TCREUR_Public/081215.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

          Monday, December 15, 2008, Vol. 9, No. 248

                            Headlines

A U S T R I A

ARCHITEKTEN ZIVILTECHNIKER: Claims Registration Ends January 5
DOENE GASTRONOMIE: Claims Registration Period Ends January 7
FACE2FACE FUNDRAISING: Claims Registration Period Ends Jan. 7
OSTARIO PERSONALMANAGEMENT: Claims Registration Ends January 7
PALIKU LLC: Claims Registration Period Ends January 7


A Z E R B A I J A N

NBC BANK: Moody's Junks Local and Foreign Currency Ratings


B E L A R U S

BTA BANK: Fitch Assigns 'E' Individual Rating


I C E L A N D

GLITNIR BANKI: KPMG Halts Probe on Pre-Bankruptcy Operations


F R A N C E

EUROPCAR GROUPE: S&P Downgrades Corporate Credit Rating to 'B+'


G E R M A N Y

AR MASCHINENBAU: Claims Registration Period Ends January 23
COGNIS GMBH: Fitch Affirms Long-term Issuer Default Rating at 'B'
CONTINENTAL AG: Working on a Loan Restructure to Avert Default
EXISTENZGRUENDUNGSZENTRUM GMBH: Claims Registration Ends Jan. 9
IRA VERWALTUNGS: Claims Registration Period Ends January 18

KLOECKNER & CO: S&P Affirms 'B+' Senior Unsecured Debt Rating
PROMEX WARENVERTRIEBSGESELLSCHAFT: Claims Period Ends Jan. 12
PSM ALU-SYSTEME: Claims Registration Period Ends February 10
TANEXX EXPRESS: Claims Registration Period Ends February 2
TMD FRICTION: Gets Potential Buyers' Attention


I T A L Y

ALITALIA SPA: CAI Buys Smaller Rival Air One, Reuters Says


K A Z A K H S T A N

AKMARAL TRANS: Proof of Claim Deadline Slated for January 27
AKTAU INVEST: Creditors Must File Claims by January 27
ASTRON TRADING: Claims Filing Period Ends January 27
DAYANA-2 LLP: Creditors' Claims Due on January 23
DIESEL TRADE: Proof of Claim Deadline Slated for January 23

KAZAKHSTAN ELECTRICITY: S&P Affirms 'BB+' Rating on Unsecured Debt
KOM HOZ SERVICE: Creditors Must File Claims by January 23
METALL INVEST-2004: Claims Filing Period Ends January 27
MIR KLIMATA: Creditors' Claims Due on January 23
PROM PODSHIPNIK: Claims Registration Ends January 23


K Y R G Y Z S T A N

BALYKCHY TRANSPORT: Creditors Must File Claims by January 23
CENTER STORY LLC: Creditors Must File Claims by January 23
CHYNALUU LLC: Creditors Must File Claims by January 23


N E T H E R L A N D S

EUROSAIL-NL 2007-1 BV: Fitch Junks Rating on Class ET Notes
MAYFAIR CDO: Moody's Cuts Ratings on Three Note Classes to Ca


R U S S I A

BANK OF MOSCOW: To Ask for US$1 Bln in Refinancing Loans from VEB
DALNEVOSTOCHNUY SHIP-BUILDING: Claims Must Be Filed by Jan. 5
ERT LLC: Creditors Must File Claims by January 5
INDUSTRIAL CONSTRUCTION: Creditors Must File Claims by Feb. 5
INTER-DOS LLC: Creditors Must File Claims by February 5

KHABAROVSKIY HEATING: Court Names Insolvency Manager
LES-PROM OJSC: Creditor Must File Claims by January 5
NEFTE-KOM LLC: Creditors Must File Claims by January 5
MAGNITOGORSK IRON: Gets One-Year RUR4Bln Loan from VTB Bank
NOVOLIPETSK STEEL: Agrees to Sell Stake in Tuapse Seaport

PIK OJSC: Fitch Withdraws 'CCC' Long-Term Issuer Default Rating
PLANT 89 FSUE: Creditors Must File Claims by January 5
RENAISSANCE CAPITAL: S&P Cuts Counterparty Credit Rating to 'B+'
RESURS-STROY LLC: Bankruptcy Hearing Set February 17
SITRONICS JSC: Net Losses Down 5.4% in January-September

TROIKA DIALOG: S&P Downgrades Counterparty Credit Rating to 'B+'
VTB BANK: Acquires 51% Stake in AF Bank, Azerbaijan
VTB BANK: Provides One-Year RUR4 Billion Loan to MMK

* TOMSK OBLAST: S&P Removes 'B+' Rating From CreditWatch Negative
* RUSSIA: VEB Approves U$2 Billion Loans to Oil Firms and VTB
* RUSSIA: GDP Could Decline 1-4% Next Year, MDM-Bank Chair Says


S W I T Z E R L A N D

GENERAL MOTORS: Hires Lawyers & Bankers to Mull Chapter 11 Filing
GENERAL MOTORS: Ind. Fiduciary Extends Share Trading Blackout
GENERAL MOTORS: Suppliers Seek Advance Payments
GLUTZ PLANUNGEN: Creditors Must File Proofs of Claim by Dec. 25
GOLDEN ARROW: Deadline to File Proofs of Claim Set Dec. 25

H. RECK JSC: Creditors Have Until Dec. 25 to File Claims
ORKASOFT LLC: Proofs of Claim Filing Deadline is Dec. 25
PRIME PACKAGING: Creditors' Proofs of Claim Due by Dec. 25
SCIENTIFIC COMPUTERS: Dec. 25 Set as Deadline to File Claims


U K R A I N E

ALTERNATIVE COMPANY: Creditors Must File Claims by December 24
AMIK LLC: Creditors Must File Claims by December 24
ERA-TRADING LLC: Creditors Must File Claims by December 24
INTER LLC: Creditors Must File Claims by December 24
KUPIANSK FOUNDRY: Creditors Must File Claims by December 24

LIT-TRANS LLC: Creditors Must File Claims by December 24
LOMRESOURCE LLC: Creditors Must File Claims by December 24
REGIONAL BUILDING: Creditors Must File Claims by December 24
RIMO LLC: Creditors Must File Claims by December 24
VENDICHANY AGRICULTURAL: Creditors Must File Claims by Dec. 24


U N I T E D   K I N G D O M

ATHENA SOLID: Names Joint Liquidators from Tenon Recovery
AURORA DESIGN: Names Joint Liquidators from Tenon Recovery
COLOUR WORKS: Placed Into Voluntary Liquidation
ECO-BAT TECHNOLOGIES: S&P Affirms Corp. Credit Rating at 'B+'
FITZGERALD LIGHTING: Appoints Joint Administrators from KPMG

GLOBAL GENERAL: Files for Chapter 15 Bankruptcy in New York
GLOBAL GENERAL: Voluntary Chapter 15 Case Summary
INEOS GROUP: Lenders Vote in Favor of Debt Covenant Waiver
INEOS GROUP: S&P Keeps LT Corp. Credit Rating at B-; Outlook Neg.
LADBROKES PLC: Taps Peter Erskine as New Chairman

MARCHPOLE GROUP: Names Joint Administrators from Grant Thornton
PETTIFER ESTATES: Goes Into Administration; 15 Jobs At Risk
RIO TINTO: Guinea Gov't. Wants Northern Simandou Mine Relinquished
SMART PLUMBING: Appoints Joint Liquidators from Tenon Recovery


X X X X X X X X

* S&P Puts Low-B Ratings on Three Leveraged Super Senior Notes
* S&P: Credit Conditions Deteriorating for EU Leveraged Companies
* Credit Unions to Extend US$10 Billion in Loans to Detroit 3

* BOND PRICING: For the Week Dec. 8 to Dec. 12, 2008


                         *********


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


ARCHITEKTEN ZIVILTECHNIKER: Claims Registration Ends January 5
--------------------------------------------------------------
Creditors owed money by LLC BG4 architekten Ziviltechniker (FN
276231y) have until Jan. 05, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Dr. Roland Gsellmann
         Farberplatz 1
         8010 Graz
         Austria
         Tel: 0316/835692
         Fax: 0316/835692-15
         E-mail: office@herdeygsellmann.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on  Jan. 20, 2009, for the
examination of claims at:

         Graz Land Court
         Hall K
         Room 205
         Graz
         Austria

Headquartered in Hart-Pur, Austria, the Debtor declared bankruptcy
on Oct. 31, 2008, (Bankr. Case No. 40 S 58/08i).


DOENE GASTRONOMIE: Claims Registration Period Ends January 7
------------------------------------------------------------
Creditors owed money by LLC Doene Gastronomie (FN 276603w) have
until Jan. 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Wolfgang Kempf
         Buergerstrasse 41
         4020 Linz
         Austria
         Tel: 77 72 07, Fax: 78 25 70
         E-mail: office@ra-kampf.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 20, 2009, for the
examination of claims at:

         Land Court of Linz
         Room  522
         Linz
         Austria

Headquartered in St. Georgen an der Gusen, Austria, the Debtor
declared bankruptcy on Nov. 7, 2008, (Bankr. Case No. 17 S
52/08h).


FACE2FACE FUNDRAISING: Claims Registration Period Ends Jan. 7
-------------------------------------------------------------
Creditors owed money by LLC Face2Face Fundraising (FN 246445w)
have until Jan. 7, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Wien
         Austria
         Tel: 533 52 72
         Fax: 533 52 72-15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Jan. 21, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room  1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 7, 2008, (Bankr. Case No. 4 S 167/08y).


OSTARIO PERSONALMANAGEMENT: Claims Registration Ends January 7
--------------------------------------------------------------
Creditors owed money by LLC Ostario Personalmanagement (FN
260861w) have until Jan. 7, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Dr. Viktor Igali-Igalffy
         Landstrasser Hauptstrasse 34
         1030 Wien
         Austria
         Tel: 713 80 57
         Fax: 713 07 76
         E-mail: vii@igali-igalffy.eu

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Jan. 21, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room  1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 6, 2008, (Bankr. Case No. 4 S 164/08g).


PALIKU LLC: Claims Registration Period Ends January 7
-----------------------------------------------------
Creditors owed money by LLC Paliku (FN 285490p) have until Jan. 7,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dominik Baurecht
         Weihburggasse 4/22
         1010 Wien
         Austria
         Tel: 533 66 61-0
         Fax: 533 66 61-10
         E-mail: baurecht@gnbz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Jan. 21, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room  1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 6, 2008, (Bankr. Case No. 4 S 166/08a ).


===================
A Z E R B A I J A N
===================


NBC BANK: Moody's Junks Local and Foreign Currency Ratings
----------------------------------------------------------
Moody's Investors Service has assigned a Caa1 long-term and Not
Prime short-term local and foreign currency ratings and an E bank
financial strength rating to NBC Bank.

The outlook on the long-term local and foreign currency ratings is
stable.

NBC Bank's E BFSR, which translates to a Baseline Credit
Assessment of Caa1, is based on the bank's fundamental credit
strength, which, in Moody's view, is constrained by (i) its small
and limited franchise, which to a substantial extent is reliant on
the bank's key shareholder's car-selling business; (ii) weak
liquidity position, high refinancing risk driven by increasing
reliance on interbank borrowings and limited access to diversified
funding sources; (iii) the untested (through the cycle) nature of
NBC Bank's rapidly growing loan portfolio; and (iv) relatively
weak corporate governance practices.

At the same time, the ratings are supported by the bank's
entrenched position in the car financing segment and its strong
capitalization.

According to Moody's, any possible upgrade of NBC Bank's ratings
will be contingent on the bank's ability to improve its liquidity
position by developing its core funding base, reduce its reliance
on market funding and diversify its business away from financing
of the key shareholder's car-selling business.

Moody's notes that the bank's local and foreign currency deposit
ratings do not factor in any expectation of systemic support in
the event of a stress situation given NBC Bank's very low market
shares and relative importance to the country's banking system.
Although support from the bank's shareholders cannot be ruled out,
its extent and timeliness are uncertain.  Consequently, the long-
term deposit ratings are at the same level as the bank's Caa1
Baseline Credit Assessment.

NBC Bank was established in 1992 by its shareholder and Chairman
of the Supervisory Board, Nuru Aliyev.  The bank ranked 29th in
terms of total assets (0.4% market share), 12th by consumer loans
and 33rd by customer deposits as at June 30, 2008.

Headquartered in Baku, Azerbaijan, NBC Bank reported, under IFRS,
total assets and shareholders' equity of US$33.8 million and
US$13.2 million, respectively, as at December 31, 2007.


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B E L A R U S
=============


BTA BANK: Fitch Assigns 'E' Individual Rating
---------------------------------------------
Fitch Ratings has assigned Belarus-based BTA Bank Long- and Short-
term foreign currency Issuer Default ratings of 'B'.  The Outlook
is Negative.  A Support rating of '4' and an Individual rating of
'E' have been assigned.

BTAB's IDR is driven by the potential support in case of need by
the bank's ultimate shareholder, Kazakhstan-based BTA Bank (Long-
term IDR: 'BB' with Negative Outlook).  Fitch views BTA's
willingness to provide support to its Belarusian affiliate as high
due to virtually full ownership, recent consolidation of the
latter in BTA's accounts, and the bank's small size relative to
BTA.  However, the ability to provide such support is constrained
by BTA's stand-alone financial strength, as reflected in its
Individual 'D' rating, and the potential for the Kazakh
authorities to restrict the extent to which local banks can
support their foreign subsidiaries.

The 'E' Individual rating reflects BTAB's small franchise and
limited track record and the challenging Belarusian operating
environment, as well as the concentrated and largely FX-
denominated balance sheet and high reliance on interbank funding,
predominantly from BTA.

However, BTAB's standalone credit profile is supported by low
levels of loan impairment to date, with loans overdue by more than
90 days accounting for a low 0.2% of the gross loan portfolio at
end-Q308 (albeit the loan portfolio is unseasoned).  BTAB's assets
and liabilities are also well-matched by tenors.  At end-November
2008 the bank ran positive liquidity gaps in all time baskets on a
cumulative basis.  In October-November 2008 the bank's customer
funding base remained stable, although the high concentration of
customer funding makes BTAB's liquidity position potentially
vulnerable.

At end-Q308, the bank's tier 1 capital ratio per Basel I was
13.6%.  In light of the challenging operating environment in
Belarus and high balance sheet concentrations, Fitch views BTAB's
current capitalization as moderate.

The Negative Outlook on BTAB's IDR reflects the potential for
further deterioration in BTA's standalone credit strength, and
therefore its ability to provide support to BTAB in case of need.
BTAB, formerly Astanaeximbank, was set up in 2002.  In 2005, a
stake in the bank was acquired by BTA, which increased its direct
ownership to 99.3% in Q408.  At end-November 2008 BTAB had US$123
million in assets, ranking 15th by asset size in Belarus, with a
0.5% market share in system assets.


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


GLITNIR BANKI: KPMG Halts Probe on Pre-Bankruptcy Operations
------------------------------------------------------------
Iceland Review reports that KPMG Iceland decided Wednesday last
week to halt its investigation of trade within Glitnir banki hf
before it went bankrupt following criticism of its work.

According to the report, KPMG's participation in the investigation
was criticized because the auditor had also worked for old
Glitnir's largest shareholders.

Arni Tomasson, chairman of the resolution committee of old
Glitnir, as cited by the report, said KPMG, which launched its
investigation of old Glitnir in October, will not receive payment
for its work.

"Since [KPMG] chose to leave the project they own the data and
will not get paid.  I don't know whether we can reach an agreement
with them on partial payment for the exchange of some of the
data," Mr. Tomasson was quoted by the report as saying.

The Glitnir resolution committee is now in talks with auditor
Ernst & Young on resuming the investigation, the report discloses.

The investigation, according to Mr. Tomasson, will be delayed by
up to two months as Ernst & Young have much less information about
old Glitnir's operations, the report relates.  It is also unclear
whether the new investigator will be able to use some of the
information gathered by KPMG, the report adds.

Mr. Tomasson however noted all possible connections between the
auditor and old Glitnir are currently being looked into, the
report states.

                       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.


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


EUROPCAR GROUPE: S&P Downgrades Corporate Credit Rating to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on France-based car rental company
Europcar Groupe S.A. to 'B+' from 'BB-'.  The outlook is negative.

"The downgrade reflects our expectation that in the current market
environment the company is unlikely to improve financial ratios to
levels consistent with the previous rating by year's end and
during 2009," said S&P's credit analyst Anna Stegert.

In an increasingly difficult industry environment, Europcar's
adjusted operating margins declined further in the third quarter
of 2008 because it could not fully balance increases in vehicle-
holding costs with productivity improvements and synergies from
recent acquisitions.  For the nine months ended Sept. 30, 2008,
the company reported an adjusted EBIT margin down by 90 basis
points to 13.7% on the same period of 2007.  The company expects
further vehicle cost increases in 2009, albeit at a slower rate
than the 9% per unit increase in 2008 so far.  Europcar's organic
revenue growth has also slowed to 3% for the year-to-date 2008,
compared with the same period of 2007.

Demand in the car rental industry is generally tied to economic
growth because both leisure and business customers tend to cut
back on discretionary and employee travel in a recessionary
environment.  Decreasing rental volumes and inflated cost items
are also expected to affect Europcar's performance over the coming
quarters.  As a consequence, S&P expects operating margins to
decrease further, without substantial price increases, which S&P
expects to be difficult to implement in the price-competitive car
rental industry without the company losing market share.

"The negative outlook reflects that, although Europcar has
significant operating flexibility, further pressures on the
company's operating performance are likely to lead to a weakening
of credit measures in the currently challenging industry
environment," said Ms. Stegert.  "There is the possibility of a
further one-notch downgrade in the next few quarters should
the company's financial performance unexpectedly deteriorate from
the current level."  At the 'B+' rating level, Europcar should
achieve FFO to adjusted debt of consistently above 10% throughout
the year, EBITDA interest cover of about 2.5x, and maintain its
adequate liquidity position.


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


AR MASCHINENBAU: Claims Registration Period Ends January 23
-----------------------------------------------------------
Creditors of AR Maschinenbau 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 10:00 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 Paderborn
         Meeting Hall 218
         Bogen 2-4
         33098 Paderborn
         Germany

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

The insolvency manager can be reached at:

         Dr. Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld
         Germany
         Tel: 0521 914140
         Fax: 052191414884

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:

         AR Maschinenbau GmbH
         Attn: Hans-Peter Alsfasser, Manager
         Werkstrasse 47
         34414 Warburg
         Germany


COGNIS GMBH: Fitch Affirms Long-term Issuer Default Rating at 'B'
-----------------------------------------------------------------
Fitch Ratings has affirmed Germany-based chemicals company Cognis
GmbH's Long-term Issuer Default rating at 'B'.  The Outlook on the
Long-term IDR is simultaneously revised to Negative from Stable.

At the same time, the agency downgraded the company's EUR1.63
billion senior secured floating-rate notes and loans to 'B+' from
'BB-'(BB minus) as well as the Recovery Rating on these
instruments to 'RR3' from 'RR2'.  Meanwhile, the EUR250 million
super senior secured revolving credit facility as well as Cognis'
EUR345 million high-yield notes and Cognis Holding GmbH's
outstanding EUR421 million PIK notes were affirmed at 'BB'/'RR1',
'CCC+'/'RR6'and 'CCC'/'RR6' respectively.

The Negative Outlook reflects Fitch's concern that Cognis'
profitability and cash flow generation will be under further
pressure due to a weakening global economy, in particular a
slowing demand in the mature industrial markets of Europe and
North America, as well as ongoing raw material price volatility.
However, the affirmation of the Long-term IDR reflects the
company's strong business position in the care chemical, nutrition
and health markets, which together generated approximately 79% of
the group's continued divisions' LTM September 2008 EBITDA and
which Fitch expects to show some resilience despite a weakening
economic environment, due to the largely non-discretionary nature
of consumer spending in these sectors.

Cognis benefits from having secured long-term funding at favorable
conditions in May 2007, prior to the onset of the global financial
crisis.  The company has a largely back-ended debt profile with
first term debt maturities in September 2013, and -- according to
Fitch estimates -- cash flow headroom of around 48% to fixed
charges including cash interest and capex as of end-September
2008.  Moreover, Cognis had EUR118 million in cash reserves as per
September 2008, excluding cash disposal proceeds of EUR130M
realized during Q4, and approximately EUR220 million of undrawn
revolving facilities.  Fitch will monitor the application of
excess liquidity and its impact on the ratings and outlook.

The downgrade of the senior secured FRN/ FRL recovery ratings to
'RR3' from 'RR2' reflects the more conservative assumptions used
by Fitch in its latest recovery estimates.  The agency increased
the EBITDA discount rate applied in the recovery calculation to
20% from 15%.  This is to reflect the likelihood of a slowing
demand from industrial end markets on Cognis' profitability which
could be more significant than previously anticipated and results
in recovery expectations for these instruments in the high end of
the RR3 (51-70%) band.

The company's ratings could face downward pressure in the event of
financial metrics consistently weaker than current ratios,
especially in relation to cash flow cover.

Cognis is owned by private equity funds controlled by Permira, GS
Capital Partners and SV Life Sciences.  It is a global supplier of
innovative specialty chemicals and nutritional ingredients.
Following the completed disposal of two non-core divisions,
oleochemicals and process chemicals, the company operates three
main divisions: care chemicals, nutrition and health and
functional products.  These three divisions generated LTM revenues
of EUR3,001 million and unadjusted LTM EBITDA of EUR325 million
(EUR353 million adjusted for restructuring and exceptional
charges) as per September 2008.  Cognis has 5,900 employees in its
continuing operations.


CONTINENTAL AG: Working on a Loan Restructure to Avert Default
--------------------------------------------------------------
Continental AG is optimistic it could obtain its bankers' approval
to restructure its loans to avert a possible default, The Wall
Street Journal reports citing people familiar with the matter.

According to the Journal's sources, the company could breach terms
of loans it took on in the EUR11 billion (US$14.33 billion)
acquisition of Siemens AG's VDO auto-electronics business last
year.

Continental's earnings, hit by a sharp decline in global auto
demand, could fall below a level stipulated in the loan agreement
as early as March, the Journal's sources said.

Headquartered in Hanover, Germany, Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
main divisions.  Chassis and Safety provides active and passive
driving safety, safety and chassis sensor systems, as well as
chassis components.  Powertrain offers gasoline and diesel
systems, actuators, motor drives and fuel supply, as well as
hybrid electric vehicles systems.  Interior manufactures
information management modules and wireless mobile devices.
Passenger and Light Truck Tires provides tires for passenger cars,
light trucks, motorcycles and bicycles.  Commercial Vehicle Tires
offers tires for trucks, as well as industrial and off-the-road
vehicles.  ContiTech specializes in the rubber and plastics
technology, offering functional parts, components and systems for
the automotive industry and other sectors.


EXISTENZGRUENDUNGSZENTRUM GMBH: Claims Registration Ends Jan. 9
---------------------------------------------------------------
Creditors of ExistenzGruendungsZentrum 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 10.00 a.m. on Jan. 22, 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 127
         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:

         Dr. Volker Viniol
         Danneckerstsr. 52
         70182 Stuttgart
         Germany
         Tel: 0711/23889-0
         Fax: 0711/2338889-30

The District Court opened bankruptcy proceedings against the
company on Dec. 3, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         ExistenzGruendungsZentrum GmbH
         Attn: Siegmund Lassak, Manager
         Thumbstr. 25
         88255 Baindt
         Germany


IRA VERWALTUNGS: Claims Registration Period Ends January 18
-----------------------------------------------------------
Creditors of IRA Verwaltungs GmbH have until Jan. 18, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Feb. 5, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen
         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:

         IRA Verwaltungs GmbH
         Attn: Hans-Wolfgang Witte, Manager
         Raiffeisenstrasse 7
         46244 Bottrop
         Germany


KLOECKNER & CO: S&P Affirms 'B+' Senior Unsecured Debt Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Germany-based steel distributor Kloeckner & Co. S.E. to
stable from positive, due to the sharp deterioration in steel
market conditions in recent months.  At the same time, S&P
affirmed the 'BB' long-term corporate credit and 'B+' senior
unsecured debt ratings.  The recovery rating on the EUR325 million
1.5% senior unsecured convertible bonds due 2012 issued by
Kloeckner & Co. Finance International S.A. is unchanged at '6',
indicating S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.

"The outlook revision reflects our expectation of materially
reduced profits and funds from operations in 2009.  Slowing demand
in metals-consuming sectors, such as construction in European and
North American markets, has caused a sharp weakening of steel
market conditions, evident in much lower selling prices," said
S&P's credit analyst Alex Herbert.

"The extent and duration of the downturn, and its impact on
Kloeckner, are uncertain.  Adjusted debt was reduced to about
EUR1.0 billion during the third quarter to Sept. 30, 2008.  S&P
expects further debt reduction, supported by inflows from working
capital, which demonstrates some counter-cyclicality of the
business.  Nevertheless, S&P is concerned that credit protection
ratios will weaken in 2009, and therefore S&P does not expect an
upgrade within the next year," said Mr Herbert.

S&P views positively Kloeckner's response to the sharply weaker
market conditions, by temporarily halting further acquisitions,
seeking reductions in working capital, and continuing with cost-
cutting efforts.  Lower financial limits of ratios of net debt to
EBITDA to 1.5x from 3.0x and net gearing to 75% from 150%, also
signal a more conservative financial policy.

The ratings on Kloeckner reflect S&P's expectations of weaker
credit ratios next year due to the steel market downturn; volatile
FFO and working capital; and the competitive and fragmented nature
of the metal-distribution industry.  These weaknesses are
partially mitigated by Kloeckner's position as Europe's leading
independent metal distributor, and its ability to pass through
steel price changes to customers relatively quickly.

S&P notes favorably the steps taken by the company to halt
acquisition spending for the time being, trim capital
expenditures, accelerate cost-cutting, and lower the leverage
limits for the business.  S&P expects this more conservative
business strategy and financial policy to be implemented.

Upside rating potential could develop over time, if the company
can demonstrate positive FOCF and remain within its adjusted
financial policies.  This is constrained by volatile FFO and
working capital, the cyclical steel sector, and until recently,
acquisition-led growth.  Downside pressure on the rating could
develop if free operating cash flow became consistently negative,
or if debt financed acquisitions continued.


PROMEX WARENVERTRIEBSGESELLSCHAFT: Claims Period Ends Jan. 12
-------------------------------------------------------------
Creditors of Promex Warenvertriebsgesellschaft mbH have until
Jan. 12, 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. 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         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:

         Promex Warenvertriebsgesellschaft mbH
         Max-Eyth-Strasse 7 b
         46149 Oberhausen
         Germany

         Attn: Christian Schlez, Manager
         Nierenhofer Strasse 100
         42551 Velbert
         Germany


PSM ALU-SYSTEME: Claims Registration Period Ends February 10
------------------------------------------------------------
Creditors of PSM Alu-Systeme GmbH have until Feb. 10, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         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:

         PSM Alu-Systeme GmbH
         Attn: Norbert Peitz, Manager
         Marienstrasse 47
         33332 Guetersloh
         Germany


TANEXX EXPRESS: Claims Registration Period Ends February 2
----------------------------------------------------------
Creditors of TANexx Express und Logistik GmbH have until Feb. 2,
2009, to register their claims with court-appointed insolvency
manager.

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

The meeting of creditors will be held at:

         The District Court of Ulm
         Hall 3
         Zeughausgasse 14
         89073 Ulm
         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. Klaus Tappmeier
         Schwoerhausgasse 4/1
         89073 Ulm
         Germany
         Tel: 0731-14082-0
         Fax: 0731-14082-22
         E-mail: info@tappmeier.de

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:

         TANexx Express und Logistik GmbH
         Maybachstr. 8
         89079 Ulm
         Germany

         Attn: Sabina Mujkic, Manager
         Brombeerweg 22
         89075 Ulm
         Germany


TMD FRICTION: Gets Potential Buyers' Attention
----------------------------------------------
TMD Friction Group has attracted the interest of potential buyers,
Reuters reports citing a spokesman for the company's insolvency
administrator.

According to the report, among the possible buyers are both
industry-related companies and financial investors.

The spokesman however said there are no negotiations yet, noting
TMD aims to keep the group intact in a possible sale, the report
relates.

As reported in the TCR-Europe on Dec. 11, 2008, due to the sharp
deterioration of conditions in the global automotive industry, TMD
has been forced to file its German operating and holding companies
for self administration insolvency.

Dr. Frank Kebekus from the law office of Kebekus & Zimmermann has
been appointed as the interim insolvency Administrator for the
German companies.

Derek Whitworth, CEO of TMD Friction, said that although the
operative business of TMD Friction is healthy, the rapid slowdown
in the automotive industry has led to a very high level of
pressure on our cash flow.  He added working capital requirements
have significantly increased following the withdrawal of credit
insurance from the entire automotive supply chain.

                       About TMD Friction

TMD Friction Group -- http://www.tmdfriction.com/-- manufactures
brake friction materials.  Its product portfolio comprises disk
brake pads and drum brake linings for passenger cars and
commercial vehicles together with brake pads for racing and
friction materials for industry.  TMD Friction also supplies the
global aftermarket with its Textar, Pagid, Mintex, Don, Cobreq,
and Cosid brands.  With manufacturing facilities in Germany and
other European countries, the USA, Brazil, Mexico, China, Japan
and Malaysia, TMD Friction generated a turnover of EUR690 million
last year and employed 4,500 people worldwide.


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


ALITALIA SPA: CAI Buys Smaller Rival Air One, Reuters Says
----------------------------------------------------------
Reuters reported that Alitalia SpA's smaller rival Air One SpA
agreed Thursday last week to sell its operations to Compagnia
Aerea Italiana s.r.l. ("CAI"), a consortium of Italian investors
created to save the national airline.

The purchase of Air One is part of CAI's rescue plan for Alitalia.
The transaction is expected to close by the end of the year.

Meanwhile, Reuters said the process of integrating Alitalia and
Air One to create "the new flagship carrier" will begin from Jan.
13.

According to Reuters, Air One President Carlo Toto will reinvest
EUR60 million in the new airline.

                          About Alitalia

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

As reported in the TCR-Europe on November 7, 2008, Alitalia S.p.A.
filed for Chapter 15 protection with the U.S. Bankruptcy Court in
the Southern District of New York.  Italy's national airline
experienced financial difficulties for a number of years caused,
in large measure, by a combination of competition from low-cost
air carriers, poor management and onerous union obligations,
according to papers filed with the court.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties have been and exacerbated by spiraling fuel prices.

On Aug. 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.


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


AKMARAL TRANS: Proof of Claim Deadline Slated for January 27
------------------------------------------------------------
LLP Akmaral Trans Service has declared liquidation.  Creditors
have until Jan. 27, 2009, to submit written proofs of claims to:

         LLP Akmaral Trans Service
         Shagabutdinov Str. 30-48
         Almaty
         Kazakhstan
         Tel: 8 (7272) 72-27-30


AKTAU INVEST: Creditors Must File Claims by January 27
------------------------------------------------------
LLP Aktau Invest Kz declares about its liquidation.  Creditors
have until Jan. 27, 2009, to submit written proofs of claims to:

         LLP Aktau Invest Kz
         Micro District 36, 16-115
         Aktau
         Mangistau
         Kazakhstan


ASTRON TRADING: Claims Filing Period Ends January 27
----------------------------------------------------
LLP Astron Trading Company has declared liquidation.  Creditors
have until Jan. 27, 2009, to submit written proofs of claims to:

         LLP Astron Trading Company
         Auezov Str. 114
         Almaty
         Kazakhstan


DAYANA-2 LLP: Creditors' Claims Due on January 23
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Dayana-2 insolvent on Nov. 14, 2008.

Creditors have until Jan. 23, 2009 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


DIESEL TRADE: Proof of Claim Deadline Slated for January 23
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Diesel Trade insolvent.

Creditors have until Jan. 23, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 105
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 57-83-69


KAZAKHSTAN ELECTRICITY: S&P Affirms 'BB+' Rating on Unsecured Debt
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' rating on the unsecured debt issued by Kazakhstan's state-
owned transmission grid operator Kazakhstan Electricity Grid
Operating Co. (KEGOC; BB+/Negative/--).

At the same time, a recovery rating of '4' has been assigned to
the unsecured EUR255 million bank loan from the European Bank for
Reconstruction and Development, indicating S&P's expectation of
average (30%-50%) recovery for the lending bank in the event of a
payment default.

In a default scenario, recovery prospects for the loan are likely
to be heavily determined by the ability and willingness of the
Kazakhstan government to negotiate with the EBRD.  The recovery
rating of '4' reflects S&P's expectation that the bank would
likely receive at least partial repayment, but reflects this key
uncertainty.  Actual recovery of the rated loan could be higher or
lower than the range indicated.

S&P assumes that the EBRD loan ranks pari passu with unsecured
loans guaranteed by the state.  However, the state guarantees
provide a secondary source of repayment which could lead to higher
recoveries on these debt facilities than on the rated loan.


KOM HOZ SERVICE: Creditors Must File Claims by January 23
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Kom Hoz Service insolvent on Nov. 7, 2008.

Creditors have until Jan. 23, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 39-35
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 41-32-87


METALL INVEST-2004: Claims Filing Period Ends January 27
--------------------------------------------------------
LLP Metall Invest-2004 has declared liquidation.  Creditors have
until Jan. 27, 2009, to submit written proofs of claims to:

         LLP Metall Invest-2004
         Gagarin Str. 26
         Auliekol
         Kostanai
         Kazakhstan


MIR KLIMATA: Creditors' Claims Due on January 23
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Mir Klimata insolvent on Nov. 5, 2008.

Creditors have until Jan. 23, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 26-24-41


PROM PODSHIPNIK: Claims Registration Ends January 23
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Avto Prom Podshipnik insolvent on Nov. 14, 2008.

Creditors have until Jan. 23, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 105
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 57-83-69


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


BALYKCHY TRANSPORT: Creditors Must File Claims by January 23
------------------------------------------------------------
LLC Balykchy Transport-Expeditional Enterprise - DMAP Kyrgyz in
Trans has declared insolvency.  Creditors have until Jan. 23,
2009, to submit proofs of claims to:

         DMAP Kyrgyz In Trans
         Isanov Str. 42
         Bishkek
         Kyrgystan


CENTER STORY LLC: Creditors Must File Claims by January 23
----------------------------------------------------------
LLC Construction Company Center Stroy has declared insolvency.
Creditors have until Jan. 23, 2009, to submit proofs of claims to:

         Sagymbai Str. 275-9
         Bishkek
         Kyrgystan


CHYNALUU LLC: Creditors Must File Claims by January 23
------------------------------------------------------
Joint Kyrgyz- Northen Ireland LLC Chynaluu has declared
insolvency.  Creditors have until Jan. 23, 2009, to submit proofs
of claim.

The company can be reached at: (+996 312) 31-58-70


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


EUROSAIL-NL 2007-1 BV: Fitch Junks Rating on Class ET Notes
-----------------------------------------------------------
Fitch Ratings has downgraded 16 and affirmed five tranches of the
two Eurosail NL and two EMF NL transactions.  The ratings are
removed from Rating Watch Negative.  Negative Outlooks have been
assigned to seven tranches, while a Distressed Recovery Rating of
'DR2' is assigned to the un-collateralized ET note of Eurosail-NL
2007-1 B.V.

The downgrades on these transactions reflect a combination of
factors - performance that is not in line with Fitch's initial
expectations, anticipated reserve fund draws as a result of
replacing counterparty obligations previously provided by Lehman
Brothers Holdings Inc. and, in the case of the EMF NL
transactions, the failure to replace the liquidity facility.

Following the downgrade of LBIH, on 26 September 2008, the agency
placed the four transactions on RWN.  Since then Fitch has been in
regular contact with the servicer of the transactions, ELQ
Hypotheken N.V., who has taken prudent action in seeking a
replacement for counterparties previously provided by LBIH.

According to the most recent information received by Fitch, ELQ
has entered the final stage of negotiations with a replacement
counterparty, who will replace LBIH as the fixed/floating swap
provider, EURIBOR swap provider and the bullet cap provider on all
four deals.  The agency has been advised that the replacement
agreements will mirror the existing agreements, with the exception
of the EURIBOR swap of the Eurosail NL 2007-1 B.V. transaction,
where the existing spread is likely to be increased from current
levels.  The two parties have also provided Fitch with the
breakdown of costs, based on which the agency expects to see
severe reserve fund draws on the next interest payment date in
January 2009.  Despite the costs involved, the rating impact of
replacing the counterparties is more limited than it would be had
the transactions remained unhedged.

Fitch has also been advised by ELQ that the liquidity facility on
the two EMF NL transactions will not be replaced by the next IPD.
Although the servicer continuously strives to find a suitable
replacement for LBIH, Fitch believes that in current market
conditions this will be difficult and has therefore downgraded the
senior tranches of the two transactions which are most exposed to
liquidity risk in senior rating scenarios.

In Fitch's previous public commentaries, the agency has emphasized
its concern about the general performance of the deals,
particularly the two Eurosail-NL transactions, which triggered the
initial downgrade of the two un-collateralized notes (ET of
Eurosail-NL 2007-1 B.V. and DT of Eurosail-NL 2007-2 B.V.) in
October 2008.  With losses (currently reported at 0.38% and 0.23%
of the original portfolios of Eurosail-NL 2007-1 B.V. and
Eurosail-NL 2007-2 B.V. respectively) causing excess spread levels
to decline, the speed at which the reserve funds will replenish to
their target amounts will be reduced.  Fitch believes rising
arrears and repossessions will put further pressure on the two
transactions, which is likely to cause the credit support of the
most junior tranches to decline.  As of 2008 loans in arrears by
more than three months stood at: 4.72% (Eurosail-NL 2007-1 B.V.)
and 3.5% (Eurosail-NL 2007-2 B.V.), while cumulative sold
repossessions were reported at 2.96% in Eurosail-NL 2007-1 B.V.
and 1.95% in Eurosail-NL 2007-2 B.V.

Losses to date in EMF-NL 2008-1 B.V. have been low at 0.01% of the
initial pool, but this is not unexpected due to the low seasoning
of six months) of the transaction.  Loans in arrears by more than
three months on this transaction as of the last IPD in October
2008 stood at 1.25% of the portfolio outstanding, which is lower
than those seen in the earlier two, Eurosail-NL transactions at
the same level of seasoning (3.67% for Eurosail-NL 2007-1 B.V. and
2.7% for Eurosail-NL 2007-2 B.V.).

As the transaction closed in May 2008, losses on the EMF-NL Prime
2008-A B.V. portfolio have had no time to occur.  At close the
weighted average seasoning of the pool was 5.7 months.  With loans
in arrears reported at 0.33% of the current portfolio outstanding
(compared to 0% as of close), Fitch expects to see first losses
being realized in the course of 2009, which is why the ratings on
the class B and C notes of this transaction have been affirmed.

The rating actions are:

Eurosail-NL 2007-1 B.V.:

  -- Class A (ISIN XS0307254259) affirmed at 'AAA'; removed from
     RWN, assigned Stable Outlook

  -- Class B (ISIN XS0307256114) downgraded to 'AA-' (AA minus)
     from 'AA'; removed from RWN; assigned Stable Outlook

  -- Class C (ISIN XS0307257435) downgraded to 'A-' (A minus) from
     'A'; removed from RWN; assigned Stable Outlook

  -- Class D (ISIN XS0307260496) downgraded to 'BB' from 'BBB-'
      (BBB minus); removed from RWN; assigned Negative Outlook

  -- Class E1 (ISIN XS0307265370) downgraded to 'B' from 'BB';
     removed from RWN; assigned Negative Outlook

  -- Class ET (ISIN XS0307265883) downgraded to 'CCC' from 'B';
     removed from RWN; assigned Distressed Recovery Rating 'DR2'

Eurosail-NL 2007-2 B.V.:

  -- Class A (ISIN XS0327216569) affirmed at 'AAA'; removed from
     RWN; assigned Stable Outlook

  -- Class M (ISIN XS0330526772) affirmed at 'AAA'; removed from
     RWN; assigned Stable Outlook

  -- Class B (ISIN XS0327217880) downgraded to 'A+' from 'AA-' (AA
     minus); removed from RWN; assigned Stable Outlook

  -- Class C (ISIN XS0327218425) downgraded to 'A-' (A minus) from
     'A'; removed from RWN; assigned Negative Outlook

  -- Class D1 (ISIN XS0327219159) downgraded to 'BBB-' (BBB minus)
     from 'BBB'; removed from RWN; assigned Negative Outlook

  -- Class DT (ISIN XS0327219746) downgraded to 'B+' from 'BB';
     removed from RWN; assigned Negative Outlook

EMF-NL 2008-1 B.V.:

  -- Class A1 (ISIN XS0352314719) downgraded to 'AA+' from 'AAA';
     removed from RWN; assigned Stable Outlook

  -- Class A2 (ISIN XS0352315526) downgraded to 'AA+' from 'AAA';
     removed from RWN; assigned Stable Outlook

  -- Class A3 (ISIN XS0359127387) downgraded to 'AA+' from 'AAA';
     removed from RWN; assigned Stable Outlook

EMF-NL Prime 2008-A B.V.:

  -- Class A1 (ISIN XS0362459215) downgraded to 'AA+' from 'AAA';
     removed from RWN; assigned Stable Outlook

  -- Class A2 (ISIN XS0362465535) downgraded to 'AA+' from 'AAA';
     removed from RWN; assigned Stable Outlook

  -- Class A3 (ISIN XS0362465881) downgraded to 'AA+' from 'AAA';
     removed from RWN; assigned Stable Outlook

  -- Class B (ISIN XS0362466186) affirmed at 'AA'; removed from
     RWN; assigned Stable Outlook

  -- Class C (ISIN XS0362466269) affirmed at 'A'; removed from
     RWN; assigned Negative Outlook

  -- Class D (ISIN XS0362466772) downgraded to 'BB+' from 'BBB-'
      (BBB minus); removed from RWN; assigned Negative Outlook


MAYFAIR CDO: Moody's Cuts Ratings on Three Note Classes to Ca
-------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
classes of notes issued by Mayfair CDO I B.V.

The transaction is a cash CDO referencing European and US
Investment Grade and sub-Investment Grade bonds.  The rating
actions are a response to credit deterioration in the underlying
portfolio (which includes Kaupthing Bank hf), which adds to high
cumulative losses experienced since the launch of the transaction.
The rating action on the class A Notes follows the downgrade of
Financial Security Assurance (UK) Ltd, which provided a guaranty
on the scheduled payments on these Notes.

In order to rate the Class A Notes, Moody's applied its new
methodology.  This document states that if a structured finance
security is wrapped by a financial guarantor, the Moody's rating
will be the higher of (i) the guarantor's financial strength
rating and (ii) the current underlying rating (i.e., absent
consideration of the guaranty) on the security, regardless of
whether the underlying rating is published or not.

The current Aggregate Collateral Balance is approximately
EUR130 million, while Class A Notes amount to around
EUR118 million.  Therefore, the coverage on Class B and C is
approximately EUR12 million, which corresponds to the amount of
Caa assets reported in the pool.

The rating actions are:

Mayfair CDO I B.V.:

(1) EUR262,000,000 Class A Floating Rate Senior Notes due 2013

  -- Current Rating: Aa3
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Date: 21 July 2008

(2) EUR11,000,000 Class B Senior Subordinated Notes due 2013

  -- Current Rating: Ca
  -- Prior Rating: Caa2
  -- Prior Rating Date: 18 February 2003

(3) EUR8,500,000 Class C Senior Subordinated Notes due 2013

  -- Current Rating: C
  -- Prior Rating: Ca
  -- Prior Rating Date: 18 February 2003

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Reports:

  -- Rating Cash Flow Transactions Backed by Corporate Debt 1995
     Update (April 1995)

  -- Binomial Expansion Method Applied to CBO/CLO Analysis (The)
     (December 1996)

  -- Modelling Recovery Rates in European CDOs (September 2002)

  -- CDO RatingFactors VOL. I No. 5 Haircuts for Excess Caa Assets
     and Deep Discount Obligations (June 2004)

  -- Moody's modifies approach to rating structured finance
     securities wrapped by financial guarantors (October 2008)


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


BANK OF MOSCOW: To Ask for US$1 Bln in Refinancing Loans from VEB
-----------------------------------------------------------------
Bank of Moscow plans to request for up to US$1 billion loans from
state lender Vnesheconombank (VEB) to refinance its foreign debt,
Reuters reported.

"The bank has to repay around US$1 billion next year and a big
part of the debt matures at the end of the year.  The precise
amount of a possible VEB request depends on market conditions," a
spokeswoman for the bank told Reuters.

She added the bank may ask for a subordinated loan for possible
redistribution as loans to clients, Reuters noted.

According to Reuters, its volume will depend on the results of the
RUR10 billion additional preferred share placement among existing
shareholders, which the bank is planning in the second or third
quarter of 2009.

Bank of Moscow's president Andrei Borodin meanwhile said the bank
had already begun the process of cutting staff levels by 10
percent, the Moscow Times recalled.

Headquartered in Moscow, Russian Federation, Bank of Moscow
reported total consolidated  assets of RUB528 billion (US$21.5
billion) and net income of RUB8.9 billion (US$362 million) at
year-end 2007 and was the country's fourth largest bank.  It is
largely controlled by the City of Moscow  through the direct
ownership (44%) and Moscow Insurance Company (15%) which is
ultimately majority controlled by the city and BOM.  The other
largest shareholders are the two most senior  managers who control
18% in the bank.

                         *     *     *

As reported in the TCR-Europe on Nov. 14, 2008, Fitch Ratings
affirmed the individual rating of Bank of Moscow at 'D'.


DALNEVOSTOCHNUY SHIP-BUILDING: Claims Must Be Filed by Jan. 5
-------------------------------------------------------------
Creditors of LLC Dalnevostochnuy Ship-Building Plant Ship-
Welding Engineering have until Jan. 5, 2009, to submit proofs of
claims to:

         A. Strelnikov
         Insolvency Manager
         Post User Box 21
         692502 Ussuriysk-2
         Russia

The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A513326/2008 21100B.

The Debtor can be reached at:

         LLC Dalnevostochnuy Ship-Building Plant
         Leninskaya Str.2
         690000 Nakhodka
         Russia


ERT LLC: Creditors Must File Claims by January 5
------------------------------------------------
Creditors of LLC ERT (Metal Structures Production, Construction)
have until Jan. 5, 2009, to submit proofs of claims to:

         I. Gabbasov
         Insolvency Manager
         Post User Box 149
         420034 Kazan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A6520117/2008-SG426.

The Debtor can be reached at:

         LLC ERT
         Soldatskaya Str. 8
         Kazan
         Tatarstan
         Russia


INDUSTRIAL CONSTRUCTION: Creditors Must File Claims by Feb. 5
-------------------------------------------------------------
Creditors of LLC Industrial Construction Company have until
Feb. 5, 2009, to submit proofs of claims to:

         A. Kasayev
         Insolvency Manager
         Vyazemskaya Str. 1/82
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A732428/200838.

The Debtor can be reached at:

         LLC Industrial Construction Company
         Irtyshskaya str. 25/14
         Khabarovsk
         Russia


INTER-DOS LLC: Creditors Must File Claims by February 5
-------------------------------------------------------
Creditors of LLC Inter-Dos (TIN 6623023159) (Forestry) have
until Feb. 5, 2009, to submit proofs of claims to:

         M. Menshikov
         Insolvency Manager
         Post User Box 1
         624000 Sverdloovskaya
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A6015285/2008-S11.

The Debtor can be reached at:

         LLC Inter-Dos
         Geologov Str. 29
         Nizhny Tagil
         622056 Sverdlovskaya
         Russia


KHABAROVSKIY HEATING: Court Names Insolvency Manager
----------------------------------------------------
The Arbitration Court of Khabarovsk appointed A. Varygin as
Insolvency Manager for OJSC Khabarovskiy Heating Equipment
Plant.  The case is docketed under Case No. A-7317766/2005
39/37.  He can be reached at:

         Suvorova Str. 73
         680015 Khabarovsk
         Russia

The Debtor can be reached at:

         OJSC Khabarovskiy Heating Equipment Plant
         Suvorova Str. 73
         680015 Khabarovsk
         Russia


LES-PROM OJSC: Creditor Must File Claims by January 5
-----------------------------------------------------
Creditors of OJSC Les-Prom (TIN 2801109652) (Forestry) have
until Jan. 5, 2009, to submit proofs of claims to:

         N. Surov
         Temporary Insolvency Manager
         Office 212
         Prospect Svyatitelya Innokentiya 13
         675000 Blagoveshchensk
         Russia

The Arbitration Court of Amurskaya will convene on Marl. 11, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A047575/086/275B.

The Debtor can be reached at:

         OJSC Les-Prom
         Zeyskaya Str. 285
         675000 Blagoveshchensk
         Russia


NEFTE-KOM LLC: Creditors Must File Claims by January 5
------------------------------------------------------
Creditors of LLC Nefte-Kom (Foam Concrete Production) have until
Jan. 5, 2009, to submit proofs of claims to:

         I. Sheregeda
         Temporary Insolvency Manager
         Post User Box 1554
         Moskovskaya Str. 109
         410000 Saratov
         Russia

The Arbitration Court of Smolenskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A62
5182/2008.

The Debtor can be reached at:

         LLC Nefte-Kom
         Lenina Str. 18
         Vyazma
         Smolenskaya
         Russia


MAGNITOGORSK IRON: Gets One-Year RUR4Bln Loan from VTB Bank
-----------------------------------------------------------
VTB Bank has provided a one-year RUR4 billion loan to Magnitogorsk
Iron & Steel Works (MMK).  The funds have been channeled into
replenishing MMK's working capital and making settlements with
suppliers.

VTB and MMK have enjoyed a long and successful history of
cooperation.  MMK has been VTB's customer since August 2001.  In
December 2002, VTB and MMK signed a Cooperation Agreement on
financing the company's current and investment activities.
Besides, the agreement implies VTB's involvement in servicing
other financial operations and providing consultancy services.

In developing partnership relations with metallurgy enterprises,
regarded by the Bank as a priority business line, VTB implements a
comprehensive customer-oriented approach at all stages of business
growth and diversification through offering a full range of
banking products and services.

                    About OJSC VTB Bank

Headquartered in St. Petersburg, Russia, OJSC VTB --
http://www.vtb.com/-- is a leading Russian universal banking
group offering a wide range of banking services and products
across Russia, certain CIS countries and selected countries in
Western Europe, Asia and Africa.


                  About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                         *     *     *

Magnitogorsk Iron and Steel Works continues to carry a Ba2
long-term corporate family and probability of default ratings from
Moody's with stable outlook.

MMK also carries a BB long-term issuer default and senior
unsecured debt ratings from Fitch with stable outlook.


NOVOLIPETSK STEEL: Agrees to Sell Stake in Tuapse Seaport
---------------------------------------------------------
OJSC Novolipetsk Steel has agreed to sell its 69.41 % share in
OJSC Tuapse Seaport (TMTP) to Universal Cargo Logistics Holding
B.V. (UCLH).  The transaction is subject to antitrust regulatory
approval and is expected to close in two months.

This divestiture is in line with NLMK's previously announced
internal restructuring program aimed at streamlining asset
structure.  TMTP was classified as a non-core asset by NLMK's
Board of Directors on February 27, 2006.

The transaction will value NLMK's stake at RUR7,105,155,057 (about
US$254 million ), or RUR1.17 per TMTP ordinary share.  In
accordance with the Russian Federal Law "On joint stock
companies", NLMK has employed Ernst & Young and Dresdner Kleinwort
to conduct an independent market valuation of TMTP shares.  The
NLMK Board has obtained a fairness opinion from Dresdner
Kleinwort.

The agreement with NLMK envisages that Universal Cargo Logistics
Holding B.V. will offer all NLMK shareholders the opportunity to
maintain their interest in Tuapse Seaport through UCLH.  This
proposal will enable NLMK shareholders to acquire TMPT shares at
RUR 1.17 per share on a pro rata basis in accordance with their
NLMK shareholding as of the date when Universal Cargo Logistics
Holding B.V. acquires NLMK's stake in TMTP.  Also, in accordance
with the Russian Federal Law "On joint stock companies", Universal
Cargo Logistics Holding B.V. will offer to buy shares from TMPT
minority shareholders at RUR1.17 per share.

NLMK and TMTP have signed a long-term agreement for metals
freight, which is guaranteed by Universal Cargo Logistics
Holding B.V.

Cash generated from the disposal of NLMK's TMTP stake will be used
to repay short-term debt and help fund the company's current
investment projects.

                   About Novolipetsk Steel

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC
(LSE: NLMK) -- http://www.nlmksteel.com/-- manufactures pig iron,
slabs, hot-rolled steel, and a variety of value-added steel
products, such as cold-rolled sheet, electrical steel and other
specialty flat products.  The group also operates in Denmark and
Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.


                        *     *    *

Novolipetsk Steel OJSC continues to carry Ba1 Corporate Family and
Probability-of-Default ratings from Moody's with stable outlook.

NLMK still carries a BB+ issuer credit rating from
Standard & Poor's rates with stable outlook.

The company also carries a BB+ long-term issuer default and
B short-term issuer default ratings from Fitch with stable
outlook.


PIK OJSC: Fitch Withdraws 'CCC' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has withdrawn Russian housebuilder OJSC PIK Group's
Long-term Issuer Default Rating of 'CCC' and Short-term IDR of
'C', with both ratings on Rating Watch Negative.  Fitch will no
longer provide ratings or analytical coverage on this issuer.

PIK's ratings reflect significant concerns about the company's
ability to meet its short-term debt maturities.  Despite recently
obtaining new financing from Vnesheconombank (VEB - 'BBB+'/Outlook
Negative), a state-owned Russian bank, PIK still faces sizeable
maturities over the short-term, including some in the very near-
term.  In Fitch's opinion, the company may not have sufficient
liquidity to meet these obligations.

PIK continues to be reliant on either the willingness of its banks
to roll-over upcoming maturities or the ability to access further
rescue-funding.  There remains a risk that PIK will be unable to
achieve either of these options, which in the worst case could
lead to a default.  The RWN status reflects this downside risk.


PLANT 89 FSUE: Creditors Must File Claims by January 5
------------------------------------------------------
Creditors of FSUE Central Automotive Equipment Maintenance Plant
89 have until Jan. 5, 2009, to submit proofs of claims to:

         T. Seregina
         Insolvency Manager
         Post User Box 43/32
         680013 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A7310917/200836.

The Debtor can be reached at:

         FSUE Central Automotive Equipment
         Maintenance Plant 89
         Oblachnuy pereulok 62
         Khabarovsk
         Russia


RENAISSANCE CAPITAL: S&P Cuts Counterparty Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
counterparty credit rating on Russia-based Renaissance Capital
Holdings Ltd. to 'B+' from 'BB-' and removed it from CreditWatch
where it had been placed with negative implications on Sept. 22,
2008.  At the same time, S&P affirmed the 'B' short-term
counterparty credit rating on the institution.  The outlook is
stable.

"The rating action reflects the deteriorated market environment in
which the bank operates, which is having a negative impact on
business volumes and leading to a more strained financial
performance and liquidity position," said S&P's credit analys
Elena Romanova.

RCHL is exposed to a prolonged financial markets downturn in
Russia that may decrease business opportunities and create
additional risks.  In September 2008, a 50% stake (minus one
share) ownership of RCHL was sold to ONEXIM Group (not rated), one
of the major Russian industrial and financial holdings with
activities in the metal and mining sectors.  S&P views this deal
as strongly supportive for RCHL's liquidity position, but S&P is
uncertain about the future role of ONEXIM group, as well as its
willingness and capacity to provide additional support in case of
need.  Therefore, the ratings on RCHL reflect the institution's
stand-alone credit quality and do not include any uplift for
extraordinary external support--either from owners or the
government.

"The stable outlook balances the negative pressure on RCHL's
business and financial profile produced by the deteriorated
financial and operating environment with the funding support
obtained from the new shareholder," said Ms. Romanova.  "It also
takes into account the ability of RCHL to quickly adapt to the new
environment and adjust its business model and cost base."


RESURS-STROY LLC: Bankruptcy Hearing Set February 17
----------------------------------------------------
The Arbitration Court of Volgogradskaya will convene on Feb. 17,
2009, to hear bankruptcy supervision procedure on LLC Resurs-
Stroy.  The case is docketed under Case No. A1215101/08-s55.

The Temporary Insolvency Manager is:

         D. Pishavka
         Karbysheva Str. 105/35
         Volzhskiy
         404132 Volgogradskaya
         Russia

The Debtor can be reached at:

         LLC Resurs-Stroy
         Krasnopolyanskaya Str. 55
         400075 Volgograd
         Russia


SITRONICS JSC: Net Losses Down 5.4% in January-September
--------------------------------------------------------
Sitronics' U.S. GAAP net losses dropped 75.4% year-on-year in
January-September to US$46.1 million, RIA Novosti reports.

According to the report, the company's earnings rose 36.9%  to
US$1.39 billion against the same period in 2007.  However,
operating income before depreciation and amortization (OIBDA)
shrank to US$70.6 million from US$107.5 million, the report notes.

In the third quarter of this year, the company's losses fell 76%
year-on-year to US$25.9 million, earnings increased 22.7% to
US$461.8 million, while OIBDA fell to US$24.7 million from US$68.9
million in July-September 2007, the report discloses.

                       About JSC Sitronics

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

                          *     *     *

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


TROIKA DIALOG: S&P Downgrades Counterparty Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Troika Dialog Group Ltd. to
'B+' from 'BB-' and its Russia national scale rating to 'ruA' from
'ruAA-'.  The outlook remains negative.

At the same time, S&P's affirmed its 'B' short-term counterparty
credit rating on the institution, the holding company of Russia's
Troika Dialog group.

"The rating action reflects Troika's deteriorated operating
environment, which is leading to a decline in the group's business
volumes and funding position, and as a result, in profitability,"
said S&P's credit analyst Ekaterina Trofimova.

The ratings are based on the creditworthiness of the Troika Dialog
group companies, which form one of Russia's leading brokerage,
asset management, and investment banking groups.  The ratings on
Troika reflect the group's stand-alone credit quality, and do not
include any uplift for extraordinary external support -- either
from owners or the government.

"The negative outlook reflects Troika's vulnerabilities to current
market conditions.  A longer or deeper financial crisis could
further weaken Troika's franchise or financial profile, further
pressuring the ratings," said Ms. Trofimova.

S&P could revise the outlook back to stable or raise the ratings
if market pressures ease significantly and if Troika regains
positive business momentum, restores profitability to a level
commensurate with its risk profile, substantially reduces
concentrations, and improves its funding profile.


VTB BANK: Acquires 51% Stake in AF Bank, Azerbaijan
---------------------------------------------------
VTB Bank has completed its acquisition of a 51% stake in OJSC AF
Bank, Azerbaijan.

In the near future, the subsidiary bank is planned to be renamed
JSC VTB Bank (Azerbaijan).

The decision to acquire the controlling interest in AF bank was
made under the strategy of VTB Group expansion in the CIS markets.
VTB access to the Azerbaijani banking market was deemed to promote
the bilateral trade and economic relations between Russia and
Azerbaijan.  VTB Bank (Azerbaijan) will support interstate
programs, and facilitate the implementation of large Russian-
Azerbaijani projects with the Russian capital participation.

                   About OJSC VTB Bank

Headquartered in St. Petersburg, Russia, OJSC VTB --
http://www.vtb.com/-- is a leading Russian universal banking
group offering a wide range of banking services and products
across Russia, certain CIS countries and selected countries in
Western Europe, Asia and Africa.

                        *     *     *

As reported in the TCR-Europe on Oct. 28, 2008, Moody's Investors
Service changed the outlook on the D- bank financial strength
rating of Bank VTB to stable from positive.  At the same time,
Moody's has affirmed VTB's A1/P-1 global local currency deposit
ratings, A2 senior unsecured debt rating and Baa1/P-2 foreign
currency deposit rating with existing outlooks.


VTB BANK: Provides One-Year RUR4 Billion Loan to MMK
----------------------------------------------------
VTB Bank has provided a one-year RUR4 billion loan to Magnitogorsk
Iron & Steel Works (MMK).  The funds have been channeled into
replenishing MMK's working capital and making settlements with
suppliers.

VTB and MMK have enjoyed a long and successful history of
cooperation.  MMK has been VTB's customer since August 2001.  In
December 2002, VTB and MMK signed a Cooperation Agreement on
financing the company's current and investment activities.
Besides, the agreement implies VTB's involvement in servicing
other financial operations and providing consultancy services.

In developing partnership relations with metallurgy enterprises,
regarded by the Bank as a priority business line, VTB implements a
comprehensive customer-oriented approach at all stages of business
growth and diversification through offering a full range of
banking products and services.

                   About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                  About OJSC VTB Bank

Headquartered in St. Petersburg, Russia, OJSC VTB --
http://www.vtb.com/-- is a leading Russian universal banking
group offering a wide range of banking services and products
across Russia, certain CIS countries and selected countries in
Western Europe, Asia and Africa.

                        *     *     *

As reported in the TCR-Europe on Oct. 28, 2008, Moody's Investors
Service changed the outlook on the D- bank financial strength
rating of Bank VTB to stable from positive.  At the same time,
Moody's has affirmed VTB's A1/P-1 global local currency deposit
ratings, A2 senior unsecured debt rating and Baa1/P-2 foreign
currency deposit rating with existing outlooks.


* TOMSK OBLAST: S&P Removes 'B+' Rating From CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had removed its
'B+' long-term issuer credit and 'ruA+' national scale ratings on
the Tomsk Oblast, located in western Siberia in the Russian
Federation (foreign currency BBB/Negative/A-3; local currency
BBB+/Negative/A-2; Russia national scale 'ruAAA') from CreditWatch
with negative implications, where they were placed on Sept. 29,
2008.  The outlook is negative, reflecting remaining uncertainties
regarding the oblast's future economic growth, liquidity position,
and expenditure pressures.

"The ratings reflect Tomsk Oblast's dependence on federal
government decisions, continued expenditure pressures on both the
operating and capital sides, and exposure to its two largest
taxpayers -- especially oil company Tomskneft VNK," said S&P's
credit analyst Boris Kopeykin.

The oblast's improving debt structure following refinancing of its
short-term bank loans with amortizing medium-term bonds, and
continued economic diversification, offset these constraints at
the current rating level.

As of Dec. 9, 2008, the oblast had Russian ruble
(RUR)1.059 billion in free cash, while its direct debt, due by the
end of the year, is less than RUR300 million.  It also had more
than RUR380 million of earmarked cash.  The oblast had no overdue
payables and had only minimal current payables as of Dec. 1, 2008.

The negative outlook reflects uncertainties related to Tomsk
Oblast's future economic growth, given its heavy reliance on two
large taxpayers, and consequent budget revenue dynamics.  It also
reflects the remaining uncertainties regarding the oblast's
ability to replace its remaining short-term debt obligations with
medium-term debt in the first quarter of 2009, as well as
expectations of increasing expenditure pressures, including a
rising interest burden.

"Should the oblast demonstrate negative operating balances due to
weaker revenues or increasing expenditure pressures in 2009, fail
to arrange necessary refinancing in 2009, or maintain a risky
debt-service schedule with a high proportion of short maturities
for 2009-2010, the ratings could come under pressure," said Mr.
Kopeykin.

Continued economic growth in 2009-2010 and, consequently, largely
positive operating surpluses, combined with a further improvement
in debt structure, with debt service decreasing below expectations
in 2010-2011, could lead us to revise the outlook to stable.


* RUSSIA: VEB Approves U$2 Billion Loans to Oil Firms and VTB
-------------------------------------------------------------
Vneshekonombank approved Wednesday last week a total of US$2
billion in loans to domestic oil companies and VTB, the Moscow
Times reported.  It has so far approved US$11.8 billion to help
refinance foreign loans.

VEB however would not specify which oil producers would benefit
from the US$2 billion credit nor how much they would get from the
total, the report noted.

VEB's board, the report recalled, also agreed to extend loans of
RUR17.1 billion (US$614 million) to lenders, including Alfa Bank,
Nomos Bank and the Bank of Khanty-Mansiisk.  It has received
requests for subordinated loans totaling RUR90 billion from 30
Russian banks, the report added.

According to the report, Alfa will get a RUR10. 2 billion,
Nomos will receive RUR4.9 billion and the Bank of Khanty-Mansiisk
RUR2 billion.


* RUSSIA: GDP Could Decline 1-4% Next Year, MDM-Bank Chair Says
---------------------------------------------------------------
Oleg Vyugin, the chairman of the MDM-Bank of board of directors,
warned Russia's GDP could decline by 1-4% in the worst-case
scenario next year, RIA Novosti reported.

"The bottom line presumption is that 2009 will see the deepest
economic crisis in developed countries and the world economy as a
whole.  This means that all developments prior to this can be
regarded as preparation for the crisis," Mr. Vyugin was quoted by
the report as saying.

Mr. Vyugin however expects the country's GDP to grow by 1-2%
next year in the best case scenario, the report noted.

Russia's Economic Development Ministry, the World Bank and the IMF
forecast a 3-3.5% growth in the country's GDP in 2009, the report
recalled.

Russian Prime Minister Vladimir Putin on the other hand predicted
GDP growth of 6.8-6.9%, industrial production growth of 4.8%, and
13% inflation for 2008, against a target of 11.8%, the report
disclosed.


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


GENERAL MOTORS: Hires Lawyers & Bankers to Mull Chapter 11 Filing
-----------------------------------------------------------------
Jeffrey McCracken, John D. Stoll, and Greg Hitt at The Wall Street
Journal report that people familiar with the matter said General
Motors Corp. has hired lawyers and bankers to mull over a possible
Chapter 11 filing by the company.

According to WSJ, GM has retained Harvey Miller of Weil Gotshal &
Manges LP as bankruptcy counsel.  GM, says the report, has also
hired:

    -- restructuring veteran Jay Alix,
    -- Evercore Partners' William Repko, and
    -- Blackstone Group's Arthur Newman.

WSJ relates that the hiring of bankruptcy experts indicates GM's
increasing desperation as it waits for government financial
assistance, which is being considered in the Congress.  WSJ states
that while Senate Majority Leader Harry Reid hopes to push a bill
through this week, Sen. John Thune says that there is a lot of
resistance on the bailout.

Citing a source, WSJ reports that GM CEO Rick Wagoner has been
hesitant to consider the company's possible bankruptcy on fears
that it would discourage potential car buyers.  A bankruptcy
filing, according to the report, would also be very expensive and
difficult due to tight credit markets.  Mr. Wagoner is still
against filing for Chapter 11, the report states.

The board is keeping all options open, says WSJ, citing GM
director Kent Kresa.  GM's board is putting Mr. Wagoner to
deepening scrutiny, meeting three times a week and receiving
constant updates on the financial situation, the report states.
Mr. Kresa, according to the report, said that the GM management
was constantly caught off guard by auto sale drops.  Executives
kept changing sales projections, but the managers never fully
understood how bad the situation could get, the report syas,
citing Mr. Kresa.

WSJ states that GM now operates near its minimum-required funding
options, and GM executives are worried that suppliers could
tighten credit terms and the government could swiftly take back
its loans.  "This is an urgent situation and we need to deal with
it," the report quoted Mr. Kresa as saying.

GM will be meeting with its dealers this week to discuss a new
advertising campaign to increase sales, WSJ report.  According to
WSJ, GM will also discuss the possible closure of its Saturn
division or put it into bankruptcy protection, as it is a separate
entity.

Peter A. McKay at WSJ relates that GM led in stock declines on
Thursday, sliding 10.4%.

        Ellen Kullman Leaves Board for DuPont CEO Post

DuPont President Ellen J. Kullman has resigned from GM's Board of
Directors, effective Dec. 11, 2008, to focus on her new
responsibilities at DuPont.  Ms. Kullman will become chief
executive officer of DuPont on Jan. 1, 2009.

"I have been proud to serve on GM's Board for four years," Ms.
Kullman said.  "GM has made important advancements across a number
of fronts and I wish the GM team continued success as they work to
overcome the current challenges."

"I understand and respect Ellen's need to focus on DuPont right
now," noted George M.C. Fisher, presiding director of GM's Board.
"She's been a great Board member for GM, and we'll miss her."

Ms. Kullman served on GM's Audit Committee and Investment Funds
Committee.  There are no immediate plans to replace her on those
committees.

                     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.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

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: Ind. Fiduciary Extends Share Trading Blackout
-------------------------------------------------------------
General Motors Corp. disclosed in a regulatory filing with the
Securities and Exchange Commission that State Street Bank and
Trust Company, which serves as the independent fiduciary of the GM
Common Stock Fund in the Plans, has extended until further notice
the temporary suspension on purchases of the GM Common Stock Fund
that began on September 30.

General Motors disclosed on Sept. 30, 2008, that it had suspended
purchases of its common stock, par value US$1-2/3 per share, by
employees in GM's Savings-Stock Purchase Plan and the Personal
Savings Plan.  All purchases of Common Stock under the Plans were
suspended because the Plans had issued all of their registered
shares of Common Stock.  This suspension was the result of recent
unexpectedly high demand among the Plans' participants due to
increased employee interest and a lower market price for the
Common Stock.  The demand significantly exceeded the usual volume
and exhausted the supply of registered stock more quickly than the
administrators of the Plans foresaw.  This trading blackout began
on Sept. 30, 2008, and was expected to end the week of Nov. 9,
2008, when GM planned to file a registration statement with the
SEC registering additional shares for the Plans.

State Street determined that, due to GM's earnings announcement
and related information about GM's business, it was not
ppropriate to allow additional investments by participants into
the GM Common Stock Fund.  As independent fiduciary, State Street
is specifically authorized pursuant to its agreements with GM and
the Plan documents to impose restrictions on purchases or
exchanges into and out of the GM Common Stock Fund at any time.

GM has not registered additional shares of GM Common Stock for the
Plans with the SEC.  Plan participants, other than directors and
officers, are not prevented from selling Common Stock through the
Plans, or buying or selling Common Stock outside the Plans, during
the blackout period.  Based on the provisions of the Plans, these
participants may also at any time exchange shares in the Common
Stock Fund for other investment options or change their
contribution election.  The contributions of participants directed
to the GM Common Stock Fund, will be invested in the default fund
for the Plan in which they participate, unless they provide new
instructions.  This means that, until the temporary suspension for
Common Stock purchases is removed, that contributions to the S-SPP
will be invested in the Pyramis Strategic Balanced Commingled Pool
investment option and that contributions to the PSP will be
invested in the Pyramis Active Lifecycle Commingled Pool
Investment option closest to the year that the participant will
attain the age of 65.

On Nov. 21, 2008, GM sent a notice to its directors and executive
officers informing them of the trading restrictions in the Common
Stock Fund imposed by State Street and that the blackout period
instituted on Sept. 30, 2008, would continue.  During the blackout
period, GM's directors and executive officers will be prohibited
from directly acquiring, disposing of or transferring any equity
securities of GM acquired by them in connection with their service
and employment with GM in such capacities.  The notice was sent to
ensure compliance with Section 306(a) of the Sarbanes-Oxley Act of
2002.  In accordance with the unforeseeable circumstance exemption
under Section 306(a) GM determined that it was unable to give
advance notice of the blackout period to the directors and
executive officers.

A full-text copy of the notice is available for free at
http://ResearchArchives.com/t/s?360e

                      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: Suppliers Seek Advance Payments
-----------------------------------------------
Some auto-parts suppliers have asked General Motors Corp. for
advance payments, after the company warned that it would run out
if it fails to secure loans from the government, Jeff Green at
Bloomberg News reports, citing people familiar with the matter.

According to Bloomberg, the sources said that GM has rejected the
requests.  The report says that GM pays its 3,600 suppliers about
45 days after getting an invoice.  Advance payment requests
started in the last several weeks but have not disrupted vehicle
production, the report states, citing a person familiar with the
matter.   GM Purchasing Vice President Bo Andersson denied to the
trade publication Automotive News on Nov. 25 that suppliers were
seeking payment in advance or shorter turnarounds on invoices.

GM spokesperson Dan Flores, Bloomberg relates, said, "Despite the
current economic challenges, GM remains committed to maintaining a
strong, open relationship with our suppliers.  GM remains focused
on maintaining payment terms and being a prompt payer."

   Car Czar Appointment May Spur Holders' Demand for Payouts

Banc of America Securities analyst Glen Taksler said that the
appointment of a "car czar" to supervise the government bailout
program has raised the possibility of a bankruptcy event for
credit-default swaps.  A car czar might trigger "what's known as
an event in the vast market for credit-default swaps," which would
cause holders of GM and Ford Motor Co. credit protection to demand
payouts, WSJ says, citing Banc of America.

Mr. Taksler said that The International Swaps and Derivatives
Association, a standard-setter for credit-derivatives trading,
identified the appointment of an administrator, trustee, or
similar official to oversee all or most of an entity's assets as a
trigger event for a bankruptcy filing, WSJ relates.  WSJ quoted
Mr. Taksler as saying, "The result may depend on the exact wording
of a potential bailout package.  We find arguments both for and
against an autos czar triggering CDS. ... The actual process is
likely to be determined through ISDA."

According to WSJ, the Depository Trust & Clearing Corp. said that
institutions like banks and insurance firms hold US$43.15 billion
in
credit protection on GM debt.  WSJ relates that excluding
contracts sold by the same institutions holding GM DCS, there is
about US$3.3 billion in GM CDS outstanding, while the DTCC said
that
for Ford Motor debt, there is about US$34 billion in gross CDS and
about US$2.8 billion in net swaps outstanding.  Chrysler LLC,
according to the report, is a private company and doesn't trade in
the CDS market.

Corey Boles, Patrick Yoest, and Josh Mitchell posted on The Wall
Street Journal blog that the government financial bailout bill
being considered in the House of Representatives would require
Chrysler's parent, Cerberus Capital Management, to put up equity
warrants for Chrysler to get an emergency loan, because Chrysler
is a private company.

                     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.


GLUTZ PLANUNGEN: Creditors Must File Proofs of Claim by Dec. 25
---------------------------------------------------------------
Creditors owed money by LLC Glutz Planungen are requested to file
their proofs of claim by Dec. 25, 2008, to:

         Hofstattstrasse 21
         4565 Recherswil
         Switzerland

The company is currently undergoing liquidation in Recherswil.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 5, 2008.


GOLDEN ARROW: Deadline to File Proofs of Claim Set Dec. 25
----------------------------------------------------------
Creditors owed money by LLC Golden Arrow are requested to file
their proofs of claim by Dec. 25, 2008, to:

         Christian Schweizer
         Liquidator
         Geissbuhlstrasse 12b
         5600 Ammerswil
         Switzerland

The company is currently undergoing liquidation in Ammerswil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 24, 2008.


H. RECK JSC: Creditors Have Until Dec. 25 to File Claims
--------------------------------------------------------
Creditors owed money by JSC H. Reck are requested to file their
proofs of claim by Dec. 25, 2008, to:

         Hans Reck-Hertach
         Neue Jonastrasse 110
         8640 Rapperswil
         Switzerland

The company is currently undergoing liquidation in Glarus.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 3, 2008.


ORKASOFT LLC: Proofs of Claim Filing Deadline is Dec. 25
--------------------------------------------------------
Creditors owed money by LLC OrkaSoft are requested to file their
proofs of claim by Dec. 25, 2008, to:

         Loogartenstrasse 24b
         9463 Oberriet
         Switzerland

The company is currently undergoing liquidation in Oberriet SG.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 19, 2007.


PRIME PACKAGING: Creditors' Proofs of Claim Due by Dec. 25
----------------------------------------------------------
Creditors owed money by JSC Prime Packaging Investment are
requested to file their proofs of claim by Dec. 24, 2008, to:

         Hr. Riccardo Biaggi
         Vicolo Nassetta 2
         6901 Lugano
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 6, 2008.


SCIENTIFIC COMPUTERS: Dec. 25 Set as Deadline to File Claims
------------------------------------------------------------
Creditors owed money by JSC Scientific Computers are requested to
file their proofs of claim by Dec. 24, 2008, to:

         JSC T&R
         Andre Brugger
         Sageweg 11
         3073 Gumligen
         Switzerland

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


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


ALTERNATIVE COMPANY: Creditors Must File Claims by December 24
--------------------------------------------------------------
Creditors of LLC Alternative Company (EDRPOU 33177700) have until
Dec. 24, 2008, to submit proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Arbitration Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 9, 2008.
The case is docketed as 21/82b.

The Debtor can be reached at:

         LLC Alternative Company
         Apt. 1
         Razyezdny Lane, 32
         Svatovoye
         92600 Lugansk
         Ukraine


AMIK LLC: Creditors Must File Claims by December 24
---------------------------------------------------
Creditors of LLC Amik (EDRPOU 32582963) have until Dec. 24, 2008,
to submit proofs of claim to:

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

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 2, 2008.
The case is docketed as 45/203b.

The Debtor can be reached at:

         LLC Amik
         Kuybishev Str. 42
         Donetsk
         Ukraine


ERA-TRADING LLC: Creditors Must File Claims by December 24
----------------------------------------------------------
Creditors of LLC Era-Trading (EDRPOU 35495567) have until Dec. 24,
2008, to submit proofs of claim to:

         Mrs. Svetlana Yavtushenko
         Temporary Insolvency Manager:
         Apt. 6
         Komsomolskaya Str. 33
         49000 Dnipropetrovsk
         Ukraine

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Nov. 14, 2008.  The case is docketed as B 29/246-08.

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

The Debtor can be reached at:

         LLC Era-Trading
         Bazovaya Str. 4
         49000 Dnipropetrovsk
         Ukraine


INTER LLC: Creditors Must File Claims by December 24
----------------------------------------------------
Creditors of declared LLC Inter (EDRPOU 30937963) have until
Dec. 24, 2008, to submit proofs of claim to:

         Mr. Anatoly Okriak
         Liquidator/Insolvency Manager
         Lipovaya Str. 17/7
         46002 Ternopol
         Ukraine
         Tel: 8(0352)25-71-20

The Arbitration Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 11, 2008.
The case is docketed as 10/B-992.

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

The Debtor can be reached at:

         LLC Inter
         B. Hmelnitsky Str. 122
         Vishnevets
         Zbaragsky
         Ternopol
         Ukraine


KUPIANSK FOUNDRY: Creditors Must File Claims by December 24
-----------------------------------------------------------
Creditors of LLC Kupiansk Foundry Company (EDRPOU 34079293) have
until Dec. 24, 2008, to submit proofs of claim to:

         Mrs. I. Kuznetsova
         Liquidator
         Apt. 110
         L. Svoboda Avenue, 39
         Kharkov
         Ukraine

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 1, 2008.
The case is docketed as B-39/119-08.

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


LIT-TRANS LLC: Creditors Must File Claims by December 24
--------------------------------------------------------
Creditors of LLC Lit-Trans (EDRPOU 34938316) have until Dec. 24,
2008, to submit proofs of claim to:

         LLC Optimal-Trade
         Liquidator:
         P.O.B. 101-V
         01001 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 23, 2008.
The case is docketed as 24/411-b.

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

The Debtor can be reached at:

         LLC Lit-Trans
         Kikvidze Str. 11
         01103 Kiev
         Ukraine


LOMRESOURCE LLC: Creditors Must File Claims by December 24
----------------------------------------------------------
Creditors of LLC Lomresource (EDRPOU 24743728) have until Dec. 24,
2008, to submit proofs of claim to:

         Mr. I. Gusar
         Liquidator
         P.O.B. 29
         01030 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 6, 2008.
The case is docketed as 44/50-b.

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

The Debtor can be reached at:

         LLC Lomresource
         Demiyevskaya Str. 45-B
         03040 Kiev
         Ukraine


REGIONAL BUILDING: Creditors Must File Claims by December 24
------------------------------------------------------------
Creditors of declared LLC Regional Building Company (EDRPOU
32344662) have until Dec. 24, 2008, to submit proofs of claim to:

         Mr. Igor Mikhno
         Liquidator
         Uman Str. 35
         Kiev
         Ukraine
         Tel: 243-32-58

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 13, 2008.
The case is docketed as 44/403-b.

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

The Debtor can be reached at:

         LLC Regional Building Company
         Glybochetskaya Str. 33/37
         04080 Kiev
         Ukraine


RIMO LLC: Creditors Must File Claims by December 24
---------------------------------------------------
Creditors of LLC FIRM RIMO (EDRPOU 13771101) have until Dec. 24,
2008, to submit proofs of claim to:

         Mr. Igor Stifutin
         Temporary Insolvency Manager
         P.O.B. 5/8
         25006 Kirovograd
         Ukraine
         Tel: 8(0522)32-27-18

The Arbitration Court of Kirovograd commenced bankruptcy
proceedings against the company after finding it insolvent on Oct.
17, 2008.  The case is docketed as 11/135.

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         LLC Firm Rimo
         Apt. 4
         Oktiabrskoy revolutsii Str. 26
         25002 Kirovograd
         Ukraine


VENDICHANY AGRICULTURAL: Creditors Must File Claims by Dec. 24
--------------------------------------------------------------
Creditors of Vendichany Agricultural LLC (EDRPOU 25494569) have
until Dec. 24, 2008, to submit proofs of claim to:

         Mr. Michael Mischishyn
         Liquidator
         Apt. 427
         Kozitsky Str. 36
         21001 Vinnica
         Ukraine
         Tel: 8(0432)35-30-58

The Arbitration Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 7, 2008.
The case is docketed as 5/213-08.

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         Vendichany Agricultural LLC
         Vendichany
         Mogilev-Podolsky
         24032 Vinnica
         Ukraine


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


ATHENA SOLID: Names Joint Liquidators from Tenon Recovery
---------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Athena Solid Surfaces Ltd. on
Dec. 5, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon House at:

         Ferryboat Lane Sunderland
         Tyne & Wear
         SR5 3JN
         England


AURORA DESIGN: Names Joint Liquidators from Tenon Recovery
----------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Aurora Design & Consultancy Ltd. on
Nov. 19, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

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


COLOUR WORKS: Placed Into Voluntary Liquidation
-----------------------------------------------
Helen Morris at printweek.com reports that Colour Works has been
placed into voluntary liquidation.

The company, the report recounts, ceased trading Monday last week
and made its 17 staff redundant after the print market become
increasingly competitive.

The liquidation is being handled by MB Insolvency owner Mark
Bowen, the report discloses.

Mr. Bowen, as cited by the report, said "We've had people
interested in the company for its goodwill and customer
relationships.  However, whether they will make a bid to acquire
the goodwill I don't yet know."

A creditors meeting has been scheduled for December 18, the report
notes.

Based in Totnes, Devon Colour Works provided design, print, and
finishing services.  The company's managing directors are Paul and
Jo Hall.


ECO-BAT TECHNOLOGIES: S&P Affirms Corp. Credit Rating at 'B+'
-------------------------------------------------------------
Standard and Poor's Ratings Services said that it revised its
outlook on U.K.-based lead producer Eco-Bat Technologies Ltd. to
stable from positive.  At the same time, the long-term corporate
credit rating on Eco-Bat was affirmed at 'B+'.  In addition, the
senior unsecured debt rating on the EUR235 million 10.125% bond
due 2013 issued by subsidiary Eco-Bat Finance PLC and guaranteed
by Eco-Bat was affirmed at 'B+'.  The recovery rating on the notes
is unchanged at '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.

"The outlook revision reflects our expectation of much weaker
earnings at Eco-Bat in 2009 owing to the recent sharp reduction in
lead prices," said S&P's credit analyst Paulina Grabowiec.  "This,
coupled with accumulating debt due to 11% per year interest
accrual on the EUR600 million payment-in-kind note issued by the
intermediate parent company Eco-Bat Holdings Inc., reduces the
likelihood of a rating upgrade in the near term.  Also, further
potential shareholder-friendly actions remain a key constraint on
the rating."

On the positive side, S&P notes that although Eco-Bat's margins
are likely to weaken in the coming months, some protection should
be afforded by the fact that a significant proportion of the
company's sales are secured under tolling and contract
arrangements, with prices specified at a premium to London Metal
Exchange lead prices.  Furthermore, Eco-Bat's free cash flow
generation should benefit from working capital inflows arising
from sharply deteriorating lead prices, thereby demonstrating some
counter-cyclicality in the business.

The rating on Eco-Bat continues to reflect its high leverage
following a EUR600 million PIK loan issued in March 2007 by EB
Holdings; high reliance on lead production; exposure to movements
in LME lead prices, which are currently declining sharply;
dependence on a few large customers; volatile cash flow
generation; and potential environmental liabilities.  These
weaknesses are mitigated by the group's leading market position as
the world's largest producer of lead; significant proportion of
sales under contract or tolling arrangements; and adequate
liquidity.

Despite reduced profitability, S&P believes Eco-Bat will continue
to generate positive free operating cash flows in 2009, benefiting
from working capital inflows and moderate capital expenditures.
Nevertheless, an outlook revision to negative could be considered
if Eco-Bat's free operating cash flows were to turn negative on
sustained basis.  And a renewed aggressive financial policy could
also act as a negative trigger.


FITZGERALD LIGHTING: Appoints Joint Administrators from KPMG
------------------------------------------------------------
J. S. Pope and R. J. Hill of KPMG LLP were appointed joint
administrators of Fitzgerald Lighting Ltd. on Dec. 1, 2008.

The company can be reached at:

         Fitzgerald Lighting Ltd.
         Normandy Way
         Bodmin
         Cornwall
         PL31 1HH
         England


GLOBAL GENERAL: Files for Chapter 15 Bankruptcy in New York
-----------------------------------------------------------
Foreign representative Thomas Klaus Freudenstein filed voluntary
petitions for GLOBAL General and Reinsurance Company Limited, and
its wholly owned subsidiary GLOBALE Ruckversicherrungs-AG under
Chapter 15 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of New York.

Mr. Freudenstein said the company went into run-off since
October 2002, in which it ceased underwriting non-life insurances
business.  The company seeks to determine, settle and pay all
liquidated claim of its insureds, related Mr. Freudenstein.  A
run-off of an insurance company will take more than 20 years to
complete, he added.

The company has proposed a "cut-off scheme of arrangement under
English law to shorten the time period for the run-off and reduce
administrative costs, Mr. Freudenstein noted.

The company listed assets and debts of more than US$100 million in
its petition.

Mr. Freudenstein is asking the Court to set a hearing on the
petitions after Jan. 12, 2009.

Juliette Stevens is the company's English legal counsel.

According to BLoomberg News, Chapter 15 assists foreign companies
organize and protect U.S. assets during their reorganizations in
other countries.

                      About GLOBAL General

Headquartered in London, GLOBAL General and Reinsurance Company
Limited is an insurance and reinsurance company formed in
April 16, 1940.  Between 1940 and 2002, GLOBAL General wrote a
wide array of reinsurance business in England. The reinsurance
portfolio was underwritten in London, predominantly from the
early 1950's to the early 1980's. The portfolio was mostly
accepted through placements made by London market brokers.  The
portfolio consists of facultative and treaty reinsurance, both
proportional and non-proportional, covering various classes
including, but not limited to, marine, non-marine and aviation.


GLOBAL GENERAL: Voluntary Chapter 15 Case Summary
-------------------------------------------------
Chapter 15 Petitioner: Thomas Klaus Freudenstein

Chapter 15 Debtor: Global General and Reinsurance Company Limited

Chapter 15 Case No.: 08-14939

Debtor-affiliates filing separate Chapter 15 petitions:

       Entity                                     Case No.
       ------                                     --------
Globale Ruckversicherungs-AG                       08-14940

Type of Business: The Debtors are insurance and reinsurance
                 company.

Chapter 15 Petition Date: December 10, 2008

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Chapter 15 Petitioner's Counsel: Howard Seife, Esq.
                                hseife@chadbourne.com
                                Chadbourne & Parke LLP
                                30 Rockefeller Plaza
                                New York, NY 10112
                                Tel: (212)408-5361
                                Fax : (212) 541-5369

Estimated Assets: More than US$100 million

Estimated Debts: More than US$100 million


INEOS GROUP: Lenders Vote in Favor of Debt Covenant Waiver
----------------------------------------------------------
INEOS Group Holdings plc on Wednesday confirmed that the holders
of its senior debt have voted overwhelmingly in favor of the
Group's amended debt covenants waiver request.  Lenders have given
their support in the company showing confidence in the management
team and the underlying business.

Barclays Bank PLC, as agent for the lenders, has confirmed over
90% of the syndicate by amount voted and 100% of these voted in
favor.

John Reece, CFO INEOS said Wednesday: "We are pleased that senior
debt-holders have endorsed our pro-active steps to address the
exceptional trading conditions.  The result highlights the long-
term support that exists for the company and its management team.

While our focus now is on trading through the near-term market
conditions expected in Q1, we remain well positioned in the long-
term due to our portfolio of businesses all of which are capable
of trading through normal bottom-of-the-cycle conditions.

INEOS is now in the process of drawing up a new 5 year business
plan which it will present to stakeholders after the end of Q1
2009."

Lazard & Co., Limited is acting as financial advisor to INEOS.

              Ineos Improves Waiver Terms

On Dec. 5, 2008, the TCR-Europe reported that according to
Reuters, Ineos Group improved the terms on a key waiver to its
EUR7.62 billion (US$9.63 billion) leveraged loan to ease
investors' concerns that no covenants would apply in the next six
months during a period of heightened risk as
the company readies its new business plan.

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

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

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

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

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

Citing bankers close to the deal, Reuters disclosed Ineos' debt
service covenant has been left in place and will be tested on
March 2009.

                        About INEOS

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

                          *     *     *

As reported in the TCR-Europe on Nov. 20, 2008, Moody's Investors
Service downgraded the Corporate Family Rating
of Ineos Group Holdings plc to B3 from B1, the senior first lien
facilities were downgraded to B2 from Ba3, the second-lien
facilities were downgraded to Caa2 from B3 and the senior
guaranteed notes and legacy notes at Ineos Vinyls were downgraded
to Caa2 from B3.


As reported in the TCR-Europe on Nov. 20, 2008, Standard & Poor's
Ratings Services lowered its long-term corporate
credit ratings to 'B-' from 'B+' on United Kingdom-based Ineos,
which includes Ineos Group Holdings PLC, Ineos Holdings Ltd.,
Ineos Vinyls Finance PLC, and Ineos Vinyls Ltd.  S&P also lowered
the issue ratings:

  -- To 'B' from'BB-' on the senior secured facilities issued by
     Ineos Holdings Ltd. The recovery rating on these facilities
     remains at '2', indicating S&P's expectation of substantial
      (70%-90%) recovery for senior secured lenders in the event
     of a payment default.

  -- To 'CCC' from 'B-' on Ineos Holding Ltd.'s second-lien bank
     loan.  The '6' recovery rating on this loan remains
     unchanged, indicating S&P's expectation of negligible (0%-
     10%) recovery for second-lien secured lenders in the event
     of a payment default.

  -- To 'CCC' from 'B-' on subordinated notes issued by Ineos
     Group Holdings PLC. The recovery rating on these notes
     remains at '6', indicating S&P's expectation negligible
    (0%-10%) recovery for noteholders in the event of a payment
     default.

  -- To 'CCC' from 'B-' on senior unsecured notes issued by
     Ineos Vinyls Finance PLC.  The recovery rating remains at
     '6', indicating S&P's expectation negligible (0%-10%)
     recovery for noteholders in the event of a payment default.

At the same time, S&P placed all the ratings on CreditWatch with
negative implications.


INEOS GROUP: S&P Keeps LT Corp. Credit Rating at B-; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
long-term corporate credit ratings on U.K.-based chemical group
Ineos (which includes Ineos Group Holdings PLC, Ineos Holdings
Ltd., Ineos Vinyls Finance PLC, and Ineos Vinyls Ltd., all rated
the same).  The outlook is negative.

At the same time, S&P removed all ratings from CreditWatch, where
they were placed with negative implication on Nov. 18, 2008,
following Ineos' waiver request tied to its senior debt covenants.
The recovery ratings on the debt are unchanged.

The CreditWatch removal reflects the success of Ineos' covenant
waiver request for fourth-quarter 2008 and first-quarter 2009.

"However, this provides only short-term relief for the company and
Ineos will have to renegotiate with its lenders in 2009 to agree
on new financial covenants, as it is unlikely that the company
will manage to comply with its financial covenants from second-
quarter 2009," said S&P's credit analyst Lucas Sevenin.

The environment for Ineos will remain very challenging in 2009,
with weak economic growth, volatile raw material costs, and
overcapacities for several petrochemical products.  S&P also
expect refining margins to be weak.  These challenges and
uncertainty on long-term financing conditions are reflected in the
negative outlook, as further ratings deterioration is a clear
risk.  Standard & Poor's anticipates that Ineos' credit metrics
will weaken in the last quarter of 2008, in 2009, and in 2010.

"The negative outlook reflects our concerns given the various
operating and financial risks Ineos faces in 2009," said Mr.
Sevenin.

The rating will come under pressure if the group fails to
successfully renegotiate with lenders in April a new long-term
covenant framework; if negotiations lead to substantial increases
in interests costs; if after bleak demand in fourth-quarter 2008,
an improvement does not appear in first-quarter 2009; or if S&P
expects that cash burn is not going to be moderate in 2009, which
could happen notably if interest costs materially increase and
operating trends deteriorate.


LADBROKES PLC: Taps Peter Erskine as New Chairman
--------------------------------------------------
After eight years as Chairman Sir Ian Robinson has notified the
Ladbrokes plc board of his intention to step down following the
2009 AGM, due to be held on May 15, 2009.

Peter Erskine, former Chief Executive of O2 plc and board member
of Telefonica SA, will join the board as a Non-Executive Director
on January 1, 2009 and will take over as Chairman following the
AGM.

Under Sir Ian's Chairmanship Ladbrokes has achieved a significant
increase in gross win, which has risen from over GBP500 million in
2000 to GBP1.3 billion in 2007.  The company has also extended its
retail presence to Italy and Spain and has established itself as a
world-leading provider of online betting and gaming services.

Christopher Bell, CEO of Ladbrokes plc, commented: "On behalf of
the board I would like to thank Sir Ian for his valuable
contribution over the past eight years.  Peter Erskine's extensive
international marketing background and experience of building
brand-led businesses will be a big plus for the Company.  He was
responsible for the transformation of O2 plc -- the ex BT wireless
business -- into a leading provider of mobile services in Europe
and helped create considerable shareholder value.  We are very
pleased to welcome Peter Erskine to the board and as future
Chairman."

Peter Erskine commented: "Ladbrokes is a world leader in the
global betting and gaming market and has clear opportunities for
international growth, including through its market-leading
interactive channels.  I look forward to playing a role in the
further development of the business."

                          About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

                          *     *     *

As reported in the TCR-Europe on Oct. 7, 2008, Moody's Investors
Service placed the Ba2 corporate family rating and senior
unsecured debt ratings of Ladbrokes plc and Ladbrokes Group
Finance plc on review for possible downgrade.


MARCHPOLE GROUP: Names Joint Administrators from Grant Thornton
---------------------------------------------------------------
On Nov. 11, 2008, Martin Gilbert Ellis and Andrew Lawrence Hosking
of Grant Thornton UK LLP were appointed joint administrators of:

   -- Marchpole Group Ltd.,
   -- Marchpole Worldwide Ltd.,
   -- Greenmark Ltd.,
   -- Homebody Ltd.,
   -- Minegoal Ltd.,
   -- Tomasz Starzewski Menswear Ltd.,
   -- Artpower Ltd.,
   -- Marchpole (North America) Ltd.,
   -- Glolite Ltd., and
   -- Marchpole Trading Ltd.

The company can be reached at:

         19-20 Berners Street
         London
         W1T 3LW
         England


PETTIFER ESTATES: Goes Into Administration; 15 Jobs At Risk
-----------------------------------------------------------
Nick Whitte at cnplus.co.uk reports that Pettifer Estates, the
company behind plans for the GBP95 million Vertical Theme Park in
Birmingham, has gone into administration.

The administration is being handled by KPMG Restructuring,
the report relates.

KPMG, as cited by the report said there will be redundancies at
the company, which employs 15 people.

Based in Shipston-on-Stour, Warwickshire, Pettifer Estates
specializes in the development of retail warehousing, edge of town
schemes and the development of residential and mixed-use.
It has offices in London and Glasgow.


RIO TINTO: Guinea Gov't. Wants Northern Simandou Mine Relinquished
------------------------------------------------------------------
Bloomberg News reported that Rio Tinto Group has been ordered by
the government of Guinea to hand over half of the country's
Simandou deposit to a company controlled by Israeli diamond
investor Beny Steinmetz.

Rio Tinto Group confirmed in a statement it has received
correspondence from the Guinean Minister of Mines which appears to
indicate that the Council of Ministers has instructed the Ministry
of Mines and Geology to effect a compulsory relinquishment of the
northern half of the Simandou Mining Concession while confirming
Rio Tinto's entitlement to the southern half of that Concession.

According to Rio Tinto, it has been in active negotiation in good
faith with the Government of Guinea since August 2008 following
receipt of correspondence from the President of Guinea purporting
to rescind the Simandou Mining Concession.

Rio Tinto said it remains of the view that it has complied with
all its obligations in relation to the Concession such that it is
entitled to hold and retain the entire Concession, and will
continue working in good faith with the Government of Guinea to
seek to resolve this matter on that basis.

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2008, Rio Tinto plans to further reduce its net debt by US$10
billion by the end of 2009.  The Group's net debt has reduced by
US$3.2 billion in the period from June 30 to October 31, 2008 to
US$38.9 billion.

Bloomberg News related BHP Billiton abandoned its hostile US$66
billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt and
slumping demand for commodities.

BHP Billiton, in a November 27 statement, confirmed its offer for
Rio Tinto plc has lapsed and that, given the inter-conditionality
of its offers for Rio Tinto plc and Rio Tinto Limited, its offer
for Rio Tinto Limited has also lapsed.

Rio Tinto disclosed total capital expenditure for the Group in
2009 is forecast to reduce from over US$9 billion to US$4 billion,
of which US$2 billion will be sustaining capital expenditure.
There will be impacts on projects across the board and stakeholder
engagements are currently underway.  Some projects will be
canceled and others deferred until markets recover, the Group
said.

To further reduce costs, Rio Tinto will be cutting its global
headcount by 14,000, comprising 8,500 contractor jobs and 5,500
employee roles, will consolidate offices around the Group,
including its London head office and will accelerate
outsourcing and off-shoring of IT and procurement in 2009.

                          About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.


SMART PLUMBING: Appoints Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Smart Plumbing And Drainage Ltd. on Dec. 1,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


===============
X X X X X X X X
===============


* S&P Puts Low-B Ratings on Three Leveraged Super Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on 9
loss-based leveraged super senior secured credit-linked notes
issued by Chess II Ltd., Claris Ltd., Iris SPV PLC, STARTS
(Cayman) Limited, and STARTS (Ireland) PLC.  At the same time, S&P
removed from and placed on CreditWatch negative certain of these
notes.

The rating actions follow recent credit events and S&P's
downgrades of assets in the underlying reference portfolios.
These factors have, in S&P's opinion, increased the probability
that the portfolio loss triggers for the transactions will be
breached.  Accordingly, S&P has lowered the ratings to a level S&P
believes is consistent with the transactions' loss probability.

S&P ratings on loss-based transactions factor in the credit risk
associated with the reference portfolio.  Losses on the underlying
reference portfolio may lead to a breach of the loss trigger,
which may cause the transaction to unwind.  S&P assess the
likelihood of breaching the attachment point as well as the
probability of breaching a loss trigger when assigning a rating to
a loss-based transaction.

                           Ratings List

        Ratings Lowered and Placed on Creditwatch Negative

                          Iris SPV PLC
   EUR49.5 Million Leveraged Floating-Rate Credit-Linked Notes
                          Series 04/2006

                     Rating
                     ------
         To                        From
         --                        ----
         A-/Watch Neg              AAA

                      STARTS (Ireland) PLC
     EUR55 Million Leveraged Super Senior Credit-Linked Notes
                         Series 2007-11

                     Rating
                     ------
         To                        From
         --                        ----
         BB+/Watch Neg             BBB+

      Ratings Lowered and Removed from Creditwatch Negative

                           Chess II Ltd.
EUR10 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 35

                     Rating
                     ------
         To                        From
         --                        ----
         B+                        A+/Watch Neg

                          Chess II Ltd.
EUR15 Million Secured Leveraged Super Senior Credit-Linked Notes
                            Series 36

                     Rating
                     ------
         To                        From
         --                        ----
         B+                        A+/Watch Neg

                           Chess II Ltd.
EUR50 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 37

                     Rating
                     ------
         To                        From
         --                        ----
         BBB                       A/Watch Neg

                         Ratings Lowered

                           Claris Ltd.
     EUR47 Million Leveraged Floating-Rate Credit-Linked Notes
                         Series  57/2005

                     Rating
                     ------
         To                        From
         --                        ----
         AA                        AAA

                     STARTS (Cayman) Limited
         $600 Million Leveraged Super Senior Credit-Linked
                 Fixed-Rated Notes Series 2007-31

                     Rating
                     ------
         To                        From
         --                        ----
         A-                        AAA

                     STARTS (Cayman) Limited
        US$135 Million Leveraged Super Senior Credit-Linked
                 Fixed-Rate Notes Series 2007-36

                     Rating
                     ------
         To                        From
         --                        ----
         AA+                       AAA

                      STARTS (Ireland) PLC
         US$425 Million Leveraged Super Senior Credit-Linked
                         Fixed-Rate Notes
                           Series 2008-1

                     Rating
                     ------
         To                        From
         --                        ----
         BBB-                      AAA


* S&P: Credit Conditions Deteriorating for EU Leveraged Companies
-----------------------------------------------------------------
Credit conditions are deteriorating for leveraged companies in
Europe, according to an article published by Standard & Poor's
Ratings Services.  There has been a downward rating migration both
for S&P's publicly rated credits and its portfolio of credit
estimates during 2008.  The 'ccc' credits have grown to 5.2% of
S&P's private portfolio in mid-November from 1.6% at the end of
2007.  For S&P's publicly rated companies in Europe, Middle East,
and Africa, credits in 'CCC' categories now comprise 8.8% of S&P's
publicly rated speculative-grade industrial ratings in Europe,
compared with 3.3% at year-end 2007.

Downgrades have accelerated in both groups of credit estimates and
public ratings.  For example, for the private CEs, since June
2008, downgrades were 7.5% of the total, but upgrades were 2.2%.
In the previous six months, downgrades comprised 7% of the total,
and upgrades were about 5%.  For publicly rated credits in Europe,
since June 2008, downgrades comprised 16% and upgrades were 5%.
However, the previous six months included 7% each of upgrades and
downgrades.

"This shows two things: first, that private CEs and public ratings
share a similar rate of downgrades to upgrades; and second, that
for the months between June and November 2008, downgrades for both
groups occurred at a much higher rate than in the previous year,"
said S&P's research analyst Taron Wade.  "During those five
months, for both companies with private CEs and those with public
ratings, there were three times more downgrades than upgrades.
The previous year, the ratio of downgrades to upgrades was about
1.6 times higher for companies with credit estimates and about
equal for publicly rated companies."

At the end of last year and into the first half of 2008,
fundamental operating conditions for highly leveraged companies
remained relatively benign, which has been borne out in a low
private loan 12-month default rate (1.55%) to June 2008 in Europe.
This is reflected in S&P's study on performance of leveraged
buyouts, which has shown that on average, companies experienced
on-track performance relative to forecast for the end of 2007 and
into the first half of 2008.  Performance for the second half of
2008 is likely to be different.  When S&P updates its LBO
performance study to include third-quarter and year-end data early
next year, S&P expects to see a deterioration in performance
versus previous forecasts.

Apart from public and private downgrades, S&P has already seen
defaults accelerating in S&P's private portfolio of credits during
the second half of 2008, which will be reflected in S&P's 2008
year-end default rate.  S&P has also seen an increase in covenant
breaches.  For the 12 months to Oct. 30, 2008, S&P found there
were 38 covenant breaches, waiver requests, or related
restructurings, compared with 18 in the previous 12 months -- an
increase of over 100%.  In addition, the time from financing to
experiencing problems with covenant tests has decreased
dramatically in 2007 and 2008, compared with 2006.


* Credit Unions to Extend US$10 Billion in Loans to Detroit 3
-------------------------------------------------------------
Sharon Terlep at The Wall Street Journal reports that a group of
1,300 credit unions have pledged to extend about US$10 billion in
auto loans.

According to WSJ, the credit unions are aiming to win new
borrowers while providing General Motors Corp., Ford Motor Co.,
and Chrysler LLC financial assistance.

Tom Henderson at Crain's Detroit Business relates that GM and the
Michigan Credit Union League said on Dec. 10 that a consortium of
credit unions in Michigan, Ohio, Indiana, and Illinois have agreed
to provide up to US$10 billion to finance the sale of new GM
vehicles through June 2009, in exchange for supplier discounts
from GM to more than 12 million credit union members in the
Midwest.  According to a statement posted at
Lovemycreditunion.org, credit union members will be able to get an
additional US$250 bonus cash between Dec. 10, 2008 and Jan. 5,
2009, on their eligible new GM vehicle purchase.

The GM price discount program includes these brands: Buick,
Cadillac, Hummer, Saab, Chevrolet, GMC, Saturn, and Pontiac.  The
program runs from Dec. 8, 2008, through June 30, 2009.

WSJ relates that the credit union group said that it's working
with Ford Motor Co. and Chrysler LLC on a similar arrangement.


* BOND PRICING: For the Week Dec. 8 to Dec. 12, 2008
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

BELGIUM
-------
Barry Calle SVCS         6.000    07/13/17 EUR    73.68

CYPRUS
------
Abh Financial Lt          8.200    06/25/12 USD    59.97
Alfa MTN Invest           9.250    06/24/13 USD    58.04

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      13.07
                          6.380    04/07/14 EUR    70.08
Altran Technologies S.A.  3.750    01/01/09     EUR      12.87
Axa SA                    8.600    12/15/30 USD    64.03
Calyon                    6.000    06/18/47     EUR      54.14
Credit Agricole           3.750    10/20/20 EUR    72.28
                          4.050    12/22/20 EUR    74.47
Soc Air France            2.750    04/01/20     EUR      18.02
Wavecom S.A.              1.750    01/01/14     EUR      24.31

GERMANY
-------
Bayer AG                  5.000    07/29/2105 EUR    74.15

HUNGARY
-------
Agrokor                7.000     11/23/11 EUR    70.55

IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      74.56
                          5.630    11/29/30 GBP    69.08
Ardagh Glass              7.130    06/15/17 EUR    64.25
Banesto Finance Plc       6.120    11/07/37 EUR     6.12

LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13 USD    60.63
AK Bars Bank              8.250    06/28/10     USD      96.93
                          9.250    06/20/11 USD    96.60
Alrosa Finance            8.880    11/17/14 USD    57.82
Bank of Moscow            7.340    05/13/13 USD    61.98
                          7.500    11/25/15 USD    39.95
                          6.810    05/10/17 USD    36.30
Beverage Pack             8.000    12/15/16 EUR    54.21
                          9.500    06/15/17 EUR    38.21

NETHERLANDS
-----------
ABN Amro Bank N.V.        6.000    03/16/35 EUR    80.03
Aegon N.V.          6.130    12/15/31 GBP    72.57
Air Berlin Finance B.V.   1.500    04/11/27 EUR    20.08
Alfa Bk Ukraine    9.750    12/22/09 USD    60.92
ALB Finance B.V.          8.750    04/20/11 USD      47.54
                          7.880    02/01/12 EUR    36.39
ASM International N.V.    4.250    12/06/11 USD    63.79
                          4.250    12/06/11 USD    59.00
ASML Holding N.V.         5.750    06/13/17     EUR      59.51
Astana Finance            7.880    06/08/10     EUR      98.61
                          9.000    11/16/11 USD    95.19
ATF Capital BV            9.250    02/21/14     USD      57.78
BK Ned Gemeenten      0.500    06/27/18 CAD    67.57
Centercrdt Intl           8.000    02/02/11     USD      54.87
                          8.630    01/30/14 USD    38.41
                          8.630    01/30/14 USD    38.76
Hit Finance B.V.         4.880    10/27/21 EUR    74.34

RUSSIA
------
Sistema Capital           8.880    01/28/11 USD    67.15

SPAIN
-----
Auvisa                    4.790    12/15/27 EUR    65.09

UNITED KINGDOM
--------------
Alfa-Bank CJSC   12.000    08/11/11 USD    62.46
Amlin Plc               6.500    12/19/26 GBP    65.89
Anglian Water
  Finance Plc             2.400    04/20/35     GBP      46.43
Aspire Defence            4.670    03/31/40 GBP    61.56
                          4.670    03/31/40 GBP     1.24
Aviva Plc            5.250    10/02/23 EUR    75.32
                          6.880    05/22/38 EUR    63.87
                          6.880    05/20/58 GBP    78.68
Barclays Bank Plc        11.650    05/20/10     USD      60.50
                          5.600    02/22/21 USD    74.48
Beazley Group             7.250    10/17/26 GBP    65.35
BL Super Finance          4.480    10/04/25 GBP    75.03
British Airways Plc       8.750    08/23/16 GBP    81.08
British Land Co    5.010    09/24/35 GBP    74.38
Broadgate Finance Plc     4.850    04/05/31 GBP    81.84
                          5.100    04/05/33 GBP    65.01
CGNU Plc                  6.130    11/16/26 GBP    69.91

                            *********

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.


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