TCREUR_Public/090203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, February 3, 2009, Vol. 10, No. 23

                            Headlines

A U S T R I A

ASH LLC: Claims Registration Period Ends February 9
VERMARKTUNG BEHRENDS: Claims Registration Period Ends March 2


B E L A R U S

BELAGROPROMBANK: Fitch Affirms Individual Rating at 'D/E'


B E L G I U M

FORTIS NV: BNP Paribas Settles for 10% Stake in Insurance Unit


C Z E C H   R E P U B L I C

SAZKA AS: S&P Changes Outlook to Negative; Affirms 'B+' Rating


D E N M A R K

NORDIC TELEPHONE: Moody's Raises Corporate Family Rating to 'Ba2'


F R A N C E

THOMSON SA: EUR800 Mil. Increase in Debt Cues Moody's Junk Rating


G E R M A N Y

DACH-PARTNER GMBH: Claims Registration Period Ends February 23
EFS BAU: Claims Registration Period Ends February 23
EUROHOME MORTGAGES: Moody's Junks Ratings on Two Classes of Notes
MOEBEL SPARKAUF: Claims Registration Period Ends February 23
MOBILFUNK SERVICE: Claims Registration Period Ends February 17

TANKSTELLEN AND TRUCK-STOP: Claims Registration Ends Feb. 17
TECCSO GMBH: Claims Registration Period Ends February 16
TMD FRICTION: To Close Virginia Plant; About 140 Jobs Affected


I R E L A N D

FIRST EQUITY: Investors Won't Get Dividends
SHAMROCK CAPITAL: Moody's Junks Rating on EUR32 Mln Class G Notes


K A Z A K H S T A N

BOLASHAK LLP: Proof of Claim Deadline Slated for March 6
BERKAT LLP: Creditors Must File Claims by March 6
ELECTRO GRAD: Claims Filing Period Ends March 6
ELIT AUTO+: Creditors' Proofs of Claim Due on March 6
INJU LTD: Claims Registration Period Ends March 6

KYRYMBET LLP: Proof of Claim Deadline Slated for March 6
KOMEK LLP: Creditors Must File Claims by March 6
LIBRA LLP: Claims Filing Period Ends March 6
MAYLET LLP: Creditors' Proofs of Claim Due on March 6
PFK UTOKS: Claims Registration Period Ends March 6


K Y R G Y Z S T A N

BEK STROY: Creditors Must File Claims by February 27


L I T H U A N I A

* LITHUANIA: At Risk of Insolvency if Social Tensions Mount


N E T H E R L A N D S

ESSENCE I: Fitch Release; Assigns 'BB' Rating to Class E Notes
ESSENCE I: Fitch Assigns 'BB' Rating on EUR8.8 Mil. Notes


P O L A N D

GETIN BANK: To Merge With Noble Bank
GETIN BANK: Moody's Puts 'D' BFSR on Review for Likely Cut
GETIN BANK: Fitch Affirms Individual Rating at 'D'


R U S S I A

ATEMARSKIY CONSTRUCTION: Creditors Must File Claims by March 23
EKO-STROY LLC: Creditors Must File Claims by February 23
GRADOSTROY DIZAIN LLC: Creditors Must File Claims by February 23
INVESTMENT AND CONSTRUCTION: Court Names Insolvency Manager
KEMEROVSKAYA TRANSPORT: Court Names Insolvency Manager

LSR GROUP: Moody's Downgrades Corporate Family Rating to 'B3'
MET-EKSPO CJSC: Creditors Must File Claims by February 23
NEFTEPUL CJSC: Court Names Temporary Insolvency Manager
SSMO CJSC: Restructure on Note Terms Won't Affect S&P's 'B' Rating
STROITELNYY KOMPLEKS: Creditors Must File Claims by February 23

TRUST A3 OJSC: Creditors Must File Claims by March 23


S W I T Z E R L A N D

A1 INFORMATION: Creditors Must File Proofs of Claim by March 3
ENERGO STEEL: Deadline to File Proofs of Claim Set April 6
ESTHER HELD: Creditors Have Until March 5 to File Claims
FOKUS CONSULTING: Proofs of Claim Filing Deadline is March 9
MARC FISCHER: Creditors' Proofs of Claim Due by April 30

ORAMIS MEDIA: March 6 Set as Deadline to File Claims
PROMAK LLC: Creditors Must File Proofs of Claim by March 6


T U R K E Y

GARANTI FAKTORING: Fitch Affirms 'BB' Issuer Default Rating


U K R A I N E

ANDRUSHEVKA SUGAR: Creditors Must File Claims by February 13
COLVI LLC: Creditors Must File Claims by February 14
ENERGY SUPPLY: Creditors Must File Claims by February 14
CHERNOYE MORE: Creditors Must File Claims by February 14
IPEK PLUS: Creditors Must File Claims by February 14

ISD CORPORATION: Moody's Keeps 'B1' Rating; Assigns Neg. Outlook
GREEN LEAF: Creditors Must File Claims by February 14
MEAT AND MILK: Creditors Must File Claims by February 14
PIRAMIDA-LUX LLC: Creditors Must File Claims by February 14
PROMINVESTBANK: Moody's Comments on Vnesheconombank Acquisition

SOCIAL RENASCENCE: Creditors Must File Claims by February 14


U N I T E D   K I N G D O M

A H DIAMOND: Appoints Joint Liquidators from Tenon Recovery
ADDISON MCKEE: Appoints Joint Administrators from BDO
BE-PLAS MARKETING: Brings in Joint Administrators from PKF
CAMBRIAN HOTELS: Taps Joint Administrators from PwC
ENVIRONMENTAL INTELLIGENCE: Calls in Joint Liquidators from KPMG

EUROPEAN EVENTS: Goes Into Voluntary Liquidation
HURRANS: Goes Into Administration; Three Stores Closed
MADHOUSE LTD: In Administration; Sold to Winter Sky Retail
MAX TRAVEL: Goes Into Voluntary Liquidation
MINERVA RESOURCES: Sells Kyrgyzstan Unit; Enters Into CVA

REMBITT LTD: Appoints Joint Administrators from Grant Thornton
RIO TINTO: In Talks With Chinalco On Possible Stake Sale
RIO TINTO: Sells Argentina and Brazil Assets for US$1.6 Billion
SH MOORE AND SONS: Goes Into Liquidation; 20 Jobs Affected
STAFFORD RUBBER: Goes Into Administration; 60 Staff Axed

* UK: Begbies Warns Major House Builders at Risk of Insolvency

* Large Companies with Insolvent Balance Sheet


                         *********

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


ASH LLC: Claims Registration Period Ends February 9
---------------------------------------------------
Creditors owed money by LLC ASH (FN 101885g) have until Feb. 9,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Paul Wolf
         Hauptplatz 27a
         9300 St. Veit/Glan
         Austria
         Tel: 04212/36843
         Fax: 04212/36843-43
         E-mail: office@wolf-zupanc.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 16, 2009, for the
examination of claims at:

         Land Court of Klagenfurt
         Room 225
         Klagenfurt
         Austria

Headquartered in Althofen, Austria, the Debtor declared bankruptcy
on Jan. 8, 2009, (Bankr. Case No. 41 S 5/09x).


VERMARKTUNG BEHRENDS: Claims Registration Period Ends March 2
-------------------------------------------------------------
Creditors owed money by LLC Vermarktung Behrends & Co. KEG. (FN
277184z) have until March 2, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Gerald Streibel
         LLC TPA Insolvenztreuhand
         Schwedengasse 2
         3500 Krems an der Donau
         Austria
         Tel: 02732/70280-80
         Fax: 02732/70280-9
         E-mail: insolvenz.krems@tpawt.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 18, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt
         Hall A
         Second Floor
         Wiener Neustadt
         Austria

Headquartered in Raabs an der Thaya, Austria, the Debtor declared
bankruptcy on Dec. 30, 2009, (Bankr. Case No. 9 S 75/08i).


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B E L A R U S
=============


BELAGROPROMBANK: Fitch Affirms Individual Rating at 'D/E'
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Belarus-based
Belagroprombank, including its Long-term Issuer Default Rating of
'B-' (B minus) with a Stable Outlook and its Individual rating of
'D/E'.

BAPB's IDRs and Support rating of '5' reflect Fitch's view that
the Belarusian authorities would have a high propensity to provide
support to BAPB in case of need.  This view is based on the bank's
state ownership, its position in the national banking system and
its agency role in developing Belarusian agriculture under
government programs.  However, the ratings also reflect
constraints on the sovereign's ability to provide potential
support, in particular because of the considerable size of the
country's state-owned banks and their foreign currency obligations
relative to the sovereign's foreign currency reserves.  BAPB's
Individual rating of 'D/E' reflects the risks arising from the
rapid growth of its loan portfolio, high level of industry
concentration, weaknesses in the operating environment and a
relatively weak liquidity profile.  The Individual rating also
considers low reported loan impairment to date and the bank's
strong capitalization.

The Stable Outlook on BAPB's Long-term IDR reflects Fitch's view
that the sovereign currently retains the ability to provide
support to state-owned banks to the extent implied by their 'B-'
(B minus) ratings.  However, if the Belarusian economy experiences
further negative shocks and the sovereign's ability to provide
support is significantly reduced, BAPB's ratings could come under
downward pressure.  Significant deterioration in the operating
environment, and weakening of the agriculture sector in
particular, would also negatively affect the stand-alone profile
of the bank and could put downward pressure on the Individual
rating.

BAPB's loan portfolio grew by 73% in 11M08. Agricultural, food
processing and other related industries together accounted for 86%
of the loan book at end-Q308.  At the same time, loans under
government programs accounted for two-thirds of the loan portfolio
and 45% of the loan book was covered by government guarantees.
Loans overdue for 90 days and above were a low 0.2% of total loans
at end-Q308 and were 9x covered by impairment reserves.  However,
asset quality is likely to deteriorate as a result of the
seasoning of the loan book and the weakening operating
environment.  BAPB's liquidity profile is weakened by reliance on
short-term funding to finance long-term loans and a relatively low
holding of liquid assets.  However, a significant part of BAPB's
funding (65% of total liabilities at end-Q308) comes from
government authorities and state-controlled entities, which partly
mitigates the liquidity risk.  Following a BYR1,950bn equity
injection from the government in December 2008, year-end
regulatory tier 1 and total capital ratios stood at a reasonable
27.2% and 30.3%, respectively, although these should be considered
in light of the high-risk lending operations and the unseasoned
portfolio.

BAPB is the second-largest Belarusian bank and is majority-owned
by the state, mainly via the State Property Committee (70%).  At
end-2008, BAPB held 25% of system assets, had a 35% market share
in corporate lending and an 11% market share of retail deposits.

BAPB's ratings have been affirmed:

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

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

  -- Support rating: affirmed at '5'

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

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


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B E L G I U M
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FORTIS NV: BNP Paribas Settles for 10% Stake in Insurance Unit
--------------------------------------------------------------
BNP Paribas SA has agreed to take a 10% stake, as opposed to 100%,
in Fortis NV's insurance unit, Fortis Insurance Belgium, for a
price of EUR550 million.

The Belgian state and Fortis NV agreed to an amendment, BNP said.

Bloomberg News relates the Brussels Court of Appeals blocked last
month an agreement for Paris-based BNP to buy all of the insurance
unit because it wasn't approved by Fortis shareholders.

Of the first tranche (equity and subordinated debt) in the SPV
containing the riskiest structured credit assets, BNP Paribas'
share of the EUR3.4 billion would be EUR400 million, and of the
EUR5.5 billion senior debt, its share would be EUR500 million.  In
addition, Fortis Bank would finance the rest of the debt in the
SPV, with the Belgian state guaranteeing all of it save a tranche
of super senior debt worth EUR1.5 billion, the French bank said in
a February 2 statement.

BNP said the CASHES mechanism wouldn't give rise to a prepayment
of EUR2.35 billion by Fortis Holding to Fortis Bank as initially
set out in the acquisition protocol but any future exposure of
Fortis Bank to Fortis Holding would be backed by a guarantee by
the Belgian state.

The acquisition of 75% of Fortis Bank Belgium and the additional
16% of Fortis Bank Luxembourg, paid for by issuing BNP Paribas
shares at EUR68 a share, as set out in the initial protocol
remains unchanged.  The other provisions of the protocol equally
remain in place, the bank said.

Given Fortis Banks estimated 4th quarter results, BNP Paribas now
expects the deal to have a neutral pro forma, as at December 31,
2008, impact on its Tier 1 ratio.  After the pro forma effects of
this deal and of the second stage of the French plan to support
the financing of the economy, the Tier 1 ratio should be a little
over 8%.

The deal would be accretive, less restructuring costs, from 2010,
BNP said.

According to Bloomberg News, Fortis Chief Executive Officer Karel
De Boeck told reporters he is confident that shareholders will
approve the new agreement.

On December 12, the Brussels Court of Appeal ruled in favor of a
group of shareholders seeking to block the carve-up of Fortis by a
trio of governments and the sale of assets to France's BNP
Paribas.

In September, Belgium, along with the Netherlands, and Luxembourg,
agreed to inject EUR11.2 billion into Fortis after its shares
slumped amid concerns about the company's solvency.  The deals
left Fortis with only its international insurance business, a 66%
stake in a EUR10.4 billion portfolio of structured credit products
and financial assets and liabilities of various financing
vehicles.

The bank's deal then with Belgium involved subsequent transfer of
75% of the Belgian state's 100% interest in Fortis to BNP Paribas.
Under that original deal, BNP Paribas will also acquire 100% of
Fortis Insurance Belgium for a total consideration of EUR5.73
billion in cash.

The Brussels Court ordered a shareholder vote before Feb. 12 for
the transaction to proceed and said the government would have to
pay a fine of EUR5 billion to shareholders if it sold Fortis
before the vote.

The Court also appointed a panel of experts to review the proposed
dismantling of Fortis.

Following the Brussels Court ruling, Fortis said it incurred a net
loss of EUR295 million which reduced its pro forma net cash
position on September 30, 2008 from EUR2.1 billion to EUR1.8
billion and pro forma shareholders' equity from EUR6.7 billion to
EUR6.4 billion.

                         About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                            *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


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


SAZKA AS: S&P Changes Outlook to Negative; Affirms 'B+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Czech Republic-based gaming company SAZKA a.s. to
negative from stable.  At the same time, the 'B+' long-term
corporate credit rating on SAZKA, and the 'B+' senior secured debt
rating on the company's EUR215 million amortizing bonds maturing
in 2021 were affirmed.

"The outlook revision reflects S&P's concerns on the company's
ability to comply with our existing ratio guideline of 2.0x
adjusted EBITDA interest coverage for financial 2008," said
Standard & Poor's credit analyst Diego Festa.  "It follows the
company's preliminary indication that pretax profit for 2008 will
be approximately in line with that of 2007.  Although S&P expects
lottery number operations to have traded up slightly from 2007
levels, SAZKA's profit is likely to be depressed by higher
interest payments and adverse foreign exchange movements."

SAZKA's adjusted EBITDA interest coverage ratio was already below
S&P's target in financial 2007 at 1.8x, when 'Sportka 6/49 lotto'
(Sportka) profits were hit by irregular winnings resulting in low
jackpot sizes and consequently in lower lottery participation.
(Sportka accounted for 77% of the company's operating profits in
2007.)  S&P expected this ratio to recover within one year, as it
did following previous operating underperformance in 1998 and
2004.  SAZKA has not yet published its complete annual results.

S&P also has concerns about SAZKA's financial flexibility.  The
company has made a request to the Trustee (The Bank of New York)
to amend the covenant relating to future debt limitation, which is
included in the senior secured bonds indenture.  The Trustee has
been asked to give its response by Jan. 31, 2009.

SAZKA's 2008 sluggish operating performance highlights S&P's
concern that SAZKA may not meet the target ratio of 2.0x EBITDA
interest coverage in 2008.  Financial flexibility may be also
constrained as a result of SAZKA's need to take over direct
financing of BESTSPORT's debt.  Limited covenant headroom under
the company's bank bilateral facilities is a further concern.

"Downward pressure on the ratings could result if SAZKA proves
unable to meet and sustain our ratio guideline for EBITDA interest
coverage, and if there is no evidence of deleveraging in the next
12 months," said Mr. Festa.

"For the outlook to be revised to stable at the current rating
level, S&P would expect SAZKA to be solidly above its ratio
guideline and at all times maintain adequate headroom on covenants
of more than 15%."


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D E N M A R K
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NORDIC TELEPHONE: Moody's Raises Corporate Family Rating to 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has upgraded a corporate family rating
of Nordic Telephone Company Holdings ApS to Ba2 from Ba3.  The
entity is a holding company of TDC A/S.  At the same time, the
rating agency upgraded ratings on the existing debt instruments.
The outlook on the ratings is stable.

The ratings affected are:

  -- Corporate family rating upgraded to Ba2 from Ba3
  -- Senior secured debt facility upgraded to Ba1 from Ba2
  -- EMTN notes upgraded to Ba3 from B1
  -- Senior notes upgraded to B1 from B2

The upgrade reflects a continued de-leveraging of the group
through debt prepayments from asset disposals and organic free
cash flow generation.  As of September 30, 2008, the company was
leveraged at 4.2x Debt to EBITDA taking into account the debt
prepayments implemented in Q4 2008 and in January 2009.
Furthermore, Moody's believes that the company will continue to
focus on de-leveraging, which will be supported by the company's
free cash flow generation.

The Ba2 corporate family rating takes into account challenges the
company has experienced in its operating performance both in the
Nordic area and in Switzerland.  In the first nine months 2008,
the company's revenue declined by 1.7% (3.1% when adjusted for
acquisitions and divestments).  This decline reflects continued
pressure on the fixed line revenue in Business Nordic and Fixnet
Nordic.  Furthermore, revenue of Mobile Nordic came under pressure
due to reduced interconnect rates and lower terminal sales.
Revenue in Sunrise was adversely impacted by lower revenue from
post-paid customers due to retail price reductions and reduced
mobile termination rates.

Due to the company's cost initiatives, TDC was able to increase
its EBITDA by 4.4% (1.8% when adjusted for acquisitions and
divestments) when compared to the same period last year.  EBITDA
increased by 4.5% in the Nordic business units and declined by
12.4% in Sunrise.

Moody's believes that the company's operating environment will
continue to be challenging.  Fixed line revenues will remain under
pressure due to mobile substitution and migration to VoIP.  Fixed
broadband market is reaching saturation in Denmark and further
growth is anticipated to come from mobile broadband.  TDC has an
18% market share in mobile broadband in Denmark, behind "3" and
Telenor Group.  At the same time, YouSee is likely to continue on
its positive growth trajectory.  Despite operating challenges, the
company would generate positive free cash flow which will help to
support its debt service.

The stable outlook on the ratings reflects challenging operating
environment in the company's main markets.  Positive operating
performance reflected in the financial results would lead to a
change in the outlook to positive.

The last rating action was on October 9, 2007 when the outlook on
the ratings was changed to positive from stable.

TDC is the leading integrated telecommunications provider in
Denmark and the second largest alternative telecommunications
provider in Switzerland.  In first nine months 2008, the company
generated DKK29.1 billion in revenue and DKK9.8 billion in EBITDA.


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F R A N C E
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THOMSON SA: EUR800 Mil. Increase in Debt Cues Moody's Junk Rating
-----------------------------------------------------------------
Moody's Investors Service lowered to Caa3 from B1 the Corporate
Family Rating for Thomson S.A. and to C from Caa1 the junior
subordinated rating for Thomson's perpetual junior subordinated
bonds.  The outlook on the ratings is negative.

The rating action was prompted by the sharp, about EUR800 million,
increase in net debt that Thomson has indicated for the second
half 2008.  This increase in net debt is primarily driven by
additional working capital needs in the second half of the year
which is against the expectation of a working capital release
towards year-end in line with the usual pattern and the declining
business volume.  It triggered the necessity to approach holders
of private placements to resolve a likely covenant violation and
to engage in a dialogue with principal creditors to improve the
company's balance sheet.  This process may lead to a financial
restructuring, a risk that is reflected in the Caa3 Corporate
Family Rating.  The C rating (LGD5) for the hybrid bonds expects
that the holders will be included in the negotiations leading to a
high, but not full, impairment of their claims

The negative outlook focuses on the recovery for creditors in a
potential financial restructuring which Moody's currently expect
to be above average.

These ratings are affected by this press release:

Downgrades:

Issuer: Thomson S.A.

  -- Probability of Default Rating, Downgraded to Ca from B1

  -- Corporate Family Rating, Downgraded to Caa3 from B1

  -- Junior Subordinated Regular Bond/Debenture, Downgraded to C
     (LGD5, 83%); from Caa1 (LGD6, 100%)

Thomson's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Thomson's core industry and Thomson's ratings are
believed to be comparable to those of other issuers of similar
credit risk.  The last rating action for Thomson has been on
October 20, 2008, when Moody's changed the outlook for Thomson's
ratings to negative from stable.

Headquartered in Paris, France, Thomson is a provider of
technology, systems and service solutions for integrated media and
entertainment companies operating in three business segments:
Thomson's Services division offers end-to-end management of
services for the media and entertainment industry, from finishing
movie content (post-production) to content replication of film and
DVD and distribution.  The Systems division provides professional
broadcasting and network equipment for TV stations and other
network operators as well as broadband access products.  The
Technology division combines Thomson's research and exploitation
of its patent portfolio through licensing programs.  Preliminary
revenues for fiscal year 2008 amount to EUR4.8 billion.


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G E R M A N Y
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DACH-PARTNER GMBH: Claims Registration Period Ends February 23
--------------------------------------------------------------
Creditors of Dach-Partner GmbH have until Feb. 23, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on March 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: 0215158130
         Fax: 021515813134

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:

         Dach-Partner GmbH
         Saalhofferstrasse 158
         47475 Kamp-Lintfort
         Germany

         Attn: Wolfgang Pesch, Manager
         Brueckelstrasse 107
         47137 Duisburg
         Germany


EFS BAU: Claims Registration Period Ends February 23
----------------------------------------------------
Creditors of EFS Bau GmbH have until Feb. 23, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on March 16, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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. Romy Metzger
         Steigerstr. 30
         99096 Erfurt
         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:

         EFS Bau GmbH
         Attn: Simone Erben, Manager
         Muehlgraben 2
         98714 Stuetzerbach
         Germany


EUROHOME MORTGAGES: Moody's Junks Ratings on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has downgraded these classes of notes
issued by Eurohome Mortgages 2007-1 plc:

  -- Class A, downgraded to Aa1 from Aaa; previously on 10
     November 2008 Placed Under Review For Possible Downgrade;

  -- Class B, Downgraded to A2 from Aa2; previously on 10 November
     2008 Placed Under Review For Possible Downgrade;

  -- Class C, Downgraded to Baa3 from A1; previously on 10
     November 2008 Placed Under Review For Possible Downgrade;

  -- Class D, Downgraded to B3 from Baa2; previously on 10
     November 2008 Placed Under Review For Possible Downgrade;

  -- Class E, Downgraded to Ca from Ba2; previously on 10 November
     2008 Placed Under Review For Possible Downgrade;

  -- Class X, Downgraded to Ca from Caa2; previously on 10
     November 2008 Downgraded to Caa2 and Placed Under Review For
     Possible Downgrade.

The ratings of the German Mortgage Early Repayment Certificates
and the Italian Mortgage Early Repayment Certificates were
affirmed.

The rating actions conclude the review for downgrade, which was
initiated on November 10, 2008.  The downgrades were prompted by
worse-than-expected collateral performance.

The transaction is backed by mortgage loans originated by Deutsche
Bank in Germany and Italy and was closed and initially rated in
July 2007.  Both sub-pools have experienced far higher
delinquencies than Moody's initial assumptions.  As of November
2008, 8.4% of the loans in the German sub-pool were terminated,
while a total of 17.2% of the German sub-pool was delinquent.  At
the same time, 9.2% of the loans in the Italian sub-pool were
delinquent by the equivalent of more than three monthly
installments, while a total of 19% were delinquent.

The provisioning mechanism for loans in the Italian sub-pool that
are in arrears by 12 monthly installments led to reserve fund
drawings on the interest payment dates in August 2008 and November
2008.  By this mechanism, the equivalent of the loan amount of
loans in arrears by 12 monthly installments is credited to the
principal deficiency ledger and leads to trapping of available
excess spread and, if excess spread is insufficient, to drawings
of the reserve fund.

As a result of such drawings, only an amount equal to about 8% of
the target balance of the reserve fund was still available as of
November 2008.  Based on the amount of delinquent Italian loans
and the amount of already terminated German loans, Moody's expects
significant additional amounts to be credited to the PDL on future
interest payment dates.

During the review process, Moody's assessed loan-by-loan
information for both the Italian and the German sub-pool.  Based
on this information, Moody's has determined an updated MILAN AaaCE
number for the combined pool of 18.6%.  The initial MILAN AaaCE at
closing was approximately 14.2%.

In addition to the loan-by-loan information, Moody's was provided
with roll rates for delinquent loans in the Italian sub-pool.
Based on a roll rate analysis for the two sub-pools, Moody's has
increased its expected loss assumption for the combined portfolio
to 4.4% of the current portfolio balance from about 1.9% of the
initial pool balance as of closing of the transaction.

Moody's says that the rating action factors in additional future
delinquencies, defaults and losses, but it also assumes that the
overall amount of delinquent loans will flatten out in the future.
As more performance information regarding the two sub-pools of
this transaction becomes available, Moody's may revisit the
current assumptions in respect of roll rates and recovery rates
for defaulted loans as the limited information currently available
does not permit to finally assess the performance.  At this stage,
no transaction-specific data on recoveries has been available.

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


MOEBEL SPARKAUF: Claims Registration Period Ends February 23
------------------------------------------------------------
Creditors of Moebel Sparkauf LwL GmbH have until Feb. 23, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on March 23, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         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:

         Dirk Decker
         Obotritenring 98
         19053 Schwerin
         Germany
         Tel: 0385/ 7607750

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:

         Moebel Sparkauf LwL GmbH
         Attn: Ingrid Kortmann, Manager
         Woebbeliner Strasse 69
         19288 Ludwigslust
         Germany


MOBILFUNK SERVICE: Claims Registration Period Ends February 17
--------------------------------------------------------------
Creditors of Mobilfunk Service Center Koepenick GmbH have until
Feb. 17, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on March 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Michael Hawelka
         Nonnenstrasse 37
         04229 Leipzig
         Germany
         Tel: 0341/4866414
         Fax: 0341/4866428
         E-mail: HHH.Leipzig@t-online.de

The District Court opened bankruptcy proceedings against the
company on Jan. 21, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Mobilfunk Service Center Koepenick GmbH
         Attn: Patrick Dietze, Manager
         Boelsche Str. 80
         12587 Berlin
         Germany


TANKSTELLEN AND TRUCK-STOP: Claims Registration Ends Feb. 17
------------------------------------------------------------
Creditors of Tankstellen- und Truck-Stop GmbH Hoym have until
Feb. 17, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on March 17, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Breiter Weg 203 - 206
         39104 Magdeburg
         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:

         Sabine von Stein-Lausnitz
         Hegelstr. 39
         39104 Magdeburg
         Germany
         Tel: 0391/5982244
         Fax: 0391/5982158
         E-mail: magdeburg@ra-fss.de

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:

         Tankstellen- und Truck-Stop GmbH Hoym
         Ascherslebener Str. 06467
         Hoym
         Germany

         Attn: Ingrid Gebbert, Manager
         Quedlinburger Str. 12
         06467 Hoym
         Germany


TECCSO GMBH: Claims Registration Period Ends February 16
--------------------------------------------------------
Creditors of Teccso GmbH have until Feb. 16, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 27, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Albert Hirt
         Berner Feld 74
         78628 Rottweil
         Germany
         Tel: 0741/17540-50
         Fax: 0741/17540-20

The District Court opened bankruptcy proceedings against the
company on Jan. 22, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Teccso GmbH
         Waldstr. 8
         71101 Schoenaich
         Germany

         Attn: Peter Harst, Manager
         Altinger Str. 8/2
         71032 Boeblingen
         Germany


TMD FRICTION: To Close Virginia Plant; About 140 Jobs Affected
--------------------------------------------------------------
Due to the massive decline in sales in the automotive industry
worldwide and as part of the current preliminary insolvency
process in Germany, the TMD Friction Group will implement
necessary restructuring measures in order to maintain a viable
position in the global market.

As a part of these measures, TMD Friction Group will close TMD
Friction Inc.'s, Dublin, Virginia, USA, manufacturing operations.
The closure process includes an orderly wind down of ongoing
operations with customers and suppliers by May 31, 2009.  TMD
Friction Group plans sale of the facility and property after that
date.

TMD Friction Group has communicated the closure plans to the
plant's approximately 140 employees on January 26, 2009, and will
follow required filing processes with local employment agencies.

In December 2008 TMD Friction Group filed for insolvency at the
local county court in Cologne, Germany, for their German operating
and Holding companies.  The court appointed barrister Dr. Frank
Kebekus as preliminary insolvency administrator.  The primary
reason for filing is the decline in sales of the global automotive
markets that TMD Friction Group services.  Business operations -
with the exception of Christmas holidays - continue unchanged
since insolvency has been filed in Germany.

                   About TMD Friction Group

TMD Friction Group -- http://www.tmdfriction.com/-- is the
world's leading manufacturer of brake friction materials in the
original equipment market of the automotive and brake industry.
Its product portfolio comprises disc brake pads and drum brake
linings for passenger cars and commercial vehicles together with
brake pads for racing and friction materials for industry.  TMD
Friction also supplies the global aftermarket with its Textar,
Pagid, Mintex, Don, Cobreq, and Cosid brands. With locations in
Germany and six other European countries, the USA, Brazil, Mexico,
China, Japan and Malaysia, TMD Friction generated a turnover of
EUR690 million in 2007 and employed 4,500 people worldwide.


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


FIRST EQUITY: Investors Won't Get Dividends
-------------------------------------------
Gavin Daly and Ian Kehoe at The Sunday Business Post Online report
that no dividends would be paid to First Equity Group investors as
part of proposals being drafted to save the business.

However, investors would be repaid their capital investment in
full, the report notes.

The report discloses that in certain cases, investors were
expecting returns of up to 35 per cent on their investments.

According to the report, under the scheme being drafted by the
company's examiner, KPMG accountant Kieran Wallace, First Equity
would finish all of the developments.

On Jan. 22, 2009, the TCR-Europe, citing Irish Examiner, reported
that the Supreme Court agreed to grant court protection for asset
management firm First Equity.

Having granted the appeal, the Supreme Court made an order
confirming Mr. Wallace, of accountancy firm KPMG, as examiner.

Mr. Wallace's counsel, Michael Cush SC, told the court there had
been six general expressions of interest in investing in the
company, Irish Examiner stated.

According to Irish Examiner, the Supreme Court heard that as an
ongoing concern, the company had assets of EUR54.3 million and
owed secured and unsecured creditors a total of EUR52 million.

If liquidated, the assets would be worth just EUR28 million,
leaving a deficit of some EUR24 million, Irish Examiner noted.

On Dec. 30, 2008, the TCR-Europe reported that according to The
Irish Times, Mr Justice Paul Gilligan of the High Court appointed
Mr. Wallace as interim examiner at the petition of the company,
which has projects worth EUR1 billion.

The company, The Irish Times recalled, faces severe difficulty
raising debt and project finance and fresh capital from existing
or new investors.

The Irish Times recounted that as a result of its cash flow
shortage, the company cannot pay a 20-30 per cent annual coupon on
unsecured loans for a total of EUR10 million from about 25
clients, prompting the examinership process.

Trade creditors meanwhile are owed less than EUR2 million, the
Irish Times added.

Established in 1995 First Equity is the business name of Gallium
Ltd.  The most recent accounts for Gallium show the company made
an operating loss of just over EUR5 million, but had unrecognized
profit on investments of EUR7.5 million in the 12 months to
December 2007.  The company's shareholders funds totaled EUR10.5
million, made up of a revaluation reserve of EUR11.8 million less
accumulated losses of EUR1.3 million, The Irish Times revealed.

Tom Dowling, a former tax inspector, holds a 65% stake in First
Equity, while businessman Alan Barry, owns 35% of the company.
The company also has offices in London and Los Angeles.  It
currently has 20 projects under management - in Britain, the US,
mainland Europe and Ireland.


SHAMROCK CAPITAL: Moody's Junks Rating on EUR32 Mln Class G Notes
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings on eight
classes of notes issued by Shamrock Capital Plc.

The transaction is a synthetic CDO referencing local currency
sovereign debt linked Notes (issued by Citigroup Funding Inc.),
managed by Sydbank A/S.  In addition to the credit risk of the
referenced sovereign debt issuers, all of which are emerging
market countries, Shamrock Capital Plc also transfers foreign
currency losses and gains to investors.

The ratings actions are linked to:

  -- The application of Moody's updated key assumptions for rating
     corporate synthetic CDOs;

  -- The current unfavorable context for certain emerging market
     countries, as evidenced by Moody's Sovereign Group report.
     This report lists a number of "High Vigilance" countries that
     may suffer from the current shortage of liquidity;

  -- The current uncertainty with respect to foreign currency
     exchange rates between the base currency for the transaction
     and the local currencies referenced in the portfolio of
     underlying securities.  Foreign exchange rates movements
     since closing have already eroded the strength of the
     transaction in respect of this risk, and Moody's applied an
     additional 10% stress to account for the current rates
     volatility.

The rating actions are:

Shamrock Capital Plc:

Series 2006-1 US$40,000,000 Class B Secured Floating Rate Notes
due 2009

  -- Current Rating: Aa2
  -- Prior Rating: Aaa, assigned on 6 November 2006

Series 2006-1 US$20,000,000 Class C Secured Floating Rate Notes
due 2009

  -- Current Rating: A3
  -- Prior Rating: Aa2, assigned on 6 November 2006

Series 2006-1 EUR6,000,000 Class D-1 Secured Floating Rate Notes
due 2009

  -- Current Rating: Baa2
  -- Prior Rating: A2, assigned on 6 November 2006

Series 2006-1 CZK276,150,000 Class D-2 Secured Floating Rate
Notes due 2009

  -- Current Rating: Baa2
  -- Prior Rating: A2, assigned on 6 November 2006

Series 2006-1 EUR18,500,000 Class E-1 Secured Floating Rate Notes
due 2009

  -- Current Rating: Ba1
  -- Prior Rating: Baa2, assigned on 6 November 2006

Series 2006-1 CZK104,100,000 Class E-2 Secured Floating Rate
Notes due 2009

  -- Current Rating: Ba1
  -- Prior Rating: Baa2, assigned on 6 November 2006

Series 2006-1 US$20,000,000 Class F Secured Floating Rate Notes
due 2009

  -- Current Rating: Ba3
  -- Prior Rating: Ba2, assigned on 6 November 2006

Series 2006-1 US$32,000,000 Class G Secured Floating Rate Notes
due 2009

  -- Current Rating: Caa1
  -- Prior Rating: B1, assigned on 6 November 2006


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


BOLASHAK LLP: Proof of Claim Deadline Slated for March 6
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Bolashak insolvent.

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

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


BERKAT LLP: Creditors Must File Claims by March 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Berkat insolvent.

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

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


ELECTRO GRAD: Claims Filing Period Ends March 6
-----------------------------------------------
LLP Firm Electro Grad has gone into liquidation.  Creditors have
until March 6, 2009, to submit written proofs of claim to:

         LLP Firm Electro Grad
         Abai Str. 76-17
         Astana
         Kazakhstan


ELIT AUTO+: Creditors' Proofs of Claim Due on March 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Elit Auto+ 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


INJU LTD: Claims Registration Period Ends March 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Inju Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 508
         Maulenov Str. 92
         Almaty
         Kazakhstan
         Tel: 8 (7272) 67-63-55
              8 777 803 44-33


KYRYMBET LLP: Proof of Claim Deadline Slated for March 6
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Kyrymbet insolvent.

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

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KOMEK LLP: Creditors Must File Claims by March 6
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Komek 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


LIBRA LLP: Claims Filing Period Ends March 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Libra insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Bogenbai batyr Str. 52
         Almaty
         Kazakhstan
         Tel: 8 702 108 00-34


MAYLET LLP: Creditors' Proofs of Claim Due on March 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Maylet insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Bogenbai batyr Str. 52
         Almaty
         Kazakhstan
         Tel: 8 702 108 00-34


PFK UTOKS: Claims Registration Period Ends March 6
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP PFK Utoks insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building Of Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


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


BEK STROY: Creditors Must File Claims by February 27
----------------------------------------------------
LLC Construction Company Bek Stroy Service has declared
insolvency.  Creditors have until Feb. 27, 2009, to submit proofs
of claim.

The company can be reached at: (+996 312) 63-08-70


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


* LITHUANIA: At Risk of Insolvency if Social Tensions Mount
-----------------------------------------------------------
Nerijus Adomaitis at Reuters reports that EU budget commissioner
Dalia Grybauskaite warned Wednesday last week Lithuania risks
insolvency if social and political tensions mount.

Reuters relates Lithuania's new center-right government recently
carried out a number of austerity measures to balance public
finances including increasing taxes, which caused a backlash from
the trade unions and led to riots.

According to Reuters, the new government has increased value-added
and corporate profit tax, and expanded social tax base to include
self-employed persons, also slashed wages of civil servants.

The commissioner maintained the government of Lithuania was taking
the right steps to stabilize finances, although she noted
political instability remained a risk, Reuters states.

The government vowed to stick with austerity measures.  It however
indicated it might review tax reforms in the future, Reuters adds.

"I want to make clear that Lithuania, as several other European
countries are, (is) still balancing on the brink of insolvency,"
Reuters quoted the EU commissioner as saying.  "Any further
escalation of social tensions or destabilization of the political
situation can lead to the insolvency stage."

The Lithuanian government, Reuters says, aims to keep its public
budget deficit target at 2.1 percent of gross domestic product for
2009.

Citing the finance ministry, Reuters discloses Lithuania's economy
is expected to slid into 4.8 percent recession this year after
preliminary growth of 3.2 percent in 2008.


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


ESSENCE I: Fitch Release; Assigns 'BB' Rating to Class E Notes
--------------------------------------------------------------
This is the correct version of the release that just went out and
should replace the earlier version.

Fitch Ratings has published Essence I B.V.'s EUR1,000 million
floating-rate notes final ratings:

  -- EUR939.7 million class A: 'AAA'; Outlook Stable;
  -- EUR18.9 million class B: 'AA'; Outlook Stable;
  -- EUR15 million class C: 'A'; Outlook Stable;
  -- EUR11.7 million class D: 'BBB'; Outlook Stable;
  -- EUR8.8 million class E: 'BB'; Outlook Stable;
  -- EUR5.9 million class F: 'NR'.

Essence I B.V. is a securitization of Dutch residential mortgages
originated by wholly-owned subsidiaries of NIBC Bank N.V. (NIBC,
rated 'BBB+'/Stable/'F2').  The closing date of this transaction
was in April 2006.

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.

The transaction features a revolving period until December 2013.
The portfolio consists of first-ranking fixed-rate and floating
mortgages secured over residential properties located in the
Netherlands.  About 44% of portfolio is granted to self-certified
borrowers.

The ratings are based on the quality of the collateral, available
credit enhancement, a sound legal structure, the guaranteed
investment contract provided by ABN Amro and the interest rate
swap provided by NIBC.

The credit enhancement will be provided by subordination: 6.03%
for the Class A notes, 4.14% for the Class B notes, 2.64% for
Class C notes, 1.47% for Class D notes and 0.59% for Class E
notes.  The transaction does not benefit from a reserve fund or
excess spread guaranteed on the swap.  The structure includes 3%
liquidity facility of outstanding note balance.


ESSENCE I: Fitch Assigns 'BB' Rating on EUR8.8 Mil. Notes
---------------------------------------------------------
Fitch Ratings has assigned Essence I B.V.'s additional issue of
EUR1,000 million floating-rate notes final ratings:

  -- EUR939.7 million class A: 'AAA'; Outlook Stable;
  -- EUR18.9 million class B: 'AA'; Outlook Stable;
  -- EUR15 million class C: 'A'; Outlook Stable;
  -- EUR11.7 million class D: 'BBB'; Outlook Stable;
  -- EUR8.8 million class E: 'BB'; Outlook Stable ;
  -- EUR5.9 million class F: 'NR'.

Essence I 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. (NIBC, 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.

Essence I B.V. is a securitization of Dutch residential mortgages
originated by NIBC Bank N.V.  The transaction features a revolving
period until December 2013.  The portfolio consists of first-
ranking fixed-rate and floating mortgages secured over residential
properties located in the Netherlands.  About 44% of portfolio is
granted to self-certified borrowers.

The ratings are based on the quality of the collateral, available
credit enhancement, a sound legal structure, the guaranteed
investment contract provided by ABN Amro and the interest rate
swap provided by NIBC.

The credit enhancement will be provided by subordination: 6.03%
for the Class A notes, 4.14% for the Class B notes, 2.64% for
Class C notes, 1.47% for Class D notes and 0.59% for Class E
notes.  The transaction does not benefit from a reserve fund or
excess spread guaranteed on the swap.  The structure includes 3%
liquidity facility of outstanding note balance.


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


GETIN BANK: To Merge With Noble Bank
------------------------------------
The management boards of Noble Bank and GETIN Bank agreed and the
Supervisory Boards of both banks accepted the merger plan for
Noble Bank S.A. and GETIN Bank S.A. on Thursday, January 29, 2009.

The purpose of the merger is the further dynamic growth of both
banks and their becoming the top five banks operating in Poland.
By their merger, GETIN Bank and Noble Bank will become one of the
top Polish commercial banks with a majority of the Polish equity.
According to the published results of the banking sector for the
first nine months of 2008 the merged bank would be listed in the
top ten largest banks in Poland.

The planned merger constitutes a friendly consolidation of two
large institutions comprising the same financial group.  The
majority shareholder of Noble Bank and GETIN Bank is GETIN Holding
S.A. – a company listed on the Warsaw Stock Exchange.  GETIN
Holding holds 99.55% of shares in GETIN Bank S.A. and 73.64% of
shares in Noble Bank S.A.  The acquiring entity in this
transaction will be Noble Bank S.A. listed on the Stock Exchange.
As a result of the merger the hitherto shareholders of GETIN Bank
S.A. will become shareholders of Noble Bank S.A.

As a result of the merger a fully universal bank will be created
which will offer a wide range of financial credit, saving and
investment products, and a wide range of auxiliary financial
services both for individual clients and corporations.

Headquartered in Katowice, Getin Bank reported net profit of
PLN195 million (EUR58.2 million) under Polish Accounting Standards
for the six months to the end of June 2008, with total assets of
almost PLN17.9 billion (EUR5.34 billion), according to Moody's

                     *     *     *

As reported in the TCR-Europe on Nov. 14, 2008, Moody's Investors
Service changed the outlook on Getin Bank's Ba2 long-term local
and foreign currency deposit ratings and D bank financial strength
rating to negative from stable.


GETIN BANK: Moody's Puts 'D' BFSR on Review for Likely Cut
----------------------------------------------------------
Moody's Investors Service has placed Getin Bank's Ba2 long-term
local and foreign currency deposit ratings, Ba2 foreign currency
debt and D bank financial strength rating on review for possible
downgrade.

Following the announcement about the potential merger between
Getin Bank and Noble Bank (unrated), both owned by Getin Holding
Group, Moody's noted that the transaction could have some benefits
in terms of the diversification of revenues and client base for
the combined group.  However Moody's said that due to the
relatively limited size, and developing franchise of Noble Bank
and its portfolio, the merger is unlikely to be rating enhancing.

On the other hand, the adverse trends in the market, which
prompted Moody's to place Getin's rating on negative outlook in
November 2008, have deepened and are exerting pressure on the
bank's financial fundamentals.  In Moody's opinion in the current
operating environment the bank is likely to have to substantially
scale down on its operations (particularly foreign-exchange-
denominated loans) with adverse implications for its profitability
and internal capital creation.  However, Moody's noted that Getin
Bank had a notable growth in new customer deposit volumes in the
4Q 2008.

Moody's also notes that Getin's liquidity is likely to come under
considerable pressure due to the large one-off payments on its
foreign Eurobond liabilities maturing in early May 2009.  However,
the rating agency noted that the bank has been actively dealing
with fully retiring these foreign-currency liabilities.  So far,
approximately 9% (EUR30,6 million) of Getin's Eurobond issue
(EUR350 million) has been bought back by the bank.

Moody's said that the review will therefore focus on the bank's a)
ability to retire its wholesale obligations from their current
liquidity; b) fund itself (particularly its FX denominated
mortgage portfolio) through the difficult market conditions; c)
maintain and grow its retail deposit base in order to replace the
pressures from receding wholesale markets and d) generate adequate
profitability to maintain high provisioning levels in case of
asset quality deterioration.

The last rating action was on November 12, 2008 when Moody's
changed the outlook on Getin Bank's Ba2 long-term local and
foreign currency deposit ratings and D bank financial strength
rating to negative from stable.  It was prompted by concerns that
recent adverse trends in the Polish operating environment will
make it more difficult for the bank to maintain its above-average
growth rates and profitability ratios.

Headquartered in Katowice, Getin Bank reported net profit of
PLN195 million (EUR58.2 million) under Polish Accounting Standards
for the six months to the end of June 2008, with total assets of
almost PLN17.9 billion (EUR5.34 billion).

These ratings have been affected:

  -- Bank financial strength rating D
  -- Local currency deposit rating Ba2
  -- Foreign currency deposit rating Ba2
  -- Senior unsecured debt (Getin Finance Plc) Ba2


GETIN BANK: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------
Fitch Ratings has changed the Outlook on Poland-based Getin Bank's
Long-term Issuer Default and National Long term-ratings to
Negative from Stable.  Its ratings are affirmed at Long-term IDR
'BB', Short-term IDR 'B', Individual 'D' and Support '5'.  The
National Long-term rating was affirmed at 'BBB(pol)'.  The Support
Rating Floor is affirmed at 'No Floor'.  GB's outstanding EUR350
million eurobonds are affirmed at Long-term 'BB'.

The Negative Outlook reflects the deteriorating operating
environment for Polish banks, as the economy is entering a period
of slower growth.  It also reflects expected pressures on GB's
revenue growth in the slowing economy as well as likely increase
in impairment charges in line with expected growth of
unemployment.  Although margins earned on the existing portfolio
of mortgage loans denominated in Swiss francs are likely to remain
solid, lack of new sales will restrict growth of revenue generated
by this product line.

The Long-term, Short-term IDRs and Individual rating reflect the
bank's still short track record, the operational risk associated
with its rapid growth, direct and indirect risks related to large
exposure to foreign currency-denominated mortgages, its moderate
liquidity and only adequate capitalization.  They also reflect its
success in building a profitable franchise, positive changes in
the funding structure, high cost-efficiency and a conservative
market risk appetite.

Weakening of the Polish Zloty against major currencies (including
Swiss franc) recorded over Q408 and early in 2009 puts additional
pressure on balance sheet liquidity and capitalization.

Nevertheless, GB has so far been able to compensate this through
successful deposit acquisition and fresh equity injections
received over 2008.

The difficult conditions in the financial markets have also meant
that refinancing risks have risen in the short-term, although this
is partly mitigated by the bank growing its deposit base to build
up a liquidity buffer.

Fitch has also considered the potential positive aspects and risks
related to the planned merger with Noble Bank announced Thursday.
In Fitch's view, this merger is not likely to bring immediate
relief to the challenges or increase the risks GB faces, and
therefore considers it rating-neutral at this stage.

GB was the 13th-largest commercial bank in Poland, with 372
branches (including 124 franchise branches) and a 2.1% share in
sector assets at end-Q308.  The bank is focused on mortgage
lending, consumer finance and bancassurance.  At end-H108 the loan
portfolio was 52% mortgages, 21% auto loans, 16% consumer loans
and 11% business loans.  GB is part of Getin Holding, an
integrated financial group quoted on the Warsaw Stock Exchange.


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


ATEMARSKIY CONSTRUCTION: Creditors Must File Claims by March 23
---------------------------------------------------------------
Creditors of SUE Atemarskiy Construction Materials Plant have
until March 23, 2009, to submit proofs of claims to:

         K. Volkov
         Insolvency Manager
         Office 2
         Nevzorovykh Str. 89
         603024 Nizhny Novgorod
         Russia

The Arbitration Court of Mordovia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No.A 4532/2008.

The Debtor can be reached at:

         SUE Atemarskiy Construction Materials Plant
         Atemar
         Lyambirskiy
         Mordovia
         Russia


EKO-STROY LLC: Creditors Must File Claims by February 23
--------------------------------------------------------
Creditors of LLC Eko-Stroy (Construction) have until Feb. 23,
2009, to submit proofs of claims to:

         M. Muradov
         Insolvency Manager
         Post User Box 18
         Central Post Office
         Ivanovo
         Russia

The Arbitration Court of Ivanovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A17–7085/2008–10B.

The Debtor can be reached at:

         LLC Eko-Stroy
         Spartaka Str. 7
         Ivanovo
         Russia


GRADOSTROY DIZAIN LLC: Creditors Must File Claims by February 23
----------------------------------------------------------------
Creditors of LLC Gradostroy Dizain (Construction) have until
Feb. 23, 2009, to submit proofs of claims to:

         M. Muradov
         Insolvency Manager
         Post User Box 18
         Central Post Office
         Ivanovo
         Russia

The Arbitration Court of Ivanovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A17-7086/2008.

The Debtor can be reached at:

         LLC Gradostroy Dizain
         Krasnoy Armii Str. 20
         Ivanovo
         Russia


INVESTMENT AND CONSTRUCTION: Court Names Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Belgorodskaya appointed A. Borisov as
Temporary Insolvency Manager for LLC Investment and Construction
Company (TIN 5254030801).  The case is docketed under Case No.
A08–8211/2008–14B.  He can be reached at:

         Post User Box 8
         Kosmonavtov Str. 10
         394038 Voronezh
         Russia

The Debtor can be reached at:

         LLC Investment and Construction Company
         Apt. 166
         Vostochnyy microregion 6
         309502 Staryy Oskol
         Russia


KEMEROVSKAYA TRANSPORT: Court Names Insolvency Manager
------------------------------------------------------
The Arbitration Court of Kemerovskaya appointed D. Antonov as
Insolvency Manager for LLC Kemerovskaya Transport Company.  The
case is docketed under Case No. A27–10354/2007–4.  He can be
reached at:

         Office 5
         Rudnichnaya Str. 5
         650992 Kemerovo
         Russia

The Debtor can be reached at:

         LLC Kemerovskaya Transport Company
         Shaturskaya Str. 1
         Kemerovo
         Russia


LSR GROUP: Moody's Downgrades Corporate Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded LSR's B1 corporate family
rating and A2.ru national scale rating of LSR Group to B3 and
Baa2.ru respectively, the outlook on the ratings is stable.

The rating action was prompted by increased uncertainties
regarding the real estate development business in Russia and St.
Petersburg, with significant commitments of LSR to finish started
projects and at the same time collapsing demand for real estate.
In addition, LSR's short term liquidity position is tight since
LSR is now very much dependent on the willingness of the local
banks to extend maturing debt in 2009 coupled with the high
committed capex for the construction of a new cement plant and new
housing requiring significant cash sources, and which are only to
some extent covered by committed prepayments from residential
housing which had already been sold.

The stable outlook reflects Moody's expectation that LSR will be
able to refinance maturing debt in time and that management takes
all appropriate measures to prevent a further increase in the
leverage by either reducing capex in its building materials
business or postponing further real estate developments.

The rating could be further downgraded if LSR fails to achieve
successful refinancing of its short term debt on time and if
debt/EBITDA would go above a 4.5x threshold during 2009.  Moodys's
takes some comfort from the fact that LSR is considered a
"strategically important company" in Russia, and may therefore
receive liquidity support from state-owned banks.  As of now it is
unclear, though, to which extent and by when this would be
provided to LSR.

Although economic conditions have worsened considerably LSR
continues to benefit from the group's leading market positions in
a market with high barriers to entry as well as the group's
vertically integrated business model, providing it with good
diversification and access to materials in a market and region
that may face supply shortages in the residential construction
sector and the availability of significant reserves in both its
real estate portfolio under development and also in its sizable
land bank.  Moody's assumes that in case of an upturn LSR will
with only a limited time lag very quickly benefit from an
improving demand in the construction industry.

Currently the significant capex plans are not fully covered by
internal cash sources, such as cash balance, cash generated and by
available long term credit lines.  The company has so far already
successfully agreed on long term bank financing for these projects
which also contain some financial covenants.  Moody's notes that
there is a heightened challenge for LSR to remain in compliance
with these financial covenants.  In addition some of the financing
arrangements which are necessary for LSR to refinance maturing
debt and its capex programs are still in the negotiating stage,
failure of which would most likely force LSR to scale down some of
its uncommitted capital expenditure.

LSR Group is the largest producer of building materials in the St.
Petersburg region and one of the largest real estate development
companies in St. Petersburg.  LSR also has operations in other
regions of Russia, such as Moscow, Yekaterinburg and the Urals
region.  Per LTM 06/2008 the company recorded turnover of
US$1.7billion and an operating profit of US$340 million.

Downgrades:

Issuer: LSR Group OJSC

  -- Probability of Default Rating, Downgraded to B3 from B1

  -- Corporate Family Rating, Downgraded to a range of B3 to
     Baa2.ru from a range of B1 to A2.ru

Outlook Actions:

Issuer: LSR Group OJSC

  -- Outlook, Changed To Stable From Negative

Moody's last rating action on LSR Group was to change the outlook
from stable to negative on October 16, 2008.


MET-EKSPO CJSC: Creditors Must File Claims by February 23
---------------------------------------------------------
Creditors of CJSC Met-Ekspo (TIN 5257084700) (Non-Ferrous
Metals) have until Feb. 23, 2009, to submit proofs of claims to:

         A. Skorodumov
         Temporary Insolvency Manager
         Komsomolskaya Str. 46a/3
         Shakhunya
         606910 Nizhegorodskaya
         Russia

The Arbitration Court of Nizhegorodskaya will convene at
11:10 a.m. on Apr.7, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A43– 30152/2008
27- 207.

The Debtor can be reached at:

         CJSC Met-Ekspo
         Moskovskoe shosse 300
         603092 Nizhny Novgorod
         Russia


NEFTEPUL CJSC: Court Names Temporary Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Mordovia appointed Ye. Mochalov as
Temporary Insolvency Manager for CJSC Neftepul (TIN 1327156777)
(Construction).  The case is docketed under Case No. A39–
3668/08–102/12.  He can be reached at:

         Apt. 11
         Proezd Zhukovskogo 12
         430005 Saransk
         Mordovia
         Russia

The Debtor can be reached at:

         CJSC Neftepul
         Apt. 1
         Building 2
         Lenina prospect 12
         430000 Saransk
         Mordovia
         Russia


SSMO CJSC: Restructure on Note Terms Won't Affect S&P's 'B' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said the reported efforts by
Russia-based property development group CJSC SSMO LenSpecSMU
(B/Stable/B) to restructure the terms of the credit-linked notes
issued by its subsidiary Golden Ring Finance S.A. and an
associated offer to purchase CLNs at a discount has not affected
the issuer credit rating or the 'B' issue rating and '4' recovery
rating on the CLNs.

Although LSS faces a downturn in the real estate market and a
difficult environment for financing, S&P understand it has
liquidity sources in place to cover immediate refinancing needs,
even if the current debt offers are not successful.  LSS'
proactive treasury management in the form of a debt modification
proposal and debt purchase offer does not, in Standard & Poor's
opinion, constitute selective default under S&P's criteria
covering exchange offers and similar restructurings.  However, a
failure to address the challenge posed by the April 2009 put
option attached to the CLNs and other 2009 debt maturities, or a
significant deterioration in LSS' operating cash flows could
weaken credit quality and put pressure on the ratings.


STROITELNYY KOMPLEKS: Creditors Must File Claims by February 23
---------------------------------------------------------------
Creditors of LLC Stroitelnyy Kompleks 2000 (TIN 02770461571)
(Construction) have until Feb. 23, 2009, to submit proofs of
claims to:

         V. Pustovoytov
         Temporary Insolvency Manager
         Office 4
         Lenina Str. 68
         452000 Belebey
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene on Mar. 23,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A07–11385/2008-G-SVI.

The Debtor can be reached at:

         LLC Stroitelnyy Kompleks 2000
         Ulyanovylh Str. 56B
         450029 Ufa
         Bashkortostan
         Russia


TRUST A3 OJSC: Creditors Must File Claims by March 23
-----------------------------------------------------
Creditors of OJSC Construction Trust A3 (TIN 0278102485) have
until March 23, 2009, to submit proofs of claims to:

         I. Khisamov
         Insolvency Manager
         Tramvaynaya Str. 4B
         450027 Ufa
         Bashkortosta
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07–14627/07-G-GRA.

The Debtor can be reached at:

         OJSC Construction Trust A3
         Davletshiniy Blvd. 11
         450059 Ufa
         Bashkorstostan
         Russia


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


A1 INFORMATION: Creditors Must File Proofs of Claim by March 3
--------------------------------------------------------------
Creditors owed money by LLC A1 - Information Technology are
requested to file their proofs of claim by March 3, 2009, to:

         Albert Balogh
         Lufenwies Sud 5
         8852 Altendorf
         Switzerland

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


ENERGO STEEL: Deadline to File Proofs of Claim Set April 6
----------------------------------------------------------
Creditors owed money by JSC Energo Steel Commerce are requested to
file their proofs of claim by April 6, 2009, to:

         Jost Windlin
         Gartenstrasse 4
         6304 Zug
         Switzerland

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


ESTHER HELD: Creditors Have Until March 5 to File Claims
--------------------------------------------------------
Creditors owed money by LLC Esther Held Consulting are requested
to file their proofs of claim by March 5, 2009, to:

         Terrassenweg 6A
         6315 Oberageri
         Switzerland

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


FOKUS CONSULTING: Proofs of Claim Filing Deadline is March 9
------------------------------------------------------------
Creditors owed money by LLC Fokus Consulting Group are requested
to file their proofs of claim by March 9, 2009, to:

         Dr. Peter Holderegger
         Riesern 19
         9056 Gais
         Switzerland

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


MARC FISCHER: Creditors' Proofs of Claim Due by April 30
--------------------------------------------------------
Creditors owed money by LLC Marc Fischer Gartenbau are requested
to file their proofs of claim by April 30, 2009, to:

         Marc Fischer
         Dorfstrasse 10
         2563 Ipsach
         Switzerland

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


ORAMIS MEDIA: March 6 Set as Deadline to File Claims
----------------------------------------------------
Creditors owed money by LLC Oramis Media are requested to file
their proofs of claim by March 6, 2009, to:

         Pius Kappeli
         Liquidator
         Sternenweg 12c
         8840 Einsiedeln
         Switzerland

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


PROMAK LLC: Creditors Must File Proofs of Claim by March 6
----------------------------------------------------------
Creditors owed money by LLC ProMak are requested to file their
proofs of claim by March 6, 2009, to:

         Im Lee 30
         4144 Arlesheim
         Switzerland

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


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


GARANTI FAKTORING: Fitch Affirms 'BB' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Garanti Faktoring Hizmetleri A.S.'s
ratings:

  -- Long-term foreign currency Issuer Default Rating: affirmed at
     'BB'; Outlook is Stable

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

  -- Long-term local currency IDR: affirmed at 'BBB-' (BBB minus);
     Outlook is Stable

  -- Short-term local currency IDR: affirmed at 'F3'

  -- National Long-term Rating: affirmed at 'AAA(tur)'; Outlook is
     Stable

  -- Support Rating: affirmed at '3'

Garanti Factoring's ratings reflect the company's strong
operational integration with its majority shareholder parent,
Turkiye Garanti Bankasi A.S. (Garanti Bank, 'BB'/Stable).

Garanti Factoring belongs to a group of financial services
businesses operating under the Garanti brand name.  The company
uses Garanti Bank's branches for sales and marketing and also
benefits from centralized operations and services provided at the
group level.  In H108, 91.4% of its business was generated through
this network.  The company's strong expansion has outgrown that of
the market and allowed its overall market share to reach 15.5% at
end-Q308, meaning it remains Turkey's 2nd-largest factoring
company by volume.  Garanti Bank controls 81.84% of the shares in
Garanti Factoring.

Garanti Bank, Turkey's third-largest privately owned commercial
bank, provides a full range of financial services through 703
domestic branches.  It has an international presence in seven
countries.  Garanti Bank is 30.15% owned by the Dogus Group and
20.85% by GE Consumer Finance.


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


ANDRUSHEVKA SUGAR: Creditors Must File Claims by February 13
------------------------------------------------------------
Creditors of Andrushevka Sugar LLC have until Feb. 13, 2009 to
submit proofs of claim to:

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

The Arbitration Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 29, 2008.
The case is docketed as 3/172-b.

The Debtor can be reached at:

         Andrushevka Sugar LLC
         Sadovaya St. 3
         Andrushevka
         Zhytomir
         Ukraine


COLVI LLC: Creditors Must File Claims by February 14
----------------------------------------------------
Creditors of LLC Company Colvi (EDRPOU 21556664) have until
Feb. 14, 2009 to submit proofs of claim to:

         OJSC Production Group Optical Fibre-Ukraine
         Liquidator
         Apt. 31
         Kikvidze St. 12-A
         01103 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 22, 2008.
The case is docketed as B 13/352-08.

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Company Colvi
         Lenin St. 13-z
         Sofiyevskaya Borschagovka
         08131 Kiev
         Ukraine


ENERGY SUPPLY: Creditors Must File Claims by February 14
--------------------------------------------------------
Creditors of JSC Energy Supply (EDRPOU 30237185) have until
Feb. 14, 2009 to submit proofs of claim to:

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

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 12, 2008.
The case is docketed as B-39/191-08.

The Debtor can be reached at:

         JSC Energy Supply
         Apt. 68
         Novgorodskaya St. 22
         61145 Kharkov
         Ukraine


CHERNOYE MORE: Creditors Must File Claims by February 14
--------------------------------------------------------
Creditors of LLC Chernoye More Coastal Alliance (EDRPOU 34800715)
have until Feb. 14, 2009 to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Arbitration Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 24, 2008.
The case is docketed as 7/30-08-5189.

The Debtor can be reached at:

         LLC Chernoye More Coastal Alliance
         Zhukovsky St. 1
         65062 Odessa
         Ukraine


IPEK PLUS: Creditors Must File Claims by February 14
----------------------------------------------------
Creditors of LLC Ipek Plus (EDRPOU 34411583) have until Feb. 14,
2009 to submit proofs of claim to:

         Mr. Sergey Donkov
         Liquidator / Insolvency Manager
         Apt. 6
         Gorky St. 10
         01004 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 26, 2008.
The case is docketed as B 19/479-08.

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

The Debtor can be reached at:

         LLC Ipek Plus
         Lenin St. 57
         Kalinovka
         Vasilkov
         Kiev
         Ukraine


ISD CORPORATION: Moody's Keeps 'B1' Rating; Assigns Neg. Outlook
----------------------------------------------------------------
Moody's confirmed the existing B1 rating of ISD and assigned a
negative outlook.

Moody's notes that the company has taken a number of corrective
steps to address the immediate pressure on profitability and cash
flow while benefiting somewhat from the competitive position of
Ukrainian producers linked with the depreciation of the currency.
Nonetheless given the lower than expected cash flow generation
Moody's views current liquidity position of the company
satisfactory but with a significant proportion of short-term debt
as a constraining factor which put a negative pressure in the
company's current rating if it is not addressed on a timely
manner.

The negative outlook reflects also the effects of the weaknesses
in the industry, the low visibility for prospects of short term
recovery and the current limitations for Ukrainian companies to
receive long-term funding from their banks.  Moody's will continue
to follow closely the measures the company is taking to offset
these negative market developments, by reducing planned capex
projects and by re-financing maturing debt.

On the positive side Moody's notes that ISD has already scaled
back significant capex projects to conserve cash generated, and
that also steel production at two plants Huta and Dunaferr have
been reduced by around 25% to reduce the current supply/demand
imbalance on the market for steel produced in Europe while both
Ukrainian plants DMK and AMK operate at full capacities.

Although ISD does not control raw material supply including coal
and iron ore, the company already largely re-negotiated raw
material supply contracts which now reflect the lower prices which
partly released negative pressure on the profitability going
forward

The last rating action was on November 5, 2008 when Moody's placed
the company under review for possible downgrade.  This rating
action concludes the review which was prompted by a significant
weakening in the demand for steel products in the Ukraine and the
strong reduction of steel prices.  The review was focused on: (i)
monitoring of the operating performance for any indication of
stabilization in the production level and prices; (ii) assessing
the profitability level and cash flow generation capability under
the negative market developments; and (iii) assessing the
availability of liquidity to cover operating needs including
changes in working capital, debt repayments and mandatory capex
investments.

The company's production assets are located in four sites, with
two mills in the Ukraine and one each in Hungary and Poland.

Through its JV with Duferco, the company also has equity interests
in Danish Steel in Denmark, MakStil in Macedonia and supplies
slabs to Farrell in the US.  ISD is primarily exporting its
products (85% of 2007 revenues) with the main export markets being
Europe (45% of total sales) following by sales to South-East Asia
(20% of the sales).

The company is ultimately owned and controlled by several
Ukrainian individuals and their families.

In 2007 the company reported revenue of US$6.15 billion and
US$1.3 billion of EBITDA based on audited consolidated financial
statements.


GREEN LEAF: Creditors Must File Claims by February 14
-----------------------------------------------------
Creditors of LLC Green Leaf (EDRPOU 32214463) have until
Feb. 14, 2009 to submit proofs of claim to:

         Mr. D. Maltsev
         Liquidator / Insolvency Manager
         Apt. 19
         Nikolsko-Slobodskaya St. 6-a
         02002 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 10, 2008.
The case is docketed as B 13/056-08.

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Green Leaf
         Promyshlennaya St. 5
         Vishnevoye
         Kiev
         Ukraine


MEAT AND MILK: Creditors Must File Claims by February 14
--------------------------------------------------------
Creditors of OJSC Meat and Milk Transport (EDRPOU 02772215) have
until Feb. 14, 2009 to submit proofs of claim to:

         Mrs. Liubov Labiak
         Liquidator / Insolvency Manager
         Tsinki St. 26
         Ivano-Frankovsk
         Ukraine
         Tel: 8(050)187-8101

The Arbitration Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Dec.
2, 2008.  The case is docketed as B-21/169.

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         OJSC Meat and Milk Transport
         Lugovaya St. 62
         Nikitintsy
         Ivano-Frankovsk
         Ukraine


PIRAMIDA-LUX LLC: Creditors Must File Claims by February 14
-----------------------------------------------------------
Creditors of LLC Piramida-Lux (EDRPOU 32574512) have until
Feb. 14, 2009 to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Arbitration Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 25, 2008.

The Debtor can be reached at:

         LLC Piramida-Lux
         Apt. 52
         Levanevsky St. 9
         65062 Odessa
         Ukraine


PROMINVESTBANK: Moody's Comments on Vnesheconombank Acquisition
---------------------------------------------------------------
Moody's Investors Service commented on the recent announcement of
the acquisition of a controlling stake of Prominvestbank by
Vnesheconombank (VEB, rated Baa1/Prime-2/E+).

In December 2008, VEB acquired a 75% stake in PIB for UAH1.3
billion (US$165.5 million).  The acquisition follows the placement
of PIB under temporary administration by the National Bank of
Ukraine.  Following the acquisition, VEB has approved the
Financial Recovery Plan (later also approved by the NBU) which
envisaged the increase of the bank's statutory capital by
UAH1.1 billion by the new shareholders and receipt of
UAH7.7 billion of financing from the shareholders to replace NBU
funds.

In reaction to the acquisition, Moody's has not taken any rating
action and has left PIB's current ratings unchanged with direction
uncertain.  "The acquisition of PIB by financially stronger VEB is
a potentially positive rating driver; however, Moody's requested
further information from VEB regarding its longer-term intention
with respect to PIB, as well as further detailed information
regarding the Financial Recovery Plan and measures taken by VEB to
address PIB's liquidity and funding issues.  Moody's is also
currently in the process of obtaining further information from PIB
and its controlling shareholder regarding the above.  The rating
agency is also assessing the financial impact of PIB which has
been operating under administration since October 2008," says
Yaroslav Sovgyra, a Moody's Vice President - Senior Credit
Officer, and lead analyst for these issuers.

Once this information has been communicated to the rating agency,
Moody's may take a rating action to reflect the impact of VEB's
acquisition on PIB's ratings.  A viable long-term recovery plan
and solutions for PIB's liquidity and funding profile as well as
capitalization are likely to lead to an upgrade of PIB's bank
financial strength rating, debt and deposit ratings.

Moody's previous rating action on Prominvestbank was on October 9,
2008 when the BFSR was downgraded to E from E+, its long-term
local currency and foreign currency bank deposit ratings were both
downgraded to Caa2 from Ba2 and B2, respectively, and its national
scale rating was downgraded to B3.ua from Aa1.ua.  The bank's
long-term deposit ratings had also been placed on review with
direction uncertain.

Headquartered in Kyiv, Ukraine, Prominvestbank reported unaudited
Ukrainian Accounting Standards total assets of UAH27.7 billion as
at September 30, 2008.


SOCIAL RENASCENCE: Creditors Must File Claims by February 14
------------------------------------------------------------
Creditors of LLC Social Renascence of Donbass (EDRPOU 30556292)
have until Feb. 14, 2009 to submit proofs of claim to:

         Mr. Sergey Pilipenko
         Temporary Insolvency Manager
         Apt. 81
         Metallurgov Avenue, 25
         Mariupol
         87500 Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 12, 2008.
The case is docketed as 42/176B.

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

The Debtor can be reached at:

         LLC Social Renascence of Donbass
         Mirnoye
         Telmanovsky
         87124 Donetsk
         Ukraine


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


A H DIAMOND: Appoints Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Peter John Forsey and David Thorniley of Tenon Recovery were
appointed joint liquidators of A H Diamond & Son Ltd. on Jan. 20,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

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


ADDISON MCKEE: Appoints Joint Administrators from BDO
-----------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Addison Mckee Ltd. on
Jan. 19, 2009.

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

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


BE-PLAS MARKETING: Brings in Joint Administrators from PKF
----------------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (UK) LLP were appointed
joint administrators of Be-Plas Marketing Ltd. on Jan. 20, 2009.

The company can be reached at:

         Be-Plas Marketing Ltd.
         Old Hall Industrial Estate
         Grisedale Road
         Bromborough
         Wirral
         CH62 3QA
         England


CAMBRIAN HOTELS: Taps Joint Administrators from PwC
---------------------------------------------------
Robert Nicholas Lewis and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators of
Cambrian Hotels Ltd. on Jan. 20, 2008.

The company can be reached at:

         Cambrian Hotels Ltd.
         Castle of Brecon Hotel
         Castle Square
         Brecon
         Powys
         LD3 9BD
         England


ENVIRONMENTAL INTELLIGENCE: Calls in Joint Liquidators from KPMG
----------------------------------------------------------------
David James Costley-Wood and Brian Green KPMG LLP were appointed
joint liquidators of Environmental Intelligence Ltd. on Jan. 19,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through KPMG LLP at:

         8 Princes Parade
         Liverpool
         L3 1QH
         England


EUROPEAN EVENTS: Goes Into Voluntary Liquidation
------------------------------------------------
Chantelle Thorley at Event reports that European Events has gone
into voluntary liquidation.

According to the report, all staff at the company's London and
Northampton offices have been made redundant.

The report relates a letter, titled 'Proposed Winding Up', and
signed by chief executive Christopher Palmer-Jeffery, said the
company is no longer in a position to make payments to workers for
services rendered under their contract of employment.

Mazars LLP, the report discloses, has been appointed administrator
of the company.  It will officially start proceedings on February
16.

The report recalls earlier this month the agency got rid of three
of its key directors – Paul Southern, Stephen Coverdale and Jane
Wade.


HURRANS: Goes Into Administration; Three Stores Closed
------------------------------------------------------
Banbury Guardian reports that Banbury-based garden center chain
Hurrans has gone into administration after trading for almost 100
years.

Gary J Corbett and Colin Burke of Milner Boardman & Partners have
been appointed joint administrators, thisisgloucestershire.co.uk
discloses.

Hurrans, Banbury Guardian recounts, was put up for sale last week.

"Selling the family business is a difficult decision but
unfortunately the trading conditions, coupled with a large
pensions deficit, have left us with no alternative," Arthur
Hurran, Hurran's chairman, was quoted by the report as saying.

Citing Colin Burke of Milner Boardman, Banbury Guardian relates
three of the company's five stores have been closed as they were
loss-making, while a buyer is being sought for the other two sites
as going concerns.

Banbury Guardian recalls stores in Churchdown, Gloucestershire,
Cowbridge in Glamorgan and Langstone in Monmouthshire shut for
good Thursday last week.

According to thisisgloucestershire.co.uk, two garden centers in
Banbury and West Hagley, Worcestershire, were open on Thursday but
aren't believed to be trading under the Hurrans name.


MADHOUSE LTD: In Administration; Sold to Winter Sky Retail
----------------------------------------------------------
Madhouse Ltd, a fashion house with over 50 branches throughout the
UK is the latest firm to be credit crunched.  Sprecher Grier
Halberstam LLP is advising the administrators Ian Yerrill and
Bernard Hoffman at Gerald Edelman.

On their appointment the administrators sold the business and
assets of the company to Winter Sky Retail Ltd for an undisclosed
sum.  Most of the stores will continue to operate as a going
concern.  Madhouse, whose head office was based in North London
employs over 300 people.

Edward Judge partner of City law firm Sprecher Grier Halberstam
LLP commented: "It is sad that the current economic downturn has
caused the failure of this company.  The administrators anticipate
protecting most if not all the jobs of the employees and to create
some sort of ongoing benefit for creditors including landlords and
suppliers.  We will be working together to find the most
beneficial outcome."


MAX TRAVEL: Goes Into Voluntary Liquidation
-------------------------------------------
Press Association reports that Wokington-based taxi and minibus
operator Max Travel (Cumbria) Ltd has gone into voluntary
liquidation after it ceased trading.

The company's liquidation is being handled by Daryl Warwick of
Armstrong Watson, the report relates.

The company, the report discloses, employed 12 drivers and an
office administrator.

Mr. Warwick, as cited by the report, said the company held a
number of school transport contracts with Cumbria County Council.


MINERVA RESOURCES: Sells Kyrgyzstan Unit; Enters Into CVA
---------------------------------------------------------
The Directors of Minerva Resources plc disclosed that that a Sale
and Purchase Agreement has been signed for the disposal of its
wholly owned subsidiary Palladex Limited (Samoa) and its
subsidiaries Palladex Geotechservice LLC, Kyrgyzstan, and the
Representative office of Palladex Limited in Azerbaijan to their
management for the consideration of US$79,208 and the repayment of
loans to the value of US$420,792.  The Company will write off the
outstanding loan amount  of US$852,494 in conjunction with the
transactions.  Palladex  Limited and Palladex Geotechservices LLC
provide geotechnical and drilling services to exploration and
mining companies in the Krygyz Republic, the Republic of
Kazakhstan and the Republic of Azerbaijan.  In the year ended
September 30, 2007 the business had attributable profits of
GBP114,137.

The funds achieved through the agreement will provide Minerva
Resources with additional short term working capital.  As
mentioned at the time of the placing on September 17, 2008, the
Company anticipated that it would need to raise further funds in
the first quarter  2009.  While the proceeds will allow the
Company to meet its  liabilities and commitments until late
quarter one 2009, the Company will require further funds to
continue to operate.

The resource drilling program at Tulu Kapi will be completed in
early February.  The data from the drilling program needs to be
compiled, assessed and a resource calculation undertaken, which
is expected to be carried out over the next two months.  During
this time, all other exploration activities will be minimized.

Given the current very difficult climate for small exploration
companies to raise money on the equity market, the Directors have
resolved to enter into a Company Voluntary Arrangement ('CVA')  to
enable a longer timeframe to seek  the necessary additional
funding required to continue operating the Company as a going
concern.  Should the creditors and members vote in favor of a CVA,
the Company will be protected for a longer period from creditor
pressures.  The Directors and management are looking at all
avenues for future funding arrangements or other strategic
options.

The disposal of Palladex  Limited is conditional on the approval
of shareholders in accordance with  Rule 15 of the AIM Rules for
Companies.  A general  meeting of shareholders has been convened
for Wednesday, February 25 to approve the disposal.  A circular
and notice of General Meeting is  being sent to shareholders
shortly and includes proposals to sub-divide the Company's share
capital and to adopt new articles of association.  It will be
available on the Company's website at www.minervaresources.com

The disposal is a related party transaction under the AIM Rules,
as one of the purchasers is a Director of the Company's
subsidiaries Palladex Limited and  Palladex  Geotchservice  LLC.
The Directors consider, having consulted with its nominated
adviser, that the terms are fair and reasonable insofar as its
shareholders are concerned.

In light of the Company's intention to enter into a CVA, the
company has requested a suspension, with immediate effect, of its
shares from trading pending clarification of its ongoing financial
position.

The company will provide an update on the proposed CVA in due
course.

Minerva Resources plc -- http://www.minervaresources.com/-- is a
UK based mineral exploration and development company quoted on
London's Alternative Investment Market (AIM:MVA).


REMBITT LTD: Appoints Joint Administrators from Grant Thornton
--------------------------------------------------------------
Neil Tombs and Nigel Morrison of Grant Thornton UK LLP were
appointed joint administrators of Rembitt Ltd. on Jan. 21, 2009.

The company can be reached at:

         Rembitt Ltd.
         Tything Road West
         Kinwarton
         Alcester
         Warwickshire
         B49 6EP
         England


RIO TINTO: In Talks With Chinalco On Possible Stake Sale
--------------------------------------------------------
Rio Tinto Group confirmed in a press statement Monday that it has
held discussions with existing shareholder Aluminum Corp., aka
Chinalco, regarding acquisition of minority interests in various
operating businesses of the Rio Tinto group and also investing in
convertible instruments.

The sales may raise as much as US$15 billion, Bloomberg News
relates, citing U.K.'s Sunday Telegraph.

According to Bloomberg News, Chinalco Chairman Xiao Yaqing said in
September the Beijing-based company may raise its stake in Rio.

Bloomberg News recalls in February 2008, Chinalco joined with
Alcoa Inc. to buy a 9 percent stake in Rio for GBP7.2 billion, and
in August, it won approval from the Australian government to
increase its stake in Rio to 11 percent.

Chinalco may increase its holding in Rio's London-listed shares to
18 percent and buy 14 percent of the company's Australian-listed
shares under the plan, Bloomberg News says citing the Sunday
Telegraph newspaper.

            Missed Asset-Sale Targets, May Sell Shares

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2009, Bloomberg News said Rio Tinto failed to meet its
asset-sale targets due to the global recession, and may sell
shares to help cut debts.

According to a TCR-Europe report on Dec. 11,2008, Rio Tinto plans
to further reduce its net debt by US$10 billion by the end of 2009
through expanding the scope of assets targeted for divestment to
include significant assets not previously highlighted for sale.

The company so far has sold at least US$4.6 billion in assets,
Bloomberg News says.

The group's net debt as of October 31, 2008 stood at US$38.9
billion.

Rio doesn't "rule out the potential to issue equity as one of the
options it has available," the London-based company said in a Jan.
28 statement obtained by Bloomberg News.

"The likelihood of Rio doing a share sale is increasing,"
Bloomberg News quoted Peter Arden, an analyst at Ord Minnett Ltd.,
an affiliate of JPMorgan Chase & Co., as saying.  "Buyers want
super bargains and Rio does not want to sell at those prices.  Rio
is probably thinking it's better to go to the market."

Bloomberg News recalls Rio increased its debt almost 19-fold after
buying Canadian aluminum producer Alcan Inc. for US$38.1 billion
in 2007.

According to Bloomberg News, BHP Billiton abandoned its hostile
US$66 billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt
and slumping demand for commodities.

Rio has declined 33 percent since then and its London shares are
now trading 75 percent below the 6,000 pence a share price paid by
Chinalco and Alcoa, Bloomberg News discloses.

BHP Billiton, in a November 27 statement, confirmed its offer for
Rio Tinto plc has lapsed and that, given the inter-conditionality
of its offers for Rio Tinto plc and Rio Tinto Limited, its offer
for Rio Tinto Limited has also lapsed.

To reduce costs, Rio said it will:

   -- Reduce global headcount by 14,000, comprising 8,500
      contractor jobs and 5,500 employee roles (annual operating
      cost saving of US$1.2 billion, upfront severance costs of
      US$400 million);

   -- Consolidate offices around the Group, including the
      London head office;

   -- Rapidly accelerate outsourcing and off-shoring of
      IT and procurement in 2009; and

   -- Defer exploration and evaluation expenditure.

                          About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.


RIO TINTO: Sells Argentina and Brazil Assets for US$1.6 Billion
---------------------------------------------------------------
Rio Tinto Group has agreed to sell its undeveloped potash assets,
largely comprising the Potasio Rio Colorado (PRC) potash project
in Argentina, and its Corumbá iron ore mine in Brazil and the
associated river logistics operations in Paraguay to Vale, the
Brazilian mining company, for a total cash consideration of US$1.6
billion.

Potasio Rio Colorado is a tier 1 asset located in the Malargüe
department in the province of Mendoza.  The project is in the
feasibility stage.  The life of the mine is projected to last more
than 50 years.

Corumbá mine operations are located in western Brazil, in the
state of Mato Grosso do Sul.  The iron ore is mined from an open
pit, processed on site then barged by Transbarge Navegación (Rio
Tinto 100%) along the Paraguay River for onward delivery to South
American and European customers.  Corumbá currently has an annual
capacity of 2 million tonnes.

Completion of the Corumbá transaction remains subject to receipt
of the relevant regulatory approvals, while no approvals are
required in order to complete the potash transaction, Rio said in
a Jan. 30 statement.

"This transaction demonstrates the depth and quality of our asset
portfolio and our ability to unlock value for shareholders despite
tough credit markets and economic conditions," said Guy Elliott,
chief financial officer, Rio Tinto.  "This is a very positive step
towards meeting our commitment to reduce debt by US$10 billion in
2009".

According to the statement, the potash transaction, comprising PRC
and the Regina exploration asset in Canada, is targeting
completion and receipt of the cash proceeds in February.  Regina
Potash is a large 1,200km2 property east of the Belle Plaine mine
in Saskatchewan, Canada.  The project is currently at early
evaluation stage and is located close to existing infrastructure.

The Corumbá transaction meanwhile will complete when appropriate
consents are received, and completion is expected in the second
half of 2009.  The sales proceeds are allocated US$850 million to
the potash assets and US$750 million to the Corumbá assets, the
company said.

The earnings of the Corumbá iron ore mine were US$6 million for
the six months ending June 30, 2008 and US$(12) million for the
year ended December 31, 2007. There were no earnings for the
potash assets, which are undeveloped.  Evaluation expenditure on
the potash projects in the first half of 2008 was US$18 million.
The gross assets of the Corumbá operations as at June 30, 2008
were US$263 million. Gross assets of the PRC assets were US$33
million as at June 30, 2008.  The proceeds from these divestments
will be used for the repayment of debt, Rio said in the statement.

            Missed Asset-Sale Targets, May Sell Shares

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
30, 2009, Bloomberg News said Rio Tinto failed to meet its asset-
sale targets due to the global recession, and may sell shares to
help cut debts.

According to a TCR-Europe report on Dec. 11,2008, Rio Tinto plans
to further reduce its net debt by US$10 billion by the end of 2009
through expanding the scope of assets targeted for divestment to
include significant assets not previously highlighted for sale.

The company so far has sold at least US$4.6 billion in assets,
Bloomberg News says.

The group's net debt as of October 31, 2008 stood at US$38.9
billion.

Rio doesn't "rule out the potential to issue equity as one of the
options it has available," the London-based company said in a Jan.
28 statement obtained by Bloomberg News.

"The likelihood of Rio doing a share sale is increasing,"
Bloomberg News quoted Peter Arden, an analyst at Ord Minnett Ltd.,
an affiliate of JPMorgan Chase & Co., as saying.  "Buyers want
super bargains and Rio does not want to sell at those prices.  Rio
is probably thinking it's better to go to the market."

Bloomberg News recalls Rio increased its debt almost 19-fold after
buying Canadian aluminum producer Alcan Inc. for US$38.1 billion
in 2007.

According to Bloomberg News, BHP Billiton abandoned its hostile
US$66 billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt
and slumping demand for commodities.

Rio has declined 33 percent since then and its London shares are
now trading 75 percent below the 6,000 pence a share price paid by
Chinalco and Alcoa, Bloomberg News discloses.

BHP Billiton, in a November 27 statement, confirmed its offer for
Rio Tinto plc has lapsed and that, given the inter-conditionality
of its offers for Rio Tinto plc and Rio Tinto Limited, its offer
for Rio Tinto Limited has also lapsed.

To reduce costs, Rio said it will:

   -- Reduce global headcount by 14,000, comprising 8,500
      contractor jobs and 5,500 employee roles (annual operating
      cost saving of US$1.2 billion, upfront severance costs of
      US$400 million);

   -- Consolidate offices around the Group, including the
      London head office;

   -- Rapidly accelerate outsourcing and off-shoring of
      IT and procurement in 2009; and

   -- Defer exploration and evaluation expenditure.

                          About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.


SH MOORE AND SONS: Goes Into Liquidation; 20 Jobs Affected
----------------------------------------------------------
News Letter reports that Pomeroy-based developer SH Moore and Sons
Ltd has gone into liquidation, resulting to the loss of 20 jobs.

BDO Stoy Hayward, the report discloses, has been appointed
liquidator of the company, which ceased trading several weeks ago.

The report relates the company outlined its position to those owed
money at a creditors' meeting in Belfast last Thursday, January
29.

The company racked up debts of more than GBP4 million, the report
states.

"There was about GBP2 million owed to hire purchase creditors for
vehicles and equipment, about GBP600,000 due to a bank and about
GBP1.7 million due to trade suppliers," a spokesman for BDO Stoy
Hayward was quoted by the report as saying.

"Our role is now to realize the assets for the benefit of the
creditors and look at how the situation was handled but we can't
comment on that at this stage."

The Presbyterian Mutual Society, the report says, played a role in
the company's demise.  However, Stephen Moore, a director in the
company, declined to comment.

Citing business and local sources, the report notes the PMS had a
very substantial financial exposure to Mr. Moore's other companies
– all of which are solvent.

The report adds a High Court order also prevented PMS
administrator, Arthur Boyd, from either confirming or denying any
PMS involvement.

The report recalls the most recent accounts filed with Companies'
Registry for the company, cover the year ended August 31, 2007 and
were filed last February.

The report notes according to the accounts, the company had fixed
assets of GBP3.3 million.


STAFFORD RUBBER: Goes Into Administration; 60 Staff Axed
--------------------------------------------------------
Norton Canes-based automotive component supplier Stafford Rubber
Company has gone into administration, resulting to the loss of 60
jobs, expressandstar.com reports.

According to the report, the company ran into financial troubles
following a fall-off in orders due the current slump in the car
industry.

Ian Gould and Brian Hamblin, corporate recovery partners at the
Birmingham office of PKF Accountants & Business Advisers, have
been appointed administrators, the report discloses.

"There has been a significant decline in volumes.  The future of
the business is largely dependent on discussions with major
customers, including Jaguar Land Rover," Mr. Gould was quoted by
the report as saying.

"We have had three or four expressions of interest in buying the
company and will try to maintain for the next few weeks."


* UK: Begbies Warns Major House Builders at Risk of Insolvency
--------------------------------------------------------------
Crispin Dowler at Inside Housing reported that according to
administrators Begbies Traynor, the number of construction firms
with "critical problems" in the United Kingdom increased by 190
per cent in the last three months of 2008.

Citing Begbies' latest Red Flag Alert report, Inside Housing
disclosed there were 1103 "distressed" building firms in the
fourth quarter of 2008, compared with 380 in the same period the
previous year.

"Because construction companies are often highly geared, the
decline in turnover will spark major funding issues going
forward," David Hudson, a partner at Begbies, was quoted by Inside
Housing as saying.

Inside Housing noted Mr. Hudson warned "Larger house builders will
struggle to survive a potentially prolonged market downturn, and
we may see one or more of the major listed house builders go into
some form of insolvency procedure in 2009."


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

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

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


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


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *