TCREUR_Public/090115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, January 15, 2009, Vol. 10, No. 10

                            Headlines

A U S T R I A

FAHRTENDIENST KLOUDA: Claims Registration Period Ends Jan. 19
JOHANN MANDT: Claims Registration Period Ends January 19
KENI LLC: Claims Registration Period Ends January 19
KLM KEG: Claims Registration Period Ends January 18


B E L G I U M

FORTIS NV: Belgium Might Offer to Buy Rest of the Business
FORTIS NV: To Hold General Shareholders Meetings in February


G E R M A N Y

AVESTA BIOTHERAPEUTICS: Claims Registration Period Ends Feb. 20
B & T GMBH: Claims Registration Period Ends March 4
CCS ROYAL: Claims Registration Period Ends February 10
CONSUMER GOODS: Claims Registration Period Ends January 27
DRESDNER BANK: Fitch Retains Negative Watch on 'D' Rating

NBG AG: S&P Downgrades Ratings on Subordinated Debt Issue to 'BB+'
VARIOSUN BESCHATTUNGSSYSTEME: Claims Registration Ends Feb. 5
TS COMIT: S&P Downgrades Rating on Class E Notes to 'CCC+'
OKIN BETEILIGUNGS: Hungarian Plant Shut Down Affects 250 Jobs


I R E L A N D

DELL INC: To Cut 1,900 Jobs in Limerick
THOMAS READ: High Court Approves Individual Plans for Companies
WATERFORD WEDGWOOD: John Foley Steps Down from Board
WATERFORD WEDGWOOD: Moody's Withdraws 'Ca' CFR on Missed Payments


I T A L Y

SEAT PAGINE: Moody's Downgrades Corporate Family Rating to 'B1'


K A Z A K H S T A N

ALMATY STROY INVEST-K: Proof of Claim Deadline Slated for Feb. 25
AULIEKOL-2000 LLP: Creditors Must File Claims by February 24
BOLASHAK LLP: Claims Filing Period Ends February 24
JS KAZAKHSTAN: Creditors' Claims Due on February 25
KAZAKHTELECOM JSC: Fitch Affirms Long-Term Rating at 'BB'

KMG JSC: S&P Ratings Unmoved by MangistauMunayGas Share Purchase
RAMZES-KORGAU LLP: Claims Registration Ends February 20
TRANSMERIDIAN EXPLORATION: US$8.7MM Interest Payment Due Jan. 15
UING OIL: Proof of Claim Deadline Slated for February 25
UK RUS GAS: Creditors Must File Claims by February 20

VERCOMP LLP: Claims Filing Period Ends February 20


K Y R G Y Z S T A N

EUROPREMIUM LTD: Creditors Must File Claims by February 19
TEGIN-ELECTRO LLC: Creditors Must File Claims by February 19


N E T H E R L A N D S

LYONDELL CHEMICAL: Royal Bank of Scotland Has US$3.5BB Exposure
LYONDELL CHEMICAL: Mid-America Seeks Adequate Protection


R U S S I A

BANK OF MOSCOW: Fitch Affirms 'D' Indiv. Rating on Low Reserves
BELKOZIN OJSC: Saint-Petersburg Bankruptcy Hearing Set June 16
BOBROVSKIY INSULANT: Creditors Must File Claims by January 26
EMAL-POSUDA CJSC: Creditors Must File Claims by February 26
GAZPROMBANK: S&P Downgrades Counterparty Credit Ratings to 'BB+'

KHOLMOGOR-TRUBOPROVOD-STROY: Creditors Must File Claims by Jan. 26
LOBVINSKIY BIO-CHEMICAL: Creditors Must File Claims by February 26
PARNAS-M OJSC: Saint-Petersburg Bankruptcy Hearing Set June 8
PESKOVSKIY FOUNDRY OJSC: Creditors Must File Claims by Feb. 26
PRIVOLZHSKIY GRINDING: Creditors Must File Claims by February 26

SHAMARSKIY LES-PROM-KHOZ: Creditors Must File Claims by Feb. 26
URAL-MED-STROY 1 LLC: Creditors Must File Claims by January 26


S P A I N

MBSCAT 1: Moody's Rates EUR39.4 Mil. Class C Notes 'Ba2'


S W I T Z E R L A N D

BESAG BAUMANN: Creditors Must File Proofs of Claim by January 22
BLUMENAUER ELECTRONICS: Deadline to File Claims Set January 22
HICKERT CO: Creditors Have Until January 22 to File Claims
KNOPFEL PETER: Proofs of Claim Filing Deadline is January 22
PERMA-DRIVE JSC: Jan. 22 Set as Deadline to File Claims

SUMMEK HOLDING: Creditors Must File Proofs of Claim by Jan. 22
TACTICX JSC: Deadline to File Proofs of Claim Set January 22
ZURCHER ZENTRUM: Creditors Have Until January 22 to File Claims


T U R K E Y

PO OIL: S&P Withdraws 'B+' Rating on US$175 Mil. Senior Notes


U K R A I N E

ASGARD B LLC: Creditors Must File Claims by January 17
CAPITAL BUILDING MK: Creditors Must File Claims by January 17
CHERVONE PARUTINE: Creditors Must File Claims by January 17
COMPANY TARIM: Creditors Must File Claims by January 17
GAYCHURSKY ELEVATOR: Creditors Must File Claims by January 17

GOLIANT LLC: Creditors Must File Claims by January 17
INTERPIPE LIMITED: S&P Withdraws Ratings at Company's Request
PIRIATIN FURNITURE: Creditors Must File Claims by January 17
PROFESSIONAL-BUILDING LLC: Creditors Must File Claims by Jan. 17
R.O.S.S. LLC: Creditors Must File Claims by January 17

SVITOCH LLC: Creditors Must File Claims by January 17
UNIVERSAL-TH-INVEST LLC: Creditors Must File Claims by Jan. 17

* CITY OF ODESSA: S&P Removes 'B' Rating From CreditWatch


U N I T E D   K I N G D O M

AP DRIVELINE: In Administration; PwC Appointed
BARCLAYS PLC: Mulls 2,100 Job Cuts in 2 Units
BRITANNIA BULK: Moody's Withdraws Junk Corporate Family Rating
EUROPA SOFABEDS: In Administration; 175 Jobs Axed
HERITABLE BANK: Ernst & Young Says 11% of Mortgage Book in Arrears

LAND OF LEATHER: Administrators Receive Expressions of Interest
MAJOR GROUP: Appoints Joint Administrators from KPMG
MECOM GROUP: Sells German Unit to M.Dumont Schauberg for EUR152MM
MONEY PARTNERS: S&P Affirms Rating on Class B2 Notes at 'BB+'
NEW STAR: Gets Indicative Offers from Potential Buyers

REDROW PLC: Forward Home Sales at End of Dec. 2008 Down by 40%
ROYAL BANK: Norwich Ex-Head Mulls GBP7 Bln Bid for Insurance Units
SANDRINGHAM HOTEL: In Administration; Smith & Williamson Appointed
SOLA WETSUITS: Goes Into Creditors Voluntary Liquidation
STARS SPORT: Appoints Joint Liquidators from PKF

THOMPSON TECHNIK: Goes Into Administration; 100 Jobs at Risk
WIREWORKS LTD: Names Joint Liquidators from Tenon Recovery

* UK: Aon Says 4 in 5 Suppliers Face Pre-Pack Insolvency Debt


X X X X X X X X

* S&P Takes Rating Actions on 364 European Synthetic CDO Tranches

* Upcoming Meetings, Conferences and Seminars


                         *********


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


FAHRTENDIENST KLOUDA: Claims Registration Period Ends Jan. 19
-------------------------------------------------------------
Creditors owed money by LLC Fahrtendienst Klouda & Pernsteiner (FN
159019b) have until Jan. 19, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Wien
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 2, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 5, 2008, (Bankr. Case No. 3 S 145/08f).


JOHANN MANDT: Claims Registration Period Ends January 19
--------------------------------------------------------
Creditors owed money by LLC Johann Mandt Transport (FN 239588k)
have until Jan. 19, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Michael Neuhauser
         Esslinggasse 7
         1010 Wien
         Austria
         Tel: 90 333
         Fax: 90 333-55
         E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 2, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 5, 2008, (Bankr. Case No. 3 S 146/08b).


KENI LLC: Claims Registration Period Ends January 19
----------------------------------------------------
Creditors owed money by LLC Keni (FN 277814a) have until Jan. 19,
2009, to file written proofs of claim to the court-appointed
estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Feb. 2, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 11, 2008, (Bankr. Case No. 3 S 147/08z).


KLM KEG: Claims Registration Period Ends January 18
---------------------------------------------------
Creditors owed money by KEG KLM (FN 199514d) have until Jan. 18,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Bernhard Birek
         Marktplatz 4
         4707 Schluesslberg
         Austria
         Tel: 07248/64720
         Fax: 07248/64720-20
         E-mail: ra-birek@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on Jan. 29, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

Headquartered in Neumarkt im Hausruckkreis, Austria, the Debtor
declared bankruptcy on Dec. 11, 2008, (Bankr. Case No. 20 S
151/08v).


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


FORTIS NV: Belgium Might Offer to Buy Rest of the Business
----------------------------------------------------------
The Belgian government may bid at around EUR2.50 to EUR3 for what
remains of Fortis NV, Philip Blenkinsop at Reuters reports, citing
a Paris-based trader.

The news, Reuters relates, sent Fortis shares on Euronext Brussels
up to EUR1.6820 in afternoon trading on Tuesday, January 13, a
gain of 31.1 percent and their highest level since mid-October.

In his report, Reuters' Mr. Blenkinsop said a state purchase of
the rest of Fortis could be a way for the Belgian state to end the
Fortis debacle, which led to the collapse of the government last
month, although a number of traders and one banking source
expressed their doubts.

On December 12, the Brussels Court of Appeal ruled in favor of a
group of shareholders seeking to block the carve-up of Fortis by a
trio of governments and the sale of assets to France's BNP
Paribas.

In September, Belgium, along with the Netherlands, and Luxembourg,
agreed to inject EUR11.2 billion into Fortis after its shares
slumped amid concerns about the company's solvency.  The deals
left Fortis with only its international insurance business, a 66%
stake in a EUR10.4 billion portfolio of structured credit products
and financial assets and liabilities of various financing
vehicles.

The bank's deal with Belgium involved subsequent transfer of 75%
of the Belgian state's 100% interest in Fortis to BNP Paribas.
Under the deal, BNP Paribas will also acquire 100% of Fortis
Insurance Belgium for a total consideration of EUR5.73 billion in
cash.

The Brussels Court ordered a shareholder vote before Feb. 12 for
the transaction to proceed and said the government would have to
pay a fine of EUR5 billion to shareholders if it sold Fortis
before the vote.

The Court also appointed a panel of experts to review the proposed
dismantling of Fortis.

Following the Brussels Court ruling, Fortis said it incurred a net
loss of EUR295 million which reduced its pro forma net cash
position on September 30, 2008 from EUR2.1 billion to EUR1.8
billion and pro forma shareholders' equity from EUR6.7 billion to
EUR6.4 billion.

                         About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                            *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


FORTIS NV: To Hold General Shareholders Meetings in February
------------------------------------------------------------
Fortis NV scheduled extraordinary general meetings of shareholders
on February 11 in Brussels and February 13 in Utrecht in
accordance with a Brussels Appeal Court ruling on December 12,
2008.

The Appeal Court's ruling ordered a shareholder vote for the
carve-up of Fortis to proceed.

Shareholders attending the Extraordinary General Meeting in
Brussels will be
invited to vote on:

   --  the decisions taken by the Board of Directors
       on October 3, 5, and 6, 2008; and

   --  the agreements arising from the implementation
       of those decisions, with regard to the sale of
       business units to the Dutch and Belgian governments
       and to BNP Paribas.

Shareholders attending the Extraordinary General Meetings in both
Brussels and Utrecht will also be able to vote on the appointment
of new board members.

The Board of Directors will propose the appointment of Messrs
Ludwig Criel and Guy de Selliers de Moranville as non-executive
directors for a period of 2 years until the conclusion of the
General Meeting of Shareholders of 2011.

Under the terms of the Articles of Association, candidates may be
proposed by shareholders representing at least one per cent of
Fortis's share capital or owning Units with a market value
equivalent to at least EUR 50 million.

                         About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                            *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


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


AVESTA BIOTHERAPEUTICS: Claims Registration Period Ends Feb. 20
--------------------------------------------------------------
Creditors of Avesta Biotherapeutics GmbH have until Feb. 20, 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 Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Avesta Biotherapeutics GmbH
         Attn: Dr. Mathias Schroedter, Manager
         Heinrich-Hertz-Str. 1b
         14532 Kleinmachnow
         Germany


B & T GMBH: Claims Registration Period Ends March 4
---------------------------------------------------
Creditors of B & T GmbH have until March 4, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 24, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 13
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/3539910
         Fax: 0511/35399110
         E-mail: www.hww-kanzlei.de

The District Court opened bankruptcy proceedings against the
company on Jan. 2, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         B & T GmbH
         Attn: Sabine Rathmann, Manager
         Wellweg 87
         31157 Sarstedt
         Germany


CCS ROYAL: Claims Registration Period Ends February 10
------------------------------------------------------
Creditors of CCS ROYAL Brillenmode Vertriebsgesellschaft mbH 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 2.011
         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:

         Reinhard Klose
         Leipziger Str. 58
         09113 Chemnitz
         Germany
         Tel: 0371/444620
         Fax: 0371/4446111
         E-mail: Klose@handschumacher.de

The District Court opened bankruptcy proceedings against the
company on Jan. 2, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         CCS ROYAL Brillenmode
         Vertriebsgesellschaft mbH
         Attn: Claus Scheiner, Manager
         Roesslerstrasse 30
         09120 Chemnitz
         Germany


CONSUMER GOODS: Claims Registration Period Ends January 27
----------------------------------------------------------
Creditors of Consumer Goods Import Export GmbH have until Jan. 27,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Darmstadt
         Hall 4.308
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

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

The District Court opened bankruptcy proceedings against the
company on Jan. 1, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Consumer Goods Import Export GmbH
         Industriestrasse 2
         64832 Babenhausen
         Germany

         Attn: Horst Boehm, Manager
         Ernst Leitz Strasse 1
         63150 Heusenstamm
         Germany


DRESDNER BANK: Fitch Retains Negative Watch on 'D' Rating
---------------------------------------------------------
Fitch Ratings has downgraded Germany-based Dresdner Bank AG's
Long-term Issuer Default Rating to 'A' from 'A+' and downgraded
Dresdner's Short-term IDR to 'F1' from 'F1+'.  Both ratings have
simultaneously been removed from Rating Watch Negative.  The
Outlook on the Long-term IDR is Stable.  Dresdner's Individual
Rating of 'D' remains on RWN.  The agency has also affirmed the
bank's Support Rating at '1' and its Support Rating Floor of 'A'.
Dresdner's hybrid capital instruments remain on RWN.

The rating action follows the January 12, 2009 announcement by
Commerzbank AG (Commerz, rated 'A'/'F1'/Stable) confirming the
completion of its acquisition of Dresdner from Allianz SE
(Allianz, rated 'AA-'((AA minus))/Stable), Germany's largest
insurance group.  As of January 12, 2009, Commerzbank became the
sole shareholder of Dresdner Bank.  Following the transferral of
ownership, Dresdner's Long-term and Short-term IDRs have now been
aligned to those of Commerz, as Dresdner no longer benefits from
the support of its former parent.

The RWN on Dresdner's 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 newly-combined entity.

Dresdner's hybrid capital instruments are rated:

  -- Dresdner Funding Trust I, II, III and IV's dated silent
     participation certificates: Long-term rating 'BBB-' (BBB
     minus); RWN

  -- UT2 Funding plc dated Upper Tier 2 securities: Long-term
     rating 'BBB-' (BBB minus); RWN

(The RWNs on the above listed hybrid securities will be resolved
upon clarification of the positions taken by the domestic
authorities and possibly the European Union on the deferral of
interest payments.)

  -- Dresdner's HT1 Funding GmbH Tier 1 Securities: Long-term
     rating 'A'; RWN

(The agency expects to resolve the RWN applied to the security
detailed above following clarification on whether the change in
Dresdner's ownership will impact Allianz SE's guarantee in respect
of the payment of coupons. A downgrade by more than one notch is
possible.)


NBG AG: S&P Downgrades Ratings on Subordinated Debt Issue to 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'A-' from
'A' its long-term counterparty credit and insurer financial
strength ratings on German life insurer Nuernberger
Lebensversicherung AG and property/casualty insurer Nuernberger
Allgemeine Versicherungs-AG, the core operating entities of the
Germany-based Nuernberger insurance group.  At the same time, the
long-term counterparty credit rating on the group's holding
company, Nuernberger Beteiligungs-AG was lowered to 'BBB' from
'BBB+', and the ratings on subordinated debt issued by NBG were
lowered to 'BB+' from 'BBB-'.  The outlook on all entities was
revised to stable from negative.

"The downgrade reflects our expectation that current operating
conditions constrain Nuernberger's earnings prospects and will
therefore make it difficult for the company to rebuild its capital
adequacy, which has fallen to the low 'A' and upper 'BBB' rating
categories," said Standard & Poor's credit analyst Ralf
Kuerzdoerfer.

These conditions include progressively lower investment returns,
due to the capital market crisis; more challenging economic
conditions, and continued intense competition in motor insurance,
one of Nuernberger's key business lines.  The rating actions also
reflect S&P's concerns about Nuernberger's enterprise risk-
management capabilities which, albeit adequate, remain a
relative weakness to the rating.  The group's risk-management
efforts mainly focus on fulfilling the requirements set by the
regulatory framework.  Although Nuernberger's long-term target is
a more comprehensive ERM framework, the group does not yet have a
holistic program and uses largely traditional concepts.

A positive rating factor is Nuernberger's strong competitive
position in the German life insurance market, particularly in
unit-linked and disability insurance, where it differentiates
itself through a high degree of product innovation.  Further
supporting factors are the group's sound underwriting profits in
life and non-life insurance.

"The outlook is stable because S&P expects management to defend
the group's strong competitive position," said Mr. Kuerzdoerfer.
"In life insurance, this should translate into continued above-
market-average growth of new business in 2009 and 2010, with sound
new business margins that exceed 10%."

Financial market conditions are likely to reduce the growth
momentum seen in the recent past, however.  In non-life, S&P
expects increasing diversification into profitable non-motor
business to preserve stable premium income relative to 2008 and
the group to have achieved a non-life net combined ratio of about
100% in 2008.  S&P expects the group to be able to repeat this
result in 2009 and achieve a ratio of less than 100% in 2010,
while maintaining its conservative reserving practices.
Capitalization should continue to range between the low single 'A'
and upper 'BBB' rating categories.  ERM should improve further.

A positive rating action appears unlikely, but might be considered
if Nuernberger significantly outperformed S&P's rating
expectations and similarly rated peers.  The ratings may be
lowered if the group failed to achieve S&P's ratings targets.


VARIOSUN BESCHATTUNGSSYSTEME: Claims Registration Ends Feb. 5
-------------------------------------------------------------
Creditors of Variosun Beschattungssysteme GmbH have until Feb. 5,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10.30 a.m. on March 19, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         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. Hubert Ampferl
         Stahlstrasse 17
         90411 Nuernberg
         Germany

The District Court opened bankruptcy proceedings against the
company on Jan. 2, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Variosun Beschattungssysteme GmbH
         Attn: Heinz Brau and
               Daniela Brau-Zosel, Manager
         Im Teich 12
         91235 Velden
         Germany


TS COMIT: S&P Downgrades Rating on Class E Notes to 'CCC+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on the class E notes issued
by TS Co.mit One GmbH, a German SME collateralized loan obligation
transaction.  The class E notes were placed on CreditWatch on
July 10, 2008.  At the same time, S&P affirmed the ratings on the
class A to D and F notes.

The rating actions conclude S&P's in-depth review of the
transaction including credit and cash flow modeling of the most
recent loan-level information.  S&P based S&P's analysis on the
findings of the October 2008 review and took into account the most
recent portfolio changes.

As of the December 2008 payment date, the underlying portfolio has
amortized significantly, both in terms of total balance and number
of obligors.  The pool balance has decreased to EUR198 million
from EUR270 million in September 2008.  The reduction was mostly
due to the removal of ineligible loans (EUR49 million) and partly
due to scheduled repayments (EUR23 million).

The removals resulted from an extensive portfolio screening
carried out by the servicer.  Following the screening process,
numerous receivables were found to be non-compliant with the
eligibility criteria set out in the transaction's documentation.
As a result, the loans were bought by the originator at face
value and resulted in notable principal repayments in the
securitization.  Given that the pro rata conditions are currently
not satisfied, the resulting amortization occurred in sequential
order and led to a significant de-leverage of the structure.

The de-leverage led to an increase in relative credit enhancement
available and at the same time amplified the single-obligor
concentrations in the transaction.  The top 10 obligors now
comprise 24% of the entire portfolio and the top 20 obligors 39%.
Among the top 20 obligors, bullet loans are largely over-
represented.

The transaction's dynamics have changed markedly following the
removal of some credits from the portfolio over the past nine
months.  Subordination has become the primary form of enhancement
as absolute excess spread levels have dried out.  S&P therefore
remains cautious about further defaults.  Currently, the
transaction principal deficiency ledger stands at EUR1.3 million.
A further increase in the PDL balance could put the ratings on the
class A to D notes under pressure.

                           Ratings List

                        TS Co.mit One GmbH
         EUR503 Million Floating-Rate Asset-Backed Notes

      Rating Lowered And Removed From CreditWatch Negative

                                Rating
                                ------
           Class       To                  From
           -----       --                  ----
           E           CCC+               B/Watch Neg

                         Ratings Affirmed

                             Rating
                             ------
                    To                  From
                    --                  ----
                    A                   AAA
                    B                   AA
                    C                   A
                    D                   BBB
                    F                   CCC


OKIN BETEILIGUNGS: Hungarian Plant Shut Down Affects 250 Jobs
-------------------------------------------------------------
Okin Beteiligungs GmbH's Hungarian unit head, Istvan Wachter, said
the company  will shut down one of its two Hungarian factories
because of a decline in production, Balazs Penz at Bloomberg News
reports citing newspaper Napi Gazdasag.

Bloomberg News relates that according to the newspaper, Okin will
cut 250 jobs at its plant in Varpalota, 94 kilometers (58 miles)
from Budapest, but will maintain its other Hungarian plant.

Based in Gummersbach, Germany, Okin Beteiligungs GmbH makes parts
for movable furniture such as La-Z-Boy chairs.


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


DELL INC: To Cut 1,900 Jobs in Limerick
---------------------------------------
BBC News reports that computer firm Dell Inc. plans to cut 1,900
of the 3,000 jobs at its manufacturing site in Limerick in the
Irish Republic as part of a US$3 billion global cost-cutting
effort.

According to the report, global profits slip because consumers are
buying fewer computers as they rein in spending.

The report relates Sean Corkery, vice-president of Dell's
operations in Europe, the Middle East and Africa, said the move is
aimed at making Dell more competitive, and deliver greater value
to customers in the region.

The cuts however will not affect the 1,300 marketing and sales
staff at Dell's Cherrywood plant in south Dublin, the report
notes.

The report discloses the remaining 1,100 Dell staff will primarily
work in product development, engineering and logistics, focused on
supporting overseas manufacturing.

Dell, the report says, will move production to a new factory in
Poland.

Headquartered in Round Rock, Texas, Dell Inc. (NASDAQ: DELL) --
http://www.dell.com/-- designs, develops, manufactures,
markets, sells, and provides support for various computer
systems and services to customers worldwide.  Dell has regional
headquarters in Bracknell, England, for Europe, Middle East and
Africa and in Singapore to serve the Pacific Rim, including
Japan, India, China, Australia and New Zealand.

The company manufactures its computer systems in seven
locations: Austin, Texas; Nashville, Tenn.; Winston-Salem, North
Carolina; Eldorado do Sul, Brazil (Americas); Limerick, Ireland
(Europe, Middle East and Africa); Penang, Malaysia (Asia Pacific
and Japan) and Xiamen, China (China).  Dell sells its products
and services worldwide.


THOMAS READ: High Court Approves Individual Plans for Companies
---------------------------------------------------------------
RTE Business reports that the High Court has approved proposals
for how the companies within the Thomas Read Group would be dealt
with if an investor emerged.

Ms Justice Mary Finlay Geoghegan, the report relates, agreed
Tuesday morning to the proposal that there should be separate
schemes of arrangement for each of the individual companies
currently under the protection of the court.

According to the report, each company's scheme is to be
interdependent on the others, so that the overall scheme will
proceed only if all the individual plans are approved.

The report discloses that under the plan, creditors of each
company will receive the proposals for all of the other companies.
However, creditors will be able to vote only on the scheme of the
company to which they are a creditor.

As reported in the TCR-Europe on Dec. 9, 2008, the Independent.ie
said Judge Geoghegan approved a rescue plan for 21 of Dublin's
best known bars and restaurants operated by the Thomas Read group
after being convinced that the companies are insolvent but have a
reasonable prospect of survival in whole or in part if a number of
conditions are met.

Citing Gary McCarthy, counsel for the group, the Independent.ie
stated the conditions include securing additional investment,
restructuring debts and resolving "the situation" with the group's
former managing director Mark Leavey, who initiated court
proceedings over being made redundant.

The High Court judge, the report recalled, confirmed Kieran
McCarthy of accountants Hughes Blake as examiner to Sharmane Ltd,
the parent company of the Thomas Read group, and as examiner to 13
of the 14 companies operating the bars.

The court heard all but three of the companies are trading
profitably, the report revealed.

According to Lyndon MacCann, counsel for the examiner, the
companies would not need external finance to keep going during the
protection period.  He added the examiner had also received nine
unsolicited queries expressing interest in either the group itself
or assets within it.

The judge however adjourned the application for examinership for
the 14th company -- Floridita Ireland Ltd, which operates a bar
and restaurant in the Irish Life Centre, Abbey Street -- as the
agreed transfer of 60pc of the shareholding of that company to
Sharmane is not complete and therefore, does not yet fall within
the legal definition of a related company, the report recounted.

As reported in the TCR-Europe, Mr Justice Brian McGovern on
Friday, November 28, appointed Kieran McCarthy of Hughes Blake
accountants as interim examiner to Sharmane Ltd and 14 related
companies, known as the Thomas Read Group.

According to the report, Guerneville Ltd, the parent company of
the group, petitioned the High Court to put the Thomas Read group
of companies into examinership as Sharmane was likely or unlikely
to be able to pay its debts.

The companies, which employ more than 400 people, racked up debts
of EUR26.7 million, the report disclosed.

Citing Gary McCarthy of Guerneville, the report revealed the
Diageo Ireland, Heineken Murphy Breweries and Britvic C&C were
among the largest creditors, while the group's banker creditors
included ACC Bank, owed more than EUR15 million; Ulster Bank, owed
EUR5.6 million; AIB, owed EUR3.5 million and Anglo Irish Bank,
owed EUR597,000.


WATERFORD WEDGWOOD: John Foley Steps Down from Board
----------------------------------------------------
Barry O' Halloran at The Irish Times reports that John Foley
resigned as chief executive of Waterford Crystal and stepped down
from the board of Waterford Wedgwood plc on Tuesday, January 13.

Mr. Foley also quit his post as president of Waterford Wedgwood
USA, RTE Business discloses.

The Irish Times relates his departure follows those of a number of
directors last week, including non-executive chairman Sir Anthony
O'Reilly, who owns 52 per cent of the overall group with his
brother-in-law, Peter Goulandris.

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.

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.

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: Moody's Withdraws 'Ca' CFR on Missed Payments
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Waterford
Wedgwood plc.  Moody's has withdrawn the company's ratings
following the company's failure to pay the coupon on the EUR166
million senior subordinated notes and the filing for receivership
on January 5, 2008.

These ratings are withdrawn:

  -- Corporate family rating at Ca
  -- Probability of default rating at D
  -- Senior subordinated rating at C (LGD5, 77%)

The last rating action on Waterford Wedgwood was on January 5,
2009, when Moody's downgraded Waterford Wedgwood plc's Probability
of Default Rating to D from Ca, the Corporate Family Rating to Ca
from Caa3 and the senior subordinated rating on its EUR166 million
notes due in 2010 to C from Ca.

Based in Waterford, Ireland, Waterford Wedgwood Plc is a
manufacturer and distributor of luxury crystal and chinaware
products through the well-known brands of Waterford for its
crystal division and Wedgwood, Royal Doulton and Rosenthal for its
ceramics division.


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


SEAT PAGINE: Moody's Downgrades Corporate Family Rating to 'B1'
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating and the Probability of Default Rating of SEAT Pagine Gialle
SpA to B1 from Ba3.  At the same time, Moody's has downgraded the
rating on the company's EUR1.3 billion 8% senior notes due 2014
issued by Lighthouse International Company SA to B3 from B2.  This
action follows an assessment of SEAT's guidance for 2009,
announced on December 23, 2008, along with Moody's consideration
of possible operating performance trends for 2009.  The outlook is
stable.

The downgrade reflects a significant downward trend in the
company's EBITDA generation capacity to EUR567 million -including
WLW- as management anticipated for the year 2009, from over
EUR600 million in 2008 and EUR650 million in 2007, against the
background of (i) a substantial pressure on top-line growth due to
faster-than-expected migration to online from print, coupled with
a recessionary macroeconomic environment in each of SEAT's
markets; and (ii) the continuing investment requirements in its
core Italian market, particularly in new online products, the
extension of its sales force to attract new customers, and
advertising to promote its brand.  While SEAT's management is
committed to undertaking certain cost-cutting measures (the
details of which will be presented by SEAT at a later stage), the
scale of the measures in Moody's view are not adequate in the near
term to protect EBITDA from revenue shortfalls.  Moody's believes
that the deterioration in EBITDA together with higher tax payments
in 2009 onwards are likely to undermine the company's free cash
flow generation capacity, despite lower overall average cost of
debt and interest payments expected in 2009.

More cautiously, Moody's notes that the company's still developing
online market positioning in the new cycle implies a degree of
execution risk, particularly in light of the growing competition
in the online arena from the new entrant, Telecom Italia.  TI
recently announced its objective to develop and monetize its
online multi-platform audience, and launched its first local
advertising offering, which will allow SMEs to distribute locally-
targeted advertising messages via the Virgilio Web Portal, TIM
mobile phones, and directory inquiries.  In Moody's view, although
TI's online offerings are initially likely to be rather basic
compared to SEAT's offerings and its dedicated sales force may
need relevant training, Moody's nevertheless believes that
intensifying competition in the online battle field with the new
participant could undermine SEAT's plan to stabilize its customer
base in its core market, which is necessary for the sustainability
of its business model.

Moody's is comforted by the announcement that SEAT has reached an
agreement with its senior facility lender to reset the financial
covenants on its senior facility subject to certain conditions.
In conjunction with this agreement, SEAT will limit the
distribution of dividends until Net Debt /EBITDA improves below
4x.  Moreover, an anticipated EUR200 million increase in share
capital (subject to certain conditions) in H1 2009 should provide
some comfort from a de-leveraging point of view in absolute terms
and as regards the liquidity profile of the company, while
reflecting shareholders' support of the business.  Nevertheless,
Moody's remains cautious looking ahead.  To the extend SEAT
deviates from its 3Q 2008 online revenue growth performance (which
stood at 27% year on year) throughout 2009 due to competitive and
recessionary pressures, Net Debt/EBITDA could potentially remain
broadly unchanged at its year-end 2008 and 2007 levels of 5x -- a
trend that would fall below Moody's expectations.  A potential
delay in credit metrics' improvement is a risk that Moody's has
already factored in today's rating action.

Moody's notes that the rating action assumes that the company's
asset-backed securitization program will remain available and
broadly unchanged until the program ends in 2011, together with
the two annually renewed back-up facilities (which are due for
renewal in June 2009) -- notwithstanding any potential
deterioration in the quality of SEAT's receivables and/or the
company's ratings.  Any change in the availability under the
program could result in rating pressure in the absence of
committed alternative arrangements.

The stable outlook reflects Moody's expectation that the company's
planned capital increase in EUR200 million (EUR100 million of
which is the condition precedent to the agreement reached with the
senior facility lender for the resolution of the covenants) should
be achievable on a timely basis.  As announced in December 23,
2008, the consortium controlling 50.4% of the company's voting
share capital confirmed its commitment to underwrite its pro rata
share of the company's capital increase, following internal
shareholder reorganization within the consortium.  The remainder
of the share capital increase will be guaranteed by a syndicate.
Nevertheless, Moody's notes that in the event SEAT is not
successful in completing the process on a timely basis, and/or Net
Debt/EBITDA (as reported by SEAT) exceeds 5.5x, moving towards
6.0x, further downward pressure could be placed on the rating.
Provided that i) the leverage improves towards 4.5x; ii) free cash
flow generation capacity strengthens; and iii) no major
refinancing requirement appears on the near-term horizon, upward
pressure on the rating will develop.

The last rating action was on March 20, 2008 when Moody's affirmed
the Ba3 Corporate Family Rating and the B2 rating on the group's
EUR1.3 billion 8% senior notes due 2014 issued by Lighthouse
International Company S.A., while changing the rating outlooks to
negative from stable following the announcement of SEAT's 2007
year-end financial results, and the EBITDA expectations set for
2008.

SEAT's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as (i) the
business risk and competitive position of the company versus
others within its industry, (ii) the capital structure and
financial risk of the company, (iii) the projected performance of
the company over the near to intermediate term, and (iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of SEAT's core industry and SEAT's ratings are believed to
be comparable to those of other issuers of similar credit risk.

Headquartered in Turin, Italy, SEAT is the leading publisher and
provider of directory services in Italy and, through its wholly-
owned subsidiary, TDL, is the number three directories publisher
in the UK.  SEAT also has a presence in Germany through Telegate,
the second-largest player in the German directory-assistance
market.  SEAT recorded EUR1.453 billion in revenues and
EUR650 million in EBITDA during the fiscal year ended December 31,
2007.


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


ALMATY STROY INVEST-K: Proof of Claim Deadline Slated for Feb. 25
-----------------------------------------------------------------
LLP Construction Company Almaty Stroy Invest-K has declared
insolvency.  Creditors have until Feb. 25, 2009, to submit written
proofs of claim to:

         LLP Construction Company
         Almaty Stroy Invest-K
         Radostovtsa Str. 264
         Almaty
         Kazakhstan


AULIEKOL-2000 LLP: Creditors Must File Claims by February 24
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Auliekol-2000 insolvent.

Creditors have until Feb. 24, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


BOLASHAK LLP: Claims Filing Period Ends February 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agricultural Firm Bolashak insolvent.

Creditors have until Feb. 24, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


JS KAZAKHSTAN: Creditors' Claims Due on February 25
---------------------------------------------------
LLP JS Kazakhstan Development has declared insolvency.  Creditors
have until Feb. 25, 2009, to submit written proofs of claim to:

         LLP JS Kazakhstan Development
         Aiteke bi Str. 81/36
         Almaty
         Kazakhstan


KAZAKHTELECOM JSC: Fitch Affirms Long-Term Rating at 'BB'
---------------------------------------------------------
Fitch Ratings clarified that it affirmed JSC Kazakhtelecom's Long-
term local currency IDR at 'BB' and changed the Outlook to
Negative from Stable, with retroactive effect from November 12,
2008.


KMG JSC: S&P Ratings Unmoved by MangistauMunayGas Share Purchase
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlooks on 100% Kazakhstan-owned oil and gas holding company JSC
NC KazMunayGas (KMG; BBB-/Negative/--) and its 58%-owned
subsidiary JSC KazMunaiGas Exploration Production (BB+/Stable/--)
remain unchanged following KMG's announced acquisition (subject to
regulatory approvals) of 50% plus two shares of Kazakhstan's
largest independent oil producer and refiner, MangistauMunayGas.

This is because S&P's rating on KMG is based on a top-down
approach and is equal to the foreign currency rating on the
sovereign and one notch below the local currency rating on the
sovereign.  S&P's rating on KMG EP, KMG's largest and most cash-
rich subsidiary, is one notch below that on the parent.  S&P
believes the acquisition will not affect either entity's stand-
alone credit quality, because the transaction is in line with
KMG's strategy.  It will be financed with the group's existing
large cash balances (we've never adjusted KMG's debt for surplus
cash) and will leave the group with a comfortable liquidity
position.  As of Sept. 30, 2008, KMG had only US$1.6 billion in
short-term debt, compared with US$3.2 billion in cash at the level
of the parent group and US$5.2 billion at the level of
subsidiaries (mostly KMG EP).  Nevertheless, KMG's total debt is
material and its near-term credit metrics will be only fair, due
to lower oil prices.


RAMZES-KORGAU LLP: Claims Registration Ends February 20
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Ramzes-Korgau insolvent.

Creditors have until Feb. 20, 2009, to submit written proofs of
claim to:

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


TRANSMERIDIAN EXPLORATION: US$8.7MM Interest Payment Due Jan. 15
----------------------------------------------------------------
Transmeridian Exploration Incorporated on December 15, 2008,
failed to make its regularly scheduled interest payment on account
of its 12% Senior Secured Notes due 2010 in the amount of
approximately US$8.7 million.  The 30-day grace period to make the
payment expires on January 15, 2009.  If Transmeridian fails to
make the payment prior to expiration of the grace period, holders
of the Senior Notes will have the right to exercise various
remedies against Transmeridian and its subsidiaries.  In light of
Transmeridian's current circumstances, it is not likely that the
holders of any Transmeridian equity securities would receive any
recovery on their investment.

The company also said Lorrie T. Olivier has resigned his position
as Chief Executive Officer and has stepped down as Chairman of
Transmeridian's Board of Directors, although he retains his
membership on the Board.  In addition, Gary Neus and Fred Zeidman,
current members of the Transmeridian Board, have agreed to accept
positions as Co-Chief Restructuring Officers and Mr. Zeidman will
assume Chairmanship of the Board.  In their capacities as Co-Chief
Restructuring Officers, Messrs. Neus and Zeidman will exercise the
entire executive management function over all of Transmeridian's
operations and assets, including the on-going efforts to effect a
sale or other transaction involving Transmeridian, its indirect
wholly owned subsidiary, JSC Caspi Neft TME, or its major asset,
the South Alibek field in Kazakhstan.

Further Transmeridian announced that Caspi Neft entered into a
loan agreement with OJSK Zere, providing for multiple draw downs
of up to US$2,000,000 in the aggregate.  Borrowings under the term
loan facility will bear interest at the rate of 25% per annum and
all principal and interest are due 120 days following the final
draw down under the facility.  The facility is secured by a pledge
of Caspi Neft's tangible personal property, including oil in
storage at Caspi Neft's South Alibek field in Kazakhstan, and
certain other collateral.  Term loan advances will be made
available to Caspi Neft and Transmeridian pursuant to a budget
agreed to with the Lender and receipt of certain required waivers
from holders of the Senior Notes.

As required by the loan agreement with the Lender, Transmeridian
and Caspi Neft have entered into a consulting agreement with Erlan
Sagadiev, the purpose of which is to secure Sagadiev's assistance
in stabilizing field operations, preserving the associated asset
value and working with Transmeridian's management to effect a sale
of Caspi Neft.

          About Transmeridian Exploration Incorporated

Based in Houston, Texas, Transmeridian Exploration Incorporated
(Pink Sheets:TMYE) -- http://www.tmei.com-- is an independent
energy company established to acquire and develop oil reserves in
the Caspian Sea region of the former Soviet Union.  Transmeridian
primarily targets fields with proved or probable reserves and
significant upside reserve potential.  Transmeridian's main asset
is a 100% interest in the South Alibek field in western
Kazakhstan


UING OIL: Proof of Claim Deadline Slated for February 25
--------------------------------------------------------
LLP Uing Oil has declared insolvency.  Creditors have until
Feb. 25, 2009, to submit written proofs of claim to:

         LLP Uing Oil
         Grishin Str. 66/31
         Aktobe
         Aktube
         Kazakhstan


UK RUS GAS: Creditors Must File Claims by February 20
-----------------------------------------------------
Branch of Llp Uk Rus Gas Engineering has declared insolvency.
Creditors have until Feb. 20, 2009, to submit written proofs of
claim to:

         LLP UK Rus Gas Engineering
         101 Strelkovaya brigada Str. 10
         Aktobe
         Aktube
         Kazakhstan


VERCOMP LLP: Claims Filing Period Ends February 20
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Vercomp insolvent.

Creditors have until Feb. 20, 2009, to submit written proofs of
claim to:

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


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


EUROPREMIUM LTD: Creditors Must File Claims by February 19
----------------------------------------------------------
LLC Europremium Ltd. has declared insolvency.  Creditors have
until Feb. 19, 2009 to submit proofs of claim.

The company can be reached at:  (0-543) 88-87-18


TEGIN-ELECTRO LLC: Creditors Must File Claims by February 19
------------------------------------------------------------
LLC Tegin-Electro has declared insolvency.  Creditors have until
Feb. 19, 2009, to submit proofs of claim to:

         LLC Tegin-Electro
         Micro District 8, 17-28
         Bishkek
         Kazakhstan


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


LYONDELL CHEMICAL: Royal Bank of Scotland Has US$3.5BB Exposure
---------------------------------------------------------------
The Royal Bank of Scotland Plc has a US$3.5 billion exposure to
LyondellBasell Chemical Company, Lyondell Bankruptcy News reports,
citing Reuters.

"We have a banking relationship with LyondellBasell Industries
and we will continue to work with the company to reach a
successful outcome," a spokesman for RBS had told The
Herald.  "It's very early in the process, and we don't want to
speculate on any potential impact," the Spokesman added.  Whether
or not RBS has already written down the debt, the Spokesman did
not disclose.

Jill Treanor of guardian.co.uk said RBS' new chief executive,
Stephen Hester, is selling off its US$2.4 billion stake in Bank of
China.  RBS is selling around US$2.4 billion of shares, which
represents the bank's entire 10.8 billion shares in Bank of
China.  The shares are being sold at between HKUS$1.68 and
HKUS$1.71, a discount of up to 9% of the prevailing market price,
says the report.

Morgan Stanley and RBS' ABN Amro unit are managing the sale,
notes Bloomberg News.

RBS is the biggest lender to Lyondell Chemical and may face
losses on its US$3.5 billion of loans to Lyondell, Bloomberg says.
RBS inherited the loans after its purchase last year of ABN Amro
Holding NV's investment bank, which extended a US$1.6 billion
portion of the Lyondell credit that may lose all its value,
according to Andrew Brady, an analyst at CreditSights
Inc. in New York.

Meanwhile, Petroleos de Venezuela S.A. may lose about USUS$233.6
million as the third largest unsecured creditor of Lyondell, El
Universal News reports.  According to Bloomberg News, citing US
Energy Department data, the unit of the Lyondell refinery in
Houston imported an average of 198,000 barrels of crude oil per
day from Venezuela in the first nine months of 2008.  The refinery
has a contract to buy 230,000 barrels per day from Pdvsa, El
Universal says.

The Troubled Company Reporter also related on January 9, 2009,
that Citi indicated that as of December 31, 2008, its direct gross
exposure to LyondellBasell was approximately US$2.0 billion.  Citi
currently holds this exposure primarily in its Institutional
Clients Group.  The fourth quarter pre-tax impact related to
LyondellBasell is estimated to be approximately US$1.4 billion
recorded primarily as a loan loss reserve build.  The final impact
on Citi's fourth quarter financial results could differ from the
impact disclosed above due to closing and other adjustments.

                     About LyondellBasell

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

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

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

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


LYONDELL CHEMICAL: Mid-America Seeks Adequate Protection
--------------------------------------------------------
Pursuant to applicable carrier and warehouseman's lien law and
certain agreements entered between Mid-America Pipeline Company
LLC and Debtor Equistar Chemical, L.P., Mid-America holds
perfected security interests and rights of set-off and recoupment
in petroleum products placed by the Debtor in Mid-America
Pipeline's pipeline, storage and terminalling assets.  Mid-
America Pipeline has claims under the agreements and tariffs for
unpaid prepetition charges and Mid-America expects that it will
have substantial contract rejection damage claims should the
Debtor reject one or more of the Agreements.

Since the filing of the bankruptcy, the Debtor has been
withdrawing Product from Mid-America Pipeline System at a rapid
pace.  Mid-America Pipeline's collateral position has been
reduced and could be eliminated if the Debtor continues to
withdraw Product currently in Mid-America Pipeline's possession.

Accordingly, Mid-America Pipeline asks the U.S. Bankruptcy Court
for the Southern District of New York to grant it adequate
protection pursuant to Section 361 of the Bankruptcy Code for the
diminution in value of its interest in the Collateral.

Mid-America Pipeline is seeking adequate protection for the
actual diminution in the value of its security interest as
opposed to the decline in market value.  The diminution in value
can be readily calculated because every dollar's worth of Product
that would be withdrawn from the Mid-America Pipeline System
reduces the value of its security interest by a dollar, Mid-
America Pipeline explains.

Mid-America Pipeline further clarifies that it has not and is not
violating the automatic stay.  Mid-America Pipeline says that it
must obtain Court approval to effect any set-off or foreclose on
its security interests, and will do so once Mid-America
Pipeline's claims against the Debtors are liquidated.  Thus, in
the alternative, Mid-America Pipeline asks the Court to lift the
automatic stay to permit it to sell an amount of Product at
current market prices to satisfy its prepetition claim.

Mid-America reasons that "cause" exists for the Court to grant it
relief from the automatic stay.  Mid-America Pipeline insists
that without automatic stay, it would be able to sell Product in
its Pipeline System at public auction to satisfy the prepetition
amounts owing by the Debtor.  If it is not provided replacement
liens or cash for the depletion of its Collateral, then Mid-
America Pipeline lacks adequate protection, and relief from the
automatic stay is warranted, Mid-America Pipeline concludes.

                     About LyondellBasell

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

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

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

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


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


BANK OF MOSCOW: Fitch Affirms 'D' Indiv. Rating on Low Reserves
---------------------------------------------------------------
Fitch Ratings has affirmed Bank of Moscow's ratings, including its
Long-term Issuer Default Rating of 'BBB' with a Negative Outlook.

BOM's IDRs, Support and National Long-term ratings are driven by
the strong potential support from the City of Moscow ("the City",
rated 'BBB+'/'F2'/Negative).  The City currently owns 44% of BOM
directly and controls 15% through Capital Insurance Group and some
of its subsidiaries.  CIG is majority owned by the City and BOM,
which control stakes of 25% plus one share and 25%, respectively,
in it.  Fitch remains concerned about the complexity of the City's
ownership, with it being dependent on BOM/the City retaining their
interest in intermediary companies, including but not limited to
CIG, which enable the City to control BOM.  However, the agency
has received assurances from BOM's senior management that they do
not expect the City's ownership to decrease or weaken.  Fitch
notes that the retention of the City's control over BOM is crucial
for the bank's IDRs.  Upward or downward pressure on the bank's
Long-Term IDR will also be linked to the financial position of the
City.

BOM's Individual Rating of 'D' reflects risks arising from
relatively high borrower and industry loan book concentrations,
relatively low loan loss reserves and only moderate
capitalization.  The rating also acknowledges BOM's broad
franchise, reasonable liquidity, supported by the City's funding,
and adequate core profitability to date.  The bank has informed
Fitch about plans to gradually increase its loan loss provisioning
level while sustaining its overall capitalization level, which is
expected to be achieved through earnings retention and a proposed
preferred share issue for at least RUR10 billion.  The share issue
is likely to occur in H109 and will be subscribed to by the City,
according to BOM.

Upside for the Individual Rating could potentially result from a
further reduction in customer and industry concentrations, and
improvement in the operating environment.  Downside pressure on
the Individual Rating could result from a marked deterioration of
asset quality or a major liquidity shortfall.

BOM is one of Russia's five largest banks.  The bank has
historically had strong positions in the Moscow region, but has
focused increasingly on regional development.

BOM's ratings are:

  -- Long-term foreign currency IDR: affirmed at 'BBB' with a
     Negative Outlook

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AA+(rus)' with a
     Stable Outlook

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'


BELKOZIN OJSC: Saint-Petersburg Bankruptcy Hearing Set June 16
--------------------------------------------------------------
The Arbitration Court of Saint-Petersburg will convene at
11:00 a.m. on June 16, 2009, to hear bankruptcy supervision
procedure on OJSC Belkozin (Meat Food Production).  The case is
docketed under Case No. A56–51433/2008.

The Temporary Insolvency Manager is:

         G. Zhuravlev
         Office 206
         Amgliyskiy Pereulok 3
         190121 Saint-Petersburg
         Russia

The Debtor can be reached at:

         OJSC Belkozin
         Leningradskoe shosse, 137 km
         Luga
         188230 Leningradskaya
         Russia


BOBROVSKIY INSULANT: Creditors Must File Claims by January 26
-------------------------------------------------------------
Creditors of OJSC Bobrovskiy Insulant Plant have until Jan. 26,
2009, to submit proofs of claims to:

         L. Bogacheva
         Temporary Insolvency Manager
         Office 311
         Lunacharskogo Str. 185
         Yekaterinburg
         620026 Sverdlovskaya
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A60-
35771/2008 –S11.

The Debtor can be reached at:

         OJSC Bobrovskiy Insulant Plant
         Shcherbakova Str. 4
         Yekaterinburg
         620076 Sverdlovskaya
         Russia


EMAL-POSUDA CJSC: Creditors Must File Claims by February 26
-----------------------------------------------------------
Creditors of CJSC Emal-Posuda (Fabricated Metal Products) have
until Feb.26, 2009, to submit proofs of claims to:

         Ye. Rokhlin
         Insolvency Manager
         Office 25
         Mira Str. 22
         Nizhny Tagil
         622034 Sverdlovskaya
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60–2283/2008-S11.

The Debtor can be reached at:

         CJSC Emal-Posuda
         Balakinskaya Str. 2
         Nizhny Tagil
         622005 Sverdlovskaya
         Russia


GAZPROMBANK: S&P Downgrades Counterparty Credit Ratings to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term and short-term counterparty credit ratings on Russia-based
Gazprombank to 'BB+/B' from 'BBB-/A-3'.  The outlook is negative.
At the same time, S&P affirmed the 'ruAA+' Russia national scale
rating on the bank.

"The rating action reflects the bank's weakened stand-alone credit
profile, including sharply pressured capitalization, decimated
earnings caused by recent sizable market-sensitive losses, and the
slowdown in the Russian economy," said Standard & Poor's credit
analyst Ekaterina Trofimova.  "Gazprombank's growing level of risk
emanating from participation in the government's initiatives to
support the domestic banking and corporate sectors, plus its
continued rapid growth in the context of a vulnerable operating
environment, also undermine the bank's stand-alone
creditworthiness."

These concerns are partly mitigated by continued parental and
increasing government support, the bank's good commercial
standing, its below-market-average liquidity risk, and manageable
short-term foreign debt repayment burden.

The third-largest bank in Russia, GPB is 42%-owned by OAO Gazprom
(BBB/Negative/--), the world's largest gas producer, which is
majority-controlled by the Russian Federation (foreign currency
BBB/Negative/A-3, local currency BBB+/Negative/A-2).  The bank is
the main financial services provider to Gazprom and its related
entities (together the Gazprom group).  Standard & Poor's
classifies GPB as a "strategically important" but not "core"
subsidiary of Gazprom.  S&P therefore does not equalize the
ratings on GBP with those on Gazprom.  S&P also classifies GPB as
a government-related entity, given its privileged status in the
system, the consistent track record of government support, and the
bank's significant role in the government's initiatives to sustain
the domestic banking sector and economy.  The long-term rating on
GPB incorporates a three-notch uplift above the bank's stand-alone
credit quality to reflect the combination of its
GRE status and parental support.

"The negative outlook on GPB mirrors those on Gazprom and the
Russian Federation," said Ms. Trofimova.  "It also reflects the
increasing market risks and pressure on capitalization, earnings,
and asset quality at the bank amid the current turbulence in the
banking sector and deteriorated economic environment."

If S&P revises the outlook on Gazprom or the sovereign back to
stable, this will not automatically trigger a similar rating
action on the bank, unless the banking sector turbulence eases
considerably and GPB demonstrates resilient stand-alone credit
quality.  S&P would lower the ratings on the bank if parental
or government support weakens or the bank's stand-alone credit
quality deteriorates significantly beyond S&P's expectations.


KHOLMOGOR-TRUBOPROVOD-STROY: Creditors Must File Claims by Jan. 26
------------------------------------------------------------------
Creditors of LLC Kholmogor-Truboprovod-Stroy (Construction) have
until Jan. 26, 2009, to submit proofs of claims to:

         Ye. Zhikharev
         Insolvency Manager
         Post User Box 3024
         625028 Tumen
         Russia

The Arbitration Court of Tumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A70-3771/3-2007.

The Debtor can be reached at:

         LLC Kholmogor-Truboprovod-Stroy
         Moskovskiy trakt Str. 102/230
         625003 Tumen
         Russia


LOBVINSKIY BIO-CHEMICAL: Creditors Must File Claims by February 26
------------------------------------------------------------------
Creditors of LLC Lobvinskiy Bio-Chemical Plant have until
Feb. 26, 2009, to submit proofs of claims to:

         A. Koryakina
         Insolvency Manager
         Lunacharskogo Str. 185/403
         620026 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-5799/2008-S11.

The Court is located at:

         The Arbitration Court of Sverdlovskaya
         Lenina Str. 34
         Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Lobvinskiy Bio-Chemical Plant
         Lenina Str. 52
         Lobva
         Novolyalinskiy
         624420 Sverdlovskaya
         Russia


PARNAS-M OJSC: Saint-Petersburg Bankruptcy Hearing Set June 8
-------------------------------------------------------------
The Arbitration Court of Saint-Petersburg will convene at
11:00 a.m. on June 8, 2009, to hear bankruptcy supervision
procedure on OJSC Parnas-M (Meat-Processing Plant).  The case is
docketed under Case No. A56–50159/2008.

The Temporary Insolvency Manager is:

         V. Ganzhin
         Office 206
         Amgliyskiy Pereulok 3
         190121 Saint-Petersburg
         Russia

The Debtor can be reached at:

         OJSC Parnas-M
         8th. Verkhniy pereulok 4
         194292 Saint-Petersburg
         Russia


PESKOVSKIY FOUNDRY OJSC: Creditors Must File Claims by Feb. 26
--------------------------------------------------------------
Creditors of OJSC Peskovskaya Foundry have until Feb. 26, 2009, to
submit proofs of claims to:

         S. Semenov
         Insolvency Manager
         Post User Box 439
         620000 Yekaterinburg
         Russia

The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A28-3111/2008-115/19.

The Court is located at:

         The Arbitration Court of Kirovskaya
         K. Libknekhta Str. 102
         Kirov
         Russia

The Debtor can be reached at:

         OJSC Peskovskaya Foundry
         Lenina Str. 73
         Peskovka
         Omutinskiy
         Kirovskaya
         Russia


PRIVOLZHSKIY GRINDING: Creditors Must File Claims by February 26
----------------------------------------------------------------
Creditors of LLC Privolzhskiy Grinding Plant (TIN 6362011318) have
until Feb. 26, 2009, to submit proofs of claims to:

         N. Yershova
         Insolvency Manager
         Post User Box 1914
         443052 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55–7748/2008.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         LLC Privolzhskiy Grinding Plant
         Shchorsa Str. 1
         Obsharovka
         Privolzhskiy
         Samarskaya
         Russia


SHAMARSKIY LES-PROM-KHOZ: Creditors Must File Claims by Feb. 26
---------------------------------------------------------------
Creditors of CJSC Shamarskiy Les-Prom-Khoz (Wood-Processing) have
until Feb. 26, 2009, to submit proofs of claims to:

         C. Bobin
         Insolvency Manager
         Vikulova Str. 63/1/43
         620043 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-11242/2008-S11.

The Debtor can be reached at:

         CJSC Shamarskiy Les-Prom-Khoz
         Oktyabrskaya Str. 2
         Shamary
         Shalinskiy
         623010 Sverdlovskaya
         Russia


URAL-MED-STROY 1 LLC: Creditors Must File Claims by January 26
--------------------------------------------------------------
Creditors of LLC Ural-Med-Stroy 1(TIN 6606019240) (Construction)
have until Jan. 26, 2009, to submit proofs of claims to:

         D. Lazarev
         Temporary Insolvency Manager
         Post User Box 106
         62000 Yekaterinburg
         Russia

The Arbitration Court of commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A60-38280/2008-
S11.


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


MBSCAT 1: Moody's Rates EUR39.4 Mil. Class C Notes 'Ba2'
--------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings in
Nov 2008 to these classes of Notes issued by MBSCAT 1, Fondo de
Titulizacion de Activos:

  -- Aaa to the EUR963.4 million Class A due 2052,
  -- A2 to the EUR47.2 million Class B due 2052,
  -- Ba2 to the EUR39.4 million Class C due 2052.

This is the first transaction of this series to hit the market,
although it is worth mentioning that Caixa Catalunya has been very
active in the past having issued 23 deals over the last years.
What is peculiar about this transaction is its collateral
composition: a portfolio consisting of first and second lien
loans, and lines of credits.

Regarding the lines of credits, this transaction includes the
securitization of first draw-downs and further draw-downs of a
mortgage product which is structured like a line of credit.  Both
first and further draw-downs are secured by mortgages on
properties.

Regarding the second liens, there are several things to highlight:
1) the process to grant a second lien is the same as the process
of granting a first lien -- the bank will request an updated
valuation and will maintain the same required criteria as those
for first liens, 2) second lien loans represent 4.06% of the
entities total mortgage balance, and 3) all prior ranks are
originated by Caixa Catalunya.

This is the first time Moody's have seen a high concentration of
second liens in any single portfolio, and as a result this has
been taken into account in Moody's analysis.

The ratings of the Notes are based upon the analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, the legal and
structural integrity of the issue and the credit quality of the
parties involved in the transaction.

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest and ultimate payment of principal at
par on or before the legal final maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have a
significant effect on the yield to investors.

Moody's initially analyzed and monitors this transaction using the
rating methodology for EMEA RMBS transactions as described in the
Rating Methodology reports "Moody's Updated Methodology for Rating
Spanish RMBS", July 2008 and "Cash Flow analysis in EMEA RMBS:
testing structural features with the MARCO model" January 2006.
The key parameters used to calibrate the loss distribution curve
for this portfolio include: Milan Aaa CE range of 11.64% - 11.84%
and an expected loss range of 2.90% - 3.10%.  Moody's based the
definitive ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance and
bank' internal ratings information; (iii) the swap agreements
hedging the interest rate risk; (iv) the credit enhancement
provided by the reserve fund, the subordination of the notes, and
the excess spread; and (v) the legal and structural integrity of
the transaction.

The Spanish Government announced on November 4th 2008 a package of
aid to assist unemployed, self employed and pensioneer borrowers
through a form of mortgage subsidy aid.  It is unclear how this
package will be implemented, and also if it is implemented, how
the transaction will be affected, although both liquidity and
credit implications are possible on this portfolio.  However, any
implications on the ratings will ultimately depend on the actual
financial aid conditions which will be approved.


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


BESAG BAUMANN: Creditors Must File Proofs of Claim by January 22
----------------------------------------------------------------
Creditors owed money by JSC Besag Baumann Energiesysteme are
requested to file their proofs of claim by Jan. 22, 2009, to:

         Ingrid Baumann-Ulmer
         Schlossberg 9a
         3600 Thun
         Switzerland

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


BLUMENAUER ELECTRONICS: Deadline to File Claims Set January 22
--------------------------------------------------------------
Creditors owed money by LLC Blumenauer Electronics are requested
to file their proofs of claim by Jan. 22, 2009, to:

         Abendstrasse 30/6
         3018 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 27, 2008.


HICKERT CO: Creditors Have Until January 22 to File Claims
----------------------------------------------------------
Creditors owed money by LLC Hickert Co. are requested to file
their proofs of claim by Jan. 22, 2009, to:

         Kalkofenstrasse 24
         8810 Horgen
         Switzerland

The company is currently undergoing liquidation in Horgen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 27, 2008.


KNOPFEL PETER: Proofs of Claim Filing Deadline is January 22
------------------------------------------------------------
Creditors owed money by LLC P. Knopfel are requested to file their
proofs of claim by Jan. 22, 2009, to:

         Knopfel Peter
         Liquidator
         Habersack 16
         9305 Berg SG
         Switzerland

The company is currently undergoing liquidation in Berg SG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 1, 2008.


PERMA-DRIVE JSC: Jan. 22 Set as Deadline to File Claims
-------------------------------------------------------
Creditors owed money by JSC Perma-Drive are requested to file
their proofs of claim by Jan. 22, 2009, to:

         Bruno Grob
         Kagenstrasse 14
         4153 Reinach
         Switzerland

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


SUMMEK HOLDING: Creditors Must File Proofs of Claim by Jan. 22
--------------------------------------------------------------
Creditors owed money by JSC Summek Holding are requested to file
their proofs of claim by Jan. 22, 2009, to:

         Markus Uhl
         Dufourstrasse 43
         8034 Zurich
         Switzerland

The company is currently undergoing liquidation in Wollerau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 27, 2007.


TACTICX JSC: Deadline to File Proofs of Claim Set January 22
------------------------------------------------------------
Creditors owed money by JSC Tacticx are requested to file their
proofs of claim by Jan. 22, 2009, to:

         Weiherhau 4
         5405 Baden-Dattwil
         Switzerland

The company is currently undergoing liquidation in Baden.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 17, 2008.


ZURCHER ZENTRUM: Creditors Have Until January 22 to File Claims
---------------------------------------------------------------
Creditors owed money by JSC Zurcher Zentrum fur Unternehmen are
requested to file their proofs of claim by Jan. 22, 2009, to:

         JSC OBT
         Liquidator
         Hardturmstrasse 120
         8005 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 17, 2008.


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


PO OIL: S&P Withdraws 'B+' Rating on US$175 Mil. Senior Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'B+' rating on the US$175 million senior unsecured notes issued by
PO Oil Financing Ltd., a wholly owned subsidiary of Turkey-based
petroleum-product distributor Petrol Ofisi A.S. (B+/Stable/--),
after the notes were repaid early, in full and at par on Dec. 29,
2008.

The notes, which were scheduled to mature in July 2009, were
funded from Petrol Ofisi's cash balances, which totaled
US$605 million (TRY777.1 million) on Sept. 30, 2008.  The early
debt repayment does not affect S&P's rating or the outlook on
Petrol Ofisi.


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


ASGARD B LLC: Creditors Must File Claims by January 17
------------------------------------------------------
Creditors of LLC Asgard B (EDRPOU 33367806) have until Jan. 17,
2009, to submit proofs of claim to:

         Mrs. Alla Bezabchuk
         Liquidator / Insolvency Manager
         P.O.B. 14
         54056 Nikolaev
         Ukraine

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 2, 2008.
The case is docketed as 5/581/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         65009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Asgard B
         Novozavodskaya Str. 16
         Nikolaev
         Ukraine


CAPITAL BUILDING MK: Creditors Must File Claims by January 17
-------------------------------------------------------------
Creditors of LLC Capital Building MK (EDRPOU 35674627) have until
Jan. 17, 2009, to submit proofs of claim to:

         Mrs. Larisa Timofeeva
         Liquidator / Insolvency Manager
         P.O.B. 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 2, 2008.
The case is docketed as 5/573/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         65009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Capital Building MK
         Stroiteley Str. 5-B
         54034 Nikolaev
         Ukraine


CHERVONE PARUTINE: Creditors Must File Claims by January 17
-----------------------------------------------------------
Creditors of Chervone Parutine Agricultural CJSC (EDRPOU 04951755)
have until Jan. 17, 2009, to submit proofs of claim to:

         Mrs. Alla Bezabchuk
         Liquidator / Insolvency Manager
         P.O.B. 14
         54056 Nikolaev
         Ukraine

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 2, 2008.
The case is docketed as 5/580/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         65009 Nikolaev
         Ukraine

The Debtor can be reached at:

         Chervone Parutine Agricultural CJSC
         Stepovaya Str. 17
         Chervone Parutine
         Ochakov
         Nikolaev
         Ukraine


COMPANY TARIM: Creditors Must File Claims by January 17
-------------------------------------------------------
Creditors of Subsidiary Company Tarim (EDRPOU 30976206) have until
Jan. 17, 2009, to submit proofs of claim to:

         Mrs. Alla Bezabchuk
         Liquidator / Insolvency Manager
         P.O.B. 14
         54056 Nikolaev
         Ukraine

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 2, 2008.
The case is docketed as 5/582/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         65009 Nikolaev
         Ukraine

The Debtor can be reached at:

         Subsidiary Company Tarim
         Bolshaya Morskaya Str. 63/8
         Nikolaev
         Ukraine


GAYCHURSKY ELEVATOR: Creditors Must File Claims by January 17
-------------------------------------------------------------
Creditors of OJSC Gaychursky Elevator (EDRPOU 00954277) have until
Jan. 17, 2009, to submit proofs of claim to:

         Mr. Jury Zinchenko
         Liquidator / Insolvency Manager
         Spartakovskaya Str. 8
         Guliaypole
         70200 Zaporozhje
         Ukraine

The Arbitration Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on Dec.
9, 2008.  The case is docketed as 19/311/08.

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Debtor can be reached at:

         OJSC Gaychursky Elevator
         Elevator Str. 4
         Ternovatoye
         Novonikolayevsky
         70150 Zaporozhje
         Ukraine


GOLIANT LLC: Creditors Must File Claims by January 17
-----------------------------------------------------
Creditors of LLC Goliant (EDRPOU 34706812) have until Jan. 17,
2009, to submit proofs of claim to:

         Mrs. Larisa Timofeeva
         Liquidator / Insolvency Manager
         P.O.B. 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 2, 2008.
The case is docketed as 5/572/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         65009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Goliant
         Stroiteley Str. 5-B
         54034 Nikolaev
         Ukraine


INTERPIPE LIMITED: S&P Withdraws Ratings at Company's Request
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew all its
ratings on Ukrainian steel pipe producer Interpipe Ltd. at the
company's request.  Interpipe had about US$1 billion of financial
debt as of Sept. 30, 2008.

On Dec. 16, 2008, following a below-par bond tender offer from
Millen Financial Ltd., S&P lowered its long-term corporate credit
rating on Interpipe to 'CC' with a negative outlook.  Then, on
Dec. 23, 2008, following the completion of the transaction, S&P
lowered the ratings to 'SD' (selective default).  Finally, on
Dec. 29, 2008, S&P raised the long-term corporate credit rating on
Interpipe to 'CCC+' from 'SD' (selective default), with a
developing outlook.  The ratings and outlook chiefly reflected
S&P's liquidity concerns in the form of material and short-term
refinancing risks, as well as potential covenant compliance
breaches at year-end 2008 and in 2009.


PIRIATIN FURNITURE: Creditors Must File Claims by January 17
------------------------------------------------------------
Creditors of OJSC Piriatin Furniture Plant (EDRPOU 00275027) have
until Jan. 17, 2009, to submit proofs of claim to:

         Mr. Ivan Gricenko
         Liquidator / Insolvency Manager
         P.O.B. 1841
         36007, Ukraine

The Arbitration Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 28, 2008.
The case is docketed as 18/75.

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         OJSC Piriatin Furniture Plant
         Independency square, 2
         Piriatin
         Poltava
         Ukraine


PROFESSIONAL-BUILDING LLC: Creditors Must File Claims by Jan. 17
----------------------------------------------------------------
Creditors of LLC Professional-Building (EDRPOU 33057881) have
until Jan. 17, 2009, to submit proofs of claim to:

         LLC Universal-TH-Invest
         Kikvidze Str. 41A
         01103 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 50/7.

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

The Debtor can be reached at:

         LLC Professional-Building
         Schors Str. 29
         01133 Kiev
         Ukraine


R.O.S.S. LLC: Creditors Must File Claims by January 17
------------------------------------------------------
Creditors of LLC Research Center Of New Technologies R.O.S.S.
(EDRPOU 30565092) have until Jan. 17, 2009, to submit proofs of
claim to:

         Mrs. Larisa Timofeeva
         Liquidator / Insolvency Manager
         P.O.B. 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 9, 2008.
The case is docketed as 5/575/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         65009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Research Center of New Technologies R.O.S.S.
         Apt. 59
         Adm. Makarov Str. 56
         54001 Nikolaev
         Ukraine


SVITOCH LLC: Creditors Must File Claims by January 17
-----------------------------------------------------
Creditors of Agricultural LLC Svitoch (EDRPOU 30827439) have until
Jan. 17, 2009, to submit proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Arbitration Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Poltava.  The
case is docketed as 7/75.

The Debtor can be reached at:

         Agricultural LLC Svitoch
         Mikhnovtsy
         Lubny
         Poltava
         Ukraine


UNIVERSAL-TH-INVEST LLC: Creditors Must File Claims by Jan. 17
--------------------------------------------------------------
Creditors of LLC Universal-TH-Invest (EDRPOU 33545530) have until
Jan. 17, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/40.

The Debtor can be reached at:

         LLC Universal-TH-Invest
         Kikvidze Str. 41A
         01103 Kiev
         Ukraine


* CITY OF ODESSA: S&P Removes 'B' Rating From CreditWatch
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had removed its
'B' long-term issuer credit and 'uaA-' Ukraine national scale
ratings on the southern Ukrainian City of Odessa from CreditWatch,
following the city's repayment of its bond on Dec. 31, 2008.  The
outlook is negative.

The ratings had been placed on CreditWatch with negative
implications on Oct. 15, 2008, due to increased risks related to
the safety of Odessa's deposits earmarked for 2008 debt service.

"The ratings reflect the city's low fiscal flexibility, arising
from central government controls," said Standard & Poor's credit
analyst Boris Kopeykin.

They also reflect significant expenditure pressures due to
increasing salaries and infrastructure needs; low, albeit
improving, wealth levels; and the foreign-exchange risks of
Odessa's debt structure.

The ratings are supported by the city's favorable location, which
encourages economic development, and its possession of large
assets that it could sell.

As of Dec. 1, 2008, the city's overall cash exceeded UAH110
million (US$14 million) including UAH70 million in special fund
cash the city used for a bond payment due on Dec. 31, 2008.

The negative outlook reflects that on Ukraine (foreign currency
B/Negative/B; local currency B+/Negative/B), as well as S&P's
expectations that Odessa's economic and financial performance will
substantially weaken, with economic contraction and a small
operating deficit likely in 2009.

"Positive rating actions on Ukraine, when combined with resumed
economic and budget revenue growth in Odessa--and consequential
positive operating balances--might be positive for the city's
creditworthiness, provided that debt service remains less than
10%-12% of revenues despite recent sharp exchange-rate
fluctuations," said Mr. Kopeykin.

Conversely, negative rating actions on Ukraine, or higher-than-
expected debt service due to exchange-rate fluctuations, could
pressure the ratings.


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


AP DRIVELINE: In Administration; PwC Appointed
----------------------------------------------
David Bennett, Colin Haig and Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint administrators of
AP Driveline Technologies Ltd on January 12, 2009.

David Bennett, director and joint administrator at
PricewaterhouseCoopers LLP said: "AP Driveline has suffered as a
result of the current economic challenges facing the automotive
industry.  A substantial fall in the level of volumes in a short
period of time has meant that AP Driveline had limited options and
has therefore sought the protection of administration.

"Our immediate priority now is to review all options for the
company and immediately seek a buyer for the business.  While a
buyer for the business is sought, we expect to continue trading
and we will look to work with the company's existing management
team, suppliers, employees and customers to try and ensure that a
solution is found to take the business forward."

Prospective buyers should contact Bob Toor at
PricewaterhouseCoopers LLP by email at
bhupinder.s.toor@uk.pwc.com.

             About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.

              About AP Driveline Ltd

Based in Leamington Spa AP Driveline Ltd is a manufacturer of
clutches for the automotive sector supplying some of the major car
companies.  The company has a turnover of approximately GBP18
million per annum and employs 237 staff.


BARCLAYS PLC: Mulls 2,100 Job Cuts in 2 Units
---------------------------------------------
Barclays PLC will layoff 2,100 workers at its investment banking
and wealth management units, or about 7 percent of its headcount,
to match the "current market conditions", various reports say.

According to the reports, the job cuts will affect 1,300 employees
at investment banking unit Barclays Capital, 500 at wealth
management unit Barclays Wealth and 300 at Barclays Global
Investors.

"We can confirm that we have begun a process to reduce head count
in some parts of investment banking and investment management to
insure that we are appropriately sized given the current market
conditions," a spokesman for Barclays Capital, Simon Eaton, was
quoted by The International Herald Tribune as saying.

                        Capital Raising

BBC News recalls in November, Barclays shareholders voted
overwhelmingly in favor of a plan to raise GBP7 billion, mainly
from investors in the Middle East, instead of going to the UK
government for help.

According to BBC, the bank's shareholders decided against taking
money from the UK banking bail-out package because of the
stipulations attached, which would have included restrictions on
dividends, having government representatives on the board and a
requirement to put its UK interests ahead of those of the bank
overseas.

                       About Barclays PLC

Barclays PLC -- -- http://www.barclays.com/-- offers commercial
and investment banking, insurance, financial, asset management and
related services.

The Company's subsidiary, Barclays Bank plc, operates over 2,000
branches in the United Kingdom and around 900 branches overseas.


BRITANNIA BULK: Moody's Withdraws Junk Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Britannia
Bulk plc.  Moody's has withdrawn Britannia's ratings because the
issuer has been placed into administration under UK Insolvency
Law.

These ratings were withdrawn:

  -- Corporate family rating at Ca
  -- Probability of default rating at D

The last rating action on Britannia was on November 3, 2008, when
Moody's downgraded Britannia's Probability of Default Rating to D
from Ca, the Corporate Family Rating to Ca from Caa3.


EUROPA SOFABEDS: In Administration; 175 Jobs Axed
-------------------------------------------------
Newton Aycliffe-based Europa Sofabeds Ltd was placed into
administration on December  29, 2008.

A spokesperson for administrators Begbies Tranor said: "Europa
employed 180 people manufacturing and assembling sofa beds for
many high street retailers.  Over the past year the firm has been
hit by rising costs and the falling value of the pound.

"With many of its product components imported from the Euro zone
the recent changes in exchange rates have crippled the business.

"Unfortunately, despite a period of negotiation with key customers
we have been unable to negotiate terms that would allow Europa to
continue to trade and seek a buyer as a going concern.

"On the 7th January 2009 we were forced to make 175 staff
redundant including all the company's directors.  Five
administrative staff will remain in employment for the time being.

"The administrators will now concentrate on recovering the
significant sums outstanding from existing debtors, and selling
the firm's stock."


HERITABLE BANK: Ernst & Young Says 11% of Mortgage Book in Arrears
------------------------------------------------------------------
Catherine Couch at The Financial Times reports that Heritable Bank
had inherent problems before the collapse of the Icelandic banks
forced it into administration.

Citing a 201-page statement of affairs obtained by Financial
Adviser, the FT discloses administrators Ernst & Young found at
the end of September 2008 the bank had 11 per cent of its mortgage
book in arrears and was experiencing an increasing rate of
default.

According to the FT, buy-to-let, self-cert and status books were
found to be in 9 per cent, 5 per cent and 8 per cent in arrears
respectively.

The FT states the bank's residential mortgage book comprised of
GBP690 million worth of buy-to-let, regulated and unregulated
mortgages.

The bank, which employed 123 staff, was placed into administration
on Oct. 7 last year, following the collapse of parent company
Landsbanki, the FT recalls.

The FT relates that according to the statement produced by Ernst &
Young, at that time the bank operated a retail deposit book of
about GBP540 million, majority of which were buy-to-let mortgages,
with 94 per cent being repaid on an interest-only basis.

The statement said the bank's problems arose from operating in a
market that depended heavily on depositor and general market
confidence, the FT recounts.  The FT notes this was exacerbated by
the difficulties in the Icelandic economy.

Citing the administrator's notice of statement of affairs, the FT
reveals the bank owed GBP1 billion to unsecured creditors, GBP1.78
million in contingent or other liabilities and GBP86 million in
revolving credit loan.

The bank, the FT adds, also had deposits totaling GBP6.1 million
in HSBC, Barclays and the Bank of England cash ratio.

As reported in the TCR-Europe on Oct. 9, 2008,  the Financial
Services Authority determined that Heritable no longer meets its
threshold conditions.  The FSA concluded that the bank was in
default for the purposes of the Financial Services Compensation
Scheme.  The Treasury used the Banking (Special Provisions) Act
2008 to ensure a resolution that preserves financial stability and
provides protection and continuity of business for depositors.

The bank's retail deposit business was transferred to ING
Direct, a wholly owned subsidiary of ING Group, while the
remainder of its business was put into administration.

Heritable Bank is a UK-based banking subsidiary of Icelandic bank
Landsbanki Islands hf.


LAND OF LEATHER: Administrators Receive Expressions of Interest
---------------------------------------------------------------
James Hall at the Daily Telegraph reports that Land of Leather's
administrators have received a number of expressions of interest
from potential buyers.

The report says it is understood both trade buyers and private
equity companies have expressed interest in the furniture
retailer, which went into administration Monday, January 12.

According to the report, the retailer, which employs 1,060 people,
failed to secure emergency working capital facilities from banks.

The retailer, the report recounts, suspended its shares Monday
morning "pending clarification of the company's financial
position".

The report relates a spokesman for Land of Leather said the
retailer is debt free.

The report meanwhile adds the retailer's January sale had been
"very disappointing".  It is understood sales were down 40pc on
expectations, the report states.

As reported in the TCR-Europe on Jan. 13, 2009, Lee Manning and
Nick Edwards of Deloitte LLP, the business advisory firm, were
appointed as joint administrators to Land of Leather.

Land of Leather operates from 109 retail stores across the United
Kingdom and Ireland, and has a head office in Kent.  The
administrators noted 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.


MAJOR GROUP: Appoints Joint Administrators from KPMG
----------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed
joint administrators of Major Group Holdings Ltd. on Jan. 5, 2009.

The company can be reached through KPMG LLP at:

         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


MECOM GROUP: Sells German Unit to M.Dumont Schauberg for EUR152MM
-----------------------------------------------------------------
Ben Fenton at The Financial Times reports that Mecom Group plc has
sold its titles in Germany to Cologne-based M. DuMont Schauberg
for EUR152 million (US$204 million).

M. DuMont Schauberg, the report relates, bought the Berliner
Zeitung, Hamburger Morgenpost and several other titles from Mecom
on Monday.

The titles being sold contributed about EUR20 million of Mecom's
estimated EUR163 million of earnings before interest, tax,
depreciation and amortization last year, the report says.

The report relates that according to Simon Davies, a media analyst
at RBS, if Mecom realized a net GBP125 million (US$185 million)
from the sale of the German business, its net debt/ebitda ratio
would fall to just under the 3.5 times necessary to honor its bank
covenants, which will be applied at the end of February.

The report however notes that Mecom, which has a net debt of about
EUR650 million, is still at risk of breaching its covenants at the
end of June.

According to the Daily Telegraph, Mecom's debt pile dwarfs its
market capitalization of GBP17.3 million.

As reported in the the TCR-Europe on Jan. 2, 2009, the Daily
Telegraph in a Dec. 22 report said that Mecom's banks are
understood to have recently hired PricewaterhouseCoopers to
undertake an independent business review following mounting
concern about its high debt levels.

                      About Mecom Group plc

Headquartered in London, Mecom Group plc -- http://www.mecom.co.uk
-- is engaged in the acquisition and operation of newspaper
publishing and content businesses in Europe.  The company owns
over 300 titles in its five divisions, with operations in the
Netherlands, Denmark, Norway, Germany and Poland, together
publishing approximately 30 million copies a week.


MONEY PARTNERS: S&P Affirms Rating on Class B2 Notes at 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and lowered or affirmed its credit ratings on the junior
notes issued by Money Partners Securities 1 PLC, Money Partners
Securities 3 PLC, and Money Partners Securities 4 PLC.  All other
notes in these transactions have been affirmed.

The rating actions follow full credit and cash flow analyses using
the most recent transaction information that S&P has received.

The downgrades are due to deterioration in collateral performance
in recent quarters.

First, the collection rates of all three transactions have been on
downward trends, resulting in successive reserve fund draws on the
September and December payment dates.

Second, S&P has also carefully monitored losses from the
collateral pools.  Cumulative losses have increased significantly
since June, from 1.72% to 2.45% in MPS1, 0.79% to 1.50% in MPS3,
and 0.49% to 1.05% in MPS4.  Loss severities on each interest
payment date have continuously increased from June to
December, which are currently 32.3%, 43.7%, and 41.2% in MPS1,
MPS2, and MPS4, respectively.

Third, loans in arrears and foreclosures, which are an indication
of future losses, are high.  Total delinquencies in all three
transactions are higher than the average nonconforming residential
mortgage-backed securities index at the same IPD.  Loans in
foreclosures consist of 6.58%, 3.73%, and 3.30% of outstanding
loans in MPS1, MPS3, and MPS4 -- also higher than the index.

S&P expects these trends to be sustained since house prices are
likely to continue falling in the coming months and this will
place pressure on excess spread and loss severity, leading to the
possibility of further reserve fund draws and a decrease in credit
enhancement.

Our analysis using the most recent data shows that the junior
notes on which S&P has taken rating actions are particularly
susceptible to the weakening collateral performance.

S&P has not included Money Partners Securities 2 PLC in these
rating actions because S&P has just received the most recent data
and are currently reviewing the performance.

                           Ratings List

                  Money Partners Securities 1 PLC
         EUR255 Million, GBP199.8 Million, and US$60 Million
                Mortgage-Backed Floating-Rate Notes

      Ratings Removed From CreditWatch Negative And Affirmed

                               Rating
                               ------
           Class       To                 From
           -----       --                 ----
           B1          BBB                BBB/Watch Neg
           B2          BB+                BB+/Watch Neg

                         Ratings Affirmed

                               Rating
                               ------
                     To                 From
                     --                 ----
                     A2a                AAA
                     A2a DAC-10         AAA
                     A2b                AAA
                     A2b DAC-10         AAA
                     A2c                AAA
                     A2c DAC-10         AAA
                     M1                 AA+
                     M2a                A
                     M2b                A
                     MERCs              AAA

                  Money Partners Securities 3 PLC
      GBP382.95 Million, EUR298 Million, and US$50 Million
              Mortgage-Backed Floating-Rate Notes

Ratings Lowered And Removed From CreditWatch Negative

                               Rating
                               ------
           Class       To                 From
           -----       --                 ----
           B1a         BBB-               BBB/Watch Neg
           B1b         BBB-               BBB/Watch Neg
           B2a         B+                 BB/Watch Neg
           B2b         B+                 BB/Watch Neg

     Ratings Removed From CreditWatch Negative And Affirmed

                               Rating
                               ------
           Class       To                 From
           -----       --                 ----
           M2a         A-                 A-/Watch Neg
           M2b         A-                 A-/Watch Neg

          Ratings Affirmed

                              Rating
                              ------
                      To               From
                      --               ----
                      A2a              AAA
                      A2a DAC-11       AAA
                      A2b              AAA
                      A2b DAC-11       AAA
                      A2c              AAA
                      A2c DAC-11       AAA
                      M1a              AA
                      M1b              AA
                      MERCs            AAA

                  Money Partners Securities 4 PLC
      GBP351.75 Million and EUR388.95 Million Mortgage-Backed
                        Floating-Rate Notes

      Ratings Lowered And Removed From CreditWatch Negative

                               Rating
                               ------
           Class       To                 From
           -----       --                 ----
           B1a         BB+                BBB/Watch Neg
           B1b         BB+                BBB/Watch Neg
           B2          B                  BB/Watch Neg

      Ratings Removed From CreditWatch Negative And Affirmed

                               Rating
                               ------
           Class       To                 From
           -----       --                 ----
           M2a         A-                 A-/Watch Neg
           M2b         A-                 A-/Watch Neg

                         Ratings Affirmed

                              Rating
                              ------
                      To                 From
                      --                 ----
                      A1a                AAA
                      A1a DAC-12         AAA
                      A1b                AAA
                      A1b DAC-12         AAA
                      M1a                AA
                      M1b                AA
                      MERCs              AAA


NEW STAR: Gets Indicative Offers from Potential Buyers
------------------------------------------------------
New Star Asset Management confirmed that it has received
indicative offers to buy the company, which has a stock market
value of GBP7.9 million, Yvette Essen at The Daily Telegraph
reports citing The Sunday Telegraph.

The indicative offers, the report says, are believed to have been
north of GBP100 million.

New Star however did not reveal the names of the bidders, which
are understood to be working towards a speedy sale to help provide
investors with some relief and prevent the company from losing
more funds.

The report relates that according to the Sunday Telegraph,
possible buyers include Schroders, Henderson, Aberdeen Asset
Management, Threadneedle, Neptune Investment Management and
Hellman & Friedman.

The report discloses sources told the newspaper that investment
bank UBS, which has been charged with orchestrating a sale of New
Star, is hoping to announce a preferred bidder in the next few
weeks, although the company said in a statement on Monday there
was no certainty that the offers would lead to a sale.

The company said that in the meantime it was continuing to work on
implementing its restructuring, the report states.

On Dec. 12, 2008, the TCR-Europe, citing The Daily Telegraph,
reported that John Duffield, the chairman and the founder of New
Star, was forced to agree to a GBP240 million debt-for-equity swap
to prevent the company from collapse.

The report recalled the banks which negotiated the debt-for-equity
swap include HBOS, HSBC, Lloyds TSB, Royal Bank of Scotland, and
National Australia Bank.  Under the deal, the banks would
take a 75% stake in exchange for GBP240 million of the company's
GBP260 million debt.

On Dec. 4, 2008, the TCR-Europe reported that according to The
Daily Telegraph, New Star has more than GBP230 million worth of
debt on its balance sheet after a special dividend paid to
shareholders in 2007.  Its assets under management dropped from
GBP19.8 billion at the end of June, to around GBP13 billion amid
falling markets and a wave of redemptions by nervous investors,
the report added.

New Star Asset Management -- http://www.newstaram.com/-- is a UK
fund manager, offering a wide range of investment products for
retail and institutional investors


REDROW PLC: Forward Home Sales at End of Dec. 2008 Down by 40%
--------------------------------------------------------------
Redrow plc said its inventory of unsold Signature and Debut
properties has decreased by nearly 50% in the last six months to
just over 350 units.  The company completed 1,042 new homes in the
period (H1 07/08: 2,111) at an average selling price of
approximately GBP140,000 (H1 07/08: GBP162,700).

The 10% drop in selling price since June 2008 reflected the
significant pricing pressure experienced in the housing market
over the last twelve months, the company said in a statement
Wednesday.

Forward sales at the end of December 2008 decreased 40% to 1,000
homes compared to 1,694 homes at the end of December 2007 while
sales achieved in the first six months decreased 49% to 853 from
1,657 in the corresponding period last year.

Over the last six months, Redrow significantly reduced its
headcount and closed two of its offices.  Bloomberg News relates
Redrow slashed 500 jobs, or 40 percent of its workforce, and
scrapped the second-half dividend.

"Macro economic conditions will inevitably have a significant
impact on the sector.  The level of consumer confidence and the
condition of the lending markets lead us to conclude that the
trading environment will continue to be extremely difficult in
2009.  We have continued to experience pricing pressure which has
been evident in all the leading house price indices and we expect
pricing to remain uncertain in the coming months," the statement
said.

The company expects gross margins for the full year to be
adversely affected by approximately 5 percentage points as
compared with management's previous expectations.

The company's net debt at the end of December was under GBP270
million.

Since the period end, the company said it received GBP27.5 million
in corporation tax repayment, in addition to the GBP13.5 million
already received in the first half.  Accordingly, the company said
it is well placed to meet its debt target of under GBP225 million
at June 2009 with further reductions in debt anticipated in
2009/10.

Redrow will be releasing its interim results for the six months
ended December 31 , 2008 on February 24, 2009.

Redrow plc (LON:RDW) -- http://www.redrow.co.uk/-- is a United
Kingdom-based company engaged in residential and commercial
property development.  It operates in two business segments: home,
and mixed use and regeneration.  The company's products portfolio
in its home segment include Signature, which features one-bedroom
apartments to five-bedroom luxury houses; In the City, which
offers high specification apartment living, and Debut, which
ranges from one-bedroom apartments to two-storey homes.  In the
mixed use and regeneration segment, the company undertakes
projects that combine two or more types of development, such
residential, commercial (retail, office), leisure and/or
industrial, and provides concerted social, economic and physical
solutions for community benefits.  During the fiscal year ended
June 30, 2007, the company's land bank with planning comprised
17,700 plots, and it had a forward land bank of 24,400 plots.


ROYAL BANK: Norwich Ex-Head Mulls GBP7 Bln Bid for Insurance Units
------------------------------------------------------------------
The Scotsman reports that Patrick Snowball, the former head of
Norwich Union, is said to have teamed up with private equity firms
BC Partners and Apollo Management to launch a GBP7 billion bid for
Royal Bank of Scotland plc's insurance businesses, which include
household names like Direct Line and Churchill.

However, it is thought Stephen Hester, RBS's new chief executive,
favors retaining the insurance firms, the report notes.

The report discloses the bank's insurance units made almost GBP1
billion in pre-tax profits last year.

                    GBP20 Bil. Cash Injection

As reported in the Troubled Company Reporter-Europe on Oct. 15,
2008, Bloomberg News said RBS obtained a GBP20 billion (US$34
billion) lifeline from the British government in exchange for 60%
of the bank, subject to investors' agreement to purchase stock at
65.5 pence apiece.

However, according to the International Herald Tribune, the bank's
investors shunned the lender's share sale resulting in the British
government taking majority control.

IHT said investors only signed up for 0.24 percent of the shares,
and the government had to take up the rest, leaving it with a 57.9
percent stake in RBS.

The government also agreed to buy a separate block of preferred
shares bringing its investment in RBS to about GBP20 billion, or
US$31 billion, IHT disclosed.

IHT recalled investors balked at buying RBS shares after they
dropped below the share issue offer price of 65.5 pence a share
this month.  Before that, IHT said some investors considered
buying the shares to avoid the government taking a stake in the
bank because it meant RBS would be constrained by strict limits on
dividend and bonus payments.  But they failed to do so when it
became less expensive to buy the shares on the open market than
through the share issue, the same report noted.

                  About Royal Bank of Scotland

Headquartered in Edinburgh, Scotland, The Royal Bank of Scotland
Group plc (RBS) -- http://www.rbs.com/-- is a holding company of
The Royal Bank of Scotland plc (Royal Bank) and National
Westminster Bank Plc (NatWest), which are United Kingdom-based
clearing banks.  The Company's activities are organized in six
business divisions: Corporate Markets (comprising Global Banking
and Markets and United Kingdom Corporate Banking), Retail Markets
(comprising Retail and Wealth Management), Ulster Bank, Citizens,
RBS Insurance and Manufacturing.  On Oct. 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


SANDRINGHAM HOTEL: In Administration; Smith & Williamson Appointed
------------------------------------------------------------------
Smith & Williamson has been appointed the administrator of a
landmark budget hotel in Portsmouth after it ran into financial
difficulties.

The 53-bedroom Sandringham Hotel, Southsea, on the edge of
Southsea Common and overlooking the Solent and Isle of Wight, was
marketed on its website as "offering the best-value rooms in
Portsmouth and Southsea".

Greg Palfrey, joint administrator with accountancy group Smith &
Williamson, is currently exploring options to see what value can
be maximized for the benefit of the creditors.

In a statement, he said: "We have been appointed after the trading
position of the Sandringham Hotel in Southsea became untenable.

"The hotel was operated by a Southsea-registered firm, Beacon
Commercial Limited.

"One of the options we will be exploring is whether this hotel
would realize more capital for creditors through redevelopment.
The site already holds planning consents for redevelopment.

"There may well be a number of developers who have the investment
and vision to turn the property into apartments or studios.

"I'm confident there will be interest in that option, despite the
current state of the housing market."

Mr. Palfrey, based at the south coast office of Smith & Williamson
in Southampton, is working jointly on the case with James Money
from the London office.

Prices at the Sandringham Hotel started from GBP20 for a single
room, with family rooms at up to GBP75, and offered long-stay
discounts to contractors.


SOLA WETSUITS: Goes Into Creditors Voluntary Liquidation
---------------------------------------------------------
Ian Walker, Regional Managing Partner of insolvency, business
rescue and restructuring specialists Begbies Traynor was appointed
as liquidator to Saltash-based Sola Wetsuits and Leisurewear Ltd
at a creditors' meeting this week.

Sola, which imported wet suits and accessories for distribution
through surf shops in the UK and Europe, ceased trading on
December 4 with the loss of nine jobs.  The directors stated that
Sola's difficulties had arisen from a combination of a succession
of poor summers, increased competition from supermarkets and
Europe, and the worsening global economic situation which lead to
the withdrawing of an overdraft facility at the same time as a
major American customer defaulted on a large debt.

Every available action had been taken to try and avoid company
failure, including the sale of the Sola Sports brand and stock to
a new company, Sola Sports Ltd, who are continuing to distribute,
but in the end the directors were left with no alternative but to
apply for creditors voluntary liquidation of the remaining
wetsuits and leisurewear side of the operations.


STARS SPORT: Appoints Joint Liquidators from PKF
------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (UK) LLP were appointed
joint liquidators of Stars Sport & Leisure Ltd. on Dec. 23, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Stars Sport & Leisure Ltd.
         Unit 1D
         Rossett Business Village
         Rossett
         Wrexham
         England


THOMPSON TECHNIK: Goes Into Administration; 100 Jobs at Risk
------------------------------------------------------------
Gareth Evans at WalesOnline.co.uk reports that Pontycymer-based
Thompson Technik, part of Thompson Plastics Group, has gone into
administration, putting 100 jobs at risk.

The group, the report discloses, employs 460 people across the UK,
at Thompson Plastics in Hull and Plastics in Manchester.

The report relates that according to Charles Escott, of
administrator PKF, "These sites saw sales reduce significantly
last year as the caravan, automotive and construction industries,
their key markets, all suffered.

"Orders were down 30% and there was also a growing burden of bad
debt," Mr. Escott was quoted by the report as saying.

On Jan. 9, 2009, the TCR-Europe, citing
thisishullandeastriding.co.uk, reported that Thompson Plastics
(Hull) Ltd went into administration along with its sister company
Plastics (Manchester) Ltd on December 22.


WIREWORKS LTD: Names Joint Liquidators from Tenon Recovery
----------------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of Tenon
Recovery, were appointed joint liquidators of Wireworks Ltd. on
Dec. 23, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


* UK: Aon Says 4 in 5 Suppliers Face Pre-Pack Insolvency Debt
-------------------------------------------------------------
Four in five UK suppliers may have to write off unpaid debt due to
ineffectual new rules for pre-pack insolvency arrangements – where
a buyer is lined up before an insolvency technically occurs and
without creditor agreement.  Aon, the UK's largest credit
insurance broker, is calling for change in government legislation
to give unpaid suppliers the opportunity to seek recourse before
the pre-pack deal is done.

Currently, there is no legal obligation for administrators of pre-
packs to involve suppliers to the failed business in creditors
meetings – despite representing a significant percentage of the
failed business' liabilities.  January's new Statement of
Insolvency Practice 16 ("SIP 16") rules seek to promote
transparency by requiring administrators to divulge full details
of the pre-pack to all creditors, but this is unlikely to happen
before the insolvency has taken place.

With the Insolvency Service forecasting at least 100 pre-pack
administrations every month, Aon is calling for a review of the
controversial insolvency legislation to give creditors a greater
say.  This includes:

    * advising the Insolvency Service of areas of concern with the
      pre-pack process on an ongoing basis;

    * focusing the campaign on specific sectors;

    * working with its partners, including the credit insurers and
      insolvency practitioners, to establish a uniform stance on
      pre-packs.

The estimated 20% of UK companies with credit insurance, which
pays out in the event of bad debt from an insolvency, will be able
to claim and recoup their losses from pre-pack arrangements.
Going forward, credit insurers will scrutinize pre-pack
arrangements closely and could be reluctant to cover businesses
that have the same management as the old company.

James Bowker, director at Aon Trade Credit, commented: "The new
insolvency rules don't go far enough and legislation must be
reviewed to support the UK supplier.  Often the first knowledge
the supplier has of the pre-pack is when the new owners contact
them to discuss new supply arrangements – the ultimate indignity
being that there is no recourse to the new company in respect of
debt attaching to the old company."


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


* S&P Takes Rating Actions on 364 European Synthetic CDO Tranches
-----------------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings Services
took CreditWatch actions on 364 European synthetic collateralized
debt obligation tranches.

Specifically, ratings on:

   -— 262 tranches were placed on CreditWatch negative.

   —- 102 tranches were removed from CreditWatch negative and
      affirmed.

Of the 262 tranches placed on CreditWatch negative:

   —- 25 reference U.S. residential mortgage-backed securities
     and U.S. CDOs that are exposed to U.S. RMBS, which have
     experienced recent negative rating actions.

   -— 237 have experienced corporate downgrades in their
      portfolios.

For this month's run, S&P has incorporated the new correlation
assumptions for CDOs that have exposure to:

   —- Financial intermediaries; and

   —- Real estate investment trusts and real estate operating
      companies.

The rating actions also include these assumed recovery valuations:

   —- 91.51% for senior Fannie Mae debt and 99.90% for
      subordinated debt;

   —- 94% for senior Freddie Mac debt and 98% for subordinated
      debt;

   —- 8.625% for Lehman Brothers Inc. debt;

   —- 57% for Washington Mutual Inc. debt;

   —- 1.25% for senior Landsbanki Islands debt and 0.125% for
      subordinated debt;

   —- 3% for senior Glitnir debt and 0.1250% for subordinated
      debt;

   —- 6.625% for senior Kaupthing debt and 2.375% for subordinated
      debt; and

   —- 1.5% for Tribune Co. debt.

This table provides a summary of the CreditWatch actions S&P has
taken on European synthetic CDO tranches since June 16, 2008.

CreditWatch Summary

             Watch Neg  Watch Pos  Key corporate
             (no. of    (no. of    downgrades*
             tranches)  tranches)
             ---------  ---------  --------------
     Jul—08    59         27       Radian Asset Assurance Inc.
                                   (AA/Watch Neg to A/Watch Neg)
                                   June 16, 2008

                                   Countrywide Home Loans, Inc.
                                   (BB+/Watch Dev to AA/Negative)
                                   July 1, 2008

     Aug—08    72         27       Residential Capital, LLC
                                   (SD to CCC+/Negative)
                                   July 15, 2008

                                   Louisiana-Pacific Corp.
                                   (BBB-/Negative to
                                   BB+/Watch Neg)
                                   July 29, 2008

     Sept-08  111          0       Radian Group Inc.
                                   (BBB/Watch Neg to BB+)
                                   Aug. 26, 2008

                                   PMI Group Inc.
                                   (BBB+ to BBB-/Watch Neg)
                                   Aug. 26, 2008

     Oct-08   166          0       Lehman Brothers Inc.
                                   (A+/Negative to A+/Watch Neg)
                                   Sept. 9, 2008
                                   (A+/Watch Neg to BB-/Watch Dev)
                                   Sept. 15, 2008
                                   (BB-/Watch Dev to D)
                                   Sept. 23, 2008

                                   Washington Mutual, Inc.
                                   (BBB-/Negative to BB-/Negative)
                                   Sept. 15, 2008
                                   (BB-/Negative to CCC/Negative)
                                   Sept. 24, 2008
                                   (CCC/Negative to D)
                                   Sept. 26, 2008

                                    American Int'l Group Inc.
                                   (AA-/Watch Neg to A-/Watch Neg)
                                   Sept. 15, 2008

     Nov-08   300          0       Fortis N.V.
                                   (A-/Developing to
                                   BBB-/Watch Neg)
                                   Oct. 6, 2008

                                   Glitnir Bank
                                   (CCC/Watch Neg to D)
                                   Oct. 9, 2008

     Dec—08   203          0       Residential Capital, LLC
                                   (CCC+/Negative to CC/Watch Neg)
                                   Nov. 20, 2008

                                   Fin'l Guaranty Insurance Co.
                                   (BB/Watch Neg to CCC/Negative)
                                   Nov. 24, 2008

     Jan—09   364          0       Citigroup Inc.
                                   (AA-/Watch Neg to A/Stable)
                                   Dec. 19, 2008

                                   Morgan Stanley
                                   (A+/Negative to A/Negative)
                                   Dec. 19, 2008

* Those corporate names that have experienced a significant notch
downgrade or upgrade as well as being widely referenced within
European Synthetic CDOs.

The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the December month-end run.  S&P will
publish these SROC figures in the SROC report covering December
2008, which is imminent.  The Global SROC Report provides SROC and
other performance metrics on over 3,500 individual CDO tranches.

Following publication of the latest SROC report, S&P will conduct
a full review of the affected tranches, and publish the
appropriate actions in S&P's January rating action media release.
All other tranches in the transactions listed are unaffected by
these rating actions.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *