TCREUR_Public/090204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, February 4, 2009, Vol. 10, No. 24

                            Headlines

A U S T R I A

BOEHM & LANGE: Claims Registration Period Ends February 16
EMKO TUNA: Claims Registration Period Ends February 11
ENGLEITNER KEG: Claims Registration Period Ends February 10
KOPSCHE LLC: Claims Registration Period Ends February 10
PH-LABOR LLC: Claims Registration Period Ends February 16


F R A N C E

CREDIT FONCIER: Moody's Cuts Financial Strength Rating to 'D+'
LOCINDUS: Moody's Cuts Bank Financial Strength Rating to 'D+'


G E R M A N Y

BESTPOOL BETEILIGUNGS: Claims Registration Period Ends March 4
CONTINENTAL GMBH: Claims Registration Period Ends March 6
HRE GROUP: Moody's Keeps 'E+' Bank Financial Strength Ratings
IMC SERVICE: Claims Registration Period Ends March 2
M & K VERMIETUNGS: Claims Registration Period Ends February 24

MAKE TELEMARKETING: Claims Registration Period Ends March 5
QIMONDA AG: May Shut Down Business if No Investor Found
TRI PLEX: Claims Registration Period Ends March 10


G R E E C E

DRYSHIPS INC: Lenders Waive Covenants Through End of 2010
DRYSHIPS INC: Share Offering Prompts Analysts to Downgrade Stock


I R E L A N D

RYLAND GROUP: Signs 4th Amendment to Credit Pact With JPMorgan
RYLAND GROUP: Posts US$396,585,000 Net Loss for Year Ended Dec. 31
WATERFORD WEDGWOOD: Wedgwood Family Eyes Takeover


K A Z A K H S T A N

ARKALYK GAS: Creditors Must File Claims by March 13
DEGDAR OJSC: Proof of Claim Deadline Slated for March 13
HALYK BANK: Obtains KZT120 Billion in State Funds
SA STROY SERVICE: Proof of Claim Deadline Slated for March 13
SEIHUN-SHART LLP: Claims Filing Period Ends March 13

SEV KAZ: Claims Filing Period Ends March 13
SINERGY INVESTMENT: Claims Registration Ends March 13
STROY MARKET: Creditors' Proofs of Claim Due March 13
UMAK LLP: Creditors Must File Claims by March 13


K Y R G Y Z S T A N

KAINDY GAS: Creditors Must File Claims by February 27


L U X E M B O U R G

EVRAZ GROUP: Completes Sale of 49% NS Group Stake to TMK


N E T H E R L A N D S

* Fitch Says Ratings on Dutch RMBS Resilient to Recession


R U S S I A

ADLERSKAYA TEA: Creditors Must File Claims by February 23
AGRONOM LLC: Creditors Must File Claims by February 23
ALROSA COMPANY: To Step Up Quality Diamond Sales, Vedomosti Says
ANNAVIT LLC: Creditors Must File Claims by February 23
AVTOVAZBANK: Moody's Withdraws 'E' Bank Financial Strength Rating

KOMRESSORNYY TSENTR: Creditors Must File Claims by Feb. 23
LES-PROM LLC: Creditors Must File Claims by February 23
LUU LLC: Creditors Must File Claims by February 23
MAGNITOGORSK IRON: Moody's Cuts Corporate Family Rating to 'Ba2'
SIB-VTOR-SYRYO LLC: Creditors Must File Claims by March 23

STROITEL' LLC: Creditors Must File Claims by March 23
TMK OAO: Acquires Evraz's 49% Stake in NS Group for US$508 Mln
URAL-TAL'K CJSC: Creditors Must File Claims by February 23


S P A I N

AYT COLATERALES: Fitch Assigns 'BB-' Rating on EUR4.8 Mil. Notes
FONCAIXA ICO: Moody's Assigns 'C' Provisional Rating on D Notes


S W I T Z E R L A N D

47N INTERNATIONAL: Creditors Must File Proofs of Claim by Feb. 9
DAIMOS COMMODITIES: Deadline to File Proofs of Claim Set Feb. 8
EMTD JSC: Creditors Have Until Feb. 12 to File Claims
GARAGE ULRICH: Proof of Claim Filing Deadline Set February 11
LINDER CREATIVE: Creditors' Proofs of Claim Due by Feb. 8

LUTOMIRSKY JSC: February 11 Set as Deadline to File Claims
MARCEL VOLLMIN: Creditors Must File Proofs of Claim by Feb. 11
PROFITBORSE LLC: Deadline to File Proofs of Claim Set February 9
REBUS UNCOVER: Proof of Claim Filing Deadline Set February 11


U K R A I N E

AVANGARD-TEXT LLC: Creditors Must File Claims by February 15
AZOTBUILDINVEST LLC: Creditors Must File Claims by February 15
DRILLING SERVICE: Creditors Must File Claims by February 15
HORTITSA LLC: Creditors Must File Claims by February 15
INITIO LLC: Creditors Must File Claims by February 15

LVOV PLANT: Creditors Must File Claims by February 15
NADRA BANK: Buyer Seeks Gov't Help to Prevent Bank's Collapse
SLAVUTICH-CAPITAL LLC: Creditors Must File Claims by February 15
UKRMETENERGOCOM CJSC: Creditors Must File Claims by February 15


U N I T E D   K I N G D O M

ARTICLE 10 MARKETING: Appoints Joint Administrators from Tenon
AXEON HOLDINGS: Obtains Covenant Waiver Until End of February 2009
BULMERS LOGISTICS: Brings In Joint Administrators from Deloitte
EMI GROUP: Half Year Loss Narrows to GBP155 Million
FISH MARKET: Taps Joint Administrators from PwC

FISH WORKS: Appoints Joint Administrators from PwC
FML LTD: S&P Withdraws 'B-' Global Corporate Credit Rating
HAMMOND SUPPORT: Calls In Joint Administrators from Deloitte
JESSOPS PLC: May Breach Banking Covenants; Net Loss Narrowed
PIPE HOLDINGS: Refinancing Concerns Prompt S&P to Junk Rating

RAVEN SUPPLIES: Taps Joint Administrators from Tenon Recovery
TI AUTOMOTIVE: Moody's Withdraws Ratings on Lack of Information
TRELANMEX LTD: Appoints Joint Administrators from Tenon Recovery
WOOLWORTHS GROUP: Shop Direct Snaps Up Brand
XSTRATA PLC: To Raise GBP4.1 Bln to Repay Existing Debt

* EUROPE: PwC Report Says Real Estate Industry Faces a Tough 2009


                         *********


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


BOEHM & LANGE: Claims Registration Period Ends February 16
----------------------------------------------------------
Creditors owed money by LLC Boehm & Lange (FN 136558x) have until
Feb. 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Christian Supper
         Hauptplatz 1
         7350 Oberpullendorf
         Austria
         Tel: 02612/43 543
         Fax: 02612/43543-10
         E-mail: op@rss.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 2, 2009, for the
examination of claims at:

         Land Court of Klagenfurt
         Hall F
         Klagenfurt
         Austria

Headquartered in Horitschon, Austria, the Debtor declared
bankruptcy on Jan. 8, 2009, (Bankr. Case No. 26 S 3/09g).


EMKO TUNA: Claims Registration Period Ends February 11
------------------------------------------------------
Creditors owed money by KEG Emko Tuna (FN 208777a) have until
Feb. 11, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Nikolaus Vogt
         Zeltgasse 3/13
         1080 Wien
         Austria
         Tel: 01/402 57 01 33
         Fax: 01/402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Feb. 25, 2009, for the
examination of claims at:

         Land Court of Korneuburg
         Room 204
         Korneuburg
         Austria

Headquartered in Ebergassing, Austria, the Debtor declared
bankruptcy on Jan. 8, 2009, (Bankr. Case No. 36 S 1/09b).


ENGLEITNER KEG: Claims Registration Period Ends February 10
-----------------------------------------------------------
Creditors owed money by KEG Engleitner (FN 156489g) have until
Feb. 10, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Alfred Schneider
         Klosterrotte 4
         3180 Lilienfeld
         Austria
         Tel: 02762/55 280
         Fax: 02762/55280-20
         E-mail: office@derschneider.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on March 3, 2009, for the
examination of claims at:

         Land Court of St. Poelten
         Room 216
         St. Poelten
         Austria

Headquartered in Annaberg, NOE, Austria, the Debtor declared
bankruptcy on Jan. 2, 2009, (Bankr. Case No. 14 S 1/09a).


KOPSCHE LLC: Claims Registration Period Ends February 10
--------------------------------------------------------
Creditors owed money by LLC Kopsche (FN 182204y) have until
Feb. 10, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Peter Riedel
         Pfarrplatz 3
         9020 Klagenfurt
         Austria
         Tel: 0463/500 246
         Fax: 0463/500 246-8
         E-mail: ra.riedel@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 17, 2009, for the
examination of claims at:

         Land Court of Klagenfurt
         Meeting Room 225
         Klagenfurt
         Austria

Headquartered in Keutschach, Austria, the Debtor declared
bankruptcy on Jan. 7, 2009, (Bankr. Case No. 40 S 77/08a).


PH-LABOR LLC: Claims Registration Period Ends February 16
---------------------------------------------------------
Creditors owed money by LLC PH-Labor (FN 258923w) have until
Feb. 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Sylvia Roessler
         Hauptplatz 21
         2700 Wiener Neustadt
         Austria
         Tel: 02622/25211
         Fax: 02622/25310
         E-mail: rechtsanwaeltin@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Feb. 26, 2009, for the
examination of claims at:

         Land Court Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Berndorf, NOE, Austria, the Debtor declared
bankruptcy on Jan. 5, 2009, (Bankr. Case No. 10 S 1/09i).


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


CREDIT FONCIER: Moody's Cuts Financial Strength Rating to 'D+'
--------------------------------------------------------------
Moody's Investors Service affirmed the Aa3 long-term bank deposit
rating of Credit Foncier de France, an affiliated entity of Groupe
Caisse d'Epargne.  At the same time, Moody's downgraded the bank
financial strength rating of CFF to D+, mapping to a baseline
credit assessment of Baa3, from C mapping to a BCA of A3.  The
outlook on all of CFF's ratings is stable.

Additionally, Moody's downgraded to A1 from Aa3 the long-term bank
deposit ratings of Locindus and Banque Palatine, two other
affiliated entities of GCE.  Locindus's long-term bank deposit
rating has a stable outlook while Banque Palatine's outlook is
developing.  Locindus's BFSR was downgraded to D+ (mapping to a
BCA of Ba1) from C (mapping to a BCA of A3).

The BFSR of Banque Palatine was affirmed at C- with a stable
outlook, but it now maps to a BCA of Baa2 rather than a BCA of
Baa1 previously.  The rating actions on Locindus and Banque
Palatine conclude Moody's review for possible downgrade initiated
on July 18, 2008.  The short-term deposit ratings of CFF, Locindus
and Banque Palatine have been affirmed at Prime-1.

The revised ratings on CFF and Locindus (the major shareholder of
which is CFF) reflect Moody's concerns about the risks stemming
from CFF's commercial real estate exposure and securities
portfolio in a deteriorating market environment, balanced by the
continuous integration and strategic role of CFF within GCE.
The rating action on Banque Palatine incorporates Moody's
expectations of a more challenging environment in the SME market
and the recent announcement by GCE of its planned disposal of this
affiliated entity.

                    Credit Foncier De France

Moody's downgrade of CFF's BFSR reflects, among other things, the
bank's sizable exposure to structured finance asset classes in
held-to-maturity portfolios and to commercial real estate in
relation to its currently limited capacity to absorb a likely
deterioration in the housing market and higher credit losses.
CFF's D+ BFSR is underpinned by the absence of significant
balance-sheet mismatches given that its long-term assets are
almost entirely long-term wholesale funded, primarily via covered
bonds.  Moody's believes that CFF has the ability to cope with
liquidity pressure in the short-term thanks to, among other
things, a reserve of pledgeable securities with the central bank,
which exceeded EUR20 billion after haircuts at the end of
September 2008.

Moody's notes that CFF's market share in the French residential
market increased in 2008, although new domestic production volumes
declined.  However, the potential scarcity of long-term wholesale
funding such as covered bonds could force a further decline in
loan production, which, along with higher funding costs and an
expected deterioration in the French housing market, is likely to
reduce the bank's earnings generation capacity over time.

Moody's acknowledges the low risk profile of residential
mortgages, particularly government-regulated, as well as public
loans, which represent the largest part of CFF's lending.  This
is, however, mitigated by the deterioration in lending standards
for mortgages recently originated by CFF, such as a significant
increase in high loan-to-value mortgages, and by CFF's high
borrower and sector concentration.  Moody's notes in particular
that the bank has a significant EUR6.2 billion exposure to real
estate professionals along with a EUR1.2 billion exposure to
property developers.  CFF also has a EUR23 billion structured
finance portfolio, of which EUR15.3 billion of residential
mortgage-backed securities, comprising mainly senior tranches of
European RMBS, to be held to maturity.

Moody's views these exposures as large in absolute terms and also
compared with CFF's currently thin capital buffers -- the bank's
Tier I ratio stood at 7.7% as of end-September 2008, in line with
its targeted ratio.  These factors remain a matter of concern
motivating the rating action.

A very high probability of parental support continues to underpin
CFF's Aa3 long-term deposit ratings, resulting in a six-notch
uplift from its BCA of Baa3.  Indeed, Moody's believes that CFF's
important role within GCE has been further reinforced in the past
few months by its increased operating integration within the group
as well as by the planned full acquisition of CFF by Caisse
Nationale des Caisses d'Epargne, GCE's central body.

In addition to this, as a subsidiary of GCE, CFF benefits from the
solidarity mechanisms of the group, with CNCE responsible for
ensuring CFF's liquidity and solvency.  The stable outlook on
CFF's Aa3 long-term deposit rating reflects Moody's understanding
that the current very high probability of parental support (and
CFF's strategic importance to GCE) has been confirmed by GCE.
Moody's will reassess the strategic importance of CFF in the light
of the planned GCE-Groupe Banque Populaire merger.

                             Locindus

The downgrade of Locindus's BFSR to D+, which translates to a BCA
of Ba1, from C reflects the entity's mono-line activity as a
commercial real estate financial services provider with high
credit risk concentrations in real estate financial leases and
loans.  Also, Moody's views Locindus's business as highly
sensitive to property market downturns and likely to suffer going
forward in an environment of increasing funding costs and vacancy
rates.

The downgrade of Locindus's long-term bank deposit ratings results
from the rating action taken on its BFSR.  However, Locindus's
full integration within its major shareholder, CFF, and Moody's
assessment of a high probability of support from CFF, and
ultimately from GCE's solidarity mechanism, is reflected in a six-
notch uplift for Locindus's long-term deposit rating of A1 from
its BCA of Ba1.  The stable outlook on Locindus's ratings mirrors
Moody's expectation of its continuing integration into CFF and
high parental support from CFF and its ultimate parent, CNCE.

                         Banque Palatine

Moody's affirmation of Banque Palatine's BFSR at C- and revised
mapping to a BCA of Baa2 (from Baa1 previously), takes into
account the bank's expertise in the SME segment and sound solvency
position along with its high credit risk concentration and
vulnerability to deterioration in the SME sector.

Moody's downgrade of Banque Palatine's long-term bank deposit
rating to A1 from Aa3 reflects the decline in the bank's strategic
importance and role within GCE, as shown by CNCE's announcement on
December 29, 2008 of its intention to sell Banque Palatine.

The developing outlook will be resolved once the future owner, and
potential support provider of Banque Palatine is known, which is
expected by the end of Q2 2009.

                     Previous Rating Actions

The last rating action on CFF, Locindus and Banque Palatine was
implemented on July 18, 2008, when Moody's downgraded CFF's
deposit and senior unsecured debt ratings to Aa3 with stable
outlooks, from Aa2 (its P-1 short-term rating and C BFSR were
unchanged), and placed Locindus's and Banque Palatine's Aa3
deposit ratings on review for possible downgrade.  Locindus's P-1
short-term ratings and C BFSR and Banque Palatine's P-1 short-term
ratings and C- BFSR were affirmed with stable outlooks.

Headquartered in Paris, CFF had total assets of EUR123.6 billion
at end-June 2008.  For H1 2008, the group reported net profit,
group share, of EUR140 million, up from net income of
EUR124 million during the same period in 2007.

Headquartered in Paris, Locindus had total assets of
EUR909 million at end-June 2008.  For H1 2008, the group reported
net income of EUR5 million, down from net income of EUR33.9
million during the same period in 2007.

Headquartered in Paris, Banque Palatine had total assets of
EUR7.6 billion at end-2007.  In 2007, the group reported net
profit, group share, of EUR74 million, up from net profit of
EUR50 million in 2006.


LOCINDUS: Moody's Cuts Bank Financial Strength Rating to 'D+'
-------------------------------------------------------------
Moody's Investors Service affirmed the Aa3 long-term bank deposit
rating of Credit Foncier de France, an affiliated entity of Groupe
Caisse d'Epargne.  At the same time, Moody's downgraded the bank
financial strength rating of CFF to D+, mapping to a baseline
credit assessment of Baa3, from C mapping to a BCA of A3.  The
outlook on all of CFF's ratings is stable.

Additionally, Moody's downgraded to A1 from Aa3 the long-term bank
deposit ratings of Locindus and Banque Palatine, two other
affiliated entities of GCE.  Locindus's long-term bank deposit
rating has a stable outlook while Banque Palatine's outlook is
developing.  Locindus's BFSR was downgraded to D+ (mapping to a
BCA of Ba1) from C (mapping to a BCA of A3).

The BFSR of Banque Palatine was affirmed at C- with a stable
outlook, but it now maps to a BCA of Baa2 rather than a BCA of
Baa1 previously.  The rating actions on Locindus and Banque
Palatine conclude Moody's review for possible downgrade initiated
on July 18, 2008.  The short-term deposit ratings of CFF, Locindus
and Banque Palatine have been affirmed at Prime-1.

The revised ratings on CFF and Locindus (the major shareholder of
which is CFF) reflect Moody's concerns about the risks stemming
from CFF's commercial real estate exposure and securities
portfolio in a deteriorating market environment, balanced by the
continuous integration and strategic role of CFF within GCE.
The rating action on Banque Palatine incorporates Moody's
expectations of a more challenging environment in the SME market
and the recent announcement by GCE of its planned disposal of this
affiliated entity.

                    Credit Foncier De France

Moody's downgrade of CFF's BFSR reflects, among other things, the
bank's sizable exposure to structured finance asset classes in
held-to-maturity portfolios and to commercial real estate in
relation to its currently limited capacity to absorb a likely
deterioration in the housing market and higher credit losses.
CFF's D+ BFSR is underpinned by the absence of significant
balance-sheet mismatches given that its long-term assets are
almost entirely long-term wholesale funded, primarily via covered
bonds.  Moody's believes that CFF has the ability to cope with
liquidity pressure in the short-term thanks to, among other
things, a reserve of pledgeable securities with the central bank,
which exceeded EUR20 billion after haircuts at the end of
September 2008.

Moody's notes that CFF's market share in the French residential
market increased in 2008, although new domestic production volumes
declined.  However, the potential scarcity of long-term wholesale
funding such as covered bonds could force a further decline in
loan production, which, along with higher funding costs and an
expected deterioration in the French housing market, is likely to
reduce the bank's earnings generation capacity over time.

Moody's acknowledges the low risk profile of residential
mortgages, particularly government-regulated, as well as public
loans, which represent the largest part of CFF's lending.  This
is, however, mitigated by the deterioration in lending standards
for mortgages recently originated by CFF, such as a significant
increase in high loan-to-value mortgages, and by CFF's high
borrower and sector concentration.  Moody's notes in particular
that the bank has a significant EUR6.2 billion exposure to real
estate professionals along with a EUR1.2 billion exposure to
property developers.  CFF also has a EUR23 billion structured
finance portfolio, of which EUR15.3 billion of residential
mortgage-backed securities, comprising mainly senior tranches of
European RMBS, to be held to maturity.

Moody's views these exposures as large in absolute terms and also
compared with CFF's currently thin capital buffers -- the bank's
Tier I ratio stood at 7.7% as of end-September 2008, in line with
its targeted ratio.  These factors remain a matter of concern
motivating the rating action.

A very high probability of parental support continues to underpin
CFF's Aa3 long-term deposit ratings, resulting in a six-notch
uplift from its BCA of Baa3.  Indeed, Moody's believes that CFF's
important role within GCE has been further reinforced in the past
few months by its increased operating integration within the group
as well as by the planned full acquisition of CFF by Caisse
Nationale des Caisses d'Epargne, GCE's central body.

In addition to this, as a subsidiary of GCE, CFF benefits from the
solidarity mechanisms of the group, with CNCE responsible for
ensuring CFF's liquidity and solvency.  The stable outlook on
CFF's Aa3 long-term deposit rating reflects Moody's understanding
that the current very high probability of parental support (and
CFF's strategic importance to GCE) has been confirmed by GCE.
Moody's will reassess the strategic importance of CFF in the light
of the planned GCE-Groupe Banque Populaire merger.

                             Locindus

The downgrade of Locindus's BFSR to D+, which translates to a BCA
of Ba1, from C reflects the entity's mono-line activity as a
commercial real estate financial services provider with high
credit risk concentrations in real estate financial leases and
loans.  Also, Moody's views Locindus's business as highly
sensitive to property market downturns and likely to suffer going
forward in an environment of increasing funding costs and vacancy
rates.

The downgrade of Locindus's long-term bank deposit ratings results
from the rating action taken on its BFSR.  However, Locindus's
full integration within its major shareholder, CFF, and Moody's
assessment of a high probability of support from CFF, and
ultimately from GCE's solidarity mechanism, is reflected in a six-
notch uplift for Locindus's long-term deposit rating of A1 from
its BCA of Ba1.  The stable outlook on Locindus's ratings mirrors
Moody's expectation of its continuing integration into CFF and
high parental support from CFF and its ultimate parent, CNCE.

                         Banque Palatine

Moody's affirmation of Banque Palatine's BFSR at C- and revised
mapping to a BCA of Baa2 (from Baa1 previously), takes into
account the bank's expertise in the SME segment and sound solvency
position along with its high credit risk concentration and
vulnerability to deterioration in the SME sector.

Moody's downgrade of Banque Palatine's long-term bank deposit
rating to A1 from Aa3 reflects the decline in the bank's strategic
importance and role within GCE, as shown by CNCE's announcement on
December 29, 2008 of its intention to sell Banque Palatine.

The developing outlook will be resolved once the future owner, and
potential support provider of Banque Palatine is known, which is
expected by the end of Q2 2009.

                     Previous Rating Actions

The last rating action on CFF, Locindus and Banque Palatine was
implemented on July 18, 2008, when Moody's downgraded CFF's
deposit and senior unsecured debt ratings to Aa3 with stable
outlooks, from Aa2 (its P-1 short-term rating and C BFSR were
unchanged), and placed Locindus's and Banque Palatine's Aa3
deposit ratings on review for possible downgrade.  Locindus's P-1
short-term ratings and C BFSR and Banque Palatine's P-1 short-term
ratings and C- BFSR were affirmed with stable outlooks.

Headquartered in Paris, CFF had total assets of EUR123.6 billion
at end-June 2008.  For H1 2008, the group reported net profit,
group share, of EUR140 million, up from net income of
EUR124 million during the same period in 2007.

Headquartered in Paris, Locindus had total assets of
EUR909 million at end-June 2008.  For H1 2008, the group reported
net income of EUR5 million, down from net income of EUR33.9
million during the same period in 2007.

Headquartered in Paris, Banque Palatine had total assets of
EUR7.6 billion at end-2007.  In 2007, the group reported net
profit, group share, of EUR74 million, up from net profit of
EUR50 million in 2006.


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


BESTPOOL BETEILIGUNGS: Claims Registration Period Ends March 4
--------------------------------------------------------------
Creditors of Bestpool Beteiligungsgesellschaft mbH have until
March 4, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Gütersloh
         Germany

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:

         Bestpool Beteiligungsgesellschaft mbH
         Attn: Horst Menkenhagen and
               Wolfgang Runde, Managers
         Bahndamm 17
         33803 Steinhagen
                  Germany


CONTINENTAL GMBH: Claims Registration Period Ends March 6
---------------------------------------------------------
Creditors of Continental GmbH have until March 6, 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 April 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Reinhard Titz
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

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:

         Continental GmbH
         Attn: Hans-Dieter Ribke, Manager
         Peutestrasse 51 A
         20539 Hamburg
         Germany


HRE GROUP: Moody's Keeps 'E+' Bank Financial Strength Ratings
-------------------------------------------------------------
Moody's Investors Service has downgraded to A3 from A2 the senior
unsecured debt and deposit ratings of all operating members of
Hypo Real Estate Group, reflecting the rating agency's expectation
of a substantial recapitalization by the German Government or even
nationalization of the group.  The rating downgrade affects Hypo
Real Estate Bank AG, Depfa Bank Plc, Depfa Deutsche Pfandbriefbank
AG and Depfa ACS Bank.  At the same time, subordinated debt of all
HRE Group members was downgraded to Baa1 from A3.  The Prime-1
short-term ratings of all HRE Group entities were confirmed.  The
outlook on all ratings was changed to negative.  The rating action
closes the review on these ratings which was initiated on 30
September 2008.

The bank financial strength ratings for all HRE Group entities
continues to be at the E+ level with a negative outlook.  The E+
BFSR translates into a Baseline Credit Assessment of B3, which
reflects the banks' intrinsic financial weaknesses without
government support.

       Senior Unsecured Debt And Deposit Ratings Now At A3

Notwithstanding the pending recapitalization of HRE Group by the
German government, Moody's decision for the downgrade of the
senior unsecured debt and deposit ratings by only one notch to A3
was based on the expectation that -- at least for the next couple
of years -- the German Government, acting through the Financial
Market Stabilization Fund, will take any measures required to
support HRE Group, including the possibility of a nationalization
of the group.  The decision for the A3 rating level and rating
stability at this level for the foreseeable future therefore
hinges on these expected measures:

a) The German government injecting an amount of fresh capital into
   HRE Group that will result in the Government taking a majority
   interest in the group.

b) The government will thus signal a commitment to an explicit
   medium- to long-term engagement in and backing of HRE Group.

c) The recapitalization measures will be sufficient to absorb
   future losses that are expected to result from considerably
   increased funding costs as well as credit risk charges and
   impairments that will likely occur during the next 2 to 3 years
   of the expected downturn in the commercial real estate markets.

Moody's currently estimates the resulting minimum requirements for
fresh capital to be in excess of EUR5 billion.

"With the rating action and the decision to maintain HRE Group's
debt and deposit ratings in the lower-mid investment grade range,
Moody's fully recognizes the strong systemic support that has been
evolving since the group first experienced distress and needed
financial assistance in late September 2008.  The decision takes
into account the substantial support rendered to date, i.e.
facilities and commitments of EUR92 billion which initially
included the concerted efforts of the sovereign and the German
banking system, as well as the more recently evolving serious
efforts of the German government to nationalize the bank in order
to provide for a more sustainable, long-term support and to
stabilize the financial markets," says Katharina Barten, a
Frankfurt-based Moody's Vice President - Senior Analyst and lead
analyst for HRE Group entities.

   The Negative Outlook on All Ratings Reflects a Wide Range of
                          Pressure Points

While Moody's is of the opinion that the A3 rating level for
senior unsecured debt duly reflects the German Government's
support towards HRE Group, the ratings remain under pressure, in
turn reflected by the negative outlook on all ratings.  Downward
pressure on the A3 ratings could result from (i) a further
downgrade of the E+ BFSR, (ii) less substantial support than
currently expected or any sooner-than-warranted exit strategy of
the German Government and / or (iii) a decrease over time of the
systemic importance of HRE Group.

In more detail, a downgrade could be triggered:

a) If the new management were to under-deliver on its set targets,
   thereby failing to restore confidence in the group, which would
   put downward pressure on the E+ BFSR

b) If management were unable to prove in the foreseeable future
   that HRE Group's public finance and commercial real estate
   franchises are viable businesses that over time will be able to
   engage in new business, which would equally put pressure on the
   BFSR

c) If the group were to be split up and major parts unwound,
   resulting in a smaller rated entity with considerably less
   systemic importance

d) If a prolonged period of no new issuances in the covered bond
   markets resulted in a gradual reduction of total 'Pfandbriefe'
   outstanding, which could also result in an erosion of systemic
   importance of the bank.

As mentioned in Moody's previous press releases, Moody's may also
consider assigning backed ratings that directly reflect any
government guarantees.

Moody's will separately review any potential impact on the current
ratings of HRE / Depfa entities' covered bonds.

The last rating action on one of Hypo Real Estate Group's rated
entities was on December 16, 2008, when Moody's downgraded the
BFSR and hybrid ratings of the HRE Group entities and continued
the review of their debt and deposit ratings.

Headquartered in Munich, HRE Group reported consolidated total
assets of EUR400 billion and a pre-tax profit of EUR587 million as
of December 31, 2007.  For the nine months to September 2008, the
group reported a pre-tax loss of EUR3.1 billion.


IMC SERVICE: Claims Registration Period Ends March 2
----------------------------------------------------
Creditors of IMC Service GmbH have until March 2, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on 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 Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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:

         Sebastian Ludolfs
         Lange Strasse 30
         29664 Walsrode
         Germany
         Tel: (0 51 61) 4 81 00-0
         Fax: (0 51 61) 4 81 00-27
         E-mail: info@ludolfs-insolvenz.de
         Website: www.ludolfs-insolvenz.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:

         IMC Service GmbH
         Attn: Gerrit Moret, Manager
         Sottrumer Weg 14
         27356 Rotenburg/Wuemme
         Germany


M & K VERMIETUNGS: Claims Registration Period Ends February 24
--------------------------------------------------------------
Creditors of M & K Vermietungs und Verwaltungs GmbH have until
Feb. 24, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Henning Schorisch
         Wasastrasse 15
         01219 Dresden
         Germany
         Web site: www.hww-kanzlei.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:

         M & K Vermietungs- und Verwaltungs GmbH
         Attn: Silke Passler, Manager
         OT Cossebaude
         Hauptstr. 4d
         01462 Dresden
         Germany


MAKE TELEMARKETING: Claims Registration Period Ends March 5
-----------------------------------------------------------
Creditors of Make Telemarketing GmbH have until March 5, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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:

         Hans W. Goetsch
         Libellenweg 4
         55128 Mainz
         Germany
         Tel: 06131/3337960
         Fax: 06131/3337961

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:

         Make Telemarketing GmbH
         Attn: Kanun Koc, Manager
         Steingasse 3-9
         55116 Mainz
         Germany


QIMONDA AG: May Shut Down Business if No Investor Found
-------------------------------------------------------
Qimonda AG will shut at the end of March unless an investor is
found, Bloomberg News reports citing a spokesman for preliminary
insolvency lawyer Michael Jaffe.

The company is having its first contact with potential investors
and will close by the end of March if an investor isn't found,
Jaffe's spokesman, who declined to be named, told Bloomberg News
in a telephone interview from Munich.

As reported in the Troubled Company Reporter, Qimonda filed an
application with the local court in Munich, Germany, on January
23, 2009, to open insolvency proceedings.  Their goal is to
reorganize the companies as part of the ongoing restructuring
program.

According to Bloomberg News, Qimonda filed for insolvency after a
plan announced in December for a loan of EUR325 million (US$418
million) from the German state of Saxony, Infineon Technologies
AG, Europe's second-largest maker of semiconductors, and an
unidentified Portuguese bank wasn't completed in time.

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business --  approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.


TRI PLEX: Claims Registration Period Ends March 10
--------------------------------------------------
Creditors of Tri Plex Marketing GmbH have until March 10, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9.15 a.m. on April 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 Wuerzburg
         Room 14
         Second Stock
         Tiepolostr. 6
         Wuerzburg
         Germany

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

The insolvency manager can be reached at:

         Ulrich N. Bildl
         Steinbachtal 2 b
         97082 Wuerzburg
         Germany
         Tel: 0931/991560

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:

         Tri Plex Marketing GmbH
         Muehlstr. 10
         97253 Gaukoenigshofen
         Germany

         Attn: Kurt Faulhaber
         Rechtsanwalte Bendel & Partner
         Hofstr. 3
         97070 Wuerzburg
         Germany


===========
G R E E C E
===========


DRYSHIPS INC: Lenders Waive Covenants Through End of 2010
---------------------------------------------------------
DryShips Inc. reached an in principle agreement with Piraeus Bank,
one of its largest lenders, to restructure its two loan facilities
in the original aggregate principal amount of US$220.0 million
with current outstanding US$164.9 million.

As part of the restructuring, caused in large part by the failure
of certain buyers to conclude the agreed purchase of three
vessels, the basic terms will provide for: (1) a waiver regarding
financial and asset coverage covenants through January 1, 2011;
(2) an increased applicable margin; (3) an amendment fee; (4)
rescheduling the loan principal amortization by reducing the
principal repayments by about 47% and 21% in 2009 and 2010,
respectively, and reducing the tenor of the loan.  The agreement
is preliminary and is subject to execution of definitive
documents, providing, inter alia, for substantial reduction
of the loan should the three vessels be disposed, and formal
approval by Piraeus Bank's Credit Committee.

On Jan. 30, 2009, the TCR-Europe, citing Reuters, reported that
DryShips was notified by two of its banks that it was in breach of
certain financial covenants.

In a filing with the U.S. Securities and Exchange Commission, the
company, as cited by Reuters, said "Two of our leading banks,
which collectively held US$751.8 million of our indebtedness as of
December 31, 2008, have notified us that we are in breach of
certain financial covenants contained in our loan agreements."

The company noted the general decline in the drybulk carrier
charter market has resulted in lower charter rates for 12 of its
vessels exposed to the spot market.

DryShips Inc., based in Greece, is an owner and operator of
drybulk carriers that operate worldwide.  DryShips owns a fleet of
43 drybulk carriers in the water comprising seven Capesize, 29
Panamax, two Supramax and five newbuilding drybulk vessels with a
combined deadweight tonnage of approximately 3.9 million tons, 2
ultra deep water semi-submersible drilling rigs and 2 ultra deep
water newbuilding drillships.  DryShips Inc.'s common stock is
listed on the NASDAQ Global Select Market where it trades under
the symbol "DRYS."


DRYSHIPS INC: Share Offering Prompts Analysts to Downgrade Stock
----------------------------------------------------------------
Adveith Nair at Reuters reports that shares of DryShips Inc
dropped as much as 28 percent Thursday, January 29, a day after
the company said it was in breach of certain financial covenants
and planned to sell shares worth US$500 million.

The company's shares were trading down US$2.87 at US$9.35 Thursday
morning, Reuters discloses.

                Analysts Downgrade Stock

Reuters meanwhile recounts DryShip's planned share offering
prompted at least two analysts to downgrade its stock.

Reuters relates that in a note to clients, analyst Gregory Lewis
of Credit Suisse said that the company, which had debt facilities
with many banks, will have to "appease" its long list of lenders.

Mr. Lewis, who has an "underperform" rating on the stock, stressed
that while he expects the company to have its debt covenants
relaxed, some debt repayment schedules may be accelerated, Reuters
says.

Oppenheimer analyst Scott Burk also downgraded the stock to
"underperform" from "perform", Reuters recalls.

Mr. Burk, as cited by Reuters, said the share offering could be
significantly dilutive to current shareholders, despite the
balance sheet benefits.

However, analyst Douglas Mavrinac of Jefferies kept a "buy" rating
on the stock.  Mr. Mavrinac argued the company was not in need of
funds and that existing shareholders of the company were being
diluted "unnecessarily".  He halved his price target on the stock
to US$24, Reuters notes.

"We do not believe DryShips is in need of the additional funds
given its current US$600+ million in cash, projected 2009
contracted cash flow of US$500+ million, and recent cancellation
of US$1.5+ billion in acquisition transactions," Mr. Mavrinac was
quoted by Reuters as saying.

Dahlman Rose analyst Omar Nokta  Nokta, on the other hand,
downgraded Dryship's stock to "sell" as he expects the company to
cancel its acquisition of DrillShips Holdings, which owns two
newbuilding advanced capability drillships for use in ultra
deepwater drilling locations.

Citing Mr. Burk, Reuters states the company's inability to secure
the US$1.1 billion financing could force it to cancel the
acquisition of the two drillships.

                         Covenant Breach

On Jan. 30, 2009, the TCR-Europe reported that according to
Reuters, DryShips in a filing with the U.S. Securities and
Exchange Commission said "Two of our leading banks,
which collectively held US$751.8 million of our indebtedness as of
December 31, 2008, have notified us that we are in breach of
certain financial covenants contained in our loan agreements."

The company noted the general decline in the drybulk carrier
charter market has resulted in lower charter rates for 12 of its
vessels exposed to the spot market.

                       About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/-- is
an owner and operator of drybulk carriers that operate worldwide.
DryShips owns a fleet of 43 drybulk carriers in the water
comprising seven Capesize, 29 Panamax, two Supramax and five
newbuilding drybulk vessels with a combined deadweight tonnage of
approximately 3.9 million tons, 2 ultra deep water semi-
submersible drilling rigs and 2 ultra deep water newbuilding
drillships.

DryShips Inc.'s common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".


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


RYLAND GROUP: Signs 4th Amendment to Credit Pact With JPMorgan
--------------------------------------------------------------
On January 22, 2009, The Ryland Group, Inc., entered into the
Fourth Amendment to Credit Agreement, among the company, J.P.
Morgan Chase Bank, N.A., as Agent, and the lenders listed therein,
which amended its US$550.0 million unsecured revolving credit
facility.

The Amendment, among other things:

  a) decreased the company's borrowing availability from
     US$550.0 million to US$200.0 million;

  b) changed the definition of consolidated tangible net worth
     and reduced the base amount for the minimum consolidated
     tangible net worth covenant default limit to
     US$300.0 million;

  c) amended the leverage ratio restriction to be no more than
     55 percent;

  d) agreed to establish certain liquidity reserve accounts in
     the event the company fails to satisfy an interest coverage
     test and an adjusted cash flow from operations to interest
     incurred test;

  e) changed the restriction of the company's book value of
     unsold land to 1.20x its consolidated tangible net worth;

  f) changed the borrowing base to allow for 100 percent use of
     unrestricted cash in excess of US$25.0 million, less any
     drawn balances on the revolving credit facility;

  g) established a requirement for the company to cash
     collateralize a pro rata share of a defaulting lender's
     letter of credit and swing line exposure;

  h) established an annual common stock cash dividend limit of
     US$10.0 million; and

  i) increased the pricing grid, which is based on the company's
     leverage ratio and public debt rating, as well as the
     interest coverage ratio.

The Credit Agreement's maturity date of January 2011 remains
unchanged and the uncommitted accordion feature has been reduced
to US$300.0 million.

                                                  Pro forma
                         Pro rata     Existing    Commitment For
Lender                  Share        Commitment  4th Amendment
------                  --------     ----------  -------------
JPMORGAN/
WASHINGTON MUTUAL BANK  13.3216% US$73,268,636.97
US$26,643,140.72

REGIONS BANK             4.4111   24,261,138.07    8,822,232.03

BANK OF AMERICA, N.A.    8.8222   48,522,276.14   17,644,464.05

BANK OF IRELAND          1.9850   10,917,512.13    3,970,004.41

BARCLAYS BANK PLC        6.6167   36,391,707.10   13,233,348.04

CALYON NY BRANCH         2.6467   14,556,682.84    5,293,339.21

CHANG HWA
COMMERCIAL BANK LTD.     0.8822    4,852,227.61    1,764,446.40

CITICORP NORTH
AMERICA INC.             8.8222   48,522,276.14   17,644,464.05

CITY NATIONAL BANK, N.A. 2.2056   12,130,569.04    4,411,116.01

COMERICA BANK            3.0878   16,982,796.64    6,175,562.41

COUNTRYWIDE BANK, N.A.   6.6167   36,391,707.10   13,233,348.04

FIRST COMMERCIAL BANK    0.8822    4,852,227.61    1,764,446.40

GUARANTY BANK            5.7345   31,539,479.49   11,468,901.63

MALAYAN BANK BERHAD      0.4411    2,426,113.81      882,223.20

NATIXIS, SA              3.0878   16,982,796.64    6,175,562.41

PNC                      3.9700   21,835,024.26    7,940,008.82

THE ROYAL BANK
OF SCOTLAND PLC          8.8222   48,522,276.14   17,644,464.05

SUNTRUST BANK, INC.      5.2933   29,113,365.68   10,586,678.43

UBS AG                   3.5289   19,408,910.45    7,057,785.62

WACHOVIA BANK, N.A.      8.8222   48,522,276.14   17,644,464.05
                        --------- --------------  --------------
                           100%  US$550,000,000.00
US$200,000,000.00

A full-text copy of the Fourth Amendment is available for free at:

              http://researcharchives.com/t/s?38e1

                       About Ryland Group

Based in Calabasas, California and founded in 1967, The Ryland
Group Inc. (NYSE: RYL) -- http://www.ryland.com/-- is one of the
nation's largest homebuilders and a leading mortgage-finance
company.  The company currently operates in 28 markets across the
country and has built more than 275,000 homes and financed more
than 230,000 mortgages since its founding in 1967.

                         *     *     *

As of December 31, 2008, the company's balance sheet showed total
assets of US$1,862,988,000, total liabilities of US$1,123,810,000,
minority interest of US$13,816,000, resulting in total
stockholders' equity of US$725,362,000.

As reported in the Troubled Company Reporter on Dec. 16, 2008,
Fitch Ratings downgraded Ryland Group, Inc.'s issuer default
rating and outstanding debt ratings: (i) IDR to 'BB' from 'BB+';
(ii) senior unsecured to 'BB' from 'BB+'; and (iii) unsecured bank
credit facility to 'BB' from 'BB+'.  The rating outlook remains
negative.

The TCR reported on Nov. 28, 2008, that Moody's Investors Service
downgraded all of the ratings of The Ryland Group, Inc., including
its corporate family rating to Ba3 from Ba2, its probability of
default rating to Ba3 from Ba2, and its senior notes rating to Ba3
from Ba2.  At the same time, Moody's affirmed the company's
speculative grade liquidity rating at SGL-3.  The outlook remains
negative.


RYLAND GROUP: Posts US$396,585,000 Net Loss for Year Ended Dec. 31
------------------------------------------------------------------
The Ryland Group, Inc., disclosed in a regulatory filing dated
January 28, 2009, the results for its fourth quarter ended
December 31, 2008.

  -- Cash from operations totaled US$78.7 million for the quarter
     ended December 31, 2008;

  -- Cash balance of US$423.3 million as of December 31, 2008;

  -- Current tax receivable of US$160.7 million as of December 31,
     2008;

  -- Net debt-to-total capital ratio was 33.6 percent at
     December 31, 2008;

  -- Pretax charges for inventory valuation and other
     adjustments were US$48.9 million, option deposits and
     feasibility write-offs were US$6.2 million, and losses from
     land sales totaled US$19.7 million for the fourth quarter of
     2008;

  -- Loss of US$1.40 per share for the quarter ended December 31,
     2008, included inventory valuation adjustments, write-offs,
     and impairments to goodwill and joint ventures, compared to
     a loss of US$4.80 per share for the same period in 2007;

  -- Consolidated revenues of US$528.2 million for the quarter
     ended December 31, 2008, reflected a decrease of 38.6
     percent from the quarter ended December 31, 2007;

  -- Housing gross profit margins averaged 10.2 percent,
     excluding inventory valuation adjustments and write-offs,
     for the quarter ended December 31, 2008, compared to 14.0
     percent for the same period in 2007.  Including the
     inventory valuation adjustments, housing gross profit
     margins averaged 0.1 percent for the fourth quarter of
     2008, compared to negative 15.3 percent for the same period
     in 2007;

  -- Selling, general and administrative expenses, as a
     percentage of homebuilding revenue, were 11.7 percent for
     the fourth quarter of 2008, compared to 10.2 percent for
     the fourth quarter of 2007.  Excluding severance,
     relocation, model abandonment and goodwill impairment costs
     and charges, selling, general and administrative expenses,
     as a percentage of revenue, were 9.1 percent for the fourth
     quarter of 2008;

  -- Closings totaled 1,964 units for the quarter ended
     December 31, 2008, reflecting a 35.8 percent decrease from
     the same period in the prior year;

  -- New orders in the fourth quarter of 2008 declined 65.3
     percent to 554 units from 1,596 units in the fourth quarter
     of 2007;

  -- Inventory of houses started and unsold decreased by 22.4
     percent to 639 units at December 31, 2008, from 823 units
     at December 31, 2007.

             Results for the Fourth Quarter of 2008

For the fourth quarter ended December 31, 2008, the company
reported a consolidated net loss of US$59.9 million, or US$1.40
per diluted share, compared to a loss of US$201.9 million, or
US$4.80 per diluted share, for the same period in 2007.  The
company had inventory and other valuation adjustments, including
goodwill and joint venture impairments, and option deposit and
feasibility write-offs that totaled US$55.1 million during the
fourth quarter ended December 31, 2008.

The homebuilding segments reported a pretax loss of US$82.7
million during the fourth quarter of 2008, compared to a pretax
loss of US$211.3 million for the same period in 2007.  This
reduction was primarily due to lower inventory valuation
adjustments and write-offs, partially offset by a decline in
closings and margins and higher losses from land sales.

Homebuilding revenues decreased 38.0 percent to US$513.5 million
for the fourth quarter of 2008, compared to US$828.8 million for
the same period in 2007.  This decline was primarily attributable
to closings totaling 1,964 units for the fourth quarter ended
December 31, 2008, reflecting a 35.8 percent decrease from
closings totaling 3,061 units for the same period in the prior
year, and to an 8.6 percent reduction in the average closing price
of a home, which declined to US$246,000 for the quarter ended
December 31, 2008, from US$269,000 for the same period in 2007.
Homebuilding revenues for the fourth quarter of 2008 included
US$29.6 million from land sales, which contributed a net loss of
US$19.7 million to pretax losses, compared to US$5.9 million from
land sales for the fourth quarter of 2007, which contributed a net
loss of US$223,000 to pretax losses.

New orders of 554 units for the quarter ended December 31, 2008,
represented a decrease of 65.3 percent, compared to new orders of
1,596 units for the same period in 2007.  For the fourth quarter
of 2008, new order dollars declined 66.9 percent to US$122.0
million from US$368.7 million for the fourth quarter of 2007.
Backlog at the end of the fourth quarter of 2008 decreased 47.5
percent to 1,559 units from 2,969 units at September 30, 2008, and
declined 45.7 percent from 2,869 units at the end of the fourth
quarter of 2007.  At December 31, 2008, the dollar value of the
company's backlog was US$407.1 million, reflecting a decrease of
47.0 percent from September 30, 2008, and a decline of 48.2
percent from December 31, 2007.

Housing gross profit margins averaged 10.2 percent, excluding
inventory valuation adjustments and write-offs, for the quarter
ended December 31, 2008, compared to 14.0 percent for the same
period in 2007.  This decrease was primarily due to price
reductions related to home deliveries for the fourth quarter of
2008.  Including the inventory valuation adjustments, housing
gross profit margins averaged 0.1 percent for the fourth quarter
of 2008, compared to negative 15.3 percent for the same period in
2007.  The gross profit margin from land sales was negative 66.5
percent for the fourth quarter ended December 31, 2008, compared
to negative 3.8 percent for the same period in 2007.  Selling,
general and administrative expenses, as a percentage of
homebuilding revenue, were 11.7 percent for the fourth quarter of
2008, compared to 10.2 percent for the fourth quarter of 2007.
This increase was primarily attributable to a decline in revenues,
as well as to severance, relocation, model abandonment and
goodwill impairment costs and charges that collectively totaled
US$13.5 million, partially offset by lower marketing and
advertising costs per unit.  Excluding these costs and charges,
selling, general and administrative expenses, as a percentage of
revenue, were 9.1 percent for the fourth quarter of 2008, compared
to 9.9 percent for the same period in 2007.  Selling, general and
administrative expense dollars for the fourth quarter ended
December 31, 2008, decreased US$24.5 million from the same period
in the prior year.  The homebuilding segments capitalized all
interest incurred during the fourth quarters ended December 31,
2008 and 2007.

Corporate expenses were US$10.8 million for the fourth quarter of
2008, compared to US$10.9 million for the same period in the prior
year.  Losses in the market value of investments included within
the company's 2008 and 2007 benefit plans totaled US$3.1 million
and US$2.4 million, respectively, and were recognized in corporate
expenses.

During the fourth quarter of 2008, the company provided
US$78.7 million of cash from operations, used US$2.4 million for
investing activities and provided US$2.1 million from financing
activities.

The company's financial services segment, which includes mortgage,
title, escrow and insurance services, reported pretax earnings of
US$5.0 million for the fourth quarter of 2008, compared to pretax
earnings of US$16.3 million for the same period in 2007.  This
decrease was primarily attributable to a 34.5 percent decline in
the number of mortgages originated due to a slowdown in the
homebuilding market and to a 6.2 percent decrease in average loan
size, as well as to a US$3.7 million decline in sales of insurance
renewal rights in the fourth quarter of 2008, compared to the
fourth quarter of 2007.  The capture rate of mortgages originated
for homebuilding customers of the company was 81.0 percent for the
fourth quarter of 2008, compared to 78.5 percent for the same
period in 2007.

                    Annual Results for 2008

For the twelve months ended December 31, 2008, the company
reported a consolidated net loss of US$396.6 million, or US$9.33
per diluted share, compared to a loss of US$333.5 million, or
US$7.92 per diluted share, for the same period in 2007.  The
company had inventory and other valuation adjustments, including
goodwill and joint venture impairments, and option deposit and
feasibility write-offs that totaled US$328.3 million, as well as a
noncash income tax charge of US$143.8 million related to its
deferred tax valuation allowance, for the twelve months ended
December 31, 2008.

The homebuilding segments reported a pretax loss of US$385.9
million during the twelve months ended December 31, 2008, compared
to a pretax loss of US$425.0 million for the same period in 2007.
This decrease was primarily due to lower inventory valuation
adjustments and write-offs, partially offset by a decline in
closings and margins and higher losses from land sales.

Homebuilding revenues decreased 35.4 percent to US$1.9 billion for
the twelve months ended December 31, 2008, compared to US$3.0
billion for the same period in 2007.  This decline was primarily
attributable to closings totaling 7,352 units for the twelve
months ended December 31, 2008, reflecting a 28.8 percent decrease
from closings totaling 10,319 units for the same period in the
prior year, and to an 11.6 percent decline in the average closing
price of a home, which declined to US$252,000 for the twelve-month
period ended December 31, 2008, from US$285,000 for the same
period in 2007.  Homebuilding revenues for the twelve months ended
December 31, 2008, included US$55.0 million from land sales, which
contributed a net loss of US$25.8 million to pretax losses,
compared to US$21.2 million from land sales for the same period in
2007, which contributed a net gain of US$2.2 million to pretax
losses.

New orders of 6,042 units for the twelve months ended
December 31, 2008, represented a decrease of 32.7 percent,
compared to new orders of 8,982 units for the same period in 2007.
For the twelve months ended December 31, 2008, new order dollars
declined 39.2 percent to US$1.5 billion from US$2.4 billion for
the same period in the prior year.

Housing gross profit margins averaged 11.6 percent, excluding
inventory and joint venture valuation adjustments and write-offs,
for the twelve months ended December 31, 2008, compared to
17.1 percent for the same period in 2007.  This decrease was
primarily due to price reductions and increased sales incentives
related to home deliveries for the twelve months of 2008.
Including the inventory valuation and other adjustments, housing
gross profit margins averaged negative 3.2 percent for the twelve
months ended December 31, 2008, compared to negative 0.4 percent
for the same period in 2007.  The gross profit margin from land
sales was negative 47.0 percent for the twelve months ended
December 31, 2008, compared to 10.3 percent for the same period in
2007.  Selling, general and administrative expenses, as a
percentage of homebuilding revenue, were 13.1 percent for the
twelve months ended December 31, 2008, compared to 11.9 percent
for the same period in the prior year.  This increase was
primarily attributable to a decline in revenues, as well as to
severance, relocation, model abandonment and goodwill impairment
costs and charges that collectively totaled US$25.9 million,
partially offset by lower marketing and advertising costs per
unit.  Excluding these costs and charges, selling, general and
administrative expenses, as a percentage of revenue, were 11.7
percent for the year ended December 31, 2008, compared to 11.0
percent for the same period in 2007.  For the twelve months ended
December 31, 2008, selling, general and administrative expense
dollars decreased US$101.1 million from the same period in the
prior year.  The homebuilding segments capitalized all interest
incurred during the twelve-month periods ended December 31, 2008
and 2007.

Corporate expenses were US$42.3 million for the twelve months
ended December 31, 2008, compared to US$35.6 million for the same
period in the prior year.  This increase was primarily due to a
US$5.7 million rise in losses within the market value of
investments included in the company's benefit plans.

The company's financial services segment, which includes mortgage,
title, escrow and insurance services, reported pretax earnings of
US$23.0 million for the twelve months ended December 31, 2008,
compared to pretax earnings of US$40.9 million for the same period
in 2007.  This decrease was primarily attributable to a 26.4
percent decline in the number of mortgages originated due to a
slowdown in the homebuilding markets, a 10.1 percent decrease in
average loan size and a US$2.5 million decline in sales of
insurance renewal rights in 2008, compared to 2007, partially
offset by a US$1.7 million gain related to the 2008 implementation
of Staff Accounting Bulletin No. 109, which requires that
servicing rights related to interest rate lock commitments be
recorded at fair value.  The capture rate of mortgages originated
for the company's homebuilding customers was 82.2 percent for the
twelve months ended December 31, 2008, compared to 78.8 percent
for the same period in 2007.

                   Overall Effective Tax Rate

The company's effective tax benefit rate was 2.3 percent for the
year ended December 31, 2008, compared to an effective tax benefit
rate of 20.6 percent for the same period in 2007.  This decrease
was primarily due to the company's deferred tax valuation
allowance.  Due to the uncertainty of current market conditions,
the company is unable to provide precise annual effective rate
guidance at this time.

                       Subsequent Events

Subsequent to December 31, 2008, these events occurred:

  -- The company amended its US$550.0 million revolving credit
     facility by reducing its borrowing capacity to US$200.0
     million and by modifying several of its covenants, which
     included changing the definition of its consolidated
     tangible net worth covenant; amending its leverage ratio;
     changing the borrowing base; and establishing certain
     liquidity reserve accounts in the event the company fails
     to satisfy an interest coverage test and an adjusted cash
     flow from operations to interest incurred test.  The Credit
     Agreement's maturity date of January 2011 remains unchanged
     and the uncommitted accordion feature has been reduced to
     US$300.0 million from US$1.5 billion.

  -- Ryland Mortgage Company entered into a repurchase agreement
     with Guaranty Bank and Buyers, which provides for
     borrowings up to US$60.0 million in funding for its mortgage
     origination operations.  The RMC Repurchase Agreement
     contains representations, warranties, covenants and
     provisions defining events of default, which require RMC to
     maintain a minimum net worth and certain financial ratios.
     This repurchase facility matures in January 2010.

  -- The company repurchased US$46.6 million of its senior notes
     at a significant discount in the open market.

A full-text copy of the company's financial statements is
available for free at: http://researcharchives.com/t/s?38e2

                       About Ryland Group

Based in Calabasas, California and founded in 1967, The Ryland
Group Inc. (NYSE: RYL) -- http://www.ryland.com/-- is one of the
nation's largest homebuilders and a leading mortgage-finance
company.  The company currently operates in 28 markets across the
country and has built more than 275,000 homes and financed more
than 230,000 mortgages since its founding in 1967.

                         *     *     *

As of December 31, 2008, the company's balance sheet showed total
assets of US$1,862,988,000, total liabilities of US$1,123,810,000,
minority interest of US$13,816,000, resulting in total
stockholders' equity of US$725,362,000.

As reported in the Troubled Company Reporter on Dec. 16, 2008,
Fitch Ratings downgraded Ryland Group, Inc.'s issuer default
rating and outstanding debt ratings: (i) IDR to 'BB' from 'BB+';
(ii) senior unsecured to 'BB' from 'BB+'; and (iii) unsecured bank
credit facility to 'BB' from 'BB+'.  The rating outlook remains
negative.

The TCR reported on Nov. 28, 2008, that Moody's Investors Service
downgraded all of the ratings of The Ryland Group, Inc., including
its corporate family rating to Ba3 from Ba2, its probability of
default rating to Ba3 from Ba2, and its senior notes rating to Ba3
from Ba2.  At the same time, Moody's affirmed the company's
speculative grade liquidity rating at SGL-3.  The outlook remains
negative.


WATERFORD WEDGWOOD: Wedgwood Family Eyes Takeover
-------------------------------------------------
Graham Ruddick at The Daily Telegraph reports that Tom R Wedgwood
and Tom D Wedgwood, eighth generation descendants of founder
Josiah Wedgwood, have made a formal "expression of interest" to
Deloitte about acquiring Waterford Wedgwood plc.

The report discloses they are leading a team of former company
directors and other members of the family.

According to the report, the two members of the Wedgwood family
are in talks with investors from the Middle East, Asia and the UK
over financial backing.

The Wedgwood family, the report says, plans to return all
manufacturing to the UK after a proportion was moved to Indonesia.

On Feb. 2, 2009, the TCR-Europe, citing The Times, reported
U.S.-based private equity group Clarion Capital launched a
"substantial" bid for Waterford Wedgwood plc on January 31.

Clarion is being advised by John Foley, the former Waterford
Crystal chief executive, the report stated.

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

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

The Waterford Wedgwood subsidiaries also in administration are:

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

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

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

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

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

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

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

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


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


ARKALYK GAS: Creditors Must File Claims by March 13
---------------------------------------------------
LLP Arkalyk Gas has declared liquidation. Creditors have until
March 13, 2009, to submit written proofs of claim to:

         LLP Arkalyk Gas
         Janibek St. 83/1-10
         Arkalyk
         Kostanai
         Kazakhstan
         Tel: 8 714 307 77-59


DEGDAR OJSC: Proof of Claim Deadline Slated for March 13
--------------------------------------------------------
OJSC Degdar has declared liquidation.  Creditors have until
March 13, 2009, to submit written proofs of claim to:

         OJSC Degdar
         Jambyl St. 111
         Almaty
         Kazakhstan


HALYK BANK: Obtains KZT120 Billion in State Funds
--------------------------------------------------
Halyk Bank said it received from the National Wealth Fund
("Samruk-Kazyna") two term deposits for total amount of KZT120
billion on January 30, 2009.

Funds from the first deposit in amount of KZT60 billion will be
used to increase capital of the Bank in the nearest future, the
bank said in a Feb. 3 statement.

The second deposit of the same size of KZT60 billion is placed
with the Bank for a long-term period and is aimed for lending to
companies in the strategically important industries in the real
sector of the Kazakhstan's economy such as industrial and social
infrastructure, energy, agriculture and food production, transport
and communication, retail and wholesale trade, services,
machinery, metallurgy, oil and gas, according to the statement.

Earlier on January 15, 2009, Samruk-Kazyna and Halyk Bank signed
agreements on implementation of joint actions to support the
Kazakhstan's economy as part of the Government's stabilization
program.  According to the agreements, the Bank will raise new
capital from Samruk-Kazyna for total amount of up to US$500
million in form of common and preferred shares as well as other
instruments.  It is expected that Samruk-Kazyna will purchase up
to 25% of common shares of the Bank after completion of the
relevant procedures in accordance with the Kazakhstan's
legislation and the London Stock Exchange regulations.

Headquartered in Almaty, Kazakhstan, Halyk Bank AO a.k.a Halyk
Bank, Halyk National Savings Bank of Kazakhstan JSC, or JSC Halyk
Bank (KAS:HSBK) -- http://www.halykbank.kz/-- offers banking
services to private and corporate clients.  Its services include
cash-settlements, loans, deposits, pensions, insurance, leasing,
brokerage and asset management, safe deposit boxes, American
Express checks, debit and credit cards, Internet banking and other
services in national and foreign currencies.  As of December 31,
2007, the Bank's branch network consisted of 22 regional branches,
127 sub-regional offices and 473 cash settlement units, as well as
numerous cash machines.  It operates through 14 subsidiaries (12
wholly owned) located on the territory of Kazakhstan, Russia,
Kyrgyzstan, Mongolia and the Netherlands.


SA STROY SERVICE: Proof of Claim Deadline Slated for March 13
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Construction Company SA Stroy Service insolvent.

Creditors have until March 13, 2009, to submit written proofs of
claim to:

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


SEIHUN-SHART LLP: Claims Filing Period Ends March 13
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Seihun-Shart insolvent.

Creditors have until March 13, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev St. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (72422) 27-23-65


SEV KAZ: Claims Filing Period Ends March 13
-------------------------------------------
LLP Sev Kaz Energo Service has gone into liquidation.  Creditors
have until March 13, 2009, to submit written proofs of claim to:

         LLP Sev Kaz Energo Service
         Zavodskaya St. 43/1
         Asa
         Jambylsky
         Jambyl
         Kazakhstan


SINERGY INVESTMENT: Claims Registration Ends March 13
-----------------------------------------------------
JSC Company on Management of Investment Portfolio Sinergy
Investment has gone into liquidation.

Creditors have until March 13, 2009, to submit written proofs of
claim to:

         JSC Company on Management of Investment
         Portfolio Sinergy Investment
         Jubanov St. 63a/1
         Astana
         Kazakhstan


STROY MARKET: Creditors' Proofs of Claim Due March 13
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Construction Company Stroy Market Service insolvent.

Creditors have until March 13, 2009, to submit written proofs of
claim to:

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


UMAK LLP: Creditors Must File Claims by March 13
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Firm Umak insolvent.

Creditors have until March 13, 2009, to submit written proofs of
claim to:

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


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


KAINDY GAS: Creditors Must File Claims by February 27
-----------------------------------------------------
LLC Kaindy Gas has declared insolvency.  Creditors have until
Feb. 27, 2009, to submit proofs of claim at:

         LLC Kaindy Gas
         Kuibyshev Str. 17/1
         Kaindy
         Chui
         Kyrgyzstan


===================
L U X E M B O U R G
===================


EVRAZ GROUP: Completes Sale of 49% NS Group Stake to TMK
--------------------------------------------------------
Evraz Group S.A. has completed the sale of its remaining 49%
interest in NS Group to OAO TMK.

In March 2008, Evraz entered into an agreement with SSAB, a
Swedish steel company, to acquire IPSCO's Canadian and US
businesses, while simultaneously entering into a back-to-back
agreement with TMK, Russia's leading tubular player.  The back-to-
back transaction consisted of a sale of the acquired US tubular
and pipe businesses, including 51% in NS Group, to TMK.  In
addition, Evraz and TMK signed a put/call option agreement that
gave Evraz the right to sell and to TMK the right to buy the
remaining 49% in NS Group.  The put option could be exercised by
the company not earlier than October 22, 2009.  The call option
was exercisable by TMK in respect of any shareholding in NS Group
any time starting from June 12, 2008.

Following the exercise of the call option by TMK which decided to
exercise it in respect of the whole stake in NS Group held by
Evraz, the resulting sale and purchase transaction has been
completed at an exercise price of US$508 million.

The proceeds from the sale will be kept in reserve against future
interest payments on the company's debt in 2009.

                          About TMK

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

                        About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 3,
2008, Moody's downgraded CFR of Evraz from Ba2 to Ba3, at the same
time the rating of Senior Unsecured Notes totaling US$300 million
due in 2009 was affirmed at Ba2 reflecting its guarantee package,
the ratings of Senior Unsecured Notes totaling US$2750 million due
in 2013, 2015, and 2018 was changed from Ba3 to B1.  The outlook
of all ratings is stable.

As reported in the Troubled Company Reporter-Europe on Nov. 18,
2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-
term corporate credit, bank loan, and senior unsecured debt
ratings on Evraz Group S.A.

S&P also revised its outlook on Evraz and its core subsidiary
Mastercroft Ltd. to stable from positive due to the sharp
deterioration in market conditions in the global steel sector and
the group's high levels of short-term debt.


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


* Fitch Says Ratings on Dutch RMBS Resilient to Recession
---------------------------------------------------------
Fitch Ratings said that it expects investment grade ratings
assigned to Dutch residential mortgage-backed securitizations to
remain largely resilient to an expected recession following its
recent Dutch RMBS stress test analysis.

The agency tested the ratings assigned to collateralized notes of
Dutch RMBS transactions in a variety of scenarios in terms of
potential mortgage defaults and house price declines.  The
analysis, in particular, considered Fitch's expected scenario
whereby mortgage defaults rose to 2.5% of transaction balances and
nominal house prices fell by 15%, over the next three years.  The
results derived from Fitch's study suggest that one quarter of the
notes from each of the 'BBB' and 'BB'-ranked notes would be
downgraded in such circumstances, and on a very exceptional basis
that some 'A-' (A minus) ratings could also migrate downwards.
The stress analysis was performed as Fitch expects the Netherlands
(like other European countries) to experience a recession until
mid-2010.  According to Kadaster (Land Registry), Dutch real house
prices started falling year-on-year in July 2008, but nominal
house prices rose slightly over the year to December 2008.

"In the Netherlands, house prices have evolved much more in line
with aggregate wages and interest rates compared with the UK,
where nominal house prices are now down by around 16% from their
peak," says Nicolas Ardoint, Director in Fitch's European
Structured Finance team.  "Dutch homeowners have allocated a
growing share of their aggregate income to housing over the past
decade, but this is partly explained by certain structural
features of the Dutch housing market, such as major supply
constraints, demographic pressure and perhaps tax incentives."
Arrears and defaults levels are still low and fairly stable,
delinquencies of more than 90 days average around 0.30% of the
transactions' outstanding balances.

"The level of arrears and defaults in Dutch RMBS transactions do
not raise any particular concern at the moment," says Lara
Patrignani, Senior Director in Fitch's European Structured Finance
team.  "Nevertheless, Fitch expects arrears and defaults to
increase somewhat as the anticipated recession becomes a reality."

Fitch also tested the potential impact of more adverse house price
declines and default scenarios. Under the so-called "Severe"
stress scenario (which assumes defaults rising to 6% of
transaction balances and nominal house prices falling by 25%),
only around one-eighth of the 'AAA' notes would be exposed to
possible downgrades.  Expressed in terms of amounts outstanding,
this proportion would nevertheless amount to almost one-half,
given the weight of some very large transactions originated in
2007 (the most vulnerable vintage among all those reviewed).

Transactions fully backed by the Nationale Hypotheek Garantie (NHG
- a government backed guarantee scheme) were not part of this
study, as the methodology (based on an assumed correspondence
between the assigned ratings and the remaining available credit
enhancement after losses had occurred) was not deemed appropriate
for NHG transactions.  Furthermore, none of the non-conforming
transactions originated by Elq Hypotheken B.V. were included in
the stress tests.


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


ADLERSKAYA TEA: Creditors Must File Claims by February 23
---------------------------------------------------------
Creditors of LLC Adlerskaya Tea Plant (TIN 2317000444) have until
Feb. 23, 2009, to submit proofs of claims to:

         K. Kovalenko
         Temporary Insolvency Manager
         Office 46
         Building  B-2
         Stanislavskogo/Bratskiy St. 8a-10/11-13
         Rostov-on-Don
         Russia

The Arbitration Court of Krasnodarskiy will convene at
11:50 a.m. on Feb.26, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A-32–13424/2008–
60/862B.

The Debtor can be reached at:

         LLC Adlerskaya Tea Plant
         Kirpichnaya St. 2
         Sochi
         Krasnodarskiy
         Russia


AGRONOM LLC: Creditors Must File Claims by February 23
------------------------------------------------------
Creditors of LLC Agronom Food Concentrates Plant (TIN
7448030956) have until Feb. 23, 2009, to submit proofs of claims
to:

         A. Shorokhov
         Temporary Insolvency Manager
         Post User Box 712
         620000 Yekaterinburg
         Russia

The Arbitration Court of Chelyabinskaya will convene at
10:30 a.m. on May 14, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A76–25923/2008–52-
164.

The Debtor can be reached at:

         LLC Agronom
         Kuybysheva St.51
         Chelyabinsk
         Russia


ALROSA COMPANY: To Step Up Quality Diamond Sales, Vedomosti Says
----------------------------------------------------------------
Alrosa Company Ltd plans to step up quality diamond sales as a
saving instrument amid the ongoing global financial crisis, RIA
Novosti reports citing business paper Vedomosti.

"Before the crisis, we launched a new brand and are developing it
now... The brand holds a specific niche involving quality diamonds
with color characteristics.  The gems are intended not only for
corporate but also large private clients," Alrosa President Sergei
Vybornov told Vedomosti.

Mr. Vybornov, as cited by the report, said the sale of quality
diamonds was so far a pilot project worth US$10-15 million.  The
report relates that according to Mr. Vybornov, the idea had been
put forward by Russian Finance Minister Alexei Kudrin as a risk
hedging measure.

                          About Alrosa

ALROSA Co. Ltd. -- http://eng.alrosa.ru/eng/-- is Russia's
largest diamond company engaged in the exploration, mining,
manufacture and sales of diamonds and one of the world's major
rough diamond producers.  ALROSA produces about 20% of the world's
rough diamond output and accounts for almost 100% of all rough
diamonds produced in Russia.

                          *     *     *

As reported in the TCR-Europe on Nov. 28, 2008, Moody's Investors
Service affirmed the Ba2 corporate family ratings of ALROSA
Company Ltd and Ba2 senior unsecured US$500 million 2014 notes
raised by the group at ALROSA Finance SA and guaranteed by ALROSA
Company Ltd.  The outlook is stable.

While Moody's affirmed the ratings, it has also revised the inputs
that support the Ba2 corporate family ratings.


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

         M. Kharitonov
         Insolvency Manager
         Apt. 193
         Prospect Stepana Razina 42
         Tolyatti
         445027 Samarskaya
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A55–13499/2007.

The Debtor can be reached at:

         LLC Annavit
         Avtostroiteley St. 50A
         445044 Tolyatti
         Russia


AVTOVAZBANK: Moody's Withdraws 'E' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of
Avtovazbank: bank financial strength rating of E, and the bank's
long-term and short-term local currency and foreign currency
deposit ratings of Caa1/Not Prime.  At the same time, Moody's
Interfax Rating Agency has withdrawn a Ba2.ru long-term national
scale credit rating of the bank.  Moscow-based Moody's Interfax is
majority-owned by Moody's, a leading global rating agency.

Moody's has withdrawn these ratings for business reasons following
the official request from Avtovazbank.

Moody's notes that, as of the date of the ratings withdrawal,
Avtovazbank had no outstanding debts rated by Moody's.
Moody's previous rating action on Avtovazbank was implemented on
January 19, 2007 when Moody's assigned global scale ratings to
Avtovazbank.

Domiciled in Toglyatti, Russia, Avtovazbank reported total audited
IFRS consolidated assets and net income of US$558 million and
US$11.2 million, respectively, as of year-end 2007 (US$404 million
and US$3.2 million, respectively, a year before).


KOMRESSORNYY TSENTR: Creditors Must File Claims by Feb. 23
----------------------------------------------------------
Creditors of LLC Kompressornyy Tsentr (TIN 6165005072)
(Compressor Production) have until Feb.23, 2009, to submit proofs
of claims to:

         V. Shvayko
         Temporary Insolvency Manager
         Buynakskaya St. 2/56
         344037 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 12:15 p.m. on
March 26, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A53–23020/08 S154.

The Debtor can be reached at:

         LLC Kompressornyy Tsentr
         Startovaya St. 3/11
         Rostov-on-Don
         Russia


LES-PROM LLC: Creditors Must File Claims by February 23
-------------------------------------------------------
Creditors of LLC Les-Prom (Forestry) have until Feb. 23, 2009, to
submit proofs of claims to:

         E. Chu
         Temporary Insolvency Manager
         Posadskaya St. 21/312
         620086 Yekaterinburg
         Russia
         Tel: 233-75-61
         Fax: 233-75-79

The Arbitration Court of Sverdlovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A60-
35101/08-S11.

The Debtor can be reached at:

         LLC Les-Prom
         Office 402
         Malysheva St. 101
         620000 Yekaterinburg
         Russia


LUU LLC: Creditors Must File Claims by February 23
--------------------------------------------------
Creditors of LLC Luu (Lumber, Construction Structures
Production) have until Feb. 23, 2009, to submit proofs of claims
to:

         N. Volgina
         Temporary Insolvency Manager
         Post User Box 5266
         670034 Ulan-Ude
         Russia

The Arbitration Court of Buryatia commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A10–
2654/08–23.

The Debtor can be reached at:

         LLC Luu
         Oktyabrskaya St. 10/44
         671280 Gusinoozersk
         Buryatia
         Russia


MAGNITOGORSK IRON: Moody's Cuts Corporate Family Rating to 'Ba2'
----------------------------------------------------------------
Moody's Investor's Services has downgraded the Ba2 corporate
family rating and Aa2.ru national scale rating of MMK to Ba3 and
Aa3.ru respectively.  The outlook on all ratings remains stable.

The rating action was prompted by a significant weakening in the
global demand for steel products, the strong reduction of steel
prices leading to likely lower profitability and weaker cash flow
generation capability in 2009 and potentially in 2010.

It is estimated that over the last 3 months MMK increased the
absolute level of debt while the cash flow generation weakened
which is likely to lead to an increased leverage in 2009 beyond
the trigger for downgrade of 2 times EBITDA that the agency has
set for the rating category.  In Moody's opinion this situation is
unlikely to be reversed in the next 12 months.

The stable outlook reflects the current adequate liquidity
position supported by long-term bank facilities and back-up
committed credit lines as well as the relatively lower amount of
absolute debt compared to peers.

Nonetheless Moody's notes that, although, MMK has already scaled
back significant capex projects to conserve cash generated, it is
still committed to complete Mill 5000 in 2009 which require app.
US$1.4 billion of cash outflow.  If the cash flow generation
becomes weaker than expected, it could put pressure on the
company's liquidity which is not built in the current rating.

Although, MMK does not control the main portion of its raw
material supply including coal and iron ore, the company already
largely re-negotiated raw material supply contracts which now
reflect the lower prices, thereby partly alleviating additional
negative pressure on the profitability going forward.

The last rating action was on April 27, 2007 when Moody's upgraded
MMK rating to Ba2 with a stable outlook.

Magnitogorsk Iron & Steel Works, created in 1929 in close
proximity to iron-ore reserves, is one of Russia's largest
integrated steel producers (by volume and assets).  MMK's
principal assets include a single site for crude steel in
Magnitogorsk in the Southern Urals region.

For the financial year 2007, MMK produced 13.3 million tons of
crude steel and 12.2 million tons of steel products, including
0.976 million tons of slabs, 6.4 million tons of hot-rolled flat
products, 1.6 million tons of cold-rolled flat products and 3.3
million tons of long and downstream products.  The company
reported US$8.2 billion in revenue and US$2.3 billion in EBITDA.

The company is majority controlled by its management (its Chairman
of the Board of Directors, Mr. Victor Rashnikov presently controls
87.3% of the company.  Following the IPO MMK has a free float of
12.7%


SIB-VTOR-SYRYO LLC: Creditors Must File Claims by March 23
----------------------------------------------------------
Creditors of LLC Sib-Vtor-Syryo (Pulp and Paper Industry) have
until March 23, 2009, to submit proofs of claims to:

         B. Kamakin
         Insolvency Manager
         Post User Box 9270
         644029 Omsk
         Russia

The Arbitration Court of Omskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46–17001/2008.

The Debtor can be reached at:

         LLC Sib-Vtor-Syryo
         Pristantsionnaya St. 21
         Omsk
         Russia


STROITEL' LLC: Creditors Must File Claims by March 23
-----------------------------------------------------
Creditors of LLC Stroitel' (TIN 2310001449) (Construction) have
until March 23, 2009, to submit proofs of claims to:

         M. Bendikov
         Insolvency Manager
         Office46
         Building B-2
         Stanislavskogo/Bratskiy St. 8a-10/11-13
         Rostov-on-Don
         Russia

The Arbitration Court of Krasnodarskiy will convene at
11:10 a.m. on Feb. 26, 2009, to hear bankruptcy proceedings.  The
case is docketed under Case No. A32–14504/2008–60/989B.

The Debtor can be reached at:

         LLC Stroitel'
         Krasnoarmeyskaya St. 45
         Krasnodar
         Russia


TMK OAO: Acquires Evraz's 49% Stake in NS Group for US$508 Mln
--------------------------------------------------------------
Evraz Group S.A. has completed the sale of its remaining 49%
interest in NS Group to OAO TMK.

In March 2008, Evraz entered into an agreement with SSAB, a
Swedish steel company, to acquire IPSCO's Canadian and US
businesses, while simultaneously entering into a back-to-back
agreement with TMK, Russia's leading tubular player.  The back-to-
back transaction consisted of a sale of the acquired US tubular
and pipe businesses, including 51% in NS Group, to TMK.  In
addition, Evraz and TMK signed a put/call option agreement that
gave Evraz the right to sell and to TMK the right to buy the
remaining 49% in NS Group.  The put option could be exercised by
the company not earlier than October 22, 2009.  The call option
was exercisable by TMK in respect of any shareholding in NS Group
any time starting from June 12, 2008.

Following the exercise of the call option by TMK which decided to
exercise it in respect of the whole stake in NS Group held by
Evraz, the resulting sale and purchase transaction has been
completed at an exercise price of US$508 million.

The proceeds from the sale will be kept in reserve against future
interest payments on the company's debt in 2009.

                        About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                          About TMK

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

                         *     *     *

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

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


URAL-TAL'K CJSC: Creditors Must File Claims by February 23
----------------------------------------------------------
Creditors of CJSC Ural-tal'k (TIN 7415039520, PSRN
1037400876688) (Dry Pack Mortar Production) have until Feb. 23,
2009, to submit proofs of claims to:

         A. Sergeyev
         Temporary Insolvency Manager
         Post User Box 1686
         Berezniki
         618400 Permskiy
         Russia

The Arbitration Court of Chelyabinskaya will convene at
3:00 p.m. on April 1, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A76-26830/2008-55-
196.

The Debtor can be reached at:

         CJSC Ural-tal'k
         Truda St. 41
         Miass
         456317 Chelyabinskaya
         Russia


=========
S P A I N
=========


AYT COLATERALES: Fitch Assigns 'BB-' Rating on EUR4.8 Mil. Notes
----------------------------------------------------------------
Fitch Ratings has assigned final ratings to AyT Colaterales Global
Hipotecario, Fondo de Titulizacion de Activos' Serie AyT
Colaterales Global Hipotecario Cajasur I notes totalling EUR200
million, due in May 2046:

  -- EUR162.2 million class A: 'AAA'; Outlook Stable
  -- EUR17 million class B: 'A'; Outlook Stable
  -- EUR16 million class C: 'BBB-' (BBB minus); Outlook Stable
  -- EUR4.8 million class D: 'BB-' (BB minus); Outlook Stable

The transaction is a cash flow securitization of a EUR200 million
static pool of residential mortgage loans granted to individuals
by Caja de Ahorros y Monte de Piedad de Cordoba (rated
'BBB+'/Negative/'F2+').

The ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available credit
enhancement, the integrity of the transaction's legal and
financial structure, and Ahorro y Titulizacion, S.A., S.G.F.T.'s
administrative capabilities.

Initial CE for the class A to D notes is provided by subordination
and a reserve fund, which has been fully funded at closing using a
subordinated loan.

The ratings address the payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger on the class B, C and D notes, as well as the
repayment of principal at legal final maturity.  Should the
deferral trigger on the class B, C and D notes be hit, interest
payments on these notes will be deferred according to the payment
priority.  If this scenario should occur, interest payments might
not be received for a period of time, but will be received by
legal final maturity.

The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to convert mortgage
transmission certificates (certificados de transmision de
hipotecas or CTHs) from the seller into fixed-income securities.
The fund is legally represented and managed by Ahorro y
Titulizacion, S.A., S.G.F.T., a limited liability company
incorporated under Spanish law, whose activities are limited to
the management of securitization funds.


FONCAIXA ICO: Moody's Assigns 'C' Provisional Rating on D Notes
---------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the series of residential mortgage-backed securitization bonds
to be issued by FONCAIXA ICO FTVPO 1 Fondo de Titulización de
Activos, a Spanish Asset Securitization Fund created by
Gesticaixa, S.G.F.T, S.A.:

  - (P)Aaa to the EUR5.6 million Series AS notes
  - (P)Aaa to the EUR478.0 million Series A(G) notes
  - (P)Aa1 to the EUR20.8 million Series B notes
  - (P)A3 to the EUR15.6 million Series C notes
  - (P)C to the EUR5.2 million Series D notes

The ratings address the expected loss posed to investors by the
legal final maturity (November 2031).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date on Classes A/B/C, and for ultimate payment of
interest and principal at par on or before the rated final legal
maturity date on Class D.  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.

The FONCAIXA ICO-FTVPO 1 transaction consists of the
securitization of a pool of first-lien residential mortgage loans
originated and serviced by La Caixa (Aa1/P-1), one of the leading
Spanish banks and with a proven track record in the securitization
market.  FONCAIXA ICO-FTVPO 1, FTA is a RMBS transaction carried
out with the guarantee of the ICO (Aaa/P-1).  The loans included
in the securitization fund must comply with certain conditions of
the ICO FTVPO program.  The product being securitized is around
100% VPO properties. VPOs are residential properties that are
offered at a lower price than the market value as a result of the
various forms of government aid.  This price reduction is possible
thanks to the subsidies provided by the government to the
construction companies, which enables them to reduce the final
purchase price of the property.

According to Moody's, this deal benefits from several strengths,
including these: (1) a reserve fund that is fully funded at
closing to cover any potential shortfall in interest and
principal; (2) a 12-month artificial write-off mechanism; (3)
interest rate swap to hedge interest rate risk in the transaction
that also secures the weighted average interest rate on the notes,
plus 50 bps; and (4) Relatively good collateral in terms of
weighted average LTV (68.72%) and seasoning (3.35 years)
However, the transaction poses several challenging features,
namely: (1) no data on employment type; (2) The deferral of
interest payments on each of Series B, C and D benefits the
repayment of the series senior to each of them, but increases the
expected loss on Series B, C and D themselves; and (3) The pro-
rata amortization of Series B, C and D leads to reduced credit
enhancement of the senior series in absolute terms.  These
increased risks were reflected in the ratings of the notes.
As of January 2008, the provisional portfolio comprised 14,446
loans.  The loans have been originated between 1999 and 2007, with
a weighted average seasoning of 3.35 years.  The interest rate is
floating for all the loans.  All the loans are secured by a first-
lien mortgage guarantee.  The total weighted average loan-to-value
is 68.72%

Moody's initially analyzed and monitors this transaction using the
rating methodology for EMEA RMBS transactions as described in the
Rating Methodology reports.  Moody's based the provisional ratings
primarily on: (i) an evaluation of the underlying portfolio of
loans; (ii) analysis of the collateral historical performance;
(iii) the swap agreements hedging the interest rate risk; (iv) the
credit enhancement provided by the reserve fund, the subordination
of the notes, and the excess spread; and (v) the legal and
structural integrity of the transaction.  The key parameters used
to calibrate the loss distribution curve for this portfolio
include a Milan Aaa CE of 3.35% and an expected loss 0.42%

The Spanish Government announced on November 4, 2008 a package of
aid to assist unemployed, self employed and pensioneer borrowers
through a form of mortgage subsidy aid.  It is unclear how the
transaction will be affected, although both liquidity and credit
implications are possible on this portfolio.  However, any
implications on the ratings will ultimately depend on the actual
financial aid conditions which will be approved.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.


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


47N INTERNATIONAL: Creditors Must File Proofs of Claim by Feb. 9
----------------------------------------------------------------
Creditors owed money by JSC 47N International Holding are
requested to file their proofs of claim by Feb. 9, 2009, to:

         Churerstrasse 77
         8808 Pfaffikon
         Switzerland

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


DAIMOS COMMODITIES: Deadline to File Proofs of Claim Set Feb. 8
---------------------------------------------------------------
Creditors owed money by JSC Daimos Commodities are requested to
file their proofs of claim by Feb. 8, 2009, to:

         Tomas Mach
         Liquidator
         Dorfstrasse 38
         6341 Baar
         Switzerland

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


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

         JSC Gestinor
         Am Schanzengraben 25
         8022 Zurich
         Switzerland

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


GARAGE ULRICH: Proof of Claim Filing Deadline Set February 11
------------------------------------------------ ------------
Creditors owed money by JSC Garage Ulrich are requested to file
their proofs of claim by Feb. 11, 2009, to:

         Hauptstrasse 46
         4654 Lostorf
         Switzerland

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


LINDER CREATIVE: Creditors' Proofs of Claim Due by Feb. 8
---------------------------------------------------------
Creditors owed money by LLC CHS Linder Creative Handling Service
are requested to file their proofs of claim by Feb. 8, 2009, to:

         Joseph Kraft
         Liquidator
         JSC Kraft ELS
         Gebaude J. Halle 3
         Florenzstrasse 5
         4142 Munchenstein
         Switzerland

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


LUTOMIRSKY JSC: February 11 Set as Deadline to File Claims
----------------------------------------------------------
Creditors owed money by JSC Lutomirsky are requested to file their
proofs of claim by Feb. 11, 2009, to:

         Andreas Byland
         Bundesgasse 26
         3001 Bern
         Switzerland

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


MARCEL VOLLMIN: Creditors Must File Proofs of Claim by Feb. 11
--------------------------------------------------------------
Creditors owed money by JSC Marcel Vollmin are requested to file
their proofs of claim by Feb. 11, 2009, to:

         Bachgasse 14
         4105 Biel-Benken
         Switzerland

The company is currently undergoing liquidation in Biel-Benken.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 11, 2008.


PROFITBORSE LLC: Deadline to File Proofs of Claim Set February 9
----------------------------------------------------------------
Creditors owed money by LLC Profitborse are requested to file
their proofs of claim by Feb. 9, 2009, to:

         Aeuelistrasse 7b
         9430 St. Margrethen
         Switzerland

The company is currently undergoing liquidation in St. Margrethen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 17, 2008.


REBUS UNCOVER: Proof of Claim Filing Deadline Set February 11
-------------------------------------------------------------
Creditors owed money by JSC Rebus Uncover are requested to file
their proofs of claim by Feb. 11, 2009, to:

         Rheinsprung 20
         4051 Basel
         Switzerland

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


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


AVANGARD-TEXT LLC: Creditors Must File Claims by February 15
------------------------------------------------------------
Creditors of LLC Avangard-Text (EDRPOU 31788858) have until
Feb. 15, 2009, to submit proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Arbitration Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 18, 2008.
The case is docketed as 7/167-B.

The Debtor can be reached at:

         LLC Avangard-Text
         Karbishev St. 2
         43026 Lutsk
         Ukraine


AZOTBUILDINVEST LLC: Creditors Must File Claims by February 15
--------------------------------------------------------------
Creditors of LLC Firm Azotbuildinvest (EDRPOU 24360186) have until
Feb. 15, 2009, to submit proofs of claim to:

         Mr. Sergey Tchernets
         Liquidator / Insolvency Manager
         Apt. 55
         Gaydar St. 13
         18000 Cherkassy
         Ukraine

The Arbitration Court of Cherkassy commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 26, 2008.  The case is docketed as 18/5387.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Firm Azotbuildinvest
         Pervomayskaya St. 72
         18014 Cherkassy
         Ukraine


DRILLING SERVICE: Creditors Must File Claims by February 15
-----------------------------------------------------------
Creditors of LLC Drilling Service (EDRPOU 33151064) have until
Feb. 15, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 4, 2008.
The case is docketed as 28/318-b.

The Debtor can be reached at:

         LLC Drilling Service
         Apt. 43
         Grushevsky St. 28/2
         01021 Kiev
         Ukraine


HORTITSA LLC: Creditors Must File Claims by February 15
-------------------------------------------------------
Creditors of LLC Hortitsa (EDRPOU 21377950) have until Feb. 15,
2009, to submit proofs of claim to:

         Mr. Valentin Gavrilchenko
         Liquidator / Insolvency Manager
         Apt. 39
         Rozhdestvenskaya St. 50
         Cherkassy
         Ukraine


The Arbitration Court of Cherkassy commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 18, 2008.  The case is docketed as 18/5249.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Hortitsa
         Sverdlov St. 12
         Gerezhenovka
         Uman
         Cherkassy
         Ukraine


INITIO LLC: Creditors Must File Claims by February 15
-----------------------------------------------------
Creditors of LLC Initio (EDRPOU 31984642) have until Feb. 15,
2009, to submit proofs of claim to:

         Mr. Alexander Snizhko
         Liquidator
         Apt. 18
         B 3
         40 Years of Oct. Avenue, 126
         03127 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 11, 2008.
The case is docketed as 28/168-b.

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

The Debtor can be reached at:

         LLC Initio
         Vozdukhoflotsky Avenue, 92-B
         03036 Kiev
         Ukraine


LVOV PLANT: Creditors Must File Claims by February 15
-----------------------------------------------------
Creditors of OJSC Lvov Plant Of Electrical-Type Instruments
(EDRPOU 25230853) have until Feb. 15, 2009, to submit proofs of
claim to:

         Mrs. Galina Kovalko
         Liquidator
         Office 24
         Gazovaya St. 36/1
         79058 Lvov
         Ukraine

The Arbitration Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 11, 2008.
The case is docketed as 27/45.

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

The Debtor can be reached at:

         OJSC Lvov Plant of Electrical-Type Instruments
         Nischinsky St. 35
         79014 Lvov
         Ukraine


NADRA BANK: Buyer Seeks Gov't Help to Prevent Bank's Collapse
-------------------------------------------------------------
Bloomberg News reports Dmitry Firtash, the Ukrainian billionaire
who has agreed to buy VAT Nadra Bank, said he plans talks with
President Viktor Yushchenko and central bank Governor Volodymyr
Stelmakh to prevent the lender's "collapse" after being hurt by a
lack of credit amid the fallout from the global credit crisis.

Ukraine, Bloomberg News recalls, turned to the International
Monetary Fund last year to stabilize its financial system, getting
a loan of more than US$16 billion in November, as investors
shunned emerging-market and other higher-risk assets.

"If the bank collapses, the whole banking system may collapse,"
Mr. Firtash told Bloomberg News in an interview.  "People will
just withdraw their money and put it under their mattresses"

To support Nadra, Mr. Firtash, as cited by Bloomberg News, said he
will ask the central bank to put it under the temporary control of
an appointed head to prevent deposit withdrawals and calls on
outstanding loans.

The report relates Ekonomicheskie Izvestia, citing an unidentified
person in the banking industry, said Nov. 6 that Mr. Firtash
planned to buy 86.7 percent of Nadra for about US$600 million.

                          Refinancing

As reported in the Troubled Company Reporter-Europe on Jan. 26,
2009, Interfax-Ukraine said Kyiv's district administrative court
decided to ban the National Bank of Ukraine ("NBU") from
refinancing Nadra Bank with another UAH3 billion.

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

                        Rating Downgrades

Bloomberg News says Moody's Investors Service lowered Nadra's
rating on Jan. 22 to B2 from B1 stating the bank "may not have the
resources available to fully refinance its wholesale funding
maturing in 2009."

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

                        About Nadra Bank

VAT Nadra Bank a.k.a Nadra KB VAT or Commercial Bank Nadra OJSC
(KSE:NADR) -- http://www.nadra.com.ua/rus/-- is a Ukraine-based
nation-wide universal commercial bank.  It provides financial
services to three client segments: individuals, small and medium-
sized enterprises and corporate clients.  Its customer services
platform comprises a network of branches located in all Ukrainian
major cities, numerous Automated Teller Machines (ATM) and Point
of Sale terminals (POS), as well as an electronic contact center.
Nadra KB VAT has in its offer micro-loans, credit lines,
overdrafts, personal and corporate credit and debit cards, current
accounts, time deposits, cash management services, deposit taking,
cash management and account services, corporate cards and
securities transactions.


SLAVUTICH-CAPITAL LLC: Creditors Must File Claims by February 15
---------------------------------------------------------------
Creditors of LLC Investment-Consulting Company Slavutich-Capital
(EDRPOU 32614172) have until Feb. 15, 2009, to submit proofs of
claim to:

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

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 29, 2008.  The case is docketed as B 29/325-08.

The Debtor can be reached at:

         LLC Investment-Consulting Company Slavutich-Capital
         Gorky St. 2
         Dnipropetrovsk
         Ukraine


UKRMETENERGOCOM CJSC: Creditors Must File Claims by February 15
---------------------------------------------------------------
Creditors of CJSC Ukrmetenergocom (EDRPOU 30109617) have until
Feb. 15, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 4, 2008.
The case is docketed as 28/319-b.

The Debtor can be reached at:

         CJSC Ukrmetenergocom
         Apt. 43
         Grushevsky St. 28/2
         01021 Kiev
         Ukraine


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


ARTICLE 10 MARKETING: Appoints Joint Administrators from Tenon
--------------------------------------------------------------
Timothy John Edward Dolder and Colin David Wilson of Tenon
Recovery were appointed joint administrators of Article 10
Marketing Ltd. on Jan. 19, 2009.

The company can be reached through Tenon Recovery at:

         CBX 11 West Wing 4th. Floor
         382 - 390 Midsummer Boulevard
         Milton Keynes
         MK9 2RG
         England


AXEON HOLDINGS: Obtains Covenant Waiver Until End of February 2009
------------------------------------------------------------------
Axeon Holdings plc has reached agreement on a covenant waiver with
its principal lender until the end of February 2009.

Axeon said it will seek a continuation of the waiver.

                          Results

Turnover for the year to December 31, 2008 increased to GBP61
million (2007: GBP29 million), with 12 months activity in 2008
from Axeon AG compared to 5 months in 2007.  A loss of below GBP3
million from operations is expected compared with a 2007 operating
profit of GBP0.14 million.

Cash at December 31, 2008 was GBP2 million (2007: GBP12 million).
Borrowings at December 31, 2008 were GBP8 million (2007: GBP6
million) with the movement caused entirely by currency fluctuation
in the year on these US dollar denominated loans.

                        Restructuring

In response to the downturn in the power tool business and slower
uptake of automotive products, the company initiated a
restructuring program in September 2008, to reduce costs and to
stabilize cash flow.  As a result the company has already reduced
overhead and headcount in all locations by over 200 full time
equivalent jobs with annualized savings of over GBP2 million;
these, together with a focus on converting working capital to
cash, prioritization of engineering resource and a focus on
securing a higher margin sales mix, remain key objectives.

                          Outlook

The medium term outlook in key areas of Axeon's business remains
positive, but the unprecedented turmoil in financial markets
creates uncertainty.  The company noted that while it is difficult
to plan in such economic conditions, the strategy for the business
of building a leading independent supplier of lithium-ion power
solutions for certain sectors remains unchanged.

With the restructuring activity that has taken place, and the
current focus on releasing cash from working capital, the board,
subject to the continued support of its principal lender, believes
that the business has sufficient working capital for its expected
levels of activity and can reach a minimum of a cash break-even
position in 2009 based on a prudent view of the expected levels of
activity in the company's market places.

Axeon Holdings plc -- http://www.axeon.com/-- is Europe's largest
independent supplier of lithium-ion battery solutions,
manufacturing over 5 million battery packs.  Axeon designs and
manufactures batteries and battery management systems for three
main sectors: automotive; power tools; and mobile power solutions.


BULMERS LOGISTICS: Brings In Joint Administrators from Deloitte
---------------------------------------------------------------
Daniel Francis Butters and Ian Brown of Deloitte LLP were
appointed joint administrators of Bulmers Logistics (Teeside) Ltd.
on Jan. 21, 2009.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


EMI GROUP: Half Year Loss Narrows to GBP155 Million
---------------------------------------------------
EMI Group Ltd.'s loss for the six months ended September 30, 2008,
narrowed to GBP155 million from GBP324 million in the same period
in 2007 while revenues for the current period increased to GBP737
million from GBP667 million in the same half a year earlier.

The Financial Times reports Lord Birt, the group's chairman, said
the results gave ground for "qualified optimism" but insisted the
company faced "formidable challenges" including concerns about
future availability of music retail space following the collapse
of retailers Woolworths and Zavvi.

The Wall Street Journal relates the results suggest Terra Firma
Capital Partners Ltd., the private-equity firm that bought EMI in
2007, is struggling to turn the company around.

According to the Journal, under Terra Firma's ownership, EMI has
reduced marketing spending and has paid musicians smaller advances
amid declining CD sales.

The FT discloses physical CD sales at EMI Music declined 8 per
cent in the period to GBP298 million while digital sales increased
38 per cent to GBP102 million.  Last year, 123 million physical
albums were sold in the UK compared with 131 million in 2007 and
151 million in 2006, the FT notes citing data from the British
Phonographic Industry.

EMI's share of global CD sales meanwhile fell to 9.8% from 10.6%
in the half, the Journal says citing EMI accounts.

The market share decline "reflects historical problems," the
company said in a statement obtained by the Journal.  "It will
take some time to see the impact of a rebuilt roster and the full
recovery of EMI music."

London-based EMI Group Limited -- http://www.emigroup.com/--
houses recorded music segment EMI Music and EMI Music Publishing.
EMI Music distributes CDs, videos, and other formats primarily
through imprints Capitol Music Group, EMI Records, and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz.  EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
Private equity firm Terra Firma bought EMI for US$4.9 billion in
2007.


FISH MARKET: Taps Joint Administrators from PwC
-----------------------------------------------
Mike J. Jervis and Colin Michael Trevethyn Haig of
PricewaterhouseCoopers LLP were appointed joint administrators of
The Fish Market Ltd. on Jan. 20, 2009.

The company can be reached at:

         10 Gees Court
         St. Christophers Place
         London
         W1U 1JJ
         England


FISH WORKS: Appoints Joint Administrators from PwC
--------------------------------------------------
Mike J. Jervis and Colin Michael Trevethyn Haig of
PricewaterhouseCoopers LLP were appointed joint administrators of
Fish Works Plc on Jan. 20, 2009.

The company can be reached at:

         10 Gees Court
         St. Christophers Place
         London
         W1U 1JJ
         England


FML LTD: S&P Withdraws 'B-' Global Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'B-'
global scale long-term corporate credit rating and its 'ruBBB-'
Russia national scale rating on Isle of Man-registered FML Ltd. at
the company's request.  The ratings had been placed on CreditWatch
with negative implications on Oct. 24, 2008.

Although S&P is in receipt of most normal surveillance information
from the company, and the bulk of debt maturities, which were a
key concern at the time of the CreditWatch placement, have been
extended into 2010, Standard & Poor's is not able to determine an
accurate final rating prior to withdrawal of the ratings in the
absence of audited 2007 accounts in accordance with International
Financial Reporting Standards.  S&P understands that the delay in
IFRS statements is the result of a change in auditors prior to
finalization of the 2007 audit and that IFRS accounts for 2007 and
2008 will be produced by its new auditors before the end of May
2009.  FML's principal asset is Moscow's largest airport,
Domodedevo International Airport.


HAMMOND SUPPORT: Calls In Joint Administrators from Deloitte
------------------------------------------------------------
Adrian Peter Berry and Daniel Francis Butters of Deloitte LLP were
appointed joint administrators of Hammond Support Systems Ltd. on
Jan. 22.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


JESSOPS PLC: May Breach Banking Covenants; Net Loss Narrowed
------------------------------------------------------------
Paul Jarvis at Bloomberg News reports that Jessops plc warned
Friday it expects to breach banking covenants, sending its shares
down 21 percent to 2.18 pence in London trading.

Jessops, as cited by the report, said its lenders won't extend any
more credit to the company.

The report relates that in its annual results statement, Jessops
said the potential covenant breach presents "a material
uncertainty which may cast significant doubt on the company's and
the group's ability to continue as a going concern."

According to the report, the company said it is actively engaging
with its advisers and HSBC Bank plc to put the business on a more
stable footing for the future, noting a "fundamental
restructuring" of the company's debt is "highly likely".

                         Banking Facility

On September 26, 2008, Jessops signed an extension to the banking
facility agreed on August 30, 2007, which extends the facility
until December 31, 2011.

Under the terms of the extension, the company has a committed
facility of GBP52 million and a revolving overdraft facility to
provide working capital during the course of the year.

As part of this extension, the GBP7 million deferred financing fee
due on December 31, 2008 has been reduced to GBP5 million and is
now due on December 31, 2011.  As part consideration for this
reduction and deferral of the financing fee, warrants over a
further 5% of the issued share capital were granted to HSBC on
September 26, 2008.  HSBC now holds warrants over 15% of the
issued share capital.

The company said the entire bank debt will be repayable on demand
at the option of the lender.

Net debt for the year to September 30, 2008 stood at GBP57.4
million, compared to net debt of GBP46.9 million for the same
period in 2007.

                        Net Loss Narrowed

Bloomberg News discloses the company posted its second straight
net loss.  For the year to September 30, 2008, the company
reported a net loss of GBP50.2 million from GBP63.5 million a year
earlier.

However, revenue fell to GBP250.1 million from GBP325.5 million  a
year earlier and sales at stores open at least a year declined 6.5
percent, the report states.

"It is highly likely that had we not decided to increase our
promotional stance during this period like-for-like sales would
have continued to decline," the report quoted Jessops as saying.

                        About Jessops plc

Jessops plc -- http://www.jessops.com/-- is the largest
photographic retailer in the UK.  It was founded in 1935.


PIPE HOLDINGS: Refinancing Concerns Prompt S&P to Junk Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on U.K.-based manufacturer of plastic
pipes and systems Pipe Holdings PLC to 'CCC+' from 'B-' following
a steep decline in the markets in which it operates and
refinancing concerns at Hamsard 3054 Ltd.  The outlook remains
negative.

At the same time, Standard & Poor's lowered its senior secured and
senior unsecured debt ratings on Pipe Holdings to 'B-' and 'CCC-',
respectively, from 'B' and 'CCC'.  The recovery ratings on the
debt issues are unchanged at '2' for the senior secured notes and
'6' for the senior unsecured notes.

"The downgrade reflects our expectation that Pipe Holding's
trading performance will remain exposed to, and likely experience
a severe deterioration as a consequence of, the sharp downturn in
the U.K. building materials market.  Furthermore, S&P does not
foresee any recovery in this market over the next 18 months," said
Standard & Poor's credit analyst Sabine Gromer.

"The downgrade also reflects our concerns regarding the
refinancing risk at the ultimate holding company, Hamsard, which
matures in May 2009.  In addition, S&P is concerned about the
availability of the revolving credit facility, which S&P considers
to be an important backup funding cushion.  At this stage, S&P
believes that this facility will become particularly relevant in
2010 to support funding for operational needs.  The facility is
subject to a minimum rolling 12 months' U.K. EBITDA generation of
GBP30 million, and, given the difficult trading environment, S&P
believes there is an increased likelihood of a potential covenant
breach.

"Such developments leave the group exposed on two fronts: First,
S&P believes its pricing power will suffer due to sharp sales
volume declines that will further harm operating markets.  Second,
S&P expects that the group will utilize a large part of its
GBP46 million cash and cash equivalents to fund cash interest,
working capital swings, and maintenance capital expenditures of
about GBP8 million in 2009.  This leaves a diminished cushion for
2010."

S&P is concerned that Pipe Holdings' trading performance may
deteriorate further as it grapples with the severe downturns in
its key markets.  Furthermore, the group has substantial near-term
refinancing needs and S&P is uncertain about the availability
under its GBP17.5 million revolving credit facility.

Negative rating pressure could be triggered by an inability to
refinance or extend maturing facilities or fund interest payments;
a significant payout under the earn-out liability with IMI; and
aggressive management action such as bolt-on acquisitions,
particularly if these were to compromise the group's liquidity or
debt levels.

S&P considers a positive rating action on Pipe Holdings unlikely
at this stage.


RAVEN SUPPLIES: Taps Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Thomas Dixon and Christopher Benjamin Barrett of Tenon Recovery
were appointed joint administrators of Raven Supplies Ltd. on
Jan. 21, 2009.

The company can be reached through Tenon Recocvery at:

         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


TI AUTOMOTIVE: Moody's Withdraws Ratings on Lack of Information
---------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of TI
Automotive Ltd.

The ratings are being withdrawn under Moody's Guidelines for the
Withdrawal of Ratings in situations associated with "Inadequate
Information", since in Moody's opinion there is insufficient
information to assess effectively the creditworthiness of the
issuer and its obligations.  Against this backdrop Moody's notes
that TI Automotive does not disclose financial information to the
public.

Outlook Actions:

Issuer: TI Automotive Limited

  -- Outlook, Changed To Rating Withdrawn From Negative

Withdrawals:

Issuer: TI Automotive Limited

  -- Probability of Default Rating, Withdrawn, previously rated
     Caa1

  -- Corporate Family Rating, Withdrawn, previously rated Caa1

  -- Senior Secured Bank Credit Facility, Withdrawn, previously
     rated B1, LGD5, 87%

Moody's last rating action on TI Automotive was on November 14,
2008 when the corporate family rating was downgraded to Caa1
(negative outlook) from B3 (negative outlook).

Headquartered in Oxford, England and Warren, Michigan, TI
Automotive is a Tier 1 automotive supplier delivering fuel
systems, brake and fuel fluid carrying systems and components for
air conditioning, power steering and oil cooling systems.  In
2007, TI reported consolidated sales of GBP1.4 billion.


TRELANMEX LTD: Appoints Joint Administrators from Tenon Recovery
----------------------------------------------------------------
Dilip K. Dattani and Andrew Appleyard of Tenon Recovery were
appointed joint administrators of Trelanmex Ltd. on Jan. 21, 2009.

The company can be reached at:

         Trelanmex Ltd.
         Coalpit Lane
         Wolvey
         Hinckley
         Leicestershire
         England


WOOLWORTHS GROUP: Shop Direct Snaps Up Brand
--------------------------------------------
Richard Fletcher at The Daily Telegraph reports that online and
home shopping retailer Shop Direct, formerly known as Littlewoods,
has acquired the Woolworths brand.

According to the report, Shop Direct, owners of The Daily
Telegraph, plans to re-launch Woolworths as an online retailer
later this year.

"This is great news and we are confident that Woolworths, as an
online brand, will once again prosper.  In what will be
Woolworths' 100th year, we are proud to be reviving the brand,"
Mark Newton-Jones, chief executive of Shop Direct, was quoted by
the report as saying.

Shop Direct, the report discloses, has also acquired the Ladybird
brand from Woolworths administrator, Deloitte.  It plans to sell
Ladybird merchandise through its existing Internet and catalog
business, which includes Littlewoods Direct, Great Universal,
Empire Stores and Marshall Ward, the report states.

                       Administration Order

On January 27, 2009, the High Court granted an application that an
order of administration be made in respect of Woolworths Group
plc.

As announced on November 27, 2008, the termination of the
company's discussions for the sale of its retail business led to
the administration of its two major subsidiaries, Woolworths plc
and Entertainment UK Ltd.  Accordingly, Neville Kahn, Daniel
Butters and Nicholas Dargan were appointed as joint administrators
to both companies on that date.

With the order made in the High Court by Mr Justice Patton, the
joint administrators are now also appointed as administrators to
the company.

                         About Deloitte

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

Deloitte & Touche LLP is the United Kingdom member firm of DTT.

                    About Woolworths Group plc

Headquartered in London, England, Woolworths Group plc (LON:WLW)
-- http://www.woolworthsgroupplc.com/-- is a general merchandise
retailer, and entertainment wholesaler and publisher.  The
Company's business is divided into Retail, and Entertainment
Wholesale and Publishing segments.  Woolworths, Streets Online
Limited, WMS Card Services Limited and Flogistics Limited are
included within the Retail segment, with Entertainment UK Limited,
Disc Distribution Limited and 2entertain Limited being the
constituents of Entertainment Wholesale and Publishing segment.
The stores comprise Woolworths outlets located in small towns and
city suburbs, targeted at meeting basic everyday shopping
requirements, as well as larger stores located on shopping streets
in regional shopping centers.  The product offer covers toys,
children's clothing, events, confectionery, home and
entertainment, and larger stores include a range of home and
children's clothing.


XSTRATA PLC: To Raise GBP4.1 Bln to Repay Existing Debt
-------------------------------------------------------
Xstrata plc on Thursday, January 29, announced a proposed 2 for 1
rights issue to raise approximately US$5.9 billion.  The proceeds
of the rights issue will be used to repay existing debt and to
acquire Glencore International AG's coal operations in Colombia
for a total consideration of US$2 billion.

Mick Davis, Xstrata Chief Executive said: "The significant and
extensive range of actions being taken across Xstrata to optimize
cash, together with our actions in May and October to refinance
short-term debt, have provided the Group with significant
headroom, comfortable interest cover and no significant debt
refinancing requirements until 2011.

"Nonetheless, it is clear that, while appropriate for market
conditions experienced in the first three quarters of 2008 and
indeed in the past few years, in the aftermath of an unprecedented
financial crisis, Xstrata's absolute level of debt is now
perceived as a potential constraint on the Group, given the
uncertainty that exists over the near-term outlook for
commodities.

"The proposed 2 for 1 Rights Issue to raise approximately GBP4.1
billion (approximately US$5.9 billion) excluding costs, will
provide a significant injection of capital, mitigate the risks
presented by the current uncertainty and remove this potential
constraint.

"In addition, the planned Rights Issue, together with Glencore's
ongoing support for Xstrata, have provided Xstrata with an
opportunity to acquire Glencore's world-class, cash generative
Prodeco coal operations in Colombia for a consideration of US$2
billion.  These low-cost, premier quality operations benefit from
significant growth potential and will consolidate Xstrata Coal's
global leadership in thermal coal and strengthen our strategic
position in Colombia, to supply both the European and US markets.

"However, Xstrata and Glencore failed to reach full agreement on
an appropriate valuation of the Prodeco assets and as a result the
transaction includes a Call Option, under which Glencore may buy
back the Prodeco assets from Xstrata at any point up to the first
anniversary of the closing date, for a total cash consideration of
US$2.25 billion, plus the net balance of any cash invested by
Xstrata and any profits accrued but not distributed to Xstrata.
The Call Option Agreement ensures that, should the option be
exercised, Glencore will pay a repurchase price that adequately
compensates Xstrata's Shareholders for the option granted.  In my
view, these arrangements are fair to both parties and at the same
time facilitate an orderly Rights Issue process, which is to the
benefit of all of Xstrata's Shareholders.

"The primary objective of the Rights Issue is to ensure that
Xstrata remains financially robust during current challenging
market conditions and going forward, given the lack of visibility
into near-term economic conditions.  Looking through the
prevailing period of uncertainty to the return of a more benign
environment, the proposed capital raising also provides the Group
with an enhanced platform from which, at the appropriate time, to
initiate the next stage of Xstrata's growth.

"Xstrata continues to operate a suite of cash generative
operations across a broad range of geographies, with excellent
growth potential and a strong competitive position in each of its
key commodity markets.  Against a background of strong medium to
longer term fundamentals for the Group's products and near-term
actions to secure Xstrata's financial position, I am confident
that the prospects for Xstrata remain very encouraging."

                      Rights Issue

The proceeds of the Rights Issue will be used to repay existing
debt, including debt drawn under the Group's existing facilities
to finance the Proposed Acquisition.  As a result, net debt is
expected to reduce to approximately US$12.6 billion, with gearing
(defined as net debt to net debt plus equity) of less than 30%.

The Issue Price of GBP2.10 per New Share represents a discount of
approximately 40% to the theoretical ex-rights price (TERP) of
GBP3.48 per Ordinary Share and a discount of approximately 66% to
the Closing Price of GBP6.23 on January 28, 2009.

Glencore, Xstrata's major Shareholder with an interest of
approximately 34.5%, has provided irrevocable undertakings to take
up its rights in full, and the remainder of the Rights Issue has
been fully underwritten.  The issue of New Shares will be subject
to Shareholder approval, in respect of which Glencore has also
irrevocably undertaken to vote in favor.

The Rights Issue is one of a series of ongoing, decisive measures
taken by Xstrata management to strengthen its financial position
in response to the financial crisis and ensuing economic downturn.
These initiatives include:

    * suspending or closing higher cost or unprofitable
      production, including the Lennard Shelf zinc-lead joint
      venture and the Falcondo ferronickel operation;

    * reducing production at existing operations to respond to
      weaker demand, including the suspension of 80% of the
      Xstrata-Merafe Chrome Venture's annual production capacity
      and suspending longwall operations at Oaky No. 1 coking coal
      mine;

    * continuing to drive down operating costs across Xstrata's
      commodity businesses through restructurings, productivity
      improvements and commencement of lower cost supply;

    * improved working capital management, with approximately US$1
      billion of cash released in the second half of 2008; and

    * substantially reducing discretionary sustaining and
      expansionary capital expenditure, with approximately US$3
      billion identified for 2009, whilst retaining the Group's
      growth options.

In addition to these commodity-business led initiatives, on
October 1, 2008, Xstrata entered into a US$5 billion Club Facility
to refinance and extend the maturity of the Group's existing debt
portfolio and provide further headroom.  On January 2, 2009, the
Club Facility was increased by an additional US$459 million to
approximately US$5.46 billion.

In light of the proposed capital raising, the Board has decided
not to declare a final dividend for 2008.  The total dividend for
the year is therefore 18 cents per share, paid as the interim
dividend on October 10, 2008.  The Board intends to resume
dividend payments to Shareholders at the earliest opportunity,
while seeking to maintain a prudent capital structure against the
backdrop of the macroeconomic climate and the Group's cash flow,
capital requirements and dividend cover.

Including the proceeds from the Rights Issue, after the
acquisition of Prodeco, the combined impact of the actions taken
by the Group to conserve cash and reduce operating and capital
costs will add over US$7 billion and ensure that Xstrata maintains
a robust financial position, even in the event of an unexpectedly
prolonged period of depressed commodity prices.  This is in line
with the Xstrata Group's firm commitment to retain an investment
grade balance sheet throughout the economic cycle.

Xstrata's management will continue to focus on taking decisive
action with a view to ensuring that Xstrata's businesses remain
cash positive and financially robust, including, where necessary,
further reductions in capital expenditure, the suspension or
closure of unprofitable or high cost operations and the
optimisation of operating costs and working capital.

                    Acquisition of Prodeco

Xstrata has conditionally agreed to acquire the Prodeco Business
from Glencore, for a consideration of US$2 billion, to be
satisfied in cash on the Prodeco Closing Date.  The Prodeco
Business is a strategically attractive asset with excellent growth
potential that will add significant long-term value to Xstrata.

As part of the Proposed Acquisition, Xstrata has conditionally
agreed to grant Glencore a Call Option to repurchase the Prodeco
Business at any time up to the business day following the first
anniversary of the Prodeco Closing Date.  The aggregate
consideration payable by Glencore on exercise of the Call Option
is US$2.25 billion, plus all profits of the Prodeco Business
accrued and not distributed to the Xstrata Group and any cash paid
into the Prodeco Business by Xstrata, less any amounts distributed
by Prodeco to the Xstrata Group, in each case in the period since
January 1, 2009.

The Prodeco Business comprises Glencore's Colombian high grade
thermal coal mining operations and associated infrastructure.  The
acquisition of the Prodeco Business will provide Xstrata with
access to a high quality, low cost thermal coal complex with
excellent growth potential in a strategically attractive region
with the ability to supply the European and North American energy
markets.

The Proposed Acquisition will add significant value to the Xstrata
Group by:

    * enhancing the Xstrata Group's industry leading thermal coal
      portfolio through the addition of long-life high-quality
      thermal coal assets;

    * consolidating the Xstrata Group's strategic position in
      Colombia, enhancing Xstrata's competitive position in the
      important European market and positioning the business for
      growth in the United States market for low-sulphur, high-
      quality thermal coal imports;

    * offering significant further brownfield growth potential
      from the purchased assets and optionality through future
      growth opportunities in the region; and

    * leveraging Xstrata Coal's management expertise and
      operational experience to deliver operational upside through
      productivity and technical enhancements.

The Effective Date for the acquisition will be January 1, 2009.

Since Xstrata's substantial Shareholder, Glencore, is the vendor
of the Prodeco Business, the Proposed Acquisition is a related
party transaction for the purposes of the Listing Rules, and
requires independent Shareholder approval.  The Rights Issue and
the Proposed Acquisition are inter-conditional.  Shareholder
approval for the Proposed Acquisition and for the resolutions
required for the Rights Issue will be sought at an Extraordinary
General Meeting to be held in early March 2009.  A Circular
including the notice convening the Extraordinary General Meeting
and a Prospectus in connection with the Rights Issue and the
Proposed Acquisition are expected to be published within the next
week.

JPMorgan Cazenove and Deutsche Bank are acting as joint sponsors,
joint financial advisers and joint brokers to Xstrata and J.P.
Morgan Securities Ltd. and Deutsche Bank are joint underwriters of
the Rights Issue.  Rothschild is acting as independent financial
adviser to Xstrata in connection with the Proposed Acquisition.

                    Potential Covenant Breach

On Dec. 29, 2008, the TCR-Europe reported that according to The
Daily Telegraph, Xstrata plc could breach its debt covenants as
analysts expect tumbling coal prices to hit 2008 and 2009
earnings.

According to the report, UBS analysts Grant Spore and Paul
Galloway believe "consensus earnings before interest, tax,
depreciation and amortization (EBITDA) for 2008/09 of around
US$11.1 billion (GBP8.4 billion) are still too high and are likely
to come down further in the next few weeks".

The analysts warned Xstrata is likely to breach its debt covenants
of three times gross debt to EBITDA on US$10 billion of bank
loans, the report disclosed.

The covenants, the report noted, are tested every six months.

                         About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a global diversified
mining group, listed on the London and Swiss Stock Exchanges, with
its headquarters in Zug, Switzerland.

Xstrata's businesses maintain a meaningful position in seven major
international commodity markets: copper, coking coal, thermal
coal, ferrochrome, nickel, vanadium and zinc, with a growing
platinum group metals business, additional exposures to gold,
cobalt, lead and silver, recycling facilities and a suite of
global technology products, many of which are industry leaders.
The Group's operations and projects span 18 countries.  Xstrata
employs approximately 56,000 people, including contractors.


* EUROPE: PwC Report Says Real Estate Industry Faces a Tough 2009
-----------------------------------------------------------------
European investors, developers, bankers, and brokers confirm that
2009 will be "a very difficult" year according to the report
Emerging Trends in Real Estate Europe, 2009.  Capital for real
estate will continue to be in short supply during 2009, in both
equity and debt markets and there is real uncertainty as to when
this trend will reverse.  It is not yet clear whether it is
holding off for pricing to improve or whether the reason is more
fundamental.  Indeed, the ratings for overall availability, on a
scale of one to nine, are the lowest ever recorded by Emerging
Trends in Real Estate Europe.

In its sixth year, the report published by the Urban Land
Institute (ULI) and PricewaterhouseCoopers is based on surveys and
interviews with nearly 500 of the industry's leading authorities.

Overwhelmingly, respondents report that it is virtually impossible
to get new debt and it will continue to be tough to obtain in
2009.  As a result buyers are looking to alternative strategies to
keep them in a deal, such as looking for seller financing or
talking to the existing lender.

The report also reveals that the current real estate capital
markets crisis could turn into an occupier crisis as Europe slides
deeper into recession.  Economic growth has continued to decline
across Europe in 2008 and this trend will follow into 2009 as
European economies continue to struggle in current market
conditions.  Even the fastest growing countries will face
production declines through the year ahead and expectations are
that it will feed through into tenant demand and a corresponding
increase in vacancies with rents stalling or facing a correction.

John Forbes, real estate leader in Europe, Middle East and Africa,
PricewaterhouseCoopers, remarked: "This is going to be a tough
year for many investors.  For those who bought at the top of the
market it could be a struggle for survival, particularly if banks
become more aggressive in dealing with covenant breaches.  On the
other hand for those with equity to invest, there will be
opportunities as the banks start to take action.  Although new
debt will remain in very short supply, banks may have little
alternative to remaining as lenders during the restructuring of
defaulting borrowers."

William Kistler, president of ULI Europe, the Middle East, Africa
and India (ULI EMEAI) pointed out that the full impact of the
financial crisis is just starting to permeate the economy across
Europe, as consumer spending, business confidence and property
values continue to decline.   "Everything is being put on hold
until we start seeing signs of a bottoming out," Kistler said.
However, despite the overall gloomy conditions, opportunities
remain for those who have cash to invest, he noted.  "With
interest rates low, and the market generally not overdeveloped,
there are bargains available for those who are in a position to
buy."

Investment and development prospects fell for all of the cities
ranked in the report, with overall investment prospects dropping
from a rating of 5.6 (modestly good) in 2008 to 4.7 (fair) in
2009.  Development prospects fell even further, from 5.6 to 4.3
(modestly poor).  Risk ratings have also worsened.

Munich has emerged as the lead real estate investment market in
Europe moving up three places from its 2008 rank.  However, it is
important to remember that although Munich has come out on top
this year, its investment prospects along with each of the other
cities in the survey, have fallen in comparison with the previous
year.

Survey respondents ranked Munich top of the investment market
league table due to a combination of factors including: an
increase in government spending, which may lead to future economic
growth; the decline in unemployment; a fast growing population and
increased consumer spending power.  Munich also came top of the
European City Risk league table.  Munich is seen as having low
risk because of its diverse economic base which mitigates risky
investments.  Indeed Germany is considered "less volatile with
more long-term investors" helping Hamburg to second place with
Frankfurt and Berlin also ranking among the top ten for investment
prospects in 2009.

Survey respondents ranked Istanbul third for investment prospects,
falling from first place last year as investors continue to seek
opportunities in the city.  Istanbul secured the top place for
development prospects although investors are still concerned with
the risk Istanbul brings, viewing it as the eighth riskiest city
in which to invest.

The retail sector has once again been awarded the top spot among
property types for investment prospects, only just hanging on to
the top spot with the hotel sector following closely behind.
Economic development will determine just how rewarding these
investments will be.  Moscow is the most favored investment spot
amongst the major European cities and nearly half of all
respondents regard it as a "buy".  Munich, Warsaw, Hamburg and
Istanbul also earn marshal investor support.  Markets with the
highest sell rating include Dublin, Prague, Athens and Madrid and
investors are urged to proceed with caution.

               About the Urban Land Institute

The Urban Land Institute -- http://www.uli.org/-- is a global
nonprofit education and research institute supported by its
members.  Its mission is to provide leadership in the responsible
use of land and in creating and sustaining thriving communities
worldwide. Established in 1936, the Institute has nearly 40,000
members representing all aspects of land use and development
disciplines.

               About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.

                            *********

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 * * *