TCREUR_Public/090113.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

           Tuesday, January 13, 2009, Vol. 10, No. 8

                            Headlines

A U S T R I A

AESUS LLC: Claims Registration Period Ends January 19
BAECKEREI GRAF: Claims Registration Period Ends January 15
BREITFUSS LLC: Claims Registration Period Ends January 16
E-TRANS LLC: Claims Registration Period Ends February 18
GETRA LLC: Claims Registration Period Ends February 3

GUENTER KEMPTER: Claims Registration Period Ends February 10
INNOVATIVE PULTRUSIONS: Claims Registration Period Ends Jan. 28
T & C LLC: Claims Registration Period Ends January 20


B E L G I U M

ETAP YACHTING: Declares Insolvency Following Parent's Collapse


D E N M A R K

KAUPTHING BANK: Danish Unit to Cut 100 Jobs


F R A N C E

NATIXIS SA: 2008 Loss Seen to Reach EUR2 Bil., May Need Funding


G E R M A N Y

COMMERZBANK AG: SoFFin to Inject EUR10 Billion in Equity
COMMERZBANK AG: EUR5 Billion Benchmark Bond Successfully Placed
COMMERZBANK AG: Fitch Affirms Ratings on Dresdner Merger Deal
EPICEPT CORP: Board Approves 2009 Employee Stock Purchase Plan
EPICEPT CORP: Debt to Equity Swap Cues Substantial Debt Reduction

EPICEPT CORP: Selling Subordinated Convertible Note for US$1MM
HEIDELBERGCEMENT AG: S&P Downgrades Corp. Credit Rating to 'B+'
INTERNATIONAL TEXTILE: Obtains US$30 Million Additional Funding
MESSE GEBAUDE: Claims Registration Period Ends February 11
NETZ-WELT GMBH: Claims Registration Period Ends February 11

ROSENTHAL AG: Files for Insolvency
SX OPERATIONS: Claims Registration Period Ends February 10
TITAN EUROPE: Moody's Downgrades Rating on Class E Notes to 'Ba3'
VEDRANEL ZWEIUNDDREISSIGSTE: Claims Registration Ends Feb. 17
WEMA VOGTLAND: Claims Registration Period Ends February 10


H U N G A R Y

EBYL HUNGARIA: To Continue Production at Four Hungarian Plants


I R E L A N D

ANGLO IRISH: May Write Down Property Book by Up to EUR450 Mln
MAGNOLIA FINANCE: Fitch Downgrades Ratings on Two Classes to 'C'
WATERFORD WEDGWOOD: German Unit Files for Insolvency
WATERFORD WEDGWOOD: 367 Jobs at Two Subsidiaries Axed

* IRELAND: Corporate Failure Cases Up 104% Last Year


I T A L Y

ALITALIA SPA: Now A New Airline After Air France Deal


K A Z A K H S T A N

ALONS DOR STROY: Proof of Claim Deadline Slated for February 11
AMIR BARS: Creditors Must File Claims by February 13
CONCERN BN-DOR: Claims Filing Period Ends February 11
INTEGRANT LLP: Creditors' Claims Due on February 13
KAZ INVENTORY: Claims Registration Ends February 12

M-SNUB LLP: Proof of Claim Deadline Slated for February 12
MONTAGE-SK LLP: Creditors Must File Claims by February 12
OTANDASTAR ALMATY: Claims Filing Period Ends February 13
SMP-KOKSHE STROY-118: Creditors' Claims Due on February 12
STROIKA LLP: Claims Registration Ends February 11


K Y R G Y Z S T A N

BI SERVICE GROUP: Creditors Must File Claims by February 13
ENERGY MINERALS: Creditors Must File Claims by February 13


L I T H U A N  I A

VIGLITA UAB: Insolvency Proceedings Opened; 73 Jobs Axed


M A L T A

FIMBANK PLC: Fitch Affirms IDR at 'BB', As Exposures Continue


R U S S I A

AKTAL LLC: Creditors Must File Claims by January 26
ELPMASH LLC: Saratovskaya Bankruptcy Hearing Set April 8
EPRON AND K: Creditors Must File Claims by January 26
KAMCHAT DAL: Creditor Must File Claims by January 26
KRAS-PROM-LES LLC: Creditor Must File Claims by January 26

LESOSIBIRSKIY COLOPHONY: Creditors Must File Claims by Jan. 26
LGOVSKIY VALVE: Creditors Must File Claims by January 26
SHCHIPITSINSKAYA WOOD-PROCESSING: Court Names Insolvency Manager
STROY-TRANS-GAS-OREL CJSC: Orel Bankruptcy Hearing Set Feb. 5
YAKUT-UGLE-RAZVEDKA OJSC: Creditors Must File Claims by Jan. 26


T U R K E Y

CALIK HOLDING: Fitch Downgrades Issuer Default Ratings to 'B-'
TURKLAND BANK: Fitch Affirms Individual Rating at 'D'


S W I T Z E R L A N D

ELSA ROHRLEITUNGSBAU: Creditors Must File Claims by March 2
IMMOBILIERE TRICO: Deadline to File Proofs of Claim Set Jan. 31
MARION MERRELL: Creditors Have Until February 2 to File Claims
MERISANT WORLDWIDE: Financial Woes Cue Chapter 11 Bankruptcy
MERISANT WORLDWIDE: Case Summary & 29 Largest Unsecured Creditors

MUSIK LAUBLI: Proofs of Claim Filing Deadline is February 27
SANADENT JSC: Creditors' Proofs of Claim Due by February 15
SOFTENT LLC: January 31 Set as Deadline to File Claims
SWISS FINANCE: Creditors Must File Proofs of Claim by January 18
TANKAR SCHWEIZ: Deadline to File Proofs of Claim Set February 3

TANNER RACING: Creditors Have Until January 21 to File Claims
UBS AG: Expects US$1.8BB Fine on U.S. Tax Probe, Says Report
ZUMSTEIN AND SCHALI: Proofs of Claim Filing Deadline is Feb. 27


U N I T E D  K I N G D O M

BREAK AWAY: Goes Into Insolvency
BRIDGE UK. COM: Appoints Joint Administrators from Tenon Recovery
BRITISH ENERGY: S&P Raises Ratings to 'BBB-' From 'BB'
CASTLES SHOPFITTERS: Taps Joint Administrators from KPMG
CATTLES PLC: To Reduce New Lending and Costs

CATTLES PLC: Fitch Cuts IDR to 'B+' As GPB500m Loan Payment Looms
CIS OFFICE: Appoints Joint Administrators from KPMG
ETRA LTD: Brings In BDO Stoy as Joint Administrators
FIVE STAR: Goes Into Liquidation
LAND OF LEATHER: In Administration; Deloitte Appointed

LANDSBANKI GUERNSEY: Administrators Seek to Recover Savers' Money
LANSBANKI GUERNSEY: Savers' Action Group to Meet with Lyndon Trott
MADOFF SECURITIES: Madoff Moved US$160 Mln Assets in 2007
OAKBRIDGE CONSTRUCTION: Appoints Joint Administrators on Jan. 8


X X X X X X X X

* KMPG Survey Says More Auto Companies to Go Out of Business
* PBGC Worries on Detroit 3's Pension Fund
* CLOSE BROTHERS: Appoints New UK Managing Director

* Large Companies with Insolvent Balance Sheet


                         *********


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


AESUS LLC: Claims Registration Period Ends January 19
-----------------------------------------------------
Creditors owed money by LLC Aesus (FN 299214x) have until Jan. 19,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Alfons Karl Hauer
         Buergergasse 37
         8200 Gleisdorf
         Austria
         Tel: 03112/4306
         Fax: 03112/4388
         E-mail: dr.hauer-mag.majer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 3, 2009, for the
examination of claims at:

         Graz Land Court
         Room 205
         Hall K
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Dec. 2, 2008, (Bankr. Case No. 40 S 65/08v).


BAECKEREI GRAF: Claims Registration Period Ends January 15
----------------------------------------------------------
Creditors owed money by LLC Baeckerei Graf (FN 171027k) have until
Jan. 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Attorney - Mag. Peter Handler
         LLC Handler Rechtsanwalt
         Hauptplatz 33
         8530 Deutschlandsberg
         Austria
         Tel: 03462/4141
         Fax: 03462/414141
         E-mail: office@handler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Jan. 21, 2009, for the
examination of claims at:

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Eibiswald, Austria, the Debtor declared
bankruptcy on Dec. 2, 2008, (Bankr. Case No. 26 S 143/08m).


BREITFUSS LLC: Claims Registration Period Ends January 16
---------------------------------------------------------
Creditors owed money by LLC Breitfuss (FN 56600k) have until
Jan. 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Hochstaffl & Rupprechter Rechtsanwaelte
         Bahnhofstrasse 37
         6300 Woergl
         Austria
         Tel: 05332/71 800
         Fax: 05332/71800-7
         E-mail: mail@hochstaffl-rupprechter.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Jan. 30, 2009, for the
examination of claims at:

         Land Court of Innsbruck
         Meeting Room 214
         New Building
         6020 Innsbruck
         Austria

Headquartered in Langkampfen, Austria, the Debtor declared
bankruptcy on Dec. 2, 2008, (Bankr. Case No. 9 S 24/08s).


E-TRANS LLC: Claims Registration Period Ends February 18
--------------------------------------------------------
Creditors owed money by LLC E-Trans (FN 237259k) have until
Feb. 18, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Guenther HoeDL
         Schulerstrasse 18
         1010 Wien
         Austria
         Tel: 513 16 55
         Fax: DW 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on March 4, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna , Austria, the Debtor declared bankruptcy
on Dec. 2, 2008, (Bankr. Case No. 2 S 155/08v).


GETRA LLC: Claims Registration Period Ends February 3
-----------------------------------------------------
Creditors owed money by LLC Getra (FN 120585g) have until Feb. 3,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Norbert Mooseder
         Stelzhamerstrasse 1
         4400 Steyr
         Austria
         Tel: 07252/42 4 24
         Fax: DW 24
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on Feb. 17, 2009, for the
examination of claims at:

         Land Court of Steyr
         Hall 7
         Steyr
         Austria

Headquartered in Steyr – Gleink, Austria, the Debtor declared
bankruptcy on Dec. 2, 2008, (Bankr. Case No. 14 S 59/08m).


GUENTER KEMPTER: Claims Registration Period Ends February 10
------------------------------------------------------------
Creditors owed money by LLC Guenter Kempter (FN 75391w) have until
Feb. 10, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Petra Klingenschmid
         Wassergasse 20
         2500 Baden
         Austria
         Tel: 02252/252 991
         Fax: 02252/252991-25
         E-mail: office@aurednik.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 24, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt
         Room 15
         Kottingbrunn
         Wiener Neustadt
         Austria

Headquartered in Kottingbrunn, Austria, the Debtor declared
bankruptcy on Dec. 2, 2008, (Bankr. Case No. 11 S 125/08f).


INNOVATIVE PULTRUSIONS: Claims Registration Period Ends Jan. 28
---------------------------------------------------------------
Creditors owed money by LLC Innovative Pultrusions Technologi (FN
78208m) have until Jan. 28, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Dr. Erwin Bajc
         Mittergasse 28
         8600 Bruck an der Mur
         Austria
         Tel: 03862-51462
         Fax: 03862-51462-10
         E-mail: rechtsanwaelte@bzt.at

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

         Land Court of Leoben
         Hall IV
         Leoben
         Austria

Headquartered in Poetschach, Austria, the Debtor declared
bankruptcy on Dec. 2, 2008, (Bankr. Case No. 17 S 63/08w).


T & C LLC: Claims Registration Period Ends January 20
-----------------------------------------------------
Creditors owed money by LLC T & C (FN 192257g) have until Jan. 20,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Atty. - Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Wien
         Austria
         Tel: 715 25 26
         Fax: 715 265 26/27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Feb. 3, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 1, 2008, (Bankr. Case No. 28 S 160/08w).


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


ETAP YACHTING: Declares Insolvency Following Parent's Collapse
--------------------------------------------------------------
Practical Boat Owner reports that on Wednesday,January 7, Belgian
yacht builder ETAP Yachting declared insolvency following the
collapse of its parent company Dehler Deutschland GmbH.

The report relates attempts to align the two brands' back office
functions and production facilities were underway, as was a new
look for the ETAP brand.

ETAP, the report says, did not have the chance to complete its
repositioning and restructuring and benefiting from synergy
effects with Dehler.

ETAP Yachting is a branch of Dehler Yachts Belgium BV.

On Dec. 22, 2008, the TCR-Europe reported that according to Marian
Martin at BYM News, German yacht builder Dehler went into
administration, putting 180 jobs at risk.

Axel Kampmann was appointed as provisional insolvency
administrator of the company, BYM disclosed.

BYM stated workers at Dehler instigated the opening
of insolvency proceedings in the Arnsberg District Court.

BYM recalled that at the end of October, workers had been
told by Dehler CEO Wilan van den Berg that a EUR4 million bank
guarantee by North Rhine Westphalia had ensured the company's
future.

However, it became clear that the bank's requirements concerning a
second managing director and other clauses had not been fulfilled
and the money would not, therefore, be available.


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


KAUPTHING BANK: Danish Unit to Cut 100 Jobs
-------------------------------------------
Reuters reports Kaupthing Bank's Danish unit FIH said it would lay
off around 100 staff or nearly a quarter of the total and restrict
its business, which mainly consists of corporate lending.

"FIH expects a reduction in the activity level in 2009 on the
corporate market ... Therefore, the reduction in activities and
employees is the only appropriate consequence," the bank said in a
statement obtained by Reuters.

According to Reuters, the bank said laying off between 90 and 110
employees would save it DKK100 million (US$18.4 million) this year
and between DKK180 million and DKK200 million in future years.

FIH also said it "will center business activities on loans to
corporate customers and selected advisory-based business units,"
Reuters relates.

                       About Kaupthing Bank

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

                          *     *     *

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

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


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


NATIXIS SA: 2008 Loss Seen to Reach EUR2 Bil., May Need Funding
---------------------------------------------------------------
Reuters reports a leading newspaper said Natixis SA could post a
bigger- than-expected 2008 loss and may need fresh capital.

According to Reuters, Les Echos reported Natixis's loss could
balloon to between EUR1.5 billion and EUR2 billion (US$2.74
billion).

In November, Natixis incurred an underlying third quarter net loss
of EUR221 million, Reuters notes.  Natixis's 2008 results are due
on Feb. 26.

Reuters discloses Les Echos also said a further capital hike could
not be ruled out at Natixis, which needed a deeply discounted
EUR3.7 billion rights issue last September to boost its solvency
ratio after being hit hard by the credit crisis.

The investment bank had no comment on the expected loss and denied
another capital increase was planned, Reuters says.

"At the moment we have no plans for a recapitalization at Natixis
but the bank, like other financial institutions, has the
possibility to draw from the new tranche of EUR10.5 billion
announced by the French state," a Natixis spokesman was quoted by
Reuters as saying.

Reuters says the state is working on a second tranche of aid for
the banking sector in line with the EUR10.5 billion it made
available late last year to prop up banks' capital reserves.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
5, 2009, Japan Today said Natixis plans to slash 85 per cent of
jobs at its Tokyo branch.

Japan Today also recalls Natixis announced it stood to lose up to
EUR450 million (US$605 million) in "indirect exposure" to the
scandal surrounding New York investment manager Bernard Madoff.

Natixis SA (EPA:KN) -- http://www.natixis.com/-- formerly Natexis
Banques Populaires, is a France-based bank listed on the Euronext
Paris Stock Exchange.  The Bank is involved in the banking sector
and offers five main types of services: financing and investment
banking, asset management, services, receivables management,
private equity and private banking.  Natixis also consolidates a
proportion of the earnings of the retail banking activities of the
Caisse d'Epargne Group and the Banque Populaire Group, its main
shareholders.  The Bank clientele comprises large corporations,
medium-sized companies, institutions and the Banque Populaire
retail-banking network.  The Bank operates in 68 countries located
in France, Europe, the Americas, Africa, Asia and Oceania.


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


COMMERZBANK AG: SoFFin to Inject EUR10 Billion in Equity
--------------------------------------------------------
The German Government's Financial Markets Stabilization Fund
(SoFFin), Allianz and Commerzbank intend to strengthen the equity
of Dresdner Bank and Commerzbank.  The planned capital measures
will increase the new Commerzbank's core capital ratio (Tier 1,
HGB) to approximately 10%.  Against the background of the
intensified financial crisis, the new bank will thus be enabled to
meet the substantially higher capital requirements for banks.

"We are weatherproofing our bank for an economically stormy
environment.  This will enable us to fulfill our responsibility to
offer loans to the German economy and to ensure we will continue
to be a reliable partner for our clients," said Martin Blessing,
Chairman of the Commerzbank Board of Managing Directors.

SoFFin intends to provide additional equity totaling EUR10 billion
to the new Commerzbank.  This will be realized by issuing roughly
295 millionordinary shares, plus a silent participation of
approximately EUR8.2 billion.  A price of EUR6 per share has been
agreed.  After the transaction, the Federal Government will hold a
stake of 25 % plus one share in the new Commerzbank.  The terms of
the silent participation are similar to those offered to
Commerzbank in December.  The Federal Government is clarifying all
further details with the EU Commission.

With the completion of the takeover, it is also intended that
Allianz will boost Dresdner Bank's capital by EUR1.45 billion by
transferring collateralized debt obligations (CDOs) to Allianz
with a nominal value of EUR2 billion at a purchase price of
EUR1.1 billion.  For the new Commerzbank, this will lead to a
reduction in RWAs of EUR17.5 billion and therewith a release of
capital of EUR700 million according to Basel II.  Furthermore
Allianz will subscribe for a silent participation of EUR750
million.

The closing of the Dresdner Bank acquisition is therefore near
completion.  The planned measures are subject to the approval by
the appropriate Boards.

Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
https://www.commerzbank.com/ -- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe ,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.


COMMERZBANK AG: EUR5 Billion Benchmark Bond Successfully Placed
---------------------------------------------------------------
Commerzbank placed the first government-guaranteed bond from
Germany on Friday, January 9.  The benchmark bond had a volume of
EUR5 billion.  Within three hours orders had reached around EUR9
billion.  The bond has a maturity of three years and a coupon of
2.75% p.a.

Joint bookrunners for the placement were Commerzbank and Dresdner
Bank as well as Bayerische Landesbank, BNP Paribas, DZ Bank, HSH
Nordbank, HypoVereinsbank, LBBW and WestLB.

The Benchmark Bond is to refinance Commerzbank's loan business.
"Together with SoFFin we are sending out a signal that fosters
trust and can also stimulate the interbank market," says Michael
Reuther, responsible for the capital market business in the Board
of Managing Directors of Commerzbank.


Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
https://www.commerzbank.com/ -- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe ,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.


COMMERZBANK AG: Fitch Affirms Ratings on Dresdner Merger Deal
-------------------------------------------------------------
Fitch Ratings has affirmed Germany-based Commerzbank AG's Long-
term Issuer Default Rating of 'A' and Short-term IDR of 'F1' and
removed both ratings from Rating Watch Negative.  The Outlook on
the Long-term IDR is Stable.  The agency has simultaneously
downgraded Commerzbank's Individual Rating to 'C' from 'B/C' and
placed it on RWN.  The Support Rating has been affirmed at '1',
while the Support Rating Floor has been revised up to 'A' from
'A-' (A minus).

In addition, Fitch is maintaining Dresdner Bank AG's - which is
being acquired by Commerzbank - Long-term IDR of 'A+' and Short-
term IDR of 'F1+' on RWN.  Dresdner's Individual Rating has been
downgraded to 'D' from 'C' and placed on RWN.  The bank's Support
Rating has been affirmed at '1', and the Support Rating Floor has
been revised up to 'A' from 'A-' (A minus).  Commerzbank's Tier 1
hybrid capital instruments have been downgraded to 'BBB-' (BBB
minus) from 'A-' (A minus) and remain on RWN while all bar one of
Dresdner's hybrid capital instruments have been downgraded to
'BBB-' (BBB minus) from 'A' and remain on RWN.

The rating actions follow Commerzbank's ad-hoc January 8, 2009
announcement detailing that it had received EUR10bn from Germany's
Financial Market Stabilisation Fund (also known as Sonderfonds
Finanzmarktstabilisierung or SoFFin), which will further
strengthen the bank's capital.  As a result of the injection, the
Government of the Federal Republic of Germany now owns a stake of
25% plus one share in the combined banking group.  This
strengthens the likelihood of support - in case of need - from the
government and is reflected in the upgrade of the respective
Support Rating Floors of Commerzbank and Dresdner.  Following
yesterday's announcement, Commerzbank's Long- and Short-term IDRs
are now based on the support of Germany's public authorities,
rather than individual strength.  Fitch believes the new capital
measures will facilitate Commerzbank's acquisition of Dresdner and
strengthen its capitalization in a more challenging operating
environment.

The downgrade of Commerzbank's Individual Rating reflects the
weakening of the combined group's balance sheet and risk profiles,
a substantial deterioration in the operating environment and
greater volatility of profitability as some of the markets in
which the combined entity is active are entering a downward cycle.
The RWN on the Individual Rating reflects the significant
execution risk inherent in a large integration, the challenges in
achieving stated cost and revenue synergies and what Fitch
considers to be the inherent uncertainties over Dresdner's future
performance.  The agency expects to resolve the RWN on
Commerzbank's Individual Rating following an assessment of the
risk content of the combined bank's balance sheet in light of the
substantial and unexpected amount of capital needed to secure the
merger.

The downgrade of Dresdner's Individual Rating reflects concerns
over the bank's risk profile and profitability.  The RWN on the
Individual Rating takes into account the substantial pressure on
the bank's performance in persistently difficult markets.  Fitch
expects to resolve the RWN on completion of a review of the risk
profile of the combined entity.  Dresdner's Long-term IDRs and
Support Ratings continue to reflect an extremely high likelihood
of support, if needed, from its current parent Allianz SE,
Germany's largest insurance group (rated 'AA-' ((AA minus)).
Dresdner's Short-term IDR is currently driven by the bank's access
to the Allianz group's liquidity.  The RWN on Dresdner's IDRs
reflect the upcoming transfer of ownership to Commerzbank.  The
RWN will be resolved upon formal completion of the Commerzbank's
acquisition.  Dresdner's future Long-term and Short-term IDRs will
be aligned to those of Commerzbank.

Upon completion of the transaction, the new group will have pro-
forma consolidated assets of around EUR1,100 billion (at end-
2007).  Management expects the new bank to have a core capital
ratio of around 10% according to local GAAP.

The rating actions affecting Commerzbank's subsidiaries are listed
below:

EUROHYPO AG:

  -- Long-term IDR affirmed at 'A'; off RWN, Stable Outlook
     assigned

  -- Short-term IDR affirmed at 'F1' off RWN

  -- Support Rating affirmed at '1'

EUROHYPO Europaeische Hypothekenbank SA:

  -- Long-term IDR affirmed at 'A'; off RWN, Stable Outlook
     assigned

  -- Short-term IDR affirmed at 'F1'; off RWN

  -- Support Rating affirmed at '1'

The ratings of EUROHYPO AG's mortgage and public sector
Pfandbriefe and the ratings applied to the Lettres de Gage issued
by EUROHYPO AG's Luxembourg subsidiary are unaffected by the
rating actions taken.

BRE Bank:

  -- Long-term IDR of 'A-' (A minus) remains on RWN
  -- Short-term IDR affirmed at 'F2'
  -- Individual Rating affirmed at 'C/D'
  -- Support Rating of '1' placed on RWN

BRE Leasing:

  -- Long-term IDR of 'A-' (A minus) remains on RWN
  -- Short-term IDR affirmed at 'F2'
  -- Support Rating of '1' placed on RWN

The agency expects to resolve the RWN on BRE Bank's and BRE
Leasing's Long-term IDRs and Support Ratings following a review of
the Individual Rating of the new parent bank.

Bank Forum:

  -- Long-term foreign currency IDR affirmed at 'B+'; Outlook
     remains Negative

  -- Senior unsecured debt affirmed at 'B+'/'RR4'

  -- Long-term local currency IDR affirmed at 'BB-' (BB minus);
     Outlook remains Negative

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Support Rating affirmed at '4'

  -- Individual Rating affirmed at 'D/E'

  -- National Long-term rating affirmed at 'AAA(ukr)'; Outlook
     remains Stable

The downgrade on Commerzbank's and Dresdner's hybrid capital
instruments reflects Fitch's view that there is an increased risk
that interest payments may be deferred because of the upcoming
recapitalisation and possible restructuring.  The RWN will be
resolved upon clarification of the positions taken by the domestic
authorities and possibly the European Union on the deferral of
interest payments.

Commerzbank group:

  -- Commerzbank Capital Funding Trust I, and II downgraded to
     'BBB-' (BBB minus) from 'A-' (A minus); remains on RWN

  -- EUROHYPO Capital Funding Trust I, and II downgraded to 'BBB-'
     (BBB minus) from 'A-' (A minus); remains on RWN

Dresdner:

  -- Dresdner Funding Trust I, II, III and IV's dated silent
     participation certificates downgraded to 'BBB-' (BBB minus)
     from 'A'; remains on RWN

  -- UT2 Funding plc dated Upper Tier 2 securities downgraded to
     'BBB-' (BBB minus) from 'A'; remains on RWN

  -- Dresdner's HT1 Funding GmbH Tier 1 Securities Long-term
     rating affirmed at 'A'; Remains on RWN.

The agency expects to resolve the RWN applied to the security
above following clarification on whether the change in Dresdner's
ownership will impact Allianz SE's guarantee in respect of the
payment of coupons.


EPICEPT CORP: Board Approves 2009 Employee Stock Purchase Plan
--------------------------------------------------------------
The board of directors of EpiCept Corporation approved the
company's 2009 Employee Stock Purchase Plan, including the
reservation of 1,000,000 shares of the company's common stock, par
value US$0.0001, for issuance thereunder.  A registration
statement on Form S-8 with respect to the plan was filed on Dec.
23, 2008.  The 2009 Plan is intended to comply with the provisions
of Section 423 of the Internal Revenue Code of 1986, as amended.
The 2009 Plan will become effective on Jan. 1, 2009, and is
subject to stockholder approval.

                         Notice of Delisting

On Dec. 23, 2008, the company received a letter from the Nasdaq
Listing Qualifications Department stating that Nasdaq determined
to extend its suspension of the bid price and market value of
publicly held shares requirements through April 20, 2009.  As a
result, all companies presently in a bid price or market value of
publicly held shares compliance period will remain at that same
stage of the process and will not be subject to being delisted for
these concerns.

Nasdaq Listing Qualifications Department notified the company in
April 2008 that the company was not in compliance with certain
continued listing requirements because (i) the market value of the
company's listed securities fell below US$35 million for ten
consecutive business days, and (ii) the bid price of the company's
common stock closed below the minimum US$1.00 per share
requirement for 30 consecutive business days.

On May 7, 2008, the company was notified by the Nasdaq Listing
Qualifications Department that the company had not regained
compliance with the continued listing requirements of The Nasdaq
Capital Market and that the company's securities were subject to
delisting from The Nasdaq Capital Market.  On May 14, 2008, the
company requested a hearing to review this determination, which
was held on June 12, 2008.  On August 6, 2008, the company
received a letter from the Nasdaq Office of the General Counsel
stating that the Nasdaq Hearings Panel had granted the company's
request for continued listing on The Nasdaq Stock Market, subject
to the company's ability to (i) maintain a market value of listed
securities above US$35 million for 10 consecutive trading days, on
or before Aug. 29, 2008, and (ii) comply with all requirements for
continued listing on The Nasdaq Stock Market.  The market value of
the company's listed securities exceeded US$35 million for the
five trading days ending Aug. 7, 2008.

On Oct. 22, 2008, the company received a letter from the Nasdaq
Listing Qualifications Department stating that given the
extraordinary market conditions, Nasdaq determined on Oct. 16,
2008, to suspend enforcement of the bid price and market value of
publicly held shares requirements through Jan. 16, 2009.  As a
result, all companies presently in a bid price or market value of
publicly held shares compliance period will remain at that same
stage of the process and will not be subject to being delisted for
these concerns.  However, since the company had no calendar days
remaining in its compliance period as of October 16th, Nasdaq
stated it would determine, upon reinstatement of the rules,
whether (i) the company maintains a minimum bid price of US$1.00
per share for a minimum of 10 consecutive trading days, in which
case the company will regain compliance, or (ii) the company meets
The Nasdaq Capital Market initial listing criteria, except for the
bid price requirement, in which case the company will be granted
an additional 180 calendar day compliance period.  If the company
does not regain compliance during the specified period, it may be
delisted.

                   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: Debt to Equity Swap Cues Substantial Debt Reduction
-----------------------------------------------------------------
EpiCept Corporation disclosed that as a result of the conversion
of approximately US$1.9 million of its senior secured debt into
its common stock and scheduled loan payments, the outstanding
principal balance of its senior secured debt has been almost
completely repaid.  The company reported outstanding senior
secured debt at Sept. 30, 2008, of US$2.8 million.  The remaining
nominal balance of the company's senior secured loan will be
repaid, together with any remaining fees, by the due date of
April 1, 2009, or earlier.

EpiCept Corporation disclosed in a regulatory filing with the
Securities and Exchange Commission that on Dec. 17, 2008, Hercules
Technology Growth Capital, Inc. converted a total of US$100,000 in
principal amount of the company's senior secured loan into 194,174
shares of the company's common stock.

On June 23, 2008, EpiCept Corporation amended certain terms in its
senior secured loan agreement with Hercules Technology Growth
Capital, Inc. to provide Hercules with the right, between
July 23, 2008, and December 23, 2008, to convert up to US$1.9
million of the outstanding senior secured loan into shares of the
company's common stock at a conversion price of US$0.515 per
share.

Hercules previously converted US$1 million in principal amount of
the company's senior secured loan into 1,941,748 shares of the
company's common stock, US$500,000 in principal amount of the
company's senior secured loan into 970,874 shares of the company's
common stock, and converted US$250,000 in principal amount of the
company's senior secured loan into 485,437 shares of the company's
common stock.  After giving effect to the conversions into common
stock, the remaining principal balance of the loan is
approximately US$7,000.

                   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: Selling Subordinated Convertible Note for US$1MM
--------------------------------------------------------------
EpiCept Corporation entered into a securities purchase agreement
with GCA Strategic Investment Fund Limited and Private Equity
Direct Finance to sell subordinated convertible notes due
April 10, 2009, for aggregate proceeds of US$1 million.  The notes
will be convertible into shares of the company's common stock,
US$0.0001 par value per share, at any time upon the election of
the Purchasers at US$1.00 per share.

The company intends to use the net proceeds it receives to repay a
portion of the outstanding principal of its senior secured loan
with Hercules Technology Growth Capital, Inc.  The remaining net
proceeds will be used to meet its working capital needs and
general corporate purposes.  The notes will be subordinated to the
senior secured loan made by Hercules.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital
Group, Inc. acted as the exclusive placement agent for the
placement.

The notes will be issued as an original issue discount obligation
in lieu of periodic interest payments and therefore no interest
payments will be made under these notes.  Accordingly, the
aggregate principal face amount of the notes will be US$1,112,500.

A full-text copy of the Form of Debenture, Placement Agent
Agreement and Securities Purchase Agreement are available for free
at:

               http://ResearchArchives.com/t/s?379f
               http://ResearchArchives.com/t/s?37a0
               http://ResearchArchives.com/t/s?37a1

                   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.


HEIDELBERGCEMENT AG: S&P Downgrades Corp. Credit Rating to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Germany-based cement producer
HeidelbergCement AG to 'B+' from 'BB-'.  At the same time, S&P
affirmed the 'B' short-term rating.

S&P also lowered the issue ratings to 'B' from 'B+' on senior
unsecured bonds issued by HC, and subsidiaries HeidelbergCement
Finance B.V., Hanson Ltd., and Hanson Australia Funding Ltd.  S&P
has maintained the recovery rating of '5' on these bonds,
indicating S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.

All the ratings remain on CreditWatch with negative implications,
where they had been initially placed on Oct. 24, 2008.

"The action reflects our concerns that the financial restructuring
S&P deem is required to prevent covenant breach at end-June 2009
and to tackle heavy debt maturities by mid-2010 is becoming
increasingly urgent and uncertain," said Standard & Poor's credit
analyst Xavier Buffon.

Reported financial difficulties at HC's controlling shareholder
don't yet seem to have been resolved for the long term, and could
complicate and further delay the process.  S&P is particularly
concerned that more tangible steps are not being taken right now
at HeidelbergCement to address the situation, thus possibly
postponing discussions on, and outcome of, any restructuring plan
until even closer to the next critical deadlines, which are the
covenant test at end-June 2009 and heavy debt repayments by mid-
2010.

"If liquidity further deteriorates, particularly because of
working capital issues, or if HC makes no noticeable progress in
the coming months toward preventing a covenant breach at midyear
and refinancing the large maturities in mid-2010, S&P could
further lower the ratings," said Mr. Buffon.

S&P could also take a negative rating action if any developments
at the controlling shareholder level lead to an impairment of HC's
credit standing.

If the group successfully tackles these issues, downward rating
pressure would probably be alleviated.


INTERNATIONAL TEXTILE: Obtains US$30 Million Additional Funding
---------------------------------------------------------------
International Textile Group, Inc., reported that on December 29,
2008, three investment funds that are affiliated with Wilbur L.
Ross, Jr., the chairman of the board of directors of the company,
provided additional funding to the company in the aggregate
principal amount of US$30 million.

The company intends to use this funding for general corporate
purposes in support of its apparel business, including providing
additional funding to certain of its international greenfield
initiatives.  This funding is evidenced by subordinated promissory
notes issued to each of WLR IV Parallel ESC, L.P., WLR Recovery
Fund III, L.P. and WLR Recovery Fund IV, L.P. in the principal
amounts of US$90,000, US$2,730,000 and US$27,180,000,
respectively.

Mr. Ross and his affiliates own approximately 82% of the company's
common stock, and approximately 87% of the company's outstanding
voting power.

The 2008 Subordinated Promissory Notes bear interest at a rate of
18.0% per annum.  Interest on the 2008 Subordinated Promissory
Notes is payable semi-annually on March 31 and September 30 of
each year, and is payable-in-kind through the conversion of
interest to additional principal amounts.  The 2008 Subordinated
Promissory Notes mature on June 6, 2012, and may be prepaid in
whole or part at any time prior thereto without penalty.

                   Lenders Waive Non-Compliance

On December 24, 2008, International Textile Group and the holders
of the company's US$80 million senior subordinated notes due June
6, 2011, entered into Amendment No. 2 to the Senior Subordinated
Note Purchase Agreement.  Pursuant to the Amended Note Purchase
Agreement, the holders of the Notes waived the company's non-
compliance with an international greenfield indebtedness
limitation contained in the Note Purchase Agreement.  The Amended
Note Purchase Agreement also modified that international
greenfield indebtedness limitation to provide for an aggregate
basket of US$165 million, and includes an Excess U.S. Collateral
Coverage Ratio to which the company is subject.

Also on December 24, 2008, the company and certain of its U.S.
subsidiaries, General Electric Capital Corporation and the other
signatories thereto entered into the Consent and Amendment No. 14
to that certain Credit Agreement, dated as of December 29, 2006.
The Amended Credit Agreement, among other things, permits the
granting of the subordinated liens to the holders of the Notes.

                          Re-Alignment

International Textile Group, on November 26, 2008, disclosed that
it is realigning its apparel fabric divisions to create a single
apparel fabrics division.  The consolidated division will include
the Cone Denim and Burlington WorldWide divisions and their
associated product brands.  The company is in the process of
developing the new organizational structure.  In addition, the
company is making further reductions in connection with the
previously-announced closure of a facility in Hildesheim, Germany,
which is a part of the company's automotive safety products
division.  The division consolidation, related reductions and the
Hildesheim facility closure are expected to result in annual
compensation savings of approximately US$8 million to US$9
million.  The company expects to incur employee severance costs,
estimated to be in a range of US$5.2 million to US$5.7 million
that would be recognized as a charge to earnings in the fourth
quarter of fiscal 2008.

                       3rd Quarter Results

For the three months ended September 30, 2008, the company posted
a net loss of US$62,748,000 compared with a net loss of
US$16,181,000 for the same period a year earlier.

Willis C. Moore, III, executive vice president and chief financial
officer, disclosed in a regulatory filing dated November 14, 2008,
that the company has incurred significant operating losses and
negative cash flows from operating activities, and has a
significant amount of outstanding debt, which is scheduled to
mature at various times in 2009, which raises substantial doubt
about the company's ability to continue as a going concern.  "As
the company's current cash flows are not sufficient to service its
working capital and capital expenditure needs as well as the debt
that is scheduled to mature over the next twelve months, the
company's ability to continue as a going concern is dependent upon
(i) its ability to refinance its existing debt maturing at various
times during 2009, (ii) remain in compliance with the covenant
requirements of our existing debt, (iii) obtain additional equity
contributions or debt financing, (iv) reduce expenditures and
attain further operating efficiencies, and, (v) ultimately, to
generate greater revenue and gross profit.  Given the current
economic and credit environment as well as the company's financial
performance year-to-date, there can be no assurance as to the
availability of any necessary financing and, if available, that
any potential source of funds would be available on terms and
conditions acceptable to us, or that we will be able to achieve
profitable operations and positive cash flows."

As of September 30, 2008, the company's balance sheet showed total
assets of US$944,410,000, total liabilities of US$720,658,000,
minority interest of US$13,286,000, and total stockholders' equity
of US$210,466,000.

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

                  About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with operations principally in the United States, China, Germany,
Poland, Nicaragua, Mexico and Vietnam.  The company produces
automotive safety (including airbag fabric and airbag cushions),
apparel, government uniform, technical and specialty textile
products.


MESSE GEBAUDE: Claims Registration Period Ends February 11
----------------------------------------------------------
Creditors of Messe Gebaude Veranstaltungs Service GmbH have until
Feb. 11, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 11, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Insolvency Tribunal
         Hall 3.011
         Fuerstenstr. 21-23
         09130 Chemnitz
         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:

         Norbert Wolko
         Zwickauer Str. 16 a
         09112 Chemnitz
         Switzerland
         Tel: 0371/36 94 30
         Fax: 0371/36 94 333
         E-mail: info@ra-chemnitz.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:

         Messe Gebaude Veranstaltungs Service GmbH
         Attn: Joachim Hahn, Manager
         Garnsdorfer Weg 2
         09244 Lichtenau
         Germany


NETZ-WELT GMBH: Claims Registration Period Ends February 11
-----------------------------------------------------------
Creditors of Netz-Welt GmbH have until Feb. 11, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 11, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Ruediger Bauch
         Damm 18
         38100 Braunschweig
         Germany
         Tel: 0531 38848-10
         Fax: 0531 38848-11

The District Court opened bankruptcy proceedings against the
company on Dec. 18, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Netz-Welt GmbH
         Bohlweg 51
         38100 Braunschweig
         Germany

         Attn: Matthias Herberg, Manager
         Friesenstrasse 44
         39108 Magdeburg
         Germany


ROSENTHAL AG: Files for Insolvency
----------------------------------
Rosenthal AG, the German unit of Waterford Wedgwood plc, filed for
insolvency on Friday, January 9.

Citing a spokeswoman for Rosenthal, the report discloses that the
company did not possess sufficient liquidity to carry on normal
operations despite being excluded from insolvency proceedings of
Waterford Wedgwood.

The report relates that according to the spokeswoman, efforts by
the board had failed to secure enough capital to enable the
company to continue operating during an interim period until it is
sold to a strategic investor.

The company however said negotiations on a sale were at an
advanced stage, the report notes.

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

Deloitte LLP is the United Kingdom member firm of Deloitte Touche
Tohmatsu ("DTT"), a Swiss Verein, whose member firms are legally
separate and independent entities.

The Waterford Wedgwood subsidiaries also in administration are:

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

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

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

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

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

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

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

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

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

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

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

As reported in the TCR-Europe on Jan. 9, 2009, the joint
administrators of Waterford Wedgwood UK Plc and the
receiver of Waterford Wedgwood Plc, respectively, entered
into a letter of intent with KPS Capital Partners LP, a New York-
based private equity limited partnership, in connection with the
proposed acquisition by KPS of assets of the group worldwide,
including certain assets of Waterford, Wedgwood, and Royal
Doulton, among others.

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

Headquartered Selb, Germany, Rosenthal AG --
http://www.int.rosenthal.de-- manufactures fine china
predominantly for the German market.  It employs approximately
1000 people.


SX OPERATIONS: Claims Registration Period Ends February 10
----------------------------------------------------------
Creditors of SX Operations Halle 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 9:00 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 1.043
         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:

         Stephan Poppe
         Emil-Eichhorn-Str. 1
         06114 Halle
         Germany
         Tel: 0345/530490
         Fax: 0345/5304926

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:

         SX Operations Halle GmbH
         Attn: Joerg Bordt, Manager
         Leipziger Chaussee 191g
         06112 Halle
         Germany


TITAN EUROPE: Moody's Downgrades Rating on Class E Notes to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Titan Europe 2006-1 p.l.c. (amounts reflecting initial
outstanding):

  - EUR39,760,000 Class C Commercial Mortgage Backed Floating
    Rate Notes due 2016 downgraded A1; previously on 23 March 2006
    assigned Aa2

  - EUR46,990,000 Class D Commercial Mortgage Backed Floating
    Rate Notes due 2016 downgraded to Baa2; previously on 23 March
    2006 assigned A2 and

  - EUR50,610,000 Class E Commercial Mortgage Backed Floating
    Rate Notes due 2016 downgraded to Ba3; previously on 23 March
    2006 assigned Baa3.

At the same time, Moody's has affirmed the Aaa ratings of the
Class A, Class X and Class B Notes.  The Class C Notes, Class D
Notes and Class E Notes have been previously placed on review for
possible downgrade on October 1, 2008.  Moody's has not rated the
Class F, Class G, Class H and the Class V Notes.

Titan Europe 2006-1 p.l.c. represents a true-sale securitization
of initially 10 and currently 5 commercial mortgage loans
originated by Credit Suisse International that are secured by 27
(initially 56) properties located in Germany.

The downgrade has been prompted by (i) the updated valuation for
the property pool securing the Mangusta Loan (36.3% of the current
pool balance) as of November 2008; (ii) the below than initially
expected performance of the Mangusta Loan (36.3% of the current
pool) in terms of coverage and property cash-flows and (iii) the
uncertainty created by reporting issues with respect to the
Mangusta Loan, given that no sufficient reporting has been
provided by the borrower since Q3 2007.

The Mangusta Loan was initially secured by 14 commercial
properties mainly located in small to medium sized cities across
Germany.  The initial portfolio value was EUR185.6 million.  The
servicer received two new revaluations.  One shows a total
portfolio value of EUR113.5 million, out of which the Wuppertal
property accounts for EUR60.5 million.  The other valuation shows
a value of EUR93.3 million for the Wuppertal property only.  Both
valuations lead to an overall reduced portfolio value.  The
current vacancy rate of the properties securing the Mangusta Loan
is 12% compared to 9.4% at closing.  However, the weighted average
lease expiry for the properties securing the loan is approx. 8
years.  Therefore no significant increase in vacancy is expected
going forward.

As the borrower did not provide any reporting since October 2007,
no DSCR based on actual net operating income has been published by
the servicer for the last four IPDs.  Based on a worst case
calculation by the servicer, the U/W whole loan DSCR is expected
to be at 1.07x which is below the cash trap trigger of 1.10x.  As
the reporting quality did not improve since Q3 2007, the servicer
stopped to provide a worst case DSCR.  As a result cash has been
trapped for the last four IPDs, with currently EUR106,337 kept in
the reserve account.  Based on the amount trapped so far, Moody's
concludes that the Mangusta Loan is currently performing below its
initial expectations.  Due to the unsatisfactory borrower
reporting, the Mangusta Loan was placed on the servicer's
watchlist in October 2007.  In June 2008 the servicer decided to
transfer the Mangusta Loan to the special servicer, as the
unsatisfactory reporting has not been cured by the borrower.  All
payments due under the loan have been made by the borrower since
closing.

Moody's adjusted its expected refinancing LTV ratio based on the
information in the current valuation report to 102.5% on the whole
loan from 77.7% at closing of the transaction.  As a result of (i)
the increased refinancing LTV; (ii) the below expected performance
of the Mangusta Loan and (iii) the uncertainty created by the
unsatisfactory borrower reporting, Moody's increased the default
probability for this loan compared to its original expectations.
When reviewing the transaction, Moody's also took into account the
most recent developments in respect to Karstadt Quelle AG
(Arcandor Group), as the KQ Loan (22.2% of the current pool
balance) is single tenanted by Karstadt Quelle AG or Karstadt
Warenhaus.

Since closing, the subordination for Moody's rated classes in the
transaction increased significantly, given that all of the loans
in the transaction are partially amortizing.  Moreover, five loans
prepaid, whereas prepayment proceeds were allocated modified pro-
rata (50% sequential/50% pro-rata).  On the July 2008 IPD, the
paydown structure of the transaction switched to fully sequential,
as the Mangusta Loan is in technical default according to the
notification published by the servicer on June 23, 2008.  The
transaction will remain in sequential pay-down mode until the loan
event of default regarding the Mangusta Loan has been cured.

There has been no rating action since closing of the transaction.
The latest Performance Overview for this transaction has been
published on November 7, 2008.


VEDRANEL ZWEIUNDDREISSIGSTE: Claims Registration Ends Feb. 17
-------------------------------------------------------------
Creditors of Vedranel Zweiunddreissigste Immobilienbesitz GmbH &
Co. KG have until Feb. 17, 2009, to register their claims with
court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8.30 a.m. on March 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         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:

         Prof. Rolf Rattunde
         Kurfürstendamm 26 a
         10719 Berlin
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 30, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Vedranel Zweiunddreissigste
         Immobilienbesitz GmbH & Co. KG
         Joachimstaler Str. 34
         10719 Berlin
         Germany


WEMA VOGTLAND: Claims Registration Period Ends February 10
----------------------------------------------------------
Creditors of Wema Vogtland 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 10:00 a.m. on March 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Insolvency Tribunal
         Hall 3.011
         Fuerstenstr. 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Junker
         Karcherallee 25 a
         01277 Dresden
         Germany
         Tel: 0351 2606060
         Fax: 0351 2606066
         E-mail: dresden@junker-bartelheimer.de

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

The Debtor can be reached at:

         Wema Vogtland GmbH
         Attn: Franz Margraf, Manager
         Schenkendorfstr. 14
         08525 Plauen
         Germany


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


EBYL HUNGARIA: To Continue Production at Four Hungarian Plants
--------------------------------------------------------------
Ebyl Hungaria will continue production at its four plants in
Hungary, MTI - Econews reports citing Napi Gazdasag as its source.

However, Jeno Varga, president and CEO of liquidator Vectigalis,
told the newspaper that Eybl Hungaria will have to lay off about
500 of its current 1,500 workers.  It already laid off 230 workers
in December, the report notes.

Ebyl Hungaria, the report recounts, went into liquidation after
its parent company, Eybl International AG, declared bankruptcy in
December.

The report discloses that according to preliminary data, Ebyl
Hungaria racked up debts of more than HUF4 billion (EUR15.05
million).

As reported in the TCR-Europe on Jan. 7, 2009,  the management of
Ebyl International AG on Dec. 19 decided to file for
administrative receivership for the company and its subsidiary
Eybl Austria Gmbh with the Krems provincial court after takeover
talks with Slovenia Prevent Group broke down.


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


ANGLO IRISH: May Write Down Property Book by Up to EUR450 Mln
-------------------------------------------------------------
Ian Kehoe at the Sunday Business Post Online reports that
according to new analysis from stock broking firm NCB, Anglo Irish
Bank could be forced to write down the value of its commercial
property book by up to EUR450 million as a result of a recent High
Court examinership case.

The case, the report discloses, involved Birchport, the company
behind the Ocean bar in Dublin.

The report relates that in the case, the High Court approved the
writing down of a secured asset during the examinership process,
the first time that a secured asset had been reduced in this way.

NCB, as cited by the report, said the "the judgment reduces banks'
ability to benefit from any recovery in businesses that enter
examinership," describing the Birchport case as a "blow to banks".
It noted the ruling would "result in the crystallization of
certain bad debt charges earlier in the cycle for banks, as loans
are reclassified from secured to unsecured", the report adds.

In the Birchport case, which was before the High Court last month,
ACC Bank took a 30 per cent cut on a loan secured against the
company's assets, the report recounts.

According to the report, AIB said the case would also have major
implications for AIB and Bank of Ireland, due to their exposure to
the property and construction sector.

Bank of Ireland, the report says, might have to make impairments
of EUR263 million to its commercial loan book.

The estimates are based on an assessment of the banks' own balance
sheets and the number of examinership cases going before the High
Court, the report states.

Headquartered in Dublin, Ireland, Anglo Irish Bank Corporation plc
-- http://www.angloirishbank.ie/-- operates in three core areas:
Business Lending, Treasury and Wealth Management.


MAGNOLIA FINANCE: Fitch Downgrades Ratings on Two Classes to 'C'
----------------------------------------------------------------
Fitch Ratings has downgraded Magnolia Finance VI Plc's Series
2007-13 and 2007-14 (Cargo III) notes.  The transactions are
commodities-linked credit obligations referencing 18 diverse
commodities through a portfolio of 100 long and 100 short trigger
swaps with a one-and-a-half-year tenor.

  -- EUR2.54 million Series 2007-13 C1.a notes due January 2009
     downgraded to 'C' from 'CCC'

  -- US$3.17 million Series 2007-14 C1.a notes due January 2009
     downgraded to 'C' from 'CCC'

The ratings address the payment of timely interest and ultimate
repayment of principal by final maturity, according to the
transaction documentation.

With 10 days before the maturity date, the downgrades represent
the likelihood of imminent default following negative price
movements in some reference commodities since the closing of the
transaction.  Predominantly, several base metals have seen their
prices decline significantly.  First, the prices of nickel and
zinc have fallen to approximately 28% and 34%, respectively, of
its closing level.  Nickel underlies nine long trigger swaps with
trigger levels starting at 46% to 38% of the closing price.  Its
current price is below those triggers.  Zinc underlies 15 long
trigger swaps with trigger levels between 50% and 36% of the
closing price.  Its current price is below the 15 triggers.
Second, lead has dropped in value to approximately 35% of its
closing level, breaching 15 long triggers on this commodity.
Finally, the price of copper has dropped to 38% of its closing
price triggering 13 long triggers.

Consequently, the original protection against the 14 trigger
breaches is insufficient to cover the total of 47 triggers, net of
short positions, in breach in the transaction.  It thus appears
that a default of the transaction will be imminent, triggering the
full loss of the principal amount under the terms of the
transaction's documentation.

At closing, the issuer entered into commodities-linked trigger
swaps with the swap counterparty, Credit Suisse International
('AA-' ((AA minus)/Stable/'F1+'), based on the provisions of the
2005 ISDA commodity definitions.  Each trigger swap references a
specific percentage of the closing price level of a single
commodity as specified in the documentation.  The trigger swap
portfolio comprises (i) 100 European-style trigger swaps which the
issuer sold as protection to CSI (the long portfolio) and (ii) 100
European-style trigger swaps which the issuer bought as protection
from CSI (the short portfolio).  Interest on the notes is derived
from swap payments made by CSI under the agreement of the
portfolio commodities swap.  Investors are exposed to the risk of
large negative price movements on the reference commodities.


WATERFORD WEDGWOOD: German Unit Files for Insolvency
----------------------------------------------------
Rosenthal AG, the German unit of Waterford Wedgwood plc, filed for
insolvency on Friday, January 9.

Citing a spokeswoman for Rosenthal, the report discloses that the
company did not possess sufficient liquidity to carry on normal
operations despite being excluded from insolvency proceedings of
Waterford Wedgwood.

The report relates that according to the spokeswoman, efforts by
the board had failed to secure enough capital to enable the
company to continue operating during an interim period until it is
sold to a strategic investor.

The company however said negotiations on a sale were at an
advanced stage, the report notes.

Headquartered Selb, Germany, Rosenthal AG --
http://www.int.rosenthal.de--  manufactures fine china
predominantly for the German market.  It employs approximately
1000 people.

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

Deloitte LLP is the United Kingdom member firm of Deloitte Touche
Tohmatsu ("DTT"), a Swiss Verein, whose member firms are legally
separate and independent entities.

The Waterford Wedgwood subsidiaries also in administration are:

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

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

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

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

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

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

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

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

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

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

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

As reported in the TCR-Europe on Jan. 9, 2009, the joint
administrators of Waterford Wedgwood UK Plc and the
receiver of Waterford Wedgwood Plc, respectively, entered
into a letter of intent with KPS Capital Partners, LP, a New York-
based private equity limited partnership, in connection with the
proposed acquisition by KPS of assets of the group worldwide,
including certain assets of Waterford, Wedgwood, and Royal
Doulton, among others.

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


WATERFORD WEDGWOOD: 367 Jobs at Two Subsidiaries Axed
-----------------------------------------------------
The joint administrators of Josiah Wedgwood & Sons Ltd and Royal
Doulton UK Ltd (both subsidiaries of Waterford Wedgwood UK Plc)
have announced 367 redundancies, the majority of which are at the
company's site in Barlaston, UK.  These employees comprise of 245
from manufacturing and operations and 106 from administration and
back office functions.  In addition 8 employees have been declared
redundant from the Visitor Centre and shop (out of a total of 39),
as well as 8 from two store concessions in Southport and Worthing
(4 staff at each).

Angus Martin, joint administrator and reorganization services
partner at Deloitte, comments: "Unfortunately it has been
necessary to make 367 employees redundant.  A number of these
redundancies had already been announced by the Company prior to
our appointment and the Company had also been considering further
redundancies at Barlaston later in the year as part of its ongoing
restructuring plan.  Today's redundancies are out of a total of
1868 jobs across the UK businesses.

Mr. Martin added: "The business will be continuing to trade as
normal, and the administrators are continuing discussions with
parties who have expressed an interest in purchasing the business.
Every effort is being made to avoid further redundancies across
the business."

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

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

The Waterford Wedgwood subsidiaries also in administration are:

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

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

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

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

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

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

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

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

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


* IRELAND: Corporate Failure Cases Up 104% Last Year
----------------------------------------------------
The latest insolvency figures to be released by FGS show a
dramatic increase in the number of corporate failure cases in
Ireland for the year ending December 31, 2008 compared to the
previous 12 months, reports the firm's Corporate Restructuring &
Insolvency partner, Declan  Taite.

Between January and December 2008, 753 Irish companies were placed
in Creditors' Voluntary Liquidation, High Court Liquidation,
Receivership or Examinership, up a staggering 104% on last year
which saw 370 corporate failures recorded in the same period.  Of
concern is the fact that some 276 or 37% of the failures occurred
in the final three months of 2008.

The figures, while representing significant increases, are not
overly surprising when set against a backdrop of unprecedented
worldwide economic turmoil and the general malaise which has
affected the Irish economy over the past number of months in
particular lack of liquidity, cashflow constraints, stock market
volatility, increasing unemployment, inflationary pressures,
ongoing credit crunch etc.

The ongoing demise in the construction sector is obvious from the
statistics.  299 or 40% of all failures occurred in this sector.
This compares with 34% in 2006 and 35% in 2007.  To put these
figures into context, there were more failures recorded within
this sector in 2008 than had taken place in the previous 30
months.

The corporate failures in the construction sector are generally
small to medium sized developers or sub contractors.  The ongoing
reduction in house prices, significant decline in the numbers of
new units being built, uncertainty regarding the availability of
credit for small to medium type developers and the likely decrease
in the number of people working in the sector all indicate that
much uncertainty is likely to prevail in the short term.  It is
likely that margins for sub contractors will continue to be eroded
due to increased competitiveness.  The next 12 months in the
sector will be interesting to say the least.

With regard to the trends emerging from the first nine months of
2008 it is noted that Dublin continues to account for the majority
of failures.  Some 333 or 44% of all failures in the period took
place in the capital in contrast to 160 or (46%) in 2006 and 173
(47%) in 2007.

Significant increases in the number of failures in Cork (27 in
2007 as opposed to 53 in 2008); Galway (18 in 2007 as opposed to
44 in 2008) and Limerick (11 in 2007 with 38 in 2008) should be
noted.  The only county to record a decrease in failures, 4 in
2007 as opposed to 2 in 2008, was Roscommon.  Every county within
the Republic recorded at least two failures.

Notable trends in the industry sectors, in which the failures have
occurred, include the significant increase in failures in the
hospitality sector such as pubs, restaurants and suppliers to the
industry where 109 collapses occurred or 14% of the total.  This
compares with 47 failures in the sector in the same period in
2007.

Other notable sectors in which failures occurred were professional
services (43), retail (60) of which 24 were recorded in the
clothing retail area and home furnishings / interior design (48).
Transport & haulage providers accounted for 32 failures i.e. a
fourfold increase on the same period last year with the
significant increase in fuel costs during the year being cited as
the primary reason.  In addition, the motor industry experienced a
five fold increase in failures from 5 in 2007 to 25 in 2008.

A significant increase in the number of receiverships was recorded
in 2008 when compared with the previous 12 months.  Between
January and December 2008 financial institutions / debenture
holders appointed receivers to 56 businesses as opposed to a mere
16 in the same period in 2007.  The majority of these receivership
appointments have occurred in the construction / development
sector.

The utilization of the examinership process has increased
dramatically in 2008.  70 companies had examiners appointed to
them in 2008 as opposed to 29 in the previous 12 months.  The 2008
figures are somewhat distorted as they include 15 companies with
the Thomas Read Group.  Nonetheless it would appear that there is
now a greater awareness and appetite amongst distressed and ailing
businesses to look at restructuring options, in particular
examinerships as a credible alternative to the traditional
liquidation or receivership process.

It is anticipated that the numbers of receiverships and
examinerships will continue to increase throughout 2009.

FGS -- http://www.fgspartnership.com/-- is a financial advisory
firm, with offices in Dublin, Belfast and Longford.


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


ALITALIA SPA: Now A New Airline After Air France Deal
-----------------------------------------------------
Bloomberg News reports Air France-KLM Group has agreed to pay
EUR323 million (US$432 million) for 25 percent of Alitalia SpA.
The Italian airline begins operating as a new company today,
January 13.

According to the report, Air France will take its stake by
subscribing to a capital increase and will get three seats out of
19 on Alitalia's board and two out of nine on the executive
committee.

The tie-up, which is expected to deliver EUR720 million in savings
and additional revenue over three years, includes a lock-in
commitment for Compagnia Aerea Italiana s.r.l. ("CAI") investors
to maintain their combined holding in Alitalia for four years, the
report relates.

From the fifth year, Bloomberg News says, existing shareholders
will have first right of refusal on any stock put up for sale, in
proportion to the number of shares they hold, and from the third
year, a stock-market listing would annul the pact.

Air France-KLM was advised by Lazard Ltd while Intesa Sanpaolo
advised Alitalia throughout its reorganization and search for
investors, Bloomberg News adds.

                         CAI Takeover

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

Bloomberg News says CAI's takeover of Alitalia was valued at
EUR1.05 billion, including EUR625 million of debt.

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

                       About Alitalia

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

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

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

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

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


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


ALONS DOR STROY: Proof of Claim Deadline Slated for February 11
---------------------------------------------------------------
LLP Construction Company Alons Dor Stroy has declared insolvency.
Creditors have until Feb. 11, 2009, to submit written proofs of
claim to:

         LLP Construction Company Alons Dor Stroy
         Otemis uly Str. 11
         Almaty
         Kazakhstan
         Tel: 8 (7272) 47-76-82


AMIR BARS: Creditors Must File Claims by February 13
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Amir Bars insolvent.

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


CONCERN BN-DOR: Claims Filing Period Ends February 11
-----------------------------------------------------
LLP Concern BN-Dor Stroy has declared insolvency.  Creditors have
until Feb. 11, 2009, to submit written proofs of claim to:

         LLP Concern BN-Dor Stroy
         Baitursynov Str. 104a
         Almaty
         Kazakhstan


INTEGRANT LLP: Creditors' Claims Due on February 13
---------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Integrant insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Chapaev Str. 2
         Podstepnoye
         Terektinsky
         West Kazakhstan
         Kazakhstan
         Tel: 8 (71132) 3-64-72


KAZ INVENTORY: Claims Registration Ends February 12
---------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation
of LLP Kaz Inventory.

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


M-SNUB LLP: Proof of Claim Deadline Slated for February 12
----------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation
of LLP M-Snub.

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


MONTAGE-SK LLP: Creditors Must File Claims by February 12
---------------------------------------------------------
LLP San Tech Stroy Montage-SK has declared insolvency.  Creditors
have until Feb. 12, 2009, to submit written proofs of claim to:

         LLP San Tech Stroy Montage-SK
         Pervomaiskaya Str. 24a
         Fedorovka
         Kostanai
         Kazakhstan


OTANDASTAR ALMATY: Claims Filing Period Ends February 13
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Otandastar Almaty insolvent on Dec. 9, 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


SMP-KOKSHE STROY-118: Creditors' Claims Due on February 12
----------------------------------------------------------
LLP Construction Company SMP-Kokshe Stroy-118 has declared
insolvency.  Creditors have until Feb. 12, 2009, to submit written
proofs of claim to:

         LLP Construction Company SMP-Kokshe Stroy-118
         Kalinin Str. 16
         Kokshetau
         Akmola
         Kazakhstan


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

         LLP Construction Company Stroika
         Pushkin Str. 160
         Saryarka
         Astana
         Kazakhstan


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


BI SERVICE GROUP: Creditors Must File Claims by February 13
-----------------------------------------------------------
LLC Bi Service Group has declared insolvency.  Creditors have
until Feb. 13, 2009, to submit proofs of claim to:

         LLC Bi Service Group
         Micro District 12, 30-64
         Bishkek
         Kyrgyzstan


ENERGY MINERALS: Creditors Must File Claims by February 13
----------------------------------------------------------
LLC Energy Minerals International has declared insolvency.
Creditors have until Feb. 13, 2009, to submit proofs of claim to:

         LLC Energy Minerals International
         Micro district 11, 2-18
         Bishkek
         Kyrgyzstan

The company can be reached at:  (+996 312) 56-34-99


==================
L I T H U A N  I A
==================


VIGLITA UAB: Insolvency Proceedings Opened; 73 Jobs Axed
--------------------------------------------------------
Danuta Pavilenene at The Baltic Course reports that insolvency
proceedings have been opened for Lithuania-based sewing company
Viglita UAB.

Citing ELTA, the report discloses all 73 employees of the
company's branch in Kupiskis will be dismissed, effective
Wednesday, January 14.

                        About Viglita, UAB

According to Business Lithuania, Viglita has four factories in
Lithuanian cities.  At present, the company has about 200
employees.  The company also renders fancywork services.


=========
M A L T A
=========


FIMBANK PLC: Fitch Affirms IDR at 'BB', As Exposures Continue
-------------------------------------------------------------
Fitch Ratings has affirmed Malta-based Fimbank's ratings at Long-
term Issuer Default 'BB', Short-term IDR 'B', Individual 'C/D',
and Support '5'.  The Support Rating Floor is affirmed at 'No
Floor'.  The Outlook on the Long-term IDR remains Stable.

FIM's ratings reflect its small size, its exposure to
counterparties in emerging and developing countries, as well as
its concentrations in the loan portfolio and the funding base.
They also factor in FIM's good management, acceptable asset
quality, resilient core profitability and adequate capital ratios.
Profitability has been satisfactory since 2006, with operating
return on equity and assets above the 12% and 1.9% mark,
respectively, reflecting favorable trade finance markets and
strong business development at the bank.  In Fitch's opinion, FIM
should continue to benefit from international trade flows in 2009,
as it was in 2008.  Its performance may weaken slightly, given
declining commodities and goods prices and possible mark-downs on
its securities portfolio due to difficult market conditions, but
should remain at satisfactory levels.

FIM is mainly exposed to credit and counterparty risk arising from
interbank lending, forfaiting and off-balance sheet exposures.
Country risk, with exposure to African, Asian, Latin American and
emerging European countries, mirrors the bank's focus on
developing trade finance business with a number of developing and
emerging economies.  However, the short-term and self-liquidating
nature of trade finance transactions mitigates the country risk.
Concentration in the loan book remains significant.  The bank has
managed to maintain impaired loans at an acceptable level, with an
impaired loan ratio at 3% and a loan loss reserve coverage ratio
of 107.8% at end-H108.

Funding is based on short-term interbank funding largely made up
of correspondent banking accounts and placements from African
banks.  However, in H108 the bank also increasingly derived its
funding from its client deposit base.  Concentration in the
funding base is also high, which exposes FIM to some volatility
risk.  Liquidity is adequate, with some 26% of assets invested in
cash and other liquid items and the large majority of the
remaining assets being short-term.  FIM's eligible
capital/weighted risk ratio stood at 18.15% at end-H108.  This
ratio was down from 35.89% (under Basel I) at end-2007 due to
strong asset growth combined with the negative impact of Basel II
adoption but remains adequate in relation to the bank's risks.

FIM, created in 1994, is a small Malta-based bank specializing in
international trade finance, ship finance, forfaiting and
factoring.  It fully owns a forfaiting subsidiary, London
Forfaiting Company, and has interests in factoring ventures with
local operators in emerging countries.


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


AKTAL LLC: Creditors Must File Claims by January 26
---------------------------------------------------
Creditors of LLC Aktal (TIN 366093042) (Food Industry: Vegetable
Fat Production) have until Jan. 26, 2009, to submit proofs of
claims to:

         V. Zanin
         Temporary Insolvency Manager
         F. Lizyukova Str. 66a/12
         394088 Voronezh
         Russia

The Arbitration Court of Voronezh will convene at 10:30 a.m. on
Apr. 1, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A14-14775/2008-50-16B.

The Debtor can be reached at:

         LLC Aktal
         Darvina Str. 3
         Voronezh
         Russia


ELPMASH LLC: Saratovskaya Bankruptcy Hearing Set April 8
--------------------------------------------------------
The Arbitration Court of Saratovskaya will convene at 2:30 p.m.
on Apr. 8, 2009, to hear bankruptcy supervision procedure on LLC
Elpmash (TIN 6445009560) (Gas and Steam Boiler Production).  The
case is docketed under Case No. A-57–24545/08–40.

The Temporary Insolvency Manager is:

         R. Perepletov
         Post User Box 1531
         410000 Saratov
         Russia

The Debtor can be reached at:

         LLC Elpmash
         Toporkovskaya Str. 95
         Pugachev
         Russia


EPRON AND K: Creditors Must File Claims by January 26
-----------------------------------------------------
Creditors of LLC Epron and K (Oil and Gas Works) have until
Jan. 26, 2009, to submit proofs of claims to:

         O. Rusakova
         Insolvency Manager
         Post User Box 45
         690105 Vladivostok-105
         Russia

The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51–10171/2007 15–151B.

The Debtor can be reached at:

         LLC Epron and K
         Svetlanskaya Str. 11/2
         Vladivostok
         690091 Primorskiy
         Russia


KAMCHAT DAL: Creditor Must File Claims by January 26
----------------------------------------------------
Creditors of LLC Kamchat Dal Stroy (TIN 4101093658)
(Construction) have until Jan. 26, 2009, to submit proofs of
claims to:

         A. Dudakov
         Temporary Insolvency Manager
         Respublikanskaya Str. 17
         Khabarovsk
         Russia

The Arbitration Court of Kamchatskiy will convene on Apr. 17,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A24–5240/2008.

The Debtor can be reached at:

         LLC Kamchat Dal Stroy
         Prospect Pobedy 105
         Petropavlovsk-Kamchatskiy
         Russia


KRAS-PROM-LES LLC: Creditor Must File Claims by January 26
----------------------------------------------------------
Creditors of LLC Kras-Prom-Les (Forestry) have until Jan. 26,
2009, to submit proofs of claims to:

         A. Zaytsev
         Temporary Insolvency Manager
         Post User Box 2897
         350004 Krasnodar
         Russia

The Arbitration Court of Krasnodarskiy will convene at 2:50 p.m.
on Jun. 8, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A-32–18805/2008–27/1226B.

The Debtor can be reached at:

         LLC Kras-Prom-Les
         Zheleznodorozhnaya Str.
         Vasyurinskaya
         353203 Krasnodarskiy
         Russia


LESOSIBIRSKIY COLOPHONY: Creditors Must File Claims by Jan. 26
---------------------------------------------------------------
Creditors of OJSC Lesosibirskiy Colophony-Extraction Plant have
until Jan. 26, 2009, to submit proofs of claims to:

         V. Kuzminykh
         Temporary Insolvency Manager
         Privokzalnaya Str. 2
         662544 Lesosibirsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A33–
15023/2008.

The Debtor can be reached at:

         OJSC Lesosibirskiy Colophony-Extraction Plant
         Lesosibirsk
         Russia


LGOVSKIY VALVE: Creditors Must File Claims by January 26
--------------------------------------------------------
Creditors of OJSC Lgovskiy Valve Plant have until Jan. 26, 2009,
to submit proofs of claims to:

         V. Guslyakov
         Temporary Insolvency Manager
         Timonovskaya Str. 35
         241028 Kursk
         Russia
         Tel: 8 (4832) 416-280

The Arbitration Court of Kursk commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A357185/2008S-
19.


SHCHIPITSINSKAYA WOOD-PROCESSING: Court Names Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kirovskaya appointed L. Tomilova as
Temporary Insolvency Manager for LLC Shchipitsinskaya Wood-
Processing Factory.  The case is docketed under Case No. A28–
11768/2008–275/24.  He can be reached at:

         Ilyinskaya Str. 69
         Nizhny Novgorod
         Russia


The Debtor can be reached at:

         LLC Shchipitsinskaya Wood-Processing Factory
         Zavodskaya Str. 8
         Sosnovka
         Vyatskopolyanskiy
         612994 Kirovskaya
         Russia


STROY-TRANS-GAS-OREL CJSC: Orel Bankruptcy Hearing Set Feb. 5
-------------------------------------------------------------
The Arbitration Court of Orel will convene at 10:00 a.m. on
Feb. 5, 2009, to hear bankruptcy supervision procedure on CJSC
Stroy-Trans-Gas-Orel (Construction).  The case is docketed under
Case No. A14-3538/08-1.

The Temporary Insolvency Manager is:

         V. Krasovskiy
         Sredne-Moskovskaya Str.6a
         394018 Voronezh
         Russia

The Debtor can be reached at:

         CJSC Stroy-Trans-Gas-Orel
         Moskovskaya Str. 29
         Orel
         Russia


YAKUT-UGLE-RAZVEDKA OJSC: Creditors Must File Claims by Jan. 26
---------------------------------------------------------------
Creditors of OJSC Yakut-Ugle-Razvedka (TIN 1434029558, PSRN
1041401720910) (Coal Exploration) have until Jan. 26, 2009, to
submit proofs of claims to:

         Yu. Mindrul
         Temporary Insolvency Manager
         Dostavalova Str. 8/95
         Aldan
         678960 Yakutia
         Russia

The Arbitration Court of Yakutia commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A58–
3989/08.

The Debtor can be reached at:

         OJSC Yakut-Ugle-Razvedka
         Severnaya Str. 3
         Neryungi
         678960 Yakutia
         Russia


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


CALIK HOLDING: Fitch Downgrades Issuer Default Ratings to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Calik Holding A.S.'s Long-term
foreign and local currency Issuer Default Ratings, respectively,
to 'B-' (B minus) from 'B' and downgraded its National Long-term
rating to 'BBB(tur)' from 'BBB+(tur)'.  Fitch has also downgraded
Calik-guaranteed Globus Capital Finance S.A.'s US$200m 8.5% notes,
maturing in 2012, senior unsecured rating to 'B-'(B minus)/'RR4'
from 'B'/'RR4'.  All the above referenced ratings have
simultaneously been removed from Rating Watch Negative, and the
agency has assigned a Negative Outlook to Calik's IDRs and
National Long-term rating.

Fitch has also downgraded GAP Guneydogu Tekstil A.S.'s, a Calik
subsidiary, National Long-term rating to 'BBB+(tur)' from 'A-
(tur)' (A minus).  GAP's National Rating has been removed from RWN
and has been assigned a Stable Outlook.

The downgrade of Calik's ratings is based on Fitch's concerns
about the financial impact of the company's acquisition of Sabah-
ATV's media assets on the overall group financial profile and the
diversion of the group from its previously stated strategy of
focusing growth on its energy businesses.  Fitch notes the lack of
visibility in earnings from the company's subsidiaries in a
difficult 2009-10 macroeconomic environment and notes that Calik
has swapped its stable cash flow and low risk natural gas
distribution assets for a high risk media business.  Fitch is also
concerned regarding the liquidity needs of the media business and
energy generation projects and expects the company to take a
measured approach toward capex related to any new ventures in the
mid-term.  Fitch understands that Calik is actively looking for a
strategic partner for its power generation projects.  As a holding
company, Calik depends on dividend flows, service income and
capital gains.  Calik has low dividend income from its operating
subsidiaries, and cash generation at the holding level remains
partly dependant on asset sales.

The Negative Outlook on Calik's ratings reflects downside risks
associated with expected operating performance in 2009-10 mainly
in the media division.  Fitch remains concerned that de-leveraging
will be hard to achieve in a lower ad-spend environment in 2009
and, possibly, in 2010 due to the slowdown in the Turkish economy.
Turkuvaz Media, Calik's 75%-owned subsidiary, is exposed to
currency mismatch through its largely US$-denominated debt stock
and minimal foreign exchange-denominated revenues.

Turkuvaz Media acquired Sabah-ATV's media assets with US$750
million debt and US$350 million equity.  As a non-recourse
acquisition credit, the bank loan is secured by Turkuvaz assets
only.  The 10-yr loan has 3-yr interest-only and 7-yr amortization
terms.  Fitch cautions that interest coverage ratios will be tight
in the initial two-three years when gross debt/EBITDA is expected
to register minimum 8x at FYE08 at Turkuvaz's level.  Fitch
estimates that material additional shareholder support over the
next two years will be needed to cover potential funding gap and
working capital requirements.

In October 2008, Calik received US$438 million in cash from the
sale of its controlling stakes in the Bursa and Kayseri city gas
distribution companies, valuing the combined entity at US$1,092
million implying around 34x FY08E EBITDA multiple.  Immediately
after the sale, Calik used US$330 million of the cash proceeds to
retire part of its near-term debt.  While reducing consolidated
leverage, the sale of two operating energy assets reduced
diversification within the overall financial and business profile
of the group.  Fitch continues to take into consideration Calik's
planned expansion in the electricity generation, petrochemicals,
and oil and gas sectors.  The funding structures and eventual
monetary impact of such capital expenditures on group results
remain to be seen.

Fitch has applied its methodology for rating industrial investment
holding companies in the rating of Calik.  In summary, credit
positives for the holding company focus on access to cash in the
wholly-owned businesses, GAP Textile, GAP Marketing, GAP
Construction and Calik Energy.  Weaknesses include structural
subordination and challenges to servicing debt due to very limited
dividend income and high stand-alone leverage.


TURKLAND BANK: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed Turkey-based Turkland Bank A.S.'s Long-
term foreign currency Issuer Default Rating at 'BB', Long-term
local currency IDR 'BBB-' (BBB minus), Short-term foreign currency
IDR 'B', Short-term local currency IDR 'F3', National Long-term
rating 'AAA(tur)', Support Rating '3' and Individual Rating at
'D'.  The Outlooks for the Long-term IDRs and National Long-term
rating remain Stable.

T-Bank's Long-term IDRs, Short-term local currency IDR, National
Long-term and Support ratings reflect its 50% ultimate ownership
by Arab Bank ('A-'((A minus))/Stable/'F1').  The Individual Rating
reflects the bank's weak efficiency and operating profitability,
limited - albeit expanding - franchise, and risks from its rapid
growth and volatile operating environment.  These factors are
counterbalanced by T-Bank's strengthened internal systems and
management, and its strong capitalization which is due to be
maintained by planned cash capital injections during the growth
phase.

T-Bank underwent a major transformation program in 2007 and 2008
as part of a vigorous expansion plan.  The bank incurred operating
losses in H108, despite a marked improvement in margins, mainly
due to costs related to its restructuring and expansion of the
branch network after its ownership change.  Given the projected
expansion, efficiency measures are expected to remain weak in the
medium term until newly-opened branches become profitable.  Loans
grew rapidly in 2007 and H108.  The impaired loan ratio was a low
1.67%, with comfortable reserve coverage of 132%.  However, rapid
loan growth has increased potential asset quality and operational
risks.  Progress on improving risk management systems, reflecting
a strong emphasis on this area by shareholders, and an increased
proportion of SME lending, leading to better diversification of
the loan book, partially mitigate these risks.  Capitalization is
strong with a Fitch eligible capital ratio equal to 22.10% at end-
H108.  Fitch views positively the commitment by T-Bank's
shareholders to provide cash injections during the initial
expansion stages, when internal capital generation is expected to
remain limited.

T-Bank is a small commercial bank and had 25 branches at end-Q308,
covering the commercial centres of major Turkish cities.  The bank
provides corporate, commercial and SME banking services and offers
retail banking as a complementary business.  In January 2007,
following its change of ownership, T-Bank became more focused on
financing mid-capital SMEs.  The bank is 50% owned by Arab Bank
plc(ultimately owned by Arab Bank group), 41% owned by BankMed Sal
and 9% by Mr Mehmet Nazif Gunal.


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


ELSA ROHRLEITUNGSBAU: Creditors Must File Claims by March 2
-----------------------------------------------------------
Creditors owed money by LLC Elsa Rohrleitungsbau are requested to
file their proofs of claim by March 2, 2009, to:

         Silvia Elsa Ballat
         Altdorfstrasse 25
         7430 Thusis
         Switzerland

The company is currently undergoing liquidation in Thusis GR.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 19, 2008.


IMMOBILIERE TRICO: Deadline to File Proofs of Claim Set Jan. 31
---------------------------------------------------------------
Creditors owed money by JSC Societe Immobiliere Trico are
requested to file their proofs of claim by Jan. 31, 2009, to:

         JSC Interhold
         Othmarstrasse 8
         8008 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 25, 2008.


MARION MERRELL: Creditors Have Until February 2 to File Claims
--------------------------------------------------------------
Creditors owed money by JSC Marion Merrell (Europe) are requested
to file their proofs of claim by Feb. 2, 2009, to:

         JSC Breves Treuhand
         Baarerstrasse 79
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 2, 2008.


MERISANT WORLDWIDE: Financial Woes Cue Chapter 11 Bankruptcy
------------------------------------------------------------
Merisant Worldwide Inc. together with five of its affiliates filed
a voluntary petition under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware, various sources report.

The company posted US$331,077,041 in total assets and
US$560,742,486 in total debts in its filing.  The company owes
US$362,128,760 in note debts to Wells Fargo Bank Minnesota
National Association; 2,521,483 to ACH Food Companies, distributor
and customer; and US$500,000 in contract to Sergio Miguel Chase,
among others.

"This is a financial restructuring of our balance sheet,
not an operational restructuring of our business,"  Bloomberg
quoted Paul Block, the company chief executive officer, as saying
"We've already taken aggressive steps to cut costs and make
Merisant more efficient."

According to Mr. Block, the company anticipates converting a
significant amount of our debt to equity, which will be positive
for Merisant, our customers and employees.  The restructuring will
free up more cash to invest in our business, Bloomberg relates.

The company told Tribune Co. that the current turmoil in the
credit markets made bank financing unavailable to it to refinance
its near-term maturities and interest payments.

Troubled Company Reporter said on Jan. 9, 2009, the company has a
US$35 million revolving credit and a US$7.4 million term loan that
mature on Jan. 11, 2009.

In its Form 10-Q submitted to the Securities and Exchange
Commission in November 2008, the company acknowledged that it
is highly leveraged.  At Sept. 30, 2008, the company and its
subsidiaries, including Merisant Company, had US$553,557,000 of
long-term debt outstanding, consisting of US$135,136 aggregate
principal amount of the company's 121/4% senior subordinated
discount notes due 2014, US$225,000,000 aggregate principal amount
of Merisant's 91/2% senior subordinated notes due 2013, and
US$193,421,000 aggregate principal amount outstanding under
Merisant's senior credit agreement, excluding capital lease
obligations of US$89 and unused commitments on the revolving
portion of the Senior Credit Agreement of US$21,000,000.

At September 30, 2008, borrowings under the Senior Credit
Agreement included US$7,416,000 (Term A) aggregate principal
amount of term loans bearing annual interest of 8.35%,
US$174,005,000 (Term B) aggregate principal amount of term loans
bearing annual interest of 6.40% and US$12,000,000 aggregate
principal amount in revolver commitments, bearing annual interest
of 5.97%.  The Term A loans are euro-denominated and are
translated into U.S. dollars at the spot rate as of September 30,
2008.

The Term A loans and the revolver commitment are scheduled to
terminate in January 2009 and all amounts thereunder are scheduled
to be repaid.  Most of the Term B loans (US$171,803,000) are due
at its final maturity in January 2010.  Additionally, interest on
the Discount Notes will become payable in cash commencing on May
15, 2009.  Semiannual interest payments of US$8.6 million are
required.  The indenture governing the Notes limits Merisant's
ability to pay dividends or loan cash to the Company, which has no
operations of its own.

As of November 13, 2008, borrowings under Merisant's revolving
credit facility were US$28,000,000.  In aggregate, during the
twelve months ending September 30, 2009, the company and Merisant
are scheduled to pay US$78,300,000 of principal and interest under
the Company and Merisant's primary debt obligations.

"Given the disruptions in the credit and financial markets in
recent months, uncertainty exists as to whether we will be able to
generate results from operations or consummate transactions
sufficient to enable us to make all of these payments," Merisant
said in their third quarter 2008 report.

Merisant said it is engaged in discussions with certain of its
secured lenders and debt security holders as well as potential
financing sources with regard to refinancing or restructuring all
or a portion of its debt obligations.  "However, there can be no
assurance that we will be able to refinance, replace or amend our
outstanding debt obligations on terms favorable to us, or at all,
particularly given current financial conditions."

                     About Merisant Worldwide

Headquartered in Chicago, Merisant Worldwide, Inc. is a leading
global producer and marketing of low-calorie and zero calorie
tabletop sweeteners, including Equal(R) and PureVia(TM).  Equal(R)
is sweetened with aspartame.  Sales were approximately
US$277 million for the twelve months ended September 30, 2008.

                           *     *     *

As reported by the Jan. 7, 2009 issue of the Troubled Company
Reporter, Moody's Investors Service lowered the ratings of
Merisant Worldwide, Inc., including the company's probability of
default and corporate family ratings to Ca from Caa3.  The ratings
agency said the company's weak credit metrics severely limit its
financial flexibility, especially in the current credit market.

Global competition from well capitalized Splenda(R)(produced by a
subsidiary of Johnson & Johnson) has eroded sales and market share
over the past several years.  Leverage also increased in 2003 to
fund an equity distribution.  For the twelve months ended
September 30, 2008 debt to EBITDA was unsustainable at
approximately 25 times.  The company's weak credit metrics
severely limit its financial flexibility, especially in the
current credit market.

As reported by the TCR on Dec. 19, 2008, Standard & Poor's Ratings
Services said that it lowered its ratings on Chicago, Illinois-
based Merisant Worldwide Inc. and operating company Merisant Co.,
including its corporate credit rating, to 'CC' from 'CCC'.


MERISANT WORLDWIDE: Case Summary & 29 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Merisant Worldwide, Inc., Debtor
        33 North Dearborn Street, Suite 200
        Chicago, IL 60602

Bankruptcy Case No.: 09-10059

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Merisant Company                                   09-10060
Merisant Foreign Holdings I, Inc.                  09-10061
Merisant US, Inc.                                  09-10062
Whole Earth Sweetener Company, LLC.                09-10063
Whole Earth Foreign Holdings, LLC                  09-10064

Related Information: The Debtors sells low-calorie tabletop
                     sweetener.  The Debtors' brands are Equal(R)
                     and Canderel(R).  The Debtors' headquarter is
                     located in Chicago, Illinois, and have
                     principal regional offices in Mexico City,
                     Mexico; Neuchatel, Switzerland; Paris,
                     France; and Singapore.   In addition, the
                     Debtors own and operate manufacturing
                     facilities in Manteno, Illinois, and Zarate,
                     Argentina, and own processing lines that are
                     operated exclusively for the Debtors at
                     plants located in Bergisch and Stendal,
                     Germany and Bangkrason, Thailand.

                     As of March 28, 2008, the Debtors have 20
                     active direct and indirect subsidiaries,
                     including five subsidiaries in the United
                     States, six subsidiaries in Europe, five
                     subsidiaries in Mexico, Central America and
                     South America, and three subsidiaries in the
                     Asia Pacific region, including Australia and
                     India.  Furthermore, the Debtors' Swiss
                     subsidiary holds a 50% interest in a joint
                     venture in the Philippines.

                     Merisant Worldwide holds 100% interest in
                     Merisant Company.

                     See: http://www.merisant.com/

Chapter 11 Petition Date: January 9, 2009

Court: District of Delaware (Delaware)

Judge: Peter J. Walsh

Debtor Bankruptcy Counsel: Sidley Austin LLP
                           One South Dearborn
                           Chicago, Illinois 60603

Debtors' Delaware Counsel: Robert S. Brady, Esq.
                           bankfilings@ycst.com
                           Young, Conaway, Stargatt & Taylor LLP
                           The Brandywine Bldg.
                           1000 West Street, 17th Floor
                           P.O. Box 391
                           Wilmington, DE 19899-0391
                           Tel: (302) 571-6600
                           Fax: (302) 571-1253

Financial Advisor: Blackstone Advisory Services LLP
                   345 Park Avenue
                   New York, New York 10154

Claims Agent: Epiq Bankruptcy Solutions LLC
              757 Third Avenue, 3rd Floor
              New York, New York 10017

The Debtors' financial condition as of November 30, 2008:

Total Assets: US$331,077,041

Total Debts: US$560,742,486

The Debtors' Largest Unsecured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
Wells Fargo Bank Minnesota     note debts        US$362,128,760
National Association
c/o Wells Fargo Corporate
Trust Services
MAC N9303-110
Sixth and Marquette Avenue
Minneapolis, MN 55479
Attn: Debra McNamee
Tel: (613) 667-6245
Fax: (612) 667-9825

ACH Food Companies             distributor/      US$2,521,483
7171 Goodlett Farms Pkwy       customer
Memphis, TN 38106
Attn: General Counsel
Fax: (901) 381-2906

Sergio Miguel Chase            contract          US$500,000
Imperio Guarania SA
Canada del Carmen 3069
2069 Luque, Paraguay
Tel: +595 (21) 681558
Fax: +595 (981) 402137

Kuehne & Nagel Corp.           shipping          US$453,141

Corn Products International    trade debt        US$338,926

McDonnel Boehnen Hulbert       services          US$223,893

Heartland Sweeteners LLC       trade debt        US$223,123

The Royal Group                trade debt        US$204,922

Kirkwood Communications        marketing         US$146,749

Roc-Tenn Company               trade debt        US$146,111

Brand Architecture             trade debt        US$129,842
International

Coating Place Inc.             trade debt        US$127,689

Kankakee County Treasurer      tax               US$123,000

Ladas & Parry                  trade debt        US$114,885

Advantages Sales & Marketing   distributor       US$104,318

Jen-Coat Incorporated          trade debt        US$103,366

DSC Logistics                  shipping          US$92,500

FedEx Freight East Inc.        shipping          US$75,000

Key West Metal Industries Inc. trade debt        US$73,510

Calorie Control Council        marketing         US$71,730

Holohan Heating & Sheet Metal  trade debt        US$68,349

Northwest Pallets              trade debt        US$67,164

C&S Wholesale Grocer           trade debt        US$65,645

Catalina Marketing             marketing         US$62,550

Brady Enterprises Inc.         trade debt        US$61,446

David Kessler & Associates     trade debt        US$36,000
Inc.

TS Logistics Inc.              shipping          US$35,000

Schawgraphics Incorporated     trade debt        US$32,451

Synovate                       marketing         US$32,000

The petition was signed by Jonathan W. Cole, the company's vice
president, general counsel and secretary.


MUSIK LAUBLI: Proofs of Claim Filing Deadline is February 27
------------------------------------------------------------
Creditors owed money by LLC Musik Laubli are requested to file
their proofs of claim by Feb. 27, 2009, to:

         Erwin Laubli
         Liquidator
         Lindenstrasse 11
         6060 Sarnen
         Switzerland

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


SANADENT JSC: Creditors' Proofs of Claim Due by February 15
-----------------------------------------------------------
Creditors owed money by JSC Sanadent are requested to file their
proofs of claim by Feb. 15, 2009, to:

         Peter Maurer
         JSC Weidinger & Partner
         Obere Plessurstrasse 39
         Mail Box: 760
         7002 Chur
         Switzerland

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


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

         Laubigartenstrasse 16
         4146 Hochwald
         Switzerland

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


SWISS FINANCE: Creditors Must File Proofs of Claim by January 18
----------------------------------------------------------------
Creditors owed money by LLC Swiss Finance Corporation are
requested to file their proofs of claim by Jan. 18, 2009, to:

         Grenzstrasse 24
         9430 St. Margrethen
         Switzerland

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


TANKAR SCHWEIZ: Deadline to File Proofs of Claim Set February 3
---------------------------------------------------------------
Creditors owed money by LLC Tankar Schweiz Internationale
Spedition & Logistik are requested to file their proofs of claim
by Feb. 3, 2009, to:

         Thomas Hiltmann
         JSC M + R Spedag Group
         Kriegackerstrasse 91
         4132 Muttenz
         Switzerland

The company is currently undergoing liquidation in Muttenz.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 18, 2008.


TANNER RACING: Creditors Have Until January 21 to File Claims
--------------------------------------------------------------
Creditors owed money by JSC Tanner Racing are requested to file
their proofs of claim by Jan. 21, 2009, to:

         JSC Max Wirth Treuhand
         8232 Merishausen
         Switzerland

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


UBS AG: Expects US$1.8BB Fine on U.S. Tax Probe, Says Report
------------------------------------------------------------
According to Reuters, Swiss newspaper Sonntag reported that
Switzerland's UBS AG expects a fine of some 2 billion Swiss francs
(U.S.US$1.80 billion) related to a U.S. tax investigation.  The
bank, according to Reuters, is at the center of a U.S.
investigation into possible tax fraud for allegedly helping
wealthy Americans to hide assets in Swiss bank accounts.

Meanwhile, UBS said it could see a writedown of up to US$1 billion
on LyondellBasell, according to Bank Vontobel analyst Teresa
Nielsen, the Wall Street Journal reported.  LyondellBasell's U.S.
businesses 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.

Reuters stated that another Sunday newspaper, Sonntagszeitung,
reported without giving sources that the bank probably made a loss
of some CHF8 billion in the final quarter of 2008, taking its
full-year-losses to about CHF20 billion.

In the third quarter of 2008, UBS managed to report a net profit
attributable to UBS shareholders of CHF296 million for third
quarter 2008, but had incurred losses before that -- CHF358 in the
second quarter of 2008, and US$858 in the third quarter of 2007.
UBS acknowledged that third quarter 2008 remained difficult as the
credit crisis broadened and intensified:

   -- Global financial markets came under increased stress as
      problems in the U.S. residential mortgage market spread to
      the broader economy and the global financial sector.

   -- Fears of a global recession increased and were exacerbated
      by further declines in housing and credit markets in the US
      and Europe, which heightened concerns over the
      creditworthiness of some financial institutions.

   -- Equity markets were extremely volatile and trended sharply
      down over the quarter, driven by deleveraging and extreme
      risk aversion from investors.

UBS expects that the conditions seen at the beginning of fourth
quarter will continue to affect clients' assets, and therefore
UBS's fee-earning businesses. Operating expenses will continue to
be trimmed where possible, it said.

UBS said it has proactively undertaken a number of measures to
safeguard its liquidity position.  As reported by the Troubled
Company Reporter, UBS said Dec. 31, 2008, that it has as sold its
investment of approximately 3.4 billion Bank of China Limited H-
shares through a placing to institutional investors.  The
Financial Times reporteds that UBS, the first overseas investor to
offload its holding in a major Chinese bank, raised USUS$835
million from the sale.

                         About UBS AG

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

                        *     *     *

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

Rating action:

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

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

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

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on Sept. 15, 2008, Washington
Mutual Inc., which was seized by federal regulators on Sept. 25,
2008 and subsequently virtually all of its assets were sold to
JPMorgan Chase, Fannie Mae and Freddie Mac, which were placed into
the conservatorship of the U.S. government on Sept. 8, 2008 and
one Icelandic bank, specifically Kaupthing Bank hf.


ZUMSTEIN AND SCHALI: Proofs of Claim Filing Deadline is Feb. 27
---------------------------------------------------------------
Creditors owed money by JSC Zumstein und Schali are requested to
file their proofs of claim by Feb. 27, 2009, to:

         Engelbert Zumstein
         Liquidator
         Panoramastrasse 31
         6074 Giswil
         Switzerland

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


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


BREAK AWAY: Goes Into Insolvency
--------------------------------
Northants Evening Telegraph reports that Kettering-based holiday
firm Break Away has formally gone into insolvency.

According to the report, an insolvency notice has now been
submitted and a meeting of creditors will be held at 11:00 a.m. on
January 27 at the Holiday Inn Northampton West in High Street,
Flore.

The company, the report recounts, ceased trading on December 18 as
it could not afford the bond payments to secure customers'
holidays and money.

The report states hundreds of people given gift vouchers for
holidays with the firm will not get their money back.


BRIDGE UK. COM: Appoints Joint Administrators from Tenon Recovery
-----------------------------------------------------------------
T. J. Binyon and D. R. Beat of Tenon Recovery were appointed joint
administrators of Bridge UK. Com Ltd. on Dec. 29, 2008.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


BRITISH ENERGY: S&P Raises Ratings to 'BBB-' From 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'A+/A-1' from 'AA-/A-1+' its long- and short-term corporate credit
ratings on French power incumbent Electricite de France S.A. to
reflect the weakening in the group's financial profile entailed by
its recently completed about GBP12.5 billion acquisition of U.K.-
based nuclear generator British Energy Group PLC (BBB-/Stable/--)
and its likely acquisition for US$4.5 billion of 49.9% of the
nuclear assets of U.S. utility Constellation Energy Group Inc.
(BBB/Watch Neg/A-2).  EDF's ratings continue to incorporate one
notch for extraordinary government support, given the group's
primary focus on nuclear power generation and the ensuing
significant operational risks and decommissioning liabilities, as
well as ownership by the French state, which by law cannot fall
below 70%.

All ratings have been removed from CreditWatch where they had been
placed on Sept. 25, 2008, following EDF's cash offer for BE. The
outlook is negative.

S&P has also affirmed the ratings on EDF's subsidiaries, U.K.
utility EDF Energy PLC (A/Negative/A-1), and French power
transmission grid operator, RTE EDF Transport S.A. (RTE; AA-
/Negative/A-1+).  Both had been placed on CreditWatch with
negative implications on Dec. 4, 2008, following EDF's bid for 50%
of the nuclear assets of Constellation.  The outlook is negative
on both ratings.  The ratings of EDF Energy continue to
incorporate two notches for extraordinary parental support,
reflecting that with the acquisition of BE, the U.K. is an even
more key market for the group.  The affirmation of RTE's ratings
is in line with S&P's approach of only allowing a one-notch
differential between the ratings on EDF and those on RTE, given
RTE's independence from EDF, which is guaranteed by law, and
protective corporate governance arrangements.

In addition, S&P has raised to 'BBB-' from 'BB' the ratings on BE,
in line with S&P's approach on EDF Energy, whose ratings include
two notches of extraordinary parental support.  BE's ratings have
been removed from CreditWatch where they had been placed with
positive implications on Sept. 25, 2008, following EDF's bid for
the company.  The outlook is stable.

The downgrade of EDF reflects the negative impact of these debt
funded acquisitions on EDF's financial profile, especially as the
group intends to pursue its substantial capital expenditure
program.

The negative impact of the BE acquisition will, however, be partly
offset by the likely disposal of a 25% stake in the acquisition
vehicle for BE, under the same financial terms EDF had for
acquiring BE, to U.K. power and gas utility Centrica PLC
(A/Negative/A-1).

In addition, the acquisition of BE will dilute to some degree
EDF's very strong business profile, given BE's poor operational
track record.  Despite EDF's nuclear expertise, S&P doesn't expect
the output of BE to significantly increase, given the specific
technology of most of BE's plants.  Still, BE will only represent
about 6% of the enlarged group's EBITDA.  Moreover, acquiring BE
will enable EDF to better balance its deregulated operations in
the U.K., which are currently short, as EDF Energy currently
generates only about half of the power it supplies.

Conversely, given the quality of the assets involved, S&P would
view positively the acquisition of 49.9% of the nuclear assets of
Constellation.  That said, their contribution to earnings,
especially in light of their proportional consolidation, would be
limited.

The negative outlook reflects EDF's weak credit measures following
the completion of the BE acquisition and its resulting lack of
flexibility within the ratings.  The ratings would be lowered if
EDF's financial profile were to deteriorate further or not recover
to levels in line with the ratings, especially coverage of
adjusted net debt by FFO of about 17% to 18%.  Conversely the
outlook could be revised to stable if EDF were to restore its
financial profile to levels commensurate with the ratings, which
would probably require further mitigating measures.


CASTLES SHOPFITTERS: Taps Joint Administrators from KPMG
--------------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed
joint administrators of Castles Shopfitters Ltd. on Dec. 23, 2008.

The company can be reached at:

         Castles Shopfitters Ltd.
         Bowland Street Works
         Bowland Street
         Bradford
         England


CATTLES PLC: To Reduce New Lending and Costs
--------------------------------------------
In light of the continuing uncertain funding environment and the
need to take decisive action now, Cattles plc on Wednesday,
January 7, unveiled a series of proactive steps to reduce costs,
preserve liquidity and significantly reshape the Group.  Going
forward there will be a reduction in the volume of business that
Cattles will write and, as a result, a reduction in the number of
people employed in the business.

The Group said discussions are ongoing with its bank syndicate
regarding the refinancing of facilities due for repayment in July
2009 and also with the FSA regarding our banking license
application.

While the reduction in new business volumes will have a negative
impact on profitability in 2009, it will help ensure that the
Group is able to reduce cost and conserve cash while seeking to
ensure that Cattles continues to be profitable and successful.

              New Business Volumes Reduction

Cattles will continue to write new business in 2009 but it is
expected that new business volumes in Welcome Finance will be
reduced by some 75% on 2008, which itself saw a reduction from
2007.  Wednesday's announcement has no impact on trading results
for 2008 and, as reported in the pre-close trading statement
issued on December 18 2008, the Group expects to deliver results
in line with expectations for2008.

                     Cost Reductions

Collective consultation with employees has begun over a reduction
of around 1000 jobs within the Group.  This includes a proposal to
close the Group's operation in Hull which currently employs 400
people.  In addition to job reductions and the suspension of
dividend payments announced in the pre-close trading statement, a
range of other cost saving measures will be adopted to conserve
further cash over the coming months.

Annualized cost savings are estimated at GBP40 million and the
achievement costs are expected to be GBP20 million.

                        Funding

Cattles continues to have constructive discussions with the FSA
regarding the Group's application for a retail deposit taking
license.  The Group has long established and supportive
relationships with its bankers.  Discussions continue regarding
the bank syndicate and other facilities due for repayment later
this year.  The Group envisages being in a position to offer a
more definitive outlook for funding by the end of the first
quarter of 2009.

                        Credit Quality

As stated in the Group's pre-close trading statement, credit
quality remains within reasonable tolerances and has had no
bearing on Wednesday's announcement.  The Group decided to take
these steps to reduce costs, to conserve liquidity and to enable
us to plan for a profitable year in 2009.

David Postings, Chief Executive of Cattles, said: "Cattles has a
long history of prudent management and profitable growth.  [The]
actions are part of a series of measures we have taken over recent
months to strengthen the business in this uncertain environment.
We have not taken these decisions lightly and we firmly believe
that by cutting costs and preserving capital in the business we
can continue to trade profitably, weather the current economic
conditions, and continue to serve over 850,000 customers in this
important part of the market".

Cattles plc -- http://www.cattles.co.uk/-- provides financial
services to consumers and businesses.  The company has three
principal businesses, these being Welcome Financial Services, The
Lewis Group and Cattles Invoice Finance.

                    *     *     *

As reported in the TCR-Europe on Dec. 17, 2008, Fitch Ratings
downgraded Cattles PLC's Long-term Issuer Default Rating and
senior unsecured debt rating to 'BB+' from 'BBB'.  The Long-term
ratings remain on Rating Watch Negative.  The agency has
simultaneously downgraded Cattles' Short-term IDR to 'B' from 'F3'
and removed it from RWN.


CATTLES PLC: Fitch Cuts IDR to 'B+' As GPB500m Loan Payment Looms
-----------------------------------------------------------------
Fitch Ratings has downgraded Cattles PLC's Long-term Issuer
Default Rating to 'B+' from 'BB+'.  The rating remains on Rating
Watch Negative.

The downgrade follows Cattles announcement on 7 January 2009 that
it is to reduce new lending in its principal Welcome Financial
Services unit by 75% from 2008 levels and will shed around 1,000
staff from its businesses in order to save around GBP40 million of
annual costs.  These actions are necessary, given Cattles' need to
preserve and generate liquidity ahead of syndicated bank loans of
GBP500 million falling due in July.

The rating action in respect of the IDR reflects a weaker medium-
term earnings and asset quality outlook for Cattles, growing
pressure on interest cover covenants, and the lower appetite of
providers of wholesale finance to support non-prime consumer
lending companies like Cattles.  The negative sentiment generated
by the company being forced to reduce headcount and new business
dramatically in order to preserve liquidity, when combined with
the event risk surrounding the GBP500 million refinancing due in
July, further warrant the rating action.  While concerns persist
over Cattles' funding, 2009 loan refinancing, asset quality and
earnings outlook, interest cover covenants and now this major
business re-organization, the UK Financial Services Authority may
also look less favorably on Cattles' banking license application
which it is seeking to try to diversify its funding base.

The RWN will be resolved once it becomes clear whether Cattles
will be able to refinance a sufficient amount of its GBP500
million syndication which is likely to become clearer later in
Q109.  There is a risk that Cattles' directors may have to
conclude that the company is not a going concern if the company
does not have a refinancing deal in place before it announces its
2008 results.  Such an event would result in a downgrade of
Cattles' ratings by multiple notches.  Although such an outcome is
not Fitch's central scenario, the RWN highlights this possibility.

Cattles presently has around GBP100 million of funding headroom
under its bank facilities.  The liquidity preservation measures
announced on January 7 should allow for a modest strengthening of
this headroom over the course of H109 before the GBP500 million
syndicated loan falls.  However, unless cash can be raised by
other means such as disposals, Cattles will still need to rely on
at least half of the syndication being refinanced if it is to
remain a viable company.  Nonetheless, with earnings declining in
2009, headroom under a 1.75x interest cover covenant - which Fitch
believes to be an inappropriate covenant for a finance company
like Cattles - is likely to become, at best, very tight.

Although it is not possible to second guess its banks' decisions,
factors in favour of Cattles being able to refinance a sufficient
amount of the GBP635 million of facilities falling due in 2009
(GBP500 million in July and a GBP135 million bilateral line in
December) include: a) five principal banks and long-term lenders
to Cattles account for a majority of the funds provided; b) a
majority of the participants in the July 2009 syndicate are also
in a larger (GBP800 million) syndicate of which GBP785 milllion is
due in 2012 and so may be more disposed to rolling over some of
their loans in order to protect their longer-dated loans to
Cattles; c) a successful refinancing should increase the
likelihood of Cattles receiving the UK banking license; d) Cattles
debt maturity burden is materially lower in 2010 (just GBP98
million) and 2011 (GBP278 million); e) the cost-cutting and
dividend suspension measures announced on January 7, 2009 and last
month and f) the possibility that forcing the company into a
situation like administration or receivership (which would be an
increasingly probable event if the banks do not agree to refinance
a sufficient amount of the July syndication) might result in
unnecessarily low recoveries.

Rating actions taken:

  -- Long-term IDR downgraded to 'B+' from 'BB+'; remains on RWN

  -- Short-term IDR 'B'; placed on RWN

  -- Senior unsecured debt: downgraded to 'BB-' (BB minus) from
     'BB+'; remains on RWN; Recovery Rating of 'RR3' assigned.

Cattles is listed in London.  Its main business is the provision
of loan products, collected via direct debit, to individuals who
find it difficult to obtain mainstream bank credit.


CIS OFFICE: Appoints Joint Administrators from KPMG
---------------------------------------------------
Andrew Stephen McGill and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of CIS Office Furniture Ltd. on
Dec. 29, 2008.

The company can be reached at:

         CIS Office Furniture Ltd.
         House Potters Lane
         Wednesbury
         West Midlands
         WS10 7LP
         England


ETRA LTD: Brings In BDO Stoy as Joint Administrators
----------------------------------------------------
Shay Bannon and Toby Underwood of BDO Stoy Hayward LLP were
appointed joint administrators of Etra Ltd. on Dec. 23, 2008.

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

         55 Baker Street
         London
         W1U 7EU
         England


FIVE STAR: Goes Into Liquidation
--------------------------------
Simeon Goldstein at Packaging News reports that Five Star
Packaging has gone into liquidation after falling into
administration last month.

The company, the report recounts, went into administration on
Dec. 23 with Baker Tilly.

The report relates that according to administrator Jenny Cooper,
the majority of the company's 40 staff at its two centers in Crewe
and Wakefield had been made redundant following the appointment of
administrators.

Citing the administrator, the report notes four staff have been
retained to help with the winding down of the company.

Founded in 1993 Five Star Packaging is a packaging distribution
and manufacturing firm.  It produced a range of off-the-shelf and
bespoke packaging products and consumables, the report states.


LAND OF LEATHER: In Administration; Deloitte Appointed
------------------------------------------------------
Lee Manning and Nick Edwards of Deloitte LLP, the business
advisory firm, have been appointed as joint administrators to Land
of Leather, the furniture retailer.

Land of Leather operates from 109 retail stores across the United
Kingdom and Ireland, and has a head office in Kent.  The company
directors had been seeking to either raise working capital
facilities or sell the business following challenging trading
conditions.

Lee Manning, Joint Administrator and Deloitte Partner, commented:
"The Land of Leather stores will continue to trade as normal,
while the administrators continue to talk to interested parties
with a view to concluding a sale of the business as a going
concern.

"The administrators are working closely with the management to
protect the interests of customers who have paid deposits on
furniture orders.  We have taken a number of steps both to protect
customers and to inform them of how the administration affects
their circumstances."

All customers who have either paid a deposit by credit card or
Visa debit card, or indeed have paid a deposit by any means since
December 26 are fully protected.

Any customers who paid a deposit by cash or by a non-Visa debit
card before December 26 will be offered a discount on other stock
if their original order cannot be fulfilled.  However, it is the
objective of the administrators to sell the business as a going
concern and have all deposits honored.

Lee Manning commented: "We have written to all customers who have
paid a deposit to explain how they are affected.  In addition, a
dedicated hotline 0800 496 0868 and email inquiry address
lol@deloitte.co.uk have been set up for concerned customers.  The
company website, www.landofleather.co.uk is also updated
regularly.  While stores are open for business as usual, we urge
customers who have paid deposits to use the hotline, email inquiry
address and website, rather than to visit the stores, unless it is
to pay the balance on goods ready for delivery.

"Where customers have been given a scheduled delivery date or have
been advised that goods are awaiting payment of the balance before
delivery can be made, these deliveries and orders will all be
fulfilled."

Customers who have bought items from concessions based within Land
of Leather stores are unaffected by the administration.


LANDSBANKI GUERNSEY: Administrators Seek to Recover Savers' Money
-----------------------------------------------------------------
Iain Martin at Citywire reports that Landsbanki Guernsey
administrators Deloitte said the bank's 1,600 depositors may have
to wait until the end of 2009 to recover their money.

Citywire relates that in a Deloitte report the administrators
refused to estimate how much could be recovered.

According to Citywire, recovering the GBP120 million depositors
had on deposit depends on what can be recovered from the bank's
GBP52.5 million property loan book.

Deloitte, Citywire states, will ask Landsbanki's 27 commercial
borrowers to refinance rather than sell the loan book.

Citywire discloses the Deloitte report revealed Landbanki Guernsey
had taken loans from Heritable, a unit of Landsbanki group.

Heritable, Citywire recounts, was also holding at least GBP36.3
million Landbanki Guernsey deposit money when it went into
administration.

Citywire recalls Deloitte noted depositors will have to sue
Landsbanki if they want to enforce a GBP1.9 million parental
guarantee for its Guernsey arm.

Citywire notes Deloitte said the best solution for savers was for
the States of Guernsey to lend Landsbanki Guernsey enough money to
repay depositors and then slowly sell off its loans.

However, the States of Guernsey and the Association of Guernsey
Banks rejected proposals from Deloitte to cover Landsbanki
Guernsey savers under the depositor protection scheme which is
currently being set-up on the island, Citywire says.

Discussions between the Guernsey government and Deloitte have been
suspended while the administrators re-value the properties in the
bank's loan book, Citywire adds.

Thom Ogier at This Is Guernsey writes that the Treasury also
rejected a loan deal that would have got Landsbanki Guernsey
depositors their money faster.

According to This Is Guernsey, the administrators asked Treasury
and Resources to put up some of the money owed to depositors as a
loan to be guaranteed against assets held by the bank that have
yet to be realized.

However, Treasury minister Charles Parkinson said the proposal
would take too much time and money, This Is Guernsey discloses.

"While we might be able to accelerate the distribution by a few
months, the complexity and cost of doing so would not justify the
benefit," Mr. Parkinson was quoted by This Is Guernsey as saying.

                   About Landsbanki Guernsey Ltd.

Landsbanki Guernsey Ltd. -- http://www.landsbanki.co.gg/-- is
engaged in retail banking.  It is a subsidiary of Iceland-based
financial institution Landsbanki Islands hf.

Landsbanki Guernsey was placed into administration on Oct. 7,
2008.  The administration follows the deepening problems of the
Icelandic economy and, in particular, of the Icelandic banking
system.

Rick Garrard and Lee Manning of Deloitte & Touche LLP were
appointed as joint administrators of the bank on Oct. 7 and
Oct. 10 respectively.  The affairs, business and property of the
Bank are being managed by the joint administrators.


LANSBANKI GUERNSEY: Savers' Action Group to Meet with Lyndon Trott
------------------------------------------------------------------
Sarah Griffiths at ifaonline.co.uk reports that Landsbanki
Depositors Action Group is to meet with chief minister
Lyndon Trott in a bid to recover 100% of savers' money.

According to the report, the action group want confirmation on
whether Mr. Trott believes he has the "unequivocal backing" of the
UK government in its role to protect Guernsey and its
institutions.

The report recalls Rt Hon Sir Alan Beith said that at the
December's Justice Committee hearing in London, some questions
"remained unanswered" regarding the extent to which the Ministry
of Justice is fulfilling the UK Government's constitutional
obligations in representing Guernsey's affairs to the Icelandic
government.

"Even though the chief minister has alluded to possible States
help in the event of a shortfall, we want to find out what
prospects he feels we have for the 100% return of depositors'
monies," Neil Dickens, LGDAG chairman, was quoted by the report as
saying.

As reported in the TCR-Europe on Oct. 21, 2008, the administrators
of Landsbanki Guernsey announced a proposal to make a part-payment
to depositors equivalent to 30 pence in the GBP1.

                  About Landsbanki Guernsey Ltd.

Landsbanki Guernsey Ltd. -- http://www.landsbanki.co.gg/-- is
engaged in retail banking.  It is a subsidiary of Iceland-based
financial institution Landsbanki Islands hf.

Landsbanki Guernsey was placed into administration on Oct. 7,
2008.  The administration follows the deepening problems of the
Icelandic economy and, in particular, of the Icelandic banking
system.

Rick Garrard and Lee Manning of Deloitte & Touche LLP were
appointed as joint administrators of the bank on Oct. 7 and
Oct. 10 respectively.  The affairs, business and property of the
Bank are being managed by the joint administrators.


MADOFF SECURITIES: Madoff Moved US$160 Mln Assets in 2007
---------------------------------------------------------
Bernard Madoff moved nearly US$160 million of his own assets to
his British-based firm Madoff Securities International Ltd in
2007, Joel Dimmock and Dan Lalor at Reuters report citing company
accounts and filings.

Mr. Madoff, Reuters says, moved the assets via the allotment of
two sets of new shares in the British firm.

Reuters relates that according to the documents, Mr. Madoff bought
49.9 million new 100 pence shares in the British firm in October
2007 for GBP49.9 million, the equivalent of about US$100 million
at the time and about US$75 million at Thursday last week's
exchange rate.

In addition, the previous month he also received 6.25 million new
US$10 shares as payment for terminating a US$62.5 million loan he
had made to the British firm in 2000, Reuters relates.

Reuters notes that its accounts for 2007, the last set of accounts
filed by the firm, show the sale of the shares contributed to an
overall increase in the cash position of GBP82 million pounds to
GBP96.3 million pounds at end-December 2007.

Meanwhile, Britain's Serious Fraud Office said it opened an
investigation into Madoff's British operations on Thursday,
January 8.

The investigation, Reuters discloses, focuses on British victims
and any offenses that may have been committed in the country.

SFO, as cited by Reuters, said the decision to investigate came
after it was given an interim report by Grant Thornton,
provisional liquidators in Britain.

On Dec. 29, 2008, the TCR-Europe reported that according to The
Daily Telegraph's Amy Wilson, 28 staff at the British firm have
been made redundant after liquidators were called in.

The Daily Telegraph stated it is understood the firm's traders
could not carry on doing business because all their capital
belonged to Mr. Madoff and his family.

The fund, the Daily Telegraph disclosed, was 88% owned by Mr.
Madoff, who is now under house arrest over an alleged US$50
billion investment fraud, while other family members owned the
rest.

The fund did not take any client money and was run as a
proprietary hedge fund for the family, the Daily Telegraph noted.
Its assets stood GBP113 million in 2007, mainly in cash.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
US stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Bernard L. Madoff and
his investment firm, Bernard L. Madoff Investment Securities LLC,
with securities fraud for a multi-billion dollar Ponzi scheme that
he perpetrated on advisory clients of his firm.  The estimated
losses from Madoff's fraud were at least US$50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
District Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.


OAKBRIDGE CONSTRUCTION: Appoints Joint Administrators on Jan. 8
---------------------------------------------------------------
Anthony Murphy and Robert William Leslie Horton of Smith &
Williamson Ltd. were appointed joint administrators of Oakbridge
Construction Ltd. on Jan. 8, 2009.

The company can be reached at:

         Oakbridge Construction Ltd.
         2 Star Road
         Partridge Green
         West Sussex
         RH13 8RA
         England


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


* KMPG Survey Says More Auto Companies to Go Out of Business
------------------------------------------------------------
KPMG's 2009 survey of the global automotive industry says that
senior executives expect more companies will go out of business -
as revenues and profits continue to fall.  Optimism reported a
year ago has now been deferred, if not abandoned.  In established
markets, sales expectations continue to fall, investments are
being reviewed and some very large auto companies are close to
insolvency.

Key findings include:

    * One in four auto executives believing that the profitability
      of their business will decrease between 2009 and 2013

    * The numbers of executives who highlighted the risk of
      company insolvencies or bankruptcies has more than doubled
      (77 percent).  Major producers are the most pessimistic,
      with 87 percent of executives predicting increasing number
      of business failures

    * High costs and declining economies will drive restructuring
      - including more mergers and acquisitions and alliances

    * In emerging markets, prospects are being scaled back fast,
      as consumer markets are hit by rapid credit contraction

    * Technology and innovation remain key to the future of the
      industry - with fuel efficiency, advanced fuel technologies
      and environmental pressures considered the most important
      trends

Mike Steventon, Automotive Partner at KPMG in the UK commented:
"The current economic climate is having an unprecedented impact on
the automotive industry.  The combination of evaporating consumer
confidence combined with significant restrictions on available
finance, uncertainties over residual values and inherited
overcapacity have created the automotive industry's "perfect
storm".

"Although there are turbulent times ahead and the level of
restructuring globally will be unprecedented, I believe we will
look back on 2009 as the year the automotive industry addressed
its legacy issues of overcapacity, productivity and inherent
duplication".

Uwe Achterholt, Global Head of Automotive for KPMG, said: "It is
clear that the near future is going to be very tough for the
automotive industry.  Almost half of the respondents expect
fluctuations in revenues or cannot estimate with confidence the
profitability of their business.  This is an unusually high result
and not a good sign for the industry which is dependent on long
term planning to a great extent.  Yet our survey shows the
industry is well aware of the challenges they face - ad innovation
and technology are likely to be at the heart of industry efforts
to recapture profitability in the coming months and years."

Other key findings include:

    * Fear of overcapacity has increased significantly - Last year
      70 percent of the auto managers believed that too many cars
      were produced.  Now all respondents believe that
      overcapacity is a problem.  The proportion of respondents
      that expect over capacity of 11-20 percent in the next 5
      years has almost doubled in comparison with the previous
      year's results increasing from 32-59 percent and one in five
      respondents even expect overcapacity of at least 21 percent.

    * Hope for the future: alternative fuels, new technologies and
      emerging markets - Irrespective of the current crisis
      respondents are hopeful for the future of the automotive
      industry.  This is based on the development of alternative
      fuels, new technologies and the potential in the emerging
      markets.  Respondents expect the auto industry in emerging
      markets to grow faster than in all other regions.  Outside
      China and India, the biggest potential growth is expected in
      Central and Eastern Europe as well as central and south
      America especially in Brazil.

    * Consumers are becoming increasingly price sensitive -
      Respondents are expecting cost to be an increasingly
      important factor in consumer purchase decisions, more so
      that the quality of the vehicle.  Nearly all respondents (96
      percent) are convinced that lower fuel consumption will be
      the most important criteria in the next 5 years and
      affordability of vehicles is likely to be more important
      than quality in Europe.

    * Chinese brands are catching up - Chinese and Indian auto
      brands are expected to significantly expand their market
      share according to respondents.  81 percent of respondents
      believe that Chinese manufacturers will increase their
      market share between 2009 and 2013.  Similarly 78 percent
      expect a positive development for Indian auto brands.  There
      is also quite a positive outlook in Germany 60 percent of
      the experts interviewed expect VW to increase its market
      share.  40 percent of respondents expect BMW's market share
      to rise and 32 percent predict a market share rise for
      Mercedes.  US manufacturers on the other hand are losing
      out.  Two thirds of respondents believe that GM, Ford and
      Chrysler will lose market share.

In the KPMG survey, conducted during late September and October
2008, the 200 executives interviewed represented vehicle
manufacturers and suppliers in Canada, United States, United
Kingdom, France, Germany, Sweden, India, China, South Korea,
Japan, Thailand, Brazil, Mexico, Spain, Poland, Slovakia, Russia,
Czech Republic, Italy, Switzerland, South Africa and Australia.
KPMG has released an annual survey of automotive executives
expressing their views on the state of the industry since 1999.

                          About KPMG

KPMG -- http://www.kpmg.com/-- is a global network of
professional firms providing Audit, Tax, and Advisory services.
Its operate in 144 countries and have more than 104,000
professionals working in member firms around the world.  The
independent member firms of the KPMG network are affiliated with
KPMG International, a Swiss cooperative.  KPMG International
provides no client services.


* PBGC Worries on Detroit 3's Pension Fund
------------------------------------------
John D. Stoll at The Wall Street Journal reports that U.S. Pension
Benefit Guaranty Corp. Director Charles E. F. Millard said that
about 1.3 million workers and retirees could see their pensions
slashed if one or more of the automakers were to collapse.

WSJ relates that the PBGC's current deficit would double, as would
the number of people receive pensions from the agency, if General
Motors Corp., Ford Motor Co., and Chrysler LLC were to terminate
their pension plans.  According to WSJ, Mr. Millard said that the
pension funds of GM, Ford Motor, and Chrysler would be underfunded
by as much as US$41 billion.

Mr. Millard, WSJ reports, said that the three automakers have well
funded pensions according to the standard accounting rules applied
by the Securities and Exchange Commission.

"An awful lot of people seem to think these plans are well funded
or overfunded.  Each of these plans is significantly underfunded
[and] in three years I don't want people coming back and saying,
'How come the PBGC never told us that?'" WSJ quoted Mr. Millard as
saying.

The pension funds of GM, Ford Motor, and Chrysler can cover 76% of
the pension obligations they have made, if they terminate the
pension plans, WSJ states, citing Mr. Millard.  PBGC, according to
the report, said that GM's plan is estimated to be about
US$20 billion, or about 20% underfunded, while Chrysler's plan is
34% underfunded, resulting in a US$9 billion-plus shortfall.  The
report states that Ford Motor's pension plans likely have a US$12
billion deficit.

Citing PBGC spokesperson Jeffrey Speicher, WSJ relates that the
agency will cover about US$13 billion of the estimated US$41
billion shortfall.


* CLOSE BROTHERS: Appoints New UK Managing Director
---------------------------------------------------
Close Brothers, one of Europe's leading independent corporate
finance advisers, has appointed John Paul McGrath as a new
Managing Director to expand its European financial services (FIG)
sector coverage team into the UK.  Based in London, Mr. McGrath
and his team will complement Close Brothers' existing FIG
expertise in France, Germany, Spain and Switzerland.

Mr. McGrath joins Close Brothers from NM Rothschild & Sons Limited
where he has focused on financial services since 1999.  He has
extensive experience in the FIG sector with a particular focus on
the Asset Management and Insurance markets.  Past experience
includes advising Fabien Pictet & Partners in relation to a
dispute with The Ukraine Opportunity Trust PLC; advising Credit
Agricole on the disposal of Phoenix Metrolife; advising
AMP/Henderson on its demerger; advising the Rothschild family on
the disposal of Rothschild Asset Management; and advising
Charterhouse on the disposal of Charterhouse Securities.

Prior to Rothschild, Mr. McGrath worked at Samuel Montagu and
latterly with HSBC's FIG advisory team in London.

Mr. McGrath is the sixth senior hire Close Brothers has made in
the last twelve months and forms part of Close Brothers' continued
European expansion.

FIG transactions Close Brothers has advised on in recent years
include advising Saga on its ownership options, culminating in its
GBP6.2 billion combination with the AA; and advising both
Equitable Life and the bondholders of Gerling Insurance in Germany
on a series of bond buy backs.  In Spain, Close Brothers has
advised both financial institutions and insurance companies on
half of the c.20 currently existing bancassurance agreements; as
well as being the sole advisers to Mapfre, the largest Spanish
insurance company, on transactions such as its demutualization
(EUR3.0 billion) and on the creation of MAPFRE - Caja Madrid
Holding (EUR1.2 billion).


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (110)         174     (168)
Sky Europe                            (4)         213      (54)


BELGIUM
-------
Sabena S.A.                          (85)       2,215     (279)


CYPRUS
------
Allbury Travel                        (5)         275     (100)
Libra Holidays                        (5)         275     (100)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192      (59)
Setuza A.S.                          (61)         139      (62)


DENMARK
-------
Elite Shipping                       (28)         101        3
Roskilde Bank                       (533)       7,877      N.A.


FRANCE
------
BSN Glasspack                       (101)       1,151      159
Grande Paroisse S.A.                (927)         629      347
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (44)
Matussiere et Forest S.A. MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (342)       6,507      712
SDR Centrest                        (132)        (252)     N.A.
Selcodis S.A.             SPVX       (21)         141      (36)
Trouvay Cauvin                        (0)         134        9


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         144      109
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (27)
EECH Group AG                          0          109       57
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         151      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (17)         182      (99)
Nordsee AG                            (8)         195      (14)
P & T Technology                       0          109       57
Primacom AG               PRC        (14)         730      (68)
Rinol AG                               0          168       (6)
Sander AG                             (6)         128       32
Sinnleffers AG                        (4)         454     (182)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28


GREECE
------
Empedos SA                           (34)         175      (57)
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP      (15)         294     (143)
Radio A.Korassidis        KORA      (101)         181     (165)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (107)


HUNGARY
-------
Brodograde Indus                   (322)         264      (366)
IPK Osijek DD OS                    (15)         124       (82)
OT Optima Teleko                    (26)         119         7


ICELAND
-------
Decode Genetics                    (187)         111        48


IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (506)         821       364


ITALY
-----
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (152)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,213      N.A.
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (73)         540     (127)
Lazzio S.p.A.                        (15)         261      (40)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,4219)       4,121  (16,919)
Snia S.p.A.               SN         (25)         488       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


LUXEMBOURG
----------
Carrier1 International S.A.          (95)         472      393


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      184
United Pan-Euro Air       UPC     (5,505)       5,113   (9,170)


NORWAY
------
Interoil Exploration      IOX        (25)         210      (11)
Petroleum-Geo Services    PGO        (18)         400     (758)


POLAND
------
Toora                               (289)          147     (86)


PORTUGAL
--------
Lisgrafica Impressao
   e Artes Graficas SA    LIG         (4)          117     (27)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (170)
Rafo Onesti               RAF       (430)         353     (616)


RUSSIA
------
Akcionernoe Brd                     (117)         135      (24)
East Siberia Brd          VSNK      (113)         148      (11)
Gukovugol                            (58)         144     (148)
OAO Samaraneftegas                  (332)         892     (611)
Vanadiy-Tula-Brd                     (12)         105       (3)
Vimpel Ship               SOVP      (116)         135      (24)
Zil Auto                  ZILLP     (240)         478     (447)


SWITZERLAND
-----------
Fortune Management                  (119)         265      (54)

TURKEY
------
Egs Ege Giyim VE                      (7)         147      (25)
Iktisat Financial                    (46)         108      N.A.
Mudurnu Tavukcul                     (65)         160     (115)
Nergis Holding                       (77)         299       38
Sifas                                (17)         117       21
Yasarbank                          (4,025)      2,644      N.A.

UKRAINE
-------
Dniprooblenergo           DNON       (51)         433     (200)
Donetskoblenergo          DOON      (367)         631     (469)


UNITED KINGDOM
--------------
Advance Display                   (3,016)       2,590     (411)
Airtours Plc                        (379)       1,818     (932)
Alldays Plc                         (120)         252     (290)
Amer Bus Sys                        (497)         121     (497)
Amey Plc                  AMY        (49)         932      (76)
Anker Plc                            (22)         115       16
Atkins (WS) Plc           ATK        (46)       1,345       58
Black & Edgingto                    (140)         203       23
BNB Recruitment                      (10)         104       38
Booker Plc                BKRUY      (60)       1,298      (13)
Bradstock Group           BDK         (2)         269        7
British Energy Ltd                (5,823)       4,921      534
British Energy Plc        BGY     (5,823)       4,921      534
British Sky Broadcast               (334)       8,126     (388)
Carlisle Group                       (12)         204       30
Compass Group             CPG       (668)       2,972     (440)
Danka Bus                           (497)         121     (497)
Dawson Holdings                      (18)         226      (63)
Dignity Plc               DTY         (9)         648       71
E-II Holdings                       (199)         651      149
Easynet Group             ESY.L      (45)         323       68
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (582)
European Home                        (14)         111      (70)
Farepak Plc                          (14)         111      (70)
Gartland Whalley                     (11)         145      (13)
Hilton Food Group                    (21)         256      (12)
Kleeneze Plc                         (14)         111      (70)
Ladbrokes Plc             LAD       (814)       2,403     (706)
Lambert Fenchurch Group               (1)       1,827        5
Leeds United                         (73)         144      (48)
M 2003 Plc                        (2,204)       7,204   (1,078)
Mytravel Group            MT.L      (380)       1,818     (931)
New Star Asset                      (398)         293       21
Next Plc                            (119)       3,161     (125)
Orange Plc                ORNGF     (594)       2,902       12
Orbis Plc                             (4)         128       (5)
Patientline Plc                      (55)         125      (10)
Preedy Alfred                       (119)       3,161     (125)
Rank Group Plc                      (132)       1,066     (175)
Regus Plc                            (46)         367      (97)
Rentokil Initial                      (8)       4,178     (886)
Saatchi & Saatchi         SSI       (119)         705      (66)
Samsonite Corp.                     (199)         651     (149)
SFI Group                 SUF       (108)         178     (265)
Skyepharma Plc            SKP       (140)         203       23
Smiths News Plc                     (124)         201      (92)
Styles & Wood                        (57)         107       (9)
Telewest
   Communications Plc     TLWT    (3,702)       7,581  (10,042)
Thorn Emi Plc                     (2,266)       2,950     (582)
Topps Tiles Plc                     (111)         195       18
Trio Finance                         (14)         592      N.A.
UTC Group                            (12)         204       30
Virgin Mobile                       (392)         166     (176)
Watson & Philip                     (120)         252     (290)

                            *********

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, Joy A. Agravante, Pius Xerxes V. Tovilla, Marie
Therese V. Profetana and Peter A. Chapman, Editors.

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

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

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

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


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