TCREUR_Public/090105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, January 5, 2009, Vol. 10, No. 2

                            Headlines

A U S T R I A

ERNST PADERTA: Claims Registration Period Ends January 7
GABRIELE LACKNER: Claims Registration Period Ends January 7
HAIDINGER LLC: Claims Registration Period Ends January 20
PHK LLC: Claims Registration Period Ends January 7
TEAM-PUTZ LLC: Claims Registration Period Ends January 7


B E L A R U S

* BELARUS: Reaches Deal with IMF on US$2.5 Bln Economic Program


B E L G I U M

CHEROKEE INT'L: Completes US$62.3MM Merger w/ Lineage Power's Unit
CHEROKEE INTERNATIONAL: Pays US$46.6MM of 5.25% Senior Notes Debt


E S T O N I A

Q EHITUS: Files for Bankruptcy


F R A N C E

MORGAN: Goes Into Administration


G E R M A N Y

BEAUTYMAXX WELLNESSCENTER: Claims Registration Ends Jan. 28
EXACT BAU: Claims Registration Period Ends January 20
GIMOTIVE/STANKIEWICZ: Seeks Bankruptcy Protection
KOEWEGE WERBEGESELLSCHAFT: Claims Registration Ends Feb. 26
REDAIX ELECTRONICS: Claims Registration Period Ends February 6

VEM VERMOEGENSVERWALTUNG: Lenders Agree to Freeze Claims
WSM-BAUGESELLSCHAFT: Claims Registration Period Ends January 13


H U N G A R Y

* HUNGARY: 3rd Qtr Current-Account Deficit Widens to EUR2.49 Bil.


I R E L A N D

BALLANTYNE RE: Fitch Slashes Rating on Class A-1 Notes 'CC/DR5'


I T A L Y

ALITALIA SPA: Air France-KLM May Buy Stake in the Airline
PININFARINA SPA: Thirteen Banks to Write Off EUR250 Mil. in Debts


K A Z A K H S T A N

AGRO CENTRE: Creditors Must File Claims by February 5
BOTASAN LLP: Proof of Claim Deadline Slated for February 10
FEZA STROY: Claims Registration Ends February 10
JEZPROM LLP: Proof of Claim Deadline Slated for February 5
KONLI-M LLP: Creditors Must File Claims by February 5

SAMAL LLP: Creditors' Claims Due on February 10
SARBAZ INVEST: Creditors' Claims Due on February 5
SPARTAK STROY SERVICE: Claims Registration Ends February 5
TECH STROY SBYT: Claims Filing Period Ends February 5
TERI-RK LLP: Claims Filing Period Ends February 10


K Y R G Y Z S T A N

HYDRO BIONT Creditors Must File Claims by February 12


N E T H E R L A N D S

LYONDELL BASELL: Likely Chapter 11 Filing Cues Fitch's Junk Rating
LYONDELLBASELL INDUSTRIES: Mulls Filing for Chapter 11
LYONDELLBASELL INDUSTRIES: Moody's Junks Corporate Family Rating


P O L A N D

SFINKS SA: Renegotiating US$4.8 Million Loan With Two Banks


R U S S I A

ENERGIYA LLC: Creditors Must File Claims by February 19
EVRO-LES CJSC: Creditors Must File Claims by February 19
KANSKIY BIOETHANOL: Creditors Must File Claims by February 19
MECHANICAL PLANT LLC: Creditors Must File Claims by February 19
METALIST PLANT: Court Names Temporary Insolvency Manager

NEFTE-KHIM-PROEKT LLC: Creditor Must File Claims by February 19
PARABELSKIY FISH: Tomskaya Bankruptcy Hearing Set February 18
ROSTINKOM LLC: Creditor Must File Claims by January 19
TECHNOLOGICAL EGUIPMENT: Court Names Insolvency Manager
VOLGOVYATSKAYA METAL: Creditor Must File Claims by January 19


S L O V E N I A

IUV: Declares Bankruptcy After Failed Capital Increase


S P A I N

RENTA CORP: Reaches Initial Refinancing Deal with Creditors


S W I T Z E R L A N D

ABAG ASPHALT: Creditors Must File Proofs of Claim by February 4
ACCOMMODATION SERVICE: Deadline to File Claims Set Jan. 25
APPLIX JSC: Creditors Have Until February 3 to File Claims
CIRUS TRUST: Proofs of Claim Filing Deadline is February 4
CONMEDIA JSC: Creditors' Proofs of Claim Due by January 31

CREDIT SUISSE: Sells Part of Global Investors Biz to Aberdeen
GENERAL MOTORS: Gets US$4 Billion in Low-Interest Loans From Gov't
HACE-GASTRO LLC: January 31 Set as Deadline to File Claims
JNB TRADE: Creditors Must File Proofs of Claim by January 23
UBS AG: Sells 3.4 Billion Shares in Bank of China

URPHEN-WERK WALO: Deadline to File Proofs of Claim Set Feb. 4
ZURICHFORUM JSC: Creditors Have Until January 20 to File Claims


U K R A I N E

ADVERTISING AND POLYGRAPHY: Creditors Must File Claims by Jan. 9
AMIRIS LLC: Creditors Must File Claims by January 9
AZOT LLC: Creditors Must File Claims by January 8
BUILDING AND OPERATION: Creditors Must File Claims by January 9
EXCLUSIVE PRODUCTION: Creditors Must File Claims by January 9

INDUSTRIAL AND SUPPLYING: Creditors Must File Claims by Jan. 9
MATVEYEVSKAYA LLC: Creditors Must File Claims by January 9
OLDOS LLC: Creditors Must File Claims by January 9
PROGRESS-TECHNO LLC: Creditors Must File Claims by January 9
SENSE-SV LLC: Creditors Must File Claims by January 9

TROSTIAN LLC: Creditors Must File Claims by January 8
YUGLANCE LLC: Creditors Must File Claims by January 9

* Moody's Downgrades Outlook on 15 Ukrainian Banks to 'Negative'


U N I T E D  K I N G D O M

A E FRESHWATER: Appoints Joint Liquidators from Tenon Recovery
ADAMS CHILDRENSWEAR: In Administration; PwC Appointed
ARNGROVE CONSTRUCTION: Taps Administrators from Grant Thornton
BRITISH AIRWAYS: Iberia Taps Mercer to Review Pension Deficit
COMPLETE SEAL: Brings in Joint Liquidators from Tenon Recovery

INTAGRAPH LTD: Appoints Joint Liquidators from Tenon Recovery
KAUPTHING SINGER: IoM Gov't to Start Payments to Savers on Jan. 19
MAXWELL COMMUNICATION: New York Court Closes Case After 17 Years
OILEXCO INC: UK Subsidiary to File Petitions for Administration
OLAN MILLS: Ceases Trading; To Go Into Administration

ZAZEN DEVELOPMENTS: Appoints Administrators from Grant Thornton

* UK: New Rules on Pre-Pack Administration to Benefit Creditors

* BOND PRICING: For the Week Dec. 29, 2008 to Jan. 5, 2009


                         *********


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


ERNST PADERTA: Claims Registration Period Ends January 7
--------------------------------------------------------
Creditors owed money by LLC Ernst Paderta (FN 271881a) have until
Jan. 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Alexander Schoeller
         Schiessstattring 35/13
         3100 St. Poelten
         Austria
         Tel: 02742/74 731
         Fax: 02742/74 731-22
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Jan. 27, 2009, for the
examination of claims at:

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

Headquartered in Tullnerbach – Lawies, Austria, the Debtor
declared bankruptcy on Dec. 1, 2008, (Bankr. Case No. 14 S
193/08k).


GABRIELE LACKNER: Claims Registration Period Ends January 7
-----------------------------------------------------------
Creditors owed money by LLC Gabriele Lackner (FN 69288w) have
until Jan. 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 01/533 28 55
         Fax: 01/533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 p.m. on Jan. 21, 2009, for the
examination of claims at:

         Land Court of Korneuburg
         Room 204
         Korneuburg
         Austria

Headquartered in Stockerau, Austria, the Debtor declared
bankruptcy on Nov. 28, 2008, (Bankr. Case No. 36 S 130/08x).


HAIDINGER LLC: Claims Registration Period Ends January 20
---------------------------------------------------------
Creditors owed money by LLC Haidinger (FN 267729w) have until
Jan. 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Christian Bachmann
         Opernring 8
         1010 Wien
         Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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 178/08s).


PHK LLC: Claims Registration Period Ends January 7
--------------------------------------------------
Creditors owed money by LLC PHK (FN 237496i) have until Jan. 7,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Hans-Peter Pfluegl
         Oberndorfer Ortsstrasse 56a
         3130 Herzogenburg
         Austria
         Tel: 02782/83 553
         Fax: 02782/83 553-55
         E-mail: kanzlei@pfluegl-hutecek.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Jan. 27, 2009, for the
examination of claims at:

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

Headquartered in Neuaigen, Austria, the Debtor declared bankruptcy
on Dec. 2, 2008, (Bankr. Case No. 14 S 194/08g).


TEAM-PUTZ LLC: Claims Registration Period Ends January 7
--------------------------------------------------------
Creditors owed money by LLC Team-Putz (FN 221863w) have until
Jan. 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Johann Jalovetz
         Postgasse 6/IV
         9500 Villach
         Austria
         Tel: 04242/28896
         Fax: 04242/28896-6
         E-mail: rajw@inode.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on Jan. 12, 2009, for the
examination of claims at:

         Land Court of Korneuburg
         Room 225
         Korneuburg
         Austria

Headquartered in Rothenthurn an der Drau, Austria, the Debtor
declared bankruptcy on Dec. 2, 2008, (Bankr. Case No. 41 S
123/08y).


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


* BELARUS: Reaches Deal with IMF on US$2.5 Bln Economic Program
---------------------------------------------------------------
Mr. Dominique Strauss-Kahn, Managing Director of the International
Monetary Fund, in a press statement on
Wednesday, December 31, 2008, said that an IMF staff mission and
the Belarus authorities have reached agreement, subject to
approval by IMF Management and the Executive Board, on an economic
program to be supported under a 15-month Stand-By Arrangement for
SDR1.62 billion (about US$2.5 billion).

Mr. Strauss-Kahn said: "The Executive Board is expected to meet to
discuss the program in January 2009.  Belarus would be able to
draw SDR517.8 million (about US$800 million) immediately after
Board approval.

"Belarus faces a difficult economic situation.  Its economy has
been growing at an impressive rate for several years but has
recently shown signs of overheating.  Belarus has also been hit
hard by the global economic crisis.  Adverse terms of trade
movements, falling demand from trading partners, and difficulties
in accessing trade and other external finance have led to a
decline in Belarus' international reserves.

"The authorities are now taking strong actions to stop the decline
in reserves, restore economic stability, and lay the groundwork
for a resumption of high growth.  The Fund-supported program will
help Belarus achieve an orderly adjustment to the external shocks
that it is facing and offer protection against its most pressing
vulnerabilities.

"Measures agreed include a strengthened monetary and exchange rate
policy framework, fiscal restraint through cuts in public
investment and directed lending by banks, and strict public-sector
wage restraint.  The social safety net will be strengthened to
protect the most vulnerable.

"The strong measures that the authorities are taking justify the
exceptional level of access to Fund resources—equivalent to around
420 percent of Belarus' quota in the IMF—and deserve the support
of the international community."


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


CHEROKEE INT'L: Completes US$62.3MM Merger w/ Lineage Power's Unit
------------------------------------------------------------------
Cherokee International Corporation disclosed in a filing with the
Securities and Exchange Commission that Lineage Power Corporation
has completed the acquisition of the company.  Cherokee is now a
subsidiary of Lineage Power Holdings, Inc.

On Sept. 24, 2008, Cherokee entered into an Agreement and Plan of
Merger with Lineage Power Holdings, Inc., a portfolio company of
The Gores Group, LLC, and Birdie Merger Sub, Inc., a subsidiary of
Lineage Power Holdings, Inc.

Cherokee entered into a US$67,500,000 Credit Agreement with Wells
Fargo Foothill, LLC, as lender and agent, Lineage Power Holdings,
Inc., and Lineage Power Corporation.  The proceeds from the Credit
Agreement were used by Cherokee, among other ways, in connection
with the consummation of the Merger, and for general corporate
purposes.

Cherokee's stockholders, at a special meeting held on Nov. 18,
voted for the adoption and approval of the merger agreement, dated
Sept. 24, 2008, with Lineage Power Holdings, Inc. and Birdie
Merger Sub, Inc., and the transactions contemplated therein,
including the merger of the company with Birdie Merger Sub, Inc.

Pursuant to the terms of the Merger Agreement, at the Effective
Time:

  1) each share of common stock of Cherokee, other than shares
     owned by Cherokee, Lineage Power Holdings, Inc., Birdie
     Merger Sub, Inc. or any subsidiary of Cherokee, Lineage
     Power Holdings, Inc. or Birdie Merger Sub, Inc., par value
     US$0.001 per share, was canceled and automatically converted
     into the right to receive US$3.20, without interest;

  2) each unexercised Cherokee stock option that was outstanding
     at the Effective Time of the Merger (whether or not then
     vested) was canceled and converted into the right to
     receive an amount in cash (subject to applicable
     withholding taxes) equal to (x) the excess, if any, of
     US$3.20 per share over the per share exercise or purchase
     price of such outstanding Cherokee stock option, multiplied
     by (y) the number of shares of Cherokee common stock
     underlying such Cherokee stock option; and

  3) shares of Cherokee common stock purchased under Cherokee's
     Employee Stock Purchase Program were canceled and converted
     into the right to receive US$3.20 per share.

As a result of the Merger, Cherokee no longer fulfills the
numerical listing requirements of the Nasdaq Global Market.
Accordingly, after completion of the Merger, Cherokee requested
that Nasdaq (i) suspend trading in Cherokee's common stock
starting Nov. 21, 2008, and (ii) file with the Securities and
Exchange Commission an application on Form 25 to report that the
Shares are no longer listed on Nasdaq.  As a result, the Shares
will no longer be listed on Nasdaq.  Cherokee also intends to file
with the SEC a certification on Form 15 under the Securities
Exchange Act of 1934, as amended, requesting that the Shares be
deregistered and that Cherokee's reporting obligations under
Sections 13 and 15(d) of the Exchange Act be suspended.

The aggregate consideration paid in respect of the Shares was
approximately US$62,322,854.  The aggregate consideration was
funded by Lineage Power Holdings, Inc. and proceeds from the
Credit Agreement.

Pursuant to the terms of the Merger Agreement, the directors of
Birdie Merger Sub, Inc. immediately prior to the Effective Time
became the directors of Cherokee, the surviving corporation in the
Merger.  Accordingly, upon consummation of the Merger, each of
Andrew P. Freedman, Timothy P. Meyer, Mark R. Stone, Frank
Stefanik, Ryan D. Wald, Craig A. Witsoe and Steven C. Yager became
members of the board of directors of Cherokee.  As of the
Effective Time, these individuals ceased to be members of the
board:  Raymond Meyer, Jeffrey M. Frank, John Michal Conaway,
Clark Michael Crawford, Larry Schwerin, Edward Philip Smoot, and
David H. Robbins.  Moreover, effective as of the Effective Time,
each of these resigned as an officer of Cherokee:  Mr. Frank,
Linster W. Fox, Mukesh Patel, Alex Patel, Howard Ribaudo and
Michael Wagner.

In connection with the consummation of the Merger, Cherokee's
certificate of incorporation was amended, effective as of the
Effective Time.

               About Cherokee International Corp.

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer
and manufacturer of a range of switch mode power supplies for
original equipment manufacturers in the telecommunications,
networking, high-end workstations and other electronic equipment
industries.  The company has offices and manufacturing plants in
Tustin and Irvine, California, Wavre, Belgium, Bombay, India,
Guadalajara, Mexico, and Penang, Malaysia.

Net income for the third quarter of 2008 was US$126,000 compared
to a net loss of US$1,309,000 for the third quarter a year ago.

Net loss for the nine months ended Sept. 28, 2008, was US$431,000
compared to a net loss of US$4.9 million for the nine months ended
Sept. 30, 2007.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$94.4 million, total liabilities of US$82.7 million and
stockholders' equity of about US$11.7 million.

As of Sept. 28, 2008, the company has cash and cash equivalents of
US$15.3 million and negative working capital of US$2.8 million due
to the US$46.6 million of senior notes in payment default as of
Nov. 1, 2008, being classified to current liabilities.  The
company's revolving line of credit with General Electric Capital
Corporation matured on Aug. 25, 2008.  The company does not have
an existing line of credit for its US domestic company.

                        Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the consolidated financial statements
of Cherokee International Corporation and subsidiaries as of
Dec. 30, 2007, and Dec. 31, 2006.  The company's management
anticipates that there will be insufficient cash balances
available to repay the outstanding debt at its maturity.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the company's 5.25% Senior Notes will become due
and payable.  The company does not expect to have sufficient cash
available at the time of maturity to repay this indebtedness and
are currently working on a variety of possible alternatives to
satisfy this obligation.  The company also cannot be certain that
it will have sufficient assets or cash flow available to support
refinancing these notes at current market rates or on terms that
are satisfactory to the company.  If the company is unable to
refinance on terms satisfactory to it, it may be forced to
refinance on terms that are materially less favorable, seek funds
through other means such as a sale of some of assets, or otherwise
significantly alter its operating plan, any of which could have a
material adverse effect on its business, financial condition and
results of operation.  These circumstances create substantial
doubt about the company's ability to continue as a going concern.


CHEROKEE INTERNATIONAL: Pays US$46.6MM of 5.25% Senior Notes Debt
---------------------------------------------------------------
Cherokee International Corporation anticipates that the
outstanding amounts due and payable under the 5.25% Senior Notes,
together with default interest on overdue principal, will be paid
after the closing of the merger with Birdie Merger Sub, Inc., a
subsidiary of Lineage Power Holdings, Inc.

The company related that the senior notes will remain an
obligation of the company even after the merger transaction.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the 5.25% Senior Notes of Cherokee became due
and payable.  The company did not have sufficient cash available
to repay this indebtedness.  The company made the interest payment
due on November 1 but was unable to pay the principal amount
outstanding at maturity and a payment default occurred.

As a result of the payment default, in addition to the aggregate
principal amount outstanding under the Senior Notes, the company
is required to pay interest on overdue principal at the default
rate of 6.25% per annum.

               About Cherokee International Corp.

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer
and manufacturer of a range of switch mode power supplies for
original equipment manufacturers in the telecommunications,
networking, high-end workstations and other electronic equipment
industries.  The company has offices and manufacturing plants in
Tustin and Irvine, California, Wavre, Belgium, Bombay, India,
Guadalajara, Mexico, and Penang, Malaysia.

Net income for the third quarter of 2008 was US$126,000 compared
to a net loss of US$1,309,000 for the third quarter a year ago.

Net loss for the nine months ended Sept. 28, 2008, was US$431,000
compared to a net loss of US$4.9 million for the nine months ended
Sept. 30, 2007.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$94.4 million, total liabilities of US$82.7 million and
stockholders' equity of about US$11.7 million.

As of Sept. 28, 2008, the company has cash and cash equivalents of
US$15.3 million and negative working capital of US$2.8 million due
to the US$46.6 million of senior notes in payment default as of
Nov. 1, 2008, being classified to current liabilities.  The
company's revolving line of credit with General Electric Capital
Corporation matured on Aug. 25, 2008.  The company does not have
an existing line of credit for its US domestic company.

                        Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the consolidated financial statements
of Cherokee International Corporation and subsidiaries as of
Dec. 30, 2007, and Dec. 31, 2006.  The company's management
anticipates that there will be insufficient cash balances
available to repay the outstanding debt at its maturity.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the company's 5.25% Senior Notes will become due
and payable. The company does not expect to have sufficient cash
available at the time of maturity to repay this indebtedness and
are currently working on a variety of possible alternatives to
satisfy this obligation.  The company also cannot be certain that
it will have sufficient assets or cash flow available to support
refinancing these notes at current market rates or on terms that
are satisfactory to the company.  If the company is unable to
refinance on terms satisfactory to it, it may be forced to
refinance on terms that are materially less favorable, seek funds
through other means such as a sale of some of assets, or otherwise
significantly alter its operating plan, any of which could have a
material adverse effect on its business, financial condition and
results of operation.  These circumstances create substantial
doubt about the company's ability to continue as a going concern.


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


Q EHITUS: Files for Bankruptcy
------------------------------
Baltic Business News reports that Estonia-based Q Ehitus filed a
bankruptcy petition with the Harju County Court on Tuesday,
December 30, 2008.

The company, the report relates, blamed mismanagement for the
decision.

According to the report, Urmas Altin, former member of the
company's management board, committed management mistakes that led
to harmful decisions.


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


MORGAN: Goes Into Administration
--------------------------------
ShareCast reports that French fashion retailer Morgan has gone
into administration after being hit by the economic crisis and
fall in consumer spending.

Morgan still hopes to sell the business, which it has been trying
to do since the start of last year, ShareCast notes.

"The company is suffering from the financial crisis like everybody
else.  There are several interested takers and the fact that the
group is going into administration could attract even more," a
spokesman for Morgan was quoted by ShareCast as saying.

According to Tom Bawden of The Times, Morgan said its revenues for
2008 had fallen by about 9% to around EUR140 million (GBP137
million).  The company's debts stood at about EUR30 million, The
Times adds.

The company, The Times recounts, has also been hit by competition
from large global retailers such as Zara and Hennes & Mauritz.

Apax Partners, ShareCast discloses, holds a 50% stake in Morgan,
which was established in 1968.  The company's founding families
Bismuth and Barouch own another 40%, while the remaining 20% is
held by various private investors.

Morgan has 575 stores in 57 countries, which employ about 1,000
people, including 750 in France, The Times states.  Morgan, The
Times notes, does not operate in Britain, having quit the country
in March.


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


BEAUTYMAXX WELLNESSCENTER: Claims Registration Ends Jan. 28
-----------------------------------------------------------
Creditors of Beautymaxx Wellnesscenter 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 10:00 a.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 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:

         Dr. Florian Stapper
         Karl-Heine-Strasse 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Fax: 0341/9841111

The District Court opened bankruptcy proceedings against the
company on Dec. 19, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Beautymaxx Wellnesscenter GmbH
         Weissenfelser Str. 22
         04229 Leipzig
         Germany

         Attn: Dietmar Thamm, Manager
         Am Bloecken 66
         24111 Kiel
         Germany


EXACT BAU: Claims Registration Period Ends January 20
-----------------------------------------------------
Creditors of Exact Bau GmbH have until Jan. 20, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 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 Bonn
         Hall S 2.22
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Bundeskanzlerplatz 2-10
         53113 Bonn
         Germany
         Tel: 0228/2673492
         Fax: 0228/267495

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:

         Exact Bau GmbH
         Attn: Vito Angelo Colaianni, Manager
         Hauptstrasse 1
         53797 Lohmar
         Germany


GIMOTIVE/STANKIEWICZ: Seeks Bankruptcy Protection
-------------------------------------------------
Gimotive/Stankiewicz has sought bankruptcy protection more than
three week after an apparent deal with creditors, banks and
customers had been reached, the Associated Press reports citing a
court in Germany.

According to the report, more than 2,000 workers received
paychecks under the deal.

The company, the report relates, requested the insolvency filing
and a liquidator was appointed.

Based in Adelheidsdorf, Germany, Gimotive/Stankiewicz is a
supplier of soundproofing insulation used by automakers.


KOEWEGE WERBEGESELLSCHAFT: Claims Registration Ends Feb. 26
-----------------------------------------------------------
Creditors of KoeWeGe Werbegesellschaft mbH have until Feb. 26,
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 30, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Jan Roth
         Pfingstweidstrasse 3
         60316 Frankfurt am Main
         Germany
         Tel: 069/209739-0
         Fax: 069/20973929

The District Court opened bankruptcy proceedings against the
company on Dec. 15, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         KoeWeGe Werbegesellschaft mbH
         Mergenthalerallee 10-12
         65760 Eschborn
         Germany

         Attn: Stefan Koehler, Manager
         Salinenblick 7
         55543 Bad Kreuznach
         Germany


REDAIX ELECTRONICS: Claims Registration Period Ends February 6
--------------------------------------------------------------
Creditors of RedAix Electronics 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 10:10 a.m. on March 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Rolf-Dieter Moenning
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel: 0241/94618-0
         Fax: 0241/533562

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:

         RedAix Electronics GmbH
         Rottstrasse 23
         52068 Aachen
         Germany

         Attn: Hon Zwei-En, Manager
         Am Burgberg 55
         52080 Aachen
         Germany


VEM VERMOEGENSVERWALTUNG: Lenders Agree to Freeze Claims
--------------------------------------------------------
Angela Cullen and Aaron Kirchfeld at Bloomberg News report that
VEM Vermoegensverwaltung GmbH, the investment company owned by
Germany's billionaire Merckle family, has reached a standstill
agreement with its lenders.

Bloomberg relates a group of banks signed an agreement to freeze
claims.

The Merckles have been negotiating for more than two months with a
group of more than 30 banks led by Commerzbank AG, Deutsche Bank
AG, Royal Bank of Scotland Group Plc and Landesbank Baden-
Wuerttemberg, Bloomberg recalls.

German billionaire Adolf Merckle, Bloomberg recounts, previously
threatened to seek insolvency for VEM if banks didn't provide
financing.

According to Bloomberg, VEM said Dec. 24 that Mr. Merckle and the
banks aim to complete details of a restructuring plan this month.

"Merckle and the banks needed to reach a solution because money is
running out," Stefan Mueller, managing partner at Proprietary
Partners AG in Frankfurt, was quoted by Bloomberg as saying. "Time
is short."

Meanwhile, citing people familiar with the matter, Bloomberg
relates Mr. Merckle may have to sell his stakes in cement maker
HeidelbergCement AG, drug wholesaler Phoenix Pharmahandel AG, and
generic drugmaker Ratiopharm GmbH as part of any deal.

In a Dec. 22 report, Bloomberg disclosed three people familiar
with the situation said the banks demanded a 53% stake in
HeidelbergCement in return for a EUR700 million (US$971 million)
refinancing package for the family's Spohn Cement GmbH investment
unit.

Mr. Merckle, Bloomberg recounted, used loans to Spohn in 2005 to
gain control of HeidelbergCement.  At the time, he pledged the
shares purchased by the Norderfriedrichskoog, Germany-based
investment vehicle, to the lenders as collateral for the
financing, Bloomberg added.

Bloomberg, however, noted that the people said HeidelbergCement's
declining stock, which has lost 72 percent of its value this year,
prompted the banks to seek additional financial guarantees from
Mr. Merckle in October.

In the same report, Bloomberg said Mr. Merckle borrowed EUR415
million from Phoenix in an attempt to plug the losses at VEM,
which owes banks about EUR5 billion after wrong-way bets on
Volkswagen AG and other stock trades.

Bloomberg stated Mr. Merckle sought emergency funding for more
than two months as the family's spiraling debts threaten holdings
including Spohn, Phoenix and VEM.


WSM-BAUGESELLSCHAFT: Claims Registration Period Ends January 13
---------------------------------------------------------------
Creditors of WSM-Baugesellschaft mbH have until Jan. 13, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Feb. 13, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen-Ruenderoth
         Germany
         Tel: 02263/9039-0
         Fax: 02263/9039-10

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:

         WSM-Baugesellschaft mbH
         Attn: Rolf Morawetz, Manager
         Julius-Bergfelder-Weg 9
         53819 Neunkirchen-Seelscheid
         Germany


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


* HUNGARY: 3rd Qtr Current-Account Deficit Widens to EUR2.49 Bil.
-----------------------------------------------------------------
Hungary's third quarter current-account deficit widened to EUR2.49
billion (US$3.5 billion) from EUR1.68 billion in the same period
in 2007, Bloomberg News reported citing the country's central
bank.

According to the report, Hungary's current account -- a measure of
the difference between money flowing into the country from trade,
investment and services such as tourism, and funds going out --
widened as demand for the nation's goods fell because of the
global economic slump, and as international investors withdrew
money from riskier emerging markets.

The report recalled the central European country in November
needed an international rescue program to avert a default.  It
secured a EUR20 billion emergency loan from the International
Monetary Fund, the European Union and the World Bank after
investors shunned its currency, the forint, and bonds on concern
the nation may be unable to service its short-term debt, the
report said.


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


BALLANTYNE RE: Fitch Slashes Rating on Class A-1 Notes 'CC/DR5'
---------------------------------------------------------------
Fitch Ratings has downgraded the class A-1 floating-rate notes of
Ballantyne Re Plc to 'CC/DR5' from 'CCC/DR4'.

The rating action reflects a continued decline in Ballantyne Re's
funds available to pay interest.  Ballantyne Re is constrained by
risk-based capital requirements such that it can only pay interest
out of available funds in excess of its minimum RBC requirement.
Thus, the decline in funds greatly increases the probability that
Ballantyne Re will be unable to pay interest on its class A notes
in the near future.

The downward revision in the Distressed Recovery rating reflects
the priority of policyholders' claims over noteholders' claims,
the declining balances of the surplus and pre-funded accounts, and
the possibility of missed interest payments in the near term.

Ballantyne Re is a special purpose public limited company
incorporated and registered in Ireland.  The company was
established for the limited purpose of entering into a reinsurance
agreement with Scottish Re (U.S.) Inc., and conducting activities
related to the notes' issuance.  Under the reinsurance agreement,
SRUS ceded a block of business to Ballantyne Re.  Ballantyne Re
issued the notes to finance excess reserve requirements under
Regulation XXX for the ceded block of business.


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


ALITALIA SPA: Air France-KLM May Buy Stake in the Airline
---------------------------------------------------------
A.H. Mooradian at Dow Jones Newswires reported that Air France-KLM
said it "continues to work" toward the possibility of establishing
ties with Alitalia SpA.

An agreement will be signed by the two airline groups sometime
between Jan. 8 and Jan. 12, the report said citing Italian daily
MF.

According to the report, the deal foresees Air France-KLM taking a
25% stake in Alitalia for EUR310 million (US$431 million),
however, a spokeswoman for the Franco-Dutch airline declined to
comment whether the company has agreed to do so.

                          CAI Takeover

As reported in the Troubled Company Reporter-Europe on Dec. 16,
2008, Compagnia Aerea Italiana s.r.l., an Italian investor
consortium, formally took over Alitalia's assets.

In a TCR-Europe on Dec. 15, 2008, Reuters disclosed that
Alitalia's smaller rival, Air One SpA, agreed to sell its
operations to CAI.  The purchase of Air One is part of CAI's
rescue plan for Alitalia.

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

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

                         Takeover Offer

As reported in the Troubled Company Reporter-Europe on Nov. 21,
2008, CAI improved its EUR1 billion offer for Alitalia's best
assets to EUR1.052 billion (US$1.33 billion) including debt.

According to Reuters, CAI had initially bid EUR275 million
(US$347.2 million) for Alitalia's flight operations and EUR100
million in a mix of cash and debt for other units, and would take
on further debt of EUR625 million.

In its revised bid, Bloomberg News said CAI will pay EUR427
million in cash, EUR100 million of which was payable on the
closing date of Nov. 30.  CAI is also assuming EUR625 million in
debt, including financing for planes.

                        About Alitalia

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

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

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

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

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


PININFARINA SPA: Thirteen Banks to Write Off EUR250 Mil. in Debts
-----------------------------------------------------------------
Bloomberg News reported Pininfarina SpA agreed to give creditor
banks control of its brand in return for writing off almost half
of its debt.

According to the report, 13 banks, including Intesa Sanpaolo SpA,
UniCredit SpA and BNP Paribas SA, will write off EUR250 million of
the carmaker's debt, and own a new company created to control the
Pininfarina brand.

The report added the banks also agreed to extend EUR180 million
(US$251 million) in credit to Pincar, the Pininfarina family's
holding company.  The family has agreed to sell a 51 percent stake
in the carmaker and to pay the difference between EUR180 million
and the sale price back to the banks, the report disclosed.

Luca Ciferri of Automotive News related Pininfarina approved a
revised industrial plan which calls for ceasing contract
manufacturing when current productions will end and concentrate
exclusively on building electric cars.

According to Automotive News, Pininfarina said it would not look
for new contract manufacturing orders after the current contracts
expire at the end of 2011.

Automotive News disclosed Pininfarina is currently building the
Alfa Romeo Brera coupe and Spider and the Ford Focus coupe-
cabriolet in volumes that are about a quarter of what originally
planned.  Pininfarina will commence in 2010 pilot production and
in 2011 volume production of the B0, an electric car developed in
joint venture with French industrial group Bollore, the same
report said.

Pininfarina SpA (BIT:PINF) -- http://www.pininfarina.it/-- is an
Italy-based company, operating in the automotive industry.  The
Company offers design, engineering and manufacturing of vehicles.
It cooperates with such brands as: Alfa Romeo, Chevrolet, Fiat,
Ferrari, Jaguar, Honda, Peugeot and Volvo, among others.
Pininfarina SpA operates as as a full-cycle turnkey partner, or a
provider of specific services.  The Company provides its services
through four direct subsidiaries: Pininfarina Deutschland GmbH, a
designing company; RHTU Sverige AB, manufacturing retractable hard
tops for the Volvo convertibles; Matra Automobile Engineering SAS,
offering engineering services, and Pininfarina Extra Srl,
designing interiors, furniture, sport equipment and involved in
designing of planes and boats, among others.


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


AGRO CENTRE: Creditors Must File Claims by February 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Agro Centre 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


BOTASAN LLP: Proof of Claim Deadline Slated for February 10
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Botasan 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


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

         LLP Construction Company Feza Stroy
         Toraigyrov Str. 79/1
         Pavlodar
         Kazakhstan


JEZPROM LLP: Proof of Claim Deadline Slated for February 5
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Firm Jezprom 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


KONLI-M LLP: Creditors Must File Claims by February 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Konli-M insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Butin Str. 44
         Micro District Taugul-3
         050052 Almaty
         Kazakhstan
         Tel: 8 (7272) 39-15-60
              8 777 223 07-71
              8 705 203 30-32


SAMAL LLP: Creditors' Claims Due on February 10
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Samal insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


SARBAZ INVEST: Creditors' Claims Due on February 5
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Sarbaz Invest insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District 1, 51-37
         Almaty
         Kazakhstan


SPARTAK STROY SERVICE: Claims Registration Ends February 5
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Construction Company Spartak Stroy Service
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


TECH STROY SBYT: Claims Filing Period Ends February 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Tech Stroy Sbyt 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


TERI-RK LLP: Claims Filing Period Ends February 10
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Teri-RK insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleimanov Str. 17
         Taraz
         Jambyl
         Kazakhstan


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


HYDRO BIONT Creditors Must File Claims by February 12
-----------------------------------------------------
LLC Scientific-Manufacturing Enterprise Hydro Biont has declared
insolvency.  Creditors have until Feb. 12, 2009, to submit claims
to:

         LLC Scientific-Manufacturing Enterprise Hydro Biont
         Gogol Str. 12-62
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 43-16-31


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


LYONDELL BASELL: Likely Chapter 11 Filing Cues Fitch's Junk Rating
------------------------------------------------------------------
Fitch Ratings has downgraded Netherlands-based petrochemicals
company Lyondell Basell Industries AF SCA's Long-term Issuer
Default Rating to 'C' from 'B-' (B minus).  The agency has
simultaneously downgraded the Short-term IDR to 'C' from 'B'.  The
ratings have been placed on Rating Watch Negative.

The downgrades follow LBI's announcement on 29 December 2008 that
it is considering filing for bankruptcy protection under Chapter
11 of the US bankruptcy code, among various strategic options.
The company has also initiated discussions with lenders to extend
payment dates and restructure its debt obligations.  However, LBI
has stated that its request for a credit extension from A.I.
International S.a.r.l., an affiliate of its shareholder, Access
Industries, under the Revolving Credit Agreement originally dated
27 March 2008, has been denied.  Fee and interest payments of
US$281 million that were due on 19 December, 29 December and 31
December 2008 under the Bridge Loan Agreement originally dated 20
December 2007, have been postponed to 4 January 2009.

The RWN on LBI's ratings reflects uncertainties related to the
outcome of the company's debt restructuring under presently tight
market conditions and Fitch's belief that LBI will continue to
face challenging market conditions in the near term with mounting
pressure on its operating performance and cash flow generation and
liquidity.

Fitch will continue to closely monitor developments and will
review its ratings and recovery assumptions when new developments
occur.

The rating actions applicable to LBI and its related entities are:

Lyondell Basell Industries AF SCA (formerly Basell AF SCA)

  -- Long-term IDR: downgraded to 'C' from 'B-'(B minus); placed
     on RWN

  -- Short-term IDR: downgraded to 'C' from 'B'; placed on RWN

  -- Senior notes: downgraded to 'C'/'RR6' from 'CCC'/'RR6';
     placed on RWN

Lyondell Chemicals Company

  -- Long-term IDR: downgraded to 'C' from 'B-'(B minus); placed
     on RWN

  -- Secured debentures: downgraded to 'B-'(B minus)/'RR1' from
     'BB-'(BB minus)/'RR1'; placed on RWN

Lyondell Basell Finance Co

  -- Fixed-rate second-lien loan downgraded to 'C'/'RR6' from
     'CCC'/'RR6'; placed on RWN

  -- Floating-rate second-lien loan: downgraded to 'C'/'RR6' from
     'CCC'/'RR6'; placed on RWN

  -- Floating-rate third-lien loan: downgraded to 'C'/'RR6' from
     'CCC'/'RR6'; placed on RWN

Equistar Chemicals L.P.

  -- Long-term IDR: downgraded to 'C' from 'B-'(B minus); placed
     on RWN

  -- Secured debentures: downgraded to 'B-'(B minus)/'RR1' from
     'BB-'(BB minus)/'RR1'; placed on RWN

Millennium America Inc.

  -- Long-term IDR: downgraded to 'C' from 'B-'(B minus); placed
     on RWN

  -- Senior debentures: downgraded to 'C'/'RR6' from 'CCC'/'RR6';
     placed on RWN


LYONDELLBASELL INDUSTRIES: Mulls Filing for Chapter 11
------------------------------------------------------
LyondellBasell Industries told lenders Monday last week that it is
considering filing for Chapter 11 bankruptcy protection, Jeffrey
McCracken and Ben Casselman at The Wall Street Journal report,
citing people familiar with the matter.

The sources said that LyondellBasell has hired Cadwalader,
Wickersham & Taft LLP as bankruptcy counsel and told lenders it is
trying to line up as much as US$2 billion in bankruptcy financing,
WSJ relates.  The report says that LyondellBasell has retained
Evercore Partners Inc. as financial adviser and AlixPartners LLC
to assist in the restructuring.

According to WSJ, privately held LyondellBasell was formed in 2007
when Basell International Holdings BV acquired Lyondell Chemical
Co. for US$12.7 billion.  The report says that Basell
International paid about US$48 per share, a premium of 20%, and
the resulting debt burden is proving too heavy amid a drop in
sales.  Basell International is a division of Access Industries,
which hired the law firm of Skadden, Arps, Slate, Meagher & Flom
LLP as bankruptcy adviser, the report states.

WSJ relates that LyondellBasell's situation has deteriorated
rapidly over the past three months as global industrial production
has dropped.  Falling oil and gas prices made it harder for
LyondellBasell to borrow because its credit is based, in part, on
the value of its inventory, which has also declined, says WSJ.
LyondellBasell has been forced to pay back lenders to remain in
compliance on loans, as chemical and commodity prices fall, WSJ
reports, citing people familiar with the matter.

LyondellBasell, according to WSJ, said in December 2008 that its
subsidiary Equistar Chemicals LP would temporarily idle a
chemicals plant in Chocolate Bayou, Texas, "due to declining
market and economic conditions."  WSJ quoted LyondellBasell base
chemicals vice president Vaughn Deasy as saying, "Demand for
petrochemical derivatives continues to be very weak."

WSJ reports that LyondellBasell said on Monday that lenders had
agreed to postpone US$160 million in payments to Dec. 29 from
Dec. 19, and that it was "working collaboratively with lenders" on
a further extension.  According to the report, LyondellBasell said
that it hired Evercore Partners "to assist in the restructuring
process."

WSJ relates that LyondellBasell's largest lenders include Merrill
Lynch & Co. and Goldman Sachs Group Inc.

           Standard & Poor's Selected Default Rating

After Standard & Poor's press release on Dec. 30, 2008,
LyondellBasell said, "Standard & Poor's definition of 'selected
default' related to our corporate credit rating should not be
misinterpreted to suggest that LyondellBasell is currently in
default of its bank agreements.  As they stated in their press
release, 'This is a default in our opinion according to our
definitions and criteria.' LyondellBasell is not currently in
default according to its agreements with its lenders."

                     About LyondellBasell

LyondellBasell Industries -- http://www.lyondellbasell.com/-- is
a refiner of crude oil; a significant producer of gasoline
blending components; a global manufacturer of chemicals and
polymers, including polyolefins and advanced polyolefins; and the
leading developer and licensor of technologies for the production
of polymers.

Following the acquisition of Lyondell in 2007, LyondellBasell
became the world's largest independent producer of polypropylene
and advanced polyolefins products, a leading supplier of
polyethylene, and a global leader in the development and licensing
of polypropylene and polyethylene processes and related catalyst
sales.  The group is estimated to generate 2007 revenues of US$44
billion and EBITDA of US$4.1 billion reflecting strong performance
of Lyondell and Basell businesses at the top of the cycle.

As reported by the Troubled Company Reporter on Nov. 18, 2008,
Moody's Investors Service downgraded the Corporate Family Rating
of LyondellBasell Industries AF SCA to B3 from B1.  The ratings on
the first lien facilities have been downgraded to B1/ LGD 2(27)
and the ratings on the legacy notes of Basell and Lyondell have
been downgraded to Caa2, with various LGD rates.  LBI has
rearranged its USD 8 billion second lien facility into
USUS$5.5 billion second lien facilities and USD 2.5 billion third
lien facility.  The new facilities have been rated Caa1/ LGD 5
(73) and Caa2/ LGD 5 (86) respectively.  The outlook on the
ratings remains negative.

As reported by the TCR Europe on Nov. 26, 2008, Fitch Ratings
downgraded Netherlands-based petrochemicals company Lyondell
Basell Industries AF SCA's Long-term Issuer Default rating to 'B-
'(B minus) from 'B+' while maintaining a Negative Outlook.  At the
same time, Fitch affirmed LBI's Short-term IDR at 'B'.


LYONDELLBASELL INDUSTRIES: Moody's Junks Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of LyondellBasell Industries AF SCA to Caa2 from B3 and
also downgraded ratings on the debt instruments raised by the
group.  The ratings were also placed under review for downgrade
following the announcement made by the company on 29 December that
it has entered in discussions with its senior secured lenders
relating to the extension of its payment dates and restructuring
of its debt obligations.

Moody's notes that challenging operating environment in the
current quarter and likely sustained weakness in demand at the
beginning of the year will likely further restrict the headroom
under some of the company's financial covenants, while current
sustained decline in oil prices will likely further reduce
availability under inventory-based facility, while LBI still
benefits from the full availability under its US$750 million
Access Facility and its substantial cash balances, as reported at
the end of 3Q 2008.

As part of the review, Moody's will monitor the outcome of the
restructuring discussions with the senior lenders, and will also
cover (a) the development of the group's liquidity position
pending resolution of the restructuring discussions; (b) LBI's
ability to maintain compliance with financial covenants during the
downturn; as well as (c) the likely evolution of the credit
profile of the group following the resolution of the restructuring
discussions with the lenders.  The review will also examine the
availability of shareholders support and/or accessibility of
sufficient cure measures to support LBI's compliance with payments
and covenants through a downturn in the cycle.

These ratings are affected:

  - Caa2 Corporate family rating at LyondellBasell Industries AF
    SCA;

  - B3 / LGD 2 (27) rating on the Senior Secured 1st lien
    facilities;

  - Caa3 / LGD 5 (73) rating on Senior Secured 2d lien facility at
    Lyondell Basell Finance Company;

  - Caa3 / LGD 5 (86) rating on Senior Secured 3d lien facility at
    Lyondell Basell Finance Company;

  - Ca / LGD 6 (94) rating on 2015 8.375% notes at LyondellBasell
    Industries AF SCA;

  - Ca / LGD 6 (94) rating on 2027 8.1% notes at Basell Finance
    Company;

  - Caa3 / LGD 5 (86) rating on 2026 7.55% notes at Lyondell
    Chemical Company (Assumed by Equistar LP);

  - Ca / LGD 6 (94) rating on 2026 7.625% notes at Millennium
    America Inc.;

  - Caa3 / LGD 5 (86) rating on 2010 10.25% notes at Lyondell
    Chemical Worldwide, Inc.;

  - Caa3 / LGD 5 (86) rating on 2020 9.8% notes at Lyondell
    Chemical Worldwide, Inc.

Moody's last rating action on the company was 14 November 2008
when the rating agency downgraded the corporate family rating of
Lyondell Basell Industries AF SCA to B3 with negative outlook and
downgraded the ratings of various instruments raised by the
company's subsidiaries.

Following the acquisition of Lyondell in 2007, LyondellBasell
became the world's largest independent producer of polypropylene
and advanced polyolefins products, a leading supplier of
polyethylene, and a global leader in the development and licensing
of polypropylene and polyethylene processes and related catalyst
sales.  The group is estimated to generate 2007 Revenues of US$44
billion and EBITDA of US$4.1 billion reflecting strong performance
of Lyondell and Basell businesses at the top of the cycle.


===========
P O L A N D
===========


SFINKS SA: Renegotiating US$4.8 Million Loan With Two Banks
-----------------------------------------------------------
Sfinks SA may not be able to pay some of its liabilities after its
management board discovered "serious liquidity problems" during
its first 30 days, Bloomberg News reports citing a company
statement to the Warsaw Stock Exchange.

According to Bloomberg News, Sfinks is renegotiating PLN14.2
million (US$4.8 million) of loans from ING Bank Slaski SA and
Raiffeisen Bank Polska SA and has currency swaps that would cause
losses of PLN7 million to PLN8 million.

The company also defaulted on a PLN2 million loan from an
individual, who has asked a court to enforce payment, the company
said in the statement obtained by Bloomberg News.

Sfinks Polska SA (WAR:SFS) -- http://www.sfinks.pl/-- is a
Poland-based company which manages a network of restaurants.  The
Company operates restaurants under the Sphinx brand, 105
restaurants throughout the country and six abroad; 11 restaurants
under the Chlopskie Jadlo brand, as well as three restaurants
under the WOOK brand. The offer of Sphinx includes the meat dishes
as well as pizzas, pastas, salads, snacks and desserts; Chlopskie
Jadlo offers the dishes of the Polish cuisine, and WOOK
specializes in the Chinese cuisine.  The Company operates also
through three subsidiaries located abroad: SFINKS Deutschland
GmbH, Sfinks Czech & Slovakia s.r.o. and SFINKS Hungary Catering,
Trade and Services Ltd.


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


ENERGIYA LLC: Creditors Must File Claims by February 19
-------------------------------------------------------
Creditors of LLC Energiya Roofing Materials Plant have until
Feb. 19, 2009, to submit proofs of claims to:

         A. Ashikhmin
         Insolvency Manager
         Office 179
         Krasnoarmeyskaya Str. 76
         Izhevsk
         426077 Udmurtia
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?71–2989/2008-G9.

The Debtor can be reached at:

         LLC Energiya Roofing Materials Plant
         Komsomolskaya Str. 21
         Kechevo
         Malopurginskiy
         Udmurtia
         Russia


EVRO-LES CJSC: Creditors Must File Claims by February 19
--------------------------------------------------------
Creditors of CJSC Evro-Les (TIN 2128047359) (Forestry) have until
Feb. 19, 2009, to submit proofs of claims to:

         S. Shtayda
         Insolvency Manager
         Post User Box 197
         Sovetskaya Str. 1/5
         Chaykovskiy
         617760 Permskiy
         Russia

The Arbitration Court of Chuvashia commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?79–4914/2008.

The Debtor can be reached at:

         CJSC Evro-Les
         K. Marksa Str. 1
         429430 Kozlovka
         Russia


KANSKIY BIOETHANOL: Creditors Must File Claims by February 19
-------------------------------------------------------------
Creditors of LLC Kanskiy Bioethanol Plant have until Feb. 19,
2009, to submit proofs of claims to:

         V. Fisher
         Insolvency Manager
         Office 301
         Aerovokzalnaya Str. 19
         660022 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?33–3731/2008.

The Debtor can be reached at:

         LLC Kanskiy Bioethanol Plant
         Building 2
         Krasnoyarskaya Str.13
         Kansk
         Russia


MECHANICAL PLANT LLC: Creditors Must File Claims by February 19
---------------------------------------------------------------
Creditors of LLC Mechanical Plant (TIN 4634009307) have until
Feb. 19, 2009, to submit proofs of claims to:

         Yu. Zvyagintseva
         Insolvency Manager
         50 let Oktyabrya Str. 173
         305040 Kursk
         Russia

The Arbitration Court of Kurskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?35-3608/08-S7.

The Debtor can be reached at:

         LLC Mechanical Plant
         Mira Str. 1
         K. Libknekhta
         Kurchatovskiy
         307240 Kurskaya
         Russia


METALIST PLANT: Court Names Temporary Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Saratovskaya appointed A. Aleksandrov as
Temporary Insolvency Manager for LLC Metalist Plant.  The case is
docketed under Case No. ?-57–23523/08–40.  He can be reached at:

         Sovetskaya Str. 57/1
         Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratovskaya
         Babushkin vzvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Metalist Plant
         Promyshlennaya Str. 17
         Engels
         Saratovskaya
         Russia


NEFTE-KHIM-PROEKT LLC: Creditor Must File Claims by February 19
---------------------------------------------------------------
Creditors of LLC Nefte-Khim-Proekt (TIN 1326188938) (Painting
Materials Production Engineering) have until Feb. 19, 2009, to
submit proofs of claims to:

         Yu. Dobychin
         Temporary Insolvency Manager
         Post User Box 154
         603070 Nizhny Novgorod
         Russia

The Arbitration Court of Mordovia will convene on Mar. 30, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. ?39–4019/2008–136/7.

The Debtor can be reached at:

         LLC Nefte-Khim-Proekt
         Demokraticheskaya Str. 30
         Saransk
         Russia


PARABELSKIY FISH: Tomskaya Bankruptcy Hearing Set February 18
-------------------------------------------------------------
The Arbitration Court of Tomskaya will convene on Feb. 18, 2009,
to hear bankruptcy supervision procedure on LLC Parabelskiy Fish
Processing Plant (TIN 7011003020).  The case is docketed under
Case No. ?67–951/08.

The Temporary Insolvency Manager is:

         M. Churayev
         Shkolnaya Str. 11
         Plotnikovo
         Bakcharskiy
         636210 Tomskaya
         Russia

The Debtor can be reached at:

         LLC Parabelskiy Fish Processing Plant
         Pristanskoy pereulok 2
         Parabel
         Parabelskiy
         Tomskaya
         Russia


ROSTINKOM LLC: Creditor Must File Claims by January 19
------------------------------------------------------
Creditors of LLC Rostinkom (Construction) have until Jan. 19,
2009, to submit proofs of claims to:

         V. Zotyev
         Insolvency Manager
         Soorny Pereulok 22/58/55
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 3:00 p.m. on
Mar. 2, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?53–14175/2008-S1–21.

The Debtor can be reached at:

         LLC Rostinkom
         Office 14
         Ivanovskogo Str. 40
         344012 Rostov-on-Don
         Ristovskaya
         Russia


TECHNOLOGICAL EGUIPMENT: Court Names Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Rostovskaya appointed S. Shatalov as
Insolvency Manager for LLC Technological Equipment Plant (TIN
6154096279).

The case is docketed under Case No. ?53–7696/2008-S1–31.  He can
be reached at:

         Office 419
         Menzhinskogo Str. 2L
         344029 Rostov-on-Don
         Russia

The Debtor can be reached at:

         LLC Technological Equipment Plant
         Apt. 8
         Ukrainskiy Pereulok 31
         Tagarok
         Rostovskaya
         Russia


VOLGOVYATSKAYA METAL: Creditor Must File Claims by January 19
-------------------------------------------------------------
Creditors of LLC Volgovyatskaya Metal Processing Company have
until Jan. 19, 2009, to submit proofs of claims to:

         A. Ivannikov
         Temporary Insolvency Manager
         Oktyabrskaya ploshchad 1
         603005 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhny Novgorod will convene on Apr. 7,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?43–28888/2008–27–119.

The Debtor can be reached at:

         LLC Volgovyatskaya Metal Processing Company
         Svetlogorskiy Pereulok 3
         Nizhny Novgorod
         Russia


===============
S L O V E N I A
===============


IUV: Declares Bankruptcy After Failed Capital Increase
------------------------------------------------------
STA reports that Vrhnika-based leather manufacturer IUV has
declared bankruptcy after failing to secure funds in a capital
increase in December.

The company, which has been on the brink of bankruptcy for years
and was kept alive by repeated recapitalizations, is now insolvent
and illiquid, the report notes.

The report relates that SOD, which holds a 78.5% stake in IUV,
contended a recapitalization would not be commercially viable and
would not help keep the company prosper in the short or long term.

The management, the report discloses, is expected to present a
restructuring plan in January.

The plan, according to the management, would involve the
continuation of profitable programs and the preservation of about
half of the existing 640 jobs, the report states.

IUV, the report recounts, posted revenues of EUR6.7 million for
the first six months of the year, but it racked up losses of
EUR5.66 million.  The company's retained loss from the previous
years totals EUR8 million, while its outstanding liabilities stood
at about EUR16 million.


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


RENTA CORP: Reaches Initial Refinancing Deal with Creditors
-----------------------------------------------------------
Andres Gonzalez and Ben Harding at Reuters report that Renta
Corporacion Real Estate S.A had reached an initial refinancing
deal with its creditors on a EUR500 million (US$709 million)
syndicated loan.

"The company continues with the process of renegotiating its
financial debt, having reached firm or conditional agreements in
principle with creditors representing 68.8 percent of the
syndicated loan, signed on Feb 15, 2007," Renta was quoted by
Reuters as saying.  "The company is holding talks with the rest of
the creditors with the aim of signing them up to the agreement in
principle in the next few weeks."

According to Reuters, without the waiver, Renta is due to pay the
banks, lead by Santander (SAN.MC) and backed by BBVA (BBVA.MC),
Eurohypo and Fortis (FOR.BR), a first payment of around EUR40
million in early 2010 with increasing payments due over the next
three years.

In a TCR-Europe report on Oct. 8, 2008, Reuters said that Renta
asked creditors on Oct. 3, 2008, to change the terms of a waiver
it won in August on a EUR500 million (US$692.9 million) syndicated
loan.

In a statement to the Spanish stock exchange, Reuters related
the company said it wanted "to adjust the covenants and other
terms envisaged in the syndicated loan to the exceptional,
transitory state of the markets, mainly the financial markets,
which have significantly deteriorated since then (August)."

On Aug. 8, 2008, Renta reached an agreement with the group of
financial institutions making up the syndicated loan, according to
which they granted a long term waiver -– until the end of 2009 –-
with respect to certain financial ratios (covenants) specified in
the contract, which were set in a very different context from the
current market scenario.  The parties agreed to establish new
monitoring rules, adjusted and adapted to the current situation,
to give the company the necessary operational and financial
stability to carry out its day-to-day business.

In the context of the new monitoring framework, Renta committed to
a series of commitments, on which the most noteworthy is the
reduction of its financial indebtedness to no more than EUR500
million by June 2009, a goal which is fully in line with the
strategic policy which the Renta Corporacion group is following.

Headquartered in Barcelona, Renta Corporacion Real Estate SA
-- http://www.rentacorporacion.com-- is principally engaged in
the real estate sector, with interests in the purchase and sale of
lands and buildings.  The Company is structured in three main
areas: Residential, acquisition of residential buildings for
refurbishment and sale; Office, acquisition of large urban
buildings, usually offices or industrial buildings, for
transformation and sale; Land, acquisition of the large-scale
property complexes for development and sale.  Its major
acquisitions are located in Spain (Barcelona, Madrid, Seville,
Malaga and Palma de Mallorca), France (Paris), the United Kingdom
(London), Germany (Berlin), and the USA (New York).  As of the end
of fiscal year 2007, the Renta Corporacion Real Estate SA is a
part of the group comprised of 22 enterprises.


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


ABAG ASPHALT: Creditors Must File Proofs of Claim by February 4
---------------------------------------------------------------
Creditors owed money by JSC ABAG Asphalt und Beton are requested
to file their proofs of claim by Feb. 4, 2009, to:

         JSC Trigema, Treuhand Wirtschaftsprufung Steuern
         Mail Box: 8318
         8036 Zurich
         Switzerland

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


ACCOMMODATION SERVICE: Deadline to File Claims Set Jan. 25
----------------------------------------------------------
Creditors owed money by JSC Accommodation Service are requested to
file their proofs of claim by Jan. 25, 2009, to:

         Dr. Mathias Oertli
         Vadianstrasse 44
         9001 St. Gallen
         Switzerland

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


APPLIX JSC: Creditors Have Until February 3 to File Claims
----------------------------------------------------------
Creditors owed money by JSC Applix (Switzerland) are requested to
file their proofs of claim by Feb. 3, 2009, to:

         Leonhard Toenz
         Seestrasse 39
         8700 Kusnacht
         Switzerland

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


CIRUS TRUST: Proofs of Claim Filing Deadline is February 4
----------------------------------------------------------
Creditors owed money by JSC Cirus Trust are requested to file
their proofs of claim by Feb. 4, 2009, to:

        Lichtsteiner Rechtsanwalte
        Baarerstrasse 10
        Mail Box: 4545
        6304 Zug
        Switzerland

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


CONMEDIA JSC: Creditors' Proofs of Claim Due by January 31
----------------------------------------------------------
Creditors owed money by JSC Conmedia are requested to file their
proofs of claim by Jan. 31, 2009, to:

         Peter Huber
         Busserachstrasse
         4246 Wahlen
         Switzerland

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


CREDIT SUISSE: Sells Part of Global Investors Biz to Aberdeen
-------------------------------------------------------------
Credit Suisse Group AG agreed to sell part of its Global Investors
("GI") traditional asset management business in return for up to
24.9% of the enlarged share capital of Aberdeen Asset Management
plc, the company said in a December 31 statement.

The stake is valued at approximately CHF 381 million (GBP250
million) as of December 30, 2008.  The sale comprises CHF75
billion of assets under management and includes the majority of
the GI business in Europe, the US, and Asia Pacific.

As part of the transaction, Credit Suisse will have a seat on the
Board of Aberdeen.  The transaction is subject to customary
closing conditions, including regulatory approvals in various
jurisdictions and approval by Aberdeen shareholders, and is
expected to close in the second quarter of 2009.

In Switzerland, Credit Suisse will maintain its market leading
asset management franchise, while the management of a small number
of Swiss-domiciled funds will transfer to Aberdeen.  Credit Suisse
will continue to operate its Global Investor business in Brazil
and through its various joint ventures across the globe.

"We believe this transaction offers our clients a compelling
opportunity, providing them with access to an enhanced suite of
investment products provided by a premier manager that has
historically had strong performance across many asset classes,"
said Rob Shafir, CEO of Credit Suisse's Asset Management Division.

He added: "This agreement enables us to focus our resources on our
alternative investments, asset allocation, and Swiss businesses,
where we have strong performance and critical mass, and which
better align with our integrated banking model.  It also enables
us to maximize the value of our Global Investors business, as we
announced we would do earlier this year, and benefit from our new
partner's advantages of scale in a consolidating marketplace."

In connection with the transaction, Credit Suisse expects a non-
cash charge from the goodwill related to the operations being sold
of approximately CHF600 million.  Credit Suisse said the goodwill
charge has no impact on its tier 1 capital.

Credit Suisse's stake in Aberdeen is subject to a purchase price
adjustment which could result in Credit Suisse owning a stake of
less than 24.9%.  The sold business will be left with a minimum of
GBP 20 million of net cash, which will also cover regulatory and
working capital needs.  Credit Suisse will generally be subject to
a three year lock-up with respect to the Aberdeen shares, and a
three year standstill, preventing Credit Suisse from acquiring
more than 24.98% of Aberdeen's share capital.  Credit Suisse and
Aberdeen have agreed to extend the existing Distribution Agreement
to also include the business Aberdeen is acquiring under this
transaction.

                            Job Cuts

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2008, Bloomberg News said Credit Suisse planned to cut
its investment-banking workforce in Japan in half and close some
local operations.

According to Bloomberg News, Credit Suisse Securities (Japan) Ltd
previously eliminated at least 30 jobs in the country and planned
to shut its securitization business and pare back leveraged
finance operations.

                      Losses and Writedowns

Bloomberg News related that based on a regulatory statement,
Credit Suisse's Japanese business lost JPY7.3 billion (US$81
million) in the year that ended March 31, 2008, more than double
the year-earlier shortfall.

Zurich-based Credit Suisse, the report recalled, said Dec. 4 it is
eliminating 11 percent of its global workforce, or 5,300 jobs, and
scrapping executives' bonuses after reporting 5.2 billion francs
(US$4.4 billion) in losses this year.

Credit Suisse posted about US$13.7 billion in losses and
writedowns tied to the global credit crisis, the sixth-highest
amount among European banks, according to data compiled by
Bloomberg.

                         About Aberdeen

Aberdeen Asset Management plc (LON:ADN) --
http://www.aberdeen-asset.com/-- is a United Kingdom-based
independent asset management company.  The principal activity of
the Company is the provision of asset management services.  The
Company is engaged in the active management of financial assets,
chiefly equities, fixed income and property, for third parties.
The Company operates in two business segments: investment
management and property asset management divisions.  On March 27,
2008, the Company's wholly owned subsidiary, Aberdeen Property
Investors Holding AB, completed the acquisition of DEGI Deutsche
Gesellschaft fur Immobilienfonds mbH (DEGI) from Dresdner Bank AG.
On May 30, 2008, the Company's wholly owned subsidiary, Aberdeen
Property Investors Holding AB, completed the acquisition of
Goodman Property Investors Limited (GPI) from Goodman Group.  On
October 1, 2007, the Company completed the acquisition of the
United States equity asset management businesses of Nationwide
Financial Services Inc.

                       About Credit Suisse

Headquartered in Zurich, Switzerland, Credit Suisse Group AG
(VTX:CSGN) -- http://www.credit-suisse.com/-- formerly Credit
Suisse Group, is a global financial services company catering to
corporate, institutional and government clients, and high-net-
worth individuals worldwide, as well as to retail clients in
Switzerland.  The Company serves its clients through its three
divisions: Private Banking, Investment Banking and Asset
Management.  In Private Banking, the Company offers advice and a
range of wealth management solutions, including pension planning,
life insurance products, tax planning and wealth and inheritance
advice.  In Investment Banking, it offers investment banking and
securities products and services to corporate, institutional and
government clients worldwide.  In Asset Management, it provides
access to a range of investment classes, ranging from money
market, fixed income, equities and balanced products, to
alternative investments, such as real estate, hedge funds, private
equity and volatility management.


GENERAL MOTORS: Gets US$4 Billion in Low-Interest Loans From Gov't
----------------------------------------------------------------
Jeff Bennett at The Wall Street Journal reports that General
Motors Corp. said it received US$4 billion in low-interest loans
from the federal government on Wednesday, the first installment of
US$9.4 billion in loans that the company would receive through
January.

According to WSJ, GM secured loan guarantees earlier in December
2008 after President George W. Bush gave automakers permission to
use the US$700 billion bank bailout passed by Congress in
September.  The report says that the loans will last for three
years and will be called by the government if the companies
haven't proven their viability by March 31, 2009.

WSJ relates that GM will use the money to fund its continuing
operations.  The company will receive another US$4 billion loan in
February, says the report.

GM said in a statement, "We appreciate the administration
extending a financial bridge to GM at this critical time for the
U.S. auto industry.  We are committed to successfully executing
the viability plan we submitted on Dec. 2 and remain confident in
the future of GM."

                   New Reduced Rate Financing

GM disclosed a new reduced rate financing as low as 0% APR for up
to 60 months on select new cars and trucks.  The reduced rate
financing is available to qualified buyers through Jan. 5, 2009 on
many 2008 and select 2009MY vehicles.  Of note, many of the GM
vehicles have stackable bonus cash and/or dealer cash ranging from
US$500 to US$4,250.

"We're very excited to offer this reduced rate financing through
GMAC to encourage our customers to get back into the game," said
Mark LaNeve, vice president, GM North America Vehicle Sales,
Service and Marketing.  "This enables even more qualified
customers to finance through GMAC at their local GM dealership,
and provides additional financing capacity with conventional and
reduced rate APRs for our dealers to make sales.  With GM's
Financing That Fits, and the Red Tag Sale now underway that offers
supplier pricing, customers have an opportunity to get a variety
of extremely attractive offers through the end of the year."

2008MY vehicles and offers for qualified buyers:

    -- 0% APR for up to 60 months on '08 Chevrolet TrailBlazer;
       GMC Envoy; and Saab 9-3, 9-5, 9-7X;

    -- 0.9% APR for up to 60 months on '08 Buick Lucerne;

    -- 1.9% APR for up to 60 months on '08 GMC Yukon and Yukon
       XL; Chevrolet Tahoe, Suburban and Avalanche; Cadillac
       CTS, SRX, Escalade, DTS, STS and XLR;

    -- 2.9% APR for up to 60 months on '08 Buick Lacrosse;
       HUMMER H2 and H3;

    -- 3.9% APR for up to 60 months on '08 Chevrolet Equinox,
       Colorado Ext and Crew cab and Light Duty Silverado;
       Pontiac Torrent; GMC Canyon Ext and Crew cab, and Light
       Duty Sierra; and

    -- 4.9% APR for up to 60 months on '08 Saturn Astra and Sky;
       Pontiac Solstice; Chevrolet Corvette and Heavy Duty
       Silverado; and Heavy Duty GMC Sierra

2009MY vehicles and offers for qualified buyers:

    -- 3.9% APR for up to 60 months on '09 Chevrolet Cobalt;
       Pontiac G5; and Cadillac CTS;

    -- 4.9% APR for up to 60 months on '09 Pontiac G6; Chevrolet
       Malibu, Light Duty Silverado and HHR; Saturn Aura; and
       Light Duty GMC Sierra; and

    -- 5.9% APR for up to 60 months on '09 Chevrolet Avalanche
       and Heavy Duty Silverado; and Heavy Duty GMC Sierra.

             Seeks Ways to Eliminate Dealerships

GM wants to eliminate dealerships, WXYZ.com reports.  The report
says that a glut of dealers are limiting profits and crimping
spending on marketing, facilities, and vehicles.

According to WXYZ.com, GM wants to close about 1,750 showrooms,
about 27% of its total dealership ranks.  The report states that
GM is negotiating dealership closures on a market by market basis,
offering cash payments as incentives.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at Sept. 30,
2008, showed total assets of US$110.425 billion, total liabilities
of US$170.3 billion, resulting in a stockholders' deficit of
US$59.9 billion.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


HACE-GASTRO LLC: January 31 Set as Deadline to File Claims
----------------------------------------------------------
Creditors owed money by LLC HACE-Gastro are requested to file
their proofs of claim by Jan. 31, 2009, to:

         JSC Wust Treuhand
         Wydenmooslistrasse 20
         8280 Kreuzlingen
         Switzerland

The company is currently undergoing liquidation in Arbon.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 10, 2007.


JNB TRADE: Creditors Must File Proofs of Claim by January 23
------------------------------------------------------------
Creditors owed money by JSC JNB Trade are requested to file their
proofs of claim by Jan. 23, 2009, to:

         JSC Alta Group
         Bahnhofstrasse 21
         6300 Zug
         Switzerland

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


UBS AG: Sells 3.4 Billion Shares in Bank of China
-------------------------------------------------
UBS AG has sold its investment of approximately 3.4 billion Bank
of China Limited H-shares through a placing to institutional
investors, the bank said in a December 31 statement.

UBS acquired the approximately 3.4 billion Bank of China H-shares
stake in 2005 in preparation for Bank of China's IPO to the
international market.

UBS said it remains committed to its business relationship with
Bank of China and to its businesses in China as a whole, where UBS
will continue to develop its already strong client franchise.

The Financial Times reports that UBS, the first overseas investor
to offload its holding in a major Chinese bank, raised US$835
million from the sale.

According to the FT, dealmakers believe the move will herald
similar divestments by foreign banks.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 1,
2008, Moody's Investors Service downgraded its ratings of one
credit default swap entered into by UBS AG, London branch.

Rating action:

UBS AG, London Branch - Credit Default Swap (BLB1):

GBP153,727,000 Credit Default Swap with scheduled termination date
on October 2014

  -- Current Rating: B2
  -- Prior Rating: A3
  -- Prior Rating Action Date: June 30, 2006

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 Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on Sept. 15, 2008, Washington
Mutual Inc., which was seized by federal regulators on Sept. 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 Sept. 8, 2008 and
one Icelandic bank, specifically Kaupthing Bank hf.


URPHEN-WERK WALO: Deadline to File Proofs of Claim Set Feb. 4
-------------------------------------------------------------
Creditors owed money by JSC Urphen-Werk Walo are requested to file
their proofs of claim by Feb. 4, 2009, to:

         JSC Trigema, Treuhand Wirtschaftsprufung Steuern
         Mail Box: 8318
         8036 Zurich
         Switzerland

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


ZURICHFORUM JSC: Creditors Have Until January 20 to File Claims
---------------------------------------------------------------
Creditors owed money by JSC ZurichForum are requested to file
their proofs of claim by Jan. 20, 2009, to:

         Dr. Andreas Coradi
         Lowenstrasse 42
         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. 3, 2008.


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


ADVERTISING AND POLYGRAPHY: Creditors Must File Claims by Jan. 9
---------------------------------------------------------------
Creditors of LLC Advertising and Polygraphy (EDRPOU 34048160) have
until Jan. 9, 2009, to submit proofs of claim to:

         Mr. Alexander Snizhko
         Temporary insolvency Manager
         Apt. 18
         40 Years of Oct. Avenue, 126, b. 3
         03127 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 20, 2008.
The case is docketed as 23/271-b.

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

The Debtor can be reached at:

         LLC Advertising and Polygraphy
         Moscow Str. 43/11
         01011 Kiev
         Ukraine


AMIRIS LLC: Creditors Must File Claims by January 9
---------------------------------------------------
Creditors of LLC Amiris (EDRPOU 35574740) have until Jan. 9, 2009,
to submit proofs of claim to:

         LLC S. G. R. Group
         Liquidator
         P. Lumumba Str. 13
         01042 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 4, 2008.
The case is docketed as 24/507-b.

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

The Debtor can be reached at:

         LLC Amiris
         Ac. Bogomolets Str. 6
         01024 Kiev
         Ukraine


AZOT LLC: Creditors Must File Claims by January 8
-------------------------------------------------
Creditors of LLC Ukrainian Agricultural And Chemistry Company Azot
(EDRPOU 31409786) have until Jan. 8, 2009, to submit proofs of
claim to:

         LLC Agricultural Business
         Liquidator
         Toki
         Podvolochesky
         Ternopol
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 13, 2007.
The case is docketed as 15/350-b.

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

The Debtor can be reached at:

         LLC Ukrainian Agricultural and
         Chemistry Company Azot
         Grushevsky Str. 10
         01001 Kiev
         Ukraine


BUILDING AND OPERATION: Creditors Must File Claims by January 9
---------------------------------------------------------------
Creditors of LLC Building and Operation Networks and Systems
(EDRPOU 35647724) have until Jan. 9, 2009, to submit proofs of
claim to:

         LLC Tshekay
         Liquidator
         I. Mazepa Str. 26
         01010 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 4, 2008.
The case is docketed as 24/498-b.

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

The Debtor can be reached at:

         LLC Building And Operation Networks And Systems
         Office 1
         Vladimirskaya Str. 7
         01025 Kiev
         Ukraine


EXCLUSIVE PRODUCTION: Creditors Must File Claims by January 9
-------------------------------------------------------------
Creditors of LLC Company Exclusive Production (EDRPOU 33235856)
have until Jan. 9, 2009, to submit proofs of claim to:

         Mr. Alexander Ocheretiany
         Liquidator
         Apt. 7/4
         Stalsky Str. 26
         02168 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 1, 2008.
The case is docketed as 49/269-b.

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

The Debtor can be reached at:

         LLC Company Exclusive Production
         Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


INDUSTRIAL AND SUPPLYING: Creditors Must File Claims by Jan. 9
--------------------------------------------------------------
Creditors of LLC Industrial And Supplying Company (EDRPOU
34576380) have until Jan. 9, 2009, to submit proofs of claim to:

         Mr. Alexander Snizhko
         Temporary insolvency manager
         Apt. 18
         40 years of Oct. Avenue, 126, b. 3
         03127 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 21, 2008.
The case is docketed as 23/272-b.

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

The Debtor can be reached at:

         LLC Industrial And Supplying Company
         Rybalskaya Str. 13
         01011 Kiev
         Ukraine


MATVEYEVSKAYA LLC: Creditors Must File Claims by January 9
----------------------------------------------------------
Creditors of LLC Matveyevskaya (EDRPOU 32957185) have until
Jan. 9, 2009, to submit proofs of claim to:

         LLC Ukrainian Building Reserve-O
         Liquidator
         Artem Str. 37-41
         04053 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 9, 2009.
The case is docketed as 23/282-b.

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

The Debtor can be reached at:

         LLC Matveyevskaya
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine


OLDOS LLC: Creditors Must File Claims by January 9
--------------------------------------------------
Creditors of LLC Oldos (EDRPOU 35811796) have until Jan. 9, 2009,
to submit proofs of claim to:

         Mr. S. Nesterenko
         Liquidator
         Apt. 193
         Garanin Str. 27
         Brovary
         07400 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 44/432-b.

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

The Debtor can be reached at:

         LLC Oldos
         Bogomolets Str. 6
         01024 Kiev
         Ukraine


PROGRESS-TECHNO LLC: Creditors Must File Claims by January 9
------------------------------------------------------------
Creditors of LLC Progress-Techno (EDRPOU 31569187) have until
Jan. 9, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 11, 2008.
The case is docketed as 44/381-b.

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

The Debtor can be reached at:

         LLC Progress-Techno
         Kikvidze Str. 1/2
         01103 Kiev
         Ukraine


SENSE-SV LLC: Creditors Must File Claims by January 9
-----------------------------------------------------
Creditors of LLC Sense-SV (EDRPOU 32209029) have until Jan. 9,
2009, to submit proofs of claim to:

         LLC Building Service
         Liquidator
         Glybochetskaya Str. 29-31
         04050 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 2, 2008.
The case is docketed as 23/281-b.

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

The Debtor can be reached at:

         LLC Sense-SV
         Apt. 53
         Lesia Ukrainka boulevard, 26
         01133 Kiev
         Ukraine


TROSTIAN LLC: Creditors Must File Claims by January 8
-----------------------------------------------------
Creditors of LLC Trostian (EDRPOU 22391544) have until Jan. 8,
2009, to submit proofs of claim to:

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

The Arbitration Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 5, 2008.
The case is docketed as 27/118.

The Debtor can be reached at:

         LLC Trostian
         Plavya
         Skolovsky
         82643 Lvov
         Ukraine


YUGLANCE LLC: Creditors Must File Claims by January 9
-----------------------------------------------------
Creditors of LLC Yuglance (EDRPOU 33887575) have until Jan. 9,
2009, to submit proofs of claim to:

         Mr. S. Nesterenko
         Liquidator
         Apt. 193
         Garanin Str. 27
         Brovary
         07400 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 44/433-b.

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

The Debtor can be reached at:

         LLC Yuglance
         Pavlovskaya Str. 9-B
         01054 Kiev
         Ukraine



* Moody's Downgrades Outlook on 15 Ukrainian Banks to 'Negative'
----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the bank financial strength ratings of 15 Ukrainian
banks; Moody's has also changed the outlook on the long-term
global local currency or foreign currency deposit or debt ratings
of 19 Ukrainian banks to negative from stable.

These ratings now carry negative outlook:

  -- Alfa Bank Ukraine: LC deposit rating Ba3, FC debt rating Ba3

  -- Bank Finance and Credit Ltd: LC deposit rating B1, FC debt
     rating B1

  -- Bank Nadra: LC deposit rating B1, FC debt rating B1

  -- Subsidiary Bank Sberbank of Russia: LC deposit rating Ba2, LC
     debt rating Ba2

  -- Calyon Bank Ukraine: BFSR D

  -- First Ukrainian International Bank: LC deposit rating B1, FC
     debt rating B1

  -- ING Bank Ukraine: BFSR D

  -- Kreditprombank: LC deposit rating B1

  -- OTP Bank Ukraine: BFSR D

  -- Pivdennyi Bank: LC and FC deposit ratings B2, LC and FC debt
     ratings B2

  -- Privatbank Commercial Bank: BFSR D-

  -- Raiffeisen Bank Aval: BFSR D

  -- Swedbank Invest: BFSR E+, LC deposit rating Ba2, LC debt
     rating Ba2;

  -- Ukreximbank: BFSR D-

  -- Ukrsibbank: BFSR D

  -- Ukrsotsbank: BFSR D

  -- Bank Evropeyskiy: BFSR E+, LC and FC deposit rating B3

  -- Credit Dnepr Bank: BFSR E+, LC and FC deposit rating B3, LC
     debt rating B3

  -- Dongorbank: LC and FC deposit rating B2, LC debt rating B2

  -- Express-bank: BFSR E+, LC and FC deposit rating B3

  -- Imexbank: BFSR E+, LC and FC deposit rating B3

  -- Industrial Bank: BFSR E+, LC and FC deposit rating B3

  -- Khreschatyk Bank: LC and FC deposit rating B2

  -- Ukrgasbank: LC and FC deposit rating B2

  -- Ukrgazprombank: BFSR E+, LC and FC deposit rating B3

  -- Ukrprombank: LC and FC deposit rating B2

  -- VAB Bank: LC and FC deposit rating B2, FC debt rating B2

At the same time, Moody's has changed to stable from positive the
outlook on the E+ BFSR of Forum Bank.

Moody's has also downgraded the National Scale Ratings of these
banks:

  -- Bank Nadra: to Aa3.ua from Aa2.ua

  -- First Ukrainian International Bank, CJSC: to Aa3.ua from
     Aa2.ua

  -- Credit Dnepr Bank: to Baa3.ua from Baa1.ua

  -- Industrial Bank: to Baa3.ua from Baa2.ua

  -- Ukrgasbank: to A3.ua from A2.ua

  -- VAB Bank: to A3.ua from A1.ua

This outlook change does not affect the other existing ratings of
these 32 banks:

  -- Alfa Bank Ukraine: BFSR E+, FC deposit rating B2, NSR Aa1.ua,
     LC debt rating Aa1.ua

  -- Bank Finance and Credit Ltd: BFSR E+, FC deposit rating B2,
     NSR Aa3.ua

  -- Bank Nadra: BFSR E+, FC deposit rating B2

  -- Subsidiary Bank Sberbank of Russia: BFSR E+, FC deposit
     rating B2, NSR and LC debt ratings Aa1.ua

  -- Calyon Bank Ukraine: LC deposit rating Ba1, FC deposit rating
     B2, LC debt rating Baa1 and NSR Aa1.ua

  -- First Ukrainian International Bank: BFSR E+, FC deposit
     rating B2

  -- Forum Bank: LC deposit rating Ba1, FC deposit rating B2, FC
     debt rating Ba3 and NSR Aa1.ua

  -- Index-Bank: BFSR E+, LC deposit rating Ba1, FC deposit rating
     B2 and NSR Aa1.ua

  -- ING Bank Ukraine: LC deposit rating Ba1, FC deposit rating B2
     and NSR Aa1.ua

  -- Kreditprombank: BFSR E+, FC deposit rating B2 and NSR Aa3.ua

  -- OTP Bank Ukraine: LC deposit rating Ba1, FC deposit rating B2
     and NSR Aa1.ua

  -- Pivdennyi Bank: BFSR E+, LC debt rating and NSR Aa3.ua

  -- Pravex-Bank Joint-Stock Commercial Bank: BFSR E+, LC deposit
     and LC debt ratings Ba2, FC deposit rating B2 and NSR Aa1.ua

  -- Privatbank Commercial Bank: LC deposit rating Ba1, FC deposit
     rating B2, FC debt rating Ba3 and NSR Aa1.ua

  -- Raiffeisen Bank Aval: LC deposit rating Ba1, FC deposit
     rating B2, LC debt ratings Baa2/Aaa.ua and NSR Aa1.ua

  -- Savings Bank of Ukraine: BFSR E+, LC deposit rating Ba1, FC
     deposit rating B2 , LC debt ratings Ba1/Aa1.ua and NSR Aa1.ua

  -- Swedbank-Invest: FC deposit rating B2 and NSR Aa1.ua

  -- Swedbank OJSC: BFSR E+, LC deposit rating Ba2, FC debt rating
     B2 and NSR Aa1.ua

  -- Ukreximbank: LC deposit rating Ba1, FC deposit rating B2, FC
     debt rating Ba3

  -- Ukrsibbank: LC deposit rating Ba1, FC deposit rating B2, FC
     debt rating Ba3 and NSR Aa1.ua

  -- Ukrsotsbank: LC deposit rating Ba1, FC deposit rating B2, LC
     debt rating Baa3, FC debt rating Ba3 and NSR Aa1.ua

  -- Bank Evropeyskiy: NSR Baa3.ua

  -- Dongorbank: BFSR E+ and NSR A3.ua

  -- Express-bank:: NSR Baa3.ua

  -- Imexbank: NSR Baa3.ua

  -- Khreschatyk Bank: NSR A3.ua

  -- Prominvestbank: BFSR E, LC and FC deposit rating Caa2 (both
     ratings on review with direction uncertain) and NSR B3.ua

  -- Rodovid Bank: BFSR E+, LC and FC deposit rating B3, LC debt
     rating B3 (all ratings on review for downgrade) and NSR
     Baa3.ua

  -- Ukrgasbank: BFSR E+

  -- Ukrprombank: BFSR E+ and NSR A3.ua

  -- VAB Bank: BFSR E+

"The change in rating outlook to negative reflects the substantial
increase in credit and liquidity risk for the Ukrainian banks,
arising from the steep depreciation of the Ukrainian hryvna over
the past few months.  Since approximately 53% of loans by
Ukrainian banks rated by Moody's and nearly 47% of the liabilities
of these banks are denominated in foreign currencies, mainly in US
dollars, the hryvna depreciation has led to a serious rise in the
banks' vulnerability to credit risk," says Yaroslav Sovgyra, a
Moscow-based Vice President - Senior Credit Officer.

In Moody's view, the notable weakening of the hryvna will
materially impact Ukrainian bank borrowers' ability to repay their
foreign currency loans, consequently leading to a substantial
increase in non-performing loans and loan loss provisioning
charges by Ukrainian banks, thus materially worsening their asset
quality, profitability and capital adequacy indicators in 2009.

In addition, Moody's notes that the hryvna's depreciation has
significantly increased the direct FX debt burden of the Ukrainian
banks.  In Moody's opinion, this may be less problematic for the
subsidiaries of the foreign banks, which account for the bulk of
the external wholesale debt, since they are likely to obtain
refinancing from their parent banks.  However, for a number of
local Ukrainian banks, repayment of the short-term foreign
currency debt is likely to be a challenge that is likely to
severely depress their liquidity position and worsen their funding
profiles.

Moody's said that it will closely monitor developments related to
these issues and may take specific rating actions on banks where
deterioration in financial metrics show material weakening.
Moody's previous rating action on Alfa Bank Ukraine was on 20
October 2008 when the outlook on the global foreign currency long-
term deposit rating of B2 was changed to stable from positive.

Moody's previous rating action on Bank Finance and Credit was on
20 October 2008 when the outlook on the GFC long-term deposit
rating of B2 was changed to stable from positive.

Moody's previous rating action on Bank Nadra was on 20 October
2008 when the outlook on the GFC long-term deposit rating of B2
was changed to stable from positive and the long-term, GLC deposit
rating was downgraded to B1 from Ba3, NSR to Aa2.ua from Aa1.ua,
the long-term foreign currency senior unsecured debt rating was
downgraded to B1 from Ba3.

Moody's previous rating action on Bank NRB was on 20 October 2008
when the outlook on the GFC long-term deposit rating of B2 was
changed to stable from positive.

Moody's previous rating action on Calyon Bank Ukraine was on 20
October 2008 when the outlook on the GFC long-term deposit rating
of B2 was changed to stable from positive, GLC deposit rating was
downgraded to Ba1/NP from Baa1/P-2, NSR to Aa1.ua from Aaa.ua.
Moody's previous rating action on First Ukrainian International
Bank was on 20 October 2008 when the outlook on the GFC long-term
deposit rating of B2 was changed to stable from positive.

Moody's previous rating action on Forum Bank was on 20 October
2008 when the outlook on the GFC long-term deposit rating of B2
was changed to stable from positive.

Moody's previous rating action on Index-Bank was on 20 October
2008 when the outlook on the GFC long-term deposit rating of B2
was changed to stable from positive, GLC deposit rating was
downgraded to Ba1/NP from Baa3/P-3, NSR to Aa1.ua from Aaa.ua.

Moody's previous rating action on ING Bank Ukraine was on 20
October 2008 when the outlook on the GFC long-term deposit rating
of B2 was changed to stable from positive, GLC deposit rating was
downgraded to Ba1/NP from Baa1/P-2, NSR to Aa1.ua from Aaa.ua.

Moody's previous rating action on Kreditprombank was on 20 October
2008 when the outlook on the GFC long-term deposit rating of B2
was changed to stable from positive.

Moody's previous rating action on OTP Bank Ukraine was on 20
October 2008 when the outlook on the GFC long-term deposit rating
of B2 was changed to stable from positive, GLC deposit rating was
downgraded to Ba1/NP from Baa2/P-2, NSR to Aa1.ua from Aaa.ua

Moody's previous rating action on Pivdennyi Bank was on 20 October
2008 when the outlook on the GFC long-term deposit rating of B2
was changed to stable from positive, GLC debt rating was
downgraded to B2 from B1, NSR debt rating was downgraded to A1.ua
from Aa3.ua and the long-term foreign currency senior unsecured
debt rating was downgraded to B2 from B1.

Moody's previous rating action on Pravex-Bank was on 20 October
2008 when the outlook on the GFC long-term deposit rating of B2
was changed to stable from positive.

Moody's previous rating action on Privatbank was on 20 October
2008 when the outlook on the GFC long-term deposit rating of B2
was changed to stable from positive and GLC deposit rating was
downgraded to Ba1/NP from Baa3/P-3, NSR to Aa1.ua from Aaa.ua, the
long-term foreign currency senior unsecured debt rating was
downgraded to Ba3 from Ba2.

Moody's previous rating action on Raiffeisen Bank Aval was on 20
October 2008 when the outlook on the GFC long-term deposit rating
of B2 was changed to stable from positive and GLC deposit rating
was downgraded to Ba1/NP from Baa1/P-2, NSR to Aa1.ua from Aaa.ua,
GLC debt rating was downgraded to Baa2 from Baa1.

Moody's previous rating action on Savings Bank of Ukraine was on
20 October 2008 when the outlook on the GFC long-term deposit
rating of B2 was changed to stable from positive and GLC deposit
rating was downgraded to Ba1/NP from Baa2/P-2, NSR to Aa1.ua from
Aaa.ua, GLC debt rating was downgraded to Ba1 from Baa2, NSR debt
rating to Aa1.ua

Moody's previous rating action on Swedbank was on 20 October 2008
when the outlook on the GFC long-term deposit rating of B2 was
changed to stable from positive.

Moody's previous rating action on Swedbank Invest was on 20
October 2008 when the outlook on the GFC long-term deposit rating
of B2 was changed to stable from positive.

Moody's previous rating action on Ukreximbank was on 20 October
2008 when the outlook on the GFC long-term deposit rating of B2
was changed to stable from positive, GLC deposit rating was
downgraded to Ba1/NP from Baa2/P-2, the long-term foreign currency
senior unsecured and subordinated debt ratings was downgraded to
Ba3 from Ba2

Moody's previous rating action on Ukrsibbank was on 20 October
2008 when the outlook on the GFC long-term deposit rating of B2
was changed to stable from positive, GLC deposit rating was
downgraded to Ba1/NP from Baa2/P-2, NSR to Aa1.ua from Aaa.ua, the
long-term foreign currency senior unsecured debt rating to
downgraded Ba3 from Ba2.

Moody's previous rating action on Ukrsotsbank was on 20 October
2008 when the outlook on the GFC long-term deposit rating of B2
was changed to stable from positive, GLC deposit rating was
downgraded to Ba1/NP from Baa2/P-2, NSR to Aa1.ua from Aaa.ua, GLC
debt rating was downgraded to Baa3 from Baa2, the long-term
foreign currency senior unsecured debt rating was downgraded to
Ba3 from Ba2

Moody's previous rating action on Bank Evropeyskiy was on 14 April
2008 when B3/NP/E+/Baa3.ua ratings were assigned to the bank.
Moody's previous rating action on Credit Dnepr Bank was on 8
August 2008 when the outlook on B3 long-term local and foreign
currency deposit ratings was changed to positive from stable.

Moody's previous rating action on Dongorbank was on 26 October
2007 when B2 global local currency long-term senior unsecured debt
rating and A3.ua long-term NSR to the local currency denominated
bonds were assigned.

Moody's previous rating action on Express-Bank was on 20 May 2008
when B3/NP/E+/Baa3.ua ratings were assigned to the bank.

Moody's previous rating action on Imexbank was on 22 August 2007
when B3/NP/E+/Baa3.ua ratings were assigned to the bank.

Moody's previous rating action on Industrialbank was on 13
September 2006 when B3/NP/E+/Baa2.ua ratings were assigned to the
bank.

Moody's previous rating action on Khreschatyk Bank was on 8
October 2007 when long-term global local currency and foreign
currency deposit ratings were upgraded to B2 from B3.

Moody's previous rating action on Prominvestbank was on 9 October
2006 when the BFSR was downgraded to E from E+, its long-term
local currency and foreign currency bank deposit ratings were
downgraded to Caa2 from Ba2 and B2, respectively, and its NSR was
downgraded to B3.ua from Aa1.ua.  Long-term deposit ratings have
been placed on review with direction uncertain.

Moody's previous rating action on Rodovid Bank was on 6 October
2008 when E+ BFSR and B3 long-term local and foreign currency
deposit and debt ratings were placed on review for possible
downgrade.  The bank's NSR was downgraded to Baa3.ua from Baa1.ua.

Moody's previous rating action on Ukrgasbank was on 4 May 2007
when the Local Currency Deposit Ratings were assigned at B2/NP.
The long-term National Scale Rating was assigned at A2.ua.

Moody's previous rating action on Ukrgazprombank was on 18
December 2007 when B3/NP/E+/Baa3.ua ratings were assigned to the
bank.

Moody's previous rating action on Ukrprombank was on 8 June 2007
when B2/NP/E+/A3.ua ratings were assigned to the bank.

Moody's previous rating action on VAB Bank was on 20 June 2008
when the outlook was changed to stable from positive on the bank's
B2 long-term local and foreign currency deposit and debt ratings.


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


A E FRESHWATER: Appoints Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of A E Freshwater Ltd. on  Dec. 18,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

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


ADAMS CHILDRENSWEAR: In Administration; PwC Appointed
-----------------------------------------------------
Rob Hunt, Stuart Maddison and Mike Jervis of
PricewaterhouseCoopers LLP were appointed as joint administrators
to Adams Childrenswear Ltd on December 31, 2008.

Operating from its base in Nuneaton, Adams is the largest
independent childrenswear retailer in the UK with an annual
turnover of GBP150 million.  It operates 271 own brand stores and
concessions throughout the UK trading under Adams Kids.
Additionally, the company supplies a number of overseas
franchises.

The group employs 3,200 people, of which 350 are based at its head
office in Nuneaton with the balance being employed throughout the
retail network both in the UK and Eire.

Like many retailers, it has experienced a difficult trading
environment over the course of the last 12 months which has been
exacerbated by a further downturn and general tightening of the
credit markets in the last quarter of 2008.

Rob Hunt, joint administrator and partner at
PricewaterhouseCoopers LLP said: "Following our appointment, we
are continuing to trade as we urgently review the company's
financial position so as to assess which stores can remain open.
Adams Kids is a well known brand on the high street and we remain
hopeful that it will prove attractive to a purchaser. However, the
current difficulties in the retail environment are such that some
store closures are likely.  We plan to make further communications
early next week."

Administrators have not been appointed to an associated group
company, Mini Mode Childrenswear Ltd that has a joint venture
agreement with Boots to supply adult swimwear and childrenswear
under the Mini Mode brand.

            About PricewaterhouseCoopers LLP

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


ARNGROVE CONSTRUCTION: Taps Administrators from Grant Thornton
--------------------------------------------------------------
Joseph Peter Francis McLean and Keith Hinds of Grant Thornton UK
LLP were appointed joint administrators of Arngrove Construction
Services Ltd. on Dec. 22, 2008.

The company can be reached at:

         Arngrove Construction Services Ltd.
         Properties House
         Easter Park
         Teesside Industrial Park
         Thornaby
         Stockton on Tees
         Cleveland
         TS17 9NT
         England


BRITISH AIRWAYS: Iberia Taps Mercer to Review Pension Deficit
-------------------------------------------------------------
Alistair Osborne at the Daily Telegraph reports that Iberia Lineas
de Espana SA has hired human resources consultants Mercer to
review British Airways plc's ("BA") final salary pension
scheme.

Iberia, the report says, has concerns about both inheriting the
pension scheme's liabilities and the amount of extra cash BA may
have to inject.

The report notes that such concerns have made it extremely
difficult to negotiate a merger ratio.

As reported in the Troubled Company Reporter-Europe on Nov. 19,
2008, Iberia planned of an all-share merger with British Airways
and has told investors it may take a bigger share of the combined
group.  However, Iberia chairman Fernando Conte noted there are
still some difficulties with the deal including BA's
pension deficit.

On Dec. 9, 2008, the TCR-Europe reported that according to
Bloomberg News, BA, which will complete a tri-annual actuarial
review of its pension program in 2009, said Sept. 18 that the
annual funding deficit widened to GBP1.5 billion (US$2.2 billion)
as of March 31, the end of its last fiscal year.

Citing the Daily Telegraph, the TCR-Europe reported on Nov. 13,
2008, that John Ralfe, an independent pensions consultant, warned
it would cost BA at least GBP6 billion to sell its pension
liability.

Mr. Ralf noted the cost of offloading the pension deficit would be
several times the market cap of the airline, which is currently
valued at about GBP1.6 billion.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc --
http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of passengers,
freight and mail, and provides of ancillary services.  The British
Airways group consists of British Airways plc and a number of
subsidiary companies including in particular British Airways
Holidays Ltd.  and British Airways Travel Shops Ltd.  BA has
offices in India and Guatemala.

                          *     *     *

As reported in the TCR-Europe on Nov. 18, 2008, Moody's Investors
Service placed all ratings of British Airways plc (Baa3 Corporate
Family Rating - CFR); Ba1 senior unsecured and the Ba2 rating of
the perpetual guaranteed preferred securities on review for
possible downgrade.


COMPLETE SEAL: Brings in Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Complete Seal Windows (North East)
Ltd. on  Dec. 10, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

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


INTAGRAPH LTD: Appoints Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Intagraph (U.K.) Ltd. on Dec. 18,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through/at

         Intagraph (U.K.) Ltd.
         Unit 19 Roman Way
         South Hykeham
         Lincoln
         Lincolnshire
         LN6 9UA
         England


KAUPTHING SINGER: IoM Gov't to Start Payments to Savers on Jan. 19
----------------------------------------------------------------
Hon Allan Bell MHK, Treasury Minister of the Isle of Man
Government, in a press statement on Wednesday, December 24, 2008,
said that upon approval of the Early Payment Scheme by Tynwald it
is anticipated that payments to Kaupthing Singer Friedlander (Isle
of Man) account holders can begin in the week commencing January
19.

On December 17, 2008, the Isle of Man Parliament, Tynwald,
approved in principle the development of an Early Payment Scheme
for account holders and agreed that up to GBP11 million could be
released from the Isle of Man Government's Reserve Fund to make
payments of up to GBP1,000 to eligible account holders.

"While the sum of GBP1,000 may seem modest, it is recognized that
it could make a difference to depositors who may be experiencing
hardship.  The Isle of Man Government remains committed to finding
a resolution to KSF IOM insolvency that will maximize payouts for
account holders.  The Early Payment Scheme reflects the Isle of
Man Government's concern that account holders are treated fairly.
However, we recognize that the payments under the Scheme are an
interim measure pending the finalization of a more comprehensive
solution," Mr. Bell said.

   About Kaupthing Singer & Friedlander (Isle of Man) Ltd.

Kaupthing Singer & Friedlander (Isle of Man) Ltd. --
http://www.kaupthingsingers.co.im/-- is the UK subsidiary of
Iceland-based Kaupthing Bank hf.

On Oct. 9, 2008, the Isle of Man Court made a provisional
liquidation order in relation to Kaupthing Singer & Friedlander
(Isle of Man).  Subsequently, Michael Simpson of
PricewaterhouseCoopers was appointed as provisional liquidator of
the bank.

On Oct. 8, 2008, The Isle of Man Financial Supervision Commission
suspended the banking license of Kaupthing Singer & Friedlander
(Isle of Man).


MAXWELL COMMUNICATION: New York Court Closes Case After 17 Years
----------------------------------------------------------------
Reuters' Emily Chasan reports that Judge Robert Gerber of the U.S.
Bankruptcy Court for the Southern District of New York closed the
bankruptcy case of Maxwell Communication Corp. on December 30,
2008, noting there were no further contested matters or adversary
proceedings in the case.

The bankruptcy case remained open for more than 17 years, the
report notes, after the British media empire collapsed amid a
string of frauds.  According to Ms. Chasan, the Maxwell businesses
were thrown into disarray after British publishing magnate Robert
Maxwell died in November 1991 and evidence grew of alleged massive
financial irregularities.

"Pension fund assets of the public companies, Maxwell
Communication Corp. and Mirror Group Newspapers, had allegedly
been looted to prop up parts of the empire," Ms. Chasan reports.

"Administrators and liquidators were appointed in Britain and the
United States to recover sums for creditors.  Many of Maxwell's
key businesses were sold off at auction," Ms. Chasan adds.


OILEXCO INC: UK Subsidiary to File Petitions for Administration
---------------------------------------------------------------
Oilexco Inc. ("Oilexco") in a press statement on Wednesday,
December 31, 2008, said that its wholly-owned subsidiary, Oilexco
North Sea Ltd. ("ONSL"), intends to file petitions for
administration in the High Court in the United Kingdom as soon as
reasonably practicable but likely as early as next week.  Oilexco
is considering its options in light of this development but at
this time remains solvent and committed to the strategic review
process that was previously announced.

As the company previously announced on December 17, 2008,
incremental funding was necessary in addition to the bridge
funding announced that day, although no assurances were given that
such funding would become available.  On Wednesday, the company
was advised by The Royal Bank of Scotland plc on behalf of the
syndicate of lenders that they are not prepared to advance any
further funding to ONSL.  Oilexco does not have any other source
of funding at this time and has therefore concluded that an
administration must be pursued.  Oilexco has been advised that
funding for an administration is in the process of being arranged
by its senior secured lenders, subject to settlement of terms with
the prospective administrators and counsel.  Accordingly, all
parties expect that safe and orderly operations will continue
throughout this period.

As also announced on December 17, 2008, Morgan Stanley & Co.
Limited and Merrill Lynch International have been retained by
Oilexco in a strategic review process to seek alternative funding
or the sale of the Company or some of its assets. Several parties
have indicated significant interest in acquiring ONSL or all or
substantially all of its assets.  Oilexco understands that it is
the intention of the proposed administrators to continue this
process, with the intention of selling ONSL or all or
substantially all of its assets in such a way as to maximize the
value of the assets for all stakeholders, and maintain the
business, its employees and systems as a going concern.  However,
there can be no certainty that any binding offers will be received
or accepted or that any transaction will be completed or, if it is
completed, that there will be any equity value for Oilexco
shareholders.  The shares of ONSL comprise substantially all of
the assets of the Company.

                  About Oilexco Inc.

Headquartered in Calgary, Canada, Oilexco Inc. (TSX: OIL; LSE:
OIL) -- http://www.oilexco.com/-- is an oil and gas exploration
and production company active in the United Kingdom.  Oilexco's
producing properties, exploration and development activities are
located in the UK Central North Sea, specifically in the Outer
Moray Firth and Central Graben areas.  Oilexco operates in the
United Kingdom through its wholly owned subsidiary, Oilexco North
Sea Ltd., a company registered under the laws of England and
Wales.  Oilexco shares are listed for trading on the London Stock
Exchange (LSE) and the Toronto Stock Exchange (TSX) under the
symbol "OIL".


OLAN MILLS: Ceases Trading; To Go Into Administration
-----------------------------------------------------
Fiona Hamilton and Patrick Hosking report that Olan Mills
Photography ceased trading on Boxing Day, resulting in hundreds of
job losses.

The company, the report relates, closed all its 34 stores in
England and Wales.

In a statement on its Web site, Olan Mills said an administrator
would be appointed shortly to handle the affairs of the business.
The company said that it was "endeavoring" to fulfill all
outstanding orders, which would be posted direct to home addresses
this month.

The company announced customers who have purchased gift boxes as
well as those who have gift vouchers will be classed as unsecured
creditors and will have to register their claims.

The company, the report recounts, also collapsed during the
Christmas period two years ago but was saved by a management
buyout.

Based in Irthlingborough, Northamptonshire Olan Mills Photography
specialized in baby and family portraits and operated out of
Mothercare stores in more than half of its locations.


ZAZEN DEVELOPMENTS: Appoints Administrators from Grant Thornton
---------------------------------------------------------------
Trevor O'Sullivan and Duncan Swift of Grant Thornton UK LLP were
appointed joint administrators of Zazen Developments Ltd. on
Dec. 19, 2008.

The company can be reached at:

         Zazen Developments Ltd.
         Upper Office Maple Leaf
         16-22 The Polygon
         Southampton
         SO15 2BN
         England


* UK: New Rules on Pre-Pack Administration to Benefit Creditors
---------------------------------------------------------------
New rules that will require administrators to reveal to creditors
the name of the buyer and the price paid when carrying out a
"pre-pack" administration were introduced on Thursday, January 1,
2009.

Pre-pack administrations tend to be used where commercial
pressures require urgent action.  The new rules (Statement of
Insolvency Practice (SIP) number 16) will require administrators
to explain to creditors the background to their appointment and
the reasons why they considered that a "pre-pack" sale would be
the best outcome for creditors.  Administrators will not only have
to reveal the name of the purchaser of the business, they will
also have to provide details of any connection that the purchaser
had with the former directors or shareholders and the price paid.

Graham Horne, Deputy Chief Executive, of the Insolvency Service
said: "The Insolvency Service welcomes the greater transparency
that the new rules relating to "pre-pack" administrations will
provide.  Creditors will have better access to information about
the new owners of a troubled business providing them with greater
clarity about the administration process."

He went on to say: "Pre-packs can be a good thing, as we agree
with the view that in some circumstances they will improve returns
to creditors.  In addition they can help to preserve the business
of the failed company, thereby saving jobs.  However, we will be
working closely with the bodies that regulate administrators to
ensure that SIP 16 is put into practice.  We will also be looking
to use our enforcement powers to clamp down on any directors who
misuse the administration process to disadvantage creditors or
seek to gain benefit for themselves.  We are happy to hear from
any creditors who consider they have been disadvantaged."

Directors of insolvent companies, which includes those going
through administration, can be banned by the Insolvency Service
for a period of between 2 to 15 years if their conduct in the
period leading to the insolvency proceedings is considered to be
unfit.

Anyone who wishes to complain about a pre-pack administration or
considers that they have been unduly disadvantaged by an
administration (or other corporate insolvency process) can
telephone The Insolvency Service hotline on 0845 601 3546 or
email: enforcement@insolvency.gsi.gov.uk


* BOND PRICING: For the Week Dec. 29, 2008 to Jan. 5, 2009
----------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

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

CYPRUS
------
Abh Financial Lt          8.200    06/25/12 USD    62.33
Alfa MTN Invest           9.250    06/24/13 USD    64.88

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      13.07
                          6.380    04/07/14 EUR    70.08
Altran Technologies S.A.  3.750    01/01/09     EUR      12.87
Axa SA                    8.600    12/15/30 USD    64.03
Calyon                    6.000    06/18/47     EUR      43.25
Credit Agricole           3.750    10/20/20 EUR    71.76
                          4.050    12/22/20 EUR    73.94
Soc Air France            2.750    04/01/20     EUR      18.20
Wavecom S.A.              1.750    01/01/14     EUR      24.31

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

HUNGARY
-------
Agrokor                7.000     11/23/11 EUR    70.42

IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      71.14
                          5.630    11/29/30 GBP    68.53

Alfa Bank                 8.625    12/09/15 USD     40.92
                          8.635    02/22/17 USD       37.56
Ardagh Glass              7.130    06/15/17 EUR     64.25
Banesto Finance Plc       6.120    11/07/37 EUR     6.12


LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13 USD    57.03
AK Bars Bank              8.250    06/28/10     USD      97.75
                          9.250    06/20/11 USD    97.63
Alrosa Finance            8.880    11/17/14 USD    57.82
Bank of Moscow            7.340    05/13/13 USD    61.98
                          7.500    11/25/15 USD    39.95
                          6.810    05/10/17 USD    36.30
Beverage Pack             8.000    12/15/16 EUR    54.21
                          9.500    06/15/17 EUR    38.21

NETHERLANDS
-----------
ABN Amro Bank N.V.        6.250    06/29/35 EUR    50.79
Aegon N.V.          6.130    12/15/31 GBP    70.29
Air Berlin Finance B.V.   1.500    04/11/27 EUR    20.51
Alfa Bk Ukraine    9.750    12/22/09 USD   100.14
ALB Finance B.V.          8.750    04/20/11 USD      47.54
                          7.880    02/01/12 EUR    36.39
ASM International N.V.    4.250    12/06/11 USD    63.79
                          4.250    12/06/11 USD    59.00
ASML Holding N.V.         5.750    06/13/17     EUR      59.51
Astana Finance            7.880    06/08/10     EUR      98.61
                          9.000    11/16/11 USD    95.19
ATF Capital BV            9.250    02/21/14     USD      57.78
BK Ned Gemeenten      0.500    06/27/18 CAD    67.57
Centercrdt Intl           8.000    02/02/11     USD      54.87
                          8.630    01/30/14 USD    38.41
                          8.630    01/30/14 USD    38.76
Hit Finance B.V.         4.880    10/27/21 EUR    71.08


RUSSIA
------
Sistema Capital           8.880    01/28/11 USD    71.11

SPAIN
-----
Abertis Infra    4.375    03/30/20 EUR    74.88
Auvisa                    4.790    12/15/27 EUR    65.09

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

                            *********

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

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

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

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

                            *********


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

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