TCREUR_Public/090108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, January 8, 2009, Vol. 10, No. 5

                            Headlines

A U S T R I A

BANK MEDICI: Austrian Gov't Appoints Commissioner
HABLE & HABLE: Claims Registration Period Ends January 21
KEDA IMMOBILIEN: Claims Registration Period Ends January 12
L-P-T LLC: Claims Registration Period Ends January 12
PEYGARTNERHOF DUCHEK: Claims Registration Period Ends Jan. 14

RBB METALLCHNIK: Claims Registration Period Ends January 13


C Z E C H  R E P U B L I C

SCHOELLER OF INDIA: In Insolvency Proceedings; 551 Jobs at Risk


D E N M A R K

BLOCKBUSTER INC: Bank Loan Sells at 41% Discount


G E R M A N Y

SW BAUMSCHULE: Claims Registration Period Ends January 31
DHK VERWALTUNGS: Claims Registration Period Ends February 3
P.K.S. GMBH: Claims Registration Period Ends February 3
STRASSEN UND LANDSCHAFTSBAUGESELLSCHAFT: Claims Deadline Feb. 2
VERHEYEN GMBH: Claims Registration Period Ends January 30

VISTEON CORPORATION: Board Elects President and CEO as Chairman
VISTEON CORPORATION: Withdraws Full-year 2008 Financial Guidance
WOHNPARK SCHLOSS: Claims Registration Period Ends February 2


I C E L A N D

GLITNIR BANKI: Court Grants Chapter 15 Bankruptcy Protection


K A Z A K H S T A N

ALTYN BIDAY: Proof of Claim Deadline Slated for February 11
ASFALTO BETON: Creditors Must File Claims by February 13
ERNUR-2002 LLP: Claims Filing Period Ends February 13
MAHTAARAL STROY-L: Creditors' Claims Due on February 13
NOMAD-2006 LLP: Claims Registration Ends February 13

OIL KZ LLP: Proof of Claim Deadline Slated for February 11
PROM INVEST: Creditors Must File Claims by February 12
STROY-MAXIMUM-7 LLP: Claims Filing Period Ends February 12
TEK TRADE: Creditors' Claims Due on February 13
TRANS KAMAZ: Claims Registration Ends February 13


K Y R G Y Z S T A N

PRO GAMES: Creditors Must File Claims by February 12


N E T H E R L A N D S

LYONDELL CHEMICAL: Files for Chapter 11, Secures US$8-Bln DIP Loan
LYONDELL CHEMICAL: Access Commits US$750MM of US$3.25B Financing
LYONDELL CHEMICAL: Case Summary & 50 Largest Unsecured Creditors
LYONDELL CHEMICAL: Top 5 Creditors Holding Secured Claims


R U S S I A

AMURSKAYA FUEL: Amurskaya Bankruptcy Hearing Set April 9
DELTA-OIL LLC: Tatarstan Bankruptcy Hearing Set May 11
DUBYASKIY BRICK-MAKING: Creditors Must File Claims by Feb. 26
EKO-LES LLC: Court Names I.Shkryl as Insolvency Manager
GAZPROM: Piling Debts Shoo Investors Away, Seeks Bailout

KONDOPOZHSKIY EXPORT: Creditors Must File Claims by January 26
KP FASHION: Files for Chapter 7 Liquidation
KRASNOYARSKIE AVIALINII: Krasnoyarsk Hearing Set April 6
MICHURINSK-ZHIL-STROY MUE: Creditors Must File Claims by Feb. 26
MONOLIT-SPETS-STROY LLC: Creditor Must File Claims by January 26

NIZHNEILIMSKIY TIMBER: Creditor Must File Claims by January 26
SAMARA AIR: Creditors Must File Claims by January 26
UIQ TECHNOLOGY: Files for Bankruptcy; 230 Jobs Affected


S W I T Z E R L A N D

CHINA TRADE: Creditors Must File Proofs of Claim by January 10
HOLMES PLACE: Deadline to File Proofs of Claim Set January 10


U K R A I N E

BASIS-INVEST LLC: Creditors Must File Claims by January 11
DONBASSTELESPUTNIK LLC: Creditors Must File Claims by Jan. 11
MEDPEND LLC: Creditors Must File Claims by January 11
SEVERINY AGRICULTURAL: Creditors Must File Claims by Jan. 11
SKTEL LLC: Creditors Must File Claims by January 11


U N I T E D   K I N G D O M

ARQUEST LTD: Appoints Joint Liquidators from Ernst & Young
BAA LTD: Ferrovial Must Carry Out Two Debt Refinancings
BORCOMBE SP: David Rubin & Partners Named Liquidator
BRITISH ENERGY: France's EDF Completes GBP12.5 Bln Takeover
NXTV INC: ORIX to Hold Public Auction of Collateral on Jan. 13

NXTV INC: Vogen to Hold Public Auction of Collateral on Jan. 13
ROUTE365 LTD: Names Joint Liquidators from Tenon Recovery
SAIL INVESTOR: Taps Joint Liquidators from BDO Stoy Hayward
SKYLET LTD: Appoints Joint Liquidators from Tenon Recovery
SPQR RESTAURANTS: Names Joint Liquidators from BDO Stoy Hayward

SUMMERHALL PRESS: Put Into Liquidation by Stewarts

* Upcoming Meetings, Conferences and Seminars


                         *********


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


BANK MEDICI: Austrian Gov't Appoints Commissioner
-------------------------------------------------
Austrian Financial Market Authority on Friday, January 2, 2009,
appointed by administrative decision auditor Gerhard Altenberger
as government commissioner for Bank Medici AG.

The two managing directors of the bank, Peter Scheithauer and
Werner Tripolt, have declared their resignation as from January 2.

Pursuant to section 70 para 2 Bankwesengesetz (BWG; Austrian
Banking Act), in order to avert any threat to the financial
interests of the clients of a bank, the FMA may issue an
administrative decision ordering temporary measures which will
cease to be effective no later than 18 months after their
effective date.

Pursuant to section 70 para 2 no. 2 lit. a Bankwesengesetz (BWG;
Austrian Banking Act) the FMA may in particular appoint an expert
supervisor (government commissioner) who is either a lawyer or
auditor.  This supervisor is responsible for prohibiting such
legal entity from carrying out any transactions that may increase
the above mentioned threat.

The appointment of a government commissioner for the bank has
taken place for protection of the interests of creditors as well
as for the security of entrusted assets.

According to the Financial Times, Bank Medici was hit by Bernard
Madoff's alleged US$50 billion fraud.

The bank, the FT discloses, had an estimated US$3.6 billion under
management when Mr. Madoff was arrested in New York.

The FT notes most or all of the money is believed to be invested
in Madoff funds, though no specific figures about the breakdown of
Bank Medici's asset allocation have yet been released.

However, Andreas Theiss, Bank Medici's lawyer, as cited by the
report, said the bank wants to appeal the FMA's ruling as "the
legal preconditions for a government takeover are not there."

"The bank is not a retail bank and clients' assets are not at
risk." Mr. Theiss was quoted by the FT as saying.

Mr. Theiss maintained the bank's funds were still intact even
though they had dropped in value enormously, the FT states.

"It does not mean that the assets themselves are gone," he said.

The bank, the FT relates, claimed Vienna's move to appoint a
government commission with veto power over the bank's decisions
was "in violation of the law".

Bank Medici AG is headquartered in Vienna.  Bank Austria holds a
25% stake in the bank.


HABLE & HABLE: Claims Registration Period Ends January 21
---------------------------------------------------------
Creditors owed money by LLC Hable & Hable (FN 234264g) have until
Jan. 21, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Wien
         Austria
         Tel: 533 19 39,
         Fax: 533 19 39 39
         E-mail: kanzlei@lp.law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 4, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 1, 2008, (Bankr. Case No. 4 S 177/08v).


KEDA IMMOBILIEN: Claims Registration Period Ends January 12
-----------------------------------------------------------
Creditors owed money by LLC Keda Immobilien (FN 201333d) have
until Jan. 12, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Wien
         Austria
         Tel: 513 99 39
         Fax: 513 99 39-30
         E-mail: klein@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Jan. 26, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2008, (Bankr. Case No. 3 S 141/08t).


L-P-T LLC: Claims Registration Period Ends January 12
-----------------------------------------------------
Creditors owed money by LLC L-P-T (FN 294781b) have until
Jan. 12, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Wien
         Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@ksw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Jan. 26, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2008, (Bankr. Case No. 3 S 142/08i).


PEYGARTNERHOF DUCHEK: Claims Registration Period Ends Jan. 14
-------------------------------------------------------------
Creditors owed money by OG Peygartnerhof Duchek (N 290813t) have
until Jan. 14, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Gerhard Roessler
         Hamerlingstrasse 1
         3910 Zwettl
         Austria
         Tel: 02822/52208
         Fax: 02822/52208-20
         E-mail: office@anwalt-zwettl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on Jan. 28, 2009, for the
examination of claims at:

         Land Court of Krems an der Donau
         Hall A
         2nd. Floor
         Austria

Headquartered in Peygarten-Ottenstein, Austria, the Debtor
declared bankruptcy on Nov. 28, 2008, (Bankr. Case No. 9 S
64/08x).


RBB METALLCHNIK: Claims Registration Period Ends January 13
-----------------------------------------------------------
Creditors owed money by LLC RBB Metallchnik (FN 289099x) have
until Jan. 13, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Gerhard Bauer
         Mahlerstrasse 7
         1010 Wien
         Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Jan. 27, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2008, (Bankr. Case No. 6 S 127/08f).


==========================
C Z E C H  R E P U B L I C
==========================


SCHOELLER OF INDIA: In Insolvency Proceedings; 551 Jobs at Risk
---------------------------------------------------------------
Czech raw yarn producer Schoeller of India is in insolvency
proceedings as it is unable to pay wages for December, CTK reports
citing company personnel head Jiri Holub.

The report relates that according to Mr. Holub, the company also
failed to pay full wages for November, adding the fate of the
plant, which has 551 employees, will be decided by the receiver
and the creditor committee.

Schoeller sales head Dana Pelikanova, as cited by the report, said
the company, which exports around 85% of output, ran into
financial problems as clients are unable to pay for the supplied
goods.

"We thus cannot pay for the bought materials despite the fact that
we have enough orders and at the end of the year we were running
at full output.  Moreover, due to the global crisis, banks are
unwilling to lend money and insurance companies are lowering the
coverage...," Ms. Pelikanova was quoted by the report as saying.

Mr. Holub however noted that there is still hope that the company
can be reorganized, the report states.  He said
the demand for the company's goods is still high, although he
admitted the strong Czech crown was yet another problem.

The report discloses that as of December 31, Schoeller laid off 65
employees and closed two out of its ten operations.

Scheller, the report recounts, was acquired by Spentex in 2007.
The company has annual sales of around CZK1.5 billion.  It was set
up in 1994 as an independent Czech part of German firm Schoeller.


=============
D E N M A R K
=============


BLOCKBUSTER INC: Bank Loan Sells at 41% Discount
------------------------------------------------
Participations in a syndicated loan under which BlockBuster is a
borrower traded in the secondary market at 58.80 cents-on-the-
dollar during the week ended January 2, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents an increase of 1.30 percentage points
from the previous week, the Journal relates.  BlockBuster pays
interest at 375 points above LIBOR.  The bank loan matures on
August 20, 2011.  The bank loan carries Moody's B1 rating and
Standard & Poor's B rating.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a provider of in-home
movie and game entertainment, with over 7,800 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, and
Australia.

                         *     *     *

In August 2008, Moody's Investors Service downgraded Blockbuster
Inc.'s probability of default rating to Caa1 from B3.  The
company's Caa1 corporate family rating, Caa2 senior subordinated
note rating, and SGL-4 speculative grade liquidity rating were
affirmed.  At the same time, Moody's raised the company's secured
bank facilities to B1 from B3.  Moody's said that the outlook
remains negative.

In December 2007, Fitch Ratings affirmed Blockbuster Inc.'s long-
term Issuer Default Rating at 'CCC' and the senior subordinated
notes at 'CC/RR6'.  Fitch said that the rating outlook is stable.


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


SW BAUMSCHULE: Claims Registration Period Ends January 31
---------------------------------------------------------
Creditors of SW Baumschule GmbH have until Jan. 31, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 27, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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. Joerg Bornheimer
         Laurentiusstrasse 21-23
         42103 Wuppertal
         Germany
         Tel: 0202/4086150
         Fax: 0202/4086159

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:

         SW Baumschule GmbH
         Attn: Bernd Capellen, Liquidator
         Schallbruch 33
         42781 Haan
         Germany


DHK VERWALTUNGS: Claims Registration Period Ends February 3
-----------------------------------------------------------
Creditors of DHK Verwaltungs GmbH have until Feb. 3, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 3, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         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:

         Sylvia Hofmann
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151-66729-0
         Fax: 06151-66729-20
         E-mail: darmstadt@ltb-anwaelte.de

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:

         DHK Verwaltungs GmbH
         Sangenweg 20
         64589 Stockstadt
         Germany

         Attn: Edwin Hammann, Manager
         Stockstadter Str. 7b
         64584 Biebesheim
         Germany


P.K.S. GMBH: Claims Registration Period Ends February 3
-------------------------------------------------------
Creditors of P.K.S. GmbH have until Feb. 3, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 17, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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. Dirk Herzig
         Hall D131
         Boltenhagener Platz 1
         01109 Dresden
         Germany
         Web site: www.schubra.de

The District Court opened bankruptcy proceedings against the
company on Dec. 30, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         P.K.S. GmbH
         Edisonstrasse 17
         02625 Bautzen
         Germany

         Attn: Stefan Mittag, Manager
         Geboren 1979
         Gnaschwitzer Strasse 17
         02692 Gnaschwitz
         Germany


STRASSEN UND LANDSCHAFTSBAUGESELLSCHAFT: Claims Deadline Feb. 2
---------------------------------------------------------------
Creditors of Strassen und Landschaftsbaugesellschaft mbH have
until Feb. 2, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on March 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Hans-Juergen Paul
         Getzelauer Strasse 2
         04279 Leipzig
         Germany
         Tel: 0341/336090
         Fax: 0341/3360934

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:

         Strassen und Landschaftsbaugesellschaft mbH
         Attn: Malte Friedrich, Manager
         Hauptstr. 18
         04683 Fuchshain
         Germany


VERHEYEN GMBH: Claims Registration Period Ends January 30
---------------------------------------------------------
Creditors of Verheyen 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 9:15 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:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 29, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Verheyen GmbH
         Markischer Strasse 38
         40625 Duesseldorf
         Germany

         Attn: Ralf Verheyen, Manager
         Langenbielauer Weg 15
         40625 Duesseldorf
         Germany


VISTEON CORPORATION: Board Elects President and CEO as Chairman
---------------------------------------------------------------
The board of directors of Visteon Corporation has elected
president and CEO Donald J. Stebbins to the additional position of
chairman of the board, effective Dec. 1, 2008.  Mr. Stebbins
succeeds Michael F. Johnston, who will retire as executive
chairman November 30 after eight years in senior leadership
positions with the global automotive supplier.

Mr. Stebbins joined Visteon in 2005 as president and chief
operating officer, and was elevated to CEO by the board on June 1,
2008.  He has more than 20 years of leadership experience in
global operations and finance, including 13 years in senior
leadership positions with Lear Corporation before joining Visteon.
His election as chairman is aligned with Visteon's long-term
executive succession planning process.

"[Mr.] Stebbins has the experience, drive and foresight to lead
through tough economic times and steer Visteon into the future,"
Mr. Johnston said.  "[Mr. Stebbins] has done an excellent job
leading the organization and spearheading the execution of our
restructuring plan.  His commitment to operational excellence has
helped improve Visteon's cost structure, expand our capabilities
in growth markets such as Asia Pacific, and enhance performance in
areas ranging from product quality to employee safety."

"I look forward to continuing Visteon's transformation, and
capitalizing on our talented workforce and global capabilities to
deliver on our commitments to customers, shareholders and
employees," Mr.Stebbins said.

Mr. Johnston joined Visteon in September 2000 as chief operating
officer and president, and was elected CEO in June 2004.  He
became chairman and CEO in June 2005.  He has served as executive
chairman since June 1, when Mr. Stebbins was elected CEO as part
of a planned transition.  Mr. Johnston is credited with guiding
Visteon from a North America-focused components supplier that was
heavily dependent on one automaker, to a worldwide engineering and
manufacturing company with a focused product portfolio and a
diversified customer base.  He has served on Visteon's board of
directors since April 2002 and will leave the board upon his
retirement.

"The board expresses its appreciation and gratitude to [Mr.]
Johnston for his leadership and steadfast commitment to
positioning Visteon for success in an increasingly competitive
global market," William H. Gray III, chairman of the corporate
governance and nominating committee of Visteon's board of
directors, said.  "Visteon took a number of strategic steps under
Mike's leadership that have provided a critical foundation for the
company's long-term future."

Mr. Stebbins joined Visteon from Lear Corporation, where he was
president and chief operating officer of operations in Europe,
Asia and Africa.  Before that, he was president and chief
operating officer of Lear's operations in the Americas.  He joined
Lear in 1992 as vice president and treasurer, and held various
financial positions of increasing responsibility, including senior
vice president and chief financial officer.  He held positions at
Bankers Trust Co. and Citibank.

Mr. Stebbins has a bachelor's degree from Miami University in
Oxford, Ohio, where he is a member of the Business Advisory
Council. He holds a master's degree in business administration
from the University of Michigan.  He has served on Visteon's board
of directors since December 2006.  He is a member of the board of
directors of WABCO Holdings Inc. and the board of trustees of
Detroit Country Day School.

                    About Visteon Corporation

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

As reported in the Troubled Company Reporter on Nov. 4, 2008,
Visteon Corporation's balance sheet at Sept. 30, 2008, showed
total assets of US$5.9 billion and total liabilities of
US$6.4 billion, resulting in shareholders' deficit of roughly
US$530 million.

The company reported a net loss of US$188 million on total sales
of US$2.11 billion.  For third quarter 2007, Visteon reported a
net loss of US$109 million on sales of US$2.55 billion.

Visteon reported a net loss of US$335 million for the first nine
months of 2008, compared with a net loss of US$329 million for the
same period a year ago.

                          *     *     *

TCR reported on Nov. 27, 2008, that Moody's Investors Service
lowered Visteon Corporation's corporate family and probability of
default ratings to Caa2, and Caa1, respectively.  In a related
action, Moody's also lowered the ratings of Visteon's senior
secured term loan to B3 from Ba3, unguaranteed senior unsecured
notes to Caa3 from Caa2, and guaranteed senior unsecured notes to
Caa2 from Caa1.  Visteon's Speculative Grade Liquidity remains
SGL-3.  The outlook is negative.


VISTEON CORPORATION: Withdraws Full-year 2008 Financial Guidance
----------------------------------------------------------------
Visteon Corporation disclosed in a filing with the Securities and
Exchange Commission that it has withdrawn its full-year 2008
financial guidance in light of the larger-than-anticipated
declines in worldwide vehicle production and overall industry
uncertainty.

"Given that ongoing economic pressures have continued to
significantly reduce our customers' production schedules across
the world, Visteon is withdrawing its issued 2008 financial
guidance," Donald J. Stebbins, chairman and chief executive
officer, said.  "We have taken aggressive actions over the past
three years to restructure and improve our business," Mr. Stebbins
said, "and we continue to take the actions necessary to align our
manufacturing capacity and cost structure with the rapidly
changing economic and market environment."

In a separate filing, Visteon disclosed that it has received a
notification from the New York Stock Exchange that it had fallen
below a continued listing standard that requires the company's
average total market capitalization over a consecutive 30 trading-
day period to equal or exceed US$75 million and, at the same time,
total reported stockholders' equity to equal or exceed
US$75 million.

Under NYSE rules, Visteon has 45 days from receipt of this notice
to submit a plan to the NYSE to demonstrate its ability to achieve
compliance with the continued listing requirements within
18 months.  Visteon intends to submit such a plan.  If the NYSE
accepts Visteon's plan, Visteon's common stock will continue to be
listed on the NYSE during the cure period, subject to ongoing
monitoring and the company's compliance with other NYSE continued
listing requirements.

Visteon's business operations, SEC reporting requirements, credit
agreements and other debt obligations are not otherwise affected
by this notification.

On Nov. 20, 2008, Visteon also received notification from the NYSE
that the company had fallen below its continued listing standard,
which requires a minimum average closing price of US$1.00 per
share
over 30 consecutive trading days.

Visteon plans to notify the NYSE that it intends to cure the
deficiency.  The company has a period of six months to bring its
average share price back above US$1.00.  Under NYSE rules,
Visteon's common stock will continue to be listed on the NYSE
during the cure period, subject to the company's compliance with
other NYSE continued listing requirements.

                     About Visteon Corporation

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

As reported in the Troubled Company Reporter on Nov. 4, 2008,
Visteon Corporation's balance sheet at Sept. 30, 2008, showed
total assets of US$5.9 billion and total liabilities of
US$6.4 billion, resulting in shareholders' deficit of roughly
US$530 million.

The company reported a net loss of US$188 million on total sales
of US$2.11 billion.  For third quarter 2007, Visteon reported a
net loss of US$109 million on sales of US$2.55 billion.

Visteon reported a net loss of US$335 million for the first nine
months of 2008, compared with a net loss of US$329 million for the
same period a year ago.

                          *     *     *

TCR reported on Nov. 27, 2008, that Moody's Investors Service
lowered Visteon Corporation's corporate family and probability of
default ratings to Caa2, and Caa1, respectively.  In a related
action, Moody's also lowered the ratings of Visteon's senior
secured term loan to B3 from Ba3, unguaranteed senior unsecured
notes to Caa3 from Caa2, and guaranteed senior unsecured notes to
Caa2 from Caa1.  Visteon's Speculative Grade Liquidity remains
SGL-3.  The outlook is negative.


WOHNPARK SCHLOSS: Claims Registration Period Ends February 2
------------------------------------------------------------
Creditors of Wohnpark Schloss Trebbow have until Feb. 2, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         Germany

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

The insolvency manager can be reached at:

         Stephan Muenzel
         Bachstr. 85 a
         22083 Hamburg
         Germany
         Tel: 040/3208360

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:

         Wohnpark Schloss Trebbow
         Beteiligungsgesellschaft mbH
         Attn: Ulf Schumann, Manger
         Alte Garten 8
         23966 Dorf Mecklenburg
         Germany


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


GLITNIR BANKI: Court Grants Chapter 15 Bankruptcy Protection
------------------------------------------------------------
Tiffany Kary at Bloomberg News reports that Judge Stuart Bernstein
of the U.S. Bankruptcy Court for the Southern District Court of
New York granted Glitnir banki hf permission to enter Chapter 15
of the U.S. bankruptcy code on Tuesday, January 6, 2008.

Judge Bernstein, Bloomberg relates, granted the motion for
recognition but told lawyers that he wanted more information about
how Icelandic law would handle claims.

Bloomberg says the bank is shielded from lawsuits while it
reorganizes in Reykjavik.

Glitnir, Bloomberg discloses, listed both debt and assets of more
than US$1 billion in its Chapter 15 petition.

Bloomberg recalls British Virgin Islands-based SeaHAVN objected to
Glitnir's Chapter 15 petition on a limited basis, citing
litigation over a loan the bank failed to give SeaHAVN.

SeaHAVN is appealing a ruling that would force it to pay
attorneys' fees for the lawsuit, Bloomberg states.

As reported in the Troubled Company Reporter-Europe on December 3,
2008, Bloomberg News said Glitnir filed for Chapter 15 bankruptcy
protection on November 26 to stay creditor actions in the United
States.   Bloomberg noted that while Glitnir has few assets and no
operations in the United States, the bank has sold more than US$7
billion in debt offerings in the U.S. market in a span of three
years.

On Nov. 27, 2008, the Troubled Company Reporter-Europe reported
that according to Bloomberg, Glitnir's assets in the United States
comprised of bank accounts and loan provided to U.S. companies.
The bank, Bloomberg said, citing papers filed with the court,
issued 22 short- and long- term notes for about US$7 billion in
the country.

Iceland's government took control of Glitnir and two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after they failed to obtain short-term funding.  The banks
incurred about US$61 million in debt, the report said.

                       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.


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


ALTYN BIDAY: Proof of Claim Deadline Slated for February 11
-----------------------------------------------------------
LLP Agro Holding Altyn Biday has opted for liquidation.  Creditors
have until Feb. 11, 2009, to submit written proofs of claims to:

         LLP Agro Holding Altyn Biday
         Toksan bi
         Musrepov
         North Kazakhstan
         Kazakhstan


ASFALTO BETON: Creditors Must File Claims by February 13
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Asfalto Beton insolvent.

Creditors have until Feb. 13, 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


ERNUR-2002 LLP: Claims Filing Period Ends February 13
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Ernur-2002 insolvent.

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

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


MAHTAARAL STROY-L: Creditors' Claims Due on February 13
-------------------------------------------------------
LLP Construction Company Mahtaaral Stroy-L has opted for
liquidation.  Creditors have until Feb. 13, 2009, to submit
written proofs of claims to:

         LLP Construction Company Mahtaaral Stroy-L
         Amangeldy Str. 35
         Myrzakent
         Mahtaaralsky
         South Kazakhstan
         Kazakhstan


NOMAD-2006 LLP: Claims Registration Ends February 13
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Nomad-2006 insolvent.

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

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


OIL KZ LLP: Proof of Claim Deadline Slated for February 11
----------------------------------------------------------
LLP Oil Kz has opted for liquidation.  Creditors have until
Feb. 11, 2009, to submit written proofs of claims to:

         LLP Oil Kz
         Gogol Str. 86-420
         Almalinsky
         Almaty
         Kazakhstan
         Tel: 8 (7272) 63-44-14
              8 (7272) 64-70-37


PROM INVEST: Creditors Must File Claims by February 12
------------------------------------------------------
LLP Agro Prom Invest Corporation has opted for liquidation.
Creditors have until Feb. 12, 2009, to submit written proofs of
claims to:

         LLP Agro Prom Invest Corporation
         Ugo-zapad, 282
         Aktobe
         Aktube
         Kazakhstan


STROY-MAXIMUM-7 LLP: Claims Filing Period Ends February 12
----------------------------------------------------------
LLP Construction Company Stroy-Maximum-7 has opted for
liquidation.  Creditors have until Feb. 12, 2009, to submit
written proofs of claims to:

         LLP Construction Company Stroy-Maximum-7
         Skladskaya Str. 3
         Karaganda
         Kazakhstan


TEK TRADE: Creditors' Claims Due on February 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Tek Trade Kz insolvent on Nov. 17, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro district Taugul-2, 3a
         Almaty
         Kazakhstan
         Tel: 8 (7272) 20-49-13
              8 701 733 36-89


TRANS KAMAZ: Claims Registration Ends February 13
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Trans Kamaz insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro district Taugul-2, 3a
         Almaty
         Kazakhstan
         Tel: 8 (7272) 20-49-13
              8 701 733 36-89


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


PRO GAMES: Creditors Must File Claims by February 12
----------------------------------------------------
LLC Pro Games Technology has declared insolvency.  Creditors have
until Feb. 12, 2009, to submit written proofs of claims.

The company can be reached at: (+996 312) 54-54-14


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


LYONDELL CHEMICAL: Files for Chapter 11, Secures US$8-Bln DIP Loan
------------------------------------------------------------------
LyondellBasell Industries' U.S. operations and one of its European
holding companies have filed voluntary petitions to reorganize
under Chapter 11 of the U.S. Bankruptcy Code on January 6, 2009,
to facilitate a restructuring of the company's debts.

"We have been working collaboratively with our creditors and our
equity holder on a financial restructuring that reflects the
realities of today's market environment and positions us for the
future," said Volker Trautz, Chief Executive Officer.

"During the past two quarters, we have seen a dramatic softening
in demand for our products and unprecedented volatility in raw
materials costs.  December was particularly difficult, as many of
our customers postponed orders to reduce their inventories.
Though we currently anticipate this situation to be short-term and
expect customers to increase their purchasing in 2009, we made the
decision to file Chapter 11 in order to provide the company with
the time and resources necessary to facilitate an orderly
restructuring and position the business for the long term.

"During the reorganization period, our goal is for the company to
continue its operations and its relationships with customers and
suppliers in the normal course," said Mr. Trautz.

The Chapter 11 filing applies to LyondellBasell's operations in
the United States and one of its European holding companies,
Basell Germany Holdings GmbH.

Mr. Trautz said that the company began taking steps to control
costs as demand began to weaken and raw material costs started to
fluctuate.  "Over the past several months, we announced plans to
significantly reduce headcount and also reduced capital
expenditures and working capital," he said.  "We have also idled
certain facilities and reduced production and processing at
others.  We are aggressively exploring additional ways to lower
our costs and streamline operations in response to a very
difficult global economic environment.

"Our core businesses -- fuels, chemicals, plastics and technology
-- are fundamental to the global economy," Trautz said.
LyondellBasell's products are used in a broad range of
applications and in numerous products including: transportation,
fuels (gasoline and diesel), rigid and flexible packaging, plastic
pipe, detergents, cosmetics, electronics, appliances, automotive
parts, paints and coatings, furnishings, construction and building
materials and many other industrial and consumer goods
applications.

                    US$8-Bil. DIP Financing

Pending Bankruptcy Court approval, the company has made
arrangements for up to US$8 billion in debtor-in-possession
financing to fund continuing operations.  Of this total, US$3.25
billion consists of new funding; US$3.25 billion represents a
refinancing of certain obligations under LyondellBasell's existing
senior secured credit facilities; and US$1.515 billion represents
replacement of existing working capital facilities.

Lyondell has filed a motion before the Bankruptcy Court seeking
approval of the proposed DIP financing.  An evidentiary hearing on
has been proposed for January 7, 2009, at 4:00 p.m. prevailing New
York time.

The DIP Facility consists of:

  -- US$1.515 billion of revolving credit secured by receivables
     and inventory;

  -- US$3.25 billion of available term loans, secured by priming
     liens; and

  -- a modified roll-up of US$3.25 billion in existing senior
     secured debt, which will be secured by a priming lien junior
     to the liens granted to lenders under the new revolving and
     term loans and which will be subject to restructuring
     pursuant to a plan of reorganization.

The maturity date of the facilities will be the earliest of: (i)
stated maturity, which will be December 15, 2009, (ii) the
effective date of any Chapter 11 plan of any Debtor, (iii) the
date that is 30 days after entry of an interim order approving hte
DIP loans if the Court has not granted final approval by that
date; and (iv) the acceleration of the loans or termination of the
commitments under either of the Facilities, including, without
limitation, as a result of the occurrence of an event of Default.

                   Plan Filing By May 2009

The docket for Lyondell's Chapter 11 cases provide that Lyondell's
Chapter 11 plan of liquidation or reorganization and the
explanatory disclosure statement is due by May 6, 2009.  The
initial case conference will be on Feb. 5, 2009.

                  Kevin McShea Appointed CRO

As reported by the Jan. 4 issue of the Troubled Company Reporter,
pursuant to an agreement with lenders, the company's board has
approved the retention Kevin M. McShea of AlixPartners, LLP as
chief restructuring officer upon Lyondell's Chapter 11 filing.
Alix's subsidiary, AP Services LLC, will also provide temporary
staff and services to the company during its restructuring
process.

Aside from naming the attorneys and advisors the company will seek
to engage in the Chapter 11 process, the Board resolution
recommending the Chapter 11 filing also said that Alan S. Bigman
will be appointed as vice president of the company.

          Non-U.S. Operating Entities Not Included

Seventy-nine Lyondell entities, including Equistar Chemicals, LP,
Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt
Industries, Inc., have filed for Chapter 11.  LyondellBasell,
which is not part of the bankruptcy filing, notes that the Chapter
11 filing triggers an "automatic stay" that prevents anyone from
collecting debts owed by the company prior to the filing of the
Chapter 11 petition, such as payments to creditors and
bondholders.

LyondellBasell's non-U.S. operating entities are also not included
in the Chapter 11 filing.  The non-U.S. entities, according to the
company, will continue their business operations without
supervision from the U.S. courts.  They will not be subject to the
Chapter 11 requirements of the U.S. Bankruptcy Code.

                    US$19 Billion in Debts

In the bankruptcy petition, Lyondell Chemicals estimated that
consolidated assets total US$27.12 billion and debts total
US$19.34 billion as of the petition date.

Lyondell Chemical says that these entities directly or indirectly
own 10% or more of any class of its equity interests:

  * LBIH LLC
  * LyondellBasel1 Finance Company
  * Basell Funding S.a.r.l.
  * LyondellBasel1 Industries AF S.C.A.
  * BI S.a.r.l.
  * Nell Limited
  * Leonard Blavatnik
  * NAG Investments LLC
  * AI Petrochemicals LLC

According to Bloomberg News, Apollo Management LP, is among the
largest creditors of Lyondell Chemical.  Apollo, according to the
report, is part of the lender group providing Lyondell with the
US$8 billion in DIP financing.

Bloomberg recounts that Apollo bought Lyondell bank loans from
Citigroup Inc. in April, bankers familiar with the sale said at
the time.  Citigroup sold about US$1.9 billion of the debt, about
a fifth of a US$9.45 billion term loan, Bloomberg adds, citing a
CreditSights Inc. report on April 29.

              Out of Court Restructuring Difficult

Prior to LyondellBasell's filing for Chapter 11, analysts
including that of Credit Sights, as reported by Reuters, said that
LyondellBasell would mostly likely be going bankrupt.  As reported
by the Troubled Company Reporter on Jan. 6, 2009, Societe Generale
mentioned LyondellBasell's possible bankruptcy in the next week or
two.

Reuters related that LyondellBasell has no near-term debt
maturities but "little room for maneuver," with the scale of its
debt and illiquid credit markets.  According to the report, asset
sales would be time-consuming and wouldn't be sold at full value
in the current economic climate.  The analysts, the report stated,
said that LyondellBasell would be able to save money through an
out-of-court restructuring but would it be difficult due to
falling cashflows, and securing agreement from diverse
stakeholders would be hard.

According to a filing with the Securities and Exchange Commission,
LyondellBasell said that softening demand combined with an
unprecedented fall in commodity prices had placed severe demands
on its liquidity.  Citing Credit Sights analysts, Reuters reports
that LyondellBasell's liquidity has declined to US$639 million
currently, from US$1.67 billion at the end of the third quarter
2008, which is less than the quarterly cash requirements for
interest expenses and maintenance capex.

Lyondell filed for bankruptcy after the current financial crisis
reduced demands for plastics and chemicals used in homes and
automobiles.  "They have no pricing power and volumes are down,"
said Gene Pisasale, who helps oversee about US$13 billion at PNC
Capital Advisors in Baltimore, according to the Bloomberg report.
"With that combination, you're heading into the trough."

                      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
USUS$44 billion and EBITDA of USUS$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 USD 8 billion second lien facility into
USUS$5.5 billion second lien facilities and USD 2.5 billion third
lien facility.  The new facilities have been rated Caa1/ LGD 5
(73) and Caa2/ LGD 5 (86) respectively.  The outlook on the
ratings remains negative.

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


LYONDELL CHEMICAL: Access Commits US$750MM of US$3.25B Financing
----------------------------------------------------------------
Access Industries has committed to provide US$750 million of the
total US$3.25 billion of new money debtor-in-possession financing
arranged by LyondellBasell in conjunction with the filing of
LyondellBasell's U.S. operations as well as one European entity
for relief under Chapter 11 of the United States Bankruptcy Code.

As reported in today's Troubled Company Reporter, the bankrupt
LyondellBasell units have made arrangements for up to US$8 billion
in DIP financing to fund continuing operations.  Of this total,
US$3.25 billion consists of new funding; US$3.25 billion
represents a refinancing of certain obligations under
LyondellBasell's existing senior secured credit facilities; and
US$1.515 billion represents replacement of existing working
capital facilities

Access Industries' commitment demonstrates full support for
LyondellBasell's efforts to restructure its balance sheet amid the
global economic crisis and industry downturn and to reposition the
company for long-term success.

Contributing US$750 million in funding makes Access one of the
largest contributors of new money funding raised as part of the
DIP facility.  The Company's Chapter 11 petition remains subject
to Bankruptcy Court approval.

Access' commitment of US$750 million represents one of the largest
DIP financing commitments by an owner of an independent industrial
concern over the past year.  The scale of the financing reflects
Access' belief that LyondellBasell's underlying business is strong
and that the Company will be able to successfully emerge from
Chapter 11 in a competitive position.

Len Blavatnik, founder and Chairman of Access Industries, said:
"Access is committed to help LyondellBasell position for long-term
success by addressing the challenges caused by the global economic
crisis.  Access' continued financial support reflects its
commitment to LyondellBasell and to the interests of the Company's
lenders, employees, customers and suppliers.  We also appreciate
the strong support that the banks have provided the Company during
this difficult period."

Market conditions, which have negatively impacted both
LyondellBasell and the broader chemicals and petrochemicals
sectors, are expected to remain challenging in the near term.
LyondellBasell is undertaking a Chapter 11 restructuring to
position itself for recovery once stability returns to the credit
markets, raw materials pricing and global demand.

Upon approval from the Bankruptcy Court, LyondellBasell will use
the DIP financing to help fund the Company's ongoing operations as
it restructures its debt and improves its financial position.
LyondellBasell expects to retain its status as one of the world's
largest polymers, petrochemicals and fuels companies and the
world's third largest independent chemical company.

                    About Access Industries

Access Industries is a privately held, U.S.-based industrial group
with long-term holdings worldwide. Access was founded in 1986 by
Chairman, Len Blavatnik, an American industrialist.  Access'
industrial focus spans three key sectors: natural resources and
chemicals; telecommunications and media; and real

                      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'.


LYONDELL CHEMICAL: Case Summary & 50 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Lyondell Chemical Company
       1221 McKinney Street
       Houston, TX 77010

Bankruptcy Case No.: 09-10023

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                     Case No.
       ------                                     --------
Basell Finance USA Inc.                            09-10021
HOISU Ltd.                                         09-10022
LBIH LLC                                           09-10025
Lyondell Europe Holdings Inc.                      09-10026
LeMean Property Holdings Corporation               09-10027
Lyondell Houston Refinery Inc.                     09-10028
Lyondell LP4 Inc.                                  09-10029
Lyondell Petrochemical L.P. Inc.                   09-10030
Millennium America Inc.                            09-10031
Circle Steel Corporation                           09-10032
Basell USA Inc.                                    09-10033
Basell North American Inc.                         09-10034
Duke City Lumber Company, Inc.                     09-10035
Equistar Chemicals, LP                             09-10036
Glidco Leasing, Inc.                               09-10037
Houston Refining LP                                09-10038
H.W. Loud Co.                                      09-10039
Glidden Latin America Holdings Inc.                09-10040
HPT 28 Inc.                                        09-10042
HPT 29 Inc.                                        09-10043
ISB Liquidating Company                            09-10044
LBI Acquisition LLC                                09-10045
IMWA Equities II, Co., L.P.                        09-10047
Lyondell Asia Pacific Ltd.
Lyondell Chemical Delaware Company
Lyondell Chemical Espana Co.
Lyondell Chemical Europe Inc.
Lyondell Chemical International Co.
Lyondell Chemical Nederland Ltd.
Lyondell Chemical Products Europe LLC
Lyondell Chemical Properties LP
Lyondell Chemical Technology Management Inc.
Lyondell Chemical Technology 1 Inc.
Lyondell Chemical Technology LP
Lyondell Chimie France LLC
Lyondell-Equistar Holdings Partners
Lyondell Greater China Ltd.
Lyondell LP3 GP LLC
Lyondell LP3 Partners LP
Lyondell (Pelican) Petrochemical LP 1 Inc.
Lyondell Refining Company LLC
Lyondell Refining I LLC
LyondellBasell Advanced Polyolefins USA inc.
LyondellBasell Finance Company
MHC Inc.
Millennium America Holdings Inc.
Millennium Chemicals Inc.
Millennium Holdings LLC
Millennium Petrochemicals GP LLC
Millennium Petrochemicals Inc.
Millennium Petrochemicals LP LLC
Millennium Petrochemicals Partners LP
Millennium Realty Inc.
Millennium Specialty Chemicals Inc.
Millennium US Op Co. LLC
Millennium Worldwide Holdings I Inc.
MWH South America LLC
National Distillers & Chemical Corporation
NDCC International II Inc.
Nell Acquisition (US) LLC
Penn Export Company Inc.
Penn Navigation Company
Penn Shipping Company Inc.
PH Burbank Holdings Inc.
Power Liquidating Company Inc.
Quantum Acceptance Corporation
SCM Plants Inc.
Suburban Propane GP Inc.
Tiona Ltd.
UAR Liquidatiing Inc.
USI Chemicals International Inc.
USI Credit Corp.
USI Puerto Rico Properties Inc.
Walter Kidde & Company Inc.
Wyatt Industries Inc.

Type of Business: The Debtors are 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 USUS$44 billion and EBITDA of
USUS$4.1
                 billion reflecting strong performance of
                 Lyondell and Basell businesses at the top of the
                 cycle.

                 http://www.lyondellbasell.com/

Chapter 11 Petition Date: January 6, 2009

Court: Southern District of New York (Manhattan)

Judge: Robert E. Gerber

Debtor's Counsel:  Deryck A. Palmer, Esq.
                  deryck.palmer@cwt.com
                  Cadwalader, Wickersham & Taft LLP
                  One World Financial Center LLP
                  New York, NY 10281
                  Tel: (212)504-6000
                  Fax: (212)504-6666

Financial Advisor: Evercore Partners
                  55 East 52nd Street
                  New York, NY 10055
                  http://www.evercore.com
                  Tel: 212.857.3100
                  Fax: 212.857.3101

Restructuring
Advisor:           Alix Partners and its subsidiary AP
                  Services LLC

Chief
Restructuring
Officer:           Kevin M. McShea
                  AlixPartners, LLP
                  9 West 57th Street
                  Suite 3420
                  New York, New York 10019
                  http://www.alixpartners.com
                  Tel: 212.490.2500
                  Fax: 212.490.1344

Restructuring
Advisor to
European entities: Clifford Chance LLP

Total Assets: US$27,117,000,000 as of Nov. 13, 2008

Total Debts: US$19,337,000,000 as of Nov. 13, 2008

The Debtor's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
The Bank of New York           LyondellBasell    US$615,000,000
as Indenture Trustee           Industries AF SCA EUR500,000,000
One Canada Square
48th Floor London
E14 5AL
England

Global Trust Services
Tel: 44-207-570-1784
Fax: 44-207-964-6030

The Bank of New York           Millennium        US$241,395,000
as Indenture Trustee           America Inc.
Attn: Christopher Greene       7.625% Senior
101 Barclay Street, 8 West     unsecured notes
New York, NY 10286             due 2026
Tel: (212) 815-2923
Fax: (212) 815-2704

Petroles Der Venezuela SA      trade debt        US$233,631,019
Attn: Alexis Reyes Balza
Edif Padvsa Torre Dests
Caracas, Venezuela
Tel: 58-212-708-1893
Fax: 58-212-708-3944

BASF Corp                      judgment          US$206,407,918
Attn: Christopher Landau
Kirkland & Ellis LLP
655 15th St., NW, Suite 1200
Washington, DC 20005
Tel: (202) 879-5087
Fax: (202) 879-5200

Sonatrach                      trade debt        US$206,407,918
Attn: F. Benouzid
Djenane El Malik Hydra
Algiers, Algeria 16035
Tel: (213) 2154-8011
Fax: (213) 2154-7700

GIM Channelview Congeneration  trade debt        US$93,237,221
8580 Sheldon Road
Houston, Texas 77049
Tel: (212) 325-2542
Fax: (212) 322-2882

Linde Gas LLC                  trade debt        US$15,120,054
Attn: Ruth Ann Pruitt
Enterprises Texas Pipeline
889760 Expedite Way
Chicago, Il 60695
Tel: (713) 767-4136
Fax: (713) 767-4150

Calpine Corporation            trade debt        US$12,000,000
Attn: Shirley Matthews
12000 Lawndale
Houston, TX 77017
Tel: (713) 456-1331
Fax: (713) 456-1335

Castor Americas Inc.           trade debt        US$10,909,397
360 Madison Avenue, 19th flr.
New York, NY 10017

Enterprises Texas Pipeline     trade debt        US$10,543,050
LLC
Attn: Mike Stevens
1100 Louisiana
Houston, TX 77002
Tel: (713) 381-6900
Fax: (713) 381-6573 or
    (713) 381-788

Chevron Phillips Chemical      trade debt        US$10,276,934
Co.
Attn: Erin Lane
10001 Six Pines Drive
The Woodlands, TX 77381
Tel: (832) 813-4839
Fax: (832) 813-6051

Air Products LLC               trade debt        US$8,940,466
Attn: Ralph Alva
Dept. CH10200
Palatine, IL 60055
Tel: (713) 964-4054
Fax: (800) 545-4548

Air Liquide America Corp.      trade debt        US$8,940,466
1091 PPG Drive
Westlake, LA 70669
Tel: (713) 896-2173
Fax: (713) 642-8030

SAP America Inc.               trade debt        US$7,206,052
3999 W. Chester Pike
New Square, PA 19073
Tel: (610) 661-1000
Fax: (610) 661-4013

Jacobs Filed Services North    trade debt        US$6,800,086
America
Attn: Mike Wagner
1401 Elm Street
Dallas, TX 75202
Tel: (713) 669-8400
Fax: (713) 321-6216

BASF Corporation               trade debt        US$6,673,978
Attn: Gerald Flood
100 Campus Drive
Florham Park, NJ 07932
Tel: (713) 759-3092
Fax: (800) 634-9105

Wyatt Field Service Company    trade debt        US$6,535,171
2060 North Loop West
Houston, TX 77018
Tel: (713) 684-4573
Fax: (713) 937-0931

Kirby Inland Marine            trade debt        US$6,177,481
PO Box 200788
Houston, TX 77216-0788
Tel: (713) 435-1000
Fax: (713) 435-1515

Morris Congeneration LLC       trade debt        US$5,033,947
Attn: Carolyn Gibson
33 South Grand Avenue
Suite 1570
Los Angeles, CA 90071
Tel: (815) 941-0765
Fax: (815) 941-1375

Veolia Environment Services    trade debt        US$4,974,965
Attn: Vance Whatley
PO Box 70610
Chicago, IL 60673
Tel: (713) 307-2113
Fax: (713) 321-6001

Arco Midcon LLC                trade debt        US$4,860,683
Attn: Janet Sabio
15600 JFK Blvd., Suite 300
Houston, TX 77032
Tel: (281) 366-4757
Fax: (713) 986-5426

Union Pacific Railroad         trade debt         US$4,508,100
12567 Collections Center
Drive
Chicago, IL 60693
Tel: (402) 544-0211
Fax: (402) 501-0027

BEELINE.COM Inc.               trade debt        US$3,941,868
12724 Gran Bay Pkwy.
W. Suite 200
Jacksonville, FL 32258
Tel: (713) 309-3203
Fax: (904) 527-5827

Brock Services Ltd.            trade debt        US$3,915,346
Attn: Paul Brown
2022 Humble Place Drive
Humble, TX 77338
Tel: (409) 838-2282
Fax: (713) 321-4582

Chemtrade Refinery Services    trade debt        US$3,765,034
Inc.
Attn: Diana Piva
PO Box 30
Beaumont, TX 77704
Tel: (416) 496-4148
Fax: (281) 446-1729

Norfolk Southern               trade debt        US$3,744,752
Attn: Bridget Baldwin
PO Box 532729
Atlanta, GA 30353
Tel: (404) 529-2209
Fax: (404) 589-6740

Arcardis                       trade debt        US$3,570,657
4815 Prospectus Drive
Durham, NC 27713
Tel: (919) 544-4535
Fax: (281) 497-7258

Computer Services Corp.        trade debt        US$3,509,883
3179 Fairview Park Dr.
Falls Church, VA 22042
Tel: (703) 876-1000
Fax: (703) 641-3990

Westlake Petrochemical         trade debt        US$3,500,314
Corporation
Attn: Peter Kestner
2801 Post Oak Blvd.
Houston, TX 77056
Tel: (713) 585-2921
Fax: (337) 583-4996

Kellog, Brown & Root           trade debt        US$3,410,715
Industrial
PO Box 951009
Dallas, TX 75395
Tel: (214) 752-8300
Fax: (214) 752-8366

Chevron Products Company       trade debt        US$3,403,234
Attn: Valerie Booth
Chevron Products
1400 Smith St.
Houston, TX 77002
Tel: (713) 372-5286
Fax: (281) 582-5732

S&B Engineering &              trade debt        US$3,312,809
Contractors
7825 Park Place Blvd.
Houston, TX 77087
Tel: (713) 845-4024
Fax: (713) 847-5327

Austin Industrial              trade debt        US$3,295,071
PO Box 87888
Houston, TX 77287
Tel: (713) 641-3400
Fax: (713) 641-2424

Catalyst Service Inc.          trade debt        US$3,206,830
Attn: Paul Chaskey
PO Box 201143
Dallas, TX 75320
Tel: (281) 471-5522
Fax: (281) 478-2693

Stolt Tankers                  trade debt        US$3,155,250
800 Connecticut Avenue
4th Floor East
Norwalk, CT 06854
Tel: (203) 838-7100
Fax: (281) 860-5145

CIBO Specialty Chemicals       trade debt        US$3,152,745
Attn: Kendal Goodell
PO Box 3475
Tulsa, OK 74101
Tel: (918) 615-7941
Fax: (918) 615-7023

JV Industrial Companies Ltd.   trade debt        US$3,119,377
2221 Sens Road
La Porte, TX
Tel: (281) 842-9353
Fax: (281) 471-9353

A. Schulman Inc.               trade debt        US$3,101,798
3550 W. Market Street
Suite 300
Akron, OH 44333
Tel: (248) 643-6100
Fax: (248) 643-7839

BP Products North American     trade debt        US$3,089,011
Inc.
PO Box 3092
Houston, TX 77253
Tel: (281) 366-4331
Fax: (281) 366-7546

Tauber Oil Inc.                trade debt        US$3,024,000
PO Box 4645
Houston, TX 77210
Tel: (713) 869-8700
Fax: (713) 879-8069

Burlington Northern Santa Fe   trade debt        US$2,966,815
Attn: Todd Whitmore
3115 Solutions Center
Chicago, IL 60677
Tel: (785) 435-3637
Fax: (785) 436-6767

Basic Industries               trade debt        US$2,847,272
PO Box 1334
Houston, TX 77251
Tel: (225) 756-7660
Fax: (713) 675-8691

ExxonMobil Chemical Co.        trade debt        US$2,847,272
Attn: Deanna Foltyn
13501 Katy Freeway
Houston, TX 77079
Tel: (281) 870-6848
Fax: (304) 747-2154

Sunoco Chemicals               trade debt        US$2,732,611
8811 Strang Road
La Porte, TX 77571
Tel: (281) 476-0303
Fax: (281) 930-2070

CDI Engineering Group Inc.     trade debt        US$2,717,576
PO Box 88924
Chicago, IL 60695-1924
Tel: (713) 354-0602
Fax: (713) 309-2086

Marathon Petroleum Company     trade debt        US$2,705,279
LLC
PO Box 3128
Houston, TX 77253
Tel: (713) 629-6600
Fax: (419) 421-4565

Methanex Methanol Company      trade debt        US$2,674,473
15301 Dallas Pkwy, Suite 1150
Addison, TX 75001
Tel: (972) 308-0412
Fax: (972) 960-7908

Centerpoint Energy Gas Rec.    trade debt        US$2,630,177
LLC-CGSI
Attn: Mary Trevino
PO Box 200905
Houston, TX 77216
Tel: (713) 207-3503
Fax: (713) 951-1689

The petition was signed by vice-president Alan S. Bigman.


LYONDELL CHEMICAL: Top 5 Creditors Holding Secured Claims
---------------------------------------------------------
Lyondell Chemical Inc. has submitted a list of parties holding the
five largest secured claims against it:

ABN AMRO Bank N.V.           US$3,472,260,851  Certain material
Beethovenstrasse 33, CH-8002                 assets of certain
P.O. Box 5239                                of the Debtors
Zurich, N.L. Switzerland
Tel: 001-31-20-629-1665

UBS Loan Finance LLC         US$2,704,352,101  Certain material
677 Washington Blvd.                         assets of certain
Stamford, CT 06901                           of the Debtors
Tel: 203-719-4308

Citibank, N.A.               US$2,647,354,259  Certain material
320 Park Avenue, 30th Floor                  assets of certain
New York, NY 10043                           of the Debtors
Tel: 302-894-6059

Merrill Lynch Capital        US$2,155,377,543  Certain material
Corporation                                  assets of certain
250 Vesey Street                             of the Debtors
New York, NY 10281
Tel: 212-449-7839

LeverageSource III S.a.r.l. US$2,028,215,736  Certain material
1 Manhattanville Road                       asserts of certain
Suite 201                                   of the Debtors
Purchase, NY 10577


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


AMURSKAYA FUEL: Amurskaya Bankruptcy Hearing Set April 9
--------------------------------------------------------
The Arbitration Court of Amurskaya will convene at 8:15 a.m. on
Apr. 9, 2009, to hear bankruptcy supervision procedure on LLC
Amurskaya Fuel Company (TIN 2801112239).  The case is docketed
under Case No. A048128/200817/256B.

The Temporary Insolvency Manager is:

         A. Lishay
         Post User Box 69/34
         680018 Khabarovsk-18
         Russia

The Debtor can be reached at:

         LLC Amurskaya Fuel Company
         Zaburkhanovskaya Str. 98
         Blagoveshchensk
         Russia


DELTA-OIL LLC: Tatarstan Bankruptcy Hearing Set May 11
------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 8:00 a.m. on
May 11, 2009, to hear bankruptcy supervision procedure on LLC
Delta-Oil Shipping Company.  The case is docketed under Case No.
A65-24222/2008-SG4-26.

The Temporary Insolvency Manager is:

         A. Zotov
         Post User Box 16
         420073 Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         LLC Delta-Oil
         Office 610
         Volgogradskaya Str. 49
         420044 Kazan
         Tatarstan
         Russia


DUBYASKIY BRICK-MAKING: Creditors Must File Claims by Feb. 26
-------------------------------------------------------------
Creditors of CJSC Dubyakskiy Brick-Making Plant have until
Feb. 26, 2009, to submit proofs of claims to:

         F. Safin
         Insolvency Manager
         Akademicheskaya Str. 2/212
         420097 Kazan
         Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A6542027/2008-SG427.


EKO-LES LLC: Court Names I.Shkryl as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Primorskiy appointed I. Shkryl as
Insolvency Manager for LLC Eko-Les (Forestry).  The case is
docketed under Case No. A51-6464/2008 15-81B.  He can be reached
at:

         Post User Box 74
         690048 Vladivostok-48
         Russia

The Debtor can be reached at:

         LLC Eko-Les
         40 let VLKSM Str. 14
         690000 Vladivostok
         Russia


GAZPROM: Piling Debts Shoo Investors Away, Seeks Bailout
--------------------------------------------------------
Gazprom is currently deep in debt and negotiating a government
bailout, Andrew E. Kramer at The International Herald Tribune said
in a December 30, 2008 report.

According to Mr. Kramer, Gazprom is US$49.5 billion in debt and is
seeking a US$5.5 billion funding, which is more than half of the
US$9 billion corporate bailout fund Russia set aside for oil and
natural gas companies.

The gas monopoly's market capitalization, Mr. Kramer related, has
fallen 74 percent since the beginning of the year.  In 2007,
Gazprom achieved third-place ranking, by market value, behind
Exxon Mobil and General Electric, however, it has since tumbled to
35th place, according to Mr. Kramer.

Mr. Kramer disclosed investors are fleeing Gazprom stock sending
its share price down more quickly than those of private-sector
competitors.  The company's debt, amassed while consolidating
national control over the industry, is one reason, he said.

Another reason investors fled the stock is the company's
unwillingness to cut costs in a downturn.  According to Mr.
Kramer, when oil sold for less than US$50 a barrel in 2004,
Gazprom's capital outlay for the year was US$6.6 billion; for
2009, the company has budgeted more than US$32 billion.  Gazprom
executives, as cited by Mr. Kramer, meanwhile say they are
reviewing spending but will not cut major developments.

The Wall Street Journal's Liam Denning relates Thane Gustafson of
Cambridge Energy Research Associates reckons Gazprom's export
revenues could drop by US$24 billion in 2009.  Renaissance
Capital, as cited by the Journal, meanwhile said the figure would
almost equal the company's estimated US$26 billion capital-
expenditure budget.

                            Debts Pile

According to a December 30 report by Stephen Bierman and Torrey
Clark at Bloomberg News, Gazprom said in a statement its total
debt stood at RUR1.12 trillion at the end of the first half of
2008 and the company must pay almost 28 percent of that by the end
of the first half 2009.

The report disclosed Gazprom borrowed US$403 million in the past
two months as it seeks to pay down US$10.6 billion in debt by the
end of June.  The company, the report said, received US$153
million of financing in December from Vnesheconombank and US$250
million from Societe Generale SA.

Gazprom also said in the statement obtained by Bloomberg News that
the global credit crisis may affect its ability to obtain new
borrowing and could increase re-financing costs while lower cash
flows could also hinder debt repayments.

The gas exporter must pay back US$6.6 billion in 2009 and US$11.1
billion in 2010, which includes loans held by OAO Gazprombank,
according to Bloomberg data.

                         Ukraine Dispute

IHT's Mr. Kramer said in a January 6 report that Gazprom has
halted nearly its entire export of natural gas to Europe in a
sharp escalation of a dispute over prices with neighboring
Ukraine.

About 80 percent of Russian gas exports to Europe pass through
Ukraine.

According to Mr. Kramer, Gazprom is seeking to raise the price
Ukraine pays for gas from US$179.50 last year to US$450, and to
collect what it says are fines for late payments on previous
shipments.  Ukraine, in exchange, wants to raise tariffs for gas
shipped across its territory.

                      Moody's Risk Profile

As reported in the Troubled Company Reporter-Europe on Dec. 17,
2008, Moody's Investors Service changed the outlook of Gazprom to
stable from positive reflecting the change in the outlook on the
Baa1 rating of the Russian Federation to stable from positive.

Gazprom is a Government Related Issuer (GRI), as defined in
Moody's rating methodology "The application of Joint Default
Analysis to Government Related Issuers".  As a result, Gazprom's
A3 debt and foreign currency issuer ratings reflect the
combination of these inputs:

  * Gazprom's stand-alone credit risk profile or Baseline Credit
    Assessment (BCA) of 11 (on a scale of 1 to 21 and equivalent
    to Ba1 rating)

  * Baa1 local currency rating of the Russian government

  * Medium dependence

  * High support

Gazprom's rating of A3, together with the support and dependence
level, is not affected as a result of this rating action.

Moody's previous rating action on Gazprom took place on July 23,
2008, when a provisional rating of (P)A3 was assigned to the 18th
tranche of the Loan Participation Notes issue launched by Gaz
Capital S.A., a finance vehicle of Gazprom.

                          About Gazprom

Gazprom headquartered in Moscow, Russia, is the world's largest
integrated gas company focused on the production, refining and
transportation of Russian gas to both domestic, Commonwealth of
Independent States (CIS), Baltic and European markets.  It also
owns and operates the Unified Gas Supply System (UGSS) in Russia,
which is the largest gas transportation, storage and processing
system in the world, comprising of nearly 158,500 kilometers of
high-pressure trunk pipelines and 25 underground gas storage
facilities and is the leading exporter of gas to Western Europe.


KONDOPOZHSKIY EXPORT: Creditors Must File Claims by January 26
--------------------------------------------------------------
Creditors of LLC Kondopozhskiy Export Timber Mill have until
Jan. 26, 2009, to submit proofs of claims to:

         Ye. Idelchik
         Temporary Insolvency Manager
         Gogolya Str. 54
         185035 Petrozavodsk
         Karelia
         Russia

The Arbitration Court of Karelia will convene at 11:00 a.m. on
Apr. 24, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A267439/2008.

The Debtor can be reached at:

         LLC Kondopozhskiy Export Timber Mill
         Medvezyegorskoe shosse 16
         186200 Kondopoga
         Karelia
         Russia


KP FASHION: Files for Chapter 7 Liquidation
-------------------------------------------
Bob Van Voris at Bloomberg News reports that KP Fashion Co. has
filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for
the Southern District of New York.

According to Bloomberg, KP Fashion said in December that it would
close almost all of its 12 stores.  Court documents say that the
company listed US$9.7 million in assets and US$54.4 million in
debt.

Bloomberg's Bill Rochelle notes that KP Fashion didn't even
attempt to reorganize or control their own liquidation in Chapter
11.

Bloomberg states that Sergei Plastinin said he spent about
US$80 million to set up stores for his daughter, Kira Plastinina.
Ms. Plastinina has about 70 stores in Russia, which are excluded
in the Chapter 7 bankruptcy filing.

Court documents say that Lendero Ltd., a Cyprus company controlled
by Mr. Plastinin is KP Fashion's biggest creditor, with a
US$29.9 million loan.

Bloomberg states that KP Fashion's U.S. Web site shows most of the
clothes being sold at a 75% discount.

Los Angeles-based KP Fashion Co. is a company set up by the Sergei
Plastinin for his 16-year-old Russian fashion designer daughter
Kira Plastinina to sell her clothes in the U.S.  The company
offered jeans, t-shirts, dresses, pants, shoes, and accessories.


KRASNOYARSKIE AVIALINII: Krasnoyarsk Hearing Set April 6
--------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene at 9:00 a.m.
on Apr. 6, 2009, to hear bankruptcy supervision procedure on OJSC
Krasnoyarskie Avialinii Air Carrier (TIN 2411000219).  The case
is docketed under Case No. A3310705/2008.

The Temporary Insolvency Manager is:

         V. Akimov
         Office 201
         Building 6
         Ostapovskiy proezd 3
         109316 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Office 15
         Lenina Str. 143
         Krasnoyarsk

The Debtor can be reached at:

         OJSC Krasnoyarskie Avialinii
         Airport Krasnoyarsk
         Yemelyanovskiy
         663021 Krasnoyarsk
         Russia


MICHURINSK-ZHIL-STROY MUE: Creditors Must File Claims by Feb. 26
----------------------------------------------------------------
Creditors of MUE Michurinsk-Zhil-Stroy (Construction) have until
Feb. 26, 2009, to submit proofs of claims to:

         V. Belikov
         Insolvency Manager
         Apt. 273
         Krasnoarmeyskaya Str. 13
         392012 Tambov
         Russia
         Tel: (4752) 75-91-61

The Arbitration Court of Tambovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A64-2239/06-18.

The Debtor can be reached at:

         MUE Michurinsk-Zhil-Stroy
         Lipetskoe shosse 68
         Michurinsk
         393760 Tambovskaya
         Russia


MONOLIT-SPETS-STROY LLC: Creditor Must File Claims by January 26
----------------------------------------------------------------
Creditors of LLC Monolit-Spets-Stroy (Construction) have until
Jan. 26, 2009, to submit proofs of claims to:

         R. Akhmetshin
         Temporary Insolvency Manager
         Post User Box 87
         420029 Kazan
         Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 1:00 p.m. on
May 20, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A6523177/2008-SG421.

The Debtor can be reached at:

         LLC Monolit-Spets-Stroy
         Kazan
         Tatarstan
         Russia


NIZHNEILIMSKIY TIMBER: Creditor Must File Claims by January 26
--------------------------------------------------------------
Creditors of LLC Nizhneilimskiy Timber Mill have until Jan. 26,
2009, to submit proofs of claims to:

         N. Fomin
         Insolvency Manager
         Post User Box 131
         664025 Irkutsk
         Russia
         Tel: (3952) 34-21-09.

The Arbitration Court of Irkutsk will convene on Dec. 2, 2009, to
hear bankruptcy proceedings.  The case is docketed under Case
No. A1914297/0860.

The Debtor can be reached at:

         LLC Nizhneilimskiy Timber Mill
         Zheleznogorsk-Ilimskiy
         665654 Nizhneilimsk
         Irkutskaya
         Russia


SAMARA AIR: Creditors Must File Claims by January 26
----------------------------------------------------
Creditors of OJSC Samara Air Carrier (TIN 6313033781, PSRN
1026300840675) have until Jan. 26, 2009, to submit proofs of
claims to:

         A. Tarasov
         Temporary Insolvency Manager
         Post User Box 36
         109153 Moscow
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A55-
9345/2008.

The Debtor can be reached at:

         OJSC Samara Air Carrier
         Airport
         Bereza
         443025 Samara
         Russia


UIQ TECHNOLOGY: Files for Bankruptcy; 230 Jobs Affected
-------------------------------------------------------
David Meyer at Business Week reports that mobile software firm UIQ
Technology AB filed for bankruptcy in a Swedish regional court on
December 30, resulting to the loss of 230 jobs.

According to the report, Motorola and Sony Ericsson, the joint
owners of UIQ via a Dutch holding company, decided at a board
meeting on December 29 to pull the plug on the company.

Citing Johan Sandberg, UIQ's former chief executive, the report
relates the company had no operation for two months and with no
new business plan being drawn up, the company was left insolvent.
He claimed the main business of UIQ disappeared as soon as the
formation of the Symbian Foundation was announced in June.

Swedish law requires insolvent companies to file for bankruptcy,
the report states.

"We were a company living on royalty fees from our intellectual
property," Mr. Sandberg was quoted by the report as saying.  "As
the IP became free of charge, Sony Ericsson and Motorola decided
to work with the Symbian Foundation, not UIQ.  There was no
business for us anymore."

The report recalls that at the end of November Motorola, the
customer UIQ was working for, decided to not continue existing
projects with the company.

Motorola, the report recounts, said that it would drop UIQ in
order to focus on rival systems, including Android, Windows Mobile
and P2K.

Mr. Sandberg noted "There is not likely to be a buyer, although
that's up to the bankruptcy receiver, who has now taken over
management of the company", the report adds.

UIQ Technology -- http://www.uiq.com/-- creates and licenses the
open software platform UIQ to leading mobile phone manufacturers.
UIQ is used in mobile phones from Sony Ericsson, Motorola, BenQ
and Arima.


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


CHINA TRADE: Creditors Must File Proofs of Claim by January 10
--------------------------------------------------------------
Creditors owed money by JSC China Trade are requested to file
their proofs of claim by Jan. 10, 2009, to:

         Fassler & Partner Appenzell
         Weissbadstrasse 14
         9050 Appenzell
         Switzerland

The company is currently undergoing liquidation in Schwende.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 26, 2008.


HOLMES PLACE: Deadline to File Proofs of Claim Set January 10
-------------------------------------------------------------
Creditors owed money by JSC Holmes Place Worldwide are requested
to file their proofs of claim by Jan. 10, 2009, to:

         Doron Dickmann
         Seestrasse 97
         8942 Oberrieden
         Switzerland

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


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


BASIS-INVEST LLC: Creditors Must File Claims by January 11
----------------------------------------------------------
Creditors of LLC Basis-Invest (EDRPOU 30365235) have until
Jan. 11, 2009, to submit proofs of claim to:

         Mr. Sergey Sapozhnikov
         Liquidator / Insolvency Manager
         Apt. 72
         Schors Str. 32
         Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 19, 2008.
The case is docketed as 341/14b-06/13-08.

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

The Debtor can be reached at:

         LLC Basis-Invest
         Dzerzhynsky Str. 14
         Borispol
         Kiev
         Ukraine


DONBASSTELESPUTNIK LLC: Creditors Must File Claims by Jan. 11
-------------------------------------------------------------
Creditors of LLC TV And Radio Organization Donbasstelesputnik
(EDRPOU 30206047) have until Jan. 11, 2009, to submit proofs of
claim to:

         Mr. Maxim Kosinevsky
         Liquidator
         Apt. 40
         12th. of April Str. 22
         61089 Kharkov
         Ukraine

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 1, 2008.
The case is docketed as B-24/174-08.

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC TV And Radio Organization Donbasstelesputnik
         9th Piatiletki Str. 49
         Kommunar
         62490 Kharkov
         Ukraine


MEDPEND LLC: Creditors Must File Claims by January 11
-----------------------------------------------------
Creditors of LLC Medpend (EDRPOU 32938005) have until Jan. 11,
2009, to submit proofs of claim to:

         Mr. V. Shevchenko
         Liquidator
         Apt. 199
         Kniazhy Zaton Str. 12
         02095 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 20, 2008.
The case is docketed as 24/487-b.

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

The Debtor can be reached at:

         LLC Medpend
         Sosneny family Str. 3
         03148 Kiev
         Ukraine


SEVERINY AGRICULTURAL: Creditors Must File Claims by Jan. 11
------------------------------------------------------------
Creditors of Severiny Agricultural LLC have until Jan. 11, 2009,
to submit proofs of claim to:

         Mr. Vladimir Bilyk
         Liquidator / Insolvency Manager
         Popov Str. 15/63
         Starokonstantinov
         31100 Hmelnitsky
         Ukraine

The Arbitration Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent on
Nov. 26, 2008.  The case is docketed as 2/168-B.

         Economic Court of  Hmelnitskij
         Independency Square, 1
         29000 Hmelnitskij
         Ukraine

The Debtor can be reached at:

         Severiny Agricultural LLC
         Severiny
         Starokonstantinov
         Hmelnitskij
         Ukraine


SKTEL LLC: Creditors Must File Claims by January 11
---------------------------------------------------
Creditors of LLC Sktel (EDRPOU 33703083) have until Jan. 11, 2009,
to submit proofs of claim to:

         Mr. Maxim Kosinevsky
         Liquidator
         Apt. 40
         12th. of April Str. 22
         61089 Kharkov
         Ukraine

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 1, 2008.
The case is docketed as B-24/175-08.

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Sktel
         Office 31
         Pravda Avenue, 10
         61022 Kharkov
         Ukraine


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


ARQUEST LTD: Appoints Joint Liquidators from Ernst & Young
----------------------------------------------------------
Thomas Andrew Jack and Simon Allport of Ernst & Young LLP were
appointed joint liquidators of Arquest Ltd. on Dec. 23, 2008, for
the creditors' voluntary winding-up proceeding.

The company can be reached through Ernst & Young LLP at:

         100 Barbirolli Square
         Manchester
         M2 3EY
         England


BAA LTD: Ferrovial Must Carry Out Two Debt Refinancings
-------------------------------------------------------
Alistair Osborne at the Daily Telegraph reports that Grupo
Ferrovial S.A. will have to carry out two debt refinancings or
risk losing more of its equity in BAA Ltd.

According to the report, Ferrovial, which holds a 56% stake in
BAA, must refinance GBP1.55 billion of subordinated debt, which
must be repaid by May 2011.

Ferrovial, the report states, must also refinance a EUR2.3 billion
(GBP2.25 billion) loan that funds its equity stake in the holding
company for BAA.

The report notes there are questions as to how Ferrovial plans to
refinance the loan, which must be repaid by 2014, given the lack
of cash flow and construction interests.  The first EUR630 million
installment on the loan, which is backed by Ferrovial's
controlling stake in road toll operator Cintra, itself highly
leveraged, is due in 2010, the report adds.

The report relates that in a detailed noted to investors, Robert
Crimes, an analyst at Credit Suisse, warned there is a 35%
probability of a BAA default.

Mr. Crimes identified two causes of the scenario, the report
recounts.

"Firstly, BAA is unable to issue new bonds in the next 29 months
to upstream cash to pay down the holdco [holding company]
subordinated debt," Mr. Crimes was quoted by the report as saying.
"Secondly, the debt at Ferrovial Infraestructuras, which we
consider effectively to be fully recourse, [cannot] be paid down
from cash and asset sales by April 2014."

The report discloses that according to Mr. Crimes, BAA will need
to raise GBP1.7 billion of new bonds just to pay down GBP1.55
billion of subordinated debt.

                         About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.


BORCOMBE SP: David Rubin & Partners Named Liquidator
----------------------------------------------------
William Meeting at PrintWeek reports that David Rubin & Partners
has been named liquidator for printing firm Borcombe SP, which was
acquired by Datateam Publishing subsidiary Hollyridge Media.

Citing Asher Miller, a partner at the insolvency company, the
report discloses the company was set to be liquidated after a
creditor' meeting due to be held in the last week of January.

According to the report, the company ceased trading on Dec. 22,
resulting to the loss of 160 jobs.

The report recounts Unite national officer Ann Field claimed staff
at the Romsey site "have been dismissed without wages, notice,
holiday pay and redundancy pay", adding in some cases four weeks
of overtime are owed.

However, Mr. Miller, the report notes, defended the company's
closure.

"There was no way of avoiding insolvency," Mr. Miller was quoted
by the report as saying.  "The company was saddled by a difficult
contract structure and employed too many staff for the work that
it had."

Meanwhile, confusion remains over the status of BAS Printers,
which was merged with Borcombe SP by previous owners MPI, the
report adds.


BRITISH ENERGY: France's EDF Completes GBP12.5 Bln Takeover
-----------------------------------------------------------
New Energy Focus reports that Electricite de France SA completed
its GBP12.5 billion takeover of British Energy Group plc on
Monday, January 5.

EU competition authorities cleared the deal last month, the report
recalls.

According to the report, the UK government will get a GBP4.4
billion windfall for the 35.5% stake held by its Nuclear
Liabilities Fund in the company.

The report relates that the government said the windfall would be
used to fund nuclear clean-up costs for old nuclear power plants
being decommissioned.

EDF, as cited by the report, said that its acquisition vehicle for
the deal, called Lake Acquisitions Ltd, would now apply to de-list
British Energy from the UK stock exchange.

The delisting, the report notes, could take place as early as next
month, giving remaining shareholders have until February 5 to sell
up at share price of 148 pence.

The report discloses that in a press statement, EDF confirmed that
shareholders representing 79.38% of British Energy have agreed to
sell.

EDF, which already held a 17% stake in British Energy, now has 96%
ownership of the company, the report states.

"As at 1.00 p.m. (London time) on 5 January 2009, Lake
Acquisitions owned or had received valid acceptances of the
Ordinary Offer and the Convertible Offer in respect of a total of
1,550,102,522 British Energy Shares, representing in aggregate
approximately 96.44 per cent. of the current issued share capital
of British Energy," EDF was quoted by the report as saying.

EDF however will have to sell British Energy's Eggborough coal
plant as part of the deal, the report reveals.  The report adds
other conditions attached to the deal by competition authorities
include  the sale of the 790MW EDF gas-fired power station at
Sutton Bridge in Lincolnshire.

                      About British Energy

Headquartered in Livingston, Scotland, British Energy Limited
-- http://www.british-energy.com/--  is the UK's largest
electricity generator, employing over 6,000 people.  The British
Energy Group owns and operates eight nuclear power stations in the
UK: seven of these are Advanced Gas-cooled Reactor (AGR) stations,
located at Dungeness, Hartlepool, Heysham (two stations), Hinkley
Point, Hunterston, Torness and the only civil Pressurised Water
Reactor (PWR) station in the UK, located at Sizewell in Suffolk.
British Energy also owns and operates the Eggborough coal-fired
power station in Yorkshire.  British Energy's total current
capacity is 10.6GW (of which 8.7GW from nuclear generation) with
delivered output of 58.4TWh (of which 50.3TWh comprises nuclear
output) for the year ended March 2008.  British Energy is the
lowest carbon emitter of the UK's major electricity generators.

                        *     *     *

On Sept. 29, 2008, the TCR-Europe reported that Standard & Poor's
Ratings Services placed its 'BB' long-term corporate credit
ratings on U.K.-based nuclear generator British Energy Group PLC
(BE) and its subsidiary British Energy Bond Finance PLC (BEBF) on
CreditWatch with positive implications.  This follows the GBP12.4
billion cash offer from French electricity incumbent Electricite
de France S.A. (EDF; AA-/Watch Neg/A-1+) for 100% of BE's shares.

As reported in the TCR-Europe on Sept. 26, 2008, Fitch Ratings
placed British Energy Group plc's and British Energy Bond Finance
plc's (BEBF, formerly British Energy Holdings plc) 'BB+' Long-term
Issuer Default Ratings on Rating Watch Positive.  BEBF's
amortizing bonds - rated 'BB' - are also put on RWP.  The rating
actions follow the announcement of a proposed takeover by France's
EDF SA ('AA-'/ 'F1+'/Rating Watch Negative).


NXTV INC: ORIX to Hold Public Auction of Collateral on Jan. 13
--------------------------------------------------------------
ORIX Venture Finance LLC will conduct a public sale on Jan. 13,
2009, at the offices or Richards Kibbe & Orbe LLP, One World
Financial Center, 29th Floor, in New York, without reserve of all
right, title and interest of NxTV, Inc., in and to certain
accounts, inventory, equipment, general intangibles (including
intellectual property and deposit accounts), Investment property
and other property held by ORIX as collateral in connection with
outstanding indebtedness owed to it by NxTV, Inc., in the
principal amount of not less than US$4,401,253.

The sale of the Collateral is subject to certain bidding
procedures and any prospective bidder must enter into a
confidentiality agreement with the Lender in order to be eligible
to receive any due diligence materials or to participate and bid
at the sale.

The Lender makes no representation as to the Collateral.  All
sales will be without recourse or warranty.  The Collateral may be
sold in bulk or in separate lots.

The Lender reserves the right to bid for and purchase the
Collateral and to credit the purchase price therefrom against the
respective debts owing to the Lender and any costs of the sale.
The Lender also reserves the right to amend, adjourn, postpone or
cancel the sale with respect to all or part of the Collateral
without notice.

All questions and inquiries concerning the sale should be
addressed to:

         Larry G. Halperin, Esq.
         Richards Kibbe & Orbe, LLP
         One World Financial Center
         29th Floor, New York
         New York 10281
         Tel: (212) 530-1800

Based in Los Angeles, NxTV, Inc., is a provider of digital in-room
entertainment, voice and data services to the worldwide luxury
hotel market.  The company serves many of the most prestigious
hospitality brands in the world including Four Seasons, Peninsula,
W Hotels, St. Regis, Le Meridien, Omni, Raffles, JW Marriott,
Harrah's and Kerzner International.  NxTV has international
offices in Hong Kong and London.


NXTV INC: Vogen to Hold Public Auction of Collateral on Jan. 13
---------------------------------------------------------------
Vogen Funding, L.P., a Delaware limited partnership, will conduct
on Jan. 13, 2009, at the offices or Richards Kibbe & Orbe LLP, One
World Financial Center, 29th Floor, in New York, a public sale
without reserve of all right, title and interest of NxTV, Inc., in
and to certain equipment, accounts, general intangibles and other
property held by Vogen as collateral in connection with
outstanding indebtedness owed to it by NxTV, Inc., in the
principal amount of not less than US$6,100,000.

The sale of the Collateral is subject to certain bidding
procedures and any prospective bidder must enter into a
confidentiality agreement with Vogen in order to be eligible to
receive any due diligence materials or to participate and bid at
the sale.

Vogen makes no representation as to the Collateral.  All sales
will be without recourse or warranty.  The Collateral may be sold
in bulk or in separate lots.

Vogen reserves the right to bid for and purchase the Collateral
and to credit the purchase price therefrom against the respective
debts owing to the Lender and any costs of the sale.  The Lender
also reserves the right to amend, adjourn, postpone or cancel the
sale with respect to all or part of the Collateral without notice.

All questions and inquiries concerning the sale should be
addressed to:

         Scott A. Josephson, Esq.
         Horwood Marcus & Berk Chartered
         280 North LaSalle Street, Suite 3700
         Chicago, Illinois 60601
         Tel: (312) 606-3200

Based in Los Angeles, NxTV, Inc. is a provider of digital in-room
entertainment, voice and data services to the worldwide luxury
hotel market.  The company serves many of the most prestigious
hospitality brands in the world including Four Seasons, Peninsula,
W Hotels, St. Regis, Le Meridien, Omni, Raffles, JW Marriott,
Harrah's and Kerzner International.  NxTV has international
offices in Hong Kong and London.


ROUTE365 LTD: Names Joint Liquidators from Tenon Recovery
---------------------------------------------------------
Duncan Beat of Tenon Recovery was appointed liquidator of Route365
Ltd. on Dec. 10, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


SAIL INVESTOR: Taps Joint Liquidators from BDO Stoy Hayward
-----------------------------------------------------------
Malcolm Cohen and Antony David Nygate of BDO Stoy Hayward LLP,
were appointed joint liquidators of Sail Investor (U.K.) Ltd on
Dec. 19, 2008, for the creditors' voluntary winding-up proceeding.

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

         55 Baker Street
         London
         W1U 7EU
         England


SKYLET LTD: Appoints Joint Liquidators from Tenon Recovery
----------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Skylet Ltd. on Dec. 17, 2008, for
the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

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


SPQR RESTAURANTS: Names Joint Liquidators from BDO Stoy Hayward
---------------------------------------------------------------
Antony David Nygate and Malcolm Cohen of BDO Stoy Hayward LLP were
appointed joint liquidators of SPQR Restaurants Ltd. on Nov. 26,
2008, for the creditors' voluntary winding-up proceeding.

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

         55 Baker Street
         London
         W1U 7EU
         England


SUMMERHALL PRESS: Put Into Liquidation by Stewarts
--------------------------------------------------
Jane Bradley at The Scotsman reports that Stewarts of Edinburgh
has decided to put Summerhall Press into liquidation after
uncovering irregularities in the business.

Stewarts, the report recounts, bought Summerhall on Dec. 15 for an
undisclosed sum after it fell into the hands of administrators
Zolfo Copper.

As reported in the TCR-Europe on Dec. 23, 2008, the acquisition
will nearly treble Stewarts' GBP6.5 million turnover to an
estimated GBP18.5 million and add two new sites in Edinburgh.

However, the report relates that after examining the company's
books, Stewarts found there were issues that it felt made it
"impossible" to continue trading at the firm.

Stewarts managing director, Terry O'Hare, as cited by the report,
said "We did not have a great deal of time to carry out due
diligence on the business before the acquisition and we relied on
information that was presented to us," adding "The decision to put
Summerhall into liquidation was a direct result of unforeseen
circumstances relating to the viability of the company."

It is understood that the problems relate to invoicing, the report
notes.

According to the report, all of Summerhall's 135 staff were told
they had lost their jobs two days before Christmas when the firm
was taken into the hands of liquidator French Duncan.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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

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

Jan. 22-24, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colorado
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

Mar. 14-16, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        St. John's University School of Law, New York City
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

Apr. 16-19, 2009
  COMMERICAL LAW LEAGUE OF AMERICA
     2009 Chicago/Spring Meeting
        Westin Hotel on Michigan Ave., Chicago, Ill.
           Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
  NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
     NABT Spring Seminar
        The Peabody, Orlando, Florida
           Contact: http://www.nabt.com/

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

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

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

May 1, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts for Young Practitioners
        Alexander Hamilton Custom House, New York City
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        New York Marriott Marquis, New York City
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
  RENASSANCE AMERICAN MANAGEMENT, INC.
     6th Annual Conference on
     Distressted Investing - Europe
        The Le Meridien Piccadilly Hotel, London, U.K.
           Contact: 1-903-595-3800 or
                    http://www.renaissanceamerican.com/

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

May 12-15, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Litigation Skills Symposium
        Tulane University, New Orleans, La.
           Contact: http://www.abiworld.org/

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

June 11-14, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

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

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

July 29-Aug. 1, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Conference
        The Westin Hilton Head Island Resort & Spa,
        Hilton Head Island, S.C.
           Contact: http://www.abiworld.org/

Aug. 6-8, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Conference
        Hotel Hershey, Hershey, Pa.
           Contact: http://www.abiworld.org/

Sept. 10-11, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

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

Oct. 2, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center, Washington, D.C.
           Contact: http://www.abiworld.org/

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

Oct. 20, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Paris Las Vegas, Las Vegas, Nev.
           Contact: http://www.abiworld.org/

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

Apr. 29-May 2, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

July 14-17, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Conference
        The Ritz-Carlton Amelia Island, Amelia, Fla.
           Contact: http://www.abiworld.org/

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

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

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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

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

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

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

                            *********


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

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

Copyright 2009.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *