TCREUR_Public/081230.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 30, 2008, Vol. 9, No. 257

                            Headlines

A U S T R I A

AG SPORT TIMING: Claims Registration Period Ends January 9
BUSCH BAUSERVICE: Claims Registration Period Ends January 7
DOLEZAL & CO: Claims Registration Period Ends January 9
HFL HANS: Claims Registration Period Ends January 7
REINER BUSS: Claims Registration Period Ends January 7


B E L G I U M

FORTIS: Loses UR295 Million on Suspended BNP Paribas Takeover


F R A N C E

CARRERE GROUP: Seeks Redressement Judiciare
DELPHI CORP: Keeps Plan Exclusivity From Committee Until March 31


G E R M A N Y

ADETY GMBH: Claims Registration Period Ends February 2
BRASSERIE CENTRALE: Claims Registration Period Ends February 3
ISB SOZIALE: Claims Registration Period Ends February 2
MULTI PRODUCTION: Claims Registration Period Ends February 2
PLAYHOUSE ANKLAM: Claims Registration Period Ends January 28

UR POWER SERVICE: Claims Registration Period Ends January 28


I C E L A N D

KAUPTHING BANK: LIA Inks Buyout Deal with Luxembourg Gov't


I R E L A N D

FIRST EQUITY: High Court Appoints Interim Examiner
KITCHEN WORLD: Goes Into Examinership; Debts Stood at EUR14 Mln
LITTLE BIRD: Lack of Funding Prompts Receivership
WATERFORD WEDGWOOD: Senior Lenders Extend Forbearance Period


I T A L Y

SOCIETA GESTIONE: Fitch Affirms 'CSS2+' Special Servicer Rating


K A Z A K H S T A N

ALTYNBEKOV & K: Creditors Must File Claims by February 5
ASTANA FINANCE: Fitch Affirms Individual Rating at 'D/E'
BAGARA-2007 LLP: Proof of Claim Deadline Slated for February 5
HIGH END: Claims Filing Period Ends February 10
EKO BEN: Creditors' Claims Due on February 5

JOL DOR: Proof of Claim Deadline Slated for February 10
MAG LLP: Claims Filing Period Ends February 10
NAIZAGAI SERVICE: Claims Registration Ends February 5
PARNAS LLP: Creditors' Claims Due on February 10
SUZMK ENERGO: Claims Registration Ends February 5

URGE-OIL LLP: Creditors Must File Claims by February 10


K Y R G Y Z S T A N

AK-TECHNO-LTD LLC: Creditors Must File Claims by February 12


L A T V I A

* LATVIA: IMF Approves EUR1.68 Bln Stand-By Arrangement


R U S S I A

AMUR-ZOLOTO LLC: Creditor Must File Claims by February 19
GAZ-INVEST-BANK OJSC: Creditor May File Claims
KENZHENSKIY CANNERY LLC: Creditors Must File Claims by Jan. 19
KOVYLKINO-LES-TOP LLC: Creditors Must File Claims by January 19
KVARTIRA DLYA: Creditors Must File Claims by January 19

PROKOPYEVSK-UGOL LLC: Creditors Must File Claims by January 19
PYAOZERSKIY LES-PROM-KHOZ: Karelia Bankruptcy Hearing Set May 6
SAROVBUSINESSBANK: Fitch Assigns 'D/E' Individual Rating
SHAM-LES-PROM LLC: Court Names Insolvency Manager
STARODUBSKIY ELECTROTECHNICAL: Bankruptcy Hearing Set May 11

ZHERDEVSKIY CANNERY: Creditors Must File Claims by February 19


S E R B I A  &  M O N T E N E G R O

* Fitch Gives Neg. Outlook on Republic of Serbia; Affirms 'B' IDR


S W E D E N

KAUPTHING BANK: Alandsbanken Inks Deal to Buy Swedish Unit


S W I T Z E R L A N D

BIOMETEC JSC: Creditors Must File Proofs of Claim by January 3
BLUESKY ITS: Deadline to File Proofs of Claim Set January 2
ERSONA HOLDING: Creditors Have Until January 2 to File Claims
FLY-OUT JSC: Proofs of Claim Filing Deadline is January 2
HEDGE HANDEL: Creditors' Proofs of Claim Due by January 2

MEMORIA JSC: January 2 Set as Deadline to File Claims
OUTPUT HOLDING: Creditors Must File Proofs of Claim by January 3
WERTAN VERWALTUNG: Deadline to File Proofs of Claim Set Jan. 4


T U R K E Y

DENIZ FINANSAL: Fitch Affirms Long-Term Issuer Rating at 'BB'
DOGAN YAYIN: Fitch Downgrades LT Issuer Default Rating at 'B+'
HURRIYET GAZETECILIK: Fitch Downgrades Issuer Rating to 'BB-'


U K R A I N E

METINVEST BV: Fitch Clarifies 'B' Issuer Default Rating Assignment
TECHNO-SPORT-SERVICE LLC: Creditors Must File Claims by Jan. 8
TRANSPROGRESS-2000 LLC: Creditors Must File Claims by Jan. 8
UNIVERSUM-TECH-GROUP LLC: Creditors Must File Claims by Jan. 8
UKRAINIAN ENERGETIC: Creditors Must File Claims by January 8

VNC LTD: Creditors Must File Claims by January 8
YULIUSA LLC: Creditors Must File Claims by January 8


U N I T E D   K I N G D O M

A & P CHEM: Appoints Joint Administrators from PKF
A.E. INTERIOR: Name Joint Liquidators from Smith & Williamson
ABITIBIBOWATER INC: Cuts Production, Expects US$45MM Closure Costs
ABITIBIBOWATER INC: Newfoundland Government Expropriates Assets
ABITIBIBOWATER INC: To Sell Equity Interest in ACH for C$540MM

ADAMS CHILDRENSWEAR: To Go Into Administration
ATLANTIC FASHIONS: Liquidated by Manchester High Court
BRISTOW'S: Bought Out of Receivership by Andrew Walsh
C ST. IVES: Appoints Joint Liquidators from PKF
ELITE SERVICES: Taps Joint Administrators from BDO Stoy

HUCKLESBROOK GARAGE: Names Joint Administrators from BDO Stoy
INTERNATIONAL POWER: Fitch Affirms Senior Unsecured Rating at 'BB'
KEYSTONE AVC: Appoints Joint Administrators from BDO Stoy
MATRIX ENGINEERING: Bought Out of Administration by Kelman
TITAN HOLDINGS: Brings in Joint Administrators from PKF

WOODCOTE BUILDING: Calls in Joint Administrators from PKF


X X X X X X X X

* FITCH: US$17.4MM Bailout Gives Automakers Temporary Relief

* Large Companies with Insolvent Balance Sheet


                         *********


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


AG SPORT TIMING: Claims Registration Period Ends January 9
----------------------------------------------------------
Creditors owed money by AG Sport Timing (FN 247004t) have until
Jan. 9, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Michael Pacher
         Kaiserfeldgasse 1/2/2nd Floor
         8010 Graz
         Austria
         Tel: 0316/82 90 73
         Fax: 0316/82 90 73 - 73
         E-mail: rechtsanwaelte@pacherundpartner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Jan. 14, 2009, for the
examination of claims at:

         Graz Land
         Room 222
         Graz
         Austria

Headquartered in Feldkirchen bei Graz, Austria, the Debtor
declared bankruptcy on Nov. 21, 2008, (Bankr. Case No. 26 S
140/08w).


BUSCH BAUSERVICE: Claims Registration Period Ends January 7
-----------------------------------------------------------
Creditors owed money by LLC (FN 309367b) have until Jan. 7, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Katharina Widhalm-Budak
         Favoritenstrasse 22/12a
         1040 Wien
         Austria
         Tel: 504 64 08
         Fax: 504 64 08 22
         E-mail: widhalm-budak@mitrecht.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on Jan. 21, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 20, 2008, (Bankr. Case No. 28 S 152/08v).


DOLEZAL & CO: Claims Registration Period Ends January 9
-------------------------------------------------------
Creditors owed money by KG Dkfm. Dolezal & Co (FN 007463a) have
until Jan. 9, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Arno Roman Lerchbaumer
         Marburger Kai 47
         8010 Graz
         Austria
         Tel: 0316/82 22 44-0
         Fax: 0316/82 22 44 -22
         E-mail: office@lerchbaumer.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Jan. 14, 2009, for the
examination of claims at:

         Graz Land
         Room 222
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Nov. 21, 2008, (Bankr. Case No. 40 S 61/08f).


HFL HANS: Claims Registration Period Ends January 7
---------------------------------------------------
Creditors owed money by LLC HFL Hans Linz (FN 272244i) have until
Jan. 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Erwin Bajc
         Mittergasse 28
         8600 Bruck an der Mur
         Austria
         Tel: 03842-51462
         Fax: 03842-51462-10
         E-mail: rechtsanwaelte@bzt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Jan. 21, 2009, for the
examination of claims at:

         Land Court of Leoben (609)
         Hall 4
         Leoben
         Austria

Headquartered in St. Martin am Grimming, Austria, the Debtor
declared bankruptcy on Nov. 20, 2008, (Bankr. Case No. 18 S
71/08d).


REINER BUSS: Claims Registration Period Ends January 7
------------------------------------------------------
Creditors owed money by LLC Reiner Buss (FN 246338m) have until
Jan. 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Katharina Twaroch-Nowak
         Gusshausstrasse 23
         1040 Wien
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei.twaroch@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:10 p.m. on Jan. 21, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 20, 2008, (Bankr. Case No. 28 S 153/08s).


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


FORTIS: Lost EUR295 Million on Suspended BNP Paribas Takeover
-------------------------------------------------------------
In preparation of the contemplated closing of the transactions
with the Belgian government and BNP Paribas announced on 6
October, Fortis acquired US dollars and pounds sterling on
December 8.  These currency transactions were entered into in
order to enable Fortis to provide its portion of the funding of
the envisaged structured credit portfolio entity, Royal Park
Investments, in the currency of the assets of the portfolio.

Following the unexpected ruling by the Court of Appeal of Brussels
of December 12, the closing of the transactions with the Belgian
government and BNP Paribas, including the
envisaged structured credit portfolio entity, was suspended. Given
the current uncertainty, Fortis decided to sell the US dollars and
pounds sterling again, resulting in a net loss for Fortis of
EUR295 million.  This loss reflects the recent devaluation of the
US dollar and the pound sterling.

The loss has reduced the pro forma net cash position on 30
September 2008 (as published on December 19) from EUR2.1 billion
to EUR1.8 billion and pro forma shareholders' equity from EUR6.7
billion to EUR6.4 billion.

                         About Fortis N.V.

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

                            *     *     *

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


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


CARRERE GROUP: Seeks Redressement Judiciare
-------------------------------------------
John Hopewell at Variety reports that French TV producer Carrere
Group has sought "redressement judiciare".

According to the report, the credit crunch, unwise expansion and
the reluctance of its founder, 72-year-old Charles Carrere, to
relinquish control contributed to the company's collapse.

The company, the report discloses, is also under investigation by
France's Financial Markets Authority regulator, suspected of
inaccurate company reporting.

The report says the receivership will see a court-appointed
administrator attempt to restructure debt or put Carrere into
liquidation.

Citing French newspaper Les Echos, the report discloses Carrere
racked up debts of around US$84 million.

Companies said to be eyeing Carerre assets include Fabrice Larue
and Lagardere Active, the report reveals.

In November, Carrere posted operating profit losses for 2007 of
EUR116 million (US$162.3 million) against revenues of US$188.3
million, the report relates.


DELPHI CORP: Keeps Plan Exclusivity From Committee Until March 31
-----------------------------------------------------------------
Delphi Corp. has retained its sole right to file a reorganization
plan until March 31, 2008.

The U.S. Bankruptcy Court for the Southern District of New York
allowed Delphi to retain from the official committee of unsecured
creditors its exclusive rights to propose a Chapter 11 plan.
Other creditors are precluded by the confirmed plan from filing a
competing plan of their own, even though Delphi was unable to
implement the plan that the Court confirmed in January 2008,
Bloomberg's Bill Rochelle reports.

As reported by DELPHI BANKRUPTCY NEWS, the hearing to consider
preliminary approval of Delphi'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 Court changes to their 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.

The Debtors submitted proposed modifications to their confirmed
Plan of Reorganization on Oct. 3, 2008.  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
USUS$3.8 billion in exit financing to emerge from bankruptcy."

GM has recorded Delphi-related charges USUS$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 on US$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 USUS$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


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


ADETY GMBH: Claims Registration Period Ends February 2
------------------------------------------------------
Creditors of Adety GmbH have until Feb. 2, 2009, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Leipzig
         Hall 056
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Hans-Juergen Paul
         Getzelauer Strasse 2
         04279 Leipzig
         Germany
         Tel: 0341/336090
         Fax: 0341/3360970
         E-mail: kanzlei@paul-inso.de

The District Court opened bankruptcy proceedings against the
company on Dec. 16, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Adety GmbH
         Attn: Peter Flory and
               Matthias Koehler, Managers
         Dorfstrasse 17
         04416 Markkleeberg
                  Germany


BRASSERIE CENTRALE: Claims Registration Period Ends February 3
--------------------------------------------------------------
Creditors of Brasserie Centrale GmbH have until Feb. 3, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on March 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Guenter Staab
         Sulzbachstrasse 26
         66111 Saarbruecken
         Germany
         Tel: (0681) 3090 416
         Fax: (0681) 3090 456

The District Court opened bankruptcy proceedings against the
company on Dec. 16, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Brasserie Centrale GmbH
         Attn: Thomas Rheinheimer, Manager
         Stummplatz 2
         66538 Neunkirchen
         Germany


ISB SOZIALE: Claims Registration Period Ends February 2
-------------------------------------------------------
Creditors of ISB Soziale Dienstleistungen GmbH have until Feb. 2,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Leipzig
         Hall 056
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Goerge Scheid
         Jacobstrasse 25
         04105 Leipzig
         Germany
         Tel: 0341/702520
         Fax: 0341/7025244
         E-mail: Sozietaet@Voigt-Scheid.de

The District Court opened bankruptcy proceedings against the
company on Dec. 17, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         ISB Soziale Dienstleistungen GmbH
         Attn: Christoph Dinkelmeier, Manager
         Walsdtr. 3
         04105 Leipzig
         Germany


MULTI PRODUCTION: Claims Registration Period Ends February 2
------------------------------------------------------------
Creditors of Multi Production GmbH have until Feb. 2, 2009, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         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:

         Stefanie Luethje
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Fax: 0421/79257-0
         Fax: 0421/7925757

The District Court opened bankruptcy proceedings against the
company on Dec. 12, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Multi Production GmbH
         Attn: Rainer Datz, Manager
         Ahornring 10
         27321 Thedinghausen
         Germany


PLAYHOUSE ANKLAM: Claims Registration Period Ends January 28
------------------------------------------------------------
Creditors of Playhouse Anklam GmbH have until Jan. 28, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Feb. 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall AE 26
         House A
         Bielkenhagen 9
         Stralsund
         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:

         Heiko Jaap
         Steinbeckerstrasse 10
         17489 Greifswald
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 11, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Playhouse Anklam GmbH
         Attn: Mirko Wegner, Manager
         Friedlander Strasse 15
         17389 Anklam
         Germany


UR POWER SERVICE: Claims Registration Period Ends January 28
------------------------------------------------------------
Creditors of UR Power Service GmbH have until Jan. 28, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Feb. 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court 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:

         Stephan Michels
         Hafenweg 46- 48
         48155 Muenster
         Germany
         Tel: 0251/609652-0
         Fax: +4925160965229

The District Court opened bankruptcy proceedings against the
company on Dec. 15, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         UR Power Service GmbH
         Hafenweg 15
         48155 Muenster
         Germany

         Attn: George Parker, Manager
         515 Madison Avenue
         Suite 1201
         10022 New York
         USA


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


KAUPTHING BANK: LIA Inks Buyout Deal with Luxembourg Gov't
----------------------------------------------------------
The Libyan Investment Authority, a financial group in Libya,
reached an agreement with the Luxembourg government for the buyout
of Kaupthing Bank hf, The Tripoli Post reports citing Luc Frieden,
Minister of the Treasury of the Grand Duchy of Luxembourg.

The report however notes that while Belgium agreed for the
takeover, it could not sign after the government of the country
resigned following the controversial sale of Fortis Bank to BNP
Paribas.

According to the report, the takeover by the LIA will bring fresh
capital funds to Kaupthing that will enable the 22,000 Belgian and
Luxembourg customers recover their savings.

                      About Kaupthing Bank

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
October 13, 2008, Fitch Ratings downgraded Kaupthing Bank hf.'s
Long-term Issuer Default rating to 'D' from 'CCC' and removed it
from Rating Watch Evolving.  This follows the announcement that
Kaupthing is now subject to similar arrangements as its two
Icelandic peers, Glitnir Banki and Landsbanki Islands, with the
Icelandic authorities effectively seizing control of the bank.

At the same time, Moody's Investors Service downgraded the bank
financial strength rating (BFSR) of Kaupthing Bank hf to E from
D+, its long-term deposit ratings to Caa1 from Baa3, the long-term
senior debt ratings to Caa2 from Ba1.  In addition, Moody's
downgraded the bank's subordinated debt to C from Ba2 and its
preferred stock to C from B1.  The bank's short-term rating was
downgraded to Not-Prime from P-3.  Moody's is maintaining
Kaupthing's long-term deposit ratings, the long-term senior debt
ratings and its BFSR on review for further possible downgrade.


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


FIRST EQUITY: High Court Appoints Interim Examiner
--------------------------------------------------
Arthur Bessley at The Irish Times reports that Dublin-based asset
management firm First Equity Group has gone into examinership.

Mr Justice Paul Gilligan of the High Court has appointed Kieran
Wallace, of accountants KPMG, as interim examiner at the petition
of the company, which has projects worth EUR1 billion, the report
discloses.

According to the report, the company faces severe difficulty
raising debt and project finance and fresh capital from existing
or new investors.

The report relates that as a result of its cash flow shortage, the
company cannot pay a 20-30 per cent annual coupon on unsecured
loans for a total of EUR10 million from about 25 clients,
prompting the examinership process.

Trade creditors meanwhile are owed less than EUR2 million, the
report adds.

The examinership process provides 100 days' protection from
creditors, the report states.  The case comes before the court
again on January 12, 2008.

The report notes that should the examinership fail, it is likely
that investors will be given the option of taking direct control
over the projects or arranging for their transfer to a new asset
manager.  In any such scenario, assessing the current valuation of
the projects themselves would be a prime consideration, the report
says.

However, the company, as cited by the report, said the
examinership "does not affect the projects managed by First Equity
Group or any investor capital, which continues to be secured
independently by those projects".

The company said that while its "net assets are greater than its
liabilities", its "cash flow has been hampered by the inability of
third parties to meet their commitments to the firm".

Established in 1995 First Equity is the business name of Gallium
Ltd.  The most recent accounts for Gallium show the company made
an operating loss of just over EUR5 million, but had unrecognized
profit on investments of EUR7.5 million in the 12 months to
December 2007.  The company's shareholders funds totaled EUR10.5
million, made up of a revaluation reserve of EUR11.8 million less
accumulated losses of EUR1.3 million, the report reveals.

Tom Dowling, a former tax inspector, holds a 65% stake in First
Equity, while businessman Alan Barry, owns 35% of the company.
The company also has offices in London and Los Angeles.  It
currently has 20 projects under management - in Britain, the US,
mainland Europe and Ireland.


KITCHEN WORLD: Goes Into Examinership; Debts Stood at EUR14 Mln
---------------------------------------------------------------
Ian Kehoe at the Sunday Business Post reports that kitchen maker
Kitchen World has gone into examinership after being hit by the
marked deterioration in the construction sector.

According to the report, the company racked up debts of more than
EUR14 million.

The report relates the directors of the company asked the High
Court for bankruptcy protection after attempts to renegotiate the
company's debts with its main lender broke down.

The company, the report recounts, was engaged in talks with Anglo
Irish Bank to restructure its EUR9 million bank debt, but the
talks collapsed in recent days.

Kieran Wallace, a corporate restructuring partner with KPMG, has
been appointed as examiner to two group companies, Modern Kitchens
Manufacturing and E.Van Investments, the report discloses.

Mr. Wallace, the report relates, has a maximum of 100 days to
prepare a rescue plan for the business, during which the company
has court protection from creditors.  The company, however, will
continue to trade while the examiner attempts to reach deals with
creditors and secure new investment, the report notes.

Established in 1995 Kitchen World has three stores in Dublin and
outlets in Louth, Meath, Cavan,Wicklow, Kildare, Carlow and
Waterford.


LITTLE BIRD: Lack of Funding Prompts Receivership
-------------------------------------------------
Ian Kehoe at the Sunday Business Post reports that Dublin-based
film company Little Bird Holdings has gone into receivership after
failing to raise funds.

Kieran Wallace, an accountant with KPMG in Dublin, has been
appointed as receiver of the company, the report discloses.

The report relates that James Mitchell, the company's director,
said the company was due to receive EUR6 million in funding under
a financing deal with South African gold mining firm Metallon
Corporation, but the money was not received in full.  Mr. Mitchell
said it was the subject of litigation in South Africa.

The report adds that according to Mr. Mitchell, attempts to raise
other finance were hampered by the international economic crisis.

Mr. Mitchell, however, said management hoped to work through the
difficulties in an effort to "redress and pay creditors", the
report notes.

"We are not just closing the door," Mr. Mitchell was quoted by the
report as saying.  "Obviously, there will be some collateral
damage but there are elements of the business that are strong."

The report states the group consists of 32 companies in five
countries, many of which are continuing to trade.


WATERFORD WEDGWOOD: Senior Lenders Extend Forbearance Period
------------------------------------------------------------
Waterford Wedgwood plc in a press statement on Monday,
December 22, 2008, said that Bank of America, as agent to the
group's senior lenders, has confirmed to the company that the
group's senior lenders have agreed to a further extension of the
forbearance referred to in the December 12, 2008 announcement for
the period through January 2, 2009.

Ongoing discussions with an interested institutional investor and
the group's senior lenders continue to be advanced and a
further announcement will be made as and when appropriate.

As reported in the TCR-Europe on December 10, 2008, in its interim
financial report for a 26 week period ending October 4, 2008, the
company noted that failure to obtain further forbearance from the
senior lenders would compromise its ability to continue as a going
concern.

On Dec. 3, 2008, the TCR-Europe reported that the company
deferred semi-annual coupon payment on its 9 7/8% EUR166,028,000
Mezzanine Notes.  The company has the benefit of a 30 day grace
period, starting on December 1, 2008, in respect of such coupon
payment.

According to the report, the group's senior lenders have agreed to
a forbearance in respect of certain conditions of the group's
facility agreement.  Specifically, this forbearance relates to a
cross-default under the facility agreement occasioned by the non-
payment of the Notes coupon, the breach resulting from the testing
of covenants which occurs if the company does not maintain EUR15
million of available but undrawn credit under the facility
agreement (the majority of which will instead be used by the group
to continue to support its operations), and the requirement under
the group's facility agreement to raise an aggregate EUR150
million of new equity (of which EUR79.6 million has already been
raised under the recently completed open offer) by no later than
November 30, 2008.  This forbearance is for the period to December
5, 2008.

On Dec. 12, 2008, Waterford announced that the group's senior
lenders have agreed to a further extension of the forbearance
referred to in the December 1, 2008 announcement for the period
through December 19, 2008.

                About Waterford Wedgwood

Headquartered in Dublin, Ireland, Waterford Wedgwood plc
-- http://www.waterfordwedgwood.com/-- designs, manufactures
and markets branded luxury lifestyle tabletop products,
including high quality crystal, fine bone china, fine porcelain
and earthenware.  The company's portfolio of established luxury
lifestyle brands includes Waterford, Wedgwood, Royal Doulton and
Rosenthal.

                        *     *     *

As reported in the TCR-Europe on Dec. 3, 2008, Standard & Poor's
Ratings Services said that it lowered to 'SD' from 'CCC' its long-
term corporate credit rating on Ireland-based luxury table- and
dinnerware manufacturer Waterford Wedgwood PLC.  At the same time,
S&P lowered to 'D' from 'CC' the rating on the EUR166 million
subordinated mezzanine notes due 2010.  The recovery rating of '6'
remains unchanged, and indicates S&P's expectation of negligible
(0%-10%) recovery.

As reported by the TCR-Europe on Dec. 3, 2008, Moody's Investors
Service downgraded Waterford Wedgwood plc Corporate Family Rating
to Caa3 from Caa1, the Probability of Default Rating to Ca from
Caa2 and the senior subordinated rating on the EUR166 million
notes due in 2010 to Ca from Caa3.  The ratings were also placed
under review for further possible downgrade.  The action reflects
the company's decision not to make the semi-annual coupon payment
on the subordinated notes.

On Dec. 3, 2008, the TCR-Europe reported that Fitch Ratings
downgraded Waterford Wedgwood plc's Long-term Issuer Default
Rating to 'C' from 'CCC'.  The Short-term IDR is currently at 'C'.
Both ratings are placed on Rating Watch Negative.  The agency has
simultaneously taken these rating actions on two of Waterford's
debt instruments:

  -- Senior tranche B downgraded to 'CCC' from 'B-'(B minus);

  -- Recovery Rating downgraded to 'RR3' from 'RR2'; placed
     on RWN

  -- EUR166 million mezzanine notes due 2010 downgraded to 'C'
     from 'CC';

  -- Recovery Rating affirmed at 'RR6'


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


SOCIETA GESTIONE: Fitch Affirms 'CSS2+' Special Servicer Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Societa Gestione Crediti S.r.l./Archon
Group Italia S.r.l's Italian Residential and Commercial Special
Servicer ratings at 'RSS2+' and 'CSS2+', respectively.

The ratings are based on the companies' more centralized approach
to asset management and servicing compared to its rated peers.
They also reflect the support provided by its parent, Goldman
Sachs (rated 'AA-'(AA minus)/'F1+'/Stable Outlook), including
strong risk management oversight through the parent's robust
internal audit.  Further benefit is gained from SGC/AGI's advanced
technology platform enhanced over the last 12 months through
various initiatives, including a complete re-write of AGI's loan
management system.

As at September 30, 2008, SGC/AGI managed 10 portfolios, including
approximately 55,534 loans with a gross book value of EUR2.57bn.
The secured portfolio (loans backed by residential and commercial
properties) represents 74% of the total by GBV.  The bulk of the
assets are located in central Italy (41%) and residential
properties account for 37% of the portfolio by value.  While
Fitch's RSS and CSS ratings are based on the companies' ability to
manage the work-out process for secured NPLs, the agency takes
into account the loan collection procedures relating to unsecured
assets and their impact, if any, on processes relating to the
secured assets.  Fitch believes the unsecured collection
procedures to be robust, and do not adversely impact on the work-
out of secured loans.


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


ALTYNBEKOV & K: Creditors Must File Claims by February 5
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Altynbekov & K insolvent.

Creditors have until Feb. 5, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


ASTANA FINANCE: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based JSC Astana Finance's
ratings, including its Long-term Issuer Default rating at 'BB'
with Negative Outlook, and its Individual rating at 'D/E'.  The
agency has also assigned ratings to AF's leasing subsidiary JSC
Astana Finance Leasing Company.

AF's IDRs and its Support rating reflect what Fitch considers is a
moderate probability that support would be made available to AF
from its 25.5% beneficial shareholder, state-owned Fund for
National Welfare 'Samruk-Kazyna' or potentially the Kazakhstani
sovereign (rated Long-term IDR BBB-(BBB minus)/Outlook Negative),
in the event of need.  Samruk-Kazyna was formed in H208 after the
government decided to merge the state-owned Fund for Sustainable
Development 'Kazyna' with Kazakhstan Holding for Management of
State Assets 'Samruk'.  Kazyna has provided a letter of comfort to
AF's noteholders, lenders and other interested parties which, in
Fitch's opinion, creates a strong moral obligation on the part of
Samruk-Kazyna and/or the Kazakhstani sovereign to support AF, if
needed.  The Negative Outlooks on Foreign and Local currency IDRs
are aligned with those on Kazakhstan's sovereign ratings.

AF's Individual Rating reflects risks associated with AF's
deteriorating asset quality, substantial loan and funding
concentrations on both sides of the balance sheet and high, albeit
much reduced, leverage.  It also recognizes Fitch's concerns
regarding AF's significant dependence on foreign wholesale funding
and the challenging operating environment.  Earnings are likely to
weaken further as asset quality weakens in a deteriorating
economic climate in Kazakhstan.  Furthermore, mark-to-market
losses on securities in H208 could make the group loss-making, and
the agency notes that the group is finding it increasingly hard to
find willing counterparties to hedge FX risks.  On balance,
therefore, there are more downside risks to AF's Individual Rating
than there is upside potential.

Fitch believes AF would have a very high propensity to provide
timely financial support to AFL should it be needed because of
AFL's shared name, full ownership, strategic importance and cross-
default clauses in AF's own Eurobond documentation.  Intra-group
receivables/payables are also very high, making it hard to
differentiate potential default risk with AF.  Fitch believes
Samruk-Kazyna would support AF if it needed resources to support
AFL.  AFL's ratings have, therefore, been aligned with those of
AF.

Following discussions with AF, Fitch understands that the change
of control clauses are not triggered by Samruk-Kazyna being owner
of the 25.5% stake in AF and that Samruk-Kazyna will shortly issue
a new comfort letter in respect of AF's obligations that is
similar to (and will replace) the existing, strongly worded letter
from Kazyna.  If not, the ratings of AF and AFL could be
vulnerable to downgrades of more than one notch.

AF's term funding is sourced mainly from the local and
international debt capital markets and banks, but is predominantly
long-term in nature.  Reliance on wholesale sources is a weakness,
given that AF's access to international funds at an acceptable
price has been severely affected by the global credit crunch.  At
end-November 2008, Fitch has been informed that AF had around
KZT40 billion (US$330 million) of freely available cash and
securities eligible for repo.  Debt repayments were/are KZT6
billion in December, KZT5 billion in January and KZT15bn in
February, primarily AF's debut US$125 million Eurobond.
Thereafter, debt repayments due over the rest of 2009 are only
around KZT4 billion.  New lending is presently extremely limited
because of AF's severely restricted access to new funding outside
ECA-backed loans and local borrowings.  Liquidity from loan
repayments is being partially used to buy back debt, Fitch
understands.

AF was created in 1997 by the Municipality of Astana to facilitate
development finance (loans, leasing and equity) for Astana, the
capital of Kazakhstan, and for the surrounding Akmola region.  It
has since diversified geographically and into certain aspects of
investment banking.

Rating actions are:

JSC Astana Finance

  -- Long-term IDR: affirmed at 'BB' with Negative Outlook

  -- Local currency Long-term IDR: affirmed at 'BB' with Negative
     Outlook

  -- Short-term IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'A+(kaz)' with Stable
     Outlook

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

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB'

  -- Senior unsecured debt: affirmed at 'BB'

JSC Astana Finance Leasing Company

  -- Long-term IDR: assigned at 'BB' with Negative Outlook

  -- Short-term IDR: assigned at 'B'

  -- Local Currency LT IDR: assigned at 'BB' with Negative Outlook

  -- National Long-term Rating: assigned at 'A+(kaz)' with Stable
     Outlook

  -- Support rating: assigned at '3'


BAGARA-2007 LLP: Proof of Claim Deadline Slated for February 5
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Bagara-2007 insolvent.

Creditors have until Feb. 5, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


HIGH END: Claims Filing Period Ends February 10
-----------------------------------------------
LLP High End Consulting has declared insolvency.  Creditors have
until Feb. 10, 2009, to submit written proofs of claims to:

         LLP High End Consulting
         Tulebaev Str. 194-19
         Almaty
         Kazakhstan
         Tel: 8 (7272) 91-30-43


EKO BEN: Creditors' Claims Due on February 5
--------------------------------------------
LLP Eko Ben Oil PV has declared insolvency.  Creditors have until
Feb. 5, 2009, to submit written proofs of claims to:

         LLP Eko Ben Oil PV
         Kairbaev Str. 94
         140000 Pavlodar
         Kazakhstan


JOL DOR: Proof of Claim Deadline Slated for February 10
-------------------------------------------------------
LLP Kaz Jol Dor Trans has declared insolvency.  Creditors have
until Feb. 10, 2009, to submit written proofs of claims to:

         LLP Kaz Jol Dor Trans
         Kabanbai batyr Str. 1
         Al-Farabyisky
         Shymkent
         160050 South Kazakhstan
         Kazakhstan


MAG LLP: Claims Filing Period Ends February 10
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Joint Enterprise Mag insolvent.

Creditors have until Feb. 10, 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


NAIZAGAI SERVICE: Claims Registration Ends February 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Naizagai Service insolvent on Nov. 14, 2008.

Creditors have until Feb. 5, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Aimanov Str. 194
         Almaty
         Kazakhstan
         Tel: 8 701 713 23-83


PARNAS LLP: Creditors' Claims Due on February 10
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Parnas insolvent.

Creditors have until Feb. 10, 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


SUZMK ENERGO: Claims Registration Ends February 5
-------------------------------------------------
LLP Scientific Manufacturing Enterprise Suzmk Energo has declared
insolvency.  Creditors have until Feb. 5, 2009, to submit written
proofs of claims to:

         LLP Scientific Manufacturing
         Enterprise Suzmk Energo
         Post Office Box 155
         Vostochny promrayon
         140000 Pavlodar
         Kazakhstan


URGE-OIL LLP: Creditors Must File Claims by February 10
-------------------------------------------------------
LLP Urge-Oil has declared insolvency.  Creditors have until Feb.
10, 2009, to submit written proofs of claims to:

         LLP Urge-Oil
         Oktyabrskaya Str. 45
         Shymkent
         South Kazakhstan
         Kazakhstan


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


AK-TECHNO-LTD LLC: Creditors Must File Claims by February 12
-----------------------------------------------------------
LLC Ak-Techno-Ltd has declared insolvency.  Creditors have until
Feb. 12, 2009, to submit written proofs of claims.

The company can be reached at: (+996 312) 54-84-70


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


* LATVIA: IMF Approves EUR1.68 Bln Stand-By Arrangement
-------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) has
approved a 27-month SDR1.52 billion (about EUR1.68 billion, or
US$2.35 billion) Stand-By Arrangement for Latvia to support the
country's program to restore confidence and stabilize the economy.
The approval makes SDR535.3 million (about EUR591.5 million, or
US$826.3 million) immediately available and the remainder in nine
installments subject to quarterly reviews.  The Stand-By
Arrangement entails exceptional access to IMF resources, amounting
to about 1,200 percent of Latvia's quota, and was approved under
the Fund's fast-track Emergency Financing Mechanism procedures.

The program is centered on maintaining Latvia's exchange rate peg
while recognizing that this calls for exceptionally strong
domestic policies and substantial international financial
assistance.  Key elements include:

    * immediate measures to stem the loss of bank deposits and
      international reserves;

    * steps to restore confidence in the banking system in the
      medium-term and to support private debt restructuring;

    * fiscal measures to limit the substantial widening in the
      budget deficit, and prepare for early fulfillment of the
      Maastricht criteria; and

    * incomes policies and structural reforms that will rebuild
      competitiveness under the fixed exchange rate regime.

The program is part of a coordinated international effort.  The
European Commission has participated fully in the preparation of
the program, along with representatives from the ECB (in line with
Latvia's ERM2 membership), Sweden and other Nordic countries.
With substantial international support, these policies should
allow the economy eventually to emerge from a period of slow
growth, with fewer strains on corporate and household balance
sheets.

The Fund's Stand-By Arrangement will fill just over 20 percent of
the country's 2009-2011 net financing gap.  The remainder will be
met by the European Union, the European Bank for Reconstruction
and Development, the World Bank and other bilateral creditors.  As
part of the program, foreign parent banks operating in Latvia have
affirmed their commitment to provide their subsidiaries with
adequate financing.

Following the Executive Board discussion on Latvia, Mr. Dominique
Strauss-Kahn, Managing Director and Chairman, said:

"Latvia faces severe economic challenges.  Pressures on liquidity
and on international reserves are intense, in part caused by the
global financial crisis.  These pressures have come at a time of
growing concern over the sustainability of Latvia's external debt
and increasing vulnerabilities associated with the unsustainable
credit and growth boom that followed Latvia's accession to the EU.
Very high wage growth in recent years, far outstripping
productivity gains, have severely undermined Latvia's
competitiveness and contributed to large external imbalances.

"The Latvian authorities have developed a program with the
exceptionally strong policies needed to address these challenges.
Their program is centered on their determination to maintain the
current exchange rate peg in order to lay the groundwork for
Latvia's entry into the euro area as soon as possible.  For this
reason, and given the need to improve competitiveness, a lengthy
period of price compression, including wage reductions, will be
unavoidable.  A deep recession and a drawn-out recovery appear
inevitable.

"Sustaining the government's large fiscal adjustment will be
critical to the success of the program.  Given the government's
difficulties in borrowing and the likely additional budgetary
burden associated with the costs of bank restructuring, measures
to contain the budget deficit are unavoidable.  Sizable
expenditure cuts will be a central part of the fiscal adjustment.
Spending on public investment will be maintained, and social
spending protected.

"Financial sector reform to strengthen the banking system will
also be key.  The government's actions to take control and install
new management in a major domestic bank are an essential step for
stabilization.  For the banking sector in general, enhancing the
market regulator's ability to monitor the financial system, and
clarifying procedures for providing emergency liquidity
assistance, will help promote financial stability.

"The Latvian authorities' program is an appropriately ambitious
response in the current circumstances.  Determined implementation
of this program-supported by the 27-month Stand-By Arrangement
under the IMF's exceptional access policy and the very substantial
financial assistance expected from Latvia's European Union, Nordic
and other international partners-will help address Latvia's
immediate balance of payments needs.  For the future, the program
should contain and reverse the increase of external debt, improve
competitiveness and return Latvia to a sustainable growth path,"
Mr. Strauss-Kahn said.

               Recent Economic Developments

The current global financial crisis has brought Latvia's
vulnerabilities to a head.  Years of unsustainably high growth and
large current account deficits have coalesced into a financial and
balance of payments crisis.

Since end-August, private sector deposits have fallen by 10
percent, led by a run on Parex Bank (the second largest bank, and
largest domestically owned) which encountered severe liquidity
problems after it lost more than a quarter of its deposits.
Attempts by the government to negotiate a partial take over of
this bank, while allowing the main shareholders to retain
significant influence, failed to restore confidence.  From end-
August to end-November, official reserves fell by almost 20
percent to EUR3.4 billion, one third of short-term external debt
and just over 100 percent of base money (from 127 percent in
September), as the central bank sold foreign currency to defend
the peg.

Despite this substantial intervention, since early October the
exchange rate has remained at its upper (depreciated) band, while
interbank spreads have spiked.  Concerns over the financial system
and external debt sustainability increased, and the exchange rate
peg came under threat.

                     Program Summary

The authorities' program aims to stem the current liquidity crisis
and then ensure long-term external stability, while maintaining
the exchange rate peg:

The immediate three objectives of the program are to stabilize the
financial sector, restore depositor confidence, and to avoid the
disorderly adjustment that would follow if the exchange rate peg
were abandoned.

To maintain the peg, the program includes measures that ring fence
and resolve the immediate problems in Parex Bank, to prevent
contamination to the rest of the system.  It also draws on
substantial outside international financial assistance to meet the
demand for foreign exchange.

For the medium-term, the program includes measures to promote
economic adjustment and strengthen the peg.  The program includes
measures to restore confidence in the broader financial system, to
halt the drain of external liquidity.  Substantial fiscal policy
tightening will reduce financing needs, foster real depreciation,
and make room for potentially large contingent financial sector
liabilities.  The program's aim is to meet the Maastricht deficit
criteria to facilitate adoption of the euro.  This exit strategy
should help prevent a recurrence of the current difficulties.

The program includes strong incomes policies to reduce inflation
and improve competitiveness, and structural policies that should
boost productivity growth and help generate the much-needed shift
from non-tradables to tradables production.  Private sector debt
restructuring will also likely be needed.

The IMF also supports the protection of social spending embedded
in the program.  Latvia's social spending will increase under the
program from 21 to 25 percent of the budget, or by 11/2 percent of
GDP between 2008 and 2009, to bring it closer with EU and OECD
averages.  Additional measures to improve the targeting of the
social benefits system should be included in the second
supplementary budget for 2009.

The unequivocal commitment of the authorities, and of the other
stakeholders to the exchange rate peg has determined their choice
of program strategy.  Though this commitment augurs well for
program ownership, the authorities also recognize that their
choice brings difficult consequences, including the need for
fiscal tightening and the possibility that recession could be
protracted.

Latvia joined the IMF on May 19, 1992; its quota is SDR126.80
million (about EUR140.1 million, or US$195.7 million), and has no
outstanding use of IMF credits.


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


AMUR-ZOLOTO LLC: Creditor Must File Claims by February 19
---------------------------------------------------------
Creditors of LLC Amur-Zoloto (TIN 2801085754) (Precious Metals
Mining) have until Feb. 19, 2009, to submit proofs of claims to:

         O. Filippova
         Insolvency Manager
         Office 306
         Chaykovskogo Str. 7
         Blagoveshchensk
         675002 Amurskaya
         Russia

The Arbitration Court of Amurskaya will convene on Mar. 11, 2009,
to hear bankruptcy proceedings.  The case is docketed under Case
No. ?04-4951/0810/359B.

The Debtor can be reached at:

         LLC Amur-Zoloto
         Office 16
         Zeyskaya Str. 173a
         Blagoveshchensk
         675000 Amurskaya
         Russia


GAZ-INVEST-BANK OJSC: Creditor May File Claims
----------------------------------------------
Creditors of OJSC Gaz-Invest-Bank Commercial Bank may submit
proofs of claims to:

         Head Office
         Building 3
         Shluzovaya Naberezhnaya 6
         115114 Moscow
         Russia

Branch Office in Novy Urengoy:

         26 syezd KPSS Str. 2a
         Novy Urengoy
         Yamalo-Nentskiy
         629300 Tumenskaya
         Russia


KENZHENSKIY CANNERY LLC: Creditors Must File Claims by Jan. 19
--------------------------------------------------------------
Creditors of LLC Kenzhenskiy Cannery have until Jan. 19, 2009, to
submit proofs of claims to:

         B. Dumanov
         Temporary Insolvency Manager
         Apt. 61
         Tarchokova Str. 54
         Nalchik
         360000 Kabardino-Balkaria
         Russia

The Arbitration Court of Kabardino-Balkaria commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ? 20
2471/2008.

The Debtor can be reached at:

         LLC Kenzhenskiy Cannery
         Stepnaya Str. 76
         360904 Kenzhe
         Russia


KOVYLKINO-LES-TOP LLC: Creditors Must File Claims by January 19
---------------------------------------------------------------
Creditors of LLC Kovylkino-Les-Top (TIN 1323122640) (Solid Fuel
Trade) have until Jan. 19, 2009, to submit proofs of claims to:

         A. Romanov
         Insolvency Manager
         Sovetskaya Str. 4
         440026 Penza
         Russia

The Arbitration Court of Mordovia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?393943/2008141/6.

The Debtor can be reached at:

         LLC Kovylkino-Les-Top
         Frunze Str. 2
         Kovylkino
         Kovylkinskiy
         Mordovia
         Russia


KVARTIRA DLYA: Creditors Must File Claims by January 19
-------------------------------------------------------
Creditors of LLC Kvartira dlya Vsekh have until Jan. 19, 2009, to
submit proofs of claims to:

         M. Starynin
         Insolvency Manager
         Office 34
         Rozhdestvenskiy Blvd. 5/7
         Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?4062916/0838-203B.

The Debtor can be reached at:

         LLC Kvartira dlya Vsekh
         Building 1
         Ivanteyevskaya Str. 4
         Moscow
         Russia


PROKOPYEVSK-UGOL LLC: Creditors Must File Claims by January 19
--------------------------------------------------------------
Creditors of LLC Prokopyevsk-Ugol Coal Company have until Jan. 19,
2009, to submit proofs of claims to:

         A. Ovchinnikov
         Insolvency Manager
         Office 605
         Ostrovskaya Str. 12
         650000 Kemerovo
         Russia

The Arbitration Court of Kemerovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?2712464/20084.

The Debtor can be reached at:

         LLC Prokopyevsk-Ugol
         Prospect Shakhterov 43
         Prokopyevsk
         Kemerovskaya
         Russia


PYAOZERSKIY LES-PROM-KHOZ: Karelia Bankruptcy Hearing Set May 6
----------------------------------------------------------------
The Arbitration Court of Karelia will convene on May 6, 2009, to
hear bankruptcy supervision procedure on OJSC Pyaozerskiy Les-
Prom-Khoz (TIN 1013000229) (Timber).  The case is docketed under
Case No. ?266774/2008.

The Temporary Insolvency Manager is:

         D. Kashin
         Office 510
         1st Yamskoe pole Str. 9/13
         15124 Moscow
         Russia

The Debtor can be reached at:

         OJSC Pyaozerskiy Les-Prom-Khoz
         Mira Str. 10a
         Loukhskiy
         Karelia
         Russia


SAROVBUSINESSBANK: Fitch Assigns 'D/E' Individual Rating
--------------------------------------------------------
Fitch Ratings has assigned Russia-based Sarovbusinessbank a Long-
term foreign currency Issuer Default rating of 'B-' (B minus).

The ratings reflect SBB's small size and limited franchise,
concentrated balance sheet, short-term funding base, as well as
liquidity and asset quality pressures arising from the worsening
operating environment in Russia.  However, the ratings also take
into account the bank's low loan impairment levels, currently
comfortable liquidity position and acceptable capitalization to
date.

In November 2008 SBB acquired a 75% stake in distressed regional
bank, Nizhegorodpromstroybank.  The acquisition was executed as
part of an agreement with the state-owned Deposit Insurance
Agency, under which DIA has bought the long-term mostly performing
loans of NPSB equal to about 50% of its total portfolio, while
cash received was used to improve NPSB's liquidity position and
redeem pending obligations towards its clients.  Fitch was
informed that SBB is not obligated to provide additional liquidity
to NPSB and that SBB is aiming only to exercise an effective
control over the bank's activities, stabilize its financial
position and improve its asset quality.

In Fitch's view, the liquidity risk arising from this acquisition
should be manageable, as funding received from DIA to support this
takeover was substantial relative to the bank's size, at about 50%
of total assets as at end-November 2008.  As at mid-December 2008,
the combined liquid assets of SBB and NPSB accounted for 53% of
their total customer funding (44% excluding one large deposit).

SBB's reliance on short-term and volatile customer funding is a
source of potential pressure in the current turbulent financial
markets.  In common with other Russian banks, in October 2008 SBB
experienced outflows of 14% of its retail deposits, although they
stabilized in November-December.  Fluctuations in corporate
accounts in Q408 were mainly attributed to the reduced balance of
one depositor (which accounted for 36% of SBB's customer accounts
at end-Q308), although this outflow was not unexpected based on
the customer's regular schedule of cash flows.  Outflows at the
NPSB level were more significant during October-December,
amounting to about 50% of its end-Q308 customer funding.

The asset quality of SBB was reasonable, with loans overdue by
more than 90 days at 1.2% of total loans at end-Q308.  Fitch was
informed that NPSB's overdue loans accounted for less than 1% of
the bank's total loans at end-November 2008.  However, asset
quality is likely to be adversely affected by the deteriorating
operating environment and the seasoning of the retail loan
portfolio.  SBB's exposure to construction and real estate was
substantial at 20% of total loans (or 63% of equity) at end-Q308,
heightening the bank's risk profile, while Fitch was informed that
the bank stopped new lending to these sectors in May 2008.

Concentration by borrower was also high: the top-20 borrowers
accounted for 46% of total loans or 144% of equity at end-Q308.
As at mid-December 2008 the capital/net loans ratio in SBB's
statutory accounts stood at 38% (regulatory capital ratio 24%).
The capitalisation of NPSB is also strong and the combined
capital/ net loans ratio for SBB and NPSB was comfortable at 44%
as of mid-December 2008, implying some cushion to absorb a rise in
loan losses.

Upside potential for the ratings is limited, especially given the
small size of SBB and its limited franchise, risks related to the
acquisition of NPSB as well as the challenging operating
environment.  Downward pressure could mainly result from a
material weakening of asset quality and/or a major liquidity
shortfall due to customer account volatility.

SBB is a small-sized Russian bank operating in Nizhny Novgorod
region, with its head office located in a closed city, Sarov.  As
of mid-December 2008, total assets of SBB were around RUR14
billion (US$503 million).  The bank is owned by four private
individuals.  NPSB is a Niznhy Novrogod-based bank, with total
assets of around RUR8 billion (US$288 million) as of mid-December
2008.  During the last 17 years NPSB was the leading local bank in
the Nizny Novgorod region.   Both banks view private individuals
as an important source of funding.

Ratings assigned:

  -- Long-term foreign currency IDR: 'B-' (B minus); Outlook
     Stable

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

  -- Support rating: '5'

  -- Individual rating: 'D/E'

  -- Support Rating Floor: 'No Floor'

  -- National Long-term rating: 'BB- (BB minus)(rus)'; Stable
     Outlook


SHAM-LES-PROM LLC: Court Names Insolvency Manager
-------------------------------------------------
The Arbitration Court of Komi has appointed A. Semyashkin as
Insolvency Manager for LLC Sham-Les-Prom (Forestry).  The case is
docketed under Case No. ?293659/2008.  He can be reached at:

         Petrozavodskaya Str. 17
         167005 Syktyvkar
         Russia

The Debtor can be reached at:

         LLC Sham-Les-Prom
         Usogorsk
         Komi
         Russia


STARODUBSKIY ELECTROTECHNICAL: Bankruptcy Hearing Set May 11
------------------------------------------------------------
The Arbitration Court of Bryanskaya will convene at 11:00 a.m. on
May 11, 2009, to hear bankruptcy supervision procedure on CJSC
Starodubskiy Electrotechnical Plant (TIN 3227005591).  The case is
docketed under Case No. ?09-11194/2008-32.

The Temporary Insolvency Manager is:

         M. Panteleyev
         Post User Box 26
         241012 Bryansk
         Russia

The Court is located at:

         The Arbitration Court of Bryanskaya
         Office 606
         Trudovoy pereulok 6
         Bryansk
         Russia

The Debtor can be reached at:

         CJSC Starodubskiy Electrotechnical Plant
         Kalinina Str. 15
         Starodub
         243240 Bryanskaya
         Russia


ZHERDEVSKIY CANNERY: Creditors Must File Claims by February 19
--------------------------------------------------------------
Creditors of OJSC Zherdevskiy Cannery (TIN 6803050151) have until
Feb. 19, 2009, to submit proofs of claims to:

         O. Til
         Insolvency Manager
         Montazhnikov Str. 12
         392000 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?64-2676/08-18.

The Debtor can be reached at:

         OJSC Zherdevskiy Cannery
         Zherdevka
         Tambovskaya
         Russia


===================================
S E R B I A  &  M O N T E N E G R O
===================================


* Fitch Gives Neg. Outlook on Republic of Serbia; Affirms 'B' IDR
-----------------------------------------------------------------
Fitch Ratings has revised the Outlooks on the Republic of Serbia's
Long-term Issuer Default ratings to Negative from Stable.  Its
ratings are affirmed at Long-term foreign and local currency IDR
'BB-' (BB minus), and Short-term foreign currency IDR 'B'.
Serbia's Country Ceiling is affirmed at 'BB-' (BB minus).

"The Negative Outlook reflects Fitch's view that the deterioration
in global economic and financial conditions have heightened
downside credit risk given Serbia's relatively high external debt
stock, wide current account deficit and large external financing
requirement" said David Heslam, Director in Fitch's sovereign
team.  "Success with narrowing the fiscal deficit in line with IMF
conditions and lessening its external imbalances will be key
considerations in the future direction of Serbia's IDRs."

Strong credit and investment growth and looser fiscal policy have
contributed to a widening of Serbia's current account deficit,
which Fitch forecasts will reach 18% of GDP in 2008 compared with
13.3% in 2007.  The CAD needs to adjust sharply lower in order to
return external finances to a more sustainable path.  With
Serbia's main euro-area export markets in recession in 2009 and
lower prices for Serbia's key metal exports, it will be difficult
for the country to increase exports as a way of narrowing the CAD.

Therefore, adjustment will have to come predominately from lower
domestic demand.  Fitch expects real GDP growth to slow to around
2% in 2009, from 6% in 2008.  Some of the adjustment will come
from tighter fiscal policy.  As part of a 15-month Precautionary
Stand-By Agreement with the IMF, the government is targeting a
budget deficit of 1.5% of GDP in 2009 (compared with a Fitch
forecast deficit of 2.5% in 2008).

Borrowing by the private sector has placed upward pressure on
Serbia's gross external debt burden, which at an estimated 141% of
external receipts in 2008 is high relative to the median of 85%
for sovereigns rated in the 'BB' range.  Combined with a high
level of "euroisation" of domestic balance sheets, these credit
features have heightened Serbia's vulnerability in light of the
global economic downturn and tighter availability of capital.

While risks have increased, a number of factors mitigate immediate
threats to sovereign creditworthiness.  In contrast with the
private sector, the sovereign's external debt service burden is
moderate and financing is available from international sources.
However, it is impossible to isolate the sovereign from broader
economic pressures.  High external debt servicing requirements of
the private sector, at a time when the availability of external
credit is constrained, could place downward pressure on the
currency and international reserves and lead to a deterioration in
the sovereign balance sheet.

Serbia's high income level and strong institutional and
development indicators relative to 'BB' range peers are underlying
supports to creditworthiness.  In US$ terms, per capita income
stood at US$5,400 in 2007, compared with a median of US$3,600 for
sovereigns rated in the 'BB' range.  Despite a looser fiscal
policy, general government debt ratios have continued to improve.
Reflecting strong nominal GDP growth and some external debt write-
offs, general government debt is forecast by Fitch at 30% of GDP
in 2008, half the level it was as recently as 2004.

The risk of a destabilizing political shock has receded following
the passing of Kosovo's declaration of independence, the 2008
election of a pro-EU government and the post-election break-up of
the nationalist Radical Party.  The lack of any scheduled
elections for the next four years provides an opportunity for
reforms driven by closer integration with the EU to be pursued on
a consistent basis.  However, the unwieldy governing coalition
contains many parties elected on a populist platform promising
generous increases in social spending.  Although these ambitions
should be frustrated by constraints on the budget deficit that
have been agreed with the IMF, volatile coalition politics and
resistance from vested interests and trade unions could combine to
slow the pace of reforms.


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


KAUPTHING BANK: Alandsbanken Inks Deal to Buy Swedish Unit
----------------------------------------------------------
The Associated Press reports that Finnish bank Alandsbanken has
signed a contract to buy Kaupthing Bank Bank Sverige AB, the
Swedish unit of Kaupthing bank hf.

The report, however, notes Kaupthing Sweden's corporate lending
business is not part of the deal, which Alandsbanken said should
be completed in early 2009.

The value of the deal was not disclosed, the report adds.

The report relates that Christer Villard, chairman of Kaupthing
Sweden, said the acquisition means Sweden's central bank will get
back the SEK5 billion loan (US$642 million) granted to Kaupthing's
Swedish unit in October.

According to Helsingin Sanomat, if the deal is carried out, it
would increase Alandsbanken's bottom line by between 10 and 20 per
cent and increase the number of its staff by about 50 per cent.

Alandsbanken maintained the pending deal will not have a negative
impact on its result next year, Helsingin Sanomat states.

Alandsbanken CEO Peter Wiklof, as cited by Helsingin Sanomat, said
Alandsbanken has long been interested in entering the Swedish
market.

Kaupthing Sverige AB, Helsingin Sanomat discloses, has three
operative units, which offer banking services in corporate finance
and asset management.  The bank has EUR1.5 billion worth of
customer assets under its care.

                      About Kaupthing Bank

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
October 13, 2008, Fitch Ratings downgraded Kaupthing Bank hf.'s
Long-term Issuer Default rating to 'D' from 'CCC' and removed it
from Rating Watch Evolving.  This follows the announcement that
Kaupthing is now subject to similar arrangements as its two
Icelandic peers, Glitnir Banki and Landsbanki Islands, with the
Icelandic authorities effectively seizing control of the bank.

At the same time, Moody's Investors Service downgraded the bank
financial strength rating (BFSR) of Kaupthing Bank hf to E from
D+, its long-term deposit ratings to Caa1 from Baa3, the long-term
senior debt ratings to Caa2 from Ba1.  In addition, Moody's
downgraded the bank's subordinated debt to C from Ba2 and its
preferred stock to C from B1.  The bank's short-term rating was
downgraded to Not-Prime from P-3.  Moody's is maintaining
Kaupthing's long-term deposit ratings, the long-term senior debt
ratings and its BFSR on review for further possible downgrade.


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


BIOMETEC JSC: Creditors Must File Proofs of Claim by January 3
--------------------------------------------------------------
Creditors owed money by JSC Biometec are requested to file their
proofs of claim by Jan. 3, 2009, to:

         Huber Anton
         Marktgasse 19
         4900 Langenthal
         Switzerland

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


BLUESKY ITS: Deadline to File Proofs of Claim Set January 2
-----------------------------------------------------------
Creditors owed money by : LLC BlueSky ITS are requested to file
their proofs of claim by Jan. 2, 2009, to:

         Jurg Rutschmann
         Loonstrasse 5
         5443 Niederrohrdorf
         Switzerland

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


ERSONA HOLDING: Creditors Have Until January 2 to File Claims
-------------------------------------------------------------
Creditors owed money by JSC Ersona Holding are requested to file
their proofs of claim by Jan. 2, 2009, to:

         Peter W. Mangold
         Mangold Management Co. Ltd.
         Hofurlistrasse 19
         6373 Enntburgen
         Switzerland

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


FLY-OUT JSC: Proofs of Claim Filing Deadline is January 2
---------------------------------------------------------
Creditors owed money by JSC Fly-Out are requested to file their
proofs of claim by Jan. 2, 2009, to:

         Herbert Blatter
         Inzlingerstrasse 100
         4125 Riehen
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 10, 2008.


HEDGE HANDEL: Creditors' Proofs of Claim Due by January 2
---------------------------------------------------------
Creditors owed money by LLC Hedge Handel are requested to file
their proofs of claim by Jan. 2, 2009, to:

         Rolf Plieninger
         Largitzenstrasse 85
         4056 Basel
         Switzerland

The company is currently undergoing liquidation in Ueken.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 26, 2007.


MEMORIA JSC: January 2 Set as Deadline to File Claims
-----------------------------------------------------
Creditors owed money by JSC Memoria are requested to file their
proofs of claim by Jan. 2, 2009, to:

         Martin Conzett
         Ackerstrasse 7
         9500 Wil
         Switzerland

The company is currently undergoing liquidation in Frauenfeld.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 28, 2007.


OUTPUT HOLDING: Creditors Must File Proofs of Claim by January 3
---------------------------------------------------------------
Creditors owed money by JSC Output Holding are requested to file
their proofs of claim by Jan. 3, 2009, to:

         Dr. Martin Wenner
         Bahnhofstrasse 37
         8001 Zurich
         Switzerland

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


WERTAN VERWALTUNG: Deadline to File Proofs of Claim Set Jan. 4
--------------------------------------------------------------
Creditors owed money by JSC Wertan Verwaltung are requested to
file their proofs of claim by Jan. 4, 2009, to:

         JSC Beret
         Liquidator
         Bleicherweg 14
         Mail Box 2080
         8022 Zurich
         Switzerland

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


===========
T U R K E Y
===========


DENIZ FINANSAL: Fitch Affirms Long-Term Issuer Rating at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Deniz Finansal Kiralama A.S.'s ratings
at Long-term foreign currency Issuer Default 'BB' with a Stable
Outlook, Long-term local currency IDR 'BBB-' (BBB minus) with
Stable Outlook, Short-term foreign currency IDR 'B', Short-term
local currency IDR 'F3', National Long-term 'AAA(tur)' with Stable
Outlook and Support '3'.

At the same time, Fitch has withdrawn all the ratings and will no
longer provide ratings or analytical coverage of this issuer.


DOGAN YAYIN: Fitch Downgrades LT Issuer Default Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded Turkey-based Dogan Yayin Holding's
Long-term local and foreign currency Issuer Default ratings to
'B+' from 'BB-' (BB minus).  Both the Outlooks have been changed
to Negative from Stable.

The downgrade reflects the upward revision of Fitch's forecast for
DYH's consolidated leverage (net debt including supplier
loans/EBITDA) to nearly 5x for FY08 and FY09, mainly due to the
rapid depreciation of TRY versus the US$ in Q408.  This is
compared to a leverage of 3x historically.  As 97% of DYH gross
debt is in FX, this is causing a currency mismatch with revenues
generated locally.

DYH's creditworthiness is driven by its main operating subsidiary
and a publishing concern, Hurriyet.  The stable cash flow from the
publishing sector accounted for 100% of DYH's consolidated EBITDA
at 9M08.  However, cash outflows for the retail business, and new
broadcasting investments in Kanal D Romania, and at the Dogan TV
level, continue to depress overall operating margins. In addition,
the high level of debt under its broadcasting subsidiary, Dogan
TV, remains a concern.  Fitch is concerned that cash outflows
related to the broadcasting segment's programming investments and
capital expenditure will continue to weigh on broadcasting
operating margins and cash flow in 2009-10.  Fitch understands
management is willing to work on strategic potential partnerships
for Smile Holding and sell a minority stake in its new digital
platform to a strategic partner to reduce Dogan TV's leverage in
the medium-term, but the reliance on asset sales in the current
difficult credit climate may prove risky.

The Negative Outlook reflects DYH's worse-than-expected operating
performance in 2008 and Fitch's concern that de-leveraging will be
hard to achieve in a lower ad-spend environment in 2009 and,
possibly, in 2010 due to the slowdown in the Turkish economy.
Evidence that DYH can improve on its operational performance in
the long-term - following operating losses at the broadcasting and
retail units due to new investments - would be credit-positive.

The agency believes that cost-cutting measures - currently being
implemented - may alleviate only some of concerns on 2009
operating margin, and will continue to closely monitor the
company's operating performance.  Fitch also understands that
management is considering postponing certain investment plans.

DYH had US$104 million gross debt and US$333 million cash at the
media holding company level at end-9M08.  However, DYH's
consolidated gross debt is high at US$1.41 billion, based on 9M08
accounts, mainly due to the TME acquisition by Hurriyet in Q107
and Star TV acquisition in 2005 as well as investments in its new
digital platform and Kanal D Romania.  DYH's consolidated net debt
is US$737 million; it has a consolidated cash balance of US$678
million, versus consolidated short-term obligations of US$508
million and does not face any refinancing risk before 2010.  Fitch
expects DYH to record a net consolidated debt/EBITDA of 4.5x-5x
for FY09E, in line with its current rating level.  The agency also
notes that the recent rights issue at the DYH level and DYH's
acquisition of a 5.1% stake in Dogan TV from Axel Springer is
largely cash-neutral.

Fitch notes DYH has been highly acquisitive in the past 24 months,
but does not factor into the ratings any cash outflows associated
with expansion in the medium-term as current leverage metrics
remain tightly constrained within the rating level.  If DYH uses
the stand-alone cash for dividends or any further acquisitions,
thus increasing its net debt position, it may have immediate
negative implications for the ratings.  The agency does not expect
any cash outflows at the DYH level except for capital
contributions to the existing businesses.  Dogan Holding, DYH's
parent company, has a rich cash position on its stand-alone
balance sheet and is expected to fully support the core media
subsidiary, if needed.

As a holding company, DYH depends on dividend flows, service
income and capital gains.  However, dividend flows will be limited
as Fitch understands that Hurriyet will resume dividend payout
only in 2009-2010.  Dogan TV is also not expected by Fitch to make
a contribution to dividend flows before 2010-11 as it will be
paying down the debt stemming from the Star TV acquisition and new
investments such as Kanal D Romania and D-SMART.

Separately, Fitch has downgraded Hurriyet to 'BB-' (BB minus) from
'BB'.


HURRIYET GAZETECILIK: Fitch Downgrades Issuer Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has downgraded Turkey-based newspaper group
Hurriyet's Long-term foreign and local currency Issuer Default
ratings to 'BB-' (BB minus) from 'BB'.  Both the Outlooks have
been changed to Negative from Stable.  The agency has also
downgraded Hurriyet's National Long-term rating to 'AA-
(minus)(tur)' from 'AA(tur)' and revised its Outlook to Negative
from Stable.

The rating action reflects that on the parent company, Dogan Yayin
Holding (DYH) - which was downgraded to 'B+' from 'BB-' (BB minus)
- as per Fitch's methodology for parent and subsidiary ratings.
The one-notch difference between DYH and Hurriyet reflects the
rating linkage between the two companies, due to dividend
restrictions, DYH's only 60% stake in Hurriyet (the rest is free
float) and its guarantee over Hurriyet's debt related to the TME
acquisition.  Any further change in the rating of DYH or any
acquisition by Hurriyet that increases leverage substantially will
have negative implications for the ratings.

Hurriyet is Turkey's leading daily national newspaper, with strong
positions in advertising and circulation revenues.  TME is a
leading provider of print and online classified advertising in
Russia, the CIS, the Baltics and eastern Europe.


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


METINVEST BV: Fitch Clarifies 'B' Issuer Default Rating Assignment
------------------------------------------------------------------
Fitch Ratings clarified that it assigned Ukraine-based Metinvest
B.V. a Short-term local currency IDR of 'B', with retroactive
effect from October 7, 2008.


TECHNO-SPORT-SERVICE LLC: Creditors Must File Claims by Jan. 8
--------------------------------------------------------------
Creditors of LLC Techno-Sport-Service (EDRPOU 32910093) have until
Jan. 8, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 27, 2008.
The case is docketed as B 18/568-08.

The Debtor can be reached at:

         LLC Techno-Sport-Service
         Sosnovy lane, 2
         Boyarka
         08150 Kiev
         Ukraine


TRANSPROGRESS-2000 LLC: Creditors Must File Claims by Jan. 8
------------------------------------------------------------
Creditors of LLC Transprogress-2000 (EDRPOU 31029826) have until
Jan. 8, 2009, to submit proofs of claim to:

         Mrs. A. Kandaurova
         Liquidator
         Apt. 40
         Kibalchich Str. 5A
         02183 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 5, 2008.
The case is docketed as 44/394-b.

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

The Debtor can be reached at:

         LLC Transprogress-2000
         Patrice Lumumba Str. 4/6
         01042 Kiev
         Ukraine


UNIVERSUM-TECH-GROUP LLC: Creditors Must File Claims by Jan. 8
--------------------------------------------------------------
Creditors of LLC Universum-Tech-Group (EDRPOU 34603335) have until
Jan. 8, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 27, 2008.
The case is docketed as B 18/570-08.

The Debtor can be reached at:

         LLC Universum-Tech-Group
         Torfianaya Str. 26
         Barishevka
         07501 Kiev
         Ukraine


UKRAINIAN ENERGETIC: Creditors Must File Claims by January 8
------------------------------------------------------------
Creditors of LLC Ukrainian Energetic Academy (EDRPOU 30374674)
have until Jan. 8, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 27, 2008.
The case is docketed as B 18/569-08.

The Debtor can be reached at:

         LLC Ukrainian Energetic Academy
         Kiev Str. 10
         Vishnevoye
         08132 Kiev
         Ukraine


VNC LTD: Creditors Must File Claims by January 8
------------------------------------------------
Creditors of LLC VNC Ltd. (EDRPOU 35265615) have until Jan. 8,
2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 7, 2008.
The case is docketed as 43/361.

The Debtor can be reached at:

         LLC VNC Ltd.
         Panfilovtsev Str. 1
         01015 Kiev
         Ukraine


YULIUSA LLC: Creditors Must File Claims by January 8
----------------------------------------------------
Creditors of LLC Yuliusa (EDRPOU 35820161) have until Jan. 8,
2009, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Arbitration Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 25, 2008.
The case is docketed as 2/205-08-4796.

The Debtor can be reached at:

         LLC Yuliusa
         Komsomolskaya Str. 23
         Beliayevka
         Odessa
         Ukraine


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


A & P CHEM: Appoints Joint Administrators from PKF
--------------------------------------------------
Ian J. Gould and Edward T. Kerr of PKF (UK) LLP were appointed
joint administrators of A & P Chem Ltd. on Dec. 9, 2008.

The company can be reached through PKF (UK) LLP at:

         New Guild House
         45 Great Charles Street
         Queensway
         Birmingham
         B3 2LX
         England


A.E. INTERIOR: Name Joint Liquidators from Smith & Williamson
-------------------------------------------------------------
Stephen John Tancock and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint liquidators of A.E. Interior
Services Ltd. on Nov. 28, 2008, for the creditors' voluntary
winding-up proceeding.

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

         First Floor
         89 King Street
         Maidstone
         Kent
         ME14 1BG
         England


ABITIBIBOWATER INC: Cuts Production, Expects US$45MM Closure Costs
----------------------------------------------------------------
AbitibiBowater Inc. disclosed in a regulatory filing with the
Securities and Exchange Commission several actions aimed at
creating a more flexible and responsive operating platform,
addressing ongoing volatility in exchange rates, energy and fiber
pricing, well as structural challenges in the North American
newsprint industry.  The efforts are a continuation of the
company's comprehensive strategic review of its operations and
assets that began immediately after the merger.

Approximately 830,000 metric tons of newsprint, 110,000 metric
tons of specialty grades and 70,000 metric tons of coated grades
will be removed from the marketplace.  Capacity reductions
include:

  -- The permanent closure by the end of the first quarter of
     2009 of the Grand Falls, Newfoundland and Labrador newsprint
     mill, representing 205,000 metric tons;

  -- The permanent closure by the end of 2008 of the Covington,
     Tennessee paper converting facility, representing 70,000
     metric tons of coated grades;

  -- The immediate idling, until further notice, of the Alabama
     River newsprint mill, in Alabama, representing 265,000
     metric tons;

  -- The immediate idling, until further notice, of two paper
     machines (No. 1 and No. 2) in Calhoun, Tennessee,
     representing 230,000 metric tons of capacity, including
     120,000 metric tons of newsprint and 110,000 metric tons of
     specialty grades; and

On a revolving basis, approximately 20,000 metric tons of monthly
newsprint downtime at other facilities across the organization
until market conditions improve.

The company has achieved US$320 million in annualized synergies
through Sept. 30, 2008, and believes it will reach its targeted
run rate of US$375 million of annualized synergies by year-end
2008, one full year ahead of plan.  AbitibiBowater also has
initiated a further 20% reduction in selling, general and
administrative costs in 2009, representing a US$60 million
reduction compared to its fourth quarter 2008 run rate.

"[This] announcement is consistent with previous actions and
demonstrates our ongoing commitment to be a stronger, more
competitive organization," stated president and chief executive
officer David J. Paterson.  "The North American newsprint market
continues to contract and our customers have told us they
anticipate further decline.  International customers have also
indicated that export growth will not be as strong in the coming
year.  We have the resolve to adapt to these realities and to set
the stage for continued quarter-over-quarter improvements."

Despite sustained efforts and discussions with government and
unions, the permanent closure of the Grand Falls facility is a
result of declining newsprint demand and high delivered cost.
Idlings of machines at Calhoun and the Alabama River newsprint
mill reflect softening markets for the products produced at these
facilities and the non-competitive cost structure of southern U.S.
electrical suppliers.

AbitibiBowater estimates it will incur cash closure costs of
approximately US$45 million related to severance and other closure
charges as a result of these actions.  The majority of these
closure costs will be paid during the second quarter of 2009.  A
fourth quarter 2008 non-cash asset impairment charge of
approximately US$180 million will be taken to reflect the
permanent closure of the Grand Falls mill and Covington paper
converting facility.

"We will make every effort to help mitigate the effects of these
capacity reductions, as we are mindful of the impact they will
have on affected employees and communities," added Mr. Paterson.
"Stakeholders made efforts to develop viable solutions to keep
these operations running, however, after careful deliberation,
these decisions were necessary given current market and economic
realities."

A total of approximately 1,100 employees are affected by these
capacity reductions.

The steps disclosed were designed to better position the company
for the future, an objective that is in the long-term interest of
AbitibiBowater stakeholders.  The company remains committed to
customer service and delivery of a high-quality product and will
work closely with customers to ensure a smooth transition.

AbitibiBowater will continue to assess its business, taking
necessary actions to better position the company in the global
marketplace.

                    About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 27
pulp and paper facilities and 34 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the company is
also among the world's largest recyclers of old newspapers and
magazines, and has more third-party certified sustainable forest
land than any other company in the world.  AbitibiBowater's shares
trade under the stock symbol ABH on both the New York Stock
Exchange and the Toronto Stock Exchange.

As reported in the Troubled Company Reporter on Nov. 13, 2008,
AbitibiBowater Inc. reported a net loss of US$302 million on sales
of US$1.7 billion for the third quarter 2008.  These results
compare with a net loss of US$142 million on sales of US$815
million for the third quarter of 2007, which consisted only of
Bowater Incorporated.  The company's 2008 third quarter results
reflect the full quarter results for Abitibi-Consolidated Inc. and
Bowater Incorporated as a combined company after their combination
on Oct. 29, 2007.

                          *     *    *

AbitibiBowater Inc. still carries Fitch's 'CCC+' Issuer Default
Rating assigned on April 1, 2008.  Outlook is negative.


ABITIBIBOWATER INC: Newfoundland Government Expropriates Assets
---------------------------------------------------------------
AbitibiBowater Inc. disclosed in a regulatory filing with the
Securities and Exchange Commission that it will consider all
options available to protect the interests of its stakeholders in
the expropriation of its provincial assets and contractual rights
to natural resources by the government of Newfoundland and
Labrador, Canada.

In a statement, Premier Danny Williams said the government would
expropriate provincial assets, excluding the Grand Falls paper
mill, as well as all water and land rights to the public and
private forestlands AbitibiBowater manages in the province.  The
Williams government also indicated the company may be paid for its
hydro assets with the expropriation but no commitment has been
made to ensure AbitibiBowater obtains proceeds representing the
full value of these operations.

"We are surprised by this course of action, especially given that
this unprecedented expropriation of property rights and assets
does not address the announced closure of the Grand Falls mill and
the needs of its 750 employees," stated David J. Paterson,
president and chief executive Officer.  "We have reiterated to the
government of Newfoundland and Labrador our intention to discuss
the disposal of our assets and rights in an orderly manner, while
protecting the best interests of our shareholders, debt holders,
employees and all other company stakeholders."

On Dec. 15, 2008, AbitibiBowater responded to the government
request to surrender company rights and recommended setting up a
joint working group to address issues related to the closure of
the Grand Falls mill and the company's overall presence in the
province.  Given this development, AbitibiBowater will review its
options, including all legal recourses.  The company will also
assess how these measures apply within the framework of U.S.-
Canada trade relations.

                  Lenders Waive Covenant Terms

Subsidiaries Bowater Canadian Forest Products Inc. and Bowater
Incorporated entered into amendments, effective as of Nov. 12,
2008, to Bowater's U.S. and Canadian Credit facilities, which,
among other things:

  1) waive the requirement that Bowater and BCFPI are required to
     comply immediately with the more restrictive borrowing base
     requirements by November 15, 2008 and providing instead for
     phased-in implementation through March 31, 2009, or
     extending to April 29, 2009, under certain circumstances and
     waive compliance with certain financial covenant
     requirements for the third quarter of 2008;

  2) amend certain covenants, including the leverage ratio, for
     the fourth quarter of 2008;

  3) increase the interest rate under each facility by 125 basis
     points;

  4) provide a lien on substantially all Canadian fixed assets
     and the shares of BCFPI's South Korean subsidiary, which
     operates BCFPI's Mokpo mill to Canadian lenders, as security
     for indebtedness in a principal amount not to exceed 10% of
     the shareholders' equity of BCFPI as of Sept. 30, 2008;

  5) add a provision requiring that 75% of the proceeds of asset
     sales by Bowater or its subsidiaries, including BCFPI, be
     used to reduce amounts outstanding under both facilities on
     a pro rata basis;

  6) reduce, pro rata, the aggregate amount of the commitment
     under both facilities by US$10 million; and

  7) require that Bowater and certain of its affiliates,
     including BCFPI, maintain no more than US$70 million of cash
     on hand on a combined consolidated basis, with any excess to
     be used to reduce amounts outstanding under the credit
     facilities.

A full-text copy of the eighth amendment and waiver to the credit
facility with Wachovia Bank, N.A., as administrative agent, is
available for free at http://ResearchArchives.com/t/s?36bb

A full-text copy of the tenth amendment and waiver to the credit
facility with The Bank of Nova Scotia, as administrative agent, is
available for free at http://ResearchArchives.com/t/s?36bc

                      Securities Delisting

AbitibiBowater has received notification from the New York Stock
Exchange that the company has fallen below its continued listing
criteria.  The average closing price of its common stock was less
than US$1.00 over a consecutive 30-day trading period.

The company has a period of six months from the date of
notification, with a possible extension, to bring the average
share price back above US$1.00.  Under NYSE rules,
AbitibiBowater's common stock will continue to be listed on NYSE
during this period, subject to the company's compliance with other
NYSE continued listing requirements.  AbitibiBowater plans to
notify NYSE that it intends to cure the deficiency, although there
can be no assurance that the company will be able to bring its
share price back above US$1.00 or will remain in compliance with
other NYSE continued listing standards.

"Our stock price has been pressured by an unprecedented period of
economic difficulty and market uncertainty that is impacting many
companies and their share price performance in our industry and
others," stated David J. Paterson, president and chief executive
officer of AbitibiBowater.

"We are taking proactive steps to address the matter and are
encouraged by our quarter-over-quarter improvements and the
progress we have made and continue to make in improving our
operating and financial performance.  The company remains
committed to its US$1 billion debt-reduction target and is
exploring several options to address upcoming debt maturities,
inclusive of asset sales," added Mr. Paterson.

AbitibiBowater's common stock remains listed on NYSE under the
symbol "ABH" but will be assigned a ".BC" symbol extension to
signify that the company is not in compliance with NYSE's
continued listing standards.

The company continues to be in compliance with the listing
requirements of the Toronto Stock Exchange.

                    About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 27
pulp and paper facilities and 34 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the company is
also among the world's largest recyclers of old newspapers and
magazines, and has more third-party certified sustainable forest
land than any other company in the world.  AbitibiBowater's shares
trade under the stock symbol ABH on both the New York Stock
Exchange and the Toronto Stock Exchange.

As reported in the Troubled Company Reporter on Nov. 13, 2008,
AbitibiBowater Inc. reported a net loss of US$302 million on sales
of US$1.7 billion for the third quarter 2008.  These results
compare with a net loss of US$142 million on sales of US$815
million for the third quarter of 2007, which consisted only of
Bowater Incorporated.  The company's 2008 third quarter results
reflect the full quarter results for Abitibi-Consolidated Inc. and
Bowater Incorporated as a combined company after their combination
on Oct. 29, 2007.

                          *     *    *

AbitibiBowater Inc. still carries Fitch's 'CCC+' Issuer Default
Rating assigned on April 1, 2008.  Outlook is negative.


ABITIBIBOWATER INC: To Sell Equity Interest in ACH for C$540MM
--------------------------------------------------------------
AbitibiBowater Inc. accepted a proposal for the sale of its equity
interest in ACH Limited Partnership to a major industrial energy
producer.  ACH Limited Partnership was established to hold hydro-
electric generating assets in Ontario, Canada, by the company's
Abitibi-Consolidated company of Canada subsidiary in April 2007.
The company owns a 75% equity interest in ACH Limited Partnership.

The proposal values the hydro assets, which have a combined
capacity of 136.8 MW, at C$540 million.  The resulting gross
proceeds for AbitibiBowater would be C$197.5 million.  As part of
the transaction, the buyer would also assume C$250 million of ACH
Limited Partnership's term debt.

"The signing of this proposal marks continued progress with our
de-leveraging initiatives," stated David J. Paterson, president
and chief executive officer of AbitibiBowater.  "We look forward
to continued de-leveraging progress as we implement additional
measures to improve our free cash flow generation."

The non-binding proposal for the sale of the hydro-electric
generating assets in Ontario is subject to due diligence, among
other terms and conditions.  While AbitibiBowater expects that a
definitive agreement will be reached in the first quarter of 2009,
no assurances can be provided as to when or if a definitive
agreement will be executed.

The proposal does not include the sale of the Iroquois Falls or
Fort Frances, Ontario mills.  AbitibiBowater stated that it is
pleased with the efforts both mills have made since the merger in
lowering their costs.  The mills remain competitive and the
company continues to look for investment opportunities to ensure
that they remain competitive.  AbitibiBowater is committed to
keeping workers and local communities informed about the sale of
ACH Limited Partnership as the process advances.

AbitibiBowater owns additional hydro assets, including an
installed share of capacity of 363MW in the Province of Quebec.

                      Q4 2008 Expectations

AbitibiBowater Inc. reaffirmed its guidance of significant
improvement in fourth quarter financial performance.  The company
expects its fourth quarter operating income, excluding gains on
asset sales, impairments and mill closure and other related
charges, to be in the range of US$65 million to US$95 million
compared to a US$9 million loss for the third quarter of 2008.
The company also expects its earnings before interest, taxes,
depreciation and gains on asset sales, impairments and mill
closure and other related charges (Adjusted EBITDA) to be in the
range of US$245 million to US$275 million for the fourth quarter
of 2008.  For the third quarter of 2008, Adjusted EBITDA was
US$175 million.

"This substantial improvement in the company's operating
performance is a result of our employees' efforts to achieve
synergies as well as reductions in input costs," stated
Mr. Paterson.  "Our input costs, particularly energy and fiber,
have declined dramatically this quarter.   We have also benefited
from a weakening Canadian dollar.   Despite lower volumes, as
evidenced by our production curtailments, we expect a substantial
improvement in financial performance in 2009 compared to 2008".

                    About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 27
pulp and paper facilities and 34 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the company is
also among the world's largest recyclers of old newspapers and
magazines, and has more third-party certified sustainable forest
land than any other company in the world.  AbitibiBowater's shares
trade under the stock symbol ABH on both the New York Stock
Exchange and the Toronto Stock Exchange.

As reported in the Troubled Company Reporter on Nov. 13, 2008,
AbitibiBowater Inc. reported a net loss of US$302 million on sales
of US$1.7 billion for the third quarter 2008.  These results
compare with a net loss of US$142 million on sales of US$815
million for the third quarter of 2007, which consisted only of
Bowater Incorporated.  The company's 2008 third quarter results
reflect the full quarter results for Abitibi-Consolidated Inc. and
Bowater Incorporated as a combined company after their combination
on Oct. 29, 2007.

                          *     *    *

AbitibiBowater Inc. still carries Fitch's 'CCC+' Issuer Default
Rating assigned on April 1, 2008.  Outlook is negative.


ADAMS CHILDRENSWEAR: To Go Into Administration
----------------------------------------------
Adams Childrenswear Ltd is set to go into administration, BBC News
reports.

Adams, BBC relates, has now applied to the administrators' court,
but has yet to be officially placed in administration.

PriceWaterhouse Coopers (PWC) are likely to be appointed
administrators, BBC says.

A spokeswoman for PWC, however, could not tell for sure when it
would be formally appointed, BBC adds.

According to Ben Marlow of the Sunday Times, a sharp deterioration
in trading, combined with overwhelming competition from
supermarket chains, has left Adams unable to service all its
debts.

The Sunday Times discloses Adams owes GBP10 million to Burdale, an
arm of the Bank of Ireland, and just over GBP20 million to
Shannon, who owns 100% of the company's shares.

The company, however, is expected to continue trading while it
begins the search for a new owner, The Sunday Times notes.

Possible buyers for the Adams brand include Boots and J Sainsbury,
the supermarket chain, the Sunday Times reveals.

The company, the Sunday Times recounts, was rescued from
administration by entrepreneur John Shannon for GBP15 million less
than two years ago.

Headquartered in Nuneaton, England, Adams Childrenswear Ltd --
http://adams.co.uk/-- is a childrenswear retailer.  It has 500 UK
distribution outlets and 103 international outlets in the Middle
East and Europe.


ATLANTIC FASHIONS: Liquidated by Manchester High Court
------------------------------------------------------
Jessica Price Brown at Drapers reports that the Manchester High
Court on Tuesday, December 22, 2008, liquidated Acton Farm, which
trades as Atlantic Fashions, after a winding up order was issued
against the company by supplier Pinstripe clothing.

The company, Drapers relates, failed to pay wages it owed to up to
200 staff from as far back as October.

The name of the liquidator is not yet available from the court
office, Drapers notes.

In a December 12 report, Ana Santi of Drapers wrote that in a
letter to its staff Acton Farm said that it could not offer its
workers any redundancy pay as the company has no funds.

The staff, who were told they had been made redundant at the start
of November, had initially been promised redundancy pay, notice
pay, accrued holiday pay and P45s, Drapers recalled.


BRISTOW'S: Bought Out of Receivership by Andrew Walsh
-----------------------------------------------------
Jon Wills at thisisthewestcountry.co.uk reports that confectionery
manufacturer Andrew Walsh has bought Bristow's
out of receivership.

A spokesman for the receivers, as cited by the report, said it was
hoped the factory would be up-and-running again by January 12.

Based in Crediton, Bristow's is a confectionery firm, which went
into receivership this month.


C ST. IVES: Appoints Joint Liquidators from PKF
-----------------------------------------------
Keith Morgan and Brian J. Hamblin, of PKF (UK) LLP were appointed
joint liquidators of C St Ives Ltd. on Dec. 5, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached through PKF (UK) LLP at:

         18 Park Place
         Cardiff
         CF10 3PD
         England


ELITE SERVICES: Taps Joint Administrators from BDO Stoy
-------------------------------------------------------
Andrew Howard Beckingham and Matthew James Chadwick of BDO Stoy
Hayward LLP, were appointed joint administrators of Elite Services
(Bristol) Ltd. on Dec. 10, 2008.

The company can be reached through BDO Stoy Hayward LLP at:

         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         Hampshire
         SO14 3TL
         England


HUCKLESBROOK GARAGE: Names Joint Administrators from BDO Stoy
-------------------------------------------------------------
Andrew Howard Beckingham and Matthew James Chadwick of BDO Stoy
Hayward LLP were appointed joint administrators of Hucklesbrook
Garage Ltd. on Dec. 10, 2008.

The company can be reached through BDO Stoy Hayward LLP at:

         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         Hampshire
         SO14 3TL
         England


INTERNATIONAL POWER: Fitch Affirms Senior Unsecured Rating at 'BB'
------------------------------------------------------------------
Fitch Ratings has affirmed both International Power plc's Long-
term foreign currency Issuer Default rating and Senior Unsecured
rating at 'BB'.  The Outlook on the Long-term IDR is Stable.

The ratings affirmation on Stable Outlook reflects the absence of
2009 debt maturities, a low level of recourse debt, demonstrated
ability to access debt capital markets, and a business profile
that is not expected to change materially in the next two years.

IPR's debt maturity profile lengthened considerably during H108,
with approximately 40% of total debt now falling due in over five
years.  There are no significant debt maturities in 2009.  At an
unconsolidated level, IPR's nearest maturities are a committed
credit line that matures in October 2010 and a EUR230 million
convertible bond that falls due in 2013.  Net leverage for the
consolidated group was 5.65x in FY07, and Fitch expects stable or
declining net leverage in FY08 and FY09.  Importantly, the agency
notes that the company has demonstrated an ability to raise
project and holdco debt through the difficult financing conditions
of 2008, albeit with higher pricing.

By June 2008, recourse debt as a proportion of total group debt
rose to 11.7%, from 7% in FY07, which is significantly lower than
independent power developer peers.  Fitch does not expect further
increases in IPR's recourse debt ratio in the medium term.
The business profile of IPR is of higher risk than investment
grade vertically integrated utilities because the company's cash
receipts from assets in the merchant market segment can be
volatile.  The volatility of merchant plant income was highlighted
by a 5.2% decline in consolidated revenue from FY06 to FY07, which
was due in part to poor performance with IPR's Australian merchant
market plants.  The company has already experienced a turnaround
from this poor performance, however, with H108 EBIT up 19% from
H107.  In addition, the long-term outlook for merchant market
spreads is positive: especially in the UK, where reserve margins
are falling to historic lows.

IPR is seeking to expand its asset base with a range of new
projects, having recently submitted a number of expressions of
interest for new generating capacity.  As the company's equity
investments tend to be funded with holdco debt, Fitch expects both
recourse and non-recourse debt to increase.  EBITDA growth,
however, is likely to keep leverage levels at least stable. In
addition, most of IPR's new greenfield projects are likely to be
subject to PPAs.  This will slightly reduce the volatility of
IPR's project income in the medium-term.


KEYSTONE AVC: Appoints Joint Administrators from BDO Stoy
---------------------------------------------------------
Andrew Howard Beckingham and Matthew James Chadwick of BDO Stoy
Hayward LLP were appointed joint administrators of Keystone AVC
Ltd. on Dec. 10, 2008.

The company can be reached through BDO Stoy Hayward LLP at:

         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         Hampshire
         SO14 3TL
         England


MATRIX ENGINEERING: Bought Out of Administration by Kelman
----------------------------------------------------------
Kelman Engineering has bought Matrix Engineering Systems out of
administration, securing 70 jobs, The Scotsman reports.

Matrix, the report recounts, went into administration last month
after running into cash flow problems.

Based in Brechin, Matrix Engineering Systems manufactures steel
assemblies for the rail, printing, oil and gas and marine handling
sectors.


TITAN HOLDINGS: Brings in Joint Administrators from PKF
-------------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (UK) LLP were appointed
joint administrators of Titan Holdings Ltd. on Dec. 9, 2008.

The company can be reached at:

         Titan Holdings Ltd.
         Titan Works
         Claremount Road
         Boothtown
         Halifax
         West Yorkshire
         HX3 6NT
         England


WOODCOTE BUILDING: Calls in Joint Administrators from PKF
---------------------------------------------------------
Edward Terence Kerr and Ian James Gould of PKF (UK) LLP were
appointed joint administrators of Woodcote Building Services Ltd.
on Dec. 11, 2008.

The company can be reached through PKF (UK) LLP at:

         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


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


* FITCH: US$17.4MM Bailout Gives Automakers Temporary Relief
------------------------------------------------------------
A rapid or disorderly bankruptcy by one or more of the U.S. auto
manufacturers or their captive finance companies would likely
result in negative rating actions on certain U.S. dealer floorplan
ABS transactions, although the U.S. government's US$17.4 billion
bailout announcement provides at least temporary relief and limits
the likelihood of this event occurring in the near term, according
to Fitch Ratings.

To date the performance of Fitch rated dealer floorplan ABS is
within expectations with few signs of stress from the financial
pressure being experienced at the manufacturer, captive finance
company and dealership levels.

The current precarious financial condition of the US auto
manufacturers, however, have raised questions among investors
regarding the potential impact of a manufacturer bankruptcy on the
performance of U.S. auto ABS transactions in general and dealer
floorplan transactions in particular. When analyzing dealer
floorplan loan securitizations, Fitch has always assumed that the
manufacturer files Chapter 11 and the following occur
simultaneously: auto sales decline; numerous dealers default on
their floorplan loans; and a large number of new and used vehicles
are repossessed and auctioned as a result.

The transaction structure is then stressed to determine if credit
enhancement is sufficient to withstand vehicle value declines
consistent with the proposed rating level.

The orderliness of the bankruptcy is a key assumption in Fitch's
analysis as it limits the likelihood of catastrophic dealer
bankruptcies and highly disorganized collateral liquidations.  The
fact that all three US manufacturers and captive finance companies
are experiencing such significant financial and operational
difficulty could test the validity of this assumption particularly
given the recessionary environment and the inability of dealers to
obtain alternative financing because of credit market pressures.

If the likelihood of a disorderly bankruptcy increases, Fitch
would place the dealer floorplan transactions on Rating Watch
Negative which could be followed in quick succession with
downgrades if there are any early signs that the performance of
the transactions is outside of Fitch's expectations.  The
magnitude of the downgrades will depend on the degree to which
actual performance deviates from Fitch's stress scenarios.
Fitch has had numerous conversations with the US dealer floorplan
ABS issuers over the past two months.

Certain issuers have indicated that they are taking steps to
reduce dealer credit lines and otherwise mitigate the
transactions exposure to higher risk borrowers.  While positive,
it is unclear if these steps will be of sufficient benefit to
offset the increase in bankruptcy risk.

Fitch has requested additional information from the issuers which
it will use to assess stress assumptions related to various
bankruptcy scenarios.  Fitch will review this information to
determine if any rating actions are warranted.

Fitch currently rates approximately US$12 billion in dealer
floorplan ABS related to the US domestic auto manufacturers.
These were issued by each of Ford's, General Motors's and
Chrysler's corresponding captive finance arms through nine
separate issuances and include a combination of fixed and floating
rate securities from seven trusts: Ford's Ford Credit Floorplan
Master Owner Trust (FCFMOT), GMAC's Superior Wholesale Inventory
Finance Trust VIII (SWIFT VIII), Superior Wholesale Inventory
Finance Trust X (SWIFT X), Superior Wholesale Inventory Finance
Trust XI (SWIFT XI), Superior Wholesale Inventory Financing Series
2007-AE-1, and SWIFT Master Auto Receivables Trust (SMART) and
Chrysler's Master Chrysler Financial Owner Trust.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (110)         174     (168)
Sky Europe                            (4)         213      (54)


BELGIUM
-------
Sabena S.A.                          (85)       2,215     (279)


CYPRUS
------
Allbury Travel                        (5)         275     (100)
Libra Holidays                        (5)         275     (100)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192      (59)
Setuza A.S.                          (61)         139      (62)


DENMARK
-------
Elite Shipping                       (28)         101        3
Roskilde Bank                       (533)       7,877      N.A.


FRANCE
------
BSN Glasspack                       (101)       1,151      159
Grande Paroisse S.A.                (927)         629      347
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (44)
Matussiere et Forest S.A. MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (342)       6,507      712
SDR Centrest                        (132)        (252)     N.A.
Selcodis S.A.             SPVX       (21)         141      (36)
Trouvay Cauvin                        (0)         134        9


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         144      109
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (27)
EECH Group AG                          0          109       57
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         151      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (17)         182      (99)
Nordsee AG                            (8)         195      (14)
P & T Technology                       0          109       57
Primacom AG               PRC        (14)         730      (68)
Rinol AG                               0          168       (6)
Sander AG                             (6)         128       32
Sinnleffers AG                        (4)         454     (182)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28


GREECE
------
Empedos SA                           (34)         175      (57)
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP      (15)         294     (143)
Radio A.Korassidis        KORA      (101)         181     (165)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (107)


HUNGARY
-------
Brodograde Indus                   (322)         264      (366)
IPK Osijek DD OS                    (15)         124       (82)
OT Optima Teleko                    (26)         119         7


ICELAND
-------
Decode Genetics                    (187)         111        48


IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (506)         821       364


ITALY
-----
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (152)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,213      N.A.
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (73)         540     (127)
Lazzio S.p.A.                        (15)         261      (40)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,4219)       4,121  (16,919)
Snia S.p.A.               SN         (25)         488       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


LUXEMBOURG
----------
Carrier1 International S.A.          (95)         472      393


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      184
United Pan-Euro Air       UPC     (5,505)       5,113   (9,170)


NORWAY
------
Interoil Exploration      IOX        (25)         210      (11)
Petroleum-Geo Services    PGO        (18)         400     (758)


POLAND
------
Toora                               (289)          147     (86)


PORTUGAL
--------
Lisgrafica Impressao
   e Artes Graficas SA    LIG         (4)          117     (27)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (170)
Rafo Onesti               RAF       (430)         353     (616)


RUSSIA
------
Akcionernoe Brd                     (117)         135      (24)
East Siberia Brd          VSNK      (113)         148      (11)
Gukovugol                            (58)         144     (148)
OAO Samaraneftegas                  (332)         892     (611)
Vanadiy-Tula-Brd                     (12)         105       (3)
Vimpel Ship               SOVP      (116)         135      (24)
Zil Auto                  ZILLP     (240)         478     (447)


SWITZERLAND
-----------
Fortune Management                  (119)         265      (54)

TURKEY
------
Egs Ege Giyim VE                      (7)         147      (25)
Iktisat Financial                    (46)         108      N.A.
Mudurnu Tavukcul                     (65)         160     (115)
Nergis Holding                       (77)         299       38
Sifas                                (17)         117       21
Yasarbank                          (4,025)      2,644      N.A.

UKRAINE
-------
Dniprooblenergo           DNON       (51)         433     (200)
Donetskoblenergo          DOON      (367)         631     (469)


UNITED KINGDOM
--------------
Advance Display                   (3,016)       2,590     (411)
Airtours Plc                        (379)       1,818     (932)
Alldays Plc                         (120)         252     (290)
Amer Bus Sys                        (497)         121     (497)
Amey Plc                  AMY        (49)         932      (76)
Anker Plc                            (22)         115       16
Atkins (WS) Plc           ATK        (46)       1,345       58
Black & Edgingto                    (140)         203       23
BNB Recruitment                      (10)         104       38
Booker Plc                BKRUY      (60)       1,298      (13)
Bradstock Group           BDK         (2)         269        7
British Energy Ltd                (5,823)       4,921      534
British Energy Plc        BGY     (5,823)       4,921      534
British Sky Broadcast               (334)       8,126     (388)
Carlisle Group                       (12)         204       30
Compass Group             CPG       (668)       2,972     (440)
Danka Bus                           (497)         121     (497)
Dawson Holdings                      (18)         226      (63)
Dignity Plc               DTY         (9)         648       71
E-II Holdings                       (199)         651      149
Easynet Group             ESY.L      (45)         323       68
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (582)
European Home                        (14)         111      (70)
Farepak Plc                          (14)         111      (70)
Gartland Whalley                     (11)         145      (13)
Hilton Food Group                    (21)         256      (12)
Kleeneze Plc                         (14)         111      (70)
Ladbrokes Plc             LAD       (814)       2,403     (706)
Lambert Fenchurch Group               (1)       1,827        5
Leeds United                         (73)         144      (48)
M 2003 Plc                        (2,204)       7,204   (1,078)
Mytravel Group            MT.L      (380)       1,818     (931)
New Star Asset                      (398)         293       21
Next Plc                            (119)       3,161     (125)
Orange Plc                ORNGF     (594)       2,902       12
Orbis Plc                             (4)         128       (5)
Patientline Plc                      (55)         125      (10)
Preedy Alfred                       (119)       3,161     (125)
Rank Group Plc                      (132)       1,066     (175)
Regus Plc                            (46)         367      (97)
Rentokil Initial                      (8)       4,178     (886)
Saatchi & Saatchi         SSI       (119)         705      (66)
Samsonite Corp.                     (199)         651     (149)
SFI Group                 SUF       (108)         178     (265)
Skyepharma Plc            SKP       (140)         203       23
Smiths News Plc                     (124)         201      (92)
Styles & Wood                        (57)         107       (9)
Telewest
   Communications Plc     TLWT    (3,702)       7,581  (10,042)
Thorn Emi Plc                     (2,266)       2,950     (582)
Topps Tiles Plc                     (111)         195       18
Trio Finance                         (14)         592      N.A.
UTC Group                            (12)         204       30
Virgin Mobile                       (392)         166     (176)
Watson & Philip                     (120)         252     (290)

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *