TCREUR_Public/090126.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

           Monday, January 26, 2009, Vol. 10, No. 17

                            Headlines

A U S T R I A

ADLAID LLC: Claims Registration Period Ends February 12
BIMA HANDEL: Claims Registration Period Ends February 24
DEMIRCAL KG: Claims Registration Period Ends February 12
HANS LINZ: Claims Registration Period Ends February 11
HANSE FERTIGHAUS: Claims Registration Period Ends February 10

JOBIS LLC: Claims Registration Period Ends February 9
PBM LLC: Claims Registration Period Ends February 16
PROMO SCHLOSSER: Claims Registration Period Ends February 12


B E L G I U M

KBC GROEP: Marks Down All CDOs to Zero, Gets EUR2 Bln Lifeline


G E R M A N Y

ABRECHNUNGSAGENTUR GMBH: Claims Registration Period Ends Feb. 26
AZ ECHO FRUCHTIMPORT: Claims Registration Period Ends Feb. 5
BUERO ORGANISATION: Claims Registration Period Ends February 5
CLASSIC-MOTORS VECHTA: Claims Registration Period Ends Feb. 11
PERK MASCHINENFABRIK: Claims Registration Period Ends Feb. 13


K A Z A K H S T A N

ART DESIGN: Proof of Claim Deadline Slated for February 27
AVC PRESTIGE: Creditors Must File Claims by February 27
DAYANA 2: Claims Filing Period Ends February 27
GNI-LIMITED LLP: Creditors' Proofs of Claim Due on February 27
IASSAUI-KA LLP: Claims Registration Period Ends February 27

KONTAL LLP: Proof of Claim Deadline Slated for February 27
LION LTD: Creditors Must File Proofs of Claim by February 27
ORTALYK UNIVERSAL: Claims Filing Period Ends February 27
VLADIMIR & D: Creditors' Proofs of Claim Due on February 27
ZAPAD AGRO: Claims Registration Period Ends February 27


I R E L A N D

CHARTBUSTERS: Court to Decide on Examinership Application Tomorrow
QUALITY HOTEL: Closed Due to Downturn in General Tourism

* IRELAND: To Keep Two Biggest Lenders in Private Ownership


K Y R G Y Z S T A N

TAXO MOTOR: Creditors Must File Claims by February 20


R U S S I A

AKSAYSKIY GLASS: Creditors Must File Claims by March 16
ALEYSKAYA TIMBER: Creditors Must File Claims by March 16
ISHIMBAYSKIY MACHINE-TOOL: Court Names Insolvency Manager
KAMDORSTROY LLC: Creditors Must File Claims by Feb. 16
LEFKO-BANK OJSC: Creditors Must File Claims by Feb. 16

LES-S LLC: Creditors Must File Claims by Feb. 16
STEKLO-MASH-81 LLC: Creditors Must File Claims by March 16
STROYKOMPANY LLC: Creditors Must File Claims by Feb. 16
WOOD-WORKING PLANT: Tatarstan Bankruptcy Hearing Set April 15
YUMAGUZSKIY BRICK: Creditors Must File Claims by Feb. 16

* RUSSIA: VTB Posts US$369 Million Third-Quarter Loss


S W I T Z E R L A N D

4X INVEST: Creditors Must File Proofs of Claim by February 4
ABC CIPOLLOTTE: Deadline to File Proofs of Claim Set Jan. 30
CB SOFT: Creditors Have Until January 31 to File Claims
DIGILINK SOLUTIONS: Proof of Claim Filing Deadline is Jan. 31
DUBAMAT LLC: Creditors' Proofs of Claim Due by January 30

KUNST UND ANTIQUITATENMESS: Jan. 30 Set as Deadline to File Claims
MODE TRACHSEL: Creditors Must File Proofs of Claim by Jan. 30
NALE LLC: Deadline to File Proofs of Claim Set February 4
SOVCOMFLOT STENA: Creditors Have Until February 4 to File Claims
WALSER BEDACHUNGEN: Proof of Claim Filing Deadline is Jan. 30


U K R A I N E

INTERTECHNO LLC: Creditors Must File Claims by February 7
NOVASYSTEM LLC: Creditors Must File Claims by February 7
NADRA BANK: Kyiv Court Bans UAH3 Bln NBU Refinancing
ORION-TRADE LIMITED: Creditors Must File Claims by February 7
PROJECT 07 LLC: Creditors Must File Claims by February 7

SKAVOLINING GROUPP: Creditors Must File Claims by February 7
STELAROM-LTD LLC: Creditors Must File Claims by February 7
STS UKRAINE: Creditors Must File Claims by February 7

* UKRAINE: No Default Looming, Prime Minister Says


U N I T E D   K I N G D O M

AXIS FILMS: Appoints Joint Administrators from Tenon Recovery
GEORGE AND HARDING: Enters Voluntary Liquidation
HALL MOTORS: Goes Into Administration; 40 Jobs Affected
INSPARATIONAL HOT: Appoints Liquidators from Tenon Recovery
JULESGEMS LTD: Names Liquidator from Smith & Williamson

KAUPTHING SINGER: IoM Gov't Must Back Slow Wind Down, Report Says
MARSTON MILLS: Taps Joint Liquidators from Ernst & Young
MATTHEWS BUILDERS: Names Administrators from Tenon Recovery
MCLEISH BROTHERS: Offers for the Business Due Today
MILLER PROPERTY: Taps Joint Administrators from PKF

OAKDENE HOMES: Faces Insolvency After Debt Negotiations Failed

* UK: Three Top Lenders May Need GBP80BB More Equity, Nomura Warns
* UK: BERR Committee to Probe Into Pre-Pack Administration
* Emerging Markets May See Rise in Corporate Loan Defaults

* BOND PRICING: For the Week Jan. 19 to Jan. 23, 2009


                         *********


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


ADLAID LLC: Claims Registration Period Ends February 12
-------------------------------------------------------
Creditors owed money by LLC Adlaid (FN 264612k) have until
Feb. 12, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:55 a.m. on Feb. 26, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 18, 2008, (Bankr. Case No. 2 S 167/08h).


BIMA HANDEL: Claims Registration Period Ends February 24
--------------------------------------------------------
Creditors owed money by LLC Bima Handel (FN 254577d) have until
Feb. 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on March 10, 2009, for the
examination of claims at:

         Land Court of Steyr
         Hall 7
         2nd. Floor
         Steyr
         Austria

Headquartered in Bad Hall, Austria, the Debtor declared bankruptcy
on Dec. 18, 2008, (Bankr. Case No. 14 S 66/08s).


DEMIRCAL KG: Claims Registration Period Ends February 12
--------------------------------------------------------
Creditors owed money by KG Demircal (FN 205562y) have until
Feb. 12, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Wien
         Austria
         Tel: 402 15 54
         Fax: 402 15 54 54
         E-mail: office@leonlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 26, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 18, 2008, (Bankr. Case No. 5 S 144/08y).


HANS LINZ: Claims Registration Period Ends February 11
------------------------------------------------------
Creditors owed money by LLC Hans Linz (FN 285417g) have until
Feb. 11, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on Feb. 25, 2009, for the
examination of claims at:

         Land Court of Leoben
         Hall IV
         1st. Floor
         Austria

Headquartered in St. Martin am Grimming, Austria, the Debtor
declared bankruptcy on Dec. 17, 2008, (Bankr. Case No. 18 S
74/08w).


HANSE FERTIGHAUS: Claims Registration Period Ends February 10
-------------------------------------------------------------
Creditors owed money by LLC Hanse Fertighaus (FN 34408a) have
until Feb. 10, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Erich Allinger
         Hauptplatz 11
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23228 Serie
         Fax: 02622/23228-26
         E-mail: e.allinger@schober.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Feb. 24, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Dec. 18, 2008, (Bankr. Case No. 11 S 128/08x).


JOBIS LLC: Claims Registration Period Ends February 9
-----------------------------------------------------
Creditors owed money by LLC Jobis (FN 129124p) have until Feb. 9,
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 9:15 a.m. on Feb. 23, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 18, 2008, (Bankr. Case No. 38 S 60/08p).


PBM LLC: Claims Registration Period Ends February 16
----------------------------------------------------
Creditors owed money by LLC PBM (FN 74394d) have until Feb. 16,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Emanuel Dolezal
         Elisabethstrasse 2
         2340 Mφdling
         Austria
         Tel: 02236/422 10
         Fax: 02236/42210-25
         E-mail: emanuel.dolezal@bkb-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 26, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Moedling, Austria, the Debtor declared bankruptcy
on Dec. 18, 2008, (Bankr. Case No. 10 S 136/08s).


PROMO SCHLOSSER: Claims Registration Period Ends February 12
------------------------------------------------------------
Creditors owed money by LLC Promo Schlosser (FN 285537h) have
until Feb. 12, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Walter Engler
         Wollzeile 18/14
         1010 Wien
         Austria
         Tel: 512 56 96, Fax: 513 99 15
         E-mail: dr.engler@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 26, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 18, 2008, (Bankr. Case No. 5 S 145/08w).


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


KBC GROEP: Marks Down All CDOs to Zero, Gets EUR2 Bln Lifeline
--------------------------------------------------------------
KBC Groep NV a.k.a KBC Group NV said it has written down in full
the value of the (mezzanine) collateralized debt obligations in
which it has invested (retaining only the super senior tranches).

"We took a conservative stance when marking down to zero all CDO
investments which do not have the highest, so-called super senior
status," KBC Chief Executive Officer Andre Bergen said.

The company also took "decisive measures to reduce costs and to
further reduce the risk profile of our activity portfolio," he
said.

According to the CEO, performance in the company's core markets in
Belgium and Central and Eastern Europe held up relatively well and
excluding the impact of the exceptional financial crisis,
underlying profit for the year came to around EUR2.2 billion.

In a statement, KBC said the structured credit portfolio was
marked down to the tune of EUR1.9 billion (EUR1.7 billion after
tax), bringing the total markdown for 2008 to EUR4.0 billion
(EUR3.1 billion after tax).

The amount for the fourth quarter includes the impact of
downgrades of CDO notes (-0.6 billion euros), the impact of credit
spread widening (-0.3 billion euros) and an increase in the
provision for counterparty risk of monoline insurers (-0.4 billion
euros), the statement said.

Another -0.5 billion euros was added for the full write-down of
all remaining non-super senior exposure, partly offset by the
reversal of existing deal reserves (+0.2 billion euros).  A sudden
rise in asset correlations caused an extraordinary loss of -0.3
billion euros, KBC said.

Impairment in the amount of EUR0.7 billion was recorded on the
equity investment portfolio, mainly held in the insurance
business, as European share prices sank by around 20% during the
quarter.  Impairment for the entire 2008 financial year came to
EUR1.1 billion.

Write-offs on exposures to Icelandic banks had a net negative
impact of EUR0.2 billion on earnings.

KBC noted that following the full write-down of the (mezzanine)
CDO notes, credit rating downgrades of remaining CDO tranches will
have no further impact on their valuation while a hypothetical 25%
further widening of the credit spread will have an estimated net
impact of -0.2 billion euros on the value of the remaining super
senior exposure.

                          State Bailout

KBC said it received a EUR2 billion cash injection from the
Flemish Regional Government and an additional, standby core
capital facility of EUR1.5 billion has also been provided.

The capital support, KBC said, will enable the company to maintain
its tier-1 ratio for the banking activities at approximately 10.5%
(of which 8% core tier-1).  The terms and conditions will be
similar to those of the core capital issue subscribed by the
Belgian State in December 2008.

"The financial position of the group remains solid after we
obtained the commitment," Mr. Bergen said.

October last year, KBC received a EUR3.5 billion cash injection
from the Belgian government in exchange for EUR3.5 billion worth
of non-transferable, non-voting core-capital securities.

                              Losses

KBC disclosed it incurred a net loss in the fourth quarter,
resulting in a full year 2008 net loss of EUR2.5 billion.

Excluding losses on credit exposure to troubled US and Icelandic
banks, a loan loss ratio of around 35 basis points is expected for
the entire financial year.

The company recognized a trading loss of EUR0.2 billion in its
derivative products business.  It also recorded a EUR0.1 billion
restructuring charge for all its business units combined.

As in the past, KBC did not recognize the fair value gain on its
own debt issued (currently roughly estimated at around EUR0.8
billion before tax).

KBC is scheduled to publish its definitive quarterly results on
February 12, 2009.

                        About KBC Groep NV

Headquartered in Brussels, Belgium, KBC Groep NV a.k.a KBC Group
NV  (EBR:KBC) -- http://www.kbc.com/-- is engaged in banking,
insurance and wealth management for private banking clients,
retail customers and medium-sized enterprises.  It has expertise
in asset management and the financial markets.  The company's
activity is composed of five divisions: the Belgium, the Central &
Eastern Europe and Russia (CEER), the Merchant Banking, the
European Private Banking, and the Shared Services & Operations
business units.  Each of these units has its own management
committee and oversees both the banking and the insurance
activities.  The company is active in Belgium and in other
selected countries, including Hungary, Poland, Slovakia, Czech
Republic, Bulgaria, Romania, Serbia and Russia.  KBC Groep NV also
operates to a less extent in the United States and in Southeast
Asia.  The company has three subsidiaries: KBC Bank, KBC Insurance
and KBL European Private Bankers.


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


ABRECHNUNGSAGENTUR GMBH: Claims Registration Period Ends Feb. 26
----------------------------------------------------------------
Creditors of Abrechnungsagentur GmbH have until Feb. 26, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on March 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         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. Sebastian Braun
         Josef-Schmitt Str. 10
         97922 Lauda-Koenigshofen
         Germany
         Tel: 09343/627590

The District Court opened bankruptcy proceedings against the
company on Jan. 12, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Abrechnungsagentur GmbH
         Attn: Yorck Zander, Manager
         Buergermeister-Kolb-Str. 29
         97922 Lauda-Koenigshofen
         Germany


AZ ECHO FRUCHTIMPORT: Claims Registration Period Ends Feb. 5
------------------------------------------------------------
Creditors of AZ - Echo Fruchtimport GmbH, Frischezentrum have
until Feb. 5, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 19, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         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:

         Peter Jost
         Pfingstweidstrasse 3
         D 60316 Frankfurt/Main
         Germany
         Tel: 069/209739-0
         Fax: 069/20973929

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

The Debtor can be reached at:

         AZ - Echo Fruchtimport GmbH, Frischezentrum
         Josef-Eicher-Strasse 10
         60437 Frankfurt am Main
         Switzerland


BUERO ORGANISATION: Claims Registration Period Ends February 5
--------------------------------------------------------------
Creditors of Buero Organisation Service and Vertriebsgesellschaft
mbH have until Feb. 5, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         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. Axel Kulas
         Gansheidestr. 43
         70184 Stuttgart
         Tel: 0711/70 70 75 80
         Fax: 0711/70 70 75 88

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:

         Buero Organisation Service and
         Vertriebsgesellschaft mbH
         Attn: Wolfgang Schrimm, Manager
         Heilbronner Str. 305
         70469 Stuttgart
         Germany


CLASSIC-MOTORS VECHTA: Claims Registration Period Ends Feb. 11
--------------------------------------------------------------
Creditors of Classic-Motors Vechta GmbH have until Feb. 11, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 20, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta
         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:

         Anna Kuleba
         Niedersachsenstrasse 14
         49074 Osnabrueck
         Germany
         Tel: 0541/3245499
         Fax: 0541/3245496
         E-mail: a.kuleba@kuhmann.eu
         Website: www.kuhmann.eu

The District Court opened bankruptcy proceedings against the
company on Jan. 7, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Classic-Motors Vechta GmbH
         Attn: Wolfgang Harpenau, Manager
         Corveystrasse 29
         49393 Lohne
         Germany


PERK MASCHINENFABRIK: Claims Registration Period Ends Feb. 13
-------------------------------------------------------------
Creditors of Perk Maschinenfabrik 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 2:00 a.m. on March 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Meppen
         Hall 1
         Obergerichtsstrasse 20
         49716 Meppen
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557-93840
         Fax: 02557-938450

The District Court opened bankruptcy proceedings against the
company on Jan. 8, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Perk Maschinenfabrik GmbH
         Attn: Wilhelm Quappen, Manager
         Ziepelkamp 20
         26901 Lorup
         Germany


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


ART DESIGN: Proof of Claim Deadline Slated for February 27
----------------------------------------------------------
LLP Art Design Company has declared insolvency.  Creditors have
until Feb. 27, 2009, to submit written proofs of claim to:

         LLP Art Design Company
         Vodnaya Str. 36a
         Almaty
         Kazakhstan


AVC PRESTIGE: Creditors Must File Claims by February 27
-------------------------------------------------------
LLP AVC Prestige has declared insolvency.  Creditors have until
Feb. 27, 2009, to submit written proofs of claim to:

         LLP AVC Prestige
         Prokofyev Str. 49-22
         Almaty
         Kazakhstan


DAYANA 2: Claims Filing Period Ends February 27
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Dayana 2 insolvent.

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

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


GNI-LIMITED LLP: Creditors' Proofs of Claim Due on February 27
--------------------------------------------------------------
LLP GNI-Limited has declared insolvency.  Creditors have until
Feb. 27, 2009, to submit written proofs of claim to:

         LLP GNI-Limited
         Micro District 12, 49-22
         Karaganda
         Kazakhstan


IASSAUI-KA LLP: Claims Registration Period Ends February 27
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Iassaui-Ka insolvent.

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

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


KONTAL LLP: Proof of Claim Deadline Slated for February 27
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Kontal 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


LION LTD: Creditors Must File Proofs of Claim by February 27
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP LION LTD 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


ORTALYK UNIVERSAL: Claims Filing Period Ends February 27
--------------------------------------------------------
LLP Ortalyk Universal has declared insolvency.  Creditors have
until Feb. 27, 2009, to submit written proofs of claim to:

         LLP Ortalyk Universal
         Micro District Stepnoy-4, 11-12
         Karaganda
         Kazakhstan


VLADIMIR & D: Creditors' Proofs of Claim Due on February 27
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Vladimir & D insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (7132) 21-30-32


ZAPAD AGRO: Claims Registration Period Ends February 27
-------------------------------------------------------
LLP Zapad Agro Prom has declared insolvency.  Creditors have until
Feb. 27, 2009, to submit written proofs of claim to:

         LLP Zapad Agro Prom
         Pochitalin Str. 118
         Uralsk
         West Kazakhstan
         Kazakhstan


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


CHARTBUSTERS: Court to Decide on Examinership Application Tomorrow
------------------------------------------------------------------
RTE Business reports that Mr Justice Peter Kelly has reserved his
decision on continuing court protection for Chartbusters, which
employs 267 people.

The report recounts two of the group's creditors, Lombard Ireland
Bank and Winchurch Investments Ltd, opposed the examinership,
claiming the group's core DVD business is "dead".  The opposing
creditors also raised concerns about aspects of the group's
management and the adequacy of the financial information put
before the court concerning the group, the report relates.

They also complained about the group's diversification into
property acquisition and operating tanning booths, the report
adds.

However, Gary McCarthy, counsel for Chartbusters, rejected the
claims, the report states.

Mr. McCarthy, as cited by the report, said Lombard Ireland had
provided finance for the acquisition of the tanning booths and
that the business had generated profits of some EUR4 million.

The judge will outline his decision on the examinership
application and Winchurch's winding-up application next Tuesday,
the report discloses.

The report notes court protection will continue pending his
ruling.

On Jan. 9, 2009, the TCR-Europe reported that according to The
Irish Times, 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 Mr Justice 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.


QUALITY HOTEL: Closed Due to Downturn in General Tourism
--------------------------------------------------------
Kevin Hughes at Kerryman.ie reports that the Quality Hotel
in Killarney has ceased trading, resulting to the loss of 50 jobs.

Frankie Whelan, of Carvanna Properties, a company that had leased
the 300-bedroom hotel from Hepton Developments since 2003, blamed
the hotel's closure on the downturn in general tourism, combined
with high operational costs, the report discloses.

Carvanna Properties, the report says, has now been placed in
voluntary liquidation.  The report notes a liquidator meeting will
be held on January 30.


* IRELAND: To Keep Two Biggest Lenders in Private Ownership
-----------------------------------------------------------
BBC News reported Tuesday last week that Ireland's biggest
lenders, Allied Irish Bank and Bank of Ireland, will
remain in private ownership.

Citing Brian Lenihan, the country's finance minister, the report
disclosed the Irish government reiterated it is proceeding with
the planned recapitalization of the two banks.  It pledged in
December to inject billions of euros in exchange for a 25% stake
in each of the banks, the report added.

The report recalled that according to Mr. Lenihan, the two banks
were "fundamentally sound and solvent institutions."

In a Jan. 19 report, BBC recounted shares in the country's three
remaining publicly-listed banks plunged following the
nationalization of Anglo Irish Bank.

The report stated in afternoon trade on Monday, Jan. 19, Allied
Irish shares were down 62%, Bank of Ireland fell 49% and mortgage
and insurance specialist Irish Life & Permanent dropped 41%.

The report noted that according to analysts, shares in Allied
Irish and Bank of Ireland were being hit particularly hard because
of growing investor fears that the banks' existing shares will be
heavily diluted when both banks formally accept billions in
government investment this spring.


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


TAXO MOTOR: Creditors Must File Claims by February 20
-----------------------------------------------------
LLC Central Taxo Motor Park has declared insolvency.  Creditors
have until Feb. 20, 2009, to submit written proofs of claim to:

The company can be reached at: (0-772) 26-56-52


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


AKSAYSKIY GLASS: Creditors Must File Claims by March 16
-------------------------------------------------------
Creditors of CJSC Aksayskiy Glass-Manufacturing Plant (TIN
6102001011) have until March 16, 2009, to submit proofs of claims
to:

         V. Lopatkin
         Insolvency Manager
         Entrance 1
         Lenina Str. 219
         355017 Stavropol
         Russia

The Arbitration Court of Rostovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?53–2547/2006-S1–31.

The Debtor can be reached at:

         CJSC Aksayskiy Glass-Manufacturing Plant
         Naberezhnaya Str.1
         Aksay
         Rostovskaya
         Russia


ALEYSKAYA TIMBER: Creditors Must File Claims by March 16
--------------------------------------------------------
Creditors of LLC Aleyskaya Timber Company have until March 16,
2009, to submit proofs of claims to:

         F. Shaybakov
         Insolvency Manager
         Post User Box 77
         450022 Ufa
         Russia

The Arbitration Court of Altayskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?03–8975/2008B.

The Debtor can be reached at:

         LLC Aleyskaya Timber Company
         Tretyakovo
         Tretyakovskiy
         Altayskiy
         Russia


ISHIMBAYSKIY MACHINE-TOOL: Court Names Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Bashkortostan appointed R. Yakupov as
Insolvency Manager for OJSC Ishimayskiy Machine-Tool Plant.  The
case is docketed under Case No. ?07–14040/2005- G-PAV-NLV.  He can
be reached at 89177929130.


KAMDORSTROY LLC: Creditors Must File Claims by Feb. 16
------------------------------------------------------
Creditors of LLC KamDorStroy (Road Construction) have until
Feb. 16, 2009, to submit proofs of claims to:

         Ye. Yemelin
         Temporary Insolvency Manager
         Office 313
         Suvorova Str. 111a
         440000 Penza
         Russia

The Arbitration Court of Permskiy will convene on May 29, 2009, to
hear bankruptcy supervision procedure.  The case is docketed under
Case No. ?50–17568/2008 B4.

The Debtor can be reached at:

         LLC KamDorStroy
         Gruzinskaya Str. 15/64
         614068 Permskiy
         Russia


LEFKO-BANK OJSC: Creditors Must File Claims by Feb. 16
------------------------------------------------------
Creditors of OJSC Lefko-Bank Joint-Stock Commercial bank have
until Feb. 16, 2009, to submit proofs of claims to:

         Investment Insurance Agency
         Acting as Insolvency Manager
         Verkhniy Taganskiy pereulok 4
         109240 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–80272/08–88-232B.

The Debtor can be reached at:

         OJSC Lefko-Bank
         Building 6
         Vavilova Str. 38
         119991 Moscow
         Russia


LES-S LLC: Creditors Must File Claims by Feb. 16
------------------------------------------------
Creditors of LLC Les-S (Forestry) have until Feb. 16, 2009, to
submit proofs of claims to:

         Ye. Yemelin
         Insolvency Manager
         Office 313
         Suvorova Str. 111a
         440000 Penza
         Russia

The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A28–5933/2008–140/I0.

The Debtor can be reached at:

         LLC Les-S
         Bazovaya Str. 9
         610035 Kirov
         Russia


STEKLO-MASH-81 LLC: Creditors Must File Claims by March 16
----------------------------------------------------------
Creditors of LLC Steklo-Mash-81 (TIN 5034022450, PSRN
1055007116218) (Glass-Manufacturing Equipment Production) have
until March 16, 2009, to submit proofs of claims to:

         A. Maltabar
         Insolvency Manager
         Post User Box 619
         170006 Tver
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?41–12509/2008.

The Debtor can be reached at:

         LLC Steklo-Mash-81
         Moiseyenko Str. 11
         Orekhovo-Zuyevo
         Moskovskaya
         Russia


STROYKOMPANY LLC: Creditors Must File Claims by Feb. 16
-------------------------------------------------------
Creditors of LLC StroyKompany (TIN 7701549627) (Construction) have
until Feb. 16, 2009, to submit proofs of claims to:

         L. Serdyuk
         Temporary Insolvency Manager
         Apt. 6
         Building 3
         Moldagulovoy Str. 16
         111395 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?40–80669/08–70–
4B.

The Debtor can be reached at:

         LLC StroyKompany
         Building 1
         Furmannuy pereulok 10
         105064 Moscow
         Russia


WOOD-WORKING PLANT: Tatarstan Bankruptcy Hearing Set April 15
-------------------------------------------------------------
The Arbitration Court of Tatarstan will convene on April 15, 2009,
to hear bankruptcy supervision procedure on LLC Wood-Working
Plant.  The case is docketed under Case No. ?65–19830/2008-SG4–21.

The Temporary Insolvency Manager is:

         I. Zagirov
         Post User Box 813
         422540 Zelenodolsk
         Tatarstan
         Russia

The Debtor can be reached at:

         LLC Wood-Working Plant
         Slavynskiy pereulok 1
         Urusuu
         Yutazinskiy
         Tatarstan
         Russia


YUMAGUZSKIY BRICK: Creditors Must File Claims by Feb. 16
--------------------------------------------------------
Creditors of OJSC Yumaguzskiy Brick Plant have until Feb. 16,
2009, to submit proofs of claims to:

         R. Kirdiyarov
         Temporary Insolvency Manager
         Post User Box 130
         450092 Ufa
         Russia

The Arbitration Court of Bashkortostan will convene at 2:00 p.m.
on Jun. 2, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A07–16532/08-G-ShAB.


* RUSSIA: VTB Posts US$369 Million Third-Quarter Loss
-----------------------------------------------------
VTB Group posted a wider-than-estimated third-quarter loss of
US$369 million, compared with a profit of US$555 million a year
earlier, Bloomberg News reports.

The bank's net loss for the three months to Sept. 30 compares with
the median estimate for a loss of US$137 million in a Bloomberg
News survey of seven analysts.

Nine-month net income at Russia's second-biggest bank fell 69
percent to US$316 million, VTB said in a statement obtained by
Bloomberg News.

According to the report, loan delinquency is increasing in Russia
because of falling commodity prices, rising unemployment and a
weakening ruble.  Overdue loans in Russia may rise to 4.5 percent
of the total amount in the first quarter, versus 3.8 percent at
the start of the year, the report says citing Alexei Simanovsky,
head of the central bank's regulatory division.

Bloomberg News relates Chief Financial Officer Nikolai Tsekhomsky
told reporters in Moscow VTB's provisions for bad loans increased
to 2.5 percent of total debts in the first nine months, from 1.3
percent, and will probably show another increase in the fourth-
quarter.

The CFO, as cited by the news agency, said the bank stopped
granting loans in foreign currency to non-exporters "to limit
currency risk" and halted consumer loans in dollars and euros in
November.

The report discloses the bank's provisions for impairments more
than tripled to US$788 million from US$215 million a year earlier
and had US$273 million of trading losses in the third quarter,
compared with a gain of US$276 million in the second quarter.

The bank anticipates further growth in loan-loss allowances in the
forthcoming periods as a result of the weakening economic outlook
for Russia in 2009, combined with an expected increase in
unemployment, the report states.

Bank VTB OAO (MCX:VTBR) -- http://www.vtb.ru/-- (Bank VTB OJSC),
formerly Bank vneshney torgovli or Vneshtorgbank OAO, is a Russia-
based bank, which is involved in the provision of banking and
financial products and services.  It offers such services as the
opening and keeping bank accounts of physical and legal persons,
offering debit and credit cards and safety deposit boxes, cash and
non-cash money transfers, syndication arrangement for financial
institutions, derivative instruments, currency exchange,
securities and banknote trading, export and import payments,
lending services, international settlements, custody services,
card transactions, payroll and other services.  It is a member of
the Association of Russian Banks (ARB), International Capital
Market Association and others. It operates through numerous
representative offices and branches, subsidiaries and affiliated
companies located in Russia, Europe, Asia and Africa.  In December
2008, the company acquired a 51% stake in Azerbaijani AF-Bank.


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


4X INVEST: Creditors Must File Proofs of Claim by February 4
------------------------------------------------------------
Creditors owed money by JSC 4X Invest are requested to file their
proofs of claim by Feb. 4, 2009, to:

         Manfred Sac
         Parkstrasse 10
         6214 Schenkon
         Switzerland

The company is currently undergoing liquidation in Altishofen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 4, 2009.


ABC CIPOLLOTTE: Deadline to File Proofs of Claim Set Jan. 30
------------------------------------------------------------
Creditors owed money by LLC ABC Cipollotte are requested to file
their proofs of claim by Jan. 30, 2009, to:

         Frederic Barth
         Eggimattweg 8
         3216 Ried bei Kerzers
         Switzerland

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


CB SOFT: Creditors Have Until January 31 to File Claims
-------------------------------------------------------
Creditors owed money by JSC CB Soft are requested to file their
proofs of claim by Jan. 31, 2009, to:

         Urs Twerenbold
         Holzhausernstrasse 1
         6343 Rotkreuz
         Switzerland

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


DIGILINK SOLUTIONS: Proof of Claim Filing Deadline is Jan. 31
-------------------------------------------------------------
Creditors owed money by LLC digiLINK Solutions are requested to
file their proofs of claim by Jan. 31, 2009, to:

         Feldhofstrasse 7
         8625 Gossau ZH
         Switzerland

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


DUBAMAT LLC: Creditors' Proofs of Claim Due by January 30
---------------------------------------------------------
Creditors owed money by LLC Dubamat are requested to file their
proofs of claim by Jan. 30, 2009, to:

         Wyss Martin
         Muehlestrasse 16
         6294 Ermensee
         Switzerland

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


KUNST UND ANTIQUITATENMESS: Jan. 30 Set as Deadline to File Claims
------------------------------------------------------------------
Creditors owed money by JSC Kunst und Antiquitatenmess are
requested to file their proofs of claim by Jan. 30, 2009, to:

         JSC KTB-Treuhand
         Eulerstrasse 54
         Mail Box: 431
         4003 Basel
         Switzerland

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


MODE TRACHSEL: Creditors Must File Proofs of Claim by Jan. 30
-------------------------------------------------------------
Creditors owed money by JSC Mode Trachsel are requested to file
their proofs of claim by Jan. 30, 2009, to:

         Ruth Trachsel-Gempeler
         Kronenplatz 3
         3775 Lenk
         Switzerland

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


NALE LLC: Deadline to File Proofs of Claim Set February 4
---------------------------------------------------------
Creditors owed money by LLC Nale are requested to file their
proofs of claim by Feb. 4, 2009, to:

         Naser Mehmeti
         Oberer Quai 104
         2502 Biel
         Switzerland

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


SOVCOMFLOT STENA: Creditors Have Until February 4 to File Claims
----------------------------------------------------------------
Creditors owed money by JSC Sovcomflot Stena Ice Tankers are
requested to file their proofs of claim by Feb. 4, 2009, to:

         JSC Stena Maritime
         Bahnhofplatz
         6300 Zug
         Switzerland

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


WALSER BEDACHUNGEN: Proof of Claim Filing Deadline is Jan. 30
--------------------------------------------------------------
Creditors owed money by JSC Walser Bedachungen und Bauspenglerei
are requested to file their proofs of claim by Jan. 30, 2009, to:

         Ernst Walser
         Grossfeldstrasse 74A
         7320 Sargans
         Switzerland

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


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


INTERTECHNO LLC: Creditors Must File Claims by February 7
---------------------------------------------------------
Creditors of LLC Intertechno (EDRPOU 35282468) have until Feb. 7,
2009 to submit proofs of claim to:

         LLC Legal Firm Effective Justice
         Liquidator / Insolvency Manager
         Office 197
         Ivan Mazepa Str. 3B
         01010 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 23, 2008.
The case is docketed as B 18/594-08.

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

The Debtor can be reached at:

         LLC Intertechno
         Kurchatov Str. 6-A
         Vasilkov
         08600 Kiev
         Ukraine


NOVASYSTEM LLC: Creditors Must File Claims by February 7
--------------------------------------------------------
Creditors of LLC Novasystem (EDRPOU 35282342) have until Feb. 7,
2009 to submit proofs of claim to:

         LLC Legal Firm Effective Justice
         Liquidator / Insolvency Manager
         Office 197
         Ivan Mazepa Str. 3B
         01010 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 23, 2008.
The case is docketed as B 18/593-08.

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

The Debtor can be reached at:

         LLC Novasystem
         Kurchatov Str. 6-A
         Vasilkov
         08600 Kiev
         Ukraine


NADRA BANK: Kyiv Court Bans UAH3 Bln NBU Refinancing
----------------------------------------------------
Kyiv's district administrative court has decided to ban the
National Bank of Ukraine from refinancing Nadra Bank with another
UAH3 billion, Interfax-Ukraine reports citing the country's prime
minister, Yulia Tymoshenko.

The prime minister, the report relates, accused NBU of refinancing
Nadra bank to the tune of UAH7.1 billion for unclear reasons.  She
alleged the funds had been allocated to organize speculation on
the currency market, rather than make payments to the bank's
depositors or invest them in the economy's real sector, the report
discloses.

Headquartered in Kiev, Nadra -- http://www.nadra.com/-- is a
universal national commercial bank.

According to Fitch Ratings, Nadra is the seventh-largest Ukrainian
bank by asset size, with a strong presence in the retail segment
and about 3.4% of system assets at end-H108.  The bank currently
has the sixth-largest nationwide network of branches and outlets,
the fifth-largest network of ATMs and the third-largest network of
plastic card-acquiring terminals.  About 87% of Nadra's shares are
ultimately held by three individuals (including 33.4% held by
Nadra's CEO, Igor Gilenko).  Foreign portfolio investors jointly
own 8%, including East Capital Fund's 7%.

                          *     *     *

As reported in the TCR-Europe on Jan. 22, 2009, Fitch Ratings
downgraded Nadra Bank's Long-term Issuer Default Rating (IDR) to
'CC' from 'CCC' while maintaining a Negative Outlook.  At the same
time, the agency has withdrawn all of the bank's ratings due to
insufficient information.  The downgrade reflects a further recent
deterioration in the bank's liquidity position and increased
concerns about asset quality and capital.

Fitch will no longer provide ratings or analytical coverage on
this issuer.

Nadra Bank's ratings are:

   Long-term IDR: downgraded to 'CC' from 'CCC'; Outlook remains
Negative, rating withdrawn

   Senior unsecured debt: Long-term rating downgraded to 'CC' from
'CCC', Recovery Rating affirmed at 'RR4', ratings withdrawn

   Short-term IDR: affirmed at 'C', rating withdrawn

   Support Rating: affirmed at '5', rating withdrawn

   Individual Rating: affirmed at 'E', rating withdrawn

   Support Rating Floor: affirmed at 'No Floor', rating withdrawn


ORION-TRADE LIMITED: Creditors Must File Claims by February 7
-------------------------------------------------------------
Creditors of LLC Orion-Trade Limited (EDRPOU 35746277) have until
Feb. 7, 2009 to submit proofs of claim to:

         Columbus Trade Limited Company
         Liquidator
         P.O.B. 72
         03115 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 18, 2008.
The case is docketed as 15/47-b.

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

The Debtor can be reached at:

         LLC Orion-Trade Limited
         Office 2
         Kotsiubinsky Str. 7
         04053 Kiev
         Ukraine


PROJECT 07 LLC: Creditors Must File Claims by February 7
--------------------------------------------------------
Creditors of LLC Project 07 (EDRPOU 35475365) have until Feb. 7,
2009 to submit proofs of claim to:

         Mr. Aleksey Tamozhansky
         Temporary Insolvency Manager
         Apt. 136
         Korka Str. 10
         Kom
         61182 Kharkov
         Ukraine

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B-50/192-08.

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Project 07
         Sumskaya Str. 47
         Kharkov
         Ukraine


SKAVOLINING GROUPP: Creditors Must File Claims by February 7
------------------------------------------------------------
Creditors of LLC Skavolining Groupp (EDRPOU 33720440) have until
Feb. 7, 2009 to submit proofs of claim to:

         Mr. O. Kurov
         Liquidator
         Apt. 2
         Oct. Revolution Str. 27A
         Odessa
         Ukraine

The Arbitration Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 26, 2008.
The case is docketed as 32/138-08-4828.

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Skavolining Groupp
         General Tsvetayev Str. 3/5
         Odessa
         Ukraine


STELAROM-LTD LLC: Creditors Must File Claims by February 7
----------------------------------------------------------
Creditors of LLC Stelarom-Ltd. (EDRPOU 35975652) have until
Feb. 7, 2009 to submit proofs of claim to:

         Columbus Trade Limited Company
         Liquidator
         P.O.B. 72
         03115 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 18, 2008.
The case is docketed as 15/48-b.

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

The Debtor can be reached at:

         LLC Stelarom-Ltd.
         Electrotechnicheskaya Str. 4-a
         02217 Kiev
         Ukraine


STS UKRAINE: Creditors Must File Claims by February 7
-----------------------------------------------------
Creditors of LLC STS Ukraine Industry (EDRPOU 35371861) have until
Feb. 7, 2009 to submit proofs of claim to:

         Columbus Trade Limited Company
         Liquidator
         P.O.B. 72
         03115 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 18, 2008.
The case is docketed as 15/50-b.

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

The Debtor can be reached at:

         LLC STS Ukraine Industry
         Kikvidze Str. 18
         01103 Kiev
         Ukraine


* UKRAINE: No Default Looming, Prime Minister Says
--------------------------------------------------
Interfax-Ukraine reports that Ukrainian Prime Minister Yulia
Tymoshenko dismissed media speculations about the possible
default of Ukraine.

According to the report, the prime minister said there is no
default threatening Ukraine as the country has one of the smallest
sovereign debts in the world at 11% of the GDP.


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


AXIS FILMS: Appoints Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Paul W. Ellison and Gareth W. Roberts of Tenon Recovery were
appointed joint administrators of Axis Films Ltd. on Jan. 13,
2009.

The company can be reached through Tenon Recovery at:

         Aquarium
         1-7 King Street
         Reading
         Berkshire
         RG1 2AN
         England


GEORGE AND HARDING: Enters Voluntary Liquidation
------------------------------------------------
Neil Gerrard at Contract Journal reports that George & Harding
Construction has gone into voluntary liquidation after two major
suppliers failed to make payment it was owed.

The company, the report discloses, had a turnover of around GBP15
million, according to its latest set of company accounts for the
six months to March 31, 2007.

Based in Dorset, George & Harding Construction is a family
business founded in 1867 by Charles George.


HALL MOTORS: Goes Into Administration; 40 Jobs Affected
-------------------------------------------------------
Neil Docking at thisischeshire.co.uk reports that Bewsey-based car
dealership Hall Motors has gone into administration, resulting to
the loss of around 40 jobs.

"We had a large rental fleet at both Warrington and Birkenhead but
then when we stopped renting vehicles we had probably 80 or 90 to
sell and the economic downturn came at completely the wrong time,"
Leanne Hall, daughter of founder Syd Hall, was quoted by the
report as saying.

"People were not renting them any more and you wouldn't get the
right bonuses on them from Peugeot and when you came to sell them
their value was too low."


INSPARATIONAL HOT: Appoints Liquidators from Tenon Recovery
-----------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery, were
appointed joint liquidators of Insparational Hot Tubs & Spas Ltd.
on Jan. 8, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


JULESGEMS LTD: Names Liquidator from Smith & Williamson
-------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Limited was appointed
liquidator of Julesgems Ltd. on Jan. 9, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Smith & Williamson Limited at:

         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


KAUPTHING SINGER: IoM Gov't Must Back Slow Wind Down, Report Says
-----------------------------------------------------------------
Iain Martin at Citywire reported Monday last week that the Isle of
Man government is urged to support a slow wind down of Kaupthing
Singer & Friedlander Isle of Man Ltd over the bank's liquidation.

Citing a report by US financial consultancy AlixPartners,
commissioned by the island's Treasury, Citywire disclosed a
controlled wind down of KSF IoM would be a simpler and quicker way
of returning money to the bank's 8,000 savers than a liquidation.

Citywire stated that according to the report's author David
Lovett, the wind down plan would streamline the claims process and
accelerate payments which would equal those offered by the
Depositor Compensation Scheme.

In the report, Mr. Lovett, Citywire added, recommend that the Isle
of Man Treasury should lend money to KSF IoM to support the wind
down and guarantee compensation for around 8,000 savers if the
value of the bank's assets fell short.

"AlixPartners believe that such a scheme or arrangement would
provide the simplicity and certainty, no doubt sought by
depositors, together with liquidity for KSF IoM that may, in due
course, result in its sale as a going concern," Mr. Lovett was
quoted by Citywire as saying.

Citywire recalled the AlixPartners report was submitted to the
Isle of Man High Court on January 15.  The report, Citywire
recounted, asked to defer the bank's liquidation for another two
months while details of the plan are worked on.

Citywire noted depositors and the Isle of Man government have
until January 29 to consider its conclusions on the plan.

        About Kaupthing Singer & Friedlander (Isle of Man) Ltd.

Kaupthing Singer & Friedlander (Isle of Man) Ltd. --
http://www.kaupthingsingers.co.im/-- is the UK subsidiary of
Iceland-based Kaupthing Bank hf.

On Oct. 9, 2008, the Isle of Man Court made a provisional
liquidation order in relation to Kaupthing Singer & Friedlander
(Isle of Man).  Subsequently, Michael Simpson of
PricewaterhouseCoopers was appointed as provisional liquidator of
the bank.

On Oct. 8, 2008, The Isle of Man Financial Supervision Commission
suspended the banking license of Kaupthing Singer & Friedlander
(Isle of Man).


MARSTON MILLS: Taps Joint Liquidators from Ernst & Young
--------------------------------------------------------
Simon Allport and Alan Michael Hudson of Ernst & Young LLP were
appointed joint liquidators of Marston Mills Group Ltd. on
Dec. 11, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Ernst & Young LLP at:

         100 Barbirolli Square
         Manchester
         M2 3EY
         England


MATTHEWS BUILDERS: Names Administrators from Tenon Recovery
-----------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Matthews Builders & Developers
Ltd. on Jan. 2, 2009.

The company can be reached at:

         Matthews Builders & Developers Ltd.
         1 St. Stephens Court
         St. Stephens Road
         Bournemouth
         BH2 6LA
         England


MCLEISH BROTHERS: Offers for the Business Due Today
---------------------------------------------------
The joint administrator of McLeish Brothers, Iain Fraser of Tenon
Recovery, has set today, January 26, at 5:00 p.m. as the closing
date for offers for the business.

McLeish Brothers went into administration on Monday, January 12,
as a result of cash flow problems caused by the credit crisis and
a dramatic fall in consumer spending.  Since then, Tenon has
received in excess of 50 inquiries for the business and its assets
from a range of interested parties, including national chains and
individual entrepreneurs.

McLeish Brothers, which had grown to 10 retail outlets, had become
established as a high quality delicatessen with a focus on
sourcing and supporting food products from Scotland.  Turnover was
on track to reach GBP6 million and the company was poised to
launch an ambitious store opening program across Scotland, to be
followed by expansion into England.

"We are pleased at the level of interest in McLeish Brothers,
which reflects the strength of the brand, the network of suppliers
and its potential for growth.  The management had also invested in
very high quality shop fittings and IT systems.  The business
offers a great opportunity to acquire a strong delicatessen brand,
and we would urge interested parties to make sure they lodge their
offers with us in good time.  We would like to sell the business
in its entirety, but are open to proposals for individual stores
and the central kitchen facility in Dundee."

Following the administration, seven stores, the head office and
central kitchen facility were closed with three stores continuing
to trade (Inverurie, Schoolhill in Aberdeen and Whitehall in
Dundee).

Interested parties should make contact direct with Tenon Recovery
on: 01224 209666. or go to: www.tenongroup.com


MILLER PROPERTY: Taps Joint Administrators from PKF
---------------------------------------------------
On Jan. 6, 2009, Ian Christopher Schofield and Charles William
Anthony Escott of PKF (UK) LLP, were appointed joint
administrators of:

   -- Miller Property (Doncaster) Ltd.,
   -- Miller Brothers (Retail) Ltd., and
   -- Miller Stores (Doncaster) Ltd.

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

         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England


OAKDENE HOMES: Faces Insolvency After Debt Negotiations Failed
--------------------------------------------------------------
Scott Hamilton at Bloomberg News reports that Oakdene Homes plc is
facing insolvency after it failed to negotiate new debt terms with
banks amid declining home sales.

Oakdene, Bloomberg News says, is the first publicly traded
homebuilder to fall victim to the current property slump.

"It shows a hard line by the banks to allow a company to go under
-- it marks out the territory," KBC Peel Hunt analyst Robin Hardy
was quoted by Bloomberg News as saying.  "Oakdene is practically
insolvent.  This exercise is going to repeat itself again and
again, especially at the private, smaller end of the industry."

Bloomberg News relates Oakdene Chairman Philip Stephens said in
May the company owns about 18,000 properties and sells between 200
and 250 homes a year on average.

On Thursday, January 22, Oakdene requested a suspension of trading
in its shares on AIM pending clarification of its financial
position.

In September, the company said it was in breach of its covenants
and was relying on a temporary facility.

Bloomberg News recounts on Sept. 30 Oakdene said two large trade
sales, the profits of which were included in 2006 and 2007
accounts, failed to complete and the purchasers forfeited their
deposits.  It said it may seek to sell assets or tap a strategic
investor to raise the money to repay lenders.  However, Mr. Hardy
believes "that's unlikely", Bloomberg News notes.

The Daily Telegraph recalls shares in Oakdene fell 94pc last year
as the market deteriorated.

The company, The Daily Telegraph discloses, made a pre-tax loss of
GBP6.3 million in the six months to June 30, 2008, down from a
profit of GBP1.5 million a year earlier, while its bank loans
totaled GBP75.6 million.

As reported in the TCR-Europe on Oct. 6, 2008, Oakdene said in
common housebuilders it has suffered from the effects of the
turmoil in global markets which has led to a shortage of mortgage
availability and a general lack of buyer confidence.

Oakdene Homes plc -- http://www.oakdene-homes.co.uk/--  is a
residential development company based in Reigate, Surrey.  The
company operates predominantly in South London Boroughs, Surrey,
Sussex and Kent.


* UK: Three Top Lenders May Need GBP80BB More Equity, Nomura Warns
------------------------------------------------------------------
Philip Aldrick at The Daily Telegraph reports that analysts at
investment bank Nomura warned Britain's three top lenders may
require another equity injections of GBP80 billion to end concerns
about their solvency.

The report discloses according to Nomura, Barclays may need
another GBP17.5 billion, Lloyds Banking Group GBP30 billion and
Royal Bank of Scotland GBP32.5 billion.

Nomura estimates that over four years Barclays will record credit
losses of GBP33 billion, Lloyds GBP56 billion and RBS GBP61
billion, the report states.

The report notes that while the analysts expect the cumulative
credit losses to be offset by profits, the banks will need fresh
capital if the bad debts hit early and the profits come through at
the end of four years.

Nomura, as cited by the report, said the latest Government bail-
out measures "do not change the key issue of the unknown and
potentially unlimited losses of the banking system, and therefore
whether it will ultimately require further capital injections".

According to the report, Nomura's warning will fuel fears that the
banks may be fully nationalized.


* UK: BERR Committee to Probe Into Pre-Pack Administration
----------------------------------------------------------
The Business and Enterprise Regulatory Reform Committee is
launching an investigation into "pre-pack" administration after
concerns it is being used by ailing businesses to escape debts
and creditors, Roland Gribben at The Daily Telegraph reported.

The report disclosed Stephen Speed, head of the Insolvency
Service, will appear before the BERR committee tomorrow, January
27.  He will be questioned about whether the scheme is being
abused and asked if changes are needed, the report stated.

According to the report, Peter Luff, Tory chairman of the BERR
committee, plans to use an inquiry into the operations of the
Insolvency Service as a platform to examine the administration
system and the pre-packaged practice.

The report recalled business advisers, creditors and other groups
are being invited by Mr. Luff to submit their views.

"We may well expand the inquiry," Mr. Luff was quoted by the
report as saying.

The report recounted failed businesses Whittard, USC and The
Officers' Club were put into "pre-pack".

Michael Jervis, a partner at PricewaterhouseCoopers, as cited by
The Independnt, said: "Pre-packs have a role to play but I accept
that they can be open to abuse in the wrong hands.  I certainly
think lessons can be learned in terms of transparency and
communication to creditors."


* Emerging Markets May See Rise in Corporate Loan Defaults
----------------------------------------------------------
Emerging markets may experience increase in company debt defaults
as the global recession curbs export revenue, pushes down local
currencies and makes banks reluctant to refinance, Bloomberg News
reports citing Standard Chartered Plc.

"Corporate debt is going to be one of the biggest issues in
emerging markets in the next two years," Bloomberg News quoted
Mohammed "Mo" Grimeh, New York-based head of trading for Standard
Chartered, as saying.  "Some corporates have issued more debt than
they can support."

According to the report, Mr. Grimeh said businesses in Brazil,
India, Mexico, Russia, Kazakhstan and other Eastern European
nations may be most at risk and may "need more support from the
government, central banks and state banks."

Citing data compiled by Commerzbank AG, the report says businesses
across emerging markets have more than US$218 billion of bonds and
syndicated loans coming due in 2009.  Russian companies need to
repay US$54 billion of debt, followed by Mexican issuers with
US$29 billion coming due and Brazilian firms with more than US$24
billion, Bloomberg News notes.  Currencies from all three nations
have also dropped more than 20 percent against the dollar in the
past year, increasing the cost of servicing foreign-currency
obligations, the report states.

The "extremely high" level of corporate debt sales over the past
several years and approaching maturities are "a source of
concern," Mr. Grimeh told Bloomberg News
in an interview.

Bloomberg News relates data compiled by Commerzbank showed
emerging-market companies sold US$119 billion of debt in 2006,
US$95 billion in 2007 and US$38 billion last year.


* BOND PRICING: For the Week Jan. 19 to Jan. 23, 2009
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Oester Volksbk         4.810    07/29/25 EUR    68.36

BELGIUM
-------
Barry Calle SVCS         6.000    07/13/17 EUR    73.40

CYPRUS
------
Abh Financial Lt          8.200    06/25/12 USD    64.90
Alfa MTN Invest           9.250    06/24/13 USD    61.67

FRANCE
------
Alcatel SA                4.750    01/01/11     EUR      13.40
                          6.380    04/07/14 EUR    68.23
Axa SA                    8.600    12/15/30 USD    69.91
BNP Paribas               0.250    12/20/14 USD    67.97
Calyon                    6.000    06/18/47     EUR      37.30
Soc Air France            2.750    04/01/20 EUR    19.18
Wavecom SA                1.750    01/01/14     EUR      30.53

GREECE
------
Antenna TV SA         7.250    02/15/15 EUR    65.00

HUNGARY
-------
Agrokor                7.000    11/23/11 EUR    70.70

IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      75.47
                          5.630    11/29/30 GBP    69.36
Alfa Bank                 8.630    12/09/15     USD      43.76
                          8.640    02/22/17 USD    39.91
Ardagh Glass              7.130    06/15/17 EUR    72.20
Banesto Finance Plc       6.120    11/07/37 EUR     6.12
Bank Soyuz                9.380    02/16/10 USD    74.99

ITALY
-----
Banca Italease            3.000 06/30/11 EUR     61.11
                          3.000 09/30/11 EUR      59.16


LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13 USD    59.26
Ak Bars Bank              9.250    06/20/11 USD    68.43
Alrosa Finance            8.880    11/17/14 USD    66.44

Bank of Moscow            7.340    05/13/13 USD    64.20
                          7.500    11/25/15 USD    45.64
                          6.810    05/10/17 USD    40.65
Beverage Pack             8.000    12/15/16 EUR    66.06
                          9.500    06/15/17 EUR    44.00
Breeze                    4.520    04/19/27 EUR    67.22
                         11.750    04/19/27 EUR    72.25

NETHERLANDS
-----------
ABN Amro Bank NV          6.250    06/29/35 EUR    54.18
Aegon NV                  4.630    12/09/19 EUR    74.69
                          6.130    12/15/31 GBP    72.51
Air Berlin Finance BV     1.500    04/11/27 EUR    37.36
Alfa Bk Ukraine    9.750    12/22/09 USD   101.51
ALB Finance BV            9.750    02/14/11 GBP    37.12
                          8.750    04/20/11 USD      42.56
                          7.880    02/01/12 EUR    34.93
                          9.250    09/25/13 USD    43.12
ASM International NV    4.250    12/06/11 USD    63.92
ASML Holding NV           5.750    06/13/17     EUR      61.36
Astana Finance            7.880    06/08/10     EUR      58.06
                          9.000    11/16/11 USD    49.87
ATF Capital BV            9.250    02/21/14     USD      63.18

BK Ned Gemeenten      0.500    06/27/18 CAD    68.60
                          0.500    02/24/25 CAD    48.06
Centercrdt Intl           8.000    02/02/11     USD      56.08
                          8.630    01/30/14 USD    39.05
Hit Finance BV         4.880    10/27/21 EUR    72.10
JSC Bank Georgia          9.000    02/08/12 USD    46.41
Turanalem Fin BV          7.130    12/21/09 GBP    70.24
                          7.880    06/02/10 USD    62.62
                          6.250    09/27/11 EUR    46.65
                          7.750    04/25/13 USD    40.83
                          8.000    03/24/14 USD    45.07
                          8.500    02/10/15 USD    46.69
                          8.250    01/22/37 USD    44.89

ROMANIA
-------
Bucharest                 4.130    06/22/15 EUR    52.14

RUSSIA
------
Sistema Capital           8.880    01/28/11 USD    74.85

SPAIN
-----
Abertis                   5.990    05/14/38 EUR    73.76
Abertis Infra    4.380    03/30/20 EUR    77.45
Auvisa                    4.790    12/15/27 EUR    64.92

UNITED KINGDOM
--------------
Amlin Plc               6.500    12/19/26 GBP    65.25
Anglian Water
  Finance Plc             2.400    04/20/35     GBP      44.65
Ashtead Holdings          8.630    08/01/15 USD    59.13
Aspire Defence            4.670    03/31/40 GBP    61.19
Aviva Plc            5.250    10/02/23 EUR    66.20
                          6.880    05/22/38 EUR    61.61
Bank of India             6.630    09/22/21 USD    76.44
Beazley Group             7.250    10/17/26 GBP    75.72
Bradford&Bin Bld          7.630    02/16/10 GBP    30.95
                          6.630    06/16/23 GBP    22.86
                          4.910    02/01/47 EUR    66.45
BL Super Finance          4.480    10/04/25 GBP    74.82
Britannia Bldg            5.750    12/02/24 GBP    71.43
                          5.880    03/28/33 GBP    63.70
British Airways Plc       8.750    08/23/16 GBP    77.50
Brit Insurance         6.630    12/09/30 GBP    71.53
British Land Co    5.010    09/24/35 GBP    74.22
                          5.260    09/24/35 GBP    71.34
Brit Sky Broadca          6.000    05/21/27 GBP    73.42
British Tel Plc           5.750    12/07/28 GBP    71.42
                          6.380    06/23/37 GBP    74.54
Broadgate Finance Plc     4.850    04/05/31 GBP    74.09
                          5.100    04/05/33 GBP    70.49
CGNU Plc                  6.130    11/16/26 GBP    65.30
Heating Finance           7.880    03/31/14 GBP    38.77

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *