TCREUR_Public/090109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, January 9, 2009, Vol. 10, No. 6

                            Headlines

A U S T R I A

AHT LLC: Claims Registration Period Ends February 5
GENERAL MOTORS: Mulls Shifting More Than 1,500 Jobs to Part-Time
ERGIN KG: Claims Registration Period Ends February 5
DRAGA LLC: Claims Registration Period Ends January 29
IMMOKOENIG LLC: Claims Registration Period Ends February 18


F R A N C E

FORTIS BANK: Standard & Poor's Corrects Administrative Error
VALEO SA: Moody's Downgrades Long-Term Rating to 'Ba1' from 'Ba3'


G E R M A N Y

BRANDNEU GASTRO: Claims Registration Period Ends February 4
EURO TRANSPORT: Claims Registration Period Ends February 4
H & B BAUMANAGEMENTGESELLSCHAFT: Claims Period Ends February 4
MC CUT VERWALTUNG: Claims Registration Period Ends February 5
TRADIUS HANDELS: Claims Registration Period Ends February 4


I C E L A N D

LANDSBANKI ISLANDS: Icelandic Govt' Drops Suit Over Frozen Assets


I R E L A N D

CHARTBUSTERS: Goes Into Examinership; 267 Jobs at Risk
STARLING FINANCE: S&P Withdraws 'D' Rating on EUR4 Mil. Notes
WATERFORD WEDGWOOD: KPS Signs Letter of Intent to Acquire Assets


K A Z A K H S T A N

ASTRA LLP: Proof of Claim Deadline Slated for February 12
BAKJAN LLP: Creditors Must File Claims by February 12
BUILDUP SERVICE: Claims Filing Period Ends February 11
JANAR CO: Creditors' Claims Due on February 12
KURGAN STROY: Claims Registration Ends February 11

ROLEK S: Proof of Claim Deadline Slated for February 12
SHYGYS DARYN: Creditors Must File Claims by February 12
TELECOM INVEST: Claims Filing Period Ends February 11
TS-TRANS SERVICE: Creditors' Claims Due on February 12


K Y R G Y Z S T A N

MAS-EXPRESS-PRODS LLC: Creditors Must File Claims by February 12


L U X E M B O U R G

LEHMAN BROTHERS: Luxembourg Unit Files for Bankruptcy in New York


N E T H E R L A N D S

LYONDELLBASELL INDUSTRIES: Moody's Downgrades Corp. Rating to 'Ca'
LYONDELLBASELL INDUSTRIES: S&P Gives 'D' Rating on 3 Subsidiaries


R U S S I A

ROSSIYA INSURANCE: Fitch Affirms 'B+' Insurer Strength Rating


S P A I N

AES CORP: JV Closes Financing for Photovoltaic Projects in Spain
AYT CAJA: Fitch Assigns 'B+' Final Rating on EUR8.1 Mil. Notes


S W I T Z E R L A N D

ALTHERR ARCHITEKTUR: Creditors Must File Claims by Jan. 22


U K R A I N E

DUBROVITSA MOTOR: Creditors Must File Claims by January 14
GDN GROUP: Creditors Must File Claims by January 14
INTERMACH LLC: Creditors Must File Claims by January 11
LEMANCE LLC: Creditors Must File Claims by January 14
NOVOSELOVKA-AGRO CJSC: Creditors Must File Claims by Jan. 15

OJSC CASCADE: Creditors Must File Claims by January 14
STROY-PROJECT-S LLC: Creditors Must File Claims by January 11
VIVATEKS LLC: Creditors Must File Claims by January 15


U N I T E D   K I N G D O M

ARMADILLO INDUSTRIES: Appoints Joint Administrators from BDO
ATLAS HOLIDAY: Names Joint Administrators from BDO Stoy
BCC REALISATIONS: Taps Joint Administrators from Ernst & Young
BLOOMING MARVELLOUS: May Go Into Administration
BLUESTONE SECURITIES: Fitch Corrects December 29 Rating Release

BRITISH AIRWAYS: CEO Optimistic About Closing AMR and Iberia Deals
BRITISH ENERGY: Fitch Upgrades Issuer Rating to 'A-' from 'BB+'
CASANOVA FASHIONS: Appoints Joint Administrators from PwC
EMMA SOMERSET: To Enter Into Administration
FOLIO HOTELS: Bespoke to Take Over 13 Properties

GARTMORE INVESTMENT: S&P Keeps 'BB/B' Counterparty Credit Ratings
GKN HOLDINGS: Moody's Cuts Senior Unsecured Debt Ratings to 'Ba1'
GLOBAL SOURCING: Taps Joint Administrators from Tenon Recovery
HIATT HARDWARE: Goes Into Administration; 11 Jobs Affected
JJB SPORTS: Appoints Sir David Jones as New Executive Chairman

MILLER BROTHERS: Goes Into Administration; 110 Jobs at Risk
OILEXCO NORTH: Ernst and Young Appointed as Administrators
PENGUIN PRODUCTS: Taps Joint Administrators from Tenon Recovery
ROYAL HOTEL: Placed Into Administration
THOMPSON PLASTICS: Goes Into Administration

VIYELLA: Goes Into Administration; 450 Jobs at Risk
WYCKHILLHOUSE HOTEL: Placed Into Administration

* UK: FSA Calls for Faster Payout of Compensation from FSCS

* BOOK REVIEW: Voluntary Assignments for the Benefit of Creditors


                         *********


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A U S T R I A
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AHT LLC: Claims Registration Period Ends February 5
---------------------------------------------------
Creditors owed money by LLC AHT (FN 41243b) have until Feb. 5,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Wien
         Austria
         Tel: 7155045
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Feb. 19, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2008, (Bankr. Case No. 2 S 154/08x).


GENERAL MOTORS: Mulls Shifting More Than 1,500 Jobs to Part-Time
----------------------------------------------------------------
General Motors Corp. in Austria plans to put more than 1,500
workers on part-time work due to the recession, The Associated
Press reports.

According to the AP, GM spokeswoman Elisabeth Schuller said 1,540
workers at the GM powertrain plant in Vienna have been told they
will be shifted to part-time basis from Jan. 19 through May 8.

Christopher Stringham at Wiener Zeitung relates Ms. Schuller said
the company already informed the Vienna Labour Market Service
(AMS) of its intentions.

If approved by the agency, the move would leave only 310 assembly
line workers on full-time basis, the AP says.

                      About General Motors

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

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

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

                        *     *     *

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

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

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

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


ERGIN KG: Claims Registration Period Ends February 5
----------------------------------------------------
Creditors owed money by KG Ergin (FN 267578y) have until Feb. 5,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Thomas Engelhart
         Esteplatz 4
         1030 Wien
         Austria
         Tel: 712 33 30
         Fax: DW 30
         E-mail: kanzlei@engelhart.at

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

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2008, (Bankr. Case No. 2 S 153/08z).


DRAGA LLC: Claims Registration Period Ends January 29
-----------------------------------------------------
Creditors owed money by LLC Draga (FN 34968z) have until
Jan. 29, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Feb. 12, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 27, 2008, (Bankr. Case No. 5 S 129/08t).


IMMOKOENIG LLC: Claims Registration Period Ends February 18
-----------------------------------------------------------
Creditors owed money by LLC Immokoenig (FN 213562m) have until
Feb. 18, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Wien
         Austria
         Tel: 877 33 30 Serie
         Fax: DW 30
         E-mail: office@ra-stampfer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 4, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 1, 2008, (Bankr. Case No. 2 S 156/08s).


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


FORTIS BANK: Standard & Poor's Corrects Administrative Error
------------------------------------------------------------
Standard & Poor's Ratings Services corrected an administrative
error relative to Belgium-based Fortis Bank SA/NV (A/Watch Pos/A-
1).  On Oct. 6, 2008, S&P placed the 'BBB' rating on potential
junior subordinated debt related to the bank's EUR30 billion
medium-term note program on CreditWatch with developing
implications.  However, a 'BB' rating on this debt type was
inadvertently entered in S&P's database.  The press release with a
'BBB' rating on this debt type under this program corrects this.

There is currently no rated junior subordinated debt issued under
this program.

                           Ratings List

                       CreditWatch Action

   Junior Subordinated EUR30 Billion Debt Medium-Term Note Program

                   To                From
                   --                ----
                   BBB/Watch Dev     BB/Watch Dev

       NB: This list does not include all ratings affected.


VALEO SA: Moody's Downgrades Long-Term Rating to 'Ba1' from 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the long-
term rating and to Not Prime from Prime-3 the short-term rating of
Valeo S.A.  At the same time Moody's assigned a Ba1 Corporate
Family Rating.  This rating action concludes the review for
downgrade initiated on December 22, 2008.  The outlook is
negative.

Falk Frey, Senior Vice President and lead analyst at Moody's for
Valeo, commented: "The rating change reflects the sharp
acceleration of deteriorating market conditions in most automotive
markets and the expected decline in worldwide automotive
production volumes adding to the pressure on profitability.  The
company's financial flexibility is therefore significantly
weakened and a possible turnaround not expected before 2010."

The rating review was triggered by Valeo's announcement of a
revised operating margin objective for FY2008 due to an
accelerated decline in automobile production in the fourth quarter
2008 on December 17, 2008.  Operating margin is now expected to
come out at around 2.6% for FY2008 compared to 3.6% in FY2007
based on the company's expectation of a decline in revenues by 25%
in Q4 2008 resulting in an operating loss for that period.  Valeo
anticipates no improvements in production levels next year
compared with the fourth quarter of 2008 and therefore announced
its plan to reduce its headcount by 5,000 employees out of the
global workforce of 54,000 at the end of November.  The
implementation of this plan will result in significant
restructuring provisions followed by cash outflows most likely
this year.  In Moody's view this would weaken Valeo's key
financial metrics to an extent and time horizon no longer
sufficient for the former rating level.

Moody's notes that the implementation of the announced severe
adjustments to the reduced levels of demand and the cost savings
resulting from these measures and from lower raw material costs
could result in a possible turnaround by 2010.

The Ba1 rating continues to reflect the company's size, its broad
product range and leading market positions in the automotive
supplier industry as well as a prudent financial policy.

The negative outlook reflects the risk of a further significant
weakening of Valeo's profitability and cash generation in 2009 due
to the rapid and severe deterioration of automotive production in
most markets and its expected continuation in the current fiscal
year.

Moody's acknowledges the proactive measures initiated to react to
an expected prolonged and severe decline in volumes.  However,
credit metrics will remain weak for the rating category in the
intermediate term.  The ratings could come under further pressure
in case of (i) negative free cash flow exceeding EUR200 million in
2009 and not reaching break even in 2010; (ii) an inability to
achieve leverage (Debt/EBITDA) below 4.0x in 2010 as well as (iii)
worsening of market trends in the automotive sector.

Valeo's liquidity profile remains solid, with a long dated
maturity schedule.  Liquidity is provided by sizable amounts of
cash readily available, a comfortable amount of headroom under its
committed high quality bilateral bank lines maturing in more than
1 year as well as by operating cash flows.  These sources should
cover all cash needs over the next 12 months arising from debt
maturities, capital expenditures, working capital and day-to-day
needs as well as dividend payments.  The Ba1 rating incorporates
the assumption that the solid liquidity profile will be maintained
throughout the restructuring period.

Downgrades:

Issuer: Valeo

  -- Commercial Paper, Downgraded to NP from P-3

  -- Multiple Seniority Medium-Term Note Program, Downgraded to a
     range of Ba2 to Ba1 from a range of Ba1 to Baa3

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
     from Baa3

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
     from Baa3

Assignments:

Issuer: Valeo

  -- Probability of Default Rating, Assigned Ba1
  -- Corporate Family Rating, Assigned Ba1
  -- Senior Unsecured Regular Bond/Debenture, Assigned LGD3, 49%

Outlook Actions:

Issuer: Valeo

  -- Outlook, Changed To Negative From Rating Under Review

Moody's last rating action on Valeo was a review for possible
downgrade of its Baa3 long- and Prime-3 short-term ratings on
December 22, 2008.

Valeo S.A., headquartered in Paris, is one of the leading global
suppliers of automotive components.  In 2007, Valeo generated
total sales of EUR9.6 billion.


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G E R M A N Y
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BRANDNEU GASTRO: Claims Registration Period Ends February 4
-----------------------------------------------------------
Creditors of Brandneu Gastro GmbH have until Feb. 4, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.309
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Brandneu Gastro GmbH
         Im Carree 4A
         64283 Darmstadt
         Germany

         Attn: Thorsten Rolf Adler, Manager
         Hofmannstr. 18a
         64347 Griesheim
         Germany


EURO TRANSPORT: Claims Registration Period Ends February 4
----------------------------------------------------------
Creditors of Euro Transport Service GmbH have until Feb. 4, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on March 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Schaefer
         Fuggerstr. 16
         86150 Augsburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 19, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Euro Transport Service GmbH
         Attn: Mehmet and Yusuf Karapinar, Managers
         Augsburger Str. 20
         86399 Bobingen
         Germany


H & B BAUMANAGEMENTGESELLSCHAFT: Claims Period Ends February 4
--------------------------------------------------------------
Creditors of H & B Baumanagementgesellschaft mbH have until
Feb. 4, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on March 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         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:

         Rolf Rattunde
         Kurfürstendamm 26 a
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         H & B Baumanagementgesellschaft mbH
         Attn: Dietmar Kasper, Mangager
         Lindenstrasse 21 A
         14662 Wiesenaue Ortsteil
         Germany


MC CUT VERWALTUNG: Claims Registration Period Ends February 5
-------------------------------------------------------------
Creditors of Mc CUT Verwaltung GmbH have until Feb. 5, 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 19, 2009, 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:

         Ralf Klinge
         Koenigsbruecker Strasse 33
         01099 Dresden
         Germany

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

The Debtor can be reached at:

         Mc CUT Verwaltung GmbH
         Attn: Alfred Toelke, Manager
         Kesselsdorfer Str. 46
         01159 Dresden


TRADIUS HANDELS: Claims Registration Period Ends February 4
-----------------------------------------------------------
Creditors of Tradius Handels GmbH have until Feb. 4, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on March 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Christian Plail
         Eserwallstr. 1 - 3
         86150 Augsburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 19, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Tradius Handels GmbH
         Attn: Karl-Heinz Ostermeier, Manager
         Lagerlechfelder Str. 38
         86836 Untermeitingen
         Germany


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LANDSBANKI ISLANDS: Icelandic Govt' Drops Suit Over Frozen Assets
-----------------------------------------------------------------
The Government of Iceland has decided to examine any and all
possibilities of Iceland seeking redress before the European Court
of Human Rights for the application by UK authorities of the Anti-
Terrorism, Crime and Security Act 2001 against Landsbanki Islands
hf. last year.

Furthermore, the Government repeats its previous declaration of
strong support for legal proceedings by Kaupthing Bank's
Resolution Committee against actions taken by the UK Financial
Services Authority (FSA) on October 8, 2008, on which date the FSA
took control of the operations of Singer & Friedlander, resulting
in the insolvency of the parent company.  The Resolution Committee
has decided to bring suit, on the Bank's behalf, against the UK
authorities and enjoys the full support of the Icelandic
government in its suit.  This support is provided in accordance
with an Act of the Icelandic parliament Althingi, adopted on
December 20, 2008, authorizing the Minister of Commerce to provide
financial support for such litigation.

The Government of Iceland will also support possible legal action
taken by the Resolution Committee of Landsbanki against UK
authorities; such action, however, is not entirely subject to the
same time constraints as is the suit to be brought by the
Resolution Committee of Kaupthing Bank.

It should be pointed out that the Government of Iceland has
obtained an opinion from the UK legal office of Lovells concerning
possible legal action by the Icelandic state against UK
authorities to test the legitimacy of the Landsbanki Freezing
Order issued by the authorities on October 8, 2008 on the basis of
this same Anti-Terrorism, Crime and Security Act.  The UK legal
counsel were requested to assess whether the Freezing Order could
be invalidated by a UK court on the grounds that it was illegal
and whether the Icelandic state could sue for damages resulting
from the Freezing Order in a UK court.  Legal counsel were of the
opinion that there was scant possibility that the Icelandic
government could have the Freezing Order invalidated by a UK
court.  They provided detailed grounds for this conclusion, based
on legal principles and precedent in the UK, and were of the
opinion that the legislation granted the UK authorities very broad
authorization to apply the provisions on freezing of assets.  They
were also of the opinion that there was no probability of the
Icelandic state being awarded compensation by a UK court as a
result of the Freezing Order.  The Icelandic Attorney General and
the Foreign Ministry's expert in international law agreed with
this opinion.

As a result, the Icelandic government has decided not to bring
suit against the UK authorities in a UK court at this stage.  As
previously mentioned, however, it intends to examine exhaustively
other options for international legal action, including in
particular the European Court of Human Rights.

In addition, the Government of Iceland reiterates its steadfast
conviction that the above-mentioned actions by the UK authorities
were wrongful and unjustified, and has made a formal request to
the UK authorities that the Freezing Order be canceled.

                     About Landsbanki

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


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CHARTBUSTERS: Goes Into Examinership; 267 Jobs at Risk
------------------------------------------------------
Ray Managh at The Irish Times reports that ChartBusters has gone
into examinership, putting 267 jobs at risk.

Mr Justice John Edwards appointed Neill Hughes, of Hughes Blake
Chartered Accountants, as interim examiner to Chartbusters, which
operates 37 home entertainment stores, the report discloses.

The report relates Gary McCarthy, counsel for the company and six
related firms including tanning and weight-loss outlets, told
Judge Edwards in the High Court Thursday that Chartbusters racked
up debts of about EUR20 million.

Citing Mr. McCarthy, the report reveals the company owed EUR12
million to Bank of Scotland (Ireland), KBC Bank, Lombard Ireland
and Friends First Finance Ltd., while landlords were being owed
EUR2 million.

ChartBusters' director Richard Murphy, as cited by the report,
said the company was currently unable to repay the interest due on
the loans and was servicing about EUR900,000 a year in leasing
payments.

The report states group turnover had dropped to EUR12.2 million
for the period to April 30, 2008, and costs, in particular rent,
had eroded profits.

According to the report, Mr. Murphy in an independent report said
that the company and related firms would have a reasonable
prospect of survival as a going concern with new investment,
closure of underperforming stores, negotiations with landlords and
acceptance of an appropriate scheme of arrangement by the
creditors under the protection of the High Court.

Mr. Murphy noted a number of creditors had taken actions against
the company in recent times and there was a petition currently
before the court, due to be heard on January 12, for the winding
up of the company, the report adds.


STARLING FINANCE: S&P Withdraws 'D' Rating on EUR4 Mil. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D' credit rating
on the EUR4 million floating-rate portfolio credit-linked notes
series 2006-6 issued by Starling Finance PLC.

The rating withdrawal is due to a mandatory redemption following
the default of the underlying collateral.

The debt issued by Sigma Finance Corp. makes up the collateral in
this transaction.  On Oct. 17, 2008, S&P lowered its issuer credit
and senior debt ratings on Sigma to 'D' from 'CCC-/Watch Neg'.


WATERFORD WEDGWOOD: KPS Signs Letter of Intent to Acquire Assets
----------------------------------------------------------------
The joint administrators of Waterford Wedgwood UK Plc and the
receiver of Waterford Wedgwood Plc, respectively, have entered
into a letter of intent with KPS Capital Partners, LP, a New York-
based private equity limited partnership, in connection with the
proposed acquisition by KPS of assets of the group worldwide,
including certain assets of Waterford, Wedgwood, and Royal
Doulton, among others.

The joint administrators and receiver are working with KPS to
expeditiously agree the terms upon which a transaction can be
completed in the interests of stakeholders.

Mr. David Sculley, CEO of Waterford Wedgwood, said "This is a
critical step forward for Waterford Wedgwood.  We commend KPS for
its confidence in our company, for the enormous amount of time,
effort and resources expended by KPS globally that have resulted
in reaching this important stage.  I look forward to working
towards the successful completion of a deal."

Angus Martin, joint administrator said, "This is an important step
towards our key objective of maximizing value for stakeholders."

KPS Capital Partners, LP -- http://www.kpsfund.com-- is the
manager of the KPS Special Situations Funds, a family of private
equity funds with committed capital in excess of US$1.8 billion.
KPS seeks to realize significant capital appreciation through
controlling investments in companies confronting change or in a
period of transition.  The KPS team has established stand-alone
entities to operate assets divested by large corporate parents,
created new companies to purchase operating assets out of
bankruptcy, and completed capital infusions to recapitalize public
and private companies.

As reported in the TCR-Europe, Waterford Wedgwood plc along with
10 subsidiaries entered administration on January 5.  Angus
Martin, Neville Kahn, Nick Dargan and Dominic Wong of Deloitte
LLP, were appointed as joint administrators while David Carson,
partner of Deloitte in Ireland, was appointed receiver of
Waterford Wedgwood plc, (the ultimate parent of the UK companies),
and a number of its trading subsidiaries.

Deloitte LLP -- http://www.deloitte.co.uk-- is the United Kingdom
member firm of Deloitte Touche Tohmatsu, a Swiss Verein, whose
member firms are legally separate and independent entities.

The Waterford Wedgwood subsidiaries also in administration are:

   Waterford Wedgwood UK Plc
   Wedgwood Limited
   Josiah Wedgwood & Sons Limited
   Josiah Wedgwood & Sons (Exports) Limited
   Waterford Wedgwood Retail Limited
   Royal Doulton Ltd
   Royal Doulton (UK) Limited
   Royal Doulton Overseas Holdings Ltd
   Stuart & Sons Limited
   Statum Limited

The companies are involved in the manufacture, wholesale and
retail of Waterford crystal, Wedgwood fine china and Royal Doulton
fine china products around the world.  In the UK there are
approximately 1,900 staff working across manufacturing and retail
and worldwide there are approximately another 5800 employees
covering the USA, Germany, Ireland, Canada, Australia, Indonesia,
Japan and Pan Asia.

In a statement, administrator Deloitte said that in recent years,
the companies benefited from significant shareholder support as
exhaustive efforts were made by the management team to restructure
the businesses.  However, as trading conditions deteriorated, it
became apparent that a restructuring of the businesses could not
be achieved in an acceptable timescale.

Consequently management began looking at the alternative strategy
of trying to find a buyer for the businesses which would also have
involved a comprehensive financial restructuring.  While
considerable progress was made, no firm offer was secured.  The
current global economic conditions have continued to affect the
business and the companies have needed the protection of
administration.

Waterford Wedgwood plc, (the ultimate holding company), is an
Irish company with manufacturing operations in Ireland.  The Irish
businesses in total employ approximately 800 people.  The group
also has manufacturing operations in the UK, Indonesia and
Germany.

The UK head office is located in London and employs 6 people.  The
Irish head office is located in Waterford, Ireland  and employs 14
people

Manufacturing is undertaken in Barlaston in the UK, the Irish
Republic and Indonesia.  The approximate number of manufacturing
employees in each location is 600, 450 and 1500 respectively.

In the UK, there are 19 retail stores which employ 170 people.  In
addition there are approximately 120 retail concessions.  The
retail operations are spread throughout the UK.  There are also
retail outlets around the world but these are operated by separate
overseas companies which are continuing to trade and which are not
in insolvency.

The business in Germany is Rosenthal AG.  It employs approximately
1000 people and it manufactures fine china predominantly for the
German market.  Rosenthal is operated on an independent basis and
is being dealt with by the Rosenthal management team.

Bloomberg News says the German and U.S. units are not included in
the receivership.

Bloomberg News relates Waterford Wedgwood Plc, hurt by competition
from Asian rivals and the dollar's drop against the euro, has
posted five years of losses.  The company has raised about EUR400
million (US$557 million) over four years through share sales to
fund job cuts and factory closings, Bloomberg News says.

Jeanne Whalen at The Wall Street Journal meanwhile reports that
the filing for administration was triggered by Waterford Wedgwood
Plc's failure to pay on some of the EUR400 million, or about
US$550 million, in debt it has accumulated over the years.

According to the Journal, a group of lenders led by Bank of
America Corp. granted the company four separate grace periods in
December on a EUR200 million credit line as it sought to find a
buyer.  But the last grace period expired Friday last week.


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


ASTRA LLP: Proof of Claim Deadline Slated for February 12
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Astra insolvent.

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

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


BAKJAN LLP: Creditors Must File Claims by February 12
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Bakjan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


BUILDUP SERVICE: Claims Filing Period Ends February 11
------------------------------------------------------
LLP Buildup Service has declared insolvency.  Creditors have until
Feb. 11, 2009, to submit written proofs of claim to:

         LLP Buildup Service
         Abai ave. 76
         Almaty
         Kazakhstan


JANAR CO: Creditors' Claims Due on February 12
----------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Janar Co. Ltd. insolvent.

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

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


KURGAN STROY: Claims Registration Ends February 11
--------------------------------------------------
LLP Construction Company Kurgan Stroy has declared insolvency.
Creditors have until Feb. 11, 2009, to submit written proofs of
claim to:

         LLP Construction Company Kurgan Stroy
         Sadovnikov Str. 99
         Almaty
         Kazakhstan


ROLEK S: Proof of Claim Deadline Slated for February 12
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Rolek S insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


SHYGYS DARYN: Creditors Must File Claims by February 12
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Shygys Daryn insolvent.

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

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


TELECOM INVEST: Claims Filing Period Ends February 11
-----------------------------------------------------
LLP Telecom Invest has declared insolvency.  Creditors have until
Feb. 11, 2009, to submit written proofs of claim to:

         LLP Telecom Invest
         Ozturk Str. 9
         Almaty
         Kazakhstan


TS-TRANS SERVICE: Creditors' Claims Due on February 12
------------------------------------------------------
LLP TS-Trans Service has declared insolvency.  Creditors have
until Feb. 12, 2009, to submit written proofs of claim to:

         LLP TS-Trans Service
         Jasyl Olko side street 34
         Kyzylorda
         Kazakhstan
         Tel: 8 (7242) 23-96-19


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


MAS-EXPRESS-PRODS LLC: Creditors Must File Claims by February 12
----------------------------------------------------------------
LLC Mas-Express-Prods has declared insolvency.  Creditors have
until Feb. 12, 2009, to submit claims to:

         LLC Mas-Express-Prods
         Chui ave. 202
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 59-23-74


===================
L U X E M B O U R G
===================


LEHMAN BROTHERS: Luxembourg Unit Files for Bankruptcy in New York
-----------------------------------------------------------------
Debtor: Lehman Brothers Holdings Inc.
       745 Seventh Avenue
       New York, NY 10019

Bankruptcy Case No.: 08-13555

Type of Business: The Debtor is an investment bank.  The
                 company serves the financial needs of
                 corporations, governments and municipalities,
                 institutional clients, and high net worth
                 individuals worldwide.  Founded in 1850, Lehman
                 Brothers is involved in equity and fixed income
                 sales, trading and research, investment
                 banking, private investment management, asset
                 management and private equity.  The company
                 operates in three segments: Capital Markets,
                 Investment Banking, and Investment Management.
                 It has regional headquarters in London and
                 Tokyo, and operates in a network of offices
                 around the world.  It has about 28,000 full-
                 time employees.

                 See: http://www.lehman.com/

Debtor-affiliate filing separate Chapter 11 petitions on
January 7, 2009:

       Entity                                     Case No.
       ------                                     --------
Luxembourg Residential Properties Loan             09-10108
Finance S.a.r.l.

Debtor-affiliates filing separate Chapter 11 petitions on
September 15, 2008:

       Entity                                     Case No.
       ------                                     --------
LB 745 LLC                                         08-13600
PAMI Statler Arms LLC                              08-13664
Lehman Brothers Commodity Services Inc.            08-13885
Lehman Brothers Finance SA                         08-13887
Lehman Brothers Special Financing Inc.             08-13888
Lehman Brothers Derivative Products Inc.           08-13899
Lehman Commercial Paper Inc.                       08-13900
Lehman Brothers Commercial Corporation             08-13901
Lehman Brothers Financial Products Inc.            08-13902
Fundo de Investimento Multimercado Credito Privado 08-13903
Lehman Scottish Finance L.P.                       08-13904
CES Aviation LLC                                   08-13905
CES Aviation V LLC                                 08-13906
CES Aviation IX LLC                                08-13907
East Dover Limited                                 08-13908

Chapter 11 Petition Date: September 15, 2008

Court: Southern District of New York (Manhattan)

Debtor's Counsel: Harvey R. Miller, Esq.
                 harvey.miller@weil.com
                 Richard P. Krasnow, Esq.
                 Lori R. Fife, Esq.
                 Shai Y. Waisman, Esq.
                 Jacqueline Marcus, Esq.
                 Alfredo R. Perez, Esq.
                 Weil, Gotshal & Manges, LLP
                 767 Fifth Avenue
                 New York, NY 10153
                 Tel: (212) 310-8000
                 Fax: (212) 310-8007
                 http://www.weil.com/

                 Total Assets           Total Debts
                 ------------           -----------
Lehman Brothers   US$639 billion            US$613 billion

LB 745            More than US$1 billion    More than US$1 billion

Lehman Brothers   More than US$1 billion    More than US$1 billion
Commodity

Lehman Brothers   More than US$1 billion    More than US$1 billion
Finance

Lehman Brothers   More than US$1 billion    More than US$1 billion
Special

Lehman Brothers   More than US$1 billion    More than US$1 billion
Derivative

Lehman Commercial More than US$1 billion    More than US$1 billion
Paper

Lehman Brothers   More than US$1 billion    More than US$1 billion
Commercial

Lehman Brothers   More than US$1 billion    More than US$1 billion
Financial

Fundo de          More than US$1 billion    More than US$1 billion
Investimento

Lehman Scottish   More than US$1 billion    More than US$1 billion
Finance

CES Aviation      More than US$1 billion    More than US$1 billion
LLC

CES Aviation      More than US$1 billion    More than US$1 billion
V LLC

CES Aviation      More than US$1 billion    More than US$1 billion
IX LLC

East Dover        More than US$1 billion    More than US$1 billion
Limited

PAMI Statler      US$20 million             US$38 million

A. Lehman Brothers' 30 Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Citibank, N.A., as indenture   bond debt
US$138,000,000,000
trustee, and The Bank of New
York Mellon Corporation (with
respect to the Euro Medium
Term Notes only, as indenture
trustee, under the Lehman
Brothers Holdings. Senior
Notes.

Citibank, N.A.
399 Park Avenue
New York, NY 10043
Attn: Wafaa Orfy
Tel: (800) 422-2066
Fax: (212) 816-5773

The Bank of New York
One Canada Square
Canary Wharf, London E14 5AL
Attn: Raymond Morison
Tel: 44-207-964-8800

The Bank of New York           bond debt
US$15,000,000,000
Mellon Corporation, as
indenture trustee under the
Lehman Brothers Holdings
Inc. subordinated debt.

The Bank of New York
Mellon Corporation
101 Barclay Street
New York, NY 10286
Attn: Chris O'Mahoney
Tel: (212) 815-4107
Fax: (212) 815-4000

AOZORA                         bank loan          US$463,000,000
1-3-1 Kudan-Minami
Chiyoda-ku, Tokyo 102-8660
Tel: 81-3-5212-9631
Fax: 81-3-3265-9810

Mizuho Corporate Bank Ltd.     bank loan          US$289,000,000
Global Syndicated Financi
Division
1-3-3, Marunochi, Chiyoda-ku
Tokyo, Japan 100-8210

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360
Fax: (212) 282-4487

Citibank N.A. Hong Kong        bank loan          US$275,000,000
Branch
Financial Institutions Group
Asia Pacific
44f Citibank Tower
3 Garden Rd.
Central Hong Kong

Michael Mauerstein
MD - FIG
388 Greenwich Street
New York, NY 10013
Tel: (212) 816-3431

BNP Paribas                    bank loan          US$250,000,000
787 7th Avenue
New York, NY 10019
Tel: (212) 841-2084

Shinesi Bank Ltd.              bank loan          US$231,000,000
1-8, Uchisaiwaicho 2-
Chome
Chiyoda-ku, Tokyo 100-8501
Tel: 81-3-5511-5377
Fax: 81-3-4560-2834

UFJ bank Limited               bank loan          US$185,000,000
2-7-1, Marunouchi
Chiyoda-ku, TKY 100-8388

Stephen Small
vice president
head of financial
institutions
Bank of Tokyo-Mitsubishi
UFJ Trust Company
1251 Avenue of the Americas
New York, New York
10020-1104
Tel: (212) 782-4352
Fax: (212) 782-6445

Sumitomo Mitsubishi            bank loan          US$177,000,000
Bank Corp.
13-6 Nihobashi-
Kodenma-Cho, Chuo-ku,
Tokyo, 103-0001

Yas Imai
Senior Vice President
Head of Financial
Institution Group
Sumitomo Mistui Banking
Corporation
277 Park Avenue
New York, NY 10172
Tel: (212) 224-4031
Fax: (212) 224-4384

Svenska Handelsbanken          letter of credit   US$140,610,543
153 E. 53rd St., 37th floor
New York, NY 10022
Tel: (212) 258,9487

KBC Bank                       letter of credit
US$100,000,000
125 W. 55th St.
New York, NY 10019
Tel: (212) 258-9487

Mizuho Corporate Bank Ltd.     bank loan          US$93,000,000
1-3-3, Marunouchi
Chiyoda-ku, TKY 100-8219

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360

Shinkin Central Bank           bank loan          US$93,000,000
8-1, Kyobashi 3-Chome
Chuo-ku, Tokyo 104-0031

Shuji Yamada
Deputy General Manager
Financial Institution Dept.
Shinkin Central Bank
3-7, Yaesu 1-chome, Chuo-ku
Tokyo 104-0028
Tel: 81-3-5202-7679
Fax: 81-3-3278-7051

The Bank of Nova Scotia        bank loan          US$93,000,000
Singapore Branch
1 Raffles Quay #201-01
One Raffles Quay North
Tower
Singapore 0485583

George Neofitidis
Director Financial
Institutions Group
One Liberty Plaza
New York, NY 10006
Tel: (212) 225-5379
Fax: (212) 225-5254

Chuo Mitsui Trust & Banking   bank loan           US$93,000,000
3-33-1 Shiba, Minato-ku,
Tokyo, 105-0014
Tel: 81-3-5232-8953
Fax: 81-3-5232-8981

Lloyds Bank                   letter of credit    US$75,381,654
1251 Avenue of the Americas
39th Floor
P.O. Box 4873
New York, NY 10163
Tel: (212) 930-8967
Fax: (212) 930-5098

Hua Nan Commercial Bank       bank loan           US$59,000,000
Ltd.
38 Chung-King South
Road Section 1
Taipei, Taiwan

Bank of China                 bank loan           US$50,000,000
New York Branch
410 Madison Avenue
New York, NY 10017
Tel: (212) 936-3101
Fax: (212) 758-3824

Nippon Life Insurance Co.     bank loan           US$46,000,000
1-6-6, Marunouchi,
Chiyoda-ku, Tokyo 100-8288

Takayuki Murai
Deputy General Manager
Corporate Finance Dept. #1
Nippon Life Insurance Co.
Tel: 81-3-5533-9814
Fax: 81-3-5533-5208

ANZ Banking Group             bank loan           US$44,000,000
Limited
18th Floor Kyobo Building
1 Chongro 1 Ku,
Chongro Ka,
Seoul, Korea

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Standard Chartered Bank       bank loan           US$41,000,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

Standard Chartered Bank       letter of credit    US$36,114,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

First Commercial Bank         bank loan           US$25,000,000
Co. Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017

Jason C. Lee
Deputy General Manager
First Commercial Bank Co.
Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017
Tel: (212) 599-6868
Fax: (212) 599-6133

Bank of Taiwan                bank loan           US$25,000,000
New York Agency
100 Wall Street, 11th Floor
New York, NY 1005

Eunice S.J. Yeh
Senior Vice President &
General Manager
100 Wall Street, 11th floor
New York, NY 10005
Tel: (212) 968-0580
Fax: (212) 968-8370

DnB NOR Bank ASA              bank loan           US$25,000,000
NO-0021, Olso, Norway
Stranden 21, Aker Brygge
Tel: 47 22 9487 46
Fax: 47 22 48 29 84

Australia and New Zealand     bank loan           US$25,000,000
Banking Group Limited
Melbourne Office
Level 6, 100 Queen
Street Victoria
Melbourne, VIC 3000
Australia

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Australia National Bank       letter of credit    US$12,588,235
1177 Avenue of the
Americas, 6th Floor
New York, NY 10036

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

National Australia Bank       letter of credit    US$10,294,163
245 Park Avenue, 28th Fl.
New York, NY 10167

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Taipei Fubon Bank, New        bank loan           US$10,000,000
York Agency
100 Wall Street, 14th floor
NY NY 10005
Tel: (212) 968-9888
Fax: (212) 968-9800

B. LB 745's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Rocky-Forty-Ninth LLC          ground lease      US$0
c/o The Rockefeller Group
1221 Avenue of the Americas
New York, NY 10020

C. PAMI Statler's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Steingass                      trade debt        US$76,372
754 Progress Drive
Medina, OH 44256

Statler Arms Garage LLC        litigation        US$50,000
1111 Euclid Ave.               claim
Cleveland, OH 44115

Illuminating                   trade debt        US$40,182
P.O. Box 3638
Akron, OH 44309

TD Security                    trade debt        US$19,795
P.O. Box 81357
Cleveland, OH 44181

Marble Care                    trade debt        US$16,270
5184 Richmond Rd
Cleveland, OH 44146

IGS                            trade debt        US$13,901
P.O. Box 631919
Cincinnati, OH

WCCV                           trade debt        US$13,598
3479 State Rd.
Cuyahoga Falls, OH 44223

Demann                         trade debt        US$9,350
16919 Walden
Cleveland, OH 44128

Dominion                       trade debt        US$5,335
P.O. Box 26225
Richmond, VA 23260

Midwest Realty Advisors, LLC   trade debt        US$5,000
37848 Euclid Avenue
Willoughby, OH 44094

RMC                            trade debt        US$3,340
P.O. Box 31315
Rochester, NY 14603

Republic Waste                 trade debt        US$3,338
P.O. Box 9001826
Louisville, KY 40290

Division Water                 trade debt        US$3,124
P.O. Box 94540
Cleveland, OH 44101

NorthEast                      trade debt        US$3,088
P.O. Box 9260
Akron, OH 44305

Time Warner                    trade debt        US$2,831
P.O. Box 0901
Carol Stream, IL 60132

Best Karpet                    trade debt        US$2,689
1477 E 357 street
EastLake, OH 44095

AT&T                           trade debt        US$2,232
P.O. 8100
Aurora, IL 60507

Account Temps                  trade debt        US$2,087
12400 Collections Drive
Chicago, IL 60693

Rentokil                       trade debt        US$1,742
8001 Sweet Valley Dr
Valleyview, OH 44125


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


LYONDELLBASELL INDUSTRIES: Moody's Downgrades Corp. Rating to 'Ca'
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of LyondellBasell Industries AF SCA to Ca from Caa2 and
also downgraded ratings on the debt instruments raised by the
group.  The outlook on the ratings is stable.

The rating action follows the announcement made by the company on
6 January 2009 that its US subsidiaries and one of its non Dutch
holding companies in Europe have filed to reorganize its
operations and balance sheet under Chapter 11 of the US Bankruptcy
Code citing a profound deterioration in the trading conditions in
December 2008.  The company also confirmed that it has arranged an
additional US$3.25 billion in funding to support the restructuring
process.

Moody's notes the remaining uncertainty with respect to the
resolution of the restructuring of the company's liabilities and a
timely implementation of any remedial actions that the management,
the principal shareholder and the lenders may consider.  At this
junction, for the purposes of the LGD analysis, Moody's considers
the company to remain a going concern.

These ratings are affected by this press release:

  - Ca Corporate family rating at LyondellBasell Industries AF
    SCA;

  - Caa2 / LGD 2 (27) rating on the Senior Secured 1st lien
    facilities;

  - C / LGD 5 (73) rating on Senior Secured 2d lien facility at

Lyondell Basell Finance Company;

  - C / LGD 5 (86) rating on Senior Secured 3d lien facility at

Lyondell Basell Finance Company;

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

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

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

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

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

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

Moody's last rating action on the company was 30 December 2008
when the rating agency downgraded the corporate family rating of
Lyondell Basell Industries AF SCA to Caa2 and downgraded the
ratings of various instruments raised by the company's
subsidiaries.  The rating agency also placed all ratings under
review for downgrade.  This rating action concludes the review.
In the absence of additional information, Moody's expects to
withdraw the ratings shortly.

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 generated 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 INDUSTRIES: S&P Gives 'D' Rating on 3 Subsidiaries
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'D' from
'CC' its ratings on the three main U.S. subsidiaries of
LyondellBasell Industries AF S.C.A., namely Lyondell Chemical Co.,
Equistar Chemicals L.P., and Millennium Chemicals Inc.  This
follows the company's decision to file for Chapter 11 bankruptcy
protection for these entities on Jan. 6, 2009.  All issue ratings
of the U.S. subsidiaries have also been cut to 'D'.

The long-term issuer credit rating on the European holding company
LyondellBasell Industries AF S.C.A. remains at 'SD', indicating a
selective default, because S&P expects the company to continue to
serve its senior debt obligations as well as those on as its three
European bonds.  However, these obligations are now rated 'C' and
there is still a high risk that the bonds could lose the majority
of their principal in the ongoing debt restructuring process.

LyondellBasell filed voluntary petitions for reorganization under
Chapter 11 in the U.S. Bankruptcy Court.  The bankruptcy filing
comes after Lyondell Chemical Co. missed a US$160 million fees and
US$121 million interest payment relating to the bridge loan
agreement on Jan. 4, which had already been deferred from Dec. 19,
2008.  The group's owner, Access Industries, has declined to allow
LyondellBasell to draw down under the EUR750 million revolving
credit line, which was so far undrawn.

LyondellBasell's liquidity deteriorated substantially in the
fourth quarter, owing to large double-digit declines in volumes
sold as well as the company's obligation to reduce its inventory
and receivables-based borrowings by about US$1.2 billion.  In
January 2009, payments totaling US$850 million are due under these
facilities.  This follows a quickly declining borrowing base under
its inventory and receivables-based credit facilities because the
oil price has declined by about US$100 per barrel and key
commodity chemical prices by more than 50% since August 2008.

The company has already successfully renegotiated with its lenders
up to US$8 billion for debtor-in-possession financing, for which
Access Industries will provide about US$700 million of debt.  The
DIP financing, which is subject to court approval, will provide an
immediate source of funds to continue its operations and enable
LyondellBasell to satisfy customary obligations, including amounts
owed to trade creditors, suppliers, customers, and employees in
the ordinary course of business.  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 in the U.S.

"We believe that debt restructuring will result in substantial
principal losses for non-senior lenders, mainly the second-lien
and very likely a majority of senior unsecured bond obligations,"
said Standard & Poor's credit analyst Tobias Mock.

"We will monitor the debt restructuring progress and will assign a
new corporate credit rating accordingly, once S&P has visibility
about the future financial structure."

The company has adapted its production capacities considerably in
recent months, and currently produces only at an estimated 50% of
its nameplate capacity.  This, of course, is dramatically reducing
its operating profitability and cash flow generation capability.
In addition, the petrochemical downturn is not likely to hit its
trough until 2010 so that the company is expected to continue to
face challenging market conditions for at least another 24 months.
S&P does not expect the dramatic volume decline in the fourth
quarter of 2008 to be representative of the underlying demand for
plastics over the coming two years and therefore expect a somewhat
improving trend in the coming quarters.  However, cheap cost
capacities from the Middle East will keep profitability for
European and U.S.-based producers very minimal or even loss making
as long as the oversupply in the industry exists.  The company now
expects to achieve EBITDA of about US$2.1 billion-US$2.3 billion
in 2009 and 2010, as indicated in the Lyondell Chemical Co.
Chapter 11 filing.


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


ROSSIYA INSURANCE: Fitch Affirms 'B+' Insurer Strength Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Rossiya Insurance
Company's Insurer Financial Strength Rating of 'B+' and National
IFS Rating of 'A-(rus)' (A minus).  At the same time, the agency
has removed the ratings from Rating Watch Negative.  The Outlook
on both ratings is Stable.

The resolution of the RWN follows the successful completion of a
RUR1 billion share issue that had been temporarily suspended by
Russia's Federal Financial Markets Service in December.  Fitch
believes that Rossiya's capital adequacy is now closer to that
expected for the current rating level.  However, the agency notes
that a rapid pace of premium growth in 2009 has the potential to
outstrip the company's ability to maintain capital at a level
commensurate with its current rating.

Rossiya's underwriting performance remains very good and the
combined ratio was 80.9% for 9M08.  Fitch believes that the
company's strong earnings generation offsets, to some extent, its
relatively modest current capital position.  The agency will
monitor Rossiya's capital adequacy in line with the expansion of
the company's underwriting exposure.


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


AES CORP: JV Closes Financing for Photovoltaic Projects in Spain
----------------------------------------------------------------
AES Solar Energy Ltd (AES Solar), a joint venture between The AES
Corporation and Riverstone Holdings LLC, disclosed that on
December 30, 2008 one of its subsidiaries closed a EUR70 million
non-recourse debt facility for five of its photovoltaic (PV)
projects in Spain.  The loan was extended by UniCredit
Mediocredito Centrale of Italy and Rabobank of the Netherlands.
The financing is at an initial margin of 255 bps to EURIBOR per
annum and it is amortized based on an underlying tenor of 18
years.

Formed in March, 2008, AES Solar develops, owns and operates
utility scale solar installations.  The PV solar installations are
part of AES Solar's eight operating power plants in Spain.  The
projects qualify for the favorable regulated tariff under the
Spanish Special Regime for renewable projects (Royal Decree
661/2007).

"We are encouraged by our ability to close the financing in
challenging credit markets.  This accomplishment is largely the
result of the intersection of good projects, good banks, and good
people working hard on both sides of the deal," said Robert
Hemphill, CEO of AES Solar.

"The transaction reflects UniCredit Group's resolute commitment to
AES Solar and to the renewable energy sector, which remains
undeterred in spite of challenging market conditions," said
Massimo Pecorari, Head of Project and Commodity Finance Southern
Europe.

Marcel Gerritsen, Global Head Renewable Energy and Infrastructure
Finance of Rabobank expressed, "We are very happy to have been
able to work with AES Solar to produce an innovative financing
solution for this solar portfolio, matching both the innovative
technology used and the challenging conditions we all face."

First Solar's thin film panels are used in three of the five
projects.  This financing represents the largest project financing
completed in Spain for solar installations utilizing First Solar
panels.

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's affirmed the ratings of AES, including
the company's Corporate Family Rating at B1, its Probability of
Default Rating at B1, its senior secured credit facilities at Ba1,
its second priority senior secured notes at Ba3, its senior
unsecured notes at B1 and its trust preferred securities at B3.
Moody's said the rating outlook for AES is stable.


AYT CAJA: Fitch Assigns 'B+' Final Rating on EUR8.1 Mil. Notes
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to AyT CAJA MURCIA
FINANCIACION 1 Fondo de Titulizacion de Activos' asset-backed
securities notes totaling EUR230 million due in July 2024:

  -- EUR197.1 million Series A: 'AAA'; Outlook Stable
  -- EUR13.1 million Series B: 'A'; Outlook Stable
  -- EUR11.7 million Series C: 'BBB-' (BBB minus); Outlook Stable
  -- EUR8.1 million Series D: 'B+'; Outlook Stable

The transaction is a true-sale securitization of a pool of
consumer and auto loans originated in Spain by Caja de Ahorro de
Murcia (Cajamurcia, rated 'A+'/Outlook Stable/'F1').

The ratings are based on the quality of the collateral, the
available credit enhancement, Cajamurcia's underwriting and
servicing capabilities, the integrity of the transaction's legal
and financial structures, and Ahorro y Titulizacion S.G.F.T, S.A's
administrative capabilities.

Initial CE for the Class A to D notes is provided by subordination
and a reserve fund, which has been fully funded at closing, using
a subordinated loan.

The ratings address the payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger on the Class B, Class C and Class D, as well as
the repayment of principal at legal final maturity.  Should the
deferral trigger on the Class B, C and D notes be hit, interest on
these notes will be deferred in the priority of payments.  In this
instance, interest payments might not be received for a period of
time, but will be received by legal final maturity.


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


ALTHERR ARCHITEKTUR: Creditors Must File Claims by Jan. 22
----------------------------------------------------------
Creditors owed money by  LLC Altherr Architektur are requested to
file their proofs of claim by Jan. 22, 2009, to:

         Verena Himmelberger Altherr
         Austrasse 4
         8505 Pfyn
         Switzerland

The company is currently undergoing liquidation in Pfyn.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 8, 2007.


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


DUBROVITSA MOTOR: Creditors Must File Claims by January 14
----------------------------------------------------------
Creditors of OJSC Dubrovitsa Motor Transport Enterprise – 15642
(EDRPOU 03399528) have until Jan. 14, 2009, to submit proofs of
claim to:

         Mr. Duplika Pavel
         Temporary Insolvency Manager
         P.O.B. 27
         33023 Rivne
         Ukraine
         Tel: +38(067)314-42-14

The Arbitration Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 24, 2008.
The case is docketed as 8/38.

         The Economic Court of Rivne
         Yavornitskiy Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         OJSC Dubrovitsa Motor Transport Enterprise – 15642
         Yavornitskiy Str. 59
         33001 Rivne
         Ukraine


GDN GROUP: Creditors Must File Claims by January 14
---------------------------------------------------
Creditors of declared LLC GDN Group (EDRPOU 35212254) have until
Jan. 14, 2009, to submit proofs of claim to:

         LLC Young-Company
         Liquidator
         Politekhnicheskaya Str. 16
         03055 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 1, 2008.
The case is docketed as 49/263-b.

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

The Debtor can be reached at:

         LLC GDN Group
         Nikolay Vasilenko Str. 7-A
         03124 Kiev
         Ukraine


INTERMACH LLC: Creditors Must File Claims by January 11
-------------------------------------------------------
Creditors of LLC Intermach (EDRPOU 31433913) have until Jan. 11,
2009, to submit proofs of claim to:

         Mr. Alexander Vozdvizhensky
         Temporary Insolvency Manager
         P.O.B 1799
         49027 Dnipropetrovsk
         Ukraine
         Tel: 8(056)744-21-37
              8(056)770-22-92

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 4, 2008.  The case is docketed as B 15/317-08.

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Intermach
         Teplichnaya Str. 15
         Yubileynoye
         52005 Dnipropetrovsk
         Ukraine


LEMANCE LLC: Creditors Must File Claims by January 14
-----------------------------------------------------
Creditors of declared LLC Advertising Agency Lemance (EDRPOU
35075326) have until Jan. 14, 2009, to submit proofs of claim to:

         LLC Dakhanavar
         Liquidator
         Chechia Str. 1/22
         01042 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 1, 2008.
The case is docketed as 49/264-b.

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

The Debtor can be reached at:

         LLC Advertising Agency Lemance
         Nikolay Vasilenko Str. 7-A
         03124 Kiev
         Ukraine


NOVOSELOVKA-AGRO CJSC: Creditors Must File Claims by Jan. 15
------------------------------------------------------------
Creditors of CJSC Novoselovka-Agro (EDRPOU 00293491) have until
January 15, 2009, to submit proofs of claim to:

         Mr. Victor Kniazev
         Liquidator
         Apt. 4
         23rd of April Str. 42
         61072 Kharkov
         Ukraine

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 8, 2008.
The case is docketed as B-24/201-08.

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

The Debtor can be reached at:

         CJSC Novoselovka-Agro
         Peschanaya Str. 2
         Novoselovka
         63209 Kharkov
         Ukraine


OJSC CASCADE: Creditors Must File Claims by January 14
------------------------------------------------------
Creditors of OJSC Cascade (EDRPOU 21969142) have until January 14,
2009, to submit proofs of claim to:

         Matlayev Aleksey
         Temporary Insolvency Manager
         Apt. 1a
         Michurin Str. 16
         83007 Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on July 9, 2008.
The case is docketed as #45/166B.

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

The Debtor can be reached at:

         OJSC Cascade
         Batischev Str. 10
         83004 Donetsk
         Ukraine


STROY-PROJECT-S LLC: Creditors Must File Claims by January 11
-------------------------------------------------------------
Creditors of LLC Building Company Stroy-Project-S (EDRPOU
34019700) have until Jan. 11, 2009, to submit proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Arbitration Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 1, 2008.
The case is docketed as 12/106b.

The Debtor can be reached at:

         LLC Building Company Stroy-Project-S
         Krasnodonsky Lane, 3
         91047 Lugansk
         Ukraine


VIVATEKS LLC: Creditors Must File Claims by January 15
------------------------------------------------------
Creditors of LLC Company Vivateks (EDRPOU 35223753) have until
January 15, 2009, to submit proofs of claim to:

         Mr. Aleksey Chabak
         Temporary Insolvency Manager
         Kuybishev Str. 20A
         Borzna
         16400 Chernigov
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 20, 2008.
The case is docketed as 23/270-b.

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

The Debtor can be reached at:

         LLC Company Vivateks
         Bulgakov Str. 16
         03134 Kiev
         Ukraine


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


ARMADILLO INDUSTRIES: Appoints Joint Administrators from BDO
------------------------------------------------------------
A H Beckingham and Matthew Tait of BDO Stoy Hayward LLP were
appointed joint administrators of Armadillo Industries Ltd. on
Dec. 18, 2008.

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

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


ATLAS HOLIDAY: Names Joint Administrators from BDO Stoy
-------------------------------------------------------
Francis Graham Newton, Toby Scott Underwood and Dermot Justin
Power of BDO Stoy Hayward LLP were appointed joint administrators
of Atlas Holiday Homes Ltd. on Dec. 17, 2008.

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

         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5RU
         England


BCC REALISATIONS: Taps Joint Administrators from Ernst & Young
--------------------------------------------------------------
Angela Swarbrick and Alan Michael Hudson of Ernst & Young LLP were
appointed joint administrators of BCC Realisations Ltd. on Dec.
23, 2008.

The company can be reached at:

         BCC Realisations Ltd.
         Union Court
         22 Union Road
         London
         SW4 6JP
         England


BLOOMING MARVELLOUS: May Go Into Administration
-----------------------------------------------
Miles Costello of The Times reports that maternity wear chain
Blooming Marvellous is thought to be on the brink of
administration.

Zolfo Cooper, the formerly Kroll-owned restructuring specialist
that is advising Arev, is understood to be being lined up as
administrator of the 14-store chain, The Times says.

The Times relates the chain's website was reporting technical
difficulties on Sunday and could not process orders or inquiries.

Citing an email sent out by Blooming Marvellous' affiliate
marketing company Affiliate Window, ukparentslounge discloses that
Affiliate Window said they have had to close the Blooming
Marvellous affiliate program with immediate effect as the chain is
currently experiencing financial difficulties and the affiliate
program can no longer remain in operation.

Arev, the Times recounts, acquired Blooming Marvellous for an
estimated GBP5 million in 2007.  Ana Santi of Drapers recalls Arev
partners Jonathan Eeles and Rupinder Cheema, who were directors of
the chain, resigned last November.

According to Retail Week, Arev pulled any future funding from its
retail investments, which also include Jones the Bootmaker and
Mountain Warehouse.

Blooming Marvellous -- http://www.bloomingmarvellous.co.uk/--
offers maternity clothes, lingerie, and accessories.  It also
carries baby clothes and nursery items.


BLUESTONE SECURITIES: Fitch Corrects December 29 Rating Release
---------------------------------------------------------------
This announcement amends the version released on 29 December 2008.
The loss severity and arrears figures in paragraph four and five
respectively have been corrected.  The loss severity is based on
completed enforcements in the last interest payment period.  The
correct version is:

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

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

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

The negative rating actions taken on the more recent deals,
Bluestone 2006-1 and Bluestone 2007-1, are a result of a
combination of factors: deteriorating mortgage and housing market,
as well as the performance of the deals.  As of the last reporting
period in December 2008, both transactions reported reserve fund
draws of GBP475,898 (26.92% of the Bluestone 2006-1 reserve target
amount) and GBP466,535 (10.14% of Bluestone 2007-1).  The two
transactions have seen further losses being realized.  In December
2008 GBP486,850 (Bluestone 2006-1) and GBP531,298 (Bluestone 2007-
1) were allocated through the junior tranche principal deficiency
ledger as of the last interest payment date.  Latest period loss
severities on the two deals stood at 18.18% and 21.63%
respectively.

According to the latest investor reports, loans in arrears by more
than three months range from 12.79% (Bluestone 2007-1) and 23.35%
(Bluestone 2004-1) of the respective pools outstanding.  Loans in
repossession in December 2008 stood between 3.66% (Bluestone 2007-
1) and 9.89% (Bluestone 2006-1).

The rating actions are:

Bluestone Securities plc (Series 2004-1):

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

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

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

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

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

Bluestone Securities plc (Series 2005-1):

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

Bluestone Securities plc (Series 2006-1):

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

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

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

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

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

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

Bluestone Securities plc (Series 2007-1):

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

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

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

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

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

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

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

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


BRITISH AIRWAYS: CEO Optimistic About Closing AMR and Iberia Deals
------------------------------------------------------------------
Bloomberg News reports British Airways Plc Chief Executive Officer
Willie Walsh is confident he can conclude tie ups with AMR Corp.'s
American Airlines and Iberia Lineas Aereas de Espana SA and that
there's no danger his company will be left behind as the industry
consolidates.

"I'm confident about both proposals," Mr. Walsh said in an
interview with Bloomberg News, adding that even if the deals fail,
this wouldn't be a "big problem" given the current economic
climate.

                          Iberia Talks

Talks on a merger with Iberia are continuing and the Spanish
carrier now has a better understanding of BA's pension deficit,
Mr. Walsh told the news agency.

The report recalls discussions with Iberia have stumbled on
concern about BA's widening pension deficit and the balance of
ownership in any combination.

Last week, Iberia hired human resources consultants Mercer LLC to
review BA's
final salary pension scheme, which move Mr. Walsh welcomed.

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

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

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

                      American Airline Tie-Up

As to a merger with American Airlines, Mr. Walsh said the
introduction of an "Open Skies" air-services agreement between the
U.S. and Europe last March should ease regulatory concerns about
plans for a deeper alliance with the US carrier.

Bloomberg News recalls British Airways and AMR said in August
they'd seek the go-ahead to operate as a single carrier on trans-
Atlantic routes, coordinating prices, capacity, schedules and
routes and share revenue on flights.  Two previous applications
failed, the report says.

                    U.S. Gov't Seeks Tie-Up Info

Meanwhile, Reuters reports that the U.S. government has asked
American Airlines, BA and Iberia to supply new information about
the potential impact of their proposed alliance on competition.

According to Reuters, in an order on Friday, the Transportation
Department sought more information on the airlines' plans for a
limited tie-up, especially as it concerns business at London's
Heathrow airport, where British Airways is a powerhouse and
American is strong.

The government is also looking for more details about their plans
for Pacific and Latin American markets, Reuters says.

Reuters relates the agency said in its order "Additional
information is required to ensure that the record in this case is
substantially complete."  The carriers are given until January 15,
2009 to respond to the order.

                       Failed Qantas Talks

As reported in the Troubled Company Reporter-Europe on Dec. 22,
2008, BA's merger talks with Australia's Qantas Airways Ltd have
ended.

Despite the potential longer term benefits to both BA and Qantas,
the airlines have not been able to come to agreement over the key
terms of a merger, the U.K.-based airline said in a statement.

Both airlines however continue to work together on their joint
business between the UK and Australia and as part of the oneworld
alliance.

According to Bloomberg News, the merger talks were called off
after the carriers failed to agree on who would control the new
company.

The negotiations were halted after Mr. Walsh and his Qantas
counterpart Alan Joyce couldn't reach agreement on the ownership
split, Tony Cane, a spokesman for British Airways, was cited by
Bloomberg News as saying.

Disclosure of the negotiations "had created unrealistic
expectations about a ratio that could never have been delivered
given the two relative values of the airlines," Mr. Cane told
Bloomberg News.

                      About British Airways

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

                          *     *     *

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


BRITISH ENERGY: Fitch Upgrades Issuer Rating to 'A-' from 'BB+'
---------------------------------------------------------------
Fitch Ratings has upgraded British Energy Group plc's and British
Energy Bond Finance plc's Long-term Issuer Default Ratings to 'A-'
(A minus) from 'BB+'.  The rating action follows the completion of
EDF SA's (EDF, 'A+'/Stable/'F1') acquisition of BEG.  BEBF's
amortising bonds are also upgraded to 'A-' (A minus) from 'BB'.
All ratings remain on Rating Watch Positive.

The ratings upgrade underscores strong strategic and operational
ties between BEG and EDF and EDF's control and proposed central
financing of BEG, in line with the agency's Parent and Subsidiary
Rating Linkage Methodology.  The two-notch differential between
BEG and its ultimate parent - EDF - reflects BEG's single-country
merchant generation activities and its poor operational record,
balanced against benefits from its integration into the wider EDF
group.

BEG is considered strategically important to EDF, and the ratings
reflect implied support as per EDF's other UK subsidiaries.  EDF
will benefit from BEG's positioning in the UK as the dominant
nuclear power operator, with key site access, substantial UK
regulatory knowledge and 2016 EPR grid connection agreements
already in place, offering a key platform for EDF to build on its
plans for four new nuclear power plants in the UK.

BEG will be operationally and financially integrated with EDF,
with the latter assuming control of BEG's Board.  BEG's existing
trading operations will be integrated within those of EdF Energy
Trading LLC.  EDF Senior Executive Vice President, Anne Le Lorier,
and EDFE's CEO, Vincent de Rivaz, and CFO, Humphrey Cadoux-Hudson,
are amongst the several current EDF Directors appointed to the BEG
board.

The RWP reflects the likely bond pre-payment by EDF that will
leave no recourse debt in BEG and therefore may result in the
equalization of BEG's ratings with those of EDF.  All BEG's future
debt funding will be via inter-company loans from EDF.  Further,
as EDF will raise external finance to optionally call BEBF bonds
(the sole source of BEG's recourse debt), which will also result
in the early redemption of Eggborough debt (GBP111m at H1 FYE09),
on 10 February 2009, Fitch views the current linkage between EDF
and BEG as strong.  The alignment of the rating on these
outstanding notes and senior unsecured rating is deemed
appropriate due to average recovery prospects given default for
pure merchant generators.

Fitch understands BEG will be de-listed from the LSE no earlier
than 2 February 2009 and that the outstanding BEBF bonds will be
prepaid shortly thereafter at which point it anticipates resolving
the bonds' RWP.  Fitch also anticipates that the Eggborough banks
will exercise their European style (only exercisable at maturity)
call option to acquire the coal-fired plant on 31 March 2010 for
GBP104 million plus a waiver of outstanding debt secured on the
assets (near GBP83 million at this time) plus the premium by which
the aforementioned Eggborough debt is prepaid.  This disposal is
one of the undertakings that EDF agreed to make to earn EU
Commission approval for the transaction.

Separately, Fitch has downgraded EDF's IDR to 'A+' from 'AA-' (AA
minus) due to the completion of the acquisition.

All BEG and BEBF ratings were placed on RWP following the
announcement of a takeover by EDF on 24 September 2008.  On 5
January 2009 the offer became wholly unconditional and the
acquisition became effective with EDF having acceptances at 1:00
p.m. (London time) for 96.44% of BEG's issued share capital via
Lake Acquisitions, its wholly owned, private, ring-fenced
subsidiary.  This followed approval by the European Commission on
22 December 2008, pending disposal commitments.


CASANOVA FASHIONS: Appoints Joint Administrators from PwC
---------------------------------------------------------
Nicholas Edward Reed and Ian David Green of PricewaterhouseCoopers
LLP were appointed joint administrators of Casanova Fashions Ltd.
on Dec. 23, 2008.

The company can be reached at:

         Casanova Fashions Ltd.
         C/o The Officers Club Ltd.
         Bassington Avenue
         Bassington Industrial Estate
         Cramlington
         Northumberland
         NE23 8AH
         England


EMMA SOMERSET: To Enter Into Administration
-------------------------------------------
Laura Weir at Drapers reports that womenswear chain Emma Somerset
is poised to go into administration after a deal to sell the
business collapsed at the eleventh hour.

Drapers relates insolvency practitioner Armstrong Watson is
expected to be appointed.

According to Manchester Evening News, 10 stores have now been
closed.

Manchester Evening News however notes the branch of Emma Somerset,
in Wilmslow, and the French Dressing store in Altrincham remain
open but may shut in the near future.

Emma Somerset, Drapers recounts, was bought out of administration
by Moda in Pelle owner Stephen Buck in March last year.

Emma Somerset, Manchester Evening News discloses, was founded in
Manchester in 1969 by husband and wife team Geoffrey and Angela
Cantor.  It has 10 shops including branches in Police Street,
Manchester, Chester and Wilmslow, and two outlets which trade as
"French Dressing" in Altrincham and Sheffield.


FOLIO HOTELS: Bespoke to Take Over 13 Properties
------------------------------------------------
CatererSearch reports that The Folio Hotels Group has been rescued
from administration by Bespoke Hotels in a deal that is expected
to preserve up to 2,000 jobs across its portfolio.

According to the report, Bespoke Hotels will take over 13 of
Folio's properties.

The remaining 20 properties, however, will be run by Folio's
existing management team, but with a new set of shareholders, the
report discloses.

The deals, the report notes, are expected to be completed by the
end of the week.

In a Dec. 31 report, Dominic Walsh of The Times wrote the proceeds
will make little impact on Folio's liabilities, which are
estimated at more than GBP10 million, with about GBP6 million owed
to HBOS.

Folio Hotels was placed into administration on December 2, 2008.
Paul Clark is lead partner and Philip Duffy and Jason Godefroy,
partners at MCR, have been appointed as joint administrators.

Folio Hotels Limited, and four associated companies, run 36 hotels
throughout the United Kingdom, including 4 in Scotland.

Founded in 2005, Folio Hotels Limited has a group turnover of
around GBP70 million and runs not only rooms for both business and
leisure guests, but meeting and event facilities suited for
weddings, parties, family gatherings and business events.

In a press statement on December 5, 2008, Paul Clark, partner at
MCR, said "The Folio Hotels Group has been in the middle of an
expensive and comprehensive refurbishment project and has also
suffered from rentals that were fixed at the height of the market.
Together with the current economic climate, this has exacerbated
cashflow demands."


GARTMORE INVESTMENT: S&P Keeps 'BB/B' Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'BB/B' long- and short-term counterparty credit ratings on U.K.-
based asset manager Gartmore Investment Management Ltd.  The
outlook is negative.  Standard & Poor's subsequently withdrew
these ratings at the company's request.

As a result of the withdrawal, Gartmore will no longer be subject
to Standard & Poor's review.  At the moment of rating withdrawal,
S&P rated Gartmore's two related bank loans (issuers are Oxford
Acquisition VII Ltd. and Oxford US Acquisition LLC) and a related
revolving credit facility (issuer is Oxford Acquisition III Ltd.).


GKN HOLDINGS: Moody's Cuts Senior Unsecured Debt Ratings to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
senior unsecured debt ratings of GKN Holdings plc.  At the same
time Moody's assigned a Ba1 Corporate Family Rating.  This
concludes the review for downgrade initiated October 30, 2008.
The outlook on the ratings is stable.

Rainer Neidnig, lead analyst for GKN, said: "The downgrade
reflects Moody's view that the sharp downturn in automotive
production volumes will have a material impact on GKN's credit
metrics and bring leverage ratios to levels no longer commensurate
with an investment grade rating.  The stable outlook reflects
Moody's opinion that countermeasures currently being taken by
management should allow for a gradual recovery of credit metrics
from an expected trough in 2009 to levels that position GKN
adequately in the Ba1 rating category, and also recognizes the
track record of the company in conducting restructuring plans."

Moody's expects GKN's earnings and operating cash flow generation
to be markedly affected by the rapid and significant deterioration
of car production volumes in Q4/2008 and a further decline in
volumes expected over 2009.  At the same time Moody's notes that
GKN is currently implementing a number of counter measures
(including plant shutdowns, short-time working and workforce
reductions) which should be beneficial in the long term, but pose
an additional burden to earnings in the short term due to
associated costs.

Moreover, Moody's cautions that GKN's OffHighway and Aerospace
activities will likely also face weakening demand, in particular
in the agricultural and mining segment as well as the civil
aircraft segment.  However, Moody's would expect GKN's Aerospace
activities to prove fairly stable over the first half of 2009,
also on the back of a substantial order backlog, and experience
softening demand only later in the year.  Hence, GKN's
diversification into non-automotive related markets should help
dampening earnings volatility on a group level and is hence viewed
as a balancing factor -- in particular as the acquisition of
Airbus' Filton site is expected to further strengthen GKN's
overall competitive position in the aerospace segment.

As a result of lower revenues and earnings, Moody's anticipates
leverage and coverage ratios such as Debt/EBITDA or EBIT/Interest
to be markedly weaker going forward and to reach trough levels in
2009 that would position the company's credit profile more in the
mid range of the Ba rating category if recorded on a sustainable
basis.  Cash flow based financial ratios such as RCF/Net Debt or
FCF/Debt are also expected to weaken though to a lesser extend as
Moody's expects GKN to make use of its notable flexibility in
capital spending and dividend policy decisions which should help
mitigate the impact from lower earnings.  At the same time, the
assigned Ba1 rating reflects Moody's expectation that financial
ratios would recover gradually from 2010 onwards when measures to
adjust operations to lower volumes start showing effect and
earnings begin to recover gradually.  In this context Moody's
assessment also considers management's track record in reducing
costs and adjusting operations as well as GKN's solid business
profile evidenced in leading positions in the majority of its key
markets, a strong geographic diversification and a relatively low
customer concentration.

The current rating continues to reflect GKN's adequate financing
arrangements which should be sufficient to cover liquidity needs
over the coming year.  Moreover, the rating is based on the
expectation that upcoming maturities of credit facilities would be
refinanced or extended at least one year in advance.

The stable outlook reflects Moody's expectation that GKN would
recover from trough credit metrics in 2009 to levels that position
the overall credit profile adequately in the Ba1 category,
exemplified in ratios such as Debt/EBITDA well below 4x and
RCF/Net Debt close to 20%.  Any deviation from this expectation
could result in a reassessment of GKN's ratings.

Downgrades:

Issuer: GKN Holdings plc

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
     from Baa3

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
     from Baa3

Assignments:

Issuer: GKN Holdings plc

  -- Probability of Default Rating, Assigned Ba1
  -- Corporate Family Rating, Assigned Ba1
  -- Senior Unsecured Regular Bond/Debenture, Assigned LGD4, 62%

Outlook Actions:

Issuer: GKN Holdings plc

  -- Outlook, Changed To Stable From Rating Under Review

Moody's last rating action on GKN was to place the Baa3 senior
unsecured debt ratings under review for a possible downgrade on
October 30, 2008.

Headquartered in Redditch, United Kingdom, GKN Holdings plc, is an
international engineering group with operations in more than 30
countries.  The company operates in three main markets -
Automotive, OffHighway and Aerospace - in which GKN generally is
among the leading players in the respective segments.  GKN
recorded revenues of GBP3.9 billion during the fiscal year 2007,
of which around two thirds related to the automotive industry.


GLOBAL SOURCING: Taps Joint Administrators from Tenon Recovery
--------------------------------------------------------------
Gareth W. Roberts and Paul W. Ellison of Tenon Recovery were
appointed joint administrators of Global Sourcing Technologies
Ltd. on Dec. 23, 2008.

The company can be reached through Tenon Recovery at:

         Aquarium
         1-7 King Street
         Reading
         Berkshire
         RG1 2AN
         England


HIATT HARDWARE: Goes Into Administration; 11 Jobs Affected
----------------------------------------------------------
Jon Griffin of Birmingham Mail reports that Hiatt Hardware has
gone into administration after running into significant financial
difficulties.

Citing Baker Tilly partner and joint administrator Guy Mander, the
report relates that as a result the company, which has an annual
turnover of GBP7 million, made 11 of its 35 employees redundant.

Mr. Mander, the report relates, blamed the economic downturn for
the company's collapse.

"The economic downturn has affected both turnover and margins,
with cashflow problems being exacerbated by the company's
inability to de-stock, given market conditions," Mr. Mander was
quoted by the report as saying.

He added the administrators are seeking to sell the business as a
going concern or alternatively pursue an orderly disposal of the
assets, the report notes.

Based in Birmingham, Hiatt Hardware is an importer and distributor
of hardware fittings to the DIY sector and furniture fittings
manufacturers.


JJB SPORTS: Appoints Sir David Jones as New Executive Chairman
--------------------------------------------------------------
Sir David Jones, currently the deputy chairman of JJB Sports plc,
has been appointed to the role of executive chairman.  Roger Lane-
Smith, the current chairman, will become non-executive deputy
chairman.  In addition Peter Williams will join the company as an
executive director, reporting to Sir David Jones, with particular
responsibility for the strategic development of the group.  Chris
Ronnie continues as group chief executive.

Mr. Jones has considerable retailing experience, notably as chief
executive and later chairman of NEXT plc, non executive deputy
chairman of Wm. Morrison Supermarkets plc, and non executive
chairman of Shop Direct ltd (Littlewoods).

Mr. Williams, whose appointment took effect on January 5, 2009,
has over 20 years experience in the retail sector.  He is
currently a non-executive director of ASOS plc and Cineworld Group
plc.  Within the last five years, he was chief executive of
Selfridges plc and Alpha Group plc (formerly Alpha Airports Group
plc) and was also a director of GCap Media plc and Capital Radio
plc.  He has advised that there are no other details to be
disclosed in accordance with Listing Rule 9.6.13.

Mr. Jones, executive chairman of JJB, said: "We are facing the
most difficult retail environment I have ever experienced but I am
looking forward to working with both Chris and Peter and the rest
of the executive team to re-establish JJB as a major force in the
Sportswear market."

Mr. Lane-Smith, non-executive deputy chairman of JJB, said: "At
this time our priorities are to focus totally on our retail
business and to strengthen our executive team.  Sir David's move
to executive chairman and Peter's appointment have my entire
support."

Mr. Ronnie, chief executive of JJB, said: "I have the highest
regard for Sir David and look forward to working with Sir David,
Peter and the rest of the team."

The company expects to release a trading update on January 15.

                       About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.

On Oct. 2, 2008, the TCR-Europe reported that Deloitte & Touche
LLP raised going concern issues about JJB Sport plc's interim
report and condensed financial statements for the 26 weeks to July
27, 2008.

Deloitte pointed to material uncertainties that may cast
significant doubt on the group's ability to continue as a going
concern.  These material uncertainties comprise:

    * ongoing availability of the original facilities given the
      actual and projected covenant breaches;

    * the ability to repay the bridging facility from asset
      sales or seasonal cash flows;

    * achieving the sale of non-core businesses and/or assets
      within the timescales and at the values projected; and

    * the achievability of forecasts and key assumptions within
      the forecasts.

Deloitte warned there is a risk that the material uncertainties as
to the group's ability to continue as a going concern may not be
resolved satisfactorily.


MILLER BROTHERS: Goes Into Administration; 110 Jobs at Risk
-----------------------------------------------------------
Yorkshire Post reports that Doncaster-based electrical goods
retailer Miller Brothers has gone into administration, putting 110
jobs at risk.

The report discloses corporate recovery partners Ian Schofield and
Charles Escott at PKF in Leeds have been appointed joint
administrators of the company, which includes Miller Brothers
Retail, Miller Stores (Doncaster) and Miller Property (Doncaster).

According to the report, administrators said the business, which
has a store on Shaw Lane and also trades through its website, will
close at the end of the month unless a buyer can be found.

The company, the report notes, also operates hosted e-retail
electrical goods services on behalf of other retailers.

"The current economic climate has had an adverse effect not only
on its own web and shop retail business, but also on a number of
potential customers for its hosted e-retail services,"
Mr. Schofield was quoted by the report as saying.


OILEXCO NORTH: Ernst and Young Appointed as Administrators
----------------------------------------------------------
Oilexco Incorporated ("Oilexco") in a press statement on
Wednesday, January 7, said that its wholly-owned subsidiary
Oilexco North Sea Limited was subject to an order from the court
appointing four administrators from Ernst and Young to take over
the function of the Board of Directors.

Oilexco North Sea Limited's operations will continue to be
conducted in a safe and orderly manner.

Oilexco has been advised by the administrators of their intention
to retain Morgan Stanley and Co. Limited to continue with the
process of the sale of the assets of the North Sea Company.

                  About Oilexco Inc.

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


PENGUIN PRODUCTS: Taps Joint Administrators from Tenon Recovery
---------------------------------------------------------------
Paul W. Ellison and Gareth W. Roberts of Tenon Recovery were
appointed joint administrators of Penguin Products Ltd. on
Dec. 29, 2008.

The company can be reached through Tenon Recovery at:

         Aquarium
         1-7 King Street
         Reading
         Berkshire
         RG1 2AN
         England


ROYAL HOTEL: Placed Into Administration
---------------------------------------
CatererSearch reports that Niche Hotels' Wyckhillhouse hotel and
spa in Stow-on-the-Wold and the Royal hotel in Cardiff have been
placed into administration.

Citing Alan Corlett, managing director of Niche Hotels, the report
discloses the two hotels are now in the hands of administrators
MCR.

According to the report, Mr. Corlett attributed the company's
financial difficulties to falling consumer spending and ongoing
refurbishment programs at the properties.

Mr. Corlett, however, said the two properties were "trading as
going concerns".  He noted the remainder of the hotels in the
group were trading as usual and Niche remained financially sound,
the report relates.


THOMPSON PLASTICS: Goes Into Administration
-------------------------------------------
East Yorkshire-based plastics company Thompson Plastics (Hull) Ltd
has gone into administration, thisishullandeastriding.co.uk
reports.

According to the report, Thompson Plastics (Hull) Ltd went into
administration along with its sister company Plastics (Manchester)
Ltd on December 22.

"Prior to our appointment employees at both companies had their
contract terminated," Charles Escott of PKF (UK) LLP, joint
administrator, was quoted by the report as saying.

Mr. Escott however confirmed Thompson Technik had not gone into
administration, the report notes.


VIYELLA: Goes Into Administration; 450 Jobs at Risk
---------------------------------------------------
Reuters reports that women's clothing manufacturer Viyella has
gone into administration, putting 450 jobs at risk.

The report relates that following an assessment of the current
economic situation and the prospects for the future, Viyella
owners John Harris and Sue Watson resolved they have no
alternative but to place the business into administration.

However, they believe there will be a strong interest in the
Viyella brand, the report recounts.

The report discloses insolvency practitioners Poppleton & Appleby
have been appointed administrator of the company, which operates
around 100 stores and concessions throughout the UK.

"We are currently assessing all options and, for the time being,
allowing all the existing stores to continue to trade while a
buyer is sought for the business," Poppleton & Appleby
was quoted by the report as saying.

The report recalls that the administrator said in a statement that
it had already been contacted by interested parties, noting
Viyella was a trusted and respected brand.

According to BBC News, Viyella's menswear and homeware businesses
are unaffected.

Headquartered in London, Viyella -- http://www.viyella.co.uk/--
was formed in 1784.


WYCKHILLHOUSE HOTEL: Placed Into Administration
------------------------------------------------
CatererSearch reports that Niche Hotels' Wyckhillhouse hotel and
spa in Stow-on-the-Wold and the Royal hotel in Cardiff have been
placed into administration.

Citing Alan Corlett, managing director of Niche Hotels, the report
discloses the two hotels are now in the hands of administrators
MCR.

According to the report, Mr. Corlett attributed the company's
financial difficulties to falling consumer spending and ongoing
refurbishment programs at the properties.

Mr. Corlett, however, said the two properties were "trading as
going concerns".  He noted the remainder of the hotels in the
group were trading as usual and Niche remained financially sound,
the report relates.


* UK: FSA Calls for Faster Payout of Compensation from FSCS
-----------------------------------------------------------
The Financial Services Authority (FSA)on Wednesday, January 7,
published consultation paper setting out proposals for speeding up
the payout of compensation to make it possible for customers to
get back their money within seven days if a bank fails.

The critical importance of the Financial Services Compensation
Scheme (FSCS) in paying out compensation to depositors has been
emphasized by the events of recent months.  As part of the wider
banking reform work the Tripartite authorities and FSCS have
committed to ensuring faster payout from the FSCS.

Hector Sants, chief executive at the FSA, said: "Experience in the
last year has highlighted how essential compensation is and that
it is imperative consumers understand and trust that they will be
reimbursed if a bank, building society or credit union fails.  Our
current scheme has worked well in these unprecedented times,
compensating hundreds of thousands of savers in a matter of weeks.

"But the consultation paper seeks to learn the lessons from those
events to produce an even better system.  We recognize that to
help underpin confidence in our banking system consumers must feel
confident that their money is well protected – regardless of
whether they ever have to claim compensation."

The consultation paper makes these recommendations:

    * Simplifying eligibility for deposit compensation to include
      all private individuals and small entities;

    * Gross payout, which would ignore any debts the depositor has
      with the same firm;

    * Ensuring the firm holds up to date information to allow
      quick processing of claims;

    * Ensuring firms provide information on the existence and
      basic coverage of the FSCS for deposits; and

    * Requiring firms proactively to tell consumers which trading
      names are covered by a particular authorization.

The set up and maintenance costs of new IT systems for quick
claims processing are estimated at GBP891.8 million over five
years.  Firms' obligations to tell customers about the FSCS
scheme, along with telling customers which trade names are covered
by a particular authorization, would have estimated set up costs
of GBP34.6 million and ongoing annual maintenance costs of GBP4.2
million.

The consultation paper also includes proposals on how the FSA aims
to increase the awareness and understanding of the FSCS among
consumers.

The consultation paper will be open for responses until April 6,
2009.


* BOOK REVIEW: Voluntary Assignments for the Benefit of Creditors
-----------------------------------------------------------------
Publisher: Beard Books
Softcover: 788 pages for both volumes
Price: US$34.95 each volume; US$49.95 set
Review by Henry Berry

http://www.amazon.com/exec/obidos/ASIN/189312228X/internetbankrupt

http://www.amazon.com/exec/obidos/ASIN/1893122298/internetbankrupt

Voluntary Assignments for the Benefit of Creditors is a 1999
update of the classic nineteenth-century work on the important
financial and business instrument known as "voluntary
assignments."  The author of the original edition was Alexander M.
Burrill, a noted legal scholar who also wrote a law dictionary and
several other texts.  Voluntary Assignments for the Benefit of
Creditors is now in its sixth edition, with Avery-Webb authoring
the update.

As defined by the authors, voluntary assignments for the benefit
of creditors are "transfers, without compulsion of law, by
debtors, of some or all of their property to an assignee or
assignees, in trust to apply the same, or the proceeds thereof, to
the payment of some or all of their debts, and to return the
surplus, if any, to the owner."  Voluntary assignments offer
businesspersons from small business owners to corporate executives
great flexibility in raising capital.  Considering the many ways
that businesses can enter into voluntary assignments, the
different ways of valuing properties "assigned," and the changing
value of these properties over time, the law governing voluntary
assignment is complex.

The authors tackle the subject of voluntary assignments in all its
breadth and depth.  During the 1800s, when Burrill's work first
came out, there were innumerable cases dealing with voluntary
assignments.  The case law of the 1800s remains authoritative,
informative, and instructive today.

To render it comprehensible, the authors break down the subject
matter into its many facets, thereby allowing lawyers and others
to quickly reference areas of interest.  These cases are listed
alphabetically, and comprise more than fifty pages in a front
section titled "Table of Cases."  Cases are also referred to in
the text proper and in copious footnotes.  The format of the text,
including the footnotes, is the standard followed by many legal
texts and handbooks, notably the multi-volume American
Jurisprudence.  The sections are numbered consecutively in forty-
five chapters.  There are 458 sections in all.  The sections are
relatively short, even though the subject of voluntary assignments
is complex and there is bountiful case law.

Readers can peruse general topics such as execution of the
assignment, construction of assignments, sale of the assigned
property, and the rights, duties, and powers of the assignee. More
specific, detailed topics can be accessed using the index.  There
are two appendices. The first contains synopses of the statutes of
every state and territory on voluntary assignments.  The second
appendix contains nearly thirty standard forms that can be used
for various aspects of assignments.

Although voluminous and rigorous in its commentary and legal
citations, the two-volume Voluntary Assignments for the Benefit of
Creditors is neither dense nor ungainly.  Like a good lawyer
breaking down a case so it can be comprehended by a jury of
average persons, so does Burrill and Avery-Webb deal with the
topic of voluntary assignments.

Born in 1868 in Tennessee, James Avery-Webb (d. 1953) had a career
as a prominent attorney in New York City.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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