TCREUR_Public/090205.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

          Thursday, February 5, 2009, Vol. 10, No. 25

                            Headlines

A U S T R I A

IMPORT BRODNAK: Claims Registration Period Ends Feb. 25
OEBAU-KOECK LLC: Claims Registration Period Ends Feb. 23
TANASIC KEG: Claims Registration Period Ends February 24
TOURALLIANCE INTERNATIONAL: Claims Registration Ends Feb. 24


D E N M A R K

MUSEUM EROTICA: Faces Bankruptcy; Seeks Investors


F R A N C E

NATIXIS: Fitch Downgrades Individual Rating to 'E' from 'D'
PARIS PRIME: S&P Downgrades Rating on Class D Notes to 'D'


G E R M A N Y

BIORIO VERWALTUNGS: Claims Registration Period Ends March 17
CMG HOLZHAUSVERTRIEB: Claims Registration Period Ends March 12
DMC BAUKONTOR: Claims Registration Period Ends March 20
D-TRADE GMBH: Claims Registration Period Ends March 25
EDSCHA: Files for Insolvency; 4,200 Jobs at Risk

IMAGECREATOR GMBH: Claims Registration Period Ends March 24
QIMONDA AG: Future Still Uncertain Amid Talks, Minister Says


I R E L A N D

BANTRY BAY: S&P Downgrades Rating on Class A-1 Notes to 'CC'

* IRELAND: Credit-Default Swaps Up 2 Basis Points to 262.5


K A Z A K H S T A N

ALFA ENGINEERING: Proof of Claim Deadline Slated for March 13
ALFA-TI LLP: Creditors Must File Claims by March 13
ALLIANCE BANK: S&P Puts 'B+' Rating on Developing CreditWatch
ARTI OIL: Claims Filing Period Ends March 13
BETTA STROY: Creditors' Proof of Claims Due on March 13

BTA BANK: S&P Puts 'BB' Rating on Developing CreditWatch
BTA IPOTEKA: S&P Puts 'BB-' Rating on Developing CreditWatch
DASS LTD: Claims Registration Period Ends March 13
KULANOTPES LLP: Proof of Claim Deadline Slated for March 13
KUM AKTOBE: Creditors Must File Claims by March 13

SOUTH SERVICE: Claims Filing Period Ends March 13
SUN TOUR: Creditors' Proofs of Claim Due on March 13
TEMIRBANK JSC: S&P Puts 'B+' Rating on Developing CreditWatch


K Y R G Y Z S T A N

UNITY RESOURCES: Creditors Must File Claims by February 27


L A T V I A

PAREX BANKA: Lenders Agree to Discuss Revised Loan Repayment Plan


L U X E M B O U R G

LUXALPHA SICAV: Madoff Losses Forced Regulator to Seek Liquidation


R U S S I A

BANK ROSSIYA: Fitch Affirms Individual Rating at 'D/E'
BEL-KAM-STROY LLC: Creditors Must File Claims by March 2
ENEM AIRPORT CJSC: Creditors Must File Claims by April 2
KASPIYSKIY CONSTRUCTION: Creditors Must File Claims by April 2
KRAS-DREV LLC: Creditors Must File Claims by March 2

MICA FACTORY: Court Names M. Mezhentsev as Insolvency Manager
MTSENSKIY ZAVOD: Court Names Insolvency Manager
NIZHNEKAMSK-NEFTE-KHIM-OIL LLC: Claims Filing Deadline on March 2
PRIMSOTSBANK: Fitch Assigns 'D/E' Individual Rating
SKOPINSKIY GLASS: Ryazanskaya Bankruptcy Hearing Set May 26

SPETS-KOMPLEKT-GAZ LLC: Creditors Must File Claims by March 2
STROY-KOMLEKT LLC: Creditors Must File Claims by March 2


S P A I N

MBS BANCAJA: Moody's Assigns 'B1' Final Rating on EUR30 Mln Notes
SANTANDER EMPRESAS: Moody's Assigns (P)C Rating on Series F Notes


S W E D E N

SAS AB: S&P Places 'B' Corporate Rating on CreditWatch Positive
SAS GROUP: Incurs Net Loss, to Cut Jobs, Close Operations


S W I T Z E R L A N D

BOUTIQUE CALIMBA: Creditors Must File Proofs of Claim by Feb. 12
ERLENPARK JSC: Deadline to File Proofs of Claim Set Feb. 13
JOBBASE JSC: Creditors Have Until February 13 to File Claims
MOROTOUR LLC: Proofs of Claim Filing Deadline Set February 12
X-SOFT JSC: Creditors' Proofs of Claim Due by February 13

XENSTONE JSC: February 12 Set as Deadline to File Claims
ZCC COTTON: Creditors Must File Proofs of Claim by February 13


U K R A I N E

CARBON SOUTH: Creditors Must File Claims by February 18
IMEKSCOM LLC: Creditors Must File Claims by February 18
LOUD-LTD LLC: Creditors Must File Claims by February 20
LTAVAREPAIRSPECIALINSTALLING LLC: Claims Deadline on February 18
MONOLIT LLC: Creditors Must File Claims by February 20

PLANT START: Creditors Must File Claims by February 20
START LLC: Creditors Must File Claims by February 18
VITROTEST LLC: Creditors Must File Claims by February 20

* UKRAINE: Cabinet Adopts Refinancing Procedure for Banks


U N I T E D   K I N G D O M

AUBURN SECURITIES 4: Fitch Affirms 'BB+' Rating on Class E Notes
FFRITH LEISURE: Goes Into Administration; 50 Jobs at Risk
HALLMARK DESIGNS: Appoints Joint Liquidators from Tenon Recovery
INDUS PLC: S&P Cuts Ratings on Class D and E Notes to Low-B
LANCASHIRE PROJECTS: Names Joint Liquidators from Baker Tilly

M & G LTD: Taps Joint Liquidators from Tenon Recovery
MCLEISH BROTHERS: Peckham's Buys Four Stores Out of Administration
PARKER CONSTRUCTION: Appoints Joint Liquidators from Tenon
PREFERRED RESIDENTIAL: S&P Puts 4 Low-B Rated Notes on Watch Pos.
PREFERRED RESIDENTIAL: S&P Affirms 'BB' Rating on Class D Notes

RIO TINTO: Merrill Lynch Favors Stock Sale Than Chinalco Deal
SPJ ASSOCIATES: Appoints Joint Liquidators from Tenon Recovery
TIFFIN CLUB: Brings in Joint Liquidators from Tenon Recovery
VALLEY VIEW: Taps Joint Liquidators from Tenon Recovery
XL LEISURE: Ex-Directors Take 50% Stake in Viking Airlines

ZAVVI UK: 15 Stores Closed; 295 Jobs Affected

* UK: PwC Survey Says Short Term Business Confidence Down 29%

* PwC CEO Survey Says Global Metal Sector to Face Tough Times
* PwC CEO Survey Says Construction Sector Faces Challenging Market
* PwC CEO Survey Says Global Chemicals Growth Prospects Down
* PwC Sees Further Cost-Cutting in Consumer Goods Sector
* PwC Survey Says Retail Industry CEO Confidence Hit Record Low

* PwC CEO Survey Says Innovation Key for Auto Industry Survival
* PwC Survey Says Energy Key Concern for Transport Sector
* PwC Survey Says Ind'l Manufacturing Optimistic on Revenue Growth
* PwC Survey Says Pharma Sector Confident Over Revenue Growth

* Upcoming Meetings, Conferences and Seminars


                         *********


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


IMPORT BRODNAK: Claims Registration Period Ends Feb. 25
-------------------------------------------------------
Creditors owed money by LLC Heli Import Brodnak (FN 73200y) have
until Feb. 25, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         LLC KAPP Rechtsanwalt
         Karntnerstrasse 525-527
         8054 Graz - Strassgang
         Austria
         Tel: 0316-225955
         Fax: 0316-282013
         E-mail: kapp@kapp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 11, 2009, for the
examination of claims at:

         Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Bad Aussee, Austria, the Debtor declared
bankruptcy on Jan. 2, 2009, (Bankr. Case No. 17 S 73/08s).


OEBAU-KOECK LLC: Claims Registration Period Ends Feb. 23
--------------------------------------------------------
Creditors owed money by LLC Oebau-Koeck (FN 175933a) have until
Feb. 23, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         LLC Goldsteiner Strebinger Rechtsanwalte
         Wiener Strasse 14-16
         2700 Wiener Neustadt
         Austria
         Tel: 02622/24 222
         Fax: 02622/24222-22
         E-mail: anwalt@rechtsbuero.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 5, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt (239)
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Ternitz, Austria, the Debtor declared bankruptcy
on Jan. 7, 2009, (Bankr. Case No. 10 S 4/09f).


TANASIC KEG: Claims Registration Period Ends February 24
--------------------------------------------------------
Creditors owed money by Tanasic KEG Cobra-Transporte (FN 251508s)
have until Feb. 24, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Friedrich Lorenz
         Hauptstrasse 4
         2486 Pottendorf
         Austria
         Tel: 02623/722 61 61
         Fax: 02623/722 61 20
         E-mail: masseverwalter@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 10, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt (239)
         Room 1607
         Wiener Neustadt
         Austria

Headquartered in Tribuswinkel, Austria, the Debtor declared
bankruptcy on Jan. 8, 2009, (Bankr. Case No. 11 S 1/09x).


TOURALLIANCE INTERNATIONAL: Claims Registration Ends Feb. 24
------------------------------------------------------------
Creditors owed money by LLC Touralliance International Management
(FN 305045x) have until Feb. 24, 2009, to file written proofs of
claim to the court-appointed estate administrator:

         Dr. LLM Ute Toifl
         Tuchlauben 12/20
         1010 Wien
         Austria
         Tel: 535 46 11-0
         Fax: 535 46 11 11
         E-mail: office@thr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on March 10, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 9, 2009, (Bankr. Case No. 28 S 1/09i).


=============
D E N M A R K
=============


MUSEUM EROTICA: Faces Bankruptcy; Seeks Investors
-------------------------------------------------
The Copenhagen Post Online reports that Copenhagen's Museum
Erotica is facing bankruptcy after potential investors pulled out.

The City Council's cultural committee turned down a request to
support the museum, which is home to more than 1,500 artifacts and
pictures depicting erotica through the ages, the report recalls.

The report relates that according to Hanne Stensgaard, Museum
Erotica's chief executive, they are currently in the process of
rebuilding the museum but are approximately two to three million
kroner short due to a lack of investors.

Mr. Stensgaard warned the museum will have to close and put its
entire collection up for sale if it fails to find investors by the
end of the week, the report notes.


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


NATIXIS: Fitch Downgrades Individual Rating to 'E' from 'D'
----------------------------------------------------------
Fitch Ratings has placed Groupe Caisse d'Epargne, Groupe Banque
Populaire and Natixis's Long-term Issuer Default Ratings of 'A+'
respectively on Rating Watch Negative.  The agency has
simultaneously downgraded the Individual Ratings of GCE and GBP to
'C/D' from 'C' and downgraded Natixis's Individual Rating to 'E'
from 'D'.

Fitch has also placed the LT IDRs of GCE's and GBP's central
bodies, Caisse Nationale des Caisses d'Epargne et de Prevoyance
and Banque Federale des Banques Populaires, on RWN.  Tier 2
qualifying subordinated debt issued by CNCE, BFBP and Natixis,
rated 'A', has also been placed on RWN.  Tier 1 qualifying
subordinated debt (deeply subordinated debt - 'titres super
subordonnes') issued by CNCE and NBP Capital Trust I's issues have
been downgraded to 'BB+' from 'A', and placed on RWN.

At the same time, the agency has affirmed GCE's, GBP's, CNCE's,
BFBP's and Natixis's Short-term IDRs at 'F1' and Support Ratings
at '1', respectively, as well as GCE's, GBP's, CNCE's and BFBP's
Support Rating Floors at 'A-' (A minus).

The 'A+' LT IDRs of Banque Palatine and Credit Foncier de France,
which are affiliated to CNCE and thus reflect its IDRs, have also
been placed on RWN.  Tier 2 qualifying subordinated debt issued by
CFF, rated 'A', has also been placed on RWN.  BP's and CFF's ST
IDRs, Support Ratings and Individual Ratings have been
respectively affirmed at 'F1', '1' and 'C'.

Fitch has also placed the Insurer Financial Strength Rating of
'AA' and the IDRs of 'AA-' (AA minus) assigned to the major
insurance entities of Coface group on RWN.  The agency has also
placed Coface S.A.'s and Coface Kreditversicherung AG's, the
German insurance subsidiary of Coface, Short-term IFS 'F1+'
ratings on RWN.

Natixis, the wholesale lending, investment banking and specialised
services bank jointly owned by GCE and GBP (around 35% each), is
affiliated to both GCE and GBP and its IDRs are support-driven.
GCE and GBP have demonstrated strong support for their subsidiary,
injecting around EUR4.5 billion of additional capital into the
bank since the beginning of 2008 and agreeing to acquire its
troubled monoline insurance company.  Natixis nonetheless remains
loss-making and prospects for its core investment banking
division, originally conceived to specialize in structured
finance, are limited.  The impact of the current global financial
crisis has weighed heavily on Natixis, including writedowns of
securities, other write offs, compensation paid to investors in
the asset management division and general impairments (exceeding
EUR4bn by Q308) expected to wipe out new capital provided by
strategic shareholders.

"Management's efforts to reposition the bank in a very difficult
environment have not yet succeeded in stemming losses and as such,
Fitch expects Natixis will remain dependent on additional capital
injections to support its minimum target 8.5% Tier 1 capital
ratio," says Janine Dow, Senior Director at Fitch's Financial
Institutions group.  This requirement for continued external
support is the main reason for the downgrade of the bank's
Individual rating to 'E'.

The proposed merger of GCE and GBP, announced in October 2008, is
viewed positively by Fitch as it will create a large banking group
with an estimated deposit market share in excess of 20%.
Nevertheless, execution risks are considerable, especially in the
current stressed operating environment which has made it harder to
close deals.  Natixis will still represent a large part of the new
group and until a viable solution is found for the bank, it will
continue to drain the resources of the new group.  Fitch believes
a more lasting solution for resolving Natixis's problems will have
to be identified in the short-term.  Failing this, profitability
at the newly-merged group is expected to be constrained as
Natixis's losses will continue to erode contributions from the
retail networks.  Fitch will be in a better position to resolve
the RWN assigned to the LT IDRs of the entities concerned once
firmer announcements concerning the proposed merger of GCE and GBP
are made available, and after additional light is shed on
Natixis's future.  The LT IDRs of GCE and GBP mainly reflect their
well established domestic franchise and good access to stable
retail deposits.  As France's economy slows and unemployment
rises, prospects for retail banking in France are worsening, but
it is the poor outlook for investment banking and Natixis'
continued need for capital which is increasingly compromising the
financial strength of these two, once safe, cooperative banking
groups.  Fitch's rating decision has no impact on the rating of
the obligations foncieres of Compagnie de Financement Foncier.

The LT rating of 'AAA' assigned to some of Natixis' commitments
guaranteed by Caisse des Depots et Consignations has been
affirmed.  A RWN has been assigned to Natixis' commitments
guaranteed by CNCE.

Coface's ratings are:

  -- Coface S.A.: IFS 'AA'; Long-term IDR 'AA-' (AA minus); Short-
     term IFS 'F1+' all placed on RWN

  -- Coface Kreditversicherung AG: IFS 'AA'; Short-term IFS 'F1+'
     both placed on RWN

  -- Coface Assicurazioni Spa: IFS 'AA' placed on RWN

  -- Coface Austria Kreditversicherung AG: IFS 'AA' placed on RWN

  -- Coface North America Insurance Company: IFS 'AA' placed on
     RWN

  -- Coface Finanz GmbH: Long-term IDR 'AA-' (AA minus) placed on
     RWN

  -- Coface Holding AG: Long-term IDR 'AA-' (AA minus) placed on
     RWN

The 'A+' LT IDR of these entities belonging to GBP is changed to
Negative from Stable:

  * Banque Federale des Banques Populaires
  * Banque Populaire Atlantique
  * Banque Populaire Bourgogne, Franche-Comte
  * Banque Populaire Centre Atlantique
  * Banque Populaire Cote d'Azur
  * Banque Populaire d'Alsace
  * Banque Populaire de l'Ouest
  * Banque Populaire de Lorraine-Champagne
  * Banque Populaire des Alpes
  * Banque Populaire du Massif-Central
  * Banque Populaire du Nord
  * Banque Populaire du Sud
  * Banque Populaire du Sud-Ouest
  * Banque Populaire Loire et Lyonnais
  * Banque Populaire Occitane
  * Banque Populaire Provencale et Corse
  * Banque Populaire Rives de Paris
  * Banque Populaire Val-de-France
  * BRED - Banque Populaire
  * CASDEN - Banque Populaire
  * Credit Cooperatif
  * Groupe Credit Cooperatif
  * Credit Maritime Mutuel
  * Societe Centrale de Credit Maritime Mutuel

CNCE's undated subordinated debt is downgraded to 'BB+' RWN.

GBP's ratings above are being maintained at Fitch's initiative as
a service to investors.  The issuer did not participate in the
rating process other than through the medium of its public
disclosure.


PARIS PRIME: S&P Downgrades Rating on Class D Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' and
removed from CreditWatch developing its credit rating on the class
D notes issued by Paris Prime Commercial Real Estate FCC.

The notes issued by Paris Prime Commercial Real Estate are backed
by a single loan, currently secured by two office properties in
Greater Paris (France).

On Sept. 17, 2008, S&P placed on CreditWatch negative all the
notes issued by Paris Prime Commercial Real Estate.  This was due
to the appointment of an administrator for Lehman Brothers
International (Europe) and the filing for Chapter 11 bankruptcy
protection of Lehman Brothers Holdings Inc. Lehman entities were
acting as issuer-level swap providers in this transaction.

On Oct. 14, 2008, S&P lowered its rating on the class D notes to
'CCC-/Watch Neg' because an interest shortfall was anticipated on
the October note interest payment date.  On that note IPD, an
interest shortfall occurred for the class D notes.  However, as
there were scenarios in which interest shortfalls would
potentially be minor, S&P revised the class D CreditWatch
placement to developing from negative.

On Nov. 18, 2008, the rue Scribe property was sold.  Part of the
sale proceeds was used to prepay the loan balance.  Consequently,
the notes were partially redeemed on Jan. 22, 2009, on a
sequential basis.

However, an additional interest shortfall occurred on the class D
notes on the January IPD.  S&P understands that interest
shortfalls on that class of notes are expected to recur and to
materially increase over the remaining term of the transaction,
despite the sale of the rue Scribe property.


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


BIORIO VERWALTUNGS: Claims Registration Period Ends March 17
------------------------------------------------------------
Creditors of Biorio Verwaltungs GmbH have until March 17, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on 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 Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         RA Winfried Steinfeld
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court opened bankruptcy proceedings against the
company on Jan. 20, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Biorio Verwaltungs GmbH
         Langetal 2
         07751 Golmsdorf
         Germany


CMG HOLZHAUSVERTRIEB: Claims Registration Period Ends March 12
--------------------------------------------------------------
Creditors of CMG Holzhausvertrieb GmbH have until March 12, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Am Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Michael H.J. Graaff
         Georgstrasse 48
         D 30159 Hannover
         Germany
         Tel: 0511/2704120
         Fax: 0511/27041210

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:

         CMG Holzhausvertrieb GmbH
         Attn: Inge Grave, Manager
         Alte Dorfstr. 5
         38527 Meine OT Wedelheine
         Germany


DMC BAUKONTOR: Claims Registration Period Ends March 20
-------------------------------------------------------
Creditors of DMC Baukontor GmbH have until DMC Baukontor GmbH, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 16, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Stade
         Hall 113
         Main Building
         Wilhadikirchhof 1
         21682 Stade
         Germany

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

The insolvency manager can be reached at:

         Dr. Birthe Vietze
         Deichstrasse 1
         20459 Hamburg
         Germany
         Tel: 040-228190
         Fax: 040-22819355
         Web site: birthe.vietze@tpwkg.com

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:

         DMC Baukontor GmbH
         Zippelhaus 4
         20457 Hamburg
         Germany

         Attn: Danica Mijatovic, Manager
         Heidbecker Damm 28
         21684 Stade
         Germany


D-TRADE GMBH: Claims Registration Period Ends March 25
------------------------------------------------------
Creditors of D-Trade GmbH have until March 25, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Thorsten Fuest
         Gerichtstr. 3
         33602 Bielefeld
         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:

         D-Trade GmbH
         Attn: Michael Damaschke, Manager
         Gerichtstr. 3
         33602 Bielefeld
         Germany


EDSCHA: Files for Insolvency; 4,200 Jobs at Risk
------------------------------------------------
Christiaan Hetzner at Reuters reports that German car roofing
specialist Edscha filed for insolvency for its European sites on
Monday, putting 4,200 jobs at risk.

According to Reuters, a spokeswoman for Edscha said "The most
important goal is that the operative business continues and we
expect to be able (to) meet all of our obligations to all the
customers we supply."

The company also intends to retain as many jobs as possible,
Reuters states, citing the spokeswoman.

Reuters says the debts incurred by the company's leveraged buyout
through Carlyle in late 2002 "was not responsible" for the
insolvency filing but the massive slump in car sales.

Washington Post relates the insolvency of Edscha, which
manufactures door hinges, convertible roofs and driver controls
for major carmakers, follows a 50 percent drop in some of the
company's businesses during the fourth quarter of 2008.

"Edscha succumbed to the double-barreled effect of an ailing
worldwide economy and a suffering automobile industry," Carlyle
spokesman Chris Ullman was quoted by Washington Post a saying.

Washington Post recalls Carlyle acquired Edscha in January 2003
and grew sales from US$1 billion in 2005 to almost US$1.4 billion
in the fiscal year that ended June 2008.

The company's Asian and American operations, which employ the
remaining 1,600 workers, were not affected by the insolvency,
Reuters notes.

Reuters adds a spokesman for BMW meanwhile said "We always try to
help out our suppliers when possible, but in the case of Edscha,
the volume of funds required were in a dimension where we simply
could not assist."

Edscha, Reuters discloses, supplies BMW's roofing systems for the
Z4 roadster, 3 Series and 6 Series cabriolets as well as the
Rolls-Royce Phantom Drophead Coupe models.  It also makes door
hinges for practically all of the group's vehicles.


IMAGECREATOR GMBH: Claims Registration Period Ends March 24
-----------------------------------------------------------
Creditors of ImageCreator GmbH have until March 24, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on April 24, 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:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         ImageCreator GmbH
         Attn: Steffen Mangaard Jacobsen, Manager
         Cremon 33
         20457 Hamburg
         Germany


QIMONDA AG: Future Still Uncertain Amid Talks, Minister Says
------------------------------------------------------------
Nicola Leske at Reuters reports that Thomas Jurk, the German state
of Saxony's economics minister, said that while a series of talks
about finding investors for Qimonda AG had taken place, the future
of the company was still uncertain.

Mr. Jurk, Reuters discloses, called on the federal government in
Berlin and the European Commission to support the region.

Mr. Jurk, as cited by Reuters, said "We cannot allow that only
Asian locations will emerge stronger from this crisis,"

Reuters relates that according to insolvency administrator Michael
Jaffe, the company required a strong financial investor to come up
with a sustainable solution.

On Feb. 4, 2009, citing Bloomberg News, the TCR-Europe reported
that Qimonda will shut at the end of March unless an investor is
found.

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.


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


BANTRY BAY: S&P Downgrades Rating on Class A-1 Notes to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC-' its
credit rating on the class A-1 notes issued by Bantry Bay CDO I
PLC following a written resolution by the class A-1 noteholders to
call the notes.  The 'CC' ratings on the class A-2, A-3, B, C, and
D notes remain unchanged.

On Jan. 22, S&P received a notice of enforcement from the trustee.
This stated that the class A-1 noteholders, as the senior
outstanding class, had directed the trustee to declare Bantry
Bay's notes due.

The class A-1 note downgrade reflects S&P's view that following
the enforcement notice Bantry Bay may find it difficult to repay
its liabilities in full.  The decision to enforce the notes and
liquidate collateral is, in S&P's opinion, likely to result in
material losses to the holders of the rated notes.  If noteholders
are not fully repaid it is likely that S&P will lower its ratings
on relevant classes to 'D'.

                           Ratings List

                       Bantry Bay CDO I PLC
        US$250 Million Secured Floating-Rate and Deferrable
                        Floating-Rate Notes

                          Rating Lowered

                                   Rating
                                   ------
               Class      To                    From
               -----      --                    ----
               A-1        CC                   CCC-

                        Ratings Unchanged

                             Rating
                             ------
                   To                    From
                   --                    ----
                   A-2                   CC
                   A-3                   CC
                   B                     CC
                   C                     CC
                   D                     CC


* IRELAND: Credit-Default Swaps Up 2 Basis Points to 262.5
-----------------------------------------------------------
Credit-default swaps on Ireland rose 2 basis points to 262.5 after
Moody's Investors service changed its outlook on the country's
top-rated debt to negative, Abigail Moses at Bloomberg News
reported citing CMA Datavision.

The cost to hedge against losses on Irish government bonds is now
the highest in the euro region, Bloomberg News stated.

According to Bloomberg News, CMA prices showed the cost to hedge
against losses on Irish debt is now more than Chile, the Czech
Republic, Israel, Malaysia, Saudi Arabia, Thailand and China.

            Moody's Changes Outlook to Negative

On January 30, Moody's Investors Service changed the outlook to
negative from stable on Ireland's Aaa debt ratings.  The change in
outlook reflects Moody's view that the current economic crisis is
likely to significantly affect Ireland's economic strength and
government financial strength for the years to come -- both in
absolute terms and relative to the country's rating peers.

"That said, Ireland's Aaa ratings remain appropriate at this
point, as the country entered the current financial crisis in a
relatively favorable fiscal position and as it is too early to
conclude that most of the factors that contributed to its economic
vitality have been structurally eroded" said Dietmar Hornung, a
Vice President-Senior Analyst in Moody's Sovereign Risk Group.

Thanks to the budget surpluses of recent years, Ireland has indeed
some room to maneuver, even under the current circumstances.
Moody's assessment of "very high" government financial strength
reflects the country's still relatively low level of government
debt.

                     Weak Economic Activity

Moody's observes that Ireland's pronounced weakness in economic
activity is translating into a distinct reversal of public finance
dynamics.  Furthermore, Ireland's fiscal adjustment capacity seems
constrained, as the government can only modestly raise taxes
without risking further damage to its economic model.

Moody's recognizes that Ireland's economic activity is contracting
on the back of a severe correction in the housing market, as well
as faltering consumption in connection with increased job
uncertainty and a steep decline in investment.  Export growth has
also been trending downwards.  "Moreover, the sizable indebtedness
of households points to a particularly painful de-leveraging
process," said Mr. Hornung.

Furthermore, Moody's regards the government liabilities that could
possibly arise from the troubled banking system as considerable.
At the end of September 2008, the Irish government announced a
two-year guarantee to stabilize its banking system -- an
'intervention' which represents an off-balance sheet liability for
the government.  In December 2008, the government announced a
EUR5.5 billion recapitalization of three banks.  In January this
year, Anglo Irish Bank was nationalized.

                      Possible Rating Cut

Moody's notes that a downgrade would follow if Ireland, in the
coming year, were to exhibit: (i) an economic downturn suggesting
a structural erosion of what underpins the Irish "economic model";
(ii) a further significant deterioration of government financial
strength, aggravated by liabilities arising from the troubled
banking system; and/or (iii) a fiscal adjustment capacity that
would fall short of being able to stabilize -- in the foreseeable
future -- debt coverage ratios (debt/GDP, debt/general government
revenue) and debt affordability indicators (interest
payment/revenue) at levels compatible with a Aaa rating.

Moody's last rating action with respect to the Government of
Ireland occurred in May 1998 when the foreign currency government
bond rating was raised to Aaa from Aa1.


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


ALFA ENGINEERING: Proof of Claim Deadline Slated for March 13
-------------------------------------------------------------
LLP Alfa Engineering has gone into liquidation.  Creditors have
until March 13, 2009, to submit written proofs of claim to:

         LLP Alfa Engineering
         Pobeda Ave. 3
         Astana
         Kazakhstan


ALFA-TI LLP: Creditors Must File Claims by March 13
---------------------------------------------------
LLP Corporation Alfa-Ti has gone into liquidation.  Creditors have
until March 13, 2009, to submit written proofs of claim to:

         LLP Corporation Alfa-Ti
         Ugo-Vostok, 38-21
         Micro District Almaty
         Astana
         Kazakhstan


ALLIANCE BANK: S&P Puts 'B+' Rating on Developing CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services said it placed on CreditWatch
with developing implications its long-term counterparty credit
ratings on Kazakhstan-based BTA Bank J.S.C. and its two
subsidiaries Temirbank JSC and BTA Ipoteka Mortgage Co., and on
Alliance Bank JSC.

These rating actions follow the Kazakh government's announcement
of its decision to acquire a 78% stake in BTA through an injection
of US$2.07 billion of new equity and a 76% stake in Alliance by
buying shares from existing shareholders.  Samruk-Kazyna National
Welfare Fund and Alliance signed an agreement for the placement of
a US$200 million deposit with the bank.  S&P believes that, given
the status of BTA and Alliance as systemically important banks,
further support would be forthcoming if needed to further
stabilize their financial condition.

"We remain concerned about the continuing downward pressure on the
banks' stand-alone creditworthiness from asset quality
deterioration, which is depleting their capitalization, as well as
continuous funding and liquidity challenges," said Standard &
poor's credit analyst Annette Ess.

The Kazakh government expects its ownership of the banks to be
temporary, but at this stage, the strategy and timing of the
government's exit, which might be protracted, is unclear.

With total assets of US$29 billion at Sept. 30, 2008, BTA is the
second-largest Kazakh bank.  With total assets of US$8.4 billion
on Nov. 1, 2008, Alliance ranked fourth among banks in Kazakhstan.

"We expect to resolve CreditWatch placement on obtaining further
clarification of the banks' stand-alone creditworthiness, as well
as further details of the government ownership, support, and
strategy for these two banks and their subsidiaries," said Ms.
Ess.  S&P will continue to closely monitor the stand-alone ratings
on the banks in the coming months, with a particular focus
on the banks' asset quality, capitalization, and liquidity.

                           Ratings List

          Ratings Affirmed; CreditWatch/Outlook Action

                          BTA Bank J.S.C.

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       BB/Watch Dev       BB/Negative

Short-Term
Counterparty Credit Rating               B                  B


                         BTA Ipoteka Mortgage Co.

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                     BB-/Watch Dev      BB-/Negative

Short-Term Counterparty
Credit Rating                           B                  B

National Scale rating           kzBBB+/Watch Dev/  kzBBB+/--/--


                              Temirbank JSC

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       B+/Watch Dev       B+/Negative

Short-Term
Counterparty Credit Rating               B                  B

National Scale Rating          kzBBB/Watch Dev/-- kzBBB/--/--


                            Alliance Bank JSC

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       B+/Watch Dev     B+/Negative

Short-Term
Counterparty Credit Rating              B                  B

       N.B. This list does not include all ratings affected.


ARTI OIL: Claims Filing Period Ends March 13
--------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Arti Oil 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


BETTA STROY: Creditors' Proof of Claims Due on March 13
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Construction Company Betta Stroy insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi St. 29
         Kyzylorda
         Kazakhstan


BTA BANK: S&P Puts 'BB' Rating on Developing CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services said it placed on CreditWatch
with developing implications its long-term counterparty credit
ratings on Kazakhstan-based BTA Bank J.S.C. and its two
subsidiaries Temirbank JSC and BTA Ipoteka Mortgage Co., and on
Alliance Bank JSC.

These rating actions follow the Kazakh government's announcement
of its decision to acquire a 78% stake in BTA through an injection
of US$2.07 billion of new equity and a 76% stake in Alliance by
buying shares from existing shareholders.  Samruk-Kazyna National
Welfare Fund and Alliance signed an agreement for the placement of
a US$200 million deposit with the bank.  S&P believes that, given
the status of BTA and Alliance as systemically important banks,
further support would be forthcoming if needed to further
stabilize their financial condition.

"We remain concerned about the continuing downward pressure on the
banks' stand-alone creditworthiness from asset quality
deterioration, which is depleting their capitalization, as well as
continuous funding and liquidity challenges," said Standard &
poor's credit analyst Annette Ess.

The Kazakh government expects its ownership of the banks to be
temporary, but at this stage, the strategy and timing of the
government's exit, which might be protracted, is unclear.

With total assets of US$29 billion at Sept. 30, 2008, BTA is the
second-largest Kazakh bank.  With total assets of US$8.4 billion
on Nov. 1, 2008, Alliance ranked fourth among banks in Kazakhstan.

"We expect to resolve CreditWatch placement on obtaining further
clarification of the banks' stand-alone creditworthiness, as well
as further details of the government ownership, support, and
strategy for these two banks and their subsidiaries," said Ms.
Ess.  S&P will continue to closely monitor the stand-alone ratings
on the banks in the coming months, with a particular focus
on the banks' asset quality, capitalization, and liquidity.

                           Ratings List

          Ratings Affirmed; CreditWatch/Outlook Action

                          BTA Bank J.S.C.

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       BB/Watch Dev       BB/Negative

Short-Term
Counterparty Credit Rating               B                  B


                         BTA Ipoteka Mortgage Co.

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                     BB-/Watch Dev      BB-/Negative

Short-Term Counterparty
Credit Rating                           B                  B

National Scale rating           kzBBB+/Watch Dev/  kzBBB+/--/--


                              Temirbank JSC

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       B+/Watch Dev       B+/Negative

Short-Term
Counterparty Credit Rating               B                  B

National Scale Rating          kzBBB/Watch Dev/-- kzBBB/--/--


                            Alliance Bank JSC

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       B+/Watch Dev     B+/Negative

Short-Term
Counterparty Credit Rating              B                  B

       N.B. This list does not include all ratings affected.


BTA IPOTEKA: S&P Puts 'BB-' Rating on Developing CreditWatch
------------------------------------------------------------
Standard & Poor's Ratings Services said it placed on CreditWatch
with developing implications its long-term counterparty credit
ratings on Kazakhstan-based BTA Bank J.S.C. and its two
subsidiaries Temirbank JSC and BTA Ipoteka Mortgage Co., and on
Alliance Bank JSC.

These rating actions follow the Kazakh government's announcement
of its decision to acquire a 78% stake in BTA through an injection
of US$2.07 billion of new equity and a 76% stake in Alliance by
buying shares from existing shareholders.  Samruk-Kazyna National
Welfare Fund and Alliance signed an agreement for the placement of
a US$200 million deposit with the bank.  S&P believes that, given
the status of BTA and Alliance as systemically important banks,
further support would be forthcoming if needed to further
stabilize their financial condition.

"We remain concerned about the continuing downward pressure on the
banks' stand-alone creditworthiness from asset quality
deterioration, which is depleting their capitalization, as well as
continuous funding and liquidity challenges," said Standard &
poor's credit analyst Annette Ess.

The Kazakh government expects its ownership of the banks to be
temporary, but at this stage, the strategy and timing of the
government's exit, which might be protracted, is unclear.

With total assets of US$29 billion at Sept. 30, 2008, BTA is the
second-largest Kazakh bank.  With total assets of US$8.4 billion
on Nov. 1, 2008, Alliance ranked fourth among banks in Kazakhstan.

"We expect to resolve CreditWatch placement on obtaining further
clarification of the banks' stand-alone creditworthiness, as well
as further details of the government ownership, support, and
strategy for these two banks and their subsidiaries," said Ms.
Ess.  S&P will continue to closely monitor the stand-alone ratings
on the banks in the coming months, with a particular focus
on the banks' asset quality, capitalization, and liquidity.

                         Ratings List

          Ratings Affirmed; CreditWatch/Outlook Action

                          BTA Bank J.S.C.

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       BB/Watch Dev       BB/Negative

Short-Term
Counterparty Credit Rating               B                  B


                         BTA Ipoteka Mortgage Co.

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                     BB-/Watch Dev      BB-/Negative

Short-Term Counterparty
Credit Rating                           B                  B

National Scale rating           kzBBB+/Watch Dev/  kzBBB+/--/--


                              Temirbank JSC

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       B+/Watch Dev       B+/Negative

Short-Term
Counterparty Credit Rating               B                  B

National Scale Rating          kzBBB/Watch Dev/-- kzBBB/--/--


                            Alliance Bank JSC

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       B+/Watch Dev     B+/Negative

Short-Term
Counterparty Credit Rating              B                  B

       N.B. This list does not include all ratings affected.


DASS LTD: Claims Registration Period Ends March 13
---------------------------------------------------
LLP Engineering Group Dass Ltd. has gone into liquidation.
Creditors have until March 13, 2009, to submit written proofs of
claim to:

         LLP Engineering Group Dass Ltd.
         Jeltoksan St. 164-66
         Almaty
         Kazakhstan


KULANOTPES LLP: Proof of Claim Deadline Slated for March 13
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Kulanotpes insolvent.

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

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


KUM AKTOBE: Creditors Must File Claims by March 13
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kum Aktobe 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


SOUTH SERVICE: Claims Filing Period Ends March 13
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP South Service insolvent.

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

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


SUN TOUR: Creditors' Proofs of Claim Due on March 13
----------------------------------------------------
LLP Sun Tour Kazakhstan has gone into liquidation.  Creditors have
until March 13, 2009, to submit written proofs of claim to:

         LLP Sun Tour Kazakhstan
         Abylai han Ave. 37-21
         Jetysusky
         Almaty
         Kazakhstan
         Tel: 8 (7272) 77-44-06


TEMIRBANK JSC: S&P Puts 'B+' Rating on Developing CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services said it placed on CreditWatch
with developing implications its long-term counterparty credit
ratings on Kazakhstan-based BTA Bank J.S.C. and its two
subsidiaries Temirbank JSC and BTA Ipoteka Mortgage Co., and on
Alliance Bank JSC.

These rating actions follow the Kazakh government's announcement
of its decision to acquire a 78% stake in BTA through an injection
of US$2.07 billion of new equity and a 76% stake in Alliance by
buying shares from existing shareholders.  Samruk-Kazyna National
Welfare Fund and Alliance signed an agreement for the placement of
a US$200 million deposit with the bank.  S&P believes that, given
the status of BTA and Alliance as systemically important banks,
further support would be forthcoming if needed to further
stabilize their financial condition.

"We remain concerned about the continuing downward pressure on the
banks' stand-alone creditworthiness from asset quality
deterioration, which is depleting their capitalization, as well as
continuous funding and liquidity challenges," said Standard &
poor's credit analyst Annette Ess.

The Kazakh government expects its ownership of the banks to be
temporary, but at this stage, the strategy and timing of the
government's exit, which might be protracted, is unclear.

With total assets of US$29 billion at Sept. 30, 2008, BTA is the
second-largest Kazakh bank.  With total assets of US$8.4 billion
on Nov. 1, 2008, Alliance ranked fourth among banks in Kazakhstan.

"We expect to resolve CreditWatch placement on obtaining further
clarification of the banks' stand-alone creditworthiness, as well
as further details of the government ownership, support, and
strategy for these two banks and their subsidiaries," said Ms.
Ess.  S&P will continue to closely monitor the stand-alone ratings
on the banks in the coming months, with a particular focus
on the banks' asset quality, capitalization, and liquidity.

                            Ratings List

          Ratings Affirmed; CreditWatch/Outlook Action

                          BTA Bank J.S.C.

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       BB/Watch Dev       BB/Negative

Short-Term
Counterparty Credit Rating               B                  B


                         BTA Ipoteka Mortgage Co.

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                     BB-/Watch Dev      BB-/Negative

Short-Term Counterparty
Credit Rating                           B                  B

National Scale rating           kzBBB+/Watch Dev/  kzBBB+/--/--


                              Temirbank JSC

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       B+/Watch Dev       B+/Negative

Short-Term
Counterparty Credit Rating               B                  B

National Scale Rating          kzBBB/Watch Dev/-- kzBBB/--/--


                            Alliance Bank JSC

                                        To                 From
                                        --                 ----
Long-Term Counterparty
Credit Rating                       B+/Watch Dev     B+/Negative

Short-Term
Counterparty Credit Rating              B                  B

       N.B. This list does not include all ratings affected.


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


UNITY RESOURCES: Creditors Must File Claims by February 27
----------------------------------------------------------
LLC Unity Resources Ltd. has declared insolvency.  Creditors have
until Feb. 27, 2009, to submit written proofs of claims.

The company can be reached at: (0-777) 53-05-55


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


PAREX BANKA: Lenders Agree to Discuss Revised Loan Repayment Plan
-----------------------------------------------------------------
Parex Banka AS's syndicated lenders have agreed to discuss a
revised repayment plan, Bloomberg News reports citing Parex Chief
Executive Officer Nils Melngailis in an interview with Latvijas
Neatkariga Televizija program's 900 Seconds.

The bank's lenders "understand the situation in Latvia and are
ready to be accommodating," Bloomberg News quoted Mr. Melngailis
as saying.

Mr. Melngailis, as cited by the report, said Parex wants to put
off repayment of the loans until an investor can buy the bank.

Parex owes two syndicated loans due in February and July for a
combined EUR775 million (US$997 million), according to Bloomberg
News.

The report recalls Latvia took over Parex December last year after
a run on the bank's deposits.

Under the terms of the acquisition agreement, 84.83% of Parex
banka's shares have been transferred to the state-owned Mortgage
and Land Bank of Latvia.  The existing minority shareholders of
Parex banka will retain the remaining 15.17% of the Bank's
capital.

The new Management Board of Parex banka took office on December 5,
2008.

                       About Parex Banka

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

                         *     *     *

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

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


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


LUXALPHA SICAV: Madoff Losses Forced Regulator to Seek Liquidation
------------------------------------------------------------------
Stephanie Bodoni at Bloomberg News reports that Luxembourg's
Commission de Surveillance du Secteur Financier will ask a court
to liquidate Access International Advisors LLC's LuxAlpha Sicav-
American Selection fund over losses from investments it made with
Bernard Madoff.

Bloomberg relates that according to Luxembourg's financial
regulator "LuxAlpha Sicav doesn't comply anymore with all the
rules governing the organization and functioning of" Luxembourg
funds.

CSSF, Bloomberg discloses, also removed LuxAlpha from its list of
official funds.  The decision, which halts "all payments" to
clients, will take effect within one month, Bloomberg notes.

The liquidators will have the right to take actions in the
interest of shareholders against those in charge of the fund,
which already being sued by several clients seeking to recover
their money, Bloomberg says, citing the financial regulator.

In a statement on its Web site, CSSF, as cited by Blooomberg, said
it took the decisions to better safeguard the rights of investors.

According to data compiled by Bloomberg, LuxAlpha had US$1.4
billion in assets as of Nov. 17.   Investors in the fund include
Rothschild & Cie Gestion, a unit of the Rothschild group, through
its Elite fund, Bloomberg states.

Bloomberg recalls Thierry Magon de La Villehuchet, the chief
executive officer of Access International, which managed LuxAlpha,
was found dead in his New York office after potentially losing all
of the money he invested with Madoff.


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


BANK ROSSIYA: Fitch Affirms Individual Rating at 'D/E'
------------------------------------------------------
Fitch Ratings has affirmed Russia-based Bank Rossiya's Long-term
Issuer Default Rating at 'B-' (B minus) with a Stable Outlook.

BR's ratings reflect its rapid loan book growth in recent years,
which, however, is likely to be only modest in 2009 due to the
worsened operating environment, high balance-sheet concentrations,
most notably in funding, and an increased acquisition-related debt
burden at the subsidiary level.  BR's ratings also reflect its
modest capitalization, which has been undermined by significant
equity investments made through BR's subsidiaries, and its complex
group structure.  The ratings also acknowledge the bank's
relatively strong earnings generation to date and currently low
impairment level owing to relatively good quality borrowers,
including subsidiaries and partners of large state-owned
companies.  The ratings also reflect its currently strong
liquidity position, which is supported by funding from a small
group of customers with a long track record of banking with BR, as
well as funding that is available from the Central Bank of Russia,
and limited market risk.

BR has been active in acquisitions in recent years, buying a 51%
stake in Sogaz Insurance Company (Insurer Financial Strength
'BB'/Stable), one of the country's largest insurance groups, in
2005, and shares in several high-profile media companies,
including most recently, in Q208, a 50.3% stake in cable
broadcaster National Telecommunications.  Most acquisitions were
made through BR's wholly-owned subsidiary, Abros, or other group
entities and were debt- financed.  The debt burden rose sharply
after the purchase of NT, which has been by far the most costly of
the group's acquisitions to date.  However, most of this debt will
be repaid after the expected share issue by BR's subsidiary,
National Media Group, in Q109, so that cash flows generated by NT
are expected to be sufficient to cover the remaining debt service
payments.  Fitch notes that due to this indirect acquisition
structure, BR is not directly liable for the liabilities of its
subsidiaries, including those incurred in connection with the
referenced acquisitions.  However, there is significant risk,
including that arising from reputational considerations, that,
should subsidiaries experience debt-servicing problems, BR may be
required to support them.  The leveraged acquisition structure
also means that subsidiary profits tend to be used to make debt
repayments and/or to fund new group acquisitions instead of being
upstreamed to the bank as dividends.

BR's focus on lending to larger corporates may to some extent
limit the impact of the worsening operating environment; loans
overdue by 90 days at end-9M08 were below 1% of the portfolio.
Liquidity could be vulnerable due to the bank's reliance on
funding from a few groups of legally and/or economically related
customers.  However, some of these are companies from within the
bank's subsidiaries and shareholders' businesses, mitigating
funding concentration risk to some extent.  Notably, these
deposits were stable during September-November 2008, when most
Russian banks experienced an outflow of customer funding.  At end-
2008, available liquidity (defined as cash and a net interbank
position up to seven days) covered customer funding by 37%.  The
regulatory capital ratio was slightly above 12% at end-2008, and
Fitch considers capitalization to be only modest due to the
concentrated (by borrower) loan book and equity investments.

Downward pressure on the ratings may arise primarily from a
deterioration in asset quality or a potential major liquidity
shortfall stemming from, for example, large withdrawals by key
customers.  A longer track record of reasonable performance,
including successful management of liquidity and asset quality
risks through the downward part of the cycle, decreased
concentrations and the realization of the planned de-gearing of
subsidiaries could lead to an upgrade of the ratings.

BR's ratings are affirmed:

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

  -- Short-term IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'BB-(rus)' (BB minus);
     Outlook Stable

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

  -- Support Rating: affirmed at '5'

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

BR is a medium-sized corporate-focused bank with operations in
northwest Russia and the Moscow region.  It is majority-owned by
local businessmen, with Yuri Kovalchuk having the largest stake at
30.4%.


BEL-KAM-STROY LLC: Creditors Must File Claims by March 2
--------------------------------------------------------
Creditors of LLC Bel-Kam-Stroy (TIN 0253015054) (Construction)
have until March 2, 2009, to submit proofs of claims to:

         D. Gindullin
         Temporary Insolvency Manager
         Apt. 43
         Pervykh Stroiteley Str.1
         452920 Agidel'
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A07
13356/2008-G-FLE.

The Debtor can be reached at:

         LLC Bel-Kam-Story
         Kurchatova Str. 3a
         Agidel'
         Bashkortostan
         Russia


ENEM AIRPORT CJSC: Creditors Must File Claims by April 2
--------------------------------------------------------
Creditors of CJSC Enem Airport (TIN 7714605597, PSRN
1057747262165) have until April 2, 2009, to submit proofs of
claims to:

         I. Daurova
         Insolvency Manager
         Post User Box 48
         Postal Office-11
         Dimitrova Str. 5
         385011 Maykop
         Adygeya
         Russia

The Arbitration Court of Adygeya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A012076/2008.

The Debtor can be reached at:

         CJSC Enem Airport
         Takhtamukayskiy
         385130 Adygeya
         Russia


KASPIYSKIY CONSTRUCTION: Creditors Must File Claims by April 2
--------------------------------------------------------------
Creditors of CJSC Kaspiyskiy Construction Consortium (TIN
3016030278) have until April 2, 2009, to submit proofs of claims
to:

         V. Dmitriyev
         Insolvency Manager
         Office 607
         Bakinskaya Str. 149
         414000 Astrakhan
         Russia

The Arbitration Court of Astrakhanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A06-4378/2008-4.

The Debtor can be reached at:

         CJSC Kaspiyskiy Construction Consortium
         Rozhdenstvenskogo Str. 11
         Astrakhan
         Russia


KRAS-DREV LLC: Creditors Must File Claims by March 2
----------------------------------------------------
Creditors of LLC Kras-Drev (Forestry) have until March 2, 2009, to
submit proofs of claims to:

         S. Ivanov
         Insolvency Manager
         Srednyaya Str. 55
         Divnogorsk
         Krasnoyarskiy
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. AAA-10429/2008.

The Debtor can be reached at:

         LLC Kras-Drev
         Boguchany
         Krasnoyarskiy
         Russia


MICA FACTORY: Court Names M. Mezhentsev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Belgorodskaya appointed M.Mezhentsev as
Insolvency Manager for CJSC Mica Factory.  The case is docketed
under Case No. A083245/200831B.  He can be reached at:

         Belgorodskiy prospect 57
         308001 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorodskaya
         Narodnyy Blvrd 135
         308000 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Mica Factory
         B. Khmelnitskogo prospect 131
         308002 Belgorod
         Russia


MTSENSKIY ZAVOD: Court Names Insolvency Manager
-----------------------------------------------
The Arbitration Court of Orlovskaya appointed D. Shcherbakov as
Insolvency Manager for CJSC Mtsenskiy Zavod Vtortsvetmet (Ferrous
and Non-Ferrous Scrap).  The case is docketed under Case No. A48
441/0820B.  He can be reached at:

         Building 1
         Moskovskoe Shosse 137
         302025 Orel
         Russia

The Debtor can be reached at:

         CJSC Mtsenskiy Zavod Vtortsvetmet
         Avtomagistral
         Mtsensk
         Orlovskaya
         Russia


NIZHNEKAMSK-NEFTE-KHIM-OIL LLC: Claims Filing Deadline on March 2
------------------------------------------------------------------
Creditors of LLC Tatneft'-Nizhnekamsk-Nefte-Khim-Oil have until
March 2, 2009, to submit proofs of claims to:

         K. Shamsutdinov
         Temporary Insolvency Manager
         Post User Box 18
         423600 Yelabuga
         Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 2:35 p.m. on
March 23, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A6510019/2008-SG440.

The Debtor can be reached at:

         LLC Tatneft'-Nizhnekamsk-Nefte-Khim-Oil
         Nizhnekamsk
         Tatarstan
         Russia


PRIMSOTSBANK: Fitch Assigns 'D/E' Individual Rating
---------------------------------------------------
Fitch Ratings has assigned Russia's Primsotsbank a Long-term
Issuer Default Rating of 'B-' (B minus) with a Stable Outlook.

Primsots's ratings reflect its limited franchise and small size by
international standards, high credit risk exposure from its loan
portfolio, potentially vulnerable liquidity and modest
capitalization.  The ratings also take into account its
historically good profitability and internal capital generation,
the current reasonable liquidity position and potential support
for funding and corporate governance from the bank's minority
shareholders, the European Bank for Reconstruction and Development
and International Finance Corporation.

Primsots's reliance on on-demand and short-term deposits for its
funding means it tends to run sizable negative liquidity gaps on
its balance sheet.  The risk is exacerbated by the early
withdrawal option for retail term depositors, with retail funding
in total accounting for 54% of liabilities at end-Q308.  At the
same time, Primsots focuses on short-term, high-yield and
amortizing and, therefore, highly cash-generative lending.  This
makes the bank more able to swiftly adjust its balance sheet
structure when necessary.  Between end-September and end-December
2008, when its liquidity position came under pressure due to an
approximate 10% outflow of customer funding (broadly in line with
the overall Russian banking system), Primsots managed to reduce
its loan portfolio by almost 20%, enabling it to build up a
reasonable liquidity cushion by end-2008 despite the deposit
outflow.  At year-end 2008, available liquidity (cash and cash
equivalents) provided 33% coverage of customer funding.

Primsots's main focus is on lending to SMEs and unsecured retail
lending, which results in relatively high credit risk exposure.
Nevertheless, Primsots has maintained an acceptable level of loan
quality.  NPLs (those more than 90 days in arrears) accounted for
3.8% of gross loans at end-Q308, with loan impairment reserves
(LIR) covering them by 182%.  However, Fitch expects asset quality
to deteriorate from Q308 given the sharp weakening of economic
fundamentals in Russia.  In this light, although supported by
healthy internal capital generation and contracting risk-weighted
assets, Fitch considers the bank's capital adequacy measures to be
fairly modest at present (total capital adequacy ratio: 12.6%,
Tier 1 CAR: 12% under Basel I at end-Q308).

Primsots is a small regional bank with a niche franchise centered
on the city of Vladivostok in the Russian far east.  The EBRD and
IFC acquired a combined 25% of the bank in 2007.  The remainder is
owned by the bank's CEO and his son.

Primsots's ratings have been assigned:

  -- Long-term IDR: 'B-' (B minus); Outlook Stable
  -- Short-term IDR: 'B'
  -- Support rating: '5'
  -- Support Rating Floor: No Floor
  -- National Long-term rating: 'BB(rus)'; Outlook Stable
  -- Individual rating: 'D/E'


SKOPINSKIY GLASS: Ryazanskaya Bankruptcy Hearing Set May 26
-----------------------------------------------------------
The Arbitration Court of Ryazanskaya will convene at 11:20 a.m. on
May 26, 2009, to hear bankruptcy supervision procedure on OJSC
Skopinskiy Glass-Manufacturing Plant (TIN 6233004908, RVC
2086219001933).  The case is docketed under Case No. A54
4913/2008-S20.

The Temporary Insolvency Manager is:

         G. Tazin
         Mayakovskogo Str. 1a
         390046 Ryazan
         Russia

The Debtor can be reached at:

         OJSC Skopinskiy Glass-Manufacturing Plant
         Pirogova Str. 38
         Skopin
         391801 Ryazanskaya
         Russia


SPETS-KOMPLEKT-GAZ LLC: Creditors Must File Claims by March 2
-------------------------------------------------------------
Creditors of LLC Spets-Komplekt-Gaz (TIN 7731273447, PSRN
1037731011890) (Construction) have until March 2, 2009, to submit
proofs of claims to:

         P. Goncharov
         Temporary Insolvency Manager
         Post User Box 1
         119261 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A4068979/0873-
221B.

The Debtor can be reached at:

         LLC Spets-Komplekt-Gaz
         Building 2
         Gorbunova Str. 12
         121596 Moscow
         Russia


STROY-KOMLEKT LLC: Creditors Must File Claims by March 2
--------------------------------------------------------
Creditors of LLC Stroy-Komlekt (TIN 3327820590) (Construction)
have until March 2, 2009, to submit proofs of claims to:

         T. Sergeyeva
         Insolvency Manager
         Office 315
         Kolesanova Str. 11
         153008 Ivanova
         Russia

The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A1110223/2008-A1230B.

The Debtor can be reached at:

         LLC Stroy-Komlekt
         Shkolnyy proezd 3
         Yuryevets
         Vladimir
         Russia


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


MBS BANCAJA: Moody's Assigns 'B1' Final Rating on EUR30 Mln Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
the series of residential mortgage-backed securitization bonds
issued by MBS BANCAJA 6 Fondo de Titulizacion de Activos, a
Spanish Asset Securitization Fund created by Europea de
Titulizacion, S.G.F.T, S.A.:

  -- Aaa to the EUR904.0 million Series A notes
  -- Aa3 to the EUR37.5 million Series B notes
  -- Baa1 to the EUR28.5 million Series C notes
  -- B1 to the EUR30.0 million Series D notes

The ratings address the expected loss posed to investors by the
legal final maturity (May 2052).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Classes A, B, C and D at par on or before
the rated final legal maturity date.  The ratings do not address
the full redemption of the notes on the expected maturity date.
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 the yield to investors.

The MBS BANCAJA 6 FTA transaction is a cash securitization of
loans granted to individuals and secured by a first lien mortgage
guarantee, with different types of mortgage properties and loan
purposes.  All of the mortgage loans were originated by Bancaja,
which will continue to service them.

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) an 18-month artificial write-off mechanism; and (3)
a relatively good portfolio quality in terms of weighted average
LTV.

However, the transaction poses several challenging features,
namely: (1) 46.88% correspond to second homes and for a further
6.24% there is no data available on this characteristic; (2) the
transaction is not protected by a swap so it is exposed to
interest rate risk; (3) 13.11% of the portfolio corresponds to
debt consolidation; (4) 30.39% of the portfolio is provided to
self employed borrowers and; (5) there is geographical
concentration in the region of Valencia (50.19%); and (6) pro-rata
amortization of the notes is allowed under certain scenarios.

These increased risks were reflected in the ratings assigned.
As of December 31, 2008, the provisional portfolio comprised 9,739
loans.  The loans have been originated between 2003 and 2008, with
a weighted average seasoning of 1.19 years.  The interest rate,
which is floating for all the loans is referenced to 12 months
Euribor.  The weighted average interest rate of the pool is
currently 5.90%.  All the loans are secured by a first-lien
mortgage guarantee.  The total weighted average loan-to-value is
60.90%

Moody's based the definitive ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) historical
performance and bank' internal ratings information; (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 for this portfolio include a MILAN
Aaa CE of 11.32 % and an Expected Loss of 2.50%

The Spanish Government announced on November 4, 2008 a package of
aid to assist unemployed, self employed and pensioner 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.


SANTANDER EMPRESAS: Moody's Assigns (P)C Rating on Series F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these provisional (P)
ratings to the Spanish enterprise loan-backed securities to be
issued by Fondo de Titulizacion de Activos, Santander Empresas 6:

  - (P)Aaa to the EUR1,510.6 million Series A notes;
  - (P)Aa2 to the EUR236.5 million Series B notes;
  - (P)A2 to the EUR177.5 million Series C notes;
  - (P)Baa2 to the EUR130.8 million Series D notes;
  - (P)Ba2 to the EUR219.6 million Series E notes;and
  - (P)C to the EUR221.9 million Series F notes.

Fondo de Titulizacion de Activos, Santander Empresas 6 is a
securitization of loans granted to Spanish enterprises carried out
by Banco Santander, S.A.

In Moody's view, strong features of this deal include, among
others: (i) a swap agreement guaranteeing an excess spread of
0.60% and covering the servicing fee if Banco Santander is
substituted as servicer of the pool; (ii) a 12-month artificial
write-off mechanism; (iii) with respect to the Aaa rated notes,
the fully sequential amortization of the subordinated notes
(series B, C, D and E); and (iv) a geographically well-diversified
pool.

However, the transaction has several challenging features, namely:
(i) the high debtor concentration in the pool (top ten borrowers
represent 12.1% of the provisional pool); (ii) the high percentage
of Real Estate Developers included in the pool (22.2%) and low
percentage of loans secured by a first-lien mortgage guarantee
(19.75%); and (iii) the negative impact of the interest deferral
trigger on the subordinated series.  Moody's has incorporated
these risks into its quantitative analysis of the transaction.

As of January 2009, the provisional pool of underlying assets
comprised portfolio of 7,348 loans granted to 6,664 borrowers, all
of which are Spanish enterprises.  The loans were originated
between 1998 and July 2008, with a weighted-average seasoning of
0.92 years and a weighted-average remaining life of 5.75 years.
93.2% of the pool has a floating rate of interest, while the rest
has a fixed rate.  The weighted-average interest rate is 5.54%.
Only 19.75% of the outstanding of the portfolio is secured by a
first-lien mortgage guarantee over different types of properties,
with a weighted-average loan to value equal to 80.2%.
Geographically, the pool is concentrated in Madrid (20.6%),
Catalonia (20.5%) and Andalusia (12.5%), and is around 41%
concentrated in the "buildings and real estate" sector according
to Moody's industry classification.  At closing, none of the loans
will have amounts more than 30 days past due, and the percentage
of loans less than 30 days in arrears can not exceed 5% of the
definitive pool.

Moody's based the provisional ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) the
historical performance and other statistical information; (iii)
the swap agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the Guaranteed Investment Contract
account, the excess spread, the reserve fund and the subordination
of the notes; and (v) the legal and structural integrity of the
transaction.

The value tested as mean default was in the range of 9.0% - 10.0%.
The mean value assumed for the recovery distribution was in the
range of 25% - 35%.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only reflect Moody's preliminary
credit opinions regarding the transaction.  Upon a conclusive
review of the final pool of assets and the final documentation,
Moody's will endeavor to assign a definitive rating to the notes.
A definitive rating, if any, may differ from a provisional rating.

The provisional ratings address the expected loss posed to
investors (excluding, as concerns Series F, the payment of
interest corresponding to the "Parte Extraordinaria" as defined in
the legal documentation) by the legal final maturity (January
2042).  In Moody's opinion, the structure allows for timely
payment of interest and ultimate payment of principal at par with
respect to the Series A, B, C, D and E notes, and for ultimate
payment of interest (excluding, as concerns Series F, the payment
of interest corresponding to the "Parte Extraordinaria" as defined
in the legal documentation) and principal at par with respect to
the Series F notes, on or before the final legal maturity date.
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.


===========
S W E D E N
===========


SAS AB: S&P Places 'B' Corporate Rating on CreditWatch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its 'B'
long-term corporate credit ratings on Scandinavian airline group
SAS AB on CreditWatch with positive implications.  This follows
SAS's announcement of a proposed rights issue of about Swedish
krona 6 billion to facilitate the implementation of a new
strategic direction for the group.

"The CreditWatch placement reflects the strengthening of the
group's capital structure provided by the expected rights issue,
which significantly increases financial flexibility and improves
tight liquidity," said Standard & Poor's credit analyst Leigh
Bailey.

"We believe that the additional capital, and extension of major
debt maturities by at least two years, will stabilize a stretched
credit profile and provide a firmer financial base for the group's
efforts to pursue its strategic initiatives," Mr. Bailey added.

Debt maturity extensions are, however, contingent on the
successful completion of the rights issue.  In S&P's view, the
additional capital will ease rating downside risk.  SAS, however,
faces significant challenges from an extremely harsh trading
environment, which is likely to continue to pressure the group's
financial position.  In resolving the CreditWatch placement, S&P
will consider raising the rating by up to one notch.

The new strategic approach (Core SAS) will be supported by the
proceeds of the rights issue and is aimed at ensuring the long
term financial viability of the group.  It is subject to approval
by an extraordinary general meeting to be held about March 13,
2009.

The ratings on SAS AB reflect the group's midsize route network
serving competitive markets, the cyclicality of the airline
industry, and the adverse effect of volatile fuel costs on its
credit profile.  These factors are offset somewhat by its strong
brand and extensive route network in the Nordic region and the
Baltic states.

S&P will review the benefits of the proposed capital increase to
the group's credit profile and financial flexibility.  While the
capital raising is of considerable short term benefit, given the
hitherto stretched liquidity situation, the ability of the group
to achieve sustainable improvements to its financial performance
in a deteriorating trading environment will be important to the
outcome of the long term rating.  S&P's review will focus on its
near and medium term expectations for the airline trading
environment, the likely benefits of SAS's new strategic plan, its
ability to successfully execute it and achieve its objectives, the
viability of its trading forecasts and underlying assumptions, and
how these factors affect the long term credit profile.


SAS GROUP: Incurs Net Loss, to Cut Jobs, Close Operations
---------------------------------------------------------
SAS Group incurred a net loss of MSEK6,321 for the year ending
December 2008, of which MSEK4,895 is attributable to Spanair.  In
2007, the group had a net income of MSEK636.

For the quarter ended December 2008, the group's net loss widened
to MSEK2,771 from MSEK625 in the same period in 2007.

                            Job Cuts

To improve profitability, SAS said about 3,000 employees will be
made redundant.  In addition, 5,600 employees will leave the group
as part of operations that will be divested or outsourced.  Of
these, Spanair accounts for approximately 3,000 employees.

The number of personnel in the group will be reduced by
approximately 9,000 FTE, from approximately 23,000 to
approximately14,000.  About 5,000 FTE will be affected by the
divestment of operations, of which Spanair accounts for 3,000.  In
addition, 3,500 FTE will be affected by outsourcing, production
cutbacks and reorganization.

                        Fleet Reduction

SAS said it will also downsize its network by reducing capacity to
focus more on profitable business routes which the company, based
on 2008 accounts, estimates would have had an pre-tax earnings
effect of approximately MSEK800; fleet reduction within
Scandinavian Airlines of about 10 percent in short-haul and 18
percent in long-haul.

SAS said it will divest Spanair, airBaltic, Spirit, Air Greenland,
BMI, Estonian Airways, Skyways, Cubic and Trust (of which Spanair
is already signed and airBaltic is already signed and closed).

The group's aircraft fleet will be reduced by an additional 14
aircraft or about 10 percent to 130 aircraft within Scandinavian
Airlines on short and medium-haul routes.  On long-haul routes
(outside Europe) the fleet will be reduced by two aircraft from 11
to nine and unprofitable routes will be closed.

                  Restructuring of Subsidiaries

The group's national subsidiaries, which to date have had overall
operational responsibility in their respective countries, will
cease to exist as separate companies.  The current long-haul
operation, SAS International, will cease to be a separate business
unit.  In Copenhagen, Stockholm and Oslo, three new base
organizations will be formed as part of the central organization
to assume responsibility for short and long-haul services within
Core SAS, of which SAS Ground Services will also be an operational
part.  Certain operations of SAS Ground Services, SAS Technical
Services and SAS Cargo are expected to be discontinued and/or
outsourced to third parties.

                         Cost Reduction

SAS said it will implement a cost reduction program of
approximately SEK2.7 billion (excl. collective agreements) running
2009-2011.  Breakthrough in collective agreement negotiations is
expected to lead to annual savings of approximately
SEK1.3 billion.

Benchmarking to relevant competitors based on 2007 figures
indicates a cost gap in relation to relevant competitors of
approximately SEK4 billion after full earnings effect of the cost
program of Strategy 2011 of SEK1 billion.  SAS aims to further
reduce this gap by approximately SEK3 billion, comprising SEK1.7
billion from a new cost program and SEK1.3 billion in annual
savings through the recent renegotiation of all collective
agreements.  There is a further cost gap of SEK1 billion, mainly
related to collective agreements, which the company will continue
to seek to address.  More than half of the cost program is
expected to be implemented in 2009.  Of the remainder, the
majority is expected to affect results in 2010 and the balance in
2011.

                     Debt Facility Extension

SAS and its lending banks have agreed, subject to certain
conditions, an extension of its MEUR366 revolving credit facility
by two years (extending maturity to June 2012) as well as
extensions of three undrawn bilateral credit facilities for a
total amount of SEK1.25 billion by two years (extending maturity
at least to June 2012).

An additional credit facility in the amount of MUSD156 has,
subject to certain conditions, been extended by 2 years (extending
maturity to April 2013).

In total, SAS has extended debt equivalent to an amount of SEK6.5
billion.

                          Rights Issue

SAS said it will raise approximately SEK6 billion through a rights
issue of ordinary shares with subscription rights for
shareholders.  At this level, the rights issue will increase SAS's
equity from approximately SEK9 billion to approximately SEK15
billion.

The resolution of the rights issue is subject to approval of the
Extraordinary General Meeting which is intended to be held on
March 13, 2009.

The record date for participating in the rights issue will be
March 18, 2009 and the subscription period will be March 23, 2009
to April 6, 2009.

The amount by which the share capital can be increased, the number
of shares to be issued and the subscription price will be
determined by the SAS Board of Directors not later than March 12,
2009.

The newly issued shares will rank pari passu in all respects with
the existing ordinary shares.

In order to facilitate the rights issue, the Board of Directors of
SAS also proposes a reduction of the share capital by
SEK1,233,750,000 without redemption of shares, implying a lower
quota value per SAS share of SEK2:50.

The Swedish Government, the Danish Government and the Norwegian
Government have separately expressed to the Board their support
for this process and stated that they will ask their respective
parliaments for approvals to, subject to certain conditions,
subscribe for their respective pro rata shares in the rights
issue.

The Knut and Alice Wallenberg Foundation, through Foundation Asset
Management (FAM), has expressed its support for this process and
its willingness to, subject to certain conditions, participate in
the rights issue on a pro rata basis.

Together, the three states' and FAM's interests represent 57.6
percent of all outstanding votes and shares in SAS.

SAS has engaged J.P. Morgan and SEB Enskilda as financial
advisors.

J.P. Morgan, Nordea and SEB, acting as joint bookrunners and lead
underwriters, have confirmed their expectation, subject to certain
conditions, to enter into an underwriting agreement in respect of
the remaining 42.4 percent of the shares to be issued in the
rights offering.

                         About SAS Group

Headquartered in Solna, Sweden, SAS Group a.k.a SAS AB (STO:SAS)
-- http://www.sasgroup.net/-- is engaged in the air transport
services.  It is a parent company within SAS Group, which operates
within three business areas.  SAS Scandinavian Airlines segment
provides airline services in the Nordic countries, as well as
intercontinental flights.  SAS Individually Branded Airlines
includes regional airlines in Norway (Wideroe), Finland (Blue1),
the Baltic countries (airBaltic), and affiliated airline in
Estonia (Estonian Air).  SAS Aviation Services comprise a ground
handling company, SAS Ground Services; SAS Technical Services,
which is SAS Group's primary provider of technical maintenance for
the aircraft, and SAS Cargo, which offers air freight solutions
and cargo capacity on passenger aircraft, as well as purely cargo
aircraft and cargo handling.  The Group is also involved in the
trainings within technical aviation field, as well as media
activities.


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


BOUTIQUE CALIMBA: Creditors Must File Proofs of Claim by Feb. 12
----------------------------------------------------------------
Creditors owed money by LLC Boutique Calimba are requested to file
their proofs of claim by Feb. 12, 2009, to:

         Marianne Portmann-Kaufmann
         Liquidator
         Aeschweg 11
         5630 Muri
         Switzerland

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


ERLENPARK JSC: Deadline to File Proofs of Claim Set Feb. 13
-----------------------------------------------------------
Creditors owed money by JSC Erlenpark are requested to file their
proofs of claim by Feb. 13, to:

         Egon Graf
         Liquidator
         Unterstadt 29
         8200 Schaffhausen
         Switzerland

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


JOBBASE JSC: Creditors Have Until February 13 to File Claims
------------------------------------------------------------
Creditors owed money by JSC Jobbase are requested to file their
proofs of claim by Feb. 13, 2009, to:

         Stephan Gysi
         Liquidator
         Chalet Les Marmottes
         1659 Rougemont
         Switzerland

The company is currently undergoing liquidation in Saanen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec, 30, 2008.


MOROTOUR LLC: Proofs of Claim Filing Deadline Set February 12
-------------------------------------------------------------
Creditors owed money by LLC Morotour are requested to file their
proofs of claim by Feb. 12, 2009, to:

         Gerhard Utzinger
         Liquidator
         Bifangstrasse 18
         5610 Wohlen
         Switzerland

The company is currently undergoing liquidation in Wohlen AG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 21, 2008.


X-SOFT JSC: Creditors' Proofs of Claim Due by February 13
---------------------------------------------------------
Creditors owed money by JSC X-Soft are requested to file their
proofs of claim by Feb. 13, 2009, to:

         JSC HST Treuhand
         Rutihubelweg 10
         3634 Thierachern
         Switzerland

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


XENSTONE JSC: February 12 Set as Deadline to File Claims
--------------------------------------------------------
Creditors owed money by JSC Xenstone are requested to file their
proofs of claim by Feb. 12, 2009, to:

         Trust Company Gewerbe-Treuhand Luzern
         Eichwaldstrasse 13
         6002 Luzern
         Switzerland

The company is currently undergoing liquidation in Risch.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec, 1, 2008.


ZCC COTTON: Creditors Must File Proofs of Claim by February 13
--------------------------------------------------------------
Creditors owed money by JSC ZCC Cotton Company Zug are requested
to file their proofs of claim by Feb. 13, 2009, to:

         JSC Treuhand von Flue
         Liquidator
         Baarerstrasse 95
         6300 Zug
         Switzerland

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


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


CARBON SOUTH: Creditors Must File Claims by February 18
-------------------------------------------------------
Creditors of LLC Carbon South (EDRPOU 32970976) have until
Feb. 18, 2009 to submit proofs of claim to:

         Mrs. O. Decheva
         Liquidator
         P.O.B. 16A
         65009 Odessa
         Ukraine

The Arbitration Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 22, 2008.
The case is docketed as 32/106-08-4073.

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Carbon South
         Melnitskaya St. 32
         Odessa
         Ukraine


IMEKSCOM LLC: Creditors Must File Claims by February 18
-------------------------------------------------------
Creditors of LLC Imekscom (EDRPOU 20456742) have until Feb. 18,
2009 to submit proofs of claim to:

         Mr. Michael Khlebeytchuk
         Liquidator / Insolvency Manager
         Mir St. 10
         Dragomirchany
         Tismenitsa
         77454 Ivano-Frankovsk
         Ukraine

The Arbitration Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 23, 2008.  The case is docketed as B-21/289-13/175.

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

The Debtor can be reached at:

         LLC Imekscom
         Karakay St. 24
         Kalush
         74300 Ivano-Frankovsk
         Ukraine


LOUD-LTD LLC: Creditors Must File Claims by February 20
-------------------------------------------------------
Creditors of LLC Loud-Ltd (EDRPOU 21582742) have until Feb. 20,
2009 to submit proofs of claim to:

         Prominvestbank Shostka Department
         Liquidator
         Kommunisticheskaya St. 6A
         Shostka
         41100 Sumy
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 20, 2008.
The case is docketed as 44/367-b.

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

The Debtor can be reached at:

         LLC Loud-Ltd
         Vozdukhoflotsky Avenue, 66
         03151 Kiev
         Ukraine


LTAVAREPAIRSPECIALINSTALLING LLC: Claims Deadline on February 18
----------------------------------------------------------------
Creditors of LLC Ltavarepairspecialinstalling (EDRPOU 35206476)
have until Feb. 18, 2009 to submit proofs of claim to:

         Mrs. Vitaliya Varakina
         Liquidator / Insolvency Manager
         Balochnaya St. 3
         Makieyevka
         Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 24, 2008.
The case is docketed as 5/181b.

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

The Debtor can be reached at:

         LLC Ltavarepairspecialinstalling
         Apt. 8
         Poleglykh Kommunarov Avenue, 76
         83014 Donetsk
         Ukraine


MONOLIT LLC: Creditors Must File Claims by February 20
------------------------------------------------------
Creditors of Agricultural LLC Monolit (EDRPOU 30349695) have until
Feb. 20, 2009 to submit proofs of claim to:

         Mrs. V. Deynegina
         Liquidator
         Apt. 13
         Sovetskaya St. 59a
         91055 Lugansk
         Ukraine

The Arbitration Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 18, 2008.
The case is docketed as 21/61b.

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

The Debtor can be reached at:

         Agricultural LLC Monolit
         Shevchenko St. 36
         Krasnorechenskoye
         Kremen
         Lugansk
         Ukraine


PLANT START: Creditors Must File Claims by February 20
------------------------------------------------------
Creditors of Donetsk State Plant Start (EDRPOU 05287615) have
until Feb. 20, 2009 to submit proofs of claim to:

         Mr. V. Petrenko
         Liquidator / Insolvency Manager
         Artem St. 131a
         83015 Donetsk
         Ukraine
         Tel: 8(062)381-06-42

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 13, 2009.
The case is docketed as 27/112b.

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

The Debtor can be reached at:

         Donetsk State Plant Start
         Novosennaya St. 78
         83018 Donetsk
         Ukraine


START LLC: Creditors Must File Claims by February 18
----------------------------------------------------
Creditors of Agricultural LLC Start (EDRPOU 03734919) have until
Feb. 18, 2009 to submit proofs of claim to:

         Mr. M. Tomashuk
         Liquidator
         Lesovoy lane, 16
         Maydan-Tchapelsky
         Vinnica
         Ukraine

The Arbitration Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 8/105-08.

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

The Debtor can be reached at:

         Agricultural LLC Start
         Lenin St. 35
         Lipiatin
         Hmelnik
         Vinnica
         Ukraine


VITROTEST LLC: Creditors Must File Claims by February 20
--------------------------------------------------------
Creditors of LLC Science-Production Enterprise Vitrotest (EDRPOU
33946682) have until Feb. 20, 2009 to submit proofs of claim to:

         Mr. Igor Konstantinov
         Liquidator
         Apt. 12
         Saliutnaya St. 17
         Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 24, 2008.
The case is docketed as 44/445-b.

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

The Debtor can be reached at:

         LLC Science-Production Enterprise Vitrotest
         Apt. 40
         Gonta St. 3-a
         04112 Kiev
         Ukraine


* UKRAINE: Cabinet Adopts Refinancing Procedure for Banks
---------------------------------------------------------
Interfax-Ukraine reports that the Cabinet Ministers of Ukraine has
adopted a refinancing procedure for banks, requiring the presence
of a government official during talks on refinancing financial
institutions.

The report relates that according to the first deputy of the head
National Bank of Ukraine, Anatoliy Shapovalov, "The resolution
provides that the refinancing procedure is implemented based on
resolutions No.378 and 459."

Mr. Shapovalov noted that the government official would be able to
express his opinion in written form, the report adds.


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


AUBURN SECURITIES 4: Fitch Affirms 'BB+' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has upgraded three and affirmed five tranches of
Auburn Securities 3 plc's and Auburn Securities 4 plc's prime
residential mortgage-backed securities, and revised the Outlook to
Stable from Positive for Auburn Securities 3 plc's class M notes.

The rating actions are:

Auburn Securities 3 plc:

  -- Class A2 (ISIN XS0157588210): affirmed at 'AAA'; Outlook
     Stable

  -- Class M (ISIN XS0157588723): upgraded to 'AA' from 'A+';
     Outlook revised to Stable from Positive

Auburn Securities 4 plc:

  -- Class A2 (ISIN XS0202810064): affirmed at 'AAA'; Outlook
     Stable

  -- Class M (ISIN XS0202810734): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN XS0202811039): affirmed at 'AAA'; Outlook
     Stable

  -- Class C (ISIN XS0202811625): upgraded to 'AA' from 'AA-' (AA
     minus); Outlook Stable

  -- Class D (ISIN XS0202812276): upgraded to 'A-' (A minus) from
     'BBB+'; Outlook Stable

  -- Class E (ISIN XS0202812516): affirmed at 'BB+'; Outlook
     Stable

Both Auburn 3 and Auburn 4 have seen significant loan prepayments
in the past, which has substantially increased the credit
enhancement levels within these two transactions: credit
enhancement for class M in Auburn 3 has increased to a current
level of 8.58% from 2.00% at closing, and the CE for the class E
in Auburn 4 has risen to 3.32% from 1.35%.  The reserve funds for
both transactions are at their target level, and excess spread
continues to be generated each quarter.  This, combined with the
seasoning of the transactions, and the comparative low level of
arrears, contributed to the upgrades.

However, the upgrades were conservative because of the significant
decline of repayments and prepayments, collateral which contains a
high proportion of non-standard features (including buy to let and
self-certification), and the bleak macroeconomic outlook.
Repossessions have increased over the last couple of months
although they remain low: Auburn 3 currently has 0.20% of the
outstanding collateral balance in repossession, compared to 1.03%
in Auburn 4.  For Auburn 4, loans that are three months or greater
in arrears currently represent 2.56% (excluding repossessions) of
the outstanding collateral balance, and are considerably higher
than levels seen in the older, Auburn 3, transaction which are
presently 0.70%.

Fitch has employed its credit cover multiple methodology in
reviewing the deals to assess the level of credit support
available to each class of notes.


FFRITH LEISURE: Goes Into Administration; 50 Jobs at Risk
---------------------------------------------------------
BBC News reports that Ffrith Leisure Ltd has gone into
administration, putting 50 jobs at risk.

The administration process is being handled by Hodgsons, Chartered
Accountants of Manchester, the report discloses.

Ffrith Leisure, the report recalls, has leased the Prestatyn site
from Denbighshire council since 2007.

The council however said the building, which has a bowling center,
funfair and play areas, was still operating as a going concern,
the report notes.

The report relates, in a statement, the council confirmed "we own
Ffrith Beach and Ffrith Leisure Ltd leases the building from us".
The council, as cited by the report, said it hoped the site could
be sold to preserve some of the jobs.

According to the report, Ffrith Beach ran into financial problems
when a plan to create a new festival garden failed.


HALLMARK DESIGNS: Appoints Joint Liquidators from Tenon Recovery
----------------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
Hallmark Designs Ltd. on Jan. 23, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         The White House
         6th Floor
         111 New Street
         Birmingham
         B2 4EU
         England


INDUS PLC: S&P Cuts Ratings on Class D and E Notes to Low-B
-----------------------------------------------------------
Standard & Poor's Rating Services lowered its ratings on the class
D and E notes issued by Indus (ECLIPSE 2007-1) PLC due to
increased cash flow and refinance concerns.  The other notes in
this deal are unaffected.

The notes were issued in 2007 to fund the acquisition of 19 U.K.
commercial property loans.  All the loans are still outstanding.

Regarding the Apex loan, the issuer has made drawings under the
liquidity facility for two consecutive quarters to cover interest
shortfalls.  In view of the current borrower/tenant dispute, S&P
expects that further drawings may be made in the near term, which
leads us to be concerned about the borrower's ability to repay the
accrued interest and the loan principal at the maturity date.

Declining net operating income due, for example, to higher vacancy
levels has increased the stresses on cash flows for loans to some
other borrowers in the pool.  This may affect their ability to
meet interest payments on a timely basis and, accordingly, suggest
an increased credit risk.

In addition, looking particularly at the loans that are scheduled
to mature between now and 2011, S&P considers that they are
exposed to increased refinance risk given the changes in capital
values, the prevailing credit contraction, and the unfavorable
macroeconomic conditions.

In light of these developments, S&P has lowered the rating on the
class D notes to 'BB' and the rating on the class E notes to 'B'.

                           Ratings List

                   Indus (ECLIPSE 2007-1) PLC
EUR894.53 Million Commercial Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                                   Rating
                                   ------
                  Class       To             From
                  -----       --             ----
                  D           BB             BBB
                  E           B              BB


LANCASHIRE PROJECTS: Names Joint Liquidators from Baker Tilly
-------------------------------------------------------------
Lindsey J. Cooper and Russell S. Cash of Baker Tilly Restructuring
and Recovery LLP were appointed joint liquidators of Lancashire
Projects Ltd. on Jan. 20, 2009, for the creditors' voluntary
winding-up proceeding.

The company can be reached through Baker Tilly at:

         Lancashire Projects Ltd.
         100 Barbirolli Square
         Manchester
         M2 3AB
         England


M & G LTD: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------
Patrick B. Ellward and Dilip K. Dattani of Tenon Recovery were
appointed joint liquidators of M & G (Midlands) Ltd. on Jan. 23,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         The Poynt
         45 Wollaton Street
         Nottingham,N
         ottinghamshire
         NG1 5FW
         England


MCLEISH BROTHERS: Peckham's Buys Four Stores Out of Administration
------------------------------------------------------------------
Jane Bradley at The Scotsman reports that deli chain Peckham's has
bought four of the McLeish Brothers stores out of administration,
safeguarding 20 jobs.

Peckham's, the report discloses, acquired two McLeish shops in
Aberdeen and two others in Dundee and Broughty Ferry.

Tony Johnston, founder of Peckham's, confirmed the acquired stores
would be rebranded as Peckham's, the report states.

Mr. Johnston, as cited by the report, said the acquisition is
likely to boost the turnover of Peckham's by about a quarter to
GBP12.5 million.

The report relates that according to Mr. Johnston, Peckham's would
create about 110 jobs in the coming year through both the acquired
McLeish Brothers stores and its planned openings in Livingston and
Glasgow.

"McLeish Brothers was not really struggling, which is why we see
buying these stores as such a good opportunity.  They had
ambitious expansion plans and the timing was just unfortunate.  A
lot of their sites were doing very well, but had incredibly high
overheads," Mr. Johnston was quoted by the report as saying.

"If it wasn't for the banks deciding that they no longer wished to
extend credit, they would have continued to expand."

However, the three remaining McLeish Brothers stores, including
the branch on Edinburgh's South Bridge, are to be taken over by
separate bidders, the report notes.  The stores would remain
closed until a buyer is found.

As reported in the TCR-Europe on Jan. 30, 2009, McLeish Brothers
went into administration as a result of cash flow problems caused
by the credit crisis and a dramatic fall in consumer spending.
The company, which had grown to 10 retail outlets including a
central kitchen facility, had become established as a high quality
delicatessen with a focus on sourcing and supporting food products
from Scotland.  Turnover was on track to reach GBP6 million and
the company was poised to launch an ambitious store opening
program across Scotland, to be followed by expansion into England.

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


PARKER CONSTRUCTION: Appoints Joint Liquidators from Tenon
----------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
Parker Construction Ltd. on Jan. 22, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         The White House
         6th Floor
         111 New Street
         Birmingham
         B2 4EU
         England


PREFERRED RESIDENTIAL: S&P Puts 4 Low-B Rated Notes on Watch Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch positive
its credit ratings on the class B notes issued by Preferred
Residential Securities 05-1 PLC.  S&P also placed on CreditWatch
negative PRS 05-1's class D and E notes and the class D to F notes
issued by Preferred Residential Securities 05-2 PLC.  The ratings
on all other notes in these transactions remain unaffected.

The CreditWatch placements follow an initial review of the most
recent information (as of December 2008) that S&P received.

PRS 05-1 and PRS 05-2 have experienced higher delinquencies and
losses than S&P's nonconforming index.  45.81% of the PRS 05-1
portfolio and 47.33% of PRS 05-2 are more than 30 days in arrears.
Losses have increased in recent quarters in both deals and PRS 05-
2 had reserve fund draws in September and December.  High arrears
and the current house price declines increase the likelihood of
future reserve fund draws and a potential negative effect on the
junior notes in these deals.

PRS 05-1's class B notes now have 25.02% credit enhancement.  This
level of credit enhancement provides an element of protection from
the factors outlined above, and S&P will now carry out a more
detailed analysis to investigate whether the notes can attain a
higher rating level.

S&P will continue to monitor the performance of these transactions
using the most recent loan-level data for a full credit and cash
flow analysis.  S&P will pay particular attention to current
repossessions, losses, and collection rates.  The results of S&P's
analysis, together with any effects on the ratings on any of the
notes, will be released in due course.

                           Ratings List

              Ratings Placed On Creditwatch Positive

            Preferred Residential Securities 05-1 PLC
         EUR188 Million and GBP271.2 Million Mortgage-Backed
                       Floating-Rate Notes

                                  Rating
                                  ------
               Class         To                From
               -----         --                ----
               B1a           AA/Watch Pos      AA
               B1c           AA/Watch Pos      AA

               Ratings Placed On Creditwatch Negative

            Preferred Residential Securities 05-1 PLC
        EUR188 Million and GBP271.2 Million Mortgage-Backed
                       Floating-Rate Notes

                                  Rating
                                  ------
               Class         To                From
               -----         --                ----
               D1c           BBB/Watch Neg     BBB
               E             BB/Watch Neg      BB

             Preferred Residential Securities 05-2 PLC
       GBP183.85 Million, EUR125 Million, and US$70.5 Million
               Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
               Class         To                From
               -----         --                ----
               D1c           BBB-/Watch Neg    BBB-
               E1c           BB/Watch Neg      BB
               ETc           BB/Watch Neg      BB
               FTc           B/Watch Neg       B


PREFERRED RESIDENTIAL: S&P Affirms 'BB' Rating on Class D Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes issued by Preferred Residential Securities 7 PLC.

As of the December 2008 investor report, the pool factor was
10.48%.  40.22% of the portfolio was in arrears and losses were
higher than S&P's nonconforming index.  However, the reserve fund
is nonamortizing and is now 13.35% of the note balance, giving
sufficient credit enhancement to enable us to affirm all
classes.

                          Ratings List

              Preferred Residential Securities 7 PLC
        GBP600 Million Mortgage-Backed Floating-Rate Notes

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A2          AAA
                        B           AAA
                        C           BBB+
                        D           BB


RIO TINTO: Merrill Lynch Favors Stock Sale Than Chinalco Deal
-------------------------------------------------------------
Bloomberg News reports Merrill Lynch & Co said Rio Tinto Group
should sell stock to cut borrowings rather than raise funds
through an asset and debt sale to its biggest shareholder,
Aluminum Corp. of China a.k.a Chinalco.

"We are concerned whether the proposed transaction is in the best
interests of Rio shareholders," Merrill Lynch analysts, led by
Olivia Ker, said in a report obtained by Bloomberg News.  "We
still believe Rio is better placed to issue equity to ensure they
maintain maximum flexibility and don't expose themselves to
excessive risk."

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2009, Rio Tinto confirmed in a press statement Monday that it has
held discussions with Chinalco regarding acquisition of minority
interests in various operating businesses of the Rio Tinto group
and also investing in convertible instruments.

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

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

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

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

"From the perspective of Rio shareholders, we view any increase in
Chinalco's current stake as negative, given its ability to act as
a 'poison pill,' reducing options available to existing
shareholders," Ms. Ker said in the report Bloomberg News cited.
:Chinalco maintains their investment is purely strategic in
nature. However, we view the stake and the intention to further
raise it as potentially more 'blocking' in nature."

Bloomberg News relates Ms. Ker noted the company, whose shares
dropped 60 percent in the last six months, may have a US$7 billion
funding shortfall over the next two years and may seek about
US$5.5 million in a share sale.

                    Missed Asset-Sale Targets

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

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

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

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

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

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

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

To reduce costs, Rio said it will:

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

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

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

   -- Defer exploration and evaluation expenditure.

                          About Rio Tinto

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

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


SPJ ASSOCIATES: Appoints Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Nicholas Charles Simmonds and Steven John Parker of Tenon Recovery
were appointed joint liquidators of SPI Associates Ltd. on
Jan. 23, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         SPI Associates Ltd.
         Lexham House
         Forest Road Binfield
         Bracknell
         Berkshire
         England


TIFFIN CLUB: Brings in Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Tiffin Club Ltd. on
Jan. 21, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


VALLEY VIEW: Taps Joint Liquidators from Tenon Recovery
-------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
Valley View Construction Ltd. on Jan. 20, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Valley View Construction Ltd.
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


XL LEISURE: Ex-Directors Take 50% Stake in Viking Airlines
----------------------------------------------------------
Simon Evans at The Independent reports that less than six months
after XL Leisure Group plc went into administration, former
directors of the company took a stake in Viking Airlines.

According to the report, Black Pearl Investments, the new business
of XL founder Phil Wyatt, has taken a 50% stake in Viking through
its Icelandic operation, BPI Iceland Ltd.

The report discloses alongside Mr. Wyatt, Halldor Sigurdarson,
XL's former finance director, and former XL director Magnus
Stephensen, are backers of the new investment firm behind Viking.

Mr. Stephensen, the report notes, confirmed the transaction.

An industry source, as cited by the report, said: "While I'm not
suggesting for a moment that Phil Wyatt and the others have done
anything wrong, the fact that they are emerging at the heart of
the industry less than six months after XL failed will leave many
feeling very uneasy."

XL, the report states, racked up debts of more than GBP100
million.

The report recalls Zolfo Cooper, XL's administrator, has conceded
that most of the creditors are unlikely to recoup their losses.

As reported in the TCR-Europe, Alastair Beveridge, Nick Cropper,
Simon Appell and Stuart Mackellar were appointed as joint
administrators of XL on Sept. 12, 2008.

XL Airways UK Limited, Excel Aviation Limited, Explorer House
Limited, Aspire Holidays Limited, Freedom Flights Limited, Freedom
Flights (Aviation) Limited, The Really Great Holiday Company plc,
Medlife Hotels Limited, Travel City Flights Limited, and Kosmar
Villa Holidays plc were also put in administration.

The companies entered into administration having suffered as a
result of volatile fuel prices, the economic downturn, and were
unable to obtain further funding.


ZAVVI UK: 15 Stores Closed; 295 Jobs Affected
---------------------------------------------
The joint administrators of zavvi UK on Thursday, January 29,
announced the immediate closure of a further 15 zavvi UK stores.
The joint administrators will continue to trade the remaining 48
stores throughout the UK.

The closure of the stores lead to the redundancy of 295 employees.
The joint administrators continue to work closely with the
Insolvency Service's Redundancy Payment Office and Job Centre Plus
to provide support and advice to all employees made redundant,
including a fast track process for paying redundancy entitlements.

Tom Jack, joint administrator, said: "We continue to trade 48
stores in the UK, however in doing so we have to manage the cost
base of the company with a view to maximizing returns to
creditors.  This includes a constant re-evaluation of our property
portfolio in line with trading performance.  Consequently, with
reducing stock levels we have had to manage our cost base
accordingly and close a further 15 stores.

"At this time we are continuing to look to further progress
interest from a number of interested parties and consequently do
not have a formal closure plan for the entire store network.

"We are extremely grateful to the staff and management at all
stores and the head office for their fantastic support throughout
this difficult time.

"We would like to thank Job Centre Plus and The Redundancy
Payments Office for their continued support in this matter."

On December 24, 2008 Tom Jack, Simon Allport and Alan Hudson of
Ernst & Young LLP were appointed joint administrators of zavvi UK.
On the same date Tom Jack and Andrew Dann of Ernst & Young LLP
were appointed as liquidators of zavvi Online (Guernsey) Ltd.  On
January 13, 2009 Tom Jack, Simon Allport and Alan Hudson of Ernst
& Young LLP were appointed joint administrators of zavvi
Entertainment Group Ltd.

The zavvi Group is the UK's largest independent entertainment
retailer trading from 125 stores across the UK (114) and Ireland
(11) currently employing 2,363 permanent staff and 1,052 temporary
staff.  The group was formed from a management buy out (MBO) of
the Virgin Megastore division of the Virgin Group in September
2007.


* UK: PwC Survey Says Short Term Business Confidence Down 29%
-------------------------------------------------------------
UK business leaders are suffering a crisis of confidence with
short term business confidence in the UK plummeting by 29% since
last year, the lowest since 2003, according to the
PricewaterhouseCoopers 12th Annual Global CEO Survey.

Nevertheless, business leaders see a flicker of light at the end
of the tunnel, with more optimism about recovery and growth over
the next three years.

Growth expectations have been severely impacted by the
unprecedented economic and financial turmoil.  As the economic
downturn deepens, the mindset of the UK CEO has had to change,
rebalancing short term survival with long term ambitions.  Many
are now opting for lower risk strategies for growth: financing
expansion from internally generated cash flow, retrenching into
existing markets rather than seeking mergers and acquisitions
(M&A) to grow market share and reducing spend on new product
development.  Despite this, UK CEOs still recognize that they must
not lose sight of important drivers for long term success, such as
retention of talent and planning for global issues such as climate
change.

Ian Powell, UK chairman and senior partner, PricewaterhouseCoopers
LLP, said: "Nobody could have prepared for the events we have
witnessed over the last few months.  Many UK CEOs had no choice
but to make tough decisions and redefine what success looks like
for their businesses.  The coming year will test the CEO's belief
that the ability to adapt to change is one of the most important
sources of competitive advantage in sustaining long term growth."

Key report findings:

    * Only 15% of UK CEOs are very confident about revenue growth
      in the next 12 months.  However, similar to last year, over
      one quarter (29%) of CEOs in the UK are very confident about
      the prospects of revenue growth over the next three years.

    * Disruption to capital markets (86%), the downturn in major
      economies (81%) and over regulation (50%) are the most
      significant threats to business growth.

    * Two thirds (66%) of UK CEOs expect the global financial
      crisis to impact their growth plans, creating barriers such
      as: restricting access to finance (87%), increasing the cost
      of finance (84%), delaying investment plans (80%) and
      reducing growth expectations (78%).

    * UK CEOs expect a 16% drop off in the use of M&A as a means
      to fulfil growth ambitions (7% from 23% in 2008), with 43%
      of anticipated growth coming from within existing markets.

    * Financing this growth is expected to come predominantly from
      internally generated cash flow (79%) and the debt market
     (22%).  The reliance on private equity and venture capital is
     expected to double (16% from 9% in 2008).

    * Joint ventures and strategic alliances (35%) will play a
      larger role than M&A (31%) in cross border activity over the
      next three years.

    * There is an even split between UK CEOs who foresee their
      headcount increasing (35%) or decreasing (35%) over the next
      12 months.

    * Nearly two thirds (62%) of UK CEOs are making a return on
      their investment, or expect to make a return on their
      investment in the next 12 months, by changing their day-to-
      day operations to respond to climate change.

                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.


* PwC CEO Survey Says Global Metal Sector to Face Tough Times
-------------------------------------------------------------
A difficult economic climate, plummeting demand and lack of access
to credit are just some of the difficulties facing global metal
CEOs currently.  The steel sector has given back all of the
pricing gains that were achieved in 2008.  The aluminium sector
has also been experiencing considerable pricing pressures and it
is suspected a number of global producers are operating at a loss.
These are a glimpse of the findings of the 12th Global CEO Survey
metals cut by PricewaterhouseCoopers which included input from 25
global metals CEOs.  Only 44% of them are confident about
prospects for revenue growth in the coming year compared with 64%
of the total survey sample.

Jim Forbes, global metals leader, PricewaterhouseCoopers,
commented: "It is no surprise that metals CEOs are more gloomy
than their peers in other industries surveyed by us with the above
findings.  Even in areas where there is still demand for metals,
many customers cannot access Letters of Credit to support their
orders."

That said, 80% are optimistic about their long-term outlook and
believe they can increase their revenues over the next three
years.  Joint ventures and strategic alliances are high on the
agenda with 76% of respondents expecting an increase in
collaborative business arrangements in coming years.  36% are
focusing on new geographic markets, in marked contrast with the
total survey population of 17% and 24% see existing market
penetration as key.

Jim Forbes, global metals leader, PricewaterhouseCoopers,
commented: "Due to the current crisis, only 4% of metals CEOs see
mergers and acquisitions as their main means of growing revenues
a view that makes sense, since tumbling metals prices have already
called the economics of several recent acquisitions into
question."

Metals CEOs are more likely than CEOs in other sectors to see low-
cost competition as a serious problem 56% versus 48% of total
survey sample.

Increased pressures on natural resources is one of the issues that
most concerns 80% of metals CEOs yet only 36% think that scarcity
of natural resources is a commercial threat.  48% are concerned
that the world's dependence on carbon-based energy sources could
have a deleterious impact on their companies.

Managing supply chain risk is fundamental to remaining profitable
in the metals industry with 88% rating efficient sourcing or
supply chain management as critical to them.  80% regard
information about sourcing and supply chain management as critical
or important, and they are generally happier with the quality of
the information they get than executives in other sectors.  But
there is still room for improvement; 45% of respondents would like
further details, while 15% say that the information they get is
inadequate.

Talent and skills are not as high on the agenda as last year with
28% planning to increase the number of employees and only 20%
considering downsizing.  32% are somewhat or extremely concerned
that lack of people with the skills they need will have a negative
impact on their companies' growth, compared with 66% last year.
However, 60% are worried about declining colleague and university
enrollments in the sciences and technologies.

In the longer term, metals executives will have to ensure that
they address systemic risks such as climate change and the impact
of demographic shifts on the talent pool.  At present, metals CEOs
typically place less weight on ensuring the wellbeing of future
generations or satisfying society's needs (as distinct from those
of investors) than their peers in other industries.  As we enter
an era in which the corporate community is expected to assume a
wider array of responsibilities, the industry will have to extend
its horizons.

Jim Forbes, global metals leader, PricewaterhouseCoopers,
commented: "What's next for the metals industry? Some companies
especially those serving the sectors that are most affected by the
economic downturn will certainly face tough times.  The CEOs who
head these companies will need to focus on cutting costs and
conserving cash."

               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.


* PwC CEO Survey Says Construction Sector Faces Challenging Market
------------------------------------------------------------------
CEOs in the construction industry are significantly less confident
about growth prospects, according to PricewaterhouseCoopers latest
CEO survey.  Only 18% of construction company leaders are very
confident that they can increase revenues over the next 12 months,
compared with 56% in PwC's CEO survey last year.  Only 15% of the
80 construction CEOs interviewed are very confident about revenue
growth across the sector over the next three years.

The sharp drop in confidence stems in large part from the current
financial crisis, with over 40% of chief executives extremely
concerned that the disruption of the capital markets will impact
growth.  More than three-quarters of construction CEOs anticipate
that the difficulties in the global banking system will increase
the cost of finance and restrict access to finance, and around
two-thirds also expect it to delay investment plans and curb their
growth expectations.

The construction sector has always experienced significant
seasonal and project-related headcount variations, and 29% of
construction CEOs anticipate reducing headcount this year.  Low-
cost competition is also a key concern now that some companies are
pricing work more aggressively, despite existing low margins,
based on the assumption that material prices will fall.  The end
effect could be more cut-throat competition in some segments as
many CEOs focus on short-term wins, possibly at the cost of long-
term profitability.

As the sector becomes increasingly financially constrained,
contract disputes are also likely to become more common.  CEOs who
are looking to maintain long-term success need to ensure that
contracts are carefully assessed for risk factors throughout the
supply chain; careful selection and monitoring of subcontractors
who will be able to deliver on their obligations can help reduce
the need for costly litigation and risk of financial failure.

Jonathan Hook, global engineering and construction leader,
PricewaterhouseCoopers commented: "Realistically, many
construction companies will struggle over the next year or two.
Some companies in the residential market may fail in the US,
Spain, Ireland and UK.  Land and house prices still have further
to fall, and banks will need to manage work-outs for debt-laden
companies.

"Companies more reliant on infrastructure and public sector
projects are currently cushioned by longer term order books and
are consequently less affected to date.  Many major projects in
the sector are long-term ones; as these near completion, or as
initial cash advances dry up, cash-flow issues could arise.

"The marketplace is certainly challenging and construction CEOs
will need to make tough decisions about what actions are required
to ensure his or her company's short-term survival.  However
retaining the right skills to deliver long-term business growth is
important too, and companies that cut back too far now may
struggle to take advantage of the economic recovery, when it
occurs."

               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.


* PwC CEO Survey Says Global Chemicals Growth Prospects Down
-------------------------------------------------------------
CEOs in the chemicals industry are less confident about growth
prospects than ever, according to PricewaterhouseCoopers latest
CEO survey.  Only 17% of chemical company leaders are very
confident that they can increase revenues over the next 12 months,
compared with 39% in PwC's CEO survey last year.

This fall in confidence levels, expressed by our sample of 48
chemicals industry CEOs, is not surprising given that the
chemicals industry is currently contending with the fallout from
hurricanes Gustav and Ike, rapidly deteriorating global credit
markets and the threat of a deep global recession.  Moreover, two
of its key groups of customers, the automotive and construction
sectors, are among those likely to be most severely affected by
the downturn.

In addition to weakened demand, financing is a key concern, with
65% of respondents concerned that the disruption of the capital
markets will affect their own expansion plans.  More than two-
thirds of chemicals CEOs anticipate that financing costs will
increase and that they will have to delay some of their
investments.

In terms of cost-cutting, 35% of chemical CEOs anticipate that
they will have to reduce the number of people they employ over the
next 12 months.  This is higher than leaders in other industries
26% of the overall CEO survey population.  But the chemicals
industry is heavily reliant on the development of new products and
ideas and it is people, not systems or processes, who generate
innovation so these CEOs will have to be very careful about how
they implement such reductions.

Saverio Fato, global chemicals leader, PricewaterhouseCoopers
commented: "Every chemicals industry CEO will need to make tough
decisions about what actions are required to ensure their
company's short-term survival.  Retaining the right skills to
deliver long-term business growth is essential, and companies that
cut back too far now may struggle to take advantage of the
economic recovery, when it occurs."

"Business models in the industry will need to continue to evolve.
Commodity chemicals companies will follow speciality manufacturers
by getting even closer to their customers; Chinese and Middle
Eastern companies will buy into new markets or technologies; and
almost all companies will need to adopt sustainable business
solutions."

On a positive note chemical CEOs are actually less pessimistic
than their peers in the overall survey sample of 1,124 CEOs from a
range of industries.  Chemical CEOs are less likely than their
peers in other industries to be planning a reduction in the
development of new products and services as a result of the
current financial crisis.  Chemical leaders see new products as
absolutely critical to the long-term viability of their companies.
Some 33% of chemicals CEOs are also planning to complete a cross-
border merger or acquisition over the next 12 months, compared
with just 25% of the total survey population.

Volker Fitzner, global chemicals advisory leader,
PricewaterhouseCoopers, commented: "While the economic downturn
has significantly affected the large deal market, the small to
mid-sized deal market remains relatively strong, as companies look
for bolt-on acquisitions to strengthen their existing positions
and dispose of assets that do not meet their internal performance
levels."

"We expect to see additional deal activity driven by distressed
companies requiring capital in order to restructure or continue
operating during the bankruptcy process.  The reduced valuation
level in the markets could be seen as a chance for Chinese and
Middle Eastern chemicals conglomerates to expand into speciality
chemicals and pick up entire companies or minority stakes."

             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.


* PwC Sees Further Cost-Cutting in Consumer Goods Sector
--------------------------------------------------------
Leaders of consumer goods companies are less confident than ever
about boosting their revenues.  The figures from
PricewaterhouseCoopers Annual CEO Survey highlight a significant
reduction in CEOs' optimism only 27% of consumer goods leaders
are very confident about boosting their companies' revenues over
the next 12 months, compared with 50% of respondents to PwC's
survey last year.

The survey of 130 consumer goods leaders indicates that the
industry will undergo further cost-cutting as CEOs struggle to
keep their companies afloat.  Over 30% of respondents anticipate
redundancies.  However, surprisingly, 34% plan to hire more
people, possibly due to the need to maintain a strong skills base.
Almost all respondents rank the retention of key talent as
important or critical to their company's long term success.
Despite this, 62% of those surveyed say that they have problems
recruiting and integrating younger employees, while 56% report
difficulties in providing an attractive career path.

A further aspect of cost-cutting is the shift by CEOs to reduce
new product development initiatives.  Less than 20% of consumer
goods CEOs intend to focus on this in 2009.  Instead 40% of
respondents plan to focus on penetrating their existing markets
more effectively, believing it to be the best opportunity for
growth in the current economic climate.  New product development
should remain part of the CEOs strategy, however.

Despite the CEOs intent focus on challenges brought about by the
downturn, they are still concerned about environmental issues.
Over half believe that the world's dependence on carbon-based
energy sources will have a negative impact on their companies and
as a result nearly 90% say they are reducing energy costs through
operational improvements.

Consumer goods CEOs also worry about getting access to other
natural resources - particularly fresh water.  Three-quarters
believe this pressure on natural resources will intensify.  Some
consumer goods businesses have already started to experience raw
materials shortages and PwC expects this trend to increase, so a
longer-term outlook is critical.

Supply chain risk is a further challenge.  Extending a supply
chain, especially into the emerging markets, brings considerable
risks as visibility and control become significantly more complex.
The economic downturn is likely to exacerbate these challenges, as
companies will be trying to cut further costs.  CEOs may also face
sudden changes as suppliers go out of business and may have to be
able to scale down as demand falls, without impairing their
ability to ramp up production when consumer confidence recovers.

Carrie Yu, global retail and consumer leader,
PricewaterhouseCoopers, concluded: "Consumer goods CEOs now have
to juggle more challenges than ever before.  They have to contend
with immediate problems like the global recession, while
simultaneously taking into account long-term systemic risks such
as climate change and the impact of demographic challenges on the
talent pool.  The ability to balance these sometimes conflicting
demands is fundamental to staying competitive in the longer term
to create a sustainable business."

             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.


* PwC Survey Says Retail Industry CEO Confidence Hit Record Low
---------------------------------------------------------------
The confidence of retail industry CEOs is at an all time low,
according to PricewaterhouseCoopers (PwC) latest annual CEO
survey.  Only 14% of the 64 retail CEOs interviewed are very
confident that they can increase their companies' turnover over
the next 12 months, compared with 44% in the PwC CEO survey last
year.

Carrie Yu, global retail and consumer leader,
PricewaterhouseCoopers, commented: "Given the harsh commercial
environment, it is hardly surprising that retail CEOs are much
less confident than they were at this time last year.  The current
economic downturn has shaken people everywhere, precipitating a
huge drop in consumer confidence. The resulting change in consumer
spending patterns has had an immediate and dramatic impact on the
retail sector.

"Consumers will tighten their belts even further, with spending on
"big-ticket" items (like cars, luxury items, major appliances and
home improvements), discretionary purchases and property
continuing to decline."

Retail CEOs anticipate that any growth will come from existing
markets, rather than new markets.  Over 60% of CEOs in the retail
sector favor focusing on the territories in which they already
operate, and only 17% plan to move into new ones.  Emerging
economies like China and India may continue to attract interest
but the level of growth is likely to be lower than in previous
years.

Despite the downturn leaders are still concerned about the
environment.  Most retail CEOs see dependence on carbon-based
energy sources as one major danger, and they are looking for ways
in which to alleviate the threat.  Eighty-six percent are focusing
on operational improvements; 50% are turning to alternative energy
sources; and 45% are investing in new technologies to reduce the
amount of energy they use.  Wal-Mart, the world's largest
retailer, is active in this arena.

More than half of all retail CEOs are changing the nature of the
products they offer, to meet growing consumer demand for goods
that are manufactured in an ethical and environmentally
sustainable manner.  More importantly 72% of these respondents
report that they are already making a return on their investments
or anticipate doing so within the next 12 months.  Many retailers
are also demanding that suppliers improve their environmental
footprint and document what they are doing.

Carrie Yu, global retail and consumer, PricewaterhouseCoopers,
concluded: "In the near term, there will certainly be tough times
for most retailers, particularly those serving the consumers
hardest hit by the downturn.  Every retail CEO will have to make
tough decisions about what actions are required to ensure his or
her company's short-term survival.

"A strong focus on working capital, cost-base issues and supply
chain risks will be imperative.  Over the longer term they will
need to ensure that they also address systemic risks such as
climate change and shrinking natural resources."

             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.


* PwC CEO Survey Says Innovation Key for Auto Industry Survival
---------------------------------------------------------------
According to the recently published Global CEO Survey by
PricewaterhouseCoopers in which 62 auto CEOs took part, 92%
recognize that innovation is a critical ingredient for long-term
survival.  The key challenge currently facing auto industry CEOs
is how to balance the pressing demands of the here and now with
the need to create a business that can thrive in future years.

A clear understanding of what customers want is essential with 95%
of auto CEOs citing customer information as key, 58% saying they
would like more information about customer preferences with only
14% currently receiving adequate information.

Steve D'Arcy, global auto leader, PricewaterhouseCoopers,
commented: "Innovation requires substantial long-term investments,
which are difficult to make when a company is struggling with its
very existence. It also requires knowing consumers inside out."

Thirty-seven percent of automotive CEOs around the world believe
that increased product penetration into existing markets is the
key to turning around the auto industry.  This year's results
indicate a reversal from last year, where 34% favored new product
development and 15% better market penetration.

Forty percent of automotive CEOs believe that structural changes
to the business model in their industry will have a positive
impact on their operations and on the industry's overall
competitiveness.  Many of the industry leaders have announced
plans to cut production significantly; indeed, the
PricewaterhouseCoopers Auto Institute predicts that the number of
vehicles manufactured in 2009 will be just 59.4 million 13% less
than in 2008.

The global economic downturn has forced automakers to re-evaluate
their business models, which could put automotive suppliers and
dealers at risk.  Survey results indicate that not all automotive
CEOs have fully comprehended the implications that the economic
situation may have on their supply chains.  Some 38% are concerned
about the security of their supply chain as a potential threat to
business growth over the long-term, while 81% identify efficient
sourcing and supply chain management as a key source of
competitive advantage.

Mr. D'Arcy, global auto leader, PricewaterhouseCoopers, commented:
"Automakers need to understand and manage the risks embedded in
the intricate network of suppliers.  Troubled suppliers pose a
real risk to every car producer and their suppliers.  The current
economic environment makes it critical for automotive companies to
know the potential threats to their business."

The survey also found that 94% of CEOs feel that access to and
retention of key talent to achieve long-term success is critical.
They are less concerned about finding new employees with the right
skills than with holding onto existing employees and cultivating
their intellectual capital.

The trend towards flexible manufacturing will translate into fewer
jobs on the assembly line and not surprisingly, 39% of respondents
expect to reduce the number of employees in the next 12 months.

The survey results show that 73% of automotive CEOs agree that a
new global climate deal is important or critical, and 70% feel
clearer communication about the threats and scope of climate
change is required.

Automotive companies have initiated sustainability studies and
policies to better understand climate change issues and greenhouse
gas impacts on the environment.  As a result, companies are
finding innovative approaches to vehicle design, safety, and
advanced-technologies to lessen their carbon footprint.  They are
taking big steps to help sustain the environment for future
generations.

The automotive industry will help play a role in addressing the
business implications of climate change by finding solutions to
reduce their impacts on the environment.

Mr. D'Arcy, global auto leader, PricewaterhouseCoopers, commented:
"Automakers need to 'right-size' and re-evaluate their business
models to succeed long-term.  The good news is that people will
still buy cars around the world.  Automakers will have to consider
how they go to market in the future to meet consumer demand."

             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.


* PwC Survey Says Energy Key Concern for Transport Sector
---------------------------------------------------------
CEOs in the transport and logistics industry are less optimistic
about growing their business than they were last year, according
to PricewaterhouseCoopers.  A third of the 67 CEOs interviewed for
PwC's Annual CEO Survey said they are confident about increasing
their companies' revenues over the next 12 months, compared to
over 90% of respondents in PwC's CEO survey at the same time last
year.

The fall in confidence comes as no surprise given that the airline
sector is experiencing falling demand from consumers and business
travellers as well as being hard hit by the decline in exports
from Asia.  The railway sector, which makes much of its revenues
from the transportation of steel and cars, is likewise gearing up
for a massive drop in cargo volumes.  Container shipping has
nosedived, with freight rates for dry-bulk shipping plummeting by
as much as 90%, and the trucking sector is also feeling the pinch.

Despite this reduction in demand, transport and logistics CEOs are
more cheerful about the medium-term outlook - 75% are somewhat or
very confident that the industry as a whole will pick up over the
next three years.  Leaders are banking primarily on better
penetration of their existing markets to achieve that growth.
Twenty-two percent also have their eyes on new geographic markets
for expansion.

However there are a number of challenges on the horizon.  Nearly
40% of respondents plan to increase the number of people they
employ over the next 12 months, but over 30% anticipate having to
downsize.

Some transport and logistics companies may find it harder to
extract payment for their services as a growing number of their
customers experience financial difficulties.  This would affect
their cash flows, but it might also have long-term implications.

At the other end of the supply chain, local subcontractors may
become more financially vulnerable and the use of such partners
is an inherent part of the industry's business model.  Transport
and logistics CEOs may therefore need to develop contingency plans
to cope with insolvencies or other sudden changes in their supply
chains.

Non-renewable energy tops the list of issues about which transport
and logistics CEOs worry.  Eighty-four per cent are looking for
operational improvements to reduce energy consumption; 52% are
turning to alternative energy sources and 33% are investing in
energy-efficient technologies.

Klaus-Dieter Ruske, global transportation and logistics leader,
PricewaterhouseCoopers, commented: "Energy remains a key concern
for transport and logistics CEOs.  Fuel hedging is common practice
in much of the industry but, given the extreme volatility in oil
prices in 2008, many companies may want to scrutinize their
hedging strategies more closely.  Some airlines, for example, are
now paying well over market prices for jet fuel, as a result of
their hedging positions.

"The global economic slowdown is hurting every area of the
transport and logistics industry.  Every CEO will have to make
tough decisions about what actions are required to ensure his or
her company's short-term survival.  Yet none can afford to ignore
the need to build a business that is agile enough to respond to
new situations as they emerge, durable enough to grow over the
long term and responsive to the requirements of all its
stakeholders."

              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.


* PwC Survey Says Ind'l Manufacturing Optimistic on Revenue Growth
------------------------------------------------------------------
This time last year 86% of respondents to PricewaterhouseCoopers
Global CEO Survey were confident or very confident about the
prospects for increasing their companies' revenues.  This year,
64% expressed the same level of optimism.  Despite the current
economic crisis however, industrial manufacturing CEOs are
positive about the longer term with 93% being confident about the
potential for revenue growth over the next three years.  The top
three rated opportunities for contributing to this growth are
geographic expansion, penetration of existing markets and new
product development.

Graeme Billings, global industrial manufacturing leader,
PricewaterhouseCoopers, commented: "Last year CEOs accorded these
three opportunities equal weight however, this year new product
development ranks much lower on the boardroom agenda.  Despite the
downturn, industrial manufacturing CEOs are also still looking for
suitable deal-making opportunities."

The above are just some of the findings of the 12th Global CEO
Survey by PricewaterhouseCoopers which included the input from 109
global industrial manufacturing CEOs.  Mergers and acquisitions
remain high on the agenda with 35% of respondents intending to
complete a deal over the next 12 months.  High on the agenda is
also technical improvement with 60% saying innovation is critical.

Graeme Billings, global industrial manufacturing leader,
PricewaterhouseCoopers, commented: "Many companies have been
forced to scale back their research and development (R&D) budgets
meaning management will have to look for creative ways in which to
support innovation such as collaborating with supply chain
partners, customers and clients."

Industrial manufacturing CEOs feel their R&D could be more
effective with access to better information and 83% say this is
critical, 57% would like more information and 13% currently feel
the information they receive is inadequate.

Lack of natural resources is one of the issues that most concerns
industrial manufacturing CEOs and the survey has revealed that 46%
believe the world's dependence on carbon based energy will have a
negative impact on their business with many already taking steps
to alleviate the situation.  88% are seeking operational
improvements to reduce energy consumption with 59% investing in
energy efficient technologies and 51% turning to renewable sources
of energy.

Talent and skills were high on the agenda in last year's results
however, the downturn has helped to push the people factor lower
down this year with 47% concerned about a shortage of talent this
year compared to 62% last year.  This seems surprising given that
38% of CEOs anticipate increasing their headcount over the next 12
months and that they experience many of the same problems finding
good people.

Graeme Billings, global industrial manufacturing leader,
PricewaterhouseCoopers, commented: "CEOs will have to ensure they
do not focus on short-term risks to the exclusion of long-term
risks like climate change, shrinking natural resources and the
impact of demographic shifts on the talent pool.  They recognize
the need for new business models to address the challenges being
faced currently."

             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.


* PwC Survey Says Pharma Sector Confident Over Revenue Growth
-------------------------------------------------------------
A third of pharmaceutical industry CEOs are very confident that
they can increase their companies' revenues over the next 12
months, according to PricewaterhouseCoopers 12th annual CEO
survey.

The survey of 47 pharma CEOs around the world indicates that the
credit crunch may actually provide opportunities for many large
pharma companies, particularly those with low debt ratios and
strong cash positions.

Compared to over a thousand CEOs interviewed in other industry
sectors, pharma CEOs are more confident and less concerned about
the disruption of capital markets than their peers are, less
likely to state that recent problems in the global banking system
will delay investment plans, and more likely to be using
internally generated cash flow as a means of financing growth.

Continuing merger activity looks likely, with pharma companies
using their healthy cash balances to fund acquisitions.  Pharma
CEOs are more likely than their peers in other industry sectors to
be planning a cross-border merger or acquisition in the next 12
months.

Simon Friend, global pharmaceutical and life sciences leader,
PricewaterhouseCoopers, commented: "Pharma CEOs will have to make
tough decisions about what actions are required to ensure their
company's future growth and successful operating models.
Historically, external economic forces have impacted the
pharmaceutical sector less than other manufacturing areas, and
this year pharma CEOs are notably more confident about short-term
growth than their peers.  However weak pipelines require CEO's to
look hard at their cost base and business structures.

"The economic downturn has created a potentially beneficial
environment for large pharma companies wanting to expand and build
on their R&D base.  For instance in the current climate, with the
yen rising against the US dollar and the euro, Japanese companies
are potentially well placed to go on a buying spree for US and
European pharma and biotech."

Despite challenges such as the downturn, over-regulation and low-
cost competition, 55% of pharmaceutical CEOs believe that the
structural changes facing the industry's business model will have
a positive impact over the long term.

Fred Hassan, Chairman & CEO of Schering-Plough Corporation,
suggests that the economic downturn might provide an extra
stimulus to innovate.

"If we keep thinking short-term, we will not be able to deal with
some of the structural challenges that need to be dealt with. In
other words, tough times can make one innovate harder and faster."

               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.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 5-7, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Caribbean Insolvency Symposium
       Westin Casurina, Grand Cayman Island, Alabama
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Valcon
       Four Seasons, Las Vegas, Nevada
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 2, 2009
ASSOCIATION OF INSOLVENCY AND RESTRUCTURING ADVISORS
    Chicago Regional Conference
       Union League Club of Chicago, Chicago, Illinois
          Contact: 1-541-858-1665; http://www.airacira.org/

Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Bankruptcy Battleground West
       Beverly Wilshire, Beverly Hills, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 14-16, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Conrad Duberstein Moot Court Competition
       St. John's University School of Law, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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 * * *