TCREUR_Public/090107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, January 7, 2009, Vol. 10, No. 4

                            Headlines

A U S T R I A

BUNDO LLC: Claims Registration Period Ends January 27
EBYL INTERNATIONAL: Files for Administrative Receivership
HAJLA LLC: Claims Registration Period Ends January 20
PONTEX LLC: Claims Registration Period Ends January 15
RIENER & MIKSA: Claims Registration Period Ends January 16

SYLVIA HAUKE: Claims Registration Period Ends January 20
MEDIEN PROJEKTE: Claims Registration Period Ends January 15
ISP LLC: Claims Registration Period Ends January 29


G E R M A N Y

B CONCEPT: Claims Registration Period Ends January 30
BAR LI PI: Claims Registration Period Ends January 27
FEWOROPA VERMIETUNG: Claims Registration Period Ends January 19
INSELSBERG TRACHTEN: Claims Registration Period Ends January 23
Q 1 DEUTSCHLAND: Claims Registration Period Ends January 30

SANITAR & HEIZUNGS: Claims Registration Period Ends January 26

* GERMANY: EC Approves First Real Economy Crisis Measures


I C E L A N D

KAUPTHING: Resolution Committee to Take Legal Action v. UK Govt

* ICELAND: Glitnir's Ex-CEO Admits Mistakes Over Banking Crisis


I R E L A N D

WATERFORD WEDGWOOD: Receivership Prompts Moody's Rating Cut to 'D'
WATERFORD WEDGWOOD: Fitch Cuts LT Issuer Default Rating to 'D'

* IRELAND: Company Liquidations Soar to 575 in 2008


I S R A E L

TEVA PHARMACEUTICALS: Moody's Withdraws 'Ba1' Corporate Ratings


K A Z A K H S T A N

GS ENGINEERING: Proof of Claim Deadline Slated for February 11
KOKSHE AGRO: Creditors Must File Claims by February 12
MEREN LLP: Claims Filing Period Ends February 13
SV HOLDING: Creditors' Claims Due on February 12
UK PROMTECHNIKA: Claims Registration Ends February 12

UK STROY SNUB: Proof of Claim Deadline Slated for February 12


K Y R G Y Z S T A N

ASIA RITAIL: Creditors Must File Claims by February 12


N E T H E R L A N D S

LYONDELLBASELL: Inches Closer to Chapter 11 Bankruptcy
LYONDELLBASELL: Default Swaps Rise on Bankruptcy Speculations
LYONDELLBASELL: Moody's Junks Corporate Family Rating
LYONDELLBASELL: Likely Chapter 11 Filing Cues Fitch's Junk Rating


R U S S I A

BUILDING COMPLEX-207: Moscow Bankruptcy Hearing Set February 3
ILIM-AVTO-LES LLC: Creditors Must File Claims by February 26
KEMEROVSKIY VINZAVOD: Court Names Insolvency Manager
KIROVSKIY AGRARIAN: Creditors Must File Claims by January 26
KOLOMENSKIY DECAL: Creditor Must File Claims by January 26

KP FASHION: Files for Chapter 11 Bankruptcy in New York
MET-INTEKS LLC: Court Names O. Lyapina as Insolvency Manager
PROEKT-STROY-KOMPLEKT LLC: Court Names Insolvency Manager
PROKOPYEVSK-UGOL LLC: Court Names Insolvency Manager
ULAN-UDENSKAYA ENERGY: Buryatia Bankruptcy Hearing Set Feb 25

* RUSSIA: To See Sharp Slowdown in Growth in 2009, PwC Says


S L O V A K   R E P U B L I C

KEY PLASTICS: Court Sets Jan. 29 Disclosure Statement Hearing

* SLOVAKIA: EU Commission Says Euro Adoption Proceeds Smoothly


S W E D E N

FORD MOTOR: Auto Sales Drop More Than 30% in December 2008


S W I T Z E R L A N D

BARON MOTORSPORT: Creditors Must File Proofs of Claim by Jan. 9
BROWAG IMMOBILIEN: Deadline to File Proofs of Claim Set Jan. 9
BUSSER HOLDING: Creditors Have Until Jan. 9 to File Claims
CONTEUS INFORMATION: Proofs of Claim Filing Deadline is Jan. 9
NATURBAU HANDEL: Creditors' Proofs of Claim Due by Jan. 9


U K R A I N E

CTPK LTD: Creditors Must File Claims by January 10
DATAWAY SOLUTION: Creditors Must File Claims by January 10
ECOBUILDING INVESTMENT-1: Creditors Must File Claims by Jan. 10
GAZCONTRACT LLC: Creditors Must File Claims by January 10
MAJORBAU LLC: Creditors Must File Claims by January 10

SAAK LLC: Creditors Must File Claims by January 10
SHPOLA PISCICULTURAL: Creditors Must File Claims by January 10
VITAK LLC: Creditors Must File Claims by January 10


U N I T E D   K I N G D O M

ADAMS CHILDRENSWEAR: Shuts Down 111 Stores; 850 Jobs Axed
MOSAIC FASHIONS: To Begin Funding Talks with Kaupthing
CLAREMBO LTD: Appoints Joint Liquidators from Begbies Traynor
HANSA: May Be Declared Insolvent; Owner Seeks West Ham Sale
HBOS PLC: Pension Trustees Ask Court to Delay Lloyds Merger

LADBROKES PLC: Moody's Confirms 'Ba2' Corporate Family Rating
LAINSTON CONTRACTS: Names Joint Liquidators from Tenon Recovery
OROSTREAM LTD: Taps Joint Liquidators from Baker Tilly
PROCURASELL INTERNATIONAL: Goes Into Administration
SCPD LIMITED: Appoints Joint Administrators from Baker Tilly

TRITON PLC: Fitch Cuts Ratings on GBP49.5-Mil. Notes to Low-B
WRAYRAM ENGINEERS: In Administration; PwC Appointed

* UK: Experian Warns 1,400 Retailers to Collapse This Year
* UK: FSA Proposes to Extend Short Selling Disclosure Regime


X X X X X X X X

* EUROPE: IATA Says Airlines to Lose Up to US$1 Bln in 2009


                         *********


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


BUNDO LLC: Claims Registration Period Ends January 27
-----------------------------------------------------
Creditors owed money by LLC Bundo (FN 289722m) have until
Jan. 27, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Helmut Kientzl
         Rudolf Diesel Str. 26
         2700 Wr. Neustadt
         Austria

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Feb. 10, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Nov. 25, 2008, (Bankr. Case No. 11 S 121/08t).


EBYL INTERNATIONAL: Files for Administrative Receivership
---------------------------------------------------------
Knitting Industry reports that the management of Ebyl
International AG on Dec. 19 decided to file for administrative
receivership for the company and its subsidiary Eybl Austria Gmbh
with the Krems provincial court after takeover talks with Slovenia
Prevent Group broke down.

The report relates the two companies also notified the Austrian
Employment Agency AMS of potential lay-offs of their Austrian
staff totaling 600 people, as a precautionary measure and in
compliance with early-warning requirements.

According to the report, based on preliminary talks already
conducted with customers, suppliers and banks, and on successful
restructuring measures taken over the past months, the management
of Eybl International aims to speedily conclude the administrative
receivership proceedings, and thereby secure the jobs in question
for the long term.

                    About Ebyl International

Eybl International specializes in textile production, fabrication
and components for automotive interiors.  The company operates
internationally at eight production sites in Austria, Hungary,
Romania, Germany and Slovakia as well as at four distribution
sites in Germany, France, Spain and Britain alongside of its
corporate headquarters in Krems in Lower Austria.


HAJLA LLC: Claims Registration Period Ends January 20
-----------------------------------------------------
Creditors owed money by LLC Hajla (FN 268339t) have until
Jan. 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Edmund Roehlich
         Am Heumarkt 9
         2nd. Floor
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-Mail: proksch@eurojuris.at

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

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 25, 2008, (Bankr. Case No. 4 S 180/08k).


PONTEX LLC: Claims Registration Period Ends January 15
------------------------------------------------------
Creditors owed money by LLC Pontex (FN 229489i) have until
Jan. 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-Mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Jan. 29, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 25, 2008, (Bankr. Case No. 5 S 127/08y).


RIENER & MIKSA: Claims Registration Period Ends January 16
----------------------------------------------------------
Creditors owed money by OG Riener & Miksa (FN 268643p) have until
Jan. 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Wilhelm Hermann Deutschmann
         Stelzhamerstrasse 12/3
         4020 Linz
         Austria
         Tel: 0732 602080
         Fax: 0732 60208020
         E-Mail: info@df-ra.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Jan. 30, 2009, for the
examination of claims at:

         Land Court of Linz
         Room 522
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Nov. 25, 2008, (Bankr. Case No. 12 S 103/08x).


SYLVIA HAUKE: Claims Registration Period Ends January 20
--------------------------------------------------------
Creditors owed money by LLC Sylvia Hauke (FN 69495z) have until
January 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-Mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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. 25, 2008, (Bankr. Case No. 4 S 179/08p).


MEDIEN PROJEKTE: Claims Registration Period Ends January 15
-----------------------------------------------------------
Creditors owed money by LLC Die Info Medien Projekte (FN 276857v)
have until Jan. 15, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-Mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on Jan. 29, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 26, 2008, (Bankr. Case No. 5 S 128/08w).


ISP LLC: Claims Registration Period Ends January 29
---------------------------------------------------
Creditors owed money by LLC ISP (FN 280458p) have until Jan. 29,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Norbert Schopf
         Esteplatz 5/5
         1030 Wien
         Austria
         Tel: 534 90-0
         Fax: DW 50
         E-Mail: office@schopf-zens.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on Feb. 12, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 26, 2008, (Bankr. Case No. 2 S 140/08p).


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


B CONCEPT: Claims Registration Period Ends January 30
-----------------------------------------------------
Creditors of B Concept GmbH have until Jan. 30, 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 Feb. 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Ruediger Werres
         Friesenplatz 17 a
         50672 Cologne
         Germany

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:

         B Concept GmbH
         Attn: Ahmad El Masri, Manager
         Zuelpicher Str. 32
         50674 Cologne
         Germany


BAR LI PI: Claims Registration Period Ends January 27
-----------------------------------------------------
Creditors of Bar Li Pi GmbH have until Jan. 27, 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 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.307
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Ulrich Bert
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151/66 72 9-0
         Fax: 06151/66 72 9-20
         E-mail: darmstadt@ltb-anwaelte.de

The District Court opened bankruptcy proceedings against the
company on Dec. 23, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Bar Li Pi GmbH
         Attn: Guel Habib, Manager
         Brueckenweg 17
         64572 Buettelborn
         Germany


FEWOROPA VERMIETUNG: Claims Registration Period Ends January 19
---------------------------------------------------------------
Creditors of Feworopa Vermietung von Ferienwohnungen GmbH have
until Jan. 19, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 9, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         71638 Ludwigsburg
         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:

         Thomas Luger
         Olgastr. 54
         70182 Stuttgart
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 23, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Feworopa Vermietung von Ferienwohnungen GmbH
         Attn: Enma Maruja Guardia, Manager
         Molina de Kammerer
         Simanowizstr. 24
         71640 Ludwigsburg
         Germany


INSELSBERG TRACHTEN: Claims Registration Period Ends January 23
---------------------------------------------------------------
Creditors of Inselsberg Trachten GmbH have until Jan. 23, 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 Feb. 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

         Thomas Keller
         Kreuzbiel Str. 2
         99189 Erfurt-Tiefthal
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 22, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Inselsberg Trachten GmbH
         Attn: Inge Bradatsch, Manager
         Uelleber Strasse 13a
         99867 Gotha
         Germany


Q 1 DEUTSCHLAND: Claims Registration Period Ends January 30
-----------------------------------------------------------
Creditors of Q 1 Deutschland GmbH have until Jan. 30, 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 Feb. 11, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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. Wolf-R. von der Fecht
         Rheinort 1
         40213 Düsseldorf
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 23, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Q 1 Deutschland GmbH
         Koenigsallee 60 f
         40212 Duesseldorf
         Germany

         Attn: Thomas van Rooij, Manager
         Malkastenstr. 1
         40211 Düsseldorf
         Germany


SANITAR & HEIZUNGS: Claims Registration Period Ends January 26
--------------------------------------------------------------
Creditors of Sanitar & Heizungs GmbH have until Jan. 26, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Feb. 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Frank Kischko
         Pferdemarkt 6
         45127 Essen
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 29.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Sanitar & Heizungs GmbH
         Attn: Christel Triebel Manager
         Elberfelder Str. 10
         45549 Sprockhoevel
         Germany


* GERMANY: EC Approves First Real Economy Crisis Measures
---------------------------------------------------------
The European Commission has approved, under EC Treaty state aid
rules, two German real economy crisis measures.  The first
measure, a EUR15 billion German loan program ("KfW-Sonderprogramm
2009") which is intended to provide liquidity for undertakings
affected by the current credit squeeze, provides for interest rate
reductions on loans to finance investments and working capital of
up to EUR50 million to be granted to undertakings with a turnover
of less than EUR500 million.  The program will be administered by
the Kreditanstalt für Wiederaufbau (KfW), the main public
development bank in Germany, in close cooperation with the
undertakings' own bankers.  The second measure, a Federal
framework scheme ("Bundesregelung Kleinbeihilfen") allows economic
policy actors at Federal, regional, and local level to provide aid
of up to EUR500.000 per undertaking to firms in need.  These are
the first cases to be approved under the Commission's new
temporary framework providing Member States with additional
possibilities to tackle the effects of the credit squeeze on the
real economy.

Competition Commissioner Neelie Kroes said: "Thanks to intensive
cooperation with the German authorities, the Commission could
approve these important crisis measures within a matter of days
and during the Christmas break.  Germany is the first country to
make use of the new temporary State aid framework recently
approved to help companies overcome financial problems arising
from the current credit squeeze."

The Sonderprogramm allows reduced-interest rate loans of normally
a maximum of EUR50 million to be granted to undertakings with
normally a maximum turnover of EUR500 million.  The loans may be
granted up to the end of 2010 for a maximum period of 8 years, but
all interest rate advantages end on December 31, 2012.
Thereafter, the companies will pay market interest rates on the
loans.

The Scheme is administered by the KfW, which works closely with
the normal commercial bankers of the undertaking ("Hausbank").

The exact interest rate advantage can differ from undertaking to
undertaking, but Germany has confirmed that the total amount of
aid for any undertaking will never exceed the amount of aid in the
form of subsidized interest rates permitted by the "temporary
framework for State aid measures to support access to finance in
the current financial and economic crisis", adopted by the
Commission on December 17, 2008.

Accordingly the Commission has decided that the measure is
compatible with Article 87.3.b of the EC Treaty as aid to remedy a
serious disturbance in the economy of a Member State.

The Federal framework scheme can be applied at Federal, regional
(Länder), and local level.  It allows the grant of aid of up to
EUR 500.000 to firms in difficulties as a consequence of the real
economy crisis, and to overcome problems in financing investments
and working capital which result from the present credit squeeze.

The scheme is designed on the basis of section 4.2.2 of the
temporary framework, and meets all its requirements.  Accordingly
the Commission has decided that this measure is also compatible
with Article 87.3.b of the EC Treaty as aid to remedy a serious
disturbance in the economy of a Member State.


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


KAUPTHING: Resolution Committee to Take Legal Action v. UK Govt
---------------------------------------------------------------
Reuters reports that the Resolution Committee of Kaupthing Bank hf
will take legal action against the British government over a
decision to place Kaupthing Singer and Friedlander in
administration.

The Treasury, Reuters recounts, placed Kaupthing's UK unit in
administration on Oct. 8, in a move to protect British retail
depositors.

However, Reuters relates that according to Iceland, Britain's
actions helped bring about Kaupthing's failure prematurely.

"The Resolution Committee of Kaupthing has decided to sue the
British Government and has the full support of the government," a
press release from the Icelandic prime minister's office obtained
by Reuters said.

A Treasury spokesman meanwhile said the Treasury was not aware of
any legal action, noting the Financial Services Authority had
judged Kaupthing's UK subsidiary to be unable to meet its
obligations to depositors, Reuters discloses.

                      About Kaupthing Bank

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

                          *     *     *

On Nov. 30, 2008, Kaupthing Bank hf. filed a voluntary petition
under Chapter 15 of the US Bankruptcy Code, in order to
seek US recognition of the bank's moratorium, which has been
granted by the District Court of Reykjavik, Iceland.

Citing a court filing by Olafur Gardarsson, a court-appointed
assistant who is managing the bank's reorganization, Reuters
discloses Kaupthing has about US$14.8 billion of principal assets,
including US$222 million located in the United States, and US$26
billion of principal indebtedness.


* ICELAND: Glitnir's Ex-CEO Admits Mistakes Over Banking Crisis
---------------------------------------------------------------
Monsters and Critics reports that Bjanir Armannson, former chief
executive of Glitnir banki hf, admitted mistakes were made in the
North Atlantic nation's banking sector that recently crashed in
the global credit crunch.

In an op-ed article in the Frettabladid newspaper, Mr. Armannson,
as cited by Monsters and Critics, said he and others who helped
create the Icelandic financial system had created a base that was
too weak to handle an international banking crisis.

The report relates that according to Mr. Armannson, the banks
should have sold some foreign assets and minimized their
activities in other countries when access to foreign cash was
limited in the autumn of 2007.

Mr. Armannson left Glitnir in the spring of 2007, the report
recalls.

                  About Glitnir banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Glitnir banki filed a Chapter 15 petition on November 26, 2008
(Bankr. S.D. N.Y. Case No. 08-14757).  The firm has retained Gary
S. Lee, Esq., at Morrison & Foerster LLP, in New York, as counsel.
In its Chapter 15 petition, the company estimated both its assets
and debts to be than US$1 billion each.


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


WATERFORD WEDGWOOD: Receivership Prompts Moody's Rating Cut to 'D'
------------------------------------------------------------------
Moody's Investors Service has downgraded Waterford Wedgwood plc's
Probability of Default Rating (PDR) to D from Ca, the Corporate
Family Rating to Ca from Caa3 and the senior subordinated rating
on its EUR166 million notes due in 2010 to C (LGD5, 77%) from Ca
following the conclusion of Moody's review for possible downgrade
initiated on 1 December 2008.

The action reflects the expiration of the grace period on the
coupon payment on the notes and the company's filing for
receivership.  The outlook is stable.

"The PDR downgrade by Moody's was prompted by Waterford Wedgwood's
5 January 2009 filing for receivership for its Irish subsidiaries
and administration for its UK subsidiaries" explains Paolo
Leschiutta, a Vice President, Senior Analyst in Moody's Corporate
Finance Group.  The receivership follows the expiration on 2
January 2009 of a forbearance granted by the senior lenders in
relation to the default triggered inter alia by the non payment of
the semi-annual coupon on the EUR166 million subordinated notes
that was due on 1 December 2008.  The PDR of D reflects that the
missed payment within the grace period constitutes an event of
default under the subordinated notes, as indicated in Moody's
rating action on 1 December 2008.

"The rating differential between the CFR and the PDR reflects
Moody's expectation that the potential recovery rate at the family
level following the default should be in line with the standard
50%.  In its recovery calculation, Moody's has taken into
consideration on one side the potential negative impact on asset
valuation due to difficult market condition in case of
liquidation, but also the upside potential provided by the fact
that brand value is not entirely reflected on the company's
balance sheet and Moody's understanding that the administrator
might still look to sell the business on a going concern basis",
says Mr. Leschiutta.  "The C rating on the subordinated notes
reflects the likely low recovery rate for bondholders following
the default".

Downgrades:

Issuer: Waterford Wedgwood plc
  -- Probability of Default Rating, Downgraded to D from Ca

  -- Corporate Family Rating, Downgraded to Ca from Caa3

  -- Senior Subordinated Regular Bond/Debenture, Downgraded to a
     range of C, LGD5, 77% from a range of Ca, LGD4, 65%

Outlook Actions:

Issuer: Waterford Wedgwood plc

  -- Outlook, Changed To Stable From Rating Under Review

The last rating action on Waterford Wedgwood was on 1 December
2008, when Moody's downgraded Waterford Wedgwood plc's CFR to Caa3
from Caa1, PDR to Ca from Caa2 and the senior subordinated rating
on the notes to Ca from Caa3.  The ratings were also placed under
review for further possible downgrade at that time.

Based in Waterford, Ireland, Waterford Wedgwood Plc is a leading
global manufacturer and distributor of luxury crystal and
chinaware products through the well-known brands of Waterford for
its crystal division and Wedgwood, Royal Doulton and Rosenthal for
its ceramics division.  At FYE March 2008, the company had four
production facilities around the world.  One is based in Ireland,
for crystal manufacturing.  The other three are ceramics
facilities, located in the UK (high automation products), Germany
(Rosenthal collections) and Indonesia (labor intensive products).


WATERFORD WEDGWOOD: Fitch Cuts LT Issuer Default Rating to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded Waterford Wedgwood plc's Long-term
Issuer Default Rating to 'D' from 'C' and its Short-term IDR to
'D' from 'C'.  Both ratings are removed from Rating Watch
Negative.

Fitch's rating actions follow the announcement that certain
Waterford companies have been placed into receivership after the
expiration and non-renewal of the forbearance period and the non-
payment of the semi-annual interim coupon on its mezzanine notes.

At the same time, Waterford's US$60 million senior secured term
loan, rated 'CCC'/'RR3', remains on Rating Watch Negative.  'RR3'
indicates recovery prospects of 51%-70% of current principal and
related interest.  Waterford's EUR166 million mezzanine notes, due
2010, are affirmed at 'C'/'RR6'.  'RR6' indicates recovery
prospects of 0%-10% of current principal and related interest.

"The worsening economic outlook and financial environment in
recent months have hindered management efforts to find a financial
solution during the forbearance period in order to fulfill its
debt obligations," says Johnny Da Silva, Director in Fitch's
Corporate Finance team in Paris.


* IRELAND: Company Liquidations Soar to 575 in 2008
---------------------------------------------------
The number of companies going into liquidation in Ireland has more
than doubled in 2008, Charlie Taylor at The Irish Times reports
citing credit information firm Experian.

According to the report, 575 companies went into liquidation in
2008 compared with 273 in the prior year.

The report notes company liquidations are expected to rise further
this year.

The number of companies seeking protection from creditors by going
into examinership also increased in 2008 as well as the number of
companies going into receivership.

The report reveals there were 67 examiners appointed to companies
last year compared to just 25 in 2007, while receivers were
appointed to 57 companies in 2008 compared to 15 in the preceding
year.

Citing a survey by Grant Thornton, Breakingnews.ie says Irish
businesses are among the most pessimistic in the world about their
prospects for 2009.

Breakingnews.ie relates seventy per cent of Irish firms involved
in the survey said they were pessimistic about the coming 12
months.

The company ranks Ireland 30th in a list of 37 countries when it
comes to business outlook for the year ahead, Breakingnews.ie
states.


===========
I S R A E L
===========


TEVA PHARMACEUTICALS: Moody's Withdraws 'Ba1' Corporate Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed the Baa2 ratings of Teva
Pharmaceuticals Industries Limited.  At the same time, Moody's
upgraded the senior unsecured credit facilities of Barr
Laboratories, Inc. to Baa2 from Ba1, concluding a rating review
for possible upgrade initiated on July 18, 2008.  Moody's also
withdrew Barr's Ba1 Corporate Family Rating, Ba1 Probability of
Default Rating, and SGL-2 Speculative Grade Liquidity Rating.

These rating actions result from the closing of Teva's acquisition
of Barr on December 23, 2008 and Teva's guarantee of Barr's credit
facilities.

Following this rating action, the rating outlook for Teva and its
subsidiaries including Barr remains stable.

The acquisition was financed with a combination of stock and cash,
resulting in new Teva debt of approximately US$1.75 billion and
the assumption of Barr's gross debt of approximately US$1.94
billion.  "The acquisition further bolsters Teva's position as the
world's preeminent generic drug manufacturer, with strong market
positions and an extremely diverse product offering," stated
Michael Levesque, Moody's Senior Vice President.

"But the acquisition reflects a continuation of Teva's aggressive
acquisition appetite and a reduction in key credit metrics to the
mid-to-low end of Moody's 'Baa' ranges," continued Mr. Levesque.
The upgrade of Barr's credit facilities reflects the full and
unconditional guarantee by Teva, and Moody's view that the Barr
debt ranks pari passu with the debt of other Teva subsidiaries,
also guaranteed by Teva and rated Baa2.

The stable rating outlook incorporates Moody's expectation that
Teva will comfortably maintain key cash flow relative to debt
ratios in Moody's "Baa" ranges, including CFO/Debt of 25% to 40%
and FCF/Debt of 15% to 25%, and that Teva will maintain adequate
liquidity.  Teva's liquidity profile has been reduced by lower
cash on hand (approximately US$1.5 billion post-Barr) and sizable
short-term maturities including US$1.75 billion of bank debt due
in November 2009 and other short term borrowings.

Ratings affirmed:

  * Teva Pharmaceutical Industries Limited -- Baa2 senior
    unsecured issuer rating

  * Teva Pharmaceutical Finance Company, LLC -- Baa2 senior notes
    of US$500 million due 2016, Baa2 senior notes of US$500
    million due 2026, Baa2 convertible senior debentures of US$1
    billion due 2036 (guaranteed by Teva)

  * Teva Pharmaceutical Finance Company B.V. -- Baa2 convertible
    senior debentures of US$750 million due 2026 (guaranteed by
    Teva)

Ratings upgraded:

Barr Laboratories, Inc.

  * Ba1[LGD4,50%] senior unsecured term loan due 2011

  * Ba1[LGD4,50%] senior unsecured revolving credit facility of
    US$300 million due 2011

Ratings withdrawn:

Barr Laboratories, Inc.

  * Ba1 Corporate Family Rating

  * Ba1 Probability of Default Rating

  * SGL-2 Speculative Grade Liquidity Rating.

Moody's does not rate Barr's 2008 unsecured term loan of
US$300 million due 2013.

The last rating action took place on July 18, 2008 when Moody's
affirmed Teva's ratings and placed Barr's credit facility ratings
under review for possible upgrade.

Headquartered in Petach Tikva, Israel, Teva Pharmaceutical
Industries Limited is one of the world's 20 largest pharmaceutical
companies, and among the largest generic pharmaceutical companies.
Teva develops, manufactures, and markets generic and innovative
human pharmaceuticals and active pharmaceutical ingredients.  For
the first nine months of 2008 Teva reported approximately
US$8.2 billion of net revenues.


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


GS ENGINEERING: Proof of Claim Deadline Slated for February 11
--------------------------------------------------------------
Branch of Company GS Engineering & Construction Corporation opted
for liquidation.

Creditors have until Feb. 11, 2009, to submit written proofs of
claims to:

         GS Engineering & Construction Corporation
         Office 2
         Business Center Nurly Tau, 4b
         Al-farabi ave. 19
         Almaty
         Kazakhstan


KOKSHE AGRO: Creditors Must File Claims by February 12
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kokshe Agro Service insolvent.

Creditors have until Feb. 12, 2009, to submit written proofs of
claims to:

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


MEREN LLP: Claims Filing Period Ends February 13
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Meren insolvent.

Creditors have until Feb. 13, 2009, to submit written proofs of
claims to:

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


SV HOLDING: Creditors' Claims Due on February 12
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP SV Holding insolvent.

Creditors have until Feb. 12, 2009, to submit written proofs of
claims to:

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


UK PROMTECHNIKA: Claims Registration Ends February 12
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP UK Promtechnika insolvent.

Creditors have until Feb. 12, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 105
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel:  8 (7232) 57-83-69


UK STROY SNUB: Proof of Claim Deadline Slated for February 12
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP UK Stroy Snub insolvent.

Creditors have until Feb. 12, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 105
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel:  8 (7232) 57-83-69


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


ASIA RITAIL: Creditors Must File Claims by February 12
------------------------------------------------------
LLC Asia Ritail Consulting has declared insolvency.  Creditors
have until Feb. 12, 2009, to submit claims to:

         LLC Asia Ritail Consulting
         Manas Str. 64-8
         Bishkek
         Kyrgyzstan


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


LYONDELLBASELL: Inches Closer to Chapter 11 Bankruptcy
------------------------------------------------------
LyondellBasell Industries AF, may file for bankruptcy protection
in the next week or two, Bloomberg News reports, citing Societe
Generale SA.

"A Chapter 11 filing appears imminent," Nadia Yoshiyama, a
credit analyst at Societe Generale in London, said in a
report, according to Bloomberg.  "Considering the complexity of
the capital structure, the size of the required capital and the
speed with which a deal needs to be agreed, a restructuring
outside of bankruptcy is unlikely in our view."

The cost of protecting corporate bonds in a benchmark European
index climbed to a two-week high amid speculation chemicals-maker
LyondellBasell Industries AF will file for bankruptcy protection,
Bloomberg also reports.  Reuters said that the high-yield bonds of
petrochemicals firm LyondellBasell, dropped Jan. 5, while its
senior loans rallied in anticipation of a Chapter 11 filing.

LyondellBasell is about to name a reorganization expert as it
tries to avert insolvency, the London-based Times reported.

As reported by the Troubled Company Reporter, LyondellBasell
Industries AF SCA obtained permission from lenders to postpone
US$280 million in payments due for the conversion of bridge loans
into extended loans until Jan. 4.

In connection with the Jan. 4 extension granted by lenders led by
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman Sachs
Credit Partners L.P., Citigroup Global Markets Inc., ABN AMRO
Incorporated and UBS Securities LLC, as joint lead arrangers and
bookrunners, the board has approved and is in the process of
retaining Kevin M. McShea of AlixPartners, LLP as chief
restructuring officer of LyondellBasell and its subsidiaries.  Mr.
McShea will serve as CRO effective upon our liquidity."

The company said Dec. 30 that it continues to work collaboratively
with the Lenders and other parties relating to the extension of
payment dates and the restructuring of its debt obligations.  The
company has also hired advisors to assist in evaluating its
strategic options, which include the possibility of filing for
protection under Chapter 11 of the U.S. Bankruptcy Code.

Reuters relates that a source close to the matter said that as the
Jan. 4 deadline passed without a statement from LyondellBasell, it
is possible that the negotiation process has been delayed
slightly.

                    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.

LyondellBasell is saddled with debt as part of its US$12.7 billion
merger in 2007.  As reported by the Troubled Company Reporter, the
company has brought on board Kevin M. McShea of AlixPartners, LLP
as Chief Restructuring Officer of LyondellBasell and its
subsidiaries.  The company also has hired advisers, including
Evercore and New York law firm Cadwalader, Wickersham & Taft LLP,
to advise it on its restructuring efforts.

Lyondell disclosed in its latest quarterly results that it has
US$27.12 billion in assets and US$228 million stockholders'
deficit as of Sept. 30, 2008.  It incurred a US$232 million net
loss in the three months ended Sept. 30, 2008, compared to a
US$206 million net profit during the same period in 2007.

Headquartered in Houston, Texas, Equistar Chemicals LP, is a
wholly owned subsidiary of Lyondell Chemical Company, which
produces ethylene, propylene and polyethylene in North America and
ethylene oxide, ethylene glycol, high value-added specialty
polymers and polymeric powder.  For three months ended Sept. 30,
2008, Equistar Chemicals posted net loss of US$271 million
compared to net income of US$22 million for the same period in the
previous year.  At Sept. 30, 2008, Equistar Chemicals' balance
sheet showed total assets of US$9.0 billion and total liabilities
of US$19.0 billion, resulting in a partners' deficit of US$9.9
billion.

                          *     *     *

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 US$8 billion second lien facility into
US$5.5 billion second lien facilities and US$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: Default Swaps Rise on Bankruptcy Speculations
-------------------------------------------------------------
Bloomberg's Shannon D. Harrington and Neil Unmack report that
credit default swaps on the Markit iTraxx Crossover Index of 50
European companies, including LyondellBasell Industries AF,
reached the highest since Dec. 19 amid speculation LyondellBasell
will file for bankruptcy protection.  Bloomberg says that,
according to CMA Datavision, the iTraxx Crossover index, which
includes companies with mostly high-risk, high-yield ratings, rose
four basis points to 1,041.5 basis points.

"Contracts tied to Rotterdam-based LyondellBasell traded at levels
pricing in almost certain odds of a default in the next year,"
Bloomberg says.

Bloomberg explains that the index, used to hedge against losses or
to speculate on the ability of companies to repay their debt,
rises as investor confidence deteriorates and fall as it improves.
The contracts, Bloomberg says, pay the buyer face value if a
company defaults in exchange for the underlying securities or the
cash equivalent.  A basis point on a credit-default swap contract
protecting US$10 million of debt from default for five years is
equivalent to US$1,000 a year, the report notes.

Messrs. Harrington and Unmack say swaps on LyondellBasell are
trading at levels that have priced in about 90% odds of a default
in the next year, according to CMA data.  "The contracts rose 2.5
percentage points to 87.5 percentage points upfront.  That's in
addition to 5 percentage points a year and means it would cost
8.75 million euros (US$11.9 million) initially and 500,000 euros a
year to protect 10 million euros of LyondellBasell bonds for five
years," they say.

Nadia Yoshiyama, a Societe Generale SA analyst based in London, in
a report Monday, said LyondellBasell may file for bankruptcy
protection in the next week or two, Bloomberg adds.

LyondellBasell is saddled with debt as part of its US$12.7 billion
merger.  As reported by the Troubled Company Reporter yesterday,
the company has brought on board Kevin M. McShea of AlixPartners,
LLP as Chief Restructuring Officer of LyondellBasell and its
subsidiaries.  The company also has hired advisers,
including Evercore and New York law firm Cadwalader, Wickersham &
Taft LLP, to advise it on its restructuring efforts.

                   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.

LyondellBasell is saddled with debt as part of its US$12.7 billion
merger in 2007.  As reported by the Troubled Company Reporter, the
company has brought on board Kevin M. McShea of AlixPartners, LLP
as Chief Restructuring Officer of LyondellBasell and its
subsidiaries.  The company also has hired advisers, including
Evercore and New York law firm Cadwalader, Wickersham & Taft LLP,
to advise it on its restructuring efforts.

Lyondell disclosed in its latest quarterly results that it has
US$27.12 billion in assets and US$228 million stockholders'
deficit as of Sept. 30, 2008.  It incurred a US$232 million net
loss in the three months ended Sept. 30, 2008, compared to a
US$206 million net profit during the same period in 2007.

Headquartered in Houston, Texas, Equistar Chemicals LP, is a
wholly owned subsidiary of Lyondell Chemical Company, which
produces ethylene, propylene and polyethylene in North America and
ethylene oxide, ethylene glycol, high value-added specialty
polymers and polymeric powder.  For three months ended Sept. 30,
2008, Equistar Chemicals posted net loss of US$271 million
compared to net income of US$22 million for the same period in the
previous year.  At Sept. 30, 2008, Equistar Chemicals' balance
sheet showed total assets of US$9.0 billion and total liabilities
of US$19.0 billion, resulting in a partners' deficit of US$9.9
billion.

                          *     *     *

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 US$8 billion second lien facility into
US$5.5 billion second lien facilities and US$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: 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.


LYONDELLBASELL: 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
USD281m 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


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


BUILDING COMPLEX-207: Moscow Bankruptcy Hearing Set February 3
--------------------------------------------------------------
The Arbitration Court of Moscow will convene on Feb. 3, 2009, to
hear bankruptcy supervision procedure on LLC Building Complex-207.
The case is docketed under Case No. ?40-38607/08-71-95B.

The Temporary Insolvency Manager is:

         Yu. Guzhenko
         Building 1
         Lubyanskiy proezd 5
         101000 Moscow
         Russia

The Debtor can be reached at:

         LLC Building Complex-207
         Varshavskoe shosse 143
         117519 Moscow
         Russia


ILIM-AVTO-LES LLC: Creditors Must File Claims by February 26
------------------------------------------------------------
Creditors of LLC Ilim-Avto-Les (Lumber Production) have until
Feb. 26, 2009, to submit proofs of claims to:

         A. Savin
         Insolvency Manager
         Post User Box 11
         214018 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?-62–2750/2008.

The Debtor can be reached at:

         LLC Ilim-Avto-Les
         2nd. Dachnaya Str. 10
         Smolensk
         Russia


KEMEROVSKIY VINZAVOD: Court Names Insolvency Manager
----------------------------------------------------
The Arbitration Court of Kemerovo appointed Ye. Nevolina as
Insolvency Manager for OJSC Kemerovskiy Vinzavod (TIN 4205044415,
RVC 420501001, PSRN 1034205019001) (Winery).  The case is docketed
under Case No. ?27–8694/2006–4.  He can be reached at:

         Post User Box 99/408
         654000 Novokuznetsk
         Russia

The Debtor can be reached at:

         OJSC Kemerovskiy Vinzavod
         Bakha Str. 15
         Kemerovo
         Russia


KIROVSKIY AGRARIAN: Creditors Must File Claims by January 26
------------------------------------------------------------
Creditors of OJSC Kirovskiy Agrarian Construction Concern (TIN
4345029424) (Ferro-Concrete Items Production) have until Jan. 26,
2009, to submit proofs of claims to:

         S. Panfilov
         Insolvency Manager
         Office 4
         Bolshevikov Str. 89a
         610002 Kirov
         Russia

The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?28–3789/2008–146/19.

The Debtor can be reached at:

         OJSC Kirovskiy Agrarian Construction Concern
         Raduzhny
         Novovyatskiy
         610925 Kirov
         Russia


KOLOMENSKIY DECAL: Creditor Must File Claims by January 26
----------------------------------------------------------
Creditors of CJSC Kolomenskiy Decal Plant have until Jan. 26,
2009, to submit proofs of claims to:

         A. Barinov
         Temporary Insolvency Manager
         Post User Box 11
         125502 Moscow
         Russia

The Arbitration Court of Dagestan will convene on Feb. 19, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. ?15–1805/2008.

The Debtor can be reached at:

         CJSC Kolomenskiy Decal Plant
         Sulakskaya Str. 19
         Khasavyurt
         Dagestan
         Russia


KP FASHION: Files for Chapter 11 Bankruptcy in New York
-------------------------------------------------------
Bloomberg's Bob Van Voris reports that KP Fashion Co. made a
voluntary Chapter 7 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the Southern District of New
York seven months after opening its first store.

The company posted US$9.7 million in assets and US$54.4 million in
debts in its filing, Bloomberg says.  The company sought from
protection from its creditors while it liquidates, source says.
According to the company's Web site, clothes are priced at 75%
discount, Bloomberg notes.

Sergei Plastinina co-founded Russia-based dairy company, OAO Wimm-
Bill-Dann, Mr. Voris relates.  Mr. Plastinina has investments in
real estate, agriculture and fertilizer industry, Mr. Voris says.

The company's 70 stores in Russia are not included in the filing,
Bloomberg notes.

"I've been working really hard, and am very proud of myself
for keeping my determination and being able to work and
accomplish so much at my young age," Bloomberg quoted Mr.
Plastinina stating in his personal website before it filed for
protection.

Bloomberg, citing the company's regulatory filing, relates that
the company owes US$29.9 million in loan to Lendero Ltd. of
Cyprus, which company controlled by Mr. Plastinin.

KP Fashion Co. -- http://www.kpfashion.com/-- was created by
Sergei Plastinina, father of Russian fashion designer Kira
Plastinina to market her clothing line in the United States,
Bloomberg notes.


MET-INTEKS LLC: Court Names O. Lyapina as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Samarskaya appointed O. Lyapina as
Insolvency Manager for LLC Met-Inteks (Ferrous Metals).  The case
is docketed under Case No. ?55–18653/2006.  He can be reached at:

         Office 100
         Stolovy pereulok 6/2
         Moscow
         Russia

The Debtor can be reached at:

         LLC Met-Inteks
         Office 310
         Voroshilova Str. 17
         Tolyatti
         Russia


PROEKT-STROY-KOMPLEKT LLC: Court Names Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Stavroploskiy appointed A. Golovchenko as
Insolvency Manager for LLC Proekt-Stroy-Komplekt (Construction).
The case is docketed under Case No. ?63–8785/08-S5–28.  He can be
reached at:

         Apt. 28
         Pirogova Str. 68/3
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Proekt-Stroy-Komplekt
         Gogolya Str. 179
         Mikhaylovsk
         Russia


PROKOPYEVSK-UGOL LLC: Court Names Insolvency Manager
----------------------------------------------------
The Arbitration Court of Kemerovskaya appointed A. Ovchinnikov as
Insolvency Manager for LLC Prokopyevsk-Ugol Coal-Preparation Plant
(TIN 4223036696).  The case is docketed under Case No. ?27-
4631/2007-4.  He can be reached at:

         B. Tishinskiy pereulok 38
         Moscow
         Russia

The Debtor can be reached at:

         Rudnichnaya Str.7
         Prokopyevsk
         Russia


ULAN-UDENSKAYA ENERGY: Buryatia Bankruptcy Hearing Set Feb 25
-------------------------------------------------------------
The Arbitration Court of Buryatia will convene on Feb. 25, 2009,
to hear bankruptcy supervision procedure on MUE Ulan-Udenskaya
Energy Company.  The case is docketed under Case No. ?10–3514/08.

The Temporary Insolvency Manager is:

         R. Yerbanov
         Post User Box 2713
         670033 Ulan-Ude
         Russia

The Debtor can be reached at:

         MUE Ulan-Udenskaya Energy Company
         Mokrova Str. 16
         670047 Ulan-Ude
         Russia


* RUSSIA: To See Sharp Slowdown in Growth in 2009, PwC Says
-----------------------------------------------------------
The emerging economies will see a sharp slowdown in growth in
2009, but they could still surpass the advanced economies as early
as 2014 in terms of their share of world GDP, according to
calculations by economists at PricewaterhouseCoopers LLP (PwC).

While all of the major advanced economies are projected to shrink
in 2009 and recover only gradually thereafter, the large emerging
economies (particularly China and India) are expected to
experience only a slowdown not a contraction in 2009 and generally
retain much better medium term prospects than the advanced
economies.

PwC projects that by 2014 the share of emerging economies (based
on the International Monetary Fund (IMF) definition including
developing countries) could rise to just over half (50.5%) of
world GDP in purchasing power parity (PPP) terms, up from 43.7% in
2007.  The PwC figures are based on analysis of IMF data on
current world GDP shares combined with the firm's latest medium-
term growth projections.

John Hawksworth, head of macroeconomics, PricewaterhouseCoopers
LLP, commented: "It is striking that such a significant shift in
world GDP share from advanced economies to emerging economies
could occur within as little as six years, and that by 2014 more
than half of world GDP could be accounted for by these high growth
countries."

Alec Jones, head of emerging markets, PricewaterhouseCoopers LLP,
added: "The analysis provides an interesting insight into how the
opportunities for investors from the UK and other advanced
economies are likely to change as the emerging economies grow
their consumer markets.  Instead of being viewed predominantly as
low cost manufacturing and offshoring centers by businesses in the
advanced economies, the projections indicate they are fast
becoming destination markets in their own right."

Other notable findings from the country level results include
that, by 2014:

    * while the US would remain the largest economy in the
      world, its share of global GDP at PPPs is projected to be
      down from 21.3% in 2007 to 19%;

    * China could overtake the euro area and move into second
      place;

    * India could nudge ahead of Japan; and

    * the UK share of world GDP in PPP terms could fall from
      3.3% in 2007 to 2.9% in 2014.

John Hawksworth, head of macroeconomics at PricewaterhouseCoopers
LLP, said: "We expect some sharp slowdowns in emerging market
growth in 2009, notably in Russia and Brazil.  Growth in China and
India could slow to only around 5-6% in 2009, but this is still a
pretty respectable performance when contrasted with expected
declines in GDP of around 1% or more in the US, Japan and the euro
area.  The UK economy could shrink by close to 2% in 2009, putting
us at the bottom of the G7 league table."

"Of course there are many uncertainties around any such
projections, with short-term risks still weighted to the downside
for all the major economies.  But the conclusion that the emerging
economies are likely to increase their weight in world GDP
significantly over the next five to six years seems relatively
robust, even though they are clearly not immune to the global
downturn."

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.


=============================
S L O V A K   R E P U B L I C
=============================


KEY PLASTICS: Court Sets Jan. 29 Disclosure Statement Hearing
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will hold a
hearing on Jan. 29, 2009 at 2:00 p.m. prevailing Eastern time to
consider approval of Key Plastics L.L.C. and Key Plastics Finance
Corp.'s proposed Disclosure Statement explaining their Prepackaged
Plan of Reorganization which was filed with the Court on Dec. 15,
2008.  A hearing to consider confirmation of the Plan and any
objections thereto will commence immediately following the
Disclosure Statement Hearing.

Any objections to the Disclosure Statement or the the Prepackaged
Plan must be filed with the Court together with proof of service,
so as to be received no later than 4:00 p.m prevailing Eastern
time on Jan. 18, 2009.  Objections whould also be served upon
counsel of the Debtors:

         Weil, Gotshal & Manges LLP
         Attn: Stephen A. Youngman, Esq.
         200 Crescent Court
         Suite 300
         Dallas, Texas 76201

         and

         Richards, Layton & Finger, P.A.
         Attn: Mark D. Collins, Esq.
         One Rodney Square
         P.O. Box 551
         Wilmington
         Delaware 19899

As reported in the Troubled Company Reporter on Dec. 16, 2008,
under the plan, each holder of Key Plastics Series A Unit Claims
will be paid cash equal to US$474 per Series A Unit held.  At its
option, holders of Senior Notes will be entitled to receive,
either:

  -- pro rata share of 65% of the fully-diluted new common units
     to be issued by Reorganized Key Plastics, which will
     subsequently be contributed to the Reorganized Finance
     Corp. in exchange for an equal percentage of new common
     stock to be issued by Reorganized Finance Corp.; or

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

Furthermore, holders of senior notes who elect to receive their
pro rata share of New Key Plastics Equity will be entitled to
participate in a rights offering in which each holder may
subscribe for its pro rata share of no more than 35% of New Key
Plastics Equity, which will also subsequently be contributed to
the reorganized Finance Corp. in exchange for an equal percentage
of New Finance Corp. Equity.

The company related that on Nov. 12, 2008, it solicited votes on
the plan, wherein holders of Senior Notes Claims under Class 1 and
Series A Unit Claims voted to accept the plan.

Headquartered in Northville, Michigan, Key Plastics LLC --
http://www.keyplastics.com/-- supplies plastic components to the
automotive industry.  The company has 24 manufacturing facilities
located in the United States, Canada, Mexico, Germany, Portugal,
Spain, the Czech Republic, France, Slovakia, Italy and China.
According to Bloomberg News, the company filed for bankruptcy in
March 23, 2000, in Detroit and emerged a year later under the
ownership of private-equity firm Carlyle.  The company and Key
Plastics Finance Corp. filed separate petitions for Chapter 11
relief on Dec. 15, 2008 (Bankr. D. Del. Case Lead Case No.
08-13324).  Mark D. Collins, Esq., at Richards Layton & Finger PA;
and Stephen A. Youngman, Esq., and Martin A. Sosland, Esq., at
Weil, Gotschall & Manges LLP, represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they listed assets and debts between
US$100 million and US$500 million each.


* SLOVAKIA: EU Commission Says Euro Adoption Proceeds Smoothly
--------------------------------------------------------------
The changeover to the euro in Slovakia is taking place smoothly.
By the end of Saturday, January 3, some 27% of payments in shops
were made in euro and virtually all customers were getting their
change in the currency now shared by nearly 329 million Europeans
including some 5.4 million Slovaks.  No major problems were
observed in banks or in retail sector.

Slovakia on January 1 became the 16th European Union country to
adopt the euro.  The changeover is progressing steadily with
nearly half of citizens polled saying they had mostly euro in
their wallets at the close of business on Saturday (44% had only
or mostly euro banknotes and 48% had only or mostly euro coins).
Early indications show the number of cash payments in euro
increasing at shops on Monday, from 27% on Saturday, as shops
increasingly give change in Europe's common currency and the
koruna is progressively withdrawn.  The period during which the
euro and the koruna will continue to circulate alongside each
other (so-called dual circulation period) will end on January 16.

No major problems have been encountered.  By Saturday, all banks
had successfully finalized the conversion of their IT systems and
around a third of bank branches stayed open at the weekend to
offer a currency exchange service.

Retailers were coping well with the changeover process especially
as people were only slowly coming back from holidays. There were
some reports of queues at some shops, but the people of Slovakia
were generally patient and welcomed the European currency with
enthusiasm.  Supplies of euro cash to shops and retrievals of
koruna cash to the central bank were proceeding smoothly.

The Slovak Trade Inspection (STI) is closely following that the
changeover rules are respected and the prices properly converted
at the legal rate of 30.1260 koruna to the euro.  Out of the 203
shops and service provider outlets controlled on January 1 and 2
the STI inspectors identified only three major problems (in one
instance the cashier refused to accept payment in euro, in another
payment in koruna was refused and in a third case no cash was
accepted).  The STI is also regularly controlling prices,
especially in sectors where problems were identified in previous
changeovers (e.g. restaurants, hairdressers, cafes, public
parkings).  Citizens are regularly informed about the results of
the controls and are encouraged to contact the Trade Inspection or
other consumer protection bodies in case they observe any
irregularities.

Commission President Jose Manuel Barroso will be in the Slovak
capital of Bratislava on Thursday to participate in a ceremony to
celebrate the adoption of the euro.  He will be accompanied by
Economic and Monetary Affairs Commissioner Joaquin Almunia and by
Jan Figel, Education Commissioner and a Slovak national.


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


FORD MOTOR: Auto Sales Drop More Than 30% in December 2008
----------------------------------------------------------
Mike Barris at The Wall Street Journal reports that Ford Motor Co.
reported that its sales dropped more than 30% in December 2008.

The first quarter will be "bad, no matter how you look at it" and
the loan from the government will be help auto sale recover in the
second half of 2009, WSJ relates, citing Ford Motor senior
economist Emily Kolinski Morris.

Ford Motor's sales figures in December 2008 reflected the housing
market, the economy and the jobless rate.  Ford Motor sales
analyst George Pipas said that the sales rate in December was
similar to what we saw in October and November.

"During these three months, the total vehicle sales rate including
medium and heavy trucks is about 10.6 or 10.7 million and the
light vehicle sales rate is probably in 10.3 or 10.4 and that is
the lowest sales rate for the fourth quarter since 1981, so that
gives you some indication the kind of conditions we are facing now
as well as probably what we can expect to see as we begin 2009 at
least in the first quarter," said Ford Motor.

According to Bloomberg, U.S. auto sales plunged 36 percent in
December, dragging the industry's annual volume to a 16-year low
as the recession ravaged demand.

             F-Series Brings Ford Higher Market Share

New vehicles, including the all-new F-150 truck, and fuel-
efficient powertrains are winning over customers for Ford Motor,
Lincoln and Mercury, which realized market share increases for a
third consecutive month in December.  Ford Motor estimates its
market share was 14.6% in December, up 0.7 of a point versus a
year ago.  This marks the first time since 1997 Ford Motor has
achieved a market share increase three months in a row.

"This is a strong ending to end a very challenging year," said Jim
Farley, Ford Motor's group vice president, Marketing and
Communications.  "In addition to finishing the year with increased
market share, we received several accolades from third parties
concerning our world-class quality and safety, and we turned some
heads on the fuel economy front with our 41 mpg Fusion Hybrid, the
most fuel-efficient mid-size sedan in America."

The F-Series truck played a key role in Ford Motor's fourth
quarter market share gains.  The all-new F-150 accounted for 8,600
of total F-Series sales in December, an increase of 84% compared
with November 2008.  For the year, F-Series sales totaled 515,513.

"Our thanks go out to our customers, our dealers and, of course,
the Ford employees and supplier partners who design, engineer and
manufacture quality, fuel-efficient trucks delivering unmatched
capability," Mr. Farley said.  "The all-new F-150 affirms what
Ford has known for years -- that listening to customers provides
the best rewards."

The all-new F-150 recently was named 2009 Motor Trend Truck of the
Year, a finalist for the North American Truck of the Year and the
Texas Auto Writers Association's "Truck of Texas."

Ford Flex, the company's newest crossover utility, finished 2008
with its best sales month of the year, netting 2,685 sales.  Flex
has the highest conquest rate of any Ford vehicle and is a
finalist for the North American Car of the Year.

In other car news, Ford Focus posted full-year sales of 195,823,
the small car's highest sales year since 2004 and up 13% versus
full-year 2007.  Focus parlayed SYNC technology and 35 mpg highway
fuel economy, which is 5 mpg better than Toyota's Corolla and 2
mpg better than the smaller Honda Fit, to achieve a market share
increase in the competitive small car segment -- its first share
increase since Focus was introduced during the 2000 model year.

Meanwhile, Ford Fusion posted near-record sales of 147,569 units
in 2008.  Fusion, Mercury Milan and Lincoln MKZ are redesigned for
the 2010 model year and will arrive in dealer showrooms this
spring.  The first-ever Fusion Hybrid will be America's most fuel-
efficient mid-size car with 41 mpg in the city and 36 mpg on
highway -- besting the Toyota Camry hybrid by 8 mpg in the city
and 2 mpg on highway.

Lincoln outpaced the competition as 2008 drew to a close.  Helped
by the all-new Lincoln MKS sedan, Lincoln sales totaled 9,053 in
December, down 10% compared with a year ago.  In the fourth
quarter, however, Lincoln increased its share in the luxury market
as its 16% sales decline was less than half of the average decline
of all other luxury brands.

U.S. Sales

In December, Ford, Lincoln and Mercury sales totaled 134,114, down
32% compared with a year ago.  Retail sales to individual
customers were down 27%, and fleet sales were down 42% (including
a 57% decline in daily rental sales), consistent with Ford Motor's
plans.

For the full year, Ford, Lincoln and Mercury sales totaled
1.9 million, down 20% versus a year ago.  Retail sales were down
22%, and fleet sales were down 17% (including a 22% decline in
daily rental sales), in line with Ford's plans.

U.S. Market Share

In the Fourth Quarter, Ford, Lincoln and Mercury's market share is
estimated at 15.0%, up 0.9 points versus a year ago.  This is the
first time since 2001 that the company's Fourth Quarter market
share was higher than a year ago.

For the full year of 2008, Ford, Lincoln and Mercury's market
share is estimated at 14.2%, down 0.4 points versus a year ago.
This marks the company's smallest decline in market share this
decade.

"This is a strong ending to...a very challenging year," said
marketing chief Jim Farley.

                     About Ford Motor Co.

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

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

                       *     *     *

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

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


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


BARON MOTORSPORT: Creditors Must File Proofs of Claim by Jan. 9
---------------------------------------------------------------
Creditors owed money by JSC Baron Motorsport are requested to file
their proofs of claim by Jan. 9, 2009, to:

         Fassler & Partner Appenzell
         Weissbadstrasse 14
         9050 Appenzell
         Switzerland

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


BROWAG IMMOBILIEN: Deadline to File Proofs of Claim Set Jan. 9
--------------------------------------------------------------
Creditors owed money by JSC Browag Immobilien are requested to
file their proofs of claim by Jan. 9, 2009, to:

         Markus Bruhwiler
         JSC Browag Immobilien
         Ilgenstrasse 7
         9200 Gossau
         Switzerland

The company is currently undergoing liquidation in Gossau SG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 21, 2008.


BUSSER HOLDING: Creditors Have Until Jan. 9 to File Claims
----------------------------------------------------------
Creditors owed money by LLC Busser Holding are requested to file
their proofs of claim by Jan. 9, 2009, to:

         JSC Stieger Treuhand
         Neuhofstrasse 5
         8645 Jona
         Switzerland

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


CONTEUS INFORMATION: Proofs of Claim Filing Deadline is Jan. 9
--------------------------------------------------------------
Creditors owed money by LLC Conteus Information Technology are
requested to file their proofs of claim by Jan. 9, 2009, to:

         Christoph Eggspuhler
         Mellingerstrasse 207
         Tafernhof
         5405 Baden-Dattwil
         Switzerland

The company is currently undergoing liquidation in Frick.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 31, 2008.


NATURBAU HANDEL: Creditors' Proofs of Claim Due by Jan. 9
---------------------------------------------------------
Creditors owed money by JSC Naturbau Handel are requested to file
their proofs of claim by Jan. 9, 2009, to:

         Dr. Martin Wenner
         Bahnhofstrasse 37
         8001 Zurich
         Switzerland

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


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


CTPK LTD: Creditors Must File Claims by January 10
--------------------------------------------------
Creditors of LLC CTPK Ltd. (EDRPOU 35633732) have until Jan. 10,
2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 25, 2008.
The case is docketed as 44/376-b.

The Debtor can be reached at:

         LLC CTPK Ltd.
         Panfilovtsev Str. 1
         01015 Kiev
         Ukraine


DATAWAY SOLUTION: Creditors Must File Claims by January 10
----------------------------------------------------------
Creditors of LLC Dataway Solution (EDRPOU 32000551) have until
Jan. 10, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 29, 2008.
The case is docketed as 50/332.

The Debtor can be reached at:

         LLC Dataway Solution
         Podgornaya/Tatarskaya Str. 3/7
         04050 Kiev
         Ukraine


ECOBUILDING INVESTMENT-1: Creditors Must File Claims by Jan. 10
---------------------------------------------------------------
Creditors of LLC Ecobuilding Investment-1 (EDRPOU 32920747) have
until Jan. 10, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 29, 2008.
The case is docketed as 50/329.

The Debtor can be reached at:

        LLC Ecobuilding Investment-1
        Baggovutovskaya Str. 8/10
        04107 Kiev
        Ukraine


GAZCONTRACT LLC: Creditors Must File Claims by January 10
---------------------------------------------------------
Creditors of LLC Gazcontract (EDRPOU 25276140) have until
Jan. 10, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 29, 2008.
The case is docketed as 50/331.

The Debtor can be reached at:

         LLC Gazcontract
         Khokhlovy family Str. 15
         04119 Kiev
         Ukraine


MAJORBAU LLC: Creditors Must File Claims by January 10
------------------------------------------------------
Creditors of LLC Majorbau (EDRPOU 34616412) have until Jan. 10,
2009, to submit proofs of claim to:

        LLC Industrial Trade Resource
        Liquidator
        Apt. 31
        O. Teliga Str. 9
        04112 Kiev
        Ukraine
        Tel: 8(050)772-63-08

The Arbitration Court of - commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 9, 2008.
The case is docketed as 28/336-b.

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

The Debtor can be reached at:

        LLC Majorbau
        I. Kudria Str. 37-A
        01042 Kiev
        Ukraine


SAAK LLC: Creditors Must File Claims by January 10
--------------------------------------------------
Creditors of LLC Saak (EDRPOU 31055683) have until Jan. 10, 2009,
to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 29, 2008.
The case is docketed as 50/327.

The Debtor can be reached at:

         LLC Saak
         Oranzhereynaya Str. 1
         04112 Kiev
         Ukraine


SHPOLA PISCICULTURAL: Creditors Must File Claims by January 10
--------------------------------------------------------------
Creditors of OJSC Shpola Piscicultural and Soil-Reclamation
Station (EDRPOU 00725269) have until Jan. 10, 2009, to submit
proofs of claim to:

         Mr. Alexander Yuditsky
         Liquidator / Insolvency Manager
         Apt. 9
         Khimikov Avenue, 60
         18018 Cherkassy
         Ukraine

The Arbitration Court of Cherkassy commenced bankruptcy
proceedings against the company after finding it insolvent on
Nov. 13, 2008.  The case is docketed as 10/5049.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         OJSC Shpola Piscicultural and
         Soil-Reclamation Station
         Antonovka
         Shpola
         20653 Cherkassy
         Ukraine


VITAK LLC: Creditors Must File Claims by January 10
---------------------------------------------------
Creditors of LLC Vitak (EDRPOU 31949372) have until Jan. 10, 2009,
to submit proofs of claim to:

         Mrs. Larisa Peliukhanova
         Temporary Insolvency Manager
         Sibirtsev Str. 17/320
         Artemovsk
         Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 4, 2008.
The case is docketed as 42/150B.

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Vitak
         Donetsk Str. 91
         Krasnoarmeysk
         Grodovka
         85354 Donetsk
         Ukraine


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


ADAMS CHILDRENSWEAR: Shuts Down 111 Stores; 850 Jobs Axed
---------------------------------------------------------
BBC News reports that Adams Childrenswear Ltd has closed down 111
of its stores throughout the UK, resulting to the loss of 850
jobs.

The company, BBC says, blamed the decision on the "current
downturn being experienced on the High Street".

BBC however notes that the company's remaining 160 stores will
stay open as normal while the administrators seek a buyer for the
business.

Rob Hunt, joint administrator and partner at
PricewaterhouseCoopers LLP said: "We have had a number of
expressions of interest in the Adams business and brand.  As a
result, we are hopeful that we will be able sell some parts of the
business."

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.

According to Breakingnews.ie, around 60 jobs could be saved after
administrators said seven of the company's most profitable outlets
in the North will operate as normal.

Breakingnews.ie meanwhile discloses stores shutting are in
Coleraine, Derry, Omagh, Belfast Park Centre and Portadown.
Forty-nine staff will be made redundant, Breakingnews.ie adds.

As reported in the TCR-Europe, Rob Hunt, Stuart Maddison and Mike
Jervis of PricewaterhouseCoopers LLP were appointed as joint
administrators to Adams 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.


MOSAIC FASHIONS: To Begin Funding Talks with Kaupthing
------------------------------------------------------
Jenny Davey at The Sunday Times reports that Mosaic Fashions hf is
to begin talks with Kaupthing bank hf on its working capital needs
in an attempt to secure the long-term future of the company, which
has been hit for months by the withdrawal of credit insurance.

The report discloses among the options considered include a debt-
for-equity swap, injecting more cash into the business or selling
the debt to one of a string of potential suitors, including Sir
Philip Green, the BHS owner, or Alchemy, the private-equity group.

According to the report, if the company failed to reach a deal in
the next few months it could enter into administration because the
management team will not want to break City rules preventing a
business from trading if it is technically insolvent.

The report relates some suppliers are demanding upfront payments
from Mosaic, putting pressure on the company's balance sheet.

Mosaic, the report says, is unable to make any interest payments
on its estimated GBP400 million debt pile as its loans are under
the control of a government-appointed committee now running
Kaupthing.

However, a source close to Baugur, Mosaic's part-owner, maintained
that although trading was tough, there is no likelihood that the
company will go into administration, the report notes.

"We are working on solutions for the long-term funding for the
company and we don't see any immediate cash-flow issues in the
business," the source was quoted by the report as saying.

Mosaic Fashions -- http://www.mosaic-fashions.co.uk/-- is the
parent company of eight design-led fashion brands; Anoushka G,
Coast, Karen Millen, Oasis, Odille, Principles, Shoe Studio and
Warehouse.


CLAREMBO LTD: Appoints Joint Liquidators from Begbies Traynor
-------------------------------------------------------------
David Moore and Gary Lee of Begbies Traynor were appointed joint
liquidators of Porter Bros Ltd. on  Dec. 23, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Porter Bros Ltd.
         St. George's House
         215-219 Chester Road
         Manchester
         M15 4JE
         England


HANSA: May Be Declared Insolvent; Owner Seeks West Ham Sale
-----------------------------------------------------------
William Gray at the Daily Telegraph reports that Bjorgolfur
Gudmundsson's holding company Hansa is at risk of being declared
insolvent.

The report discloses court officials in the Icelandic capital of
Reykjavik for Hansa has set a March 6 deadline to show they can
repay creditors.

According to the report, if Mr. Gudmundsson failed to comply,
Hansa will be declared insolvent and its assets, including
football club West Ham, will be taken over.

Mr. Gudmundsson, the report recounts, is eyeing to sell West Ham
to repay debts of more than GBP50 million resulting from the
collapse of Icelandic bank Landsbanki in which he had a 41 per
cent stake.

Mr. Gudmundsson, who bought West Ham for GBP87 million in 2006,
was hoping to sell the club for around three times that amount,
the report relates.

However, the report says, he is having difficulty finding buyers
in the wake of the credit crunch.

The report relates that a source close to Mr. Gudmundsson told the
Guardian, the Icelandic is aware that GBP250 million is now highly
unexpected.  The source, however, noted Mr. Gudmundsson is
prepared to wait for the right offer to come along.

"Mr. Gudmundsson will not accept an unsatisfactory amount," the
source said.

West Ham meanwhile will get a nine-point sporting sanction if
placed in administration, the report notes.

"Any club within the division that suffers an insolvency event
will automatically receive a nine-point sporting sanction," a
spokesman for the Premiere league was quoted by the report as
saying.

On Nov. 26, 2008, the TCR-Europe reported that citing vice-
chairman Asgeir Fridgeirsson, The Daily Telegraph's Jeremy Wilson
said Hansa had "started the process of administration".
However, Mr. Fridgeirsson noted there would be no day-to-day
impact on the club, the Daily Telegraph disclosed.


HBOS PLC: Pension Trustees Ask Court to Delay Lloyds Merger
-----------------------------------------------------------
Philip Aldrick at the Daily Telegraph reports that HBOS plc's
pension trustees asked the court of session in Edinburgh to delay
the bank's merger with Lloyds TSB plc.

According to the report, the move is aimed at ensuring the
security of HBOS' GBP10 billion pension scheme.

The trustees, the report says, want Lloyds to guarantee HBOS's
liabilities.  However, the report notes Lloyds is reluctant as it
wants the flexibility to operate HBOS as a stand-alone subsidiary.

"We understand the commercial basis underpinning the deal and do
not oppose it as such," the trustees were quoted by the report as
saying.  "Your trustees remain very concerned at the failure of
Lloyds to ... put the pension scheme on a secure footing following
the deterioration in quality of the support provided by HBOS
itself."

The trustees, the report relates, will make their representation
at a court hearing on January 12 and hope to postpone completion
of the deal beyond its scheduled January 16 closing date.

The trustees also commissioned a scheme revaluation to be
conducted by actuaries Watson Wyatt, the report discloses.
They warned the valuation could result in a deficit of "GBP3
billion to GBP5 billion" that would require annual contributions
of GBP300 million-GBP500 million, the report adds.

Rosemary Gallagher of The Scotsman meanwhile states Lloyds
insisted the pension scheme, which has 80,000 members, will
benefit from the merger.

On Dec. 17, 2008, the TCR-Europe reported that according to BBC
News, HBOS shareholders overwhelmingly voted in favor of a
takeover deal with Lloyds TSB at the bank's extraordinary general
meeting on December 12.

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

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

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

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

                         About HBOS Plc

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


LADBROKES PLC: Moody's Confirms 'Ba2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 Corporate Family
Rating of Ladbrokes plc.  The outlook is negative.  The senior
unsecured and LGD ratings of Ladbrokes plc and Ladbrokes Group
Finance plc were also confirmed at Ba2/LGD4.  This rating action
concludes the review initiated on 3 October 2008.

"The negative outlook reflects Moody's expectation that
Ladbrokes's debt protection metrics will be weaker than the target
metrics set for a stable positioning in the Ba2 rating category,"
explains Marika Makela, an Assistant Vice President-Analyst in
Moody's Corporate Finance Group.  More specifically, Moody's
cautions that the company's fully adjusted retained cash flow-to-
net debt ratio is likely to be below 10% and net debt-to-EBITDA
ratio to be above 4x at FY 2008.

Moody's adjusts Ladbrokes's debt protection metrics for the legacy
risk that arises from the company's material contingent
liabilities from guarantees given to third parties over the lease
liabilities of subsidiaries in the company's disposed hotel
division.  Moody's notes that, while at the end of 2007 the net
present value of these liabilities amounted to GBP636 million,
Moody's would expect a debt adjustment of below GBP200 million to
be included in Moody's ratio calculations for FY 2008 as Moody's
recognize that some of the lease agreements have break options or
are under variable lease contracts.  Furthermore, Moody's would
expect the company to continue to renegotiate its agreements and
therefore reduce its exposure over time.  While these guarantees
represent an additional exposure that could increase the company's
liabilities without enhancing its cash flows, Moody's recognizes
that, in the case of a non-payment of rents by any of the
individual hotels, the risk of Ladbrokes becoming liable for the
lease commitments for their entire tenor is remote, as landlords
are generally able to lease properties again over time.  This
flexibility is not reflected in Moody's ratio calculations, but
has been incorporated into the rating agency's qualitative
analysis of Ladbrokes's risk profile.  Furthermore, Moody's notes
that the fair value of these liabilities as recognized by the
company in its audited accounts was only GBP10 million as of
December 2007.  Ladbrokes also retains a counter-guarantee given
by Hilton Hotels Corporation (not rated) for any payments made by
Ladbrokes under the guarantees.

"The negative outlook also takes into account the current
difficult economic environment and the fact that an extended
downturn may affect the company's ability to improve its operating
cash flow generation and therefore improve its credit metrics,"
says Ms. Makela.  "However, Moody's notes that Ladbrokes's
business has been resilient in previous downturns.  Moreover,
while like-for-like gross win growth has been softening in
Ladbrokes's OTC business in the UK and declining in Ireland as
reported in the interim management statement in November 2008, the
company's performance has remained relatively solid in recent
quarters."

Moody's believes a stabilization of the outlook could be
considered if Ladbrokes significantly reduces its adjusted debt so
that the RCF-to-net debt ratio is maintained above 10% and the net
debt-to-EBITDA ratio falls below 4x on a sustainable basis.  On
the other hand, further negative pressure on the rating could
develop if the net debt-to-EBITDA ratio increases to more than
4.5x in 2009 and beyond.

Finally, Moody's considers Ladbrokes's current liquidity as
adequate and sufficient to cover the EUR500 million bond coming
due in July 2009.

The last rating action was implemented on 3 October 2008, when
Moody's placed Ladbrokes's ratings under review for a possible
downgrade.

Ladbrokes's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
(i) scale and competitive position of the company, (ii) its
diversification and exposure to regulatory risk, (iii)
profitability, (iv) growth opportunities and management strategy,
(v) financial policies, and (vi) the projected performance of the
company over the near to intermediate term.

Headquartered in the United Kingdom, Ladbrokes is the world's
largest bookmaker by number of stores and the leading operator of
betting and gaming brands, notably in the UK, one of the largest
markets for gambling.  The company is also one of the leading
providers of telephone betting and online betting and gaming
services.  In 2007, Ladbrokes generated around GBP1 billion of
gross win.


LAINSTON CONTRACTS: Names Joint Liquidators from Tenon Recovery
---------------------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Lainston Contracts
Ltd. on  Dec. 22, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


OROSTREAM LTD: Taps Joint Liquidators from Baker Tilly
------------------------------------------------------
Andrew White and Susan Maund of Baker Tilly Restructuring &
Recovery LLP were appointed joint liquidators of Orostream Ltd. on
Dec. 16, 2008, for the creditors' voluntary winding-up proceeding.

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

         International House
         Queens Road
         Brighton
         BN1 3XE
         England


PROCURASELL INTERNATIONAL: Goes Into Administration
---------------------------------------------------
Liz Wells at Packaging News reports that Wrexham-based compostable
and recyclable packaging specialist Procurasell International has
gone into administration.

The company, Packing News relates, called in administrators on
Dec. 23 and has since ceased trading.

Mark Colman from administrator Leonard Curtis told Packaging News
that it is currently working with the company and is due to make a
site visit this week.


SCPD LIMITED: Appoints Joint Administrators from Baker Tilly
------------------------------------------------------------
Alan Lovett and Bruce Mackay of Baker Tilly Restructuring and
Recovery LLP were appointed joint administrators of South Coast
Property Developments (SCPD) Ltd. on Dec. 23, 2008.

The company can be reached at:

         South Coast Property Developments (SCPD) Ltd.
         South Coast House
         14 Chartwell Road
         Lancing Business Park
         Lancing
         West Sussex
         BN15 8TU
         England


TRITON PLC: Fitch Cuts Ratings on GBP49.5-Mil. Notes to Low-B
-------------------------------------------------------------
Fitch Ratings has downgraded Triton (European Loan Conduit No. 26)
plc's commercial mortgage-backed floating rate notes and affirmed
the class X certificates as:

  -- GBP335.5m class A1 (XS0294600514) downgraded to 'AA' from
     'AAA'; Outlook revised to Negative from Stable

  -- GBP99.4m class A2 (XS0294602486) downgraded to 'AA' from
     'AAA'; Outlook revised to Negative from Stable

  -- Class X certificates affirmed at 'AAA'; Outlook remains
     Stable

  -- US$87.3m class B (XS0294620207) downgraded to 'A' from 'AAA';
     Outlook revised to Negative from Stable

  -- GBP39.2m class C (XS0294603294) downgraded to 'BBB+' from
     'AA+'; Outlook revised to Negative from Stable

  -- GBP9.9m class D (XS0294603708) downgraded to 'BBB' from 'AA';
     Outlook revised to Negative from Stable

  -- GBP20.0m class E (XS0294604185) downgraded to 'BBB-' (BBB
     minus) from 'A+'; Outlook revised to Negative from Stable

  -- GBP10.4m class F (XS0294604771) downgraded to 'BB+' from
     'A+'; Outlook revised to Negative from Stable

  -- GBP20.8m class G (XS0294607287) downgraded to 'BB' from 'A-'
     (A minus); Outlook revised to Negative from Stable

  -- GBP18.3m class H (XS0294608335) downgraded to 'B' from
     'BBB+'; Outlook remains Negative

UK commercial property values have declined significantly since
the transaction closed, while the securitized portions of the
loans do not amortize, resulting in increased balloon repayment
risk.  The secured properties have not been revalued since
closing, but based on Fitch's estimates of current market values,
their loan-to-value ratios have increased substantially.  For the
three A-notes and the whole Nextra loan, reported LTV ratios range
from 41% to 70%, compared to Fitch LTVs of between 52% and 98%.
For the three loans with B-notes, the Fitch LTVs for the whole
loans are between 104% and 116%, compared to reported ratios of
between 70% and 86%.

Two of the four loans securitized in Triton are scheduled to
mature in 2011, including the largest loan (Devonshire Square
Estate) which accounts for 48% of the current pool.  Its
collateral, thirteen mixed-use properties of secondary quality
located in the City of London, is currently 19% vacant, although
some of the space is currently undergoing refurbishment.  The
largest tenant, accounting for 52% of the current rent, has the
option to vacate the premises in 2014, only three years after loan
maturity, reducing the attractiveness of the property to potential
investors at that time.


WRAYRAM ENGINEERS: In Administration; PwC Appointed
---------------------------------------------------
Tony Barrell and Rob Hunt of PricewaterhouseCoopers LLP were
appointed joint administrators of Wrayram Engineers Ltd on
January 5, 2009.

The company, which is based in Hereford, is a supplier of
hydraulic cylinders for the construction, agricultural and other
sectors.  The company has a turnover of approximately GBP5 million
per annum and employs 50 staff.

During the first six months of 2008 the company had been
experiencing record levels of turnover.  However, in the last six
months sales levels have declined dramatically due to the impact
of the current economic environment on its customers.  The
directors have sought to reduce the company's cost base but, due
to the continued decline in sales and uncertainty as regards
future orders the company was placed into administration.

Tony Barrell, director and joint administrator at
PricewaterhouseCoopers LLP said: "This is a situation we are
seeing with a number of businesses at the current time.  Despite
the company's strong first half of the year, monthly sales have
subsequently fallen by more than 60% and it does not have the
financial resources to continue to fund the business until
conditions improve.  Therefore, the company had no alternative
but, to enter administration."

"Unfortunately we have had to make the majority of the staff
redundant today, but we are hopeful that there will be interest in
the remaining business and assets and we will be working to secure
a sale of these as a priority."

Prospective buyers should contact Justine Carruthers at
PricewaterhouseCoopers LLP on 0121 265 5639.

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.


* UK: Experian Warns 1,400 Retailers to Collapse This Year
----------------------------------------------------------
Citing retail consultancy Experian, Breakingnews.ie reports that
up to 1,400 retailers are expected to collapse this year in the
UK.

Experian, as cited by the report, said the last-minute surge in
shoppers in December failed to boost footfall figures for the
month.

The report reveals shopper numbers were down 3.1% during December
than they had been in the same month of 2007.

The report relates Jonathan de Mello, director of Experian, said
that while the last-minute surge in shoppers came as a relief to
retailers, it was not nearly enough.

He noted "the boost in numbers was driven by massive unprecedented
discounting all at the expense of retailer margins."

"There is no disguising the fact that 2008 has been an annus
horribilis for the retail sector and there is little prospect of
improvement in 2009," Mr. Mello was quoted by the report as
saying.

According to the report, Experian predicts a further 440 retail
businesses will go bust during the first four months of 2009.

The report recalls Experian said the number of retail insolvencies
increased 21% year-on-year in 2008.


* UK: FSA Proposes to Extend Short Selling Disclosure Regime
------------------------------------------------------------
The Financial Services Authority (FSA) is proposing to extend its
temporary disclosure regime for significant net short positions in
the stocks of UK financial sector companies until June 30, 2009.
Continuing to require disclosure will reduce the potential for
abusive behavior and disorderly markets.  The FSA is not proposing
to renew its ban on short selling of these stocks but is prepared
to reintroduce the ban without consultation if necessary.

Under the proposals issued Monday, January 5, 2009, the FSA will
extend the disclosure regime until June 30, 2009.  The FSA is
proposing to make one change to the regime.  Currently a
disclosure must be made if a net short position exceeds 0.25% of a
relevant firm's issued shared capital, with further disclosures
required if there are any changes in the position.  Under the
FSA's proposals further disclosures would only be required at 0.1%
bands (e.g. as a net short position reached 0.35%, 0.45% and so
on).  The scope of the disclosure obligations continues to apply
only to stocks in UK financial sector companies.

In addition, the FSA proposes that the ban on the short selling of
stocks in UK financial sector companies will expire on
January 16.

Sally Dewar, managing director of wholesale and institutional
markets at the FSA, said:

"We believe that these proposals are the right measures for
maintaining orderly markets.  Continuing the disclosure
obligations as we propose will reduce the potential for abusive
behavior and disorderly markets.

"In addition, we will not hesitate to reinstate the ban if
necessary."

This consultation will close on January 9 to enable the new
measures to be in place at the expiry of the existing ones on
January 16.

The FSA intends to publish a separate consultation paper within a
month setting out its proposals for the longer-term short selling
regime.


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


* EUROPE: IATA Says Airlines to Lose Up to US$1 Bln in 2009
-----------------------------------------------------------
The International Air Transport Association (IATA) announced its
forecast for 2009 showing an industry loss of US$2.5 billion.  All
regions, except the US, are expected to report larger losses in
2009 than in 2008.

Forecast highlights are:

    * Industry revenues are expected to decline to US$501
      billion.  This a fall of US$35 billion from the US$536
      billion in revenues forecasted for 2008.  This drop in
      revenues is the first since the two consecutive years of
      decline in 2001 and 2002.

    * Yields will decline by 3.0% (5.3% when adjusted for
      exchange rates and inflation).

    * Passenger traffic is expected to decline by 3% following
      growth of 2% in 2008.  This is the first decline in
      passenger traffic since the 2.7% drop in 2001.

    * Cargo traffic is expected to decline by 5%, following a
      drop of 1.5% in 2008.  Prior to 2008 the last time that
      cargo declined was in 2001 when a 6% drop was recorded.

    * The 2009 oil price is expected to average US$60 per barrel
      (Brent) for a total bill of US$142 billion.  This is US$32
      billion lower than in 2008 when oil averaged US$100 per
      barrel (Brent).

"The outlook is bleak.  The chronic industry crisis will continue
into 2009 with US$2.5 billion in losses.  We face the worst
revenue environment in 50 years," said Giovanni Bisignani, IATA's
Director General and CEO.

IATA also updated its forecast for 2008 to a loss of US$5.0
billion.  This is slightly improved from the US$5.2 billion loss
projected in the Association's September forecast primarily as a
result of the rapid decline in fuel prices.

The reduction in industry losses from 2008 to 2009 is primarily
due to a shift in the results of North American carriers. Carriers
in this region were hardest hit by high fuel prices with very
limited hedging and are expected to post the largest industry
losses for 2008 at US$3.9 billion.  An early 10% domestic capacity
reduction in response to the fuel crisis has given the region's
carriers a head-start in combating the recession-led fall in
demand.  The lack of hedging is now allowing the region's carriers
to take full advantage of rapidly declining spot fuel prices.  As
a result, North American carriers are expected to post a small
profit of US$300 million in 2009.  "North America will be the only
region in the black, but the expected US$300 million profit is
less than 1% of their revenue.  2009 will be another tough year
for everyone," said Mr. Bisignani.

All other regions will show losses:

    * Asia-Pacific carriers will see losses more than double
      from the US$500 million in 2008 to US$1.1 billion in 2009.
      With 45% of the global cargo market, the region's carriers
      will be disproportionately impacted by the expected 5%
      drop in global cargo markets next year.  The region's
      largest market - Japan - is already in recession.  And its
      two main growth markets - China and India - are expected
      to deliver a major shift in performance.  Chinese growth
      will slow as a result of the drop-off in exports.  India's
      carriers, which are already struggling with high taxes and
      insufficient infrastructure, can expect a drop in demand
      following on from the tragic terror incidents in November.

    * Losses for European carriers will increase ten-fold to
      US$1 billion.  Europe's main economies are already in
      recession.  Hedging has locked in high fuel prices for
      many of the region's carriers in US dollar terms, and the
      weakened Euro is exaggerating the impact.

    * Middle Eastern airlines will see losses double to US$200
      million.  The challenge for the region will be to match
      capacity to demand as fleets expand and traffic slows -
      particularly for long-haul connections.

    * Latin American carriers will see losses double to US$200
      million.  Strong commodity demand that has driven the
      region's growth has been severely curtailed in the current
      economic crisis.  The downturn in the US economy is
      hitting the region hard.

    * African airlines will see losses of US$300 million
      continue.  The region's carriers face strong competition.
      Defending market-share will be the main challenge.

Mr. Bisignani made special note of the continuing contraction of
air cargo traffic that started in June 2008.  "Air cargo comprises
35% of value of goods traded internationally.  The 7.9% decline in
October is a clear indication that the worst is yet to come - for
airlines and the slowing global economy," said Mr. Bisignani.

"Airlines have done a remarkable job of restructuring themselves
since 2001.  Non-fuel unit costs are down 13%.  Fuel efficiency
has improved by 19%.  And sales and marketing unit costs have come
down by 13%.  IATA made a significant contribution to this
restructuring.  In 2008 our fuel campaign helped airlines to save
US$5 billion, equal to 14.8 million tonnes of CO2.  And our work
with monopoly suppliers yielded saving of US$2.8 billion.  But the
ferocity of the economic crisis has overshadowed these gains and
airlines are struggling to match capacity with the expected 3%
drop in passenger demand for 2009.  The industry remains sick.
And it will take changes beyond the control of airlines to
navigate back into profitable territory," said Mr. Bisignani.

Mr. Bisignani outlined an industry action plan for 2009 that
reflected the Association's Istanbul Declaration in June of this
year.  "Labour must understand that jobs will disappear when costs
don't come down.  Industry partners must contribute to efficiency
gains.  And governments must stop crazy taxation, fix the
infrastructure, give airlines normal commercial freedoms and
effectively regulate monopoly suppliers," said Mr. Bisignani.

                            *********

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.


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