TCREUR_Public/090120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, January 20, 2009, Vol. 10, No. 13

                            Headlines

A U S T R I A

ALC VIP: Claims Registration Period Ends February 12
DEMIREL LLC: Claims Registration Period Ends February 5
ERT LLC: Claims Registration Period Ends February 11
ERWIN HARALD: Claims Registration Period Ends February 11
EUROPEAN TRANSPORT: Claims Registration Period Ends February 5

PRONTO-CLEAN KG: Claims Registration Period Ends February 5
URBAN LLC: Claims Registration Period Ends February 3
YIKAI LI MODE: Claims Registration Period Ends February 5


F I N L A N D

M-REAL CORP: S&P Junks Corporate Credit Rating; Outlook Negative


F R A N C E

LAFARGE SA: Moody's Downgrades Ratings on Senior Bond to 'Ba1'


G E R M A N Y

COMDIVISION GMBH: Claims Registration Period Ends February 25
FUBA PRINTED: Files for Bankruptcy
METALLBAU HANS: Claims Registration Period Ends January 30
OSTSEEDOMIZIL VERWALTUNGS: Claims Registration Ends Feb. 6
PILZ GMBH: Claims Registration Period Ends February 5


H U N G A R Y

* HUNGARY: Corporate Insolvency Cases Up 14% in 2008


I C E L A N D

KAUPTHING BANK: Credit Agricole to Acquire Unit's Belgian Accounts


I R E L A N D

ANGLO IRISH: Fitch Downgrades Individual Rating to 'F'
BLUEBONNNET FINANCE: Moody's Puts Ba2-Rated Cl. D Notes on Review
ILIAD INVESTMENT: Moody's Cuts Ratings on 3 Classes of Notes to Ca


K A Z A K H S T A N

ALTYN BASTAU: Proof of Claim Deadline Slated for February 19
DELFIN CASPIAN: Creditors Must File Claims by February 19
ELS EXPLORATION: Claims Filing Period Ends February 25
KOKSHE-RELIZ LLP: Creditors' Claims Due on February 19
KROSBI RESOURCES: Claims Registration Ends February 19

MAGNA TYRES: Proof of Claim Deadline Slated for February 19
MEGA KAZAKHSTAN: Creditors Must File Claims by February 19
SEIHUN-SHART LLP: Claims Filing Period Ends February 19
STROY TECHNIKA: Creditors' Claims Due on February 24
TYAJ SPETS: Claims Registration Ends February 24


K Y R G Y Z S T A N

INTEGRATION AND DEVELOPMENT: Claims Filing Deadline Set Feb. 26


N E T H E R L A N D S

INDOVER BANK: Fitch Withdraws 'F' Individual Rating
SCEPTRE CAPITAL: S&P Downgrades Rating on US$50 Mil. CDOs to 'CC'


P O L A N D

ODLEWNIE POLSKIE: Files for Bankruptcy On Currency Option Deals


R U S S I A

AK YAKUTSKENERGO: Fitch Assigns 'BB+' Issuer Default Rating
RBC INFORMATION: Seeks Write Off of 80% of Bonds
TUMENENERGOBANK: Moody's Withdraws Ratings for Business Reasons


S W I T Z E R L A N D

ADBRAND LLC: Creditors Must File Proofs of Claim by Feb. 9
EMIN AUTOEXPORT: Deadline to File Proofs of Claim Set Feb. 28
G. D. MINUZ: Creditors Have Until Feb. 28 to File Claims
GLOBAL STYLE: Proof of Claim Filing Deadline is March 31
GND LAYOUT: Creditors' Proofs of Claim Due by Feb. 15

JOHNER BILDUNG: Feb. 9 Set as Deadline to File Claims
KALOFEN JSC: Creditors Must File Proofs of Claim by Feb. 23
LENAX CONSULTING: Deadline to File Proofs of Claim Set March 12
OERLIKON: Says Will Not Breach Loan Covenants
UBS AG: Agrees to Acquire AIG's Commodity Index Business

UBS AG: Sells Parts of Commodities Businesses to Barclays


T U R K E Y

TC ZIRAAT: S&P Affirms Counterparty Credit Ratings at 'BB-/B'


U K R A I N E

ANDROS LLC: Creditors Must File Claims by January 22
ANTA-TRADING LLC: Creditors Must File Claims by January 22
EURO-INSIDE LLC: Creditors Must File Claims by January 22
META-K LLC: Creditors Must File Claims by January 22
PRIDNEPROVSKY HYDROMETALLURGICAL: Claims Must Be In by Jan. 22

ROVER-TRADE LLC: Creditors Must File Claims by January 22
VIKSI-SERVICE LLC: Creditors Must File Claims by January 22
ZARA LLC: Creditors Must File Claims by January 22


U N I T E D   K I N G D O M

A21 INC: Completes Auction of Biz; Court Confirms Plan
ARDENT SHIPPING: Appoints Joint Administrators from BDO
ASTON MARTIN: Could Breach Banking Covenants, Chair Warns
B & W LTD: Brings In Joint Administrators from Baker Tilly
BLUESTONE SECURITIES: S&P Affirms 'D' Ratings on Two Notes

CAMBRIDGE PRIVATE: Appoints Liquidator from Grant Thornton
COASTAL BULK: Taps Joint Administrators from BDO Stoy
EMPIRE DIRECT: In Administration; KPMG Appointed
LUCY WALKER: Appoints Joint Administrators from PKF
MCNEILL-MCMANUS GLASS: Goes Into Administration; 75 Jobs at Risk

PEAK PROJECTS: Calls In Joint Administrators from BDO Stoy
POSITIVE LENDING: Names Joint Liquidators from Tenon Recovery
PREMIUM PEOPLE: Taps Joint Administrators from Deloitte
RIVER BULK: Appoints Joint Administrators from BDO Stoy
SANDHURST MEDICAL: Names Joint Administrators from Baker Tilly

SONAS BLOXWICH: Taps Joint Administrators from PwC
SPANBOARD PRODUCTS: To Eliminate Up to 75 Jobs in Coleraine
TYGAN MOTOR: In Administration; Begbies Traynor Appointed
VIYELLA: In Talks With Potential Buyers
WATERFORD WEDGWOOD: Business as Usual for U.S. Operations

WH 2001: Placed Into Administration After Tenant Default
WINTER SUNSHINE: Goes Into Voluntary Liquidation


X X X X X X X X

* Euler Hermes Says Global Crisis to Hit Emerging Economies

* Large Companies with Insolvent Balance Sheet


                         *********


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


ALC VIP: Claims Registration Period Ends February 12
----------------------------------------------------
Creditors owed money by LLC ALC VIP (FN 258047g) have until
Feb. 12, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Katharina PITZAL
         Paulanergasse 9
         1040 Wien
         Austria
         Tel: 587 31 11
              587 31 12
         Fax: 587 87 50 50
         E-mail: office@pitzal-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:35 a.m. on Feb. 26, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 11, 2008, (Bankr. Case No. 2 S 162/08y).


DEMIREL LLC: Claims Registration Period Ends February 5
-------------------------------------------------------
Creditors owed money by LLC Demirel (FN 276196x) have until
Feb. 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Christian Bachmann
         Opernring 8
         1010 Wien
         Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 19, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 10, 2008, (Bankr. Case No. 5 S 139/08p).


ERT LLC: Claims Registration Period Ends February 11
----------------------------------------------------
Creditors owed money by LLC Ert (FN 249277i) have until Feb. 11,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Kurt Freyler
         Seilerstatte 5
         1010 Wien
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Feb. 25, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 10, 2008, (Bankr. Case No. 2 S 160/08d).


ERWIN HARALD: Claims Registration Period Ends February 11
---------------------------------------------------------
Creditors owed money by LLC Erwin Harald Ichovski (FN 159275d)
have until Feb. 11, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Leopold Riess
         Zeltgasse 3/12
         1080 Wien
         Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 25, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 9, 2008, (Bankr. Case No. 2 S 159/08g).


EUROPEAN TRANSPORT: Claims Registration Period Ends February 5
--------------------------------------------------------------
Creditors owed money by LLC European Transport Service (FN
125716b) have until Feb. 5, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Dr. Hans Rant
         Seilerstatte 5
         1010 Wien
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on Feb. 19, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 4, 2008, (Bankr. Case No. 2 S 157/08p).


PRONTO-CLEAN KG: Claims Registration Period Ends February 5
-----------------------------------------------------------
Creditors owed money by KG Pronto-Clean (FN 291180g) have until
Feb. 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Michael Rebasso
         Elisabethstrasse 26
         1010 Wien
         Austria
         Tel: 587 78 20
         Fax: 587 78 20 9
         E-mail: ra.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 19, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 10, 2008, (Bankr. Case No. 5 S 138/08s).


URBAN LLC: Claims Registration Period Ends February 3
-----------------------------------------------------
Creditors owed money by LLC Urban (FN 148193g) have until Feb. 3,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Heinz Kassmannhuber
         Stelzhamerstrasse 11
         4400 Steyr
         Austria
         Tel: 07252/50 300
         Fax: DW 50
         E-mail: office@sks-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Feb. 17, 2009, for the
examination of claims at:

         Land Court of Steyr
         Hall 7
         2nd. Floor
         Austria

Headquartered in Weyer, Austria, the Debtor declared bankruptcy on
Dec. 5, 2008, (Bankr. Case No. 14 S 61/08f).


YIKAI LI MODE: Claims Registration Period Ends February 5
---------------------------------------------------------
Creditors owed money by LLC Yikai Li Mode (FN 295506v) have until
Feb. 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Wien
         Austria
         Tel: 533 19 39 Serie
         Fax: 533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Feb. 19, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 5, 2008, (Bankr. Case No. 5 S 136/08x).


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


M-REAL CORP: S&P Junks Corporate Credit Rating; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Rating Services said that it had lowered its
long-term corporate credit rating on Finland-based forest product
company M-real Corp. to 'CCC+' from 'B-'.  At the same time, the
short-term corporate credit rating was lowered to 'C' from 'B'.
The outlook is negative.

"The rating action reflects our increased concerns about M-real's
liquidity position following continued near-term pressure on
operating cash flows, primarily as a result of weak operating
performance and bleak market prospects for 2009," said Standard &
Poor's credit analyst Jacob Zachrison.  "Combined, these factors
could lead to difficulties in meeting large upcoming debt
maturities, especially in 2010," he added.

The ratings continue to reflect M-real's weak liquidity position,
challenging market conditions, and the company's inefficient
operations.  These factors are partly offset by the group's large
and modern asset base, significant restructuring initiatives, and
sizable shares of the European paperboard and uncoated fine paper
markets.

The company's persistently weak operating performance in recent
years has resulted in very weak profitability and credit measures,
which have increased refinancing and liquidity risk.  Following a
profit warning for 2008 issued by the company in December 2008 and
in light of continued pressure on demand at the beginning of 2009,
S&P does not expect any meaningful near-term improvement in
operating performance.  Debt protection measures continued to
weaken in the first nine months of 2008, with adjusted funds from
operations to debt at only about 1% for the 12 months ended
September 2008.  In addition, the company's adjusted EBITDA margin
weakened to about 5% from 6%-7% the previous corresponding period,
and cash generation remains under severe pressure.

In December 2008, M-real announced the closing of the disposal of
its graphic paper business to Sappi Ltd. (BB/Stable/B) for EUR750
million, resulting in EUR400 million in cash proceeds.  Although
the transaction has improved M-real's ability to meet debt
maturities in 2009, the company's liquidity position will remain
vulnerable given the expiration of a revolving credit facility in
2009 and large debt maturities in 2009 and 2010.

Although S&P believes that Metsaliitto, M-real's majority
shareholder, will continue to act supportively, its acquisition of
a 9% stake in Metsa-Botnia from M-real in 2007 has reduced the
room for further support.

The negative outlook reflects expectations of an acceleration of
cash consumption, primarily as a result of lower demand and weak
operating performance.  This could make it difficult for M-real to
maintain adequate liquidity over the short to medium term in light
of the expiration of its RCF in December 2009, and large debt
maturities in the coming two years.


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


LAFARGE SA: Moody's Downgrades Ratings on Senior Bond to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded Lafarge's issuer and
senior unsecured ratings to Baa3 from Baa2.  The outlook on these
ratings is negative.  This rating action concludes the review for
possible downgrade which was initiated on November 12, 2008.

"The downgrade was prompted by Moody's expectation of continued
weakness in the building materials industry globally which will
lead to weak cash flow generation with only limited ability to
reduce debt -- and hence leverage -- within a foreseeable time
frame." said Matthias Hellstern, Moodys lead analyst for Lafarge.
In addition, Moody's considers Lafarge's expectation of proceeds
from the sale of non-core assets challenging to achieve and
therefore only recognizes a portion of divestment proceeds.
Overall, Moody's considers that higher cash inflows from asset
sales combined with higher operating cash flows, would be
necessary for Lafarge to reduce its high debt position stemming
from the Orascom acquisition and to reach an RCF / Net Debt ratio
closer to 20% which Moody's had expected in the Baa2 rating for
the company.  The Baa3 rating still expects a relatively fast
turnaround in the market for cement and aggregates, supported by
infrastructure investments accelerated by stimulus programs in
many countries leading to an RCF/net debt ratio in the mid-teens
for Lafarge over the medium term.

The adjusted RCF/Net Debt ratio per end of September 2008 has been
at 13.4% and adjusted Net debt/EBITDA 4.0x and given the
expectation that the 4th quarter 2008 has been very weak for the
sector as a whole, Moody's does not expect an improvement in these
ratios for the financial year 2009 despite the effect of 11 months
contribution from Orascom.  The Baa3 rating also incorporates the
expectation that Lafarge will not further increase its
indebtedness and will also be able to manage its leverage via
reduction on investments, sale of non-core assets and possibly
action on its dividend pay out.

The Negative outlook mainly reflects Moody's concerns about the
current industry weakness.  The rating could come under further
negative pressure if (i) Lafarge's net debt/EBITDA ratio would
increase to materially above 4.0x (including Moody's standard
adjustments), (ii) the company would fail to extend its debt
maturity profile and to improve the headroom under its covenant
test in the first half of 2009.

The outlook could be stabilized if there is a clear trend of net
debt reduction, an improvement of the average maturity profile and
if a trend of the net debt/EBITDA ratio towards 3.5x developed and
is sustained.

On the positive side Moody's notes Lafarge's solid business and
operating track record, based on a strong geographic
diversification participating in essentially all markets that may
benefit from economic stimulus packages and management fast
response to demand contraction in form of decisive measures to
further reduce its cost base and trim capital expenditure to
generate and preserve cash as well as the commitment of Lafarge's
management to keep an investment grade rating.

Moody's also notes that Lafarge has one-year extension options for
two of the tranches of the Orascom acquisition loans providing
financial flexibility.  Lafarge benefits from relatively high cash
balances and the availability of long term committed credit lines,
which, together with the expected cash flow generated, is expected
to meet its maturing debt, capital expenditure, dividends and
working capital movements for the next 12 months.  Moody's
cautions that headroom for a shortfall of cash flows generated is
relatively limited and that part of the Orascom acquisition
facility is subject to a Net debt to Ebitda financial covenant
with headroom that may be tightening, which management is expected
to address near term.

Downgrades:

Issuer: Lafarge Cement UK plc

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3
     from Baa2

Issuer: Lafarge North America, Inc.

  -- Senior Unsecured Medium-Term Note Program, Downgraded to Baa3
     from Baa2

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
     from Baa2

Issuer: Lafarge SA

  -- Multiple Seniority Medium-Term Note Program, Downgraded to a
     range of Ba1 to Baa3 from a range of Baa3 to Baa2

  -- Senior Unsecured Bank Credit Facility, Downgraded to Baa3
     from Baa2

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3
     from Baa2

Outlook Actions:

Issuer: Lafarge Cement UK plc

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Lafarge North America, Inc.

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Lafarge SA

  -- Outlook, Changed To Negative From Rating Under Review

Moody's last rating action on Lafarge was to put the ratings on
review for possible downgrade on November 12, 2008.

Headquartered in Paris, France, Lafarge S.A. is the world leader
in building materials.  In fiscal 2007, group revenues amounted to
approximately EUR17.6 billion.


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


COMDIVISION GMBH: Claims Registration Period Ends February 25
-------------------------------------------------------------
Creditors of Comdivision GmbH have until Feb. 25, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 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. Frank Kreuznacht
         Sperlichstr. 10
         48151 Muenster
         Germany
         Tel: 0251/20803-0
         Fax: +4925120803133

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:

         Comdivision GmbH
         Attn: Yves Sandfort, Manager
         Friedrich-Ebert-Strasse 74
         48153 Muenster
         Germany


FUBA PRINTED: Files for Bankruptcy
----------------------------------
FUBA Printed Circuits GmbH has filed a bankruptcy petition for the
opening of an insolvency procedure.  Lawyer Torsten Gutmann was
appointed as interim trustee in insolvency.

Despite a successful re-start after termination of the insolvency
procedure and the plan insolvency phase in the year 2006 the
filing of a new bankruptcy petition was inevitable.

Reasons for this measure are the global break-in of the automotive
industry and the reserved readiness of the banks to grant credits.
Despite low existing liabilities and disposable collaterals the
banks did not extend their engagements.  Based on these facts, the
liquidity of the company was not assured enduringly any longer.

Business is carried on in both sites of Gittelde and Dresden.
Existing and new orders are produced and delivered.

Nevertheless, the managing directors are optimistic.  FUBA's major
customers promised their support of the company.  The payment of
wages is assured for a period of three months.

The continuation of FUBA in the frame of an assigned
recapitalization is also of first priority for the trustee in
insolvency, Mr. Gutmann.

FUBA Printed Circuits GmbH -- http://www.fpc.de-- is the fourth
largest European PCB producer for automotive- and
telecommunication industries as well as for industry electronics.


METALLBAU HANS: Claims Registration Period Ends January 30
----------------------------------------------------------
Creditors of Metallbau Hans GmbH have until Jan. 30, 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. 11, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Andreas Pantlen
         Koenigsallee 90
         40212 Duesseldorf
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 22, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Metallbau Hans GmbH
         Rosmarinstr. 35
         40235 Duesseldorf
         Germany

         Attn: Margarete Hirsch, Manager
         Am Mφnchgraben 141
         40597 Duesseldorf
         Germany


OSTSEEDOMIZIL VERWALTUNGS: Claims Registration Ends Feb. 6
----------------------------------------------------------
Creditors of Ostseedomizil Verwaltungs GmbH have until Feb. 6,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10.30 a.m. on March 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall AE 26
         House A
         Bielkenhagen 9
         Stralsund
         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:

         Gerhard Brinkmann
         Freiligrathstr. 1
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         Ostseedomizil Verwaltungs GmbH
         Attn: Emilia Bucior, Manager
         Polen
         PL 74-500 Chojna
         Miezka I 18/01
         Germany


PILZ GMBH: Claims Registration Period Ends February 5
-----------------------------------------------------
Creditors of PILZ GmbH have until Feb. 5, 2009, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

The Debtor can be reached at:

         PILZ GmbH
         Im Kattenbusch 16
         44649 Herne
         Germany

         Attn: Thomas Scharfeld
         Im Kattenbusch 16
         44649 Herne
         Germany


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


* HUNGARY: Corporate Insolvency Cases Up 14% in 2008
----------------------------------------------------
The Budapest Times reports that the number of companies filing for
bankruptcy or insolvency in Hungary increased by 14% year-on-year
in 2008.

Citing a study released by export credit insurer Coface Wednesday
last week, the report discloses nearly 4% of all Hungarian
companies are affected.

The report notes that the companies announcing their inability to
pay their debts have a less than HUF20 million (EUR72,000) annual
turnover, closely followed by corporations with revenues of
between HUF20 million and HUF300 million (EUR 1.08 million)

According to the report, insolvency numbers could rise further in
2009.


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


KAUPTHING BANK: Credit Agricole to Acquire Unit's Belgian Accounts
------------------------------------------------------------------
Antonia van de Velde at Reuters reports that Credit Agricole
Belgium has signed a deal to acquire the accounts of Belgian
savers at the Luxembourg unit of Kaupthing bank hf.

Reuters relates Belgian Credit Agricole said in a statement it
will first acquire Kaupthing Belgium's 5,000 Private Banking
customers.  It added its Internet bank Keytrade Bank will then
acquire Kaupthing's 16,000 Belgian online banking clients once all
the legal obligations have been fulfilled, Reuters states.

Credit Agricole, as cited by Reuters, said the accounts of Belgian
investors would probably not be unlocked before the end of March.

"The former clients of Kaupthing Bank Belgium ... will be able to
access their money as soon as the restructuring of Kaupthing
Luxembourg is finalised," Thierry Ternier, chief executive of
Keytrade Bank, was quoted by Reuters as saying.

                     Proposed Kaupthing Fund

In a Jan. 5 report, Reuters said Belgium's finance minister
proposed a fund to guarantee depositors' savings at the Luxembourg
unit of Kaupthing.

Reuters disclosed that according to a spokesman for Finance
Minister Didier Reynders, who leads Belgium's Francophone Liberal
Party, the reserve would include money from the Belgian and
Luxembourg governments, as well as a group of Arab investors who
are in talks to buy Kaupthing's Luxembourg arm from Luxembourg.

"It's a proposal to create a fund, with the Luxembourg state and
the Belgian state and the consortium of (Arab) investors, to
guarantee EUR20,000 (per account) immediately, and then in April
to guarantee the accounts in total," Mr. Reynders' spokesman was
quoted by Reuters as saying.

Citing Mr. Reynders' spokesman, Reuters stated Belgium's
contribution to the fund would not exceed EUR100 million (US$139.3
million).

On December 26, 2008, the TCR-Europe reported that according to
Reuters, Luxembourg's budget minister Luc Frieden signed a
declaration of intent for the sale of the Luxembourg arm of
Kaupthing to a group of investors from Arab countries.

The Luxembourg government, as cited by Reuters, said the agreement
needs acceptance from the Belgian state and creditor banks.  It
added that together with Belgium and the creditor banks, it would
provide credit to Kaupthing Luxembourg, enabling the unit to keep
functioning and reimburse depositors, Reuters recalled.

Reuters recounted Belgian accounts are held by the Luxembourg unit
of Kaupthing and their money was frozen in November by
Luxembourg's financial regulator after the Icelandic parent
company was taken over by the Icelandic state.

                      About Kaupthing Bank

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.

Citing a court filing by Olafur Gardarsson, Reuters disclosed
Kaupthing has about US$14.8 billion of principal assets, including
US$222 million located in the United States, and US$26
billion of principal indebtedness.


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


ANGLO IRISH: Fitch Downgrades Individual Rating to 'F'
------------------------------------------------------
Fitch Ratings has affirmed the Long-term and Short-term Issuer
Default Ratings, Support and Support Floor Ratings of Anglo Irish
Bank Corporation (Anglo) at 'A-' (A minus), 'F1+', '1' and 'A-' (A
minus) respectively.  The agency has downgraded the Individual
rating to 'F' from 'D/E' and downgraded the preference shares to
'BB-' (BB minus) from 'BBB-' (BBB minus) and Upper Tier II hybrids
to 'BB' from 'BBB'.  Both preference shares and upper Tier II
securities remain on RatingWatch Negative.

The rating actions follow the Irish government's nationalization
of Anglo.

Fitch's previous downgrade of Anglo's Long-term IDR to its Support
Rating Floor of 'A-' indicated that any further deterioration in
the bank would not lead to any change in the Long-term IDR.  Fitch
therefore affirms this rating.

"The change to full public ownership of Anglo from the
government's previous 75% voting rights represents a change in the
extent, rather than the principle, of strong support for Anglo
Irish from the Irish government," said Matthew Taylor, Senior
Director in Fitch's Financial Institutions group.

Fitch has affirmed the Short-term IDR at 'F1+' based on an Irish
government guarantee for senior and lower Tier II subordinated
debt which matures before end-September 2010.  The agency has also
affirmed at 'AAA' the senior and lower Tier II debt issues with
original terms longer than one year which mature before 29
September 2010 and which are included in the Irish government's
credit institutions financial support scheme.  In view of the
support from the Irish government for Anglo as a going concern,
and the renewed statement by the Irish government that it will
ensure the continued viability of all systemic financial
institutions, Fitch affirms Anglo's Support rating and Support
Rating Floor.

Fitch has downgraded the bank's Individual rating to 'F' to
reflect the agency's opinion that Anglo would ultimately have
defaulted if it had not received external support.  The funding
position of the bank was weakening and the Irish government
decided that only public ownership would be effective in securing
the continued viability of the bank.  The government no longer
plans to subscribe to EUR1.5 billion of preference shares as
announced in December 2008.

The downgrading of the preference shares reflects Fitch's view
that there is a heightened risk of coupon deferral on these
securities.  These securities are deeply subordinated and for the
regulatory authorities count as Tier 1 capital.  Given Anglo's
weakened position, it is conceivable that the government or
regulator would wish Anglo to suspend the coupon payments and
instead retain the coupons as capital.  It is currently unclear
how the government intends to treat the preference shares in the
nationalization.  On the one hand, the government is establishing
a process for compensating shareholders and on the other maintains
that "creditors (including bondholders) of Anglo can be assured
that it will continue to service its obligations and will repay
its debts at maturity."  Again, Fitch considers that there is a
heightened, although currently difficult to quantify, risk of loss
on principal.

Similar arguments apply to the upper Tier II securities issued by
Anglo, although the cumulative nature of the instruments leads
Fitch to rate them one notch higher for the improved prospects of
recovering any deferred coupons.

Following the nationalization of Anglo and the affirmation of the
its Long-term IDR, Fitch affirms the 'AAA' rating of the UK
commercial mortgage contractual covered bonds issued by Anglo,
which are based on a 'AA+' probability of default rating with one
notch credit for high recoveries leading to the final 'AAA'
rating.  Anglo is the swap counterparty for the program.  Its
rating is below the 'A' rating in line with the documentation,
which provides for remedial action to be taken within 30 days of
such a downgrade, which occurred yesterday.

Anglo's nationalization marks the third time in the last 18 months
that the issuer of a covered bond program rated by Fitch has been
nationalized.  Several other issuers are now partially government-
owned.  The agency expects the Irish government to support
payments on the covered bonds as they become due, but Fitch will
also monitor that the program is maintained to a standard in line
with the covered bond rating as the bank may cease to be
government controlled in the future.

As stated in a October 17, 2008 commentary, Fitch is revising its
liquidity assumptions for covered bonds which might adversely
affect any of its covered bond ratings.  Fitch will publish
shortly its general conclusions in an exposure draft report.
Fitch will specify in the report the timeframe for implementing
the revised assumptions into its individual ratings, after taking
into account any further risk mitigants issuers may adopt during
this period.

Fitch notes the changes in senior management which have occurred
at the bank and expects the new management to review the bank's
business model so that in time it can regain the confidence of
debt and equity investors.

The ratings of Anglo are:

Anglo Irish Bank Corporation

  -- Long-term IDR affirmed at 'A-' (A minus), Outlook Stable

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'F' from 'D/E'

  -- Support rating affirmed at '1'

  -- Support Rating Floor affirmed at 'A-' (A minus)

  -- Subordinated debt affirmed at 'BBB+'

  -- Preference shares downgraded to 'BB-' (BB minus) from 'BBB-';
     remain on RWN

  -- Upper Tier II debt downgraded to 'BB' from 'BBB'; remain on
     RWN


BLUEBONNNET FINANCE: Moody's Puts Ba2-Rated Cl. D Notes on Review
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade these classes of Notes issued by Bluebonnet Finance
p.l.c. (amounts reflecting initial outstandings):

  - EUR1,020.0 million Class A Secured Floating rate Notes
    due 2016 rated Aaa, previously on 21 December 2006
    Assigned Aaa;

  - EUR125.0 million Class B Secured Floating rate Notes
    due 2016 rated Aa3, previously on 21 December 2006
    Assigned Aa3;

  - EUR 85.0 million Class C Secured Floating rate Notes
    due 2016 rated Baa2, previously on 10 December 2008
    Downgraded to Baa2 from A3; and

  - EUR70.0 million Class D Secured Floating rate Notes
    due 2016 rated Ba2, previously on 10 December 2008
    Downgraded to Ba2 from Baa3;

Moody's has not rated the Class E Notes issued by Bluebonnet
Finance p.l.c.

Moody's has been informed that on the 18 December 2008 the
liquidity facility provided by Danske Bank A/S had expired without
a stand-by drawing being made due to a failure to deliver a
renewal request within the notice period.  Following this
announcement, Moody's has placed on review for possible downgrade
all the above mentioned classes of notes issued by Bluebonnet
Finance p.l.c.

Moody's believes that the absence of a liquidity facility in this
transaction could not only impair the ability of the issuer to
make timely payment of interest on the Notes, but may also lead to
a potential increase in credit losses for the Notes.  The issuer
is in the process of trying to find a new liquidity facility
provider.  Moody's will continue to closely monitor process of
establishing a new liquidity facility and will conclude the rating
review accordingly.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yields to investors.


ILIAD INVESTMENT: Moody's Cuts Ratings on 3 Classes of Notes to Ca
------------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
classes of notes issued by Iliad Investment PLC.

The transaction is a static synthetic CDO of investment grade CDOs
and ABS assets, with certain substitution rights for the Mezzanine
Swap Counterparty in the ABS portfolio.  A large proportion of the
ABS assets are subprime RMBS bonds of the 2006 and 2007 vintages.
The rating actions are a response to credit deterioration in the
underlying portfolio due, in a significant proportion, to
expectations of increased losses in the underlying RMBS and ABS
CDO assets, as well as corporate name defaults and general
corporate deterioration.

Moody's announced on September 18, 2008 that it is revising its
expected loss assumptions of subprime and prime RMBS, specifically
of the second half 2005 - first half 2007 vintages.  Moody's
stated that for purposes of monitoring its ratings of ABS CDOs
with exposure to second half 2005 - first half 2007 subprime RMBS,
it will rely on certain projections of the lifetime average
cumulative losses for vintages of RMBS set forth in a recent
Moody's Special Report.

Moody's also announced in a press release on November 17, 2008
that it is revising its expectations of lifetime losses on pools
backing US Alt-A residential mortgage-backed securities issued in
2006 and 2007.  Moody's explained that it will utilize these
revised loss projections when monitoring ABS CDO ratings.
According to Moody's, the rating actions are the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on September 15, 2008; Washington
Mutual Inc., which was seized by federal regulators on September
25, 2008 and subsequently virtually all of its assets were sold to
JPMorgan Chase; Fannie Mae and Freddie Mac, which were placed into
the conservatorship of the U.S. government on September 8, 2008;
and GMAC LLC.  The transaction also has a significant exposure to
other corporate names which continue to deteriorate in the current
economic environment.  This will weigh on the ratings of the
tranches in this transaction.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic and ABS CDOs as described in Moody's

Special Reports below:

  -- Moody's Approach To Rating Synthetic CDOs (July 2003)

  -- Moody's Revisits Its Assumptions Regarding Corporate Default
     (and Asset) Correlations for CDOs (November 2004)

  -- Understanding Collateral Risks of Funded Synthetics in CDOs
     (June 2006)

  -- Moody's Approach To Rating Synthetic Resecuritizations
     (October 2003)

  -- Moody's Revisits its Assumptions Regarding Structured Finance
     Default (and Asset) Correlations for CDOs (June 2005)

The rating actions are:

Iliad Investment P.L.C Series 8:

1) The EUR40,000,000 Class A Secured Floating Rate Notes

  -- Current Rating: Ca
  -- Prior Rating: Ba1, on review for possible downgrade
  -- Prior Rating Date: 22 December 2008, downgraded to Ba1, under
     review for possible downgrade from Aa2, under review for
     possible downgrade

(2) The EUR30,000,000 Class B Secured Floating Rate Notes

  -- Current Rating: Ca
  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Date: 22 December 2008, downgraded to B1, under
     review for possible downgrade from A1, under review for
     possible downgrade

(3) The EUR30,000,000 Class C Secured Floating Rate Notes

  -- Current Rating: Ca
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Date: 22 December 2008, downgraded to Caa1,
     under review for possible downgrade from Baa1, under review
     for possible downgrade


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


ALTYN BASTAU: Proof of Claim Deadline Slated for February 19
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Altyn Bastau insolvent on Dec. 10, 2008.

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

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


DELFIN CASPIAN: Creditors Must File Claims by February 19
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Delfin Caspian Kazakhstan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


ELS EXPLORATION: Claims Filing Period Ends February 25
------------------------------------------------------
Branch of Company Els Exploration Inc. has declared insolvency.
Creditors have until Feb. 25, 2009, to submit written proofs of
claim to:

         Els Exploration Inc.
         Dostyk ave. 53
         Almaty
         Kazakhstan


KOKSHE-RELIZ LLP: Creditors' Claims Due on February 19
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kokshe-Reliz insolvent.

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

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


KROSBI RESOURCES: Claims Registration Ends February 19
------------------------------------------------------
Representation of Company Krosbi Resources Limited has declared
insolvency.  Creditors have until Feb. 19, 2009, to submit written
proofs of claim to:

         Krosbi Resources Limited
         Dostyk ave. 105
         Medeusky
         050051 Almaty
         Kazakhstan


MAGNA TYRES: Proof of Claim Deadline Slated for February 19
-----------------------------------------------------------
LLP Magna Tyres Kazakhstan has declared insolvency.  Creditors
have until Feb. 19, 2009, to submit written proofs of claim to:

         LLP Magna Tyres Kazakhstan
         Passajirskaya Str. 12
         Karaganda
         Kazakhstan


MEGA KAZAKHSTAN: Creditors Must File Claims by February 19
----------------------------------------------------------
LLP Mega Kazakhstan Tel Communication has declared insolvency.
Creditors have until Feb. 19, 2009, to submit written proofs of
claim to:

         LLP Mega Kazakhstan Tel Communication
         Adi Sharipov Str. 91-17
         Almaty
         Kazakhstan


SEIHUN-SHART LLP: Claims Filing Period Ends February 19
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Seihun-Shart insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


STROY TECHNIKA: Creditors' Claims Due on February 24
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Stroy Technika Ltd. 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


TYAJ SPETS: Claims Registration Ends February 24
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tyaj Spets Technika 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


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


INTEGRATION AND DEVELOPMENT: Claims Filing Deadline Set Feb. 26
---------------------------------------------------------------
LLC Central Asian Group of Integration and Development has
declared insolvency.

Creditors have until Feb. 26, 2009, to submit written proofs of
claim to:

         LLC Central Asian Group of
         Integration and Development
         Fuchik Str. 3
         Bishkek
         Kyrgyzstan


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


INDOVER BANK: Fitch Withdraws 'F' Individual Rating
---------------------------------------------------
Fitch Ratings has withdrawn the Netherlands-based Indover Bank's
Long-term Issuer Default Rating 'D', Short-term IDR 'D',
Individual Rating 'F' and Support Rating '5'.

Indover Bank was placed into administration on October 6, 2008.
The Court of Amsterdam declared the bank bankrupt on December 1,
2008.  Fitch has accordingly withdrawn the bank's ratings.


SCEPTRE CAPITAL: S&P Downgrades Rating on US$50 Mil. CDOs to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series
2007-4 US$50 million synthetic collaterized debt obligation
variable rate notes due 2012 issued by Sceptre Capital B.V. to
'CC' from 'CCC-/Watch Neg'.  The rating was subsequently
withdrawn.

The downgrade reflects a deterioration in the credit quality of
the transaction following the default of several reference names
in the portfolio.  The withdrawal of the rating is at the request
of the issuer following a buy-back of the notes.

The rating action on the affected transaction is:

                         Rating Lowered

     Name                         Rating To    Rating From
     ----                         ---------    -----------
     Sceptre Capital B.V.         CC           CCC-/Watch Neg

                           Series 2007-4

                         Rating Withdrawn  


     Name                         Rating To    Rating From
     ----                         ---------    -----------
     Sceptre Capital B.V.         NR           CC


===========
P O L A N D
===========


ODLEWNIE POLSKIE: Files for Bankruptcy On Currency Option Deals
---------------------------------------------------------------
Odlewnie Polskie said Friday last week that it was filing for
bankruptcy, Reuters reports.

Reuters relates Odlewnie said in a statement the filing was due
to: "banking valuations resulting from the currency option deals
which caused the value of our liabilities... to top the value of
the company's assets".

"The state of insolvency arose due to extraordinary circumstances
caused by a rapid and unpredictable strengthening of the euro
versus the zloty and by the speculative character of the currency
options agreements offered by banks," the statement obtained by
Reuters said.

"In theory, those agreements were supposed to secure the company
from changes of the zloty versus other currencies and in fact they
exposed the company to a big risk," it said.

Odlewnie, Reuters notes, is first Warsaw-listed company to face
bankruptcy because of currency options.

Reuters recounts last summer the Polish currency soared to a
record high against the euro and many Polish companies took out
hedging contracts, effectively betting on further zloty
appreciation.

However, as the currency weakened many of them found themselves
with losses which some analysts said could be huge, Reuters
states.

Odlewnie Polskie S.A. -- http://www.odlewniepolskie.pl/-- is a
Poland-based producer of foundry materials.  The company
manufactures castings made of gray cast iron, nodular cast iron,
vermicular cast iron, cast carbon steel, steel alloys and aluminum
alloys for industrial and water-sewage fittings, machine and tool
parts, and automotive and railway infrastructure.  The company
also runs trade activities within the foundry materials scope,
including ferroalloys, foundry alloys and inoculants, steel shot,
pig iron and dextrin.


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


AK YAKUTSKENERGO: Fitch Assigns 'BB+' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has assigned OAO AK Yakutskenergo a Long-term
foreign currency Issuer Default Rating of 'BB+', Long-term local
currency IDR of 'BB+' and National Long-term rating of 'AA(rus)'.
Yakutskenergo's long-term ratings are on Negative Outlook.
Yakutskenergo is a heat and power generator, transmitter,
distributor and retailer in the Republic of Sakha (Yakutia)
('BB-'(BB minus)/Stable) in Russia's far east.  At FYE08, the
company was 49% owned by entities controlled by the Russian
Federation ('BBB+'(BBB plus)/Negative), to which Yakutskenergo's
ratings are linked.  In Fitch's opinion, federal ownership is not
likely to fall further and may actually increase.

The federal government provides annual subsidies to Yakutskenergo
(approximately RUR300 million in FY08), though these are due to
end by 2012.  However, Fitch considers it likely that
Yakutskenergo will receive federal funding this year as a part
contribution towards a large capex program potentially totaling
RUR34 billion from 2008 to 2015.  Fitch believes that demonstrable
federal support of this type is crucial to Yakutskenergo
maintaining its current rating level.  A weakening of federal
ownership or operational or strategic links to Yakutskenergo would
likely see the company's ratings becoming more aligned with that
of the Republic of Sakha (Yakutia).  The Negative Outlook on the
company's ratings reflects the Negative Outlook on the Russian
Federation's Long-term IDR.

The government of Yakutia only owns a 1% stake in Yakutskenergo.
However, the company's links to the regional government are
strong: the government negotiates final power tariffs with the
regional regulator on the company's behalf, approves the company's
investment plan, and provides the company with a stable annual
subsidy of approximately RUR400 million (the purpose of which is
to allow Yakutskenergo to sell heat at prices below the cost of
production).

In FY07, Yakutskenergo had RUR12.9 billion in revenue, of which 8%
came from federal and regional government subsidies, 71.7% from
electricity sales and 9.7% from heat sales.  These figures are
expected to stay roughly similar in FY08 and FY09.  The company's
operating margin was 9% in FY07.  The focus of the potential capex
program will be to expand the transmission grid and construct new
gas, coal and hydro generation facilities, with the aim of
significantly reducing the amount of diesel consumed through heat
and power generation in isolated, off-grid communities.

At FYE07, Yakutskenergo's net leverage was 4.9x, with total debt
(all rouble-denominated) of RUR5,825 million, 42% of which is
short-term.  At FYE07, 20.6% of Yakutskenergo's total debt
consisted of domestic unsecured bonds, 21.3% was a loan from the
regional government, and almost all of the remainder was comprised
of loans and credit lines from federal government-owned banks.  At
FYE08, Fitch estimates Yakutskenergo's liquid resources (cash,
overdrafts, and committed and uncommitted facilities, both of
which are provided by state-owned banks) covered current debt 1.65
times.


RBC INFORMATION: Seeks Write Off of 80% of Bonds
------------------------------------------------
OAO RBC Information Systems asked creditors in a proposal at a
meeting to write off 80 percent of its bonds as it aims to cut its
US$235 million of debt to US$47 million, Maria Ermakova at
Bloomberg News reports, citing Vedomosti.

According to Bloomberg News, the Russian newspaper, citing two
unidentified investors who attended the meeting with RBC owners,
said RBC owners offered holders of the company's RUR3 billion
(US$93 million) of bonds due in March and July to write off 80
percent of the total and covert the remainder into credit notes
due 2010 and 2012.

Bloomberg News relates the investors said based on the proposal,
the new notes would be convertible into 30 percent of RBC shares,
and the company would sell new stock for that.

            Barclays Extends Repayment Date of Notes

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2008, RBC said in a press statement it has successfully reached an
agreement with Barclays Bank Plc about the short-term extension of
credit linked notes issued in November 2007.

The company placed the CLN issue with a total volume of US$45
million and a fixed coupon rate of 11.25% p.a. a year earlier.
Originally the notes had a one-year maturity coming due on
November 27, 2008.  The notes were issued on the back of a loan
extended by Barclays Bank Plc to RBC Investments (Cyprus) Ltd,
which was guaranteed by a number of RBC's subsidiaries.

RBC Management said: "Notwithstanding the current difficult
economic environment, RBC is taking the appropriate action for the
long term future of the company.  This is supported by the
creditors of this particular debt facility.  RBC will continue to
build on its successful track record achieved in the media
industry over the last few years."

RBC has also appointed advisors on the reorganization/refinancing
of both debt and equity with the aim of achieving a firmer
financial footing.  The company will update the market in the near
future as to the developments of this process.

                            About RBC

Founded in 1993, OAO RBC Information Systems (MICEX, RTS: RBCI) --
http://www.rbcinfosystems.com/-- is one of the largest media
holdings in Russia, which has attained undisputed leadership on
the business news market.  It is also quickly expanding its
presence in the area of mass market Internet services.

RBC owns over 28 business, thematic and entertainment Internet
resources, with their total audience numbering over 38mln unique
users a month.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2008, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Russia-based media group OJSC RBC
Information Systems to 'SD' from 'CCC', indicating selective
default.  At the same time, S&P lowered its Russia national scale
rating on RBC to 'SD' from 'ruB', its short-term corporate credit
rating to 'SD' from 'C', and its senior unsecured debt ratings to
'ruCC' from 'ruB'.  The ratings were removed from CreditWatch were
they were placed on Nov. 5, 2008, with developing implications.


TUMENENERGOBANK: Moody's Withdraws Ratings for Business Reasons
---------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
TumenEnergoBank for business reasons.

The bank has no rated foreign and local currency debt outstanding.

Moody's last rating action was on December 15, 2008 when Moody's
downgraded the long-term local and foreign currency deposit
ratings of TEB to C from Caa2, at the same time Moody's Interfax
Rating Agency downgraded TEB's long-term national scale credit
rating to C.ru from B3.ru.  Moscow-based Moody's Interfax is
majority-owned by Moody's.  All ratings were placed at their
lowest possible level with stable outlook on the global scale
ratings.

Headquartered in Tumen, Russia, TEB reported total consolidated
IFRS assets of RUR17.5 billion (US$714 million) as at December 31,
2007 and net consolidated income of RUR334 million
(US$13.6 million) for the year then ended.

These ratings assigned to TEB were withdrawn:

  * Bank financial strength rating -- E

  * Global long-term and short-term local currency deposit ratings
    -- C and Not Prime;

  * Long-term and short-term foreign currency deposit ratings -- C
    and Not Prime;

  * National scale deposit ratings -- C.ru


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


ADBRAND LLC: Creditors Must File Proofs of Claim by Feb. 9
----------------------------------------------------------
Creditors owed money by LLC Adbrand are requested to file their
proofs of claim by Feb. 9, 2009, to:

         JSC Breves Treuhand
         Baarerstrasse 79
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Walchwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 16, 2008.


EMIN AUTOEXPORT: Deadline to File Proofs of Claim Set Feb. 28
-------------------------------------------------------------
Creditors owed money by LLC Emin Autoexport are requested to file
their proofs of claim by Feb. 28, 2009, to:

         Najat Khateeb
         Muhletalweg 5
         4600 Olten
         Switzerland

The company is currently undergoing liquidation in Olten.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 7, 2008.


G. D. MINUZ: Creditors Have Until Feb. 28 to File Claims
--------------------------------------------------------
Creditors owed money by JSC G. D. Minuz Immobilien are requested
to file their proofs of claim by Feb. 28, 2009, to:

         Mattig-Suter und Partner
         Lydia Birchler
         Bahnhofstrasse 28
         6430 Schwyz
         Switzerland

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


GLOBAL STYLE: Proof of Claim Filing Deadline is March 31
--------------------------------------------------------
Creditors owed money by LLC Global Style are requested to file
their proofs of claim by March 31, 2009, to:

         JSC Valiba Treuhand
         Margarethenstrasse 47
         4053 Basel
         Switzerland

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


GND LAYOUT: Creditors' Proofs of Claim Due by Feb. 15
-----------------------------------------------------
Creditors owed money by LLC GND Layout are requested to file their
proofs of claim by Feb. 15, 2009, to:

         Samuel Blaser
         Sonnenbergstrasse 34
         8172 Niederglatt
         Switzerland

The company is currently undergoing liquidation in Niederglatt.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 14, 2008.


JOHNER BILDUNG: Feb. 9 Set as Deadline to File Claims
-----------------------------------------------------
Creditors owed money by LLC Johner. Bildung & Beratung are
requested to file their proofs of claim by Feb. 9, 2009, to:

         Roger Johner
         Winzerstrasse 101
         8408 Winterthur
         Switzerland

The company is currently undergoing liquidation in Winterthur.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 10, 2008.


KALOFEN JSC: Creditors Must File Proofs of Claim by Feb. 23
-----------------------------------------------------------
Creditors owed money by JSC Kalofen are requested to file their
proofs of claim by Feb. 23, 2009, to:

         Richard Grunder
         Moosrank
         6022 Grosswangen
         Switzerland

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


LENAX CONSULTING: Deadline to File Proofs of Claim Set March 12
---------------------------------------------------------------
Creditors owed money by LLC LenaX Consulting are requested to file
their proofs of claim by March 12, 2009, to:

         Ernst Haller
         Eichenweg 6
         5210 Windisch
         Switzerland

The company is currently undergoing liquidation in Windisch AG.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 4, 2008.


OERLIKON: Says Will Not Breach Loan Covenants
---------------------------------------------
Reuters reports that Oerlikon has dismissed speculation that it
will breach its loan covenants.

The rumors, Reuters discloses, sent shares in the company tumbling
Wednesday last week.  The company's shares were down 13 percent to
60.00 Swiss francs, up from an earlier low of 57.00 francs.

However, Reuters relates a spokesman for Oerlikon said "With the
year-end figures (for) 2008 we will be within the covenant range".
He maintained the company's financial base was still solid.

According to Reuters, the company said in October it was well
within its covenant range of net-debt-to-EBITDA (earnings before
interest, tax, depreciation and amortization) ratio of 3.5 times.

Oerlikon, Reuters recalls, issued a series of profit warnings last
year due to weak demand in its textile unit.

Headquartered in Pfaeffikon, Switzerland, OC Oerlikon Corporation
AG -- http://www.oerlikon.com-- develops and supplies production
systems, components, and services for selected information
technology markets and industrial applications worldwide.  The
company divides its activities into six segments: Oerlikon
Textile, Oerlikon Coating, Oerlikon Solar, Oerlikon Drive Systems
and Oerlikon Components.  It operates through subsidiaries located
across Europe, as well as in China, Brazil, the Cayman Islands and
India.


UBS AG: Agrees to Acquire AIG's Commodity Index Business
--------------------------------------------------------
UBS AG's equities business has entered into a binding agreement to
purchase the commodity index business of AIG Financial Products
Corp, including AIG's rights to the DJ-AIG Commodity Index.  This
commodity index business is comprised of a product platform of
commodity index swaps and funded notes based on the benchmark Dow
Jones-AIG Commodity Index (DJ-AIGCI).

The purchase price for the transaction is US$15 million, payable
upon closing, and additional payments of up to US$135 million over
the following 18 months based upon future earnings of the
purchased business.

The transaction is expected to close by May 2009.

                         About UBS AG

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 1,
2008, Moody's Investors Service downgraded its rating on UBS AG-
London Branch's GBP153,727,000 Credit Default Swap (with scheduled
termination date on October 2014) to "B2" from "A3".

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

On Nov. 26, 2008, the TCR reported Moody's Investors Service
downgraded its rating on UBS AG-Jersey Branch's Series 6116 CHF
50,000,000 Fixed Rate Notes (due 2017 linked to the credit of a
portfolio of Reference Entities managed by JPMorgan Asset
Management UK Limited) to "Caa3" from "A2".

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Fannie
Mae and Freddie Mac, which were placed into the conservatorship of
the U.S. government on Sept. 8, 2008 and two Icelandic banks,
specifically Kaupthing Bank hf and Glitnir Banki hf.


UBS AG: Sells Parts of Commodities Businesses to Barclays
---------------------------------------------------------
UBS AG said it has signed a transfer agreement with Barclays Bank
PLC regarding the further sale of parts of its non-strategic
commodities businesses.

UBS confirmed Barclays Capital has agreed terms for transferring
the risks associated with UBS's base metals, oil and US power and
gas businesses.

In October 2008, UBS said that following a thorough review, it
would reprioritize its business portfolio to preserve its core
strengths and client franchises in the securities and advisory
businesses, while downsizing or exiting certain business
activities.  As part of this, the investment bank is exiting all
of its commodities businesses with the exception of precious
metals and the index and exchange-traded commodities activities.

The investment bank expects to complete the full risk transfer by
end of the second quarter, subject to certain conditions being
fulfilled.

Terms and conditions of the deal were not disclosed.

The sale follows the announcement on December 22, 2008, that J.P.
Morgan has agreed to buy the entire Canadian-based commodities
energy business and UBS's global agricultural businesses.

                     Bank of China Stake Sale

On December 31, 2008, UBS said it sold its investment of
approximately 3.4 billion Bank of China Limited H-shares through a
placing to institutional investors.

UBS acquired the approximately 3.4 billion Bank of China H-shares
stake in 2005 in preparation for Bank of China's IPO to the
international market.

                         About UBS AG

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 1,
2008, Moody's Investors Service downgraded its rating on UBS AG-
London Branch's GBP153,727,000 Credit Default Swap (with scheduled
termination date on October 2014) to "B2" from "A3".

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

On Nov. 26, 2008, the TCR reported Moody's Investors Service
downgraded its rating on UBS AG-Jersey Branch's Series 6116 CHF
50,000,000 Fixed Rate Notes (due 2017 linked to the credit of a
portfolio of Reference Entities managed by JPMorgan Asset
Management UK Limited) to "Caa3" from "A2".

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Fannie
Mae and Freddie Mac, which were placed into the conservatorship of
the U.S. government on Sept. 8, 2008 and two Icelandic banks,
specifically Kaupthing Bank hf and Glitnir Banki hf.


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


TC ZIRAAT: S&P Affirms Counterparty Credit Ratings at 'BB-/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB-/B' long- and short-term counterparty credit ratings and its
'trA/trA-1' Turkish national scale ratings on Turkey-based T.C.
Ziraat Bankasi A.S.  The outlook on the long-term rating is
negative.  The ratings were subsequently withdrawn at the bank's
request.

As a result of the withdrawal, Ziraat will no longer be subject to
Standard & Poor's review.  At the moment of rating withdrawal, the
bank had no rated senior or subordinated debt outstanding.


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


ANDROS LLC: Creditors Must File Claims by January 22
----------------------------------------------------
Creditors of LLC Andros (EDRPOU 34412765) have until Jan. 22,
2009, to submit proofs of claim to:

         LLC Megacapital
         Liquidator
         Apt. 43
         M. Grushevsky Str. 28/2
         01021 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 9, 2008.
The case is docketed as 23/292-b.

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

The Debtor can be reached at:

         LLC Andros
          Zheleznodorozhnoye highway, 1
          01103 Kiev
          Ukraine


ANTA-TRADING LLC: Creditors Must File Claims by January 22
----------------------------------------------------------
Creditors of LLC Anta-Trading (EDRPOU 33834350) have until
Jan. 22, 2009, to submit proofs of claim to:

         LLC Stilius
         Liquidator
         Artem Str. 37-41
         04053 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 9, 2008.
The case is docketed as 23/294-b.

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

The Debtor can be reached at:

         LLC Anta-Trading
         P. Pestel Str. 11
         01135 Kiev
         Ukraine


EURO-INSIDE LLC: Creditors Must File Claims by January 22
---------------------------------------------------------
Creditors of LLC Euro-Inside (EDRPOU 35462466) have until Jan. 22,
2009, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Arbitration Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 18, 2008.
The case is docketed as 2/219-08-5040.

The Debtor can be reached at:

         LLC Euro-Inside
         Promyshlennaya Str. 2A
         Illichevsk
         Odessa
         Ukraine


META-K LLC: Creditors Must File Claims by January 22
----------------------------------------------------
Creditors of LLC Meta-K (EDRPOU 35118757) have until Jan. 22,
2009, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Arbitration Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 16, 2008.
The case is docketed as 2/215-08-4951.

The Debtor can be reached at:

         LLC Meta-K
         Zhytomir Str. 38z
         65098 Odessa
         Ukraine


PRIDNEPROVSKY HYDROMETALLURGICAL: Claims Must Be In by Jan. 22
--------------------------------------------------------------
Creditors of State Enterprise Pridneprovsky Hydrometallurgical
Enterprise (EDRPOU 30168729) have until Jan. 22, 2009, to submit
proofs of claim to:

         Mr. Valentin Martynok
         Liquidator
         Apt. 219
         Nekrasov Str. 115
         Belaya Tserkov
         09100 Kiev
         Ukraine

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 11, 2008.  The case is docketed as B 15/48/02.

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

The Debtor can be reached at:

         State Enterprise Pridneprovsky
         Hydrometallurgical Enterprise
         Anoshkin avenue, 179
         Dnieprodzerzhynsk
         51917 Dnipropetrovsk
         Ukraine


ROVER-TRADE LLC: Creditors Must File Claims by January 22
---------------------------------------------------------
Creditors of LLC Rover-Trade (EDRPOU 33835747) have until Jan. 22,
2009, to submit proofs of claim to:

         LLC Stilius
         Liquidator
         Artem Str. 37-41
         04053 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 9, 2008.
The case is docketed as 23/294-b.

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

The Debtor can be reached at:

         LLC Rover-Trade
         Apt. 8
         Artem Str. 52-d
         04053 Kiev
         Ukraine


VIKSI-SERVICE LLC: Creditors Must File Claims by January 22
-----------------------------------------------------------
Creditors of LLC Viksi-Service (EDRPOU 33598272) have until
Jan. 22, 2009, to submit proofs of claim to:

         LLC Stilius
         Liquidator
         Artem Str. 37-41
         04053 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 2, 2008.
The case is docketed as 23/267-b.

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

The Debtor can be reached at:

         LLC Viksi-Service
         Predslavinskaya Str. 34-b
         03150 Kiev
         Ukraine


ZARA LLC: Creditors Must File Claims by January 22
--------------------------------------------------
Creditors of LLC Zara (EDRPOU 35139798) have until Jan. 22, 2009,
to submit proofs of claim to:

         LLC Inform-Tel
         Liquidator
         Miloslavskaya Str. 58
         02232 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 9, 2008.
The case is docketed as 23/291-b.

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

The Debtor can be reached at:

         LLC Zara
         Zakrevsky Str. 29-b
         02217 Kiev
         Ukraine


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


A21 INC: Completes Auction of Biz; Court Confirms Plan
------------------------------------------------------
a21, Inc. (ATWOE.OB) said Friday that the U.S. assets of its
subsidiaries, SuperStock, Inc., and ArtSelect, Inc., and the stock
of its U.K. subsidiary, SuperStock, Limited, were sold at auction
at the United States Bankruptcy Court for the Middle District of
Florida, Jacksonville Division, which was previously announced as
part of its plan of bankruptcy:

  -- RGB Venture Partners, a joint venture comprised of
     Rubberball Productions LLC, Glow Images LLC, and Blend
     Images LLC, was the winning bidder for the U.S. assets of
     SuperStock, Inc. RGB Venture Partners will pay US$2,825,000
     for the U.S. assets of SuperStock, Inc.

  -- Ingram Image Limited, a company incorporated in England
     and Wales, was the winning bidder for the shares of
     SuperStock, Ltd.  Ingram Image Limited will pay US$50,000
     for the shares of SuperStock, Ltd.

  -- Art.com, Inc., a Delaware corporation, was the winning
     bidder for the assets of ArtSelect, Inc. Art.com, Inc.
     will pay US$1,625,000 for the assets of ArtSelect, Inc.

The Court also confirmed the Combined Plan of Liquidation.  No
distributions will be available for shareholders.  Unsecured
creditors will receive US$125,000.  The remaining proceeds will be
shared by the various secured creditors as described in the
Combined Plan of Liquidation.

                           About a21

a21, Inc. -- http://www.a21group.com/-- is an online digital
content company.  Through SuperStock -- http://www.superstock.com;
http://www.mediamagnet.com;http://www.superstock.co.uk;and
http://www.purestockx.com-- and ArtSelect --
http://www.artselect.com;http://www.postersetc.com-- a21
delivers high quality images, art framing, and exceptional
customer service.  a21 and its companies, with offices in Florida,
Iowa, and London, provide valuable and viable choices to key
business partners and customers in the stock image, art and wall
decor industries.


ARDENT SHIPPING: Appoints Joint Administrators from BDO
-------------------------------------------------------
William Matthew Humphries Tait and David Harry Gilbert of BDO Stoy
Hayward LLP were appointed joint administrators of Ardent Shipping
Ltd. on Jan. 6, 2009.

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

         2 City Place
         Beehive Ring Road
         Gatwick
         West Sussex
         RH6 0PA
         England


ASTON MARTIN: Could Breach Banking Covenants, Chair Warns
---------------------------------------------------------
Jamie Dunkley at The Daily Telegraph reports that luxury car
manufacturer Aston Martin has warned it could breach its banking
covenants later this year amid the economic downturn.

The report relates David Richards, chairman of Aston, admitted in
an interview that the current turmoil could force the company into
a technical breach of its covenants.  However, he maintained that
it faced no immediate problems and was better placed than many of
its rivals, the report notes.

Mr. Richards, the report adds, also confirmed it had delayed
spending on product development by six months.

Aston, the report recounts, was bought from Ford by a Kuwaiti-
backed consortium for GBP479 million in 2007.

The report recalls the company has been forced to make a series of
cutbacks, including the loss of 600 jobs, after it was left with a
huge overhang of unsold stock as buyers of its cars, which start
at about GBP83,000, have proved to be scarce.


B & W LTD: Brings In Joint Administrators from Baker Tilly
----------------------------------------------------------
A. D. Allen, M. R. M. Wild and B.A. Mackay of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of B & W Ltd. on Jan. 6, 2009.

The company can be reached through Baker Tilly Restructuring and
Recovery LLP at:

         The Clock House
         140 London Road
         Guildford
         Surrey
         GU1 1UW
         England


BLUESTONE SECURITIES: S&P Affirms 'D' Ratings on Two Notes
----------------------------------------------------------
Standard & Poor's Ratings Services took various rations actions on
the series 2004-01, 2005-01, 2006-01, and 2007-01 notes issued by
Bluestone Securities PLC.

Specifically, S&P have:

  — Raised and removed from CreditWatch positive S&P's ratings on
    three tranches;

  — Lowered S&P's rating on one tranche;

  — Lowered and removed from CreditWatch negative S&P's ratings on
    six tranches;

  — Placed one tranche on CreditWatch negative; and

  — Affirmed S&P's ratings on 12 tranches.

Series 2004-01 and 2005-01 have a non-amortizing reserve and
significant levels of credit enhancement.  Although they have
higher arrears levels than S&P's nonconforming index, the
collection rates have remained high and they continue to yield
excess spread.

Series 2006-01 and 2007-01 had reserve fund draws on the December
interest payment date.  For series 2006-1 this draw was 26.9% of
the reserve fund and for series 2007-1 it was 10.1%.  These draws
were partly due to continued payments of deferred senior
consideration, which are scheduled to step up further on future
payment dates.  Losses and delinquencies in both deals are
higher than S&P's nonconforming index. 22.8% of the series 2006-1
portfolio and 12.8% of the series 2007-1 portfolio are loans more
than 90 days in arrears.

With high arrears, high portfolio loan-to-value ratios, and with
U.K. house prices likely to continue to fall in the coming months,
S&P believes series 2006-01 and 2007-01 will continue to see large
losses and there is potential for further reserve fund draws.

                          Ratings List

                    Bluestone Securities PLC
GBP288 Million Mortgage-Backed Floating-Rate Notes Series 2004-01

       Ratings Raised and Removed from CreditWatch Positive

                             Rating
                             ------
            Class       To                From
            -----       --                ----
            B           AA                A/Watch Pos
            C           A                 BBB/Watch Pos

                         Ratings Affirmed

                            Rating
                            ------
                     To                From
                     --                ----
                     Aa                AAA
                     Az                AAA
                     D                 BB

                     Bluestone Securities PLC
      GBP108.05 Million Mortgage-Backed Floating-Rate Notes
                          Series 2005-01

       Rating Raised and Removed from CreditWatch Positive

                             Rating
                             ------
            Class       To                From
            -----       --                ----
            B           AA                A/Watch Pos

                        Ratings Affirmed

                            Rating
                            ------
                     To                From
                     --                ----
                     A                 AAA
                     C                 BBB
                     D                 BB

                    Bluestone Securities PLC
GBP109.98 Million and EUR164.6 Mortgage-Backed Floating-Rate Notes
                         Series 2006-01

       Ratings Lowered and Removed from CreditWatch Negative

                             Rating
                             ------
            Class       To                From
            -----       --                ----
            C           B+                BBB/Watch Neg
            D           B-                BB/Watch Neg
            E           CCC               B/Watch Neg

            Rating Placed on CreditWatch Negative
                   
                             Rating
                             ------
            Class       To                From
            -----       --                ----
            B           A/Watch Neg       A

                        Ratings Affirmed

                            Rating
                            ------
                     To                From
                     --                ----
                     A1                AAA
                     A2                AAA

                     Bluestone Securities PLC
       EUR80 Million and GBP405.58 Million Mortgage-Backed
                Floating-Rate Notes Series 2007-01

                          Rating Lowered

                                  Rating
                                  ------
                 Class       To                From
                 -----       --                ----
                 B           BBB               A

       Ratings Lowered and Removed from CreditWatch Negative

                             Rating
                             ------
            Class       To                From
            -----       --                ----
            C           BB                BBB/Watch Neg
            Da          CCC               BB/Watch Neg
            Db          CCC               BB/Watch Neg

                        Ratings Affirmed

                            Rating
                            ------
                     To                From
                     --                ----
                     A1a               AAA
                     A1b               AAA
                     A2                AAA
                     Az                AAA


CAMBRIDGE PRIVATE: Appoints Liquidator from Grant Thornton
----------------------------------------------------------
Ian S. Carr of Grant Thornton UK LLP was appointed liquidator of
Cambridge Private Hospital Ltd. on Jan. 8, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Cambridge Private Hospital Ltd.
         43 Cambridge Road
         Wimpole
         Cambridgeshire
         SG8 5QD
         England


COASTAL BULK: Taps Joint Administrators from BDO Stoy
-----------------------------------------------------
William Matthew Humphries Tait and David Harry Gilbert of BDO Stoy
Hayward LLP were appointed joint administrators of Coastal Bulk
Shipping Ltd. on Jan. 6, 2009.

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

         2 City Place
         Beehive Ring Road
         Gatwick
         West Sussex
         RH6 0PA
         England


EMPIRE DIRECT: In Administration; KPMG Appointed
------------------------------------------------
Mark Firmin and Richard Fleming from KPMG LLP were appointed
administrators to Empire Direct plc and its subsidiary company
Empire Property (UK) Limited, at the request of the directors.

The company, which is based in Leeds, has been established for 25
years and markets itself as the UK's largest independent retailer
of electrical goods with a turnover of GBP150 million.  A
significant proportion of its business was online though it also
had 14 retail outlets around the UK.

The business was unable to continue trading so all the outlets
have been closed and the administrators have made 158 of the 350
employees redundant.

Mark Firmin, joint administrator, and KPMG Restructuring Partner
said: "Empire Direct has been severely affected by the economic
downturn and experienced a significant reduction in sales from the
middle of last year.  In addition, the business really suffered
when credit insurers withdrew cover in October.  Low stock levels
and operating losses mean the business cannot continue to trade in
administration.

"We are working hard with the remaining employees to establish a
list of customers with outstanding orders and much of our
immediate effort will be focused on communicating with them.
Within the first few weeks of the administration, we are aiming to
contact all customers who have paid for goods which they have not
received.  Customers can contact us using the dedicated email
address which can be accessed via www.empiredirect.co.uk.
Alternatively, customers can log their details with the call
center on 0871 472 9000."

Parties interested in acquiring any assets of the business should
contact the administrators as soon as possible.

Bolton – Blackburn Road
Bolton – Trinity Retail Park
Bradford – Canal Road
Bradford – Ingleby Road
Chingford – Corktree Retail Park
Derby – Wyvern Retail Park
Doncaster – Danum Retail Park
Dudley – Merry Hill Retail Park
Huddersfield – Great Northern Retail Park
Leeds – Roundhay Road (also head office)
Loughborough – Regent Place Retail Park
Nuneaton – Bermuda Trade Park
Romford – Rom Valley Retail Park
Wetherby – Thorp Arch Trading Estate


LUCY WALKER: Appoints Joint Administrators from PKF
---------------------------------------------------
Ian Scofield and Charles Escott of PKF (UK) LLP were appointed
joint administrators of Lucy Walker Recruitment (Leeds) Ltd. on
Dec. 29, 2008.

The company can be reached through PKF (UK) LLP at:

         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England


MCNEILL-MCMANUS GLASS: Goes Into Administration; 75 Jobs at Risk
----------------------------------------------------------------
Mallusk-based glass processing and installation company McNeill-
McMannus Glass Ltd has gone into administration, putting 75 jobs
at risk, BBC News reports.

Citing a statement released by the administrators, BDO Stoy
Hayward, the report discloses, said the company, which has been in
the industry for more than 80 years, has been "significantly
impacted by the downturn in the construction industry".

The report notes that according to the administrators, decrease in
the level of orders, combined with severe cash flow pressures left
the directors no option but to place it in administration.

Meanwhile, the administrators are currently undertaking an
assessment of the company's position with a view to its sale as a
going concern, the report adds.


PEAK PROJECTS: Calls In Joint Administrators from BDO Stoy
----------------------------------------------------------
Dermot Power and Matthew Dunham of BDO Stoy Hayward LLP were
appointed joint administrators of Peak Projects Ltd. on Jan. 6,
2009.

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

         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


POSITIVE LENDING: Names Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Positive Lending Ltd.
on Jan. 5, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


PREMIUM PEOPLE: Taps Joint Administrators from Deloitte
-------------------------------------------------------
Ian Brown and Daniel Francis Butters of Deloitte LLP were
appointed joint administrators of Premium People Ltd. on Jan. 8,
2009.

The company can be reached through Deloitte LLP at:

         Gainsborough House
         34-40 Grey Street
         Newcastle upon Tyne
         NE1 6AE
         England


RIVER BULK: Appoints Joint Administrators from BDO Stoy
-------------------------------------------------------
William Matthew Humphries Tait and David Harry Gilbert of BDO Stoy
Hayward LLP were appointed joint administrators of River Bulk
Shipping Ltd. on Jan. 6, 2009.

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

         2 City Place
         Beehive Ring Road
         Gatwick
         West Sussex
         RH6 0PA
         England


SANDHURST MEDICAL: Names Joint Administrators from Baker Tilly
--------------------------------------------------------------
A. D. Allen and M. R. M. Wild of Baker Tilly Restructuring and
Recovery LLP were appointed joint administrators of Sandhurst
Medical Ltd. on Jan. 6, 2009.

The company can be reached through Baker Tilly Restructuring and
Recovery LLP at:

         The Clock House
         140 London Road
         Guildford
         Surrey
         GU1 1UW
         England


SONAS BLOXWICH: Taps Joint Administrators from PwC
--------------------------------------------------
David Matthew Hammond, Mark David Charles Hopkins and Colin
Michael Trevethyn Haig of PricewaterhouseCoopers LLP were
appointed joint administrators of Sonas Bloxwich Ltd. on Dec. 19,
2008.

The company can be reached at:

         Sonas Bloxwich Ltd.
         One Eleven Edmund Street
         Birmingham
         West Midlands
         B3 2HJ
         England


SPANBOARD PRODUCTS: To Eliminate Up to 75 Jobs in Coleraine
-----------------------------------------------------------
BBC News reports that Spanboard Products Ltd is carrying out job
cuts after being hit by the downturn in the construction industry.

According to the report, it is understood that up to 75 staff at
Spanboard have been told they have been put on the statutory 90
days notice.

The company, the report discloses, employs 105 people in the
manufacture and distribution of timber products.

The report relates a statement released on behalf of Spanboard,
said "the current economic climate, pressure on business lending
and the downturn in the construction industry, coupled with rising
costs for energy and raw materials" had impacted "on the company's
trading position".

The statement added the company, its workforce and the trade union
Unite, would examine what options were available "in order to try
to avoid, reduce and mitigate the impact of redundancies and find
ways to maintain operations at its facility in Coleraine", the
report notes.

Based in Coleraine, Spanboard Products Ltd is part of the Sonae
Industria Group.


TYGAN MOTOR: In Administration; Begbies Traynor Appointed
---------------------------------------------------------
Neil Vinnicombe and Simon Haskew from the Bristol office of
Begbies Traynor, the UK's leading business rescue, recovery and
restructuring specialists, have been appointed as administrators
to Dorset-based Tygan Motor Company, which employed seven at its
Beaminster premises.

Tygan Motor Company manufactures and markets replicas of classic
sports cars such as the Porsche 356 and 550 Spyder and was
established in 2006 when it acquired the business of the Chesil
Motor Company from liquidators.

The business has benefited from a significant investment with some
GBP350,000 invested during 2007 to acquire and fit out its 5,000
sq ft manufacturing facility in Beaminster.   It manufactured 13
cars during 2007, increasing to 24 during 2008 – with prices
ranging from GBP28,000 to GBP32,000 depending upon the model.

Begbies Traynor director Neil Vinnicombe commented: "While the
company has ceased to operate and the staff have been made
redundant, this remains a niche business with a well established
brand.

"The order book has been impacted by the economic downturn but
ultimately it was the withdrawal of further working capital which
caused it to cease trading.

"I believe that there is an opportunity to save the underlying
business.  Mothballing it and waiting for an improvement in the
economic climate would be one option, or downsizing it would be
another.

"Whatever happens, it seems unlikely that car enthusiasts will
lose their passion for replica classics at non classic prices and
we are hoping to be able to find a buyer for the business in some
form."

Tygan Motor Company manufactures replica cars under strict
regulation of VOSA and the UK regulatory authority for safety and
road worthiness of motor vehicles.  It extended its vehicle range
in 2007, launching two new models at the Goodwood Festival of
Speed.


VIYELLA: In Talks With Potential Buyers
---------------------------------------
The Scotsman reports that women's clothing manufacturer Viyella is
in talks with several potential buyers.

However, administrators Poppleton & Appleby declined to comment on
the number and names of the suitors, the report notes.

Citing a source close to the matter, the report discloses there
were four or five interested parties.

"We are in detailed negotiations with several potential purchasers
and are due to meet with a number of different parties this week,"
Andrew Turpin, joint administrator from Poppleton & Appleby, was
quoted by the report as saying.  "It is always difficult to
predict the outcome with any certainty but I am confident that we
will find a buyer."

The report relates Mr. Turpin added Viyella had closed a number of
concessions to concentrate on its core profitable stores.

As reported in the TCR-Europe on Jan. 9, 2009, Viyella, which
operates around 100 stores and concessions throughout the UK, went
into administration, putting 450 jobs at risk.

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

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


WATERFORD WEDGWOOD: Business as Usual for U.S. Operations
---------------------------------------------------------
Waterford Wedgwood's operations in the United States, including
Waterford Crystal, Wedgwood and Royal Doulton are not encumbered
by the receivership and administration processes in Ireland and
the United Kingdom which were announced on Monday, January 5,
2009.

Waterford Wedgwood's affiliates in the U.K. and Ireland were
placed in Administration and Receivership proceedings,
respectively, to enable the global business to be preserved while
it is restructured and offered for sale.  Waterford Wedgwood said
the appointees are planning to continue doing business while
seeking a sale to interested parties well advanced in this
process.

Peter Cheyney, Director of Corporate Communications for Waterford
Wedgwood USA, said, "Our business continues uninterrupted and we
wish to recognize and acknowledge the support we have received
from our consumers, customers, retail partners and brides
throughout the US.  We assure them that all our suppliers continue
to cooperate; that we are busy fulfilling orders and that we are
confident that we will maintain the business into the future.

"Our brands are some of the finest in the world and we have no
doubt that they will entrance and attract customers for many years
to come. We have noted the increase in market share, which is
being garnered by all our brands; however, we also acknowledge the
contracting of the overall market due to the pressures on the
economy and the financial markets."

"We also wish to salute the dedication and commitment of
management and all of our employees in the US who have continued
to serve the needs of customers, brides and retail partners across
America."

Waterford Wedgwood USA, Inc. is based in Wall, New Jersey with
showrooms in New York City, Atlanta and Dallas.  It's Waterford
Crystal, Wedgwood and Royal Doulton brands are renowned worldwide
for quality and design excellence.


WH 2001: Placed Into Administration After Tenant Default
--------------------------------------------------------
WH 2001 L&R Holding Partnership, a joint venture between Goldman
Sachs and private property company London & Regional, has been
placed into administration after Woolworths failed to pay its
quarterly rent bill on December 25, Matt Turner at
efinancialnews.com reports.

Citing trade magazine Property Week, the report relates the joint
venture, which owns 15 stores, was placed into administration on
Monday, January 12, with KPMG taking charge of the restructuring.

Woolworths, the report discloses, was tenant to the majority of
the venture's premises.

The report recalls the venture was forced to review options in
November when Woolworths went into administration.

KPMG, the report says, is now in talks to re-let some of the
properties, while Deloitte is working on behalf of Woolworths to
fill the vacant premises.

According to the report, at the time of going into administration,
the venture owed around US$38 million, the majority of which was
lent by HBOS.


WINTER SUNSHINE: Goes Into Voluntary Liquidation
------------------------------------------------
Draycott-based travel firm Winter Sunshine Holidays has gone into
voluntary liquidation after trading for 20 years, BBC News
reports.

The liquidation is being handled by Begbies Traynor, the report
discloses.

A spokesman for the liquidators, as cited by the report, said the
company had set up a trust fund and most people would get a
refund.

"Those who've paid on a credit card will get all their money back
from their credit card provider, Bob Young from liquidators
Begbies Traynor was quoted by the report as saying.  "Those who
paid by debit card or cheque will get most of their money back
from this trust fund, so even thought the company's going into
liquidation, steps have been taken to protect holidaymakers."


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


* Euler Hermes Says Global Crisis to Hit Emerging Economies
-----------------------------------------------------------
Euler Hermes has published its analysis of country risk in a
global economic crisis.  Country risk takes on another dimension
in a recessionary environment.  Emerging countries are faced with
dwindling sources of external financing, the recession of the
major economies and falling commodities prices.  These
difficulties have been exacerbated by bank liquidity problems,
volatile exchange rates and the withdrawal of foreign capital.
These economies' weaknesses, less visible during growth periods,
have resurfaced.  Countries that seemed perfectly safe a short
while ago now represent a risk for the companies that do business
with them.

Against this backdrop, Euler Hermes Country Risk Analyst David
Atkinson said: "The present economic crisis is affecting all
countries, with no exception.  Although some countries are in a
better position to resist the crisis, many are experiencing a
rapid deterioration in their situation.  It is essential that
trade partners and exporters keep a close watch on these
countries, on the reforms implemented and on future trends".

Emerging economies are slowing

Euler Hermes is forecasting growth of less than 1% for the global
economy in 2009 with the large developed economies experiencing
their first recession since World War II.  At the same time,
emerging economies are being severely hurt by a world crisis that
does not correspond to a normal economic cycle.  The decoupling
theory, whereby emerging economies would continue to grow, has
been largely invalidated.  These countries now face numerous
problems:

    * Wide-scale withdrawal of foreign investment
    * Drop in exports
   * Tumbling commodities prices (oil, etc.)

Against this difficult background, Euler Hermes expects economic
growth to slow sharply in emerging countries.

A growing number of high-risk countries

The overall trend in the risk ratings assigned by Euler Hermes to
each country reflects the general trend in risk of international
trade.  With the risk ratings of 16 countries downgraded in 2008,
international trade has entered a more turbulent period.

At the individual level, each country's rating reflects its
sensitivity to a downturn in its environment and its capacity to
stand firm.  In the present conditions, individual country risk
ratings can change rapidly and should therefore be monitored
closely by exporters and their partners.
Since the economic crisis worsened, Euler Hermes has downgraded
the country risk ratings of eleven countries:

Euler Hermes has identified a group of more vulnerable countries:

    * With a C rating: Hungary, Romania, Russia, Turkey,
      Lithuania, Bulgaria, Latvia, Kazakhstan, Indonesia,
      Dominican Republic, Honduras and Jamaica

    * With a D rating: Iceland, Ukraine, Serbia, Bosnia
      Herzegovina, Vietnam, Argentina, Venezuela, Ecuador, Kenya,
      Lebanon and Pakistan

Some countries are in a better position than others to face the
crisis

Some countries have resources and structures that offer more
shelter from the global crisis:

Singapore (rated AA), Chile (A), Czech Republic (A), Hong Kong
(A), Malaysia (A), Slovenia (A), Taiwan (A), Bahrain (BB),
Botswana (BB), Brazil (BB), Israel (BB), South Korea (BB), Kuwait
(BB), Mexico (BB), Oman (BB), Poland (BB), Qatar (BB), Saudi
Arabia (BB), Slovakia (BB), South Africa (BB), Thailand (BB) and
Tunisia (BB).

Russia: liquidity crunch and tumbling oil prices

Russia's economic growth is expected to slow significantly, from
6.1% in 2008 to 1.5% in 2009 according to Euler Hermes estimates,
after several strong years (7.4% in 2006 and 8.1% in 2007).  The
rapid slowdown was visible in the fourth quarter of 2008 with a
very sharp fall in industrial production.  The business slowdown
has been accompanied by a slump in the share prices of listed
Russian companies (down 70% in six months) and the weakening of
the rouble, down 13% against the dollar, despite heavy
intervention.

Foreign exchange reserves have decreased by more than 25% since
August 2008 and the fall in the price of oil will have a
significant impact on the fiscal and external current account
balances.

Euler Hermes has left its C rating unchanged but notes the risks
from banking and corporate foreign exchange illiquidity and lower
oil prices.

Turkey: strong inflation and low foreign exchange reserves

Turkey's economic growth has slowed significantly since 2007 (6.9%
in 2006, 4.5% in 2007).  Euler Hermes is expecting economic growth
to stand at 2.3% in 2008 and fall to 1.0% in 2009.  Inflation
remains relatively high.  Euler Hermes estimates that the
inflation rate will have risen to 10.1% in 2008 and remain at a
similar level in 2009 (10%).

The large current account deficit and reliance on short time
capital flows is a key vulnerability and the Turkish Lira has
fallen sharply.  Foreign exchange reserves have also fallen but
currently still cover 3.5 months of imports, though only 60% of
external debt due in 2009.

Euler Hermes has left its C rating unchanged but is closely
monitoring the situation, including developments with regards to
the IMF program currently under discussion.

India: substantial foreign exchange reserves but limited
possibilities

India recorded a sharp downturn in industrial activity in the
fourth quarter of 2008.  The banking sector has been relatively
sheltered from the global financial crisis directly though credit
conditions have tightened noticeably.  The Indian stock market and
exchange rates have also been affected.  Economic growth has
slowed significantly but remains relatively high in the global
context (7.0% in 2008 and 5.0% in 2009 according to Euler Hermes
forecasts).

Government support for the currency have significantly decreased
into foreign exchange reserves but these still cover seven months
of imports and the total stock of external debt.

However, the size of the fiscal deficit considerably constraints
government action to offset the slowdown in economic activity.
Euler Hermes has maintained its B rating.  Regional and political
uncertainties will also need to be monitored.

Methodology

Euler Hermes assigns each country a risk rating that reflects the
country's economic and political risk.  The economic factors taken
into account are the macroeconomic indicators (indebtedness,
fiscal deficit, etc) and institutional and structural factors.
The political factors taken into account are the efficiency and
stability of the political system in place.  The combination of
these two types of indicators are reflected in a rating – AA, A,
BB, B, C or D; AA is the strongest rating.  This classification
constitutes a first filter for any credit limit request and
influences the terms and conditions of cover extended by Euler
Hermes.

Euler Hermes country risk analysis

Three Euler Hermes specialists, two in London and one in Hamburg,
are dedicated to country risk.  A country risk committee, which
also includes representative of group subsidiaries, meets every
two months.  The country risk specialists' work is published in a
weekly bulletin.  Any change in a country's risk results in an
immediate, ad hoc review.

David Atkinson is one of Euler Hermes' three country risk
analysts.  He joined the group in 1999 and and has established a
Group-wide framework for country risk analysis.  Previously, Mr.
Atkinson spent twenty-five years in international banking as an
emerging markets and country risk analyst, specializing in Latin
America, Eastern and Southern Europe and East Asia including
China.  He is based in the United Kingdom and holds a degree in
Economics from the University of Nottingham.


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

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

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


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


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, 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 * * *