TCREUR_Public/090116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, January 16, 2009, Vol. 10, No. 11

                            Headlines

A U S T R I A

ERGEE HOLDING: Claims Registration Period Ends January 26
FLEX.MEDIA WERBE: Claims Registration Period Ends January 21
INTER BAU: Claims Registration Period Ends January 20
LANDHAUSSTUEBERL LLC: Claims Registration Period Ends Jan. 20
STUETZ WALCHSHOFER: Claims Registration Period Ends Jan. 26

TRANSPAK LOGISTICS: Claims Registration Period Ends January 20
TREX TRANSPORTEXPRESS: Claims Registration Period Ends Jan. 27
VERONIKA LLC: Claims Registration Period Ends January 23


F R A N C E

NORTEL NETWORKS: To Seek Creditor Protection in Europe


G E R M A N Y

BENQ MOBILE: Increased Claim Legally Groundless, Qisda Says
DOCUMENT SERVICES: Claims Registration Period Ends February 4
EICHHOFF GMBH: Claims Registration Period Ends January 26
HAUSGERATE-KUNDENDIENST GMBH: Claims Registration Ends Jan. 23
HEIDELBERGCEMENT AG: Mulls Asset Sale, Hires Advisor

KRAEUTERHOF VERWALTUNGSGESELLSCHAFT: Claims Period Ends Jan. 27
MAXFABER GMBH: Claims Registration Period Ends February 1
MSR FLUG-CHARTER: Claims Registration Period Ends February 11


I R E L A N D

HOLM CAPITAL: Moody's Junks Rating on EUR174 Mln Notes from 'A1'


K A Z A K H S T A N

AVAN LLP: Proof of Claim Deadline Slated for February 19
BEK-NUR LLP: Creditors Must File Claims by February 25
GAMMA-GROUP LLP: Claims Filing Period Ends February 24
GENEZIS LLP: Creditors' Claims Due on February 24
JAZIRA LLP: Claims Registration Ends February 19

MI & A LTD: Proof of Claim Deadline Slated for February 20
SELIM LLP: Creditors Must File Claims by February 19
STROY VIRTUOZ: Claims Filing Period Ends February 25
TAIPAN-5 LLP: Creditors' Claims Due on February 19
TRISTAN OIL: Fitch Puts 'B+' Issuer Rating on Negative Watch

VENTURA-AN LLP: Claims Registration Ends February 25


K Y R G Y Z S T A N

TRANSPORTATION LLC: Creditors Must File Claims by February 19


N E T H E R L A N D S

AVENS BV: Moody's Downgrades Rating on EUR938.3 Mil. Notes to 'C'


R U S S I A

CBED BANK: Fitch Assigns 'E' Individual Rating
VTB BANK: 2008 Net Profit Up 44.4%


S W E D E N

CONCORDIA BUS: Moody's Affirms 'B3' Corporate Family Ratings


S W I T Z E R L A N D

ANTIBIOTICS BULK: Creditors Must File Proofs of Claim by Jan. 23
CASAMED JSC: Deadline to File Proofs of Claim Set Jan. 29
KELLER & FISCHBACHER: Jan. 22 Set as Deadline to File Claims
LACI TRANS: Proofs of Claim Filing Deadline is January 22
MIDAS TM: Creditors' Proofs of Claim Due by January 23

OZAN LLC: January 28 Set as Deadline to File Claims
STUDY LINK: Creditors Must File Proofs of Claim by January 29
ZUM CONDOR: Deadline to File Proofs of Claim Set January 30


T U R K E Y

* TURKEY: Fitch Affirms Issuer Default Rating at 'BB-'


U K R A I N E

ALLIANCE-GROUP LLC: Creditors Must File Claims by January 18
AVAN T LLC: Creditors Must File Claims by January 18
ILCOM LLC: Creditors Must File Claims by January 18
NIKOLAYEV ROOF: Creditors Must File Claims by January 18
PHARMA PLUS: Creditors Must File Claims by January 18

REAL INVEST: Creditors Must File Claims by January 18
TECHNOEXPODEVICE LLC: Creditors Must File Claims by Jan. 18
UKRNAFTOGAZ LTD: Creditors Must File Claims by January 18


U N I T E D   K I N G D O M

ATRIUM EUROPEAN: S&P Puts 'BB+' Corp. Credit Rating on WatchNeg.
BADGEWORTH LTD: Names Joint Administrators from Tenon Recovery
BARCLAYS PLC: Mulls 2,000 Job Cuts at Three Units
BERNARD L. MADOFF: HSBC and UBS Linked to US$3.2BB Madoff Losses
EUROPEAN PRIME: Fitch Affirms 'BB' Rating on Class D Notes

F.T.B. NORTHERN: Taps Joint Administrators from BDO Stoy
FLEETWOOD CARAVANS: Appoints Joint Liquidators from KPMG LLP
H20 ENTERTAINMENT: Appoints Joint Administrators from Tenon
JJB SPORTS: FSA Launches Probes Into Share Disposals
MCLEISH BROTHERS: Gets 20 Inquiries from Potential Buyers

NEWGATEFUNDING PLC: S&P Downgrades Ratings on Four Notes to Low-B
PUNCH TAVERNS: Could Breach Covenants, Analysts Warn
SANDSTONE TRADING: Calls In Joint Liquidators from KPMG
TATA MOTORS: Jaguar Land Rover to Cut 450 Jobs
ULMKE METALS: Appoints Joint Administrators from BDO Stoy

VITESSE PRINT: To Go Into Liquidation
ZAVVI UK: Closes 18 Stores; 353 Jobs Affected
ZAVVI UK: HMV Group to Acquire 14 Stores

* BOOK REVIEW: Bankr. Investing: How to Profit from Distressed Cos


                         *********


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


ERGEE HOLDING: Claims Registration Period Ends January 26
---------------------------------------------------------
Creditors owed money by LLC Ergee Holding (FN 247251f) have until
Jan. 26, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Alois Autherith
         Utzstrasse 13
         3500 Krems
         Austria
         Tel: 02732/83485
         Fax: 02732/83485-10
         E-mail: office@autham.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on Feb. 11, 2009, for the
examination of claims at:

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

Headquartered in Schrems, Austria, the Debtor declared bankruptcy
on Dec. 10, 2008, (Bankr. Case No. 9 S 66/08s).


FLEX.MEDIA WERBE: Claims Registration Period Ends January 21
------------------------------------------------------------
Creditors owed money by LLC flex.media Werbe (FN 197603v) have
until Jan. 21, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Raoul Gregor Wagner
         Rathausstrasse 15/4
         1010 Wien
         Austria
         Tel: 405 33 82
         Fax: 408 84 67
         E-mail: office@hopmeier.at

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

         Trade Court of Vienna
         Room 1606
         Vienna
         Switzerland

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 5, 2008, (Bankr. Case No. 4 S 186/08t).


INTER BAU: Claims Registration Period Ends January 20
-----------------------------------------------------
Creditors owed money by LLC Inter Bau (FN 209311k) have until
Jan. 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Wolfgang Dlaska
         Joanneumring 11/4
         8010 Graz
         Austria
         Tel: 0316/82 55 80
         Fax: 0316/82 55 80 - 10
         E-mail: office@dlaska.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Jan. 28, 2009, for the
examination of claims at:

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Hart bei Graz, Austria, the Debtor declared
bankruptcy on Dec. 9, 2008, (Bankr. Case No. 26 S 150/08s).


LANDHAUSSTUEBERL LLC: Claims Registration Period Ends Jan. 20
-------------------------------------------------------------
Creditors owed money by LLC Landhausstueberl (FN 263713p) have
until Jan. 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Volker Leitner
         Wiener Strasse 3
         3100 St. Poelten
         Austria
         Tel: 02742/35 43 55
         Fax: 02742/35 14 35
         E-mail: office@gpls.at

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

         Land Court of St. Poelten
         Room 216
         St. Poelten
         Switzerland

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Dec. 11, 2008, (Bankr. Case No. 14 S 200/08i).


STUETZ WALCHSHOFER: Claims Registration Period Ends Jan. 26
-----------------------------------------------------------
Creditors owed money by LLC Stuetz Walchshofer (FN 88519a) have
until Jan. 26, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Martin Wakolbinger
         City Tower
         2nd. Floor
         Lastenstrasse 36
         4020 Linz
         Austria
         Tel: 0732/774674
         Fax: 0732/774674-33
         E-mail: office@whtp.at

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

         Land Court of Linz
         Room 522
         Linz
         Switzerland

The Debtor declared bankruptcy on Dec. 10, 2008, (Bankr. Case No.
12 S 105/08).


TRANSPAK LOGISTICS: Claims Registration Period Ends January 20
--------------------------------------------------------------
Creditors owed money by Transpak Logistics Limited have until
Jan. 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Wien
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on Feb. 3, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1607
         Vienna
         Switzerland

The Debtor declared bankruptcy on Dec. 5, 2008, (Bankr. Case No.
28 S 158/08a).


TREX TRANSPORTEXPRESS: Claims Registration Period Ends Jan. 27
--------------------------------------------------------------
Creditors owed money by LLC TrEX Transportexpress (FN 226342g)
have until Jan. 27, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Katharina Twaroch-Nowak
         Gusshausstrasse 23
         1040 Wien
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei.twaroch@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Feb. 10, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1607
         Vienna
         Switzerland

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 10, 2008, (Bankr. Case No. 28 S 163/08m).


VERONIKA LLC: Claims Registration Period Ends January 23
--------------------------------------------------------
Creditors owed money by LLC Veronika (FN 302552f) have until
Jan. 23, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Philipp Dobner
         Mariahilfer Strasse 50
         1070 Wien
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: dobner@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Feb. 6, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1607
         Vienna
         Switzerland

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 9, 2008, (Bankr. Case No. 28 S 162/08i).


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


NORTEL NETWORKS: To Seek Creditor Protection in Europe
------------------------------------------------------
Nortel Networks Corporation said that following it and its units'
decision to seek creditor protection under the Companies'
Creditors Arrangement Act in Canada, and Chapter 11 of the
Bankruptcy Code in the U.S., its units located in the Europe,
Middle East and Africa area will seek consequential filings in
Europe.

According to John Doolittle, vice president of Nortel, the
majority of the EMEA Entities are subsidiaries of Nortel Networks
UK Limited, with the exception of (a) Nortel Networks SA -- NN
France -- which is jointly owned by NNL and Nortel International
Finance & Holding BV, and Nortel Networks France SAS, which is a
subsidiary of NN France; and (b) Nortel Networks (Ireland)
Limited, which is a wholly owned subsidiary of NNL for fiscal
reasons.  NN UK is the largest business of the EMEA Entities and
is the headquarters for the EMEA region.

In a Jan. 14 news release, the company said that it commenced a
process to turn around and transform Nortel in late 2005, and the
company made important progress on a number of fronts.  However,
the global financial crisis and recession have compounded Nortel's
financial challenges and directly impacted its ability to complete
this transformation.  Nortel said it is taking this action now,
with a US$2.4 billion cash position, to preserve its liquidity and
fund operations during the restructuring process.  Nortel has
concluded that, in the absence of seeking creditor protection, in
later portions of this year there is a significant risk it would
have insufficient cash resources on a regional basis and would
likely be unable to remedy this deficit position through third-
party financing.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Bankruptcy Creditors' Service, Inc., is publishing Nortel Networks
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)


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


BENQ MOBILE: Increased Claim Legally Groundless, Qisda Says
-----------------------------------------------------------
Steve Shen at DIGITIMES reports that Qisda, formerly BenQ Corp.,
said in a filing with the Taiwan Stock Exchange that the request
of Martin Prager, the insolvency administrator of BenQ Corp.'s
former Munich-based subsidiary BenQ Mobile GmbH & Co., to increase
the amount of a claim from EUR68.9 million to EUR253 million is
legally groundless.

According to the report, Qisda is delegating the litigation issue
to its lawyers in Germany.

The report relates that Qisda has found that the increased claim
should have originated from BenQ Mobile's payments appropriated to
some of the subsidiaries of BenQ Mobile Holding B.V., a former
wholly-own subsidiary of BenQ, in 2006 as account payable, and
that the payments were not related to BenQ Mobile's payments to
Qisda.

As reported in the TCR-Europe, BenQ Mobile GmbH & Co. filed for
insolvency in Munich on Sept. 29, 2006, after BenQ Corp.'s board
decided to discontinue capital injection into the mobile unit in
order to stem unsustainable losses.  The collapse follows a year
after Siemens sold the company to Taiwanese technology group BenQ.


DOCUMENT SERVICES: Claims Registration Period Ends February 4
-------------------------------------------------------------
Creditors of Document Services GmbH have until Feb. 4, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.308
         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:

         Martin Wiedemann
         O 3, 11 + 12
         68165 Mannheim
         Germany
         Tel: 0621-5339220
         Fax: 0621-53392222

The District Court opened bankruptcy proceedings against the
company on Jan. 9, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Document Services GmbH
         Attn: Marc Goeke, Manager
         Diamantstrasse 5-7
         65468 Trebur
         Germany


EICHHOFF GMBH: Claims Registration Period Ends January 26
---------------------------------------------------------
Creditors of Eichhoff GmbH have until Jan. 26, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 405
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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:

         Bernd Reuss
         Mainzer-Tor-Anlage 33
         D 61169 Friedberg
         Germany
         Tel: 06031/797-0
         Fax: 06031/797100

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:

         Eichhoff GmbH
         Attn: Thomas Westphal, Manager
         Heidgraben 4
         36110 Schlitz
         Germany


HAUSGERATE-KUNDENDIENST GMBH: Claims Registration Ends Jan. 23
--------------------------------------------------------------
Creditors of HGK Hausgerate-Kundendienst GmbH have until Jan. 23,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 13, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Koblenz
         Hall 123
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         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:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261/ 304 - 790
         Fax: 0261/ 911 - 4729
         E-mail: info@lieser-rechtsanwaelte.de
         Website: http://www.lieser-rechtsanwaelte.de

The District Court opened bankruptcy proceedings against the
company on Dec. 29, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         HGK Hausgerate-Kundendienst GmbH
         Carl-Spaeter-Str. 2 a
         56070 Koblenz
         Germany

         Attn: Juergen Karbach, Manager
         Am Keverbach 11
         56330 Kobern-Gondorf
         Germany


HEIDELBERGCEMENT AG: Mulls Asset Sale, Hires Advisor
----------------------------------------------------
HeidelbergCement AG has engaged Morgan Stanley as financial
advisor for the disposal of its non-strategic assets.

The process is independent of the financial situation at company
shareholder VEM Vermoegensverwaltung GmbH, the cement maker noted
in a statement Tuesday.

News of the possible asset sale sent HeidelbergCement's shares
down by as much as 13 percent in Frankfurt trading on Jan. 14,
Bloomberg News reports.  The company lost EUR5.02, or 15 percent,
the biggest drop since Nov. 17, the report says.

Bloomberg News relates the German company, whose shares have
dropped 68 percent in the past 12 months, has EUR5.6 billion
(US$7.4 billion) in bonds and loans coming due in 2010, mostly
stemming from the purchase of Britain's Hanson Plc in the
industry's biggest-ever takeover.

In its statement, HeidelbergCement said it aims to extend the
maturities of its bank financing.  The company said it also
expects to benefit from the various stimulus packages around the
globe and resulting infrastructure spending despite the current
global financial and economic crisis.

                     About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI)  --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials.  The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in in the provision of such products as ready-mixed
concrete, as well as concrete products and elements.  It divides
its activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products.  Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others.  In 2007, the
Company took over Hanson Group.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 13,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on HeidelbergCement AG to 'B+' from 'BB-'.
At the same time, S&P affirmed the 'B' short-term rating.  All the
ratings remain on CreditWatch with negative implications, where
they had been initially placed on Oct. 24, 2008.

As reported in the Troubled Company Reporter-Europe on Dec. 9,
2008, Fitch Ratings downgraded HeidelbergCement AG's Long-term
Issuer Default and senior unsecured ratings to 'BB-' (BB minus)
from 'BB+' and placed the ratings on Rating Watch Negative.  The
Short-term IDR was affirmed at 'B'.

As reported in the Troubled Company Reporter-Europe on Dec. 5,
2008, Moody's Investors Service downgraded HeidelbergCement's
corporate family and debt issuance ratings to Ba3 from Ba1.  The
outlook on the ratings is negative.


KRAEUTERHOF VERWALTUNGSGESELLSCHAFT: Claims Period Ends Jan. 27
---------------------------------------------------------------
Creditors of Kraeuterhof Verwaltungsgesellschaft mbH 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 Feb. 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 Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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 Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         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:

         Kraeuterhof Verwaltungsgesellschaft mbH
         Attn: Bernd Wagner, Manager
         Am Kraeuterhof 8
         45699 Herten
         Germany


MAXFABER GMBH: Claims Registration Period Ends February 1
---------------------------------------------------------
Creditors of Maxfaber GmbH have until Feb. 1, 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 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 Chemnitz
         Insolvency Tribunal
         Hall 3.011
         Fuerstenstr. 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Hauser
         Poetenweg 36
         08056 Zwickau
         Germany
         Tel: 0375/273660
         Fax: 0375/2736613

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:

         Maxfaber GmbH
         Attn: Davide Antoniolli, Manager
         Leerser Strasse 2
         08209 Auerbach
         Germany


MSR FLUG-CHARTER: Claims Registration Period Ends February 11
--------------------------------------------------------------
Creditors of MSR Flug-Charter GmbH have until Feb. 11, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         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. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany
         Tel: 05246/9275-0
         Fax: +495246927511

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:

         MSR Flug-Charter GmbH
         Huettruper Heide 71-81
         48268 Greven
         Germany

         Attn: Heiner Schulte, Manager
         Ostbeverner Damm 11
         49536 Lienen
         Germany


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I R E L A N D
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HOLM CAPITAL: Moody's Junks Rating on EUR174 Mln Notes from 'A1'
----------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further possible downgrade its rating of one class of notes issued
by Holm Capital Limited.

The transaction is a repack of a pool of 51 assets with a total
return swap with Glitnir Banki hf, currently rated Caa2 under
review for possible downgrade/Not-Prime.

The rating action is primarily due to the exposure of this
transaction to the credit risk of the Swap Counterparty due to a
breach of the swap counterparty downgrade triggers and no action
being taken to remedy this breach.  Pursuant to the conditions of
the notes, the Swap Counterparty must take certain actions at the
loss of A3 and Baa1 rating levels.  Failure to post collateral and
novate or find a guarantor for the swap within the timeframe
specified qualifies as an additional termination event under the
swap.

There has been some deterioration in the underlying pool of assets
however this is negligible compared to the credit risk of the Swap
Counterparty.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for repackaged securities as described in Moody's Special Reports
below:

  -- Repackaged Securities (October 2001)

  -- Moody's Refines It's Approach to Rating Structured Notes
    (July 1997)

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

The rating action is:

Holm Capital Limited:

(1) Series 2008-1 EUR174,000,000 Floating Rate Notes due 2066

  -- Current Rating: Caa2 on review for possible downgrade
  -- Prior Rating: A1 on review for possible downgrade
  -- Prior Rating Date: October 7, 2008, A1 placed under
     review for possible downgrade


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


AVAN LLP: Proof of Claim Deadline Slated for February 19
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Avan insolvent.

Creditors have until Feb. 19, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 20-31-32


BEK-NUR LLP: Creditors Must File Claims by February 25
------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Bek-Nur insolvent.

Creditors have until Feb. 25, 2009, to submit written proofs of
claim to:

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


GAMMA-GROUP LLP: Claims Filing Period Ends February 24
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Gamma-Group 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


GENEZIS LLP: Creditors' Claims Due on February 24
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Firm Genezis 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


JAZIRA LLP: Claims Registration Ends February 19
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Trade House Jazira insolvent.

Creditors have until Feb. 19, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 20-31-32


MI & A LTD: Proof of Claim Deadline Slated for February 20
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP MI & A Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 204
         Mametova Str. 76
         Almaty


SELIM LLP: Creditors Must File Claims by February 19
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Selim insolvent.

Creditors have until Feb. 19, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kyrgyzstan


STROY VIRTUOZ: Claims Filing Period Ends February 25
----------------------------------------------------
LLP Construction Company Stroy Virtuoz has declared insolvency.
Creditors have until Feb. 25, 2009, to submit written proofs of
claim to:

         LLP Construction Company Stroy Virtuoz
         Avtomobilistov Str. 145
         Uralsk
         West Kazakhstan
         Kazakhstan


TAIPAN-5 LLP: Creditors' Claims Due on February 19
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Taipan-5 insolvent.

Creditors have until Feb. 19, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


TRISTAN OIL: Fitch Puts 'B+' Issuer Rating on Negative Watch
------------------------------------------------------------
Fitch Ratings has placed Tristan Oil Ltd.'s Long-term foreign
currency Issuer Default Rating and senior unsecured rating of 'B+'
on Rating Watch Negative.  Tristan's Recovery rating is 'RR4'.

The RWN reflects Fitch's concern of a potential negative impact
relating to the latest actions of the Kazakh authorities on
Tristan's financial standing and business prospects.  The Ministry
of Energy and Mineral Resources of Kazakhstan canceled a
previously issued waiver of the state's pre-emptive rights in
respect to one of the two operating companies of Tristan -
Tolkynneftegaz LLP (accounting for about 69% of the group's 9M08
revenue and 77% of operating profit) - which may result in a
revocation of TNG's subsoil use contract.  Furthermore, the other
operating company of the group - Kazpolmunay LLP (KPM) - is
subject to a criminal investigation.

Fitch believes that a negative resolution of either of the
authorities' actions will have a significant negative impact on
Tristan's operational and financial profile, and is thus likely to
result in a multi-notch rating downgrade.  Although TNG is the
larger of the two operating companies, Fitch believes that the
group does not have sufficient financial cushion to service its
debt (two eurobond issues totaling US$420 million due in 2012) and
cover capex needs in case of a detachment of either of the
companies.   TNG must submit all the necessary documents to MEMR
by January 23, 2009.  In order to resolve the RWNs, Fitch will
closely monitor the implications of the above-mentioned actions,
including their immediate impact on Tristan's oil and gas
production, and the decisions of the Kazakh authorities and their
impact on the group's credit metrics.

Fitch affirmed Tristan's ratings and maintained a Negative Outlook
on its Long-term foreign currency IDR in November 2008, which
reflected the agency's concern that Tristan's intensive capex
requirements, coupled with its exposure to volatile oil and gas
prices, could put pressure on the company's credit metrics,
especially if it pursues a more aggressive financial policy.
Tristan operates on a small scale with oil and gas output of
31.5Kboepd in 2007 (about 8% of KazMunaiGaz National Company's (NC
KMG; 'BBB-'(BBB minus)/Negative) 2007 oil and gas production).
After an increase of the gas production at TNG, Tristan doubled
its output to 54.9Kboepd in H108 (about 15% of NC KMG's 2007
production).  In 2006, Tristan issued notes due in 2012 and
provided a loan to two operating companies involved in oil and gas
exploration and production in western Kazakhstan, KPM and TNG.
All three entities, Tristan, KPM, and TNG, are 100%-owned,
directly or indirectly, by Anatolie Stati, a Moldovan
entrepreneur.


VENTURA-AN LLP: Claims Registration Ends February 25
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Ventura-An insolvent.

Creditors have until Feb. 25, 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
===================


TRANSPORTATION LLC: Creditors Must File Claims by February 19
-------------------------------------------------------------
LLC Transport Company Transportation has declared insolvency.
Creditors have until Feb. 19, 2009, to submit proofs of claim.

The company can be reached at:  (+996 312) 61-27-35


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


AVENS BV: Moody's Downgrades Rating on EUR938.3 Mil. Notes to 'C'
-----------------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of notes issued by Avens B.V.

The transaction is a repack of a pool of nine ISK denominated
bonds with Landsbanki Islands hf, as the swap counterparty.

Following Landsbanki Islands hf, failing to meet it's obligation
to make payment under the swap the Issuer was unable to make
payment of the interest amount due on the December 15 2008.
Pursuant to the conditions of the notes a failure to pay event of
default has occurred under the notes.

Moody's initially analyzed this transaction using primarily the
methodology and its supplements for repackaged securities as
described in Moody's Special Reports:

  -- Repackaged Securities (October 2001)

  -- Moody's Refines It's Approach to Rating Structured Notes
     (July 1997)

The rating action is:

Avens B.V.:

(1) Series 2008-1 EUR938,300,000 Secured Floating Rate Notes due
2044

  -- Current Rating: C
  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: October 14, 2008, downgraded to Caa2 and
     placed on review for further possible downgrade


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


CBED BANK: Fitch Assigns 'E' Individual Rating
----------------------------------------------
Fitch Ratings has assigned LLC CBED Bank of Kazan a Long-term
Issuer Default Rating of 'B' with a Stable Outlook.

The IDR, National and Support ratings are driven by the potential
for support from the administration of Kazan city, which directly
controls an 81% stake in the bank.  Fitch's view of potential
support also takes into account that a sizable part of BoK's
business is connected with municipally-owned companies.  In
addition, representations made by Kazan city officials to Fitch
have confirmed the city's readiness to provide support to BoK, in
case of need.

However, some uncertainty exists regarding the city's ability to
make sufficient support available to the bank in a timely manner,
in particular in light of certain budget constraints.  Given the
dependence of the city's budget on that of the Republic of
Tatarstan (RT, Long-term IDR 'BBB-'/Stable), BoK's ratings also
take into account the credit profile of the Republic and the
potential for the city, and therefore BoK, to benefit from the
financial and administrative resources of the RT in case of need.
BoK's 'E' Individual Rating reflects its small size, narrow
franchise, concentrated balance sheet and moderate capitalization.
BoK's liquidity position has been manageable to date: the 10%
retail deposit outflow during October 2008 was broadly in line
with many other Russian banks, and as of December 31, 2008,
available liquid assets (cash and equivalents and interbank
placements) covered approximately 26% of customer deposits.  Fitch
nonetheless views BoK's liquidity as potentially vulnerable given
high depositor concentrations and the elevated risks of the
current operating environment.  The reported level of non-
performing loans has been low to date.

Upgrades or downgrades of BoK's Long-term IDR and National Long-
term rating will be driven by changes in the credit profiles of
Kazan city and RT, and Fitch's understanding of their ability and
propensity to support the bank in case of need.  Upward pressure
on the Individual Rating is limited in the near-term, but a
broadening of BoK's franchise, diversification of the loan book
and funding sources and a stronger capital position would be
positive for the bank's stand-alone credit profile.

BoK was established in 1990 (initially under the name of
Tatprominvestbank) in Kazan, the administrative centre of the RT.
In 2002, the bank became majority-owned by the administration of
Kazan city.  The bank has mainly focused on servicing the needs of
municipally-owned companies and local businesses from socially
important market segments, including retail trade, transport,
utilities and residential construction.  At end-Q308, BoK was the
309th-ranked bank in Russia by assets and the 10th-ranked in RT.

BoK's ratings are:

  -- Long-term foreign currency IDR: assigned 'B'; Outlook Stable

  -- Short-term foreign currency IDR: assigned 'B'

  -- Support Rating: assigned '4'

  -- Individual Rating: assigned 'E'

  -- National Long-term rating: assigned 'BBB-(BBB minus)(rus)';
     Outlook Stable


VTB BANK: 2008 Net Profit Up 44.4%
----------------------------------
RIA Novosti reports that VTB Bank's net profit under Russian
Accounting Standards grew 44.4%, year-on-year, in 2008 to
RUR26.31 (US$834 million).

RIA Novosti recalls VTB's net profit grew 6%, year-on-year.

                       About OJSC VTB Bank

Headquartered in St. Petersburg, Russia, OJSC VTB --
http://www.vtb.com/-- is a leading Russian universal banking
group offering a wide range of banking services and products
across Russia, certain CIS countries and selected countries in
Western Europe, Asia and Africa.

                          *     *     *

As reported in the TCR-Europe on Oct. 28, 2008, Moody's Investors
Service changed the outlook on the D- bank financial strength
rating of Bank VTB to stable from positive.  At the same time,
Moody's affirmed VTB's A1/P-1 global local currency deposit
ratings, A2 senior unsecured debt rating and Baa1/P-2 foreign
currency deposit rating with existing outlooks.


===========
S W E D E N
===========


CONCORDIA BUS: Moody's Affirms 'B3' Corporate Family Ratings
------------------------------------------------------------
Moody's Investors Service revised the rating outlook for Concordia
Bus AB  to developing from positive.  The B3 corporate family
rating, the B2 probability of default rating (PDR) and the B3
senior secured debt rating on the EUR130 million senior secured
notes issued by Concordia Bus Nordic AB remain unchanged.

The outlook change to developing from positive was prompted by the
company's announcement of targeted capital structure adjustments
in the coming weeks, including the pending refinancing of the
EUR130 million senior secured notes, due in August 2009.  While
Concordia Bus's B3 corporate family rating continues to benefit
from improvements in operating performance, free cash flow
generation and credit metrics over the last quarters, the
developing outlook reflects potential downwards rating pressure
linked to the execution of the pending refinancing of the senior
secured notes maturing in August 2009, which Moody's views as
challenging in the current market environment.

While the company has currently a solid cash cushion of
SEK429 million (EUR42 million) as at end of November 2008, in
absence of a back-up liquidity facility, Concordia Bus is reliant
on additional external funding sources to refinance the maturing
EUR130 million senior secured notes.  Moody's will continue, over
the next several months, to monitor developments with respect to
the refinancing but also to Concordia's ability to further
strengthen its operating performance and credit metrics.

Moody's notes that material downward rating pressure could result
in case the position of Concordia's noteholders would be impaired
as a result of the targeted capital structure adjustments in light
of the challenging condition of the capital markets.  Other
drivers for downwards rating pressure would be an unexpected
weakening of the company's operating performance driven by
unexpected cost inflation, a weakening free cash flow generation
and liquidity position or structural limitations regarding fleet
financing availability.

The positive outlook could be re-instated if Concordia
successfully executes the refinancing without impairing the
noteholder's claims, evidence of debt reduction as well as an
improving financial flexibility, and provided that the company's
recent performance improvement trend can be sustained.

Moody's cautions that Concordia Bus's rating remains constrained
by: (i) the group's substantial financial leverage, evidenced by
Debt to EBITDA of around 6.0x end of FYE 2008; (ii) the absence of
any back-up liquidity facilities and initiation of dividend
payouts; (iii) earnings volatility due to contractual time lags in
cost pass-on for indexed contracts while historical under-
indexation of cost increases has been resolved; (iv) the ongoing
need to win new bus tenders in order to protect the group's
revenue base, in a market with low barriers to entry; (v) the
revenue concentration on the Swedish market, and (vi) capital
intensity of the business which requires continued availability of
bus financing at competitive conditions.

Concordia Bus's B3 ratings reflect (i) its market position as the
largest Nordic bus transportation group operating in Sweden,
Norway and Finland; (ii) the scale benefits enjoyed by Concordia
Bus in purchasing buses by virtue of its position as the leading
Nordic bus operator; (iii) good visibility of revenues over the
periods of contracts awarded as well as very solid contract
renewal rates; and (iv) the consistent progress achieved in
turning around the group's profitability over recent quarters and
visible improvements in cash generation.

Concordia'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 Concordia's core industry and Concordia's ratings are
believed to be comparable to those of issuers of similar credit
risk.

The last rating action was on February 21, 2008, when Moody's
changed the rating outlook to positive from stable as a result of
gradual improvements in operating performance and leverage.  At
that time, Moody's cited as a key driver for downward rating
pressure the group's inability to successfully refinance the
EUR130 million senior secured notes due August 2009.

Outlook Actions:

Issuer: Concordia Bus AB

  -- Outlook, Changed To Developing From Positive

Issuer: Concordia Bus Nordic AB

  -- Outlook, Changed To Developing From Positive

Headquartered in Stockholm, Sweden, Concordia Bus is the largest
Nordic bus transportation group, operating in Sweden, Norway and
Finland.  Its revenues for the 12 months ended November 2008
totaled SEK5.9 billion (EUR574 million) and were mostly generated
from public bus and coach hire services.


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


ANTIBIOTICS BULK: Creditors Must File Proofs of Claim by Jan. 23
----------------------------------------------------------------
Creditors owed money by LLC Antibiotics Bulk Company are requested
to file their proofs of claim by Jan. 23, 2009, to:

         Baarerstrasse 79
         6300 Zug
         Switzerland

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


CASAMED JSC: Deadline to File Proofs of Claim Set Jan. 29
---------------------------------------------------------
Creditors owed money by JSC Casamed are requested to file their
proofs of claim by Jan. 29, 2009, to:

         JSC Zanoni + Aegerter
         Zürcherstrasse 82
         8640 Rapperswil
         Switzerland

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


KELLER & FISCHBACHER: Jan. 22 Set as Deadline to File Claims
------------------------------------------------------------
Creditors owed money by LLC Keller & Fischbacher are requested to
file their proofs of claim by Jan. 22, 2009, to:

         Daniel Fischbacher
         Hertenstrasse 59
         8500 Frauenfeld
         Switzerland

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


LACI TRANS: Proofs of Claim Filing Deadline is January 22
---------------------------------------------------------
Creditors owed money by LLC Laci Trans are requested to file their
proofs of claim by Jan. 22, 2009, to:

         Hauptstrasse 31
         4447 Kanerkinden
         Switzerland

The company is currently undergoing liquidation in Kanerkinden BL.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 15, 2008.


MIDAS TM: Creditors' Proofs of Claim Due by January 23
------------------------------------------------------
Creditors owed money by LLC Midas TM Switzerland are requested to
file their proofs of claim by Jan. 23, 2009, to:

         JSC Stephanie Baumann Treuhand
         Morgartenstrasse 9
         6003 Luzern
         Switzerland

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


OZAN LLC: January 28 Set as Deadline to File Claims
---------------------------------------------------
Creditors owed money by LLC Ozan are requested to file their
proofs of claim by Jan. 28, 2009, to:

         Ali Sidar
         Postal Kornweg 5
         5415 Nussbaumen
         Switzerland

The company is currently undergoing liquidation in Lenzburg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 9, 2008.


STUDY LINK: Creditors Must File Proofs of Claim by January 29
-------------------------------------------------------------
Creditors owed money by JSC Study Link SLA are requested to file
their proofs of claim by Jan. 29, 2009, to:

         Grutstrasse 28
         8704 Herrliberg
         Switzerland

The company is currently undergoing liquidation in Herrliber.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 20, 2008.


ZUM CONDOR: Deadline to File Proofs of Claim Set January 30
-----------------------------------------------------------
Creditors owed money by JSC Zum Condor are requested to file their
proofs of claim by Jan. 30, 2009, to:

         Lange Gasse 47
         4010 Basel
         Switzerland

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


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


* TURKEY: Fitch Affirms Issuer Default Rating at 'BB-'
------------------------------------------------------
Fitch Ratings has affirmed the Republic of Turkey's Long-term
foreign currency Issuer Default Rating at 'BB-' (BB minus) and the
Long-term local currency IDR at 'BB', with Stable Outlooks.  At
the same time, Fitch affirmed Turkey's Short-term IDR at 'B' and
Country Ceiling at 'BB'.

"Turkey has proved relatively resilient, so far, to the global
credit crunch, helped by its strong banking system," says Edward
Parker, Head of Emerging Europe in Fitch's Sovereigns team.
"Nevertheless, Fitch expects GDP to contract this year and
believes the timely agreement of a new IMF loan program will be
important in helping to moderate fiscal and external financing
risks in the current uncertain global environment."

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

However, such concerns are partly mitigated by Turkey's strong
banking sector, which is moderate in size, well-capitalized, has a
close to balanced net external debtor position, no significant
open FX position and a low loan-to-deposit ratio of only around
80%.  Households are long foreign currency, with low FX debt and
sizable FX bank deposits.  The private sector has external
deposits of around US$70 billion, part of which could be drawn to
meet debt payments, as was shown in the balance of payments data
for November.  The sovereign's US$1 billion eurobond issue last
week demonstrated its continued market access.

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

Turkey's sovereign ratings are underpinned by its high GDP per
capita, which at US$9,310 (in 2007 at market exchange rates) is
the highest in the 'BB' rating category.  Prior to the current
economic downturn, real GDP growth averaged 6.9% in the five years
to 2007.  Other credit strengths include its favorable business
climate and governance, its customs union with the EU, its track
record in attracting FDI, low commodity price dependence and good
modern debt service record.  On the other hand, political risk is
a weakness weighing on the ratings.  Although tensions have eased
since the summer, further bouts of instability are possible.


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


ALLIANCE-GROUP LLC: Creditors Must File Claims by January 18
------------------------------------------------------------
Creditors of LLC Alliance-Group (EDRPOU 35473132) have until
Jan. 18, 2009, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 26, 2008.
The case is docketed as 5/526/08.

The Debtor can be reached at:

         LLC Alliance-Group
         Shevchenko Str. 42
         Nikolaev
         Ukraine


AVAN T LLC: Creditors Must File Claims by January 18
----------------------------------------------------
Creditors of LLC Avan T (EDRPOU 35938280) have until Jan. 18,
2009, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 26, 2008.
The case is docketed as 5/527/08.

The Debtor can be reached at:

         LLC Avan T
         Komsomolskaya Str. 99/1
         Nikolaev
         Ukraine


ILCOM LLC: Creditors Must File Claims by January 18
---------------------------------------------------
Creditors of LLC Ilcom (EDRPOU 33573352) have until Jan. 18, 2009,
to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 26, 2008.
The case is docketed as 5/530/08.

The Debtor can be reached at:

         LLC Ilcom
         Bolshaya Morskaya Str. 45
         Nikolaev
         Ukraine


NIKOLAYEV ROOF: Creditors Must File Claims by January 18
--------------------------------------------------------
Creditors of LLC Nikolayev Roof Volley (EDRPOU 34034268) have
until Jan. 18, 2009, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 26, 2008.
The case is docketed as 5/531/08.

The Debtor can be reached at:

         LLC Nikolayev Roof Volley
         Apt. 68
         1st. Line Str. 34-a
         Nikolaev
         Ukraine


PHARMA PLUS: Creditors Must File Claims by January 18
-----------------------------------------------------
Creditors of LLC Pharma Plus (EDRPOU 23619430) have until Jan. 18,
2009, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 26, 2008.
The case is docketed as 5/536/08.

The Debtor can be reached at:

         LLC Pharma Plus
         Zhovtnevy Avenue, 338
         Nikolaev
         Ukraine


REAL INVEST: Creditors Must File Claims by January 18
-----------------------------------------------------
Creditors of LLC Real Invest (EDRPOU 35106610) have until Jan. 18,
2009, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 26, 2008.
The case is docketed as 5/528/08.

The Debtor can be reached at:

         LLC Real Invest
         Cosmonauts Str. 81/15
         Nikolaev
         Ukraine


TECHNOEXPODEVICE LLC: Creditors Must File Claims by Jan. 18
-----------------------------------------------------------
Creditors of LLC Technoexpodevice (EDRPOU 34804180) have until
Jan. 18, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 11, 2008.
The case is docketed as 24/463-b.

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

The Debtor can be reached at:

         LLC Technoexpodevice
         Derevoobrabatyvayuschaya Str. 5
         01013 Kiev
         Ukraine


UKRNAFTOGAZ LTD: Creditors Must File Claims by January 18
---------------------------------------------------------
Creditors of LLC Ukrnaftogaz Ltd. (EDRPOU 32590948) have until
Jan. 18, 2009, to submit proofs of claim to:

         Mr. I. Dragun
         Liquidator
         Sobornaya Str. 34/14
         33028 Rovno
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 4, 2008.
The case is docketed as 24/206-b.

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

The Debtor can be reached at:

         LLC Ukrnaftogaz Ltd.
         Sovetskaya Str. 10-A
         02097 Kiev
         Ukraine


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


ATRIUM EUROPEAN: S&P Puts 'BB+' Corp. Credit Rating on WatchNeg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB+'
long-term corporate credit and debt ratings on Jersey-based real
estate group Atrium European Real Estate Ltd. on CreditWatch with
negative implications.

At the same time, the 'B' short-term corporate credit rating was
affirmed.

"The CreditWatch placement reflects continued weakening commercial
real estate market conditions, in particular in Eastern Europe
where Atrium's activity is focused," said Standard & Poor's credit
analyst Pierre Georges.

The CreditWatch also takes into account the company's announcement
that it has reached an agreement with CPI/Gazit Holdings Ltd. (not
rated) to reduce the planned capital increase from CPI/Gazit to
EUR72 million from EUR300 million.  Although liquidity and
financial flexibility will remain adequate in the near to medium
term, they will not be as strong as S&P initially expected.  In
addition, asset valuations are likely to remain under pressure in
the coming quarters, which could reduce the company's ability to
remain within the 30% loan-to-value threshold factored in to the
current ratings.

S&P plans to resolve the CreditWatch in the coming weeks.

"We intend to meet with management and complete a detailed review
of Atrium's structure, corporate governance, financial policies
and targets, and operating strategies," said Mr. Georges.

It is likely that S&P will lower the ratings if this review leads
us to conclude that business and financial risks are no longer in
line with S&P's expectations.


BADGEWORTH LTD: Names Joint Administrators from Tenon Recovery
--------------------------------------------------------------
Peter John Forsey and Colin Wilson of Tenon Recovery were
appointed joint liquidators of Badgeworth Ltd. on Jan. 6, 2009,
for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Suite 3
         Chalkwell Lawns
         648-656 London Road
         Westcliff-On-Sea
         Essex
         SS0 9HR
         England


BARCLAYS PLC: Mulls 2,000 Job Cuts at Three Units
-------------------------------------------------
Barclays plc is considering cutting up to 2,000 jobs in its
retail, commercial-banking and credit-card units, The Daily
Telegraph reports.

Barclays, the report notes, is consulting on the possible cuts.

The report relates that the company said in a statement Wednesday
it "will take all possible measures to mitigate compulsory
redundancies through redeployment, using natural attrition,
releasing of contractors, closing vacancies and opening voluntary
redundancy registers".

As reported in the TCR-Europe on Jan. 15, 2009, Barclays 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".

Citing various reports, the TCR-Europe disclosed 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.

The International Herald Tribune states that including the 400
information technology positions Barclays cut last week, the total
of planned job cuts at the company this year has reached 4,600.

                       Capital Raising

BBC News recalled 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.


BERNARD L. MADOFF: HSBC and UBS Linked to US$3.2BB Madoff Losses
----------------------------------------------------------------
Bloomberg News reports HSBC Holdings Plc and UBS AG may be liable
for as much as US$3.2 billion of losses linked to Bernard L.
Madoff's firm for serving as financial custodians at funds in
Luxembourg and Ireland.

The report says financial regulators in Luxembourg and Ireland
have said in separate statements that custodians retain
responsibility for monitoring and supervising funds, even if
assets are placed with a third party.

Those looking to recoup money would have to prove the banks failed
to fulfill their duties, according to nine lawyers surveyed by
Bloomberg News.

However, the report relates Paul Mousel, co-head of the financial
services practice at law firm Arendt & Medernach in Luxembourg,
who is representing both banks, said HSBC and UBS's custodian
roles for the Luxembourg funds are limited because they were set
up by investors specifically looking to place money with Mr.
Madoff.

"The arrangements that were put in place from the beginning are
arrangements that gave to the custodian a very, very, very small
role to play, especially regarding the safekeeping of the
securities, which allegedly would have been purchased by the
investors' moneys," Mr. Mousel was quoted by Bloomberg News as
saying.

HSBC said in a December 15 press statement it has around US$1
billion in potential exposure through financing provided to a
small number of institutional clients who invested in funds with
Mr. Madoff's firm.

UBS meanwhile said it doesn't have material exposure to Mr.
Madoff's firm and declined to comment on the liability issue,
Bloomberg News relates.

                     About Bernard L. Madoff

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

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

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

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


EUROPEAN PRIME: Fitch Affirms 'BB' Rating on Class D Notes
----------------------------------------------------------
Fitch Ratings has affirmed the ratings for the outstanding
tranches of European Prime Real Estate No. 1 plc. The Outlooks for
the class C and D notes remain Negative.  The notes' ratings are:

  -- GBP250.37 million class A (XS0225549301) affirmed at 'AAA';
     Outlook Stable

  -- GBP17.72 million class B (XS0225549566) affirmed at 'AA';
     Outlook Stable

  -- GBP22.46 million class C (XS0225549723) affirmed at 'A';
     Outlook Negative

  -- GBP11.55 million class D (XS0225550143) affirmed at 'BB';
     Outlook Negative

The five remaining loans have a weighted average loan-to-value
(LTV) ratio of 54.1% as reported by the servicer.  This compares
to a WA Fitch LTV of 66.4%, which implies an expected market value
decline of approximately 15% on average since the last valuation.
As most of the portfolio collateral was valued before May 2005,
the MVD reflects the likelihood that it will have benefited from
some capital value appreciation prior to the recent sharp
reversal.  In light of the risk of further deterioration in the UK
property market, the two junior tranches remain on Negative
Outlook.

The rental income for the entire portfolio has declined
significantly since close (20% on a like-for-like basis).
However, this is entirely attributable to the ongoing development
work at the St Enoch Shopping Centre, as net income for the other
loans has either remained stable or increased.  Overall vacancy
has also increased to 6.8% from 1.5% at close, which is again a
reflection of the vacancy rates reported on the St Enoch Shopping
Centre (17%), although the Halton Lea Shopping Centre also has a
fairly high level (13%).

The St Enoch Shopping Centre in Glasgow, Scotland (31.7% of the
portfolio), is undergoing re-development work.  The interest
coverage ratio covenant for the related loan was suspended in 2007
at the borrower's request.  The ability of the borrower to make
debt service payments has been reliant on the sponsor's own
equity, as the ICR is below 1x.

The Halton Lea Shopping Centre loan (11.8% of the portfolio) was
transferred to special servicing in July 2008 due to a projected
ICR breach: the projected ICR in October 2008 was 0.97x compared
to the covenant of 1.05x.  Following this transfer, the special
servicer requested that a revaluation be conducted on the shopping
center, which is situated in northwest England.  The new valuation
showed deterioration in the LTV to 70.7% from 64.4%.  There is no
LTV covenant on the loan, but the special servicer has been
informed that the borrower will cure the projected breach by
depositing funds into an escrow account prior to the January 2009
loan interest payment date.  No further information is available
on the timing of the expected deposit, although the servicer does
anticipate that it will be made.

The performance of the other loans (Lloyds Building Loan, Normandy
House, Grays Shopping Centre) have been stable since closing.  The
Lloyds Building Loan, (49% of the portfolio) was originated in
January 2005.  It is secured on a City of London office property
valued in December 2004.  Although it has not been re-valued
since, it is unlikely that recent value declines will have fully
offset the value gains that occurred until mid-2007.  The property
is fully let to The Society of Lloyds ('A'/Outlook Stable) until
2031, with a break option in 2021.

The Grays Shopping Centre (6.9% of the portfolio), has been
relatively stable since closing.  The stability of the cash flow
generated by the asset is partly supported by the lease to the
'AAA'-rated Secretary of State for the Environment, Food and Rural
Affairs (13% of passing rent) that expires in December 2016.


F.T.B. NORTHERN: Taps Joint Administrators from BDO Stoy
--------------------------------------------------------
Mark Peter George Roach and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of F.T.B. Northern
Ltd. on Dec. 23, 2008, for the creditors' voluntary winding-up
proceeding.

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

         One Victoria Street
         Bristol
         BS1 6AA
         England


FLEETWOOD CARAVANS: Appoints Joint Liquidators from KPMG LLP
------------------------------------------------------------
David John Standish and Allan Watson Graham of KPMG LLP were
appointed joint administrators of Fleetwood Caravans Ltd. on
Jan. 6, 2009.

The company can be reached at:

         Fleetwood Caravans Ltd.
         Hall Street
         Long Melford
         Sudbury
         Suffolk
         CO10 9JP
         England


H20 ENTERTAINMENT: Appoints Joint Administrators from Tenon
-----------------------------------------------------------
A. J. Pear and I. Cadlock of Tenon Recovery were appointed joint
liquidators of H20 Entertainment Ltd. on Jan. 7, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         3rd. Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


JJB SPORTS: FSA Launches Probes Into Share Disposals
----------------------------------------------------
Jonathan Sibun and Ben Harrington of The Daily Telegraph reports
that the Financial Services Authority has launched an
investigation into share disposals at JJB Sports plc.

The report relates the FSA's action came after the retailer
revealed that Guro Leisure, a company in which chief executive
Chris Ronnie holds a 50% stake, had offloaded a 27.5% stake in JJB
without disclosing the disposal.

Mr. Ronnie, the report recalls, acquired the 27% stake from JJB
founder and Wigan Football Club owner Dave Whelan in June 2007
with a loan from Kaupthing Singer & Friendlander, which was placed
into administration in October last year,

The bank, according to the report, is understood to have
foreclosed on the loan last year and taken the shares as security.
However, neither the bank nor Mr. Ronnie disclosed the move.

The reasons why Kaupthing foreclosed on the loan and why the
change in share ownership was not disclosed remain unclear, the
report notes.

JJB, as cited by the report, said "Mr. Ronnie has informed the
company that he is not aware of the date or place of the relevant
transaction or of the price per share in respect of the
transaction but that he understands that the legal and beneficial
ownership of the shares and accordingly the voting rights
attaching to the same were transferred pursuant to the loan
documents."

JJB, the report recounts, was notified Monday, January 12, that
KSF holds 65.5 million JJB shares.

The retailer was informed by Mr. Ronnie that Guro Leisure had
handed 68.9 million JJB shares to KSF, the report states.

PwC, KSF's administrator, now holds 65.5 million JJB shares and is
the company's major shareholder after the bank's collapse, says
the report.  Meanwhile, the location of the remaining 3.4 million
shares remains unclear, the report adds.

Sarah Shannon of Bloomberg News discloses JJB declined 2.5 pence
to 11.25 pence in London trading on Wednesday, January 14, after
it said it expects a pretax loss of as much as GBP10 million
(US$14.6 million) for the fiscal year ended Jan. 29.  Bloomberg
says the Britain's slumping economy hurt demand at the company's
retail stores.

Bloomberg relates that according to Dresdner Kleinwort analyst
Sanjay Vidyarthi, who rates JJB "sell", the loss forecast and
Ronnie's sale are "clearly negative for the share price".

                        About JJB Sports

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

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

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

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

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

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

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

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


MCLEISH BROTHERS: Gets 20 Inquiries from Potential Buyers
---------------------------------------------------------
The Scotsman reports that Tenon, McLeish Brothers' administrator,
has received about 20 inquiries from potential buyers of the
business.

"We are greatly encouraged by the level of interest, which ranges
from national companies to entrepreneurs attracted by the McLeish
Brothers brand and its reputation as Scotland's quality
delicatessen," Iain Fraser, administrator from Tenon, was quoted
by the report as saying.  "The company's network of Scottish
suppliers is proving attractive to interested parties."

As reported in the TCR-Europe on Jan. 14, 2009, McLeish Brothers
went into administration, resulting to the loss of 175 jobs.

According to the report, seven of the company's 10 stores in
Scotland, including branches in Lochrin Square and South Bridge in
Edinburgh, were closed.

The three remaining stores are Inverurie, Schoolhill in Aberdeen
and Whitehall in Dundee, the report disclosed.

McLeish Brothers is an independent Scottish quality delicatessen
chain.  It principally sources and stocks Scottish produce.

The origins of the company stretch back more than 60 years when
the McLeish family started a butcher and grocery business in
Dundee.  Still headquartered in the city, the business was
acquired by new owners in 2007, rebranded as McLeish Brothers and
launched an ambitious store opening program across Scotland,
which was to be followed by further expansion into England.

The company employs 205 full and part-time staff across 10 stores
stretching from Inverurie to Edinburgh, plus a head office and
kitchen facility in Dundee.  Turnover has risen to around GBP6
million per year.

McLeish Brothers was launched as a "quality Scottish deli" that
deliberately aimed to source, support  and promote the best of
Scottish food, with some 70% of stock sourced from Scotland.  The
company had also invested in a central kitchen, product
development and food preparation facility in the city, which
was established to supply the stores with their own product range.

However, in spite of the differentiation of the business, the
company has been severely affected by the credit crisis, and a
dramatic fall in consumer spending, leading the directors to
appoint an administrator.


NEWGATEFUNDING PLC: S&P Downgrades Ratings on Four Notes to Low-B
-----------------------------------------------------------------
Standard & Poor's Ratings Services has taken various rating
actions on two series of notes issued by NewgateFunding PLC
(series 2006-2 and 2006-3).  Specifically, across the two deals,
S&P have:

  -- Lowered the ratings on four tranches;

  -- Lowered and removed from CreditWatch negative the ratings on
     11 tranches; and

  -- Affirmed the ratings on 15 tranches.

S&P has lowered the ratings on some tranches due to deteriorating
collateral performance and the expectation of increasing losses as
U.K. house prices continue to fall in the coming months.

In Newgate 2006-2, unsold repossessions increased to 4.65% at
Nov. 30, 2008 from 1.97% at May 30, 2008.  Delinquencies greater
than 120 days (excluding repossessions) are currently 14.27%.

In Newgate 2006-3, unsold repossessions increased to 3.41% at
Sept. 30, 2008, from 1.39% at March 31, 2008.  Delinquencies
greater than 120 days (excluding repossessions) are currently
9.64%.

Loss severities are currently 12.66% for Newgate 2006-2 and 18.96%
for Newgate 2006-3.

With house prices likely to continue falling in the coming months,
S&P expects to see increased loss severities in 2009 as the
properties already in possession, and many of the 120+ day
delinquent loans that may eventually be repossessed, are sold.
S&P believes that it will be challenging to sell many of the
repossessed properties without incurring a loss.  This will place
pressure on excess spread, leading to the possibility of further
reserve fund draws and a decrease in credit enhancement for these
deals.

The ratings on both class Q notes address ultimate principal and
ultimate interest.  In both transactions, these classes continue
to defer interest as the reserve funds are not at their required
amounts.  In the revenue waterfall the T notes are paid principal
after the Q note interest.  Therefore, for the T notes to receive
principal the reserve fund must be at its required amount and
all unpaid interest must be paid to the Q notes.

These transactions do not have a basis rate swap to hedge against
the difference between the three-month LIBOR paid on the notes and
BBR paid on some of the mortgages.  S&P modeled this risk at
closing and incorporated the current dislocation into the current
cash flow analysis.

S&P will continue to monitor the performance of these transactions
using the most recent loan-level data in a full credit and cash
flow analysis.  S&P will pay particular attention to future
repossessions, losses, collection rates, and prepayment rates.

                          Ratings List

                       Newgate Funding PLC
  GBP448.95 and EUR73.9 Million Mortgage-Backed And Excess-Spread
                 Floating-Rate Notes Series 2006-2

                         Ratings Lowered

                                   Rating
                                   ------
          Class      To                            From
          -----      --                            ----
          Ca         BBB+                          A
          Cb         BBB+                          A

       Ratings Lowered And Removed From CreditWatch Negative

                               Rating
                               ------
      Class      To                            From
      -----      --                            ----
      Da         BB-                           BBB/Watch Neg
      Db         BB-                           BBB/Watch Neg
      E          B                             BB/Watch Neg
      T          B-                            BBB/Watch Neg
      Q          CCC                           BB/Watch Neg

                        Ratings Affirmed

                             Rating
                             ------
                         To         From
                         --         ----
                         A3a        AAA
                         A3a DACs   AAA
                         A3b        AAA
                         A3b DACs   AAA
                         M          AAA
                         Ba         AA
                         Bb         AA
                         MERCs      AAA

                       Newgate Funding PLC
      EUR296.1 Million, US$271 Million, and GBP319.85 Million
Mortgage-Backed & Excess-Spread Floating-Rate Notes Series 2006-3

                          Ratings Lowered

                                  Rating
                                  ------
         Class      To                            From
         -----      --                            ----
         Ba         AA-                           AA
         Bb         AA-                           AA

      Ratings Lowered And Removed From CreditWatch Negative

                               Rating
                               ------
      Class      To                            From
      -----      --                            ----
      Cb         BBB                           A/Watch Neg
      Da         BB-                           BBB/Watch Neg
      Db         BB-                           BBB/Watch Neg
      E          B                             BB/Watch Neg
      T          B                             BBB/Watch Neg
      Q          CCC                           BB/Watch Neg

                         Ratings Affirmed

                             Rating
                             ------
                         To         From
                         --         ----
                         A1b        AAA
                         A1c        AAA
                         A2         AAA
                         A3a        AAA
                         A3b        AAA
                         Mb         AAA
                         MERCs      AAA


PUNCH TAVERNS: Could Breach Covenants, Analysts Warn
----------------------------------------------------
Jonathan Sibun at The Daily Telegraph reports that analysts warned
Punch Taverns plc is likely to breach its banking covenants and
could be forced into a rights issue to raise cash.

The report relates that according to analysts, Punch Tavern's
financing model could leave cash trapped in its securitizations,
putting the pub group's ability to pay back a GBP224 million
convertible bond that matures next year in doubt.

"With trading continuing to deteriorate there is clearly a risk
all three securitizations are cash-trapped in the 2010 and 2011
financial years, meaning Punch would require a capital injection
to redeem the convertible," Matthew Gerard, an analyst with
Investec, was quoted by the report as saying.

Mr. Gerard added Punch Taverns, which has a market capitalization
of GBP150 million, needs more than just an equity raise to redeem
the convertible, the report states.

Morgan Stanley analyst Jamie Rollo meanwhile asserted equity
raising looks close to impossible as the company's market
capitalization is just 3pc of its debt, the report recounts.  He
indicated a debt-for-equity swap is increasingly likely, the
report adds.

However, Punch Taverns chief executive Giles Thorley claimed that
cuts in capital expenditure and the sale of non-core assets would
allow the company to remain within its securitization debt
covenants this year, the report notes.

The company, as cited by the report, said it had cut capital
expenditure from GBP120 million to GBP85 million and offloaded
GBP30 million of pubs to help pay down its GBP4.7 billion debt
pile.

                       Trading Performance

In its preliminary results announcement on November 4, Punch
Taverns reported that trading conditions during September and
October had remained extremely challenging and expressed caution
about trading prospects for the coming financial year.  The
company said that despite improved trading over the peak Christmas
period, trading over the period since 4 November has remained
challenging with the economic outlook deteriorating for the UK
consumer.

                           Outlook

"Given the very challenging trading environment and the
deteriorating economic outlook for the UK consumer, we continue to
focus on taking prudent steps in utilizing cash to reduce our
level of debt, while seeking to maintain investment in our high-
quality pub estate at an appropriate level," the company said.

"While we remain confident of the longer term prospects for the
company and the sector, difficult trading conditions are likely to
persist for the foreseeable future and we remain extremely
cautious over the near-term."

                       About Punch Taverns

Punch Taverns plc -- http://www.punchtaverns.com/-- is a pub
company in the UK, with over 8,400 pubs across its leased and
managed portfolio.


SANDSTONE TRADING: Calls In Joint Liquidators from KPMG
-------------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed
joint administrators of Sandstone Trading Ltd. on Jan. 6, 2009.

The company can be reached through/at

         Sandstone Trading Ltd.
         14A Longbow Close
         Bradley
         Huddersfield
         England


TATA MOTORS: Jaguar Land Rover to Cut 450 Jobs
----------------------------------------------
BBC News reports that Jaguar Land Rover is cutting 450 jobs,
blaming "a severe reduction in demand".

According to the report, 300 managers will be made redundant while
150 salaried agency staff will also lose their jobs.

The managers, the report states, would not receive any bonuses in
2009 and management pay increases had been deferred until
October 1 "at the earliest".

The report relates the company said it had begun consulting with
unions on the proposed redundancy program.

Jaguar Land Rover chief executive David Smith, as cited by the
report, said he did not expect sales to return to normal levels
"for some time".  He added the company needed to become more
efficient so it could invest in new models and technology when the
market improved.

"It is only right and proper that our response to the unavoidable
impact of the credit crunch and a severe reduction in demand
includes actions across all grades and functions in the company,"
Mr. Smith was quoted by the report as saying.  "It is critical
that Jaguar Land Rover becomes a more efficient and dynamic
organization to face up to the challenges that we will meet in the
years ahead."

The report recalls that in November last year, the company axed
850 agency IT and engineering staff and said it was in talks with
the government over a possible bail out.

On Dec. 26, 2008, the TCR-Europe reported that according to The
Financial Times, Tata Motors Ltd agreed to inject "tens of
million" of pounds into Jaguar Land Rover to prevent an immediate
cash flow crisis.

Citing people close to Tata, the report disclosed the emergency
aid provided to Jaguar Land Rover comes on top of "hundreds of
millions" of working capital the Indian firm had provided since it
bought the car manufacturer for US$2.3 billion from Ford in March.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. On CreditWatch
with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).  At
the same time, Standard & Poor's ratings on all Tata Motors' rated
debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford  contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
2, 2008, Moody's Investors Service downgraded the corporate family
rating of Tata Motors Ltd to B1 from Ba2.  The outlook remains
negative.

"The rating change reflects the slowdown in demand seen in both
Tata Motors Ltd's domestic and overseas markets.  This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage.  Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.


ULMKE METALS: Appoints Joint Administrators from BDO Stoy
---------------------------------------------------------
C. K. Rayment and M. Dunham of BDO Stoy Hayward LLP were appointed
joint liquidators of Ulmke Metals Ltd. on Dec. 23, 2009, for the
creditors' voluntary winding-up proceeding.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


VITESSE PRINT: To Go Into Liquidation
-------------------------------------
Adam Hooker at Print Week reports that London Bridge-based
printing company Vitesse Print is poised to go into liquidation.

According to the report, the company, which employs around 45
staff, is set to be liquidated following a meeting scheduled for
the morning of January 29 at liquidator Abbott Fielding's site in
Kent.

The report however notes it is currently unclear whether the
company is continuing to trade in the run-up to the meeting, but
it is understood some staff have been made redundant.


ZAVVI UK: Closes 18 Stores; 353 Jobs Affected
----------------------------------------------
James Hall at The Daily Telegraph reports that Ernst & Young,
zavvi UK's administrator, has closed 18 of the record chain's
stores, resulting to the loss of 353 jobs.

According to the report, the closures include stores in Edinburgh,
Cambridge, and Hull.

The report relates Tom Jack, joint administrator from Ernst &
Young, said that while they received in excess of 70 expressions
of interest, they have not received any offers for the store
portfolio as a whole.

Ernst & Young however said it will continue to trade the remaining
zavvi stores with a view to selling "all or part" of the business
as a going concern, the report notes.

As reported in the TCR-Europe on Dec. 29, 2008, Tom Jack, Simon
Allport and Alan Hudson of Ernst & Young LLP were appointed joint
administrators of zavvi UK (zavvi Group Ltd, zavvi Retail Ltd, V R
Services Ltd, Piccadilly Entertainment Stores Ltd, Ablegrand Ltd,
Ablegrand 2 Ltd).  In addition, Tom   Jack and Andrew Dann of
Ernst & Young LLP were appointed as liquidators of zavvi Online
(Guernsey) Ltd.

The zavvi Group is the UK's largest independent entertainment
retailer trading from 125 stores across the UK (114) and Ireland
(11) currently employing 2,363 permanent staff and 1,052 temporary
staff.  The group was formed from a management buy out (MBO) of
the Virgin Megastore division of the Virgin Group in September
2007.

On November 27, 2008, Entertainment UK Ltd, the group's main
supplier, went into administration.  Since this time the group has
been unable to source stock in the usual way and has been forced
to enter into new trading arrangements.  The directors understand
it is unlikely that EUK will be sold as a going concern and the
zavvi Group has continued to experience significant difficulty in
obtaining stock on favorable credit terms.  This has resulted in
considerable working capital difficulties as a result of the
failure of EUK, in addition to continuing operating losses.


ZAVVI UK: HMV Group to Acquire 14 Stores
----------------------------------------
BBC News reports that HMV Group plc plans to buy 14 stores from
zavvi UK, funded by selling new shares.

According to the report, HMV expects the purchase to cost about
GBP2 million - including fitting out and rebranding the stores,
nine of which are in the UK and five in the Irish Republic.

HMV, as cited by the report, said the zavvi stores it is buying
are all profitable and are primarily in locations where it does
not currently have a store.

The report discloses that according to zavvi's administrators, the
deal will save 269 jobs.

As reported in the TCR-Europe on Dec. 29, 2008, Tom Jack, Simon
Allport and Alan Hudson of Ernst & Young LLP were appointed joint
administrators of zavvi UK (zavvi Group Ltd, zavvi Retail Ltd, V R
Services Ltd, Piccadilly Entertainment Stores Ltd, Ablegrand Ltd,
Ablegrand 2 Ltd).  In addition, Tom   Jack and Andrew Dann of
Ernst & Young LLP were appointed as liquidators of zavvi Online
(Guernsey) Ltd.

The zavvi Group is the UK's largest independent entertainment
retailer trading from 125 stores across the UK (114) and Ireland
(11) currently employing 2,363 permanent staff and 1,052 temporary
staff.  The group was formed from a management buy out (MBO) of
the Virgin Megastore division of the Virgin Group in September
2007.

On November 27, 2008 Entertainment UK Ltd, the group's main
supplier, went into administration.  Since this time the group has
been unable to source stock in the usual way and has been forced
to enter into new trading arrangements.  The directors understand
it is unlikely that EUK will be sold as a going concern and the
zavvi Group has continued to experience significant difficulty in
obtaining stock on favorable credit terms.  This has resulted in
considerable working capital difficulties as a result of the
failure of EUK, in addition to continuing operating losses.


* BOOK REVIEW: Bankr. Investing: How to Profit from Distressed Cos
------------------------------------------------------------------
Author:     Ben Branch and Hugh Ray
Publisher:  Beard Books
Paperback:  344 pages
List Price: US$39.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981211/internetbankrupt

The book Bankruptcy Investing: How to Profit from Distressed
Companies, is written by Ben Branch and Hugh Ray.

Corporate bankruptcies are at an all-time high, and this trend is
likely to continue.  Bankruptcy Investing introduces investors to
the risky but lucrative opportunities to invest in the securities
of troubled companies.

Every area of this exciting field is described in complete detail.
Real-world examples illustrate the explanations.  Companies in
distress may go through an informal or formal workout of problems,
or they may enter Chapter 11 or Chapter 7 bankruptcy.

The investment implications for the securities of firms in each of
these stages are considered in full. Everything the investor needs
to know is contained in this book. The authors show why it can be
smart to invest in troubled companies.

Whether you are a savvy investor or experienced fund manager (or
aspire to be one), Bankruptcy Investing introduces you to the
risky but lucrative opportunities for investing in the securities
of troubled companies.

This timely new book describes in detail the rules of the game and
how to apply them to pick the winners.

The authors, both experts in the legal and financial aspects of
bankruptcy investing, explain everything you need to know about
investing in distressed companies, including estimating bankruptcy
values, how to use timing to your advantage, quantitative
techniques to minimize risks, evaluating available data,
characteristics of various types of short-term and long-term debt
instruments, investment strategies, and sources of additional
information.

You'll fully understand all the implications of investing in the
securities of firms in all stages of financial distress--from
informal or formal workouts to Chapter 11 or Chapter 7 bankruptcy-
-as well as investing in both debt and equity securities.

Real-world examples illustrate how you can profit from investing
in troubled companies and what risks are incurred. An extensive
glossary defines legal, economic and financial terms.

Bankruptcy Investing translates the often-confusing lexicon of
bankruptcy into a profitable investment program that you can
implement immediately.

You too will discover an exciting way to find new investment
winners.

Two financial experts guide you through the risky but lucrative
investment opportunities available in troubled companies.

Whether your interests are informal or formal workouts, Chapter 11
or Chapter 7 bankruptcies, debt or equity securities, this book
will explain everything you need to know about investing in
distressed corporations.

Topics include estimating bankruptcy values, how to use timing to
your advantage, quantitative techniques to minimize risk,
evaluating available data, the characteristics of various types of
short-term and long-term debt instruments, and investment
strategies.

                            *********

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 * * *