TCREUR_Public/090202.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, February 2, 2009, Vol. 10, No. 22

                            Headlines

A U S T R I A

EBYL INTERNATIONAL: To Axe 150 Staff at Krems and Gmuend Sites
L & S LLC: Claims Registration Period Ends February 9
LUIGARD LLC: Claims Registration Period Ends February 16
PARKETTWERK HOLZINDUSTRIE: Claims Registration Ends March 2
REINLEIN LLC: Claims Registration Period Ends March 2

ZIVKO JOVANOVIC: Claims Registration Period Ends February 9


F R A N C E

THOMSON SA: Likely Covenant Breach Cues S&P's Rating Cut to 'CC'


G E R M A N Y

ALFOAMTEC GMBH: Claims Registration Period Ends February 27
BEST PREIS-HAUS: Claims Registration Period Ends February 27
C&G INFORMATION: Claims Registration Period Ends February 27
EMPRISE AKTIENGESELLSCHAFT: Files for Insolvency in Hamburg Court
FUTUREMEDIA GMBH: Claims Registration Period Ends March 4

GROB AEROSPACE: H-3 Aerospace Named Buyer
KUECHE TOTAL: Claims Registration Period Ends March 13
TOOLS4SUN GMBH: Claims Registration Period Ends March 10
VATAS GROUP: Declared Insolvent, Court Names Administrator


I R E L A N D

CASTLETROY PARK: Goes Into Liquidation; 130 Jobs Affected
CLOVERIE PLC: S&P Withdraws 'B' Rating on JPY1 Bil. Notes
LANDSBANKI ISLANDS: Consortium Acquires 84% Stake in Merrion
WATERFORD WEDGWOOD: Clarion Capital Launches Bid


K A Z A K H S T A N

AKSUISKOYE ATP: Proof of Claim Deadline Slated for March 6
ALTAI SVINETS: Creditors Must File Claims by March 6
COMPLECT-K LLP: Claims Filing Period Ends March 6
ENERGO SILOVIK: Creditors' Proof of Claims Due on March 6
FISOR LLP: Claims Registration Period Ends March 6

KANDYAGASH SBYT: Proof of Claim Deadline Slated for March 6
MEGA COM: Creditors Must File Claims by March 6
RAF STROY: Claims Filing Period Ends March 6
SAULET LLP: Creditors' Claims Due on March 6
TECHNO TREND: Claims Registration Ends March 6


K Y R G Y Z S T A N

STANDART OIL: Creditors Must File Claims by February 27


N E T H E R L A N D S

ESSENCE II: Fitch Assign 'B-' Rating on EUR64.3 Mil. Class C Notes
FAXTOR ABS: Fitch Junks Ratings on Two Classes of Notes


R U S S I A

ARTYLYSH LLC: Creditors Must File Claims by February 23
GEOLOGIYA LLC: Creditors Must File Claims by February 23
KHORSKAYA CONSTRUCTION: Court Temporary Insolvency Manager
KONSTANTINOVSKAYA GRAIN: Creditors Must File Claims by March 23
NEFTE-GAZ-REMONT CJSC: Court Names Insolvency Manager

NIRELING LLC: Creditors Must File Claims by Feb. 23
PRODMONTAZH LLC: Creditors Must File Claims by February 23
REGION LLC: Creditors Must File Claims by March 23
TEKH-MASH LLC: Creditors Must File Claims by February 23
TYMOVSKAYA TIMBER: Creditors Must File Claims by February 23


S W I T Z E R L A N D

HUMOSAN FUTTERMITTEL: Creditors Must File Claims by February 23
PSI-TAGE JSC: Deadline to File Proofs of Claim Set February 15
SABATINO LUPI: Creditors Have Until February 12 to File Claims
SCHUH-PETER JSC: Proofs of Claim Filing Deadline Set Feb. 25
TRISTON JSC: Creditors' Proofs of Claim Due by February 28


U K R A I N E

ALPHA NOVEL: Creditors Must File Claims by February 13
ALTCOMSERVICEGROUP LLC: Creditors Must File Claims by Feb. 13
BANK CREDIT: Fitch Comments on Rating Affirmation
BANK KHRESCHATYK: Fitch Withdraws Ratings on UAH70 Mil. Bonds
BANK KHRESCHATYK: Fitch Comments on Rating Affirmation

CHERA PROFI: Creditors Must File Claims by February 13
CRYSTAL BELIKOVTSY: Creditors Must File Claims by February 13
INDUSTRIALBANK: Fitch Comments on January 26 Rating Affirmation
KREDITPROMBANK: Fitch Comments on Long-Term IDR Rating Cut
PIVDENNYI BANK: Fitch Affirms Individual Rating at 'D/E'

QUASI SYSTEM: Creditors Must File Claims by February 13
SIAM LLC: Creditors Must File Claims by February 13
UKRGASBANK OJSC: Fitch Comments on Long-Term IDR Rating Cut
YARIKS-CAR LLC: Creditors Must File Claims by February 13
ZHMERINKA FEED: Creditors Must File Claims by February 13


U N I T E D   K I N G D O M

A & M METAL: Appoints Joint Liquidators from Tenon Recovery
CONGREGATIONAL & GENERAL: S&P Affirms 'BB+' Counterparty Ratings
GLANFORD PLANT: Names Joint Liquidators from Tenon Recovery
H.E. RICHARDS: Placed Into Receivership; 28 Jobs at Risk
HOUSE OF WILLIAMS: Appoints Joint Administrators from Deloitte

ILIAD INVESTMENT: Moody's Withdraws Ratings on Three Note Classes
INDEPROD PEOPLE: Goes Into Administration
INOTECH SERVICES: Taps Joint Liquidators from Tenon Recovery
JUMP MEDIA: Names Joint Administrators from Grant Thornton
MANSARD MORTGAGES: Fitch Junks Ratings on Three Tranches

MILLENNIUM ESTATES: Goes Into Administration
OCEANIQUE LTD: Appoints Joint Liquidators from Tenon Recovery
OEP FURNITURE: Taps Administrators from of Smith & Williamson
OSBORNE TABLEWARE: Appoints Joint Administrators from PKF
PHP LTD: Names Joint Liquidators from Tenon Recovery

RMAC SECURITIES: S&P Cuts Ratings on Two Classes of Notes to 'B-'
S HALL MOTORS: Names Joint Administrators from Grant Thornton
SERIOUS FOOD: In Administration; PwC Appointed

* UK: Administrations Up 20% in 2008, Deloitte Says

* BOND PRICING: For the Week Jan. 26 to Jan. 30, 2009


                         *********


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


EBYL INTERNATIONAL: To Axe 150 Staff at Krems and Gmuend Sites
--------------------------------------------------------------
Eybl International AG disclosed that in the course of
ongoing administrative receivership proceedings, these measures
have been taken or are being implemented:

After having filed for administrative receivership for the
companies Eybl International AG and Eybl Austria GmbH on
December 29, 2008, all operations and production sites started
according to plan with the production again on January 7, 2009,
thereby ensuring the full supply of Eybl's customers.

The subsidiary Eybl Slovakia s.r.o. was wholly sold to the
Austrian subsidiary of the German Prevent  DEV GmbH, headquartered
in Wolfsburg.

Of the 600 staff members at the Krems and Gmuend sites who, in
compliance with legal early-warning requirements, were registered
with the Austrian Employment Agency AMS for potential lay-offs, up
to 250 persons will actually be laid off within the next few
weeks.

The speedy implementation of these measures is meant to facilitate
a positive conclusion of the administrative receivership
proceedings and to safeguard the existence of the Austrian Eybl
sites in Krems and Gmuend.

Due to the ongoing administrative receivership proceedings,
publication of the financial results for the stub fiscal year
March 1 - September 30, 2008, originally planned for this week,
has been postponed to the end of April.  According to a decision
of the supervisory board of January 27, 2009, the annual
shareholders' meeting of Eybl International AG was postponed from
February 17, 2009 to May 14, 2009.

As reported in the TCR-Europe on Jan. 7, 2009,  the management of
Ebyl International AG on Dec. 19 decided to file for
administrative receivership for the company and its subsidiary
Eybl Austria Gmbh with the Krems provincial court after takeover
talks with Slovenia Prevent Group broke down.

                  About Ebyl International AG

Headquartered in Krems in Lower Austria, Eybl International AG --
http://www.eybl-international.com-- is a company specializing in
textile production, fabrication and components for automotive
interiors. It operates internationally at production sites in
Austria, Romania and Germany as well as at four distribution sites
in Germany, France, Spain and Britain.


L & S LLC: Claims Registration Period Ends February 9
-----------------------------------------------------
Creditors owed money by LLC L & S (FN 257879i) have until Feb. 9,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Lukas Pfefferkorn
         Schulgasse 7
         6850 Dornbirn
         Austria
         Tel: 05572/20210
         Fax: 05572/34414
         E-mail: office@ktg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on Feb. 19, 2009, for the
examination of claims at:

         Land Court of St. Poelten
         Room 45
         1st. Floor
         St. Poelten
         Austria

Headquartered in Goetzis, Austria, the Debtor declared bankruptcy
on Dec. 30, 2009, (Bankr. Case No. 13 S 51/08t).


LUIGARD LLC: Claims Registration Period Ends February 16
--------------------------------------------------------
Creditors owed money by LLC Luigard (FN 73490z) have until
Feb. 16, 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 10:15 a.m. on March 2, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 30, 2009, (Bankr. Case No. 3 S 158/08t).


PARKETTWERK HOLZINDUSTRIE: Claims Registration Ends March 2
-----------------------------------------------------------
Creditors owed money by LLC Parkettwerk - Holzindustrie G.
Reinlein (FN 266886f) have until March 2, 2009, to file written
proofs of claim to the court-appointed estate administrator:

         Dr. Klaus Schiller
         Gmundnerstrasse 20
         4690 Schwanenstadt
         Austria
         Tel: 07673/6720
         Fax: 07673/6720-20
         E-mail: office@kanzlei-schiller.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on March 12, 2009, for the
examination of claims at:

         Land Court of Wells
         Hall 101
         Wells
         Austria

Headquartered in Stadl - Paura Vienna, Austria, the Debtor
declared bankruptcy on Dec. 30, 2009, (Bankr. Case No. 20 S
156/08d).


REINLEIN LLC: Claims Registration Period Ends March 2
-----------------------------------------------------
Creditors owed money by LLC Reinlein (FN 96004h) have until
March 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Martin Stossier
         Ringstrasse 4/Plobergerstrasse 7
         4600 Wels
         Austria
         Tel: 07242/42605-0
         Fax: 07242/42605-20
         E-mail: stossier@ra-stossier.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on March 12, 2009, for the
examination of claims at:

         Land Court of Wells
         Hall 101
         Wells
         Austria

Headquartered in Stadl Paura, Austria, the Debtor declared
bankruptcy on Dec. 30, 2009, (Bankr. Case No. 20 S 156/08d).


ZIVKO JOVANOVIC: Claims Registration Period Ends February 9
-----------------------------------------------------------
Creditors owed money by LLC Zivko Jovanovic (FN 102811v) have
until Feb. 9, 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 10:20 a.m. on Feb. 23, 2009, for the
examination of claims at:

         Trade Court of Wien
         Room 1609
         Wien
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 30, 2008, (Bankr. Case No. 38 S 66/08w).


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


THOMSON SA: Likely Covenant Breach Cues S&P's Rating Cut to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit and senior unsecured bank loan ratings
on French technology group Thomson S.A. to 'CC' from 'B'.  The
debt rating on Thomson's junior subordinated perpetual notes was
also lowered, to 'C' from 'CCC-'.  All of these ratings were
removed from CreditWatch, where they had been placed with negative
implications on Dec. 2, 2008.  The outlook is negative.  At the
same time, Standard & Poor's lowered its short-term corporate
credit rating on Thomson to 'C' from 'B'.

The recovery ratings on the above debt are unchanged, at '3' for
the senior unsecured bank loan and '6' for the junior subordinated
notes, indicating S&P's expectation of meaningful (50%-70%) and
negligible (0%-10%) recovery, respectively, for unsecured
creditors in the event of a payment default.

"The downgrade follows Thomson's announcement that, based on
preliminary data, it is likely to have breached as of Dec. 31,
2008, one of the covenants included in the documentation of its
privately placed notes," said Standard & Poor's credit analyst
Leandro de Torres Zabala.  "The group has said that it intends to
discuss with its noteholders a possible resolution of
any potential covenant breach to avoid their calling for
accelerated payment of the notes, which could trigger payment
acceleration of virtually all of the group's senior debt."

Thomson experienced a massive cash drain during the second half of
2008, leading to a ballooning of reported net debt to EUR2.1
billion at year-end, from EUR1.3 billion at June 30, 2008.
According to Thomson's estimates, gross debt was EUR2.9 billion at
year-end, excluding the EUR0.5 billion junior subordinated
perpetual notes.

The 'CC' rating reflects the risk that the group could undertake a
distressed offer, whereby the noteholders would end up accepting
less than what was promised to them under the original note terms
(regarding principal amount, maturity date, and/or other
characteristics) because they doubt that Thomson will be able to
fulfill its original obligations.  The rating also reflects the
risk of any other action causing the group to default on its
financial obligations.

"The negative outlook reflects the substantial risk of default in
the very near term if Thomson's debt repayment is accelerated or
if the group undertakes a distressed offer or chooses to file for
bankruptcy in the case where it cannot reach an agreement with its
lenders," said Mr. de Torres.

S&P would likely lower the ratings to 'D' (default) if Thomson
were unable to repay accelerated debt or if it filed for
bankruptcy, or to 'SD' (selective default) if the group undertook
a distressed exchange offer for the private placements only.

If Thomson reaches an agreement with its lenders that S&P does not
deem tantamount to a default (such as obtaining a waiver for the
covenant breach), S&P could affirm the ratings or raise them to
the 'CCC' category.


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


ALFOAMTEC GMBH: Claims Registration Period Ends February 27
-----------------------------------------------------------
Creditors of Alfoamtec GmbH have until Feb. 27, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Heiko Warmbold
         Ossenreyerstrasse 16
         18439 Stralsund
         Germany

The District Court opened bankruptcy proceedings against the
company on Jan. 27, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Alfoamtec GmbH
         Attn: Maik Rothermund, Manager
         Heinrich-Mann-Strasse 1
         18435 Stralsund
         Germany


BEST PREIS-HAUS: Claims Registration Period Ends February 27
------------------------------------------------------------
Creditors of Best Preis-Haus GmbH have until Feb. 27, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on March 31, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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. Stefanie Kuche
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court opened bankruptcy proceedings against the
company on Jan. 19, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Best Preis-Haus GmbH
         Attn: Peter Haase, Manager
         Rotenburger Str. 3
         30659 Hannover
         Germany


C&G INFORMATION: Claims Registration Period Ends February 27
------------------------------------------------------------
Creditors of C&G Information Technology GmbH have until Feb. 27,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April. 1 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Jan. 16, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         C&G Information Technology GmbH
         Attn: Antonius Claasen, Manager
         Lauenbruch Ost 1
         21079 Hamburg
         Germany


EMPRISE AKTIENGESELLSCHAFT: Files for Insolvency in Hamburg Court
-----------------------------------------------------------------
EMPRISE AG, the holding company for the operating subsidiaries of
the EMPRISE group, on Wednesday, January 28, filed for insolvency
at the local court in Hamburg.  This step became necessary as
negotiations with potential investors did not succeed as quickly
as required.

Efforts concerning the financial restructuring and negotiations
with the potential investors will be continued in the scope of the
insolvency proceedings.  The operating subsidiaries are not
affected by this step taken.  The restructuring measures
introduced at the subsidiaries were successfully implemented.
As a result, the business operations can be pursued unaltered.


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Futuremedia GmbH
         Schulstr. 4
         33104 Bad Driburg
         Germany

         Attn: Dr. Roland G. Muenzer, Manager
         Zitelmannstr. 24
         53113 Bonn
         Germany


GROB AEROSPACE: H-3 Aerospace Named Buyer
-----------------------------------------
Robert Wall at Aviation Week reports that Grob Aerospace GmbH has
identified Oberpfaffenhofen, Germany-based H-3 Aerospace as its
buyer following months of negotiations.

According to the report, H-3 Aerospace will acquire the training
aircraft and support businesses of Grob through Fortius
Mittelstandskapital.

Citing the Grob's insolvency administrator Michael Jaffe, the
report discloses around 100 of Grob's employees are expected to
resume work at the company's Tussenhausen-Mattsies facility
in February.

The Spn program, the report says, is also expected to survive.
The report states the rights to the project have been given to one
of Grob's main creditors.

The report relates the insolvency administrator said talks to
preserve the company were complicated by the current global
economic crisis.

As reported in the TCR-Europe, Grob was declared insolvent on
October 31, 2008.

Grob had to file for preliminary insolvency on August 18, 2008, as
a result of the delays in the spn program which in consequence led
to an increased cash requirement in order to complete the project.
The company's former loan provider resolved to discontinue its
support.


KUECHE TOTAL: Claims Registration Period Ends March 13
------------------------------------------------------
Creditors of Kueche Total GmbH have until March 13, 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 Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Dr. Vera Mai
         Kurfuerstendamm 66
         10707 Berlin
         Germany

The District Court opened bankruptcy proceedings against the
company on Jan. 15, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Kueche Total GmbH
         Attn: Ingo Olszowa, Manager
         Seestrasse 106
         15738 Zeuthen
         Germany


TOOLS4SUN GMBH: Claims Registration Period Ends March 10
--------------------------------------------------------
Creditors of Tools4sun GmbH have until March 10, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on March 31, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Rain Annegret Schwarz
         Helenenstrasse 15
         99867 Gotha
         Germany

The District Court opened bankruptcy proceedings against the
company on Jan. 26, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Tools4sun GmbH
         Attn: Joern Neefe
         Kess-lerstrasse 27
         07745 Jena
         Germany


VATAS GROUP: Declared Insolvent, Court Names Administrator
----------------------------------------------------------
Reuters reports that Lars Windhorst's German investment company
Vatas has been declared insolvent.

Reuters relates a Berlin court appointed Ruediger Wienberg as
temporary administrator for Vatas after a rescue plan for the
group failed.

NordLB, Reuters recalls, filed a EUR150 million lawsuit against
Vatas and its owner Sapinda for allegedly refusing to take
delivery of stakes it had ordered in companies including Balda,
Curanum, Euromicron and Remote.

The lawsuit is still pending, Reuters notes.


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


CASTLETROY PARK: Goes Into Liquidation; 130 Jobs Affected
---------------------------------------------------------
RTE Business reports that the Castletroy Park Hotel in Limerick
has gone into liquidation after running into trading difficulties
amid the current economic downturn.

According to the report, the hotel, which employs 130 people, has
ceased to trade and is now closed.

The report relates Grant Thornton, based in Limerick, has been
nominated by the hotel directors as liquidators.  They will now
proceed to set up a meeting with creditors, the report notes.

SIPTU, the report discloses, is also planning to meet with the
liquidators to discuss pay issues for staff.


CLOVERIE PLC: S&P Withdraws 'B' Rating on JPY1 Bil. Notes
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' credit rating
on the JPY1 billion fixed-rate portfolio credit-linked notes
series 2005-15 (Rotonda II) and its 'AAA' credit rating on the
JPY1 billion class B fixed-rate portfolio credit-linked notes
series 2005-11 (Palladio III) issued by Cloverie PLC.

The rating withdrawals follow early redemptions of the notes in
the two deals.


LANDSBANKI ISLANDS: Consortium Acquires 84% Stake in Merrion
------------------------------------------------------------
A management-led consortium has completed the purchase of
Landsbanki Islands' 84% interest in Merrion Capital and now moves
to 100% ownership.

Merrion said the transaction has been approved by the Irish
Financial Services Regulatory Authority.

The financial details of the buyout will not be publicly
disclosed.

John Conroy, CEO of Merrion, commented: "Irish financial markets
are undergoing major structural and reputation change and face
significant challenges in recapturing previous standings; the
Irish corporate landscape is also being significantly reshaped, as
companies adjust to the changing macro environment.  However,
strong leadership can renew trust and confidence and drive
recovery.  Merrion Capital is more motivated than ever to continue
to offer a fresh, independent and high quality service to our
clients and to participate in the rebuilding process."

On Oct. 13, 2008, the management team of Merrion confirmed it
reached an agreement to acquire all the shares held in the company
by Landsbanki for an undisclosed sum.

The Irish Times recalled Landsbanki bought the shares from
Merrion's founders and other equity holders for EUR90 million in
2005.

On Oct. 16, 2008, the TCR-Europe reported that according to The
Irish Times, the deal would place a valuation on Merrion of just
under EUR36 million, reflecting the recent collapse of financial
markets, which resulted in Landsbanki being placed into
receivership by Iceland's financial regulator.

                          About Merrion

Headquartered in Dublin, Ireland, Merrion Capital Group --
http://www.merrion-capital.com/-- is an independent stockbroking
and corporate finance firm.  The company employs 100 people.


WATERFORD WEDGWOOD: Clarion Capital Launches Bid
------------------------------------------------
Grainne Gilmore at The Times reports U.S.-based private equity
group Clarion Capital has launched a "substantial" bid for
Waterford Wedgwood plc on Saturday night.

Clarion is being advised by John Foley, the former Waterford
Crystal chief executive, The Times states.

The Times relates union representatives supported Clarion's bid as
it would keep manufacturing in the city and could save 300 jobs.

"We are encouraged by the continued firm interest by Clarion
Capital.  They have lodged their bid and have outlined their plans
to us of keeping manufacturing in the city and protecting the
immediate livelihood of hundreds of workers and the future
prospects for hundreds and thousands more," Jimmy Kelly, Irish
regional secretary of the Unite union, was quoted by the report as
saying.

On the other hand, Walter Cullen, of Unite, as cited by The Times,
said the bid put forward by KPS Capital Partners was no longer
being considered, noting the American private equity group is only
interested in buying the brand.

The Times recounts workers at the factory in Kilbarry, Co
Waterford, carried out protests after Deloitte, Waterford's
administrator, said the plant would close until a buyer could be
found, with the loss of 480 jobs.

According to The Times, about 200 staff are taking it in turns to
hold a sit-in at the plant.

          Workers Seek EUR30 Million Financial Package

Waterford Crystal workers voted uninanimously on Sunday to
continue with their occupation of part of the plant following a
statement from Deloitte's David Carson that he would not reverse
his decision made on Friday to make over 480 workers at the plant
redundant, The Irish Times recalls.

The Irish Times says the Unite union would be engaging with
Clarion as soon as possible to discuss the private equity group's
bid and how it can be supported.

The union, The Irish Times discloses, would be seeking a financial
package of up to EUR30 million from the Irish government to ensure
that workers' redundancy and pension entitlements that are not met
by Clarion as part of its proposal are still honored and
fulfilled.

As reported in the TCR-Europe on Jan. 9, 2009, the joint
administrators of Waterford Wedgwood UK Plc and the receiver of
Waterford Wedgwood Plc, respectively, entered into a letter of
intent with KPS Capital Partners, LP, a New York-based private
equity limited partnership, in connection with the proposed
acquisition by KPS of assets of the group worldwide, including
certain assets of Waterford, Wedgwood, and Royal
Doulton, among others.

As reported in the TCR-Europe, Waterford Wedgwood plc along with
10 subsidiaries entered administration on Jan. 5, 2009.  Angus
Martin, Neville Kahn, Nick Dargan and Dominic Wong of Deloitte
LLP, were appointed as joint administrators while David Carson,
partner of Deloitte in Ireland, was appointed receiver of
Waterford Wedgwood plc, (the ultimate parent of the UK companies),
and a number of its trading subsidiaries.

The Waterford Wedgwood subsidiaries also in administration are:

   Waterford Wedgwood UK Plc
   Wedgwood Limited
   Josiah Wedgwood & Sons Limited
   Josiah Wedgwood & Sons (Exports) Limited
   Waterford Wedgwood Retail Limited
   Royal Doulton Ltd
   Royal Doulton (UK) Limited
   Royal Doulton Overseas Holdings Ltd
   Stuart & Sons Limited
   Statum Limited

The companies are involved in the manufacture, wholesale and
retail of Waterford crystal, Wedgwood fine china and Royal Doulton
fine china products around the world.  In the UK there are
approximately 1,900 staff working across manufacturing and retail
and worldwide there are approximately another 5800 employees
covering the USA, Germany, Ireland, Canada, Australia, Indonesia,
Japan and Pan Asia.

In a statement, administrator Deloitte said that in recent years,
the companies benefited from significant shareholder support as
exhaustive efforts were made by the management team to restructure
the businesses.  However, as trading conditions deteriorated, it
became apparent that a restructuring of the businesses could not
be achieved in an acceptable timescale.

Consequently management began looking at the alternative strategy
of trying to find a buyer for the businesses which would also have
involved a comprehensive financial restructuring.  While
considerable progress was made, no firm offer was secured.  The
current global economic conditions have continued to affect the
business and the Companies have needed the protection of
administration.

Waterford Wedgwood plc, (the ultimate holding company), is an
Irish company with manufacturing operations in Ireland.  The Irish
businesses in total employ approximately 800 people.  The group
also has manufacturing operations in the UK, Indonesia and
Germany.

The UK head office is located in London and employs 6 people.  The
Irish head office is located in Waterford, Ireland  and employs 14
people.

Manufacturing is undertaken in Barlaston in the UK, the Irish
Republic and Indonesia.  The approximate number of manufacturing
employees in each location is 600, 450 and 1500 respectively.

In the UK, there are 19 retail stores which employ 170 people.  In
addition there are approximately 120 retail concessions.  The
retail operations are spread throughout the UK.  There are also
retail outlets around the world but these are operated by separate
overseas companies which are continuing to trade and which are not
in insolvency.


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


AKSUISKOYE ATP: Proof of Claim Deadline Slated for March 6
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Aksuiskoye ATP insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:

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


ALTAI SVINETS: Creditors Must File Claims by March 6
----------------------------------------------------
JSC Altai Svinets Stroy has declared insolvency.  Creditors have
until March 6, 2009, to submit written proofs of claim to:

         JSC Altai Svinets Stroy
         Jeltoksan Str. 37
         Almaty
         Kazakhstan


COMPLECT-K LLP: Claims Filing Period Ends March 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Construction Company Stroy Complect-K insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:

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


ENERGO SILOVIK: Creditors' Proof of Claims Due on March 6
---------------------------------------------------------
LLP Energo Silovik has declared insolvency.  Creditors have until
March 6, 2009, to submit written proofs of claim to:

         LLP Energo Silovik
         Parhomenko Str. 30-1
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


FISOR LLP: Claims Registration Period Ends March 6
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Fisor insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel:  8 (7232) 24-06-50


KANDYAGASH SBYT: Proof of Claim Deadline Slated for March 6
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kandyagash Sbyt insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


MEGA COM: Creditors Must File Claims by March 6
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Mega Com Communication Group insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:

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


RAF STROY: Claims Filing Period Ends March 6
--------------------------------------------
LLP Construction Company Raf Stroy Service has declared
insolvency.  Creditors have until March 6, 2009, to submit written
proofs of claim to:

         LLP Construction Company Raf Stroy Service
         Lunacharskogo Str. 13-38
         Shymkent
         South Kazakhstan
         Kazakhstan


SAULET LLP: Creditors' Claims Due on March 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Saulet insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Samal, 15-29
         Taldykorgan
         Almaty
         Kazakhstan
         Tel:  8 (7282) 25-43-90
         8 777 382 33-86


TECHNO TREND: Claims Registration Ends March 6
----------------------------------------------
LLP Techno Trend has declared insolvency.  Creditors have until
March 6, 2009, to submit written proofs of claim to:

         LLP Techno Trend
         Abai ave. 79-17
         Almaty
         Kazakhstan


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


STANDART OIL: Creditors Must File Claims by February 27
-------------------------------------------------------
LLC Standart Oil has declared insolvency.  Creditors have until
Feb. 27, 2009, to submit proofs of claim at:

         LLC Standart Oil
         Chernyshevsky Str. 6
         Bishkek
         Kyrgyzstan


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


ESSENCE II: Fitch Assign 'B-' Rating on EUR64.3 Mil. Class C Notes
------------------------------------------------------------------
Fitch Ratings has assigned Essence II B.V.'s additional issue of
EUR500m floating rate notes final ratings:

  -- EUR388.5 million class A: 'A-' (A minus); Outlook Stable
  -- EUR47.2 million class B: 'BBB'; Outlook Stable
  -- EUR64.3 million class C: 'B-' (B minus); Outlook Stable

Essence II B.V. is the issuer for a securitization program of
Dutch residential mortgage loans originated or acquired by wholly-
owned subsidiaries of NIBC Bank N.V. (rated 'BBB+'/Stable/'F2').

The ratings are based on the quality of the collateral, available
credit enhancement and excess spread, the underwriting and
servicing capabilities, as well as the sound legal and financial
structure of the transaction.

At closing, the pool comprised 19,775 loans granted to 10,292
borrowers and was well seasoned at 42.5 months.  Interest-only
loans are the dominant product type comprising more than 64% of
the mortgage pool, whereas loans granted to self-certified
borrowers (or verified by intermediaries) comprised around 24% of
the portfolio at closing.  Almost a quarter of the loans benefits
from the Nationale Hypotheek Garantie government scheme, and 90.1%
of the closing portfolio is secured on single-family houses.  In
its collateral analysis, Fitch has fully accounted for the
substitution and pre-funding features in order to capture the
dynamic credit nature of the underlying pool.

Initial credit enhancement, provided by subordination, is 6.9% for
the class A notes and 3.9% for the class B notes.  The transaction
also benefits from a guaranteed 0.3% margin paid under the
interest rate swap agreement with NIBC.  The reserve fund account
is not funded at closing, however, it can build up to 0.5% of the
portfolio outstanding balance using available excess spread.  The
structure benefits from a liquidity facility equating to 3% of the
outstanding notes' balance.

Compared with the original issuance, the collateral now comprises
mortgage loans acquired from GMAC RFC Nederland, but substantially
in line with NIBC's own underwriting criteria.  Fitch has
separately analyzed such loans and further accounted for the
possibility of non-NIBC-originated loans increasing under the
substitution and pre-funding mechanisms in place.

Fitch is satisfied with the legal structure of the transaction
which is designed to mitigate the inherent commingling risk via
bankruptcy-remote collection foundation accounts.  In the agency's
view, such a structure successfully de-links the notes from the
originator's ratings.  The structure is further protected since
NIBC has contractually instructed insurance companies to pay
directly to the collection foundation accounts as far as insurance
loan payouts are concerned.  Set-off risk from customer deposits
is negligible to the extent that NIBC is not a major deposit-
taking institution and that mortgage loans and deposits are
originated through separate marketing channels from distinct legal
entities.  The outstanding notes from the original issuance are
fungible with the additional EUR500 million notes issued by
Essence II.  Accordingly, Fitch has taken these rating actions on
the outstanding notes from the original Essence II issue:

  -- Class A (ISIN XS0322133918): affirmed at 'A-' (A minus);
     Outlook Stable

  -- Class B (ISIN XS0322135707): affirmed at 'BBB'; Outlook
     Stable

  -- Class C (ISIN XS0322136184): downgraded to 'B-' (B minus)
     from 'BB'; Outlook Stable


FAXTOR ABS: Fitch Junks Ratings on Two Classes of Notes
-------------------------------------------------------
Fitch Ratings has downgraded six classes of Faxtor ABS 2005-1 B.V.
notes, removed the six notes from Rating Watch Negative, and
assigned a Stable Outlook to all the notes as detailed below.

  -- EUR223,928,678 class A1 floating-rate notes due 2070 (ISIN:
     XS0235143970): downgraded to 'BBB+' from 'AAA' ; removed from
     RWN; Outlook Stable

  -- EUR10,000,000 class A2E floating-rate notes due 2094 (ISIN:
     XS0235144358): downgraded to 'BBB-' (BBB minus) from 'AAA';
     removed from RWN; Outlook Stable

  -- EUR10,000,000 class A2F fixed-rate notes due 2094 (ISIN:
     XS0235144945): downgraded to 'BBB-' (BBB minus) from 'AAA';
     removed from RWN; Outlook Stable

  -- EUR20,000,000 class A3 fixed-rate notes due 2094 (ISIN:
     XS0235146056): downgraded to 'BB' from 'AA'; removed from
     RWN; Outlook Stable

  -- EUR17,000,000 class A4 floating-rate notes due 2094 (ISIN:
     XS0235146569): downgraded to 'CCC' from 'A'; removed from
     RWN

  -- EUR12,000,000 class B floating-rate notes due 2094 (ISIN:
     XS0235147617): downgraded to 'CC' from 'BBB-' (BBB minus);
     removed from RWN

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008, as
well as credit deterioration to the collateral pool that has
occurred since the last review.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio has particularly affected the
junior tranches.

As per the trustee report dated December 31, 2008, the portfolio
contains 92 assets from 73 obligors, with the largest exposure
accounting for approximately 3% of the outstanding portfolio
amount, and the three largest obligors accounting for 10% of the
outstanding portfolio amount.  The largest single industry is RMBS
with 50% of the portfolio volume.  The two largest vintages are
2005 and 2004 making up 38% and 24% of the portfolio respectively,
while the three largest country concentrations are the
Netherlands, United Kingdom and Germany making up 29%, 20% and 18%
of the portfolio respectively.

In conducting its analysis, Fitch makes a three notch downward
adjustment for any names on RWN for default analysis in its
Portfolio Credit Model.  On an adjusted basis approximately 24% of
the assets are treated as sub-investment grade.  The weighted
average portfolio quality is 'BBB-' (BBB minus) and 9% of the
portfolio is on RWN.  Two assets making up 5% of the portfolio are
currently rated 'CCC+' and below on an unadjusted basis.  These
assets are the only two US SF CDOs in the portfolio and are
expected to produce a limited interest cashflow before defaulting
with no principal recovery.

While the downgrade of the class A1, A2, and A3 notes is driven by
Fitch's revised criteria, the downgrade of the class A4 and B
notes is linked to the transaction's actual performance.  All
overcollateralization tests are failing and interest will continue
to be diverted away from the class A4 and B notes to amortize the
class A1 notes.  In Fitch's view, these two junior notes are
likely to be cut off from interest flows for some time, making the
likelihood of full recovery increasingly remote.  However, the
portfolio manager has implemented a par building strategy by
purchasing assets at a discount.  The manager's strategy will
likely improve the par coverage levels.  However, according to the
December report the manager would have to build approximately
EUR2.5 million in par to cure the class A3 OC test and
approximately EUR7 million in par to cure the class A4 OC test.
Given the current macroeconomic climate, Fitch expects further
negative portfolio migration which could result in a higher
percentage of 'CCC' assets.  The resulting OC adjustments for
'CCC' assets could offset the manager's par building efforts
resulting in renewed pressure on the Class A4 and Class B notes.

Faxtor ABS 2005-1 B.V. is a securitization of mainly European
structured finance assets with a total note issuance of EUR292.93
million invested in a target portfolio of EUR302.78 million.  The
portfolio is actively managed by Faxtor Securities B.V. (rated
'CAM2-' ((CAM2 minus)) on Fitch's CDO Asset Manager Rating scale).


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


ARTYLYSH LLC: Creditors Must File Claims by February 23
-------------------------------------------------------
Creditors of LLC Artylysh Ore-Dressing Enterprise (TIN
0254005228) have until Feb. 23, 2009, to submit proofs of claims
to:

         R. Yakupov
         Temporary Insolvency Manager
         Apt. 20
         Molodezhnaya St. 8a
         Ishimbay
         Bashkortostan
         Russia
         Tel: (834794)2-13-46.

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A07
12956/2008- G-FLE.


GEOLOGIYA LLC: Creditors Must File Claims by February 23
--------------------------------------------------------
Creditors of LLC Geologiya Research and Exploitation Company
(TIN 2828008725A RVC 282801001) have until Feb. 23, 2009, to
submit proofs of claims to:

         N. Kolyadinskiy
         Temporary Insolvency Manager
         Pervomayskaya St. 1
         Blagoveshchensk
         675000 Amurskaya
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A04
7636/086/281B.

The Debtor can be reached at:

         LLC Geologiya
         Zeyskaya St. 3
         Ametist
         Tyndinskiy
         Amurskaya
         Russia


KHORSKAYA CONSTRUCTION: Court Temporary Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Khabarovskiy appointed A. Shportko as
Temporary Insolvency Manager for OJSC Khorskaya Construction
Company.  The case is docketed under Case No. A7313515/2008.
He can be reached at:

         Kirova St. 48/8
         690068 Vladivostok
         Russia

The Debtor can be reached at:

         OJSC Khorskaya Construction Company
         Mendeleyeva St. 2
         Khor
         682922 Khabarovskiy
         Russia


KONSTANTINOVSKAYA GRAIN: Creditors Must File Claims by March 23
---------------------------------------------------------------
Creditors of CJSC Konstaninovskaya Grain Company (TIN
2817040533) have until March 23, 2009, to submit proofs of claims
to:

         D. Khaustova
         Insolvency Manager
         Office 105
         Prospect Sv. Innokentiya 13
         Blagoveshchensk
         675000 Amurskaya
         Russia

The Arbitration Court of Amurskaya will convene on April 13, 2009,
to hear bankruptcy proceedings.  The case is docketed under Case
No. A046444/086/217B.

The Debtor can be reached at:

         CJSC Konstaninovskaya Grain Company
         Shosseynaya St. 1
         Konstantinovka
         Konstatinovskiy
         675980 Amurskaya
         Russia


NEFTE-GAZ-REMONT CJSC: Court Names Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Volgogradskaya appointed D. Shevchenko as
Insolvency Manager for CJSC Nefte-Gaz-Remont (Geological
Exploration Works).  He can be reached at:

         Post User Box 3544
         400066 Volgograd
         Russia

The Debtor can be reached at:

         CJSC Nefte-Gaz-Remont
         Nekritsukhina St. 17
         Kotovo
         Kotovskiy
         Volgogradskaya
         Russia


NIRELING LLC: Creditors Must File Claims by Feb. 23
---------------------------------------------------
Creditors of LLC Nireling (Construction) have until Feb. 23, 2009,
to submit proofs of claims to:

         Yu. Volik
         Insolvency Manager
         Krasnaya St. 113/38
         Krasnodar
         Russia

The Arbitration Court of Krasnodarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-18344/2008-60/1206B.

The Debtor can be reached at:

         LLC Nireling
         Zipovskaya St. 5
         Krasnodar
         Russia


PRODMONTAZH LLC: Creditors Must File Claims by February 23
----------------------------------------------------------
Creditors of LLC Prodmontazh (TIN 6439051147) (Construction) have
until Feb. 23, 2009, to submit proofs of claims to:

         V. Potekhin
         Insolvency Manager
         Apt. 164
         Saratovskoe shosse 83/5
         Balakovo
         413840 Saratovskaya
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-8462/08-23.

The Debtor can be reached at:

         LLC Prodmontazh
         Dorozhnaya St. 8a
         Balakovo
         Russia


REGION LLC: Creditors Must File Claims by March 23
--------------------------------------------------
Creditors of LLC Region (Road Construction) (TIN 2801117100,
PSRN 1062801080011) have until March 23, 2009, to submit proofs of
claims to:

         D. Gumirov
         Insolvency Manager
         Office 412
         Pereulok Sv. Innokentiya
         Blagoveshchensk
         675000 Amurskaya
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A045340/0811/397B.


TEKH-MASH LLC: Creditors Must File Claims by February 23
--------------------------------------------------------
Creditors of LLC Tekh-Mash Research and Development Enterprise
(Non-Standard Equipment Production) have until Feb. 23, 2009, to
submit proofs of claims to:

         M. Snarskiy
         Temporary Insolvency Manager
         Komsomolskaya St. 161/3-9
         450096 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Permskaya will convene at 10:00 a.m. on
June 3, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A50-18769/2008.

The Debtor can be reached at:

         LLC Tekh-Mash
         Building 2
         Dekabristov St. 23
         Chaykovskiy
         617766 Permskiy
         Russia


TYMOVSKAYA TIMBER: Creditors Must File Claims by February 23
------------------------------------------------------------
Creditors of OJSC Tymovskaya Timber Company (TIN 6517005574,
PSRN 1026501181354) have until Feb. 23, 2009, to submit proofs of
claims to:

         V. Lupandin
         Temporary Insolvency Manager
         Lenina St. 76A
         Yuzhno-Sakhalinsk
         Russia

The Arbitration Court of Sakhalinskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A59
6144/2008.

The Debtor can be reached at:

         OJSC Tymovskaya Timber Company
         Sovetskaya St. 13
         Molodezhnoe
         Tymovskiy694419
         Russia


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


HUMOSAN FUTTERMITTEL: Creditors Must File Claims by February 23
---------------------------------------------------------------
Creditors owed money by JSC Humosan Futtermittel are requested to
file their proofs of claim by Feb. 23, 2009, to:

         Albert Blaser
         Industriestrasse 17
         4922 Butzberg
         Switzerland

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


PSI-TAGE JSC: Deadline to File Proofs of Claim Set February 15
--------------------------------------------------------------
Creditors owed money by JSC Psi-Tage are requested to file their
proofs of claim by Feb. 15, 2009, to:

         Neuweilerstrasse 15
         4054 Basel
         Switzerland

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


SABATINO LUPI: Creditors Have Until February 12 to File Claims
--------------------------------------------------------------
Creditors owed money by JSC Sabatino Lupi are requested to file
their proofs of claim by Feb. 12, 2009, to:

         Schadeli Kurt
         Belpbergstrasse 48d
         3110 Munsingen
         Switzerland

The company is currently undergoing liquidation in Munsingen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 20, 1995.


SCHUH-PETER JSC: Proofs of Claim Filing Deadline Set Feb. 25
-------------------------------------------------------------
Creditors owed money by JSC Schuh-Peter are requested to file
their proofs of claim by Feb. 25, 2009, to:

         Zurcherstrasse 122
         8500 Frauenfeld
         Switzerland

The company is currently undergoing liquidation in Frauenfeld.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 18, 2008.


TRISTON JSC: Creditors' Proofs of Claim Due by February 28
----------------------------------------------------------
Creditors owed money by JSC Triston are requested to file their
proofs of claim by Feb. 28, 2009, to:

         Jurg Rohrer
         JSC Jurg Rohrer Treuhand
         Rheinstrasse 1
         9471 Buchs
         Switzerland

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


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


ALPHA NOVEL: Creditors Must File Claims by February 13
------------------------------------------------------
Creditors of LLC Alpha Novel (EDRPOU 35473368) have until Feb. 13,
2009, to submit proofs of claim to:

         Mrs. Tatiana Rudenko
         Liquidator / Insolvency Manager
         Apt. 104
         Lazurnaya St. 50
         54058 Nikolaev
         Ukraine
         Tel: 8(0512)593151

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 30, 2008.
The case is docketed as 5/611/08.

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

The Debtor can be reached at:

         LLC Alpha Novel
         28th. Army St. 15
         Nikolaev
         Ukraine


ALTCOMSERVICEGROUP LLC: Creditors Must File Claims by Feb. 13
-------------------------------------------------------------
Creditors of declared LLC Altcomservicegroup (EDRPOU 35369682)
have until Feb. 13, 2009, to submit proofs of claim to:

         Mr. O. Serebriakov
         Liquidator
         Apt. 53
         Srebnokolskaya St. 24
         02095 Kiev
         Ukraine
         Tel: 8(061)222-54-56

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 24, 2008.
The case is docketed as 44/430-b.

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

The Debtor can be reached at:

         LLC Altcomservicegroup
         Bratislavskaya St. 8
         02156 Kiev
         Ukraine


BANK CREDIT: Fitch Comments on Rating Affirmation
-------------------------------------------------
Fitch Ratings comments on the recent affirmation of Ukraine-based
Bank Credit Dnepr's ratings; the Outlook on the bank's Long-term
IDR remains Negative.  The rating actions were taken as part of a
more general review of Ukrainian bank ratings, and took into
account the heightened liquidity and asset quality risks and
greater pressure on capital which Ukrainian banks have faced
following the sharp depreciation of the UAH in Q408, as well as
the weaker outlook for the Ukrainian economy.

BCD has, like other Ukrainian banks, experienced a notable deposit
outflow in Q408 and, in Fitch view, is likely to face asset
quality deterioration in light of its recent strong credit growth,
the high proportion of foreign currency lending and the tougher
operating environment.  Furthermore, the current pressure on the
credit profile of major Ukrainian pipes and railway wheels
producer, Interpipe Limited ('B-' (B minus)/Rating Watch
Negative), which has the same major shareholder as BCD, could
become a source of contagion risk for the bank.  However, in
Fitch's view, these risks are currently reflected in the bank's
'B-' (B minus) rating and the Negative Outlook.  BCD's ratings are
supported by its reasonable current capitalization, moderate
reported loan impairment to date and the regional focus of the
bank's franchise.

In common with most Ukrainian banks, BCD experienced a marked
reduction in customer accounts in October-November 2008 (a
decrease of 15% net of the impact of UAH depreciation, according
to Fitch estimates).  However, this has since been partly
reversed, with the deposit base rising 8% (net of FX effects)
between mid-December 2008 and mid-January 2009.  Nevertheless,
BCD's liquidity position remains vulnerable: the liquidity cushion
(cash and equivalents, due from National Bank of Ukraine and net
short-term interbank placements) covered customer accounts by only
17% at January 19, 2009, a relatively modest level given the
previous degree of deposit instability.  Wholesale refinancing
needs will also crystallize in April 2009, when a put option on
UAH100 million domestic bonds becomes due, although their amount
is relatively modest compared to BCD's balance sheet.

The reported proportion of loans overdue by more than 30 days was
moderate, at 3.7% at end-2008; however, Fitch notes that
additional impairment is likely to crystallize as the loan book
seasons in a tough operating environment.  The proportion of
foreign currency loans was a high 42% at end-2008.  The regulatory
total capital adequacy ratio was reasonable and higher than most
peers at 15% at end-2008 (and unaudited Basel I total capital
adequacy ratio stood at around 25%).  However, any substantial
credit losses would directly erode the equity base as the
impairment reserve (equal to 3.5% of gross loans at end-2008) may
prove insufficient in case of large individual defaults in a
concentrated loan portfolio.

A downgrade of BCD's ratings would be possible in case of
significant credit losses or renewed sharp deposit outflow, or
should the bank be negatively impacted by any further
deterioration in the financial profile of Interpipe Limited.  A
stabilization of the macroeconomic environment, and maintenance of
moderate loan impairment ratios and an acceptable liquidity
position could reduce downward pressure on the ratings.
BCD is based in Dnepropetrovsk, south-eastern Ukraine.  The bank
is Ukraine's 42nd-largest bank, holding less than 0.5% of sector
assets at end-Q308, with a network counting three branches and 52
outlets.  Victor Pinchuk, a prominent Ukrainian businessman, and
his family members are the beneficiaries of both BCD and Interpipe
Limited.

Rating actions:

  -- Long-term IDR: affirmed at 'B-' (B minus); Outlook Negative;

  -- Short-term IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term rating: affirmed at 'BBB-(ukr)' (BBB minus
     (ukr)); Outlook Negative


BANK KHRESCHATYK: Fitch Withdraws Ratings on UAH70 Mil. Bonds
-------------------------------------------------------------
Fitch Ratings has withdrawn the ratings of Bank Khreschatyk's
UAH70 million covered bonds.  At the time of the withdrawal the
ratings were 'B' on an international scale and 'A(ukr)' on a
national scale.

The withdrawal of the ratings follows the cancellation of the
covered bonds, which was approved on January 21, 2009 by the
Ukrainian State Securities and Stock Market Commission.


BANK KHRESCHATYK: Fitch Comments on Rating Affirmation
------------------------------------------------------
Fitch Ratings comments on the recent affirmation of the ratings of
Ukraine's Bank Khreschatyk (the Outlook on the bank's Long-term
Issuer Default Rating remains Negative).  The rating affirmation
was part of a more general review of Ukrainian bank ratings, which
took into account the heightened liquidity and asset quality risks
and greater pressure on capital which Ukrainian banks have faced
as a result of the sharp depreciation of the UAH in Q408, as well
as the weaker outlook for the Ukrainian economy.

The affirmation of Bank Khreschatyk's ratings reflects its still
solid capital ratios, the relatively low - by Ukrainian market
standards - proportion of foreign currency lending, low reported
loan impairment to date and the relative stability of the bank's
niche franchise with entities related to the City of Kiev.  At the
same time, the bank's asset quality is likely to deteriorate as
the loan book seasons in a very tough environment, which explains
the Negative Outlook.

Customer funding has been more stable than at most peers in Q408,
although coverage of customer accounts by liquid assets is also
somewhat lower.  Fitch estimates that customer deposits (net of
accounts of the City of Kiev) fell by about 5%, net of FX effects,
in Q408.  At end-2008, liquid assets (defined as cash; net short-
term interbank placements; placements with the National Bank of
Ukraine net of obligatory reserves; and unpledged government
securities) covered customer funding by about 12%.  Wholesale
funding maturing in 2009 is moderate relative to the size of the
balance sheet.

Impaired loans (defined as loans overdue by more than 90 days)
increased only marginally during H208 and remained low at about 1%
of the loan portfolio at end-2008.  Although the significant
slowdown in domestic growth, coupled with further seasoning of the
portfolio, could result in a more significant asset quality
deterioration at Khreschatyk, Fitch notes that the bank's total
capital ratio is more comfortable than at many of its peers,
meaning it has somewhat more capacity to absorb additional losses.
At end-2008, Khreschatyk's total regulatory capital ratio was
17.7%.

In 2008, following very rapid growth in 2007, the loan portfolio
was relatively stagnant, reflecting funding constraints.  The
volume of the loan portfolio even decreased slightly in UAH terms
during Q408, indicating an approximately 11% contraction of the
book net of FX effects and supporting the capital position.  FX
lending (predominantly US$) equaled about 25% of total loans at
end-2008, which gives rise to significant additional credit risk,
but to a noticeably less degree than at most peers.

Renewed deposit outflow or a marked deterioration in asset quality
could result in a downgrade of Khreschatyk's ratings.
Stabilization of the macroeconomic environment and maintenance of
the current liquidity, asset quality and capital positions could
reduce downward pressure on the ratings.

A 58% stake in Bank Khreschatyk is indirectly controlled by the
Kyiv Investment Group, which also holds stakes in a large number
of Ukrainian companies operating in various industries.  Although
the City of Kiev's stake fell below a majority share in 2006, the
City still holds a 24% stake, and the bank remains an important
financial partner for the City due to its strong presence in the
Kiev region and because of its existing business ties with the
City administration and local companies.  Khreschatyk was founded
in 1993 and had UAH5.2bn of assets at end-2008.

Bank Khreschatyk's ratings are:

  -- Long-term foreign currency IDR: affirmed at 'B-' (B minus);
     Outlook remains Negative

  -- Senior unsecured debt: affirmed at 'B-' (B minus); Recovery
     Rating affirmed at 'RR4'

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

  -- Long-term local currency IDR: affirmed at 'B-' (B minus);
     Outlook remains Negative

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term rating: affirmed at 'BBB-(ukr)' (BBB
     minus); Outlook remains Negative


CHERA PROFI: Creditors Must File Claims by February 13
------------------------------------------------------
Creditors of LLC Chera Profi (EDRPOU 33193235) have until Feb. 13,
2009, to submit proofs of claim to:

         Private enterprise Lug-Techno-Trade
         Liquidator
         Apt. 41a
         Zhukov quarter, B. 8
         91051 Lugansk
         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 24/542-b.

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

The Debtor can be reached at:

         LLC Chera Profi
         Svetlitsky St. 24-a
         04215 Kiev
         Ukraine


CRYSTAL BELIKOVTSY: Creditors Must File Claims by February 13
-------------------------------------------------------------
Creditors of LLC Crystal Belikovtsy Subsidiary Company (EDRPOU
31684935) have until Feb. 13, 2009, to submit proofs of claim to:

         Mr. Vasily Glebov
         Liquidator
         Hmelnickiy Highway, 23
         Vinnica
         Ukraine
         Tel: 67-33-66

The Arbitration Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 23, 2008.
The case is docketed as 5/294-08.

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         LLC Crystal Belikovtsy Subsidiary Company
         Shkolnaya St.
         Belikovtsy
         Zhmerinka
         23130 Vinnica
         Ukraine


INDUSTRIALBANK: Fitch Comments on January 26 Rating Affirmation
---------------------------------------------------------------
Fitch Ratings comments on the 26 January 2009 affirmation of the
ratings of Ukraine's Industrialbank; the Outlook on the bank's
Long-term Issuer Default Rating is Negative.  The rating
affirmation formed part of a more general review of Ukrainian bank
ratings, which took into account the heightened liquidity and
asset quality risks and greater pressure on capital which
Ukrainian banks have faced due to the sharp depreciation of the
UAH in Q408, as well as the weaker outlook for the Ukrainian
economy.

Industrial, like other Ukrainian banks, experienced significant
deposit outflow in Q408 and is likely to face asset quality
deterioration in light of the tougher operating environment, the
high proportion of foreign currency lending and the depressed
nature of the steel industry, which is key to the bank's home
region.  Furthermore, the bank's weak corporate governance and the
low transparency of its shareholder structure, which makes it
difficult to assess the true level of related-party business, are
negatives for the bank's credit profile.  However, Fitch believes
these risks are at present captured by the bank's Long-term IDR of
'B-' (B minus) and reflected in the Negative Outlook.
Industrial's ratings are supported by its still acceptable
liquidity and capital positions, moderate reported loan impairment
to date and the bank's slower growth rates (compared to the
sector) in 2007-2008.

Fitch estimates that the total loss of client funding (net of FX
effects) was 17% during Q408, peaking in October at 11%, but more
stable thereafter.  Highly liquid assets (including cash;
placements with the National Bank of Ukraine net of the obligatory
reserves; and net short-term (less than one month) interbank
placements) were equal to a sizable 34% of total client funds or
nearly 77% of the client accounts having contractual maturities up
to one month at mid-January 2009.  This, however, should be viewed
in light of the short-term and concentrated funding profile.  The
liquidity position was also supported by term collateralized
borrowings from the NBU in Q408 (which, however, accounted for
below 4% of liabilities at mid-January, 2009).  External debt
refinancing requirements in 2009 are moderate at 10% of end-2008
liabilities.

Loan growth was 10% in 9M08 (23% in 2007), significantly below the
sector average pace of growth, and was negative in Q408 (net of FX
effects).  Lending remained highly concentrated with exposure to
the largest 20 borrowers at 64% of loans and 269% of equity at
end-Q308.  Reported related-party exposure was below 1% of loans
or 3% of equity at end-2008, although Fitch believes the actual
figure could be higher.  Reported loans overdue by more than 90
days were low at 0.9% of end-Q308 loans.  However, loans overdue
by one day or more stood at 7.2% of loans at the same date, and
NPLs are expected to grow markedly as a result of the sharp
depreciation of the UAH during Q408 (around 66% of Industrial's
lending was in foreign currencies at end-2008, including to
unhedged borrowers).  The loan impairment reserve provided
substantial 5.8x-coverage of existing reported NPLs at end-Q308,
and grew to represent 7.0% of gross loans at end-2008 (end-Q308:
5.2%).  This, together with equity, provides some cushion to
absorb a rise in credit losses.  The regulatory total capital
ratio was 14.1% at the beginning of January, 2009, up slightly
from 12.5% at end-Q308 as reported internal capital generation and
a switch towards lower-weighted liquid assets offset the effect of
the sharp UAH depreciation.

A downgrade of Industrial's ratings could result from a
substantial weakening of asset quality, a marked increase in
related party business or renewed rapid deposit outflow.  A
stabilization of the macroeconomic environment and maintenance of
moderate loan impairment levels could reduce downward pressure on
the ratings.

At end-Q308, Industrialbank was the 33rd largest bank by assets in
Ukraine.  It operates in Zaporizhia, south-east Ukraine, one of
the country's key industrial regions.  It is ultimately controlled
by several businessmen which are connected to the local steel
plant, Zaporizhstal, which is a significant domestic producer and
major exporter. Industrialbank remains primarily a corporate bank.

Rating actions on Industrialbank's ratings are:

  -- Long-term IDR: affirmed at 'B-' (B minus); Outlook Negative
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'


KREDITPROMBANK: Fitch Comments on Long-Term IDR Rating Cut
----------------------------------------------------------
Fitch Ratings comments on the recent downgrade of Ukraine-based
Kreditprombank's Long-term Issuer Default rating to 'CCC' from
'B-' (B minus).  The Outlook on the bank's Long-term IDR remains
Negative.  The rating actions were taken as part of a more general
review of Ukrainian bank ratings, and took into account the
heightened liquidity and asset quality risks and greater pressure
on capital which Ukrainian banks have faced following the sharp
depreciation of the UAH in Q408, as well as the weaker outlook for
the Ukrainian economy.  A full list of rating actions on
Kreditprombank is provided at the end of this release.

The downgrade of Kreditprombank reflects the bank's deteriorating
asset quality following previous rapid growth, significant deposit
outflow, albeit similar to that experienced by some other
Ukrainian banks, significant near-term refinancing needs and the
more general deterioration in the operating environment.

At end-2008, the bank reported that loans more than 90 days
overdue had risen to 5.8% of the portfolio from 3.1% at end-Q308
and 1.5% at end-2007.  Loan impairment reserves covered NPLs by
82% at end-2008, which in Fitch's view is insufficient, especially
in light of the expected further increase in the impairment level
(loans which became past due during Q408 would not yet have gone
90 days overdue by year-end) and likely falling values of
collateral.  Loans in foreign currency were a high 59% of the loan
book at end-2008.  At end-2008, the regulatory total capital ratio
stood at 12.8%, supported by a UAH300 million equity injection
(equal to 18% of year-end equity) in Q408; however, the capital
position should be seen in light of weak current reserve coverage
and ongoing asset quality deterioration.  The bank informed Fitch
that it is seeking ways to increase capitalization for which the
current shareholders are conducting negotiations with potential
institutional investors.  However, the realization of these plans
is uncertain.

Fitch estimates that, net of FX effects, customer funding fell
approximately 16% in Q408, which is at the higher end of the
average range for the sector.  According to management, the
situation stabilized in January 2009 and a modest increase of
customer funding has been observed since the start of the year.
At end-2008, liquid assets (cash; net short-term interbank
placements; placements with the National Bank of Ukraine net of
obligatory reserves and unpledged government securities) covered
approximately 13% of customer funding.  In addition,
Kreditprombank has foreign, mostly trade finance-related,
borrowings equal to almost 10% of end-2008 liabilities maturing in
H109; repayment of these facilities could put further pressure on
the bank's liquidity position.

Continued deterioration in Kreditprombank's asset quality or
renewed tightening of liquidity, due to upcoming repayments of
foreign borrowings, could result in a further rating downgrade.  A
stabilization of the macroeconomic environment, asset quality
trends and the liquidity position could reduce downward pressure
on the ratings.

Kreditprombank is a medium-sized Ukrainian bank, majority-owned by
Konstantinos Papounidis, a Georgian-born businessman with Greek
citizenship.  He currently owns about 80% of the bank, including a
7% direct stake.  The other large beneficiary shareholder is
Victor Nusenkis, one of the founders, and, as Fitch understands,
the majority owner of a large Ukrainian industrial conglomerate,
Concern Energo.

Rating actions on Kreditprombank:

  -- Long-term IDR: downgraded to 'CCC' from 'B-' (B minus);
     Outlook Negative

  -- Short-term IDR: downgraded to 'C' from 'B'

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

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term rating: downgraded to 'BB(ukr)' from 'BBB-
     (ukr)' (BBB minus (ukr)); Outlook Negative


PIVDENNYI BANK: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------------
Fitch Ratings comments on its recent affirmation of Ukraine-based
Pivdennyi Bank's ratings; the Outlook on the bank's Long-term IDR
is Negative.  The rating affirmation was part of a more general
review of Ukrainian bank ratings, which took into account the
heightened liquidity and asset quality risks and greater pressure
on capital which Ukrainian banks have faced as a result of the
sharp depreciation of the UAH in Q408, as well as the weaker
outlook for the Ukrainian economy.

While PB's liquidity has tightened during Q408 as a result of
deposit outflows, and the bank faces heightened credit risks as a
result of recent strong growth, a high proportion of foreign
currency lending, the UAH depreciation and the difficult operating
environment, in Fitch's view these risks are currently reflected
in the bank's 'B-' (B minus) rating and the Negative Outlook.
PB's ratings are supported by its niche franchise in its home
region and the currently low reported levels of non-performing
loans (overdue for more than 90 days).

In common with other Ukrainian banks, PB experienced considerable
deposit outflows during the market turbulence in Q408, and during
October-November 2008 customer accounts declined by about 10% (net
of foreign currency revaluation effects).  The deposit base,
however, then stabilized and showed a small increase (1%) in
December 2008 to mid-January 2009.  Nevertheless, PB's liquidity
position remained strained: end-2008 liquid assets (cash and net
short-term interbank placements) were equal to only 8% of customer
accounts, underscoring the bank's vulnerability to further
substantial deposit outflows.

Reported NPLs were low (1.1% at end-2008), although Fitch notes
that, as with other Ukrainian banks, additional impairment is
likely to crystallize as the operating environment worsens; Fitch
also notes that the proportion of foreign currency lending is
high, at 58% at end-2008.  In addition, PB's portfolio included a
sizable portion of rolled-over loans (26% at end-2008).  However,
Fitch was informed that none of these roll-overs was due to
borrowers' deteriorating financial position; but rather were
extensions of short-term loans to better manage the bank's
liquidity, interest rate and credit risks.  Basel I total capital
ratio was a moderate 15.1% at end-2008, having fallen from 16% at
end-Q308 as a result of the UAH depreciation.  PB intends to
attract during 2009 a further UAH175 million of equity (equal to
12% of end-2008 IFRS equity) from its current shareholders to
support capitalization.

A downgrade of PB's ratings would be possible in case of
significant credit losses, further deterioration in the bank's
liquidity position or erosion of the capital base.  A
stabilization of the macroeconomic environment and maintenance of
moderate NPL levels would lessen downward pressure on the ratings.

PB is a located in Odessa, Ukraine.  At end-Q308, it was the 21st
largest bank in the country, holding over 1% of total sector
assets, and had 17 branches and 151 other outlets.  Control of the
bank is ultimately in the hands of two Ukrainian businessmen, Yury
Rodin and Mark Bekker.

Rating actions:

  -- Long-term IDR: affirmed at 'B-' (B minus); Outlook Negative

  -- Senior unsecured debt: Long-term rating affirmed at 'B-' (B
     minus), Recovery Rating affirmed at 'RR4'

  -- Short-term IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'


QUASI SYSTEM: Creditors Must File Claims by February 13
-------------------------------------------------------
Creditors of LLC Quasi System (EDRPOU 33835705) have until
Feb. 13, 2009, to submit proofs of claim to:

         Private enterprise Lug-Techno-Trade
         Liquidator
         Apt. 41a
         Zhukov quarter, B. 8
         91051 Lugansk
         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 24/543-b.

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

The Debtor can be reached at:

         LLC Quasi System
         Pavlovskaya St. 9
         01054 Kiev
         Ukraine


SIAM LLC: Creditors Must File Claims by February 13
---------------------------------------------------
Creditors of LLC Production and Commerce Enterprise Siam (EDRPOU
34059743) have until Feb. 13, 2009, to submit proofs of claim to:

         Mr. Igor Morozov
         Liquidator
         A/B 2734
         49044 Dnipropetrovsk
         Ukraine

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 23, 2008.  The case is docketed as B 29/303-08.

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

The Debtor can be reached at:

         LLC Production and Commerce Enterprise Siam
         Vinokurov St. 1a
         49000 Dnipropetrovsk
         Ukraine


UKRGASBANK OJSC: Fitch Comments on Long-Term IDR Rating Cut
-----------------------------------------------------------
Fitch Ratings comments on its recent downgrade of Ukraine-based
OJSC Ukrgasbank's Long-term Issuer Default rating to 'CCC' from
'B-' (B minus).  The Outlook on the bank's Long-term IDR is
Negative.  The rating actions were taken as part of a more general
review of Ukrainian bank ratings, and took into account the
heightened liquidity and asset quality risks and greater pressure
on capital which Ukrainian banks have faced following the sharp
depreciation of the UAH in Q408, as well as the weaker outlook for
the Ukrainian economy.

The downgrade of UGB reflects the recent significant tightening of
its capital and liquidity positions, as well as the potential for
significant asset quality deterioration in light of the bank's
recent rapid growth and the deterioration in the operating
environment.  However, Fitch also notes the moderate reported
level of NPLs to date.

In line with most other Ukrainian banks, UGB's liquidity position
came under pressure following a notable deposit outflow in Q408.
UGB's deposit base fell by approximately 14% in Q408 (net of
foreign currency revaluation effects) and by a further 5% in the
first half of January 2009.  Liquidity has been supported by both
secured and unsecured borrowings from the National Bank of
Ukraine.  However, the liquidity cushion (cash and equivalents
plus net interbank position) remained limited, and as at 23
January 2009 covered just 8% of customer accounts.  In addition,
wholesale refinancing needs relating to a maturing US$23 million
syndicated loan and an early redemption option for UAH200 million
domestic bonds will crystallize in August - September 2009,
although their amounts are fairly modest compared to UGB's balance
sheet.

Capitalization has become tight as a result of the revaluation of
foreign currency assets (regulatory ratio as at 21 January 2009
stood at 10.27%), despite a UAH116 million equity injection from
existing shareholders in December 2008.  The shareholders plan to
support capitalization by additional UAH500 million equity
injection in 2009.  Reported NPLs (overdue for more than 90 days)
were a moderate 3% of the loan portfolio (at end-2008), although
Fitch notes that additional impairment may crystallize as the loan
book seasons and the operating environment worsens, particularly
as loans going past due during Q408 would not yet have gone 90
days overdue at year-end.  The proportion of foreign currency
loans was high at 44% at end-2008.

Further negative rating actions would be possible in case of
significant credit losses, further deterioration in UGB's
liquidity position or erosion of capital.  A stabilization of the
macroeconomic environment, maintenance of moderate loan impairment
ratios and cessation of the deposit outflow could lessen pressure
for a negative rating action.

UGB was founded in 1993 and has operated under its current name
since 1997.  The bank had been focused on corporate banking, in
particular the Ukrainian oil and gas sector, but gradually started
to diversify into the SME and retail segments.  UGB has a country-
wide network, consisting of 14 branches and 365 outlets.  As at
end-Q308, UGB was the 18th-largest bank in Ukraine, with total
assets of UAH13.6 billion and a market share of 1.8%.  The bank is
jointly controlled by Vassiliy Gorbal, a deputy of the state
parliament (Verhovnaya Rada), and Alexey Omelyanenko, a deputy of
the Kiev city parliament (Kiev Rada).

Rating actions:

  -- Long-term IDR: downgraded to 'CCC' from 'B-' (B minus);
     Outlook Negative

  -- Short-term IDR: downgraded to 'C' from 'B'

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

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term rating: downgraded to 'BB(ukr)' from 'BBB-
     (ukr)' (BBB minus (ukr)); Outlook Negative


YARIKS-CAR LLC: Creditors Must File Claims by February 13
---------------------------------------------------------
Creditors of LLC Yariks-Car (EDRPOU 33249429) have until Feb. 13,
2009, to submit proofs of claim to:

         Mr. Morozov Igor
         Liquidator
         A/B 2734
         49044 Dnipropetrovsk
         Ukraine

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 23, 2008.  The case is docketed as B 29/302-08.

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

The Debtor can be reached at:

         LLC Yariks-Car
         Fuchik St. 23/4
         49000 Dnipropetrovsk
         Ukraine


ZHMERINKA FEED: Creditors Must File Claims by February 13
---------------------------------------------------------
Creditors of LLC Zhmerinka Feed Mill (EDRPOU 00686428) have until
Feb. 13, 2009, to submit proofs of claim to:

         Mr. Vasily Glebov
         Liquidator
         Hmelnickiy Highway, 23
         Vinnica
         Ukraine
         Tel: 67-33-66

The Arbitration Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 12, 2008.
The case is docketed as 10/190-08.

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:


         LLC Zhmerinka Feed Mill
         Tchaikovsky St. 7
         Brailov
         Zhmerinka
         23130 Vinnica
         Ukraine


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


A & M METAL: Appoints Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery
were appointed joint liquidators of A & M Metal Services Ltd. on
Jan. 20, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Unit 1
         Calder Close
         Calder Park
         Wakefield
         WF4 3BA
         England


CONGREGATIONAL & GENERAL: S&P Affirms 'BB+' Counterparty Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+'
counterparty credit and insurer financial strength ratings on
Congregational & General Insurance PLC.  At the same time, the
ratings were removed from CreditWatch with negative implications,
where they had been placed on July 30, 2008.  The outlook is
stable.

The original CreditWatch placement reflected S&P's uncertainty
regarding the implementation of the company's stated strategy at
that time.  This concern has been alleviated, however, since
Congregational & General has successfully secured a co-insurance
agreement with Hiscox Underwriting Ltd. on behalf of Hiscox
Insurance Co. Ltd. (A/Stable/--).  In addition, Congregational &
General has considerably reduced management's high risk tolerance
by selling its whole equity portfolio in December 2008.  The co-
insurance agreement reduces pressure on Congregational & General's
reduced shareholder funds and may bring an additional dimension to
the company's profile going forward by generating other income
streams.  Equity exit significantly reduced the volatility in
solvency.

"The ratings on Congregational & General are constrained by its
marginal, although improving, operating performance and marginal
competitive position," said Standard & Poor's credit analyst
Tatiana Grineva.  "The ratings remain underpinned by its robust
competitive position within its core, but very small, niche
commercial property market and prospectively good capitalization,"
she added.

The stable outlook reflects S&P's expectation that Congregational
& General will be able to maintain underwriting profitability over
the next two to three years in order to rebuild its capitalization
and financial flexibility to its historic levels.  "We also expect
the company to maintain its recently reduced -- after the sale of
its equity portfolio -- financial risk tolerance," said Ms.
Grineva.

The ratings could come under downward pressure if alleviated
financial risk tolerance were to increase or through a further
reduction in the company's capital or operating performance over
the course of the 2009 financial year.  Positive rating action is
unlikely in the medium term; however, it may be driven by a
significant improvement in the company's competitive position
supported by stable profitability and capitalization over the
cycle despite challenging economic conditions.


GLANFORD PLANT: Names Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery
were appointed joint liquidators of Glanford Plant Hire Ltd. on
Jan. 16, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Europarc Innovation Centre
         Innovation Way
         Grimsby
         DN37 9TT
         England


H.E. RICHARDS: Placed Into Receivership; 28 Jobs at Risk
--------------------------------------------------------
H.E. Richards Ltd has been placed into receivership, putting 28
jobs at risk, iomtoday.co.im reports.

The report relates KPMG has been appointed as receiver of the
company.

According to the report, the receiver is following up expressions
of interest in the firm.

Mike Fayle of KPMG, as cited by the report, said staff were set
home, but had not been formally laid off.

"There's a strong likelihood of this, depending on (the outcome]
of expressions of interest," Mr. Fayle was quoted by the report as
saying.

Based in Hills Meadow, H.E. Richards is a cash & carry and
wholesale distributor.


HOUSE OF WILLIAMS: Appoints Joint Administrators from Deloitte
--------------------------------------------------------------
Lee Antony Manning and Nicholas Guy Edwards of Deloitte LLP were
appointed joint administrators of House Of Williams (Jewellery)
Ltd. on Jan. 26, 2009.

The company can be reached at:

         House Of Williams (Jewellery) Ltd.
         58-60 Berners Street
         London
         England


ILIAD INVESTMENT: Moody's Withdraws Ratings on Three Note Classes
-----------------------------------------------------------------
Moody's withdrew the ratings of three classes of notes issued by
Iliad Investment P.L.C.  These notes have been repurchased and
been redeemed in full.

The rating actions are:

Iliad Investment P.L.C.:

(1) The EUR25,000,000 Series 9 Class A1 5.10 per cent Notes due
2013

  -- Current Rating: WR
  -- Prior Rating: Caa3, on review for possible downgrade

(2) The EUR10,000,000 Series 9 Class A2 Secured Floating Rate
Notes due 2013

  -- Current Rating: WR
  -- Prior Rating: Caa3, on review for possible downgrade

(3) The CHF12,500,000 Series 9 Class A3 Secured Floating Rate
Notes due 2013

  -- Current Rating: WR
  -- Prior Rating: Caa3, on review for possible downgrade


INDEPROD PEOPLE: Goes Into Administration
-----------------------------------------
James Thornton at Conference & Incentive Travel reports that
agency group The Indeprod People Company Ltd has gone into
administration.

Martha H. Thompson and Christopher K. Rayment of BDO Stoy Hayward
LLP were appointed joint administrators of the company on Jan. 23,
2009.

"As of last Friday the business has gone into administration and
all the senior staff have gone.  We have ceased trading and are
operating on a skeleton staff until the business is either wound
down or sold on," a member of Indeprod's staff told C&IT.

Oxford Motovitation, which Indeprod acquired a year ago, is
included in the administration, C&IT notes.


INOTECH SERVICES: Taps Joint Liquidators from Tenon Recovery
------------------------------------------------------------
Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery
were appointed joint liquidators of Inotech Services Ltd. on
Jan. 15, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Lowgate House
         Lowgate
         Hull
         HU1 1EL
         England


JUMP MEDIA: Names Joint Administrators from Grant Thornton
----------------------------------------------------------
Nigel Morrison and Alistair Wardell of Grant Thornton UK LLP were
appointed joint administrators of Jump Media Ltd. on Jan. 19,
2009.

The company can be reached at:

         Jump Media Ltd.
         3 Church Road
         Penryn
         Cornwall
         TR10 8DA
         England


MANSARD MORTGAGES: Fitch Junks Ratings on Three Tranches
--------------------------------------------------------
Fitch Ratings has downgraded eight and affirmed nine tranches of
three Mansard Mortgages transactions, UK non-conforming
transactions.  The Outlooks on nine tranches were revised to
Negative from Stable, reflecting Fitch's concern about the
performance of the deals, as well as the impact of the ongoing
house price decline and current mortgage market conditions on the
loss severities of foreclosed loans.  Rating actions are listed at
the end of this announcement.

The latest investor reports for all three transactions have shown
reserve fund draws, the most severe being in Mansard Mortgages
2006-1 Plc (Mansard 2006-1), with GBP1.2 million. (i.e. 26.69% of
the target amount) of the reserve drawn in the last quarter alone.
As of January 2009, the reserve fund stood at 53.72%, leaving the
junior tranche with 0.73% of credit support (compared to 0.75% at
close).  Fitch believes that if losses continue to be realized at
the current pace, the reserve fund is likely to be fully depleted
in the course of 2009.   Due to the expectation of significant
further reserve fund draws the class M2a, B1a and B2a notes in
this transaction have been downgraded to 'BBB', 'BB' and 'CC',
respectively.  In addition a Recovery Rating of 'RR4' has been
assigned to the B2a notes, reflecting the low likelihood of
investors receiving interest and principal payments due on these
notes.

In the two more recent transactions the reserve fund draws that
occurred in the last quarter were 18.23% (Mansard 2007-1) and
0.27% (Mansard 2007-2) of the target amounts.  The draw of
GBP364,634 has left the junior tranche, class B2a, of Mansard
2007-1 with 0.78% of credit enhancement, compared to 0.8% at
close.  Meanwhile, in addition to the reserve fund draws, in the
past two quarters Mansard 2007-2 has been drawing on its liquidity
facility.  Unlike other UK non-conforming transactions, the
liquidity facility in this transaction is used to cover any
interest shortfalls that might arise on the notes before the
reserve fund.  Since October 2008, the issuer has been utilizing
the liquidity facility funds available, and as of January 2009 the
total amount drawn amounted to GBP326,779.  The draws on the
liquidity facility, along with Fitch's expectations of further
reserve fund draws, were the key drivers behind the downgrades of
the notes in these two transactions.

According to the latest investor reports loans in arrears by more
than three months have been increasing in all three transactions,
particularly in the last two quarters.  The increase was the most
significant in Mansard 2006-1 (935bps), where the level of arrears
in January 2009 reached 22.95%.  Mansard 2007-2 is showing a more
rapidly deteriorating trend, as loans in arrears by more than
three months (7.87%) as of the last interest payment date are
already exceeding the levels seen on the two more seasoned deals
at the same level of months after closing (16 months: 6.42%
Mansard 2006-1 and 7.09% Mansard 2007-1).

The volume of sold properties has increased reaching 1.86%, 0.82%
and 0.06% of the original pools of Mansard 2006-1, Mansard 2007-1
and Mansard 2007-2.  Fitch calculated period loss severities have
ranged between 23.98% (Mansard 2007-2) and 32.14% (Mansard 2006-
1), and given the underlying loan characteristics of the three
portfolios (loans with high loan-to-value ratios, high portion of
buy-to-let and/or self-certified borrowers, as well as a high
number of interest-only loans), the agency expects these figures
to increase in the forthcoming period.

The rating actions are:

Mansard Mortgages 2006-1 Plc

  -- Class A2a (ISIN XS0272297358) affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0272298752) affirmed at 'AA'; Outlook
     revised to Negative from Stable

  -- Class M2a (ISIN XS0272299131) downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable

  -- Class B1a (ISIN XS0272304311) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class B2a (ISIN XS0272305045) downgraded to 'CC' from 'BB';
     Recovery Rating 'RR4' assigned

Mansard Mortgages 2007-1 Plc

  -- Class A1a (ISIN XS0293436910) affirmed at 'AAA'; Outlook
     Stable

  -- Class A2a (ISIN XS0293438965) affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0293458054) affirmed at 'AA'; Outlook
     revised to Negative from Stable

  -- Class M2a (ISIN XS0293460381) downgraded to 'A-' (A minus)
     from 'A'; Outlook revised to Negative from Stable

  -- Class B1a (ISIN XS0293442215) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class B2a (ISIN XS0293446711) downgraded to 'CC' from 'BB';
     Recovery Rating 'RR4' assigned

Mansard Mortgages 2007-2 Plc

  -- Class A1a (ISIN XS0333305299) affirmed at 'AAA'; Outlook
     Stable

  -- Class A2a (ISIN XS0333306933) affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0333308475) affirmed at 'AA'; Outlook
     revised to Negative from Stable

  -- Class M2a (ISIN XS0333311693) affirmed at 'A'; Outlook
     revised to Negative from Stable

  -- Class B1a (ISIN XS0333313988) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class B2a (ISIN XS0333340361) downgraded to 'CC' from 'BB';
     Recovery Rating 'RR3' assigned


MILLENNIUM ESTATES: Goes Into Administration
--------------------------------------------
Alex Hawkes at cnplus.co.uk reports that Northwest-based luxury
builder Millennium Estates, also known as "Ronaldo's builder", has
gone into administration.

Citing the Companies House, the report discloses the
administration is being handled by Zolfo Cooper, formerly Kroll.

The collapse of the buy-to-let market in the North-west, in which
the firm had a strong involvement, has been cited as the cause of
the failure, the report says.


OCEANIQUE LTD: Appoints Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Oceanique Ltd. on Jan. 16, 2009,
for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


OEP FURNITURE: Taps Administrators from of Smith & Williamson
-------------------------------------------------------------
Anthony Cliff Spicer and James Douglas Ernle Money of Smith &
Williamson Ltd., were appointed joint administrators of OEP
Furniture Group Plc on Jan. 20, 2009.

The company can be reached at:

         OEP Furniture Group Plc
         103 High Street
         Waltham Cross
         Hertfordshire
         EN8 7AN
         England


OSBORNE TABLEWARE: Appoints Joint Administrators from PKF
---------------------------------------------------------
Ian Schofield and Charles Escott of PKF (UK) LLP were appointed
joint administrators of Osborne Tableware Ltd. on Jan. 16, 2009.

The company can be reached at:

         Osborne Tableware Ltd.
         Imperial Works
         Sheffield Road
         Sheffield
         S9 2YL
         England


PHP LTD: Names Joint Liquidators from Tenon Recovery
----------------------------------------------------
Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery
were appointed joint liquidators of PHP Ltd. on Jan. 19, 2009, for
the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Lowgate House
         Lowgate
         Hull
         HU1 1EL
         England


RMAC SECURITIES: S&P Cuts Ratings on Two Classes of Notes to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A2a, A2b, and
A2c notes series 2007-NS1 issued by RMAC Securities No. 1 PLC
(RMAC 2007-NS1).  S&P also lowered its credit ratings on the class
M1a, M1c, M2c, B1a, and B1c notes.  The class A1a, A1b, and A1c
notes were affirmed.

The rating actions follow a full credit and cash flow analysis of
the most recent loan-level information and are based on three main
factors:

   - The continued draws on the reserve fund of RMAC 2007-NS1;

   - The decline in U.K. house prices; and

   - The transaction's current and expected pool performance,
     given the increasing arrears and limited deleveraging to
     date.

On Dec. 12, 2008, RMAC 2007-NS1 drew on its reserve fund for a
fifth time by a further GBP846,789, leaving the reserve fund at
GBP3.82 million (66.23% of the reserve fund required amount).
This is the largest draw on its reserve to date.

The reserve fund draw was due to increased losses, increasing
delinquencies, and an exacerbated mismatch between the three-month
LIBOR paid on the notes and the Bank of England base rate paid on
the mortgage loans.  This mismatch has been severe due to the drop
in BBR in the period to December 2008, to 3.5% from 5.0%.  There
is no basis swap in this transaction and the mismatch currently
affects 9.89% of the loans.

Delinquencies and repossessions in this transaction increased in
the period up to December 2008. 90+ day arrears (including
repossessions) increased to 12.60% up from 9.96% in September, and
repossessions increased to 2.32% from 2.06%.  The stock of
repossessions is currently 2.32, and total net losses as a
percentage of the original pool balance are 0.41%.

As U.K. house prices continue to decline, higher losses on
defaulted loans are more likely, in S&P's view.  This is expected
to be the case particularly for those loans originated in the past
few years.  The current lack of liquidity in the U.K. housing
market could also prolong the time from repossession to sale,
putting further pressure on recovery levels.  The cumulative
weighted-average loss severity of the pool increased to 24.60% in
December from 18.26% in September, and the weighted-average loss
severity for properties sold in the period to December was 33.27%.

The constant prepayment rate since issuance is 9.40%.  This is low
compared with similar transactions at the same time.  As of
December, three-month CPR was 6.13%.  The low level of prepayments
has led to a slower increase in credit enhancement for the notes.

The class A1 and A2 notes rank pari passu in seniority in terms of
interest, but the class A1 notes rank senior to A2 in terms of
principal (pre-enforcement).  The class A1 notes received timely
payment of interest and ultimate payment of principal in all of
S&P's cash flow stress scenarios, and so S&P has affirmed the
rating on these notes.

S&P will continue to monitor the performance of this transaction
using the most recent loan-level data for S&P's full credit and
cash flow analysis.  S&P will pay particular attention to future
repossessions, losses, and changes in collection rates and
prepayment rates.

                          Ratings List

                     RMAC Securities No. 1 PLC
      GBP296.8 Million, EUR214.0 Million, and US$168.0 Million
        Mortgage-Backed Floating-Rate Notes Series 2007-NS1

                         Ratings Lowered

                                    Rating
                                    ------
              Class      To                    From
              -----      --                    ----
              M1a        A                     A+
              M1c        A                     A+
              M2c        BBB                   BBB+
              B1a        B-                    B+
              B1c        B-                    B+

       Ratings Lowered and Removed from CreditWatch Negative

                               Rating
                               ------
         Class      To                    From
         -----      --                    ----
         A2a        AA+                   AAA/Watch Neg
         A2b        AA+                   AAA/Watch Neg
         A2c        AA+                   AAA/Watch Neg

                         Ratings Affirmed

                             Rating
                             ------
                    To                    From
                    --                    ----
                    A1a                   AAA
                    A1b                   AAA
                    A1c                   AAA



S HALL MOTORS: Names Joint Administrators from Grant Thornton
-------------------------------------------------------------
Leslie Ross and David Michael Riley of Grant Thornton UK LLP were
appointed joint administrators of S Hall Motors (Birkenhead) Ltd.
on Jan. 16, 2009.

The company can be reached through Grant Thornton UK LLP at:

         S Hall Motors (Birkenhead) Ltd.
         1st. Floor
         Royal Liver Building
         Liverpool
         L3 1PS
         England


SERIOUS FOOD: In Administration; PwC Appointed
----------------------------------------------
Rob Lewis and Derek Howell of PricewaterhouseCoopers LLP were
appointed joint administrators of Serious Food Ltd and its
subsidiary Sunjuice Ltd on January 28, 2009.   This does not
affect the soup and distribution subsidiaries of Serious Food.

Sunjuice was founded in 1987 and now makes over half the smoothies
and freshly squeezed juices consumed in the UK, the majority of
which are supplied to the private label market.  It operates from
Llantrisant, South Wales and employs 420 staff.  The
administration has resulted from difficult trading conditions in
the last 12 to 18 months.

During November 2008, Sunjuice entered into consultation with 200
employees around a redundancy program and it is with regret that
the administrators have made 127 staff redundant with immediate
effect.  The administrators are already in discussions with a
number of parties in relation to the sale of parts of the business
which should allow "going concern" solutions to be explored.  In
the meantime, the business will continue to trade as normal.

Rob Lewis, joint administrator and partner in
PricewaterhouseCoopers LLP said: "While it is regrettable that we
have had to make redundancies today, I hope that it will be
possible to find buyers for the different parts of the business
affected.  We are putting in place arrangements to let trading
continue as normally as possible, and in order for that to happen
we will need the support of customers, suppliers and employees
over the coming weeks while we try and find the best solution
possible."


* UK: Administrations Up 20% in 2008, Deloitte Says
---------------------------------------------------
Deloitte, the business advisory firm, has announced its analysis
of administration figures for 2008.  The results highlight a 20%
increase in administrations in 2008 compared with 2007, and a
quarterly increase of 30% in Q4 compared with on Q3 2008.

Lee Manning, reorganization services partner at Deloitte
commented: "Given the current environment, these figures do not
seem altogether too bad, but they do not reflect what is truly
happening in the economy.  Most of the increase in administration
activity only gathered pace towards the end of last year, and with
many economic commentators speculating that we are only at the tip
of this crisis, we can expect these figures to increase
drastically.  Businesses should take this as a warning to act as
early as possible to avoid becoming yet another statistic.  This
may require difficult decisions to be made over staffing and other
overheads, and a curtailment of all non-essential expenditure.
Things are going to become worse before they get better and this
makes proper contingency planning vital.

"The property and construction sector continues to be hit hard,
with administrations up 73% compared to 2007.  The continual
decline in house prices, land stock value and the diminishing
numbers of mortgage approvals is exacerbating the situation.

"Elsewhere, the recruitment sector bore the brunt:
administrations were up an astounding 232% compared to 2007, and
up 208% on 2006.  With the crisis no longer confined to the
financial sector, individuals are feeling the effects of the
credit crunch on a more personal level.  Unsurprisingly, they
don't want to rock the boat and are preferring to stay with their
existing employers rather than look elsewhere.  This is coupled
with a wholesale cutback on recruitment by companies.

"Interestingly, however, the leisure and hospitality sector only
saw a rise of 16% in the number of companies falling into
administration compared to 2007, and similarly retail saw an
increase of just 6% compared with 2007.  We have already begun to
see signs of this changing, and as discretionary spending begins
to be hit we expect to see these figures increase in the coming
months."

Key statistics:

    * Manufacturing administrations are down 25% compared to 2007;
    * Transport administrations were up 16% on 2007.

Commenting on the regional breakdown, Mr. Manning said:
"Businesses across the entire country are being affected by the
downturn, particularly in the North East, where administrations
have seen a 98% increase compared to 2007.  This increase is not
confined to the north, however, with the South West seeing a 95%
increase in administrations."

Deloitte - http://www.deloitte.com/-- provides audit, consulting,
financial advisory, risk management and tax services to selected
clients.


* BOND PRICING: For the Week Jan. 26 to Jan. 30, 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 * * *