TCREUR_Public/081217.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

          Wednesday, December 17, 2008, Vol. 9, No. 250

                            Headlines

A U S T R I A

BM TRANSPORTE: Claims Registration Period Ends January 10
CVJETKOVIC KEG: Claims Registration Period Ends January 15
DEARI KG: Claims Registration Period Ends January 13
DELTATEC LLC: Claims Registration Period Ends January 15
ELISABETH ORNTER: Claims Registration Period Ends January 14


E S T O N I A

* ESTONIA: May Sell Bonds or Seek Financing for 2009 Investments


F R A N C E

ALCATEL LUCENT: S&P Corrects Ratings Release
ATHENEE CDO: Moody's Cuts Ratings on Series 2006-1 Notes to B2
FCI INTERNATIONAL: Moody's Holds B1 PDR & Changes Outlook to Neg.


G E R M A N Y

AVRASYA GMBH: Claims Registration Period Ends January 25
CONTINENTAL AG: Fitch Downgrades Issuer Default Rating to 'BB+'
CUTBACK GMBH: Claims Registration Period Ends January 21
EAB TEC: Claims Registration Period Ends January 11
HOTEL ROSENGARTEN: Claims Registration Period Ends January 7

KEY PLASTICS: Financial Woes Cue Chapter 11; Files Prepack Plan
KEY PLASTICS: Case Summary & 30 Largest Unsecured Creditors
PROVIDE VR 2002-1: S&P Junks Ratings on Class D and E Notes
TRIDENT GEBAUDEREINIGUNG: Claims Registration Ends Jan. 21


H U N G A R Y

CADENCE INNOVATION: Withdraws Motion to Auction 3 Plants


I C E L A N D

LANDSBANKI ISLANDS: Employee Charged Over Alleged Embezzlement
LANDSBANKI ISLANDS: Court Orders Liquidation of Luxembourg Unit


I R E L A N D

SHEFFIELD CDO: S&P Retains Neg. Watch on Class D's 'BB-' Rating


K A Z A K H S T A N

ASTYK-AVIA LLP: Proof of Claim Deadline Slated for February 4
ASIA MINERALS: Creditors Must File Claims by February 4
ATF BANK: S&P Keeps 'B' Short-Term Counterparty Credit Rating
ENERGO DETAIL: Claims Filing Period Ends February 3
KOKSHE-SHINA LLP: Creditors' Claims Due on February 4

KURYLYS CONSULTING: Claims Registration Ends February 4
PARMA-TRADING LLP: Proof of Claim Deadline Slated for Feb. 3


K Y R G Y Z S T A N

ISSYK-KUL SUT: Creditors Must File Claims by February 5


N E T H E R L A N D S

BEST SME 2008: Moody's Assigns Ba1 Rating to EUR105 Million Notes
BEST SME 2008: S&P Puts BB- Rating on EUR105 Million Class E Notes
CARMEUSE HOLDING: Moody's Cuts CFR to Ba3; Outlook Negative
CLONDALKIN INDUSTRIES: Moody's Affirms B1 CFR; Outlook Negative


R U S S I A

BAIKAL-LES-INVEST LLC: Bankruptcy Hearing Set February 2
BORUS-MET LLC: Creditor Must File Claims by January 5
ELEMENT LEASING: S&P Keeps C Short-Term Counterparty Credit Rating
EUROKOMMERZ HOLDING: Moody's Junks Long-Term Currency Ratings
FAR EAST: Fitch Affirms Long-Term Issuer Default Rating at 'B+'

GAZINVESTBANK: Moody's Downgrades Deposit Ratings to C
GAZPROM OJSC: Moody's Risk Profile Equal to Ba1; Outlook Stable
INDUSTRIAL CONSTRUCTION: Creditor Must File Claims by January 5
INSTROY-PROEKT DVI: Under External Bankruptcy Procedure
KAMAZ TRUCKMAKER: Seeks US$430 Million Lifeline from VEB

MARETEX LTD: S&P Withdraws Junk Ratings at Company's Request
NUTRINVESTHOLDING OJSC: S&P Cuts Corp. Credit Rating to 'SD'
PROBUSINESSBANK: Fitch Gives Negative Outlook, Affirms Ratings
SAMARA-AVTO-DOR OJSC: Creditor Must File Claims by January 5
SAMARA-KOMPOZIT PLANT: Creditor Must File Claims by Jan.  5

SHYMIKHINSKIY FERRO: Creditors Must File Claims by January 5
STROY-MONTAZH-N LLC: Creditors Must File Claims by February 5
TOLYATTINSKIY KARTON: Creditors Must File Claims by January 5
TUMENENERGOBANK: Moody's Cuts Deposit Ratings to C & Holds E BFSR
VOLZHSKAYA CONSTRUCTION: Creditors Must File Claims by Feb. 5

* RUSSIA: Fitch Says Economic Slowdown to Hit Oil and Gas Firms


S P A I N

AYT GOYA: Fitch Assigns 'BB' Rating on EUR3.25 Mln Class D Notes
FTPYME BANCAJA: S&P Takes Various Rating Actions on Notes
TDA UNICAJA: Fitch Clarifies 'CCC' Rating on EUR19.6 Mln Notes


S W E D E N

FORD MOTORS: Volvo to Get SEK28 Bln Aid from Swedish Gov't
GENERAL MOTORS: Saab to Get SEK28 Bln Aid from Swedish Gov't


S W I T Z E R L A N D

ASIRAM JSC: Creditors Must File Proofs of Claim by December 27
BAUVERTRIEB JSC: Deadline to File Proofs of Claim Set Dec. 27
EBINGER + SAROTT: Creditors Have Until Dec. 27 to File Claims
F. SCHERTENLEIB JSC: Proofs of Claim Filing Deadline is Dec. 27
GENERAL MOTORS: Lets GMAC Defer US$1.5B Payment Until Dec. 30

LIGHT VISION: Creditors' Proofs of Claim Due by December 27


U K R A I N E

CITY AUTOCOM: Creditors Must File Claims by December 31
DESNA-AVIA LLC: Creditors Must File Claims by December 31
DONBASS-ONLINE LLC: Creditors Must File Claims by December 31
EURASIA-TRADING LLC: Creditors Must File Claims by December 28
KHVYLIA-PKM LLC: Creditors Must File Claims by December 28

LISA TOUR: Creditors Must File Claims by December 28
MALVA LLC: Creditors Must File Claims by December 28
MIKHALCHUK AND PARTNERS: Creditors Must File Claims by Dec. 31
OKHTYRKA CHEESE: Creditors Must File Claims by December 31
PETROLEUM LANOVTSY: Creditors Must File Claims by December 28

SHEVCHENKO AGRICULTURAL: Creditors Must File Claims by Dec. 31
SKTEL LLC: Creditors Must File Claims by December 31


U N I T E D   K I N G D O M

BROADOAKSESTATE PROPERTY: Taps Joint Administrators from KPMG
CATTLES PLC: Fitch Cuts IDR and Unsec. Debt Rating to 'BB+'
CHESAPEAKE CORP: Forebearance Agreement With Lenders Extended
CONGREGATIONAL AND GENERAL: S&P Retains Neg. Watch on 'BB+' Rating
DECO 12: S&P Downgrades Ratings on Two Classes of Notes to Low-B

ENVY: May Resort to Pre-Pack Administration
EUROSAIL 2006-1: Three Classes of Notes Get S&P's Low-B Rating
EUROSAIL 2006-2: Fitch Junks Ratings on Classes E1c & F1c Notes
EUROSAIL 2006-3 NC: Fitch Junks Ratings on Five Classes of Notes
EUROSAIL 2006-4: Fitch Junks Class E1c Notes' Rating

EUROSAIL 2007-1: Fitch Junks Ratings on Six Classes of Notes
EUROSAIL 2007-2 NP: Fitch Junks Ratings on Four Classes of Notes
HBOS PLC: Shareholders Support Lloyds TSB Takeover
INTELLECTION LTD: Taps Joint Liquidators from Deloitte
FRONT LINE: Taps Joint Administrators from Deloitte LLP

IDEAL BUSINESS: Appoints Joint Administrators from KPMG
LAIRD PLC: To Cut Global Workforce by 40%, Shutter 3 U.S. Plants
LANDROUND PLC: Names Joint Administrators from KPMG
MARBLE ARCH: Fitch Junks Class E1c Notes Rating; Removes WatchNeg
ORCHID GROUP: In Administration; PwC Finds Buyer for Business

PHANTOM DEVELOPMENTS: Taps Administrators from Ernst & Young
TURFCARE (LANDSCAPES): Appoints Joint Liquidators
WINDERMERE XIV: S&P Ratings on Class E and F Notes Tumble to 'D'


X X X X X X X X

* S&P Puts Ratings on 203 European CDOs on Negative CreditWatch
* Pwc Comments on the Competition Commission's PPI Sale Probe
* GM & Chrysler Default Risk Hinges on Government Action, S&P Says
* INSOL Names Graduates of Insolvency Course


                         *********


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


BM TRANSPORTE: Claims Registration Period Ends January 10
---------------------------------------------------------
Creditors owed money by LLC BM Transporte (FN 177627t) have until
Jan. 10, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Christoph Danner
         Lamprechtsstrasse 2
         4780 Scharding/Inn
         Austria
         Tel: 07712/5133
         Fax: 07712/5133-20
         E-mail: office@grubeck-danner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:05 a.m. on Jan. 21, 2009, for the
examination of claims at:

         Land Court of Ried im Innkreis
         Hall 101
         Ried im Innkreis
         Austria

Headquartered in Altheim, Austria, the Debtor declared bankruptcy
on Nov. 4, 2008, (Bankr. Case No. 17 S 40/08a).


CVJETKOVIC KEG: Claims Registration Period Ends January 15
----------------------------------------------------------
Creditors owed money by KEG Cvjetkovic (FN 232339a) have until
Jan. 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Regina Schedlberger
         Andritzer Reichsstr. 42
         8045 Graz - Andritz
         Austria
         Tel: 0316/695100
         Fax: 0316/695100-9
         E-mail: regina.schedlberger@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 20, 2009, for the
examination of claims at:

         Graz Land Court
         Hall K
         Room 205
         Austria

Headquartered in Graz – Andritz, Austria, the Debtor declared
bankruptcy on Oct. 30, 2008, (Bankr. Case No. 40 S 57/08t).


DEARI KG: Claims Registration Period Ends January 13
----------------------------------------------------
Creditors owed money by KG DEARI (FN 291218m) have until Jan. 13,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Friedrich Lorenz
         Hauptstr. 4
         2486 Pottendorf
         Austria
         Tel: 02623/722 61 61
         Fax: 02623/722 61 20
         E-mail: masseverwalter@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 27, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wampersdorf, Austria, the Debtor declared
bankruptcy on Nov. 10, 2008, (Bankr. Case No. 11 S 117/08d).


DELTATEC LLC: Claims Registration Period Ends January 15
--------------------------------------------------------
Creditors owed money by LLC Deltatec (FN 293706x) have until
Jan. 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Ulrike Gruenling-schopf
         Hauptplatz 14
         2700 Wiener Neustadt
         Austria
         Tel: 02622/841 41
         Fax: 02622/84141-24

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 27, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Woellersd, Austria, the Debtor declared
bankruptcy on Nov. 11, 2008, (Bankr. Case No. 11 S 118/08a).


ELISABETH ORNTER: Claims Registration Period Ends January 14
------------------------------------------------------------
Creditors owed money by LLC Elisabeth Ornter (FN 77351b) have
until Jan. 14, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Felix Stortecky
         Schulerstrasse 18
         1010 Wien
         Austria
         Tel: 513 88 37
         Fax: 513 88 37-37
         E-mail: office@stortecky.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 28, 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. 10, 2008, (Bankr. Case No. 4 S 171/08m).


=============
E S T O N I A
=============


* ESTONIA: May Sell Bonds or Seek Financing for 2009 Investments
----------------------------------------------------------------
After its economy shrank an annual 3.5 percent in the third
quarter, Estonia is considering selling bonds or asking commercial
banks to help finance next year’s investment program, Bloomberg
News reports citing Prime Minister Andrus Ansip.

The government will decide "as soon as possible" whether to tap
credit markets or use reserves for projects such as road-
building, depending on market conditions, Prime Minister Ansip
told Bloomberg Television in Brussels on Dec. 12.

"We are working with banks already," Prime Minister Ansip said.
"It's reasonable to finance some concrete projects, for example
road construction projects, using some credit and not to use those
reserves we collected during last years."

Bloomberg News recalls former Finance Minister Taavi Veskimagi and
former Prime Minister Tiit Vaehi have said with the economy in
recession and tax revenue falling, Estonia faces a widening budget
deficit that risks breaching the European Union’s limit of 3
percent of GDP, which would further delay plans to adopt the euro
from 2011.


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


ALCATEL LUCENT: S&P Corrects Ratings Release
--------------------------------------------
Standard & Poor's Ratings Services published an article on
December 12, 2008, inadevertently reversing the split of cost cuts
between cost of goods and operating expenses and misstating 2010
debt maturities.

S&P's corrected release states:

"S&P placed its 'BB-' long-term corporate credit rating on French
telecom equipment and services supplier Alcatel Lucent on
CreditWatch with negative implications.  We also placed the 'BB-'
long-term corporate credit rating on subsidiary Lucent
Technologies Inc. and all issue ratings on both companies on
CreditWatch with negative implications.

"At the same time, we affirmed the respective 'B' and 'B-1' short-
term ratings on Alcatel Lucent and Lucent Technologies.

"On Sept. 30, 2008, Alcatel Lucent had on-balance-sheet gross debt
of EUR5.8 billion, including the equity component of convertible
bonds.

"The CreditWatch placement follows Alcatel Lucent's strategy and
outlook update [], including the company's forecasts of an 8% to
12% drop in its revenues in 2009, at constant currencies," said
Standard & Poor's credit analyst Patrice Cochelin.

"Alcatel Lucent's new management team is accelerating cost cutting
in the face of declining demand, aiming to save about EUR750
million annually by year-end 2009, including about EUR250 million
to help gross profit and roughly EUR500 million in operating
expense reductions.  While these steps are necessary to preserve
the company's competitiveness, Alcatel Lucent's management expects
operating margins to shrink further in 2009 to about break even,
from less than 3% in the 12 months ended Sept. 30, 2008.

"We intend to resolve the CreditWatch placement during first-
quarter 2009, after reviewing the company's strategy and financial
policy," said Mr. Cochelin.

"The product portfolio refocus announced this morning is a likely
positive step to contain near-term losses, but we need to assess
Alcatel Lucent's competitive positions post-refocusing.
Management also mentioned the sale of noncore stakes in [the]
announcement, which could help Alcatel Lucent's liquidity.

"A downgrade appears increasingly possible given Alcatel Lucent's
rapidly deteriorating operating environment, margin pressures, and
negative free cash flow," said Mr. Cochelin.

"We are unlikely to downgrade Alcatel Lucent by more than one
notch, however, in view of its ongoing discussions to sell its
stake in Thales S.A. to bolster near-term liquidity.  We also do
not rule out a downgrade exceeding one notch, if we are unable to
ascertain the company's ability to meet debt maturities of about
EUR0.6 billion in 2010 and EUR1.0 billion in 2011."


ATHENEE CDO: Moody's Cuts Ratings on Series 2006-1 Notes to B2
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Athenee CDO Plc.

The transaction is a managed synthetic CDO exposed to a pool of
corporate names.  Approximately 40% of the pool is in financial
services.

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

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

The rating actions are:

Athenee CDO Plc:

(1) The Series 2006-1 EUR15,000,000 Tranche A2X Secured Fixed
    Rate Notes due 2013

    Current Rating: B2

    Prior Rating: Aa2

    Prior Rating Date: 27 April 2006

(2) The Series 2006-1 EUR1,500,000 Tranche A2F Secured Floating
    Rate Notes due 2013.

    Current Rating: B2

    Prior Rating: Aa2

    Prior Rating Date: 27 April 2006


FCI INTERNATIONAL: Moody's Holds B1 PDR & Changes Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service changed the ratings outlook of FCI
International S.A.S to negative from stable.  It also affirmed
FCI's Ba3 corporate family rating, its B1 probability of default
rating, and the Ba3 ratings on the company's bank facilities.

The negative outlook reflects the fact that, while FCI's ratings
had assumed the use of free cash flow to reduce debt, this now
seems less likely.  There has been some recent deterioration in
FCI's operating performance, with year-to-date sales and Ebitda
running below budget, mainly in the automotive division which
provides about 40% of group revenue.  This division has been
negatively impacted by adverse conditions in its US and now
European markets, partially offset by growth in Asia.  The
electronics division, which provides about 35% of revenue, is now
also showing signs of reduced overall demand.  Although FCI's
electrical and microconnections divisions continue to perform
well, these together only provide about a quarter of group
revenue.

The reduction in Ebitda has contributed to weakening free cash
flow, with other negative factors including working capital
variations.  Moody's anticipates that free cash flow (after
capital expenditure and working capital) for 2008 will turn out
negative.  FCI is looking to reduce cost and improve its cash flow
position through various restructuring efforts, but this task is
challenging in the context of the highly uncertain global economic
environment and the company's limited forward visibility regarding
likely demand in its end-user markets.  The company's ability to
respond quickly to a potentially severe economic downturn may also
depend materially on the country of location of those facilities
that are operating with excess capacity.

All FCI's external financial debt is bank loans. Some limited
amortization begins in 2009, and the company anticipates repayment
of about EUR36 million in 2010.  FCI has some cash on its balance
sheet and availability under its bank facilities; but should
negative free cash flow continue in 2009, that would increase
liquidity pressure.  The bank facilities have covenants that are
typical for LBO transactions.

Should these negative market and credit trends appear to continue,
Moody's will consider taking rating action.

The last rating credit rating announcement for FCI was on 13
November 2007, when the corporate family rating of FCI was
upgraded to Ba3 from B1.  The principal methodology used in rating
FCI was the Global Manufacturing Industry methodology from
December 2007, which can be found at http://www.moodys.comin the
Credit Policy & Methodologies directory, in the Ratings
Methodologies subdirectory.  Other methodologies and factors that
may have been considered in the process of rating this issuer can
also be found in the Credit Policy & Methodologies directory.

FCI, based in Versailles, France, is the world's fourth largest
connector manufacturer with 2007 revenue of EUR 1.33 billion.


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


AVRASYA GMBH: Claims Registration Period Ends January 25
--------------------------------------------------------
Creditors of Avrasya GmbH Fleischgrosshandel und Doenerproduktion
have until Jan. 25, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Cologne
         Meeting Hall 1240
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Dreschers
         Nussbaumer Str. 19
         50823 Cologne
         Germany
         Tel: 788700-0
         Fax: +4978870020

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:

         Avrasya GmbH
         Fleischgrosshandel und Doenerproduktion
         Attn: Yuenues Altinsoy, Manager
         Feldkasseler Weg 26
         50769 Cologne
         Germany


CONTINENTAL AG: Fitch Downgrades Issuer Default Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded Continental AG's Long-term Issuer
Default and senior unsecured ratings to 'BB+' from 'BBB-' (BBB
minus) and its Short-term IDR to 'B' from 'F3'.  The Long-term IDR
and senior unsecured ratings have been placed on Rating Watch
Negative.

The downgrade reflects Fitch's view that Continental's financial
profile is no longer commensurate with a 'BBB-' (BBB minus) rating
amid accelerating deterioration in the global auto markets,
including massive production cutbacks by car producers.  While the
agency acknowledges Continental's additional measures to preserve
its historically strong free cash flow generation the risk of a
protracted downturn of the auto industry could further challenge
the group's operating performance and its target to materially
reduce its high leverage.  Fitch estimates the lease-adjusted
leverage will stay close to or above 3.5x until FY09.

The RWN reflects Fitch's belief that the weakening operating
performance has materially increased the risk of a breach of
financial covenants in the group's acquisition facilities.  This
could lead to a renegotiation of terms and conditions with
significantly higher funding costs.  Fitch will resolve the RWN
once it has assessed Continental's progress in adapting its
financial structure to the current challenges.

Moreover, the group faces sizable refinancing risk for its
EUR3.5bn tranche from the VDO acquisition facility, maturing in
August 2010.  This is partly mitigated by its EUR2.5 billion
revolving credit facility (committed until 2012) and cash of
nearly EUR1 billion as at Q308.

Fitch expects sales in western Europe to decrease by between 12%-
15% in 2009 and cautions that these forecasts may be revised down
further due to the ongoing deterioration in the economic
environment and tighter consumer spending.  Other regions are also
expected to suffer declining sales volumes or reduced growth
rates.  The weak global auto trading conditions will continue to
have a negative impact on suppliers' financial profiles leading to
reduced profitability and materially higher financial leverage
ratios.

As a result of the weak economic environment Continental has once
more reduced its expectation for its adjusted FY08 EBIT margin to
7.5%-8% (before VDO purchase price amortization and integration
and restructuring costs) from 8.5% and markedly below the group's
10.5% margin posted in FY07.  Moreover, the group may take a
goodwill impairment charge of up to EUR1bn in FY08 for ongoing
restructuring and integration risks from the VDO acquisition in
light of the weak markets.

To counter the challenges Continental has announced further
measures to strengthen its free cash flow including a sizable
cost-cutting program and the postponement of capital expenditure
and R&D spending.  In addition, the group intends to refrain from
dividend payments for FY08 and FY09 as it focuses on debt
reduction.  However, Fitch is concerned with the ongoing
uncertainty over the strategy of its main shareholder, Schaeffler
KG (Schaeffler), in view of its potential material indebtedness
associated with the acquisition of Continental shares.  This
additional risk has been factored into the RWN.  Fitch notes that
Schaeffler has committed to limit its stake in Continental to
49.99% for the next four years by transferring its additional
tendered shares to banks and to support Continental's existing
strategy.  Fitch will continue to closely monitor Schaeffler's
moves, particularly any changes towards a more shareholder-
friendly dividend policy, which could put additional pressure on
the ratings.

Continental is one of the five largest automotive suppliers
globally with targeted sales of EUR25 billion in FY08.  It focuses
on brake systems, vehicle electronics, power train and chassis
systems, engineering elastomers, and tyres.


CUTBACK GMBH: Claims Registration Period Ends January 21
--------------------------------------------------------
Creditors of Cutback GmbH have until Jan. 21, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Feb. 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dirk Decker
         Julius-Vosseler-Strasse 42
         22527 Hamburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 4, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Cutback GmbH
         Attn: Karim Syed, Manager
         Boeckmannstrasse 18
         20099 Hamburg
         Germany


EAB TEC: Claims Registration Period Ends January 11
---------------------------------------------------
Creditors of EAB TEC GmbH - Elektro-Anlagenbau fuer Technische
have until Jan. 11, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         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:

         Dirk Decker
         Obotritenring 98
         19053 Schwerin
         Germany
         Tel: 0385/ 7607750

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:

         EAB TEC GmbH
         Elektro-Anlagenbau fuer Technische Gebaudeausstattung
         Lembckenhof
         23966 Wismar
         Germany

         Attn: Michael Struck
         Wullenbusch 8
         22397 Hamburg
         Germany


HOTEL ROSENGARTEN: Claims Registration Period Ends January 7
------------------------------------------------------------
Creditors of Hotel Rosengarten Betriebsgesellschaft mbH have until
Jan. 7, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Jan. 30, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg
         Germany

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

The insolvency manager can be reached at:

         Martin Buchheister
         Poststr. 2a
         58706 Menden
         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:

         Hotel Rosengarten Betriebsgesellschaft mbH
         Attn: Wolfgang Kanig, Manager
         Kurhaus 6-8
         57392 Schmallenberg
         Germany


KEY PLASTICS: Financial Woes Cue Chapter 11; Files Prepack Plan
---------------------------------------------------------------
Key Plastics LLC along with its affiliate, Key Plastics Finance
Corp., filed a voluntary petition under Chapter 11 of the United
States Bankruptcy Court for the District of Delaware citing
financial difficulties due to the recent economic downturn in the
automotive industry.

The company said it defaulted under the indenture governing the
11-3/4% senior secured notes due 2013 that resulted in a cross
default under a certain revolving credit facility agreement with
The CIT Group/Business Credit Inc. and Jefferies Finance dated
March 12, 2007.  The company further said that it replaced the
facility with a prepetition term loan of US$10 million.

In conjunction with the Chapter 11 filing, the company proposes a
joint Chapter 11 prepackaged plan of reorganization to restructure
its existing equity and debts by conversion of its senior secured
debt into equity or retirement.

Under the plan, each holder of series A unit claims will be paid
equal to US$474 per series A unit in cash.  At its option, holders
will be entitled to receive, either:

  -- pro rata share of 65% of the full-diluted new common units
     to be issued by the company post-confirmation, which will be
     subsequently be contributed to the reorganized Finance Corp.
     in turn for an equal percentage of new common stock to be
     issued by the reorganized Finance Corp.; or

  -- cash equal to 16% of the face value of the holder's senior
     notes.

Furthermore, holders of senior notes who elect to receive their
pro rata share of new the company equity in which holders may
subscribe for its pro rata share of no more than 35% of the new
company equity, which will also be subsequently be contributed to
the reorganized Finance Corp. in exchange for an equal percentage
of new Finance Corp. equity.

On the Plan's effective date, 100% of new company equity will be
held by the reorganized Finance Corp. and 100% of new Finance
Corp. equity will be held by former holders of senior notes,
rendering reorganized company as wholly-owned subsidiary of the
reorganized Finance Corp.

According to the company, the plan provides for the payment in
full of allowed (i) administrative expense claims; (ii) priority
tax claims; (iii) claims pursuant to any debt facilities approved
by the Court; (iv) other priority claims; (v) lease rejection
claims; and (vi) general unsecured claims -- including trade
creditor claims.  The plan leaves holders of other secured claims
against the Debtors impaired, the company noted.

The company related that on Nov. 12, 2008, it solicited votes on
the plan, wherein holders of senior notes claims and series A unit
claims voted to accept the plan.

The company said that the plan contemplates the reduction of its
outstanding indebtedness by as much as US$121.756 million, which
will provide the company with greater liquidity, better
positioning from an operation standpoint ahead.

In addition, the company said Wayzata Investment Partners LLC will
provide up to US$20 million in rights offering to fund the
restructuring, among other things.

The company said it expects that the restructuring will be
completed by January 2009.

Ralph Ralston, President & COO of the company's North American
operations, stated, "In the face of today's economic conditions,
we are pleased to have achieved such strong support for a
consensual restructuring that is beneficial to our employees,
customers, and suppliers by dramatically improving our balance
sheet, eliminating the related debt service obligations, and
enabling continued reinvestment in our products and future
growth."

"This process will give Key Plastics one of the strongest
financial profiles in the industry, and allow us to persevere
through the current industry environment while continuing to
provide exceptional products and services to our customers
worldwide.  We look forward to the continued support of Wayzata
and DDJ and their long-term commitment to the business," Mr.
Ralston said.

The company listed assets and debts between US$100 million and
US$500 million in its filing.  The company owes US$1.4 million to
BASF Corporation; US$1.4 million to Jing Mei Automotive (USA)
Inc.; and US$478,975 to Basilius Tool Company.

Chief financial officer John Will disclosed that KAC Acquisition
Company owns 100% of Key Plastics LLC common interest; Bank One,
NA, owns 11.9% of Key Plastics LLC series A preferred units; and
Eaton Vance Corp. owns 10.3% of Key Plastic LLC series A
preferred.

                        About Key Plastic

Headquartered in Northville, Michigan, Key Plastics LLC --
http://www.keyplastics.com/-- supplies plastic components to the
automotive industry.  The company has 24 manufacturing facilities
located in the United States, Canada, Mexico, Germany, Portugal,
Spain, the Czech Republic, France, Slovakia, Italy and China.
According to Bloomberg News, the company filed for bankruptcy in
March 23, 2000, in Detroit and emerged a year later under the
ownership of private-equity firm Carlyle, Bloomberg says.


KEY PLASTICS: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Key Plastics LLC
       aka Key Plastics Technology, LLC
       21700 Haggerty Road, Suite 100
       Northville, MI 48167

Bankruptcy Case No.: 08-13326

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                     Case No.
       ------                                     --------
Key Plastics Finance Corp.                         08-13324

Related Information: The Debtors supply plastic components to the
                    automotive industry.  The Debtors have 24
                    manufacturing facilities located in the
                    United States, Canada, Mexico, Germany,
                    Portugal, Spain, the Czech Republic, France,
                    Slovakia, Italy and China.

                    According to Bloomberg News, the company
                    filed for bankruptcy in March 23, 2000, in
                    Detroit and emerged a year later under the
                    ownership of private-equity firm Carlyle,
                    Bloomberg says.

                    See: http://www.keyplastics.com/

Chapter 11 Petition Date: December 15, 2008

Court: District of Delaware (Delaware)

Judge: Mary F. Walrath

Debtors' Counsel: Mark D. Collins, Esq.
                 collins@RLF.com
                 Richards Layton & Finger PA
                 One Rodney Square
                 P.O. Box 551
                 Wilmington, DE 19899
                 Tel: (302) 651-7700
                 Fax: (302) 651-7701

Estimated Assets: US$100 million to US$500 million

Estimated Debts: US$100 million to US$500 million

The petition was signed by senior vice president and chief
financial officer John Wilson.

The Debtors' Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
BASF Corporation               trade             US$1,412,113
Attn: John Byrd
100 Campus Drive
Florham Park, NJ 07932
Tel: (248) 641-1820
Fax: (248) 641-7370

Jing Mei Automotive            trade             US$1,315,844
(USA) Inc.
Attn: Bob Boyd
10415 United Parkway
Schiller Parkway, IL 60176
Tel: (248) 703-7270
Fax: (847) 617-5311

Basilius Tool Company          trade             US$478,975
Attn: Scott Basilius
4338 South Avenue
Toledo, OH 43615
Tel: (419) 536-5810
Fax: (419) 536-0391

Phillips Sumika                trade             US$353,913

Rhodia Polyamide Corp.         trade             US$167,065

Zatkoff Seals and Packings     trade             US$125,787

Polyone Corporation            trade             US$124,496

Rhetech Inc.                   trade             US$124,331

Perot Systems                  trade             US$109,810

Tek-Cast Inc.                  trade             US$104,673

BDO Seidman LLP                trade             US$101,282

DTE Energy                     trade             US$90,377

Commercial Spring and          trade             US$83,568
Tool

Deco' Plate                    trade             US$72,123

Dynacast Canada                trade             US$68,849

Dixon Tool Co. Ltd.            trade             US$68,800

Luck Marr                      trade             US$63,032

Madison Tool Inc.              trade             US$63,023

Packaging Specialties          trade             US$57,400

Specialty Industries Inc.      trade             US$49,841

Elite Welding & Fabricating    trade             US$49,235

Rich Industries Inc.           trade             US$47,689

American Electric Power        trade             US$43,208

LyondellBasell Advanced        trade             US$41,702

Epic Equipment & Engineering   trade             US$41,400

Lightning Components & Design  trade             US$39,385

Washington Penn Plastic Co.    trade             US$38,759

JTEKT Automotive               trade             US$38,397

Fastco Industries Inc.         trade             US$37,075

Foster Electric America        trade             US$35,120


PROVIDE VR 2002-1: S&P Junks Ratings on Class D and E Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on the class D and E notes in the
German RMBS deal PROVIDE VR 2002-1 due to increased losses.  At
the same time, S&P affirmed its ratings on the class A+, A, B, and
C notes.

The resolution of the class D and E CreditWatch placements and the
consequent lowering of their ratings follow S&P's extensive
analysis of the current loan-level data.

The downgrades follow the further exhaustion of the first-loss
piece in this transaction due to the stable, low level of the
recoveries.  The current recovery rates—as reported by the
servicer—continue to remain at the low average level of 33.3%.

Furthermore, PROVIDE VR 2002-1 has continued to produce new
defaults over the past 12 months, i.e., since S&P downgraded the
class C, D, and E notes on Sept. 12, 2007.

Total loss allocation in the transaction has almost doubled to
EUR8.3 million currently from EUR4.5 million in September 2007, a
68% erosion of the EUR12.3 million class F notes which act as the
first-loss piece.  The remaining first-loss protection now
represents only 1.31% (EUR3.9 million) of the outstanding
principal balance.  The current balance of the total defaulted
reference claims and credit events is EUR11.4 million,
representing 3.8% of the total balance, or more than twice the
protection available to the lowest-rated notes.

Total realized losses now stand at 1.32% of the initial principal
balance, absorbing 68.00% of the available first-loss protection.
In June 2007, cumulative realized losses stood at 0.59% of the
initial pool balance.

If recovery rates continue to be lower than S&P had given credit
for at closing, it will likely lead to an ultimate depletion of
the first-loss piece in the near future, followed by losses for
the junior notes.  This scenario puts significant pressure on the
rating on the class D notes, as it effectively constitutes an
erosion of their credit protection.

Provide VR 2002-1 is partially funded synthetic residential
mortgage-backed securities transaction which securitizes the
credit risk associated with a pool of initially EUR623 million
German residential mortgage loans.  The transaction uses the well-
established KfW platform "Provide" to create the synthetic risk
transfer.  The assets were originated by DG Hyp and five small
cooperative banks (Kreditgenossenschaften).

                          Ratings List

                         PROVIDE-VR 2002-1
       EUR115.45 Million Floating-Rate Credit-Linked Notes

        Ratings Lowered and Removed From CreditWatch Negative

                               Rating
                               ------
        Class       To                        From
        -----       --                        ----
        D           CCC+                      BB/Watch Neg
        E           CCC-                      B/Watch Neg

                       Ratings Affirmed

                     Class            Rating
                     ------           ------
                     A                AAA
                     A+               AAA
                     B                AA
                     C                A


TRIDENT GEBAUDEREINIGUNG: Claims Registration Ends Jan. 21
----------------------------------------------------------
Creditors of Trident Gebaudereinigung und Dienstleistungen GmbH
have until Jan. 21, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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:

         Andreas Fischer
         Erbprinzenstr. 27
         76133 Karlsruhe
         Germany

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

The Debtor can be reached at:

         Trident Gebaudereinigung und
         Dienstleistungen GmbH
         Attn: Irina Schuhmacher-Osmani, Manager
         76448 Durmersheim
         Im Krichspitzen 12 b
         Germany


=============
H U N G A R Y
=============


CADENCE INNOVATION: Withdraws Motion to Auction 3 Plants
--------------------------------------------------------
Bill Rochelle of Bloomberg News reports that Cadence Innovation
LLC has abandoned the idea of selling three Michigan plants at
auction.

Patrick J. Reilley, Esq., at Cole Schotz, Meisel, Forman &
Leonard, P.A., in Wilmington, Delaware, informed the U.S.
Bankruptcy Court for the District of Delaware that Cadence has not
reached an agreement with General Motors Corp. and Chrysler LLC,
its principal customers.  Assuming an agreement is reached, the
hearing will go as planned, he said.

Cadence had said it would withdraw the sale motion if it couldn't
reach agreements with GM and Chrysler.

Cadence earlier filed a motion with the Court to sell three plants
in Chesterfield, Hillsdale and Groesbeck, where Cadence performs
the manufacturing of component parts supplied to General Motors
Corporation and Chrysler LLC.  The Chesterfield Plant has 1018
employees, the Groesbeck Plant has 198 employees,
and the Hillsdale Plant has 190 employees.

The Debtors' DIP Financing Agreement and Accommodation Agreements
are conditioned on the Debtors' commitment to take actions
necessary to sell all or substantially all of their businesses,
pursuant to an agreed schedule which includes a October 31, 2008
deadline to execute a definitive asset purchase agreement, and to
close the sale by December 15, 2008.  The DIP Financing will
expire no later than December 31, 2008.

If a purchase offer acceptable to the Debtors is not received,
the Debtors reserve the right to withdraw their Sale Motion
without prejudice, and to pursue an orderly liquidation of the
Plants to maximize the recoveries from those sales for the
benefit of their estates and creditors.

                   About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The company has at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic.  The company and its debtor-affiliate, New
Venture Real Estate Holdings, LLC, filed for Chapter 11
reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08-
11973).  Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at
Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as
counsel.  When the Debtors filed for protection from their
creditors, they listed assets of between US$10 million and
US$50 million, and debts of between US$100 million and US$500
million.  (Cadence Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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


LANDSBANKI ISLANDS: Employee Charged Over Alleged Embezzlement
--------------------------------------------------------------
Iceland Review reports that the resolution committee of old
Landsbanki has filed a charge against a high-ranking employee of
the bank for allegedly embezzling more than ISK100 million.

According to the report, Helgi Magnus Gunnarsson, prosecutor at
the National Commissioner of the Icelandic Police – Unit for the
Investigation and Prosecution of Economic and Environmental
Crimes, told Frettabladid that it has received one report on
embezzlement from the resolution committee.

Citing Morgunbladid, the report discloses the Landsbanki employee
in question transferred ISK107 million (US$923,000, EUR695,000)
from the account of a holding company, which is registered abroad
and is in the ownership of Landsbanki, to his personal account.

The report states the transaction, according to Frettabladid, was
made shortly after the bank collapsed, before mid-October.

The accused however explained that the transaction had been made
to "save deposits" after the emergency law took effect, the report
notes.

The resolution committee took control of Landsbanki on October 7,
the report recounts.

                        About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is/-- is a financial institution.  The Bank
filed for Chapter 15 protection on Dec. 9, 2008 (Bankr. S.D. N.Y.
Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison & Foerster
LLP, represents the Debtor.  When it filed for protection from its
creditors, it listed assets and debts of more than US$1 billion
each.


LANDSBANKI ISLANDS: Court Orders Liquidation of Luxembourg Unit
---------------------------------------------------------------
The Commission de Surveillance du Secteur Financier in a press
statement on Friday, December 12, 2008, said that in accordance
with article 61-1 of the law of 5 April 1993 on the financial
sector, as amended, the Tribunal d'arrondissement de Luxembourg
[District Court], sitting in commercial matters, has ordered the
dissolution and the winding-up of Landsbanki Luxembourg S.A.  This
winding-up takes place following the suspension of payments for
the bank declared on October 8, 2008.

Landsbanki Luxembourg S.A. is a subsidiary of the Icelandic
company Landsbanki Islands hf.  The latter has been submitted to
the Icelandic regime for the suspension of payments since
December 5, 2008.

Me Yvette Hamilius, Attorney-at-law, and Mr Franz Prost,
accountant, external auditor and partner at Deloitte S.A. have
been appointed as liquidators by this judgment.  Mrs Karin
Guillaume has been appointed as the official receiver.
Finally, in accordance with Article 61(7) of said law, the
judgment determines the manner in which the winding-up is to be
carried out.

                      About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is/-- is a financial institution.  The Bank
filed for Chapter 15 protection on Dec. 9, 2008 (Bankr. S.D. N.Y.
Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison & Foerster
LLP, represents the Debtor.  When it filed for protection from its
creditors, it listed assets and debts of more than US$1 billion
each.


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


SHEFFIELD CDO: S&P Retains Neg. Watch on Class D's 'BB-' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
the rating on the class C notes issued by Sheffield CDO Ltd., and
has kept the rating on the class D notes on CreditWatch negative.
The ratings on classes S, A-1, A-1D, and A-2, and B are unchanged
by these rating actions.

The rating actions follow further downgrades and CreditWatch
placements on assets in the transaction's portfolio since S&P's
last rating actions on July 15, 2008.  S&P has placed class C on
CreditWatch negative because the underlying portfolio contains a
number of securities that are on CreditWatch negative.  The class
D note remains on CreditWatch negative for the same reason.  S&P
will await the resolution of the CreditWatch placements on the
portfolio assets and take rating actions as required.

The portfolio assets on CreditWatch negative include several
tranches issued by Trust Preferred CDOs.  S&P is reviewing the
ratings on these assets following recent revisions to S&P's rating
methodology.

                           Ratings List

                        Sheffield CDO Ltd.
     $254.56 Million And EUR25.20 Million Floating-Rate Notes

               Rating Placed on CreditWatch Negative

                                   Rating
                                   ------
               Class       To                 From
               -----       --                 ----


               C           BBB+/Watch Neg     BBB+

               Rating Remaining On CreditWatch Negative

                                   Rating
                                   ------
               Class       To                 From
               -----       --                 ----
               D           BB-/Watch Neg      BB-/Watch Neg


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


ASTYK-AVIA LLP: Proof of Claim Deadline Slated for February 4
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Astyk-Avia insolvent.

Creditors have until Feb. 4, 2009, to submit proofs of claim to:

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


ASIA MINERALS: Creditors Must File Claims by February 4
-------------------------------------------------------
LLP Central Asia Minerals Holding has declared insolvency.
Creditors have until Feb. 4, 2009, to submit proofs of claim to:

         LLP Central Asia Minerals Holding
         Street Without name, 8-2
         Alma-Arasan
         Karasaisky
         Almaty
         Kazakhstan


ATF BANK: S&P Keeps 'B' Short-Term Counterparty Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB+'
long-term and 'B' short-term counterparty credit ratings on
Kazakhstan-based ATF Bank.  The outlook is negative.  S&P then
withdrew the ratings at the bank's request.

As a result of the withdrawal, ATF will no longer be subject to
S&P's review.  At the moment of rating withdrawal the bank had
US$1.4 billion of rated senior unsecured debt and US$100 million
of rated junior subordinated debt outstanding.


ENERGO DETAIL: Claims Filing Period Ends February 3
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Energo Detail insolvent.

Creditors have until Feb. 3, 2009, to submit proofs of claim to:

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


KOKSHE-SHINA LLP: Creditors' Claims Due on February 4
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kokshe-Shina insolvent.

Creditors have until Feb. 4, 2009, to submit proofs of claim to:

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


KURYLYS CONSULTING: Claims Registration Ends February 4
-------------------------------------------------------
Branch of OJSC National Center Kurylys Consulting has declared
insolvency.  Creditors have until Feb. 4, 2009, to submit proofs
of claim to:

         OJSC National Center Kurylys Consulting
         Volodarsky Str. 2a-11
         Almaty
         Kazakhstan


PARMA-TRADING LLP: Proof of Claim Deadline Slated for Feb. 3
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Parma-Trading insolvent.

Creditors have until Feb. 3, 2009, to submit proofs of claim to:

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


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


ISSYK-KUL SUT: Creditors Must File Claims by February 5
-------------------------------------------------------
OJSC Issyk-Kul Sut has declared insolvency.  Creditors have until
Feb. 5, 2009, to submit proofs of claim to:

         OJSC Issyk-Kul Sut
         Osmonov Str. 2
         Cholponata
         Issyk-Kul
         Kyrgyzstan
         Tel: (+996 3943) 4-36-58
              (+996 3943) 4-28-98


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


BEST SME 2008: Moody's Assigns Ba1 Rating to EUR105 Million Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
five classes of floating rate notes issued by BEST SME 2008 B.V.:

  * Aaa to the EUR9,912,000,000 Class A Floating Rate Notes due
    2026;

  * Aa1 to the EUR53,000,000 Class B Floating Rate Notes due
    2026;

  * Aa3 to the EUR262,000,000 Class C Floating Rate Notes due
    2026;

  * Baa1 to the EUR168,000,000 Class D Floating Rate Notes due
    2026; and

  * Ba1 to the EUR105,000,000 Class E Floating Rate Notes due
    2026.

Moody's has not assigned ratings to the subordinated
EUR263,000,000 Class F Floating Rate Notes due 2026.

Best SME 2008 B.V. is second in a series of transactions backed by
loans to Dutch small and medium sized enterprises (SMEs) for
Rabobank after the synthetic deal BEST SME 2007.  Unlike that
first deal that had a portfolio of current account facilities,
BEST SME 2008 is a static cash securitisation which relates to
the risk of a portfolio of term loans to SMEs originated by the
local Rabobanks.  The portfolio (as of end of October 2008)
consists of 65,551 term loans to 47,724 small and medium sized
companies domiciled in The Netherlands for an amount of approx.
EUR10.5 billion million.  The portfolio is very granular with the
top borrower representing 0.1% of the total portfolio.  The issuer
will finance the acquisition of the portfolio with funds to be
raised through the issuance of Notes.  The total initial purchase
price of the receivables will be equal to the net proceeds
received from the issue of the rated Class A to Class E.  Moody's
assessed the credit quality of the granular SME loan portfolio
using both historical data covering the last 17 years and internal
credit risk estimates (i.e. rating and loss given default
estimates by Rabobank).

According to Moody's, the ratings take account of, among other
factors, the guaranteed excess spread at a level of 80 bps per
annum, the subordination of the respective lower tranches and the
initial cash reserve representing 2.5% of the rated notes funded
by the issuance of Class F at closing.

Moody's analyzed this transaction using the rating methodology for
EMEA ABS transactions backed by loans to SMEs as described in the
Rating Methodology report "Moody's Approach to Rating Granular SME
Transactions in Europe, Middle East and Africa", June 2007.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal final
maturity.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

Moody's assigned provisional ratings to this transaction on
December 9, 2008.


BEST SME 2008: S&P Puts BB- Rating on EUR105 Million Class E Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its credit rating
to the EUR588 million class B, C, D, and E asset-backed floating-
rate notes issued by BEST SME 2008 B.V. At the same time, BEST SME
2008 issued EUR9.9 billion unrated class A notes and EUR263.0
million unrated class F notes.

According to S&P: "This is the second collateralized loan
obligation of assets originated by Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) to small and
midsize enterprises (SMEs) in The Netherlands.

"At closing, Rabobank sold a portfolio of EUR10.5 billion SME
loans to BEST SME 2008, which funded this purchase by issuing the
class A to E notes.  The proceeds of the class F notes were used
to fund a cash reserve equal to 2.5% of the outstanding portfolio
at closing.

"The previous transaction, BEST SME 2007 B.V., closed in December
2007 and was structured as a synthetic deal, referencing a
portfolio of bank loans and overdraft facilities.  BEST SME 2008
is a cash transaction and the collateral comprises performing
loans granted by Rabobank Nederland."

          RATINGS LIST

          BEST SME 2008 B.V.
          EUR10.500 Billion Asset-Backed Floating-Rate Notes And
          EUR0.263 Billion Subordinated Floating-Rate Notes

          Class     Rating*      Amount (Mil. EUR)
          -----     -------      -----------------
          A         NR           9,912
          B         AA-             53
          C         A-             262
          D         BBB            168
          E         BB-            105
          F         NR             263

          NR—Not rated.


CARMEUSE HOLDING: Moody's Cuts CFR to Ba3; Outlook Negative
-----------------------------------------------------------
Moody's Investors Services has downgraded the Corporate Family
Rating of Carmeuse Holding SA to Ba3.  The rating on the EUR250
million Senior Floating Rate Guaranteed Notes issued by Calcipar
SA is also downgraded to Ba3.  The outlook on the ratings remains
negative.  This concludes the review process initiated on
September 4, 2008.

The downgrade to Ba3 was prompted by the issuer's decision not to
proceed with the sale of the sand and aggregates activities as
initially anticipated and factored in our rating and further
reflects Moody's expectation that Carmeuse will not be able to
restore credit metrics commensurate with the current rating
category within the time frame originally set at the closing of
the Oglebay Norton acquisition irrespective of the issuance of a
quasi-equity EUR100 million subordinated, convertible zero coupon
bond funded by its shareholders.

Moody's notes that the issuer has successfully refinanced its
EUR350 million bridge loan maturing in December 2008 by the
signing of a new EUR107 million 364-day revolving credit facility
and the issuance of a EUR100 million subordinated, convertible
zero coupon bond provided by the shareholders, which is announced
to be fully converted in the first part of 2009.  The agency
highlights the fact that Carmeuse cannot draw more than EUR26.7
million under the new facility before January 1, 2009.  The
liquidity of the issuer remains only just adequate looking out
over the next 12 months noting that the facility has a 364-day
maturity and recognizing that both the size and the tenor of the
new facility were below expectations.

The negative outlook therefore reflects the group's renewed
refinancing risk as the new EUR107 million revolving credit
facility is maturing on December 11, 2009.  Moody's is also
concerned about underlying industry trends for Carmeuse's main
business activities and will be closely monitoring both the impact
of a more adverse economic environment on the operating
performance of the group in the short term future as well as
management's measures to adapt to a period of subdued growth.

These ratings are affected by the rating action:

   * Carmeuse Holding SA -- Corporate Family Rating / Probability
     of Default Rating downgraded to Ba3 from Ba2

   * Calcipar SA -- Senior Unsecured Notes rating downgraded to
     Ba3 (LGD 3, 45%) from Ba2

The last rating action was on September 4, 2008, when the ratings
of Carmeuse Holding SA were placed under review for possible
downgrade.

The principal methodology used in rating Carmeuse Holding SA was
the 'Global Building Materials Industry', which can be found at
http://www.moodys.comin the Credit Policy & Methodologies
directory, in the Ratings Methodologies subdirectory.  Other
methodologies and factors that may have been considered in the
process of rating this issuer can also be found in the Credit
Policy & Methodologies directory.

Carmeuse Holding SA is the holding company for the Carmeuse Group.
Carmeuse is one of the world's leading producers of lime and lime-
related products enjoying leading positions in a number of
European markets and a number one position in North America which
has been recently strengthened.  The company operates in a
relatively concentrated industry with only a handful of large
players globally, while its operations are subject to licenses and
are difficult to replicate.  Carmeuse reported EUR951 million in
revenues in 2007.


CLONDALKIN INDUSTRIES: Moody's Affirms B1 CFR; Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on all ratings
of Clondalkin Industries B.V. to negative from stable.  The B1
corporate family rating (CFR), B1 probability of default rating
(PDR), the Ba3 rating for the EUR300 million Senior Secured
Floating Rate Notes due 2013, the US$150 million Senior Secured
Floating Rate Notes due 2013 as well as the B3 rating for the
EUR170 million Senior Unsecured Notes due 2014 have been affirmed.

Rainer Neidnig, lead analyst for Clondalkin at Moody's said: "The
change in outlook to negative was triggered by increasing pressure
from declining volumes on Clondalkin's profitability that evolved
as a result of a generally weaker trading environment.  In view of
the company's high leverage, a continuation of this trend would
make it increasingly challenging for management to effect the
improvement of credit metrics that is implied in the current
rating".  Neidnig went on: "At the same time the affirmation of
the B1 Corporate Family Rating reflects our expectation that
Clondalkin's cash flow generation should prove fairly resilient in
the current downturn due to the company's diversification across a
variety of niche markets as well as flexibility in its capital
expenditure decisions."

The rating could be downgraded over the next quarters should
Clondalkin not be able to preserve current profitability levels
resulting in lower cash flow generation and leverage staying at a
high level.  Indicators for such development would be an EBIT
margin trending down towards 5%, Free Cash Flow turning negative
or Debt/EBITDA not moving well below 6x.  The outlook could be
stabilized again, if Clondalkin's earnings prove resilient to the
current economic downturn, the company continues to generate
positive Free Cash Flow and reduces leverage towards 5.5x
Debt/EBITDA.

The rating remains supported by Clondalkin's strong business
profile, especially (i) its good substrate diversity as major raw
materials include plastics, paper and board as well as metals,
(ii) its strong market position in several niche markets with
solid global diversification, and (iii) its continued high level
of asset efficiency. In addition, the rating takes comfort from
the adequate liquidity position and no major debt maturities until
2013.  Moody's notes also positively that the company has managed
to remain Free Cash Flow positive over the past years despite
extensive capex spending and challenges from high raw material
prices.  In this regard, rating agency also recognizes that the
company has a certain degree of flexibility in adjusting its cost
base and capex decisions.

The rating reflects the company's relatively weak financial
metrics as a result of adverse effects from high raw materials
squeezing profit margins (although profit in absolute numbers
remained largely unchanged) and still high absolute debt levels.
Despite positive Free Cash Flow generation over the last years,
leverage in terms of Debt/EBITDA remained high at around 6.0x as
Free Cash Flow was rather applied to external growth than to de-
leveraging.

The last rating action was implemented on June 5, 2007, when the
B1 corporate family rating was affirmed with a stable outlook.

The principal methodology used in rating Clondalkin was the Global
Packaging Manufacturers: Metals, Glass, and Plastic Containers
rating methodology, which can be found at http://www.moodys.com
in the Credit Policy & Methodologies directory, in the Ratings
Methodologies subdirectory.  Other methodologies and factors that
may have been considered in the process of rating Clondalkin can
also be found in the Credit Policy & Methodologies directory.

Clondalkin is one of Europe's leading converters for a number of
niche packaging products. T he broad range of flexible packaging
applications includes lids and seals for dairy product containers,
flower sleeves, agricultural-product bags, papers and foil-paper
liners for the tobacco industry in addition to specialist products
that range from folding cartons, labels and leaflets to paper bags
and sacks for end customers in the pharmaceutical, cosmetics,
healthcare and consumer-goods industries.  In fiscal year 2007,
the company recorded sales of EUR826 million (pro forma
acquisitions: EUR908 million), which were generated in Europe
(70%) and North America (30%).  Clondalkin Industries B.V., which
is owned by Warburg Pincus Funds and management, is domiciled in
Amsterdam, Netherlands.


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


BAIKAL-LES-INVEST LLC: Bankruptcy Hearing Set February 2
--------------------------------------------------------
The Arbitration Court of Krasnodarskiy will convene at 4:00 p.m.
on Feb. 2, 2008, to hear bankruptcy proceedings on LLC Baikal-Les-
Invest.  The case is docketed under Case No. A-32–12970/08–
38/751B.

The Insolvency Manager is:

         Ye. Safronova
         Office 2
         Kubano-Naberezhnaya Str. 100
         350063 Krasnodar
         Russia
         Tel: (861)262–97-27.

The Debtor can be reached at:

         LLC Baikal-Les-Invest
         Krasnodar
         Russia


BORUS-MET LLC: Creditor Must File Claims by January 5
-----------------------------------------------------
Creditors of LLC Borus-Met (Construction Metal) have until
Jan. 5, 2008, to submit proofs of claims to:

Temporary Insolvency Manager

         S. Borisov
         Office 101
         Lermontova Str. 39
         440026 Penza

         Russia

The Arbitration Court of Samara will convene on, Feb. 11, 2008, to
hear bankruptcy supervision procedure.  The case is docketed
under Case No. A55–7319/2008.


ELEMENT LEASING: S&P Keeps C Short-Term Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit rating on Russia-based Element
Leasing LLC to 'B-' from 'B' and its Russia national scale rating
to 'ruBBB-' from 'ruA-'.  The ratings were removed from
CreditWatch, where they had been placed on Oct. 7, 2008, with
negative implications.  At the same time, the 'C' short-term
counterparty credit rating on the company was affirmed.  The
outlook is negative.

"The downgrade reflects S&P's assessment that parental support for
EL has weakened, and that the operating environment and EL's
financial profile have deteriorated," said S&P's credit analyst
Victor Nikolskiy.  "We believe that Basic Element Group's ability
to support EL has weakened and is constrained by current market
conditions."

Accordingly, the ratings on EL now reflect its stand-alone
creditworthiness.  They incorporate the company's small size,
limited franchise, weak funding profile, and the weakening quality
of its leasing portfolio.

EL is a small Moscow-based leasing company, ultimately owned by
Basic Element, one of Russia's largest financial and industrial
groups.  The ratings on EL do not include any uplift for expected
external support.

EL specializes in small-ticket leasing transactions concentrated
on commercial trucks and construction machinery, with a
significant portion of leasing equipment produced by affiliated
car producer GAZ Group.  Reliance on group funding has been
historically high.

The quality of the leasing portfolio is weak, with problem leases
(overdue by more than 90 days) growing from 1.8% on Dec. 31, 2007,
to 2.6% on Oct. 31, 2008, with loans overdue more than 30 days
significantly higher.  Profitability is adequate.

The negative outlook reflects the potential negative impact of the
currently difficult operating environment on EL's asset quality,
financial performance, and funding profile.

"The ratings will come under pressure if the company's financial
profile weakens substantially through further deterioration in
asset quality or liquidity," said Mr. Nikolskiy.

The outlook could be revised to stable if the company is able to
maintain an adequate leasing portfolio performance and safeguard
its profitability and liquidity positions.  Reductions in the
economic and industry risks that are currently afflicting Russia's
financial system would also be positive for the ratings.


EUROKOMMERZ HOLDING: Moody's Junks Long-Term Currency Ratings
-------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from B2 the long-
term foreign currency and local currency issuer ratings of
Eurokommerz Holding Limited.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, has downgraded
Eurokommerz's A3.ru long-term National Scale Rating to B2.ru.
Concurrently, Moody's has placed the Caa2 long-term foreign and
local currency issuer ratings as well as the B2.ru NSR on review
with direction uncertain.

Moody's observes that the downgrade of Eurokommerz's long-term
ratings captures the fact that the company has defaulted on its
coupon payment under the RUR3 billion (c.US$107 million) domestic
bonds with maturity in 2010.

According to Russian legislation, this default is considered a
technical default and it will be considered a real default seven
days after the due date; however, Moody's considers the severity
of this event consistent with a default under Eurokommerz's senior
unsecured loan obligations and therefore downgraded the issuer
rating to Caa2 from B2.

Furthermore, Eurokommerz also has to repay over RUR4 billion under
the loan from JP Morgan Chase bank and potentially up to RUR4
billion under the put options for the domestic bonds issuance
together representing 30% of its total liabilities by end-December
2008 which far exceeds company's cashflow generation abilities as
reflected in modest cash position which covers only a small share
of the liabilities due by end-December 2008.

"This default has mainly been the result of the combination of the
following factors: (i) liquidity mismanagement reflected in over
reliance on the ability of Eurokommerz to refinance its debt in
the current operating environment which led to inability to
accumulate the required cash cushion; and (ii) asset quality
deterioration and lengthening the maturity profile of the
factoring book due to seasonal and macro-economic factors which
reduced cash-generating abilities," says Vladlen Kuznetsov, a
Moscow-based Moody's Assistant Vice President - Analyst, and lead
analyst for Eurokommerz.

The rating review with direction uncertain captures the current
uncertain situation in respect of overcoming Eurokommerz's
immediate liquidity problems.  Assuming the company is successful
in refinancing its existing debt maturities while at the same time
securing sufficient liquidity support to cover for its forthcoming
debt maturities, immediate negative pressure may be lifted from
the Caa2 rating, reflecting such a substantially improved
liquidity situation.  Eurokommerz benefits from its solid position
on the factoring market, high profitability and capitalization.
However, if Eurokommerz fails to secure its funding position, it
is likely that the company will further default on its coupon and
principal payments, resulting in bankruptcy or bail out,
accompanied by a restructuring of its obligation (or support in
other forms) in such a form that creditors incur further losses,
thus resulting in a further downgrade of the issuer rating.

At the same time, Moody's observes that currently there is little
certainty over the future direction of Eurokommerz's rating but it
is likely to become clearer in the coming weeks, therefore the
review is likely to be revised at that time.

Moody's last rating action was on 16 July 2007, when Eurokommerz's
ratings were assigned at B2/Not-Prime/A3.ru.  All the ratings were
assigned with stable outlooks.

The principal methodology used in rating Eurokommerz is "Analysing
the Credit Risk of Finance Companies", which can be found at
http://www.moodys.comin the Credit Policy & Methodologies
directory, in the Ratings Methodologies subdirectory. Other
methodologies and factors that may have been considered in the
process of rating can also be found in the Credit Policy &
Methodologies directory.

Based in Moscow, Eurokommerz is the largest company in the Russian
factoring sector, with the market share of 30% by factored
portfolio and 42% by number of clients.  Eurokommerz reported
total consolidated assets of US$1.9 billion and total equity of
US$454 million under IFRS as of June 30, 2008.


FAR EAST: Fitch Affirms Long-Term Issuer Default Rating at 'B+'
---------------------------------------------------------------
Fitch Ratings has affirmed OJSC Far East Telecom's (otherwise
known as OAO Dalsvyaz) Long-term Issuer Default Rating at 'B+'
with a Stable Outlook.  The agency has simultaneously affirmed the
company's Short-term IDR at 'B'.

Far East Telecom demonstrated strong financial performance in 2007
and 2008.  The incumbent's EBITDA margin has improved to 31.6% in
2007 from 26.7% in 2006. EBITDA on a LTM basis to Q308 is
estimated by Fitch at 32.5%, underpinned by broadband revenue
growth, successful turn-around of the incumbent's 51%-controlled
subsidiary, Sakhatelecom, and cost control measures undertaken by
the incumbent.  The agency believes Far East Telecom is likely to
sustain healthy EBITDA margins in the medium-term perspective,
though increasing cost inflationary pressure is likely to be a
constraining factor for significant EBITDA growth.

In 2007 Far East Telecom reached a Free-Cash-Flow positive
position and the agency expects the incumbent to remain FCF-
positive in 2008-2009.  Fitch believes that the issuer's capital
expenditure program in 2009 will be partially shaped by debt
availability in the financial markets and Russia's macroeconomic
environment.  However, the issuer's capex is scalable and can be
significantly reduced if enough debt is not available.  Fitch
expects capex to be directed to broadband and intra-zone backbone
network expansion, with minimal network digitalization
expenditure.

Far East Telecom's leverage (measured as Net Debt to EBITDA) has
been low and was 1.4x at end-2007, a significant improvement from
2.2x at end 2006.  According to 2007 results, the issuer ranks
among the least-leveraged peers of the OAO Svyazinvest group, such
as OAO North-West Telecom and OAO Volgatelecom.  OAO Svyazinvest
is Far East Telecom's main shareholder.  Fitch expects Far East
Telecom's leverage to remain low in a range of 1.1x-1.2x in the
next couple of years.

In Fitch's opinion, Far East Telecom's rating is constrained by
significant refinancing risks, with the earliest peak in Q209.
Though the agency believes that the issuer, which is state-
controlled and a low-leverage borrower, is likely to raise new
debt from state-controlled Russian banks, the debt is likely to be
short-term and therefore refinancing risks would roll over.

The rating considers the influence that OAO Svyazinvest has on Far
East Telecom's strategic decision-making processes and also takes
Svyazinvest's potential lobbying support into consideration.


GAZINVESTBANK: Moody's Downgrades Deposit Ratings to C
------------------------------------------------------
Moody's Investors Service downgraded the long-term local and
foreign currency deposit ratings of Russia's Gazinvestbank (GINB)
to C from Caa1.  The bank's E bank financial strength rating
(BFSR) and Not Prime short-term local and foreign currency deposit
ratings were affirmed.  At the same time, Moody's Interfax Rating
Agency downgraded GINB's long-term national scale credit rating
(NSR) to C.ru from Ba3.ru.  Moscow-based Moody's Interfax is
majority-owned by Moody's.  All ratings are now at their lowest
possible level and the outlook on the global scale ratings is
stable.

The assigned ratings of C reflect Moody's expectation of a loss of
more than 50% for GINB's senior unsecured creditors, except for
private individuals with deposits with the bank in the amount up
to RUB700,000 (US$25,000), which are eligible for 100% repayment
by the State corporation Deposit Insurance Agency.  According to
Moody's, the rating action was triggered by the withdrawal of
GINB's banking license by the Central Bank of Russia (CBR) on
December 4, 2008 "due to presentation of non-true financial
reporting to the regulator and inability to meet obligations to
creditors".  [The] downgrades conclude the review for possible
downgrade initiated on the affected ratings on November 21, 2008.

The principal methodologies used in rating GINB are "Bank
Financial Strength Ratings: Global Methodology" and "Incorporation
of Joint-Default Analysis into Moody's Bank Ratings: A Refined
Methodology", which can be found at http://www.moodys.comin the
Credit Policy & Methodologies directory, in the Ratings
Methodologies subdirectory.  Other methodologies and factors that
may have been considered in the process of rating GINB can also be
found in the Credit Policy & Methodologies directory.

Headquartered in Moscow, Russia, Gazinvestbank reported total
assets of US$216 million under IFRS as at March 31, 2008.


GAZPROM OJSC: Moody's Risk Profile Equal to Ba1; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlook of OJSC Gazprom to
stable from positive reflecting the change in the outlook on the
Baa1 rating of the Russian Federation to stable from positive.

Gazprom is a Government Related Issuer (GRI), as defined in
Moody's rating methodology "The application of Joint Default
Analysis to Government Related Issuers".  As a result, Gazprom's
A3 debt and foreign currency issuer ratings reflect the
combination of these inputs:

  * Gazprom's stand-alone credit risk profile or Baseline Credit
    Assessment (BCA) of 11 (on a scale of 1 to 21 and equivalent
    to Ba1 rating)

  * Baa1 local currency rating of the Russian government

  * Medium dependence

  * High support

Gazprom's rating of A3, together with the support and dependence
level, is not affected as a result of this rating action.

Moody's previous rating action on Gazprom took place on July 23,
2008, when a provisional rating of (P)A3 was assigned to the 18th
tranche of the Loan Participation Notes issue launched by Gaz
Capital S.A., a finance vehicle of Gazprom.

The principal methodology used in rating of Gazprom, in particular
of its Baseline credit assessment, is the Global Integrated Oil &
Gas Industry Rating Methodology published in October 2005, which
can be found at http://www.moodys.comin the Credit Policy &
Methodologies directory, in the Ratings Methodologies
subdirectory.  Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
in the Credit Policy & Methodologies directory.

Gazprom headquartered in Moscow, Russia, is the world's largest
integrated gas company focused on the production, refining and
transportation of Russian gas to both domestic, Commonwealth of
Independent States (CIS), Baltic and European markets.  It also
owns and operates the Unified Gas Supply System (UGSS) in Russia,
which is the largest gas transportation, storage and processing
system in the world, comprising of nearly 158,500 kilometers of
high-pressure trunk pipelines and 25 underground gas storage
facilities and is the leading exporter of gas to Western Europe.


INDUSTRIAL CONSTRUCTION: Creditor Must File Claims by January 5
---------------------------------------------------------------
Creditors of LLC Industrial Construction And Repair (TIN
6321097740) have until Jan. 5, 2008, to submit proofs of claims
to:

         P. Saluk
         Temporary Insolvency Manager
         Promyshlennosti 275/1
         443023 Samara
         Russia

The Arbitration Court of Samara will convene on Feb. 24, 2008, to
hear bankruptcy supervision procedure.  The case is docketed
under Case No. 55–15075/2008.

The Debtor can be reached at:

         LLC Industrial Construction And Repair
         Barkovskaya Str. 68
         Tolyatti
         Samarskaya
         Russia


INSTROY-PROEKT DVI: Under External Bankruptcy Procedure
-------------------------------------------------------
The Arbitration Court of Samara has commenced external
management bankruptcy procedure on OJSC Instroy-Proekt DVI (TIN
6316043097) (Construction).  The Case is docketed under No. A55–
10137/2007.

The External Insolvency Manager is:

         A. Safronov
         Buyanova Str. 62/3
         443041 Samara
         Russia

The Debtor can be reached at:

         OJSC Instroy-Proekt DVI
         Novo-Sadovaya Str. 106
         443068 Samara
         Russia


KAMAZ TRUCKMAKER: Seeks US$430 Million Lifeline from VEB
--------------------------------------------------------
OAO KamAZ Chief Executive Officer Sergey Kogogin said the Russian
truckmaker has asked Vnesheconombank ("VEB"), the Russian state
bank distributing bail-out funds, for a loan of US$430 million,
Bloomberg News reports citing Kommersant.

According to the report, Mr. Kogogin told Kommersant the funds
from Vnesheconombank would be used for a number of projects.

Kamaz OAO (RTC:KMAZ) -- http://www.kamaz.net/-- is a Russia-based
vehicle manufacturer.  It has in its offer trucks, trailers,
buses, tractors, engines, power units, as well as tools and spare
parts for cars.  The Company owns a number of special-purpose
plants involved in the development, production and assembly of
vehicles and components, as well as marketing of end products.
KAMAZ OAO operates through assembly lines and authorized
distributors.  The Company is active on the domestic market and
abroad.  KAMAZ OAO owns seven representative offices located in
China, Botswana, the Republic of Panama, Malaysia and Russia.


MARETEX LTD: S&P Withdraws Junk Ratings at Company's Request
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'CCC+' long-term corporate credit and 'ruBB+' Russia national
scale ratings on Russian metal distributor Maretex Ltd. at the
company's request.  The 'CCC+' senior unsecured debt rating on the
$150 million credit-linked notes issued by special-purpose vehicle
C.R.R. B.V. was also withdrawn.  Maretex is consequently no longer
subject to Standard & Poor's surveillance.

Maretex is Russia's largest independent steel distributor, with a
7.2% market share in warehouse trading in 2007 and a strong
presence across various Russian regions.

"We expect that the company will incur significant losses in the
fourth quarter of 2008, caused by a dramatic decline in steel
prices, and that it will continue to suffer from weak conditions
in the steel distribution industry in Russia in the first half of
2009, as well as from very weak liquidity," said Standard & Poor's
credit analyst Andrey Nikolaev.


NUTRINVESTHOLDING OJSC: S&P Cuts Corp. Credit Rating to 'SD'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered to
'SD' (selective default) from 'B' its long-term corporate credit
rating on Russia's largest baby food producer, Nutrinvestholding
OJSC, and lowered its Russia national scale rating to 'SD' from
'ruBBB+'.

At the same time, S&P lowered to 'D' from 'B' its senior unsecured
debt rating on the US$50 million loan participation notes issued
by WinterhavenB.V. for a loan of a similar amount to Nutritek
International Corp., part of the Nutrinvestholding group.

"The downgrade reflects Nutritek's announced decision not to pay
principal and interest on its unrated US$50 million LPNs, also
issued by Winterhaven B.V., which fell due on Dec. 11, 2008," said
S&P's credit analyst Anton Geyze.

Cross-default provisions embedded in documentation on the
US$50 million LPNs due on April 17, 2009, and some of Nutritek's
other bank loans triggered by expected default appear to make this
debt immediately due.  Nutritek, however, confirmed that payments
on its Russian ruble-denominated bonds and other bank debt will
remain current.

Although Nutritek had more than US$50 million in cash and liquid
reserves as of Oct. 24, 2008, S&P understands that these funds
were unexpectedly tied up in illiquid investments in the past few
weeks.  As a result, Nutritek had no capacity to repay the
US$50 million bond.  It remains unclear how the decision to
utilize Nutritek's cash was made.

"In any of our future rating actions on Nutritek, S&P will
consider a reassessment of Nutritek's corporate governance
practices," said Mr. Geyze.

Nutritek has inadequate liquidity, as reflected by its decision
not to make payment on its US$50 million loan participation notes,
which triggers a cross-default provision on its other US$50
million notes and its bank debt, which together comprised more
than 75% of its gross total debt as of Sept. 8, 2008.  Nutritek
has no committed or uncommitted lines at its disposal, while its
cash reserves were minimal as of Dec. 1, 2008.


PROBUSINESSBANK: Fitch Gives Negative Outlook, Affirms Ratings
--------------------------------------------------------------
Fitch Ratings has revised Probusinessbank's Outlook to Negative
from Stable and affirmed its ratings.

The Negative Outlook reflects increased credit and operational
risks associated with PBB's acquisition of a second distressed
regional bank, Bank24.ru, following its earlier purchase of
Gazenergobank.  The banks, with respective assets of RUR7 billion
and RUR4 billion at end-Q308 according to regulatory accounts, are
equivalent to 13% of PBB's consolidated assets at end-Q308.

Liquidity risk arising from the recent acquisitions should be
minimal, in Fitch's view, as funding received from the Deposit
Insurance Agency to support the takeovers was substantial relative
to the banks' balance sheets.  However, asset quality in both
banks seems to be weak with significant related-party exposures,
some of which have been restructured and transferred onto PBB's
own balance sheet.  The asset quality in the PBB group pre-
acquisitions has also shown a negative trend; non-performing loans
(defined as loans with payments more than 90 days overdue) rose to
6% of the portfolio at end-Q308 from 5.2% at end-H108 and 4% at
end-2007, mainly driven by impairment in the unsecured retail
book.

Furthermore, the acquisitions and their integration are likely to
divert PBB's resources away from the management of the group's
other four banks.  At the same time, Fitch notes that the bank has
previously successfully integrated three regional banks, although
this was executed in a favorable operating environment and the
purchased banks were not distressed.

The ratings could be downgraded if the group's asset quality
deteriorates significantly, resulting in pressure on profitability
and capital.  The Outlook could revert to Stable, however, if PBB
successfully restructures and integrates these banks without
significantly worsening its asset quality.

PBB is the parent entity of a banking group which at present
includes six Russian banks; on a consolidated basis the group
would have ranked among the 50 largest banks in the country by
assets at end-Q308.  Group banks provide services to corporate,
retail and SME clients under the common "Life" brand, but retain
their original names.  Four individuals, who are senior managers
of the bank, own 65.5% of PBB, and four private equity funds have
34.5%.

The rating actions are:

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

  -- Short-term foreign currency IDR: affirmed at 'B'

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

  -- National Long-term: affirmed at 'BB(rus)'; Outlook revised to
     Negative from Stable

  -- Support rating: affirmed at '5'

  -- Support rating floor: affirmed at 'No Floor'

  -- Individual rating: affirmed at 'D/E'


SAMARA-AVTO-DOR OJSC: Creditor Must File Claims by January 5
------------------------------------------------------------
Creditors of OJSC Samara-Avto-Dor (Construction) have until
Jan. 5, 2008, to submit proofs of claims to:

         A. Safronov
         Temporary Insolvency Manager
         Buyanova Str. 62/3
         443041 Samara
         Russia

The Arbitration Court of Samara will convene at 11.30 a.m. on
Feb. 19, 2008, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A55–10752/2008.

The Debtor can be reached at:

         OJSC Samara-Avto-Dor
         Mekhanikov Str. 5
         Smyshlyaevka
         443548 Samarskaya
         Russia


SAMARA-KOMPOZIT PLANT: Creditor Must File Claims by Jan.  5
-----------------------------------------------------------
Creditors of CJSC Samara-Kompozit Plant (TIN 6330020662)
(Composite Materials Production) have until Jan. 5, 2008, to
submit proofs of claims to:

         A. Safronov
         Temporary Insolvency Manager
         Buyanova Str. 62/3
         443041 Samara
         Russia

The Arbitration Court of Samara will convene on Feb. 17, 2008, to
hear bankruptcy supervision procedure.  The case is docketed
under Case No. A55–11995/2008.

The Debtor can be reached at:

         CJSC Samara-Kompozit Plant
         Vokzalnaya Str. 102
         Novokuybyvshsk
         446202 Samarskaya
         Russia


SHYMIKHINSKIY FERRO: Creditors Must File Claims by January 5
------------------------------------------------------------
Creditors of OJSC Shymikhinskiy Ferro-Concrete Plant have until
Jan. 5, 2008, to submit proofs of claims to:

         N. Aleshina
         Insolvency Manager
         Post User Box 114
         640000 Kurgan
         Russia

The Arbitration Court of Kurganskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A34-5800/2008.

The Debtor can be reached at:

         OJSC Shymikhinskiy Ferro-Concrete Plant
         Belonosova Str. 41
         Shumikha
         Kurganskaya
         Russia


STROY-MONTAZH-N LLC: Creditors Must File Claims by February 5
-------------------------------------------------------------
Creditors of LLC Stroy-Montazh-N (TIN 6330026054) (Construction)
have until Feb. 5, 2008, to submit proofs of claims to:

         A. Kutnayev
         Insolvency Manager
         Leningradskaya Str. 60/14
         443099 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55–12353/2008.

The Debtor can be reached at:

         LLC Stroy-Montazh-N
         Kirova Str. 2
         Novokuybyvshsk
         Samarskaya
         Russia


TOLYATTINSKIY KARTON: Creditors Must File Claims by January 5
-------------------------------------------------------------
Creditors of OJSC Tolyattinskiy Karton (TIN 5609039476)
(Pressboard Production) have until Jan. 5, 2008, to submit proofs
of claims to:

         Yu. Berestnev
         Insolvency Manager
         Apt. 50
         Krasnodonskaya Str. 63
         443035 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55–3060/2008–36.

The Debtor can be reached at:

         OJSC Tolyattinskiy Karton
         Severnaya Str. 10
         Russkaya Borkovka
         Stavropolskiy
         Samarskaya
         Russia


TUMENENERGOBANK: Moody's Cuts Deposit Ratings to C & Holds E BFSR
-----------------------------------------------------------------
Moody's Investors Service downgraded the long-term local and
foreign currency deposit ratings of Russia's TumenEnergoBank (TEB)
to C from Caa2.  The bank's E bank financial strength rating
(BFSR) and Not Prime short-term local and foreign currency deposit
ratings were affirmed.  At the same time, Moody's Interfax Rating
Agency downgraded TEB's long-term national scale credit rating
(NSR) to C.ru from B3.ru.  Moscow-based Moody's Interfax is
majority-owned by Moody's.  All ratings are now at their lowest
possible level and the outlook on the global scale ratings is
stable.

The assigned ratings of C reflect Moody's expectation that TEB's
senior unsecured creditors will incur a loss of more than 50%,
with the exception of private individuals with deposits at the
bank in the amount up to RUR700,000 (US$25,000), which are
eligible for 100% repayment by the State corporation Deposit
Insurance Agency.  According to Moody's, the rating action was
triggered by the withdrawal of TEB's banking license by the
Central Bank of Russia on December 4, 2008 "due to an inability to
meet its obligations to creditors and the failure of the bank's
management to recover the bank's financial standing".  This
concludes the review for possible downgrade initiated on the
affected ratings on September 30, 2008.

The principal methodologies used in rating TEB is "Bank Financial
Strength Ratings: Global Methodology" which can be found at
http://www.moodys.comin the Credit Policy & Methodologies
directory, in the Ratings Methodologies subdirectory.  Other
methodologies and factors that may have been considered in the
process of rating TEB can also be found in the Credit Policy &
Methodologies directory.

Headquartered in Tumen, Russia, TEB reported total consolidated
IFRS assets of RUR17.5 billion (US$714 million) as at December 31,
2007 and net consolidated income of RUR334 million (US$13.6
million) for the year then ended.


VOLZHSKAYA CONSTRUCTION: Creditors Must File Claims by Feb. 5
-------------------------------------------------------------
Creditors of LLC Volzhskaya Construction Company (TIN
6312061722) have until Feb. 5, 2008, to submit proofs of claims
to:

         A. Safronov
         Insolvency Manager
         Buyanova Str. 62/3
         443041 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55–8020/2008.

The Debtor can be reached at:

         LLC Volzhskaya Construction Company
         Apt. 42
         Prospect Metallurgov 75
         443044 Samara
         Russia


* RUSSIA: Fitch Says Economic Slowdown to Hit Oil and Gas Firms
---------------------------------------------------------------
Fitch Ratings says in its 2009 credit outlook report on the
Russian and Commonwealth of Independent States' (CIS) oil and gas
sector, that the anticipated slowdown in global economic growth
could pressure the healthy credit metrics of regional oil and gas
companies.  Fitch says the expected global economic slowdown is
likely to lead to a reduction in demand for crude oil and cause
greater volatility in oil prices than in recent years, which in
turn could present challenges for the healthy credit metrics of
Russian and CIS oil and gas companies.

A key hurdle for the Russian/CIS hydrocarbon sector in 2009 will
likely be access to external financing to fund new development
projects.  Russian/CIS operators are more heavily dependent on
external financing to fund exploration and development projects
than their peers in Western Europe or Latin America, for example.
As such, a reduction in available funds for borrowing, significant
increases in borrowing costs, or an outright lack of access to
capital markets are all expected to have a significant impact on
companies' financial profiles in 2009.

"The coming year will present some unique challenges to the
Russian and CIS oil and gas sector that they have not had to deal
with in the past few years," says Jeffrey Woodruff, Senior
Director in Fitch's energy team in London.  "Fitch expects the
largest challenge to be the financing of project development in
light of the poor state of global capital markets."

Most of the Russian/CIS oil and gas companies rated by Fitch
currently have robust balance sheets, as evidenced by their strong
credit ratios going into 2009.  Companies in the sector are
largely able to finance capital expenditure with cash flow from
operations due to record high oil prices reached in 2008.  The
agency nonetheless expects lower oil prices in 2009 to compel most
Russian/CIS oil and gas operators to scale back capital
expenditure projects to some degree, and resort to levels of
spending more in line with maintenance capital expenditures.
Reductions in capital expenditure and other operating costs should
allow most operators to limit deterioration in credit ratios
resulting from lower oil prices.

Any rating action by Fitch will largely depend on an individual
company's ability to reduce operating costs and scale back
spending in a more challenging oil price environment without
negatively affecting long-term development projects and ultimately
market share.  An additional factor likely to impact oil and gas
companies in 2009 will be the ability to obtain state funding for
projects should other financing alternatives prove to be
unavailable.


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


AYT GOYA: Fitch Assigns 'BB' Rating on EUR3.25 Mln Class D Notes
----------------------------------------------------------------
Fitch Ratings has clarified that it has assigned final ratings to
AyT Goya Hipotecario II, Fondo de Titulizacion de Activos' notes,
totalling EUR1.3 billion, due in February 2051.  The ratings were
effective from June 6, 2008 when the transaction closed.

   -- EUR1238.25 million Class A: 'AAA'; Outlook Stable
   -- EUR39.0 million Class B: 'A'; Outlook Stable
   -- EUR19.5 million Class C: 'BBB'; Outlook Stable
   -- EUR3.25 million Class D: 'BB'; Outlook Stable

This transaction is a cash-flow securitization of a EUR1300
million static pool of residential mortgage loans granted by
Barclays Bank, S.A. (BBSA), an entity 99.7%-owned by Barclays Bank
PLC (rated 'AA'/'F1+'/Outlook Negative).

The final ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available credit
enhancement (CE), the integrity of the transaction's legal and
financial structures and Ahorro y Titulizacion S.G.F.T, S.A's
administrative capabilities.

Initial CE for the Class A to D notes is provided by subordination
and a reserve fund, which has been fully funded at closing using a
subordinated loan.

The ratings address the payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger on the Class B, C and D notes, as well as the
repayment of principal at legal final maturity.  Should the
deferral trigger on the Class B, C and D notes be hit, interest on
these notes will be deferred in the priority of payments.  In this
instance, interest payments might not be received for a period of
time, but will be received by legal final maturity.

The fund will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to convert
mortgage transmission certificates (certificados de transmision de
hipotecas or CTHs) from the seller into fixed-income securities.
The fund will be legally represented and managed by Ahorro y
Titulizacion S.G.F.T, S.A, a limited liability company
incorporated under Spanish law, whose activities are limited to
the management of securitization funds.


FTPYME BANCAJA: S&P Takes Various Rating Actions on Notes
---------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by FTPYME Bancaja 3, Fondo de Titulizacion de
Activos (FTPYME Bancaja 3) and FTPYME Bancaja 6, Fondo de
Titulizacion de Activos (FTPYME Bancaja 6) following a full credit
and cash flow analysis.

S&P said: "Specifically, we:
   -- Downgraded and removed from CreditWatch negative FTPYME
      Bancaja 3's class D notes;

   -- Placed FTPYME Bancaja 3's class C notes on CreditWatch
      negative;

   -- Kept FTPYME Bancaja 3's class A3(G) and B notes on
      CreditWatch negative;

   -- Downgraded and removed from CreditWatch negative FTPYME
      Bancaja 6's class C notes;

   -- Downgraded and kept on CreditWatch negative FTPYME Bancaja
      6's class B notes; and

   -- Affirmed all the other classes of notes in these
      transactions.

"[The] rating actions follow a full credit and cash flow analysis
of the most recent transaction information and loan-level data
that we have received for these Spanish securitizations of loans
to small and midsize enterprises (SMEs).

"Our analysis focused on risks related to obligor concentrations—
in particular real estate and construction sector exposures and
the concentration of loans granted for development—as well as
risks related to high regional concentration of the two pools
backing the deals.  Given Spain's current economic outlook, we
believe that loans granted to developers or companies operating in
the real estate and construction sectors will be more exposed to a
severe correction over the next few months.

"We fed the output of our credit analysis into our cash flow
analysis.

"In FTPYME Bancaja 3, which closed in November 2004, this showed
that the credit enhancement available to the class D notes was, in
our opinion, insufficient to maintain the current ratings.  This
is despite the transaction benefiting from high seasoning of the
assets and a low pool factor with only 21% of the closing balance
remaining outstanding.  Therefore, we lowered the rating on this
class of notes to 'BB' from 'BBB-'.

"Moreover, we believe that in the current macroeconomic
environment some characteristics of the underlying collateral
could lead to a deterioration of the performance and negatively
affect the ratings on the class C notes.  We also kept the class
A3(G) and B notes on CreditWatch negative because of the exposure
to the originator Caja de Ahorros de Valencia, Castellon y
Alicante (Bancaja) as swap counterparty.

"In FTPYME Bancaja 6, which closed in September 2007, the results
from our credit and cash flow analysis showed that the credit
enhancement available to the class B and C notes was, in our
opinion, insufficient to maintain the current ratings.  In
addition, we expect more deterioration in the collateral to
increase the likelihood of further negative rating actions on the
class B notes, and so the ratings on this class remain on
CreditWatch negative.

"We also note that in this transaction, deferral of interest
triggers are based on cumulative defaults reaching 3.75% of the
initial collateral balance for the class C notes and 5.75% for the
class B notes.  We believe that a breach of the trigger will
potentially result in the junior and mezzanine notes experiencing
an interest shortfall, while senior notes will deleverage more
quickly.  Given the current performance of the transaction and our
expectation that a significant portion of current long-term
arrears could roll into default, we consider that the likelihood
of a breach of this trigger has increased.

"A high percentage of FTPYME Bancaja 3's and FTPYME Bancaja 6's
assets are concentrated in the real estate and construction
sectors, 48% and 59%, respectively.  Most of the loans were
originated in the Valencia region, which is the core business area
of the originator, representing 58% of FTPYME Bancaja 3's and 55%
of FTPYME Bancaja 6's collateral.

"Due to FTPYME Bancaja 6's low seasoning, none of the loans in
long-term arrears have yet been recognized as written off.  The
transaction definition of write offs is loans in arrears for more
than 18 months.  We believe that this is allowing excess spread to
leak out of the transaction, even though, in our view, the current
high level of severe delinquencies could lead to high defaults in
the near future.

"Loans in arrears for more than 90 days account for 3.66% of
FTPYME Bancaja 3's current pool and 5.46% of FTPYME Bancaja 6's
pool (as of the end of October 2008).  For this latter pool, loans
more than three months in arrears have doubled over the past six
months.  This is in line with the rapid growth in delinquencies
observed by us elsewhere across the Spanish SME securitization
market.  However, we believe that this pool's characteristics are
likely to have more severe effects on this transaction.  We expect
that a significant portion of the current long-term arrears could
roll into default in the near to medium term.  This could put
further pressure on the ratings on the junior notes."

     RATINGS LIST

     * RATINGS LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE

     FTPYME Bancaja 3, Fondo de Titulizacion de Activos
     EUR900 Million Floating-Rate Notes

     Class              To                  From
     -----              --                  ----
     D                  BB                  BBB-/Watch Neg

     FTPYME Bancaja 6, Fondo de Titulizacion de Activos
     EUR1.028 Billion Floating-Rate Notes

     Class              To                  From
     -----              --                  ----
     C                  B                   BB/Watch Neg

     * RATINGS LOWERED AND KEPT ON CREDIT WATCH NEGATIVE

     FTPYME Bancaja 6, Fondo de Titulizacion de Activos
     EUR1.028 Billion Floating-Rate Notes

     Class              To                  From
     -----              --                  ----
     B                  BBB/Watch Neg       A-/ Watch Neg

     * RATINGS PLACED ON CREDITWATCH NEGATIVE

     FTPYME Bancaja 3, Fondo de Titulizacion de Activos
     EUR900 Million Floating-Rate Notes

     Class              To                  From
     -----              --                  ----
     C                  BBB+/Watch Neg      BBB+

     * RATINGS KEPT ON CREDITWATCH NEGATIVE

     FTPYME Bancaja 3, Fondo de Titulizacion de Activos
     EUR900 Million Floating-Rate Notes

     Class              To                  From
     -----              --                  ----
     A3(G)              AAA/Watch Neg
     B                  AA-/Watch Neg

     * RATINGS AFFIRMED

     FTPYME Bancaja 6, Fondo de Titulizacion de Activos
     EUR1.028 Billion Floating-Rate Notes

     Class              Rating
     -----              ------
     A2                 AAA
     A3(G)              AAA
     D                  CCC-


TDA UNICAJA: Fitch Clarifies 'CCC' Rating on EUR19.6 Mln Notes
--------------------------------------------------------------
Fitch Ratings has clarified that it has assigned final ratings to
TDA Unicaja 1, Fondo de Titulizacion de Activos' notes, totaling
EUR419.6 million, due in November 2050.  The ratings were
effective from 12 May 2008 when the transaction closed.

  -- EUR350.8 million Class A: 'AAA'; Outlook Stable
  -- EUR31.2 million Class B: 'A'; Outlook Stable
  -- EUR18 million Class C: 'BBB'; Outlook Stable
  -- EUR19.6 million Class D: 'CCC'; Outlook Stable

This transaction is a cash-flow securitization of a EUR400 million
static pool of mortgage loans granted by Montes de Piedad y Caja
de Ahorros de Ronda, Cadiz, Almeria, Malaga y Antequera
('A+'/Outlook Stable/'F1').

The ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available credit
enhancement, the integrity of the transaction's legal and
financial structures and Titulizacion de Activos S.G.F.T, S.A's
administrative capabilities

Initial CE for the Class A to C notes is provided by subordination
and a reserve fund, which are funded at closing using the proceeds
of the Class D notes.  The Class D notes are uncollateralized but
will benefit from cash released from the amortization of the
reserve fund.

The ratings address the payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger on the Class B and Class C, as well as the
repayment of principal at legal final maturity.  Should the
deferral trigger on the Class B and C notes be hit, interest on
these notes will be deferred in the priority of payments.  In this
instance, interest payments might not be received for a period of
time, but will be received by legal final maturity.

The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to convert mortgage
transmission certificates (certificados de transmision de
hipotecas or CTHs) from the seller into fixed-income securities.
The fund is legally represented and managed by Titulizacion de
Activos S.G.F.T, S.A, a limited liability company incorporated
under Spanish law, whose activities are limited to the management
of securitization funds.

The transaction closed on May 12, 2008.


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


FORD MOTORS: Volvo to Get SEK28 Bln Aid from Swedish Gov't
----------------------------------------------------------
The Swedish government has drawn up a bailout plan for the
country's car industry, BBC News reports.

The plan, which will be presented to parliament for approval,
consists of a maximum of SEK20 billion in credit guarantees, and
up to SEK5 billion in rescue loans, the report discloses.

In addition to credit guarantees and rescue loans, the government,
the report adds, will also earmark SEK3 billion in research and
development funds for the car industry.

According to the report, Sweden's troubled car firms Volvo and
Saab will get SEK28 billion (GBP2.3 billion, US$3.5 billion) in
state aid under the plan to help them cope with falling demand.

Volvo is owned by Ford, while Saab is owned by General Motors.
The car firms, the report recounts, warned that without US
government help it could soon run out of money.

The Swedish government however reiterated that it would not take
over the companies, the report relates.

The car industry, the report notes, accounts for 15% of Sweden's
exports and, with some 700 companies and suppliers, employs about
140,000 people.

As reported in the TCR-Europe on Dec. 15, 2008, the U.S. Senate
rejected the US$14 billion financial assistance for General Motors
Corp., Chrysler LLC, and Ford Motor Co.

WSJ related that the bill failed due to a dispute within the
Senate over the wages paid to the companies' workers.  Citing
Senate Majority Leader Harry Reid, the report said that the Senate
would be in recess, and would stand in pro forma session until
January 2009.

According to WSJ, only a few Republicans had been willing to back
the rescue package, while others raised concerns about government
intervention in the marketplace and demanded that the bill be
strengthened to exact concessions from the industry.

                       About Ford Motor Co.

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

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

                         *     *     *

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

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


GENERAL MOTORS: Saab to Get SEK28 Bln Aid from Swedish Gov't
------------------------------------------------------------
The Swedish government has drawn up a bailout plan for the
country's car industry, BBC News reports.

The plan, which will be presented to parliament for approval,
consists of a maximum of SEK20 billion in credit guarantees, and
up to SEK5 billion in rescue loans, the report discloses.

In addition to credit guarantees and rescue loans, the government,
the report adds, will also earmark SEK3 billion in research and
development funds for the car industry.

According to the report, Sweden's troubled car firms Volvo and
Saab will get SEK28 billion (GBP2.3 billion, US$3.5 billion) in
state aid under the plan to help them cope with falling demand.

Volvo is owned by Ford, while Saab is owned by General Motors.
The car firms, the report recounts, warned that without US
government help it could soon run out of money.

The Swedish government however reiterated that it would not take
over the companies, the report relates.

The car industry, the report notes, accounts for 15% of Sweden's
exports and, with some 700 companies and suppliers, employs about
140,000 people.

As reported in the TCR-Europe on Dec. 15, 2008, the U.S. Senate
rejected the US$14 billion financial assistance for General Motors
Corp., Chrysler LLC, and Ford Motor Co.

WSJ related that the bill failed due to a dispute within the
Senate over the wages paid to the companies' workers.  Citing
Senate Majority Leader Harry Reid, the report said that the Senate
would be in recess, and would stand in pro forma session until
January 2009.

According to WSJ, only a few Republicans had been willing to back
the rescue package, while others raised concerns about government
intervention in the marketplace and demanded that the bill be
strengthened to exact concessions from the industry.

                    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.


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


ASIRAM JSC: Creditors Must File Proofs of Claim by December 27
--------------------------------------------------------------
Creditors owed money by JSC Asiram are requested to file their
proofs of claim by Dec. 27, 2008, to:

         Othmar Stierli
         Liquidator
         Hohenweg 23
         5610 Wohlen
         Switzerland

The company is currently undergoing liquidation in Wohlen AG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 9, 2008.


BAUVERTRIEB JSC: Deadline to File Proofs of Claim Set Dec. 27
-------------------------------------------------------------
Creditors owed money by JSC Bauvertrieb are requested to file
their proofs of claim by Dec. 27, 2008, to:


         Othmar Stierli
         Liquidator
         Hohenweg 23
         5610 Wohlen
         Switzerland

The company is currently undergoing liquidation in Wohlen AG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 9, 2008.


EBINGER + SAROTT: Creditors Have Until Dec. 27 to File Claims
-------------------------------------------------------------
Creditors owed money by JSC Ebinger + Sarott are requested to file
their proofs of claim by Dec. 27, 2008, to:

         Ebinger-Debetaz Marie
         Albitweg 15
         3095 Spiegel bei Bern
         Switzerland

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


F. SCHERTENLEIB JSC: Proofs of Claim Filing Deadline is Dec. 27
---------------------------------------------------------------
Creditors owed money by JSC F. Schertenleib are requested to file
their proofs of claim by Dec. 27, 2008, to:

         Aawangerstrasse 3
         8522 Hauslenen
         Switzerland

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


GENERAL MOTORS: Lets GMAC Defer US$1.5B Payment Until Dec. 30
-----------------------------------------------------------
GMAC LLC disclosed in a regulatory filing with the Securities and
Exchange Commission that as a result of the change in payment
terms, GMAC will be able to defer payment until Dec. 30, 2008, of
up to US$1.5 billion in cash due to General Motors Corporation.
During the shipping period GM will have a security interest in the
financed vehicles.

On Dec. 9, 2008, GM and GMAC LLC agreed on a temporary basis to
adjust GMAC's terms for making advance payments to GM for
wholesale financing of vehicles sold to GM dealers.  GM typically
has an increase in its inventory levels in advance of the year-end
shut down and this adjustment will help finance purchases of this
inventory.

Ordinarily, GMAC pays GM the invoice amount for a vehicle shipped
by GM to a GMAC financed dealer on the first business day after
the shipping date.  Beginning on Dec. 9, 2008, GMAC will be
obligated to pay GM the invoice amount when the amounts are due
from dealers.

As reported by the Troubled Company Reporter on Dec. 11, auto
lender GMAC and its home mortgage-making subsidiary Residential
Capital LLC are negotiating with bondholders over changes in the
exchange offers announced in November.  Less than 25% of the debt
was tendered, according to GMAC.  The company said 75% is required
to complete the transaction and enable becoming a bank holding
company.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.

For three months ended Sept. 30, 2008, the company reported net
loss of US$2.5 billion compared to net loss of US$1.5 billion for
the same period in the previous year.

For nine months ended Sept. 30, 2008, the company incurred net
loss of US$5.5 billion compared to US$1.6 billion for the same
period in the previous year.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$211.3 billion, total liabilities of US$202.0 billion and
members' equity of about US$9.3 billion.

                     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.


LIGHT VISION: Creditors' Proofs of Claim Due by December 27
-----------------------------------------------------------
Creditors owed money by JSC Light Vision Group are requested to
file their proofs of claim by Dec. 27, 2008, to:

         Peter Letter
         Liquidator
         Bleicheweg 5
         5605 Dottikon
         Switzerland

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


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


CITY AUTOCOM: Creditors Must File Claims by December 31
-------------------------------------------------------
Creditors of LLC City Autocom (EDRPOU 35823073) have until
Dec. 31, 2008, to submit proofs of claim to:

         Mr. V. Shevchenko
         Liquidator
         Apt. 199
         Kniazhy Zaton Str. 12
         02095 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 20, 2008.
The case is docketed as 24/461-b.

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

The Debtor can be reached at:

         LLC City Autocom
         Tychyna Avenue, 20
         02152 Kiev
         Ukraine


DESNA-AVIA LLC: Creditors Must File Claims by December 31
---------------------------------------------------------
Creditors of LLC Air Company Desna-Avia (EDRPOU 32399837) have
until Dec. 31, 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. 28, 2008.
The case is docketed as 5/62B.

The Debtor can be reached at:

         LLC Air Company Desna-Avia
         Semashko Str. 18
         Mariupol
         87504 Donetsk
         Ukraine


DONBASS-ONLINE LLC: Creditors Must File Claims by December 31
-------------------------------------------------------------
Creditors of LLC Donbass-Online (EDRPOU 33913719) have until
Dec. 31, 2008, to submit proofs of claim to:

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

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 17, 2008.
The case is docketed as B-24/171-08.

The Debtor can be reached at:

         LLC Donbass-Online
         Kotlov Str. 19
         61052 Kharkov
         Ukraine


EURASIA-TRADING LLC: Creditors Must File Claims by December 28
--------------------------------------------------------------
Creditors of LLC Eurasia-Trading (EDRPOU 35263686) have until
Dec. 28, 2008, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 20, 2008.
The case is docketed as 24/477-b.

The Debtor can be reached at:

         LLC Eurasia-Trading
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


KHVYLIA-PKM LLC: Creditors Must File Claims by December 28
----------------------------------------------------------
Creditors of LLC Khvylia-PKM (EDRPOU 19405485) have until
Dec. 28, 2008, to submit proofs of claim to:

         Mr. Jury Ulianchuk
         Liquidator
         Apt. 54
         Yanvarskogo Vosstaniya Str. 11A
         01010 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 18, 2008.
The case is docketed as B2/232-08.

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

The Debtor can be reached at:

         LLC Khvylia-PKM
         Vorzel
         Kiev
         Ukraine


LISA TOUR: Creditors Must File Claims by December 28
----------------------------------------------------
Creditors of LLC Lisa Tour (EDRPOU 31145216) have until Dec. 28,
2008, to submit proofs of claim to:

         Mr. Igor Shimchishyn
         Liquidator
         Shevchenko Str. 400/8
         79000 Lvov
         Ukraine

The Arbitration Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 13, 2008.
The case is docketed as 29/123.

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

The Debtor can be reached at:

         LLC Lisa Tour
         Bandera Str. 9
         79013 Lvov
         Ukraine


MALVA LLC: Creditors Must File Claims by December 28
----------------------------------------------------
Creditors of LLC Malva (EDRPOU 31966199) have until Dec. 28, 2008,
to submit proofs of claim to:

         Mrs. Andrew Briksa
         Liquidator/Insolvency Manager
         Apt. 17
         Prince Ostrozhsky Str. 60
         Ternopol
         Ukraine

The Arbitration Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 11/B-936.

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

The Debtor can be reached at:

         LLC Malva
         Apt. 9
         Dorundiak Str. 1
         Borschov
         Ternopol
         Ukraine


MIKHALCHUK AND PARTNERS: Creditors Must File Claims by Dec. 31
--------------------------------------------------------------
Creditors of LLC Juridical Agency Mikhalchuk And Partners (EDRPOU
35082527) have until Dec. 31, 2008, to submit proofs of claim to:

         Mr. V. Shevchenko
         Liquidator
         Apt. 199
         Kniazhy Zaton Str. 12
         02095 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 20, 2008.
The case is docketed as 24/470-b.

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

The Debtor can be reached at:

         LLC Juridical Agency Mikhalchuk And Partners
         M. Raskovaya Str. 19
         02002 Kiev
         Ukraine


OKHTYRKA CHEESE: Creditors Must File Claims by December 31
----------------------------------------------------------
Creditors of OJSC Okhtyrka Cheese Plant (EDRPOU 04654394) have
until Dec. 31, 2008, to submit proofs of claim to:

         Mrs. Tatiana Sidorenko
         Temporary insolvency manager:
         P.O.B. 53
         02091 Kiev
         Ukraine
         Tel: 8(095)282-49-70

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B3/139-08.

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

The Debtor can be reached at:

         OJSC Okhtyrka Cheese Plant
         Kiev Str. 38
         Skvirka
         Skvira
         09000 Kiev
         Ukraine


PETROLEUM LANOVTSY: Creditors Must File Claims by December 28
-------------------------------------------------------------
Creditors of LLC Petroleum Base Lanovtsy (EDRPOU 31966199) have
until Dec. 28, 2008, to submit proofs of claim to:

         Mrs. Andrew Briksa
         Liquidator/Insolvency Manager
         Apt. 17
         Prince Ostrozhsky Str. 60
         Ternopol
         Ukraine

The Arbitration Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 11/B-942.

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

The Debtor can be reached at:

         LLC Petroleum Base Lanovtsy
         Vishnevetskaya Str. 2
         Lanovtsy
         Ternopol
         Ukraine


SHEVCHENKO AGRICULTURAL: Creditors Must File Claims by Dec. 31
--------------------------------------------------------------
Creditors of LLC Shevchenko Agricultural Firm (EDRPOU 03760987)
have until Dec. 31, 2008, to submit proofs of claim to:

         Mr. Ruslan Puriy
         Liquidator
         P.O.B. 8110
         79066 Lvov
         Ukraine

The Arbitration Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 4, 2008.
The case is docketed as 4/250.

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

The Debtor can be reached at:

         LLC Shevchenko Agricultural Firm
         Rudniki
         Nikolayev
         Lvov
         Ukraine


SKTEL LLC: Creditors Must File Claims by December 31
----------------------------------------------------
Creditors of LLC TV Company Sktel (EDRPOU 24803554) have until
Dec. 31, 2008, to submit proofs of claim to:

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

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 19, 2008.
The case is docketed as B-24/170-08.

The Debtor can be reached at:

         LLC TV Company Sktel
         Timurovtsev Str. 35-G
         1121 Kharkov
         Ukraine


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


BROADOAKSESTATE PROPERTY: Taps Joint Administrators from KPMG
-------------------------------------------------------------
James Robert Tucker and Richard Heis of KPMG LLP were appointed
joint administrators of Broadoaksestate Property Development Ltd.
on Dec. 3, 2008.

The company can be reached through KPMG LLP at:

         8 Salisbury Square
         London
         EC4Y 8BB
         England


CATTLES PLC: Fitch Cuts IDR and Unsec. Debt Rating to 'BB+'
-----------------------------------------------------------
Fitch Ratings has downgraded Cattles PLC's Long-term Issuer
Default Rating and senior unsecured debt rating to 'BB+' from
'BBB'.  The Long-term ratings remain on Rating Watch Negative.
The agency has simultaneously downgraded Cattles' Short-term IDR
to 'B' from 'F3' and removed it from RWN.

The rating action follows Cattles announcement on 11 December 2008
that the UK Financial Services Authority is taking longer to make
a decision on its banking license application than originally
anticipated by management.  The downgrade reflects the refinancing
risk facing Cattles when its GBP500 million syndicated bank loan
matures in July 2009. Fitch believes this risk has been heightened
by the delay in the banking license decision.  Repayment in full
of the syndicated loan represents a significant cash consideration
for Cattles, as the disruption in the wholesale funding markets
has contributed to the decline in the group's committed funding
headroom.  This is expected to fall from GBP227 million at end-
September 2008 to around GBP100 million by end-2008.  The amount
of cash needed for the repayment will depend on Cattles' ability
to negotiate a roll-over of at least part of the loan with the
banks involved in the syndication.

The RWN reflects the near-term risk that lending banks may decide
not to refinance the syndicated loan and/or management cannot
adjust its lending volumes and business strategy quickly enough to
generate sufficient cash to stabilize the group's funding
position.  The RWN is likely to be resolved towards the end of
Q109, when there is more clarity on the refinancing of the
syndicated bank loan maturing in July 2009.  Failure to refinance
a material part of its bank syndication is likely to result in
further funding strain, which could result in a downgrade of the
ratings by more than one notch.

Fitch also believes that the recent high profile failures of
several small Internet-based deposit-takers and banks in the UK
(most recently London Scottish Bank) could make it harder for
Cattles to attract the sort of quality, term deposits needed to
finance its lending business if it receives a banking license.
The delay on the banking license decision is likely to result in
further funding strain and necessitate a more dramatic slowdown in
lending in 2009 to maintain funding headroom.  This will lead to
weaker earnings and may place pressure on Cattles' interest cover
covenant.  Unusually for a lending-focused financial institution,
Cattles' bank loan agreements and US private placements require it
to maintain an interest cover covenant of 1.75 times before
exceptional items.  Fitch believes this to be an inappropriate
covenant to measure the creditworthiness of a lending organization
like Cattles, but its existence is an additional concern, given
likely medium-term earnings pressures.  Fitch also believes the
tighter funding position could also necessitate the reduction or
suspension of the company's traditionally high full year dividend
payment.

Cattles is listed in London.  Its main business is the provision
of loan products, collected via direct debit, to individuals who
find it difficult to obtain mainstream bank credit.


CHESAPEAKE CORP: Forebearance Agreement With Lenders Extended
-------------------------------------------------------------
Chesapeake Corporation on Thursday, December 11, 2008, announced
that it has signed an amendment and extension of the forbearance
agreement with the required lenders under its US$250-million
Senior Secured Credit Facility.

Under the agreement, the lenders have agreed that they will
forbear from exercising their rights and remedies against the
corporation and its subsidiaries in respect of (i) existing
financial condition covenant defaults and (ii) the corporation's
failure to pay the interest payment that was due on November 15,
2008, to the holders of its 10-3/8% Senior Subordinated Notes
under the Senior Secured Credit Facility until December 23, 2008,
subject to the terms and conditions of the forbearance agreement.

"This extension on the forbearance agreement provides us
additional time to finalize arrangements for the short- and long-
term financial liquidity and financial restructuring we need,"
said Andrew J. Kohut, Chesapeake president and chief executive
officer.  "We continue to make good progress on our restructuring
plans with our lenders and with a group of holders of our
subordinated debt."

The agreement of the lenders is subject to compliance by the
corporation and the other Chesapeake subsidiary borrowers under
the Senior Credit Facility with the terms and conditions set forth
in the forbearance agreement.  In addition, the lenders have
reserved the right to terminate the forbearance agreement
immediately in the event that the Subordinated Note Holders
accelerate payment of the 10-3/8% Senior Subordinated Notes and
pursue any remedy against Chesapeake on account of any payment
default related thereto.

The corporation expects to be able to comply with the requirements
of the forbearance agreement, but if it is not able to do so, or
the forbearance agreement terminates, the lenders under the Senior
Secured Credit Facility could require immediate payment of all
amounts outstanding under the Senior Secured Credit Facility,
terminate their commitments to lend under the Senior Secured
Credit Facility and, pursuant to cross-default provisions in many
of the instruments that govern other outstanding indebtedness of
the corporation, immediate payment of other outstanding
indebtedness could be required, all of which would have a material
adverse effect on the business, results of operations and
financial condition of the corporation and would raise substantial
doubts about its ability to continue as a going concern.

As reported in the TCR-Europe on Nov. 14, 2008, Chesapeake warned
in a regulatory filing with the Securities and Exchange Commission
on November 12, 2008, that its restructuring activities may
require it and, possibly, certain of its U.S. subsidiaries, to
seek the protection of U.S. bankruptcy
laws.

Chesapeake does not expect its U.K. or other foreign subsidiaries
to be involved in administration or other similar proceedings and,
accordingly, it expects to be able to continue to provide
customers and suppliers with normal level of service and
performance.

                 About Chesapeake Corporation

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE: CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche end-
use markets.  Chesapeake has 44 locations in Europe, North
America, Africa and Asia and employs approximately 5,400 people
worldwide.

                        *     *     *

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


CONGREGATIONAL AND GENERAL: S&P Retains Neg. Watch on 'BB+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services stated that it views the co-
insurance agreement between U.K. non-life insurer Congregational &
General Insurance PLC (BB+/Watch Neg/--) and Hiscox Underwriting
Ltd. on behalf of Hiscox Insurance Co. Ltd. (A/Stable/--) as a
positive development for Congregational & General.  Nevertheless,
the long-term 'BB+' rating on Congregational & General remains on
CreditWatch with negative implications.

The ratings were placed on CreditWatch negative on July 30, 2008,
to reflect uncertainty regarding implementation of the stated
company strategy.

Following a very recent, constructive meeting with the management
of Congregational & General, S&P aims to resolve the CreditWatch
placement before the end of January 2009.

"We could affirm the ratings if Congregational & General can
demonstrate a sustainable strategy to deliver good operating
performance over the medium term and to successfully rebuild its
capital," said S&P's credit analyst Tatiana Grineva.  "By
contrast, S&P could lower the ratings by up to two notches if the
company does not deliver a sustainable strategy," she added.


DECO 12: S&P Downgrades Ratings on Two Classes of Notes to Low-B
----------------------------------------------------------------
Standard & Poor's Rating Services lowered and kept on CreditWatch
negative its credit ratings on the class E and F notes issued by
DECO 12 - UK 4 PLC due to S&P's concern about the credit quality
of the underlying loans.  The ratings on the other classes remain
unaffected.

DECO 12 – UK 4 is a true sale commercial mortgage-backed
securities transaction, which closed in March 2007.  The
transaction is backed by 10 loans secured on 41 properties in
England and Scotland.  The outstanding principal balance of the
transaction is GBP671.9 million.

These rating actions are due to S&P's increased concerns regarding
two of the smaller loans in the pool: The Hiltongrove Portfolio
loan (1.2% of the current pool balance) and the Borehamwood
Investments Ltd. & Oakdale Investments Ltd. loan (2.7% of the pool
balance).

The timely payment of interest on the Hiltongrove Portfolio loan,
which matures in July 2011, may be affected if the Inland Revenue
lease, which is scheduled to expire in May 2009, is not renewed.
The Inland Revenue accounts for approximately 22% of the total
portfolio's income.

If Inland Revenue were to vacate, S&P does not consider the
prospects for finding another tenant to be good given the current
economic environment, the basic quality of the Church Hill
property, and the secondary nature of both the macro and micro
location.  In this scenario, payment default may occur.  In the
context of market value declines across all sectors, especial
secondary U.K. properties, S&P now expects some losses for this
secondary office portfolio.

The creditworthiness of the Borehamwood Investments Ltd. & Oakdale
Investments Ltd. loan, maturing in July 2014, has deteriorated.
The administration of Woolworth PLC, which accounts for 10.0% of
the total income, raises uncertainty about the ability of
Woolworths to meet its rental obligation and its future occupation
of the property.  If, in administration, rental payments
were not paid, the current debt service coverage ratio of 1.08x
indicates that a loan default could follow.

When further information on the administration of Woolworths
becomes available, S&P will consider the implications for the cash
flow of this loan.

                           Ratings List

                        DECO 12 - UK 4 PLC
GBP672.884 Million Commercial Mortgage-Backed Floating-Rate Notes

         Ratings Lowered And Kept On CreditWatch Negative

          Class         To                 From
          -----         --                 ----
          E             BB/Watch Neg       BBB-/Watch Neg
          F             B/Watch Neg        BB/Watch Neg


ENVY: May Resort to Pre-Pack Administration
-------------------------------------------
Mr. John Kinnaird may put his fashion chain Envy into pre-pack
administration if landlords will not renegotiate the rents,
retailweek.com reports.

"The problem with Envy is that we inherited a batch of loss-making
stores," the report quoted Mr. Kinnaird as saying.  He added that
having made successful rent negotiations for Faith, the shoe chain
he bought out of administration in September, he has asked
landlords for similar deals for Envy.

According to the report, Envy has been struggling since February
2008 when it was bought for GBP1 million from Alexon.  Some
supplier were said to be anxious about the new management and
stopped suppling lately.

The report relates Mr. Kinnaird noted Envy "inherited a batch of
loss-making stores."


EUROSAIL 2006-1: Three Classes of Notes Get S&P's Low-B Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch negative its credit ratings on the class D1a, D1c, and
E1c notes issued by Eurosail 2006-1 PLC.  All other classes of
notes remain on CreditWatch negative.

On Sept. 17, S&P placed all the notes in this deal on CreditWatch
negative.  These CreditWatch placements resulted from the
transaction's exposure to Lehman Brothers Special Financing Inc.
as the fixed/floating swap counterparty and Lehman Brothers
Bankhaus A.G. (London branch) as the liquidity facility provider.

The rating actions on classes D1a, D1c, and E1c are due to the
deal's performance.  The unhedged fixed-rate loans in this
transaction do not affect any of the current ratings.  As of
September 2008, 45.2% of the loans were paying a fixed rate of
interest.  The majority of these loans revert to a floating rate
of interest linked to LIBOR by March 2009.

All other classes of notes remain on CreditWatch negative due to
the continuing exposure to Lehman Brothers Bankhaus as the
liquidity facility provider.  Classes D1a, D1c, and E1c have been
removed from CreditWatch negative as these ratings are less
supported by the provision of a liquidity facility.

On the December 2008 interest payment date, the transaction drew
GBP530,191 from its reserve fund (14.4% of the fund's quarter
opening balance).  This draw is mainly due to increased losses of
GBP1,934,048 in the quarter, compared with GBP1,023,065 on the
September 2008 IPD.

As of September 2008, total delinquencies (including
repossessions) for Eurosail 2006-1 were 40.6%. Unsold
repossessions have increased quarter by quarter to 5.4% of the
outstanding principal balance.  With U.K. house prices likely to
continue falling in the coming months, S&P expects to see further
losses in the coming quarters.

                          Ratings List

                       Eurosail 2006-1 PLC
     GBP462.978 Million, EUR60.7 Million, And $437.5 Million
            (Plus An Overissuance Of GBP11.025 Million)
                Mortgage-Backed Floating-Rate Notes

       Rating Lowered And Removed From CreditWatch Negative

                             Rating
                             ------
       Class      To                         From
       -----      --                         ----
       D1a        BB                         BBB/Watch Neg
       D1c        BB                         BBB/Watch Neg
       E          B                          BB/Watch Neg

       Ratings Kept On CreditWatch Negative

                             Rating
                             ------
       Class      To                         From
       -----      --                         ----
       A2c        AAA/Watch Neg              AAA/Watch Neg
       B1a        AA/Watch Neg               AA/Watch Neg
       B1c        AA/Watch Neg               AA/Watch Neg
       C1a        A/Watch Neg                A/Watch Neg
       C1c        A/Watch Neg                A/Watch Neg


EUROSAIL 2006-2: Fitch Junks Ratings on Classes E1c & F1c Notes
---------------------------------------------------------------
Fitch Ratings has downgraded Eurosail 2006-02 BL plc's class C, D,
E and F residential mortgage-backed notes, and affirmed the other
classes.

Selected notes from this transaction were placed on Rating Watch
Negative, on September 29, 2008, following the bankruptcy of
Lehman Brothers Holding Inc. (LBHI) as the transaction has
counterparty exposure to LBHI or its subsidiaries via a
fixed/floating rate swap.  As of the September 2008 interest
payment date (IPD), the fixed/floating swap generated 2.78% of the
available interest revenue.  However, recent reductions in LIBOR
means that the transaction will benefit from the absence of this
swap following the December IPD as it would have been required to
make a net payment to the swap counterparty.  This benefit, due to
the absence of the swap counterparty, will be limited as the
majority of fixed rate loans revert to floating by June 2009.  Due
to current market conditions, in Fitch's analysis it was assumed
that the fixed/floating swap counterparty would not be replaced.
However, Fitch has received notice from the Issuer, that, prior to
the bankruptcy, LBHI posted collateral that will be available to
help meet the cost of any replacement of the swap.  The downgrades
are therefore primarily based on the performance of this
transaction rather than the non-replacement of the swap
counterparty.

The available excess spread for the transaction, after covering
for losses, was only GBP31,000, as of the September IPD.  Fitch
therefore expects that given rising loss severity levels the
transaction will see a reserve fund draw at the December IPD.  The
reserve fund for this deal is relatively small at GBP615,000, and
therefore provides limited protection to the most junior notes.
Once the reserve fund is fully drawn, the high level of loans in
possession and the expected losses from these are expected by the
agency to lead to the liquidity facility being needed to meet
interest payments on the notes.  However, the liquidity facility
is subject to performance triggers, notably, arrears greater than
90 days inclusive of repossessions must be less than 15% of the
original collateral balance; the current level is 13%.  Although
this trigger is not being breached at present, the agency expects
the pool to continue to deteriorate to a point where this trigger
may be breached.  If this occurs, and there is insufficient
revenue to meet the interest due on the junior notes, interest
will be deferred.

Loans that are three months or greater in arrears, excluding
repossessions, comprise 15.61% of the outstanding balance.
Alongside rising arrears levels, the number of properties being
repossessed has increased.  Although 71 properties were sold
between June and September 2008, the number of loans currently in
possession increased to 224 from 206 in June.  This is equivalent
to 5.54% of the outstanding balance of the notes.  To date gross
sale proceeds have amounted to 3.09% of the original collateral
balance with a cumulative weighted average loss severity (WALS) of
16.03%.  The loss severity has been increasing, and the agency
expects that this will continue to rise due to the deteriorating
housing market in the UK.

Eurosail 2006-2BL PLC

    -- Class A1b (ISIN XS0266228914) affirmed at 'AAA'; Outlook:
       Stable

    -- Class A1c (ISIN XS0266232197) affirmed at 'AAA'; Outlook:
       Stable

    -- Class A2c (ISIN XS0266235612) affirmed at 'AAA'; Outlook:
       Stable

    -- Class B1a (ISIN XS0266238715) affirmed at 'AA'; Outlook:
       Stable

    -- Class B1b (ISIN XS0266244440) affirmed at 'AA'; Outlook:
       Stable

    -- Class C1a (ISIN XS0266246817): downgraded to 'A-' (A minus)
       from 'A'; removed from Rating Watch Negative (RWN);
       Negative Outlook assigned

    -- Class C1c (ISIN XS0266250413): downgraded to 'A-' (A minus)
       from 'A'; removed from RWN; Negative Outlook assigned

    -- Class D1a (ISIN XS0266252625): downgraded to 'B' from
       'BBB'; removed from RWN; Negative Outlook assigned

    -- Class D1c (ISIN XS0266256709): downgraded to 'B' from
       'BBB'; removed from RWN; Negative Outlook assigned

    -- Class E1c (ISIN XS0266258317): downgraded to 'CCC' from
       'BB'; removed from RWN; 'DR5' rating assigned

    -- Class F1c (ISIN XS0266260560): downgraded to 'CC' from 'B';
       removed from RWN; 'DR6' rating assigned


EUROSAIL 2006-3 NC: Fitch Junks Ratings on Five Classes of Notes
----------------------------------------------------------------
Fitch Ratings has downgraded eight and affirmed five tranches from
Eurosail 06-3 NC Plc, an RMBS transaction containing loans
originated by Southern Pacific Mortgage Limited and Southern
Pacific Personal Loan Limited.

Selected notes from this transaction were placed on Rating Watch
Negative, on September 29, 2008, following the bankruptcy of
Lehman Brothers Holding Inc (LBHI) as the transactions has
counterparty exposure to LBHI or its subsidiaries via a
fixed/floating rate swap.  As of the September 2008 interest
payment date (IPD), the fixed/floating swap generated 2.46% of the
available interest revenue.  However, recent reduction in LIBOR
means that the transaction will benefit from the absence of this
swap following the December IPD as it would have been required to
make a net payment to the swap counterparty.  This benefit due to
the absence of the swap counterparty will, however, be limited due
to the majority of fixed-rate loans reverting to floating by May
2009.  Due to current market conditions, in Fitch's analysis it
was assumed that the fixed/floating swap counterparty would not be
replaced.  However, Fitch has received notice from the Issuer,
that, prior to the bankruptcy, LBHI posted collateral that will be
available to help meet the cost of any replacement of the swap.
The downgrades are therefore primarily based on the performance of
this transaction rather than the non-replacement of the swap
counterparty.

As of the December 2008 IPD the transaction has fully depleted its
reserve fund to cover interest shortfalls. T he waterfall report
shows that the available revenues were only enough to clear
GBP321,536 from the class E principal deficiency ledger, leaving a
balance of GBP779,385 (19.1% of the class E notes).  The draw was
primarily caused by the level of loss experienced on sold
repossessions and the interest-stripping A3c detachable coupon
(DAC).  The DAC does not expire until September 2009, and will
continue to remove interest from the revenue waterfall.

The transaction currently has loans in possession equivalent to
3.75% of the outstanding balance of the transaction.  Due to this
Fitch expects large losses to continue to be realized each period
and for the PDL balance on the class E note to increase.  The
transaction includes a liquidity facility to meet short-term
interest shortfalls on the notes; however, at present this will
not be available to cover any interest shortfall, except on the
class A notes, as the percentage of loans that are in arrears for
more than 90 days, including repossessions, is greater than 15% of
the collateral balance at close.  In this situation if there is
insufficient interest to meet the interest due on the notes
interest will be deferred.  Fitch anticipates that this is likely
to happen at the next IPD in March 2009 if losses on sold
repossessions remain at similar volumes.  The low Distressed
Recovery ratings of the class D and E notes reflect the
expectation that these will not receive interest payments from the
liquidity facility.

The performance of the underlying loans in the portfolio has been
worse than Fitch's initial expectations, with 23.61% of the
current pool more than three months in arrears, excluding current
repossessions, as of the September 2008 IPD.  This has resulted in
a large number of loans being repossessed, with the cumulative
default rate currently at 3.97% of the original note balance.  The
agency has taken into account the deteriorating housing market in
the UK and has assumed that the realized loss on sold
repossessions will continue to widen, leading to larger debits on
the PDL of the transaction.

The ratings are:

Eurosail 2006-3 NC Plc

    -- Class A2b (ISIN XS0271943200) affirmed at 'AAA'; Outlook
       Stable

    -- Class A2c (ISIN XS0271944356) affirmed at 'AAA'; Outlook
       Stable

    -- Class A3a (ISIN XS0271944604) affirmed at 'AAA'; Outlook
       Stable

    -- Class A3c (ISIN XS0271945833) affirmed at 'AAA'; Outlook
       Stable

    -- Class A3c DAC (ISIN XS0272142828) affirmed at 'AAA';
       Outlook Stable

    -- Class B1a (ISIN XS0271946054) downgraded to 'A' from 'AA';
       Outlook revised to Negative from Stable

    -- Class C1a (ISIN XS0271946484): downgraded to 'BB' from 'A';
       removed from Rating Watch Negative, assigned Negative
       Outlook

    -- Class C1c (ISIN XS0271946641): downgraded to 'BB' from 'A';
       removed from Rating Watch Negative, assigned Negative
       Outlook

    -- Class D1a (ISIN XS0271946724): downgraded to 'CCC' from
       'BBB-'(BBB minus); removed from Rating Watch Negative,
       assigned a Distressed Recovery rating of 'DR4'

    -- Class D1c (ISIN XS0271947029): downgraded to 'CCC' from
       'BBB-'(BBB minus); removed from Rating Watch Negative,
       assigned a Distressed Recovery rating of 'DR4'

    -- Class E1c (ISIN XS0271947375): downgraded to 'CC' from
       'BB-'(BB minus); removed from Rating Watch Negative,
       assigned a Distressed Recovery rating of 'DR5'

    -- Class ETc (ISIN XS0271947458): downgraded to 'CC' from
       'B+'; removed from Rating Watch Negative, assigned a
       Distressed Recovery rating of 'DR6'

    -- Class FTc (ISIN XS0271947706): downgraded to 'C' from 'B-'
       (B minus) / DR1'; removed from Rating Watch Negative,
       assigned a Distressed Recovery rating of 'DR6'


EUROSAIL 2006-4: Fitch Junks Class E1c Notes' Rating
----------------------------------------------------
Fitch Ratings has downgraded the Eurosail 2006-4 NP plc's class B,
C, D, and E residential mortgage-backed notes, and affirmed the
other ratings.

Selected notes from this transaction were placed on Rating Watch
Negative (RWN), on September 29, 2008, following the bankruptcy of
Lehman Brothers Holding Inc (LBHI) as the transaction has
counterparty exposure to LBHI or its subsidiaries via a
fixed/floating rate swap and a basis rate swap.  As of the
September 2008 interest payment date (IPD), the fixed/floating
swap generated 3.99% of the available interest revenue.  However,
recent reductions in LIBOR means that the transaction will benefit
from the absence of this swap following the December IPD as it
would have been required to make a net payment to the swap
counterparty.  This benefit, due to the absence of the swap
counterparty, will be limited due to the majority of fixed rate
loans reverting to floating by June 2009.  However, the lack of
any replacement to the basis rate swap will have a continuing
negative impact on the transaction.  Fitch has assumed that this
swap will not be replaced and has therefore considered the
potential impact of leaving this risk unhedged.  As of the
September IPD, approximately 12.73% of the pool will ultimately
reference a variable rate linked to the Bank of England base rate;
thus, although the impact is negative, it is somewhat constrained.
Due to current market conditions, in Fitch's analysis it was
assumed that the fixed/floating swap counterparty and the basis
rate swap counterparty would not be replaced.  However, Fitch has
received notice from the Issuer, that, prior to the bankruptcy,
LBHI posted collateral that will be available to help meet the
cost of any replacement of the swap.  The downgrades are therefore
primarily based on the performance of this transaction, as well as
the absence of the basis swap, rather than the non-replacement of
the fixed/floating swap counterparty.

The target reserve fund for this deal is GBP3,725,000; September
2008 saw the first reserve fund draw of GBP12,000. Fitch expects
the reserve fund will see further draws over the next few quarters
due to the absence of the fixed/floating swap payment and basis
rate swap payment, increasing arrears, widening losses and the
high level of possessions in the pipeline.  By the September 2009
IPD, Fitch expects the reserve fund to be fully drawn. Like
previous issuances in the Eurosail Series, this transaction
includes a liquidity facility to meet short term interest
shortfalls on the notes; the high level of loans in possession and
the expected losses from these are expected by the agency to lead
to the liquidity facility being needed to meet interest payments
on the notes.  Excluding the class A notes, the liquidity facility
will only be available to cover interest shortfall if the
percentage of loans that are in arrears for more than 90 days,
including repossessions, remains less than 20% of the original
collateral balance: the current level is 8%.  Although this
trigger is not being breached at present, the agency expects the
pool to continue to deteriorate to a point where this trigger may
be breached.  In this situation, if there is insufficient revenue
to meet the interest due on the notes, interest will be deferred.

Loans that are three months or greater in arrears, excluding
repossessions, currently comprise 8.98% of the outstanding
collateral balance.  Alongside rising arrears levels, the number
of properties being repossessed has increased.  Although 31
properties were sold between June and September 2008, the number
of loans currently in possession increased to 124 from 82 in June.
This is equivalent to 3.06% of the outstanding balance of the
notes.  To date the gross sales proceeds have been equal to 1.22%
of the original balance, with a cumulative weighted average loss
severity (WALS) of 15.96%.  The loss severity has been increasing,
and Fitch expects that this will continue to rise due to the
deteriorating housing market in the UK.

Eurosail 2006-4NP Plc

    -- Class A2c (ISIN XS0274210755): affirmed at 'AAA'; Outlook
       Stable

    -- Class A3a (ISIN XS0275909934): affirmed at 'AAA'; Outlook
       Stable

    -- Class A3c (ISIN XS0275917796): affirmed at 'AAA'; Outlook
       Stable

    -- Class M1a (ISIN XS0275920071): affirmed at 'AAA'; Outlook
       Stable

    -- Class M1c (ISIN XS0275921715): affirmed at 'AAA'; Outlook
       Stable
    -- Class B1a (ISIN XS0274201507): downgraded to 'AA-'
       (AA minus) from 'AA'; Outlook revised to Negative from
       Stable

    -- Class C1a (ISIN XS0274203891): downgraded to 'BBB' from
       'A'; removed from RWN; Negative Outlook assigned

    -- Class C1c (ISIN XS0274213692): downgraded to 'BBB' from
       'A'; removed from RWN; Negative Outlook assigned

    -- Class D1a (ISIN XS0274204196): downgraded to 'B' from
       'BBB'; removed from RWN; Negative Outlook assigned

    -- Class D1c (ISIN XS0274214310): downgraded to 'B' from
       'BBB'; removed from RWN; Negative Outlook assigned

    -- Class E1c (ISIN XS0274216018): downgraded to 'CCC' from
       'BB'; removed from RWN; Distressed Recovery 'DR3' rating
       assigned.


EUROSAIL 2007-1: Fitch Junks Ratings on Six Classes of Notes
------------------------------------------------------------
Fitch Ratings has downgraded the Eurosail 2007-1 NC plc's
subordinate class A, and class B, C, D, E and excess spread
residential mortgage-backed notes due 2045, and affirmed the
senior class A.

Selected notes from this transaction were placed on Rating Watch
Negative (RWN), on September 29, 2008, following the bankruptcy of
Lehman Brothers Holding Inc (LBHI) as the transaction has
counterparty exposure to LBHI or its subsidiaries via a
fixed/floating rate swap and a basis rate swap.  As of the
September 2008 interest payment date (IPD), the fixed/floating
swap generated 3.55% of the available interest revenue.  However,
recent reductions in LIBOR means that the transaction will benefit
from the absence of this swap following the December IPD as it
would have been required to make a net payment to the swap
counterparty.  This benefit, due to the absence of the swap
counterparty, will be limited due to the majority of fixed rate
loans reverting to floating by October 2009.  However, the lack of
any replacement to the basis rate swap will have a continuing
negative impact on the transaction.  Fitch has assumed that this
swap will not be replaced and has therefore considered the
potential impact of leaving this risk unhedged.  As of the
September IPD, approximately 12.24% of the pool will ultimately
reference a variable rate linked to the Bank of England base rate;
thus, although the impact is negative, it is somewhat constrained.
The downgrades are therefore primarily based on the performance of
this transaction, as well as the absence of the basis swap, rather
than the non-replacement of the fixed/floating swap counterparty.

The target reserve fund for this deal is GBP4,550,000, and as of
September 2008 there have been two draws, leaving only
GBP2,662,537 (0.51% of the current collateral balance).  Fitch
expects the reserve fund will see further draws over the next two
quarters due to the absence of the fixed/floating swap payment and
basis rate swap payment, increasing arrears, widening losses and
the high level of possessions in the pipeline.  By the March 2009
IPD, Fitch expects the reserve fund to be fully drawn.  Like
previous issuances in the Eurosail Series, this transaction
includes a liquidity facility to meet short term interest
shortfalls on the notes; the high level of loans in possession and
the expected losses from these are expected by the agency to lead
to the liquidity facility being needed to meet interest payments
on the notes.  However, the liquidity facility is subject to
performance triggers, notably, arrears greater than 90 days
inclusive of repossessions must be less than 22.5% of the original
collateral balance; the current level is 17%.  Although this
trigger is not being breached at present, the agency expects the
pool to continue to deteriorate to a point where this trigger may
be breached.  If this occurs, and there is insufficient revenue to
meet the interest due on the junior notes, interest will be
deferred.

This transaction also contains a class A3 detachable coupon (DAC)
which negatively impacts the transaction: at each step-up date,
increasing amounts of interest are removed from the revenue
waterfall senior to the class B notes to pay the DAC.  The DAC is
due to expire in March 2010 at which point the transaction will
have increased revenue available to the junior items in the
revenue waterfall.

Loans that are three months or greater in arrears have been
increasing at an average of 2.5% per quarter since closing.  In
September 2008, arrears excluding repossessions levels increased
to 18.75% of the outstanding collateral balance.  Alongside rising
arrears levels, the number of properties being repossessed has
increased, with current possessions increasing to 3.87% from 2.55%
of the outstanding balance in June 2008.  Although a number of
these properties are being sold - cumulative gross sale proceeds
to September 2008 totaled 1.49% of the original balance -
declining house prices have widened the realized losses.
Cumulative losses widened to 0.34% in September from 0.19% in
June.  The weighted average loss severity (WALS) for the period
was 25.97% and the cumulative WALS in September was 23.72%.

Eurosail UK 2007-1 NC Plc:

    -- Class A1a (ISIN XS0284926937): affirmed at 'AAA'; Outlook
       Stable

    -- Class A1c (ISIN XS0284929287): affirmed at 'AAA'; Outlook
       Stable

    -- Class A2a (ISIN XS0284931267): downgraded to 'AA+' from
       'AAA'; Outlook remains Stable

    -- Class A2c (ISIN XS0284945564): downgraded to 'AA+' from
       'AAA'; Outlook remains Stable

    -- Class A3a (ISIN XS0284931853): downgraded to 'AA+' from
       'AAA'; Outlook revised to Negative from Stable

    -- Class A3c (ISIN XS0284999496): downgraded to 'AA+' from
       'AAA'; Outlook revised to Negative from Stable

    -- Class A3c DAC (ISIN XS0285007182): affirmed at 'AAA';
       Outlook Stable

    -- Class B1a (ISIN XS0284932315): downgraded to 'A' from 'AA';
       removed from RWN; Negative Outlook assigned

    -- Class B1c (ISIN XS0284947263): downgraded to 'A' from 'AA';
       removed from RWN; Negative Outlook assigned

    -- Class C1a (ISIN XS0284933719): downgraded to 'BB' from 'A';
       removed from RWN; Negative Outlook assigned

    -- Class D1a (ISIN XS0284935094): downgraded to 'CCC' from
       'BBB'; removed from RWN; Distressed Recovery 'DR2' rating
       assigned

    -- Class D1c (ISIN XS0284950994): downgraded to 'CCC' from
       'BBB'; removed from RWN; Distressed Recovery 'DR2' rating
       assigned

    -- Class DTc (ISIN XS0284954988): downgraded to 'CCC' from
       'BBB'; removed from RWN; Distressed Recovery 'DR2' rating
       assigned

    -- Class E1c (ISIN XS0284956330): downgraded to 'CC' from
       'BB'; removed from RWN; Distressed Recovery 'DR3' rating
       assigned

    -- Class ETc (ISIN XS0284957064): downgraded to 'CC' from
       'BB'; removed from RWN; Distressed Recovery 'DR5' rating
       assigned

    -- Class FTc (ISIN XS0284958542): downgraded to 'C' from 'B';
       removed from RWN; Distressed Recovery 'DR6' rating assigned


EUROSAIL 2007-2 NP: Fitch Junks Ratings on Four Classes of Notes
----------------------------------------------------------------
Fitch Ratings has downgraded seven and affirmed eight tranches
from Eurosail 2007-2 NP Plc, an RMBS transaction containing loans
originated by Southern Pacific Mortgage Limited, GMAC-RFC,
Preferred Mortgages Limited and London Mortgage Company.

Selected notes from this transaction were placed on Rating Watch
Negative (RWN), on September 29, 2008, following the bankruptcy of
Lehman Brothers Holding Inc (LBHI) as the transaction has
counterparty exposure to LBHI or its subsidiaries via a
fixed/floating rate swap and basis rate swap.  As of the last IPD
in September 2008 the fixed/floating swap generated 6.40% of the
available interest revenue, and the basis rate swap generated a
further 0.81% of the available revenue.  However, recent
reductions in LIBOR means that the transaction will benefit from
the absence of this swap following the December IPD as it would
have been required to make a net payment to the swap counterparty.
This benefit, due to the absence of the swap counterparty, will
however be limited due to the majority of fixed rate loans
reverting to floating by January 2009.  However the lack of any
replacement to the basis rate swap will have a continuing negative
impact on the transaction.  Fitch has assumed that this swap will
not be replaced and has therefore considered the potential impact
of leaving this risk unhedged.  Of the current pool at the
September IPD 13% of the loans ultimately reference the Bank of
England Base Rate (BBR); thus although the impact is negative, it
is somewhat constrained.  The downgrades are therefore primarily
based on the performance of this transaction, as well as the
absence of the basis swap rather than the non-replacement of the
fixed/floating swap counterparty.

As of the September 2008 IPD the transaction has had a fully
funded reserve fund.  However, Fitch expects the reserve fund to
be drawn in the near future due to the reduction in excess spread
generated by the mortgages as arrears increase, and the
utilization of this excess spread to cover losses being realized
from sold repossessions.

Like previous issuances in the Eurosail Series, this transaction
also includes a liquidity facility to meet short-term interest
shortfalls on the notes.  Fitch expects the high level of loans in
possession and the expected losses from these to lead to the
liquidity facility being utilized to meet interest payment on the
notes.  Excluding the class A notes, the liquidity facility will
only be available to cover interest shortfall if the percentage of
loans that are in arrears for more than 90 days, including
repossessions, remains less than 20% of the collateral balance at
close.  Although this trigger is not being breached at present
Fitch expects the pool to continue to deteriorate to a point where
this trigger may be close to being breached.  In this situation if
there is insufficient revenue to meet the interest due on the
notes interest will be deferred.

The performance of the underlying loans in the portfolio has been
worse than the agency's initial expectations, with 7.65% of the
current pool more than three months in arrears, excluding current
repossessions, as of the September 2008 IPD.  Fitch has taken into
account the deteriorating housing market in the UK and has assumed
that the realized loss on sold repossessions will continue to
rise, leading to larger debits on the principal deficiency ledger
of the transaction.

Ratings are:

Eurosail-UK 2007-2 NP PLC

    -- Class A1a (ISIN XS0291411261) affirmed at 'AAA'; Outlook
       Stable

    -- Class A1c (ISIN XS0291416658) affirmed at AAA'; Outlook
       Stable

    -- Class A2a (ISIN XS0291420171) affirmed at 'AAA'; Outlook
       Stable

    -- Class A2c (ISIN XS0291422466) affirmed at 'AAA'; Outlook
       Stable

    -- Class A3a (ISIN XS0291422623) affirmed at 'AAA'; Outlook
       Stable

    -- Class A3c (ISIN XS0291423605) affirmed at 'AAA'; Outlook
       Stable

    -- Class M1a (ISIN XS0291424165) affirmed at 'AAA'; Outlook
       revised to Negative from Stable

    -- Class M1c (ISIN XS0291426889) affirmed at 'AAA'; Outlook
       revised to Negative from Stable

    -- Class B1a (ISIN XS0291433158) downgraded to 'A' from 'AA-'
       (AA minus); Outlook revised to Negative from Stable

    -- Class B1c (ISIN XS0291434123) downgraded to 'A' from 'AA-'
       (AA minus); Outlook revised to Negative from Stable

    -- Class C1a (ISIN XS0291436250) downgraded to 'BBB' from 'A-'
       (A minus); removed from Rating Watch Negative, assigned
       Negative Outlook

    -- Class D1a (ISIN XS0291441417) downgraded to 'CCC' from
       'BBB'; removed from Rating Watch Negative, assigned a
       Distressed Recovery rating of 'DR1'

    -- Class D1c (ISIN XS0291442498) downgraded to 'CCC' from
       'BBB'; removed from Rating Watch Negative, assigned a
       Distressed Recovery rating of 'DR1'

    -- Class E1c (ISIN XS0291443892) downgraded to 'CC' from 'BB';
       removed from Rating Watch Negative, assigned a Distressed
       Recovery rating of 'DR2'

    -- Class ETc (ISIN XS0291443629) downgraded to 'C' from 'BB';
       removed from Rating Watch Negative, assigned a Distressed
       Recovery rating of 'DR6'


HBOS PLC: Shareholders Support Lloyds TSB Takeover
--------------------------------------------------
BBC News reports that HBOS plc shareholders have overwhelmingly
voted in favor of a takeover deal with Lloyds TSB at the bank's
extraordinary general meeting on Friday, December 12.

According to the report, shareholders attending the meeting said
they had little choice but to accept the deal.

"I shall vote in favor [of the takeover] because the bank has got
itself into such a state it's the only way to save the company,"
Gary Maddock, an HBOS shareholder, told the Reuters news agency.

The report however notes there are fears that thousands of jobs
could be lost after the takeover goes through.

As reported in the TCR-Europe on Nov. 24, 2008, Lloyds TSB
shareholders overwhelmingly supported the proposed takeover of
HBOS.

Lloyds TSB shareholders voted 95.98% in favor of the takeover,
which if completed will create a banking giant with
145,000 staff and 3,000 branches, the report disclosed.

The shareholders also approved plans to raise GBP5.5 billion by
issuing new shares and special preference shares, the report
added.

In a TCR-Europe report on Nov. 19, 2008, HBOS warned the bank
could face nationalization if shareholders turn down a proposed
takeover by Lloyds TSB as it would need significantly more
capital, making the loss of private sector status more likely.

                         Trading Update

Group Overview

In its trading update published on Friday, December 12, 2008, HBOS
said that since the Interim Management Statement published on
November 3, 2008, (the November IMS) has been operating in
increasingly difficult market conditions.  There has recently been
an acceleration in the deterioration in credit quality, and
further sharp falls in estimated asset values.  In addition,
pressure is building on net interest margins due to the
significant reductions in UK base rates.  Wholesale funding costs,
including funds obtained under UK Government guarantee, remain
high relative to base rate and by historical standards. Deposit
flows have improved with Retail inflow in November.

Divisional Review

     Retail

As stated in the November IMS, the Retail net interest margin
remains stable relative to that reported for the first half of
2008, but will come under additional pressure due to the impact of
recent base rate cuts.  There has been a deterioration in the
trend in secured lending arrears which, taken together with
continued sharp declines in house prices, has resulted in an
estimated secured lending impairment charge of GBP0.7 billion for
the 11 months to November 30, 2008 (GBP0.4 billion  September 30;
GBP0.2 billion June 30, 2008).  The estimated impairment charge
for unsecured lending arrears is GBP1.0 billion for the 11 months
to November 30, 2008 (GBP0.8 billion September 30, 2008; GBP0.5
billion June 30, 2008).  In light of the worsening economic
climate, trends in Retail impairment charges are likely to come
under further pressure.

     Corporate

According to HBOS, Corporate credit conditions have continued to
deteriorate significantly since the November IMS.  This has
resulted in an estimated impairment charge of GBP3.3 billion for
the 11 months to November 30, 2008 (GBP1.7 billion September 30,
2008; GBP0.5 billion June 30, 2008).  This charge reflects an
increase in the migration of exposures into the higher risk and
impaired categories and sharp declines in asset values with a
consequent impact on estimated recoveries.  These factors are
expected to continue to impact results in the short to medium
term.

Recent pronounced falls in the estimated valuations of property
and other investments have impacted significantly on the value of
the HBOS investment portfolio with an estimated loss of GBP0.8
billion for the 11 months to November 30, 2008 (GBP0.1 billion
loss September 30, 2008; GBP0.1 billion profit June 30, 2008).
Investment valuations are expected to remain under significant
pressure in the Group's private equity and joint venture
businesses.

     Treasury Portfolio

HBOS revealed that as at November 30 the estimated losses due to
market dislocation totaled GBP2.2 billion (GBP1.8 billion
September 30, 2008; GBP1.1 billion June 30, 2008), including
impairment losses in the Banking Book of GBP0.6 billion (GBP0.5
billion September 30, 2008; nil June 30, 2008).

In light of increasing illiquidity in the markets for asset backed
securities (ABS), HBOS has changed the classification of ABS in
the Banking Book from Available for Sale (AFS), where they were
carried at fair value of GBP35.4 billion as at
October 31, 2008, to Loans and Receivables at the same carrying
value.  Following this change in classification these securities
are no longer subject to measurement at fair value, although they
will continue to be subject to regular impairment testing.

For the period to November 30, 2008, estimated negative Fair Value
Adjustments (FVAs) in respect of the Banking Book totaled on a
post tax basis GBP4.5 billion after the reclassification to Loans
and Receivables.

Market dislocation losses reflect deteriorating market conditions
and credit downgrades, including downgrades to monoline insurers
in November 2008.  Exposure to monolines calculated on the Group's
own internal methodology totaled GBP1.2 billion at November 30,
2008 (GBP1.1 billion September 30, 2008; GBP0.7 billion June 30,
2008).

At November 30, 2008, 84.4% of the Group's ABS portfolio by
nominal value was rated AAA, 5.3% AA and 3.1% A, compared to
88.3%, 6.4% and 2.0% as at 30 September 2008.

Outlook

Global market and economic conditions, UK recession and increasing
unemployment will continue to present a particularly challenging
operating and credit environment.  Lower interest rates should
ease the debt burden but exert further pressure on net interest
income.  These factors will impact on HBOS capital ratios.
However, HBOS said that through the injection of capital and
liquidity facilitated by the UK Government, both currently and
going forward, it remains confident in its ability to navigate
through this difficult period, as it becomes part of the enlarged
Lloyds Banking Group.

                         About HBOS Plc

HBOS Plc (LON: HBOS) -- http://www.hbosplc.com/-- is a United-
Kingdom based company.  It is the holding company of the HBOS
Group.  It operates through five divisions: retail, corporate,
insurance & investment, international and treasury & asset
management.  The company's retail range of products includes
personal and business banking products and services to 23 million
customers.


INTELLECTION LTD: Taps Joint Liquidators from Deloitte
------------------------------------------------------
Bill Dawson and Ian Brown of Deloitte LLP were appointed joint
administrators of Intellection Ltd. on Dec. 9, 2008.

The company can be reached through:

         Ms. Vicky Cooke or
         Mr. Pat Pilkington
         Tel: 0161 455 8765

Intellection provides integrated solutions and services for the
quantitative analysis of minerals, rock, metals and other
compounds.


FRONT LINE: Taps Joint Administrators from Deloitte LLP
-------------------------------------------------------
On Dec. 3, 2008, Ian Brown and Daniel Francis Butters of Deloitte
LLP, were appointed joint administrators of:

   -- Front Line Extrusions Ltd.,
   -- Front Line Extrusions Group Ltd., and
   -- Augusta Extrusions Ltd.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         LS1 2AL
         England

The company is engaged in the production and sale of plastic
mouldings and extrusions.


IDEAL BUSINESS: Appoints Joint Administrators from KPMG
-------------------------------------------------------
Richard John Hill and Jonathan Scott Pope of KPMG LLP were
appointed joint administrators of Ideal Business Supplies Ltd. on
Dec. 4, 2008.

The company can be reached at:

         Ideal Business Supplies Ltd.
         Quay House
         Quay Road
         Newton Abbot
         Devon
         TQ12 2BU
         England


LAIRD PLC: To Cut Global Workforce by 40%, Shutter 3 U.S. Plants
----------------------------------------------------------------
Laird PLC disclosed plans to reduce its direct labor force by
about 40%, or some 4,500 employees -- including the normal
seasonal reduction at year end -- and direct and indirect overhead
by approximately 14%, or some 500 employees, in the fourth quarter
of 2008.

Laird's manufacturing facility in Hungary is in the process of
being closed, and three of its facilities in the U.S. will be
closed or downsized significantly, with production from these
sites transferred to Mexico and China.

Laird said the plant closures will lead to further labor and
overhead reductions during the first half of 2009.  The actions
will result in exceptional charges of up to GBP20 million being
incurred in 2008, of which some GBP14 million will be cash and the
remainder asset write-downs.  Annualized net benefits will be at
least GBP12 million, being realized progressively during 2009.

"We currently expect that our underlying performance in 2008 will
be within expectations. As anticipated in our Trading Update on 18
November, we have seen an acceleration of the slowdown in demand
for our products across virtually all of our market sectors in
November.  This has continued into December, with de-stocking in
the global supply chain.  As a result, we expect revenue at
constant exchange rates in the fourth quarter of 2008 to be 25% to
30% below that in the same period of 2007, although currency
movements will mitigate considerably the reduction in revenue when
expressed in Sterling," the company said in a press release.

"The flexibility of our business has allowed us to respond rapidly
to the slowdown.

"For planning purposes we are assuming that the current de-
stocking lasts through at least the first quarter of 2009, and
that there will be no market recovery during 2009.  Our planning
assumption is that global unit handset volumes will decline by 10%
from 2008 levels.  We expect that the cost reduction measures that
we are implementing, lower commodity prices, greater penetration
of our products, and the breadth of our business activities, will
underpin our performance in 2009.

"Financially, Laird remains strong with low financial gearing and
high single digit interest cover in 2008.  Our revolving credit
facilities run to 2012 and our Private Placement to 2016. While
the current downturn persists, we are able to maintain our
investment in enhancing our technical and operational
capabilities, and expect to increase our penetration at key
customers as well as increase the extent of our vertical
integration.  These actions, together with our ability to respond
rapidly to any economic recovery, will benefit the Company
when markets improve."

London, U.K.-based Laird PLC designs and supplies performance-
critical components and systems for wireless and other advanced
electronic applications.  It has operations in North America,
Europe and across Asia.

Its U.S. affiliate, Laird Technologies, Inc., is based in
Chesterfield, Missouri.


LANDROUND PLC: Names Joint Administrators from KPMG
---------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed joint
administrators of Landround Plc. on Nov. 28, 2008.

The company can be reached at:

         Landround Plc.
         The Quadrant
         Sealand Road
         Chester
         CH1 4QR
         England


MARBLE ARCH: Fitch Junks Class E1c Notes Rating; Removes WatchNeg
-----------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed nine tranches from
Marble Arch Residential Securitisation Ltd No.4, an RMBS
transaction containing loans originated by Southern Pacific
Mortgage Limited, Southern Pacific Personal Loans and London
Mortgage Company.

Selected notes from this transactions were placed on Rating Watch
Negative following the bankruptcy of Lehman Brothers Holding Inc
(LBHI) as the transactions has counterparty exposure to LBHI or
its subsidiaries via a fixed/floating rate swap and basis rate
swap.  As of the last interest payment date (IPD) in September
2008 the fixed/floating swap was due to generate GBP0.2 million of
the available interest revenue, and the basis rate swap a further
GBP0.68 million.  However, the recent reduction in LIBOR means
that the transaction will benefit from the absence of this
fixed/floating swap following the December IPD as it would have
been required to make a net payment to the swap counterparty.
This benefit due to the absence of the swap counterparty will,
however, be limited due to the majority of fixed rate loans
reverting to floating by the end of 2009.  In addition, the lack
of any replacement to the basis rate swap will have a continuing
impact on the transaction.  Fitch has assumed that this swap will
not be replaced and has therefore considered the potential impact
of leaving this risk unhedged.  With the exception of the second
charge loans, which are fixed until maturity, of the current pool
at the September IPD 78.26% of the loans ultimately referenced the
Bank of England base rate (BBR).  Due to current market
conditions, in Fitch's analysis it was assumed that the
fixed/floating swap counterparty and the basis rate swap
counterparty would not be replaced.  However, Fitch has received
notice from the issuer that, prior to the bankruptcy, LBHI posted
collateral amounting to GBP3.6 million that will be available to
help meet the cost of any replacement of the swaps. The downgrades
are therefore primarily based on the performance of  this
transaction, as well as the absence of the basis swap rather than
the non-replacement of the fixed/floating swap counterparty.

As of the September 2008 IPD the reserve fund stood at GBP9.9
million, 21.46% below its target amount.  The draw was primarily
due to currently unhedged BBR and the high amounts of losses being
allocated to the principal deficiency ledger (PDL).  Investor
report released for the September 2008 IPD recorded GBP2.9 million
of losses to the junior Class E PDL.  Due to the reduction in
excess spread generated by the mortgages as arrears increase, and
the utilization of this excess spreads to cover losses being
realized from sold repossessions, Fitch expects the reserve fund
to be fully depleted in the coming quarters.  It should be noted
that this transaction is highly volatile to changes in the BBR and
the effects on the revenues generated will be closely monitored.

This transaction includes a liquidity facility to meet short-term
interest shortfalls on the notes; the high level of loans in
possession and the projected losses from these are expected by
Fitch to lead to the liquidity facility being utilized to meet
interest payment on the notes.  Excluding the class A notes, the
liquidity facility will only be available to cover interest
shortfall if the percentage of loans that are in arrears for more
than 90 days, including repossessions, remains less than 15% of
the collateral balance at close.  Although this trigger is not
being breached at present Fitch expects the pool to continue to
deteriorate to a point where this trigger would be close to being
breached.  In this situation if there is insufficient revenue to
meet the interest due on the notes interest will be deferred.

The performance of the underlying loans in the portfolio has been
worse than Fitch's initial expectations, with 12.38% of the
current pool more than three months in arrears, excluding current
repossessions, as of the September 2008 IPD.  The agency has taken
into account the deteriorating housing market in the UK and has
assumed that the realized loss on sold repossessions will continue
to widen leading to larger debits on the PDL of the transaction.

Ratings are:

Marble Arch Residential Securitisation Ltd No 4

    -- Class A2b (ISIN XS0270499667) 'AAA' affirmed; Outlook:
       Stable

    -- Class A2c (ISIN XS0270512949) 'AAA' affirmed; Outlook
       Stable

    -- Class A3c (ISIN XS0270513590) 'AAA' affirmed; Outlook
       Stable

    -- Class A3c DAC (ISIN XS0271098880) 'AAA' affirmed; Outlook
       Stable

    -- Class B1a (ISIN XS0270496994) 'AA' affirmed; Outlook Stable

    -- Class B1b (ISIN XS0270510224) 'AA' affirmed; Outlook Stable

    -- Class B1c (ISIN XS0270513756) 'AA' affirmed; Outlook Stable

    -- Class C1a (ISIN XS0270497612) 'A' affirmed; Outlook revised
       to Negative from Stable

    -- Class C1c (ISIN XS0270513830) 'A' affirmed; Outlook revised
       to Negative from Stable

    -- Class D1a (ISIN XS0270498180) downgraded to 'BB' from
       'BBB-' (BBB minus); removed from Rating Watch Negative,
       assigned Negative Outlook

    -- Class D1c (ISIN XS0270513913) downgraded to 'BB' from
       'BBB-' (BBB minus); removed from Rating Watch Negative,
       assigned Negative Outlook

    -- Class E1c (ISIN XS0270514309) downgraded to 'CCC' from
       'BB'; removed from Rating Watch Negative, assigned a
       Distressed Recovery rating of 'DR1'


ORCHID GROUP: In Administration; PwC Finds Buyer for Business
-------------------------------------------------------------
David Chubb, Mike Jervis and Colin Haig of PricewaterhouseCoopers
LLP were appointed as joint administrators to the The Orchid Group
on December 13, 2008.

Immediately following their appointment, the administrators were
able to agree a sale of the majority of the business to a new
company led by Orchid's existing management team as part of a
financial restructuring the company has undertaken.

The Orchid Group was formed in 2006 and is now the 5th largest pub
retailer in the UK with 287 pubs and restaurants under its control
employing over 6,500 staff.  The group has been considering its
options recently in light of the well documented issues in the pub
and restaurant sectors including the decline in consumer spend
coupled with the effects of legislation such as the new smoking
laws in July 2007.

David Chubb, partner at PricewaterhouseCoopers LLP and joint
administrator of The Orchid Group said: "We are extremely pleased
to have been able to effect an immediate sale of this business,
particularly in the lead up to the festive season. Through the
sale of the business, we have been able to save at least 240 of
the group's pubs and 5,300 jobs across the UK."

As part of the main transaction an option to purchase the
remaining sites has been sold.  The administrators are hoping that
these will be able to continue and they are now working with the
purchaser to seek and secure the survival of the remaining 48
pubs.

             About PricewaterhouseCoopers LLP

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


PHANTOM DEVELOPMENTS: Taps Administrators from Ernst & Young
------------------------------------------------------------
Robert Hunter Kelly and Jonathan Peter Sumpton of Ernst & Young
LLP were appointed joint administrators of Phantom Developments
Ltd. on Dec. 3, 2008.

The company can be reached through Ernst & Young LLP at:

         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5QR
         England


TURFCARE (LANDSCAPES): Appoints Joint Liquidators
-------------------------------------------------
Turfcare (Landscapes) has appointed Solomon Cohen and Alison Curry
of South Ruislip as joint liquidators of the company, Magda
Ibrahim of HortWeek reports.

Turfcare (Landscapes) is engaged in the design and building of
gardens.


WINDERMERE XIV: S&P Ratings on Class E and F Notes Tumble to 'D'
----------------------------------------------------------------
Standard & Poor's Rating Services lowered and removed from
CreditWatch negative its ratings on the class E and F notes issued
by Windermere XIV CMBS Ltd. to 'D' from 'BBB/Watch Neg' and
'BB/Watch Neg', respectively.  The ratings on the other classes in
the transaction are unaffected.

In September, S&P placed all the notes in this deal on CreditWatch
negative following the insolvency of Lehman Brothers Holdings Inc.

On the Oct. 22 IPD, the issuer failed to pay interest on the class
E and F notes.  This failure was because of certain factors:

-- The delay in transfer of loan payments for the GSI and
    Baywatch loans to the issuer accounts due to signatory issues
    arising because of Lehman's insolvency.  S&P expects this
    practical delay to be resolved in due course.

-- The income from loans and eligible investments being
    insufficient to cover issuer costs and note interest.  While
    this insufficiency may previously have been mitigated by a
    Lehman top-up, S&P does not expect this mitigant to be
    available in the future.

-- Lehman's failure to meet its payment obligations under the
    swaps.

-- Liquidity not being available under its terms to meet the
    shortfall on the class E and F notes.

Currently, S&P does not have any information that new swap
arrangements will be implemented by the next IPD (Jan. 2009).
This, together with the loss of potential Lehman mitigants for
loan and eligible investment insufficiencies, has led S&P to
conclude that the shortfall experienced on these notes may recur.
S&P has lowered the ratings to 'D' as a result.

                         Ratings List

                     Windermere XIV CMBS Ltd.
  EUR1.12 Billion Commercial Mortgage-Backed Floating-Rate Notes

       Rating Lowered And Removed From CreditWatch negative

            Class       To                From
            -----       --                ----
            E           D                BBB/Watch Neg
            F           D                BB/Watch Neg


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


* S&P Puts Ratings on 203 European CDOs on Negative CreditWatch
---------------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings Services
placed on CreditWatch negative 203 European synthetic
collateralized debt obligation tranches.

Of the 203 tranches placed on CreditWatch negative:

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

   -- 192 have experienced corporate downgrades in their
      portfolios.

For this month's run, S&P has incorporated S&P's new correlation
assumptions for CDOs that have exposure to:

   -- Financial intermediaries;

   -- Insurance companies; and

   -- Real estate investment trusts and real estate operating
    companies.

The rating actions also include these assumed recovery valuations:

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

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

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

   -- 57% for Washington Mutual Inc. debt;

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

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

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

A summary of the CreditWatch actions S&P has taken on European
synthetic CDO tranches in 2008:

  CreditWatch Summary

          Watch Neg  Watch Pos Key corporate
          (no. of    (no. of   downgrades*
          tranches)  tranches)
          ---------  --------- -------------
Jan-08    47          8        United Parcel Service Inc.
                               (AAA/Watch Neg to AA-/Stable)
                               Jan. 9, 2008

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

Feb-08    39         11        GMAC LLC
                               (BB+/Negative to B+/Negative)
                               Feb. 22, 2008

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

Mar-08    89          3        FGIC Corp.
                               (BBB/Watch Neg to B/Negative)
                               March 28, 2008

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

Apr-08    89          2        Royal Caribbean Cruises Ltd.
                               (BBB-/Negative to BB+/Stable)
                               April 3, 2008

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

May—08   131          0        Ryland Group Inc. (The)
                               (BBB-/Negative to BB+/Negative)
                               May 1, 2008

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

Jun—08   139          0        Ambac Assurance Corp.
                               (AAA/Negative to AA/Watch Neg)
                               June 5, 2008

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

Jul—08    59         27        Radian Asset Assurance Inc.
                               (AA/Watch Neg to A/Watch Neg)
                               June 16, 2008

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

Aug—08    72         27        Residential Capital, LLC
                               (SD to CCC+/Negative)
                               July 15, 2008

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

Sept-08  111          0        Radian Group Inc.
                               (BBB/Watch Neg to BB+)
                               Aug. 26, 2008

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

Oct-08   166          0        Lehman Brothers Inc.
                               (A+/Negative to A+/Watch Neg)
                               Sept. 9, 2008
                               (A+/Watch Neg to BB-/Watch Dev)
                               Sept. 15, 2008
                               (BB-/Watch Dev to D)
                               Sept. 23, 2008

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

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

Nov-08   260          0        Fortis N.V.
                               (A-/Developing to
                               BBB-/Watch Neg)
                               Oct. 6, 2008

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

Dec—08   203          0        Residential Capital, LLC
                               (CCC+/Negative to CC/Watch Neg)
                               Nov. 20, 2008

                               Financial Guaranty Insurance Co.
                               (BB/Watch Neg to CCC/Negative)
                               Nov. 24, 2008

* Those corporate names that have experienced a significant notch
downgrade or upgrade as well as being widely referenced within
European Synthetic CDOs.

The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the November month-end run.  S&P will
publish these SROC figures in the SROC report covering November
2008, which is imminent.  The Global SROC Report provides SROC and
other performance metrics on over 3,500 individual CDO tranches.

Following publication of the latest SROC report, S&P will conduct
a full review of the affected tranches, and publish the
appropriate actions in S&P's November rating action media release.
All other tranches in the transactions listed are unaffected by
these rating actions.


* Pwc Comments on the Competition Commission's PPI Sale Probe
-------------------------------------------------------------
The deadline for responses to the Competition Commission's
provisional decision on remedies following its lengthy
investigation into the sale of Payment Protection Insurance (PPI)
has now passed.  The Commission's final report is due in January
2009.

David Morey, director, PricewaterhouseCoopers LLP's Regulatory
Practice, said: "The proposed package of remedies is a mixed bag.
While some remedies are likely to be positive for consumers, there
must be a real concern that the level of protection provided to
customers will fall, potentially in a dramatic fashion.  PPI can
provide very valuable benefits at times of stress.  At this time,
when we see more and more job losses, increasing arrears and
indeed an increase in the use of charging orders, the Competition
Commission's remedy to de-link the sale of PPI from the credit
will without doubt lead to a significantly lower amount of cover
being sold.  That does not seem to be a sensible thing to be doing
in the current climate. There is already a significant protection
gap in the UK and I worry that consumers will be less inclined to
reassess their protection needs outside of the credit sale process
once PPI is divorced from the sale of the credit.  The Commission
seem to be tilting the playing field towards 'stand alone'
distributors yet they already offer a discount on price and have
failed to attract customers in significant volume.  It is also
interesting that whilst the Financial Services Authority's (FSA)
review of the sale of mortgage PPI has given rise to substantially
fewer sales issues than identified for personal loan PPI, the
Commission seems to have concluded that all PPI should be treated
with a single set of remedies.

"If the Commission does proceed with this set of proposed
remedies, lenders will need to make significant changes to
existing models which is expected to lead to higher loan costs.
Again, the timing of this is clearly not helpful.

"At the same time we are waiting to see how the FSA decides to
respond to the wider implications letter from the Financial
Ombudsman Service relating to PPI complaint volumes.  Again their
response could have significant implications for the industry."

            About PricewaterhouseCoopers LLP

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


* GM & Chrysler Default Risk Hinges on Government Action, S&P Says
------------------------------------------------------------------
Standard & Poor's Ratings Services said that, in light of the U.S.
Senate's rejection of an emergency loan package for General Motors
Corp. and Chrysler LLC, the risk of default by one or both of
these companies over the next few months remains very high.  The
Bush Administration said it will consider using funds earmarked
for the financial industry stabilization package to support the
U.S. automakers' near-term liquidity needs.  The U.S. Treasury
said it stands ready to prevent an imminent failure of the
automakers.  However, the Treasury has not yet indicated how
the automakers can access the funding provided through the
Troubled Asset Relief Program, or TARP.

It is also uncertain where TARP loans would stand in the automaker
capital structure.  Ford Motor Co. is not currently seeking
federal loans, primarily because it has a large unused bank
facility.  The current ratings on all three automakers already
reflect their high default risk and are therefore not changed by
the U.S. Senate vote.

S&P applies ratings in the 'CCC' category to companies that are
highly likely to default on a debt payment and that depend on
multiple factors beyond their control to meet their financial
commitments.  The 'CC' rating on GM reflects these risks, as well
as the company's stated intention that it will seek to reduce its
current debt burden by more than half as it attempts to reduce
cash outflows and win support for the U.S. government-backed
loans.  S&P believes the most likely scenario is that GM will
offer to exchange some or all of its outstanding debt for equity
or new debt at a steep discount to face value.  Given GM's
weakening liquidity position, S&P considers such an offer to be a
distressed exchange and, as such, is tantamount to a default.

In S&P's view, the catalyst for a GM or Chrysler bankruptcy in the
very near term is unchanged: liquidity dropping below the minimum
levels needed to operate their capital-intensive vehicle
manufacturing businesses.  The automakers ordinarily make
substantial payments to their suppliers early each month, and S&P
believes the several billion dollars in outlays expected during
the first few days of January 2009 could use up a substantial
portion of both companies' respective cash balances, unless U.S.
government support of some kind is forthcoming or the suppliers
defer these payments.  Consumer demand in the U.S. and other key
markets has only worsened since these companies first said they
might not have enough cash to support operations into early next
year.  In addition, S&P believes concerns about bankruptcies have
added to the declines in GM's and Chrysler's sales and therefore
heightened their cash use.

In addition, S&P remains concerned about the spillover effects of
an automaker failure on the North American parts suppliers.  Many
important suppliers sell parts to more than one automaker, and as
S&P has stated previously, if GM or Chrysler should file for
bankruptcy, withhold payments to suppliers, or be forced to halt
operations, the repercussions to the suppliers would be dramatic.
S&P placed 15 suppliers on CreditWatch with negative implications
on Nov. 13, 2008, as a result of their significant exposure to the
Michigan-based automakers.

Ford's liquidity remains materially better than that of the other
two Michigan-based automakers.  However, if GM or Chrysler were to
file for bankruptcy, Ford may have to use its liquidity to keep
its supply base intact.

S&P's recovery ratings on U.S. automaker debt are based on the
assumption of a bankruptcy filing, multi-year reorganization, and
eventual emergence.  These ratings are not affected by the
developments.  Expected recovery prospects for secured and
unsecured debtholders vary by automaker, largely reflecting the
company-specific mix of secured and unsecured debt in the capital
structure rather than vastly different fundamentals for each
company.

                         Ratings List

                     General Motors Corp.

        Corporate Credit Rating          CC/Negative/--

        Senior Secured                   CCC
          Recovery Rating                1

        Senior Unsecured                 CC
          Recovery Rating                4

                         Ford Motor Co.

       Corporate Credit Rating           CCC+/Negative/--

        Senior Secured                   CCC+
          Recovery Rating                3

        Senior Unsecured                 CCC-
          Recovery Rating                6

                        Chrysler LLC

       Corporate Credit Rating          CCC+/Negative/--

        Senior Secured
         US$7 bil. first-lien term bank ln
         due 2013                        B
          Recovery Rating                1

         US$2.0 bil. second-lien bank ln
         due 2014                        CCC+
          Recovery Rating                4


* INSOL Names Graduates of Insolvency Course
--------------------------------------------
INSOL International announced the first graduating class of the
Global Insolvency Practice Course.  The successful participants
are now formally recognized as a Fellow, INSOL International.

-- Scott Atkins, Henry Davis York Lawyers, Australia

-- Jasper Berkenbosch, DLA Piper, The Netherlands

-- Samantha Bewick, KMPG LLP, UK

-- Peter Declercq, Brown Rudnick LLP, UK

-- Robert Dakis, Quinn Emanuel Urquhart Oliver & Hedges LLP, USA

-- Jasper Frieling, Hocker Avocaten, The Netherlands

-- Leonard Goldberger, Stevens & Lee, P.C., USA

-- Peter Gothard, Ferrier Hodgson, Australia

-- Jackson Ip, Horwath Corporate Advisory Services Ltd, Hong Kong

-- Eric Jourdanet, IFC, USA

-- Fredrikus Kolkman, Kolkman Advocaten voor Ondernemers BV,
   The Netherlands

-- Christopher McDuff, Myers & Alberga, Cayman Islands

-- Curtis Mechling, Stroock & Stroock & Lavan LLP, USA

-- Edward Middleton, KPMG LLP, Hong Kong PRC

-- Mak Mwenya, PricewaterhouseCoopers LLP, UK

-- Bruno Navarro, IFC, Hong Kong PRC

-- Stephen Packman, Archer & Greiner, PC, USA

-- Richard Pedone, Nixon Peabody, USA

-- Christiaan Zijderveld, Houthoff Buruma, The Netherlands

The Global Insolvency Practice Course is the pre-eminent advanced
educational qualification focusing on international insolvency.


With the fast growing number of cross-border insolvency cases and
the adoption in many jurisdictions of international insolvency
rules and provisions, the turnaround and insolvency profession
faces increasing challenges in the current economic environment.
The current outlook demonstrates that the practitioners of
tomorrow need to have extensive knowledge of the transnational and
international aspects of legal and financial problems of
businesses in distress.

The format of the fellowship program is intensive, carried out
over a short period of time in three modules.  The first module
was held in the Netherlands from the June 16-18, 2008 at the
Faculty of Law of Leiden University.  The second module took place
in Shanghai from the September 12-14, 2008, prior to the INSOL
annual conference.  The last module involved the students
utilizing web enabled technology which included a virtual court
and undertaking real time negotiations for a restructuring plan
involving multiple jurisdictions.  The platform for this module
was made available through the generous support of the University
of British Columbia, Vancouver, Canada.  A number of senior judges
from around the world took part in Module C in order for the
participants to gain experience of court to court situations.  The
judges included:

* Judge Robert Drain, US Bankruptcy Court;

* Judge David Richards, Royal Courts of Justice, London;

* Judge David Tysoe, British Columbia Court of Appeal,

* Judge Jean-Luc Vallens, Cour Commerciale, France;

* Judge Rajiv Shakdher, High Court of Delhi;

* Judge James Farley, retired judge Ontario Superior Court
  of Justice.

Admission to the course is limited to a maximum of 25 candidates
each year.  This ensures academic excellence and the opportunity
for good personal contact between students and faculty.  Potential
candidates must already hold a degree or equivalent to be
considered for this program and must have a minimum of 5 years
experience in the field.  Participants represent the different
jurisdictions of the World.

Mahesh Utamachandani, Senior Counsel and Head of Global Insolvency
Initiative, World Bank:

"The fellowship program will be a very rewarding investment
towards a successful career, both through helping the development
of professional skills and through fostering a greater
understanding of different jurisdictions' cultures and systems."

Professor Ian Fletcher of University College London, a member of
the Core Committee responsible for planning the program:

"Designed and taught by an international Faculty of highly
distinguished experts, the INSOL Fellowship Program offers a
unique learning experience.  It answers a long-felt demand for a
benchmark qualification to identify those practitioners who are in
the front rank of transnational insolvency practice in today's
challenging global market place."

Bob Sanderson, President of INSOL:

"In the ever increasingly complex capital markets coupled with the
continued globalization the requirement for those charged with
ensuring the troubled international enterprises are restructured
effectively and efficiently is vital. This program meets this
requirement."

For further information contact

INSOL International: 00(44) (0) 20 7929 6679 or

e-mail: pennyr@insol.ision.co.uk:

Core Committee:

* Prof. Bob Wessels

University of Leiden

* Prof. Ian Fletche

University College London

* Prof. Janis Sarra

University of British Columbia

* Adam Harris

Bowman Gilfillan

Faculty of Law

*INSOL was formed in 1982 and has grown in stature to become the
leading insolvency association in the world.  It is a valuable
source of professional knowledge, which is being put to use around
the world on diverse projects to the benefit of the business and
financial communities.

INSOL'S Mission

INSOL with its Member Associations will take the leadership role
in international turnaround, insolvency and related credit issues;
facilitate the exchange of information and ideas; encourage
greater international co-operation and communication amongst the
insolvency profession, credit community and related INSOL
International is a worldwide federation of national associations
of accountants and lawyers who specialize in turnaround and
insolvency.  There are currently 40 Member Associations with over
9,700 professionals participating as members.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *