TCREUR_Public/081218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, December 18, 2008, Vol. 9, No. 251

                            Headlines

A U S T R I A

BRAUNSHOFER LLC: Claims Registration Period Ends December 30
ELEKTRO GEBRUEDER: Claims Registration Period Ends December 30
LANDGASTHOF SALIS: Claims Registration Period Ends December 30
SASLO LLC: Claims Registration Period Ends December30


F R A N C E

CMA CGM: Moody's Changes Outlook on Ba1 CFR to Negative
CMA CGM: Fitch Cuts Long-Term IDR to 'BB+'; Outlook Negative
DELPHI CORP: Defaults Loan, But Gets Costly Forbearance
DELPHI CORP: Delays Plan Approval Hearing to March 24, 2009
RHODIA SA: Moody's Changes Outlook on Ratings to Stable

SPCM SA: S&P Lowers Long-Term Corporate Rating to 'B+'


G E O R G I A

BTA BANK: Fitch Downgrades Individual Rating to 'E'
PROCREDIT BANK: Fitch Affirms Individual Rating at 'D'


G E R M A N Y

CAD PARTNER: Claims Registration Period Ends January 19
FLY-BACK WATCH: Claims Registration Period Ends January 22
FOTOSTUDIO AM BOULEVARD: Claims Registration Period Ends Jan. 13
GROHE HOLDING: S&P Affirms 'CCC+' Senior Unsecured Issue Rating
HYPO REAL ESTATE: Moody's Downgrades BFSR to E+; Outlook Negative

QIMONDA AG: Parent Company Rejects Saxony's Rescue Terms
MAWESTARO MASCHINENBAU: Claims Registration Period Ends Feb. 9
PROGUARD SECURITY: Claims Registration Period Ends January 5
UNIVERSAL LOGISTIK: Claims Registration Period Ends January 16


G R E E C E

* CITY OF AMAROUSSION: Moody's Withdraws Ba1 Issuer Rating


I R E L A N D

AMERICAN INTERNATIONAL: Ronald Ferguson Pays for Co.'s Losses
ELVA FUNDING: S&P Lifts Rating on Sec. Notes to 'AA+' from 'CCC-'
HOUSE OF EUROPE: S&P Junks Ratings on Four Classes of Notes

* IRELAND: Gov't to Recapitalize Banks, Sets Aside EUR10 Mln Fund


I T A L Y

PARMALAT SPA: Preliminary Injunction Hearing Moved to Feb. 17
PARMALAT SPA: Inks Pact With Newlat For Lodi Dairy Unit Sale
PARMALAT SPA: Board Appoints Antonio Vanoli As General Manager
SEAT PAGINE: Seeks Waiver on EUR2.62 Billion Senior Debt


K A Z A K H S T A N

ALUA OIL: Proof of Claim Deadline Slated for February 3
BAUER LLP: Creditors Must File Claims by February 3
CONTINENTAL ZHEZKAZGAN: Claims Filing Period Ends February 4
INDER STROY: Creditors' Claims Due on February 4
KARAT-SINTEZ LLP: Claims Registration Ends February 3

KAZ TECH SERVICE: Proof of Claim Deadline Slated for February 3
KUM-AKTOBE LLP: Creditors Must File Claims by February 4
ORAL-SHEBEN LLP: Claims Filing Period Ends February 4
TECH PROM SNUB: Creditors' Claims Due on February 3
TEMIR-METAL LLP: Claims Registration Ends February 3


K Y R G Y Z S T A N

WOOJIN CARGO: Creditors Must File Claims by February 5


L A T V I A

PAREX BANKA: Latvia Gov't. Wants 100% Ownership of the Bank


R U S S I A

ABAKANSKIY LUMBER: Creditors Must File Claims by January 12
ARBAT PRESTIGE: To Sell Five Moscow Outlets to Repay Debts
BALTIK-MEKH-STROY LLC: Creditors Must File Claims by February 12
EVRAZ GROUP: Inks US$800 Mln Loan with Vnesheconombank
MOS-AVTO-ZAPCHAST CJSC: Creditors Must File Claims by January 12

NADYM-TRANS-STROY LLC: Creditors Must File Claims by January 12
NOVOLIPETSK STEEL: Jan-Sept Net Profit Up 66% to US$2.76 Mln
PECHOR-STROY-INVEST LLC: Komi Bankruptcy Hearing Set April 21
ROSTELECOM OJSC: S&P Lifts Long-Term Corp. Credit Rating to 'BB'
RUSSIAN FACTORING: Fitch Junks Rating on RUB300-MM Mezzanine Debt

SDM-BANK JSC: Fitch Assigns 'D/E' Individual Rating
SIB-STROY-INVEST 21 LLC: Creditors Must File Claims by Feb. 12
SPURT BANK: Fitch Affirms Individual Rating at 'D/E'
STROY-KOM LLC: Creditor Must File Claims by January 12
TAZHIN-LES-PROM LLC: Creditors Must File Claims by February 12

TRANSCREDITBANK: To Get RUR1 Bln Subordinated Loan from VEB
TROITSKAYA TIMBER: Creditor Must File Claims by January 12
USMAN-TABACCO OJSC: Under External Bankruptcy Procedure

* Moody's Cuts and Puts Russian RMBS and ABS Deals on Review
* RUSSIA: Central Bank Issues RUR28.5 Bln Loans to Banks
* RUSSIA: Deputy Economics Minister Says Recession Has Started


S P A I N

GC FTGENCAT: Moody's Puts Provisional Ca Rating on Series D Notes
IM BANCO POPULAR: S&P Lowers Ratings on Two Note Classes to 'BB'
MADRID RMBS IV: S&P Cuts Class E Notes' Rating to 'B'


S W E D E N

FORD MOTOR: Credit Unions Courting Firm to Join Loan Program


S W I T Z E R L A N D

BLADELOGIC SWITZERLAND: Creditors Must File Claims by Dec. 31
BOFASA LLC: Deadline to File Proofs of Claim Set December 27
BRULEMAN LLC: Creditors Have Until December 28 to File Claims
LINK & LINK: Proofs of Claim Filing Deadline is December 27
ZURCHER TRANSPORT: Creditors' Proofs of Claim Due by December 29


U K R A I N E

AVART LLC: Creditors Must File Claims by December 31
BUT LLC: Creditors Must File Claims by December 31
DRUZHBA LLC: Creditors Must File Claims by January 1
INTERPIPE LTD: S&P Junks Long-Term Corporate Credit Rating
KRIAZH-AGRO LLC: Creditors Must File Claims by December 31

PROMINVESTBANK: To Seek Aid from Russia's Vneshekonombank
SANTORI UKRAINE: Creditors Must File Claims by December 31
SM-PROFIT LLC: Creditors Must File Claims by December 31
SOLE LLC: Creditors Must File Claims by December 31
SPECIAL ASSEMBLY: Creditors Must File Claims by December 31

TAKSOMOTORSERVICE OJSC: Creditors Must File Claims by Dec. 31
MEGATRADEAGRO LLC: Creditors Must File Claims by January 1

* Moody's Puts Ukrainian RMBS & ABS Deals on Review for Downgrade


U N I T E D   K I N G D O M

AQUILA PLC: S&P Cuts Class E Notes' Rating to B; Watch Negative
CHESS II: S&P Withdraws Junk and Default Ratings
EUROSAIL-UK 2007-2NP: S&P Cuts Ratings on 4 Note Classes to Low-B
JCCO 114 LTD: Appoints Joint Administrators from Grant Thornton
MAURICE HENRY: Appoints Joint Liquidators from Tenon Recovery

NEW STAR: Temporarily Suspends Dealing of Heart of Africa Fund
PML FLIGHTLINK: Names Joint Administrators from PwC
THPA FINANCE: S&P Affirms 'BB' Rating on Class C Notes
TREMONT GROUP: More Than Half of Assets Invested in Madoff's Firm
UNIVERSAL OFFICE: Taps Joint Administrators from KPMG

VAN HAGEN: Appoints Joint Administrators from Smith & Williamson


X X X X X X X X

* S&P Takes Various Rating Actions on Seven CFO Transactions
* Gov't Working on Financial Aid for Auto Industry
* Moody's Puts 25% Probability of Gov't Auto Industry Bailout

* Upcoming Meetings, Conferences and Seminars


                         *********


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


BRAUNSHOFER LLC: Claims Registration Period Ends December 30
------------------------------------------------------------
Creditors owed money by LLC Braunshofer (FN 114027m) have until
Dec. 30, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Michael Schwarz
         Josefstrasse 13
         3100 St. Poelten
         Austria
         Tel: 02742/72 222
         Fax: 02742/72 222-10
         E-mail: kanzlei@tws-rae.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Jan. 20, 2009, for the
examination of claims at:

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

Headquartered in Wieselburg an der Erlauf, Austria, the Debtor
declared bankruptcy on Nov. 18, 2008, (Bankr. Case No. 14 S
188/08z).


ELEKTRO GEBRUEDER: Claims Registration Period Ends December 30
--------------------------------------------------------------
Creditors owed money by LLC Elektro Gebrueder (FN 108097t) have
until Dec. 30, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Wien
         Austria
         Tel: 406 05 51-Serie
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 13, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 18, 2008, (Bankr. Case No. 38 S 58/08v).


LANDGASTHOF SALIS: Claims Registration Period Ends December 30
--------------------------------------------------------------
Creditors owed money by LLC Landgasthof Salis (FN 80184v) have
until Dec. 30, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Wien
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on Jan. 13, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Nov. 14, 2008, (Bankr. Case No. 6 S 123/08t).


SASLO LLC: Claims Registration Period Ends December30
-----------------------------------------------------
Creditors owed money by LLC Saslo (FN 301191d) have until Dec. 30,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Matthias Klissenbauer
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@klissenbauer.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 a.m. on Jan. 13, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 17, 2008, (Bankr. Case No. 6 S 124/08i).


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


CMA CGM: Moody's Changes Outlook on Ba1 CFR to Negative
-------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable on CMA CGM SA's Ba1 Corporate Family Rating and on the A3
rating of the US$253.7 million 5.562% Class A Corporate Asset
Backed Secured Notes due 2021 issued by Vega ContainerVessel 2006-
1 Public Limited Company, the issuer for a transaction designed to
finance a fleet of container vessels for CMA CGM.

"The change of outlook to negative reflects Moody's increasing
concerns over the uncertainty of the extent to which the current
challenging environment will continue to exert pressure on CMA
CGM's credit profile," says Marco Vetulli, a Moody's Vice
President - Senior Analyst responsible for CMA CGM.  "Moody's
recognizes that the company is implementing measures to counter
the current difficult market conditions, such as postponing
installments on some of the capex that was due in 2009 to 2010 and
reducing charter in fleet during 2009.  Such measures, together
with a decrease of both bunker costs and chartering costs, should
reduce the negative pressure on CMA CGM's operating margins.
However, Moody's remains concerned about the execution risk
associated with the company's plan."

Moody's notes that CMA CGM's Ba1 CFR takes into account the
company's strong business profile due to its leading position in
the markets gained from the successful commercial and operational
strategies implemented by its management and the increasing
geographical diversification of its revenues.  The rating also
reflects the company's adequate liquidity profile.

However, Moody's notes the rating is constrained by CMA CGM's
credit metrics, which are expected to deteriorate over the coming
years due to the company's ambitious capital investment program
and potential negative pressure on the container shipping market.
At the end of Q3 2008, CMA CGM's credit metrics on an LTM basis
deteriorated compared to FYE 2007, because of the combined effects
of the following factors: (i) higher operating costs from bunker
and chartering costs (an increase of 85.3% and 29.2%,
respectively, compared to the first nine months in 2007); (ii) a
one-off loss of around US$350 million recorded due to the
cancellation of derivative hedges; and (iii) negative working
capital.  Moody's believes that the company's credit metrics will
be further pressured over the next 12 months as CMA CGM will have
to finance its heavy capex program in a context of slower growth
prospects and potential over-capacity in the container shipping
market.

Moody's recognizes that the company's success in reducing
operating costs and in making progress in its investment program,
while improving credit metrics despite challenging market
conditions, could lead to a stabilization of the outlook.  On the
other hand, the rating could come under negative pressure if the
company encounters difficulties from the deteriorating market
conditions, ultimately resulting in increased financial leverage,
measured as Net Debt/EBITDA (adjusted for operating leases) above
6x, RCF/Net Debt reduced to the low teens on a sustainable basis
(i.e. beyond FYE December 2008), or free cash flow remaining
negative beyond 2009.  Despite the relative resilience of volumes
in the industry thus far, and load factors and freight rates for
CMA, the ratings could come under further pressure if there is a
significant reduction in demand or if Moody's perceives a
deterioration of market conditions.

The rating of the Class A Notes principally reflects (i) Moody's
view of CMA CGM's credit quality, and (ii) Moody's view of the
additional degree of protection provided by the legal and
financial arrangements of the transaction to the Class A
Noteholders in the event of default by CMA CGM, based on an
estimate of the probability and severity of a shortfall for the
Class A Notes in the event of a sale of the collateral and
liquidation of the transaction following such default.  A future
downgrade of CMA CGM's corporate family rating by one notch to Ba2
would be likely to trigger a one-notch downgrade of the rating of
the Notes.  Hence the change in outlook to negative on the rating
of the Class A Notes, reflects the negative outlook on CMA CGM's
rating.

The last rating action was implemented on July 11, 2006, when
Moody's upgraded CMA CGM's CFR to Ba1 from Ba2 and the underlying
rating of Vega ContainerVessel Class A Notes to A3 from Baa1.  The
Class A Notes were rated Aaa at the time of issuance in February
2006 based solely upon the guarantee of principal on the final
legal maturity of the Notes and interest provided by XL Capital
Assurance (U.K.) Limited ("XLUK").  Due to the downgrade of XLUK's
rating, the rating of the Notes was downgraded to A3 in February
2008 and is now based on their underlying credit quality absent
any guarantee.

Headquartered in Marseille, France, CMA CGM is the third-largest
container shipping company in the world (measured in Twenty foot
Equivalent Units, TEU).  The company generated revenues of around
US$11.8 billion for the year ended December 31, 2007.

Vega ContainerVessel 2006-1 Public Limited Company is an Irish
orphan special purpose vehicle, which has issued debt instruments
for the purpose of ship financings for CMA CGM S.A.


CMA CGM: Fitch Cuts Long-Term IDR to 'BB+'; Outlook Negative
------------------------------------------------------------
Fitch Ratings has downgraded the French-based global shipping com
pany CMA CGM S.A.'s (CMA CGM) Long-term Issuer Default Rating
(IDR) and its senior unsecured rating to 'BB+' from 'BBB-'(BBB mi
nus), respectively, and the company's Short-term IDR to 'B' from
'F3'.  The Outlook for the Long-term IDR remains Negative.

The downgrade reflects a weakening of prospective coverage and
leverage ratios, as the company's capital expenditure (capex)
profile has changed compared with Fitch's prior expectations.
While CMA CGM's total capex spend relating to its vessel order
book, which covers 2008-11, remains unchanged, factors
contributing to the spend profile being brought forward include an
increase in down-payments for new vessels due to loan-to-value
(LTV) requirements and further container investment in 2008.

Fitch has adjusted CMA CGM's coverage and leverage ratios to
reflect the annual fixed cost and debt-equivalent effect of
chartering/leasing.  Lease-adjusted (on a net present value basis)
net debt/EBITDAR is expected to be above 2.3x in 2008 and 2009 and
EBITDAR/interest plus rent is likely to average 1.4x-1.6x for the
same period, assuming EBITDA of over US$1 billion.

The Negative Outlook reflects the continued deteriorating dynamics
affecting CMA CGM's key Asia-Europe route, with the potential for
fleet over-capacity, and increasingly difficult conditions in the
container shipping industry as a whole.  CMA CGM and its
competitors face record vessel order book deliveries in 2009 and
2010 as the industry enters a severe down-cycle.  On the Asia-
Europe route, key players, including CMA CGM, have reduced
capacity by canceling charters or putting ships to anchor, thus
limiting downward pressure on freight rates.  CMA CGM's solid
market share in this region should enable it, in part, to mitigate
the wider weakening economic environment, but further capacity
reductions may be necessary as volume growth slows.

The ratings reflect the operational benefits to CMA CGM of having
some 70% of its YE07 capacity chartered (37% of which was short-
term).  Canceled charter and falling bunker fuel net costs for the
group will enhance CMA CGM's EBITDA in 2009, counteracting in part
the negative effects of decreased revenues from falling freight
rates.

While the majority of CMA CGM's USD7bn vessel order book has been
pre-financed through secured bank funding, tax and finance
leasing, and securitization funding, Fitch notes that US$2 billion
remains to be financed by 2010.  Although there is no immediate
financing concern, the Negative Outlook reflects the need to
actively manage this risk without detrimentally affecting
unsecured creditors.  CMA CGM's liquidity weakened in Q308, with
cash and cash equivalents of US$1.1 billion (H108: US$1.8
billion).  Fitch expects cash and cash equivalents to be some
US$1.8 billion in 2008 and 2009, but committed bank facilities are
expected to be fully drawn over the same period.  YE08's increased
debt (Q308: US$4.9 billion) was unaided by the cash outflow due to
Q108's announced derivatives loss of US$0.3 billion.

Fitch acknowledges CMA CGM's market position as the third-largest
global container shipping company.  It operates in an inherently
price-competitive, cyclical sector characterized by periodic over-
capacity.  It is vulnerable to changing trade flows, potential
freight and charter rate volatility, high operating leverage and
exposure to oil/fuel price movement.  The ratings acknowledge the
ability and experience of CMA CGM's management to partly mitigate
the effects of such risks in the current environment.

CMA CGM, which is privately-owned, had 913,000 twenty-foot
equivalent unit (TEU) capacity at FYE07.  It has a global network
of 81 main lines and 37 feeder lines, calling at 228 ports in 161
countries.


DELPHI CORP: Defaults Loan, But Gets Costly Forbearance
-------------------------------------------------------
Delphi Corp. said in a filing with the Securities and Exchange
Commission that it satisfied all the conditions to the
effectiveness of its accommodation agreement with its lenders,
allowing its continued use of the US$4.35 billion secured credit,
even though the loan won't be repaid when the loan matures
Dec. 31.

Delphi in early Dec. 2008 won permission from the United States
Bankruptcy Court for the Southern District of New York to enter
into an accommodation agreement allowing Delphi to retain the
proceeds of its existing debtor-in-possession financing agreement
that matures Dec. 31, 2008.

Bloomberg News' Bill Rochelle notes that the Accommodation
Agreement allows Delphi, at a price, to avoid the consequences of
default until June 30.  One cost is a 2% higher default rate of
interest and the payment of a US$37 million fee, which itself
represents 2% of the loan.  The loan is to be secured with the
remaining 35% of the stock in Delphi's first-tier foreign
subsidiaries.  The lenders already have a pledge of the other 65%.

The DIP loan consists of:

-- a US$1.1 billion first priority revolving credit facility,
-- a US$500 million first priority term loan, and
-- a US$2.75 billion second priority term loan.

On December 12, 2008, Delphi satisfied the closing conditions set
forth in the Accommodation Agreement, which became effective.
Under the Accommodation Agreement, JPMorgan Chase Bank, N.A., the
administrative agent under the Amended and Restated DIP Credit
Facility and the requisite majority of holders of the Tranche A
and Tranche B commitments and exposure under the Amended and
Restated DIP Credit Facility by amount have agreed to, among
other things, allow Delphi to continue using the proceeds of the
Amended and Restated DIP Credit Facility and to forbear from the
exercise of certain default-related remedies, in each case until
the earlier to occur of:

  (i) June 30, 2009, but subject to the satisfaction of certain
      condition,

(ii) Delphi's failure to comply with its covenants under the
      Accommodation Agreement or the occurrence of certain
      other events set forth in the Accommodation Agreement and

(iii) an event of default under the Amended and Restated DIP
      Credit Facility.

However, the outside date of June 30, 2009, for the accommodation
period will be shortened to May 5, 2009, if one of various
conditions is not satisfied -- Delphi either:

  (a) has received binding commitments on or prior to Feb. 27,
      2009, for debt and equity financing sufficient for it to
      emerge from chapter 11 pursuant to the modified Chapter
      11 plan filed with the Court on Oct. 3, 2008, or any
      other plan that provides the administrative agent and the
      DIP Lenders with the same treatment; or

  (b) has (i) filed, on or prior to Feb. 27, 2009,
      modifications to the Oct. 3 Plan or any other
      reorganization plan to which JPMorgan does not submit a
      notice, within 10 business days of the filing, informing
      Delphi that either (A) the Required Lenders or (B)
      lenders party to the Accommodation Agreement holding
      Tranche A, Tranche B and Tranche C commitments and
      exposure representing in excess of 50% of the Tranche A,
      Tranche B and Tranche C commitments and exposure held by
      all lenders party to the Accommodation Agreement,
      affirmatively oppose the modifications or plan of
      reorganization, and

         (ii) on or prior to March 31, 2009, obtained approval
      of modifications to the disclosure statement with respect
      to the Oct. 3 Plan or other reorganization plan, and the
      approval to re-solicit or solicit votes, as the
      case may be.

JPMorgan would submit a Notice if either the Required Lenders or
the Required Total Participant Lenders vote, within 10 business
days after the filing of the modifications to the Oct. 3 Plan or
the new plan of reorganization, to oppose the plan modifications
on the grounds that the plan was not acceptable to them.

                     Delphi in Default

Notwithstanding the Accommodation Agreement, Delphi says it is in
default of the terms of its DIP Credit Facility and is required
to file a notice of default upon effectiveness of the
Accommodation Agreement.  As a result, Delphi is no longer able
to make additional draws under the facility after Dec. 12, 2008.

However, under the Accommodation Agreement, Delphi is required to
continue to comply with the provisions of the DIP Credit
Facility.  Additionally, prior to the effective date of the
Accommodation Agreement, Delphi was required to and did, (x)
replace or cash collateralize, at 105% of the undrawn amount
thereof, all outstanding letters of credit under the Amended and
Restated DIP Credit Facility that had not been collateralized
prior to that date ($81 million as of December 12, 2008, of
letters of credit that had not been collateralized previously),
and (y) limit the aggregate principal amounts outstanding under
Tranche A borrowings to no more than US$377 million.

As of December 12, 2008, there was US$370 million outstanding
under Tranche A,US$500 million outstanding under the Tranche B
Term Loan and US$2.75 billion outstanding under the Tranche C Term
Loan.

Prior to the effectiveness of the Accommodation Agreement, Delphi
was permitted to and did provide cash collateral, in an aggregate
not to exceed US$200 million, that was pledged to JPMorgan, the
administrative agent, for the benefit of the DIP Lenders.  Upon
Delphi's request, portions or all of the Borrowing Base Cash
Collateral will be transferred back to Delphi provided that
Delphi is in compliance with the borrowing base calculation in
the Accommodation Agreement and no event of default has occurred.

Bill Rochelle also notes that the survival of General Motors Corp.
-- which is seeking a bailout from the federal government to avert
collapse -- is required for Delhi's emergence, as GM has committed
to provide US$10.6 billion of funding to Delphi.

                            Deals With GM

In support of Delphi's efforts to obtain the accommodation
agreement from certain of its DIP lenders, General Motors Corp.
agreed to extend the term of the agreement whereby GM agreed to
advance Delphi up to US$300 million, as determined in accordance
with the GM Advance Agreement, as amended.

The amendment to the GM Advance Agreement provides filed with the
Court on November 7, 2008, extends the GM advances through the
earlier of

  (i) June 30, 2009,

(ii) the date as Delphi files any motion seeking to amend the
      plan of reorganization in a manner that is not reasonably
      satisfactory to GM,

(iii) the termination of the Accommodation Agreement or the
      accommodation period therein, or

(iv) the date as a plan of reorganization becomes effective.

The Court approved Delphi's motion to amend and extend the GM
Advance Agreement concurrently with the approval of Delphi's
motion seeking authority to enter into the Accommodation
Agreement.

A full-text copy of Amendment No. 2 dated Dec. 12 to GM-Delphi
Agreement filed with the SEC is available for free at:

            http://ResearchArchives.com/t/s?3636

At the Dec. 1 DIP Hearing, John Wm. Butler, Jr., Esq., at Skadden
Arps Slate Meagher & Flom, LLP, in Chicago, Illinois, pointed out
that the GM Amendment Agreement's effectiveness is contingent on
the approval of the Accommodation Agreement by the Court.  Mr.
Butler certified that as of Dec. 1, 2008, no objection has been
lodged against the GM Agreement or its supporting documents.

Additionally, GM has agreed, subject to certain conditions, to
accelerate payment of certain payables to Delphi, pursuant to the
Partial Temporary Accelerated Payments Agreement, which could
result in an additional US$100 million of liquidity to Delphi in
each of March, April, and May of 2009.  The Partial Temporary
Accelerated Payments Agreement provides that GM will generally
recoup these accelerated payments over its three subsequent
monthly payments on or after the date that GM's obligation to
advance funds under the GM Advance Agreement terminates or
advances made become due and payable in accordance with the GM
Advance Agreement.

A full-text copy of the Dec. 12 Partial Temporary Accelerated
Payment Agreement is available for free at:

             http://ResearchArchives.com/t/s?3637

                   About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.

On October 3, 2008, Delphi filed modifications to their Confirmed
Plan.  The new plan does not require financing from the Appaloosa
group, but requires US$3.75 billion from an exit debt financing
and a rights offering, and additional funding from General Motors
Corp.

(Delphi Bankruptcy News, Issue No. 153; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Delays Plan Approval Hearing to March 24, 2009
-----------------------------------------------------------
The hearing to consider preliminary approval of Delphi Corp.'s and
its affiliates' proposed modifications to their confirmed
First Amended Joint Plan of Reorganization has been adjourned to
11:00 a.m. on March 24, 2009.

Delphi presented to the U.S. Bankruptcy Court for the Southern
District of New York changes to an already confirmed Plan after
Appaloosa Management, L.P., and other investors backed out from
their commitment to provide US$2.550 billion in exit financing.
The new plan does not require financing from plan investors, but
requires more funding from primary customer General Motors Corp.,
which is facing its own liquidity crisis, and US$3.75 billion from
an exit debt financing and a rights offering.

The Preliminary Plan Modification Hearing has been adjourned four
times.  Under the original schedule, the Debtors contemplated an
October 23, 2008 preliminary hearing and emergence from
bankruptcy by Dec. 31, 2008.

Delphi Corp. has signed deals with General Motors Corp. and its
DIP Lenders, led by JPMorgan Chase Bank, N.A., in order to have
access to borrowed cash until mid-2009.  Under its accommodation
agreement with lenders, Delphi has a Feb. 27, 2009 deadline to
file an updated plan of reorganization, and obtain commitments for
its bankruptcy exit loans, otherwise the DIP loans would mature
May 31, 2008.

On Oct. 3, the Debtors submitted proposed modifications to their
Plan of Reorganization.  Under the modified plan, the Debtors
targeted a Dec. 17 confirmation hearing, and a Chapter 11 exit by
year-end.   The modified plan does not require, in addition to
US$4,700,000,000 of debt exit financing, Appaloosa's
US$2,550,000,000 cash-for-equity investment, which was the
highlight of the Court- confirmed, but unconsummated, Jan. 25,
2008 PoR.  The modified plan requires debt exit financing of
US$2.75 billion plus a US$1,000,000,000 raised through a rights
offering.

Delphi, however, has said that "in the face of the current
unprecedented turbulence in the credit markets and uncertainty in
the automobile industry," it does not anticipate emerging from
chapter 11 prior to December 31, 2008, when its financing deals
mature.

"Despite the efforts of the federal government to provide
stability to the capital markets and banks, the markets have
remained extremely volatile and liquidity in the capital markets
has been nearly frozen, resulting in an unprecedented challenge
for the Debtors to successfully attract emergence capital funding
for their Modified Plan, particularly in light of the current
conditions in the global automotive industry," John Wm. Butler,
Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in
Chicago, Illinois, said, in a court filing.

In its third quarter report on Form 10-Q, General Motors Corp.,
Delphi's primary customer, admitted, "Given the current credit
markets and the challenges facing the automotive industry, there
can be no assurance that Delphi will be successful in obtaining
US$3.8 billion in exit financing to emerge from bankruptcy."

GM has recorded Delphi-related charges US$4.1 billion for nine
months ended Sept. 30, 2008.  GM recorded a net loss of
US$2,542,000,000 on US$37,503,000,000 of revenues for three months
ended Sept. 30, 2008, compared with a net loss of
US$38,963,000,000 o nUS$43,002,000,000 of sales during the same
period in 2007.

General Motors, along with Ford Motor Company and Chrysler LLC,
has asked Congress to grant the U.S. carmakers access to
US$25 billion of the US$700 billion Troubled Asset Relief Program
approved by Congress to bail out financial institutions.
Congress is expected to tackle on Nov. 18 and 19 the proposed
bailout, which, according to reports, may be necessary to save
the U.S. automakers from collapse or bankruptcy.

A bankruptcy filing for GM could shatter its former unit Delphi's
plans to finally exit bankruptcy this year or early next year,
according to a report by Bloomberg News.  "If GM fails, it's
likely the Delphi reorganization fails, and Delphi converts to a
case under Chapter 7 -- a liquidation," Nancy Rapoport, a law
professor at the University of Nevada-Las Vegas, in an e-mail,
according to Bloomberg News.  "For the creditors of Delphi, this
of course isn't optimal, and the usual issues in Chapter 7,
determining the liquidation value of the company, will apply."

                   About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.

On October 3, 2008, Delphi filed modifications to their Confirmed
Plan.  The new plan does not require financing from the Appaloosa
group, but requires US$3.75 billion from an exit debt financing
and a rights offering, and additional funding from General Motors
Corp.

(Delphi Bankruptcy News, Issue No. 153; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


RHODIA SA: Moody's Changes Outlook on Ratings to Stable
-------------------------------------------------------
Moody's Investors Services has changed the outlook on all
outstanding ratings of Rhodia to Stable from Positive.  The
revision of the outlook to Stable from Positive was prompted by
Rhodia's revised guidance for its 2008 outlook communicated to the
market on December 8, 2008.  The accelerated demand decline in
several of the group's end markets has led Rhodia to lower its
recurring EBITDA guidance for the full year 2008 to 10% below
previous year (versus 5% below communicated during the Q3 earnings
call).  Moody's expects full year debt and cash flow metrics to
deteriorate from fiscal year 2007 levels and to be below the
levels factored in Moody's expectation for a rating upgrade back
in November 2007 when the agency changed its outlook to positive
on all ratings of Rhodia.  The issuer is implementing measures to
address the slowdown in demand and is exerting increased control
on cash and cash flow generation to protect its debt and cash flow
metrics.

The agency will continue to closely monitor the operating
developments of the group in the short term and will review more
precisely the impact on debt and cash flow metrics of the recent
slowdown in demand when Rhodia will publish its full year result
for the fiscal year ending December 31, 2008.  Further
deterioration in the operating performance and cash flow
generation of the group in the first half of 2009 could lead to
further negative pressure on the ratings.  The stable outlook also
reflects Moody's expectation that Rhodia will continue to generate
positive Free Cash Flow.

The liquidity position of Rhodia is good.  Moody's expects the
liquidity needs over the next twelve months consisting primarily
of capex funding and working capital financing requirements to be
covered from operating cash flows and cash available on balance
sheet.  The agency gains additional comfort from the issuer's
substantial headroom under the company's multi-year EUR600 million
revolving credit facility and the absence of material short term
maturities within the next twelve months.

These ratings of Rhodia S.A. were affected by the action:

   -- Corporate Family Rating at Ba3;

   -- Probability of Default Rating at Ba3;

   -- Rhodia S.A. Senior Unsecured rating at B1, LGD 4 (69%);

   -- Rhodia S.A. Senior convertible notes rating at B1, LGD 4
      (69%).

The last rating action was on November 26, 2007, when the ratings
of Rhodia SA were affirmed and the outlook changed to positive.

Rhodia S.A., headquartered in Paris, France, is a diversified
specialty chemicals group with leading market positions in most of
its business applications.  Rhodia reported consolidated revenues
of EUR5.1 billion and a recurring EBITDA of EUR799 million for the
fiscal year ended December 31, 2007.  The company operated 68
production sites and employed 15,530 employees in 2007.


SPCM SA: S&P Lowers Long-Term Corporate Rating to 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
rating on France-based specialty chemicals producer SPCM S.A. to
'B+' from 'BB-'.  The outlook is negative.

"At the same time, we lowered the debt rating on the senior
unsecured bonds to 'B+' from 'BB-', in line with the corporate
credit rating.  We also revised the recovery rating on the bonds
to '4' from '3', indicating our expectation of average (30%-50%)
recovery for bondholders in case of a payment default," S&P said.

"We also lowered the issue ratings on SPCM's bank loans to 'BB-',
one notch above the corporate credit rating.  The recovery ratings
on this debt remain unchanged at '2', indicating our expectation
of substantial (70%-90%) recovery in case of a payment default.

"The downgrade reflects the group's aggressive financial policy,
with large, primarily debt-fueled growth, which is pressuring
credit metrics, leverage, and covenants," said Standard & Poor's
credit analyst Lucas Sevenin.

"The group is negotiating higher covenant limits for end-2008 and
2009 with lenders, as it is unlikely to meet the existing tests.
Although we expect SPCM to be successful in its negotiations, we
our concerned by the possibility that the group's headroom will be
a still-limited less than 15% in 2009 and 2010.  On the positive
side, we do not expect the group to be affected by lower demand,
given its broadly stable end-markets, contrarily to other chemical
groups.

"The negative outlook reflects the risk that the company could
fail in its covenant negotiations with senior lenders and that its
growth-orientated strategy may further increase leverage," said
Mr. Sevenin.

"We would revise the outlook to stable if we see the company
achieving adequate covenant leeway for end-2008, 2009, and 2010,
of well over 15%.  At the current rating level, we expect debt to
EBITDA of about 3.5x, and FFO to debt of about 15%.

"We could raise the ratings if the company adopts a more
conservative growth strategy leading to improved credit metrics on
a sustainable basis."


=============
G E O R G I A
=============


BTA BANK: Fitch Downgrades Individual Rating to 'E'
---------------------------------------------------
Fitch Ratings has downgraded the Individual rating of JSC BTA Bank
Georgia (BTA Georgia) to 'E' from 'D/E'.  The agency has affirmed
the bank's other ratings, including its Long-term Issuer Default
Rating (IDR) of 'B' with a Negative Outlook.

The downgrade of the Individual rating reflects Fitch's view of
the bank's weakened funding profile and deteriorating asset
quality in a challenging operating environment.  The Individual
rating also considers BTA Georgia's limited franchise and track
record.  However, the bank's stand-alone credit profile is
supported by currently solid capital ratios.

Customer funding decreased by a very high 55% in 9M08, driven by
the withdrawal of over 90% of corporate term deposits.  Fitch was
informed that a large volume of these deposits related to balances
of companies involved in local construction projects.  As a
result, at end-Q308 the customer funding profile of the bank had
shifted strongly towards current accounts which constituted 83% of
total customer accounts (end-2007: 16%) or 40% of total funding.
BTA Georgia's funding profile remains highly concentrated and the
bank continues to be strongly reliant on funding from its
shareholder, Kazakhstan's BTA Bank (BTA) and companies related to
BTA.  This makes BTA Georgia's stand-alone liquidity potentially
vulnerable, although the liquidity cushion is currently reasonable
and the bank was able to withstand a large (12%) outflow of
customer funding in August (broadly in line with other Georgian
banks) during the Georgia-Russia military conflict that month.

Asset quality is deteriorating, with loans overdue by more than 90
days accounting for 4.8% of the gross loan portfolio at end-Q308
(end-2007: 2.4%).  Although these non-performing loans were
covered by reserves, Fitch notes that the loan portfolio will
continue to season in what is now a more challenging operating
environment.  Fitch also notes the very concentrated loan book and
(as for most Georgian banks) the high proportion of foreign
currency denominated lending, the latter of which could create
additional credit risk in the event of a sharp local currency
depreciation.  BTA Georgia's Long- and Short-term IDRs and Support
rating are driven by potential support from BTA ('BB'/Outlook
Negative), which currently owns a 49% stake in BTA Georgia.
However, BTA's ability to provide such support is constrained by
its stand-alone financial strength, as reflected in its Individual
'D' rating, and the potential for the Kazakh authorities to
restrict the extent to which local banks can support their foreign
affiliates.  The Negative Outlook on BTA Georgia's Long-term IDR
reflects the potential for further deterioration in BTA's credit
profile and also greater uncertainty regarding plans for the
bank's consolidation by BTA.

BTA Georgia, former Silk Road Bank, is a small-sized Georgian
bank, which was established in 2000, and since 2005 has been
affiliated with BTA.  The bank held only 1.7% of system assets at
end-Q308, but had grown rapidly to end-2007, especially in retail
business, before a slowdown this year.

Rating actions are:

   -- Long-term Issuer Default rating (IDR): affirmed at 'B';
      Outlook Negative

   -- Short-term IDR: affirmed at 'B'

   -- Individual: downgraded to 'E' from 'D/E'

   -- Support: affirmed at '4'


PROCREDIT BANK: Fitch Affirms Individual Rating at 'D'
------------------------------------------------------
Fitch Ratings has affirmed the ratings of ProCredit Bank (Georgia)
(PCBG) at Long-term foreign currency Issuer Default Rating (IDR)
'B+', Long-term local currency IDR 'BB-' (BB minus), Short-term
foreign and local currency IDR 'B', Individual D' and Support '4'.
The Outlooks on the Long-term IDRs are Negative.

The IDRs and Support rating reflect the limited probability of
support forthcoming from Germany-based ProCredit Holding AG (PCH).
This takes into account both PCH's ability (as reflected by its
Long-term IDR of 'BBB-' (BBB minus/Stable Outlook) and, in Fitch's
view, very strong propensity to provide support.  However, the
Long-term IDRs are constrained by Georgia's country risks, in
particular transfer and convertibility risk, which may restrict
PCBG's ability to receive and utilize financial support from PCH.
PCBG's foreign and local currency IDRs are currently constrained
by Georgia's Country Ceiling ('B+'), and are likely to move in
line with it.

The Individual rating reflects PCBG's reasonable asset quality and
performance to date, satisfactory liquidity, sound capitalization
and significant domestic franchise.  However, the rating also
considers the high-risk operating environment, the credit and
operational risks associated with recent rapid growth and the high
proportion of foreign currency lending.

Performance ratios are supported by high net interest margins, but
constrained by a high cost base, reflecting the bank's labor-
intensive business model and investments in branch network.
Profitability in 9M08 was also marginally impacted by an increase
in impairment charges, mainly reflecting potential asset quality
deterioration as the operating environment weakens.  At end-9M08,
its impairment coverage was almost 6x, while loans past due
recovered to a reasonable 1.54% at end-October 2008, after having
spiked up in August during the Georgia-Russia military conflict.
From August 7 to September 5, 2008 PCBG saw deposit outflow, which
was comparable to the sector's average, at about 16%.  However,
the bank remained comfortably liquid during that period.

PCBG is the fourth-largest bank in Georgia by loans and customer
deposits, with market shares of about 8%.  Like other banks in the
ProCredit group (see PCH report on www.fitchresearch.com), PCBG is
a development-oriented bank which specializes in micro and SME
lending in emerging economies.  PCH holds a 93.6% stake at end-
H108.


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


CAD PARTNER: Claims Registration Period Ends January 19
-------------------------------------------------------
Creditors of CAD Partner Programmsystem have until Jan. 19, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Aachen
         Room D 1.409
         Adalbertsteinweg 92
         52070 Aachen
         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:

         Joerg Zumbaum
         Zuelpicher Strasse 117
         52349 Dueren
         Germany
         Tel: 02421/20854-0
         Fax: 02421/20854-26

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

The Debtor can be reached at:

         CAD Partner Programmsystem
         Gesellschaft mit beschrankter Haftung
         Attn: Udo Imme, Manager
         Bachstrasse 22
         52066 Aachen
         Germany


FLY-BACK WATCH: Claims Registration Period Ends January 22
----------------------------------------------------------
Creditors of Fly-back Watch International Company GmbH have until
Jan. 22, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 12, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 112 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Hubertus Bange
         Kardinal-von-Galen-Str. 5
         48268 Greven
         Germany
         Tel: 02571/865-0
         Fax: +4925718645

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:

         Fly-back Watch International Company GmbH
         Attn: Christine Kreimer, Manager
         Huettruper Heide 71-81
         48268 Greven
         Germany


FOTOSTUDIO AM BOULEVARD: Claims Registration Period Ends Jan. 13
----------------------------------------------------------------
Creditors of Fotostudio am Boulevard GmbH have until Jan. 13,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Feb. 19, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         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:

         Cathleen Tetzel
         Halberstadter Strasse 115
         39112 Magdeburg
         Germany
         Tel: 0391-7276484
         Fax: 0391-7276486
         E-Mail: t-s-insolvenzverwaltung@primacom.net

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

The Debtor can be reached at:

         Fotostudio am Boulevard GmbH
         Lindenstr. 3
         06406 Bernburg
         Germany

         Daniel Braunlich, Liquidator
         Friedhofstr. 2 a
         39175 Biederitz
         Germany


GROHE HOLDING: S&P Affirms 'CCC+' Senior Unsecured Issue Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Grohe
Holding GmbH -- the indirect parent company of Germany-based
sanitary fittings manufacturer Grohe AG (Grohe) -- to negative
from stable.  At the same time, Standard & Poor's affirmed its 'B'
long-term corporate credit rating, and its 'BB-' senior secured
and 'CCC+' senior unsecured issue ratings.  All recovery ratings
are unchanged.

The rating actions are due to severely deteriorating market
conditions in the group's key markets and additional rating
pressure arising from an expected EU fine and minority payouts in
2009.

"The outlook revision reflects our expectation that Grohe's
trading performance will deteriorate in 2009 below our ratings
targets, due to the severe building materials market downturn in
many mature European markets and an expected slowdown in emerging
markets," said Standard & Poor's credit analyst Sabine Gromer.
"The latter have been an important growth driver for the group so
far.  We expect pricing power to suffer due to sharp sales volume
declines that will further deteriorate operating margins.
Restructuring costs also seem to be an ongoing substantial cost
driver, rather than reducing significantly as initially indicated
by management."

"The ratings continue to reflect the group's highly leveraged
financial profile and significant reliance on the unpredictable
German market (17.0% of sales), coupled with exposure to U.S.
housing development (8.5% of sales in North America) and exposure
to volatile commodity-price and exchange-rate fluctuations.  We
consider as rating strengths the group's solid market position in
the fragmented European sanitary fittings industry, its good
product diversity, strong brand name, and its exposure to the
renovation and refurbishment end-market (about 70% of sales).

"We expect Grohe's trading performance to deteriorate due to the
severe downturn in many of its markets.  Credit metrics in 2009
are likely to be weakened by potentially substantial payouts under
the EU commission antitrust investigations and by reimbursement
payments to former minority shareholders.  We therefore expect
financial metrics to deteriorate in 2009 including debt-to-EBITDA
of about 7.5x, which is below our target for the rating.

"A revision of the outlook to stable would require a rapid
recovery of 2009 underperformance in 2010 including EBITDA
interest coverage of about 2.5x, and total pension-adjusted debt
to EBITDA of about 6.5x.  This should be supported by delivery on
the group's implemented performance initiatives and some easing of
input cost pressure.  Another key factor of a stable outlook
revision at this low rating level is that the group's liquidity
remains adequate.

"If the delivery of improvements in profitability by management's
cost-saving initiatives is not maintained or trading performance
is severely constrained by adverse market conditions without a
likely recovery in line with our expectations, and/or if the
outcome of the current European Commission investigation into
competitive practices is worse than expected, the ratings would
come under pressure."


HYPO REAL ESTATE: Moody's Downgrades BFSR to E+; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating (BFSR) of Hypo Real Estate Bank AG to E+ from C-.  The
BFSRs of Depfa Bank Plc, Depfa Deutsche Pfandbriefbank AG, Depfa
ACS Bank and Depfa-Bank Europe plc have also been downgraded to E+
from D+, resulting in an alignment of all BFSRs in the group.  The
outlook on these ratings is now negative.

The Tier 1 preferred securities of Depfa Funding II, III and IV LP
were downgraded to Caa1 from Ba3, and the upper Tier-2 securities
(profit participation rights, or "Genussscheine") of Hypo Real
Estate Bank AG and the former Hypo Real Estate Bank International
AG (recently merged into HRE Bank AG) were downgraded to Caa2 from
Baa3.  These ratings also carry a negative outlook.

The A2 senior unsecured debt and deposit ratings and the Prime-1
ratings for short-term debt of the five entities remain on review
for possible downgrade.  Moody's expects to conclude this review,
which was initiated on September 30, 2008, shortly, following the
anticipated announcement on the details of a capital increase,
liquidity and other support decisions.

Notwithstanding the pending recapitalization of the banks by the
German government, Moody's decision to downgrade their BFSRs
reflects serious challenges to the longer-term viability of their
commercial real estate lending and public sector finance
businesses, constrained profitability, and continued restricted
market access.

The downgrade of the non-cumulative perpetual preferred securities
linked to the performance of Depfa Bank plc reflects Moody's views
of the increased risk of several years of coupon deferrals for the
years 2009, 2010 and 2011, with the loss calculated on a ten-year
horizon.  The rating on the profit participation rights is
constrained not only by the risk of two to three years of deferred
coupons, but also by an expectation that the principal of these
instruments may not be fully repaid upon maturity in 2010 and
2011.  The Caa2 rating on the profit participation rights
therefore reflects a higher expected loss compared to the Caa1-
rated instruments, which face coupon deferrals but no principal
write-downs.

DOWNGRADE OF THE BFSRs TO E+

Moody's commented that the decision to downgrade the banks' BFSRs
to E+ (translating into a baseline credit assessment of B3) has
been driven by the following considerations:

1) The very constrained funding flexibility of HRE Group.  The
Depfa entities previously relied on a high portion of medium-term
and short-term, partly unsecured debt for the funding of their
long-term assets.  They now fully depend on external support to be
able to refinance these shorter-term debt maturities.

2) The extended time it will take the group to become profitable
again.  The group will be burdened not only by higher funding
costs, but also by higher provisioning costs stemming from the
expected deterioration of commercial real estate activities.  This
is coupled with the additional burden of the debtor warrant, which
will accumulate extra costs of EUR455 million per year as long as
the EUR50 billion consortium facility is fully drawn.  These
warrant costs will be payable out of future profits and will
restrict the group's capital generation capacity until 2015.

3) The uncertain long-term viability of both of HRE's core
business models: commercial real estate lending and public
finance.  Both businesses face higher capital requirements,
without incurring incremental risks (funding, interest rates
etc.).  Public finance margins will most likely be too low to
generate sufficient returns on such higher capital levels, whereas
the stability/volatility assumptions for commercial real estate
finance that have underpinned such business models also need to be
revised.

4) As a consequence of these issues, it may take several years for
HRE as a standalone, unsupported entity to be able to tap the
capital markets again.  Market access will likely remain limited
until the group (i) delivers results in line with budgeted plans
and (ii) is closer to or is displaying a turnaround in
profitability.  Moody's considers these deliverables a major
challenge in the current market environment as future profits are
difficult to predict given the persisting volatility in various
macroeconomic parameters.

Moody's said that the downgrade of the entities' BFSRs to E+ also
incorporates the expectation that HRE group will shortly be
appropriately recapitalized by the German Financial Market
Stabilisation Funds (SoFFin).  This is expected not only to result
in a regulatory capital level that meets the minimum expectations
of the SoFFin, but also to include additional amounts of capital
to absorb likely losses that Moody's expects for the next two
years.  Although an initially strong Tier-1 ratio is factored into
the E+ BFSRs, they are notably constrained at this level by the
issues of franchise impairment as described above, coupled with
the high uncertainty over HRE's future success, which is heavily
dependent on the recovery of the global financial markets.

The negative outlook on the E+ BFSRs reflects Moody's view that,
despite the expected recapitalization, the potential for further
downward pressure remains.  This is based on the rating agency's
view that (i) an extended period of market distortion could place
particular pressures on HRE Group and could delay the targeted
recovery process significantly; and (ii) HRE's exposure to the
commercial real estate markets in Spain, the UK and the US could
result in major credit losses over the next two years, as the
adverse developments observed in these markets appear more severe
than had been previously expected.

REVIEW OF SENIOR UNSECURED DEBT AND DEPOSIT RATINGS CONTINUES

The ongoing review for downgrade of the A2 long-term and Prime-1
short-term senior unsecured debt and deposit ratings of the HRE
group entities mentioned above will focus on the nature and extent
of the government support provided to meet HRE's immediate and
medium-term capital requirements.  It will also take into account
the resulting change in the shareholder structure.

Moody's fully recognizes the strong systemic support rendered to
date, amounting to facilities and commitments of EUR80 billion.
However, the ratings will need to reflect the German government's
long-term strategy towards HRE, including its long-term commitment
or exit strategy, the strength and tenor of the support provided
to all creditors, as well as an assessment of the entity's
systemic relevance in a few years once the market crisis has
abated.  As such, they will need to incorporate Moody's assessment
of the long-term risks for senior unsecured bondholders and the
degree to which government support will continue to mitigate the
group's intrinsic weakness for an extended period of time beyond
the maturity of the current medium-term guarantee.

The ratings could face a multiple-notch downgrade, as the final
rating outcome for senior unsecured debt will have to take into
account the weak baseline credit assessment of B3, which reflects
the banks' intrinsic financial strengths without government
support.

Moody's may also consider assigning backed ratings that directly
reflect any government guarantees.

Moody's will separately review any potential impact on the current
ratings of HRE / Depfa entities' covered bonds, which are not
covered by this Press Release.

The last rating action on one of Hypo Real Estate Group's rated
entities was on 8 December 2008, when Hypo Real Estate
International's BFSR was withdrawn upon the merger of this entity
into Hypo Real Estate Bank AG.

Headquartered in Munich, HRE Group reported consolidated total
assets of EUR400 billion and a pre-tax profit of EUR587 million as
of December 31, 2007.  For the nine months to September 2008, the
group reported a pretax loss of EUR3.1 billion.


QIMONDA AG: Parent Company Rejects Saxony's Rescue Terms
--------------------------------------------------------
Infineon Technologies AG has declined to participate in the
federal state of Saxony's rescue plans for its unit Qimonda AG,
John Walko at the EE Times reports.

Infineon in a press statement on Tuesday, December 12, said it
appreciates both the federal state of Saxony's offer to support
Qimonda with a loan and the high regard for "Buried Wordline"
technology that the offer implies.

According to Infineon, the state of Saxony has offered to grant a
loan of EUR150 million under regular market terms and conditions
to help rescue Qimonda.  Tied to this offer was the requirement
that Infineon make an "unconditional permanent contribution of
EUR150 million in cash".

However, as stated clearly to the state of Saxony at an early
point in the negotiations, this requirement exceeds Infineon's
possibilities by a wide margin.

"We deeply regret that the state of Saxony has not taken our
proposals into account," Infineon CEO Peter Bauer said.  "In spite
of the extremely difficult situation of the world market and the
semiconductor industry, Infineon has offered to provide a loan in
combination with the sale of a substantial package of Qimonda
shares to the state of Saxony.  This offer represents the largest
possible burden we can reasonably take on."

Infineon however noted it remains open to further negotiations
with the government of the state of Saxony.

According to Bloomberg News, the rescue aid will be used to
convert Qimonda's Dresden factory to making other types of chips.
It now needs to be approved by the European Commission, Bloomberg
states.

Citing Qimonda spokesman Ralph Heinrich, Bloomberg relates the
company, which employed 3,200 people at its factory in Dresden,
the state capital of Saxony, as of Sept. 1, will cut 950 jobs
there as part of the restructuring plan.

As reported in the Troubled Company Reporter-Europe on Dec. 3,
2008, Qimonda foresees operating and net loss greater than in
the third financial quarter largely due to a write down on its
stake in Inotera Memories Inc., in connection with its disposal,
restructuring measures and other writedowns.

Year over year, the company's revenues declined and operating and
net loss expanded.  Qimonda's gross cash position was EUR432
million at September 30, 2008.

Qimonda's profile in Google Finance shows the company incurred a
EUR249 million net loss in 2007 compared to a net income of EUR74
million in 2006.

                         About Qimonda

Headquartered in Munich, Germany, Qimonda AG (NYSE: QI) --
http://www.qimonda.com/-- is a supplier of semiconductor memory
products.  The Company designs semiconductor memory technologies,
and develops, manufactures, markets and sells a variety of
semiconductor memory products on a chip, component and module
level. Qimonda offers dynamic random access memory (DRAM) products
for infrastructure, graphics, mobile and consumer applications, as
well as standard DRAM products for personal computers (PCs),
notebooks and workstations.  The Company also offered a small
number of non-volatile NAND-compatible flash memory products, but
discontinued production of these products during the fiscal year
ended September 30, 2007.  Most of the Company's products are sold
under its Qimonda brand.  Qimonda also sells DRAM products under
its AENEON brand.   The company generated net sales of EUR3.61
billion in financial year 2007 and had approximately 13,500
employees worldwide prior to its recent announcement of a
repositioning of its business.


MAWESTARO MASCHINENBAU: Claims Registration Period Ends Feb. 9
--------------------------------------------------------------
Creditors of Mawestaro Maschinenbau GmbH have until Feb. 9, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C407
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Mawestaro Maschinenbau GmbH
         Wiehagen 26
         45472 Muelheim an der Ruhr
         Germany

         Attn: Oliver Freriks, Manager
         Mentzstrasse 3
         45479 Muelheim an der Ruhr
         Germany


PROGUARD SECURITY: Claims Registration Period Ends January 5
------------------------------------------------------------
Creditors of Proguard Security + Service GmbH have until
Jan. 5, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Feb. 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Karina Schwarz
         Ernst-August-Platz 10
         30159 Hannover
         Germany
         Tel: 0511 475339-0
         Fax: 0511 475339-9

The District Court opened bankruptcy proceedings against the
company on Dec. 5, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Proguard Security + Service GmbH
         Alter Flughafen 21
         30179 Hannover
         Germany

         Attn: Thomas Dorawa, Manager
         Holzwiese 8
         38179 Schwuelper/Lagesbuettel


UNIVERSAL LOGISTIK: Claims Registration Period Ends January 16
--------------------------------------------------------------
Creditors of Universal Logistik & Dienstleistung GmbH have until
Jan. 16, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 6, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         William-Strasse 23
         53111 Bonn
         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. Andreas Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn
         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:

         Universal Logistik & Dienstleistung GmbH
         Attn: Dr. Olaf Ueberdiek, Manager
         Schlehenweg 32
         53177 Bonn
         Germany

===========
G R E E C E
===========


* CITY OF AMAROUSSION: Moody's Withdraws Ba1 Issuer Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn the City of Amaroussion's
Ba1 issuer rating due to a lack of sufficient information.

On October 16, 2008, Moody's downgraded the City of Amaroussion's
issuer rating to Ba1 from Baa3 and the rating was placed under
review for possible downgrade.  The rating action reflected
ongoing uncertainties of the plan to refinance existing direct
obligations of the City to regularize its debt service
obligations, as current conditions in the financial markets
remained difficult.  Questions also remained regarding the ability
of the City to reach its budgetary recovery plan in the coming
years.  Since the October rating announcement Moody's has been
unable to obtain any new information from the issuer.


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


AMERICAN INTERNATIONAL: Ronald Ferguson Pays for Co.'s Losses
-------------------------------------------------------------
The Associated Press reports that former General Re Corp. CEO
Ronald Ferguson was sentenced to two years in prison and was fined
about US$200,000 on Tuesday for his role in a scheme that cost
shareholders of American International Group Inc. more than US$500
million.

According to The AP, Mr. Ferguson was found guilty in February of
conspiracy, securities fraud, mail fraud, and making false
statements to the Securities and Exchange Commission.  Mr.
Ferguson participated in a scheme in which AIG paid General Re as
part of a secret agreement to take out reinsurance policies with
AIG in 2000 and 2001, propping up AIG's stock price and inflating
reserves by US$500 million, the report says, citing prosecutors.
According to the report, Assistant U.S. Attorney Eric Glover said
that Mr. Ferguson's conduct contributed to doubts in the financial
system.

Court documents say that Mr. Ferguson denied any connection
between the eight-year-old AIG-General Re deal and AIG's recent
financial troubles.

Citing U.S. District Judge Christopher Droney, The AP states that
Mr. Ferguson's sentence is below federal sentencing guidelines.
The report says that Mr. would have been sentenced with life
imprisonment.

The AP relates that prosecutors had asked for a "substantial"
sentence, but attorneys for Mr. Ferguson's had asked for leniency
due to his age and his plans to become an ordained minister.

The AP states that other defendants convicted are:

    -- former General Re Senior Vice President Christopher P.
       Garand,

    -- former General Re Chief Financial Officer Elizabeth
       Monrad,

    -- former General Re Senior Vice President Robert Graham,
       and

    -- former AIG Vice President Christian Milton.

                About American International Group

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

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

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

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

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

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

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


ELVA FUNDING: S&P Lifts Rating on Sec. Notes to 'AA+' from 'CCC-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'AA+' from 'CCC-' its
credit rating on the EUR34.8 secured credit-linked variable-rate
notes series 2007-14 issued by Elva Funding PLC.

"This rating action follows an upward revision to the attachment
point for these notes, which is now sufficient, in our opinion, to
support a 'AA+' rating," S&P said.


HOUSE OF EUROPE: S&P Junks Ratings on Four Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class A3a, A3b, B, C, D, E1, and E2 notes issued by House of
Europe Funding V PLC.  "At the same time, we have affirmed our
ratings on the class A1 DDN, A1, and A2 notes," S&P said.

The rating actions follow rating downgrades and defaults in the
underlying portfolio.  The transaction is also failing its
overcollateralization and interest-coverage tests and is paying
down the senior notes to bring the notes back into compliance.

"Although our analysis indicates that, in our opinion, the credit
enhancement for the A1 DDN, A1, and A2 notes is sufficient to
support the current ratings, in our view this is not the case for
the other notes in the transaction.  As a result, we have lowered
the ratings on the class A3a, A3b, B, C, D, E1, and E2 notes to
levels which we consider consistent with current levels of credit
enhancement."

House of Europe Funding V is a collateralized debt obligation
(CDO) of asset-backed securities (ABS), backed primarily by
European commercial mortgage-backed securities, CDOs, and
residential mortgage-backed securities assets.

                           RATINGS LIST

House of Europe Funding V PLC
EUR996 Million Fixed- And Floating-Rate Notes And EUR4 Million
Annuity Notes

                         Ratings Lowered

                                   Rating
     Class                   To                        From
     -----                   --                        ----
     A3a                     A+                        AAA
     A3b                     A+                        AAA
     B                       A-                        AA
     C                       CCC+                      A
     D                       CC                        BBB
     E1                      CC                        BBB-
     E2                      CC                        BB

                        Ratings Affirmed

                 Class                   Rating
                 -----                   ------
                 A1 DDN                  AAA
                 A1                      AAA
                 A2                      AAA


* IRELAND: Gov't to Recapitalize Banks, Sets Aside EUR10 Mln Fund
-----------------------------------------------------------------
The Irish government is to provide a fund of GBP9 billion
(EUR10 billion) to recapitalize all its listed banks, including
AIB, Anglo-Irish, Irish Nationwide, Irish Life & Permanent and
Bank of Ireland, BBC News reports.

According to BBC, the objective of making the fund available was
to ensure the long-term sustainability of the banking sector.

BBC however notes the banks must await the outcome of the most
recent rights issue before the fund is made available.

If private investors choose not to step in, then the state will
have to provide the money instead using the fund, BBC relates.

BBC reveals the Department of Finance said the state may use money
from the National Pension Reserve Fund.

                    IBOA  Welcomes Government
                Commitment to Recapitalize Banks

The government's announcement that is to make available up to
EUR10 billion to invest in the recapitalization of the six Irish
financial institutions covered by the State guarantee has been
cautiously welcomed by IBOA the Finance Union.

IBOA General Secretary, Larry Broderick, said that the Union had
been calling on the Minister for some time to give such a
commitment in order to bring greater certainty to an increasingly
volatile and irrational market in bank shares.

"Although the Minister's announcement offers greater certainty, we
still need greater clarity as to the Minister's overall vision for
the future of Irish banking.  We, therefore, urge the Minister to
consult with all of the stake-holders in the Irish financial
services sector – the traditional shareholder base and the
employees who will be essential to ensuring that the necessary
changes in the culture of banking – will be delivered in full.
Specifically, IBOA members need further information on the much
anticipated restructuring of the sector and its implications for
jobs and the terms and conditions of employment for staff,"
declared Mr. Broderick.

"It remains a matter of concern to us," said Mr. Broderick, "that
the Minister has not yet ruled out the possibility of private
equity funds being involved in the future of Irish banking.  The
private equity model – which is based on the short-term
maximization of super-profits for the private equity investors –
would not support the long-term recovery of Irish banking.
Indeed, based on the track record of these operators, it would
represent a short-term fix with even more serious consequences in
the medium to long term once these predators had extracted as much
as possible from the banks’ assets and moved on elsewhere.

"In light of the Government's commitment, we believe that
traditional shareholders with a long-term perspective should now
be encouraged to invest in the recapitalization of the sector and
thus avoid the necessity for any involvement by private equity
funds.

"The recapitalization of the Irish banking system, if managed
correctly, can not only address problems within the sector but
also assist in the process of economic recovery from the current
recession without incurring further negative consequences for
shareholders or staff," he added.

IBOA will be engaging further with the Department of Finance, the
regulatory authorities and the senior management of the financial
institutions over the coming days in order to ensure that staff
concerns are taken into account.


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


PARMALAT SPA: Preliminary Injunction Hearing Moved to Feb. 17
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has adjourned until February 17, 2009, at 10:00 a.m., the hearing
to consider the preliminary injunction request of Gordon I.
MacRae and James Cleaver, as Joint Official Liquidators of
Parmalat Capital Finance Limited, Dairy Holdings Limited, and
Food Holdings Limited; and Parmalat Finanziaria S.p.A., and its
affiliates and subsidiaries, under the direction of Dr. Enrico
Bondi, Extraordinary Administrator of the Parmalat companies.

The Order will be without prejudice to Parmalat's right to object
for preliminary injunctive relief.  Each of the Petitioners and
Parmalat reserves all rights and arguments with respect to the
proceedings under Section 304 of the Bankruptcy Code.

Nothing contained in the Order will be construed as Parmalat's
agreement with any of the positions or actions taken by the
Liquidators in commencing the ancillary proceedings, in the
United States or in the Cayman Islands.

Pursuant to Rule 7065 of the Federal Rules of Bankruptcy
Procedure, the security provisions of Rule 65(c) of the Federal
Rules of Civil Procedure are waived.

In addition, U.S. Bankruptcy Judge Drain extends Parmalat's time
to answer the Section 304 Petition commencing the ancillary
proceedings until March 17, 2009, unless otherwise ordered by the
Bankruptcy Court.

Judge Drain rules that the Temporary Restraining Order will
remain in effect pursuant to the Order until February 17, 2009.

Exhibit and witness lists related to any Preliminary Injunction
Hearing will be served and filed by February 9, 2009.

A full-text copy of the Twenty-Sixth Temporary Restraining Order
is available for free at:

        http://bankrupt.com/misc/Parmalat26thTRO.pdf

                     About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No.
04-10362, in the United States Bankruptcy Court for the Southern
District of New York.  In May 2006, the Cayman Island Court
appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.

(Parmalat Bankruptcy News, Issue No. 109; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: Inks Pact With Newlat For Lodi Dairy Unit Sale
------------------------------------------------------------
Parmalat S.p.A. and Newlat S.p.A. entered into a preliminary
contract on November 28, 2008, with respect to the disposal
Parmalat's dairy business unit located in Lodi, Italy.

Parmalat's Lodi Business Unit produces and sells cheese products
under the "Ala," "Polenghi" and "Optimus" brands.  The unit
recorded net sales of approximately EUR36,000,000 in 2007, and
currently employs 93 staff.

Parmalat said in a company statement that Newlat, as buyer of the
Lodi Business Unit, will undertake to maintain present levels of
employment with a view to promoting the future growth.  The Lodi
Business Unit will be sold for a consideration of EUR150,000, a
value equal to assets being transferred less the liabilities.
The assets include EUR3,150,000 in cash, which will be fully
compensated by the positive balance of trade receivables and
payables not being transferred with the business.

Along with the Lodi Business Unit, a portion of real estate,
consisting of land and two properties used for the business, will
also be transferred.  Moreover, commercial agreements for supply
and distribution will also be executed between Parmalat and
Newlat, to ensure coverage of the region that is addressed by the
existing business through Parmalat's distribution network.

Newlat, owned by the TMT Finance Group, operates under the
"Buitoni" licensed brand for pasta and bread substitutes, and
"Polenghi," "Matese," "Giglio," "Torre in Pietra" and "Fior di
Salento" owned brands.  For the full year 2008, Newlat expects to
report turnover of around EUR200,000,000, with a headcount of
some 800 staff.

Parmalat stated that it will give notice in a timely manner, once
ownership of the business unit has been transferred, and the
agreement has been executed in full.

                     About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No.
04-10362, in the United States Bankruptcy Court for the Southern
District of New York.  In May 2006, the Cayman Island Court
appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.

(Parmalat Bankruptcy News, Issue No. 109; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: Board Appoints Antonio Vanoli As General Manager
--------------------------------------------------------------
The Board of Directors of Parmalat S.p.A., under the chairmanship
of Ferdinando Superti Furga, has taken note of the resignation of
Mr. Carlo Prevedini from the position of Chief Operating Officer.

The Chairman of the Board Raffaele Picella, the Managing Director
Enrico Bondi and the entire Board of Directors express their
sincere thanks to Mr. Carlo Prevedini for the job carried out with
commitment and success.  His contribution has in fact not only
guaranteed the on going of the business operations of the Parmalat
Group, but also assured the management and the finalization of an
important phase for the whole company.

Therefore, Parmalat wishes to Mr. Carlo Prevedini a future
rich of success and satisfaction.

The Board of Directors has also provided for the appointment of
Mr. Antonio Vanoli as General Manager in charge of Operations.

Mr. Antonio Vanoli has a University Degree in Economics and a
Master in Business Administration in the United States of America
with majors in Marketing and Finance.

He began his career with the SME Group where for over twenty years
he covered all the positions focusing, among other things, as
Central Director on the reorganization of the most important areas
(ice creams, milk and catering).

At the beginning of the 90's he became Managing Director of Alivar
and completed the sales to third parties of its various business
activities.  From 1991 he assumes the position of General Manager
of the SME Group until its sale by IRI.

In 1994 he entered the Ferrero Group where he remained for over
fourteen years until last month, being at first responsible
as Managing Director Overseas of all the industrial and commercial
activities outside of Europe.  In 2001, he became responsible for
the South European area and Managing Director of Ferrero SpA.
Four years later, keeping the above positions, he also becomes
responsible for the European Core Business which accounts for
approximately the 83% of the total net revenues of the Group.

                     About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No.
04-10362, in the United States Bankruptcy Court for the Southern
District of New York.  In May 2006, the Cayman Island Court
appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.

(Parmalat Bankruptcy News, Issue No. 109; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000).


SEAT PAGINE: Seeks Waiver on EUR2.62 Billion Senior Debt
--------------------------------------------------------
Seat Pagine Gialle SpA is requesting a waiver from its banks on
EUR2.62 billion loan as it seeks more financial flexibility in a
tough operating environment, Alasdair Reilly at Reuters reports
citing banking sources.

According to the report, the waiver is asking banks to give the
company an extra 20 percent headroom on the main financial
covenants on its senor debt.

In return for greater financial flexibility, Seat, the report
states, will pay banks an amendment fee of 50 basis points (bps).

The interest margin on the loan will be increased by 75 bps to
260-310 bps, from 185-235 bps on the original loan, the report
discloses.

The report adds an additional 25 bps will be payable on the
margins if Seat's lenders agree to a redefinition of the company's
net debt that will include an existing securitization in the
calculation.

The report relates that according to a banker, Seat, in return,
will pledge not to issue a dividend unless net debt to EBITDA is
less than four times.

Seat's largest creditor, Royal Bank of Scotland, is leading the
waiver, the report notes.

Seat, the report reveals, plans to seek a capital increase of
about EUR200 million from shareholders if the amendment is
granted.

On Dec. 5, 2008, the TCR-Europe reported that according to most
analysts a capital increase was the most likely option for Seat to
raise fresh resources in current market conditions.

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

                    About Seat Pagine Gialle

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

                          *     *     *

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


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


ALUA OIL: Proof of Claim Deadline Slated for February 3
-------------------------------------------------------
LLP Alua Oil Products has declared insolvency.  Creditors have
until Feb. 3, 2009, to submit written proofs of claims to:

         LLP Alua Oil Products
         Djandosov Str. 35a-27
         Almaty
         Kazakhstan
         Tel: 8 (7272) 50-71-55


BAUER LLP: Creditors Must File Claims by February 3
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Bauer insolvent on Nov. 11, 2008.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Internatsionalnaya Str. 11-22
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


CONTINENTAL ZHEZKAZGAN: Claims Filing Period Ends February 4
------------------------------------------------------------
LLP Continental Zhezkazgan has declared insolvency.  Creditors
have until Feb. 4, 2009, to submit written proofs of claims to:

         LLP Continental Zhezkazgan
         Buhar-Jyrau ave. 56-2
         Karaganda
         Kazakhstan


INDER STROY: Creditors' Claims Due on February 4
------------------------------------------------
LLP Construction Company Inder Stroy Industriya has declared
insolvency.  Creditors have until Feb. 4, 2009, to submit written
proofs of claims to:

         LLP Construction Company
         Inder Stroy Industriya
         Promzona
         Indeborsky
         Indersky
         Atyrau
         Kazakhstan
         Tel: 8 (71234) 2-03-29


KARAT-SINTEZ LLP: Claims Registration Ends February 3
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Karat-Sintez insolvent on Nov. 10, 2008.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Internatsionalnaya Str. 11-22
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KAZ TECH SERVICE: Proof of Claim Deadline Slated for February 3
---------------------------------------------------------------
LLP Company Kaz Tech Service has declared insolvency.  Creditors
have until Feb. 3, 2009, to submit written proofs of claims to:

         LLP Company Kaz Tech Service
         Tole bi/Shagabutdinov Str. 122/69-5
         Almaty
         Kazakhstan


KUM-AKTOBE LLP: Creditors Must File Claims by February 4
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kum-Aktobe insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (7132) 21-30-32


ORAL-SHEBEN LLP: Claims Filing Period Ends February 4
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Oral-Sheben insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


TECH PROM SNUB: Creditors' Claims Due on February 3
---------------------------------------------------
LLP Tech Prom Snub Ltd. has declared insolvency.  Creditors have
until Feb. 3, 2009, to submit written proofs of claims to:

         LLP Tech Prom Snub Ltd.
         Office 3
         Tole bi/Shagabutdinov Str. 122/69
         Almaty
         Kazakhstan


TEMIR-METAL LLP: Claims Registration Ends February 3
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Company Temir-Metal insolvent.

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

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


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


WOOJIN CARGO: Creditors Must File Claims by February 5
-----------------------------------------------------
LLC Woojin Cargo Service has declared insolvency.  Creditors have
until Feb. 5, 2009, to submit written proofs of claims to:

         Elebaev Str. 7
         Bishkek
         Kyrgyzstan


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


PAREX BANKA: Latvia Gov't. Wants 100% Ownership of the Bank
-----------------------------------------------------------
Bloomberg News reports that according to Biznes i Baltija, Finance
Minister Atis Slakteris said Latvia’s government wants to take
full ownership of Parex Banka AS.

The report relates the Russian-language newspaper quoted Minister
Slakteris as saying that the government is already holding talks
with minority shareholders as it needs to have "full confidence
that the government help, made with Latvian and foreign taxpayers
means, will stabilize the bank".

The report recalls Latvia's government decided on Dec. 3 to
increase its stake in Parex to 85 percent from 51 percent and will
look for an investor for the Baltic country's second-biggest bank,
which turned to the state for help in October after it saw a run
on deposits.

Founded in May 1992, JSC Parex Banka --
http://www.parexgroup.com/-- is a commercial bank with assets
exceeding 4.46 billion.   It offers its clients integrated
services in areas such as lending, payment cards, leasing, asset
management and securities trading.  It has more than 70 branches,
customer service centers and settlement group, or nearly all
regions of Latvia and the major cities.  Currently, bank branches
and customer service centers in Latvia employs more than 2,600
people.

                         *     *     *

As reported in the TCR-Europe on Dec. 9, 2008, Moody's Investors
Service downgraded the bank financial strength rating of Parex
Bank to E from E+.  The outlook on this rating is now stable.
Moody's also downgraded the bank's local and foreign

As reported in the TCR-Europe on Dec. 5, 2008, Fitch Ratings
downgraded Latvia-based Parex Banka's Long-term Issuer Default
Rating to 'RD' from 'BB', Short-term IDR to 'RD' from 'B', and
Support rating to '5' from '3'.  Parex's Support Rating Floor was
changed to 'No Floor' from 'BB' and Individual rating was affirmed
at 'F'.  In addition, Fitch downgraded the senior unsecured
ratings to 'CC' from 'BB' and assigned Recovery Rating 'RR4'.
Fitch removed Long-term IDR and senior
unsecured ratings from Rating Watch Negative.


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


ABAKANSKIY LUMBER: Creditors Must File Claims by January 12
-----------------------------------------------------------
Creditors of LLC Abakanskiy Lumber Factory have until Jan. 12,
2009, to submit proofs of claims to:

         S. Ivanov
         Insolvency Manager
         Sredyaya Str. 55
         Divnogorsk
         Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. AAA-8454/2007.

The Debtor can be reached at:

         LLC Abakanskiy Lumber Factory
         Boguchany
         Krasnoyarskiy
         Russia


ARBAT PRESTIGE: To Sell Five Moscow Outlets to Repay Debts
----------------------------------------------------------
Russian cosmetics chain Arbat Prestige is considering selling five
of its Moscow outlets, RIA Novosti reports.

According to the report, Alexei Mogila, head of the retail
property department at Penny Lane Realty, said the outlets up for
sale are estimated at US$35.3-US$42.8 million.

Citing Alexander Dobrovinsky, chairman of Arbat Prestige's board
of directors, the report relates the cosmetic retailer's remaining
seven outlets in Moscow may be leased out.  The outlets account
for 85-90% of turnover, the report notes.

The company, the report recounts, has been selling off its assets
to repay its debts, which stood at US$54 million as estimated by
the Moscow Arbitration Court.

On Aug. 26, 2008, the TCR-Europe reported that according to
Bloomberg, OOO Capital Estate, a unit of Arbat Prestige, demanded
repayment of a RUR1.58 billion (US$65 million) debt.

The unit asked the Moscow court to compel Arbat Prestige, whose
owner Vladimir Nekrasov was detained on tax-evasion charges since
January, to pay back the debt, the report disclosed.

Citing Vedomosti, the report revealed Arbat Prestige may be forced
into bankruptcy if the court upholds the claim.


BALTIK-MEKH-STROY LLC: Creditors Must File Claims by February 12
----------------------------------------------------------------
Creditors of LLC Baltik-Mekh-Stroy (Construction) have until
Feb. 12, 2009, to submit proofs of claims to:

         I. Semenov
         Insolvency Manager
         Prospect Mira 136/213
         236000 Kaliningrad
         Russia

The Arbitration Court of Kaliningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21–2952/2008.

The Debtor can be reached at:

         LLC Baltik-Mekh-Story
         Serpukhovskaya Str. 25/1
         Kaliningrad
         Russia


EVRAZ GROUP: Inks US$800 Mln Loan with Vnesheconombank
------------------------------------------------------
Evraz Group has signed a US$800 million loan with Russia's State
Corporation Bank for Development and Foreign Economic Affairs
"Vnesheconombank (VEB).

All the proceeds under this loan agreement were used to refinance
the company's short-term debt.

As announced earlier, VEB approved credit lines for Evraz to
refinance the company's indebtedness under the syndicated loans in
the amount of US$1,006.6 million and US$800 million.

                      About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 3,
2008, Moody's downgraded CFR of Evraz from Ba2 to Ba3, at the same
time the rating of Senior Unsecured Notes totaling US$300 million
due in 2009 was affirmed at Ba2 reflecting its guarantee package,
the ratings of Senior Unsecured Notes totaling US$2750 million due
in 2013, 2015, and 2018 was changed from Ba3 to B1.  The outlook
of all ratings is stable.

As reported in the Troubled Company Reporter-Europe on Nov. 18,
2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-
term corporate credit, bank loan, and senior unsecured debt
ratings on Evraz Group S.A.

S&P also revised its outlook on Evraz and its core subsidiary
Mastercroft Ltd. to stable from positive due to the sharp
deterioration in market conditions in the global steel sector and
the group's high levels of short-term debt.


MOS-AVTO-ZAPCHAST CJSC: Creditors Must File Claims by January 12
----------------------------------------------------------------
Creditors of CJSC Mos –Avto-Zapchast (TIN 4014003111)
(Equipment, Spare Parts Productions) have until Jan. 12, 2009, to
submit proofs of claims to:

         O. Amarova
         Temporary Insolvency Manager
         Sovetskaya Str. 106
         248032 Kaluga
         Russia

The Arbitration Court of Kaluzhskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A23-
3678/08A-8-120.

The Debtor can be reached at:

         CJSC Mos-Avto-Zapchast
         40-letie Pobedy Str. 1
         Mosalsk
         Kaluzhskaya
         Russia


NADYM-TRANS-STROY LLC: Creditors Must File Claims by January 12
---------------------------------------------------------------
Creditors of LLC Nadym-Trans-Stroy (Construction) have until
Jan. 12, 2009, to submit proofs of claims to:

         S. Titov
         Insolvency Manager
         Apt.1
         L. Girshgorna Str. 73Labytnangi
         Tumenskaya
         629400 Yamalo-Neetskiy
         Russia

The Arbitration Court of Yamalo-Nentskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A81–5305/2007.

The Debtor can be reached at:

         LLC Nadym-Trans-Story
         Z. Kosmodmyanskoy Str. 33/31
         629008 Salekhard
         Russia


NOVOLIPETSK STEEL: Jan-Sept Net Profit Up 66% to US$2.76 Mln
------------------------------------------------------------
Novolipetsk Steel's U.S. GAAP consolidated net profit increased
66% year-on-year in January-September to US$2.76 million, RIA
Novosti reports.

The company's revenues grew 74% to US$9.64 billion while operating
profit rose 73% to US$3.78 billion, the report relates.

According to the report, the key drivers for the revenue and
profit increases were a growth in prices for and volume of
products sold by NLMK Group, as well as higher sales of high value
added products.

The company however downgraded its outlook for 2008 revenue from
US$12.5 billion to US$11.6 billion due to a fourth quarter
deterioration over falling commodity prices amid the global
financial crisis, the report notes.

                     About Novolipetsk Steel

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

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

                          *     *    *

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

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

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


PECHOR-STROY-INVEST LLC: Komi Bankruptcy Hearing Set April 21
-------------------------------------------------------------
The Arbitration Court of Komi will convene on April 21, 2009, to
hear bankruptcy supervision procedure on LLC Pechor-Stroy-Ivest
(TIN 1101042866, PSRN 1041100432944, RVC 110101001)
(Construction).  The case is docketed under Case No. A29-
7358/2008.

The Temporary Insolvency Manager is:

         A. Batrushevich
         Lenina Prospect 51/19
         Berezniki
         618400 Permskiy
         Russia

The Debtor can be reached at:

         LLC Pechor-Stroy-Ivest
         Morozova Str. 3
         Syktyvkar
         167000 Komi
         Russia


ROSTELECOM OJSC: S&P Lifts Long-Term Corp. Credit Rating to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on OJSC Rostelecom to 'BB' from 'BB-'. The outlook
is stable.

"The upgrade mainly reflects Rostelecom's improving performance,
but also takes into account its resilient financial risk profile,
marked by minimal debt and ample liquidity," said Standard &
Poor's credit analyst Alexander Griaznov.

In 2008, Rostelecom continued its efforts to further strengthen
operations and improve profitability.  To mitigate the decrease in
revenues from traditional long-distance services, the company is
actively expanding into unregulated segments of the telecoms
market.  The approaching completion of major investment projects
could also result in Rostelecom becoming a major transit traffic
provider between Europe and Asia.

The company's cost-cutting initiatives and the abolition of the
compensation surcharge that Rostelecom used to pay to regional
incumbent operators had a strongly positive impact on
profitability.  On Sept. 30, 2008, Rostelecom's total cash
balances were four times greater than total debt.  This leaves the
company not only with minimal exposure to refinancing risk, but
also provides sound flexibility to make strategic acquisitions
without deteriorating credit ratios.

Rostelecom has strong liquidity, marked by negligible debt
leverage and considerable cash and short-term investment balances.
On Sept. 30, 2008, the company had available liquidity of Russian
ruble (RUR)20.6 billion (US$750 million), comparing favorably with
RUR528 million in short-term debt obligations maturing within 12
months.

According to S&P: "The stable outlook reflects our expectation
that Rostelecom will retain its leading position in the long-
distance market, and will gradually increase revenue and EBITDA
diversification.  With the existing business risk profile, we
expect the company to maintain a conservative capital structure,
such as a ratio of debt (netted against excess cash) to EBITDA of
1x.  However, if the company were to substantially strengthen its
business characteristics, our leverage expectation for the 'BB'
rating could be raised."

"An upgrade would require Rostelecom to meaningfully improve
diversification by organic expansion into unregulated segments or
by acquisition of businesses with stronger business risk
profiles," said Mr. Griaznov.

The financial risk profile would need to remain supportive, as
well, meaning the company must sustain limited debt leverage and
sound credit protection.

Negative rating pressures could build up if Rostelecom were to
rapidly spend its available liquidity resources on investments,
acquisitions, or shareholder returns.  Negative interference of
the shareholder in Rostelecom's business, such as forcing the
company to provide intragroup loans to other subsidiaries of
Svyazinvest, would likely lead us to reconsider the rating, with
the risk of a downgrade.


RUSSIAN FACTORING: Fitch Junks Rating on RUB300-MM Mezzanine Debt
-----------------------------------------------------------------
Fitch Ratings has downgraded Russian Factoring No. 1 S.A.'s RUB5bn
senior asset-backed notes to 'B' from 'BBB' and maintained it on
Rating Watch Negative (RWN).  Its RUR300 million mezzanine facili
ty has also been downgraded to 'CCC' from 'BB' while a Distressed
Recovery Rating of 'DR6' was assigned to the rating.  The transac
tion is a revolving securitization of factored trade receivables
originated by CJSC Eurokommerz FC.  The issuer purchases receiv
ables originated by CJSC Eurokommerz FC on a daily basis.

The downgrade reflects a sharp reduction of collections on the
underlying portfolio combined with deterioration in Eurokommerz's
creditworthiness.  The transaction has started early amortization
but credit enhancement is insufficient to support the previous
rating levels.  This is mainly due to the originator's inability
to provide the required amount of credit protection in accordance
with the transaction's structure.  The RWN will be resolved once
Fitch has reviewed further information on the cash flows in the
coming weeks.

Eurokommerz has confirmed to Fitch that it missed a coupon payment
due on one of its outstanding rouble bonds as of December 11,
2008.  Under Russian debt instruments, such a non-payment of
interest does not classify legally as a default as a grace period
of seven days applies.  Given the current economic environment, it
is not uncommon for Russian corporates to use this extension
period to bolster their liquidity positions, albeit with limited
effect.  Notwithstanding the grace period, Fitch views such non-
payment as sharply increasing the risk of default.

While Eurokommerz has also confirmed to Fitch that it is not in
breach of the liquidity covenant of US$50 million (or RUR833
million) within the transaction, the program started early
amortization yesterday.  Fitch notes that several early warning
triggers have been breached during the last reporting period. The
dynamically derived credit enhancement (CE) requirement has
doubled from the amount determined as of closing.  In addition, as
of December 11, 2008, the delinquency ratio, comprising all assets
overdue by more than 30 days, amounted to 10.69%, breaching the
trigger level of 7.5%.  While the monthly November report has
shown no defaults, delinquent receivables defined as 31 to 60 days
past due stood at 4.3% as of end-November 2008 -- well below the
level reached at the end of last week.

The CE at the end of the payment date equaled 34% for the senior
notes and 29.8% for the mezzanine facility.  This compares to a
currently required CE of 68.5% and 55.8%, respectively.  The sharp
increase of the dynamically derived CE requirement is a result of
rising MOSPRIME, the reference rate to which the interest due on
the liabilities of the issuer is linked.  As of end-November
MOSPRIME reached 20.5% reflecting severe liquidity conditions
within the Russian financial market.

Fitch also notes that the turnover of the portfolio has reduced
significantly, with reported collections from October to November
falling 50%.  While the average of the day sales outstanding (DSO)
has been 135 so far, in November it reached a level of 376 days.
In Fitch's view, this indicates that underlying debtors and
customers in the portfolio are severely hit by refinancing
constraints affecting the Russian SME segment.  It remains to be
seen whether the reduction in collections will be sustained.
Fitch is concerned that sustained stress on this corporate segment
will have a dramatic effect on the default rates.

Although the structure has provided for the subordinated loan to
meet the new target credit enhancement levels, it was decided by
the issuer that no further drawings will be made.  As such, the
transaction is currently short of the required CE.

Fitch expects the performance to deteriorate quickly in the coming
months, mainly due to the severe liquidity constraints.  Further,
at this stage the SME sector appears to receive very little
support from Russian authorities, which have so far focused on
industrial and financial conglomerates.

Eurokommerz is the largest factoring company within the Russian
Federation (rated 'BBB+', Outlook Negative) with a current balance
sheet of about US$2 billion.


SDM-BANK JSC: Fitch Assigns 'D/E' Individual Rating
---------------------------------------------------
Fitch Ratings has assigned Russia's JSC SDM-Bank (SDM) ratings of
Long-term foreign currency Issuer Default Rating (IDR) 'B-'(B mi
nus), Short-term IDR 'B', Individual 'D/E', Support '5', National
Long-term 'BB-(minus)(rus)' and Support Rating Floor 'No Floor'.
The Outlooks for the Long-term IDR and National Long-term rating
are both Stable.

The ratings reflect SDM's small size, significant exposure to the
Russian real estate sector, high borrower concentration and
reliance on short-term funding, as well as the liquidity and asset
quality challenges facing most Russian banks in the current tough
operating environment.  In addition, there are corporate
governance and succession risks associated with SDM's current
ownership and management structure.  However, the ratings also
take into account the bank's relatively long track record in the
SME sector and sound asset quality and profitability to date.
Fitch also notes that the bank's current liquidity position
remains reasonable despite significant deposit outflow in October
2008.

Total loans increased by 38% in 9M08 but declined by 8% in the
first two months of Q408.  Loans overdue by more than 90 days
stood at less than 1% of the loan book at end-Q308 and were well
covered by loan impairment reserves, at 2.3% of total loans.
However, future asset quality is likely to be negatively affected
by the deteriorating operating environment and the seasoning of
the loan portfolio.  The agency believes that significant, albeit
reduced, exposure to Russian real estate (19% of the loan book at
end-3Q08 compared with 28% at end-2007) represents a source of
potentially heightened credit risk.  Borrower concentration is
also high (the top 20 borrowers accounted for 39% of total loans
at end-3Q08), although this is not entirely unusual for a Russian
bank of SDM's size.  Reported operations with related parties are
low, representing 4% of the loan book and less than 1% of customer
deposits.

Customer current accounts and retail term deposits (the latter
putable at any time in accordance with Russian law) accounted for
79% of SDM's total balance sheet at end-Q308.  SDM's reliance on
short-term customer funding is a source of potential liquidity
pressure in the current turbulent market.  The bank lost 12% of
its customer accounts in October 2008 (which was broadly in line
with peers), but accounts stabilized in November.  At end-
November, cash balances and securities (over 90% of these
unpledged and eligible for refinancing with the Central Bank)
accounted for 20% and 9% of total assets, respectively.

The Fitch Eligible Capital and Basel tier I ratios stood at a
reasonable 13% at end-Q308 and are supported by good internal
capital generation (26% in 9M08 and 43% in 2007).  Profitability
has been solid as the return on average assets was 3.5% in 9M08
compared with 3.3% in 2007, but, along with asset quality, is
likely to decline as a result of the deteriorating operating
environment.

Anatoly Landsman, SDM's controlling shareholder with 68% of
shares, is heavily involved in the everyday running of the bank.
This may provide some benefits in terms of the bank's management,
but it also creates significant corporate governance and
succession risks. Since autumn 2007, shareholders have been in
negotiations with Israel's Bank Hapoalim ('A-'((A minus))/Outlook
Stable) regarding the potential acquisition of a controlling stake
(a minimum 76%) in SDM.  However, given the currently unfavorable
market conditions, the acquisition may not be completed.

Upside potential for the ratings is very limited given the
challenging operating environment and the apparently low
likelihood of the acquisition by Bank Hapoalim going ahead in the
present climate.  Downward pressure could mainly result from a
material weakening of asset quality and/or further liquidity
pressure created by customer account volatility.

SDM is a small Moscow-based bank with around RUR16 billion (US$635
million) in total assets at end-Q308.  The bank focuses on the SME
sector and has a small retail business.  The bank's infrastructure
includes 11 branches and 27 outlets in Moscow, eight regional
branches, 126 ATMs and 338 cash-collecting terminals.


SIB-STROY-INVEST 21 LLC: Creditors Must File Claims by Feb. 12
--------------------------------------------------------------
Creditors of LLC Sib-Story-Invest 21 Vek (Construction) have
until Feb. 12, 2009, to submit proofs of claims to:

         D. Glushkov
         Insolvency Manager
         Building 1
         1st Khabarovskaya Str. 7
         660041 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. AAA-6022/2008.

The Debtor can be reached at:

         LLC Sib-Story-Invest 21 Vek
         Krasnoyarskiy Rabochiy Prospect 160
         660064 Krasnoyarsk
         Russia


SPURT BANK: Fitch Affirms Individual Rating at 'D/E'
----------------------------------------------------
Fitch Ratings has affirmed Russia-based Spurt Bank's (Spurt) rat
ings, including its Long-term Issuer Default rating (IDR) of 'B-'
(B minus), and removed the bank's IDRs and Individual rating from
Rating Watch Negative (RWN).  A Stable Outlook is assigned to the
bank's Long-term IDR.

The bank's Long and Short-term IDRs and Individual rating were
placed on RWN on November 1, 2008 reflecting Fitch's concerns over
the bank's liquidity position in light of an upcoming bond put
option and deposit outflow experienced during October 2008.
However, Spurt was successful in stabilizing its deposit base in
November and fulfilled its obligations to bondholders by
repurchasing RUR485 million of bonds offered under the put option
on December 4.  Although Spurt's current liquidity position, like
those of many other Russian banks, is highly dependent on large
short-term borrowings from the Central Bank of Russia (CBR), these
facilities are expected to be rolled over.  As at December 11,
2008, available liquidity (cash and equivalents, unpledged
securities eligible for refinancing from the CBR and the undrawn
part of an unsecured CBR lending limit) covered 45% of customer
deposits, while non-customer funding (bank loans, the outstanding
part of the domestic bond and promissory notes) are mostly medium-
to-long term in tenor.  In addition, Fitch has been informed that
about RUR1.5 billion of loans (equal to about 41% of customer
deposits) will mature in the near-term, and further borrowings
from international development institutions, including a USD10m
subordinated loan from the European Bank for Reconstruction and
Development (EBRD, 'AAA'/Stable), are being negotiated.

More generally, the ratings of Spurt reflect its small size by
international standards, concentrated balance sheet, modest
profitability and the risks of a deteriorating operating
environment.  However, the ratings also consider Spurt's solid
capitalization (regulatory ratio of 19.6% as at December 11, 2008)
and sound reported asset quality to date (90 day overdue at 0.5%
of total loans at end-H108).  Upside movements in Spurt's ratings
are unlikely in the short term given the challenging operating
environment, while downside risk could result from a significant
worsening of asset quality or renewed deposit outflow resulting in
a marked deterioration in the liquidity position.

Spurt is a small Russian bank, although it has a niche franchise
in the Republic of Tatarstan ('BBB-' (BBB minus)/Stable).  Since
2005 it has been actively expanding its SME and retail franchise.
The largest stake in Spurt is held by Eugenia Dautova (Chairwoman
of the bank's Management Board, 40% stake); other large
shareholders include the EBRD (28%) and Nizhnekamskneftekhim
('B+'/Positive) and its employees (holding in aggregate 25%).

Rating actions:

   -- Long-term foreign currency IDR: removed from RWN; affirmed
      at 'B-' (B minus); Stable Outlook assigned;

   -- Short-term foreign currency IDR: removed from RWN; affirmed
      at 'B';

   -- Support rating: affirmed at '5';

   -- Individual rating: removed from RWN; affirmed at 'D/E';

   -- Support Rating Floor: affirmed at 'No Floor'


STROY-KOM LLC: Creditor Must File Claims by January 12
------------------------------------------------------
Creditors of LLC Stroy-Kom (TIN 5262159020) (Construction) have
until Jan. 12, 2009, to submit proofs of claims to:

         A. Shalyga
         Temporary Insolvency Manager
         Post User Box 107
         115054 Moscow
         Russia

The Arbitration Court of Nizhiy Novgorod will convene at
1:00 p.m. on Mar.31, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A43–26049/2008,
33–138.

The Court is located at:

         The Arbitration Court of Nizhiy Novgorod
         Office 215
         Buildig 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         LLC Stroy-Kom
         Building 1
         Belinskogo Str. 71
         603024 Nizhiy Novgorod
         Russia


TAZHIN-LES-PROM LLC: Creditors Must File Claims by February 12
--------------------------------------------------------------
Creditors of LLC Tazhin-Les-Prom (TIN 4243015091 ) (Forestry)
have until Feb. 12, 2009, to submit proofs of claims to:

         A. Ovchinnikov
         Insolvency Manager
         Tukhachevskogo Str. 45/25
         650070 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A27-5620/2008-4.

The Debtor can be reached at:

         LLC Tazhin-Les-Prom
         Chapayeva Str. 32
         Tyazhinskiy
         Kemerovskaya
         Russia


TRANSCREDITBANK: To Get RUR1 Bln Subordinated Loan from VEB
-----------------------------------------------------------
Russia's TransCreditBank will receive a RUR1 billion (US$36
million) subordinated loan from Vnesheconombank (VEB), RIA Novosti
reports citing a source at TransCreditBank.

According to the report, the source said TransCreditBank is also
considering filing another application with VEB for a loan of RUR2
billion (US$72 million).

TransCreditBank, the report notes, will have to raise its equity
or charter capital by the similar amount to qualify for the loan.

The Russian government has granted VEB US$50 billion for
subordinated loans to refinance the foreign liabilities of
domestic companies and banks, the report relates.

VEB, the report discloses, is granting the loans at 8% per annum
for terms until 2019.

TransCreditBank -- http://www.tcb.ru/eng/-- is one of Russia's
top 25 financial institutions.

                         *     *     *

TransCreditBank continues to carry a D- bank financial strength
rating from Moody's Investors Service.  The outlook is stable.


TROITSKAYA TIMBER: Creditor Must File Claims by January 12
----------------------------------------------------------
Creditors of LLC Troitskaya Timber Company have until
Jan. 12, 2009, to submit proofs of claims to:

Temporary Insolvency Manager

         A. Stankevich
         Apt. 5
         Kommunisticheskaya Str. 44/2
         167001 Syktyvkar
         Russia

The Arbitration Court of Komi will convene on Dec. 23, 2008, to
hear bankruptcy supervision procedure.  The case is docketed
under Case No. A29–7577/2008.

The Debtor can be reached at:

         LLC Troitskaya Timber Company
         Troitsko-Pechorsk
         Komi
         Russia


USMAN-TABACCO OJSC: Under External Bankruptcy Procedure
-------------------------------------------------------
The Arbitration Court of Lipetskaya has commenced external
management bankruptcy procedure on OJSC Usman-Tabacco (TIN
4816000926).  The Case is docketed under No. A36–1401/2008.

The External Insolvency Manager is:

         G. Nosikov
         Office 408
         Sovetskaya Str. 64
         398001 Lipetsk
         Russia

The Debtor can be reached at:

         OJSC Usman-Tabacco
         Lva Tolstogo Str. 2
         Usman
         399370 Lipetskaya
         Russia


* Moody's Cuts and Puts Russian RMBS and ABS Deals on Review
------------------------------------------------------------
Moody's Investors Service has downgraded three classes of Notes
backed by USD-denominated collateral originated in Russia and has
put these Notes as well as other Notes backed by USD-denominated
collateral originated in Russia on review for possible downgrade.

This action results from increased uncertainty related to rapid
depreciation of the Rouble against the US Dollar and the resulting
low but increased risk, in Moody's opinion, of redenomination of
USD mortgages and loan agreements into Rouble.  If such
redenomination were to occur at an unfavourable exchange rate,
this would result in significant immediate losses to the
noteholders.  In addition, following a redenomination of the
portfolio, the transactions would suffer from an unhedged risk
with respect to the currency mismatch between the Rouble-
denominated portfolio and the foreign-denominated notes.

Moody's treats this risk as a low probability - high severity
event and incorporates it into its cash flow analysis. The
probability of redenomination is determined by several factors
such as, among other things, the government's own rating, the
level of country-wide borrowing in hard currencies, and the actual
and expected depreciation of the local currency against these
foreign currencies.  In the case of Russia, Moody's believes the
risk of redenomination is impacted by the rapid depreciation of
the Rouble against the USD, which results in significant stress on
the individuals who borrowed in USD and increases the pressure on
the government to redenominate these loans to alleviate the burden
on the consumers.  The severity assumption in case of
redenomination is calculated using historical data from other
emerging securitization markets as well as historical exchange
rate fluctuations at times of financial crises, if such has ever
occurred in the market.  Thus, even though this risk was taken
into account at the initial analysis stage and remains low,
Moody's believes that recent events have significantly increased
the probability of redenomination occurring in this jurisdiction.

Moody's has downgraded these tranches and further placed them on
review for possible downgrade:

Issuer: Russian Mortgage Backed Securities 2006-1 S.A.

   -- Class A US$74,200,000 Class A Residential Mortgage Backed
Floating Rate Notes due 2034, current rating A1, downgraded to
Baa1 on review for possible downgrade

Issuer: Red & Black Prime Russia MBS No. 1 Limited

   -- Class A US$173,200,000 Class A Senior Mortgage Backed
Floating Rate Notes due 2035, current rating A2, downgraded to
Baa1 on review for possible downgrade.

Issuer: Roof Russia S.A.

   -- Class A US$130,000,000 Class A Asset Backed Secured Floating
Rate Notes due 2017, current rating A3, downgraded to Baa1 on
review for possible downgrade

Moody's has placed these transactions on review for possible
downgrade:

Issuer: Russian Mortgage Backed Securities 2006-1 S.A.

   -- Class B US$10,600,000 Class B Residential Mortgage Backed
Floating Rate Notes due 2034, current rating Baa2, on review for
possible downgrade

   -- Class C US$3,500,000 Class C Residential Mortgage Backed
Floating Rate Notes due 2034, current rating B2, on review for
possible downgrade

Issuer: CityMortgage MBS Finance B.V.

   -- Class A-FL US$63,127,964 Class A-FL Senior Mortgage-Backed
Sequential Capped Floating Rate Pass-through Notes due 2033,
current rating Baa2, on review for possible downgrade

   -- Class A-IIO USD Class A-IIO Senior Mortgage-Backed Inverse
Interest-only Notes due 2033, current rating Baa2, on review for
possible downgrade

   -- Class B US$6,288,610 9.25 per cent. Class B Mezzanine
Mortgage-Backed Fixed Rate Pass-through Notes due 2033, current
rating B1, on review for possible downgrade

Issuer: Red & Black Prime Russia MBS No. 1 Limited

   -- Class B US$14,500,000 Class B Mezzanine Mortgage Backed
Floating Rate Notes due 2035, current rating Baa2, on review for
possible downgrade

   -- Class C US$18,600,000 Class C Junior Mortgage Backed
Floating Rate Notes due 2035, current rating Ba2, on review for
possible downgrade

Issuer: Moscow Stars B.V.

   -- Class A US$159,000,000 Mortgage-Backed Floating Rate Notes
Due 2034, current rating Baa2, on review for possible downgrade

   -- Class B US$16,200,000 Mortgage-Backed Floating Rate Notes
Due 2034, current rating Ba2, on review for possible downgrade

Issuer: Roof Russia S.A.

   -- Class B US$13,800,000 Class B Asset Backed Secured Floating
Rate Notes due 2017, current rating Baa2, on review for possible
downgrade

   -- Class C US$17,900,000 Class C Asset Backed Secured Floating
Rate Notes due 2017, current rating Ba2, on review for possible
downgrade

   -- Class D US$3,500,000 Class D Asset Backed Secured Floating
Rate Notes due 2017, current rating B2, on review for possible
downgrade

Issuer: Taganka Car Loan Finance PLC

   -- Class C US$54,800,000 Class C Asset Backed Secured Floating
Rate Notes due 2013, current rating Ba2, on review for possible
downgrade

Moody's will concentrate during the review process on any further
developments of the USD and Rouble exchange rate, resulting
performance of the underlying assets, detailed discussions with
the sovereign team, and, if necessary, remodeling of
redenomination risk with updated assumptions.  In the meantime,
Moody's will continue to closely monitor the evolution of the
Rouble against the USD and the performance of the portfolios in
the next quarterly periods.

Moody's previous rating action on notes issued by Russian Mortgage
Backed Securities 2006-1 S.A. was on July 19, 2006 when definitive
ratings were assigned to the notes.

Moody's previous rating action on notes issued by CityMortgage MBS
Finance B.V. was on August 10, 2006 when definitive ratings were
assigned to the notes.

Moody's previous rating action on notes issued by Red & Black
Prime Russia MBS No. 1 Limited was on July 20, 2007 when ratings
were affirmed following a downgrade of DeltaCredit Bank's Local
Currency Deposit Rating.

Moody's previous rating action on notes issued by Moscow Stars
B.V. was on July 19, 2007 when definitive ratings were assigned to
the notes.

Moody's previous rating action on notes issued by Roof Russia S.A.
was on May 22, 2007 when definitive ratings were assigned to the
notes.

Moody's previous rating action on notes issued by Taganka Car Loan
Finance PLC was on October 24, 2006 when definitive ratings were
assigned to the notes.


* RUSSIA: Central Bank Issues RUR28.5 Bln Loans to Banks
--------------------------------------------------------
Russia's central bank issued RUR28.5 billion (US$1.03 billion) in
collateral-free loans to commercial banks on Tuesday, December 16,
from the RUR75 billion it has on offer, Reuters reports.

The cut-off rate at the auction was 12.25 percent, the report
discloses.

The loans, the report notes, are granted for a period of five
weeks.

The collateral-free loans from the central bank were introduced
from October 20, to help boost liquidity in Russia's banking
system, the report recounts.


* RUSSIA: Deputy Economics Minister Says Recession Has Started
--------------------------------------------------------------
RIA Novosti reports that Andrei Klepach, Russia's deputy economics
minister, said an economic recession has begun in the country.

"A recession has started," Mr. Klepach was quoted by the report as
saying.  "We will face two quarters [of economic decline]."

Mr. Kleach said GDP growth is expected to fall below the 6.8%
forecast this year, the report relates.  He also confirmed recent
media forecasts that industrial production would only grow 1.9%
this year, not the expected 4.7%, the report adds.

On Dec. 15, 2008, citing RIA Novosti, the TCR-Europe reported that
Novosti Oleg Vyugin, the chairman of the MDM-Bank of board of
directors, warned Russia's GDP could decline by 1-4% in the worst-
case scenario next year.

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

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

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


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


GC FTGENCAT: Moody's Puts Provisional Ca Rating on Series D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the debt to be issued by GC FTGENCAT CAIXA SABADELL 2, Fondo de
Titulizacion de Activos:

   -- (P)Aaa to the EUR50.4 million Series AS notes
   -- (P)Aaa to the EUR77.6 million Series AG notes
   -- (P)A3 to the EUR48.0 million Series B notes
   -- (P)Baa3 to the EUR24.0 million Series C notes
   -- (P)Ca to the EUR38.0 million Series D notes

GC FTGENCAT CAIXA SABADELL 2, Fondo de Titulizacion de Activos, a
securitisation of small- and medium-sized enterprise (SME) loans
under the FTGENCAT programme, comes after the concession by the
Generalitat de Catalunya of a guarantee for Class AG.

According to Moody's, this deal benefits from several credit
strengths including the following: (1) a strong swap agreement
guaranteeing an excess spread of 0.75% over a notional equal to
the outstanding amount of Series AS to C; (2) significant
percentage of mortgage loans (81%); (3) a 12-month artificial
write-off mechanism; and (4) the guarantee of the Generalitat de
Catalunya (Aa2), as concerns the Series AG notes.

However, Moody's notes that the deal also features credit
weaknesses, notably: (1) very concentrated pool in real estate
industry (52%), with a significant percentage of real estate
developers (22%); (2) high arrears levels shown in the historical
information provided, specially significant in the most recent
vintages; (3) concentrated pool in terms of borrowers (top ten
debtors represent 9.66% of the provisional pool); (4) geographical
concentration in Barcelona province (mainly corresponding to
Sabadell's area); (5) the originator is unrated by Moody's; this
risk has been mitigated through several features, e.g. a
commingling reserve of 2.65%, a large reserve fund of 19%
providing liquidity to the notes in case of servicer's disruption,
and a stressed servicing fee; and (6) the negative impact of the
interest deferral trigger on the subordinated series. These
increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets was, as of November
2008, composed of a portfolio of 1,334 loans and 1,135 borrowers,
granted to enterprises located in Catalonia.  The loans were
originated between 1997 and May 2008, with a weighted average
seasoning of 2.5 years and a weighted average remaining life of
16.5 years.  Around 81% of the outstanding of the portfolio is
secured by a first-lien mortgage guarantee over different types of
properties (with a weighted average LTV of 48.35%).
Geographically, the pool is fully concentrated in Catalonia,
according to the requirement of the FTGENCAT program.  At closing,
there will be a maximum of 5% of the pool in arrears up to 30
days.

Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the swap
agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the GIC account, the excess spread,
the cash reserve and the subordination of the notes; and (v) the
legal and structural integrity of the transaction.  Moody's
initially analyzed and will monitor this transaction using the
rating methodology for EMEA SMEs loan-backed transactions 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 at par on or before the rated final legal
maturity date on Series AS, AG, B and C, and for ultimate payment
of interest and principal at par on or before the rated final
legal maturity date on Series D.  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 issues provisional ratings in advance of the final sale of
securities, and these ratings only reflect Moody's preliminary
credit opinions regarding the transaction.  Upon a conclusive
review of the final pool of assets and the final documentation,
Moody's will endeavor to assign a definitive rating to the notes.
A definitive rating, if any, may differ from a provisional rating.
Date of previous rating action: no previous rating action since
initial rating assignment.


IM BANCO POPULAR: S&P Lowers Ratings on Two Note Classes to 'BB'
----------------------------------------------------------------
Following a full credit and cash flow analysis, Standard & Poor's
Ratings Services took various rating actions on the notes issued
by IM BANCO POPULAR FTPYME 1, Fondo de Titulizacion de Activos (IM
BP FTPYME 1), IM GRUPO BANCO POPULAR FTPYME I, Fondo de
Titulizacion de Activos (IM GBP FTPYME I), and IM GRUPO BANCO
POPULAR FTPYME II, Fondo de Titulizacion de Activos (IM GBP
FTPYME II).

Specifically, S&P:

   -- Lowered the rating on IM GBP FTPYME I's class C notes;

   -- Lowered the ratings on and removed from CreditWatch negative
      IM GBP FTPYME I's and IM GBP FTPYME II's class D notes;

   -- Placed IM GBP FTPYME II's class C notes on CreditWatch
      negative;

   -- Affirmed and removed from CreditWatch negative IM BP FTPYME
      1's class C notes; and

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

"We placed the class C notes issued by IM BP FTPYME 1 and the
class D notes issued by IM GBP FTPYME I and II on CreditWatch
negative on Oct. 22, following an initial analysis of the
performance of all Spanish small to midsize enterprise (SME) deals
that we rate.  At that time, the collateral performance had
highlighted factors that had increased the possibility of negative
rating actions for certain junior classes," S&P said.

"[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 particular Spanish SMEs,
originated by Banco Popular Espanol, S.A. (AA-/Negative/A-1+).

"The collateral in these transactions show a concentration in the
real estate and construction industry of 33% for IM GBP FTPYME I
and II and 25% for IM BP FTPYME 1.  This is generally lower than
the exposure that typical SME loans in Spain have to these
sectors.  In addition, the pools show good geographical
diversification with highest concentration in Madrid, representing
15% of the current collateral in IM GBP FTPYME II, 18% in IM GBP
FTPYME I, and 22% in IM BP FTPYME 1.  However, since our last
review, the collateral performance of these three deals has
generally continued to deteriorate.

   IM GBP FTPYME I

"Loans more than 90 days in arrears in IM GBP FTPYME I (which
closed in December 2006), have almost doubled to EUR34.36 million
currently from EUR19.3 million in March 2008.  Therefore, despite
gross cumulative defaults remaining low at 0.20% of the original
balance, we expect that a significant portion of the current long-
term arrears could roll into default in the near to medium term.
Our credit and cash flow analysis reflected our expectations of
collateral performance and the results showed that the credit
enhancement available to the class C and D notes was, in our
opinion, insufficient to maintain the current ratings.

   IM GBP FTPYME II

"The collateral performance of IM GBP FTPYME II, which closed in
July 2007, is slightly better than IM GBP FTPYME I, with loans 90+
days in arrears at EUR26.78 million and gross cumulative defaults
at 0.10% of the initial balance.  However, we believe that these
differences in performance are driven merely by the relative
seasoning of these two deals and believe that their performance
will converge over time.  Further deterioration in the collateral
may increase the likelihood of negative rating actions on IM GBP
FTPYME II's class C notes, and so we have placed the ratings on
this class on CreditWatch negative.  At the same time, the class D
notes no longer pass our 'BBB' stresses so we have lowered the
rating on these notes to the level at which they passed our rating
stresses, 'BB'.

   IM BP FTPYME 1

"In IM BP FTPYME 1, which closed in December 2004, risks related
to deterioration in collateral performance are partly mitigated by
an increased credit enhancement at all rating levels and the high
seasoning of the assets.  In addition, the transaction benefits
from a low pool factor, with only 30% of the closing balance
remaining outstanding.  Despite the recent increase in loans in
arrears for more than 90 days, gross cumulative defaults remain
low at 0.45% of the initial collateral.  Therefore, we have
concluded that the credit enhancement available to the class C
notes is, in our opinion, sufficient to maintain the current
ratings."

                           RATINGS LIST

                          RATING LOWERED

IM GRUPO BANCO POPULAR FTPYME I, Fondo de Titulizacion de Activos
EUR2.03 Billion Floating-Rate Notes

                                  Rating
          Class            To                  From
          -----            --                  ----
          C                BBB+                A

       RATINGS LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE

IM GRUPO BANCO POPULAR FTPYME I, Fondo de Titulizacion de Activos
EUR2.03 Billion Floating-Rate Notes

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

IM GRUPO BANCO POPULAR FTPYME II, Fondo de Titulizacion de Activos
EUR2.039 Billion Floating-Rate Notes

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

             RATING PLACED ON CREDITWATCH NEGATIVE

IM GRUPO BANCO POPULAR FTPYME II, Fondo de Titulizacion de Activos
EUR2.039 Billion Floating-Rate Notes

                                  Rating
          Class            To                  From
          -----            --                  ----
          C                A/Watch Neg         A

      RATING REMOVED FROM CREDITWATCH NEGATIVE AND AFFIRMED

IM BANCO POPULAR FTPYME 1, Fondo de Titulizacion de Activos
EUR2 Billion Floating-Rate Notes

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

                       RATINGS AFFIRMED

IM BANCO POPULAR FTPYME 1, Fondo de Titulizacion de Activos
EUR2 Billion Floating-Rate Notes

                    Class            Rating
                    -----            ------
                    A                AAA
                    A(G)             AAA
                    B                A

IM GRUPO BANCO POPULAR FTPYME I, Fondo de Titulizacion de Activos
EUR2.03 Billion Floating-Rate Notes

                    Class            Rating
                    -----            ------
                    A3               AAA
                    A4               AAA
                    A5(G)            AAA
                    B                AA
                    E                CCC-

IM GRUPO BANCO POPULAR FTPYME II, Fondo de Titulizacion de Activos
EUR2.039 Billion Floating-Rate Notes

                    Class            Rating
                    -----            ------
                    A1               AAA
                    A2               AAA
                    A3(G)            AAA
                    B                AA
                    E                CCC-


MADRID RMBS IV: S&P Cuts Class E Notes' Rating to 'B'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class D and E notes
issued by MADRID RMBS IV, Fondo de Titulizacion de Activos.

"At the same time, the rating on the class B notes was placed on
CreditWatch negative, and the rating on the class C notes was
lowered and kept on CreditWatch negative.  We also affirmed the
rating on the class A notes.  Today's rating actions follow a full
credit and cash flow analysis of the most recent transaction
information that we have received.  The results of our analysis
showed that the credit enhancement available for Madrid RMBS IV's
class C to E notes was insufficient to maintain the current
ratings," S&P said.

The notes, issued in December 2007, are backed by portfolio of
residential mortgage loans secured over residential properties in
Spain.  The loans were originated and are serviced by Caja de
Ahorros y Monte de Piedad de Madrid (A+/Negative/A-1).

"At 9.60% of the current pool, the level of 90+ day delinquencies
less than a year after closing is well above the average for other
Spanish residential mortgage-backed securities (RMBS) transactions
with a similar seasoning.  In our view, the combination of the
relatively high level of 90+ day delinquencies and the limited
equity in those loans is likely to lead to further defaults and
potentially reduced recoveries.

"Defaults in this transaction are defined as arrears greater than
12 months.  Given the limited time elapsed, cumulative defaults as
a percentage of the initial collateral balance is only 0.12%. The
transaction features a structural mechanism that traps excess
spread to provision for defaults.  As a result of this structural
feature, the transaction drew EUR3.3 million of its cash reserve
on the latest interest payment date.  Given the current high level
of severe delinquencies in the transaction, we think further
drawings under the cash reserve are likely going forward.
Interest will be deferred on class E, and only paid after
amortization of the senior classes, when cumulative defaults reach
8.19% of the initial balance.  The relative likelihood of
nonpayment of interest was considered in our analysis."

                          RATINGS LIST

       MADRID RMBS IV, Fondo de Titulizacion de Activos
       EUR2.4 Billion Mortgage-Backed Floating-Rate Notes

       RATINGS LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE

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

       RATING LOWERED AND KEPT ON CREDITWATCH NEGATIVE

       Class      To               From
       -----      --               ----
       C          A-/Watch Neg     A/Watch Neg

       RATINGS PLACED ON CREDITWATCH NEGATIVE

       Class      To               From
       -----      --               ----
       B          AA/Watch Neg      AA

       RATINGS AFFIRMED

       Class      Rating
       -----      ------
       A1         AAA
       A2         AAA


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


FORD MOTOR: Credit Unions Courting Firm to Join Loan Program
------------------------------------------------------------
Credit unions are negotiating with Ford Motor Co. to join a credit
union loan partnership called "invest in America," The Associated
Press relates, citing Michigan Credit Union League President and
CEO David Adams.

Chrysler LLC already said that it will join "Invest in America"
credit union loan partnership, following General Motors Corp.'s
lead.  This gives 1,295 credit unions in Michigan, Ohio, Indiana,
and Illinois access to cash discounts for its members from GM and
Chrysler and access to affordable financing on new vehicle
purchases.  Chrysler will expand the pilot program in eight
additional states, as well as the original four Midwest states.
This will make available an additional US$12 billion in auto loans
for the program and bring discounts to another 14 million credit
union members.  The program, running from Dec. 16, 2008, through
June 30, 2009, offers "Credit Union Member Cash" rebates of US$500
or US$1,000 on eligible Chrysler, Jeep, and Dodge vehicles.  These
rebates will be exclusively for credit union members who also
obtain their financing from a credit union, layering on top of
other incentives.

"'The Invest in America' program will provide access to affordable
financing options and special discounts for credit union members
who want to purchase a new Chrysler, Jeep or Dodge vehicle," said
Steven Landry, Chrysler executive vice president of North American
Sales.

To gain access to the rebates, credit union members can bring
proof of credit union financing to a Chrysler dealership.  Credit
union loan rates average 5.4% compared to 6.9% for average bank
rates according to Datatrac, a survey company that tracks auto
loan rates.  Participation does require that the consumer belong
to a credit union.

The eight additional states taking part in the "Credit Union
Member Cash" rebates are Oklahoma, Texas, Kentucky, Arkansas,
Tennessee, Louisiana, New Mexico and Mississippi.

The "Invest in America" program was created by CUcorp, a marketing
company based in Livonia, Michigan and a wholly-owned subsidiary
of the Michigan Credit Union League.  There are plans to bring
"Invest in America" nationwide, possibly by the second quarter of
2009.

John D. Stoll at The Wall Street Journal reports that according to
results from surveys by Merrill Lynch & Co. and CNW Research,
consumers would still consider purchasing or leasing a vehicle
from a bankrupt automaker, as long as the U.S. government is
willing to step in the company's Chapter 11 process.  WSJ relates
that CNW Research's President Art Spinella said on Tuesday that
people would feel much better about a Chapter 11 automaker's
chances "as long as there are loan guarantees by the government."

According to WSJ, GM Rick Wagoner has said that consumers would
stay away from automakers in bankruptcy.  The report states that
Mr. Wagoner told the Congress that a CNW Research survey,
conducted in July among 6,000 respondents, suggested that 80% of
potential car buyers would abandon plans to buy a vehicle from a
bankrupt automaker.

                      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-'.


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


BLADELOGIC SWITZERLAND: Creditors Must File Claims by Dec. 31
-------------------------------------------------------------
Creditors owed money by LLC BladeLogic Switzerland are requested
to file their proofs of claim by Dec. 31, 2008, to:

         LLC Marxer Treuhand
         Fraumunsterstrasse 25
         8001 Zurich
         Switzerland

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


BOFASA LLC: Deadline to File Proofs of Claim Set December 27
------------------------------------------------------------
Creditors owed money by LLC Bofasa are requested to file their
proofs of claim by Dec. 27, 2008, to:

         Nesanir Salman
         Liquidator
         Webereistrasse 3
         5703 Seon
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 18, 2008.


BRULEMAN LLC: Creditors Have Until December 28 to File Claims
-------------------------------------------------------------
Creditors owed money by LLC Bruleman are requested to file their
proofs of claim by Dec. 28, 2008, to:

         Werner Brunner
         Schiltstrasse 37
         8750 Glarus
         Switzerland

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


LINK & LINK: Proofs of Claim Filing Deadline is December 27
-----------------------------------------------------------
Creditors owed money by LLC Link & Link Software are requested to
file their proofs of claim by Dec. 27, 2008, to:

         B. Bonauer
         Moserstrasse 24
         3014 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 12, 2008.


ZURCHER TRANSPORT: Creditors' Proofs of Claim Due by December 29
----------------------------------------------------------------
Creditors owed money by LLC Zurcher Transport, Walkringen are
requested to file their proofs of claim by Dec. 29, 2008, to:

         Rolf Zurcher
         Vielmatt 190 Q
         3512 Walkringen
         Switzerland

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


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


AVART LLC: Creditors Must File Claims by December 31
----------------------------------------------------
Creditors of LLC Avart (EDRPOU 33473963) have until Dec. 31, 2008,
to submit proofs of claim to:

         Mr. Alexander Gladiy
         Temporary Insolvency Manager
         P.O.B. 0189
         49000 Dnipropetrovsk
         Ukraine

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Nov. 13, 2008.  The case is docketed as B 15/306-08.

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

The Debtor can be reached at:

         LLC Avart
         Shyrshov Str. 7-B
         49000 Dnipropetrovsk
         Ukraine


BUT LLC: Creditors Must File Claims by December 31
--------------------------------------------------
Creditors of LLC FIRM BUT (EDRPOU 13656096) have until Dec. 31,
2008, to submit proofs of claim to:

         Mr. I. Khlebeychuk
         Temporary Insolvency Manager
         Mir Str. 10
         Dragomirchany
         Tismenitsky
         77457 Ivano-Frankovsk
         Ukraine

The Arbitration Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 24, 2008.  The case is docketed as B-21/109.

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

The Debtor can be reached at:

         LLC Firm But
         Krushelnitskaya Str. 1
         Radchaya
         Tismenitsky
         77457 Ivano-Frankovsk
         Ukraine


DRUZHBA LLC: Creditors Must File Claims by January 1
----------------------------------------------------
Creditors of Agricultural LLC Druzhba (EDRPOU 03771904) have until
Jan. 1, 2009, to submit proofs of claim to:

         Mr. Y. Teleshun
         Liquidator / Insolvency Manager
         Apt. 27
         Independency square, 1B
         36003 Poltava
         Ukraine
         Tel: 56-48-36

The Arbitration Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 4/138.

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

The Debtor can be reached at:

         Agricultural LLC Druzhba
         Korovai
         Grebenkovsky
         Poltava
         Ukraine


INTERPIPE LTD: S&P Junks Long-Term Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'CC' from 'B'
its long-term corporate credit rating on Ukrainian steel pipe
producer Interpipe Ltd.

"At the same time, the long-term rating on the company's senior
unsecured debt was lowered to 'C' from 'B-', and the Ukrainian
national scale rating to 'uaCC' from 'uaBBB'.  The recovery rating
on Interpipe's unsecured notes remains at '5', indicating our
expectation of modest (10%-30%) recovery in the event of a payment
default.  The outlook is negative," S&P said.

"Our rating action follows the company's announcement that Millen
Financial Ltd. (not rated), an entity owned by Interpipe's
ultimate shareholders, has launched a tender for any and all the
group's US$200 million 8.875% bonds due 2010, at about 50% of par
value."

"Given the clear discount to face value, and the group's weak
credit standing, we consider this offer as distressed and
tantamount to a default," said Standard & Poor's credit analyst
Lucas Sevenin.

"At the same time, the group also announced that it seeks to amend
certain financial covenants tied to its bonds, and we consider
that compliance under other covenants is going to be challenging
at year end and in 2009.

"The outlook is negative.  We expect to lower the corporate credit
rating to 'SD' and the affected issue ratings to 'D' upon
completion of the distressed exchange offer.  We would then assign
a new corporate credit rating, which is unlikely to be higher than
'CCC+' in the short term."


KRIAZH-AGRO LLC: Creditors Must File Claims by December 31
----------------------------------------------------------
Creditors of Agricultural LLC Agricultural Firm Kriazh-Agro
(EDRPOU 31540310) have until Dec. 31, 2008, to submit proofs of
claim to:

         Krizhopol Regional State Tax Inspection
         Liquidator
         Pioneer Str. 30
         Krizhopol
         Vinnica
         Ukraine

The Arbitration Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 9, 2008.
The case is docketed as 5/223-08.

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

The Debtor can be reached at:

         Agricultural LLC Agricultural Firm Kriazh-Agro
         Chkalov Str. 16
         Krizhopol
         Vinnica
         Ukraine


PROMINVESTBANK: To Seek Aid from Russia's Vneshekonombank
---------------------------------------------------------
Prominvestbank has signed a memorandum with Russia's
Vneshekonombank on a program that will help revive its finances,
Reuters reports citing Prominvestbank receiver Volodymyr Krotyuk.

According to the report, Mr. Krotyuk said the sum needed to
recapitalize the bank would be announced soon and submitted to the
government, the International Finance Corporation and the European
Bank for Reconstruction and Development (EBRD).

Mr. Krotyuk said the central bank on Dec. 11 took a decision that
Prominvestbank be recapitalized with the participation of the
government, the report relates.

Separately, Reuters reports Roman Zhukovsky, a senior official in
Ukrainian President Vitkor Yushchenko's office, called on Tuesday
for the quick nationalization of the bank.

Mr. Zhukovsky, as cited by Reuters, said "At the moment, there is
one way to deal with this situation -- the rapid nationalization
of Prominvestbank ... using the mechanism set down in the anti-
crisis legislation."

On Nov. 17, 2008, the TCR-Europe reported that brothers Andriy and
Serhiy Klyuyev acquired a 34% stake in Prominvestbank through
Austrian holding company Slav AG.   The Klyuyev brothers are
members of the opposition Regions Party.

Prime Minister Yulia Tymoshenko warned Prominvestbank will be
nationalized if the new buyers failed to stabilize its operations
within a month, the report noted.

As reported in the TCR-Europe on Oct. 13, 2008, Ukraine's central
bank placed Prominvestbank in receivership.  The central bank had
barred all withdrawals from the bank for the next six months, and
put Mr. Krotyuk in charge.

In September, the central bank loaned Prominvest US$1 billion
after depositors rushed to withdraw their money following an
ownership dispute, the report recounted.

Headquartered in Kiev, Prominvestbank -- http://www.pib.ru/--
is sixth largest bank in Ukraine.

                          *    *    *

As reported in the TCR-Europe on Oct. 13, 2008, Moody's Investors
Service downgraded the bank financial strength rating (BFSR) of
Prominvestbank to E from E+, its long-term local currency and
foreign currency bank deposit ratings to Caa2 from Ba2 and B2,
respectively, and its National Scale Rating (NSR) to B3.ua from
Aa1.ua. Long-term deposit ratings have been placed on review with
direction uncertain.


SANTORI UKRAINE: Creditors Must File Claims by December 31
----------------------------------------------------------
Creditors of LLC Santori Ukraine (EDRPOU 35234351) have until
Dec. 31, 2008, to submit proofs of claim to:

         Mr. Alexander Baskakov
         Liquidator
         Gayevaya Str. 18
         Korzhy
         Barishevsky
         07544 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.
The case is docketed as 50/308.

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

The Debtor can be reached at:

         LLC Santori Ukraine
         Liatoshynsky Str. 4-a/289
         Kiev
         Ukraine


SM-PROFIT LLC: Creditors Must File Claims by December 31
--------------------------------------------------------
Creditors of LLC SM-PROFIT (EDRPOU 33751421) have until Dec. 31,
2008, to submit proofs of claim to:

         Mr. Alexander Baskakov
         Liquidator
         Gayevaya Str. 18
         Korzhy
         Barishevsky
         07544 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 31, 2008.
The case is docketed as 50/326.

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

The Debtor can be reached at:

         LLC SM-Profit
         Melnikov Str. 12
         Kiev
         Ukraine


SOLE LLC: Creditors Must File Claims by December 31
---------------------------------------------------
Creditors of LLC Sole have until Dec. 31, 2008, to submit proofs
of claim to:

         Mrs. Julie Nevatos
         Liquidator / Insolvency Manager
         Khasanov Str. 68
         Alexandria
         28000 Kirovograd
         Ukraine

The Arbitration Court of Kirovograd commenced bankruptcy
proceedings against the company after finding it insolvent on Nov.
12, 2008.  The case is docketed as 10/348.

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


SPECIAL ASSEMBLY: Creditors Must File Claims by December 31
-----------------------------------------------------------
Creditors of LLC Building Special Assembly (EDRPOU 34702679) have
until Dec. 31, 2008, to submit proofs of claim to:

         Mr. S. Nesterenko
         Liquidator / Insolvency Manager
         Apt. 193
         Gagarin Str. 27
         Brovary
         Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 25, 2008.
The case is docketed as B 2/246-08.

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

The Debtor can be reached at:

         LLC Building Special Assembly
         Independency Str. 24
         Brovary
         Kiev
         Ukraine


TAKSOMOTORSERVICE OJSC: Creditors Must File Claims by Dec. 31
-------------------------------------------------------------
Creditors of OJSC Taksomotorservice (EDRPOU 02139251)have until
Dec. 31, 2008, to submit proofs of claim to:

         Mr. Andrew Dulenko
         Liquidator / Insolvency Manager
         Frunze Str. 55
         Karlovka
         39500 Poltava
         Ukraine
         Tel: (05346)2-34-69

The Arbitration Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 18/150.

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

The Debtor can be reached at:

         OJSC Taksomotorservice
         Seregin Str. 4
         36000 Poltava
         Ukraine


MEGATRADEAGRO LLC: Creditors Must File Claims by January 1
----------------------------------------------------------
Creditors of LLC Megatradeagro (EDRPOU 35495470) have until
Jan. 1, 2009, to submit proofs of claim to:

         Mrs. Oksana Venskaya
         Temporary Insolvency Manager
         Rylsky Str. 137
         49000 Dnipropetrovsk
         Ukraine

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Nov.
7, 2008.  The case is docketed as B 26/221-08.

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

The Debtor can be reached at:

         LLC Megatradeagro
         Newspaper Pravda Avenue, 29
         49000 Dnipropetrovsk
         Ukraine


* Moody's Puts Ukrainian RMBS & ABS Deals on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade two transactions backed by USD-denominated collateral
originated in Ukraine.

This action results from increased uncertainty related to rapid
depreciation of the Hryvnia against the US Dollar and the
resulting low but increased risk, in Moody's opinion, of
redenomination of USD mortgages and loan agreements into Hryvnia.
If such redenomination were to occur at an unfavorable exchange
rate, this would result in significant immediate losses to the
noteholders.  In addition, following a redenomination of the
portfolio, the transactions would suffer from an unhedged risk
with respect to the currency mismatch between the Hryvnia-
denominated portfolio and the foreign-denominated notes.

Moody's treats this risk as a low probability - high severity
event and incorporates it into its cash flow analysis.  The
probability of redenomination is determined by several factors
such as, among other things, the government's own rating, the
level of country-wide borrowing in hard currencies, and the actual
and expected depreciation of the local currency against these
foreign currencies.  In the case of Ukraine, Moody's believes the
risk of redenomination is impacted by the rapid depreciation of
the Hryvnia against the USD, which results in significant stress
on the individuals who borrowed in USD and increases the pressure
on the government to redenominate these loans to alleviate the
burden on the consumers.  The severity assumption in case of
redenomination is calculated using historical data from other
emerging securitization markets as well as historical exchange
rate fluctuations at times of financial crises, if such has ever
occurred in the market.  Thus, even though this risk was taken
into account at the initial analysis stage and remains low,
Moody's believes that recent events have significantly increased
the probability of redenomination occurring in this jurisdiction.

Moody's has placed these transactions on review for possible
downgrade:

Issuer: Ukraine Mortgage Loan Finance No. 1 Plc

   -- Class A US$134,100,000 Class A Residential Mortgage Backed
Floating Rate Notes due 2031, current rating Baa3, on review for
possible downgrade

   -- Class B US$36,900,000 Class B Residential Mortgage Backed
Floating Rate Notes due 2031, current rating Ba3, on review for
possible downgrade

Issuer: Ukraine Auto Loan Finance No.1 PLC

   -- Class A US$85,800,000 Class A Floating Rate Notes due 2018,
current rating Baa3, on review for possible downgrade

   -- Class B US$18,700,000 Class B Floating Rate Notes due 2018,
current rating Ba3, on review for possible downgrade

Moody's will concentrate during the review process on any further
developments of the USD and Hryvnia exchange rate, resulting
performance of the underlying assets, detailed discussions with
the sovereign team, and, if necessary, remodeling of
redenomination risk with updated assumptions.  In the meantime,
Moody's will continue to closely monitor the evolution of the
Hryvnia against the USD and the performance of the portfolios in
the next quarterly periods.

Moody's previous rating action on notes issued by Ukraine Mortgage
Loan Finance No. 1 Plc was on March 1, 2007 when definitive
ratings were assigned to the notes.

Moody's previous rating action on notes issued by Ukraine Auto
Loan Finance No.1 PLC was on May 30, 2008 when definitive ratings
were assigned to the notes.


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


AQUILA PLC: S&P Cuts Class E Notes' Rating to B; Watch Negative
---------------------------------------------------------------
Standard & Poor's Rating Services lowered and kept on CreditWatch
negative its credit ratings on the class D and E notes issued by
AQUILA (ECLIPSE 2005-1) PLC.  The ratings on the other classes in
this transaction remain unaffected.

AQUILA (ECLIPSE 2005-1) is a true sale commercial mortgage-backed
securities transaction, which closed in March 2005.  The
transaction is backed by five loans secured on 15 properties in
England, Scotland, and Wales.  The outstanding principal balance
of the transaction is GBP167.4 million.

"Two loans in the transaction mature in 2009.  We have taken [the]
rating actions because we have increased concerns about the
refinance prospects for these loans given the current real estate
financing market.

"A more detailed performance review of the remaining loans in the
pool will be provided in a transaction update, which will be
published in due course."

                          RATINGS LIST

      Ratings Lowered and Remaining on CreditWatch Negative

          AQUILA (ECLIPSE 2005-1) PLC
          GBP440.65 Million Commercial Mortgage-Backed
          Floating-Rate Notes

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


CHESS II: S&P Withdraws Junk and Default Ratings
------------------------------------------------
Standard & Poor's Ratings Services lowered, removed from
CreditWatch negative, and withdrew its ratings on five spread-
based leveraged super senior (LSS) notes issued by Chess II Ltd.
"At the same time, we removed from CreditWatch negative and
withdrew our ratings on seven other LSS notes issued by Chess II,"
S&P said.

"The lowering of the ratings on five tranches to 'D' follows the
increase in the portfolio weighted-average spread such that it has
breached the pre-determined trigger level for series 11, 12, 13,
14, and 16.  Following this "unwind event" the notes have become
payable and noteholders are expected to receive less than the
principal they invested, so we have lowered our ratings to 'D' and
withdrawn them."

"We were recently informed that series 10, 15, 17, 18, 19, 20, and
21 unwound with noteholder approval at different times between
February and July 2008.  The notes were unwound without the
occurrence of an unwind event.  As a result, we have withdrawn our
ratings on these series.

"LSS transactions reference both credit and market-value risks
associated with their underlying portfolios.  These transactions
have a market-value trigger based on the weighted-average
portfolio spread and portfolio losses at a given point in time.
If breached, this would lead to an unwind event, where the notes
may become immediately repayable.  If the notes are unwound,
investors may suffer a mark-to-market loss on their investment."

RATINGS LIST

   * Ratings Lowered, Removed From CreditWatch Negative, And
     Withdrawn

                         Ratings
              To                       From
              --                       ----
Chess II Ltd.
EUR5 million secured leveraged super senior credit-linked notes
series 11
              D                        CCC/Watch Neg
              NR                       D

EUR5 million secured leveraged super senior credit-linked notes
series 12
              D                        CCC/Watch Neg
              NR                       D

EUR5 million secured leveraged super senior credit-linked notes
series 13
              D                        CCC/Watch Neg
              NR                       D

EUR5 million secured leveraged super senior credit-linked notes
series 14
              D                        CCC/Watch Neg
              NR                       D

EUR10 million secured leveraged super senior credit-linked notes
series 16
              D                        CCC/Watch Neg
              NR                       D

   * Ratings Removed From CreditWatch Negative And Withdrawn

                         Ratings
              To                       From
              --                       ----
Chess II Ltd.
US$10 million secured leveraged super senior credit-linked
floating-rate notes
series 10
A             NR                       CCC/Watch Neg

EUR3 million secured leveraged super senior credit-linked notes
series 15
              NR                       CCC/Watch Neg

EUR12 million secured leveraged super senior credit-linked notes
series 17
              NR                       CCC/Watch Neg

EUR8 million secured leveraged super senior credit-linked notes
series 18
              NR                       CCC/Watch Neg

EUR30 million secured leveraged super senior credit-linked notes
series 19
              NR                       CCC/Watch Neg

EUR30 million secured leveraged super senior credit-linked notes
series 20
              NR                       CCC/Watch Neg

EUR10 million secured leveraged super senior credit-linked fixed-
rate notes
series 21
              NR                       CCC/Watch Neg

NR —- Not rated.


EUROSAIL-UK 2007-2NP: S&P Cuts Ratings on 4 Note Classes to Low-B
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the junior classes of
notes issued by Eurosail-UK 2007-2NP PLC due to deterioration in
collateral performance.  "We have removed from CreditWatch
negative and affirmed all the other classes in this deal," S&P
said.

"As of September 2008, total delinquencies (including
repossessions) were 18.8%.  Unsold repossessions have increased
quarter by quarter to 2.3% of the outstanding principal balance.
Losses on the December 2008 interest payment date were GBP1.5
million, contributing to a reserve fund draw of 11.2% of the
opening quarter reserve fund balance.  With U.K. house prices
likely to continue falling in the coming months, we expect to see
further losses in this deal in coming quarters.  As such, we have
lowered our ratings on the junior classes in this deal.

"On Sept. 17, we placed all the notes in this transaction on
CreditWatch negative (see "S&P Takes Multiple Rating Actions On
European Securitizations After Lehman Insolvency").  These
CreditWatch placements resulted from the transaction's exposure to
Lehman Brothers Special Financing Inc. as the fixed/floating swap
counterparty and the BBR/LIBOR swap counterparty.

"[The] rating actions are due to underlying loan performance,
rather than the effect of the unhedged fixed-rate loans.  Most of
the loans currently paying a fixed rate of interest revert to a
floating rate linked to LIBOR by September 2009.  We considered
this exposure as part of our initial analysis and ongoing
surveillance, but the current fixed/floating mismatch does not
affect our ratings in this transaction.

"Eurosail-UK 2007-2NP had exposure to Lehman Brothers Special
Financing as the BBR/LIBOR swap counterparty.  As of September
2008, BBR/LIBOR basis risk affected approximately 9.7% of the
pool, and 13.5% of the current pool comprises loans ultimately
linked to BBR following their reset dates.  We have sized for this
risk, incorporating the current spread between BBR and LIBOR in
our cash flow analysis.  At present, this risk does not have an
effect on our ratings in this transaction."

                           RATINGS LIST

Eurosail 2007-2NP PLC
EUR480.7 Million And GBP258.8 Million Mortgage-Backed Floating-
Rate Notes And An Overissuance Of GBP8.775 Million Excess Spread
Backed Floating-Rate Notes

      Ratings Lowered And Removed From CreditWatch Negative

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

      Ratings Removed From CreditWatch Negative And Affirmed

                         Rating
       Class      To                            From
       -----      --                            ----
       A1a        AAA                           AAA/Watch Neg
       A1c        AAA                           AAA/Watch Neg
       A2a        AAA                           AAA/Watch Neg
       A2c        AAA                           AAA/Watch Neg
       A3a        AAA                           AAA/Watch Neg
       A3c        AAA                           AAA/Watch Neg
       M1a        AAA                           AAA/Watch Neg
       M1c        AAA                           AAA/Watch Neg
       B1a        AA                            AA/Watch Neg
       B1c        AA                            AA/Watch Neg


JCCO 114 LTD: Appoints Joint Administrators from Grant Thornton
---------------------------------------------------------------
Mark Byers, Joseph Peter Francis McLean and Robert Caven of Grant
Thornton (UK) LLP were appointed joint administrators of JCCO 114
Ltd. on Dec. 2, 2008.

The company can be reached at:

         JCCO 114 Ltd.
         5th. Floor
         55 Kings Street
         Manchester
         Greater Manchester
         M2 4LQ
         England


MAURICE HENRY: Appoints Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Maurice Henry Ltd. on
Dec. 3, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


NEW STAR: Temporarily Suspends Dealing of Heart of Africa Fund
--------------------------------------------------------------
New Star in a press statement on Thursday, December 12, 2008 said
that while prospects for companies in the sub-Saharan region
remain strong, the impact of the credit crunch and the knock-on
effect on global stock markets has resulted in an increase in
redemptions from investors.  This has coincided with a number of
events that have caused liquidity in the sub-Saharan markets to
weaken in recent days.  New Star, with agreement from the fund's
depositary, Royal Bank of Scotland, has, therefore, reluctantly
decided to temporarily suspend dealing in the New Star Heart of
Africa Fund - valued at GBP29 million* - until further notice.

According to New Star, events in Nigeria and Ghana have had a
particular impact on the fund's liquidity position.  In Nigeria,
where the fund is approximately 30% invested, the repatriation of
monies received from selling securities has been delayed by
restricted foreign exchange flows.  At December 11, 2008 the fund
had some US$6.2 million of proceeds from disposals awaiting
repatriation from Nigeria.

Similarly, in Ghana, where the fund is approximately 21% invested,
the market has been less liquid than normal.  Trading volumes have
been lighter as a result of the uncertainty ahead of the general
election.  The close election result registered on December 11,
2008 means there will need to be an electoral run-off, which could
potentially delay the resumption of normal trading.

New Star said "While we regret having to take this action, the
temporary suspension of dealing is designed to restore sufficient
liquidity to the fund for it to meet redemptions once it re-opens
for dealing.  New Star intends to minimize the period of
suspension; in accordance with FSA rules this should last for no
more than a maximum of 28 days.  We are, however, mindful that
fair value for all investors needs to be achieved when selling
securities in a weak market environment, given the illiquid nature
of some of the markets in the sub-Saharan region."

Jamie Allsopp, manager of the New Star Heart of Africa Fund, said
"It is with great reluctance that New Star has temporarily
suspended dealing in the New Star Heart of Africa Fund. Since
launch last November, the fund has performed relatively well
amidst the turmoil of the past year falling 24.40%.  This compares
favorably with the 38.78% fall in the MSCI Emerging Markets Total
Return Index.  The FTSE All-Share Total Return Index has fallen
29.8% over the same period.  I still believe, despite this
temporary suspension, the fundamental prospects for the region
remain attractive over the medium to long term."

                   Debt-For-Equity Swap

On Dec. 12, 2008, the TCR-Europe reported that according to the
Daily Telegraph, John Duffield, the chairman and the founder of
New Asset Management, will step down from the fund management
company after reaching a rescue refinancing deal with its five
lending banks.

Mr. Duffield, the report recounted, was forced to agree to a
GBP240 million debt-for-equity swap to prevent the company from
collapse.

The banks which negotiated the debt-for-equity swap include HBOS,
HSBC, Lloyds TSB and Royal Bank of Scotland, and National
Australia Bank.  Under the deal, they will take a 75% stake in
exchange for GBP240 million of the company's GBP260 million debt,
the report disclosed.

New Star shareholders will meet in January to vote on the proposed
debt-for-equity swap, the report noted.

The banks, the report disclosed, are trying to secure a quick sale
of the company, which is now capitalized at just GBP5 million.
They are thought to be talking to rival asset managers Aberdeen,
Neptune, Gartmore and Jupiter, the report added.

According to the report, any sale will see shareholders receive a
pittance with the banks taking the lions share of the sale price
in return for their debt.

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


PML FLIGHTLINK: Names Joint Administrators from PwC
---------------------------------------------------
Edward Mark Shires and Robert William Birchall of
PricewaterhouseCoopers LLP  were appointed joint administrators of
PML Flightlink Ltd. on Nov. 8, 2008.

The company can be reached at:

         PML Flightlink Ltd.
         6 New Street Square
         London
         EC4A 3LX
         England


THPA FINANCE: S&P Affirms 'BB' Rating on Class C Notes
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
notes issued by THPA Finance Ltd. following its review of the deal
and recent meeting with the management team.

"Babcock & Brown Infrastructure (BBI) acquired PD Ports PLC in
January 2006 through its U.K. vehicle BBI Port Acquisitions (UK)
Ltd. Despite recent market events, we consider that BBI remains a
long-term investor in the company," S&P said.

"Going forward, we do not expect any material change to the
strategy and the business profile of the company.  However, we
expect the deteriorating macro-environment will lead to a general
decrease in throughput at THPA's ports over the next two years,
affecting EBITDA.

"Nevertheless, given THPA's stable and resilient business
characteristics and good performance over the past few years, we
do not expect the current cash flow to deteriorate materially.  We
consider that the ratings continue to reflect the underlying
business risk of the assets and cash flows of the borrowers' port
and logistics business.

"The EBITDA DSCR has been well above the covenanted level for the
past year.  This is primarily attributable to rolling 12-month
EBITDA being higher than was expected in the base case and a
reduction in the debt service after the full redemption of the
class A1 notes.  The rolling 12-month EBITDA DSCR for the period
ending June 2008 was 1.98x (compared with a covenant requirement
of 1.25x).

"The transaction is a port corporate securitization that closed in
April 2001.  The notes are secured by fixed and floating charges
over all the assets of THPA Finance and of the borrowing group,
which includes PD Teesport Ltd. -- which owns and operates the
port of Tees and Hartlepool in northeast England -- PD Port
Services Ltd., PD Logistics Ltd., and Tees and Hartlepool Pilotage
Co."

     RATINGS LIST

     THPA Finance Ltd.
     GBP305 Million Fixed- And Floating-Rate Asset-Backed Notes

     Class       Current    Closing     Current    Closing
                 rating     rating      amount[1]   amount
                                        (Mil. GBP)   (Mil. GBP)
     -----       -------    -------     ---------- ------------
     A1          NR         A             0          60
     A2          A          A           145         145
     B           BBB        BBB          70          70
     C           BB         BB           30          30

     NR -- Not rated.

     [1] As of June 30, 2008.


TREMONT GROUP: More Than Half of Assets Invested in Madoff's Firm
-----------------------------------------------------------------
Tremont Group Holdings Inc. had US$3.3 billion, or more than half
its total assets, invested with Bernard Madoff, Katherine Burton
of Bloomberg News reports citing a person familiar with the
matter.

The person told Bloomberg News Tremont's Rye Investment Management
unit had US$3.1 billion, virtually all the money the group
managed, allocated to Madoff.

Tremont also had another US$200 million, or about 7 percent of its
total assets, invested through its fund of funds group, Tremont
Capital Management, the person was cited by Bloomberg News as
saying.

According to Bloomberg News, Mr. Madoff was arrested Dec. 11 and
charged with defrauding investors of as much as US$50 billion
through a Ponzi scheme at his New York-based firm's business
advising rich people, hedge funds and institutions.

"We believe Tremont exercised appropriate due diligence in
connection with the Madoff investments," Tremont said in a
statement obtained by Bloomberg News.

New York-based Tremont Group Holdings Inc. --
http://www.tremont.com/-- is the holding company for Tremont
Capital Management (formerly Tremont Advisers), a fund of hedge
funds. Tremont Group manages roughly US$6 billion in assets
through its fund of hedge fund products and multi-manager
portfolios, as well as its single-manager Rye Investment
Management unit.

The Tremont Group has offices in Toronto, London and Hong Kong.
OppenheimerFunds, which is majority controlled by MassMutual, owns
the Tremont Group.


UNIVERSAL OFFICE: Taps Joint Administrators from KPMG
-----------------------------------------------------
Richard John Hill and Jonathan Scott Pope of KPMG LLP were
appointed joint administrators of Universal Office Supplies (UK)
Ltd. on Dec. 4, 2008.

The company can be reached at:

         Universal Office Supplies (UK) Ltd.
         Quay House
         Quay Road
         Newton Abbot
         Devon
         TQ12 2BU
         England


VAN HAGEN: Appoints Joint Administrators from Smith & Williamson
----------------------------------------------------------------
Anthony Cliff Spicer and James Douglas Ernle Money of Smith &
Williamson Ltd. were appointed joint administrators of Van Hagen
Ltd. on Dec. 1, 2008.

The company can be reached at:

         Van Hagen Ltd.
         9 Perseverance Works
         Kingsland Road
         London
         E2 8DD
         England


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


* S&P Takes Various Rating Actions on Seven CFO Transactions
------------------------------------------------------------
Standard & Poor's Ratings Services took these rating actions on
seven collateralized fund obligation (CFO) transactions:

     -- lowered three ratings and placed them on CreditWatch with
        negative implications;

     -- lowered two ratings and removed them from CreditWatch
        negative, where they were placed July 16, 2008;

     -- placed 23 ratings on CreditWatch negative;

     -- kept one rating on CreditWatch negative; and

     -- affirmed one rating (see list).

The affected tranches have an issuance amount of approximately
US$2.28 billion.  CFO transactions are securitizations of equity
shares issued by vehicles that invest in several hedge funds
following predefined investment and diversification guidelines.

S&P said: "The CreditWatch placements are based on our belief that
the current increased volatility and downward pricing pressure in
the overall market, the increase in return correlation among
different hedge fund strategies, and the reduced liquidity
available to hedge fund investors will continue in the short to
medium term.  In addition, we believe the problems surrounding the
Bernard L. Madoff Investment Securities case and the related
investment vehicles (Madoff) may contribute to an increase in
hedge fund redemptions as investors seek to rebalance their
portfolios and/or increase their portfolio quality by purchasing
less-risky assets.  As Standard & Poor's has recently observed,
when hedge fund redemptions are high, managers sometimes suspend
redemptions in the hope of minimizing losses and protecting
remaining investors, and/or seek to retain the value of the assets
they manage in order to continue collecting fees.

"A small number of CFOs that we rate have direct exposure to
Madoff and several additional CFOs may have indirect Madoff
exposure, which could lower their reported net asset values.

"In addition, four of the affected CFOs have breached a specific
overcollateralization test and we expect them to redeem all of
their underlying investments to repay the liabilities in
sequential order.  The extent to which the rated classes of notes
receive full principal and accrued but unpaid interest will depend
on the amount of cash proceeds ultimately received from the
redemption process.

"We will continue to monitor our rated CFO transactions and will
take rating actions when appropriate.  In addition, we will
continue to review our current criteria assumptions related to
volatility and lack of liquidity."

       RATINGS LOWERED AND PLACED ON CREDITWATCH NEGATIVE

  Transaction                     Rating              Original par
                           To                From   amount (mil.)
  -----------              --                ----   -------------
  Antarctica CFO I Ltd.
  Class B                  A/Watch Neg         AA        EUR29.25
  Class C                  BB/Watch Neg         A        EUR29.25

  Man Glenwood Alternative Strategies II Ltd.
  Class D                  BBB-/Watch Neg     BBB        US$43.75

      RATINGS LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE

  Transaction                  Rating                 Original par
                           To          From          amount (mil.)
  -----------              --          ----          -------------
  Antarctica CFO I Ltd.
  Class D                  CCC         BBB/Watch Neg      EUR26.00
  Class E                  CCC-        BB/Watch Neg        EUR4.42

              RATINGS PLACED ON CREDITWATCH NEGATIVE

  Transaction                     Rating           Original par
                           To              From    amount (mil.)
  -----------              --              ----    -------------
  Antarctica CFO I Ltd.
  Class A                  AA/Watch Neg      AA        EUR175.50

  Coast CFO 2005-1 Ltd.
  Class A                  AA/Watch Neg      AA        US$375.00
  Class B                  AA/Watch Neg      AA         US$60.00
  Class C                  A/Watch Neg        A         US$22.50
  Class D                  BBB/Watch Neg    BBB         US$67.50

  Coast CFO 2006-1 Ltd.
  Class A                  AA/Watch Neg      AA        US$300.00
  Class B                  AA/Watch Neg      AA         US$46.00
  Class C                  A/Watch Neg        A         US$20.00
  Class D                  BBB/Watch Neg    BBB         US$54.00

  Coast CFO 2006-2 Ltd.
  Class A                  AA/Watch Neg      AA        US$250.00
  Class B                  AA/Watch Neg      AA         US$40.00
  Class C                  A/Watch Neg        A         US$15.00
  Class D                  BBB/Watch Neg    BBB         US$45.00

  RMF Four Seasons CFO Ltd.
  Class S                  AA/Watch Neg      AA         EUR23.50
  Class M1                 AA/Watch Neg      AA         EUR18.80
  Class M2                 BBB/Watch Neg    BBB         EUR11.75
  Class M3                 B+/Watch Neg      B+         EUR16.45

  Zoo HF 3 PLC
  Class A                  AA/Watch Neg      AA         EUR94.50
  Class B                  AA/Watch Neg      AA          EUR8.00
  Class C                  A/Watch Neg        A          EUR6.50

  Man Glenwood Alternative Strategies II Ltd.
  Class A                  AA/Watch Neg      AA        US$250.00
  Class B                  AA/Watch Neg      AA         US$40.00
  Class C                  A/Watch Neg        A         US$15.00

            RATING REMAINING ON CREDITWATCH NEGATIVE


  Transaction              Rating                  Original par
                     To              From          amount (mil.)
  -----------        --              ----          -------------
  Zoo HF 3 PLC
  Class D            B-/Watch Neg    B-/Watch Neg       EUR12.50

                         RATING AFFIRMED

            Transaction                  Original par
                               Rating    amount (mil.)
            -----------        ------    -------------
            Zoo HF 3 PLC
            Class E            CCC-            EUR5.50




* Gov't Working on Financial Aid for Auto Industry
--------------------------------------------------
The Wall Street Journal reports that the U.S. President George
Bush said that the government working with stakeholders on a way
forward on a financial assistance for General Motors Corp.,
Chrysler LLC, and Ford Motor Co.

According to WSJ, President Bush admitted to reporters while on
board Air Force One during his trip to Iraq and Afghanistan, "An
abrupt bankruptcy for autos could be devastating for the economy."

WSJ relates that the U.S. Treasury Department said on Monday that
it hasn't made any decision on how to craft bailout for the
automakers.  The report states that Treasury spokesperson Brookly
McLaughlin told reporters that department officials are working
closely with the White House on the issue and are still
considering pertinent data.  "We continue to assess and review the
information we have received from the auto makers, and we are
providing regular briefings to the White House on our thinking,"
the report quoted Ms. McLaughlin as saying.

WSJ says that the government is trying to determine the amount of
money it will take to help GM, Chrysler, and Ford Motor.
According to the report, the government is discussing a rescue
from US$10 billion to US$40 billion or more.

The automakers could tap Treasury Department's US$700 billion fund
for the financial industry, WSJ states.  Citing people familiar
with the matter, WSJ relates that about US$15 billion of that fund
is yet uncommitted from the first tranche of US$350 billion, so
the government could be forced to ask that the second half cover
the automakers' needs.

The government, WSJ says, must also figure out whether and how to
press for concessions from affected parties, including factory
employees, dealers and holders of the automakers' debt.  Critics,
according to WSJ, said that without concessions, the automakers
would need cash infusions long into the future.

The government is also considering requiring any automaker seeking
aid to file for bankruptcy, WSJ reports, citing sources familiar
with the matter.


* Moody's Puts 25% Probability of Gov't Auto Industry Bailout
-------------------------------------------------------------
The U.S. government will likely provide immediate stopgap
financing to bridge the major American auto companies until a more
complete agreement can be reached early in 2009, says Moody's
Investors Service in a new report that outlines the three mostly
likely bailout and bankruptcy scenarios for government help to
Ford Motor Co., General Motors Corp., and Chrysler LLC.

"We think it's most likely that a prepackaged bankruptcy filing
coupled with government financial assistance will be needed to
restructure the Big Three," said Moody's Senior Vice President
Bruce Clark, a co-author of the report.  "The government will also
probably offer support by providing or guaranteeing debtor-in-
possession or DIP financing, and bondholder losses would probably
be less than 75% in this scenario."

In the wake of the domestic auto manufacturing companies' request
for urgent financial assistance from the federal government, the
Moody's report describes three bailout and bankruptcy scenarios
for Detroit, assesses the probabilities of these scenarios, and
examines the extent of likely losses in each of the scenarios for
auto manufacturer debt holders.  It then assesses the broader
implications of the three scenarios, across the larger economy
generally and specifically on 10 important financial and
industrial sectors.

These include auto-part manufacturers, captive finance companies,
car rental companies, banks, auto dealers, steel, chemicals,
rental car fleet securitizations, state and local governments,
dealer floorplan securitizations, auto loan/lease securitizations,
and rental car fleet securitizations.

"A prepackaged bankruptcy might be the best approach to current
problems, but achieving timely agreement from a broad range of
creditors would be highly difficult, especially given the critical
funding status of GM and Chrysler," said Mr. Clark.

While the analyst and his Moody's colleagues give a prepackaged
bankruptcy filing coupled with government financial assistance a
70% likelihood of coming to pass, they assign a 25% probability of
a government bailout without a near-term automaker bankruptcy.

"Under this less-likely scenario, a comprehensive bailout package
is agreed to that enables the automakers to restructure without
any bankruptcy filings during 2009.  The degree of economic
disruption and direct financial loss for investors would be
contained, at least in the short term," said Mr. Clark.
"Bondholder losses would be the least in this scenario, although
there is a risk that such a reorganization would be inadequate,
and that at least one automaker might file for bankruptcy beyond
2009."

Given only a 5% likelihood, Moody's also considers the "freefall
bankruptcy" scenario without a prepackage plan and without
government involvement.  This would involve the most significant
disruption to the economy, including potential bankruptcies in
associated industries such as auto parts suppliers and auto
dealers.

"The negative consumer sentiment and erosion of franchise value
would make the reorganization process more complex for the
automakers and a Chapter 7 liquidation of at least one of the
automakers possible," said Mr. Clark.  "Auto bondholder losses
could be in the 75-100% range in this scenario."


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Dec. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    Holiday MIxer
       TBD, Phoenix, Arizona
          Contact: 623-581-3597 or www.turnaround.org

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

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

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

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

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

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

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

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/
Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

          http://www.beardaudioconferences.com/

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *