weighted-average LTV ratio for
TDA CAM 10, FTA was 77.3% as of the end of September 2008.

As explained in the press release issued on July 2008 in relation
to the methodology update, the refinements to Moody's Spanish
MILAN model result in higher credit enhancement levels for Spanish
RMBS pools, especially those with riskier features, such as higher
LTV ratios and higher-risk products.  TDA CAM 10, FTA was one of
the deals flagged by Moody's as having such features.

As of the end of October 2008, the transactions have shown these
performance levels:

- TDA CAM 6, FTA (closed in March 2006): Cumulative defaults are
   equal to 1.19% of the original pool balance (ratio: "Cum
   Def/OB"), and the 90+ arrears (excluding outstanding defaults)
   are approximately 4.21% of the current pool balance (ratio:
   "90+/CB")

- TDA CAM 7, FTA (closed in October 2006): Cum Def/OB of 0.84%,
   and 90+/CB of 3.96%;

- TDA CAM 8, FTA (closed in March 2007): Cum Def/OB of 0.50%,
   and 90+/CB of 2.92%;

- TDA CAM 9, FTA (closed in July 2007): Cum Def/OB of 0.29%, and
   90+/CB of 4.86%;

- TDA CAM 10, FTA (closed in December 2007): Cum Def/OB none so
   far, but 90+/CB of 6.88%.

The reserve fund for each transaction has been at its target level
so far as excess spread has fully covered artificial write-offs of
loans which were more than 12 months delinquent.  However, Moody's
assumes that especially for the more recent TDA CAM transactions,
the reserve funds are likely to be drawn over time, if performance
indicators do not improve.  The artificial write-off mechanism is
typical for Spanish RMBS transactions. It speeds up the off-
balance sheet treatment of a non-performing loans compared to
waiting for the "natural write-off".  Thus, the amount of notes
collateralized by non-performing loans is minimized, and,
consequently, the negative carry.  Moody's expects that available
funds will increase as recoveries from written-off loans are
collected.

Following an updated loan-by-loan analysis, and on the basis of
the performance experienced by the portfolio so far, Moody's has
updated the portfolio's expected loss assumption modeled:

-- TDA CAM 6, FTA, from a range of 0.60%-0.70% to 1.60%-1.80%,

-- TDA CAM 7, FTA, from a range of 0.65%-0.75% to 1.70%-1.90%,

-- TDA CAM 8, FTA, from a range of 0.55%-0.65% to 1.50%-1.70%,

-- TDA CAM 9, FTA, from a range of 0.70%-0.90% to 1.80%-2.00%,
    and

-- TDA CAM 10, FTA, from a range of 1.10%-1.30% to 2.70%-2.90%.

All figures are a percentage of the original pool balance. Moody's
has further raised its credit support expectations for the rating
levels assigned.

For TDA CAM 9, FTA and TDA CAM 10, FTA, the rating action also
affected the Class A notes.  Moody's therefore briefly summarize
the amortization profile of the Class A notes as well as the
existing Class A notes pro-rata amortization trigger.
TDA CAM 9, FTA:

Principal payments on Class A1, A2 and A3 notes are split: As of
the first interest payment date, 37% of the available funds will
be distributed to Class A1 notes -- the remaining 63% to Class A2
notes.

On the payment date when the Class A1 notes outstanding balance is
lower than 37% of the available funds, Class A1 notes will be
fully repaid. At this point, 77% of the remaining available funds
will be used to amortize Class A2 notes and 23% to amortize Class
A3 notes.

This amortization profile switches pro-rata, when the cumulative
amount of loans more than 12 months in arrears exceeds 4% of the
original portfolio balance.  A potential pro-rata trigger breach
was also considered in the review.

However, Moody's believes that in certain scenarios this breach
will be effective when the Class A1 notes have further amortized.
The impact would be less severe in absolute terms for the Class A1
noteholder.  Therefore the rating action only affected the Class
A2 and Class A3 notes.

                        TDA CAM 10, FTA

Class A1, A2, A3 and A4 notes amortize sequentially as of closing.
Sequential amortization of the Class A notes switches pro-rata,
when the cumulative amount of loans more than 12 months in arrears
exceeds 4% of the original portfolio balance.  A potential pro-
rata trigger breach was considered in the rating review -- based
on a historical roll-rates analysis.  In certain scenarios,
Moody's expects that the trigger will be breached before Class A1
notes will be fully amortized.  Therefore, the the rating action
affects all Class A notes.

On November 4, 2008, the Spanish Government announced a package of
aid to assist unemployed, self-employed and pensioner borrowers
through a form of mortgage subsidy aid.  It is unclear how this
package will be implemented, and also if it is implemented, how
the transaction will be affected, although both liquidity and
credit implications are possible on this portfolio.  However, any
implications on the ratings will ultimately depend on the actual
financial aid conditions which are approved.

In all these transactions, the Originator - Caja de Ahorros del
Mediterraneo, A2/P-1 - securitized a portfolio of first-ranking
mortgage loans secured on residential properties in Spain, with
geographical concentration in coastal regions.  All the
transactions include an interest rate swap to hedge interest rate
risk in the transaction, securing a weighted-average interest rate
on the notes plus 0.67% (for TDA CAM 6 and 7) or 0.65% (TDA CAM 8,
9 and 10) excess spread and covering the servicing fee if CAM is
replaced as servicer.

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

Moody's will continue to closely monitor the performance of the
portfolios in the next quarterly periods.

                  List of Rating Actions

Issuer: TDA CAM 6, FTA

- Class B Notes due April 2043, downgraded from A2 to Baa2.

- Last rating action date for TDA CAM 6, FTA: No rating action
   since closing in March 2006.

Issuer: TDA CAM 7, FTA

- Class B Notes due February 2049, downgraded from A1 to Baa1.

- Last rating action date for TDA CAM 7, FTA: No rating action
   since closing in October 2006.

Issuer: TDA CAM 8, FTA

- Class A Notes due February 2049, Aaa affirmed;

- Class B Notes due February 2049, downgraded from Aa3 to A3;
   and

- Class C Notes due February 2049, downgraded from Baa1 to Ba1.

- Last rating action date for TDA CAM 8, FTA: No rating action
   since closing in March 2007.

Issuer: TDA CAM 9, FTA

- Class A1 Notes due April 2050, Aaa affirmed;

- Class A2 Notes due April 2050, downgraded from Aaa to Aa1;

- Class A3 Notes due April 2050, downgraded from Aaa to Aa1;

- Class B Notes due April 2050, downgraded from Aa3 to A3; and

- Class C Notes due April 2050, downgraded from Baa2 to Ba2.

- Last rating action date for TDA CAM 9, FTA: No rating action
   since closing in July 2007.

Issuer: TDA CAM 10, FTA

- Class A1 Notes due September 2060, downgraded from Aaa to Aa1;

- Class A2 Notes due September 2060, downgraded from Aaa to Aa1;

- Class A3 Notes due September 2060, downgraded from Aaa to Aa1;

- Class A4 Notes due September 2060, downgraded from Aaa to Aa1;

- Class B Notes due September 2060, downgraded from A3 to Baa2;
   and

- Class C Notes due September 2060, downgraded from Baa3 to B3.

- Last rating action date for TDA CAM 10, FTA: 23 July 2008.


===========
S W E D E N
===========


FORD MOTOR: Seeks Financial Support From Canadian Gov't
-------------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co., General Motors Corp., and Chrysler LLC have approached the
Canadian government for financial support.

According to WSJ, Canada's Minister of Industry Tony Clement and
Michael Bryant, Ontario's Minister of Economic Development, said
that they received the restructuring plans they requested from
Chrysler Canada, Ford Motor Company of Canada, and General Motors
of Canada.  The report says that the amount requested in the plans
would be in addition to the US$34 billion that the three companies
are requesting from the U.S. Congress.

WSJ relates that Ford Motor submitted its plan to the Canadian
government on Friday, asking for a US$2 billion line of credit and
assuring the government that it wouldn't access the line unless:

    -- a more severe downturn in the economy occurred, or
    -- a position similar to the one Ford Motor has taken in its
       bid for a US$9 billion credit line pending before the U.S.
       Congress.

Chrysler spokesperson Lori McTavish said that the company
presented its plan in Canada on Thursday, asking for a
US$1.6 billion loan from the Federal Government and Province of
Ontario, WSJ reports.  "The amount requested is based on
Chrysler's percent of North American production, which is 23
percent," the report quoted Ms. McTavish as saying.

WSJ states that a GM official said on Friday that the company was
in negotiations with the Canadian government.  GM didn't disclose
the amount of the loan it is seeking from the government.

Argentina

WSJ relates that the Argentine government said on Saturday that it
will offer the country's auto industry about US$900 million in
loans.  The Argentine government, according to the report, said on
Thursday that it would invest US$3.9 billion to grant low-cost
loans
to farmers, industry, and automakers.  The government said that
program includes the local branches of Renault SA, PSA Peugeot
Citroen, Ford Motor, GM, Fiat Group SpA, and Volkswagen SA, the
report states.

Citing Argentine Production Minister Deborah Giorgi, WSJ reports
that the auto makers will each offer two models selling for
US$10,000 or less for people purchasing a new car for the first
time, and must shun layoffs and hold down profit margins on cars
sold under the program.

        Bailout Requests in Congress & Administration

Greg Hitt, Jeffrey McCracken, and Matthew Dolan of WSJ state that
signs of deterioration in the U.S. job market boosted the bailout
requests of GM, Ford Motor, and Chrysler.  The Democratic leaders
in the Congress and the George W. Bush administration are close to
reaching an agreement to provide a down payment to keep the auto
industry afloat until early next year, according to WSJ.

WSJ relates that the deal would draw funds from a program
initially meant to help the industry retool to meet higher fuel-
economy standards.  The funding level is expected to be between
US$14 billion and US$15 billion, the report says.

The proposed pact, WSJ states, would include a commitment to
rapidly replenish the retooling program, have strong government
oversight through a new board to be created to help manage the
industry's restructuring.

      Ford, GM, Chrysler Use Internet to Win Support

Emily Steel at WSJ relates that GM, Ford Motor, and Chrysler are
using digital-marketing techniques to seek support for their
federal aid requests.  The report says that Ford Motor, GM, and
Chrysler have launched campaigns on several Web sites, including
Google, YouTube, various blogs, Facebook, and the social-messaging
site Twitter.

Ford Motor, says WSJ, posted videos on YouTube.  WSJ relates that
Ford Motor started purchasing Internet search ads to appear when
bailout-related keywords are used and display ads on news sites --
including those of WSJ and CNN.  According to the report, Ford
Motor is also using blogs and other social media.  The report
states that Ford Motor has enlisted members of its staff to
respond to blog postings and messages on Twitter.

According to WSJ, Chrysler used blogs and created a new YouTube
channel called Grab Democracy, as well as a Web site to promote
its position.  Chrysler launched a virtual road show, which
includes CEO Robert Nardelli talking about the company's business
plan with his senior management team, WSJ relates.

GM, WSJ reports, is running ads linked to search terms about the
auto bailout, the United Auto Workers and the economy, posting
videos on YouTube, and buying ads on the third-party sites where
Google sells space.  GM's site, GMFactsandFiction.com, explains
how the company ended up in its current situation and its plans,
WSJ says.

                      About Ford Motor Co.

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

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

                      *     *     *

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

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


FORD MOTOR: Car Sales Drop to 118,818; Down 30% from 2007
---------------------------------------------------------
Ford, Lincoln, and Mercury outpaced industry-wide November sales,
thanks largely to F-Series truck sales, and grew its retail and
total market share for the second straight month.

Ford, Lincoln, and Mercury dealers reported total sales of 118,818
in November, down 30% versus a year ago, while industry-wide auto
sales in November were down an estimated 35% as the weakening
economy continues to take a toll on consumer confidence and
spending.

"The economy continues to weaken and auto sales reflect this
reality," said Jim Farley, Ford Group Vice President of Marketing
and Communications.  "At Ford, we are focused on executing our
plan. In 2009 and 2010, we'll launch an unprecedented number of
new vehicles, and every product will offer consumers the best or
among the best fuel economy in its class."

In recent weeks, Ford Motor has received significant endorsements
from independent third parties for its quality and safety.  Ford
Motor's initial vehicle quality is now on par with Toyota and
Honda, and Ford Motor now has more 5-star vehicles and Insurance
Institute for Highway Safety (IIHS) "Top Safety Picks" than any
other company in the industry.

November marked the official introduction of the all-new F-150. F-
Series sales totaled 37,911 including nearly 5,000 all-new 2009
model F-150s.  Ford Motor's F-Series has been America's No. 1-
selling truck for 31 years in a row, and the new F-150 is designed
and engineered to further raise the bar in the light- duty pickup
market.

The 2009 model Ford F-150 has class-leading capability with 11,300
pounds towing and 3,030 pounds payload and unsurpassed fuel
economy of 21 mpg highway with the SFE package, which is available
on F-150's highest-volume XL and XLT series.

The new 2009 F-150 also earned the IIHS's "Top Safety Pick" award,
the Texas Auto Writers Association's "Truck of Texas" top honor
and is projected to have the best residual value of full-size
light-duty pickups according to the Automotive Leasing Guide.

North American Production

The company plans to produce 430,000 vehicles in the first quarter
of 2009.  During the first quarter of 2008, the company produced
692,000 vehicles.  The fourth quarter 2008 production plan is
unchanged from the previously announced plan of 430,000 vehicles.

"We believe the economy will continue to weaken in 2009," said Mr.
Farley.  "Our near-term production plan reflects this view, as we
continue to align capacity with customer demand."

          FORD MOTOR COMPANY NOVEMBER 2008 U.S. SALES

                 November        %       Year-To-Date        %
             2008     2007   Change    2008       2007    Change
             ----     ----   ------    ----       ----    ------
Sales By
Brand

Ford       103,055  147,310  -30.0  1,571,543  1,927,596  -18.5
Lincoln      8,019    8,744   -8.3     98,242    121,422  -19.1
Mercury      7,744   13,204  -41.4    111,375    155,791  -28.5
            -----   ------            ------    -------
Total Ford,
Lincoln and
Mercury    118,818  169,258  -29.8  1,781,160  2,204,809  -19.2
Volvo        4,404    8,227  -46.5     68,149     96,872  -29.7
            -----    -----            ------     ------
Total
Ford Motor
Company    123,222  177,485  -30.6  1,849,309  2,301,681  -19.7

Ford,
Lincoln
And
Mercury
Sales By
Type Cars   37,272   54,439  -31.5    628,878    698,252   -9.9

Crossover
Utility
Vehicles    22,016   33,271  -33.8    340,471    372,747   -8.7

Sport
Utility
Vehicles    10,586   17,575  -39.8    148,084    253,389  -41.6

Trucks and
Vans        48,944   63,973  -23.5    663,727    880,421  -24.6
           ------   ------           -------    -------
Total
Trucks      81,546  114,819  -29.0  1,152,282  1,506,557  -23.5
           ------  -------         ---------  ---------
Total
Vehicles   118,818  169,258  -29.8  1,781,160  2,204,809  -19.2

             FORD BRAND NOVEMBER 2008 U.S. SALES
                November        %       Year-To-Date        %
             2008     2007   Change    2008       2007    Change
             ----     ----   ------    ----       ----    ------
Crown
Victoria     2,934    5,170  -43.2     45,550     56,456  -19.3

Taurus       3,040    3,895  -22.0     49,207     61,770  -20.3

Fusion       8,914   12,278  -27.4    137,295    136,007    0.9

Focus        8,194   13,213  -38.0    184,152    159,190   15.7

Mustang      3,667    7,352  -50.1     87,224    126,311  -30.9

GT               0        0     NA          0        231 -100.0
                -        -                 -        ---
Ford Cars   26,749   41,908  -36.2    503,428    539,965   -6.8

Flex         2,203        0     NA     11,772          0     NA

Edge         5,080   12,594  -59.7    104,861    116,403   -9.9

Escape      10,019   12,383  -19.1    145,577    152,294   -4.4

Taurus X     1,234    2,728  -54.8     22,141     37,343  -40.7
            -----    -----            ------     ------
Ford
Crossover
Utility
Vehicles    18,536   27,705  -33.1    284,351    306,040   -7.1

Expedition   4,371    5,627  -22.3     51,290     82,771  -38.0

Explorer     4,763    8,609  -44.7     73,093    126,930  -42.4
            -----    -----            ------    -------
Ford Sport
Utility
Vehicles     9,134   14,236  -35.8    124,383    209,701  -40.7

F-Series    37,911   46,568  -18.6    473,933    635,520  -25.4

Ranger       3,311    4,938  -32.9     62,017     67,147   -7.6

Econoline/
Club Wagon   6,915   11,100  -37.7    116,763    153,876  -24.1

Freestar         0        0     NA          0      2,390 -100.0

Low Cab
Forward         34      151  -77.5        809      2,573  -68.6

Heavy Trucks   465      704  -33.9      5,859     10,384  -43.6
              ---      ---             -----     ------
Ford Trucks
and Vans    48,636   63,461  -23.4    659,381    871,890  -24.4
           ------   ------           -------    -------
Ford
Brand      103,055  147,310  -30.0  1,571,543  1,927,596  -18.5

              LINCOLN BRAND NOVEMBER 2008 U.S. SALES
                November        %       Year-To-Date        %
             2008     2007   Change    2008       2007    Change
             ----     ----   ------    ----       ----    ------
MKS          1,958        0     NA     10,882         0      NA
MKZ          1,805    2,712  -33.4     28,028    31,190   -10.1
Town Car     1,454      488  198.0     14,285    26,545   -46.2
MKX          1,526    3,360  -54.6     26,962    34,097   -20.9
Navigator      968    1,672  -42.1     13,739    21,759   -36.9
Mark LT        308      512  -39.8      4,346     7,831   -44.5
              ---      ---             -----     -----
Lincoln
Brand        8,019    8,744   -8.3     98,242   121,422   -19.1

               MERCURY BRAND NOVEMBER 2008 U.S. SALES
                November        %       Year-To-Date        %
            2008     2007   Change    2008       2007    Change
            ----     ----   ------    ----       ----    ------
Grand
Marquis     2,437    4,702  -48.2     27,495    46,577   -41.0
Sable       1,230    1,180    4.2     15,586    19,663   -20.7
Milan       1,639    3,449  -52.5     29,174    34,312   -15.0
Mariner     1,954    2,206  -11.4     29,158    32,610   -10.6
Mountaineer   484    1,667  -71.0      9,962    21,929   -54.6
Monterey        0        0     NA          0       700  -100.0
               -        -                 -       ---
Mercury
Brand       7,744   13,204  -41.4    111,375   155,791   -28.5

                 VOLVO BRAND NOVEMBER 2008 U.S. SALES
                 November        %       Year-To-Date        %
            2008     2007   Change    2008       2007    Change
            ----     ----   ------    ----       ----    ------
S40           622    1,239  -49.8      9,260    16,997   -45.5
V50           166      239  -30.5      1,723     2,665   -35.3
S60           431    1,575  -72.6      8,700    17,043   -49.0
S80           844      764   10.5     10,079    11,614   -13.2
V70           191      326  -41.4      3,003     3,428   -12.4
XC70          504    1,153  -56.3      8,708    11,179   -22.1
XC90        1,145    2,244  -49.0     17,338    27,993   -38.1
C70           216      298  -27.5      5,358     4,220    27.0
C30           285      389  -26.7      3,980     1,733   129.7
             ---      ---             -----     -----
Volvo
Brand       4,404    8,227  -46.5     68,149    96,872   -29.7

                      About Ford Motor Co.

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

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

                      *     *     *

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

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


FORD MOTOR: Sufficient Liquidity Cues Moody's to Keep Caa1 Ratings
------------------------------------------------------------------
Moody's Investors Service affirmed the Caa1 Corporate Family and
Probability of Default ratings of Ford Motor Company.  The
company's Speculative Grade Liquidity rating is unchanged at
SGL-3, and the company's rating outlook remains negative.  The
affirmation reflects Moody's view that Ford's current liquidity
position, which consisted of US$18.9 billion of cash and
US$10.7 billion of committed credit facilities at Sept. 30, should
be sufficient to cover the company's cash requirements during the
coming twelve months.  Moody's noted, however, that Ford continues
to face considerable operating, competitive and financial
challenges that contribute to the negative outlook and which could
result in pressure on the ratings.

These challenges include a potential decline in US automotive
shipments below the 12.5 million unit level underlying Ford's
operating plan, greater-than anticipated erosion in the important
European markets, or delays in achieving planned cost reductions.
Moody's also notes that Ford has submitted a proposal to receive a
US$9 billion loan commitment from the US government that might be
drawn if market conditions are more difficult than anticipated.
While the provision of such a loan would likely strengthen the
company's liquidity profile, Moody's would assess the degree to
which the granting of security for such government loans or the
other terms and conditions which might be necessary to obtain such
loans would have any adverse implications for existing rated
obligations.

The last rating action on Ford was a downgrade of the company's
Corporate Family Rating to Caa1 from B3 on Nov. 7, 2008.

Ford Motor Company, headquartered in Dearborn, Michigan, is a
leading global automotive manufacturer.


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


ART OF EXPERIENCE: Creditors Must File Claims by December 31
------------------------------------------------------------
Creditors owed money by LLC Art of Experience are requested to
file their proofs of claim by Dec. 31, 2008, to:

         Renate E.L. Hilbig
         Liquidator
         Bundestrasse 3
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 26, 2008.


BAHNHOF GARAGE: Deadline to File Proofs of Claim Set Feb. 26
------------------------------------------------------------
Creditors owed money by LLC Bahnhof Garage Uzwil are requested to
file their proofs of claim by Feb. 26, 2009, to:

         Gianni Sandrini
         Halten 9
         9303 Wittenbach
         Switzerland

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


GENERAL MOTORS: May Replace Rick Wagoner as CEO
-----------------------------------------------
John D. Stoll at The Wall Street Journal reports that General
Motors Corp., along with Chrysler LLC, is being pressured to
proceed with implementing tough measures to change how it does
business, including the possible replacement of its CEO Rick
Wagoner.

Mr. Wagoner should leave GM as part of any broader bailout
package, WSJ says, citing Sen. Chris Dodd.  The report states that
Sen. Dodd said on CBS' "Face The Nation" talk show, "I think
you've got to consider new leadership.  If you're going to
restructure, you've got to bring in a new team to do this.  I
think [Mr. Wagoner] has to move on."

WSJ relates that Mr. Wagoner played a part in some of the missteps
that led to GM's financial problems, including:

    -- the heavy use of sales incentives to drive sales,

    -- a reliance on truck sales and a belated recognition of
       consumer interest in hybrids, and

    -- other fuel-saving small cars.

        Bailout Requests in Congress & Administration

Greg Hitt, Jeffrey McCracken, and Matthew Dolan of WSJ state that
signs of deterioration in the U.S. job market boosted the bailout
requests of GM, Ford Motor Co., and Chrysler.  The Democratic
leaders in the Congress and the George W. Bush administration are
close to reaching an agreement to provide a down payment to keep
the auto industry afloat until early next year, according to WSJ.

WSJ relates that the deal would draw funds from a program
initially meant to help the industry retool to meet higher fuel-
economy standards.  The funding level is expected to be between
US$14 billion and US$15 billion, the report says.

The proposed pact, WSJ states, would include a commitment to
rapidly replenish the retooling program, have strong government
oversight through a new board to be created to help manage the
industry's restructuring.

                  Other Financial Support

Canada

Matthew Dolan at WSJ says that GM, Ford Motor, and Chrysler have
approached the Canadian government for financial support.

According to WSJ, Canada's Minister of Industry Tony Clement and
Michael Bryant, Ontario's Minister of Economic Development, said
that they received the restructuring plans they requested from
Chrysler Canada, Ford Motor Company of Canada, and General Motors
of Canada.  The report says that the amount requested in the plans
would be in addition to the US$34 billion that the three companies
are requesting from the U.S. Congress.

WSJ relates that Ford Motor submitted its plan to the Canadian
government on Friday, asking for a US$2 billion line of credit and
assuring the government that it wouldn't access the line unless:

    -- a more severe downturn in the economy occurred, or
    -- a position similar to the one Ford Motor has taken in its
       bid for a US$9 billion credit line pending before the U.S.
       Congress.

Chrysler spokesperson Lori McTavish said that the company
presented its plan in Canada on Thursday, asking for a
US$1.6 billion loan from the Federal Government and Province of
Ontario, WSJ reports.  "The amount requested is based on
Chrysler's percent of North American production, which is 23
percent," the report quoted Ms. McTavish as saying.

WSJ states that a GM official said on Friday that the company was
in negotiations with the Canadian government.  GM didn't disclose
the amount of the loan it is seeking from the government.

Argentina

WSJ relates that the Argentine government said on Saturday that it
will offer the country's auto industry about US$900 million in
loans.  The Argentine government, according to the report, said on
Thursday that it would invest US$3.9 billion to grant low-cost
loans to farmers, industry, and automakers.  The government said
that program includes the local branches of Renault SA, PSA
Peugeot Citroen, Ford Motor, GM, Fiat Group SpA, and Volkswagen
SA, the report states.

Citing Argentine Production Minister Deborah Giorgi, WSJ reports
that the auto makers will each offer two models selling for
US$10,000 or less for people purchasing a new car for the first
time, and must shun layoffs and hold down profit margins on cars
sold under the program.

                       Merger Plans

WSJ reports that Chrysler and Cerberus Capital Management LP are
suspected that they merely want short-term financing to have time
before selling Chrysler or merging it with another company.

Chrysler, according to WSJ, told the Congress it "remains focused
upon developing partnerships, strategic alliances or a
consolidation as a fundamental element of its restructuring."

Previous reports say that Chrysler was in alliance talks with
Nissan Motor Co., and merger negotiations with GM, but decided to
abandon both talks to seek government bailout.  WSJ relates that
some members of the House Financial Services Committee suggested
during a hearing on Friday that Chrysler resume merger talks with
GM.

Citing people familiar with the matter, Neal E. Boudette, John D.
Stoll, and Alex P. Kellogg at WSJ relate that Mr. Nardelli and GM
CEO Rick Wagoner agreed that they need to focus on securing
federal bailout loans before considering a merger, which is
expected to be complicated and time-consuming.  The report says
that merger talks could hinder new concessions with the United
Auto Workers union, which is against a GM-Chrysler merger.
Analysts explained that a merged firm could result in layoffs of
tens of thousands of workers due to "excess factory jobs,"
according to the report.

WSJ reports that Messrs. Nardelli and Wagoner said that they could
consider a merger as part of broader plan to provide financial aid
to GM, Chrysler, and Ford Motor Co.  According to WSJ, Mr. Wagoner
and other top officials at GM believed that the company could save
a lot by combining with Chrysler.

Sources said that GM and Chrysler didn't rule out any merger plans
between the two companies, WSJ states.

            Chrysler Hires Bankruptcy Counsel

Chrysler has hired Jones Day as counsel on a possible bankruptcy
filing, Jeffrey McCracken, Mike Spector, and Peter Lattman at WSJ
report, citing people familiar with the matter.

According to Thom Weidlich and James Rowley at Bloomberg News,
Jones Day had counseled GM on a potential merger with Chrysler.

Bloomberg relates that Chrysler is seeking a US$7 billion
financial
aid from the government, fearing that it might run out of cash by
March 31, 2009.  Without the government's help, Chrysler might
have to file for bankruptcy, says Bloomberg.

Chrysler said in a statement that it has retained Jones Day and
other outside advisors "to provide a comprehensive independent
analysis of the various options available to the company."

Corinne Ball, Jones Day's co-head of restructuring, is handling
the case, WSJ states, citing people familiar with the matter.  Ms.
Ball, according to WSJ, has worked on other automotive
bankruptcies like Dana Corp. and many cases involving the United
Auto Workers union.  The report says that Ms. Ball represented GM
in its acquisition of Daewoo.

                 Cerberus' Refusal to Help

WSJ states that Congress has questioned why Chrysler's majority
owner, Cerberus Capital, doesn't step up to stabilize the company.
Chrysler's CEO Robert Nardelli, says the report, told the Senate
that he already asked Cerberus Capital for help but was turned
down.

According to WSJ, Rep. Ginny Brown-Waite said that if Cerberus
Capital isn't willing to "put forth any more money to stave off
bankruptcy, how could we in all good conscience expect taxpayers
to take on this substantial cost?"  Mr. Nardelli said that
Cerberus Capital provided investments for purchasing Chrysler from
then-parent Daimler AG of Germany, the report states.  "It's not
as if they haven't tried to provide financial support for us over
this period," and "I assume they don't have access to additional
funds," the report quoted Mr. Nardelli as saying.

      Ford, GM, Chrysler Use Internet to Win Support

Emily Steel at WSJ relates that GM, Ford Motor, and Chrysler are
using digital-marketing techniques to seek support for their
federal aid requests.  The report says that Ford Motor, GM, and
Chrysler have launched campaigns on several Web sites, including
Google, YouTube, various blogs, Facebook, and the social-messaging
site Twitter.

Ford Motor, says WSJ, posted videos on YouTube.  WSJ relates that
Ford Motor started purchasing Internet search ads to appear when
bailout-related keywords are used and display ads on news sites --
including those of WSJ and CNN.  According to the report, Ford
Motor is also using blogs and other social media.  The report
states that Ford Motor has enlisted members of its staff to
respond to blog postings and messages on Twitter.

According to WSJ, Chrysler used blogs and created a new YouTube
channel called Grab Democracy, as well as a Web site to promote
its position.  Chrysler launched a virtual road show, which
includes CEO Robert Nardelli talking about the company's business
plan with his senior management team, WSJ relates.

GM, WSJ reports, is running ads linked to search terms about the
auto bailout, the United Auto Workers and the economy, posting
videos on YouTube, and buying ads on the third-party sites where
Google sells space.  GM's site, GMFactsandFiction.com, explains
how the company ended up in its current situation and its plans,
WSJ says.

                      About General Motors

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

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

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: Reports 154,877 Deliveries in November 2008
-----------------------------------------------------------
General Motors Corp. dealers in the United States delivered
154,877 vehicles in November 2008, down 41% compared with a year
ago.  GM car sales of 58,786 were off 44% and truck sales of
96,091 were down 39%.  The steep decline in vehicle sales was
largely due to a significant drop in the market's retail demand
compared with last year, and continuing economic uncertainty that
has negatively impacted consumer confidence.

"In November we saw the continuation of the dramatic decline in
volume for the industry.  Every manufacturer is posting awful
numbers and we are no exception," said Mark LaNeve, Vice President
of GM North America Vehicle Sales, Service and Marketing.  "We
have outstanding products in the market, so it is particularly
frustrating when economic uncertainty takes our customers out of
the market.  There were about 34%, or 400,000, fewer vehicles sold
this November in the industry than a year ago -- this is the
annual volume of two full production plants that have simply
evaporated in a single month.  The global economic crisis and
credit freeze have had a very negative impact on the vehicle
market which runs on consumer confidence and available financing."

Mr. LaNeve added, "The fact that we have outstanding, high
quality, fuel efficient products and great deals in almost every
market segment is not driving demand right now.  The consumer is
scared and sitting on the sideline.  We need appropriate economic
stimulus to get the consumer back in the game."

To offer customers an outstanding value at year-end, GM's Red Tag
Event continues through Jan. 5, 2009.  The Red Tag Event provides
great deals on most new vehicles in GM's portfolio by offering a
special Red Tag vehicle price and customer cash back.  GM's
"Financing That Fits" program enables consumers to find financing
at affordable rates from GMAC and thousands of other banks, credit
unions and financing institutions.

Despite the weak market in November, Chevrolet Malibu continued
its solid performance with total sales up 31% compared with last
November.  Year to date, Malibu total sales have now exceeded
160,000 cars, up 39 % from the same period last year.  With its
six-speed transmission and four-cylinder engine combination, the
Malibu delivers an EPA-estimated 33 mpg highway -- tops in the
industry's mid-car segment.  The Malibu Hybrid also offers the
lowest- priced hybrid in the segment.

GM hybrids continue to build sales momentum.  A total of 1,335
hybrid vehicles were delivered in the month.  Hybrid sales
included: 404 hybrid Chevrolet Tahoe, 190 GMC Yukon and 173
Cadillac Escalade 2-mode SUVs delivered.  There were 195 Chevrolet
Malibu, 45 Saturn Aura and 328 Vue hybrids sold in November.
Hybrids comprised 10 percent of combined Yukon/Tahoe retail sales
and 12% of Escalade retail sales in the month.  So far in 2008, GM
has sold a total of 11,884 hybrids.

GM inventories dropped compared with a year ago.  In November,
only about 862,000 vehicles were in stock, down about 130,000
vehicles (or about 13 percent) compared with last year.  There
were about 379,000 cars and 483,000 trucks (including crossovers)
in inventory at the end of November.

Certified Used Vehicles

November 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre- Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre- Owned Vehicles, were 33,731
vehicles, down 10% from November 2007.  Year-to-date sales are
442,182 vehicles, down 7% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted November sales of 28,607 vehicles, down more than 12
percent from November 2007.  Saturn Certified Pre-Owned Vehicles
sold 863 vehicles, down 16%.  Cadillac Certified Pre-Owned
Vehicles sold 3,453 vehicles, up 7%.  Saab Certified Pre-Owned
Vehicles sold 552 vehicles, up 18%, and HUMMER Certified Pre-Owned
Vehicles sold 256 vehicles, up 95%.

"November sales for certified GM programs were down overall, as
the growing economic uncertainty last month continued to impact
consumer confidence and demand for vehicles, both new and used,"
said Mr. LaNeve.  "We're pleased to see the Cadillac, Saab and
Hummer CPO programs post solid sales gains from last November as
shoppers continue to seek value and peace of mind in this
challenging retail environment."

         GM North America November 2008 Production

In November, GM North America produced 249,000 vehicles (109,000
cars and 140,000 trucks).  This is down 117,000 vehicles or 32
percent compared with November 2007 when the region produced
366,000 vehicles (134,000 cars and 232,000 trucks).  (Production
totals include joint venture production of 8,000 vehicles in
November 2008 and 22,000 vehicles in November 2007.)

The GM North America fourth-quarter production forecast is 835,000
vehicles (380,000 cars and 455,000 trucks) which is down about 20%
compared with a year ago.  GM North America built
1.042 million vehicles (358,000 cars and 684,000 trucks) in the
fourth-quarter of 2007.

The initial GM North America first-quarter 2009 production
forecast is 600,000 vehicles (235,000 cars and 365,000 trucks)
which is down about 32% compared with a year ago.  GM North
America built 885,000 vehicles (360,000 cars and 525,000 trucks)
in the first-quarter of 2008.  First quarter 2008 production was
reduced nearly 100,000 vehicles due to the strike at American
Axle.

            General Motors United States Deliveries

*S/D Curr: 25               November
*S/D Prev: 25                 2008      2007  % Chg  %Chg per
                                            Volume    S/D
Vehicle Total               154,877   263,654   -41.3   -41.3
Car Total                    58,786   105,077   -44.1   -44.1
Light Truck Total            94,618   156,196   -39.4   -39.4
Light Vehicle Total         153,404   261,273   -41.3   -41.3
Truck Total                  96,091   158,577   -39.4   -39.4

              GM Car Deliveries - (United States)
                         November 2008

                        November
                   2008         2007      % Chg       %Chg per
                                          Volume        S/D
Selling Days (S/D)    25           25

Century                0            0        ***.*        ***.*
LaCrosse           2,086        3,134        -33.4        -33.4
LaSabre                0            0        ***.*        ***.*
Lucerne            3,134        6,080        -48.5        -48.5
Park Avenue            0            0        ***.*        ***.*
Buick Total        5,220        9,214        -43.3        -43.3
CTS                2,902        5,586        -48.0        -48.0
DeVille                0            0        ***.*        ***.*
DTS                1,287        3,751        -65.7        -65.7
STS                  630        1,928        -67.3        -67.3
XLR                   60           97        -38.1        -38.1
Cadillac Total     4,879       11,362        -57.1        -57.1
Aveo               3,321        5,185        -35.9        -35.9
Cavalier               0            0        ***.*        ***.*
Classic                0            0        ***.*        ***.*
Cobalt             6,319       13,629        -53.6        -53.6
Corvette           1,093        2,438        -55.2        -55.2
Impala            12,851       22,824        -43.7        -43.7
Malibu             9,469        7,210         31.3         31.3
Monte Carlo            2          498        -99.6        -99.6
SSR                    0            1         **.*         **.*
Chevrolet Total   33,055       51,785        -36.2        -36.2
Bonneville             0            0        ***.*        ***.*
G5                 1,083        2,170        -50.1        -50.1
G6                 6,040       11,616        -48.0        -48.0
G8                 1,133            0        ***.*        ***.*
Grand Am               0            0        ***.*        ***.*
Grand Prix           119        5,743        -97.9        -97.9
GTO                    0           25         **.*         **.*
Solstice             325        1,360        -76.1        -76.1
Sunfire                0            0        ***.*        ***.*
Vibe               2,683        3,128        -14.2        -14.2
Pontiac Total     11,383       24,042        -52.7        -52.7
9-2X                   0            0        ***.*        ***.*
9-3                  606        1,432        -57.7        -57.7
9-5                  111          261        -57.5        -57.5
Saab Total           717        1,693        -57.6        -57.6
Astra              1,106            0        ***.*        ***.*
Aura               2,161        4,158        -48.0        -48.0
ION                    0        2,059         **.*         **.*
Saturn L Series        0            0        ***.*        ***.*
Sky                  265          764        -65.3        -65.3
Saturn Total       3,532        6,981        -49.4        -49.4
GM Car Total      58,786      105,077        -44.1        -44.1

                 (Calendar Year-to-Date)
                   January - November

                                2008         2007        %Chg
                                                        Volume
Selling Days (S/D)
Century                             0            5         **.*
LaCrosse                       35,422       44,207        -19.9
LaSabre                             0          121         **.*
Lucerne                        50,779       77,101        -34.1
Park Avenue                         0           26         **.*
Buick Total                    86,201      121,460        -29.0
CTS                            54,378       50,252          8.2
DeVille                             0           71         **.*
DTS                            28,667       47,231        -39.3
STS                            13,883       18,558        -25.2
XLR                             1,151        1,622        -29.0
Cadillac Total                 98,079      117,734        -16.7
Aveo                           53,103       60,705        -12.5
Cavalier                            0           57         **.*
Classic                             0           17         **.*
Cobalt                        175,259      183,029         -4.2
Corvette                       25,647       30,771        -16.7
Impala                        244,692      293,328        -16.6
Malibu                        160,898      116,140         38.5
Monte Carlo                       710       15,380        -95.4
SSR                                13          241        -94.6
Chevrolet Total               660,322      699,668         -5.6
Bonneville                          0          130         **.*
G5                             22,975       25,419         -9.6
G6                            132,534      132,894         -0.3
G8                             13,523            0        ***.*
Grand Am                            0           99         **.*
Grand Prix                      8,371       84,123        -90.0
GTO                                52        4,184        -98.8
Solstice                       10,338       15,493        -33.3
Sunfire                             0           39         **.*
Vibe                           44,485       33,825         31.5
Pontiac Total                 232,278      296,206        -21.6
9-2X                                3          118        -97.5
9-3                            14,483       21,206        -31.7
9-5                             2,418        3,974        -39.2
Saab Total                     16,904       25,298        -33.2
Astra                          10,813            0        ***.*
Aura                           56,194       54,645          2.8
ION                               314       47,197        -99.3
Saturn L Series                     0            2         **.*
Sky                             8,870       10,620        -16.5
Saturn Total                   76,191      112,464        -32.3
GM Car Total                1,169,975    1,372,830        -14.8

               GM Truck Deliveries - (United States)
                          November 2008

                          November
                     2008         2007       % Chg      %Chg per
                                             Volume       S/D
Selling Days (S/D)      25           25

Enclave              2,288        3,834        -40.3        -40.3
Rainier                  1           51        -98.0        -98.0
Rendezvous               1           11        -90.9        -90.9
Terraza                  6          135        -95.6        -95.6
Buick Total          2,296        4,031        -43.0        -43.0
Escalade             1,870        2,525        -25.9        -25.9
Escalade ESV           752        1,202        -37.4        -37.4
Escalade EXT           338          507        -33.3        -33.3
SRX                    976        1,445        -32.5        -32.5
Cadillac Total       3,936        5,679        -30.7        -30.7
Astro                    0            0        ***.*        ***.*
C/K Suburban
(Chevy)            3,882        6,033        -35.7        -35.7
Chevy C/T Series         9           12        -25.0        -25.0
Chevy W Series          60          197        -69.5        -69.5
Colorado             2,503        5,428        -53.9        -53.9
Equinox              2,570        5,261        -51.1        -51.1
Express Cutaway/G
Cut                1,370        1,709        -19.8        -19.8
Express Panel/G
Van                5,870        6,657        -11.8        -11.8
Express/G Sportvan     669        1,368        -51.1        -51.1
HHR                  3,421        7,179        -52.3        -52.3
Kodiak 4/5 Series      499          861        -42.0        -42.0
Kodiak 6/7/8 Series     93          208        -55.3        -55.3
S/T Blazer               0            0        ***.*        ***.*
Tahoe                4,149        9,195        -54.9        -54.9
TrailBlazer          2,556        7,794        -67.2        -67.2
Traverse             2,936            0        ***.*        ***.*
Uplander               584        5,689        -89.7        -89.7
Venture                  0            0        ***.*        ***.*
Avalanche            1,996        4,144        -51.8        -51.8
Silverado-C/K
Pickup            29,534       38,122        -22.5        -22.5
Chevrolet Fullsize
Pickups           31,530       42,266        -25.4        -25.4
Chevrolet Total     62,701       99,857        -37.2        -37.2
Acadia               2,640        6,395        -58.7        -58.7
Canyon                 627        1,476        -57.5        -57.5
Envoy                  852        3,035        -71.9        -71.9
GMC C/T Series          82           50         64.0         64.0
GMC W Series           139          294        -52.7        -52.7
Safari (GMC)             0            0        ***.*        ***.*
Savana Panel/G
Classic              562        1,158        -51.5        -51.5
Savana Special/G Cut   155          212        -26.9        -26.9
Savana/Rally            90          191        -52.9        -52.9
Sierra              10,497       13,840        -24.2        -24.2
Topkick 4/5 Series     317          362        -12.4        -12.4
Topkick 6/7/8 Series   274          397        -31.0        -31.0
Yukon                2,251        4,317        -47.9        -47.9
Yukon XL             1,728        2,822        -38.8        -38.8
GMC Total           20,214       34,549        -41.5        -41.5
HUMMER H1                0            3         **.*         **.*
HUMMER H2              233          958        -75.7        -75.7
HUMMER H3            1,048        3,068        -65.8        -65.8
HUMMER H3T             173            0        ***.*        ***.*
HUMMER Total         1,454        4,029        -63.9        -63.9
Other-Isuzu F Series     0            0        ***.*        ***.*
Other-Isuzu H Series     0            0        ***.*        ***.*
Other-Isuzu N Series     0            0        ***.*        ***.*
Other-Isuzu Total        0            0        ***.*        ***.*
Aztek                    0            0        ***.*        ***.*
Montana                  0            0        ***.*        ***.*
Montana SV6              0           30         **.*         **.*
Torrent                757        1,968        -61.5        -61.5
Pontiac Total          757        1,998        -62.1        -62.1
9-7X                   135          310        -56.5        -56.5
Saab Total             135          310        -56.5        -56.5
Outlook              1,221        3,340        -63.4        -63.4
Relay                    1           96        -99.0        -99.0
VUE                  3,376        4,688        -28.0        -28.0
Saturn Total         4,598        8,124        -43.4        -43.4
GM Truck Total      96,091      158,577        -39.4        -39.4

                     (Calendar Year-to-Date)
                        January - November

                                  2008         2007        %Chg
                                                          Volume
Selling Days (S/D)
Enclave                          41,416       24,560         68.6
Rainier                             115        4,715        -97.6
Rendezvous                           24       15,258        -99.8
Terraza                             532        5,398        -90.1
Buick Total                      42,087       49,931        -15.7
Escalade                         21,145       33,302        -36.5
Escalade ESV                      9,828       14,837        -33.8
Escalade EXT                      4,117        7,357        -44.0
SRX                              14,755       20,060        -26.4
Cadillac Total                   49,845       75,556        -34.0
Astro                                 0           25         **.*
C/K Suburban (Chevy)             48,003       76,900        -37.6
Chevy C/T Series                    329          253         30.0
Chevy W Series                    1,458        2,483        -41.3
Colorado                         49,899       70,306        -29.0
Equinox                          61,700       81,848        -24.6
Express Cutaway/G Cut            12,314       18,355        -32.9
Express Panel/G Van              55,692       70,132        -20.6
Express/G Sportvan               12,725       15,176        -16.2
HHR                              89,184       95,525         -6.6
Kodiak 4/5 Series                 6,442        8,834        -27.1
Kodiak 6/7/8 Series               1,425        2,165        -34.2
S/T Blazer                            0            7         **.*
Tahoe                            85,161      134,905        -36.9
TrailBlazer                      70,791      122,554        -42.2
Traverse                          4,521            0        ***.*
Uplander                         39,943       65,708        -39.2
Venture                               0           25         **.*
Avalanche                        31,806       50,449        -37.0
Silverado-C/K Pickup            431,725      564,697        -23.5
Chevrolet Fullsize Pickups      463,531      615,146        -24.6
Chevrolet Total               1,003,118    1,380,347        -27.3
Acadia                           62,729       65,372         -4.0
Canyon                           13,531       19,451        -30.4
Envoy                            22,716       44,649        -49.1
GMC C/T Series                      511          943        -45.8
GMC W Series                      2,368        3,818        -38.0
Safari (GMC)                          0           13         **.*
Savana Panel/G Classic            9,651       13,759        -29.9
Savana Special/G Cut             10,166        8,083         25.8
Savana/Rally                      1,323        1,817        -27.2
Sierra                          155,564      188,461        -17.5
Topkick 4/5 Series                7,450        8,448        -11.8
Topkick 6/7/8 Series              3,933        5,543        -29.0
Yukon                            34,663       58,266        -40.5
Yukon XL                         22,608       41,620        -45.7
GMC Total                       347,213      460,243        -24.6
HUMMER H1                            17          122        -86.1
HUMMER H2                         5,721       11,281        -49.3
HUMMER H3                        19,152       39,250        -51.2
HUMMER H3T                          425            0        ***.*
HUMMER Total                     25,315       50,653        -50.0
Other-Isuzu F Series                  0        1,116         **.*
Other-Isuzu H Series                  0           61         **.*
Other-Isuzu N Series                  0        6,729         **.*
Other-Isuzu Total                     0        7,906         **.*
Aztek                                 0           25         **.*
Montana                               0           26         **.*
Montana SV6                          64        1,331        -95.2
Torrent                          18,560       30,223        -38.6
Pontiac Total                    18,624       31,605        -41.1
9-7X                              3,285        4,665        -29.6
Saab Total                        3,285        4,665        -29.6
Outlook                          23,986       31,591        -24.1
Relay                               160        1,401        -88.6
VUE                              75,097       76,439         -1.8
Saturn Total                     99,243      109,431         -9.3
GM Truck Total                1,588,730    2,170,337        -26.8

                     About General Motors

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

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

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

                         *     *     *

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

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

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

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


GENERAL MOTORS: Moody's Cuts Corporate Family & Debt Ratings to Ca
------------------------------------------------------------------
Moody's Investors Service has downgraded the debt ratings of
General Motors Corporation, Corporate Family and Probability of
Default ratings to Ca from Caa2, in recognition of the increased
probability of a balance sheet restructuring which results in a
loss for current debtholders.  Moody's would view the company's
potential balance sheet restructuring, which is likely to cause
bondholder losses, to be a distressed exchange which would be
treated as a default for analytic purposes. The rating outlook is
negative and the company's Speculative Grade Liquidity Rating is
affirmed at SGL-4. The ratings of GMAC LLC are not affected by
these GM rating actions.

In its Restructuring Plan for Long-term Viability submitted to the
Senate Banking Committee and House of Representatives Financial
Services Committee on December 2, 2008, General Motors indicated
that its restructuring plan "includes, and is conditioned upon,
significant sacrifice and deleveraging of its balance sheet."
Specifically, the plan references a reduction of GM's total debt,
including VEBA-related obligations from US$62 billion to
approximately US$30 billion with a corresponding increase in book
equity from (US$65.1) billion to approximately (US$32) billion.
GM
has not specifically identified the mechanism for implementing the
balance sheet restructuring, nor has it made any specific
proposals to bondholders.  Nevertheless, the plan is suggestive of
a transaction that would be viewed as a distressed exchange by
Moody's if implemented.

Importantly, GM has indicated that its plan would "preserve the
status of existing trade creditors" and "would honor terms and
provisions of all outstanding warranty obligations to both
consumers and dealers."  Preservation of trade creditors will be
critical to avoid any disruption in the company's supply chain and
continuing to honor warranty obligations will help to avoid
significant erosion of the company's continuing vehicle brands
during the restructuring process.  Failure in either of these
areas could exacerbate the challenges that the company faces and
increase the risk of a bankruptcy filing.

In its filing, GM has requested a total of US$18 billion of
government funding be made available to it to bridge the liquidity
pressures which it anticipates in its business plan.  According to
GM, the funding would enable the company to maintain global
liquidity above its minimum threshold of about US$11 billion even
if
automotive industry conditions were to worsen such that U.S.
automotive sales were to fall to 10.5 million units in 2009.  The
plan calls for a reduction in the number of GM's brands,
nameplates and retail dealers, cost reductions that would be
designed to achieve labor cost competitiveness with foreign
manufacturers in the U.S. by 2012 and changes to the company's
VEBA related obligations.

Moody's Senior Vice President Bruce Clark stated that "while the
plan provides a general framework for a business restructuring,
the success of the plan will be contingent on negotiations with
labor, creditors and government agencies.  The uncertainty of a
successful outcome along with the likelihood of debtholder losses
even if the plan succeeds is the basis for the downgrade and
negative outlook."

Downgrades:

Issuer: General Motors Corporation

-- Probability of Default Rating, Downgraded to Ca from Caa2

-- Corporate Family Rating, Downgraded to Ca from Caa2

-- Senior Secured Bank Credit Facility, Downgraded to a range of
    B3, LGD1, 4% from a range of B1, LGD1, 4%

-- Senior Unsecured debt and IRB's, Downgraded to a range of C,
    LGD5, 71% from a range of Caa3, LGD4, 61%

-- Senior Unsecured Shelf, Downgraded to a range of (P)C, LGD5,
    71% from a range of (P)Caa3, LGD4, 61%

-- Multiple Seniority Shelf for subordinated debt and preferred,
    Downgraded to a range of (P)C, LGD 6, 97% from a range of
    (P)Ca, LGD 6, 97%

Issuer: General Motors Nova Scotia Finance Company

-- Senior Unsecured Regular Bond/Debenture, Downgraded to a
    range of C, LGD5, 71% from a range of Caa3, LGD4, 61%

-- Senior Unsecured Shelf, Downgraded to a range of (P)C, LGD5,
    71% from a range of (P)Caa3, LGD4, 61%

Issuer: General Motors of Canada Limited

-- Senior Secured Bank Credit Facility, Downgraded to a range of
    B3, LGD1, 4% from a range of B1, LGD1, 4%

Issuer: Vauxhall Motors (Finance) PLC

-- Senior Unsecured Regular Bond/Debenture, Downgraded to a
    range of C, LGD5, 71% from a range of Caa3, LGD4, 61%

The last rating action on GM was a downgrade of the company's
Corporate Family Rating to Caa2 on Oct. 27, 2008.

General Motors Corporation, headquartered in Detroit, Michigan, is
the world's second-largest automotive manufacturer.


GENERAL MOTORS: S&P Downgrades Corporate Credit Rating to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its
corporate credit rating on General Motors Corp. to 'CC' from
'CCC+' and lowered the ratings on the company's senior secured and
senior unsecured debt.  The outlook is negative.

The downgrade follows GM's announcement, as part of its request
for immediate federal assistance, that it will seek to reduce its
current debt burden by more than half as it attempts to reduce
cash outflows and win support for the new U.S. government-backed
loans.

"We believe the most likely scenario is that GM will offer to
exchange some or all of its outstanding debt for equity or new
debt at a steep discount to face value," said S&P's credit analyst
Robert Schulz.  "Given GM's weakening liquidity position, S&P
consider such an offer to be a distressed exchange and, as such,
is tantamount to a default," he continued.  S&P understands that
the company plans to complete this restructuring by March 2009.

If GM were to complete an exchange offer, S&P would expect to
lower the corporate credit rating on GM to 'SD' (selective
default) and lower the exchanged issue ratings to 'D'.  S&P would
then, shortly thereafter, assign a new corporate credit rating to
GM based on its assessment of the company's new capital structure
and liquidity profile, while taking into account its business
prospects and other relevant rating considerations.  This
assessment would include the effect of any new loans or other
assistance provided by the U.S. government to GM, if such
assistance is extended.

S&P's preliminary expectation is that, even with substantial
government support that enables GM to avoid a bankruptcy filing,
the corporate credit rating would likely not rise out of the 'CCC'
category immediately following the consummation of a debt
exchange.  S&P recognize that the post-exchange capital structure
could result in substantially lower debt and interest costs, and
government funding could improve GM's liquidity.  However, it is
S&P's view that many fundamental business risk considerations
would remain unchanged for at least the next year and perhaps
longer, most notably the company's exposure to deteriorating
vehicle demand globally, but also the substantial execution risk
of the company's ongoing restructuring and repositioning.

GM on Tuesday announced its plan to restructure its debt and
presented several other restructuring steps to the U.S. Congress
in advance of hearings this week.  The automaker is seeking
US$12 billion in government loans and a US$6 billion credit line
to
bolster its liquidity.  It said it also needs US$4 billion of the
loans by the end of December to continue operating into early next
year.  GM estimated that under its baseline scenario, it will burn
through an additional US$5 billion of cash from operations in the
first quarter of 2009 and up to US$8 billion under a downside
scenario.

These projections underscore the dramatic erosion of GM's
financial position caused by the weakening global economy, scarce
credit availability, and shifts in demand away from GM's more
profitable vehicle segments.

The outlook is negative.  S&P would expect to lower the corporate
credit rating to 'SD' and the affected issue ratings to 'D' upon
completion of a debt exchange offer.  S&P would then, shortly
thereafter, assign a new corporate credit rating to GM based on,
among other things, its assessment of the company's new capital
structure and liquidity profile.  S&P's preliminary expectation is
that, even with substantial government support, GM's corporate
credit rating would not rise above the 'CCC' category following
the completion of a debt exchange.


NACHHILFEPILOT JSC: Creditors Have Until Jan. 30 to File Claims
---------------------------------------------------------------
Creditors owed money by JSC Nachhilfepilot are requested to file
their proofs of claim by Jan. 30, 2009, to:

         Bosch 67
         6331 Hunenberg
         Switzerland

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


NYCOMED: Moody's Affirms Corporate Family Rating at 'B2'
--------------------------------------------------------
Moody's Investors Service has affirmed Nycomed's B2 Corporate
Family Rating and B3 Probability of Default Rating.  The outlook
is changed to negative from stable.

"The change in outlook reflects Moody's view that over the next 12
to 18 months the company's financial performance will be impacted
by the expiry of the Pantoprazole patent in Europe and the US,
which may not be offset initially by growth in the remaining
product portfolio and new product launches and which may lead to
reduced leeway under the company's covenants," says Marie Fischer-
Sabatie, a Moody's Vice-President/Senior Analyst and lead analyst
for Nycomed.

Moody's notes positively that Nycomed's operating performance has
been in line with management guidance in the first nine months of
2008 and that management has slightly revised upward its EBITDA
guidance for the full year.  Moody's acknowledges that Nycomed is
less sensitive to economic slowdowns than businesses in many other
industries.  "However, Nycomed will face challenges from the
expected decline in Pantoprazole sales in Europe and the US once
the company loses exclusivity in May 2009 and July 2010,
respectively, as well as an expected slowdown in some growth
markets where Nycomed is present" cautions Ms. Fischer-Sabatie.

However, Moody's notes the good preliminary results Nycomed
announced on its Phase III pipeline product Daxas, which is for
the treatment of COPD (Chronic Obstructive Pulmonary Disease) and,
which the company expects to file for approval in 2009 and launch
around mid-2010.  Nycomed also recently indicated that it would
begin to search for a partner to distribute Daxas in the US during
2009. When the search is concluded, this should lead to the
payment of upfront fees.  The signing of an out-licensing
agreement and/or the successful launch of Daxas, within schedule
could lead to a stabilisation of the outlook.

Moody's notes that Nycomed had moderate leeway under its financial
covenants as at September 30, 2008.  However, as covenants
continue to step up, it expects that the leeway under these
covenants will diminish over the coming year, weakening the
otherwise strong liquidity profile of the company.

The last rating action was implemented on April 17, 2008, when
Moody's downgraded Nycomed's CFR and PDR to B2/B3 from B1/B2.

Headquartered in Zurich, Switzerland, Nycomed is a pharmaceutical
conglomerate that combines its traditional core marketing and
distribution capabilities with the R&D expertise of Altana Pharma
(acquired in 2007).  Nycomed achieved sales of EUR3.5 billion
during 2007.


ROLF SCHERRER: Proofs of Claim Filing Deadline is December 28
-------------------------------------------------------------
Creditors owed money by JSC Rolf Scherrer are requested to file
their proofs of claim by Dec. 28, 2008, to:

         JSC Ceracom
         Mail Box: 67
         4009 Basel
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 30, 2007.


TCM AM SEE: Creditors' Proofs of Claim Due by January 7
-------------------------------------------------------
Creditors owed money by LLC TCM am See are requested to file their
proofs of claim by Jan. 7, 2009, to:

         General Wille-Strasse 99
         8706 Meilen
         Switzerland

The company is currently undergoing liquidation in Meilen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 25, 2008.


WALTER RIEBLI: January 6 Set as Deadline to File Claims
-------------------------------------------------------
Creditors owed money by JSC Walter Riebli & Sohn are requested to
file their proofs of claim by Jan. 6, 2009, to:

         Walter Riebli-Britschgi
         Am Larchenwald
         6063 Stalden
         Switzerland

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


* SWITZERLAND: Bankruptcy Figures Up 20% Since September
--------------------------------------------------------
The number of Swiss companies going bankrupt has increased by over
20% since September than in the same period last year,  Monsters
and Critics reported Tuesday last week.

Citing data from firm Dun and Bradstreet, the report disclosed
over 1,200 companies became insolvent in the past three months.

According to the report, the worst hit canton was Lucerne, while
the industries badly hit were clothing and textiles, where
bankruptcies rose by 61 per cent.

The year as a whole would likely see the number of bankruptcies
exceed the rate of 2007, the report noted.


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


BK VALORES: Creditors Must File Claims by December 21
-----------------------------------------------------
Creditors of LLC BK Valores (code EDRPOU 32774579) have until
Dec. 21, 2008, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 29, 2008.
The case is docketed as 50/357.

The Debtor can be reached at:

         LLC BK Valores
         50 Years of Oct. Avenue, 2-B
         03148 Kiev
         sUkraine


DEFENCE EXPERTISE: Creditors Must File Claims by December 20
------------------------------------------------------------
Creditors of LLC Defence Expertise (code EDRPOU 31905335) have
until Dec. 20, 2008, to submit proofs of claim to:

         LLC Bigbudcompany
         Liquidator
         Kikvidze Str. 13
         01103 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.
The case is docketed as 24/348-B.

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

The Debtor can be reached at:

         LLC Defence Expertise
         Apt. 23
         Pobeda Avenue, 22
         03150 Kiev
         Ukraine


GARANT-2 LLC: Creditors Must File Claims by December 20
-------------------------------------------------------
Creditors of LLC Garant-2 (code EDRPOU 31025088) have until
Dec. 20, 2008, to submit proofs of claim to:

         Mr. Alexander Borodiy
         Liquidator/Insolvency Manager
         P.O.B. 48
         02068 Kiev
         Ukraine
         Tel: 8(044)223-86-37

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 29, 2008.
The case is docketed as B 11/314-08.

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Garant-2
         Promyshlennaya Str. 5
         Vishnevoye
         Kiev
         Ukraine


L.E.R. TRADE: Creditors Must File Claims by December 20
-------------------------------------------------------
Creditors of LLC L.E.R. Trade (code EDRPOU 34422705) have until
Dec. 20, 2008, to submit proofs of claim to:

         Mr. S. Nesterenko
         Liquidator
         Apt. 193
         Gagarin Str. 27
         Brovary
         07400 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 14, 2008.
The case is docketed as 50/393.

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

The Debtor can be reached at:

         LLC L.E.R. Trade
         Saksagansky Str. 83
         01033 Kiev
         Ukraine


PETROVSKY PLANT: Creditors Must File Claims by December 21
----------------------------------------------------------
Creditors of OJSC Petrovsky Plant Motor of Wood-Cutting Tool (code
EDRPOU 00222404) have until Dec. 21, 2008, to submit proofs of
claim to:

         Mrs. Irene Gerasimenko
         Liquidator/Insolvency Manager
         Apt. 63
         Mir Str. 8
         Kamianets-Podolsky
         32300 Hmelnitsky
         Ukraine

The Arbitration Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent on Nov.
5, 2008.  The case is docketed as 3/138-B.

         Economic Court of  Hmelnitskij
         Independency Square, 1
         29000 Hmelnitskij
         Ukraine

The Debtor can be reached at:

         OJSC Petrovsky Plant Motor of
         Wood-Cutting Tool
         Grushevsky Avenue, 1
         Kamianets-Podolsky
         32300 Hmelnitsky
         Ukraine


PORTSELAK CJSC: Creditors Must File Claims by December 21
---------------------------------------------------------
Creditors of CJSC Portselak (code EDRPOU 31648415) have until
Dec. 21, 2008, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 23, 2008.
The case is docketed as B 3/050-08.

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         CJSC Portselak
         Kiev Str. 128A
         Kalinovka
         Makarov
         08004 Kiev
         Ukraine


PRODCOM LLC: Creditors Must File Claims by December 20
------------------------------------------------------
Creditors of LLC Prodcom (code EDRPOU 31495571) have until
Dec. 20, 2008, to submit proofs of claim to:

         Mr. E. Vasin
         Liquidator/Insolvency Manager
         Apt. 11
         Vavilov Avenue, 5
         36004 Poltava
         Ukraine

The Arbitration Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 2, 2008.
The case is docketed as 4/179.

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

The Debtor can be reached at:

         LLC Prodcom
         Apt. 100
         Zhovtneva Str. 66
         36029 Poltava
         Ukraine


RESTAURANT UKRAINE: Creditors Must File Claims by December 20
-------------------------------------------------------------
Creditors of CJSC Central Universal Store Subsidiary Company
Restaurant Ukraine (code EDRPOU 23823017) have until Dec. 20,
2008, to submit proofs of claim to:

         Mrs. Natalia Ivanenko
         Liquidator/Insolvency Manager
         Proletarian Str. 35
         40030 Sumy
         Ukraine

The Arbitration Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 6, 2008.
The case is docketed as 6/194-08.

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         CJSC Central Universal Store
         Subsidiary Company Restaurant Ukraine
         Krasnaya Ploschad Str. 3
         Sumy
         Ukraine


SOUTH ENERGY: Creditors Must File Claims by December 21
-------------------------------------------------------
Creditors of Joint Stock Enterprise South Energy Building
Subsidiary Company (code EDRPOU 25378159) have until Dec. 21,
2008, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 4, 2008.
The case is docketed as 14/473/08.

The Debtor can be reached at:

         Joint Stock Enterprise South Energy
         Building Subsidiary Company
         Petrovsky Str. 4
         54000 Nikolaev
         Ukraine


SVETAL LLC: Creditors Must File Claims by December 20
-----------------------------------------------------
Creditors of LLC Svetal (code EDRPOU 32687078) have until Dec. 20,
2008, to submit proofs of claim to:

         Mr. Sergey Boltik
         Temporary Insolvency Manager
         St. Kondratenko Str. 6
         36007 Poltava
         Ukraine
         Tel: 67-72-11

The Arbitration Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 7, 2008.
The case is docketed as 4/40.

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

The Debtor can be reached at:

         LLC Svetal
         101st. Quarter, 3/b
         Kremenchuk
         Poltava
         Ukraine


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


AAIM: Goes Into Administration; Grant Thornton Appointed
--------------------------------------------------------
CatererSearch reports that AAIM, a London-based property company
backed by Sir Alex Ferguson and Sir David Frost, has gone into
administration.

According to the report, AAIM, whose portfolio include  Principal
Hotels and 270 former Marston's pubs, called in administrator
Grant Thornton after being hit by the slump in property values.

AAIM is headed by group chief executive James Elton, a former
development director at Le Meridien Hotels, the report discloses.


BLEC LANDSCAPING: Goes Into Administration; 35 Staff Laid Off
-------------------------------------------------------------
BLEC Landscaping Equipment Company has gone into administration,
resulting to the loss of 35 jobs, Horticulture Week reports.

Citing a company representative, Horticulture Week relates that
the company has suffered a series of difficulties since early
2008, "including a severe downturn in orders from Europe and the
US, coupled with the appalling weather affecting UK sales of the
large range of landscaping equipment."

The premises are now closed, Horticulture Week notes.

BLEC Landscaping Equipment Company is a worldwide specialist
turf-car equipment supplier.  It was founded by Gary and Sue Mumby
in 1986.


BRITISH AIRWAYS: Qantas Wants Some Issues Resolved Before Merger
----------------------------------------------------------------
Bloomberg News reports Qantas Airways Ltd. Chief Executive Officer
Alan Joyce said "significant matters" need to be resolved before a
merger with British Airways Plc can be achieved.

These include "an appropriate merger ratio," issues connected with
British Airways' pension fund and the global economic outlook, Mr.
Joyce said, as cited by Bloomberg News.

According to Bloomberg News, analysts at Citigroup Inc. said in a
Nov. 21 report concern about pension fund liabilities has delayed
progress on British Airways' proposed tie-up with Spain's Iberia
Lineas Aereas de Espana SA.

As reported in the Troubled Company Reporter-Europe on Nov. 19,
2008, Iberia  planned of an all-share merger with British Airways
and has told investors it may take a bigger share of the combined
group.  However, Iberia chairman Fernando Conte noted there are
still some difficulties with the deal including British Airways's
pension deficit.

Bloomberg News relates British Airways, which will complete a tri-
annual actuarial review of its pension program in 2009, said Sept.
18 that the annual funding deficit widened to GBP1.5 billion
(US$2.2 billion) as of March 31, the end of its last fiscal year.

A TCR-Europe report on Dec. 4, 2008, said British Airways
confirmed it is exploring a potential merger with Qantas Airways
via a dual-listed company structure.

British Airways' discussions with Iberia meanwhile are also
continuing.

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

                      About British Airways

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

                          *     *     *

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


BRITISH AIRWAYS: Traffic Figures Down 5.9% in November 2008
-----------------------------------------------------------
British Airways plc released traffic and capacity statistics for
November 2008.

In November 2008, passenger capacity, measured in Available  Seat
Kilometers, was 3.1 per cent below November 2007.  Traffic,
measured in Revenue Passenger Kilometers, fell by 5.9 per cent.
This resulted in a passenger load factor decrease of 2.2 points
versus last year, to 74.4 per cent.  Traffic comprised a 10.8 per
cent decrease in premium traffic and a 4.8 per cent fall in non-
premium traffic.

Cargo, measured in Cargo Tonne Kilometers, fell by 7.2 per cent.

                         Market Conditions

Trading conditions remain broadly unchanged, with longhaul premium
traffic stable and consistent with the trends of recent months.
Financial guidance for the year remains unchanged.

                       Strategic Developments

British Airways confirmed Tuesday, December 2, 2008, that it is
exploring a potential merger with Qantas Airways Limited via a
dual-listed company structure.  The discussions between British
Airways and Iberia are continuing.  There is no guarantee that any
transaction will be forthcoming and a further announcement will be
made in due course, if appropriate.

It was confirmed in the pre-budget report that the Government will
not go ahead with its Aviation Duty proposals but the industry was
again targeted for increased taxation.  The airline will continue
to press the Government for a commitment that APD should be
abolished in 2012 when aviation enters the EU emissions trading
scheme.

The airline said it will resume flights to Jeddah and Riyadh in
Saudi Arabia from March 29, 2009.  The airline will fly five times
each week from Heathrow Terminal 5 to both Jeddah and Riyadh.
Flights to Riyadh will operate on a Boeing 777 and Jeddah flights
will be on a Boeing 767.

The Irish government announced that customers on BA's new, twice-
daily business-class service from London City to New York will be
able to clear US customs and immigration at Shannon Airport.  This
will allow customers to bypass the normal arrivals checks when
they land at JFK and speed straight through the airport when the
service is launched in autumn 2009.

British Airways won 'Best Airline' at the second annual ICARUS
Environmental Awards and the best scheduled airline in Europe
category at the British Travel Awards.

A new cabin configuration will guarantee Club Europe customers a
window or aisle seat from February 23, 2009.  The new
configuration will see the removal of the use of the middle seat
in the shorthaul business class cabin.

Chumpol NaLamlieng announced that he is to retire from the
company's Board when his three-year term of office comes to an end
at the annual general meeting on July 14, 2009.

                 About British Airways

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

                          *     *     *

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


CASTLE HOLDCO: Moody's Revises Rating Release; Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has revised its ratings release to
clarify that it has downgraded:

   -- the corporate family rating and probability of default
      rating of Castle Holdco 4, Ltd, the parent holding company
      for Countrywide plc, to Caa3 from Caa1; and

   -- the rating on the GBP100 million Revolving Credit Facility
      to B2-LGD2/18% from B1-LGD1/5%, the rating on the
      GBP470 million Senior Secured Notes to Caa3-LGD4/69% from
      Caa1-LGD3/49% and the rating on the GBP170 million Senior
      Notes to Ca-LGD6/96% from Caa3-LGD6/91%.

The outlook on all ratings remains negative.

The downgrade primarily reflects the deepening of the UK housing
market downturn and the expectation of a longer than previously
forecast period of subdued market activity.  Moody's previously
based its ratings on the expectation of moderately lower house
prices, stable commission rates in 2008 and a number of house
exchanges below the long-term average of 1.14 million-1.59 million
for the UK market.  Recent statistics show a reduction in the
number of mortgage approvals in October to August levels, the
lowest level since 1993, after a modest increase recorded in
September and a decrease in house price in 2008 by more than 10%,
with expectations of further decreases ahead.  In addition, areas
of weakness in the market persist, including low consumer
confidence, price deflation delaying the timing of market
transactions and increasing unemployment figures, while lending
has not yet normalized.

"Moody's two-notch downgrade for Countrywide reflects the negative
performance of the company in the first nine months of 2008, with
negative EBITDA and rapid cash burn, mainly as a result of record
low number of house exchanges and decreasing house prices," says
Stefano del Zompo, lead analyst for Countrywide at Moody's.
"While some mitigating factors have materialized in the course of
2008, such as a reduction in interest rates, an increase in
average fee per transaction charged by the company and a likely
increase in the company's market share, these factors have been
more than offset by rising unemployment figures, a general
reduction in credit available to consumers and market
participants' expectation of further price decreases, feeding
further delays in discretionary house purchases."

Weak market conditions have reflected negatively on all segments
of the company's activity except the company's lettings business.
However, with GBP38.7 million of revenues, this sector represents
less than 12% of total company turnover and was therefore not able
to compensate losses at the operating level of the other four
divisions.  This has resulted in a reduction in free cash
available to the company to approximately GBP95 million from
GBP118 million reported in the previous quarter.

At the end of September 2008, Countrywide had around GBP95 million
of free cash on its balance sheet.  Despite low capex and working
capital requirements, this appears limited given the company's
ongoing operating losses and interest burden of about
GBP50 million-GBP55 million per annum.

"The change in the company's PDR rating from Caa1 to Caa3 reflects
the increased likelihood of the company's default in light of its
weak performance and challenging market conditions, with limited
prospects of a quick recovery." adds Mr. del Zompo.

The rating outlook reflects Moody's opinion that, at this level of
cash burn the company's liquidity might not be sufficient to meet
its obligations beyond the next 12 months and a restructuring of
Countrywide's capital structure is becoming more likely.  A
positive action on the company's ratings is unlikely in the medium
term and would require a rapid improvement in the UK housing
market reflecting on the performance of the company's estate
agency division and a satisfactory liquidity position.

Moody's last rating action on Countrywide was on 2 May 2008, when
Moody's downgraded the company's ratings by one notch, including
the CFR from B3 to Caa1, as a result of the expectation of a more
pronounced and more prolonged weakening of the UK market than
previously anticipated.

Countrywide plc is the leading residential property service agency
in the UK, providing estate agency services, surveying, financial
services, commercial and residential lettings and residential
property conveyancing.  In the first nine months of 2008, the
company reported revenues of GBP327 million and negative EBITDA
(before exceptionals) of approximately GBP8.5 million.


CLOROX COMPANY: September 30 Balance Sheet Upside-Down by US$370MM
----------------------------------------------------------------
The Clorox Company's balance sheet at Sept. 30, 2008, showed total
assets of US$4.58 billion and total liabilities of US$4.95
billion, resulting in a stockholders' deficit of about US$370.00
million.

The company reported net earnings of US$128 million compared to
net earnings of US$111 for the same period in the previous year.

The company stated in its regulatory filing with the Securities
and Exchange Commission that its financial condition and
liquidity remain strong as of Sept. 30, 2008.  Net cash provided
by operations was US$93 million for the three months ended Sept.
30, 2008, compared to US$163 million for the three months ended
Sept. 30, 2007.  The decrease was due to higher working capital.
Working capital reflected the impact of the BBI acquisition and
higher inventory levels resulting from increased commodity costs
and inventory builds to support both new product launches and the
manufacturing network consolidation.  Also contributing to the
decline in cash flow were higher incentive compensation and
interest payments versus the prior year quarter.

The company's balance of working capital, defined in this context
as total current assets net of total current liabilities,
increased by US$16 million from June 30, 2008 to Sept. 30, 2008,
due to decreases in accrued liabilities and accounts payable,
partially offset by a decrease in receivables and other current
assets.  The US$99 million decrease in accrued liabilities and
accounts payable was driven by US$50 million of profit sharing and
incentive compensation payments offset by a net decrease of
US$13 million in accrued interest on long-term debt due to the
timing of payments.

Capital expenditures were US$39 million during the three months
ended Sept. 30, 2008, compared to US$26 million in the comparable
prior year quarter.

Net cash used for financing activities was US$75 million for the
three months ended Sept. 30, 2008, compared to US$110 million in
the comparable prior year quarter.  The change in cash used for
financing activities was primarily due to lower repayments of
commercial paper due to the decrease in cash provided by
operations.

At Sept. 30, 2008, the company had US$754 million commercial paper
outstanding at a weighted average interest rate of 5.3%.  At
June 30, 2008, the company had US$781 million commercial paper
outstanding at a weighted average interest rate of 2.9%.

At Sept. 30, 2008, the company had a US$1.20 billion revolving
credit agreement, which expires in April 2013.  The company
believes the revolving credit is now available and will continue
to be available for general corporate purposes and to support
commercial paper issuances.

A full-text copy of the the 10-Q filing is available for free at
http://ResearchArchives.com/t/s?3506

                   About The Clorox Company

Headquartered in Oakland, California, The Clorox Company (NYSE:
CLX) -- http://www.thecloroxcompany.com/-- manufactures and
markets household cleaning products with fiscal year 2007
revenues of USUS$4.8 billion.  Clorox markets some of consumers'
most trusted and recognized brand names, including its namesake
bleach and cleaning products, Green Works(TM) natural cleaners,
Armor All(R) and STP(R) auto-care products, Fresh Step(R) and
Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden
Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R)
water-filtration systems, Glad(R) bags, wraps and containers,
and Burt's Bees(R) natural personal care products.

Clorox has manufacturing facilities in China, Costa Rica,
Dominican Republic, Malaysia, Panama, Peru, United Kingdom,
among others.


CUMMING AND CO: Economic Downturn Spurs Administration
------------------------------------------------------
Cumming and Co, the company carrying out repair work to the Castle
of St John in Stranraer, has gone into administration after being
hit by the economic downturn, Stranraer and Wigtownshire Free
Press reports.

According to the report, 75 of the company's workers have been
laid off.

However, the repair work to the castle is still months from
completion and there is currently no roofing tiles on the
building, the report notes.


DRAGON TRUCK: Appoints Joint Administrators from Deloitte
---------------------------------------------------------
Richard Michael Hawes and Robin David Allen of Deloitte & Touche
LLP were appointed joint administrators of Dragon Truck & Van Ltd.
on Nov. 25, 2008.

The company can be reached at:

         Dragon Truck & Van Ltd.
         Dragon House
         Coaster Place
         Rover Way
         Cardiff
         CF10 4XZ
         England


J UPTON REMOVALS: Taps Joint Liquidators from Smith & Williamson
----------------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of J Upton Removals & Storage Ltd. on Nov. 19, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached through Smith & Williamson Ltd. at:

         No. 1 St Swithin Street
         Worcester
         WR1 2PY
         England


JA MAGSON: Placed in Administration; Leonard Curtis Appointed
-------------------------------------------------------------
Long established stationery and toy distributor, JA Magson Ltd, of
York, has been placed in administration.  Neil Bennett and Michael
Healy of Leonard Curtis were appointed administrators to the
business on Tuesday, December 2, 2008.

First established in 1925, as a local wholesaler of toys,
stationery and greetings cards, the business was incorporated in
1959 and, throughout the late 1980s grew from a regional to a
national business, with additional distribution centers in
Glasgow, Ipswich, Banbury and Hailsham and a customer base of
leading independent shops, buying associations and larger
multiples.  In late 2007 the business was acquired from the Magson
family and the purchasers have made major efforts to modernize the
business.  Turnover for the 10 months to October 2008 was GBP20.2
million.

"The current financial climate, with reduced consumer spending on
the high street, combined with poor weather over this last summer
badly affecting toy sales, has not helped this business," Mr.
Bennett commented.  "The business has spent heavily, streamlining
systems and reducing the staff levels by almost half.
Unfortunately the timing has not been good - hence our appointment
as a protective measure.  We have had to make the majority of the
employees redundant; we have retained a small number to assist in
the administration."

Magson Ltd headquarters, showroom and a 150,000 sq ft state of the
art warehouse are in the Clifton Moor area of York where the 200
staff are based.  The additional warehouses elsewhere have been
disposed of and distribution was contracted out.

"This is a company that had recently undergone a substantial
transformation but was still, owing to the current credit crunch,
unable to find a purchaser," Mr. Bennett concluded.

                     About Leonard Curtis

Leonard Curtis -- http://www.leonardcurtis.co.uk/-- is a UK
independent corporate recovery, insolvency and restructuring
specialist.  It provides directors of struggling businesses with
positive strategic advice, enabling them to retain control of
their business, as well as creditors and professionals involved
with those dealing with debt and financial problems.


JOHN PIMBLETT: Goes Into Administration; KPMG Appointed
-------------------------------------------------------
Paul Flint and Brian Green from KPMG Restructuring in Manchester
have been appointed as Joint Administrators of John Pimblett &
Sons Ltd, the St Helens-based baker and confectioner.

The company, which was founded in 1921 by John and Mary Pimblett,
operates from a bakery and ten retail premises in and around the
St Helens area and employs 140 staff.

Following their appointment, the administrators have immediately
sold the ten retail premises to Waterfield's Bakery Ltd,
preserving 80 jobs.  However, the John Pimblett & Sons bakery in
St Helens has closed, with the loss of the remaining members of
staff.

Paul Flint, director, KPMG Restructuring in Manchester, commented,
"The tough trading conditions currently experienced by retailers
up and down the country, coupled with rising food prices, have
unfortunately led to John Pimblett & Sons being placed into
administration.  While we are pleased to have saved approximately
half of the jobs with the sale of the shops to Waterfield's Bakery
Limited, it is with regret that we have had to close the Pimblett
bakery with the loss of 60 staff."

                       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.


MIKE THOMPSON: Goes Into Administration; Baker Tilly Appointed
--------------------------------------------------------------
The Mike Thompson Peugeot dealership has gone into administration
amid declining car sales in the United Kingdom, expressandstar.com
reports.

According to the report, cars sales have plummeted across Britain
by more than a third.

Graham Bushby and Bruce Mackay of Baker Tilly Restructuring and
Recovery LLP were appointed joint administrators of the Stafford-
based car dealership.

Mr. Bushby, as cited by the report, said they have already
received a number of inquiries from interested parties.


NICE CAR: Goes Into Administration After Sales Dropped
------------------------------------------------------
The Nice (No Internal Combustion Engine) Car Company has gone into
administration after sales had fallen to less than one vehicle a
week, newcarnet.co.uk reports.

"While volumes are still tiny, any drop in electric car sales will
come as a shock to most people," Richard Bremner, the editor of
motoring website Clean Green Cars, was quoted by newcarnet.co.uk
as saying.  "Buyers could be holding off for cars from mainstream
manufacturers, although they may still have years to wait before
mass production is a reality."

The City of London's U-turn on parking concessions, safety
concerns, changes to the Congestion Charge Zone and 'mainstream
manufacturer' offerings are all believed to have played a part in
the collapse of electric car sales, newcarnet.co.uk notes.

According to Channel4, sales of electric cars in the UK have more
than halved this year, with just 156 sold January-October.

                          About NICE

Based in West London, NICE -- http://www.nicecarcompany.co.uk/--
is an independent retailer of electrical vehicles.


PEACHYTECH LTD: Names Joint Liquidators from Smith & Williamson
---------------------------------------------------------------
Mark Boughey and Peter W. Engel, Smith & Williamson Restructuring
and Recovery Services, were appointed joint liquidators of
Peachytech Ltd. on Nov. 21, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached through Smith & Williamson
Restructuring and Recovery Services at:

         Portwall Place
         Portwall Lane
         Bristol
         BS1 6NA
         England


PIER LTD: Goes Into Administration; Mazars Appointed
----------------------------------------------------
Rod Weston and Heath Sinclair of international accounting firm
Mazars have been appointed joint administrators of The Pier
(Retail) Ltd.

The business, which sources and sells distinctive furniture and
household accessories, was established in 1989.  It operates 31
stores and 17 concessions throughout the UK and employs 400 staff,
which includes 57 employees at its head office in Abingdon,
Oxfordshire.

Commenting on the appointment Rod Weston, partner at Mazars and
joint administrator, said: "The Company has encountered
difficulties due to the harsh trading conditions associated with
the current economic climate.  While in administration the
business will continue to trade as normal.  We are now reviewing
options and are seeking a buyer for the business as a going
concern."

                       About Mazars

Mazars -- http://www.mazars.co.uk/-- specializes in audit, tax,
and advisory services.   In the United Kingdom, it has 108
partners and 1100 employees working at its 17 offices.


PROVIDENT INSURANCE: S&P Assigns 'BB+' Counterparty Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB+'
long-term counterparty credit and insurer financial strengths
ratings to United Kingdom-based non-life insurer Provident
Insurance PLC.  The outlook is stable.

"The ratings reflect the impact of the extremely weak credit
quality of Provident's parent, GMAC LLC, offset by Provident's
good stand-alone characteristics," said S&P's credit analyst Nigel
Bond.  These include its strong operating performance, very
conservative investments, and its good capitalization.  "These
factors are offset, however, by its unproven ability to expand its
competitive position, and its very limited financial flexibility,"
he added.

Operating performance is strong, reflecting Provident's successful
use of active cycle management that has produced nine consecutive
reported years of underwriting profitability to June 30, 2007.  In
addition, the company's very low risk investment portfolio has
helped it to achieve 22 consecutive reported years of positive net
income.

The investments are very conservative.  Provident invests only in
short-term U.K. fixed interest deposits, and maintains the
counterparty risk of its deposit-takers at a very low level.  This
has led to an ongoing increase in exposure to U.K. Treasury bills
and a decrease in exposure to banks and building societies.  While
there is still a large concentration at some of these banks and
building societies, the risk posed is limited due to their
strong credit ratings and the short-term nature of the
investments.

Provident's capitalization is good.  This reflects a strong level
of capital adequacy, albeit derived from a small capital base, a
good track record of reserving, and a low but increasing
dependence on reinsurance support.

Provident was acquired by GMAC in 2007 and, under its new owner,
is now seeking to enhance its competitive position through
profitable growth.  An important element of this is the recent win
of the General Motors U.K. customer insurance program.  This is a
major new venture for Provident, which will likely demand
significant management time and prove to be a crucial test of
management's ability to grow the business profitably and to
enhance the company's competitive position.

Provident's external sources of financial flexibility are severely
limited by the credit quality of its owner.

"The stable outlook reflects our understanding that the financial
strength of Provident will be protected to a significant extent by
its supervisor, the Financial Services Authority," said Mr. Bond.
If S&P's understanding were to change, this might lead to a change
in the rating, either positively or negatively, depending on the
circumstances.


ROADCHEF FINANCE: Fitch Downgrades Class B Notes' Rating to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded RoadChef Finance Ltd's Class A2 notes
to 'BB' from 'BB+', and its Class B notes to 'B-' (B minus) from
'B'.  Its Class A2 notes are maintained on Rating Watch Negative
while the RWN on the Class B notes has been removed and a negative
outlook assigned.  The Class A1 notes, which were rated 'BBB',
Outlook Stable, were paid in full on October 31, 2008.  RoadChef
is a whole business securitisation of motorway service areas in
the UK.

The agency recently met with RoadChef's new management and
explored the reasons behind the new restated EBITDA figure of
GBP20.7 million at year end September 30, 2007 for the security
group (vs. GBP26.2 million as previously reported).  This EBITDA
adjustment is the result of previous accounting errors.  Fitch
also discussed the nature of operational measures being
implemented to turn around the business's cash flows growth and
the way UK MSAs were being affected by an adverse retail and
consumer environment, high fuel prices during the first half of
2008 and general decline in traffic volumes.  Fitch acknowledges
that some items which have contributed to a lower restated EBITDA
will be one-offs and that the current lower fuel price environment
could be more benign for MSA users.  However, the agency also
considers that the prospect of a potential deep UK recession (see
Fitch's 'Global Economic Outlook', 4 November 2008) could lead to
severe declines on fuel sales, traffic and, more importantly,
catering and retail sales. This in turn would put further pressure
on UK MSAs cash-flow in the short- to medium-term.

As a result, Fitch has devised two scenarios (one for each Class
of notes) on a 2-year medium horizon, focusing on potential fuel
and non-fuel sales declines and their impact on RoadChef's EBITDA
given the operating leverage in the business.  The Class A2 notes
scenario assumed two consecutive annual 10% fuel and non-fuel
sales declines.  The scenario for the lower rated Class B notes
assumed two consecutive annual 5% fuel and non-fuel sales
declines.  Both scenarios assumed recovery of the sales post 2
years, although Fitch has less visibility on the timing of these.

Each class of notes did not default in their respective rating
scenarios, benefiting notably from the deferability of the Class B
interest and the presence of the GBP25 million liquidity facility.
However, given the low short-term visibility on the assumptions
behind these respective scenarios, the agency considers that the
Class A2 notes' ratings should now be in line with a 'BB' rather
than 'BB+' rating and that they should remain on RWN.
Furthermore, Fitch believes that the Class B notes' rating is now
in line with a 'B-' (B minus) instead of 'B' rating.  However,
because the interest was deferrable on the Class B notes, the
agency considered that the Class B notes' probability of default
was more back-ended and therefore the RWN has been removed and a
negative outlook assigned.

The notes' current ratings are:

  -- Class A2 GBP133 million secured 7.418% fixed-rate notes
     due October 2023: downgraded to 'BB' from 'BB+'; remain
     on RWN

  -- Class B GBP42 million secured 8.015% fixed-rate notes
     due October 2026: downgraded to 'B-' from 'B';
     negative outlook


STAND FIRM: Taps Joint Liquidators from Smith & Williamson
----------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of Stand Firm (POS) Ltd. on Nov. 20, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Smith & Williamson Ltd. at:

         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


TAURUS RECRUITMENT: Taps Administrators from Grant Thornton
-----------------------------------------------------------
Trevor O'Sullivan and Nigel Morrison of Grant Thornton UK LLP were
appointed joint administrators of Taurus Recruitment Ltd. on
Nov. 25, 2008.

The company can be reached at:

         Taurus Recruitment Ltd.
         87 Market Jew Street
         Wharfside Shopping Centre
         Penzance
         Cornwall
         TR18 2GB
         England


WOOLWORTHS PLC: Administrators Axes 450 Support Jobs
-------------------------------- -------------------
In a press statement on Friday the Joint Administrators of
Woolworths Plc announced a number of redundancies in the company's
support operations at Marylebone Road, London, and Castleton,
Rochdale.  They however noted there have been no redundancies in
the high street stores and distribution centers.

There have been no redundancies at Entertainment UK Ltd (EUK), the
wholesale distributor of entertainment products, which is also in
administration.

Neville Kahn, Joint Administrator and reorganization services
partner at Deloitte, said: "Unfortunately, it has been necessary
to make some 450 employees redundant out of a total workforce of
over 25,000.  These roles are in head office and support functions
in London and Castleton.  There have been no redundancies in the
high street stores and distribution centers. Our expectation
remains that stores will remain open beyond Christmas and that all
staff in the stores will be paid in full."

Job Centre staff will be attending both sites to provide support
and advice to employees who have been made redundant, and the
Insolvency Service's Redundancy Payments Service has put together
a special team to quickly approve claims for employee
entitlements.

Neville Kahn added: "The stores and distribution centers will
continue to trade as normal, but with a simplified core structure
supporting them going forward. The Administrators, supported by
management, are still actively seeking a purchaser for the
business as a going concern, with discussions being held with a
number of interested parties.  We are working hard to ensure that
any sale of the business, in whole or in part, will preserve
jobs."

The Marylebone Road, London, and Castleton, Rochdale, operations
employ over 1,100 staff in total.

Woolworths and Entertainment UK were placed into administration on
November 27, 2008.  Neville Kahn, Nick Dargan and Dan Butters of
Deloitte, the business advisory firm, were appointed as Joint
Administrators.

                       About Deloitte

Deloitte -- http://www.deloitte.com/-- provides audit,
consulting, financial advisory, risk management and tax services
to selected clients.

Deloitte & Touche LLP is the United Kingdom member firm of DTT.

                 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.


* Moody's Says UK Mortgage Support Scheme to Impact RMBS Deals
--------------------------------------------------------------
Moody's Investors Service said that there may be liquidity and
credit implications for UK residential mortgage-backed securities
transactions following the UK Government's announcement that it
will underwrite certain deferred mortgage interest payments for up
to two years.

On December 3, 2008, the UK Government announced that it was
working with eight of the largest UK banks, who have already
pledged their support, to develop the detail of the Homeowner
Mortgage Support Scheme with a view to making it available to
customers early in 2009.  The eight banks, covering approximately
70% of the UK mortgage market, are Nationwide, Abbey, HBOS, Lloyds
TSB, Northern Rock, Barclays, RBS and HSBC.

At present, there is limited information available about the
details of the scheme.  However, the basic tenets of the proposal
will allow households that experience a significant and temporary
loss of income to defer a proportion of their mortgage interest
payments for up to two years.  The Government will guarantee the
deferred interests payments in return for banks' participation in
the scheme.

The deferred interest will be rolled up and added to the
outstanding mortgage balance.  At the end of the deferral period
the borrower will resume affordable monthly payments by extending
the term of the mortgage.

Moody's notes that it is unclear how this scheme will be
implemented and how UK RMBS transactions will be affected, but
there are possible liquidity and credit implications.  However,
any rating actions will ultimately depend on the actual details
that are approved, such as eligibility criteria, the proportion of
interest deferral and the treatment of principal payments, among
others, as well as how each transaction structurally caters for
the changes.

There are several potentially positive outcomes from this scheme,
such as helping borrowers who face temporary income shortfalls to
reduce their financial burden for up to two years, allowing them
to resume these obligations once their financial circumstances
improve.  As well as reducing the overall number of foreclosures
this may postpone foreclosure in the hope that the economic
environment generally, and the housing market specifically,
improves.

However there are also possible negative implications,
particularly for RMBS transactions.  The scheme may lead to
liquidity shortfalls in some transactions by effectively
increasing the amounts of delinquent loans; eligible borrowers may
cease all payments whereby previously they may have been able to
maintain at least some or all of their payments.  Additionally the
economic environment, and crucially house prices, may fail to
improve or even worsen resulting in a lower recovery value and
thereby increasing the ultimate credit loss to the transaction.

From a transaction reporting viewpoint, there is also some
clarification required.  Significantly, the impact on performance
based triggers needs to be clear, as there is uncertainty as to
how banks will classify borrowers subject to the scheme.

If a significant number of eligible borrowers in a transaction
choose to exercise this option, and they are reported as
delinquent, delinquency triggers might be breached earlier.  Some
of the consequences of a trigger breach in UK RMBS include the
prevention of future substitutions, further advances, loan
conversions and reserve fund amortization and typically result in
sequential allocation of cash flows in the transaction.  Generally
such triggers are in place to benefit noteholders, meaning an
earlier breach could be positive for the transaction.  However,
reporting such borrowers as being current could artificially delay
trigger breach and therefore negatively impact noteholders.

Furthermore, it is common for UK RMBS transactions to have
restrictions on loan modifications and in particular term
extensions which, if breached, would require the seller to re-
purchase the loan out of the RMBS pool.

Moody's will continue to monitor the proposal, as and when more
information becomes available and will evaluate the impact on UK
RMBS transactions.


* Moody's Says Outlook for UK Life Insurance Industry Is Negative
-----------------------------------------------------------------
The fundamental credit outlook for the UK life insurance industry
is negative, in particular reflecting concerns about insurers'
still strong but depressed capitalization, weakening profitability
and substantial exposure to equities, as well as the deteriorating
economic environment, says Moody's Investors Service in its new UK
Life Insurance Industry Outlook.

Moody's negative outlook for the UK life insurance industry
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 UK life insurance industry continues to maintain a robust
capital position, despite the impact of falling equity markets,
and the position of the strongest players remains very strong.
However, the industry has clearly experienced some deterioration
in capital over the past six to 12 months.  Furthermore, if the
economy does enter a relatively prolonged period of slowdown, with
an associated depressed equity market, capitalization levels are
unlikely to improve markedly in the short-to-medium term, and
further downside risk may remain material," says Simon Harris, a
Moody's Managing Director and co-author of the report.

In terms of profitability, Moody's believes that most UK life
groups are under considerable pressure.  This reflects the
difficult economic climate, with its implications for the volume
of new life and pensions sales, combined with concerns about some
of the systemically unprofitable business lines in the UK market.
Moreover, the rating agency does not expect these pressures to
relent soon. Product risk also remains as a negative pressure as,
despite new business sales increasingly focusing on low or no-
guarantee products, the industry's historical focus on with-
profits policies continues to dominate balance sheets in most
cases.

"In terms of equity exposure, Moody's notes that most UK life
groups have taken steps to physically reduce and/or hedge their
equity exposures, compared with the positions they found
themselves in during the previous market downturn.  However,
equity exposure generally remains high and, during a period of
equity market pressure and market volatility, this asset exposure
increases the risk profile of the industry," adds Mr. Harris.
More positively, Moody's notes that the industry maintains very
strong liquidity, such that companies are unlikely to be forced to
crystallize current unrealized asset losses.  In addition, asset-
liability management techniques have improved substantially in
recent years, improving the sector's ability to manage its risks
during times of economic stress.

Moody's will host a teleconference discussing its views on the UK
Life sector on Tuesday December 9 at 2:00 p.m. London time.


* UK: Bank of England Cuts Bank Rate by 1.0 Percentage Points
-------------------------------------------------------------
The Bank of England's Monetary Policy Committee on Thursday,
December 4, 2008, voted to reduce the official Bank Rate paid on
commercial bank reserves by 1.0 percentage points to 2.0%.

In the United Kingdom, business surveys have weakened further and
suggest that the downturn has gathered pace.  Consumer spending
and business investment have stalled, while residential investment
has continued to fall.  Activity indicators in the rest of the
world have also weakened, though the further depreciation in
sterling should moderate the impact of weaker global growth on the
United Kingdom.  And a number of fiscal measures to boost near-
term demand are in train, both in the United Kingdom and overseas.
Despite the actions taken to raise bank capital, ease funding and
improve liquidity, conditions in money and credit markets remain
extremely difficult.  The Committee noted that it was unlikely
that a normal volume of lending would be restored without further
measures.

CPI inflation decreased to 4.5% in October.  Cost pressures have
also eased.  Commodity prices continued to fall back.  Pay growth
remained subdued. And measures of inflation expectations fell back
sharply.  CPI inflation is likely to continue to drop back as the
contributions from retail energy and food prices decline.  The
direct effect of the temporary reduction in Value Added Tax will
also lower CPI inflation through much of next year, with a
corresponding increase in inflation in 2010.

In the November Inflation Report, the Committee's projection for
inflation showed a substantial risk of undershooting the 2% CPI
inflation target in the medium term.  The subsequent decline in
market interest rates and the further depreciation in sterling
have raised the profile for inflation since then.  But the weaker
outlook for activity in the near term and the further falls in
commodity prices have lowered that profile.  Although the
temporary reduction in Value Added Tax will lead to some
volatility in inflation over the next two years, the new fiscal
plans are unlikely to have a significant effect on inflation
beyond that horizon.

At its December meeting, the Committee judged that, at the
existing level of Bank Rate and looking through the volatility in
inflation associated with the movements in Value Added Tax, there
remained a substantial risk of undershooting the 2% CPI inflation
target in the medium term.  Accordingly, the Committee determined
that a further reduction in Bank Rate of 1.0 percentage points to
2.0% was necessary in order to meet the target in the medium term.

The minutes of the meeting will be published at 9:30 a.m. on 17
December 17.

The previous change in Bank Rate was a reduction of 1.5 percentage
points to 3.0% on November 6, 2008.


* CBI/KPMG Survey Says Crunch Threatens London's Competitiveness
----------------------------------------------------------------
Only one in ten businesses think London's status as a world city
will grow over the next five years, while a third fear the
capital's standing will shrink, a CBI/KPMG survey revealed
Thursday.

The poll of senior executives shows that the credit crunch, poor
transport infrastructure, worries about crime, and a shortage of
skilled workers are all threatening London's competitiveness.

The share of bosses who described London as a good place to do
business fell from 95% a year ago to 77% in this survey.  And 32%
now see London's significance as a global city slipping over the
next five years, compared with just 13% two years ago.

The biannual survey also showed that the credit crunch has caused
business volumes and values to dip, while confidence about the
future is at a survey record low.  Over a third (37%) said the
availability of capital had worsened since the start of the
squeeze.  81% expect their sales and revenue growth to suffer in
the months ahead and, in this difficult climate, firms are cutting
back on plans to recruit and spend on IT, infrastructure and
research.

London is also facing a skills crunch, as the vast majority (79%)
of firms struggle to find people with specific technical skills.
Worries about key employability and managerial skills have also
deepened over the past year, with the proportion of firms citing
them as problem areas rising to 48% and 41% respectively.  While
half (51%) of firms rely on staff from overseas, it remains
imperative to improve the skills base of Londoners.

New survey questions on crime reveal that 59% of respondents think
heightened concerns about knife crime are having a negative impact
on London's reputation as a place to work, live and visit.  This
negative perception could adversely impact recruitment and
retention, and investment.  Almost half (47%) of respondents say
crime is a direct problem for their business, with a third saying
that incidents disrupt business, and 20% saying they are costly.

The quality and reliability of the capital's transport
infrastructure remains a big problem, particularly the road
network, which two thirds of firms (61%) said is getting worse,
compared with 53% who thought so a year ago.  78% said the
reliability of London's roads is less than satisfactory, or poor.
Opinion was divided on the Tube, but businesses were generally
satisfied with London's taxis, buses and the DLR.

Sufficient capacity at Heathrow is seen as vital for London's
international competitiveness and three quarters (73%) said
building a third runway is important, provided the environmental
conditions are met.

Almost three quarters (72%) said the cost of complying with
regulation and red tape had gone up in the six months to late
September.  This is an increase from 62% a year ago, and an
unwelcome burden during testing economic times.

On a more positive note, firms are optimistic about the 2012
Olympic Games, and 70% expect indirect business opportunities to
emerge from the event, while 58% foresee for direct business
involvement.

More London businesses are incorporating climate change policies
into day-to-day business compared with six months ago.  62 per
cent of firms say they have measured their carbon footprint with
half of those surveyed saying they have had some success in
reducing their emissions.  And more than a third of companies
(38%) are reporting their annual emissions, compared to 24 per
cent six months ago.

Richard Reid, London Chairman of KPMG said: "The capital has felt
the full force of the credit crunch and is facing tough challenges
on many fronts; not just from the economic conditions but from new
emerging financial centers, and the internal pressures of the City
itself.

"These findings should clearly send a message to the policy
makers.  While it is important that a tougher regulatory framework
be looked at to address the issues that have left the City badly
burned by the credit crunch, it is essential that they don't
hamper London's ability to compete with other global centers by
rushing in a raft of new rules which ties businesses in knots for
years to come.

"The government's decision to borrow to invest in major capital
projects to limit the downturn in the economy will undoubtedly
have consequences on the public purse, though this should be good
news for much-needed capital projects in London to improve
infrastructure and transport.  The capital needs investment in
projects like Crossrail to ensure long term competitiveness.

"A strong commitment to improving the skills of Londoners,
delivering the infrastructure planned and building a safe and
secure environment, are crucial to help London maintain its status
as a world city.  It is important that politicians, police and
organizations like Safer London Foundation listen to the very real
concerns of business and ensure that all sides work together to
tackle the issues they can influence and mitigate those they
can't."

Nigel Bourne, Director of CBI London, said: "London is a city
besieged by a struggling economy and an ailing financial sector,
but its competitiveness is also being let down by shortcomings in
its transport infrastructure and talent pool.  Businesses are
worried about the capital's ongoing attractiveness on the global
stage against old rivals like New York and Tokyo, as well as new
players like Dubai and New Delhi.

"It is critical to keep a longer term perspective and to invest in
London's infrastructure, the skills of its workforce, and in
building a safe environment where crime is minimized.  Only then
will London be in a good position to strengthen its competitive
edge when the economic upturn comes.

"It is encouraging that so many firms are looking forward to the
2012 Games, and see it as an opportunity for good business and a
chance to polish the capital's image.  And it is also pleasing
that awareness about climate change and energy use carries
increasing weight with businesses in the capital."

                 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.


===============
X X X X X X X X
===============


* S&P Cuts Ratings on 22 Senior Notes by Various Issuers to 'CCC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 28
spread-based leveraged super senior notes issued by Chess II Ltd.,
Claris Ltd., Eirles Two Ltd., ELM B.V., Omega Capital Investments
PLC, and Motif Capital B.V.

These actions follow further spread widening in the credit default
swap market.  In a number of the affected transactions the
weighted-average spread of the reference portfolio has increased
by more than 100 bps since S&P's last rating action on Nov. 13.

At the same time, S&P has kept or placed these ratings on
CreditWatch negative.  S&P also lowered its ratings on ELM B.V.
series 34 to 'D' and then withdrew it.

In addition to further recent spread widening, there have also
been further downgrades of the underlying reference obligors.
Some of the transactions affected include reference obligors that
have also suffered credit events.  For these obligors S&P assume
the ISDA Protocol Auction Price as the recovery rate received
following the credit event.

In S&P's opinion these factors mean that spread-based LSS
transactions have a higher probability of breaching their
portfolio spread triggers.  Consequently, S&P has taken the rating
actions.

In the case of the rating lowered to 'D' an unwind event has taken
place and the notes have been redeemed.

                           Ratings List


                           Chess II Ltd.
US$10 Million Secured Leveraged Super Senior Credit-Linked
Floating-Rate Notes
                            Series 10

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
      A             CCC/Watch Neg            B/Watch Neg

EUR5 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 11

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR5 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 12

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR5 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 13

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR5 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 14

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR3 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 15

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR10 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 16

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR12 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 17

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR8 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 18

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR30 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 19

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR30 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 20

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR10 Million Secured Leveraged Super Senior Credit-Linked Fixed-
                      Rate Notes Series 21

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

EUR20 Million Secured Leveraged Super Senior Credit-Linked Fixed-
                      Rate Notes Series 22

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

Claris Ltd.
EUR50 Million Leveraged Floating-Rate Credit-Linked Notes Series
                             64/2006

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

Eirles Two Ltd.
EUR175 Million Floating-Rate Leveraged Super Senior Credit-Linked
                    Secured Notes Series 161

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         BBB/Watch Neg            AAA

EUR45 Million Floating-Rate Leveraged Super Senior Credit-Linked
                    Secured Notes Series 162

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

EUR105 Million Class A Floating-Rate Leveraged Super Senior
              Secured Credit-Linked Notes Series 207

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
        A             CCC/Watch Neg            B/Watch Neg

   EUR30 Million Fixed-Rate Credit-Linked Leveraged Super Senior
                       Secured Series 213

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

  EUR15 Million Variable-Rate LSS Secured Credit-Linked Notes
                          Series 337

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         B/Watch Neg              BB/Watch Neg

S$144 Million Fixed-Rate Leveraged Super Senior Credit-Linked
                        Notes Series 340

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            B/Watch Neg

S$52 Million Fixed-Rate Leveraged Super Senior Secured Credit-
                     Linked Notes Series 342

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            BB/Watch Neg

                            ELM B.V.
        EUR45 Million Leveraged Super Senior Notes Series 34

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         D                        CCC/Watch Neg
                         NR                       D

  EUR50 Million Leveraged Super Senior Secured Notes Series 35

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            BBB/Watch Neg

                   Helix Capital (Jersey) Ltd.
EUR50 Million Variable Redemption Limited Recourse Leveraged CDO
                       Notes Series 2006-1

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
                         CCC/Watch Neg            BBB/Watch Neg

                       Motif Capital B.V.
   EUR45 Million Long-Short Variable Redemption Limited Recourse
               Leveraged CDO Notes Series 2005-07

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

                  Omega Capital Investments PLC
   EUR100 Million Secured Floating-Rate Notes (Highway series 1)
                             Series 12

                                 Ratings
                                 -------
      Class              To                       From
      -----              --                       ----
      B5E-1         CCC/Watch Neg            BB/Watch Neg
      B5E-2         CCC/Watch Neg            BB/Watch Neg
      C7E-1         CCC/Watch Neg            B/Watch Neg


* Detroit 3 Willing to Work Under Gov't Oversight Board
-------------------------------------------------------
CEOs of General Motors Corp., Ford Motor Co., and Chrysler LLC
said on Thursday that they would be willing to put the companies
under a government oversight board's supervision to secure
financial help from the government, Josh Mitchell and Corey Boles
at The Wall Street Journal reports.

According to WSJ, Banking Committee Chairperson Christopher Dodd
asked the CEOs during a Senate hearing on Thursday whether they
would be willing to work within a structure similar to what was
established for Chrysler Corp.'s federal bailout in 1979-1980.
The report says that GM's Rick Wagoner, Ford Motor's Alan Mulally
and Chrysler's Robert Nardelli agreed that the board could have
the legal authority to dictate restructuring terms to the
companies and others including unions, suppliers, and dealers.

WSJ relates that Messrs. Wagoner, Mulally, and Nardelli admitted
that they made mistakes in their management and told the lawmakers
that they were unprepared for congressional hearings in November.
The report says that after the Congress criticized the CEOs for
not having credible plans to turn around their firms, the
executives came back with detailed turnaround plans for each of
their companies, increasing their financial aid request to
US$34 billion from US$25 billion.

According to WSJ, GM is asking for an immediate loan of about
US$4 billion to stay afloat until year-end and an additional
US$14 billion in 2009.  Chrysler, says WSJ, is asking for an
immediate loan of US$7 billion by year-end, while Ford Motor seeks
for a US$9 billion line of credit.

WSJ reports that as the Federal Reserve is expected to refuse the
automakers' requests, the Congress and the Bush administration
would decide on the matter.  WSJ relates that the Democratic
leaders have asked the Federal Reserve to review the turnaround
plans.  The report states that the central bank can lend to non-
financial companies on a fully secured basis.  Loans must be
backed by assets, and GM, Ford Motor, and Chrysler don't appear to
have collateral that would meet the criteria, according to the
report.

Sen. Dodd, WSJ states, was focusing on legislation that would
create a bridge loan for automakers, by diverting funds from an
loan program intended to help the industry retool to meet higher
fuel-economy standards.  WSJ reports that Senate Majority Leader
Harry Reid urged Sen. Dodd to move forward.  A bill supported by
Democrats that would draw on the US$700 billion market rescue fund
couldn't pass Congress, the report says, citing Sen. Reid.

Citing people familiar with the matter, James Rowley and Linda
Sandler at Bloomberg News report that GM and Chrysler executives
are considering accepting a pre-arranged bankruptcy as last resort
in securing government bailout.  According to Bloomberg, the
source said that the staff for three members of Congress have
asked restructuring experts if a pre- arranged bankruptcy, which
would be negotiated with workers, creditors, and lenders, could be
used to reorganize the industry without liquidation.

    Automakers May Cut Temporary Pay for Laid-Off Workers

Sharon Terlep at Dow Jones Newswires relates that sources said
that automakers could seek to cut temporary pay for thousands of
laid-off employees.  The United Auto Workers, says the report, is
preparing to revise labor deals reached with GM, Ford Motor, and
Chrysler in 2007, agreeing to a delay in the payment of billions
of dollars into a massive retiree health-care trust and the
termination of the jobs bank program to help the companies secure
the federal loans.

According to Dow Jones, thousands of workers who are temporarily
out of a job get supplementary unemployment benefits called SUB
from the automakers under a separate fund.  The SUB pay is less
expensive for automakers on a per-worker basis than the jobs bank,
but workers receiving the benefit have increased as the companies
cut jobs and production due to decline in sales, states the
report.


* Euler Hermes Expects Significant Rise in European Insolvencies
----------------------------------------------------------------
The financial and economic crisis is leaving companies in distress
all over the world.  Insolvencies are rising almost simultaneously
everywhere.

The number of corporate insolvencies is rising dramatically
worldwide as a consequence of the crisis in the international
financial markets and the fundamental changes in the economic
environment.  The current insolvency projections by the experts at
Euler Hermes Kreditversicherungs-AG indicate that their calculated
"Global Insolvency Index" will rise 25.1 percent this year and
another 25.4 percent in 2009.  "The recession has the economy in
its grip all over the world," Gerd-Uwe Baden, CEO of the Hamburg
credit insurer, said.  The bad debt risk is thus also rising
substantially for German companies.

In the U.S., the trend already turned around drastically last
year, with a 44 percent leap in corporate insolvencies.  The Euler
Hermes experts project yet another massive increase of nearly 45
percent for 2008, and as much as 50 percent next year, for an
ultimate total of nearly 62,000 companies going under. Thus far
the situation has had a particularly severe impact on industries
directly related to the real estate market or real estate
financing.

The downturn in Japan will be less severe, with increases of 12.0
percent this year and 7.9 percent next year.

                 A Significant Rise in Europe

A rapid worsening of the insolvency trend is also obvious in
Europe.  Western Europe will see a total of about 169,000
insolvencies this year (a 13.5 percent increase).  The expected
figure for next year is a bit more than 197,000 (up 16.7 percent).

The situation is changing in different ways among Germany's most
important trading partners.  Traditionally, the highest rates of
corporate insolvencies have been in France, where the figure is
expected to rise 12 percent both this year and next, to a total of
about 62,700.  The increase in the UK will be substantially
sharper, with 24.7 percent more bankruptcies this year and 34.2
percent more next year, for a total of 38,200.  The expected
increases in Italy are expected to be 10.0 percent in 2008 and
12.1 percent in 2009.  For the Netherlands, the Euler Hermes
experts expect only a 10 percent increase this year, but a surge
to 38.3 percent in 2009.

Some Eastern European countries are also facing critical changes.
Bankruptcies will rise 20 percent next year in Hungary, to about
14,000, and 15 percent in the Czech Republic, to more than 1,500.


* Eurostat Says Euro Area and EU27 GDP Down 0.2% in 3Q2008
----------------------------------------------------------
GDP declined by 0.2% in both the euro area (1) (EA15) and the EU27
(1) during the third quarter of 2008, compared with the previous
quarter, according to first estimates released by Eurostat, the
Statistical Office of the European Communities.  In the second
quarter of 2008, growth rates were -0.2% in the euro area and 0.0%
in the EU27.

Compared with the third quarter of 2007, seasonally adjusted GDP
rose by 0.6% in the euro area and by 0.8% in the EU27, after +1.4%
and +1.7% respectively for the previous quarter.

Growth in components of GDP

During the third quarter of 2008, household (2) final consumption
expenditure remained unchanged in the euro area and increased by
0.1% in the EU27 (after -0.2% and -0.1% respectively in the
previous quarter).  Investments fell by 0.6% in the euro area and
by 0.8% in the EU27 (after -0.9% and -1.0%).  Exports increased by
0.4% in the euro area and by 0.3% in the EU27 (after -0.1% in both
zones).  Imports increased by 1.7% in the euro area and by 1.3% in
the EU27 (after -0.4% in both zones).

US and Japanese GDP down by 0.1%

In the United States GDP decreased by 0.1% during the third
quarter of 2008 after +0.7% in the second quarter.  In Japan GDP
decreased by 0.1% in the third quarter of 2008, after -0.9% in the
previous quarter.

Compared with the third quarter of 2007, GDP rose by 0.7% in the
United States (after +2.1% in the previous quarter) and remained
unchanged in Japan (after +0.7%).

   1. The euro area (EA15) includes Belgium, Germany, Ireland,
      Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta,
      the Netherlands, Austria, Portugal, Slovenia and Finland.

      The EU27 includes Belgium (BE), Bulgaria (BG), the Czech
      Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE),
      Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy
     (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg
     (LU), Hungary (HU), Malta (MT), the Netherlands (NL),
      Austria (AT), Poland (PL), Portugal (PT), Romania (RO),
      Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE)
      and the United Kingdom (UK).

   2. NPISH (Non-profit institutions serving households)
      included.


* KPMG Says Value Investing to Continue Into 2009
-------------------------------------------------
2009 will see the strong return of value investing, a shake out in
the hedge funds industry, changes to prime brokerage relationships
and, likely, more intrusive regulation says Tom Brown, European
Head of Investment Management at KPMG.

Return of value investing

    * Value investing will shape 2009

"We are already starting to see the more forward-thinking
investors focusing their attention and capital on finding
undervalued assets and snapping them up for rock bottom prices.
This value investing will continue into 2009 and some
organizations will make sound returns as a result.

Shake out in the hedge funds industry

    * Many will close, "new blood" will make its mark

"2009 will likely see a massive shake out in the hedge funds
industry.  We expect that many firms will not survive the year as
coming back from a fallen fund is very difficult.  Many will
likely be forced to close out their funds, write to their
investors, return the money that is left and call it a day. This,
however, is in direct contrast with the trend that we also expect
to see - 'new blood' entering the industry as talented traders
from banks bring their creative ideas to bear.  Investors will
continue to look for alternative investments and smart, bright new
upstarts with strong and sensible strategies might just be what is
needed to restore confidence and drive investment.

Changing prime broker relationships

    * Managers will seek more traditional relationships with
      multiple prime brokers

"The symbiotic relationship between hedge funds and prime brokers
is broken and needs to be fixed.  In 2009, prime brokers will
likely find managers looking for arrangements that mirror more
traditional and secure custody agreements and wanting to spread
their risk across multiple providers.  Both trends will mean that
the profitability of prime broker businesses will be somewhat
reduced.

More intrusive regulation

    * Being prepared is key

"We would expect to see more intrusive regulation in 2009.  Not
new or more regulation, necessarily, but rather, managers should
expect that the Financial Services Authority (FSA) will actively
begin to visit those managers it has not yet seen, visit
organizations on a more regular basis in general, and probe more
deeply into the business.  This, of course, will mean an extra
cost burden for managers, but being well prepared and managing
these FSA visits effectively is critical to future success."

                      About KPMG LLP (UK)

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


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

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


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


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *