TCREUR_Public/090112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, January 12, 2009, Vol. 10, No. 7

                            Headlines

F I N L A N D

UPM-KYMMENE: Shares Down on New Dividend Policy


F R A N C E

POWER MEDICAL: Sept. 30 Balance Sheet Upside Down by US$7.7 Mil.
SPCM SA: Moody's Confirms Corporate Family Rating at 'B1'


G E R M A N Y

A.R.I.S. TEC: Claims Registration Period Ends February 9
CALCITECH DEUTSCHLAND: Claims Registration Period Ends Feb. 10
DEUTSCHE BANK: S&P Ups Rating on EUR111.8MM Swap to Asrp From CCC+
EPICEPT CORP: TBG OKs EUR1.5MM Repayment Delay Until June 30
EPICEPT CORP: Board Okays 687,500 Options Grant to Executives

IMPULSE 2000 GMBH: Claims Registration Period Ends February 9
PET RECYCLING: Claims Registration Period Ends February 6
STERNGAME GMBH: Claims Registration Period Ends February 5
THIELERT AIRCRAFT: Recovering from Insolvency, Administrator Says
WEHDE MOBIL: Claims Registration Period Ends February 6


I C E L A N D

KAUPTHING BANK: Fitch Affirms and Withdraws 'D' Issuer Rating
TRYGGINGAMIDSTODIN HF: S&P Retains Negative Watch on 'BB' Ratings


I R E L A N D

MOTIF FINANCE: S&P Downgrades Rating on EUR7 Mil. Notes to 'D'


K A Z A K H S T A N

ALIMJAN STROY: Proof of Claim Deadline Slated for February 12
CA STROY SERVICE: Creditors Must File Claims by February 13
ELEVATOR MEL: Claims Filing Period Ends February 11
INTER HOLDING: Creditors' Claims Due on February 11
INVEST DEVELOPMENT: Claims Registration Ends February 11

MBK-TRADE LLP: Proof of Claim Deadline Slated for February 13
MEGAPOLIS-ST LLP: Creditors Must File Claims by February 11
SAMGAU LLP: Claims Filing Period Ends February 12
SNUB SERVICE-N: Creditors' Claims Due on February 11
STROY BETON 7: Claims Registration Ends February 12


K Y R G Y Z S T A N

JANAI ELECTRO: Creditors Must File Claims by February 17


N E T H E R L A N D S

LYONDELL CHEMICAL: Gets Court Okay to Access US$2Bln from DIP Loan
LYONDELL CHEMICAL: Citi Has US$2 Billion Direct Gross Exposure
LYONDELL CHEMICAL: Bankruptcy Cues US$1BB Credit-Default Swaps
LYONDELL CHEMICAL: Non-U.S. Ops. Not Affected By Ch. 11 Filing
LYONDELL CHEMICAL: Suburban Propane Denies Affiliation

LYONDELLBASELL INDUSTRIES: Chapter 11 Filing Cues Fitch's D Rating


T U R K E Y

DOGUS HOLDING: Fitch Affirms Issuer Default Ratings at 'BB-'
FORD OTOSAN: Fitch Affirms Issuer Default Rating at 'B'

* TURKEY: Fitch Assigns 'BB-' Rating on US$1 Bil. EuroBonds


U N I T E D   K I N G D O M

ENNSTONE PLC: Julian Cooper to Chair Board
GK MOTORS: Poised to Go Into Liquidation
ITV PLC: Inks Syndication Deal with Virgin Media
ITV PLC: Takes 25% Stake in Carbon Media
MG ROVER: Cost of Inquiry Into Collapse Tops GBP14 Million

PETROLEUM LTD: Appoints Joint Administrators from PwC
PREMIER MOTORAUCTIONS: Brings In Joint Administrators from PwC
SOFA WORKSHOP: On the Verge of Administration
SPORT MEDIA: In Breach of Bank Covenant, In Talks with Lenders
SWALLOW TAPES: In Administration; Halts Trading

TENNYSON FUND: Taps Joint Administrators from Baker Tilly
VAN DIRK: Appoints Joint Administrators from PwC
VIRGIN MEDIA: Inks Syndication Deal with ITV
WOC REALISATIONS: Calls In Joint Administrators from Ernst & Young

* UNITED KINGDOM: Companies Face Refinancing Timebomb This Year
* UK: GBP22.7 Bln of Property Debt Awaits Refinancing This Year

* BOND PRICING: For the Week Jan. 5 to Jan. 9, 2009


                         *********


=============
F I N L A N D
=============


UPM-KYMMENE: Shares Down on New Dividend Policy
-----------------------------------------------
UPM-Kymmene Oyj said it intends to pay as an annual dividend at
least one third of net cash flow from operating activities less
operational capital expenditure.

According to the company, the minimum dividend for 2007 calculated
according to a new dividend policy would have been EUR0.42,
whereas the actual dividend for 2007 was EUR0.75.

News of the new dividend policy sent the company's shares down.
According to Bloomberg News, UPM on Thursday, January 8, lost 7.9
percent to close at EUR8.76, after losing as much as 13 percent,
the sharpest intraday decline since October 1997.

Bloomberg News notes UPM has declined 12 percent in the past six
months, giving it a market value of EUR4.6 billion (US$6.2
billion).

UPM's Board will publish its dividend proposal for 2008 on
February 5, 2009.

To promote stability in dividends, the company said net cash flow
will be calculated as an average over a three year period.
Remaining funds are to be allocated between growth capital
expenditure and debt reduction.

In line with its new business structure effective December 1,
2008, the company's long-term targets are:

   -- an operating profit margin that exceeds 10 percent;

   -- return on equity target of at least five percentage
      points above the yield of a 10 year risk-free
      investment; and

   -- gearing ratio kept below 90 percent.

                       About UPM-Kymmene

Headquartered in Helsinki, Finland, UPM-Kymmene Oyj is a global
forest products group with core businesses in printing papers,
speciality papers, label materials and wood products.  UPM has
production in 14 countries and employs about 26,000 people.  The
company's sales in 2007 exceeded EUR10 billion.  The group's key
mills are located in Finland, Germany, France, the UK, Austria,
the United States and China.  UPM's shares are listed on the OMX
Nordic Exchange Helsinki, and the company has an ADR program on
the OTC market in the United States.

                         *     *     *

UPM-Kymmene Oyj continues to carry a "BB+" Long Term Issuer
Default Rating and "B" Short Term Issuer Default Rating placed by
Fitch Ratings on July 28, 2008, with a Negative outlook.


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


POWER MEDICAL: Sept. 30 Balance Sheet Upside Down by US$7.7 Mil.
----------------------------------------------------------------
Power Medical Interventions, Inc., posted a net loss of
US$9,267,823 for the three months ended September 30, 2008, and a
net loss of US$32,959,007 for the nine months ended September 30,
2008.

As of September 30, 2008, the company's balance sheet showed total
assets of US$37,031,430 and total liabilities of US$44,800,992,
resulting in total shareholders' deficit of US$7,769,562.
Accumulated deficit reached US$206,869,901.

President and Chief Executive Officer Michael P. Whitman disclosed
in a regulatory filing dated November 14, 2008, that since the
company's inception, it has financed its operations primarily
through private placements of its preferred stock, unsecured
borrowings from its stockholders, a credit facility, the issuance
in March 2007 of its convertible notes in the aggregate principal
amount of US$25.0 million and its initial public offering in
October 2007, in which it received net proceeds, after
underwriting discounts and offering expenses, of approximately
US$42 million.  "In September 2008, we also received US$12.5
million in up-front license fees from our agreement with Intuitive
[Surgical, Inc.]  An additional US$7.5 million of milestone
payments may become payable to us contingent upon the successful
achievement of certain development milestones.  We expect to
achieve the development milestone necessary for us to receive the
first US$2.5 million milestone payment during the first half of
2009, and to receive the remaining milestone payments by mid-to
late 2010.  Our principal sources of liquidity as of September 30,
2008 consisted of cash and cash equivalents of US$15.9 million and
our accounts receivable balance of US$1.6 million."

"We believe that our cash and cash equivalents, together with the
first milestone payment under our Intuitive agreement, which we
expect to receive during the first half of 2009, will be
sufficient to meet our anticipated cash requirements through the
fourth quarter of 2009, however, there can be no assurance in this
regard.  We have implemented plans to reduce our cash used in
operations through reductions in headcount and other spending
programs throughout the company.  Such costs include certain sales
and marketing costs, clinical research costs, employee bonuses,
professional education, and capital expenditures.  Our future cash
requirements will depend on many factors, primarily including our
ability to increase our sales and improve our gross margins, our
ability to achieve the development milestones under our agreement
with Intuitive and receive the related milestone payments and the
success of our recently announced restructuring initiative in
reducing our operating expenses.  Our ability to meet our
obligations in the normal course of business beyond 2009 will be
dependent on our increasing our customer and revenue base,
continuing to control expenses and securing additional external
financing which we are actively pursuing through various
structures.  We have no arrangements to obtain additional
financing, and there can be no assurance that such financing, if
required or desired, will be available in amounts or on terms
acceptable to us, if at all.  These conditions raise substantial
doubt about our ability to continue as a going concern."

A full-text copy of the company's quarterly report is available
for free at: http://researcharchives.com/t/s?37a2

                   Changes in Management Team

Effective December 26, 2008, John Gandolfo resigned from his
position as Chief Financial Officer for personal reasons.  Mr.
Gandolfo will continue to maintain a close relationship with the
company in an advisory role through a portion of 2009.  In this
role, Mr. Gandolfo will continue to develop financing options for
PMI.  Patricia Steffan, vice president of finance at Power Medical
for the last seven years, acted as interim Chief Financial
Officer, effective December 26, 2008.  The company has initiated
an executive search for Mr. Gandolfo's replacement.

                About Power Medical Interventions

Power Medical Interventions, Inc. -- http://www.pmi2.com/-- is
the world's sole provider of computer-assisted, power-actuated
surgical stapling products. PMI's Intelligent Surgical
Instruments(TM) enable less invasive surgical techniques to
benefit surgeons, patients, hospitals and healthcare networks. PMI
manufactures durable recyclable technology to reduce medical waste
and help keep the planet clean. The company was founded in 1999,
and is headquartered in Langhorne, Pennsylvania, with additional
offices in Germany, France, and Japan.


SPCM SA: Moody's Confirms Corporate Family Rating at 'B1'
---------------------------------------------------------
Moody's Investors Service has confirmed SPCM's Corporate Family
Rating at B1 and the rating on EUR210 million of Senior Unsecured
Bonds at B3.  The outlook was changed to negative.  This concludes
the review for possible downgrade process initiated by Moody's on
December 12, 2008.

SPCM has successfully negotiated a covenant reset with its banking
group during the course of December 2008.  The new covenants will
offer SPCM increased financial flexibility notwithstanding that
the new financial covenants will offer limited headroom for a
weakening in debt metrics.  The ratings of SPCM are weakly
positioned into the B1 rating category following a swift
deterioration in debt and cash flow metrics over the last six
months driven by substantial raw material cost pressure, capital
expenditure requirements for the group's continued organic growth
strategy and material working capital outflows.  Failure to adjust
investments in line with continued deterioration in operating
performance anticipated in the short term, which would lead to
further negative Free Cash Flow generation, would put the ratings
of SPCM under pressure.

The negative outlook reflects the agency's concern that SPCM will
face difficult market conditions during fiscal year 2009 at a time
when the company is pursuing its organic growth investment
strategy to develop its Enhanced Oil Recovery business.  Moody's
expects SPCM's debt and cash flow metrics to further deteriorate
from current levels as the company will experience a slowdown in
some of its markets (mining, paper, oil and monomers) and will
continue to face working capital pressure (cash conversion cycle
has increased by almost twenty days to 82 days from fiscal year
end 2007 and is not expected to shorten in 2009 as all economic
agents are currently focusing on cash management).

The liquidity position of SNF is adequate.  The liquidity needs
over the next twelve months consisting primarily of capex and
working capital requirements are expected to be covered from
operating cash flows.  Moody's gains further comfort from the
group's cash balances (EUR36.7 million at September 30, 2008) and
availability under its lending facilities, for which the issuer
has just obtained a covenant waiver from its banking group.

These ratings are affected by today's rating action:

  -- SPCM SA -- B1 Corporate Family Rating / B1 Probability of
     Default Rating

  -- SPCM SA -- B3 / LGD 5 rating on EUR210 million Senior
     Unsecured bond

The last rating action was on December 12, 2008, when all the
ratings of SPCM SA were placed under review for downgrade.

SPCM SA is the holding of the SNF Group.  SNF is one of the
world's leading producers of acrylate-based water soluble polymers
used in water treatment, as well as in mining, pulp and paper and
enhanced oil recovery.  The company is family-owned and was formed
as a result of a buy-out of the flocculants business from WR Grace
back in 1978.  SNF, headquartered in Saint-Etienne, France,
reported revenues of EUR1,059 million and an EBITDA of EUR104
million for the fiscal year ended December 31, 2007.


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


A.R.I.S. TEC: Claims Registration Period Ends February 9
--------------------------------------------------------
Creditors of A.R.I.S. tec GmbH have until Feb. 9, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C407
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 16, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         A.R.I.S. tec GmbH
         Duisburger Str. 227
         46049 Oberhausen
         Germany

         Attn: Memik Sirin, Manager
         Duisburger Str. 448
         46049 Oberhausen
         Germany


CALCITECH DEUTSCHLAND: Claims Registration Period Ends Feb. 10
--------------------------------------------------------------
Creditors of CalciTech Deutschland GmbH have until Feb. 10, 2009,
to register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Halle (Saal)
         Hall 1.044
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Joerg Riedemann
         Muehlweg 47
         D 06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

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:

         CalciTech Deutschland GmbH
         Leipziger Strasse 91
         06108 Halle
         Germany

         Attn: Marc Lakmaaker, Manager
         Rue du Plan 6
         CH-2000 Neuchatel
         Germany


DEUTSCHE BANK: S&P Ups Rating on EUR111.8MM Swap to Asrp From CCC+
------------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'Asrp' from 'CCC+srp'
its credit rating on the EUR111.8 million unfunded credit default
swap between Deutsche Bank AG (NY branch) and Coriolanus Ltd.

This rating action follows an upward revision to the attachment
point for these notes, which is now sufficient, in S&P's opinion,
to support an 'Asrp' rating.


EPICEPT CORP: TBG OKs EUR1.5MM Repayment Delay Until June 30
------------------------------------------------------------
EpiCept Corporation disclosed in a filing with the Securities and
Exchange Commission that its lender, Technologie-Beteiligungs GmbH
der Deutschen Ausgleichsbank agreed to delay repayment of its
EUR1.5 million loan until June 30, 2009.  The loan was due to be
repaid on Dec. 31, 2008.  Interest will continue to accrue at its
current rate of 7.38% and EpiCept will pay accrued interest on
Dec. 31, 2008 and June 30, 2009.

In August 1997, EpiCept GmbH, a subsidiary of the company, entered
into a 10-year non-amortizing loan in the amount of EUR1.5 million
with tbg.  The loan initially bore interest at a rate of 6% per
annum.

In December 2007, pursuant to the terms of a repayment agreement,
the company agreed to repay to tbg approximately EUR0.2 million on
Dec. 31, 2007, representing all interest payable to tbg as of that
date.  The remaining loan balance of EUR1.5 million, plus accrued
interest at a rate of 7.38% per annum beginning Jan. 1, 2008, was
to be due to tbg no later than June 30, 2008.  Tbg also waived
certain additional interest payments of approximately
EUR0.5 million provided for in the loan agreement.

The company, on Nov. 26, 2008, entered into an amendment to the
repayment agreement with tbg.  Pursuant to the amendment, tbg
agreed to allow the company to repay the remaining loan balance of
EUR1.5 million plus accrued interest to tbg no later than Dec. 31,
2008, so long as the company paid to tbg EUR56,000, the interest
accrued between Jan. 1, 2008 and June 30, 2008, no later than July
1, 2008.

Pursuant to a second amendment to the December 2007 repayment
agreement, tbg agreed to allow the company to repay the remaining
loan balance of EUR1.5 million plus accrued interest to tbg no
later than June 30, 2009, so long as the company pays to tbg
approximately EUR56,000, the interest accrued between July 1,
2008, and Dec. 31, 2008.

                  About EpiCept Corporation

Based in Tarrytown, New York, EpiCept Corporation (NASDAQ:EPCT) --
http://www.epicept.com/-- is a specialty pharmaceutical company
focused on the development of pharmaceutical products for the
treatment of cancer and pain.  The company has a portfolio of five
product candidates in active stages of development.  It includes
an oncology product candidate submitted for European registration,
two oncology compounds, a pain product candidate for the treatment
of peripheral neuropathies and another pain product candidate for
the treatment of acute back pain.  The two wholly owned
subsidiaries of the company are Maxim, based in San Diego,
California, and EpiCept GmbH, based in Munich, Germany, which are
engaged in research and development activities.

EpiCept's net loss was US$6.2 million compared to US$7.7 million
for the third quarter of 2007.  For the nine months ended
Sept. 30, 2008, EpiCept's net loss was US$20.0 million compared to
US$22.4 million for the nine months ended Sept. 30, 2007.  As of
Sept. 30, 2008, EpiCept had approximately 76.2 million shares
outstanding.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$4.9 million and total liabilities of US$20.8 million,
resulting in a stockholders' deficit of US$15,908 million.

                     Going Concern Doubt

Deloitte & Touche LLP, in Parsippany, New Jersey, expressed
substantial doubt about EpiCept Corp.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses from operations and
stockholders' deficit.


EPICEPT CORP: Board Okays 687,500 Options Grant to Executives
-------------------------------------------------------------
EpiCept Corporation disclosed in a regulatory filing that the
compensation committee of its board of directors approved the
grant of 687,500 options to purchase shares of the company's
common stock, par value US$0.0001 per share, to certain of the
company's named executive officers pursuant to the company's 2005
Equity Incentive Plan.

The Options expire on Jan. 5, 2019, have an exercise price of
$0.63 per share, and vest ratably on a monthly basis over 48
months beginning in the month of the grant.

Recipients of the Option grants are:

  -- John V. Talley, president and chief executive officer --
     325,000 Options;

  -- Robert W. Cook, chief financial officer and senior vice
     president, finance and administration -- 87,500 Options;

  -- Stephane Allard, chief medical officer -- 100,000 Options;

  -- Ben Tseng, chief scientific officer -- 75,000 Options; and

  -- Dileep Bhagwat, senior vice president, pharmaceutical
     development -- 100,000 Options.

In a separate filing, EpiCept stated that it entered into an
amendment to the employment agreement of John V. Talley, the
company's chairman, president and chief executive officer.  The
amendment was intended to bring Mr. Talley's employment agreement
into compliance with Section 409A of the Internal Revenue Code of
1986, as amended, and final Department of Treasury regulations
issued thereunder.

A full-text copy of the Amended Employment Agreement - J.V. Talley
is available for free at:

               http://ResearchArchives.com/t/s?3795

The company and Robert W. Cook, the company's senior vice
president and chief financial officer, entered into an amendment
to Mr. Cook's employment agreement.  The amendment was intended to
bring Mr. Cook's employment agreement into compliance with Section
409A.

A full-text copy of the Amended Employment Agreement - R.W. COOK
is available for free at: http://ResearchArchives.com/t/s?3796

                  About EpiCept Corporation

Based in Tarrytown, New York, EpiCept Corporation (NASDAQ:EPCT) --
http://www.epicept.com/-- is a specialty pharmaceutical company
focused on the development of pharmaceutical products for the
treatment of cancer and pain.  The company has a portfolio of five
product candidates in active stages of development.  It includes
an oncology product candidate submitted for European registration,
two oncology compounds, a pain product candidate for the treatment
of peripheral neuropathies and another pain product candidate for
the treatment of acute back pain.  The two wholly owned
subsidiaries of the company are Maxim, based in San Diego,
California, and EpiCept GmbH, based in Munich, Germany, which are
engaged in research and development activities.

EpiCept's net loss was US$6.2 million compared to US$7.7 million
for the third quarter of 2007.  For the nine months ended
Sept. 30, 2008, EpiCept's net loss was US$20.0 million compared to
US$22.4 million for the nine months ended Sept. 30, 2007.  As of
Sept. 30, 2008, EpiCept had approximately 76.2 million shares
outstanding.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$4.9 million and total liabilities of US$20.8 million,
resulting in a stockholders' deficit of US$15,908 million.

                     Going Concern Doubt

Deloitte & Touche LLP, in Parsippany, New Jersey, expressed
substantial doubt about EpiCept Corp.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses from operations and
stockholders' deficit.


IMPULSE 2000 GMBH: Claims Registration Period Ends February 9
-------------------------------------------------------------
Creditors of Impulse 2000 GmbH i.L. have until Feb. 9, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on March 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Dr. Jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

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

The Debtor can be reached at:

         Impulse 2000 GmbH i.L.
         Abelmannstr. 1
         30519 Hannover
         Germany

         Attn: Manuela Dirks, Manager
         Heckenweg 8
         31275 Lehrte
         Germany


PET RECYCLING: Claims Registration Period Ends February 6
---------------------------------------------------------
Creditors of PET Recycling Hamburg GmbH have until Feb. 6, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on March 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         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:

         PET Recycling Hamburg GmbH
         Attn: Yulin Wang, Manager
         Stenzelring 6
         21107 Hamburg
         Germany


STERNGAME GMBH: Claims Registration Period Ends February 5
----------------------------------------------------------
Creditors of Sterngame 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 10:10 a.m. on March 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         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:

         Sterngame GmbH
         Attn: Ellen Raap, Manager
         Grosse Bergstrasse 199 b
         22767 Hamburg
         Germany


THIELERT AIRCRAFT: Recovering from Insolvency, Administrator Says
-----------------------------------------------------------------
Thielert Aircraft Engines GmbH is now in the black and working to
capacity despite last year's insolvency and a subsequent drop in
production, Mary Grady of AVweb reports citing Bruno M. Kubler,
the company's insolvency administrator.

AvWeb relates that Mr. Kubler said in a news release Wednesday
last week that all employees still have their jobs.  He added that
he is negotiating with new potential investors, including two
defense contractors.

"The fact that TAE was able to make it back into the profit zone
again without any staff cuts is especially gratifying,
particularly in these financially difficult times," Mr. Kubler was
quoted by AVweb as saying.

The insolvency administrator, AvWeb notes, is hopeful that by
developing new military applications for the diesel engines and
quickly obtaining certifications, the company can ensure its
sustainable future.

On Sept. 3, 2008, the TCR-Europe reported that according to
Robert Wall of Aviation Week, Thielert's insolvency administrator
received letters of intent for the company from potential
investors.

On July 29, 2008, Thielert announced 24 prospective buyers have so
far shown serious interest by signing a confidentiality
agreement.  Thielert said the prospective buyers are mainly
aircraft industry firms, in addition to a number of financial
investors.

Commenting on investor qualifications, Mr. Kuebler said "An
investor who is capable of securing the existence of the company
on a long-term basis at its business locations and continues to
develop the company's leading position on the market for diesel
piston engines should get the nod.  Of course, the purchase price
also plays a role."

Headquartered in Lichtenstein, Saxony/Germany, Thielert Aircraft
Engines GmbH -- http://www.thielert.com/--  is a full
subsidiary of Thielert AG, which develops and manufactures
components for high-performance engines and special parts with
complex geometries and hardware and software for digital engine
control systems.

The Chemnitz Local Court, on July 1, 2008, opened insolvency
proceedings against Thielert.  Bruno M. Kuebler was appointed as
the company's insolvency administrator.


WEHDE MOBIL: Claims Registration Period Ends February 6
-------------------------------------------------------
Creditors of Wehde Mobil Autovermietung GmbH have until Feb. 6,
2009, to register their claims with court-appointed insolvency
manager.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Joerg Stein
         Parkstr. 18
         D 26382 Wilhelmshaven
                  Germany
         Tel: 04421/806460
         Fax: 04421/8064626
         E-mail: ra.stein.whv@t-online.de

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:

         Wehde Mobil Autovermietung GmbH
         Attn: Andreas Friedrichs, Manager
         Buschstr. 10
         26345 Bockhorn
         Germany


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


KAUPTHING BANK: Fitch Affirms and Withdraws 'D' Issuer Rating
-------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn the
respective ratings of Iceland-based Kaupthing Bank hf., Landsbanki
Islands and Glitnir Banki hf.  Fitch has also affirmed and
simultaneously withdrawn the respective ratings of Old Kaupthing's
UK subsidiary, Kaupthing Singer & Friedlander Ltd, and Old
Landsbanki's UK subsidiary, Heritable Bank Plc.

Fitch will no longer provide ratings or analytical coverage of Old
Kaupthing, Old Landsbanki and Old Glitnir and the UK subsidiaries.
Old Kaupthing's, Old Landsbanki's and Old Glitnir's respective
ratings are:

  -- Long-term Issuer Default Rating 'D'
  -- Short-term IDR 'D'
  -- Support Rating '5'
  -- Support Rating Floor 'No Floor' (NF)
  -- Individual Rating 'F'
  -- Senior debt 'CC'/'RR4'
  -- Subordinated debt 'C'/'RR6'
  -- Hybrid capital instruments 'C'/'RR6'

Kaupthing Singer & Friedlander's and Heritable Bank's respective
ratings are:

  -- Long-term IDR 'D'
  -- Short-term IDR 'D'
  -- Support Rating '5'
  -- Support Rating Floor 'No Floor' (NF)
  -- Individual Rating 'F'

The 'CC'/'RR4' rating of the GBP250 million floating-rate notes
issued by Singer & Friedlander Funding plc, due February 2010, has
also been affirmed and withdrawn.


TRYGGINGAMIDSTODIN HF: S&P Retains Negative Watch on 'BB' Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services commented on its CreditWatch
placement of Iceland-based insurer Tryggingamidstodin hf. and its
subsidiary Norway-based non-life insurer NEMI Forsikring ASA.  The
'BB' long-term counterparty credit and insurer financial strength
ratings on both entities remain on CreditWatch with negative
implications.

The ratings were originally placed on CreditWatch with negative
implications on Oct. 7, 2008, following the application by TM's
parent company, Stodir hf. (not rated), for bankruptcy protection.
This was initially granted up until October 20, but has since been
extended.

"We consider that uncertainties remain over TM's future ownership
and financial position," said Standard & Poor's credit analyst
Peter Mcclean.  S&P understands that Stodir has obtained an
extension to the period of bankruptcy protection until Jan. 20,
2009, at which time S&P shall review the position.  "However, S&P
remain unable to predict with any certainty when S&P expects to
resolve the CreditWatch status or the extent of any possible
downgrade.  S&P will continue to monitor developments closely and
take actions as appropriate," he added.


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


MOTIF FINANCE: S&P Downgrades Rating on EUR7 Mil. Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series
2007-5 EUR7 million managed synthetic CDO2 notes due December 2012
issued by Motif Finance (Ireland) PLC to 'D' from 'CCC-/Watch
Neg'.  The rating was subsequently withdrawn.

The actions follow a mandatory early redemption of the notes.  The
portfolio in the transaction had suffered several credit events
which resulted in a loss that exceeded the available subordination
and reduced the principal amount of the notes to zero.  This
resulted in a full loss of principal to the noteholders.

The rating actions on the affected transaction are:

                          Rating Lowered

   Name                             Rating To    Rating From
   ----                             ---------    -----------
   Motif Finance (Ireland) PLC      D            CCC-/Watch Neg
   Series 2007-5

                        Rating Withdrawal

   Name                             Rating To    Rating From
   ----                             ---------    -----------
   Motif Finance (Ireland) PLC      NR           D
   Series 2007-5


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


ALIMJAN STROY: Proof of Claim Deadline Slated for February 12
-------------------------------------------------------------
The Tax Committee of Almaty has declared LLP Construction Company
Alimjan Story insolvent.  Creditors have until Feb. 12, 2009, to
submit written proofs of claim to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


CA STROY SERVICE: Creditors Must File Claims by February 13
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Construction Company CA Stroy Service insolvent on
Dec. 1, 2008.

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

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


ELEVATOR MEL: Claims Filing Period Ends February 11
---------------------------------------------------
LLP Elevator Mel Stroy has declared insolvency.  Creditors have
until Feb. 11, 2009, to submit written proofs of claim to:

         LLP Elevator Mel Stroy
         Krasnogvardeysky tract 314
         Almaty
         Kazakhstan


INTER HOLDING: Creditors' Claims Due on February 11
---------------------------------------------------
LLP Inter Holding has declared insolvency.  Creditors have until
Feb. 11, 2009, to submit written proofs of claim to:

         LLP Inter Holding
         Tulebaev Str. 69-11
         Almaty
         Kazakhstan
         Tel: 8 (71431) 9-30-34
              8 (71431) 9 -79-10


INVEST DEVELOPMENT: Claims Registration Ends February 11
--------------------------------------------------------
LLP Company Alatau Stroy Invest Development has declared
insolvency.  Creditors have until Feb. 11, 2009, to submit written
proofs of claim to:

         LLP Company Alatau Stroy Invest Development
         Gornaya Str. 500
         Almaty
         Kazakhstan


MBK-TRADE LLP: Proof of Claim Deadline Slated for February 13
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP MBK-Trade insolvent on Dec. 3, 2008.

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

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


MEGAPOLIS-ST LLP: Creditors Must File Claims by February 11
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Megapolis-ST insolvent on Oct. 14, 2008.

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

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


SAMGAU LLP: Claims Filing Period Ends February 12
-------------------------------------------------
The Tax Committee of Almaty has declared LLP Agro-Industrial
Corporation Samgau insolvent.  Creditors have until Feb. 12, 2009,
to submit written proofs of claim to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


SNUB SERVICE-N: Creditors' Claims Due on February 11
----------------------------------------------------
LLP Tech Snub Service-N has declared insolvency.  Creditors have
until Feb. 11, 2009,  to submit written proofs of claim to:

         LLP Tech Snub Service-N
         Kabanabi batyr Str. 11/7-282
         Astana
         Kazakhstan


STROY BETON 7: Claims Registration Ends February 12
---------------------------------------------------
LLP Construction Company Stroy Beton 7 has declared insolvency.
Creditors have until Feb. 12, 2009, to submit written proofs of
claim to:

         LLP Construction Company Stroy Beton 7
         Kairbaev Str. 94
         140000 Pavlodar
         Kazakhstan


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


JANAI ELECTRO: Creditors Must File Claims by February 17
--------------------------------------------------------
LLC Janai Electro has declared insolvency.  Creditors have until
Feb. 17, 2009, to submit proofs of claim to:

         LLC Janai Electro
         Navoi Str. 42/26
         Osh
         Kyrgyzstan


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


LYONDELL CHEMICAL: Gets Court Okay to Access US$2Bln from DIP Loan
------------------------------------------------------------------
Judge Robert Gerber of the U.S. Bankruptcy Court for the Southern
District of New York granted Lyondell Chemical Company and its
U.S. affiliates permission to borrow about US$2 billion in
postpetition financing, including a "super emergency"US$100
million loan, that would fund their restructuring.

According to Bloomberg News, the Court approved the loan at half-
past midnight, after lenders spent five hours negotiating to
resolve objections to the biggest bankruptcy loan in U.S. history.

The accord brought in new lenders and excluded one, the company's
partial owner, Access Industries Holdings LLC.  Lyondell,
according to the report, can use US$2.167 billion while it seeks
final approval of the total US$8 billion DIP loan.

Access Industries previously announced that it has committed to
provide US$750 million of the total US$3.25 billion of new money
DIP financing arranged by LyondellBasell.

Bloomberg said that Appaloosa Management L.P., objected to the
US$8 billion DIP loan saying it and other holders of first-lien
secured debt may not be protected by the plan to roll up
pre-bankruptcy debt with the new loan.  A group of pre-bankruptcy
lenders including hedge funds Silver Point Capital LP, Western
Asset Management Co. and Highland Capital Management LP also
objected to the loan in court documents, saying they weren't
contacted about participating in the debtor-in-possession loan.
They said that Access, an insider, shouldn't participate in a
roll-up plan that gives an advantage to it and other lenders.

Under the proposed DIP financing,US$3.25 billion of prepetition
secured debt will be rolled up and treated as a postpetition
secured claim, and, thus, will be treated ahead of other pre-
bankruptcy claims.

An evidentiary hearing on the DIP Financing Motion was proposed
for January 7, 2009, at 4:00 p.m. prevailing New York time.

The DIP Facility consists of:

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

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

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

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

                    About LyondellBasell

Basell AF and Lyondell Chemical Company merged operations
in 2007 to form LyondellBasell Industries --
http://www.lyondellbasell.com/-- the world's third largest
independent chemical company.  Lyondellbasell produces
polypropylene and advanced polyolefins products, is a leading
supplier of polyethylene, and a global leader in the development
and licensing of polypropylene and polyethylene processes and
related catalyst sales.

LyondellBasell became saddled with debt as part of the
$12.7 billion merger.  About a year after completing the merger,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code on January 6, 2009, to facilitate a restructuring
of the company's debts.  The case is In re Lyondell Chemical
Company, et al., Bankr. S.D. N.Y. Lead Case No. 09-10023).
Seventy-nine Lyondell entities, including Equistar Chemicals, LP,
Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt
Industries, Inc., filed for Chapter 11.  LyondellBasell is not
part of the bankruptcy filing.  LyondellBasell's non-U.S.
operating entities are also not included in the Chapter 11 filing.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.

Lyondell Chemical estimated that consolidated assets total
US$27.12 billion and debts total US$19.34 billion as of the
bankruptcy filing date.  (Lyondell Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


LYONDELL CHEMICAL: Citi Has US$2 Billion Direct Gross Exposure
--------------------------------------------------------------
Citi said that as of December 31, 2008, its direct gross exposure
to LyondellBasell was approximately US$2.0 billion.  Citi
currently holds this exposure primarily in its Institutional
Clients Group.

The fourth quarter pre-tax impact related to LyondellBasell is
estimated to be approximately US$1.4 billion recorded primarily as
a loan loss reserve build.  The final impact on Citi's fourth
quarter financial results could differ from the impact disclosed
above due to closing and other adjustments.

In addition, Citi said it is participating in LyondellBasell's
debtor-in-possession financing.  As reported in the Jan. 7, 2009
issue of the Troubled Company Reporter, Lyondell has made
arrangements for up to US$8 billion in DIP financing to fund
continuing operations.  Of this total,US$3.25 billion consists of
new funding; US$3.25 billion represents a refinancing of certain
obligations under LyondellBasell's existing senior secured credit
facilities; and US$1.515 billion represents replacement of
existing working capital facilities.

Lyondell Chemical Company, LyondellBasell's U.S. unit that filed
for bankruptcy protection under Chapter 11, listed Citibank as one
of its top five largest secured claims, holding US$2,657,354,259
in prepetition claim, secured by certain material assets of the
Debtors.

                     About LyondellBasell

Basell AF and Lyondell Chemical Company merged operations
in 2007 to form LyondellBasell Industries --
http://www.lyondellbasell.com/-- the world's third largest
independent chemical company.  Lyondellbasell produces
polypropylene and advanced polyolefins products, is a leading
supplier of polyethylene, and a global leader in the development
and licensing of polypropylene and polyethylene processes and
related catalyst sales.

LyondellBasell became saddled with debt as part of the
US$12.7 billion merger.  About a year after completing the merger,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code on January 6, 2009, to facilitate a restructuring
of the company's debts.  The case is In re Lyondell Chemical
Company, et al., Bankr. S.D. N.Y. Lead Case No. 09-10023).
Seventy-nine Lyondell entities, including Equistar Chemicals, LP,
Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt
Industries, Inc., filed for Chapter 11.  LyondellBasell is not
part of the bankruptcy filing.  LyondellBasell's non-U.S.
operating entities are also not included in the Chapter 11 filing.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.

Lyondell Chemicals estimated that consolidated assets total
US$27.12 billion and debts total US$19.34 billion as of the
bankruptcy filing date.  (Lyondell Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


LYONDELL CHEMICAL: Bankruptcy Cues US$1BB Credit-Default Swaps
--------------------------------------------------------------
Bloomberg News reports that credit-default swaps traders will
settle about US$1.1 billion of derivatives protecting against a
default by bankrupt Lyondell Chemical Co.

The International Swaps and Derivatives Association, Inc., said
Jan. 7 that it will launch a CDS auction protocol to facilitate
the settlement of credit derivatives trades referencing three
entities in the LyondellBasell group, one of the world's largest
polymers, petrochemicals and fuels companies.  The three entities
are Lyondell Chemical Company, Equistar Chemicals, LP, and
Millennium America Inc.

In addition, LCDX dealers are expected to vote on whether to hold
an auction for loan-only CDS transactions referencing Lyondell
Chemical Company.  If those firms vote to hold an auction, ISDA
will publish auction terms for this auction, similar to the
documentation for the recent Tribune loan-only CDS auction.

LyondellBasell Industries announced on Tuesday, January 6 that in
order to facilitate a restructuring of its debts, its U.S.
operations and one of its European holding companies, Basell
Germany Holdings GmbH, have voluntarily filed to reorganize under
Chapter 11 of the US Bankruptcy Code.

The Protocol will be open to ISDA members and non-members alike.
ISDA will publish further details in due course and these will be
available at http://www.isda.org/

                     About LyondellBasell

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries --
http://www.lyondellbasell.com/-- the world's third largest
independent chemical company.  Lyondellbasell produces
polypropylene and advanced polyolefins products, is a leading
supplier of polyethylene, and a global leader in the development
and licensing of polypropylene and polyethylene processes and
related catalyst sales.

LyondellBasell became saddled with debt as part of the
US$12.7 billion merger.  About a year after completing the merger,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code on January 6, 2009, to facilitate a restructuring
of the company's debts.  The case is In re Lyondell Chemical
Company, et al., Bankr. S.D. N.Y. Lead Case No. 09-10023).
Seventy-nine Lyondell entities, including Equistar Chemicals, LP,
Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt
Industries, Inc., filed for Chapter 11.  LyondellBasell is not
part of the bankruptcy filing.  LyondellBasell's non-U.S.
operating entities are also not included in the Chapter 11 filing.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.

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


LYONDELL CHEMICAL: Non-U.S. Ops. Not Affected By Ch. 11 Filing
--------------------------------------------------------------
LyondellBasell Industries issued a statement Jan. 8 clarifying
that its non-U.S. operations are not affected by the Chapter 11
filing by Lyondell Chemical Co. and other affiliates.

"In view of the many inquiries received by LyondellBasell
questioning whether operations outside the United States are
impacted by our Chapter 11 restructuring filings, we would like to
stress that none of our operations outside the United States are
impacted.

No LyondellBasell company or affiliate located outside of the
United States has applied for or become involved in insolvency or
bankruptcy proceedings in their respective home countries.

All of LyondellBasell's non-U.S. companies are conducting business
as usual with no impact from the Chapter 11 restructuring filing
by our U.S. operations and one European holding company.  All
LyondellBasell companies remain committed to maintaining mutually-
beneficial relationships with suppliers and customers and to
serving and operating in the market as they did before this
voluntary action by the company.

Confusion apparently resulted from the inclusion of Basell Germany
Holdings GmbH in the Chapter 11 filing, the only entity among the
79 LyondellBasell affiliates that is not registered in the United
States.  The filing by Basell Germany Holdings GmbH was not a
result of insolvency under German law.  Rather, including this
non-U.S. holding company allows it to benefit from the special
financing package that has been negotiated with lenders in
connection with the Chapter 11 filing.  The German holding company
also will benefit from the moratorium on obligations under the
existing financing arrangements that result from the filing."

                     About LyondellBasell

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries --
http://www.lyondellbasell.com/-- the world's third largest
independent chemical company.  Lyondellbasell produces
polypropylene and advanced polyolefins products, is a leading
supplier of polyethylene, and a global leader in the development
and licensing of polypropylene and polyethylene processes and
related catalyst sales.

LyondellBasell became saddled with debt as part of the
US$12.7 billion merger.  About a year after completing the merger,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code on January 6, 2009, to facilitate a restructuring
of the company's debts.  The case is In re Lyondell Chemical
Company, et al., Bankr. S.D. N.Y. Lead Case No. 09-10023).
Seventy-nine Lyondell entities, including Equistar Chemicals, LP,
Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt
Industries, Inc., filed for Chapter 11.  LyondellBasell is not
part of the bankruptcy filing.  LyondellBasell's non-U.S.
operating entities are also not included in the Chapter 11 filing.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.

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


LYONDELL CHEMICAL: Suburban Propane Denies Affiliation
------------------------------------------------------
Suburban Propane Partners, L.P., disclaimed any affiliation with
the recently announced Chapter 11 bankruptcy filing by
LyondellBasell Industries and its affiliates.  In a press release
issued by Lyondell, Suburban Propane GP, Inc., was listed as one
of the affiliated entities of Lyondell that was included in the
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code.  Suburban Propane Partners clarifies that neither Suburban
Propane Partners, L.P., nor any of its affiliates including its
general partner Suburban Energy Services Group LLC and its
operating subsidiaries Suburban Propane, L.P., Suburban Heating
Oil Partners, LLC and Agway Energy Services, LLC, has any
affiliation with any entity of Lyondell and, as such, is in no way
impacted by the Lyondell bankruptcy filing.

The Partnership ended its fiscal 2008 with more than US$137.6
million of cash on hand which is expected to provide sufficient
liquidity to fund its ongoing operations without an immediate need
to access its established working capital facility.  The
Partnership has one of the strongest distribution coverage ratios
among its peers and is in a position of financial strength.

Suburban Propane Partners, L.P. -- http://www.suburbanpropane.com/
-- is a publicly-traded master limited partnership listed on the
New York Stock Exchange.  Headquartered in Whippany, New Jersey,
Suburban has been in the customer service business since 1928.
The Partnership serves the energy needs of more than 900,000
residential, commercial, industrial and agricultural customers
through more than 300 locations in 30 states.

                     About LyondellBasell

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries --
http://www.lyondellbasell.com/-- the world's third largest
independent chemical company.  Lyondellbasell produces
polypropylene and advanced polyolefins products, is a leading
supplier of polyethylene, and a global leader in the development
and licensing of polypropylene and polyethylene processes and
related catalyst sales.

LyondellBasell became saddled with debt as part of the
US$12.7 billion merger.  About a year after completing the merger,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code on January 6, 2009, to facilitate a restructuring
of the company's debts.  The case is In re Lyondell Chemical
Company, et al., Bankr. S.D. N.Y. Lead Case No. 09-10023).
Seventy-nine Lyondell entities, including Equistar Chemicals, LP,
Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt
Industries, Inc., filed for Chapter 11.  LyondellBasell is not
part of the bankruptcy filing.  LyondellBasell's non-U.S.
operating entities are also not included in the Chapter 11 filing.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.

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


LYONDELLBASELL INDUSTRIES: Chapter 11 Filing Cues Fitch's D Rating
------------------------------------------------------------------
Fitch Ratings has downgraded Netherlands-based petrochemicals
company LyondellBasell Industries AF SCA's U.S.-based subsidiaries
- Lyondell Chemical Company, Equistar Chemicals L.P. and Millenium
Americas Inc - to Long-term Issuer Default 'D' from 'C' and
removed them from Rating Watch Negative.  The agency also assigned
a Long-term IDR 'D' to Lyondell Basell Finance Co. The rating
action follows the recent announcement that the U.S. companies
have filed for bankruptcy.  At the same time, LBI's Long- and
Short-term IDRs of C' remain on RWN. A full list of rating actions
follows at the end of this commentary.

In filing for bankruptcy, the subsidiaries cited substantial
deterioration in trading conditions and severe raw material cost
volatility during H208.  The filing for bankruptcy protection
follows missed interest and fee payments by Lyondell Chemical
Company on its bridge loan agreement due 4 January 2009, which
were already postponed from 19 December 2008.  Lyondell Chemical
Company also announced that, pending court approval, it has made
arrangements for up to US$8 billion in debtor-in-possession
financing to fund continuing operations, of which US$3.25 billion
represent additional funding.  While seeking final approval for
the DIP financing Lyondell Chemical Company has received
bankruptcy court permission to borrow US$2 billion along with
US$100 million to be immediately available to the company to
prevent it from liquidating.

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

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

LBI, owned by Access Industries, was formed in December 2007 as a
result of a merger between chemical groups, Basell and Lyondell.
It is the world's third-largest independent chemical company.

The rating actions applicable to LBI and its related entities are:
Lyondell Basell Industries AF SCA (formerly Basell AF SCA)

  -- Long-term IDR: 'C'; remains on RWN
  -- Short-term IDR: 'C'; remains on RWN
  -- Senior notes: affirmed at 'C'/'RR6'/ off RWN

Lyondell Chemicals Company

  -- Long-term IDR: downgraded to 'D' from 'C'; off RWN
  -- Secured debentures: 'B-' (B minus)/'RR1'; remains on RWN

Lyondell Basell Finance Co

  -- Long-term IDR: assigned 'D'

  -- Fixed-rate second-lien loan: affirmed at 'C'/'RR6'; off RWN

  -- Floating-rate second-lien loan: affirmed at 'C'/'RR6'; off
     RWN

  -- Floating-rate third-lien loan: affirmed at 'C'/'RR6'; off RWN

Equistar Chemicals L.P.

  -- Long-term IDR: downgraded to 'D' from 'C'; off RWN
  -- Secured debentures: 'B-'(B minus)/'RR1'; remains on RWN

Millennium America Inc.

  -- Long-term IDR: downgraded to 'D' from 'C'; off RWN
  -- Senior debentures: affirmed at 'C'/'RR6'; off RWN


===========
T U R K E Y
===========


DOGUS HOLDING: Fitch Affirms Issuer Default Ratings at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed Dogus Holding A.S.'s Long-term foreign
and local currency Issuer Default Ratings at 'BB-' (BB minus),
respectively.  The Outlooks on both IDRs have simultaneously been
revised to Stable from Positive.

The rating action reflects a material increase in leverage at the
holding company level since FY06.  On a consolidated basis,
excluding financial services subsidiaries, Dogus has moved from a
net cash position of just under US$550 million net cash at end
FY06 to a net debt position of US$832 million as at end H108.  The
company is exposed to foreign currency risk through its largely
US$-denominated debt, against the backdrop of exchange rate
volatility and the devaluation of the lira during Q408.  This
position is mitigated by around two thirds of its revenues
(excluding financial subsidiaries) being generated either in
foreign currency or in local currency linked to the prevailing
exchange rate.

The additional debt has mainly been used by Dogus to finance its
acquisition of an increased stake in main asset Garanti Bank
(Garanti, rated 'BB'/Outlook Stable).  Dogus raised its stake in
Garanti in December 2007 to 30.5% from 25.9% partially funded by a
US$560 million loan raised in two installments during first half
of 2008.  Garanti's profitability, prevailing equity valuation and
credit ratings remain important components of Dogus Holding's
consolidated profitability, value of its asset portfolio, and
therefore its credit ratings.  In addition to its financial
subsidiaries, Dogus has interests in the automotive, construction,
tourism, media, real estate and energy sectors with controlling
stakes in its non-financial subsidiaries.  Dogus exercises joint-
control with General Electric Consumer Finance at Garanti.

The stable Outlook reflects Fitch's assessment that Dogus will not
increase its leverage.  Dogus's diversified portfolio helps
stabilize consolidated earnings and debt profile to a certain
extent.  However, Fitch believes that Dogus's media and automotive
subsidiaries are likely to endure an operating margin squeeze
during 2009.  Nonetheless, Dogus's subsidiaries are not expected
to be burdens on the holding company in the intermediate term
given their moderate leverage.

Fitch has applied its parent and subsidiary rating linkage
methodology in the rating of Dogus, concluding that a weak rating
relationship exists between it and its major associate, Garanti.
The agency has also applied its methodology for rating industrial
investment holding companies.  In summary, credit positives focus
on the strength of Garanti while weaknesses include structural
subordination, limited dividend income and high stand-alone
leverage of the holding company.  The holding company's future
cash flows and ability to service its debt remain dependent on the
interest income from its cash position, capital gains from
potential asset or equity stake disposals from its investment
portfolio, rental income from its real estate portfolio, and the
operating profitability of its subsidiaries.  Fitch understands
that Dogus may invest in new energy sector ventures, and returns
from existing and potential future investments will be factored
into Dogus's ratings on an ongoing basis.


FORD OTOSAN: Fitch Affirms Issuer Default Rating at 'B'
-------------------------------------------------------
Fitch Ratings affirmed Turkey-based Ford Otosan's Long-term local
currency Issuer Default rating at 'B' with Negative Outlook and
simultaneously withdrawn it.

Fitch will no longer provide the ratings or analytical coverage on
Ford Otosan.

Ford Motor Company (rated 'CCC'/Negative) and Koc Group of Turkey
jointly control Ford Otosan with a 41% stake each, while the
remaining 18% is quoted on the Istanbul Stock Exchange.


* TURKEY: Fitch Assigns 'BB-' Rating on US$1 Bil. EuroBonds
-----------------------------------------------------------
Fitch Ratings has assigned the Republic of Turkey's forthcoming
US$1 billione urobond, due on July 14, 2017, a 'BB-' (BB minus)
rating.  The Turkish Treasury reported the pricing of the bond.
The eurobond has a coupon rate of 7.5% and a spread over US
Treasury Bonds of 501 basis points.  The rating is in line with
Turkey's Long-term foreign currency Issuer Default Rating, which
has a Stable Outlook.

"Turkey's sovereign eurobond issue highlights its continued
international capital market access in challenging global
financial conditions and its relative resilience, so far, to the
credit crunch," says Edward Parker, Head of Emerging Europe in
Fitch's Sovereigns team.  "Nevertheless, Turkey faces a
challenging near-term outlook and Fitch believes the timely
agreement of a new IMF loan program will be important to reduce
fiscal and external financing risks."

Fitch estimates that Turkey's real GDP growth will fall sharply to
1.8% for 2008 and to minus 0.5% in 2009, compared with growth of
4.5% in H108.  The agency views external financing risks as the
main uncertainty facing Turkey.  Fitch forecasts the country's
current account deficit will narrow to around US$23 billion (3.6%
of GDP) in 2009 from US$43 billion in 2008, helped by lower oil
prices and weak domestic demand.  Nonetheless, medium- and long-
term amortization of US$53 billion (including non-resident
holdings of domestic debt), plus short-term debt of around US$50
billion represent a large financing requirement, relative to
foreign exchange reserves of US$70 billion.  The external
financing outlook might be challenging in current global financial
conditions.

However, such concerns are partly mitigated by Turkey's strong
banking sector, which is moderate in size, well capitalized, has a
close to balanced net external debtor position, has no significant
open FX position and a low loan-to-deposit ratio of only 80%.  The
private sector has external deposits of US$71 billion, part of
which could be drawn to meet debt payments.  Households are long
foreign currency, with very low FX debt and sizable FX bank
deposits.

Nonetheless, Fitch believes the timely agreement of a new IMF loan
program will be important to meet part of the "ex-ante" external
financing requirement and in buttressing private sector confidence
in refinancing maturing debt.  Turkey's 2009 budget is based on a
GDP growth assumption of 4%, which appears unrealistic in the
present economic climate.  A fiscal adjustment, which would likely
be a condition of an IMF program, would help to guard against
risks of unsettling market confidence and crowding out the private
sector in the event of lower capital inflows, and would limit
pressures on government debt issuance.

Turkey's sovereign ratings are underpinned by its high GDP per
capita, which at US$9,310 (in 2007 at market exchange rates) is
the highest in the 'BB' rating category. Prior to the current
economic downturn, real GDP growth averaged 6.9% in the five years
to 2007.  Turkey's other strengths include its favorable business
climate and governance, its customs union with the EU, its track
record in attracting FDI, low commodity price dependence and good
modern debt service record.


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


ENNSTONE PLC: Julian Cooper to Chair Board
------------------------------------------
The Board of Ennstone plc said in a January 5 press statement
that Julian Cooper has joined the Board with immediate effect as
executive chairman.

Mr. Cooper is a chartered accountant and brings considerable
experience having held a number of executive management positions.
Mr. Cooper is a senior partner of consultants, MPC Partners LLP,
and a former partner at Arthur Andersen.

Mr. Cooper succeeds Graham Brown who will remain on the Board as a
non-executive director to ensure a smooth transition.

According to Evening Standard's Robert Lea, Mr. Cooper's role will
be to attempt to realize value for a business whose quarries are
reckoned to have an asset value in excess of GBP200 million.

Ennstone, Evening Standard recalls, was among the most spectacular
stockmarket failures of 2008 as a market capitalization of GBP177
million all but disappeared as its shares fell from 35p to 0.34p.

Evening Standard discloses the company, which has been hit by the
collapse of the housebuilding industry, racked up debts of GBP200
million while its market capitalization just stood at GBP2
million.

Among the company's lenders are Barclays and Wachovia, Evening
Standard notes.

Ennstone plc -- http://www.ennstone.co.uk/-- is a regional
aggregates and building materials business involved in the
production and sale of aggregates, asphalt, ready mixed concrete,
precast and stone products.  It employs over 1,700 people
throughout the UK, USA and Poland.


GK MOTORS: Poised to Go Into Liquidation
----------------------------------------
Gareth Palmer at Halstead Gazette reports that car parts and
accessories supplier GK Motor Factors (Colchester) Ltd is set to
go into liquidation after trading for 20 years.

The company, the report relates, blamed the current economic
climate for the closure and the loss of five full-time jobs.

According to the report, rising overheads such as electricity
bills and rent, and falling sales prompted the company to close.

The report discloses company director Geoffery Lobb had instructed
North Chingford, London-based Carter Clark to convene a meeting of
creditors on a date to be set, where a liquidator would be
appointed.


ITV PLC: Inks Syndication Deal with Virgin Media
------------------------------------------------
Virgin Media Inc. in a press statement on Thursday said that it
has reached a deal to make some of the nation's favorite
television shows available on demand to its digital TV subscribers
with ITV Player, ITV's on demand catch up service.

The agreement will give ITV its largest ever potential on demand
audience, with Virgin Media's 3.5 million TV customers able to
view over 40 hours of top quality programming from ITV1, 2, 3 and
4 each week.  Popular shows such as Coronation Street and
Emmerdale will all be made available for seven days after being
broadcast as part of Virgin Media's free Catch up TV* service.

Virgin Media's viewers will also be able to choose from 500
hours** of award-winning ITV comedies, documentaries and dramas,
all ready to watch at any time on demand.  This collection of some
of the best of British television will be available as part of
Virgin Media's vast library of programs which sit within its TV
Choice section.  A selection of ITV's High Definition (HD)
programming will also be available on demand, adding to Virgin
Media's growing and popular list of HD content as part of the UK's
leading TV on demand service.

In addition, Virgin Media and ITV have also agreed that Virgin
Media TV subscribers will be able to watch ITV content online via
their computers, providing further viewing options.

Virgin Media has pioneered on demand television in the UK with
more than half of its TV customers regularly using this service.
Total views of all on demand programs exceeded 357 million by the
end of the first nine months of 2008 and averaged 45 million views
each month in the third quarter of last year.

ITV has also seen a rapid rise in users for its on demand
offering, with the average number of plays per month more than
doubling since the end of the first quarter of 2008.  The top
three ITV shows in 2008 were Coronation Street, The X Factor and
Emmerdale in that order.

Malcolm Wall, CEO of Content at Virgin Media, said: "ITV makes
some of the country's most loved TV programs so we're delighted to
be able to offer so many of them to our customers.  We already
have the largest and best collection of entertainment available on
demand and adding this vast amount of quality content will make
our TV offering even more compelling."

Ben McOwen Wilson, Director of Online at ITV, said: "Our ambition
is make our content as widely available for audiences.  We are
thrilled to be announcing this deal with Virgin Media at a very
exciting time for ITV.  We know Virgin Media's customers consume a
lot of content on demand, and we are confident that with the
massive appetite and growth of on demand content across our online
sites during 2008 this deal will allow a new wave of viewers to
enjoy our content; in a time when the way our audiences watch TV
continues to transform."

* Virgin Media's Catch up TV already includes the pick of the last
week's best television from the BBC, Channel 4, E4, More4, Bravo,
Living and Virgin1.

** Virgin Media will show 500 hours of ITV content within its TV
Choice section every year.

                    About Virgin Media Inc.

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As reported in the TCR-Europe on October 17, 2008, Fitch Ratings
affirmed Virgin Media Inc.'s Long-term Issuer Default Rating at
'BB-' with a Stable Outlook and Short-term IDR at 'B', following
its announcement that it is seeking amendments to its senior
secured facilities.

At the same time, Standard & Poor's Ratings Services said that its
ratings and outlook on U.K.-based telecommunications provider
Virgin Media Inc. (VMI) and related entities (B+/Positive/--) are
unchanged by the company's announcement that it has requested
various amendments to the senior facilities agreement.


                        About ITV plc

Headquartered in London, ITV plc -- http://www.itvplc.com/-- is a
U.K. media company, owning all of the regional Channel 3 licenses
in England and Wales.  The company wholly owns three leading free-
to-air digital channels: ITV2, ITV3 and ITV4.  It owns the market
leading cinema screen advertising businesses in the U.K. and
Republic of Ireland and has similar joint ventures in continental
Europe and the United States.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
October 30, 2008, Fitch Ratings downgraded ITV plc's Long-term
Issuer Default rating and senior unsecured rating to 'BB+' from
'BBB-'.  Following the downgrade, the rating Outlook is now
Stable.  Fitch also downgraded ITV's Short-term IDR to 'B' from
'F3' and withdrew the Short-term rating.

The rating action follows further downward revisions in Fitch's
expectations for the UK advertising market over the medium term.


ITV PLC: Takes 25% Stake in Carbon Media
----------------------------------------
ITV plc, through its production business ITV Studios Ltd, has
taken a 25% equity stake in Carbon Media Ltd, the independent
production company.

Under the terms of the deal, ITV Studios will invest GBP1.1
million in Carbon for the issue to ITV Studios of new shares in
Carbon representing 25% of Carbon's enlarged issued share capital.
ITV Studios will also make a development facility of GBP150,000
available to Carbon for a five year period.

The investment represents further progress in ITV's strategy for
content-led growth, through production of high value formats with
strong secondary sales potential.

                    About Carbon Media Ltd

Carbon is an independent production company, founded in 2004 by
Mike Christie and Mike Smith, which focuses on specialist factual
television.  Steven Wright recently joined Carbon as joint
creative director.

           About ITV Studios and ITV Global Content

ITV Global Content is ITV plc's content division, bringing
together all of ITV's UK and international production and
distribution businesses, including ITV Studios, the group's UK
production business.

                         About ITV plc

Headquartered in London, ITV plc -- http://www.itvplc.com/-- is a
U.K. media company, owning all of the regional Channel 3 licenses
in England and Wales.  The company wholly owns three leading free-
to-air digital channels: ITV2, ITV3 and ITV4.  It owns the market
leading cinema screen advertising businesses in the U.K. and
Republic of Ireland and has similar joint ventures in continental
Europe and the United States.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
October 30, 2008, Fitch Ratings downgraded ITV plc's Long-term
Issuer Default rating and senior unsecured rating to 'BB+' from
'BBB-'.  Following the downgrade, the rating Outlook is now
Stable.  Fitch also downgraded ITV's Short-term IDR to 'B' from
'F3' and withdrew the Short-term rating.

The rating action follows further downward revisions in Fitch's
expectations for the UK advertising market over the medium term.


MG ROVER: Cost of Inquiry Into Collapse Tops GBP14 Million
----------------------------------------------------------
Mark Milner at guardian.co.uk reported that the cost of the
official inquiry into the events surrounding the collapse of MG
Rover in 2005 has topped GBP14 million.

The report disclosed that according to figures which cover the
period until the end of November, the inquiry, which is ongoing,
has incurred GBP11.5 million in costs, GBP445,660 in disbursements
and just over GBP2 million in VAT.

The inquiry, the report recalled, commenced in May 2005.  The then
trade and industry secretary, Alan Johnson, appointed inspectors
Guy Newey QC, an insolvency law specialist, and forensic
accountant Gervase MacGregor to carry out the investigation, the
report noted.

                         About MG Rover

Headquartered in Birmingham, United Kingdom, MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles under
the  Rover and MG brands, together with engine maker Powertrain
Ltd. Previously owned by Phoenix Venture Holdings, the company
faced huge losses in recent years, reaching GBP64.1 million in
2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corp., failed to
materialize.  It appointed Ian Powell, Tony Lomas and Rob Hunt,
partners in PricewaterhouseCoopers, as joint administrators.

The crisis left 6,000 people jobless, and caused a domino effect
on related businesses, particularly in the West Midlands.

Days later, eight European subsidiaries -- MG Rover Deutschland
GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG
Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- also fell into administration.


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

The company can be reached at:

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


PREMIER MOTORAUCTIONS: Brings In Joint Administrators from PwC
--------------------------------------------------------------
Ian David Green and Stephen Andrew Ellis of PricewaterhouseCoopers
LLP were appointed joint administrators of Premier Motorauctions
Ltd. and Premier Motorauctions Leeds Ltd. on Dec. 22, 2008.

The company can be reached at:

         Premier Motorauctions Ltd.
         Premier House
         Cross Green Business Park
         Pontefract Lane
         Leeds
         LS9 0PS
         England


SOFA WORKSHOP: On the Verge of Administration
---------------------------------------------
James Thompson at The Independent reports that Sofa Workshop, the
31 store furniture retailer, is on the brink of administration.

Citing Paul Staden, the marketing director of Sofa Workshop, the
The Independent relates the company has filed intent to appoint an
administrator as a protective measure while discussions continue
to refinance the business.

According to The Independent, the company has lined up Leonard
Curtis, the recovery specialist, as administrator if rescue talks
fail.

New Heights, which went into administration in May, acquired the
company from MFI in October 2006 for GBP1.8 million, The
Independent recalls.

Jennifer Creevy of Retail Week writes Sofa Workshop auditor BDO
Stoy Hayward expressed reservations about the company's future in
its accounts for the 12 months to May 31 filed at Companies House.

The auditor, Retail Week says, noted that the company is reliant
on the continuing support of its shareholders and that there are
"no other finance facilities in place".

In the year to May 31, Sofa Workshop posted a GBP2.7 million pre-
tax loss against a loss of GBP3.3 million for the 17 months to
May 31, 2007, Retail Week discloses.


SPORT MEDIA: In Breach of Bank Covenant, In Talks with Lenders
--------------------------------------------------------------
Sport Media Group plc was notified by its bankers Tuesday last
week that it was in breach of one of its banking covenants and
agreement has not been reached on revised facility terms.
However, revised facility terms continue to be negotiated and, in
the interim, the bank has provided a two month extension to the
current facility, expiring on March 6, 2009.

The company is seeking to remedy the breach through further
discussions with the existing finance providers and is also
exploring a number of alternative financing sources and
structures.  The Board believes that a refinancing solution will
be reached within the extension period and will continue to update
the market with regards to future developments as and when they
occur.

According to the Daily Telegraph's Rowena Mason, a debt-for-equity
swap is just one of the options under consideration.

On Thursday, January 8, 2009, the group announced preliminary
results for the year to July 31, 2008.  These are reported under
International Financial Reporting Standards, with 2007 comparisons
restated accordingly.

                       Trading Update

Trading for the period through to October was broadly in line with
management's expectations and while market conditions have been
difficult, cost savings have been made at the operating level in
order to reduce the impact on the financial performance.  Trading
since that date and across the Christmas period has continued to
be challenging, although the company is still determining the
impact on the financial performance at this time.  Further comment
on the trading for this period will be made at a later date.

In light of the current uncertainty surrounding the company's
sources of finance, and therefore the extent of funds available
for further investment, the operating forecasts for the full year
are under review at this time.  Further guidance on the full year
forecasts will be given once the Board has greater visibility on
future financing.

                      Financial Review

In the year to July 31, 2008, the group produced an increase in
pre-exceptional pre-tax profits of 7% to GBP6 million (2007:
GBP5.6 million), with underlying earnings per share of 5.72p
(2007: 9.7p) on the increased average share capital.

The reported figures include the results of Sport Newspapers for
just under 11 months, following its acquisition by the group in
September 2007.  Also included are results for Flip Media for two
months following its acquisition in June 2008.  As a result, group
turnover for the full year rose by 158% to GBP29.4 million (2007:
GBP11.4 million), with operating margins of 21.9% (2007: 49.1%).

During the year, the group paid an interim dividend of 2p per
share.  Given the current financial situation, the Board is of the
opinion that the historic policy of paying 80% of earnings as
dividend is no longer appropriate, therefore we will not be paying
a final dividend this year.

The company has been and remains profitable and has positive
underlying operating cash flow.

At July 31, 2008, the group's consolidated balance sheet showed
GBP44.3 million  in total assets and GBP19.5 million liabilities,
resulting in a GBP24.8 million shareholders' equity.

                       Going Concern

The financial information has been prepared on a going concern
basis.  The validity of this basis is conditional on the
replacement of the group's short term banking facilities with
equivalent longer term facilities or the ability of the group to
raise new finance to replace all or part of its existing banking
facilities.  The Board believes that the going concern basis of
preparation is appropriate because the company is seeking to
remedy the breach through further discussions with the existing
finance providers and is also exploring a number of alternative
financing sources and structures and that a refinancing solution
will be reached within the extension period expiring on
March 6, 2009.  Should this not be the case and the group be
unable to continue trading as a result of the withdrawal of its
banking facilities, adjustments would have to be made to reduce
the value of the assets to their recoverable amounts, to provide
for further liabilities which might arise and to reclassify fixed
assets and long term liabilities as current assets and
liabilities.

Sport Media Group plc (AIM: SPMG.L) is the integrated multi-media
group that publishes the Sunday and Daily Sport newspapers and
provides digital content for Internet and mobile channels.


SWALLOW TAPES: In Administration; Halts Trading
-----------------------------------------------
Simon Halewood at Crewe Chronicle reports that Crewe, Chesire-
based packaging and tape supplier Swallow Tapes has ceased trading
after going into administration.

According to the report, the company ran into "serious cash flow
problems", racking up debts of GBP1.8 million.

The report relates eight of the company's staff have been made
redundant.


TENNYSON FUND: Taps Joint Administrators from Baker Tilly
---------------------------------------------------------
Michael David Rollings and Vivienne Elizabeth Oliver of Baker
Tilly Restructuring and Recovery LLP were appointed joint
administrators of Tennyson Fund Solutions (U.K.) Ltd. on Dec. 23,
2008.

The company can be reached through/at

         Tennyson Fund Solutions (U.K.) Ltd.
         42-44 Portman Road
         Reading
         Berkshire
         RG30 1FA
         England


VAN DIRK: Appoints Joint Administrators from PwC
------------------------------------------------
Nicholas Edward Reed and Ian David Green of PricewaterhouseCoopers
LLP were appointed joint administrators of Van Dirk Brands Ltd. on
Dec. 18, 2008.

The company can be reached through/at

         Van Dirk Brands Ltd.
         C/o The Officers Club Ltd.
         Bassington Avenue
         Bassington Industrial Estate
         Cramlington
         Northumberland
         NE23 8AH
         England


VIRGIN MEDIA: Inks Syndication Deal with ITV
--------------------------------------------
Virgin Media Inc. in a press statement on Thursday said that it
has reached a deal to make some of the nation's favorite
television shows available on demand to its digital TV subscribers
with ITV Player, ITV's on demand catch up service.

The agreement will give ITV its largest ever potential on demand
audience, with Virgin Media's 3.5 million TV customers able to
view over 40 hours of top quality programming from ITV1, 2, 3 and
4 each week.  Popular shows such as Coronation Street and
Emmerdale will all be made available for seven days after being
broadcast as part of Virgin Media's free Catch up TV* service.

Virgin Media's viewers will also be able to choose from 500
hours** of award-winning ITV comedies, documentaries and dramas,
all ready to watch at any time on demand.  This collection of some
of the best of British television will be available as part of
Virgin Media's vast library of programs which sit within its TV
Choice section.  A selection of ITV's High Definition (HD)
programming will also be available on demand, adding to Virgin
Media's growing and popular list of HD content as part of the UK's
leading TV on demand service.

In addition, Virgin Media and ITV have also agreed that Virgin
Media TV subscribers will be able to watch ITV content online via
their computers, providing further viewing options.

Virgin Media has pioneered on demand television in the UK with
more than half of its TV customers regularly using this service.
Total views of all on demand programs exceeded 357 million by the
end of the first nine months of 2008 and averaged 45 million views
each month in the third quarter of last year.

ITV has also seen a rapid rise in users for its on demand
offering, with the average number of plays per month more than
doubling since the end of the first quarter of 2008.  The top
three ITV shows in 2008 were Coronation Street, The X Factor and
Emmerdale in that order.

Malcolm Wall, CEO of Content at Virgin Media, said: "ITV makes
some of the country's most loved TV programs so we're delighted to
be able to offer so many of them to our customers.  We already
have the largest and best collection of entertainment available on
demand and adding this vast amount of quality content will make
our TV offering even more compelling."

Ben McOwen Wilson, Director of Online at ITV, said: "Our ambition
is make our content as widely available for audiences.  We are
thrilled to be announcing this deal with Virgin Media at a very
exciting time for ITV.  We know Virgin Media's customers consume a
lot of content on demand, and we are confident that with the
massive appetite and growth of on demand content across our online
sites during 2008 this deal will allow a new wave of viewers to
enjoy our content; in a time when the way our audiences watch TV
continues to transform."

* Virgin Media's Catch up TV already includes the pick of the last
week's best television from the BBC, Channel 4, E4, More4, Bravo,
Living and Virgin1.

** Virgin Media will show 500 hours of ITV content within its TV
Choice section every year.

                        About ITV plc

Headquartered in London, ITV plc -- http://www.itvplc.com/-- is a
U.K. media company, owning all of the regional Channel 3 licenses
in England and Wales.  The company wholly owns three leading free-
to-air digital channels: ITV2, ITV3 and ITV4.  It owns the market
leading cinema screen advertising businesses in the U.K. and
Republic of Ireland and has similar joint ventures in continental
Europe and the United States.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
October 30, 2008, Fitch Ratings downgraded ITV plc's Long-term
Issuer Default rating and senior unsecured rating to 'BB+' from
'BBB-'.  Following the downgrade, the rating Outlook is now
Stable.  Fitch also downgraded ITV's Short-term IDR to 'B' from
'F3' and withdrew the Short-term rating.

The rating action follows further downward revisions in Fitch's
expectations for the UK advertising market over the medium term.

                    About Virgin Media Inc.

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As reported in the TCR-Europe on October 17, 2008, Fitch Ratings
affirmed Virgin Media Inc.'s Long-term Issuer Default Rating at
'BB-' with a Stable Outlook and Short-term IDR at 'B', following
its announcement that it is seeking amendments to its senior
secured facilities.

At the same time, Standard & Poor's Ratings Services said that its
ratings and outlook on U.K.-based telecommunications provider
Virgin Media Inc. (VMI) and related entities (B+/Positive/--) are
unchanged by the company's announcement that it has requested
various amendments to the senior facilities agreement.


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

The company can be reached through/at

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


* UNITED KINGDOM: Companies Face Refinancing Timebomb This Year
---------------------------------------------------------------
Jenny Davey of The Sunday Times reported that corporate Britain is
facing a refinancing timebomb this year.

Citing ratings agency Standard & Poor's, the report disclosed that
a GBP140 billion debt pile needs to be refinanced in the United
Kingdom between now and 2011.

According to the report, more than GBP50 billion of bank debt
expires this year.

The report noted the soaring cost of capital and the paucity of
available debt financing will squeeze even blue-chip companies
which need to renew or restructure existing loan facilities.

Gareth Davies at Close Brothers, as cited by the report said,
"Refinancing risk is significant.  There is no new money available
and so in most cases the borrower will have no choice but to
renegotiate a facility extension with the existing syndicate."

David Brooks, head of M&A at Grant Thornton, warned "It is going
to get worse before it gets better.  There are still some big
refinancings that will cause indigestion in the system", the
report recalled.

"It is going to be very tough.  A lot of the big corporates whose
debt does not mature until the end of 2009 are looking to
refinance now or at least go to the market in good time.  But the
lenders who have been told off for being too cavalier are being
cautious about who they are going to lend to and how they are
going to price it," Mr. Brooks was quoted by the report as saying.


* UK: GBP22.7 Bln of Property Debt Awaits Refinancing This Year
---------------------------------------------------------------
Citing property consultants King Sturge, the Daily Telegraph
reports that GBP22.7 billion of property debt in the United
Kingdom needs to be refinanced this year.

The report relates that according to King Sturge, property
companies will be forced to sell assets even at a loss in order to
manage their debts.

The flood of distressed properties on to the market could drive
capital values even lower, the report notes.

King Sturge, the report discloses, predicts secondary properties
could eventually drop by over 50% as supply increases but demand
falls because of business failures.


* BOND PRICING: For the Week Jan. 5 to Jan. 9, 2009
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Raiff Centrobank        15.000    07/17/09 EUR    68.37
UBM Realitaet         3.880    06/10/12 EUR    99.21

BELGIUM
-------
Barry Calle SVCS         6.000    07/13/17 EUR    71.68

CYPRUS
------
Abh Financial Lt          8.200    06/25/12 USD    64.66
Alfa MTN Invest           9.250    06/24/13 USD    61.38

FRANCE
------
Alcatel SA                4.750    01/01/11     EUR      13.40
                          6.380    04/07/14 EUR    68.67
Axa SA                    7.130    12/15/20 GBP    79.52
                          8.600    12/15/30 USD    87.55
Bouygues               5.500    10/06/26 GBP    73.48
Calyon                    6.000    06/18/47     EUR      36.14
Cap Gemini SA         2.500    01/01/10 EUR    50.35
                          1.000    01/01/12 EUR    40.76
Ciments Francais         4.750    04/04/17 EUR    73.53
Club Mediterrane         4.380    11/01/10 EUR      38.07
CMA CGM               5.500    05/16/12 EUR    44.63
Credit Agricole           4.050    12/22/20 EUR    73.91
Geophysique               7.500    05/15/15 USD    60.75
Geophysique-Veri          7.500    05/15/15 USD    61.00
Soc Air France            2.750    04/01/20 EUR    19.34
Wavecom SA                1.750    01/01/14     EUR      28.83

GERMANY
-------
City of Moscow            5.060    10/20/16 EUR    57.02

GREECE
------
Antenna TV SA         7.250    02/15/15 EUR    70.00

HUNGARY
-------
Agrokor                7.000    11/23/11 EUR    68.23

IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      74.86
                          5.630    11/29/30 GBP    68.96
Alfa Bank                 8.640    02/22/17 USD    36.80
Ardagh Glass              7.130    06/15/17 EUR    67.13
Banesto Finance Plc       6.120    11/07/37 EUR     6.12
Bank Soyuz                9.380    02/16/10 USD    39.98

ITALY
-----
Banca Italease            3.000 06/30/11 EUR     61.88
                          3.000 09/30/11 EUR       59.50
Cir SpA                   5.750     12/16/24 EUR     60.11

LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13 USD    61.79
Ak Bars Bank              9.250    06/20/11 USD    65.28
Alrosa Finance            8.880    11/17/14 USD    64.32
Bank of Moscow            7.340    05/13/13 USD    65.32
                          7.500    11/25/15 USD    40.11
                          6.810    05/10/17 USD    37.48
Beverage Pack             8.000    12/15/16 EUR    62.00
                          9.500    06/15/17 EUR    46.38
Breeze                    4.520    04/19/27 EUR    65.70
                         11.750    04/19/27 EUR    72.25
Cirsa Capital             7.880    07/15/12 EUR    54.50
Cirsa Fin Lux             8.750    05/15/14 EUR    51.50
Severstal OAO             9.750    07/29/13 USD    54.17
                          9.250    04/19/14 USD    54.58

NETHERLANDS
-----------
ABN Amro Bank NV          6.250    06/29/35 EUR    53.93
Aegon NV                  4.630    12/09/19 EUR    73.02
                          6.130    12/15/31 GBP    72.10
Air Berlin Finance BV     1.500    04/11/27 EUR    36.25
Alfa Bk Ukraine    9.750    12/22/09 USD    67.46
ALB Finance BV            9.000    11/22/10 USD    62.39
                          9.750    02/14/11 GBP    32.88
                          8.750    04/20/11 USD      49.91
                          7.880    02/01/12 EUR    33.93
                          9.250    09/25/13 USD    44.36
ASM International NV    4.250    12/06/11 USD    66.56
ASML Holding NV           5.750    06/13/17     EUR      54.52
Astana Finance            7.880    06/08/10     EUR      60.82
                          9.000    11/16/11 USD    49.86
ATF Capital BV            9.250    02/21/14     USD      66.51
Bank Georgia JSC         9.000    02/08/12 USD    44.38
BK Ned Gemeenten      0.500    06/27/18 CAD    67.57
                          0.500    02/24/25 CAD    46.90
Cemex Fin Europe          4.750    03/05/14 EUR    47.80
Centercrdt Intl           8.000    02/02/11     USD      57.06
                          8.630    01/30/14 USD    38.78
Clondalkin BV             8.000    03/15/14 EUR    42.63
Hit Finance BV         4.880    10/27/21 EUR    71.80
Turanalem Fin BV          7.130    12/21/09 GBP    68.13
                          7.880    06/02/10 USD    62.54
                          6.250    09/27/11 EUR    41.88
                          7.750    04/25/13 USD    40.31
                          8.000    03/24/14 USD    44.53
                          8.500    02/10/15 USD    46.06
                          8.250    01/22/37 USD    46.12

ROMANIA
-------
Bucharest                 4.130    06/22/15 EUR    47.47

RUSSIA
------
Sistema Capital           8.880    01/28/11 USD    74.89

SPAIN
-----
Abertis                   5.990    05/14/38 EUR    74.57
Abertis Infra    4.380    03/30/20 EUR    75.83
Auvisa                    4.790    12/15/27 EUR    63.44
Ayt Cedulas Caja          3.750    06/30/25 EUR    77.73
Bancaja                   4.250    05/26/13 EUR    95.12
                          4.380    02/14/17 EUR    71.57
UNITED KINGDOM
--------------
Amlin Plc               6.500    12/19/26 GBP    64.75
Anglian Water
  Finance Plc             2.400    04/20/35     GBP      44.76
Ashtead Holdings          8.630    08/01/15 USD    57.38
Aspire Defence            4.670    03/31/40 GBP    60.74
Aviva Plc            5.250    10/02/23 EUR    65.73
                          6.880    05/22/38 EUR    59.35
                          6.880    05/20/58 GBP    74.29
Bank of India             6.630    09/22/21 USD    75.29
Beazley Group             7.250    10/17/26 GBP    76.81
Bradford&Bin Bld          7.630    02/16/10 GBP    29.50
                          6.630    06/16/23 GBP    20.10
                          4.910    02/01/47 EUR    70.49
BL Super Finance          4.480    10/04/25 GBP    75.00
Britannia Bldg            5.750    12/02/24 GBP    70.67
                          5.880    03/28/33 GBP    63.55
British Airways Plc       8.750    08/23/16 GBP    77.25
Brit Insurance         6.630    12/09/30 GBP    70.83
British Land Co    5.010    09/24/35 GBP    73.88
                          5.260    09/24/35 GBP    70.92
Brit Sky Broadca          6.000    05/21/27 GBP    72.31
British Tel Plc           5.750    12/07/28 GBP    68.90
                          6.380    06/23/37 GBP    73.12
Brixton Plc               5.250    10/21/15 GBP    72.38
Broadgate Finance Plc     4.850    04/05/31 GBP    73.36
                          5.100    04/05/33 GBP    71.00
                          4.820    07/05/33 GBP    69.29
Carnival Plc              4.250    11/27/13     EUR    72.20
Cattle Plc                6.880    01/17/14 GBP    30.38
                          7.130    07/05/17 GBP    22.88
CGNU Plc                  6.130    11/16/26 GBP    66.41
City of Kiev              8.000    11/06/15 USD    28.42
Clerical Med Fin          6.450    07/05/23  EUR    77.42
Heating Finance           7.880    03/31/14 GBP    34.38

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *