TCREUR_Public/090102.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

            Friday, January 2, 2009, Vol. 10, No. 1

                            Headlines

A U S T R I A

GOLF & CO: Claims Registration Period Ends January 20
HUBERT BERNEGGER: Claims Registration Period Ends Jan. 7
MICROBACK LLC: Claims Registration Period Ends January 30
OPM LLC: Claims Registration Period Ends January 20
UNIVERSALHAUS LLC: Claims Registration Period Ends January 15


G E R M A N Y

BENTOUR INTERNATIONAL: Claims Registration Period Ends Feb. 4
ELEKTROHAUS WENDT: Claims Registration Period Ends February 6
SUELFMEISTER-HAUS GMBH: Claims Registration Period Ends Feb. 4
HOTEL VILLA: Claims Registration Period Ends February 14
PRO EVENT: Claims Registration Period Ends February 15

SAYOKO GMBH: Claims Registration Period Ends February 16


I C E L A N D

LANDSBANKI ISLANDS: Court to Hear Chapter 15 Petition on Jan. 28


I R E L A N D

OMEGA CAPITAL: Moody's Lowers Rating on EUR150 Mil. Notes to 'Ba1'


K A Z A K H S T A N

AILIYA LLP: Claims Registration Ends February 5
BIL STROY: Claims Registration Ends February 10
ELECTROTEHNICHESKAYA: Proof of Claim Deadline Slated for Feb. 10
HT TROPLAST: Claims Filing Period Ends February 10
KAPADOKIYA 2006 LLP: Claims Filing Period Ends February 5

MGM LIMITED: Creditors' Claims Due on February 5
SAMEK LLP: Creditors Must File Claims by February 5
SENIM PETROLEUM: Creditors' Claims Due on February 10
TAT MUNAI: Proof of Claim Deadline Slated for February 10
YTYS REM: Creditors Must File Claims by February 10


K Y R G Y Z S T A N

BREWERY KORONA: Creditors Must File Claims by February 12


R U S S I A

ALROSA-AVIA CJSC: Creditor Must File Claims by January 19
AGINSKIE NON-FERROUS: Court Names Insolvency Manager
BANKING HOUSE: Creditors Must File Claims by February 19
DRILLING EQUIPMENT: Creditors Must File Claims by January 19
KHOLMSK-TRANZIT-UGOL LLC: Creditors Must File Claims by Jan. 19

MAGNITOGORSK IRON: Inks RUR3 Bln Credit Facility with Sberbank
NURLATSKIY SAKHAR OJSC: Creditors Must File Claims by January 19
PIK GROUP: Among List of Companies Priority for State Support
PLANT NO. 24: Creditors Must File Claims by February 19
ROS-STEKLO-PROM LLC: Creditors Must File Claims by January 19

SALAVAT-STROY TRUST LLC: Creditors Must File Claims by Feb. 19
STAV-PLAST LLC: Creditors Must File Claims by February 19
X5 RETAIL: To Acquire Pyaterochka Franchise for RUR400 Million


S W E D E N

FORD MOTOR: Kirk Kerkorian Sells Remaining Stake in Firm


S W I T Z E R L A N D

BERNARD L. MADOFF: Union Bancaire Confirms US$700 Mil. Investment
BRECHBUHLER HOLDING: Proofs of Claim Filing Deadline is Jan. 20
BRUNO MAZZOTTI: Creditors Must File Proofs of Claim by Jan. 15
DIE DENK-LEISTER: Creditors' Proofs of Claim Due by January 15
HEINZ KLAUSER: January 15 Set as Deadline to File Claims

M. PETER BAUABDICHTUNG: Deadline to File Claims Set Jan. 8
RUDOLF KELLER: Deadline to File Proofs of Claim Set January 22
SWISS OLYMPIA: Creditors Have Until January 11 to File Claims


U K R A I N E

ACTIVE-BANK: Moody's Withdraws 'E+' Bank Financial Strength Rating
NAFTOGAZ OF UKRAINE: May File for Bankruptcy This Year


U N I T E D   K I N G D O M

BLUESTONE SECURITIES: Fitch Junks Ratings on Four Tranches
BOWDEN SMYTH: Appoints Joint Liquidators from Tenon Recovery
BRAND LONDON: Names Joint Liquidators from Tenon Recovery
BRITISH VITA: Inks Standstill Agreement with Lenders
DERBY PLAYHOUSE: Taps Joint Liquidators from Tenon Recovery

FARMHOUSE FREEDOM: Appoints Liquidators from Grant Thornton
GREAT HALL: Fitch Junks Ratings on Three RMBS Series Tranches
HAZEMASTER LTD: Brings In Joint Liquidators from Baker Tilly
MECOM GROUP: Banks Defer Covenant Test Date to February 28
MONIER GROUP: Creditors Bring In Restructuring Advisers

NORTH SOUTH: Taps Joint Liquidators from Smith & Williamson
RANGERS LTD: Appoints Joint Liquidators from Tenon Recovery
UK CAR: Calls In Joint Liquidators from Tenon Recovery
USC: Goes Into Administration; 300 Jobs at Risk

* Slump in Comm'l Property Values Could Hit U.K. Banks' Earnings

* BOOK REVIEW: How To Measure Managerial Performance


                         *********


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


GOLF & CO: Claims Registration Period Ends January 20
-----------------------------------------------------
Creditors owed money by LLC Golf & Co. KEG (FN 261738i) have until
Jan. 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 3, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 24, 2008, (Bankr. Case No. 4 S 130/08g).


HUBERT BERNEGGER: Claims Registration Period Ends Jan. 7
--------------------------------------------------------
Creditors owed money by LLC Hubert Bernegger (FN 54260w) have
until Jan. 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Johannes Mueller
         Landhausgasse 4/Minoritenplatz 6
         1010 Wien
         Austria
         Tel: 535 06 82
         Fax: 535 06 829
         E-mail: borth.mueller@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Jan. 28, 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. 24, 2008, (Bankr. Case No. 28 S 154/08p).


MICROBACK LLC: Claims Registration Period Ends January 30
---------------------------------------------------------
Creditors owed money by LLC Microback (FN 289684g) have until
Jan. 30, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Reinhold Zeinhofer
         Hofgasse 9
         4020 Linz
         Austria
         Tel: 77 88 98
         Fax: 77 88 98 99
         E-mail: zs@anwaltskanzlei.co.at

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

         Land Court of Linz
         Room 522
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Nov. 21, 2008, (Bankr. Case No. 12 S 102/08z).


OPM LLC: Claims Registration Period Ends January 20
---------------------------------------------------
Creditors owed money by LLC OPM (FN 246457m) have until Jan. 20,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4/6
         1030 Wien
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: annemarie.kosesnik-wehrle@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 3, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Nov. 20, 2008, (Bankr. Case No. 4 S 175/08z).


UNIVERSALHAUS LLC: Claims Registration Period Ends January 15
-------------------------------------------------------------
Creditors owed money by LLC Universalhaus - IBSD - Bau (FN
282920i) have until Jan. 15, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Andrea Eisner
         Weyrgasse 8/7
         1030 Wien
         Austria
         Tel: 712 04 77
         Fax: 712 04 77 12
         E-mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Jan. 29, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 19, 2008, (Bankr. Case No. 5 S 124/08g).


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


BENTOUR INTERNATIONAL: Claims Registration Period Ends Feb. 4
-------------------------------------------------------------
Creditors of Bentour International Reisen GmbH have until Feb. 4,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March 18, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         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:

         Angelika Amend
         Minnholzweg 2 b
         D 61476 Kronberg
         Germany
         Tel: 06173/78340
         Fax: 06173/783422

The District Court opened bankruptcy proceedings against the
company on Dec. 9, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Bentour International Reisen GmbH
         Hanauer Landstrasse 551
         60386 Frankfurt am Main
         Germany

         Heinz W. Bartels, Manager
         Haldesdorfer Strasse 117
         22179 Hamburg
         Germany


ELEKTROHAUS WENDT: Claims Registration Period Ends February 6
-------------------------------------------------------------
Creditors of Elektrohaus Wendt GmbH have until Feb. 6, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on March 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         Gerichtsplatz 2
         Cottbus
         Germany

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

The insolvency manager can be reached at:

         Dr. Bruno M. Kuebler
         Nieritzstrasse 14
         01097 Dresden
         Germany
         Website: www.kuebler-gbr.de

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:

         Elektrohaus Wendt GmbH
         Frau Ilona Wendt, Manager
         Oelsnitzer Strasse 21
         04932 Hirschfeld
         Germany


SUELFMEISTER-HAUS GMBH: Claims Registration Period Ends Feb. 4
--------------------------------------------------------------
Creditors of Suelfmeister-Haus GmbH have until Feb. 4, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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:

         Uwe Kassing
         Pulverweg 1a
         21337 Lueneburg
         Germany
         Tel: 0 700 800 800 25
         Fax: 0 700 800 800 27

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:

         Suelfmeister-Haus GmbH
         Buelows Kamp 6
         21337 Lueneburg
         Germany

         Attn: Rolf Suellow, Manager
         Querlberg 2
         21409 Embsen
         Germany


HOTEL VILLA: Claims Registration Period Ends February 14
--------------------------------------------------------
Creditors of Hotel Villa im Park GmbH have until Feb. 14, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on March 12, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven
         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:

         Jens Luessenhop
         Alter Markt 10
         D 26441 Jever
         Germany
         Tel: 04461-4215
         Fax: 04461-72220
         E-mail: Jens.Luessenhop@t-online.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:

         Hotel Villa im Park GmbH
         Dorfplatz 16
         26486 Wangerooge
         Germany

         Attn: Jens Diekmann, Manager
         Am Gerhardshain 2
         24768 Rendsburg
         Germany


PRO EVENT: Claims Registration Period Ends February 15
------------------------------------------------------
Creditors of Pro Event GmbH have until Feb. 15, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on March 20, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Marburg/Lahn
         Hall 154
         District Court Building
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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:

         Hartmut Mitze
         Jahnstrasse 18
         35066 Frankenberg
         Germany
         Tel: 06451/71919-22
         Fax: 06451/7191921

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:

         Pro Event GmbH
         Attn: Volker Albert Poggenseier, Manager
         Siegenerstrasse 12
         35066 Frankenberg
         Germany


SAYOKO GMBH: Claims Registration Period Ends February 16
--------------------------------------------------------
Creditors of Sayoko GmbH have until Feb. 16, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Joachim Klein II
         Hansaring 79 - 81
         50670 Cologne
         Germany
         Tel: 9126770
         Fax: +4922191267799

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:

         Sayoko GmbH
         Hansaring 61
         50670 Cologne
         Germany

         Attn: Ismail Oezkan Kasimoglu, Manager
         Heinrich-Nauen-Str. 17
         41470 Neuss
         Germany


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


LANDSBANKI ISLANDS: Court to Hear Chapter 15 Petition on Jan. 28
----------------------------------------------------------------
On December 9, 2008, Kristinn Bjarnason in his capacity as the
foreign representative of Landsbanki Islands hf., filed a Verified
Petition for Recognition of a Foreign Main Proceeding and Motion
for Permanent Injunction, and Related Relief Pursuant to 11 U.S.C.
SS 1504, 1515, 1517, 1520, and 1521, pursuant to Chapter 15 of
title 11 of the United States Code, with the United States
Bankruptcy Court for the Southern District of New York.

The Petition and Motion seeks the entry of an order granting
recognition to the Icelandic Proceeding currently pending in
Iceland as a foreign main proceeding and granting injunctive and
related relief in aid thereof.

The Bankruptcy Court has scheduled a hearing with respect to the
Petition and Motion for 10:00 a.m. on January 28, 2009.  Copies of
the Petition and Motion, the Declaration of Kristin Bjarnason in
Support of the Petition and Motion, the Memorandum of Law Support
of the Verified Petition and Motion, and the form of order
requested are available to parties-in-interest on the Bankruptcy
Court's Electronic Case Filing System, which can be accessed from
the Bankruptcy Court's Web site at http://www.nysb.uscourts.gov(a
PACER login and password are required to retrieve a document) or
upon written request to the Petitioner's United States counsel
(including by facsimile or e-mail) addressed to:

Morrison & Foerster LLP, 1290 Avenue of the Americas, New York
10104, (212) 468-7900 (facsimile), Attn: Gary S. Lee,
glee@mofo.com

Any party-in-interest wishing to submit a response or objection to
the Petition and Motion or the relief requested by the Petitioner
must do so in accordance with the Bankruptcy Order and the Federal
Rules of Bankruptcy Procedure, in writing, setting forth the basis
therefor, which response or objection must be filed electronically
with the Court by registered users of the Court's electronic case
filing system in accordance with General Order M-242 (a copy of
which may be viewed on the Court's Web site,
http://www.nysb.uscourts.gov)and by all other parties-in-interest
on a 3.5 inch disc, preferably in Portable Document Format (PDR),
Word Perfect or any other Windows-based word processing format,
which disc shall be sent to the Office of the Clerk of the Court,
One Bowling Green, New York, New York 10004-1408.  A hard copy of
the response or objection shall be sent to the Chambers of the
Honorable Robert D. Drain, United States Bankruptcy Judge, One
Bowling Green, New York, New York 10004-1408 and served upon
Morrisson & Foerster LLP, 1290 Avenue of the Americas, New York,
New York 10104 (Attention: Gary S. Lee), United States counsel to
the Petitioner, so as to be received no later than 4:00 p.m.
(Eastern Times), January 21, 2008.

All parties-in-interest opposed to the Petition and Motion or the
Petitioner's request for relief must appear at the Recognition
Hearing at the time and place set forth above.

If no response or objection is timely filed and served as provided
above, the Court may grant the recognition and relief requested in
the Petition and Motion without further notice.

The Recognition Hearing may be adjourned from time to time without
further notice other than an announcement in open court, or a
notice of adjournment filed with the Court, of the adjourned date
or dates at the hearing or any other further adjourned hearing.

                   About Landsbanki

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


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


OMEGA CAPITAL: Moody's Lowers Rating on EUR150 Mil. Notes to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of one class of notes issued by Omega Capital Europe p.l.c. Series
30.

The transaction is a managed synthetic CDO referencing corporate
securities.

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to
Washington Mutual Inc., which was seized by federal regulators on
September 25, 2008 and subsequently virtually all of its assets
were sold to JPMorgan Chase; Fannie Mae and Freddie Mac, which
were placed into the conservatorship of the U.S. government on
September 8, 2008; and Landsbanki Islands hf, for each of which a
receivership committee was appointed on October 7, 2008 and
Kaupthing Bank hf, for which a receivership committee was
appointed on October 8, 2008.  The transaction also has a
significant exposure to other corporate names which continue to
deteriorate in the current economic environment.  This will weigh
on the ratings of the tranches in this transaction.

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

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

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

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

The rating action is:

Omega Capital Europe p.l.c. Series 30:

(1) EUR150,000,000 Series 30 Secured Variable Rate Notes due 2013

  -- Current Rating: Ba1
  -- Prior Rating: Aa3
  -- Prior Rating Date: 30 June 2006, assigned Aa3


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


AILIYA LLP: Claims Registration Ends February 5
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Ailiya insolvent on Nov. 11, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Kenesary Str. 46-38
         Astana
         Kazakhstan


BIL STROY: Claims Registration Ends February 10
-----------------------------------------------
LLP Construction Company Bil Stroy has declared insolvency.
Creditors have until Feb. 10, 2009, to submit written proofs of
claims to:

         LLP Construction Company Bil Story
         Gruzinskaya Str. 3
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


ELECTROTEHNICHESKAYA: Proof of Claim Deadline Slated for Feb. 10
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Pavlodarskaya Electrotehnicheskaya Kompaniya
(Pavlodar Electro Technical Company) insolvent.

Creditors have until Feb. 10, 2009, to submit written proofs of
claims to:

         Pavlodarskaya Electrotehnicheskaya Kompaniya
         Kutuzov Str. 91/1
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 54-98-55


HT TROPLAST: Claims Filing Period Ends February 10
--------------------------------------------------
Representation of Company Ht Troplast Ag has declared insolvency.
Creditors have until Feb. 10, 2009, to submit written proofs of
claims to:

         Representation of Company Ht Troplast Ag
         Mynbaev Str. 46
         Almaty
         Kazakhstan


KAPADOKIYA 2006 LLP: Claims Filing Period Ends February 5
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Kapadokiya 2006 insolvent.

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

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


MGM LIMITED: Creditors' Claims Due on February 5
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP MGM Limited insolvent.

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

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


SAMEK LLP: Creditors Must File Claims by February 5
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Samek insolvent on June 19, 2008.

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

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


SENIM PETROLEUM: Creditors' Claims Due on February 10
-----------------------------------------------------
LLP Senim Petroleum has declared insolvency.  Creditors have until
Feb. 10, 2009, to submit written proofs of claims to:

         LLP Senim Petroleum
         Office 3
         Auezov Str. 2
         Almaty
         Kazakhstan


TAT MUNAI: Proof of Claim Deadline Slated for February 10
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kaz Tat Munai 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


YTYS REM: Creditors Must File Claims by February 10
---------------------------------------------------
LLP Construction Company Bytys Rem Stroy has declared insolvency.

Creditors have until Feb. 10, 2009, to submit written proofs of
claims to:

         LLP Construction Company Bytys Rem Stroy
         Office 5
         Jybek joly Ave. 81
         Almaty
         Kazakhstan


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


BREWERY KORONA: Creditors Must File Claims by February 12
---------------------------------------------------------
LLC Brewery Korona Aziyi has declared insolvency.  Creditors have
until Feb. 12, 2009, to submit written proofs of claims.

The company can be reached at: (+996 312) 66-34-33


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


ALROSA-AVIA CJSC: Creditor Must File Claims by January 19
---------------------------------------------------------
Creditors of CJSC Alrosa-Avia Air Carrier have until Jan. 19,
2009, to submit proofs of claims to:

         V. Pronyushkina
         Temporary Insolvency Manager
         Post User Box 81
         Avtozavodskaya Str.5
         115280 Moscow
         Russia

The Arbitration Court of Moscow will convene at 2:00 p.m. on
May 19, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. ?41-19599/08.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 440
         Prospect Akademika Sakharova Str. 18
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Alrosa-Avia
         Zhukovskogo Str.1
         Zhukovskiy
         140180 Moskovskaya
         Russia


AGINSKIE NON-FERROUS: Court Names Insolvency Manager
----------------------------------------------------
The Arbitration Court of Chita appointed G.Konstantinov as
Insolvency Manager for OJSC Aginskie Non-Ferrous Metals (TIN
8001005648).   The case is docketed under Case No. ?782355/2007
B-242.  He can be reached at:

         Post User Box 836
         672051Chita
         Russia
         Tel: 268884


BANKING HOUSE: Creditors Must File Claims by February 19
--------------------------------------------------------
Creditors of CJSC Russian Banking House Joint Stock Bank have
until Feb. 19, 2009, to submit proofs of claims to:

         Investment Insurance Agency
         Acting as Insolvency Manager
         Post User Box 48
         109052 Moscow
         Russia
         Tel: 88002000805

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?4072363/0895245B.

The Debtor can be reached at:

         CJSC Russian Banking House
         Building 7
         Sadovnicheskaya Str. 63
         115035 Moscow
         Russia


DRILLING EQUIPMENT: Creditors Must File Claims by January 19
------------------------------------------------------------
Creditors of LLC Drilling Equipment (TIN 3443072218) have until
Jan. 19, 2009, to submit proofs of claims to:

         Yu. Podgornov
         Insolvency Manager
         Khirosimy Str. 1/194
         400050 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?1216494/08-s49.

The Debtor can be reached at:

         LLC Drilling Equipment
         Shosse Aviatorov 11
         Volgograd
         Russia


KHOLMSK-TRANZIT-UGOL LLC: Creditors Must File Claims by Jan. 19
---------------------------------------------------------------
Creditors of LLC Kholmsk-Tranzit-Ugol (PSRN 1026501018829) (Cargo
Transportation) have until Jan. 19, 2009, to submit proofs of
claims to:

         V. Lupandin
         Temporary Insolvency Manager
         Lenina Str. 76A
         Yuzhno-Sakhalinsk
         693000 Sakhalinsk
         Russia

The Arbitration Court of Sakhalinskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?59
3985/08-S4.

The Debtor can be reached at:

         LLC Kholmsk-Tranzit-Ugol
         Zheleznodorozhnaya Str. 93
         Kholmsk
         694620 Sakhalinskaya
         Russia


MAGNITOGORSK IRON: Inks RUR3 Bln Credit Facility with Sberbank
--------------------------------------------------------------
Chairman of the Board and CEO of Sberbank Herman Gref and Chairman
of the Board of Directors of OAO Magnitogorsk Iron & Steel Works
Victor Rashnikov signed a nonrenewable 2-year credit facility for
RUR3 billion.

The credit facility is provided to finance the construction of the
plate mill complex at MMK (Plate Mill 5000) with a design capacity
of 1.5 mn tons of plates per year.  The plates are intended for
production of pipes, building of ships, vessels and bridges.

The implementation of the plate mill complex is bound to further
significantly strengthen the general operational efficiency of
MMK.  It will secure state-of-the-art production of high quality
plates meeting international standards and capable to successfully
compete both in the domestic and export markets.

In its turn, Sberbank considers the credit line for MMK as another
major step towards effective support of Russian strategic
enterprises.

                    About Magnitogorsk Iron

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

                         *     *     *

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

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


NURLATSKIY SAKHAR OJSC: Creditors Must File Claims by January 19
----------------------------------------------------------------
Creditors of OJSC Nurlatskiy Sakhar (Food Industry, Granulated
Sugar Production) have until Jan. 19, 2009, to submit proofs of
claims to:

         A. Sabitov
         Insolvency Manager
         Post User Box 236
         420012 Kazan
         Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?6515969/2006-SG435.

The Debtor can be reached at:

         OJSC Nurlatskiy Sakhar
         Zavodskaya Str. 1
         423041 Nurlat
         Tatarstan
         Russia


PIK GROUP: Among List of Companies Priority for State Support
-------------------------------------------------------------
OJSC PIK Group has been included on the list of strategically
important companies able to count on state support.

The list of the companies that are a priority for state support
was prepared by the Government of the Russian Federation on the
instructions of the Chairman of the Government of the Russian
Federation, Vladimir Putin.

This list includes companies from different industries which the
government believes are vital to increasing the sustainability of
Russian economic development.  Specific criteria were set for
inclusion, among them: revenues - over RUR15 billion, number of
employees - at least 4,000 persons, strategic importance of the
company and contribution to federal tax revenues.  Companies from
the list can count on loan financing under state guarantees,
interest rate subsidies, additional equity capitalization,
deferred tax payments, government contracts and tariff support.

Artem Eyramdzhants, First Vice President of PIK Group, described
this as a positive development for the company in general, its
customers, partners and employees as it means that the company now
has assurances that, if necessary, it can access a package of
financial support from the State.

On Dec. 1, 2008, the TCR-Europe reported that according to
Reuters, Russia's state bank Vnesheconombank provided a loan of
US$250 million-US$300 million to PIK Group.

The loan, Reuters noted, is part of the government rescue plan
aimed at helping real estate companies to refinance their foreign
debts.

PIK has to repay US$900 million of debt before the end of 2008,
Reuters disclosed.

Evgeny Luneev, chief financial officer of PIK, said the company
would channel US$400 million of its own funds to the debt
repayment, and seek to raise the remainder from financial
institutions, Reuters recalled.

                     About OJSC PIK Group

OJSC PIK Group -- http://www.pik.ru/-- is a residential
nationwide developer in Russia, focusing on mass market
communities.  Its business activities are concentrated in Moscow
and the Moscow region with a footprint in many of Russia's other
regions.  Its principal activity is the development, construction
and sale of residential properties in large scale developments
targeted primarily at the middle income housing market in Russia.
The Company's core activities include development of residential
real estate projects and sales of completed units, including
service and maintenance of residential real estate developed by
the Company and by other developers; production and assembly of
concrete panel housing in Moscow and the Moscow region, and
production and sales of raw materials and construction materials.
As of January 1, 2008, 96% of the Company's property portfolio was
represented by residential areas and 40% of the portfolio's total
area consisted of properties in the course of development.

                          *     *     *

As reported in the TCR-Europe on Dec. 15, 2008, Fitch Ratings
withdrew Russian housebuilder OJSC PIK Group's Long-term Issuer
Default Rating of 'CCC' and Short-term IDR of 'C', with both
ratings on Rating Watch Negative.  Fitch will no longer provide
ratings or analytical coverage on this issuer.

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


PLANT NO. 24: Creditors Must File Claims by February 19
-------------------------------------------------------
Creditors of OJSC Civil Aviation Automotive Equipment Maintenance
Plant ? 24 have until Feb. 19, 2009, to submit proofs of claims
to:

         R. Savostin
         Insolvency Manager
         Dzerzhinskogo pereulok 3a/68
         680030 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?736250/200738.

The Debtor can be reached at:

         OJSC Civil Aviation Automotive Equipment
         Maintenance Plant NO. 24
         Zaparina Str. 1
         680030 Khabarovsk
         Russia


ROS-STEKLO-PROM LLC: Creditors Must File Claims by January 19
-------------------------------------------------------------
Creditors of LLC Ros-Steklo-Prom (Glass Production) have until
Jan. 19, 2009, to submit proofs of claims to:

         A. Prikhodko
         Temporary Insolvency Manager
         Kuznetskiy most Str. 6/3
         125009 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?40-56582/08-88-
154B.

The Debtor can be reached at:

         LLC Ros-Steklo-Prom
         Lukov pereulok 10
         107045 Moscow
         Russia


SALAVAT-STROY TRUST LLC: Creditors Must File Claims by Feb. 19
--------------------------------------------------------------
Creditors of LLC Salavat-Stroy Trust (TIN 0266023849)
(Construction) have until Feb. 19, 2009, to submit proofs of
claims to:

         D. Baytimirova
         Insolvency Manager
         Prospect Oktyabrya 80/2/6
         450054 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?076816/08-G-NLV.

The Debtor can be reached at:

         LLC Salavat-Stroy Trust
         Pervomayskaya Str. 75a
         453261 Salavat
         Bashkortostan
         Russia


STAV-PLAST LLC: Creditors Must File Claims by February 19
---------------------------------------------------------
Creditors of LLC Stav-Plast (TIN 2634075426, RVC 263401001)
(Plastic Production) have until Feb. 19, 2009, to submit proofs of
claims to:

         D. Perekhoda
         Insolvency Manager
         Office 19
         45 parallel Str. 26
         355042 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ? 63-16477/2008-S5-7.

The Debtor can be reached at:

         LLC Stav-Plast
         Serova Str. 523a
         Stavropol
         Russia


X5 RETAIL: To Acquire Pyaterochka Franchise for RUR400 Million
--------------------------------------------------------------
X5 Retail Group N.V. has signed an agreement to acquire 100% of
the business and assets of OOO Agrotorg-Rostov -- a Pyaterochka
franchisee in the Rostov region -- for a total consideration of
RUR400 million (approximately US$15 million), including
refinancing of debt owed to B.I.N.BANK and trade accounts payable
to suppliers and employees.  In order to refinance the debt of OOO
Agrotorg-Rostov X5 and B.I.N.BANK have signed a credit agreement
in the amount of RUR282 million to be repaid in 1.5 years.

As a result of the transaction, X5's will strengthen its
geographic presence in the south of Russia, with a better balanced
multi-format store portfolio.  X5 Retail Group plans to operate 15
of the Pyaterochka soft discount stores acquired in the
transaction (about 7 thousand. sq. m. of net selling space), 10 of
them owned properties, and will consider potential sale of some
real estate assets at a future date.  Currently in addition to
leased premises OOO Agrotorg-Rostov owns retail premises and an
office building in Rostov and the region with the total area of 14
thousand. sq. m.

Lev Khasis, X5 Retail Group CEO, commented: "We have always
considered franchisee buy-outs as part of X5's expansion strategy.
In current market conditions, we have increased our focus on these
potential opportunities as a consequence of the liquidity
situation many players are facing.  The buy-out of OOO Agrotorg-
Rostov is the first transaction in an inevitable process of
Russian retail consolidation, and we are considering other
potential buy-outs of franchisee businesses or assets.  X5 is
acting as a source of strength in Russian retail, ensuring that
stores continue to operate and stabilizing payments to suppliers
to maintain the flow of deliveries to the consumer."

Mikhail Shishkhanov, the President of B.I.N.BANK pointed out: "In
a difficult economic environment, B.I.N.BANK commits to work with
clients that have been affected by volatile financial market
conditions.  We are pleased with this agreement with X5 that will
provide for the refinancing of OOO Agrotorg-Rostov's debt and thus
will enable its continuous trading activity."

                   About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                         *       *      *

X5 Retail Group N.V. continues to carry B1 corporate family and
probability of default ratings from Moody's with positive outlook.

The company still carries BB- long-term foreign and local issuer
credit ratings from Standard & Poor's with stable outlook.


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


FORD MOTOR: Kirk Kerkorian Sells Remaining Stake in Firm
--------------------------------------------------------
Jeff Bennett at The Wall Street Journal reports that Kirk
Kerkorian has sold his remaining 6.1% stake in Ford Motor Co.

Mr. Kerkorian's Tracinda Corp. no longer owns any shares in Ford
Motor, WSJ relates, citing Tracinda spokesperson Winnie Lerner.
Tracinda had 133.5 million shares left in Ford Motor, WSJ states.

Earlier this year, Tracinda purchased a 6.5% stake in Ford Motor,
WSJ states.  Mr. Kerkorian said in April that he had acquired 100
million shares in Ford Motor, and increased it in June, according
to WSJ.

WSJ relates that Tracinda said that it was considering a "possible
infusion of additional capital" into Ford Motor to give the
company "more flexibility in implementing its turnaround process,"
but no investment occurred and Mr. Kerkorian started to cut his
stake amid slowing automotive sales and his own financial
pressures.

Tracinda sold about 7.3 million shares of Ford Motor common stock
in October and had said it might continue selling its holdings
through the end of 2008, WSJ reports.  Jeff Green at Bloomberg
News relates that Mr. Kerkorian said that he would focus his
investments on energy, gambling, and hotels.  Mr. Kerkorian,
according to WSJ, said that he had started selling the shares and
most recently reported holdings on Oct. 28, when he said his stake
had dropped below 5%.

                     About Ford Motor Co.

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

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

                       *     *     *

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

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


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


BERNARD L. MADOFF: Union Bancaire Confirms US$700 Mil. Investment
-----------------------------------------------------------------
Union Bancaire Privee said it had invested about US$700 million in
Bernard L. Madoff Investment Securities LLC through its funds of
funds and client portfolios, The Wall Street Journal's Cassell
Bryan-Low and Carrick Mollenkamp  report.

UBP confirmed in a December 15 statement that its exposure to
Madoff represents less than 1% of the total assets under
management of the bank, which itself had no own-account
investments in the Madoff group.

The Journal relates that according to a recent letter from the
bank to investors, half of UBP's 22 funds of funds, which
channeled clients' money into other hedge funds, put at least some
of that money into Madoff-related investment vehicles, including
one run by J. Ezra Merkin, chairman of car-loan company GMAC LLC.

At the same time, the Journal says UBP provided an array of
services such as investment advice and loans to a division of
Fairfield Greenwich Group, a New York firm that funneled
investors' money into Madoff funds.

Some outside fund managers also looked to UBP in making their own
investments, the Journal adds.

In a Dec. 17 letter to investors obtained by the Journal, UBP,
while admitting that it is a victim of a "massive fraud," said it
had reservations about the way Mr. Bernard L. Madoff ran his
investment firm, particularly the lack of an outside administrator
and custodian.  But UBP said it overcame those concerns because of
Mr. Madoff's firm's status as a "reputable" broker-dealer that was
registered with the Securities and Exchange Commission, as well as
Mr. Madoff's "longstanding reputation in building Wall Street's
financial markets infrastructure," in part, as a former chairman
of the Nasdaq Stock Market.

According to the Journal, the UBP funds gained exposure to Mr.
Madoff through at least four intermediaries:

   -- Fairfield Sentry Ltd;
   -- Ascot Fund Ltd., run by Mr. Merkin of GMAC;
   -- Kingate Global Fund Ltd., run by FIM Advisers LLP of London;
      and
   -- M-Invest Ltd., UBP's Cayman Islands vehicle.

                   About Union Bancaire Privee

Union Bancaire Privee (UBP) -- http://www.ubp.ch/-- is based in
Geneva and is one of Switzerland's leading private banks.  As
global asset manager for private and institutional clients, the
Group held over CHF126 billion (US$124.5 billion) under management
at June 30, 2008.  UBP employs about 1,300 people in some 20
locations worldwide and provides a complete range of investment
products and services.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
US stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Bernard L. Madoff and
his investment firm, Bernard L. Madoff Investment Securities LLC,
with securities fraud for a multi-billion dollar Ponzi scheme that
he perpetrated on advisory clients of his firm.  The estimated the
losses from Madoff's fraud were at least US$50 billion.

As reported by the TCR on Dec. 16, 2008, the Securities Investor
Protection Corporation, which maintains a special reserve fund
authorized by Congress to help investors at failed brokerage
firms, announced on Mon., Dec. 15, that it is liquidating Bernard
L. Madoff Investment Securities LLC of New York, N.Y., under the
Securities Investor Protection Act.


BRECHBUHLER HOLDING: Proofs of Claim Filing Deadline is Jan. 20
---------------------------------------------------------------
Creditors owed money by JSC Brechbuhler Holding are requested to
file their proofs of claim by Jan. 20, 2009, to:

         Gertrud Brechbuhler
         Im Grut
         8902 Urdorf
         Switzerland

The company is currently undergoing liquidation in Urdorf.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 22, 2008.


BRUNO MAZZOTTI: Creditors Must File Proofs of Claim by Jan. 15
--------------------------------------------------------------
Creditors owed money by JSC Bruno Mazzotti are requested to file
their proofs of claim by Jan. 15, 2009, to:

         JSC Bruno Mazzotti
         Paradiesrain 26
         4123 Allschwil
         Switzerland

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


DIE DENK-LEISTER: Creditors' Proofs of Claim Due by January 15
--------------------------------------------------------------
Creditors owed money by JSC Die Denk-Leister are requested to file
their proofs of claim by Jan. 15, 2009, to:

         Stephan Muller
         Santisstrasse 45
         8200 Schaffhausen
         Switzerland

The company is currently undergoing liquidation in Schaffhausen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 30, 2008.


HEINZ KLAUSER: January 15 Set as Deadline to File Claims
--------------------------------------------------------
Creditors owed money by JSC Heinz Klauser are requested to file
their proofs of claim by Jan. 15, 2009, to:

         JSC Alfondo-Treuhand
         Kirschgartenstrasse 7
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 4, 2008.


M. PETER BAUABDICHTUNG: Deadline to File Claims Set Jan. 8
----------------------------------------------------------
Creditors owed money by JSC M. Peter Bauabdichtung are requested
to file their proofs of claim by Jan. 8, 2009, to:

         Baumlisacherstrasse 32
         8907 Wettswil am Albis
         Switzerland

The company is currently undergoing liquidation in Wettswil am
Albis.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on Oct. 30, 2008.


RUDOLF KELLER: Deadline to File Proofs of Claim Set January 22
--------------------------------------------------------------
Creditors owed money by JSC Rudolf Keller Generalunternehmung are
requested to file their proofs of claim by Jan. 22, 2009, to:

         JSC Consa Treuhand
         Breitackerstrasse 2
         Mail Box 176
         8702 Zollikon Dorf
         Switzerland

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


SWISS OLYMPIA: Creditors Have Until January 11 to File Claims
-------------------------------------------------------------
Creditors owed money by LLC Swiss Olympia are requested to file
their proofs of claim by Jan. 11, 2009, to:

         Andreas Gantenbein
         Sonnhaldenstrasse 28
         9536 Schwarzenbach
         Switzerland

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


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


ACTIVE-BANK: Moody's Withdraws 'E+' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Active-Bank for business reasons.

The bank has no rated foreign and local currency debt outstanding.

Moody's last rating action was on December 19, 2007 when Moody's
assigned a prospective B3/NP global scale local currency long- and
short-term senior unsecured debt rating to Active-Bank, as well as
a Baa3.ua long-term National Scale Rating to the local currency-
denominated bonds.

Active-Bank is headquartered in Kiev, Ukraine, and as of
December 31, 2007 reported total audited assets of US$364 million
under IFRS and net profit of US$297 thousand.

These ratings assigned to Active-Bank were withdrawn:

  * Bank financial strength rating -- E+

  * Global long-term and short-term local currency deposit ratings
    -- B3 and Not Prime;

  * Long-term and short-term foreign currency deposit ratings --
    B3 and Not Prime;

  * National scale deposit ratings -- Baa3.ua


NAFTOGAZ OF UKRAINE: May File for Bankruptcy This Year
------------------------------------------------------
Naftogaz of Ukraine could file for bankruptcy in 2009, RBC Ukraine
reports citing a source in the Ukrainian president's
administration.

The report relates that the source said the 2009 budget set aside
US$211.9 million to cover the gap between the gas import price and
prices for the population.  However, the report notes
that according to the source, the actual amount could reach up to
US$1.22 billion, suggesting that Naftogaz will either raise gas
tariffs, or go bust.

Meanwhile, talks between Naftogaz of Ukraine and Gazprom
representatives over debt settlement continue, the report adds.

                 About NJSC Naftogaz of Ukraine

Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                         *     *     *

As reported in the TCR-Europe on Oct. 23, 2008, Moody's Investors
Service changed the outlook on the B1 foreign currency corporate
family rating of NJSC Naftogaz of Ukraine, as well as its US$500
million senior unsecured Loan Participation notes, to Negative
from Developing.  Naftogaz's Probability of Default rating is
affirmed at B1.

On Oct. 21, 2008, the TCR-Europe reported that Fitch Ratings
downgraded OJSC Naftogaz of Ukraine's Long-term local and foreign
currency Issuer Default ratings to 'B' from 'B+'.  This follows
the downgrade of Ukraine's sovereign Long-term local and foreign
currency IDRs to 'B+' from 'BB-'.  The IDRs of Naftogaz remain on
RWN.  The senior unsecured rating on the company's US$500 million
eurobond maturing in 2009 is also downgraded to 'B+' from 'BB-',
and its Recovery rating of 'RR4' is affirmed.


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


BLUESTONE SECURITIES: Fitch Junks Ratings on Four Tranches
----------------------------------------------------------
Fitch Ratings has upgraded two, downgraded seven and affirmed 14
tranches of the Bluestone Securities series of UK non-conforming
transactions.  In addition, the agency has changed the Outlook to
Negative from Stable on seven tranches on the more recent deals
Bluestone Securities plc (Series 2006-1) (Bluestone 2006-1) and
Bluestone Securities plc (Series 2007-1) (Bluestone 2007-1).  The
rating actions are listed at the end of the announcement.

All four transactions have a three-year interest-stripping
mechanism in place, which steps up throughout the three-year
period.  In the more seasoned transactions, Bluestone 2004-1 and
2005-1, this deferred consideration mechanism has expired, thereby
providing more excess spread to the two transactions.  The
upgrades in Bluestone 2004-1 follow a strong build-up in credit
enhancement on the class B and C notes, which as of the last
reporting period stood at 27.38% and 17.52% respectively.  The
Outlook on class B has also been revised to Positive from Stable
as a result.

Despite the relatively high principal payment rates (average
annualised principal payment rate as calculated by Fitch for the
past 12 months stood at 32.79%), Bluestone 2005-1 has not seen its
credit enhancement levels build up to levels comparable to those
of Bluestone 2004-1.  This is due to the pro rata redemption of
the notes, which first occurred in March 2007.  Although this
indicates that the performance of the underlying collateral is
good, at the same time it has caused the stagnation of the credit
support available to the notes.

The negative rating actions taken on the more recent deals,
Bluestone 2006-1 and Bluestone 2007-1, are a result of a
combination of factors: deteriorating mortgage and housing market,
as well as the performance of the deals.  As of the last reporting
period in December 2008, both transactions reported reserve fund
draws of GBP475,898 (26.92% of the Bluestone 2006-1 reserve target
amount) and GBP466,535 (10.14% of Bluestone 2007-1).  The two
transactions have seen further losses being realized.  In December
2008 GBP486,850 (Bluestone 2006-1) and GBP531,298 (Bluestone 2007-
1) were allocated through the junior tranche principal deficiency
ledger as of the last interest payment date.  Latest period loss
severities on the two deals stood at 21.92% and 26.35%
respectively.

According to the latest investor reports, loans in arrears by more
than three months range from 9.85% (Bluestone 2007-1) and 23.35%
(Bluestone 2004-1 of the respective pools outstanding.  Loans in
repossession in December 2008 stood between 3.66% (Bluestone 2007-
1) and 9.89% (Bluestone 2006-1).

The rating actions are:

Bluestone Securities plc (Series 2004-1):

  -- Class Aa (ISIN XS0208448331) affirmed at 'AAA'; Outlook
     Stable

  -- Class Az (ISIN XS0208450311) affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN XS0208452879) upgraded to 'AA' from 'A+';
     Outlook revised to Positive from Stable

  -- Class C (ISIN XS0208453687) upgraded to 'A' from 'BBB+';
     Outlook Stable

  -- Class D (ISIN XS0208453760) affirmed at 'BB+'; Outlook Stable

Bluestone Securities plc (Series 2005-1):

  -- Class A (ISIN XS0222339631) affirmed at 'AAA'; Outlook Stable
  -- Class B (ISIN XS0222339391) affirmed at 'A'; Outlook Stable
  -- Class C (ISIN XS0222338740) affirmed at 'BBB'; Outlook Stable
  -- Class D (ISIN XS0222338153) affirmed at 'BB'; Outlook Stable

Bluestone Securities plc (Series 2006-1):

  -- Class A1 (ISIN XS0264881508) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class A2 (ISIN XS0264881920) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class B (ISIN XS0264882654) downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable

  -- Class C (ISIN XS0264882902) downgraded to 'B' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class D (ISIN XS0264883207) downgraded to 'CCC' from 'BB';
     Distressed Recovery Rating 'DR3' assigned

  -- Class E (ISIN XS0264883546) downgraded to 'CC' from 'B';
     Distressed Recovery Rating 'DR4' assigned

Bluestone Securities plc (Series 2007-1):

  -- Class A1a (ISIN XS0300919908) affirmed at 'AAA'; Outlook
     Stable

  -- Class A1b (ISIN XS0301239561) affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN XS0300920237) affirmed at 'AAA'; Outlook
     Stable

  -- Class Az (ISIN XS0300920583) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class B (ISIN XS0300920823) affirmed at 'A'; Outlook revised
     to Negative from Stable

  -- Class C (ISIN XS0300921128) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class Da (ISIN XS0300921474) downgraded to 'CCC' from 'BB';
     Distressed Recovery Rating 'DR2' assigned

  -- Class Db (ISIN XS0301241039) downgraded to 'CCC' from 'BB';
     Distressed Recovery Rating 'DR2' assigned


BOWDEN SMYTH: Appoints Joint Liquidators from Tenon Recovery
------------------------------------------------------------
Peter John Forsey and Nick Simmonds of Tenon Recovery were
appointed joint liquidators of Bowden Smyth & Partners Ltd. on
Dec. 8, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Suite 3
         Chalkwell Lawns
         648-656 London Road
         Westcliff-On-Sea
         Essex
         SS0 9HR
         England


BRAND LONDON: Names Joint Liquidators from Tenon Recovery
---------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Brand London Ltd. on Dec. 3, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


BRITISH VITA: Inks Standstill Agreement with Lenders
----------------------------------------------------
Anousha Sakoui at the Financial Times reports that British Vita
Group has agreed on a standstill with lenders to avoid a breach on
the terms of its debt.

The standstill agreement, the FT states, will give the company a
period of stability until March, in which to hold negotiations
with its lenders.

British Vita, which is owned by private equity group TPG, had
risked being in breach of covenants on its EUR663 million (US$933
million) of debt in January, the FT recalls.

The FT notes that while the company has cash on its balance sheet,
it needs to reduce its debt load.

According to the FT, among the options considered, included TPG
injecting new funds into its GBP668 million buy-out, or lenders
swapping debt for equity.

Citing people close to the situation, the FT relates the company
had been working on a short-term debt facility of about EUR100
million.

Crain's Manchester Business recounts British Vita's trading
position deteriorated.

Sales, Crain's says, are believed to have declined sharply this
year as the business supplies sectors such as furniture
manufacturing, construction and the automotive sector, all of
which have been hard hit by the downturn.

Headquartered in London, British Vita Group --
http://www.thevitagroup.com/-- produces cellular and industrial
polymers, engineered thermoplastic sheet and nonwovens.  It
operates nearly 80 sites in 20 countries.


DERBY PLAYHOUSE: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Patrick B. Ellward and Dilip K. Dattani of Tenon Recovery were
appointed joint liquidators of Derby Playhouse (Enterprises) Ltd.
on Nov. 26, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         The Poynt
         45 Wollaton Street
         Nottingham
         NG1 5FW
         England


FARMHOUSE FREEDOM: Appoints Liquidators from Grant Thornton
-----------------------------------------------------------
Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP were
appointed joint liquidators of Farmhouse Freedom Egg Products
(Cardiff) Ltd. on Nov. 21, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Farmhouse Freedom Egg Products (Cardiff) Ltd.
         C/o Peacheys
         Chartered Accountants
         Lanyon House
         Mission Court
         Newport
         NP20 2DW
         England


GREAT HALL: Fitch Junks Ratings on Three RMBS Series Tranches
-------------------------------------------------------------
Fitch Ratings has downgraded eight tranches from the Great Hall
Mortgages No. 1 RMBS series.  The downgrades are a result of a
deteriorating mortgage and housing market, as well as the weak
performance of the deals, in particular increasing losses from
repossessed properties.  The rating actions are listed at the
bottom of this announcement.

According to the latest investor reports for December 2008, the
two more recent transactions Great Hall Mortgages No. 1 (Series
2007-1) and Great Hall Mortgages No. 1 (Series 2007-2) reported
reserve fund draws in the amount of GBP642,895 and GBP195,743,
i.e. 4.88% and 2.09% of their target amounts respectively.  The
recent reports also showed greater realized losses, which as of
December were reported at GBP1.8 million (GHM 2007-1) and
GBP915,275 (GHM 2007-2).  Meanwhile, no reserve fund draw was
reported in Great Hall Mortgages 2006-1, as in December 2008 the
transaction generated sufficient excess spread to cover GBP869,091
worth of losses that were realized during the period.

The portfolios of the three transactions contain discount loans,
and for this reason, discount margin reserves have been set up
across all three deals.  Amounts released from these ledgers
provide additional revenue to the transactions.  The loans in the
three pools also contain BBR (Bank of England base rate)- linked
loans; however, none of the deals have hedging agreements in place
to cover the risk of any mismatches arising from the BBR-linked
assets and Libor-linked notes.

The latest investor reports show loans in arrears by more than
three months ranging from 7.41% (GHM 2007-2) and 9% (GHM 2006-1).
Loans in repossessions in December 2008 stood between 2.09% (GHM
2006-1) and 2.42% (GHM 2007-1) of the respective pools
outstanding.

The rating actions are:

Great Hall Mortgages No. 1 plc (Series 2006-1):

  -- Class A2a (ISIN XS0276086393) affirmed at 'AAA'; Outlook
     Stable

  -- Class A2b (ISIN XS0276092797) affirmed at 'AAA'; Outlook
     Stable

  -- Class Ba (ISIN XS0276086989) affirmed at 'AA'; Outlook Stable

  -- Class Bb (ISIN XS0276093332) affirmed at 'AA'; Outlook Stable

  -- Class Ca (ISIN XS0276087524) affirmed at 'A'; Outlook Stable

  -- Class Cb (ISIN XS0276093928) affirmed at 'A'; Outlook Stable

  -- Class Da (ISIN XS0276088506) affirmed at 'BBB'; Outlook
     revised to Negative from Stable

  -- Class Db (ISIN XS0276095030) affirmed at 'BBB'; Outlook
     revised to Negative from Stable

  -- Class Ea (ISIN XS0276089223) downgraded to 'B' from 'BB';
     Outlook revised to Negative from Stable

Great Hall Mortgages No. 1 plc (Series 2007-1):

  -- Class A2a (ISIN XS0288626525 ) affirmed at 'AAA'; Outlook
     Stable

  -- Class A2b (ISIN XS0288627507) affirmed at 'AAA'; Outlook
     Stable

  -- Class Ba (ISIN XS0288628224) affirmed at 'AA'; Outlook Stable

  -- Class Bb (ISIN XS0288628810) affirmed at 'AA'; Outlook Stable

  -- Class Ca (ISIN XS0288629545) affirmed at 'A'; Outlook revised
     to Negative from Stable

  -- Class Cb (ISIN XS0288630121) affirmed at 'A'; Outlook revised
     to Negative from Stable

  -- Class Da (ISIN XS0288630394) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class Db (ISIN XS0288630550) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class Ea (ISIN XS0288630808) downgraded to 'CCC' from 'BB';
     Distressed Recovery Rating 'DR2' assigned

Great Hall Mortgages No. 1 plc (Series 2007-2):

  -- Class Aa (ISIN XS0308354504) affirmed at 'AAA'; Outlook
     Stable

  -- Class Ab (ISIN XS0308354843) affirmed at 'AAA'; Outlook
     Stable

  -- Class Ac (ISIN XS0308462141) affirmed at 'AAA'; Outlook
     Stable

  -- Class Ba (ISIN XS0308356970) affirmed at 'AA-' (AA minus);
     Outlook Stable

  -- Class Ca (ISIN XS0308357358) affirmed at 'A-' (A minus);
     Outlook revised to Negative from Stable

  -- Class Cb (ISIN XS0308355733) affirmed at 'A-' (A minus);
     Outlook revised to Negative from Stable

  -- Class Da (ISIN XS0308357788) downgraded to 'BB' from 'BBB-'
     (BBB minus); Outlook revised to Negative from Stable

  -- Class Db (ISIN XS0308356111) downgraded to 'BB' from 'BBB-'
     (BBB minus); Outlook revised to Negative from Stable

  -- Class Ea (ISIN XS0308357861) downgraded to 'CCC' from 'BB';
     Distressed Recovery Rating 'DR2' assigned

  -- Class Eb (ISIN XS0308356467) downgraded to 'CCC' from 'BB';
     Distressed Recovery Rating 'DR2' assigned


HAZEMASTER LTD: Brings In Joint Liquidators from Baker Tilly
------------------------------------------------------------
Donald Bailey and Lindsey Cooper of Baker Tilly Restructuring &
Recovery, were appointed joint liquidators of Hazemaster Ltd. on
Dec. 5, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Baker Tilly Restructuring &
Recovery at:

         Brazennose House
         Lincoln Square
         Manchester
         M2 5BL
         England


MECOM GROUP: Banks Defer Covenant Test Date to February 28
----------------------------------------------------------
Mecom Group plc issued a pre-close trading update for the year
ended December 31, 2008.

                        Trading

Mecom said it remains on track to deliver its revised earnings
forecast for the full year as indicated in its October Interim
Management Statement.  It however noted that trading conditions
remain challenging with ongoing volatility in all it advertising
markets.

                  Net Debt and Financing

As indicated in the IMS, the company continues to focus on
managing its affairs to ensure ongoing compliance with its banking
facilities which have been affected mainly by the recent adverse
exchange rate movements.

The company has entered into constructive discussions with its
lending banks with a view to concluding certain amendments to its
debt facilities so as to provide financial stability in the medium
term.  In the context of this, the banks have agreed to defer the
next covenant test date from December 31, 2008 to February 28,
2009 to facilitate these discussions and the company has agreed an
initial fee of approximately EUR2.5 million and an increase in the
core lending margin of approximately 175 basis points.

The company has received approaches for a number of assets which
may or may not lead to disposals.

David Montgomery, Executive Chairman of Mecom said: "The
deterioration in global economic activity is continuing to affect
advertising adversely in our markets.  The Board has recognized
that in the light of these continuing market conditions we need to
reduce our leverage and is confident of reaching an agreement on a
long term solution, including disposals, in the first quarter of
the New Year.  We continue to believe that Mecom's operating model
is the right one and progress continues to be made in
restructuring the cost base and developing new revenue streams."

                       Debt Pile

In a Dec. 22, report, the Daily Telegraph said Mecom's banks are
understood to have recently hired PricewaterhouseCoopers to
undertake an independent business review following mounting
concern about its high debt levels.

According to the Daily Telegraph, Mecom's debt pile - GBP571
million in November - dwarfs its market capitalization of GBP17.3
million.

Mecom, the Daily Telegraph disclosed, has tried to make asset
disposals to reduce its debt burden, but has had difficulty
selling in the midst of a downturn.

Mark Sweney of guardian.co.uk wrote the company faced breaching
its debt-to-earnings ratio of 3.5 times earnings.

           Disposal of German Newspaper Business

Reuters meanwhile reported Mecom is considering selling its German
newspaper business.

Citing German magazine Kress, Reuters revealed Germany's fourth
largest newspaper publisher M. DuMont Schauberg (MDS) is eyeing to
acquire Mecom's assets Berliner Verlag and Hamburger Morgenpost.

According to Reuters, Kress said MDS, which tried to buy Berliner
Verlag in 2005, would be willing to pay just below EUR200 million
(US$279.7 million).

Kress added German WAZ media group was also interested in Berliner
Verlag, Reuters noted.

"The company has looked at making selective strategic disposals
but there's nothing to report at this stage," a Mecom spokesman
was quoted by the report as saying.

                      About Mecom Group plc

Headquartered in London, Mecom Group plc -- http://www.mecom.co.uk
-- is engaged in the acquisition and operation of newspaper
publishing and content businesses in Europe.  The company owns
over 300 titles in its five divisions, with operations in the
Netherlands, Denmark, Norway, Germany and Poland, together
publishing approximately 30 million copies a week.


MONIER GROUP: Creditors Bring In Restructuring Advisers
-------------------------------------------------------
Mark Kleinman at the Daily Telegraph reports that creditors of
Monier Group are calling in advisers to oversee the restructuring
of the company.

According to the report, Monier is exposed to the house-building
slump because it is among the largest suppliers to the industry
through its Redland subsidiary.

In a TCR-Europe report on Nov. 12, 2008, The Times said that
Monier hired Goldman Sachs to restructure an estimated EUR2
billion (GBP1.6 billion) of debt amid fears that it might breach
its banking covenants in December.

Citing insiders, the Times disclosed Monier is at risk of
breaching its December 31 covenant.  The company, the report
recalled, drew down EUR125 million from its credit facilities in
September to give it an additional cash cushion.  However, it
has not provided lenders with detailed guidance about its
end-of-year figures, heightening concerns about a possible
covenant breach, the report noted.

PAI, which bought Monier for EUR2.4 billion in March last year,
could be forced to inject more equity into the business to appease
lenders, the report said.

Goldman, which was drafted in by PAI, is understood to be looking
at a range of options including covenant waiver negotiations, a
PAI-backed debt buyback and or a refinancing, although this will
be very difficult in the current debt markets, the report stated.

PAI, the report recounted, unveiled plans this year to cut
Monier's debt by buying back about 20 per cent of it.

The Goldman team is led by Andrew Wilkinson, the bank's global
head of restructuring, the report revealed.

Monier Group -- http://www.monier.co.uk/-- supplies pitched-
roofing products, roofing components and chimney systems.  It has
more than 200 production sites and activities in 46 countries,
including the United Kingdom, Germany, Poland, among others.  In
2006, Monier employed more than 12,000 people, generating sales of
over EUR1.6 billion.


NORTH SOUTH: Taps Joint Liquidators from Smith & Williamson
-----------------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Ltd. were appointed joint liquidators of North South
Publishing Ltd. on Dec. 9, 2008, for the creditors' voluntary
winding-up proceeding.

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

         25 Moorgate
         London
         EC2R 6AY
         England


RANGERS LTD: Appoints Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Rangers (Salisbury) Ltd. on Dec. 8,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


UK CAR: Calls In Joint Liquidators from Tenon Recovery
------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of UK Car Kits Ltd. on Dec. 8, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


USC: Goes Into Administration; 300 Jobs at Risk
-----------------------------------------------
BBC News reports that fashion retailer USC has gone into
administration, putting 300 jobs at risk.

Bryan Jackson of PKF has been appointed administrator of USC,
which has 58 stores across the UK, the report relates.  Mr.
Jackson, the report notes, blamed the poor economic climate for
the chain's financial woes.

"The impact of the credit crunch is continuing to spread into the
wider economy beyond the property and financial sectors,
Mr. Jackson was quoted by the report as saying.  "As has been well
publicized, retail operators are facing extremely challenging
times."

According to the report, Sir Tom Hunter's private equity group
West Coast Capital, which bought the chain in 2004 for GBP45
million, will buy back 43 of the stores in a so-called pre-pack
deal that will secure 1,127 jobs.

The report states Dundonald Holdings Ltd, which is another
business interest of Mr. Hunter, put together the rescue package
for most of the stores.

Jim McMahon, Mr. Hunter's partner in West Coast Capital, insisted
the deal that had been negotiated was the only way of assuring the
business survived, the report recalls.

The remaining 15 stores, however, will be temporarily run by the
administrator, the report discloses.

Headquartered in Dundonald, North Ayrshire, USC --
http://www.usc.co.uk/-- is a retailer of branded clothing,
footwear and accessories housing top brands such as Diesel, G-
Star, Firetrap, Miss Sixty, Replay, Henri Lloyd, Ted Baker and
Lacoste.


* Slump in Comm'l Property Values Could Hit U.K. Banks' Earnings
----------------------------------------------------------------
A slump in commercial property values could force Britain's banks
into a fresh round of capital raisings, Ben Harrington at
Telegraph.co.uk reported.

The report said up to GBP70 billion in losses await UK banks after
having fueled the commercial property sector boom by lending as
much as 95pc of a property's value to private investors.

The report related that investment bank Close Brothers forecasts
massive writedowns in light of its forecast 50pc-60pc slump in
commercial property values by the end of 2009 compared to the
market's 2007 peak.

Such writedowns could again imperil banks' capital ratios,
potentially forcing them once more to go cap in hand to the
Government, Mr. Harrington said in his report.

According to the report, a study by De Montfort University found
that the country's leading banks have a total GBP250 billion
exposure to commercial property loans - twice the amount they had
before entering the recession in the early 1990s.

Close Brothers, as cited by the report, said the fall in
commercial property values
is higher than most observers estimate, noting that "No available
debt finance and a limited number of investors with equity capital
for acquisitions means that anything sold will only realize
distressed valuations."

"Commercial property is a major issue facing the banks during the
next couple of years.  We believe the scale of the problem has not
been built into the recapitalization program developed by the UK
Government," Gareth Davies, a managing director in Close Brothers'
restructuring division, was quoted by Mr. Harrington in his
report.


* BOOK REVIEW: How To Measure Managerial Performance
----------------------------------------------------
Author:     Richard S. Sloma
Publisher:  Beard Books
Paperback:  272 pages
List Price: US$34.95

Order your personal copy at:

http://www.amazon.com/exec/obidos/ASIN/1893122646/internetbankrupt

How to Measure Managerial Performance by Richard S. Sloma is a
valuable reference tool.  This practical handbook provides new
insights into enterprising management techniques.

This book is a compendium of principles and techniques to improve
and measure managerial performance in a number of areas important
to the successful operation of a business.

Rigorous application of the concepts of this instructive book will
enable an organization to perform at several levels higher in
efficiency and effectiveness.

                            *********

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 2009.  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 * * *