TCREUR_Public/090121.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

          Wednesday, January 21, 2009, Vol. 10, No. 14

                            Headlines

A U S T R I A

DIETER MAYER: Claims Registration Period Ends February 2
ENERGYCABIN LLC: Claims Registration Period Ends February 2
ERTUGRUL KOC: Claims Registration Period Ends February 2
FIRAT VERPUTZ: Claims Registration Period Ends February 2
KARABOVA LLC: Claims Registration Period Ends February 2

L 89 LLC: Claims Registration Period Ends February 2
MARTOS & PARTNER: Claims Registration Period Ends February 2
ZSH BAU: Claims Registration Period Ends January 30


B E L G I U M

DEXIA GROUP: Moody's Cuts BFSRs on Main Banking Entities to D+


C Z E C H  R E P U B L I C

BOHEMIA CRYSTALEX: Declared Insolvent by Prague Municipal Court


F R A N C E

EDF: Fitch Affirms Rating on FCC Minotaure Class C Notes at BB


G E R M A N Y

BOGNER FLIESENSTUDIO: Claims Registration Period Ends March 25
CLARIN-CHEMIE GMBH: Claims Registration Period Ends Feb. 9
EWS ELEKTROTECHNIK: Claims Registration Period Ends February 6
FORD MOTOR: Mitec Files Breach of Contract Suit
JUEPO GMBH: Claims Registration Period Ends February 29

MISPA GMBH: Claims Registration Period Ends February 13


I R E L A N D

ANGLO IRISH: Moody's Downgrades Financial Strength Rating to 'E+'
CHARTBUSTERS: Two Creditors Oppose Court Protection


I T A L Y

CHRYSLER LLC: Fiat Mulls Acquiring 35% Stake in Chrysler


K A Z A K H S T A N

AMT OIL: Proof of Claim Deadline Slated for February 26
ARKAU LLP: Creditors Must File Claims by February 26
KAZAKHGOLD GROUP: Fitch Junks Issuer Default Rating from 'B'
MAILY KENT: Claims Filing Period Ends February 27
PROM AUTO: Creditors' Proofs of Claim Due on February 26

RMZ-LANDSHAFT LLP: Claims Registration Period Ends February 26
WEST-STORY LLP: Proof of Claim Deadline Slated for February 27


K Y R G Y Z S T A N

STYLE STROY: Creditors Must File Claims by February 26


L A T V I A

PAREX BANKA: FCMC Imposes Restriction on Loan Issuance


L I T H U A N I A

FLYLAL: Suspends Operations, May File for Bankruptcy


N E T H E R L A N D S

LYONDELL CHEMICAL: U.S. Trustee Forms 7-Member Creditors Panel
LYONDELL CHEMICAL: Equistar Seeks US$28MM Payment from Solutia


R U S S I A

CHERNOMORETS-OIL LLC: Creditors Must File Claims by February 16
GEO-KOM-STROY LLC: Creditors Must File Claims by March 16
LEDYANOY DOM LLC: Creditors Must File Claims by February 16
NOVOLIPETSK STEEL: Fitch Affirms Issuer Default Rating at 'BB+'
SEVERSTROY 21: Creditors Must File Claims by February 16

TANTAL-D-K CJSC: Creditors Must File Claims by February 16
TMK OAO: Shipments Up 5% in 2008 on IPSCO Asset Acquisition
VIMPEL COMMUNICATIONS: S&P Affirms 'BB+' Corporate Credit Ratings

* RUSSIA: Coface Puts Country Rating Under Negative Watch


S W I T Z E R L A N D

CAPRITAURO INVESTMENTS: Creditors Must File Claims by Jan. 28
FORINVEST BETEILIGUNGEN: Deadline to File Claims Set Jan. 24
HOUSE OF FASHION: Creditors Have Until Jan. 24 to File Claims
LARO SPORT: Proof of Claim Filing Deadline Set Jan. 24
STERLING TRADING: Creditors' Proofs of Claim Due by Jan. 23

TCM JSC: Jan. 24 Set as Deadline to File Claims
ZB ARCHITEKTUR: Creditors Must File Proofs of Claim by Jan. 23
ZWAHLEN FOTO-OPTI: Deadline to File Proofs of Claim Set Jan. 22


U K R A I N E

AVTOTOVARY LLC: Creditors Must File Claims by January 23
BALTIMOR-FISH LLC: Creditors Must File Claims by January 23
DON-LINK LLC: Creditors Must File Claims by January 23
DRUZHBA HOTEL: Creditors Must File Claims by January 23
DWELLING INDUSTRIAL: Creditors Must File Claims by January 23

EARTH FERTILITY: Creditors Must File Claims by January 23
ENAKIEVO REGIONAL: Creditors Must File Claims by January 23
INSECT OFF: Creditors Must File Claims by January 23
KRASNY LUCH: Creditors Must File Claims by January 23
LUGANSKOYE LLC: Creditors Must File Claims by January 23

SPETSMETIZ LLC: Creditors Must File Claims by January 23
TALAN LLC: Creditors Must File Claims by January 23


U N I T E D   K I N G D O M

ACROBAT MUSIC: Appoints Joint Administrators from Tenon Recovery
ALPHA ANODISING: Names Baker Tilly as Joint Administrators
ASTRO EXHIBITIONS: Appoints Joint Liquidators from PKF
CROMWELL PRESS: Taps Joint Administrators from KPMG
DSG INTERNATIONAL: Group Sales Down 1% for 12-Wks Ended Jan. 10

DSG INTERNATIONAL: Moody's Reviews 'Ba3' Rating for Possible Cut
DUCHY CATERING: Appoints Joint Administrators from KPMG
FUTURE-PEOPLE RECRUITMENT: Names Joint Liquidators from BDO
GREAT LEIGHS: Goes Into Administration After Losing License
HSBC HOLDINGS: Sub-Prime Biz May Spur Need for Substantial Funding

MOSAIC FASHIONS: Mulls Sale of Shoe Studio Chain
ROYAL BANK: Eyes GBP7 - 8 billion Full Year 2008 Loss
ROYAL BANK: Fitch Downgrades Individual Rating to 'E'
ROYAL BANK: S&P Cuts Ratings on Hybrid Capital Issues to 'BB'
SOFIA WORKS: Taps Joint Liquidators from Tenon Recovery

TALES OF ROBIN HOOD: Goes Into Voluntary Liquidation
TATA MOTORS: Jaguar Land Rover Halts Work at Birmingham Plant
UROPA SECURITIES: S&P Puts Two BB-Rated Note Classes on Watch Neg.


                         *********


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


DIETER MAYER: Claims Registration Period Ends February 2
--------------------------------------------------------
Creditors owed money by LLC Dieter Mayer (FN 102678y) have until
Feb. 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Wien
         Austria
         Tel: 406 05 51-Serie
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 16, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 16, 2008, (Bankr. Case No. 3 S 149/08v).


ENERGYCABIN LLC: Claims Registration Period Ends February 2
-----------------------------------------------------------
Creditors owed money by LLC EnergyCabin (FN 265641z) have until
Feb. 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Stefan Kohlfuerst
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: kohlfuerst@hofstaetter.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 17, 2009, for the
examination of claims at:

         Graz Land Court
         Room 205
         Graz
         Austria

Headquartered in Gleisdorf, Austria, the Debtor declared
bankruptcy on Dec. 16, 2008, (Bankr. Case No. 40 S 69/08g).


ERTUGRUL KOC: Claims Registration Period Ends February 2
--------------------------------------------------------
Creditors owed money by KG Ertugrul Koc (FN 291502f) have until
Feb. 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Georg Kahlig
         Siebensterngasse 42/3
         1070 Wien
         Austria
         Tel: 523 47 91-0
         Fax: 523 47 91-33
         E-mail: kahlig.partner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 16, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 15, 2008, (Bankr. Case No. 3 S 148/08x).


FIRAT VERPUTZ: Claims Registration Period Ends February 2
---------------------------------------------------------
Creditors owed money by OEG Firat Verputz (FN 241582v) have until
Feb. 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Bernhard Ess
         Hirschgraben 14
         6800 Feldkirch
         Austria
         Tel: 05522/79090
         Fax: 05522/79090-7
         E-mail: rechtsanwalt-feldkirch@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Feb. 12, 2009, for the
examination of claims at:

         Land Court of Feldkirch
         Meeting Room 45
         Feldkirch
         Austria

Headquartered in Goetzis, Austria, the Debtor declared bankruptcy
on Dec. 18, 2008, (Bankr. Case No. 14 S 63/08i).


KARABOVA LLC: Claims Registration Period Ends February 2
--------------------------------------------------------
Creditors owed money by LLC Karabova (FN 296676p) have until
Feb. 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Daniel Lampersberger
         Esteplatz 4
         1030 Wien
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Feb. 16, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 18, 2008, (Bankr. Case No. 3 S 151/08p).


L 89 LLC: Claims Registration Period Ends February 2
----------------------------------------------------
Creditors owed money by LLC L 89 (FN 294215w) have until Feb. 2,
2009, to file written proofs of claim to the court-appointed
estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Feb. 16, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 19, 2008, (Bankr. Case No. 3 S 154/08d).


MARTOS & PARTNER: Claims Registration Period Ends February 2
------------------------------------------------------------
Creditors owed money by LLC Dr. Martos & Partner (FN 186745a) have
until Feb. 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Wien
         Austria
         Tel: 877 33 30 Serie
         Fax: 877 33 30-33
         E-mail: ra-stampfer@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 16, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 17, 2008, (Bankr. Case No. 3 S 150/08s).


ZSH BAU: Claims Registration Period Ends January 30
---------------------------------------------------
Creditors owed money by LLC Gleichweit (FN 263181g) have until
Jan. 30, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Hans Georg Popp
         Bahnhofstr. 22/1
         8112 Gratwein
         Austria
         Tel: 03124/55 0 77
         Fax: 03124/55 0 77 - 4
         E-mail: kanzlei@popp-strauss.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 4, 2009, for the
examination of claims at:

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Frohnleiten, Austria, the Debtor declared
bankruptcy on Dec. 16, 2008, (Bankr. Case No. 26 S 154/08d).


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


DEXIA GROUP: Moody's Cuts BFSRs on Main Banking Entities to D+
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt and
deposit ratings of Dexia Group's main banking entities, Dexia
Credit Local, Dexia Bank Belgium, Dexia Banque Internationale à
Luxembourg to A1 from Aa3.

In addition, the Bank Financial Strength Ratings of DCL, DBB and
DBIL have been downgraded to D+ (mapping to a Baseline Credit
Assessment of Ba1) from C- (which mapped to a Baseline Credit
Assessment of Baa2).  Ratings of subordinated and junior
subordinated debts issued by those entities and/or Dexia SA are
also downgraded as described in more detail below.  All long-term
ratings and BFSRs have been assigned a negative outlook.  The
short-term debt and deposit ratings have been confirmed at Prime-
1.  This rating action concludes a review for possible downgrade
that was initiated on October 1, 2008.  Subsequently, the backed
short-term rating of Prime-1 assigned on January 13, 2009 has been
withdrawn following the confirmation of the Prime-1 short-term
rating of the Group's main entities.  Indeed, Moody's does not
assign backed Prime-1 rating for issuers that already have a
Prime-1 rating.

Moody's acknowledges the support by the national governments of
Belgium, France and Luxembourg, as well as by the Belgian local
governments, evidenced by the capital increase and guarantee
agreements that have been provided to Dexia Group.  Public sector
ownership within Dexia is now above 50% and support from those key
shareholders will continue to be a major rating factor going
forward.  Moody's anticipates that systemic support for the Dexia
group will continue and has incorporated this support by providing
a six-notch uplift to the BFSR.  At the same time, Moody's took
into account the significant imbalances in Dexia's balance sheet
and the challenging funding profile of the group, which are
expected to impact the group's performance over the medium term.

The rating actions reflect the risks associated with significant
imbalances in Dexia's balance sheet, which have been exacerbated
during periods of liquidity stress, as well as the increasing
credit losses and provisioning required over the past quarters.
Dexia's over-reliance on short-term financing and its very limited
access to both unsecured and secured funding in the interbank
market since September 2008 have required strong State and central
bank support in order to meet the group's funding needs.  In
addition, increasing writedowns have negatively weighed on
profitability levels while the group also recorded significant
negative reserves in its Available for Sale portfolio.  These
factors remain a matter of concern that has led to the rating
action.

On September 30, 2008, the Governments of Belgium and France
announced a total capital injection of EUR6 billion in exchange
for stakes in Dexia SA, and the Luxembourg Government announced it
would invest a further EUR376 million in convertible bonds in
DBIL.  Effective October 9, 2008, the governments of Belgium,
France and Luxembourg provided a temporary joint guarantee up to a
maximum of EUR150 billion, to support Dexia Group's short-to
medium-term refinancing on the wholesale markets.  In addition, a
guarantee by the Belgian and French States on the portfolio of
Dexia's US subsidiary FSA Financial Products, in excess of a
US$4.5 billion first-loss covered by Dexia, aims at facilitating
the sale of FSA's financial guaranty business planned in the first
half of 2009.  Moody's notes that these strong statements of
support from the public authorities, strengthening Dexia's capital
protection and financial flexibility in the short term, represent
a positive element factored in the long-term debt and deposit
ratings and are mirrored in a six-notch uplift from Dexia's
Baseline Credit Assessment of Ba1.

Moody's views positively the new management team's objective to
address the balance sheet's mismatches in order to ensure the
long-term viability of Dexia's franchises and business model, by,
inter-alia, rebalancing the funding base from central banks and
short-term wholesale markets to more steady long-term debt and
retail deposits, and by re-focusing on two core activities --
public finance and retail banking -- in main geographical areas.

Moody's notes in particular management's strong resolve to
preserve the group's core public and project finance franchise,
clearly embedded in its business model, in which Dexia exhibits
leading positions in Belgium, France and Italy.  Moody's expects
that this strategic refocus, along with a more robust and long-
term funding base that is less dependent on central banks, will
result in a less volatile and more sustainable business model over
the medium term.  Moody's notes, however, that room for maneuver
for de-risking will be constrained by the magnitude of Dexia's
securities portfolio-- in absolute terms as well as relative to
the group's total assets -- which is currently costly to downsize.
This, along with higher funding costs, might result in an erosion
of the group's overall market share over time.

Looking ahead, Moody's expects that potential losses in the
EUR174 billion securities and banking portfolios -- especially
structured finance, exposures to monolines and debt issued by
financial institutions -- higher funding costs and the likely
increase in provisioning, will continue to damage the group's
profitability in the coming quarters.  In addition, the completion
of the sale of FSA's insurance activities and direct consolidation
of FSA Financial Products are expected to erode Dexia's regulatory
capital metrics, although Moody's anticipates these to remain at
satisfactory levels given the headroom provided by the recent
capital injection.  Moody's also comments that the Tier 1 ratio of
14.5% as reported at end of September 2008, does not fully reflect
the potential forthcoming pressure on the group's capital, as it
does not incorporate the AFS reserve of minus EUR11 billion as of
end-September 2008.

The negative outlook reflects Moody's expectations of weakening
profitability metrics and reduced capital headroom going forward.
It also incorporates the uncertainty related to the successful de-
risking strategy while preserving the group's core public/project
finance and retail banking franchises, as well as to Dexia Group's
ability to achieve a more steady funding base that is less
dependent on outside support.

Moody's acknowledges the very high level of integration and mutual
support that prevail within the centrally managed Dexia Group.
This high level of integration will continue to be reflected in
Moody's approach of assigning BFSR and debt and deposit ratings at
the same level for the three main Group companies (DCL, DBB and
DBIL), unless significant changes in the group's structure
motivate the need to adjust the current approach.

In respect of the Group's main operating units, these ratings
actions have been taken:

  - Dexia Credit Local's BFSR downgraded to D+ from C-, deposit
    and senior unsecured debt ratings downgraded to A1 from Aa3,
    subordinated debt rating downgraded to A2 from A1, and
    preferred stock rating downgraded to Baa1 from A2; a three-
    notch differential below senior unsecured rating applies to
    preferred stock's rating due to Dexia Credit Local's BFSR
    being downgraded in the D category; all ratings have a
    negative outlook.  The Prime-1 short-term rating is confirmed.

  - Dexia Bank Belgium's BFSR downgraded to D+ from C-, deposit
    and senior unsecured debt ratings downgraded to A1 from Aa3,
    and subordinated debt and junior subordinated debt ratings
    downgraded to A2 and A3, respectively, from A1; a two-notch
    differential below senior unsecured rating applies to junior
    subordinated debt rating due to Dexia Banque Belgium's BFSR
    being downgraded in the D category; all ratings have a
    negative outlook.  The Prime-1 short-term rating is confirmed.

  - Dexia Banque Internationale a Luxembourg's BFSR downgraded to
    D+ from C-, deposit and senior unsecured debt ratings
    downgraded to A1 from Aa3, subordinated debt ratings and
    junior subordinated debt ratings downgraded to A2 and A3,
    respectively, from A1, and preferred stock rating downgraded
    to Baa1 from A2; a two-notch and three-notch differential,
    respectively, below senior unsecured rating applies to junior
    subordinated debt and preferred stock's ratings due to Dexia
    Banque Internationale à Luxembourg's BFSR being downgraded in
    the D category; all ratings have a negative outlook.  The
    Prime-1 short-term rating is confirmed.

  - Dexia Funding Luxembourg's backed preferred stock downgraded
    to Baa1 from A2 with negative outlook.

The covered bonds issued by Dexia Credit Local, Dexia Municipal
Agency and Dexia Sabadell SA are not covered by this press
release.

In respect of the Group's other subsidiaries, these ratings
actions have been taken:

  - Dexia Kommunalkredit Bank's BFSR is affirmed at C-, long-term
    deposit and senior unsecured debt ratings was downgraded to
    Baa2 from A2, and subordinated debt rating was downgraded to
    Baa3 from A3; the short-term Prime-1 rating was downgraded to
    Prime-2; all ratings, including Prime-2 short-term deposit
    rating, remain on review for possible downgrade.  These rating
    actions are subsequent to the rating actions taken on Dexia
    Kommunalkredit Bank's parent company:

    -- Dexia Crediop S.p.A.'s Prime-1 short-term rating is
       confirmed.

    -- Crediop Overseas Bank Limited's short-term Prime-1 rating
       is confirmed.

    -- Dexia CLF Finance's backed long-term senior unsecured
       rating downgraded to A1 from Aa3; this rating carries a
       negative outlook.

    -- Dexia Delaware LLC's Prime-1 backed CP rating is confirmed.

    -- Dexia Public Finance Norden's backed long-term bank deposit
       rating downgraded to A1 from Aa3; this rating carries a
       negative outlook.  The Prime-1 short-term deposit rating is
       confirmed.

    -- Dexia Credit Local, Stockholm Branch's Prime-1 short-term
       deposit rating is confirmed.

    -- Dexia Credit Local New York Branch's long-term bank deposit
       rating downgraded to A1 from Aa3 with a negative outlook;
       the Prime-1 short-term deposit rating is confirmed.

    -- Dexia Credit Local Tokyo Branch's long-term bank deposit
        rating downgraded to A1 from Aa3; this rating carries a
       negative outlook.  The Prime-1 short-term deposit rating is
       confirmed.

    -- Dexia Funding Netherlands' backed long-term senior
       unsecured rating downgraded to A1 from Aa3 and backed
       subordinated debt rating downgraded to A2 from A1; all
       ratings carry a negative outlook.  The Prime-1 short-term
       deposit rating is confirmed.

    -- Dexia Overseas Limited's long-term backed senior unsecured
       rating downgraded to A1 from Aa3, backed subordinated debt
       rating and backed junior subordinated debt ratings
       downgraded to, respectively, A2 and A3, from A1; all
       ratings carry a negative outlook.

    -- Dexia Financial Products' Prime-1 backed CP rating is
       confirmed.

No ratings action has been taken on these ratings of the Group's
other subsidiaries:

    -- Dexia Crediop S.p.A.'s BFSR at C, long-term deposit and
       senior unsecured debt ratings at A1, and subordinated debt
       rating at A2 remain on review for possible downgrade;

    -- Crediop Overseas Bank Limited's backed long-term senior
       unsecured rating at A1, and backed subordinated debt rating
       at A2 remain on review for possible downgrade.

    -- Dexia Sabadell S.A.'s BFSR at C+, long-term deposit rating
       at A2 and Prime-1 short-term deposit rating remain on
       review for possible downgrade.

    -- The ratings of the group's Turkish subsidiary DenizBank
       remain unchanged as it also benefits from systemic support
       within Turkey: DenizBank's local currency long-term deposit
       and senior unsecured debt ratings of Baa1; the foreign
       currency long-term deposit rating of B1; the BFSR of C-
       mapping to a Baseline Credit Assessment of Baa2; all
       ratings carry a stable outlook; the local currency and
       foreign currency short-term deposit ratings of Prime-2 and
       Non-Prime, respectively.

The last rating action on Dexia Group's main banking entities was
on October 1, 2008, when Moody's downgraded the BFSRs of Dexia
Credit Local, Dexia Bank Belgium and Dexia Banque Internationale à
Luxembourg to C- from B+, C- from B- and C- from B-, respectively.

In addition, the three entities' long-term debt and deposit
ratings were downgraded to Aa3 from Aa1.  All ratings, including
BFSRs, long-term debt and deposit ratings and short-term ratings,
were placed on review for possible further downgrade.

Headquartered in Brussels, Dexia SA had total assets of EUR636.9
billion at end September 2008.  For the first nine months of 2008,
the group reported a net loss, group share, of EUR723 million,
down from a net income of EUR1.9 billion during the same period in
2007.


==========================
C Z E C H  R E P U B L I C
==========================


BOHEMIA CRYSTALEX: Declared Insolvent by Prague Municipal Court
---------------------------------------------------------------
The Municipal Court in Prague declared Czech glass company Bohemia
Crystalex Trading (BCT) insolvent Friday last week, CTK reports
citing the website of the insolvency register.

Creditors have 30 days to submit their claims, the report
discloses.  A review of the claims and a meeting of creditors will
take place on March 16, when solutions to the insolvency are also
very likely to be decided upon.

However, the report notes owners have been suggesting bankruptcy
as a solution since the beginning of the insolvency proceedings.

The report recalls BCT and its subsidiaries have been in the
insolvency proceedings since September 22 due to a lack of
operating capital.

According to the report, BCT, which employed around 5,000 staff,
owes CZK2.7 billion to a consortium of banks.  It made contracts
worth CZK5.5 billion in 2007.

Factors contributing to the company's financial woes include the
pressure of cheap Asian competition, the strong Czech crown and
the economic crisis, the report states.

The report recounts BCT and its units Crystalex Novy Bor and
Sklarny Kavalier obtained moratorium from the court.

However, the moratorium, which made it possible for the companies
to continue producing, expired at the end of last year.

Crystalex, the report relates, shut down production a week ago and
announced a layoff of 1,631 staff to the employment offices as it
has no money to finance production or to pay wages after creditor
banks have withdrawn all cash at the end of last year.

Kavalier meanwhile is still producing, although it is also
insolvent, the report says.

The report adds BCT's two other plants, Sklo Bohemia Svetla nad
Sazavou and Sklarny Bohemia Podebrady, had already shut down
production in September last year.

As reported in the TCR-Europe on Oct. 6, 2008, Citibank Europe, a
creditor of Sklo Bohemia and Sklarny Bohemia, already asked a
court to appoint interim receivers for the companies and issue an
injunction that would prevent owners from handling the firms'
assets.


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F R A N C E
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EDF: Fitch Affirms Rating on FCC Minotaure Class C Notes at BB
---------------------------------------------------------------
Fitch Ratings has affirmed nine tranches of four French RMBS
transactions originated by Electricite de France, Gaz de France
and their subsidiaries, despite the downgrade of EDF's Long-term
Issuer Default Rating to 'A+' from 'AA-' (AA minus) and it's
Short-term IDR to 'F1' from 'F1+' on January 7, 2009.

The notes issued through Electra 1, FCC Minotaure Compartment
2004-1, Loggias 2001-1 and Loggias 2003-1 are backed by
residential mortgage loans granted to the employees of EDF and
GDF.  All borrowers are permanent EDF and GDF staff members and
have been with the company for at least a year.  Loan installments
are deducted from the salaries of employees and carry a risk of
fallback in payments due to death, a temporary or permanent
disability of a borrower, as well as over-indebtedness,
bereavement and/or change in family status.  Borrowers who decide
to leave EDF or GDF are required to repay their mortgage loans in
full.

As of November 2008, the levels of outstanding defaulted mortgage
loans (defined as loans that are at least six months in arrears)
were extremely low, ranging from 0.02% (FCC Minotaure Compartment
2004-1) to 0.82% (Electra 1).  The cumulative net losses in the
reviewed transactions have also remained at low levels.  The
highest cumulative net losses were reported in Electra 1 at 1.02%
as of November 2008.

Based on the performance to date, with loss levels remaining
considerably lower than Fitch had originally expected for the
transactions, stable credit enhancement levels and sufficient
excess spread, Fitch has affirmed the transactions' current
ratings.  The rating actions are:

Electra 1:

  -- Class A3 (ISIN FR0000504219): affirmed at 'AAA'; Outlook
     Stable

  -- Class A4 (ISIN FR0000504227): affirmed at 'AAA'; Outlook
     Stable

FCC Minotaure Compartment 2004-1:

  -- Class A (ISIN FR0010302687): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN FR0010302794): affirmed at 'A'; Outlook Stable

  -- Class C (ISIN FR0010302802): affirmed at 'BB'; Outlook Stable

Loggias 2001-1:

  -- Class A (ISIN FR0000488462): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN FR0000488470): affirmed at 'A'; Outlook Stable

Loggias 2003-1:

  -- Class A (ISIN FR0010029231): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN FR0010029256): affirmed at 'A'; Outlook Stable

A joint department between EDF and GDF, the Division Accesision a
la Properiete, is responsible for servicing the mortgage loans
used as collateral in these transactions.


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


BOGNER FLIESENSTUDIO: Claims Registration Period Ends March 25
--------------------------------------------------------------
Creditors of Bogner Fliesenstudio GmbH have until March 25, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         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:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden
         Germany
         Tel: 0611-150 40
         Fax: 0611-301 774

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:

         Bogner Fliesenstudio GmbH
         Attn: Monika Lautner, Manager
         Am Wolfsfeld 41
         65191 Wiesbaden
         Germany


CLARIN-CHEMIE GMBH: Claims Registration Period Ends Feb. 9
----------------------------------------------------------
Creditors of CLARIN-Chemie GmbH have until Feb. 9, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on March 19, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Axel Roth
         Dittrichring 18-20
         04109 Leipzig
         Germany
         Tel: 0341/1493105
         Fax: 0341/1493111


The District Court opened bankruptcy proceedings against the
company on Jan. 6, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         CLARIN-Chemie GmbH
         Attn: Gisbert Weiherer, Manager
         Naumburger Strasse 10
         04229 Leipzig
         Germany


EWS ELEKTROTECHNIK: Claims Registration Period Ends February 6
--------------------------------------------------------------
Creditors of EWS Elektrotechnik GmbH have until Feb. 6, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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:

         Sven Bader
         Carl-Grueber-Weg 14
         42853 Remscheid
         Germany
         Tel: 02191/421010
         Fax: 02191/421070

The District Court opened bankruptcy proceedings against the
company on Jan. 6, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         EWS Elektrotechnik GmbH
         Derken 4
         42327 Wuppertal
         Germany

         Attn: Hartmut Roebke, Manager
         Bergisch Born 134
         42897 Remscheid
         Germany


FORD MOTOR: Mitec Files Breach of Contract Suit
-----------------------------------------------
Mitec Automotive AG has filed a suit against Ford Motor Co. at the
county court in Meiningen, Germany for breach of contract, Michael
Knauer at Automotive News Europe reports.

The report relates that according to Mitec Group CEO Michael
Militzer, in 2007, Ford broke a long-term sourcing contract with a
Mitec subsidiary, Mitec engine.tec GmbH.  Mr. Militzer said the
automaker moved sourcing of the component in question to North
America from Europe, the report discloses.

Mr. Militzer claimed Ford rejected an engine part Mitec developed
for the automaker for use in the Mazda6 because of quality issues.
Mitec, the report recalls, found the same part being built for
Ford by Canadian supplier Linamar Corp. in Mexico.

Mr. Militzer told Automotive News Europe Ford acted in an
"arrogant way".

Citing Mr. Militzer, the report says, Mitec is initially seeking
EUR500,000, or about US$665,153 in claims.  He put the damages to
his company at EUR20 million, or US$26.6 million at current
exchange rates, the report states.

However, a Ford spokesman declined to comment on the suit as it
"involves a pending proceeding", the report notes.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


JUEPO GMBH: Claims Registration Period Ends February 29
-------------------------------------------------------
Creditors of JUEPO GmbH have until Feb. 20, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 6, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Aachen
         Room D 1.409
         Adalbertsteinweg 92
         52070 Aachen
         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. Rolf-Dieter Moenning
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel: 0241/94618-0
         Fax: 0241/533562

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

The Debtor can be reached at:

         JUEPO GmbH
         Attn: Dr. Achim Kampker, Manager
         Karl-Friedrich-Str. 60
         52072 Aachen
         Germany


MISPA GMBH: Claims Registration Period Ends February 13
-------------------------------------------------------
Creditors of Mispa GmbH have until Feb. 13, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on March 9, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 3
         Deliusstr. 22
         Kiel
         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:

         Wilhelm Salim Khan Durani
         Sell Speicher/Wall 55
         24103 Kiel
         Germany
         Tel: 0431/600530
         Fax: 0431/6005360

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

The Debtor can be reached at:

         Mispa GmbH
         Attn: Michael Speth, Manager
         Maybachstrasse 25
         24113 Kiel
         Germany


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


ANGLO IRISH: Moody's Downgrades Financial Strength Rating to 'E+'
-----------------------------------------------------------------
Moody's Investors Service had downgraded the long-term bank
deposit rating and senior unsecured debt rating of Anglo Irish
Bank Corporation to A2 from A1, concluding the review on these
ratings initiated in October 2008.  The bank's Prime-1 short-term
bank deposit and debt ratings were affirmed.  Anglo Irish Bank's
BFSR was downgraded to E+ (mapping to a baseline credit assessment
of B2), from C+ (baseline credit assessment equivalent of A2), on
review for possible downgrade.

The bank's Dated Subordinated debt was downgraded to A3 from A2.
The Undated Subordinated notes were downgraded to B3 from A2, the
7.625% Tier One Non-Innovative Capital Securities and the 8.5325%
Guaranteed Step-up Callable Perpetual Capital Securities, both
issued by subsidiaries of the bank, were downgraded to B3 from A3.
The Guaranteed Non-voting Non-cumulative Perpetual Preferred
Securities issued out of Anglo Irish Capital UK 2 and Anglo Irish
Capital UK 3 (the guaranteed non-cumulative preferred stock) were
downgraded to Caa1 from A3, and the GBP300 million non-cumulative
preference shares were downgraded to C from A3.  The outlook on
all these ratings is negative.  The backed-Aaa ratings assigned to
the bank's senior debt maturing prior to September 29, 2010 that
is covered by the Irish Government guarantee are not affected by
these actions.

These rating actions follow the announcement by the Ministry of
Finance on January 15 2009 that the Irish Government will enact
legislation to take the bank into public ownership.

Moody's said that the key considerations for this rating action
within the context of a nationalized entity are a) Moody's
assumption that the government ownership will be temporary, b) an
assumption of very high support throughout the period of public
ownership, c) the bank's high exposure to the troubled Irish
property and construction market, d) a heightened uncertainty
surrounding the long-term, unsupported viability of the bank's
business model given the damage caused by recent events and the
concentrated focus on commercial real estate, and e) the legal
status of the GBP300 million non-cumulative preference shares vis-
a-vis other Tier-1 instruments.

The bank's E+ BFSR (mapping to a B2 baseline credit assessment)
reflects the rating agency's view that it will be very challenging
to effect long lasting improvements to the bank's business model
that can ensure a long-term viability in the absence of external
support and that as a result of the corporate governance issues,
the ongoing difficult markets and the specific challenges expected
to affect the commercial property market (all of which contributed
to the nationalization) the bank's franchise may be severely
impacted.  Moody's commented that the downgrade of the BFSR also
reflects the ongoing concerns over the future performance of the
loan book, the bank's relatively light capital levels, especially
in light of the fact that the proposed EUR1.5 billion government
capital injection will now not be taking place, and the likely
difficulties the bank would have funding on a stand-alone basis
(i.e. absent parental or other external support).  The negative
outlook also reflects Moody's view that the bank may be placed
into a run-off situation should the government fail to establish a
viable and sustainable strategy.

Commenting on the rationale behind the downgrade of the debt and
deposit ratings to A2, Moody's noted that the starting point is
the E+ BFSR which when combined with a fully supported probability
of systemic support, leads to a rating of A2 for senior debt and
bank deposits.  The difference to the government's own Aaa debt
rating and its Aaa local currency country ceiling stems from
Moody's expectation that the bank will only be in temporary public
ownership, pending final approval by the Irish Parliament which is
expected in the coming days, and the resulting greater uncertainty
for senior unsecured bondholders as compared to investors in
government debt.  Moody's also noted that the government will need
to ensure that the nationalization of the bank and the structure
and strategy while in public ownership are in accordance with EU
state aid rules and expects that a detailed plan will need to be
lodged with and approved by the EU Commission.

The downgrade of the bank's GBP300 million non-cumulative
preference shares to C reflects Moody's understanding that the
Irish government will nationalize these instruments, in addition
to the common equity.  The rating agency added that it understands
that there are certain circumstances where the preference
shareholders can become minority shareholders and this is why
these instruments are also being taken into public ownership.  Any
compensation to holders of the preference shares will be
calculated by a government-appointed valuation agent in due
course.  The rating of C reflects the high severity of loss
expected for investors into these securities.

The downgrade of the bank's undated subordinated debt to B3
reflects the fact that in a wind-up of the bank they rank junior
to dated subordinated debt, and also that the loss given default
on these instruments is expected to be very high.

The downgrade of the cumulative preferred stock and the backed
non-cumulative preferred stock, to B3 and Caa1 respectively, is in
line with the downgrade of the bank's BFSR.  Consistent with
Moody's notching guidelines, the ratings of junior securities for
a bank with a BFSR in the E category would be close to that of the
BFSR implied rating.  Moody's further added that the rating
differential reflects the fact that the likelihood of coupon
deferrals and loss severity on the non-cumulative instruments is
higher than that on the cumulative instruments.  These instruments
are classed as debt instruments of the bank and not as preference
shares, and therefore these instruments have not been treated in
line with preference shares which Moody's expects to be
nationalized.

The bank's dated subordinated debt remains one notch below the
senior debt rating at A3 reflecting the expectation of continued
support for this class of instrument.  Moody's notes that under
the two-year guarantee established by the Irish Government in 2008
dated subordinated debt is guaranteed which Moody's take as
evidence for the likely support for this class of debt.

The last rating action on Anglo Irish Bank was on October 17, 2008
when the BFSR and the long-term ratings were placed on review for
possible downgrade.  Moody's announced that the ratings remained
on review for possible downgrade on December 22, 2008 following
the announcement of the proposed capital injection into the bank
by the Irish government.

Anglo-Irish Bank Corporation, headquartered in Dublin, Ireland,
had total assets of EUR101.3 billion at end-September 2008.

Downgrades:

Issuer: Anglo Irish Asset Finance PLC

  -- Preferred Stock Preferred Stock, Downgraded to B3 from A3

Issuer: Anglo Irish Bank Corporation Plc

  -- Bank Financial Strength Rating, Downgraded to E+ from C+

  -- Issuer Rating, Downgraded to A2 from A1

  -- Junior Subordinated Regular Bond/Debenture, Downgraded to B3
     from A2

  -- Multiple Seniority Medium-Term Note Program, Downgraded to a
     range of B3 to A2 from a range of A2 to A1

  -- Multiple Seniority Medium-Term Note Program, Downgraded to a
     range of B3 to A2 from a range of A2 to A1

  -- Preference Stock Preference Stock, Downgraded to C from A3

  -- Subordinate Regular Bond/Debenture, Downgraded to A3 from A2

  -- Senior Unsecured Medium-Term Note Program, Downgraded to A2
     from A1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to A2
     from A1

  -- Senior Unsecured Deposit Rating, Downgraded to A2 from A1

Issuer: Anglo Irish Capital UK (2) LP

  -- Preferred Stock Preferred Stock, Downgraded to Caa1 from A3

Issuer: Anglo Irish Capital UK (3) LP

  -- Preferred Stock Preferred Stock, Downgraded to Caa1 from A3

Outlook Actions:

Issuer: Anglo Irish Asset Finance PLC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Anglo Irish Bank Corporation Plc

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Anglo Irish Capital UK (2) LP

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Anglo Irish Capital UK (3) LP

  -- Outlook, Changed To Negative From Stable


CHARTBUSTERS: Two Creditors Oppose Court Protection
---------------------------------------------------
The Irish Times reports that Mr Justice Peter Kelly was told two
creditors of Chartbusters are opposed to having an examiner
confirmed for the company.

The report relates Lombard Ireland and Winchurch Investments Ltd
had filed affidavits Monday outlining their reasons for opposing
the continuation of court protection for Chartbusters, while,
other creditors, including the Revenue and ACC bank, adopted a
neutral position, the report notes.

Judge Kelly, the report discloses, adjourned both the application
for examinership and a winding up application brought by Winchurch
to Thursday, and would extend court protection pending that
hearing.

According to the report, Gary McCarthy, counsel for the company
and six related firms including tanning and weight-loss outlets,
said he needed time to reply to the affidavits.

On Jan. 9, 2009, the TCR-Europe, citing The Irish Times, reported
Mr Justice John Edwards appointed Neill Hughes, of Hughes Blake
Chartered Accountants, as interim examiner to Chartbusters, which
operates 37 home entertainment stores.

The report recalled Mr. McCarthy told Judge Edwards in the High
Court that Chartbusters racked up debts of about EUR20 million.

Citing Mr. McCarthy, the report revealed the company owed EUR12
million to Bank of Scotland (Ireland), KBC Bank, Lombard Ireland
and Friends First Finance Ltd., while landlords were being owed
EUR2 million.

ChartBusters' director Richard Murphy, as cited by the report,
said the company was currently unable to repay the interest due on
the loans and was servicing about EUR900,000 a year in leasing
payments.

The report stated group turnover had dropped to EUR12.2 million
for the period to April 30, 2008, and costs, in particular rent,
had eroded profits.

According to the report, Mr. Murphy in an independent report said
that the company and related firms would have a reasonable
prospect of survival as a going concern with new investment,
closure of underperforming stores, negotiations with landlords and
acceptance of an appropriate scheme of arrangement by the
creditors under the protection of the High Court.


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


CHRYSLER LLC: Fiat Mulls Acquiring 35% Stake in Chrysler
--------------------------------------------------------
The Associated Press reports that Fiat SpA is in talks with
Chrysler LLC about acquiring a stake in the U.S. car maker and
forming a partnership to let the Italian auto maker build and sell
its small cars in the U.S.

Citing people familiar with the matter, Stacy Meichtry and John
Stoll relate that Fiat is likely to take a 35% stake in Chrysler
by the middle of the year.  According to the report, the sources
said that Fiat would also have the option of taking 55% of
Chrysler over time.

Sources said that Fiat would share its engine and transmission
technology with Chrysler, which would let the U.S. automaker
introduce new, low-emission small-car models to its fleet, WSJ
states.  Citing the sources, WSJ says that Fiat would build and
sell its own small cars in the U.S., possibly through Chrysler's
U.S. dealership network.  Cost savings under the partnership would
be in the US$3 billion to US$4 billion range, WSJ reports, citing
the sources.

According to WSJ, most analysts believe that Chrysler has little
hope of surviving as a stand-alone company.  Analysts, says the
report, also doubted that Fiat has the scale to survive as an
independent manufacturer of small cars, which produce relatively
thin margins, making it hard to make money in the high-cost labor
market in Europe.

WSJ reports that the partnership will need the approval of Fiat's
founding family, the Agnellis, which holds a 30% controlling stake
in Fiat.  The Agnellis family, according to the report, has said
in the past that Fiat needed to collaborate with a larger rival to
stay competitive.  Citing a person familiar with the matter, the
report states that Fiat's board would discuss the potential deal
with Chrysler on Thursday, when it would approve third-quarter
results.

Sources said that Chrysler's owner, Cerberus Capital Management
LP, wants to retain an interest in the automaker, according to
WSJ.  Chrysler executives also had discussions with Nissan Motor
Co. over a possible alliance, WSJ relates, citing a person
familiar the matter.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                       *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2008,
Dominion Bond Rating Service downgraded the ratings of Chrysler
LLC, including Chrysler's Issuer Rating to CC from CCC (high).
Chrysler's First Lien Secured Credit Facility and Second Lien
Secured Credit Facility have also been downgraded to CCC and CC
(low) respectively.  All trends are Negative.  The ratings action
reflects Chrysler's challenge to maintain sufficient liquidity
balances amid severe industry conditions that have deteriorated
alarmingly over the past few months and are not expected to
improve in the near term.  With this ratings action, Chrysler is
removed from Under Review with Negative Implications, where it was
placed on Nov. 7, 2008.

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

As reported in the TCR on Dec. 3, 2008, Dominion Bond Rating
Service downgraded on Nov. 20, 2008, the ratings of Chrysler LLC,
including Chrysler's Issuer Rating to CC from CCC (high).
Chrysler's First Lien Secured Credit Facility and Second Lien
Secured Credit Facility have also been downgraded to CCC and CC
(low) respectively.  All trends are Negative.  The ratings action
reflects Chrysler's challenge to maintain sufficient liquidity
balances amid severe industry conditions that have deteriorated
alarmingly over the past few months and are not expected to
improve in the near term.  With this ratings action, Chrysler is
removed from Under Review with Negative Implications, where it was
placed on Nov. 7, 2008.


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


AMT OIL: Proof of Claim Deadline Slated for February 26
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP AMT Oil insolvent.

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

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


ARKAU LLP: Creditors Must File Claims by February 26
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Arkau insolvent on November 26, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Maulenov Str. 93
         Almaty
         Kazakhstan
         Tel: 8 (7272) 67-63-72


KAZAKHGOLD GROUP: Fitch Junks Issuer Default Rating from 'B'
------------------------------------------------------------
Fitch Ratings has downgraded KazakhGold Group Limited's Long-term
Issuer Default Rating to 'CCC' from 'B' and downgraded
KazakhGold's senior unsecured rating to 'CCC'/'RR4' from
'B'/'RR4'.  Both ratings remain on Rating Watch Negative.

The downgrade follows KazakhGold's December 29, 2008 announcement
saying that its FY08 production had fallen substantially short of
forecasts and will be materially lower than 2007 levels.  The
production slump was principally caused by inadequate access to
capital during the year.  As a result, KazakhGold's cash balance
deteriorated towards the end of 2008 and in the absence of any
immediate financing arrangement in Q109, the company might not be
able to operate as a going concern.  Fitch expects to resolve the
RWN following a meeting with management to discuss the issuer's
strategy going forward.  The agency is also closely monitoring the
progress of KazakhGold's potential acquisition by Polyus Gold and
its impact on KazakhGold's credit profile.  Further negative
rating actions remain a possibility should the transaction fail or
should KazakhGold not secure alternative sources of funding to
improve its current financial position.  The agency also notes
that KazakhGold's corporate transparency remains an issue.

On a positive note, acquisition negotiations with Polyus Gold for
50.1% of KazakhGold's share capital are progressing.  A revised
Partial Offer was issued on December 30, 2008 which values
KazakhGold at US$284 million and which represents a 19% premium to
KazakhGold's current market capitalization.  The revised
transaction is all-share, while the original offer was 30% cash
and 70% share-based.  The revised offer also assumes US$100
million of equity capital would be raised immediately and would be
fully underwritten by Polyus Gold.  The new capital raising would
be intended to strengthen KazakhGold's balance sheet and enable
the company to meet its existing development plans.

Fitch notes that Polyus Gold's seven pre-conditions need to be met
for the acquisition to succeed.  The most critical of these, in
Fitch's opinion, is to obtain a waiver from holders of
KazakhGold's senior notes in respect of their right to require
KazakhGold to repurchase the notes at a purchase price equal to
101% of the principal amount of the notes on a change of control
of KazakhGold.  If approved, the amendments will also enable
KazakhGold to raise additional debt from Polyus Gold of up to
US$50 million.  The companies expect all pre-conditions to be met
by February 20, 2009.

The controlling Assaubayev family reportedly plans to sell its
entire stake of approximately 41% of the outstanding shares of
KazakhGold, although Polyus Gold does not seem keen to own more
than 50.1% of the company.  Fitch notes that if the acquisition
succeeds, Polyus Gold's much larger business profile and stronger
balance sheet may, potentially, enhance KazakhGold's credit
profile.


MAILY KENT: Claims Filing Period Ends February 27
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Maily Kent Agro MTS insolvent.

Creditors have until Feb. 27, 2009, to submit written proofs of
claim to:

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


PROM AUTO: Creditors' Proofs of Claim Due on February 26
---------------------------------------------------------
LLP Prom Auto Service has declared insolvency.  Creditors have
until Feb. 26, 2009, to submit written proofs of claim to:

         LLP Prom Auto Service
         Micro District 4, 29-11
         Almaty
         Astana
         Kazakhstan


RMZ-LANDSHAFT LLP: Claims Registration Period Ends February 26
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP RMZ-Landshaft insolvent.

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

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


WEST-STORY LLP: Proof of Claim Deadline Slated for February 27
--------------------------------------------------------------
LLP Construction Company West-Stroy has declared insolvency.
Creditors have until Feb. 27, 2009, to submit written proofs of
claim to:

         LLP Construction Company West-Stroy
         Plot 2-3
         Yntymak
         Shymkent
         South Kazakhstan
         Kazakhstan


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


STYLE STROY: Creditors Must File Claims by February 26
------------------------------------------------------
LLC Construction Company Style Stroy has declared insolvency.
Creditors have until Feb. 26, 2009, to submit written proofs of
claim.

The company can be reached at: (0-555) 96-05-95


===========
L A T V I A
===========


PAREX BANKA: FCMC Imposes Restriction on Loan Issuance
------------------------------------------------------
The Baltic Course reported that a limited number of pledges have
been issued or received by the Parex banka despite its
nationalization.

According to the report, the small number of pledges can be
explained by the restrictions imposed by the Financial and Capital
Market Commission (FCMC) on the bank for issuing loans.

Citing FCMC spokeswoman Ieva Upleja, the report disclosed this
restriction is still effective.

However, Maija Celmina, advisor to the Parex banka board chairman,
said "Despite the restrictions imposed on the bank, it has not
stopped activities regarding previously-signed agreements,
including issuing new commercial pledges and providing other
financial support for deals, which were signed earlier", the
report noted.

The report recalled on December 18 last year the bank issued a
loan to Global Fashion Group a few days after the company was
declared insolvent by a court's decision.

"The bank, the same as any other creditor, has to take into
consideration the possible consequences of bankruptcy,"
Mr. Celmina was quoted by the report as saying.

Founded in May 1992, JSC Parex Banka --
http://www.parexgroup.com/-- is a commercial bank with assets
exceeding 4.46 billion.   It offers its clients integrated
services in areas such as lending, payment cards, leasing, asset
management and securities trading.  It has more than 70 branches,
customer service centers and settlement group, or nearly all
regions of Latvia and the major cities.  Currently, bank branches
and customer service centers in Latvia employs more than 2,600
people.

                         *     *     *

As reported in the TCR-Europe on Dec. 9, 2008, Moody's Investors
Service downgraded the bank financial strength rating of Parex
Bank to E from E+.  The outlook on this rating is now stable.
Moody's also downgraded the bank's local and foreign

As reported in the TCR-Europe on Dec. 5, 2008, Fitch Ratings
downgraded Latvia-based Parex Banka's Long-term Issuer Default
Rating to 'RD' from 'BB', Short-term IDR to 'RD' from 'B', and
Support rating to '5' from '3'.  Parex's Support Rating Floor was
changed to 'No Floor' from 'BB' and Individual rating was affirmed
at 'F'.  In addition, Fitch downgraded the senior unsecured
ratings to 'CC' from 'BB' and assigned Recovery Rating 'RR4'.
Fitch removed Long-term IDR and senior unsecured ratings from
Rating Watch Negative.


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


FLYLAL: Suspends Operations, May File for Bankruptcy
----------------------------------------------------
Reuters reports that Lithuania-based airline flyLAL said Monday it
was considering filing for bankruptcy after an acquisition deal
with Swiss Capital Holding failed to materialize.

"We wanted to continue our activity until the very last moment,
but the buyer failed to execute the transfer by the deadline and
we decided to cease operations," Gintare Rimkuviene, a spokeswoman
for the airline, was quoted by Reuters as saying.  "We have not
filed for bankruptcy yet, but that option is possible, it is being
discussed."

According to The Associated Press, airline officials said it
terminated a preliminary agreement with the Swiss company after it
failed to pay US$1 million (EUR756,000) that would have cleared
flyLAL's debts and potentially saved it from bankruptcy.

The airline, Reuters discloses, had debts of LTL89 million (US$3.4
million) at the end of 2008.  It has no planes of its own, Reuters
notes.

Reuters recalls the airline, which employs 360 people, was
privatized in 2005 by local businessmen.

Citing Vytautas Kaikaris, flyLAL's chief executive, The Associated
Press relates the airline decided to suspend its operations
Saturday "to stem further losses and prevent further deterioration
in creditors' situation".

The last flight operated by flyLAL landed on Friday, Reuters
states.


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


LYONDELL CHEMICAL: U.S. Trustee Forms 7-Member Creditors Panel
--------------------------------------------------------------
Pursuant to Section 1102 of the Bankruptcy Code, Diana G. Adams,
United States Trustee for Region 2, appointed seven creditors to
serve as members of the Official Committee of Unsecured Creditors
in Lyondell Chemical Company and its 78 debtor-affiliates'
Chapter 11 cases:

(1) Wilmington Trust FSB, as Successor Trustee
   Attn: Patrick Healy, Vice President
   Rodney Square North
   1100 North Market Street
   Wilmington, DE 19890-1600
   Tel. No. (302) 636-6391

(2) Law Debenture Trust of New York
   Attn: Robert L. Bice II, Senior Vice President
   400 Madison Avenue
   New York, NY 10017
   Tel. No. (212) 750-6474

(3) Pension Benefit Guaranty Corporation
   Attn: Jennifer Messina
   1200 K. Street N.W. - Suite 2000
   Washington, DC 20004
   Tel. No.(202) 750-6474

(4) BASF Corporation
   Attn: Peter Argiriou, Credit Manager
   100 Campus Drive
   Florham Park, NJ 07932
   Tel. No. (713) 759-3092

(5) Air Liquide Large Industries U.S.LP
   c/o Air Liquide USA, LLC
   Attn: Kevin Feeney, Esq., Secretary of Air Liquide
   2700 Post Oak Blvd.
   Houston, TX 77056
   Tel. No. (713) 624-8386

(6) Veolia ES Industrial Services
   Attn: Tim Wood, Vice President Sales & Marketing
   2525 South Shore, Suite 410
   League City, TX 72573
   Tel. No.(713) 307-7138

(7) United Steel Workers
   Attn: David R. Jury, Associate General Counsel
   Five Gateway Center - Room 807
   Pittsburgh, PA 15222
   Tel. No. (412) 562-2546

Gerald A. O'Brien, vice president of Lyondell Chemical Company,
disclosed in a filing with the Securities and Exchange Commission
that on January 16, 2009, the company held an organizational
meeting for unsecured creditors wherein officers of Lyondell
Chemical Company made a presentation, a full-text copy of which
is available for free at http://ResearchArchives.com/t/s?382a

                     About LyondellBasell

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

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

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

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

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LYONDELL CHEMICAL: Equistar Seeks US$28MM Payment from Solutia
--------------------------------------------------------------
Lyondell Chemical Co's affiliate Equistar Chemicals, LP and
Solutia Inc. were parties to an Amended and Restated Chemical
Grade Propylene Sales Agreement contract wherein Equistar sold
certain chemical grade propylene to Solutia.  Since October 10,
2008, the Debtor has sent 10 invoices to Solutia.  Under the
Agreement, Solutia must pay for propylene within 30 days of each
invoice date.

Proposed counsel for the Debtors, Howard Hawkins, Esq., at
Cadwalader, Wickersham & Taft LLP, in New York, tells the U.S.
Bankruptcy Court for the Southern District of New York that
Solutia has never disputed any of the invoices, which are
due and owing for US$28,928,488, yet it has refused to pay the
amounts.

Mr. Hawkins argues that the US$28,928,488 is a matured debt under
Section 542(b) of the Bankruptcy Code and Solutia, thus, violated
Section 542(b) when it did not pay the matured debt to the
Debtor.

Against this backdrop, Mr. Hawkins says, the Debtor is entitled
to a judgment:

   (i) declaring that the Debtor is owed a matured debt for
       US$28,928,488 pursuant to Section 542(b), and Solutia
       violated Section 542(b) because it has not paid the
       US$28,928,488,

  (ii) directing Solutia to turn over to the Debtor
       US$28,928,488, and

(iii) awarding the Debtor its costs and expenses, including
       attorneys' fees incurred in connection with the Debtor's
       efforts to compel Solutia's compliance with its
       obligations.

Moreover, the Agreement is a valid, binding and enforceable
contract between the Debtor and Solutia.  Mr. Hawkins attests
that the Debtor has performed its obligations under the
Agreement.  Accordingly, Solutia's failure and refusal to remit
to the Debtor the amounts due to under Agreement constitute a
breach of contract.  Mr. Hawkins further contends that Solutia
violated Sections 362(a)(3) and (a)(7) of the Bankruptcy Code by
failing to pay the Debtor, and withholding payment of the
US$28,928,488.

The Debtor asks the Court to issue judgment:

(a) declaring that Solutia owes a matured debt to the Debtor
     for US$28,928,488;

(b) awarding damages for US$28,928,488 resulting from Solutia's
     breach of the Agreement;

(c) directing Solutia to pay US$28,928,488;

(d) declaring that Solutia's continued failure to pay the
     matured debt constitutes a violation of Sections 362(a)
     and 542(b); and

(e) awarding the Debtor its costs, including attorney's fees,
     incurred in connection with its efforts to compel
     Solutia's compliance under the Bankruptcy Code.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (NYSE: SOA) --
http://www.solutia.com/-- and its subsidiaries, manufactures and
sells chemical-based materials, which are used in consumer and
industrial applications worldwide.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22, 2007,
the Debtor re-filed a Consensual Plan & Disclosure Statement and
on Nov. 29, 2007, the Court confirmed the Debtors' Consensual
Plan.  Solutia emerged from chapter 11 protection Feb. 28, 2008.

Solutia was represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP,
in New York, as lead bankruptcy counsel, and David A. Warfield,
Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St.
Louis Missouri, as special counsel.  Trumbull Group LLC was the
Debtor's claims and noticing agent.  Daniel H. Golden, Esq., Ira
S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss
Hauer & Feld LLP represented the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provided the Creditors' Committee with financial
advice.  The Official Committee of Retirees of Solutia, Inc., et
al., was represented by Daniel D. Doyle, Esq., Nicholas A. Franke,
Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne,
LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E.
Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter
Young & Rediker, LLC, in Birmingham, Alabama.

Solutia's US$2.05 billion exit financing facility was funded by
Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P.,
and Deutsche Bank Securities Inc.  The exit financing is being
used to pay certain creditors, and for ongoing operations.

Bankruptcy Creditors' Service, Inc., publishes Solutia Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by Solutia Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

Standard & Poor's Ratings Services said its ratings on Solutia
Inc. (B+/Stable/--) will not change as a result of the company's
recent announcement of a public offering of common shares.

                     About LyondellBasell

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

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

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

Lyondell Chemical estimated that consolidated assets totalUS$27.12
billion and debts totalUS$19.34 billion as of the bankruptcy
filing
date.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


CHERNOMORETS-OIL LLC: Creditors Must File Claims by February 16
---------------------------------------------------------------
Creditors of LLC Chernomorets-Oil (TIN 2315081938) have until
Feb. 16, 2009, to submit proofs of claims to:

         G. Pashentsev
         Insolvency Manager
         Office 1008A
         Krasnaya Str. 108
         350020 Krasnodar
         Russia

The Arbitration Court of LLC Chernomorets-Oil will convene on
Feb. 17, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?-32–20343/2008–1/1314.

The Debtor can be reached at:

         LLC Chernomorets-Oil
         Novorossiysk
         Russia


GEO-KOM-STROY LLC: Creditors Must File Claims by March 16
---------------------------------------------------------
Creditors of LLC Geo-Kom-Stroy (Construction) have until March 16,
2009, to submit proofs of claims to:

         G. Mekhedova
         Insolvency Manager
         Inzhenernaya Str. 42/55
         676456 Svobodnuy
         Amurskaya
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?04–2338\08–10\208B.

The Debtor can be reached at:

         LLC Geo-Kom-Stroy
         Office 302
         Gorkogo Str. 240/3
         Blagoveshchensk
         Amurskaya
         Russia


LEDYANOY DOM LLC: Creditors Must File Claims by February 16
-----------------------------------------------------------
Creditors of LLC Ledyanoy Dom (Ice-cream Production) have until
Feb. 16, 2009, to submit proofs of claims to:

         A. Savin
         Temporary Insolvency Manager
         Post User Box 11
         214018 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?-62–5895.

The Debtor can be reached at:

         LLC Ledyanoy Dom
         Oktyabrya Str. 46
         Smolensk
         Russia


NOVOLIPETSK STEEL: Fitch Affirms Issuer Default Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed Russia-based OJSC Novolipetsk Steel's
Long-term Issue Default Rating at 'BB+' and National Long-term
rating at 'AA(rus)'.  The Outlooks on both ratings are Stable.
Fitch has also affirmed NLMK's Short-term IDR at 'B'.

The current ratings reflect Fitch's opinion that despite the
current economic recession and metal and mining industry downturn,
NLMK's credit profile will remain within the agency's parameters
for the current rating level.  The ratings also continue to
reflect NLMK's scale as an international steel producer with
significant market shares both domestically and globally (31% in
the domestic machine building industry, 30% in the domestic
construction industry, 70% in the domestic power equipment
manufacturing market and 20% in the global transformer steel
market).  The company is self-sufficient in iron-ore and coke and
has highly efficient steel operations.  NLMK is one of the lowest
cost producers in the world with an average cash cost of
US$329 per tonne of slabs in 9m08.  As a result, the company has
historically enjoyed an EBITDA per tonne of crude steel 30%-40%
higher than its main Russian peers.  The company also has
geographically diversified revenues with export sales at 59% of
total revenue.

Among Fitch-rated CIS metal and mining companies, NLMK has had one
of the highest spends on asset modernization and reconstruction by
capital expenditures per tonne of crude steel and capex per US$1
sales in recent years.  The company has a history of maintaining a
conservative financial policy.

At end-Q308, NLMK had total consolidated debt of US$3.3 billion
including US$1.3 billion of short-term loans.  Of the total debt,
64% is secured. During 2008 NLMK increased borrowings by drawing a
syndicated 5 years US$1.6 billion PXF loan.  Indebtedness includes
US$1.5 billion of debt acquired as a result of the Maxi Group
acquisition in 2007.  While several covenants for Maxi Group
borrowings were breached as at FY2007, NLMK took measures to avoid
early redemption of US$0.9 billion of debt by successfully
renegotiating covenants with lenders.  In addition US$0.4 billion
of Maxi Group loans were restructured in Q308 with more favorable
terms.

Fitch estimates NLMK's FYE08 net debt/EBITDA at 0.2x versus 0.3x-
1.4x for key Russian peers rated by Fitch.  On the assumption
however that market conditions remain weak throughout 2009 and
production volumes decline substantially, Fitch estimates that
NLMK's net leverage will peak at 1.3-1.4x in FY09-FY10.  Between
2008-2012 Fitch estimates that company's net leverage will average
between 0.8x-1.0x.

Fitch notes that even though almost half of NLMK's debt is
denominated in foreign currency (US$ and EUR) the risk of rouble
devaluation is mitigated by a number of factors.  NLMK has a
significant share of its sales in export, most of its foreign
currency-denominated debt facilities are long-term (the largest
part matures in five years) and almost 90% of its costs are
denominated in RUB.  At the same time, Fitch notes that NLMK will
not be able to fully realize the benefits of RUB depreciation,
because NLMK presold in 2008 a significant portion of its FY09
export proceeds as part of its currency hedging strategy.  Fitch
expects NLMK's FY09 export revenues to be US$3.0 billion-3.5
billion versus maturing foreign currency-denominated debt of
US$0.4 billion-0.5 billion.

The Stable Outlook reflects NLMK's satisfactory liquidity position
at 9M08 and forecasted cash flow versus expected charges including
debt maturities and reduced capex.  Fitch notes that the merger
agreement for the acquisition of US-based tubes and hollow section
producer, John Maneely Company, which was terminated by NLMK in
November of 2008, is now the subject of litigation.  Fitch further
notes that the merger agreement relating to the acquisition of
John Maneely Company contains various provisions relating to
liability and damages in the event of termination and/or breach,
including an overall cap on damages of US$529 million.  For
modeling purposes only, this maximum amount was included by Fitch
in the amount of expected charges in Q408-9m09.  The actual amount
of damages, if any, will depend on the outcome of ongoing
litigation.

NLMK is Russia's fourth-largest vertically integrated iron and
steel producer, accounting for 13% of the country's total
production and it is the 30th largest steel maker in the world.
In 9M08 the company increased production output by 29% on a year-
on-year basis to 8.7mt due to the consolidation of Maxi Group
(+1.6m tonnes of steel) and increase in capacity at the main
Lipetsk plant (+0.3m tonnes of steel).


SEVERSTROY 21: Creditors Must File Claims by February 16
--------------------------------------------------------
Creditors of LLC Severstroy 21 vek (Construction) have until
Feb. 16, 2009, to submit proofs of claims to:

         Ye. Popova
         Temporary Insolvency Manager
         Post User Box 166
         GVP
         677999 Yakutsk
         Russia

The Arbitration Court of Yakutia commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A58–4543/08.

The Debtor can be reached at:

         LLC Severstroy 21 vek
         Ilmenskaya Str. 48
         Yakutsk
         Russia


TANTAL-D-K CJSC: Creditors Must File Claims by February 16
----------------------------------------------------------
Creditors of CJSC Tantal-D-K (Electronic Tubes Production) have
until Feb. 16, 2009, to submit proofs of claims to:

         A. Baskakov
         Temporary Insolvency Manager
         Post User Box 14
         410000 Saratov
         Russia

The Arbitration Court of Saratov will convene at 2:30 p.m. on
March 25, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?-57–23239/08–40.

The Court is located at:

         The Arbitration Court of Saratov
         Department 10
         Babushkin vvoz  Str. 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Tantal-D-K
         Prospect 50 let Oktyabrya 110a
         410040 Saratov
         Russia


TMK OAO: Shipments Up 5% in 2008 on IPSCO Asset Acquisition
-----------------------------------------------------------
Reuters reports that OAO TMK's 2008 shipments increased 5% from
2007 following its acquisition of IPSCO's assets.

Reuters notes that without the acquisition, shipments declined by
11 percent from 2007 as large pipeline projects were postponed and
demand for industrial pipes dropped in the fourth quarter.

TMK, Reuters recalls, agreed to pay US$1.2 billion for IPSCO's
U.S. assets in March.

On Nov. 20, 2008, the TCR-Europe reported that according to
Reuters, TMK was in talks with state banks to refinance
outstanding debt from its US$1.2 billion acquisition of IPSCO's
U.S. assets.

Vladimir Shmatovich, the steel pipe maker's deputy general
director, as cited by Reuters, said TMK was in talks with
with the top four or five Russian banks, although he did not name
them.  He also declined to specify how much the company was
seeking in state loans, Reuters added.

Reuters disclosed the company was also seeking to refinance
EUR3 billion (US$109.4 million) of debt due in March 2009, and a
US$300 million Eurobond due in September.

As reported in the TCR-Europe on Dec. 5, 2008, Reuters, citing
Vedomosti business daily, stated TMK requested around US$1 billion
in state loans to refinance its foreign debt.

Vedomosti said that according to an industry source, TMK's request
was recognized as justified by the credit committee of state-
owned bank VEB, Reuters related.

                            About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                         *     *     *

OAO TMK continues to carry a Ba3 long-term corporate family and
probability of default rating from Moody's with stable outlook.

TMK also carries a B+ long-term foreign and short-term local
issuer default ratings from Standard & Poor's with stable outlook.
The ratings still apply to date.


VIMPEL COMMUNICATIONS: S&P Affirms 'BB+' Corporate Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Russian telecoms operator Vimpel-Communications to
negative from stable.  At the same time, the 'BB+' long-term
corporate credit ratings on VimpelCom, its related entities, and
their respective issue ratings were affirmed.

"The outlook revision reflects our concerns that the weakening
economic conditions in Russia, coupled with the risk of further
depreciation of the Russian ruble, could pose an increasing threat
to the company's cash flow generation and liquidity position,"
said Standard & Poor's credit analyst Alexander Griaznov.

As of Jan. 1, 2009, VimpelCom had significant financial debt
outstanding of more than US$8 billion, with nearly half of this
amount maturing in 2009 and 2010.  In the current market
conditions, VimpelCom's access to financial markets is limited,
which explains the need for the company to use virtually all
generated free cash flow for debt repayment.

VimpelCom's current cash generation remains robust, however.  For
the 12 months ended Sept. 30, 2008, VimpelCom generated free
operating cash flow of US$1.6 billion, while its funds from
operations totaled US$3.2 billion for the same period.  This,
coupled with an expected major reduction in capital expenditures
in 2009, should provide sufficient liquidity support to
VimpelCom's liquidity profile.

However, the weakening economic environment in Russia and CIS
could lead to gradual reduction in usage and average revenues per
user, although S&P does not expect a major downward trend in the
very near term.  Moreover, efficiency and various cost control
measures should support profitability.

The company generates almost all of its revenues in local
currencies, while about 85% of its debt is in foreign currency.
As the company does not fully hedge its foreign-exchange risk
exposure, VimpelCom is dependent on exchange rate fluctuations.
Further ruble depreciation would put additional pressure on the
company's cash flows and would lead to weaker credit protection
ratios.  A scenario in which the ruble significantly fell to 40 to
1 or more is not built into the current rating and could prompt a
downgrade.

On Sept. 30, 2008, VimpelCom's short-term maturities of
US$1.748 billion were not fully covered by cash of US$727 million.
S&P could lower the rating if the company is unable to adequately
manage its liquidity and/or take adequate cash flow protection
measures.

"To maintain the rating S&P expects VimpelCom to adequately adjust
its capital spending, and focus on maximizing its FOCF in 2009,"
said Mr. Griaznov.  "We also expect the company to avoid any
opportunistic acquisitions, limit its international expansion, and
keep shareholder distributions at a minimum."

Ratings downside could result from negative trends in the Russian
economy, including further ruble depreciation.


* RUSSIA: Coface Puts Country Rating Under Negative Watch
---------------------------------------------------------
Credit rating agency Coface places China and Russia under negative
watch.

"The credit crisis is now affecting two major emerging countries -
Russia and China - despite the comfortable macro-economic and
financial situation they had been enjoying over the recent years,"
explains François David, Coface Chairman.  "However, companies in
these two countries were showing signs of strong vulnerabilities -
already pinpointed by Coface - heightened by the current
slowdown."

Coface forecasts 7% growth for China in 2009.  The Coface survey
on Chinese company payment behavior, conducted over the last 6
years, has enabled to spotlight the effects of excessive
competition on the private sector's contracting profit margins.
In this context showing evidence of micro-economic vulnerability,
the turndown in growth will result in an increase of payment
defaults on the part of Chinese companies.  China's A3 rating has
therefore just been placed on negative watch.  As for Hong Kong
and Taiwan, they have been downgraded to A2.

For Russia, Coface forecasts growth of 2.5% in 2009.  Coface
business-to-business payment experience in Russia deteriorated in
2008, mainly due to persistent deficiencies in corporate
governance, these problems already taken into account in Russia's
B rating.  The country is now severely affected by the crisis
(drop in credit, fall in oil prices).  Russian companies' foreign
debt rose by 140% since 2005, which should generate further
payment default, hence why Russia's rating has been placed on
negative watch.

On a worldwide level, Coface discloses, the growth differential
anticipated is now 3.1 GDP points from 2007 to 2009.  It was only
2.5 points between 2000 and 2001 during the previous credit crisis
due to the collapse of the Internet bubble.  This slacking of
growth explains the rise of over 50% in the Coface payment default
index between 2007 and 2008.  Coface forecasts that the credit
crisis will only end when the year 2009 comes to a close.

                A Credit Crisis Now Similar in
              Extent to those of the 80s and 90s

According to Coface, the credit crisis which started at the
beginning of 2008 seems to have taken a new dimension in the
fourth quarter when businesses in countries that had managed to
hold out so far (such as Germany) are, in turn, being affected.
Given the new global growth forecast of 0.9% for 2009, this crisis
resembles those of the early 1980s and 1990s if we consider the
growth drop.  The slowdown in growth from 2007 to 2009 should be
3.1 points – just as from 1979 to 1982, and from 1989 to 1991.
Nonetheless, it is below that of the 1st oil shock.

For the year 2008, Coface registered an increase of 47% in its
payment default index with a speeding up during the fourth
quarter.

The global country risk overview presented during the 13th Country
Risk Conference, Coface states, emphasizes how the credit crisis
has spread since it started in January 2008 in the United States,
then reaching the other so-called "bubble" countries (the United
Kingdom, Spain, Ireland, etc.).  No area seems to be spared any
longer.  The industrialized countries close to the epicentre of
the crisis, then the countries with no speculative bubbles but
sustaining flat growth (Italy, France, Germany, Japan, etc.) have,
in turn, been affected in addition to the fragile emerging
countries (South Africa, Viet Nam, etc.).

Note: Coface country rating does not concern Sovereign Debt, but
indicates the average level of risk presented by corporates on
their short term commercial transactions.

Coface is a subsidiary of Natixis whose share capital (Tier 1) was
11.7 billion euros end December 2007.  It employs 7,000 staff in
65 countries, serving over 45% of the world's 500 largest
corporate groups.


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


CAPRITAURO INVESTMENTS: Creditors Must File Claims by Jan. 28
-------------------------------------------------------------
Creditors owed money by JSC Capritauro Investments are requested
to file their proofs of claim by Jan. 28, 2009, to:

         Industriestrasse 7
         6300 Zug
         Switzerland

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


FORINVEST BETEILIGUNGEN: Deadline to File Claims Set Jan. 24
------------------------------------------------------------
Creditors owed money by LLC Forinvest Beteiligungen are requested
to file their proofs of claim by Jan. 24, 2009, to:

         Karl Schafer
         Buro Schafer
         Lavaterstrasse 57
         8002 Zurich
         Switzerland

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


HOUSE OF FASHION: Creditors Have Until Jan. 24 to File Claims
---------------------------------------------------------------
Creditors owed money by LLC House of Fashion are requested to file
their proofs of claim by Jan. 24, 2009, to:

         Karsten Myralf
         Scheideggstrasse 21
         6045 Meggen
         Switzerland

The company is currently undergoing liquidation in Meggen LU.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 4, 2008.


LARO SPORT: Proof of Claim Filing Deadline Set Jan. 24
------------------------------------------------------
Creditors owed money by JSC Laro Sport are requested to file their
proofs of claim by Jan. 24, 2009, to:

         Marie-Therese Rogger
         Seetalstrasse 40
         6020 Emmenbrucke
         Switzerland

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


STERLING TRADING: Creditors' Proofs of Claim Due by Jan. 23
------------------------------------------------------------
Creditors owed money by JSC Sterling Trading are requested to file
their proofs of claim by Jan. 23, 2009, to:

         Kurt Zwyssig
         Brisenstrasse 9
         6370 Stans
         Switzerland

The company is currently undergoing liquidation in Stans.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 3, 2008.


TCM JSC: Jan. 24 Set as Deadline to File Claims
-----------------------------------------------
Creditors owed money by JSC TCM are requested to file their proofs
of claim by Jan. 24, 2009, to:

         Rolando Wyss
         JSC TCM
         Alpenstrasse 2
         6304 Zug
         Switzerland

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


ZB ARCHITEKTUR: Creditors Must File Proofs of Claim by Jan. 23
--------------------------------------------------------------
Creditors owed money by LLC ZB Architektur und Umwelt are
requested to file their proofs of claim by Jan. 23, 2009, to:

         Mittlere Strasse 32
         3600 Thun
         Switzerland

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


ZWAHLEN FOTO-OPTI: Deadline to File Proofs of Claim Set Jan. 22
---------------------------------------------------------------
Creditors owed money by LLC Zwahlen Foto-Opti are requested to
file their proofs of claim by Jan. 22, 2009, to:

         Peter Zwahlen-Muhle
         Buhlbergstrasse 37
         3775 Lenk
         Switzerland

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


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


AVTOTOVARY LLC: Creditors Must File Claims by January 23
--------------------------------------------------------
Creditors of LLC Trading and Production Firm Avtotovary (EDRPOU
24252456) have until Jan. 23, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 11, 2008.
The case is docketed as 23/520-b.

The Debtor can be reached at:

         LLC Trading and Production Firm Avtotovary
         Perov Str. 19
         02218 Kiev
         Ukraine


BALTIMOR-FISH LLC: Creditors Must File Claims by January 23
-----------------------------------------------------------
Creditors of LLC Baltimor-Fish (EDRPOU 33563234) have until
Jan. 23, 2009, to submit proofs of claim to:

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

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 4, 2008.  The case is docketed as B 26/256-08.

The Debtor can be reached at:

         LLC Baltimor-Fish
         Apt. 108
         Mir avenue, 83
         49000 Dnipropetrovsk
         Ukraine


DON-LINK LLC: Creditors Must File Claims by January 23
------------------------------------------------------
Creditors of LLC Don-Link (EDRPOU 30872608) have until Jan. 23,
2009, to submit proofs of claim to:

         Mr. O. Shipitsyn
         Liquidator / Insolvency Manager
         Apt. 52
         Leninsky avenue, 29
         83102 Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 11, 2008.
The case is docketed as 45/227B.

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Don-Link
         Illich avenue, 11
         83000 Donetsk
         Ukraine


DRUZHBA HOTEL: Creditors Must File Claims by January 23
-------------------------------------------------------
Creditors of State Communal Enterprise Druzhba Hotel (EDRPOU
13554326) have until Jan. 23, 2009, to submit proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Arbitration Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 3, 2008.
The case is docketed as 7/163-b.

The Debtor can be reached at:

         State Communal Enterprise Druzhba Hotel
         K. Liebkneht Str. 82
         Berdichev
         13300 Zhytomir
         Ukraine


DWELLING INDUSTRIAL: Creditors Must File Claims by January 23
-------------------------------------------------------------
Creditors of OJSC Dwelling Industrial Building-8 Subsidiary
Company Hydro Building Installation (EDRPOU 31043479) have until
Jan. 23, 2009, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 26, 2008.
The case is docketed as 5/524/08.

The Debtor can be reached at:

         OJSC Dwelling Industrial Building-8
         Subsidiary Company Hydro Building Installation
         Tolstoy Str. 2-b
         Nikolaev
         Ukraine


EARTH FERTILITY: Creditors Must File Claims by January 23
---------------------------------------------------------
Creditors of OJSC on Earth Fertility Increase and Plant Defence
Agricultural Service (EDRPOU 05489849) have until Jan. 23, 2009,
to submit proofs of claim to:

         Mr. S. Chervoniuk
         Liquidator
         Kulparkovskaya Str. 130B/77
         79021 Lvov
         Ukraine

The Arbitration Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 12, 2008.
The case is docketed as 4/149.

         The Economic Court of Lvov
         Lichakivska Str. 128
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         OJSC on Earth Fertility Increase and
         Plant Defence Agricultural Service
         Bepovskaya Str. 19
         Zolochev
         80700 Lvov
         Ukraine


ENAKIEVO REGIONAL: Creditors Must File Claims by January 23
-----------------------------------------------------------
Creditors of CJSC Enakievo Regional Milk Plant (EDRPOU 00445245)
have until Jan. 23, 2009, to submit proofs of claim to:

         Mr. Nikita Samokish
         Temporary Insolvency Manager
         Tcheliuskintsev Str. 39/5
         83086 Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 9, 2008.
The case is docketed as 42/174B.

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         CJSC Enakievo Regional Milk Plant
         Beregovoy avenue, 10
         Enakievo
         86414 Donetsk
         Ukraine


INSECT OFF: Creditors Must File Claims by January 23
----------------------------------------------------
Creditors of LLC Insect Off (EDRPOU 35218387) have until Jan. 23,
2009, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 16, 2008.
The case is docketed as 5/592/08.

The Debtor can be reached at:

         LLC Insect Off
         Artillereyskaya Str. 10
         Nikolaev
         Ukraine


KRASNY LUCH: Creditors Must File Claims by January 23
-----------------------------------------------------
Creditors of OJSC Krasny Luch Breadreceiving Enterprise (EDRPOU
00957301) have until Jan. 23, 2009, to submit proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Arbitration Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 1, 2008.
The case is docketed as 11/54b.

The Debtor can be reached at:

         OJSC Krasny Luch Breadreceiving Enterprise
         Malidovsky Str. 15
         Krasny Luch
         Lugansk
         Ukraine


LUGANSKOYE LLC: Creditors Must File Claims by January 23
--------------------------------------------------------
Creditors of Luganskoye LLC (EDRPOU 30349040) have until Jan. 23,
2009, to submit proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 3, 2008.
The case is docketed as 42/171B.

The Debtor can be reached at:

         Luganskoye LLC
         Lazo Str. 1
         Luganskoye
         Maryinsky
         85662 Donetsk
         Ukraine


SPETSMETIZ LLC: Creditors Must File Claims by January 23
--------------------------------------------------------
Creditors of LLC Spetsmetiz (EDRPOU 34667226) have until Jan. 23,
2009, to submit proofs of claim to:

         Mrs. S. Lunkova
         Liquidator / Insolvency Manager
         Apt. 47
         Politboytsov Str. 5
         83054 Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 11, 2008.
The case is docketed as 27/183B.

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Spetsmetiz
         Apt. 78
         Somov Str. 22
         83008 Donetsk
         Ukraine


TALAN LLC: Creditors Must File Claims by January 23
---------------------------------------------------
Creditors of LLC Trading And Production Firm Talan (EDRPOU
20899089) have until Jan. 23, 2009, to submit proofs of claim to:

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

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 16, 2008.
The case is docketed as 5/593/08.

The Debtor can be reached at:

         LLC Trading and Production Firm Talan
         Chkalov Str. 20/5
         Nikolaev
         Ukraine


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


ACROBAT MUSIC: Appoints Joint Administrators from Tenon Recovery
----------------------------------------------------------------
S. J. Parker and C. D. Wilson of Tenon Recovery were appointed
joint administrators of Acrobat Music Group Ltd. on Dec. 24, 2008.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


ALPHA ANODISING: Names Baker Tilly as Joint Administrators
----------------------------------------------------------
Michael David Rollings and Andrew Martin Sheridan of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Alpha Anodising Ltd. on Jan. 9, 2009.

The company can be reached at:

         Alpha Anodising Ltd.
         10 Woodfalls Business Park
         Gravelly Ways
         Laddingford
         Kent
         ME18 6DA
         England


ASTRO EXHIBITIONS: Appoints Joint Liquidators from PKF
------------------------------------------------------
Kerry Bailey and Jonathan Newell of PKF (UK) LLP were appointed
joint liquidators of Astro Exhibitions Ltd. on Jan. 9, 2009, for
the creditors' voluntary winding-up proceeding.

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

         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


CROMWELL PRESS: Taps Joint Administrators from KPMG
---------------------------------------------------
Jonathan Scott Pope and Richard John Hill of KPMG LLP were
appointed joint administrators of Cromwell Press Ltd. on Jan. 12,
2009.

The company can be reached at:

         Cromwell Press Ltd.
         Aintree Avenue
         White Horse Business Park
         Trowbridge
         Wiltshire
         BA14 0XB
         England


DSG INTERNATIONAL: Group Sales Down 1% for 12-Wks Ended Jan. 10
---------------------------------------------------------------
DSG international plc in its trading statement for the 12 weeks
ended January 10, 2009, said total Group sales were down 1% in
sterling and like for like sales were down 10%.

In the two week period to January 10, Group like for likes were up
2%, with a better performance in UK computing and electricals and
with Nordics flat.

However, Gross margins across the Group were down 0.8% year on
year, primarily as a result of both the increased proportion of
revenue in the sale period as well as a higher mix of televisions
and laptops.

The Group noted it remains focused on cash, cutting costs,
managing margins and reducing stock.  It implemented further cost
reductions in the current year of GBP20 million in response to
trading environment, bringing total cost savings for the year to
GBP95 million.

Meanwhile, careful stock management has resulted in stock levels
16% lower than last year at constant exchange rates.

The Group said it is operating within its GBP400 million committed
credit facility which is currently undrawn and available, although
it is expected that some drawdown will occur in the final quarter,
as anticipated.

According to the Group, its renewal and transformation plan is on
track:

    * New format stores continue to perform strongly with sales
      15% to 25% ahead of the rest of the chain;

    * 41 PC World, 11 Currys Superstores, 4 Currys.digital, 1
      Currys Megastore and 1 trial combined PC World and Currys
      store all traded through Christmas Peak;

    * Currys Megastore sales and gross profit contribution
      exceeded expectations and should generate over GBP30 million
      of sales per year.

John Browett , Chief Executive, commented: "The sales pattern
through the period was as we anticipated with customers waiting
for the post Christmas sales to purchase discretionary products,
particularly televisions and laptops.

Our Renewal and Transformation plans continue to progress well.
Early results from the new store formats, which have now traded
through Peak, have continued to exceed our expectations and give
us confidence that our plans are delivering for our customers.

We expect 2009 to be challenging across most of our markets and
are actively planning and managing the business for negative like
for likes."

Headquartered in Hemel Hempstead, England, DSG international plc
-- http://www.dsgiplc.com/-- is a consumer electronics retailer.

                       *     *     *

As reported in the TCR-Europe on Nov. 13, 2008, Fitch Ratings
downgraded UK-based consumer electronics retailer DSG
International plc's Long-term Issuer Default rating to 'BB-' from
'BB+' and affirmed the company's Short-term IDR at
'B'.  The Rating Outlook remains Negative.


DSG INTERNATIONAL: Moody's Reviews 'Ba3' Rating for Possible Cut
----------------------------------------------------------------
Moody's Investors Service has placed the Ba3 Corporate Family
Rating and senior unsecured rating of DSG International plc under
review for possible downgrade, as the operating performance
recorded during the key Christmas period proved weaker than
Moody's had expected.

In its trading statement for the 12 weeks ended January 10, 2009,
DSGi's like for like sales declined by 10% and gross margins
weakened by 0.8%, resulting from a further reduction in footfall,
price deflation and a greater proportion of revenues generated
during the sales period.  The weaker performance further
highlights the challenges facing the businesses within the group
prompting the need for assertive corrective actions to halt the
negative trend.  Management has undertaken deeper cost cuts,
improved working capital efficiency and is seeing some positive
signs from recently reformatted stores but overall the measures
undertaken to-date have proved insufficient to stem the decline in
credit metrics, which have been hit severely by the present
recessionary environment.

Moody's review will therefore focus on what tangible and timely
corrective actions are to be implemented across the group to
improve operating performance, restore financial stability to the
company and mitigate risks of a potential breach of the financial
covenants included in its core credit agreement.

Moody's previous rating action on DSGi was on December 1, 2008,
when the rating agency downgraded DSGi's CFR to Ba3 from Ba1.

Headquartered in Hemel Hempstead, England, DSG International plc
is one of Europe's leading specialist consumer electrical
retailers.  It posted revenues of GBP8.5 billion for the fiscal
year ending in April 2008.


DUCHY CATERING: Appoints Joint Administrators from KPMG
-------------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed
joint administrators of Duchy Catering Ltd. on Jan. 9, 2009.

The company can be reached at:

         Duchy Catering Ltd.
         Fairfax House
         Merrion Street
         Leeds
         LS2 8JU
         England


FUTURE-PEOPLE RECRUITMENT: Names Joint Liquidators from BDO
-----------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP, were appointed joint liquidators of Future-People
Recruitment Ltd. on Dec. 27, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


GREAT LEIGHS: Goes Into Administration After Losing License
-----------------------------------------------------------
Chantell Thorley at Event Magazine reports that Great Leighs has
gone into administration after the British Horseracing Authority
revoked its license.

The GBP40 million racecourse, which opened just eight months ago,
had been operating under a temporary license since the start of
2009.

The report relates that according to the BHA, an application for a
new temporary license to operate until the end of January was
declined at a hearing on Thursday, January 15.

The BHA however has not made public the reasons for its decisions,
the report notes.

Meanwhile, administrator Deloitte will be assessing the position
of the companies affected in order to determine the best outcome
for their creditors, and will continue to trade the business in
the short term while it investigates the opportunity of a sale,
the report discloses.


HSBC HOLDINGS: Sub-Prime Biz May Spur Need for Substantial Funding
------------------------------------------------------------------
HSBC Holdings Plc has a substantial and worsening capital
shortfall, shareholder Knight Vinke Asset Management LLC said.

Knight Vinke noted recent research reports issued by Morgan
Stanley and Goldman Sachs regarding HSBC's need for a very
substantial rights' issue, which "could be the largest rights'
issue ever made in the United Kingdom."

Bloomberg News relates Goldman Sachs Group Inc. and CLSA Asia-
Pacific Markets earlier predicted HSBC will be forced to sell
shares for the first time since the financial crisis began in
2007.

According to Bloomberg News, Goldman analysts said Jan. 16 HSBC
may post a US$1.5 billion loss, raise US$17 billion in a share
issue, and pay no dividend in 2009,
citing a deteriorating U.S. economy and falling property prices.

As it predicted in early 2007, Knight Vinke said Household
International, HSBC's sub-prime lending business in the United
States, has turned out to be an unmitigated disaster.

"This is a depreciating business, the fair value of whose assets
is US$20 billion less than its liabilities (by HSBC's own
admission)," the long term HSBC shareholder said in a January 18
statement.

Eric Knight, CEO of Knight Vinke, pointed out that if Household is
not restructured, shareholders will bear all of the pain because
Household's debt is not guaranteed by HSBC.

"HSBC should stop pretending that a restructuring of Household is
inconceivable: all major banks with similar problems are now
thinking what was previously unthinkable," Mr. Knight said.

Knight Vinke also noted that HSBC's capital structure is much
weaker than would be suggested by the Tier 1 ratio, adding that
having a strong Tier 1 ratio is absolutely no guarantee that
additional capital will not be required.

                   HSBC Denies Need for Funding

The London-based lender refuted Knight Vinke's projection saying
it is one of the world's most strongly capitalized banks.

The bank is one of the world's most "strongly capitalized" lenders
and hasn't sought capital support from the U.K. government, HSBC
said in a statement obtained by Bloomberg News.  The bank "cannot
envisage circumstances" where it would need government funding,
HSBC added.

                        Madoff Exposure

On December 15, 2008, HSBC confirmed it provided financing to a
small number of institutional clients who invested in funds with
Madoff Investment Securities LLC.

HSBC said its potential exposure under these financing
transactions is in the region of US$1 billion.

HSBC also has custody clients who have invested with Madoff,
however, it does not believe that these custodial arrangements
should be a source of exposure to the group.

                     Likely Fitch Downgrade

Fitch Ratings, according to Bloomberg News, warned it may cut
HSBC's credit rating as the global recession undermines its
finances.

Bloomberg News discloses Fitch cut its outlook on HSBC's debt to
"negative" from "stable" and said the bank's long-term issuer
default rating may be lowered over the "medium term".

HSBC's profitability in the fourth quarter was probably "weak" and
the bank is increasingly likely to need to raise funds to support
the U.S. unit, Bloomberg News cited Fitch as saying.

                           About HSBC

Headquartered in London, England, HSBC Holdings plc (NYSE:HBC) --
http://www.hsbc.com/-- is a banking and financial services
organization.  Its international network comprises over 10,000
properties in 83 countries and territories in Europe; Hong Kong;
rest of Asia-Pacific, including the Middle East and Africa; North
America and Latin America.  HSBC Holdings together with its
subsidiaries (HSBC) provides a range of financial services to more
than 128 million customers.  HSBC manages its business through two
customer Groups: Personal Financial Services and Commercial
Banking, and two global businesses: Global Banking and Markets,
and Private Banking.  Personal Financial Services incorporates the
Company's consumer finance businesses.  The largest of these is
HSBC Finance Corporation (HSBC Finance), a consumer finance
company in the United States.  On March 26, 2007, the company
acquired the remaining 50.01% of Erisa S.A. and Erisa I.A.R.D.  In
September 2008, Lehman Brothers sold its entire 2.09% stake in
Amtek Auto Ltd. to HSBC Holdings PLC.


MOSAIC FASHIONS: Mulls Sale of Shoe Studio Chain
------------------------------------------------
James Hall at The Daily Telegraph reports that following a
strategic review of its operations Mosaic Fashions hf has called
in boutique investment bank Hawkpoint to find a buyer for its 249-
store Shoe Studio shoe chain.

Citing shoe industry sources, the report says high-end shoe chain
Kurt Guiger could be the front-runner to acquire the business,
which includes the Nine West and Pied A Terre chains.

Shoe Studio, the report discloses, trades in the UK and Ireland.

The report recalls Mosaic last week issued a profit warning,
although its sales held up relatively well over the second half of
last year.

On Jan. 7, 2009, the TCR-Europe reported that according to The
Sunday Times, Mosaic was set to enter talks with Kaupthing bank hf
on its working capital needs in an attempt to secure the long-term
future of the company, which has been hit for months by the
withdrawal of credit insurance.

The Sunday Times said among the options considered include a debt-
for-equity swap, injecting more cash into the business or selling
the debt to one of a string of potential suitors, including Sir
Philip Green, the BHS owner, or Alchemy, the private-equity group.

According to The Sunday Times, if the company failed to reach a
deal in the next few months it could enter into administration
because the management team will not want to break City rules
preventing a business from trading if it is technically insolvent.

The Sunday Times recounted some suppliers are demanding upfront
payments from Mosaic, putting pressure on the company's balance
sheet.

Mosaic, The Sunday Times said, is unable to make any interest
payments on its estimated GBP400 million debt pile as its loans
are under the control of a government-appointed committee now
running Kaupthing.

However, a source close to Baugur, Mosaic's part-owner, maintained
that although trading was tough, there is no likelihood that the
company will go into administration, The Sunday Times noted.

Mosaic Fashions hf -- http://www.mosaic-fashions.co.uk/-- is the
parent company of eight design-led fashion brands; Anoushka G,
Coast, Karen Millen, Oasis, Odille, Principles, Shoe Studio and
Warehouse.


ROYAL BANK: Eyes GBP7 - 8 billion Full Year 2008 Loss
-----------------------------------------------------
The Royal Bank of Scotland Group plc ("RBS") estimates the group
will report for full year 2008 an attributable loss, before
exceptional goodwill impairments, of between GBP7.0 billion and
GBP8.0 billion.

Bloomberg News reports the news sent the group's stock down by 67
percent, the most since September 1988, to 11.6 pence, paring the
lender's market value to GBP4.6 billion (US$6.7 billion).

Meanwhile, RBS said it has reached agreement with HM Treasury
("HMT") and UK Financial Investments ("UKFI") to replace the GBP5
billion of preference shares it holds with new ordinary shares.

Eligible RBS shareholders will be able to apply to subscribe for
approximately GBP5 billion of new ordinary shares pro rata to
their existing shareholdings at a fixed price of 31.75 pence per
share.  This represents an 8.5 per cent discount to the closing
price on January 16, 2009.

The new ordinary shares will be offered to shareholders and new
investors on the same basis as the Offer in November 2008.  The
ordinary shares offer is fully underwritten by HMT.  The proceeds
of the issue will be used to fully redeem the preference shares
held by HMT.

"The dislocation of credit markets and the global economic
downturn continue to hit RBS hard, as with many other banks.  We
are making progress in recognizing excess risk and dealing with
it.  Significant uncertainties and risks inevitably remain. In
this context, the support we are receiving from Government
benefits all our stakeholders and enables us to provide more
customer support in return.  With enhanced core capital, removal
of the preference share dividend and the prospect of further asset
and liquidity measures, RBS is able to continue its strategic
restructuring purposefully," Stephen Hester, RBS Group Chief
Executive, said.

RBS expects to release its 2008 results on February 26, 2009.

                            About RBS

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


ROYAL BANK: Fitch Downgrades Individual Rating to 'E'
-----------------------------------------------------
Fitch Ratings has downgraded The Royal Bank of Scotland Group
plc's Individual rating and that of its main operating
subsidiaries The Royal Bank of Scotland plc and National
Westminster Bank plc to 'E' from 'B/C'.  NatWest's Individual
rating has been subsequently withdrawn.  The action follows RBS
Group's announcement that it expects to report an attributable
loss of between GBP7 billion and GBP8 billion for 2008, and that
it has reached an agreement to replace GBP5 billion of preference
shares held by the UK government with new ordinary shares.

The three companies' Long-term Issuer Default Ratings and Short-
term IDRs are affirmed at 'AA-' (AA minus) and 'F1+' respectively.
RBS Group's Support rating has been upgraded to '1' from '5' and
its Support Floor has been revised to 'AA-' (AA minus) from 'No
Floor'.  The Outlook for the IDRs remains Stable, reflecting an
expectation of continued strong government support for RBS Group.

Fitch has also downgraded RBS Group's and RBS plc's Tier 1
preference shares to 'BB-' (BB minus) from 'A+', and upper tier 2
hybrid capital instruments issued by group companies to 'BB' from
'A+' and placed all of these securities on Rating Watch Negative.

The loss will arise largely as a result of additional credit
market write-downs, lower income in the group's Global Banking &
Markets division, impairment provisions relating to Lyondell
Basell Industries and Bernard L Madoff Investment Securities LLC,
and rising credit impairments across a broad range of portfolios
and exposures.  In downgrading the Individual ratings, Fitch is
signaling its concern over increasing risks and worsening
operating outlooks for the group's main businesses, together with
the unique challenges the group faces in integrating ABN AMRO
businesses in increasingly difficult market conditions.  RBS Group
also announced that following completion of a review of the
carrying value of goodwill, it expects to make a goodwill
impairment charge of between GBP15 billion and GBP20 billion.

The agency views UK government actions to support RBS Group and
the broader UK banking system as positive for creditors, but notes
the potential for restricted operational flexibility as a result
of conditions that could be imposed by the UK government, the
group's controlling shareholder.  Fitch expects to see some
significant changes to the group's strategic direction and
priorities following completion of a strategic review.  The UK
government has announced fresh measures aimed at supporting the UK
financial system and facilitating the availability of credit to UK
borrowers.  Fitch will comment separately on these particular
initiatives but expects RBS Group to be an early user of the new
schemes.

Following the announcement in October 2008 that the major UK banks
would be recapitalized, underwritten by the UK government, the RBS
Group is currently 58% owned by the UK government.  The
replacement of the government-subscribed preference shares with
ordinary shares will increase the UK government's stake in RBS
Group to close to 70%.  This large government stake, together with
ongoing official commitment to provide capital and funding support
to the major UK banks, underpins Fitch's continued view of the
very strong likelihood of support for the RBS Group, and supports
the upgrade of RBS Group's Support rating and Support Floor, as
well as a Stable Outlook on the group's IDRs.

The economic outlook for RBS Group's main operating markets
(particularly the UK, US and Ireland) is negative over the short-
to medium-term and there remains significant uncertainty over the
depth and length of the current recession.  Fitch expects to see
steady pressure on the group's earnings and asset quality as these
economies continue to weaken.  In the UK, RBS Group has not been
as aggressive as some competitors in the residential housing and
consumer lending markets and this should offer some protection as
these segments continue to weaken.  The expected increase in loan
impairment charges relating to the group's Regional Markets
businesses is GBP0.4 billion compared to its November interim
management statement.  However, its leading share of the UK SME
market and significant commercial property and large corporate
exposures, where some concentrations have arisen following the ABN
AMRO acquisition, are likely to pose some problems.  The outlook
for commercial property in 2009 remains negative as economic
developments continue to put pressure on asset values and rentals.

Outside the UK, the group is likely to suffer from asset quality
deterioration in the US and Ireland.  In the US, Citizens has
historically been a low-risk lender, but has an externally sourced
portfolio of home equity loans that is showing rapid
deterioration, and its core lending is unlikely to escape the
problems being felt in the US housing market and by the broader US
economy.  In Ireland, Ulster Bank faces similar pressures to the
UK; a deteriorating economic environment, an abrupt contraction in
economic growth forecast, rising unemployment and a worsening
outlook for commercial property.  Fitch considers that this is
likely to lead to weaker revenue generation, sharp rises in
impaired loans and steep falls in operating profitability.

RBS Group's capitalization currently appears adequate following
the government's recapitalization operations, but is expected to
decline as problems relating to recessionary economies
materialize.  The replacement of government preference shares with
common equity will add around 86bp to the group's core equity Tier
1 ratio, which is expected to be in the range of 6.9% to 7.4% at
end-2008.  The Tier 1 ratio is expected to be between 9.5% and
10%.

The massive goodwill impairment will not impact regulatory
capital, but confirms the huge destruction of shareholder value
that came from the ABN AMRO deal.  Fitch expects 2009 to be
characterized by sharply declining asset quality and pressure on
revenues, particularly in businesses more reliant on market
activity, thereby impacting internal capital generation severely.

The group's funding has stabilized following the implementation of
UK government initiatives in October 2008.  The RBS Group, as have
other UK major banks, has become increasingly reliant on guarantee
schemes for longer-term funding, and Fitch does not expect this to
diminish in the near-term.

The downgrade of RBS Group's, RBS plc's and Natwest's Individual
ratings to 'E' reflects Fitch's opinion that due to the scale of
the problems, RBS Group and its main operating banks are clearly
reliant on external support - and to a greater extent than most
other banks.  The future direction of the group's and operating
subsidiaries' Individual ratings will depend upon the pace and
severity of continued pressures in the operating environment,
together with the group's success in integrating ABN AMRO, de-
leveraging the group's balance sheet, and implementing a
refocused, lower risk, strategy.  An additional element of
uncertainty is the potential for government pressure to be brought
to bear on the group to increase lending volumes to specific
economic segments within the UK and it remains to be seen how
compatible the group's de-leveraging and de-risking strategy is
with government objectives.

Fitch's downgrade of RBS Group's preference shares and upper tier
2 hybrid capital instruments reflects the agency's view that
deferral risk has increased significantly for banks that are in
receipt of public funds, as well as the group's weakened
standalone coupon-servicing capacity, as reflected in its
Individual rating.  This risk is heightened by the recognition
that there is significant capital and financial flexibility to be
retained by deferring on such instruments as well as Fitch's
opinion that the replacement of government preference shares with
common equity will result in a significantly elevated risk that
market investors in RBS Group hybrid capital could be expected to
share this burden with the UK taxpayer.  The upper tier 2
instruments have been rated one notch higher than preference
shares at 'BB' to reflect their higher recovery prospects.

These ratings actions have been taken:

Royal Bank of Scotland Group plc:

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Outlook remains
     Stable

  -- Senior unsecured debt: affirmed at 'AA-' (AA minus)

  -- Subordinated debt: affirmed at 'A+'

  -- Upper Tier 2 instruments: downgraded to 'BB' from 'A+'; on
     Rating Watch Negative

  -- Preferred stock: downgraded to 'BB-' (BB minus) from 'A+'; on
     Rating Watch Negative

  -- Short-term IDR: affirmed at 'F1+'

  -- Commercial paper: affirmed at 'F1+';

  -- Individual rating: downgraded to 'E' from 'B/C'

  -- Support rating: upgraded to '1' from '5'

  -- Support Rating Floor: revised to 'AA-' (AA minus) from 'No
     Floor'

Royal Bank of Scotland plc:

  -- Long-term IDR: affirmed at 'AA-('AA minus')' ; Outlook
     remains Stable

  -- Guaranteed debt: affirmed at 'AAA'

  -- Senior unsecured debt: affirmed at 'AA-('AA minus')'

  -- Subordinated debt: affirmed at 'A+'

  -- Upper Tier 2 instruments: downgraded to 'BB' from 'A+'; on
     Rating Watch Negative

  -- Preferred stock: downgraded to 'BB-' (BB minus) from 'A+'; on
     Rating Watch Negative

  -- Short-term IDR: affirmed at 'F1+'

  -- Commercial paper: affirmed at 'F1+';

  -- Individual rating: downgraded to 'E' from 'B/C'

  -- Support rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'AA-' (AA minus)

National Westminster Bank Plc:

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Outlook remains
     Stable

  -- Senior unsecured debt: affirmed at 'AA-' (AA minus)

  -- Subordinated debt: affirmed at 'A+'

  -- Upper Tier 2 instruments: downgraded to 'BB' from 'A+'; on
     Rating Watch Negative

  -- Preferred stock: downgraded to 'BB-' (BB minus) from 'A+'; on
     Rating Watch Negative

  -- Short-term IDR: affirmed at 'F1+'

  -- Individual rating: downgraded to 'E' from 'B/C'; rating
     withdrawn

  -- Support rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'AA-' (AA minus)

Ulster Bank Ltd

  -- Long-term IDR: affirmed at 'A+'; Outlook remains Stable
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual rating: 'B/C'; on Rating Watch Negative
  -- Support rating: affirmed at '1'

Ulster Bank Finance plc:

  -- Commercial paper: affirmed at 'F1+'

Ulster Bank Ireland Limited:

  -- Long-term IDR: affirmed at 'A+'; Outlook remains Stable
  -- Senior unsecured debt: affirmed at 'A+'
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual rating: 'B/C'; on Rating Watch Negative
  -- Support rating: affirmed at '1'

First Active Plc:

  -- Long-term IDR: affirmed at 'A+'; Outlook remains Stable
  -- Senior unsecured debt: affirmed at 'A+'
  -- Short-term IDR: affirmed at 'F1+'
  -- Commercial paper: affirmed at 'F1+'
  -- Individual rating: 'B/C'; on Rating Watch Negative
  -- Support rating: affirmed at '1'

Greenwich Capital Holdings Inc.:

  -- US commercial paper: affirmed at 'F1+'

Citizens Financial Group, Inc.:

  -- Long-term IDR: affirmed at 'A+'; Outlook remains Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Individual rating: 'B/C'; on Rating Watch Negative
  -- Support rating: affirmed at '1'

RBS Citizens, NA (formerly Citizens Bank, NA):

  -- Long-term IDR: affirmed at 'A+'; Outlook remains Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Long-term deposits: affirmed at 'AA-' (AA minus)
  -- Short-term deposits: affirmed at 'F1+'
  -- Senior unsecured debt: affirmed at 'A+'
  -- Subordinated debt: affirmed at 'A'
  -- Individual rating: 'B/C'; on Rating Watch Negative
  -- Support rating: affirmed at '1'

Citizens Bank of Pennsylvania:

  -- Long-term IDR: affirmed at 'A+'; Outlook remains Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Long-term deposits: affirmed at 'AA-' (AA minus)
  -- Short-term deposits: affirmed at 'F1+'
  -- Individual rating: 'B/C'; on Rating Watch Negative
  -- Support rating: affirmed at '1'

Charter One Bank, NA:

  -- Senior unsecured debt: affirmed at 'A+'
  -- Subordinated debt: affirmed at 'A'

ABN AMRO Bank NV

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Outlook remains
     Stable

  -- Senior unsecured debt: affirmed at 'AA-' (AA minus)

  -- Subordinated debt: affirmed at 'A+'

  -- Upper Tier 2 instruments: downgraded to 'BB' from 'A+'; on
     RatingWatch Negative

  -- Short-term IDR: affirmed at 'F1+'

  -- Commercial Paper and short-term debt: affirmed at 'F1+'

  -- Support rating: affirmed at '1'

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

  -- Mortgage covered bonds: remain unaffected by the action


ROYAL BANK: S&P Cuts Ratings on Hybrid Capital Issues to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'A+/A-1' long- and short-term counterparty credit ratings on The
Royal Bank of Scotland PLC and related entities.  RBS is the main
operating entity of U.K. bank holding company The Royal Bank of
Scotland Group PLC.  The outlooks on all entities remain stable.

At the same time, Standard & Poor's lowered its ratings on RBSG's
hybrid capital issues to 'BB' from 'BBB', reflecting S&P's view
that dividend payment deferral risk has increased.  Additionally,
the 'BB' ratings were placed on CreditWatch with negative
implications.

S&P considers RBSG to be of high systemic importance to the U.K.
banking system and S&P now explicitly factors four notches of
uplift into the long-term counterparty credit rating on RBSG.

"These rating actions follow RBSG's announcement of a trading
update and capital restructuring.  In S&P's opinion, the company's
announcement is more pessimistic than S&P's own reduced
expectations when S&P lowered the ratings on RBSG on Dec. 19,
2008.  Partly offsetting this negative development, RBSG has also
announced that it has reached an agreement with the U.K.
government to replace the GBP5 billion preference shares the
government holds with new ordinary shares.  As a result, it is
expected that the U.K. government's ownership stake will rise to
70% from 58%," said Standard & Poor's credit analyst Nigel
Greenwood.

The latter development reinforces S&P's view that external support
is a significant supporting factor in the ratings on RBSG.

RBSG has stated that it may report a full-year 2008 attributable
loss of between GBP7 billion to GBP8 billion.  Moreover, RBSG
indicates that this amount excludes a goodwill impairment charge
that RBSG estimates will be in the region of GBP15 billion to
GBP20 billion.  Taken together this will, by a considerable
margin, be the largest corporate loss recorded by a U.K. company.
Within this performance, key developments since RBSG's last
trading statement on Nov. 4, 2008, include significantly higher
credit impairment losses than previously forecast by the
management, further structured credit market write-downs, and much
lower income in RBSG's Global Banking and Markets division.  S&P
believes that RBSG's particular vulnerability to the economic
downturn, most notably its substantial wholesale banking business
and its large commercial real estate exposures, render its
prospects for asset quality and earnings in 2009, and probably
beyond, to be poor relative to domestic and global peers.

Prior to the proposed capital restructuring, RBSG states that its
core Tier 1 ratio will be between 6.0% and 6.5% at year-end 2008.
This represents a material decline from a pro forma ratio of 7.9%
at Sept. 30, 2008.  As well as the weak performance in the fourth
quarter of 2008, this decline also reflects the negative impact of
the sharp depreciation of the British pound relative to other
major currencies on risk-weighted assets.

By converting the government-owned preference shares into common
equity, RBSG states that its pro forma core Tier 1 ratio would
improve by just under 1% to between an estimated 6.9% to 7.4%.
The greater focus on common equity, as opposed to preference
shares, is a positive factor in S&P's rating analysis of RBSG
relative to global peers.

The capital restructuring further reinforces S&P's opinion that
external support from the U.K. government underpins the ratings.
S&P consider RBSG to be of high systemic importance to the U.K.
banking system and S&P now explicitly factors four notches of
uplift into the long-term counterparty credit rating on RBSG,
compared with three notches previously.  S&P does not equalize the
ratings on RBSG with the sovereign ratings on the United Kingdom
(AAA/Stable/A-1+) because it remains a commercial institution with
no formal public policy role, and while S&P expects government
support to remain in place for a sustained period, S&P also
believes that the government does not intend to be a permanent
shareholder.

The downgrade of the hybrid issues reflects S&P's view that RBSG
may exercise its option to defer payment, for example, if its
earnings outlook deteriorated further or if further material
government support was extended to support RBSG.  Such a deferral
is arguably facilitated by the capital restructuring, whereby the
government will no longer own hybrid securities in RBSG.  S&P
expects to resolve the CreditWatch placement on the hybrid issues
in the next 90 days pending further meetings with RBSG's
management to discuss their earnings prospects and capital plans
and the resolution of state aid approval.

The outlook is stable.  "We expect RBSG to continue to face
earnings difficulties managing through the tough credit cycle over
the two-year outlook horizon.  If required, S&P expects government
action will continue to support the counterparty credit ratings,"
added Mr. Greenwood.

A lower rating could occur if underlying preprovision earnings
deteriorate to the extent that RBSG is loss making through the
outlook time horizon or if S&P believes that loan impairment
losses will more than double from 2008 levels.  In this event,
external support may not, in S&P's view, be sufficient to continue
to justify the current ratings.  However, S&P's expectation that
external support for RBSG will persist until its stand-alone
creditworthiness materially improves means that S&P would be
unlikely to lower the ratings by more than one notch.  S&P also
note that RBSG is in the process of a major strategic review, the
outcome of which could conceivably lead to a lowering of the
ratings.  This would be the case should it have, in S&P's opinion,
a materially negative impact on its future business and financial
profile (although S&P has already factored a weaker business
profile than hitherto believed, into S&P's current ratings).

During the next several years, S&P expects the issuer credit
rating and S&P's stand-alone assessment to converge at the current
issuer credit rating level, at the stand-alone profile, or
somewhere in between.  S&P will track RBSG's level of success in
adapting to the new financial landscape and regulatory
environment.

             B2a        BB/Watch Neg           BB
             D[1]


SOFIA WORKS: Taps Joint Liquidators from Tenon Recovery
-------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Sofia Works Ltd. on Jan. 6, 2009,
for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         O53 3TZ
         England


TALES OF ROBIN HOOD: Goes Into Voluntary Liquidation
----------------------------------------------------
The Tales of Robin Hood has officially gone into voluntary
liquidation, resulting to the loss of up to 40 jobs, the Evening
Post reports.

The report recalls the attraction, in Maid Marian Way, closed to
the public earlier this month after running up rent arrears with
landlords Tesco.


TATA MOTORS: Jaguar Land Rover Halts Work at Birmingham Plant
-------------------------------------------------------------
BBC News reports that Tata Motors Limited's Jaguar Land Rover unit
has halted work at its car plant in Castle Bromwich, Birmingham,
for two weeks.

BBC recalls workers only returned to the company's Solihull site
on Monday after an extended three-week shutdown.

The factory, which currently employs about 3,500 workers,
assembles all the Jaguar XF, XJ and XK models, BBC discloses.

                             Job Cuts

On Jan. 16, 2009, the TCR-Europe, citing BBC, reported Jaguar Land
Rover is cutting 450 jobs, blaming "a severe reduction in demand".

BBC stated 300 managers will be made redundant while 150 salaried
agency staff will also lose their jobs.

According to BBC, the company said it had begun consulting with
unions on the proposed redundancy program.

In November last year, the company, BBC recounted, axed 850 agency
IT and engineering staff and said it was in talks with the
government over a possible bail out.

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

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

                        Capital Injection

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

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

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

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

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


UROPA SECURITIES: S&P Puts Two BB-Rated Note Classes on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the class M1, M2, B1, B2, and D notes series
2007-1B issued by Uropa Securities PLC.  The senior class A notes
in the transaction remain unaffected by the rating actions.  The
class C notes have fully redeemed.

The CreditWatch negative placements follow an initial review of
the most recent loan-level data S&P has received for this
transaction.  S&P's analysis shows that the likelihood of negative
rating actions has increased for the junior notes.  The
transaction has now drawn on its reserve fund and interest has
been deferred on the deferrable class D notes.

The GBP1,613,399 reserve fund draw means that the reserve fund is
now at 0.49% of the amount of the notes outstanding.  This is down
from 0.79% the previous quarter and 0.70% at closing.  Of this
draw, GBP1,514,231 (93.85%) was used to cover losses applied to
the principal deficiency ledger and the rest (GBP99,168 or 6.14%)
was used to cover interest shortfalls on the class B2 notes.

Credit enhancement levels available to the class B1 and B2 notes
have diminished as a result of the reserve fund draw.  The class
A, M1, and M2 notes' credit enhancement levels have increased due
to principal repayments.  However, the performance of the
underlying collateral has deteriorated.

There has been a notable increase in the number of properties
repossessed.  In the last quarter, 4.03% of the pool was in
repossession, compared with 2.42% the previous quarter and 1.73%
two quarters previous.

S&P will now carry out a more detailed loan-level and cash flow
analysis to investigate whether any of these notes might need to
be downgraded.  S&P will publish the results of this review and
any changes to the ratings in due course.

The notes, issued in 2007, are backed by a portfolio of first-
ranking residential mortgages secured over properties in the U.K.
The mortgage loans were originated by GMAC–RFC Ltd., Kensington
Mortgage Co. Ltd., and Money Partners Ltd.  They were subsequently
bought by Topaz Finance PLC, a 100%-owned subsidiary of ABN AMRO
Bank N.V.

                           Ratings List

                       Uropa Securities PLC
     EUR634.00 Million, GBP194.52 Million, and US$17.00 Million
    Mortgage-Backed Floating-Rate Notes and an Overissuance Of
     GBP8.80 Million Excess-Spread-Backed Floating-Rate Notes
                          Series 2007-1B

              Ratings Placed On CreditWatch Negative

                                  Rating
                                  ------
             Class       To                     From
             -----       --                     ----
             M1a        AA/Watch Neg           AA
             M1b        AA/Watch Neg           AA
             M2a        A/Watch Neg            A
             M2b        A/Watch Neg            A
             B1a        BBB-/Watch Neg         BBB-
             B1b        BBB-/Watch Neg         BBB-
             B2a        BB/Watch Neg           BB
             D[1]       BB/Watch Neg           BB

[1] The class D notes are repaid through excess spread and the
rating on this class addresses ultimate payment of principal and
interest.

                            *********

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
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re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


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