TCREUR_Public/090206.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

           Friday, February 6, 2009, Vol. 10, No. 26

                            Headlines

A U S T R I A

EIGER COMMODITY: Claims Registration Period Ends February 26
ENERGEA LLC: Claims Registration Period Ends Feb. 25
IMPADEX KG: Claims Registration Period Ends February 25
INFRAVITAL SOCIEDAD: Claims Registration Period Ends Feb. 25
BERNARD L. MADOFF: European Investors May Sue 3 Banks & Auditor

MUELLER & GARTNER: Claims Registration Period Ends February 25


B E L G I U M

FORTIS INSURANCE: Moody's Affirms Insurance Strength Rating
PR PHARMACEUTICALS: Biotech to Write Down EUR997,706


D E N M A R K

* DENMARK: Obtains EU Clearance for US$18 Bln Bailout


F R A N C E

ALCATEL-LUCENT: Posts EUR3.89 Bln Fourth Quarter 2008 Net Loss

* FRANCE: Unveils EUR26 Bln Economic Stimulus Plan


G E R M A N Y

BESTPOOL BETEILIGUNGS: Claims Registration Period Ends March 4
CONTINENTAL AG: Fitch Downgrades Issuer Default Rating to 'BB'
CONTINENTAL GMBH: Claims Registration Period Ends March 6
IMC SERVICE: Claims Registration Period Ends March 2
LEHMAN BROTHERS: Seeks to Sell LBT Varlik to Vector

M & K VERMIETUNGS: Claims Registration Period Ends February 24
MAERKLIN HOLDING: Files for Bankruptcy; Mulls Restructuring
MAGNACHIP SEMICONDUCTOR: S&P Withdraws 'SD' Corporate Rating
MAKE TELEMARKETING: Claims Registration Period Ends March 5
QIMONDA AG: To Close Virginia Plant; 1,500 Jobs Affected

RUWEL GMBH: Files Insolvency Amid Auto Slump; 600 Jobs at Risk
SENATOR LINES: To Be Liquidated Amid Shipping Market Slump
TRI PLEX: Claims Registration Period Ends March 10


H U N G A R Y

* HUNGARY: Liquidation Figures to Reach 17,000 in 2009, Opten Says


I C E L A N D

BAUGUR GROUP: Applied for Moratorium in Reykjavik


K A Z A K H S T A N

AINA LINE: Proof of Claim Deadline Slated for March 13
AQUA STROY: Creditors Must File Claims by March 13
BIBARS LLP: Claims Filing Period Ends March 13
DANKAM LLP: Creditors' Proofs Claim Due on March 13
GEO PROJECT-2003: Claims Registration Ends March 13

MILESTONE TRADING: Proof of Claim Deadline Slated for March 13
NURLY LLP: Creditors Must File Claims by March 13
ONE LLP: Claims Filing Period Ends March 13
RASH TECH: Creditors' Proofs of Claim Due on March 13
YANIS LLP: Claims Registration Ends March 13


K Y R G Y Z S T A N

PAK CASPIAN: Creditors Must File Claims by February 27


I R E L A N D

STARLING FINANCE: S&P Withdraws 'B-' Rating on EUR27.5 Mil. Notes


R U S S I A

BALT-KREDO-BANK CJSC: Creditors May File Claims
BIZNES-STROY-INDUSTRIYA LLC: Claims Filing Deadline Set March 2
LUZSKIY WOOD: Creditors Must File Claims by March 2
MOSCOW INTEGRATED: Fitch Downgrades Issuer Default Rating to 'BB+'
SERGEYEVSKIY COAL LLC: Creditors Must File Claims by April 2

SEVER-METAL LLC: Creditors Must File Claims by March 2
SPETS-IN-STROY OJSC: Creditors Must File Claims by April 2
STROY-CITY LLC: Creditors Must File Claims by March 2
TAMBOV-STROY LLC: Creditors Must File Claims by March 2
URENSKIY KHIM-LES-KHOZ: Creditors Must File Claims by March 2

VIKO LLC: Creditors Must File Claims by March 2

* Fitch Cuts Issuer Default Ratings of Four Russian Companies
* Fitch Downgrades Issuer Default Ratings of 14 Russian Banks


S P A I N

TDA CAM: Moody's Assigns (P)C Rating on EUR76 Mln Series D Notes


S W I T Z E R L A N D

BADER INFORMATIK: Creditors Must File Proofs of Claim by Feb. 13
BENQ SWITZERLAND: Deadline to File Proofs of Claim Set Feb. 14
HOLZBAU BUEL: Creditors Have Until February 14 to File Claims
HUTH ENGINEERING: Proofs of Claim Filing Deadline Set Feb. 15
K + S CONSULTING: Creditors' Proofs of Claim Due by Feb. 13

KWS BAULEITUNGEN: Feb. 14 Set as Deadline to File Claims
MARINIC JSC: Creditors Must File Proofs of Claim by Feb. 15
SUTER-SOFTWARE LLC: Deadline to File Proofs of Claim Set Feb. 14
UA-LESINVEST LLC: Creditors Have Until Feb. 14 to File Claims
UBS AG: Held Prelim JV Talks With Wachovia, New York Post Says


U K R A I N E

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

INTERPIPE LIMITED: Fitch Junks Issuer Default Rating from 'B-'
LVOV PLANT: Creditors Must File Claims by February 15
SLAVUTICH-CAPITAL LLC: Creditors Must File Claims by February 15
UKREXIMBANK: Fitch Affirms Individual Rating at 'D'
UKRMETENERGOCOM CJSC: Creditors Must File Claims by February 15


U N I T E D   K I N G D O M

ANGLO OVERSEAS: Goes Into Administration; 70 Jobs Affected
ASPEN & COURT: Appoints Joint Administrators from KPMG
BERNARD L. MADOFF: Seeks to Hire Counsel for U.K. Proceedings
BLP UK: Goes Into Administration; About 100 Jobs at Risk
BLUEBRAY PROPERTIES: Names Administrators from Ernst & Young

CAMDEN GROUP: Goes Into Administration; 800 Jobs at Risk
GLOBAL GENERAL: Court Grants Recognition of Foreign Proceedings
GMW1 LTD: Taps Joint Administrators from KPMG
LLOYDS BANKING: Scottish Widows Halts Investment Withdrawals
MINI MODE: Appoints Joint Administrators from PwC

SAXON PHOTOLITHO: Taps Joint Administrators from KPMG
TRU-EST: Goes Into Administration; Leonard Curtis Appointed

* UK: PwC Says Failed Travel Companies Steadily Increasing
* UK: PwC Says Hotel Insolvencies Up 100% in Fourth Quarter 2008
* UK: PwC Says Restaurant Insolvencies Up 32% in 2008

* Fitch Sees High Risk of Deferred Interest Payments on Banks

* BOOK REVIEW: Crafting Solutions for Troubled Businesses


                         *********


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


EIGER COMMODITY: Claims Registration Period Ends February 26
------------------------------------------------------------
Creditors owed money by LLC Eiger Commodity (FN 251035w) have
until Feb. 26, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Peter Zens
         Esteplatz 5/5
         1030 Wien
         Austria
         Tel: 534 90
         Fax: DW 50
         E-mail: office@schopf-zens.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 12, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 9, 2009, (Bankr. Case No. 2 S 166/08m).


ENERGEA LLC: Claims Registration Period Ends Feb. 25
----------------------------------------------------
Creditors owed money by LLC Energea (FN 193823i) have until
Feb. 25, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Stephan Wehrberger
         Brucknerstrasse 4
         1040 Wien
         Austria
         Tel: 505 78 61
         Fax: DW 9
         E-mail: wehrberger@hoch.co.at

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

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 7, 2009, (Bankr. Case No. 2 S 5/09m).


IMPADEX KG: Claims Registration Period Ends February 25
-------------------------------------------------------
Creditors owed money by Impadex, KG Adam & Co. (FN 2541m) have
until Feb. 25, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Georg Unger
         Mariahilfer Strasse 50
         1070 Wien
         Austria
         Tel: 523 62 00 Serie
         Fax: 526 72 74
         E-mail: office@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on March 11, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 7, 2009, (Bankr. Case No. 2 S 3/09t).


INFRAVITAL SOCIEDAD: Claims Registration Period Ends Feb. 25
------------------------------------------------------------
Creditors owed money by Infravital, Sociedad Ltd (FN 254475d) have
until Feb. 25, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Thomas Steiner
         Weihburggasse 18-20/50
         1010 Wien
         Austria
         Tel: 513 53 63
         Fax: DW 17
         E-mail: steiner.steiner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on March 11, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 2, 2009, (Bankr. Case No. 2 S 1/09y).


BERNARD L. MADOFF: European Investors May Sue 3 Banks & Auditor
---------------------------------------------------------------
European investors estimated to have lost roughly EUR14 billion
(US$18.25 billion) in the Bernard L. Madoff scam plan to sue banks
UBS AG, HSBC Holdings Plc, Bank Medici AG and auditor Ernst &
Young for hundreds of millions of euros in damages, Reuters
reports citing investor activist group Deminor International,
which is launching the legal offensive.

"Only full compensation for our clients will be considered a
satisfactory solution," Reuters quoted Erik Bomans, a partner at
Deminor, as saying.

The report relates Deminor said UBS and Bank Medici acted as
investment managers in depositing money in funds exposed to Mr.
Madoff's firm, Bernard L. Madoff Investment Securities LLC, adding
that UBS and HSBC also acted as custodians for the funds that
invested in Madoff.

Deminor, as cited by the report, said in all cases, the financial
institutions failed to safeguard investors' money as required by
European laws.

According to the report, the lawsuit, which will be filed in early
March in a Luxembourg court, estimate damages for those being
represented by Deminor between EUR250 and EUR300 million but could
rise to more than EUR1 billion if one counts all investors who
have contacted Deminor.

Before filing the lawsuit, Deminor will first take legal action
this week to obtain documents from Luxembourg funds which relate
to its members' losses, Reuters notes.

            HSBC, UBS Linked to US$3.2BB Madoff Losses

As reported in the Troubled Company Reporter-Europe on Jan. 16,
2009, Bloomberg News said HSBC and UBS may be liable for as much
as US$3.2 billion of losses linked to Mr. Madoff's firm for
serving as financial custodians at funds in
Luxembourg and Ireland.

According to Bloomberg News, financial regulators in Luxembourg
and Ireland have said in separate statements that custodians
retain responsibility for monitoring and supervising funds, even
if assets are placed with a third party.

Those looking to recoup money would have to prove the banks failed
to fulfill their duties, according to nine lawyers surveyed by
Bloomberg News.

However, Bloomberg News related Paul Mousel, co-head of the
financial services practice at law firm Arendt & Medernach in
Luxembourg, who is representing both banks, said HSBC and UBS's
custodian roles for the Luxembourg funds are limited because they
were set up by investors specifically looking to place money with
Mr.
Madoff.

"The arrangements that were put in place from the beginning are
arrangements that gave to the custodian a very, very, very small
role to play, especially regarding the safekeeping of the
securities, which allegedly would have been purchased by the
investors' moneys," Mr. Mousel was quoted by Bloomberg News as
saying.

HSBC said in a December 15 press statement it has around US$1
billion in potential exposure through financing provided to a
small number of institutional clients who invested in funds with
Mr. Madoff's firm.

UBS meanwhile said it doesn't have material exposure to Mr.
Madoff's firm and declined to comment on the liability issue,
Bloomberg News related.

                              Shock

Bank Medici is "very shocked to be a direct and indirect victim of
the fraudulent actions of Mr. Madoff," the bank said in a January
22 statement on its Web site.

In that same statement, the bank denied rumors that it is bound to
close down within weeks.

According to the statement, the bank's Management Board is
emphasizing that the bank continues to operate under its banking
license and that there is no reason for this license to be
revoked.  The bank remains solvent and is continuing with its
operations, the statement added.

               Banco Santander Offers EUR1.38 Bln
                   to Madoff-Exposed Clients

As reported in the Troubled Company Reporter-Europe on Jan. 29,
2009, Banco Santander SA offered EUR1.38 billion to its private
banking clients who were affected by the Madoff scam through
investments in its subfund, Optimal Strategic US Equity fund.

The Spanish bank's offer gives private banking clients the right
to exchange their investments in Optimal Strategic for preferred
securities with an annual coupon of 2% and callable by Santander
after 10 years.

Charles Penty and Katherine Burton at Bloomberg News said in a
Jan. 28 report that Santander's settlement offer may elicit
similar proposals from firms such as Bank Medici, the Vienna-based
firm that funneled US$3.2 billion to Madoff, the most among
European banks, and Geneva-based Union Bancaire Privee, with
US$700 million.

"Other banks are going to see this and customers are going to say,
'What about us? Are you going to make a similar offer to us?'"
Marvin Pickholz, a litigation attorney at Duane Morris in New York
and former U.S. Securities and Exchange Commission enforcement
official, was quoted by Bloomberg News as saying.

The bank said December 14 it has EUR2.33 billion exposure to the
Madoff scam, of which EUR2.01 billion belong to institutional
investors and international private banking customers.  The
remaining EUR320 million, the large majority of which are
structured products partially indexed to the performance of
Optimal Strategic, are part of the investment portfolios of the
bank's private banking customers in Spain, who are qualifying
investors.

Santander said it also has a proprietary position of EUR17 million
through another investment fund.

                        Class Action Suit

Various reports said investors sued Banco Santander last month in
U.S. Federal court in Miami alleging gross negligence and breach
of fiduciary duty.

According to the Associated Press, the lawsuit, which is seeking
class-action status, contends there was a "plethora of red flags"
that should have alerted the bank that Madoff was running what the
lawsuit says was Ponzi scheme.

"Many clients have lost all their money on this financial scandal,
money they had earlier deposited with the bank that they trusted,"
The Wall Street Journal quoted Luis Bericat, a lawyer at Cremades
& Calvo-Sotelo, as saying.  The law firm is representing dozens of
Santander clients who lost money through products invested with
Mr. Madoff, the Journal said.

Santander meanwhile said it "has acted at all times with the due
diligence in the management of its clients' investments in the
Optimal Strategic fund."

"The Santander Group would like to note that Madoff Securities was
a broker dealer authorized, registered and supervised by the SEC
and was also authorized as an investment advisor by the U.S.
Financial Industry Regulatory Authority (FINRA).  As the SEC has
publicly noted, Madoff Securities was regularly subject to
inspections by this supervisory agency during the last number of
years, without its reputation or standing being at all doubted by
the market or the U.S. supervisory authorities," the bank said in
a January 27 statement.

The bank said it is considering appropriate legal actions.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
US stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Bernard L. Madoff and
his investment firm, Bernard L. Madoff Investment Securities LLC,
with securities fraud for a multi-billion dollar Ponzi scheme that
he perpetrated on advisory clients of his firm.  The estimated
losses from Madoff's fraud were at least US$50 billion

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
District Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.


MUELLER & GARTNER: Claims Registration Period Ends February 25
--------------------------------------------------------------
Creditors owed money by OHG Mueller & Gartner (FN 7068w) have
until Feb. 25, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Michael Neuhauser
         Esslinggasse 7
         1010 Wien
         Austria
         Tel: 01/90 333
         Fax: 01/90 333 55
         E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 11, 2009, for the
examination of claims at:

         Land Court of Korneuburg
         Room 204
         Korneuburg
         Austria

Headquartered in Grossenzersdorf, Austria, the Debtor declared
bankruptcy on Jan. 9, 2009, (Bankr. Case No. 36 S 2/09z).


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


FORTIS INSURANCE: Moody's Affirms Insurance Strength Rating
-----------------------------------------------------------
Moody's Investors Service affirmed the A2 insurance financial
strength rating of Fortis Insurance Belgium as well as the Baa2
long term issuer rating of Fortis SA/NV and Fortis N.V. and placed
the ratings under review with direction uncertain. Previously, the
insurance company's rating was on review for possible upgrade
while the holding companies' ratings were on review for possible
downgrade.

Debt ratings issued by Fortis Finance, Fortis Hybrid Financing and
Fortfinlux benefiting from subordinated and preferred guarantees
from the joint holding companies were also affirmed at Baa3 and
Ba1 respectively, while Fortis Group's CP rating was affirmed at
P-2.  All these ratings were also placed under review with
direction uncertain.  In addition, Moody's announced that it
affirmed the rating of the Convertible And Subordinated Hybrid
Equity-linked Securities at Ba1, and placed the rating under
review with direction uncertain.

The rating action follows the announcement by the Belgian Prime
Minister on January 30, 2009 that Fortis, BNP Paribas and the
Belgian State agreed on a modification of the "Protocole d'Accord"
signed by the three parties in October 2008.  In particular, under
the new agreement, BNP Paribas would purchase only 10% of Fortis
Insurance Belgium from the Fortis Group (versus 100% initially
planned).  This revised agreement requires a formal consultation
of Fortis' shareholders through a vote which will take place on
the 11th of February 2009.

Moody's mentioned that the rating action chiefly reflects the
uncertainties around the final terms of the agreements that Fortis
has reached with BNP Paribas and the Belgian government as well as
their validity, and the subsequent uncertainties related to the
ultimate structure of the new Fortis Group.  The rating agency
also mentioned that reduced disclosure of financial information
from the companies and a necessary redefinition of their strategy
have added to the uncertainties.

                     Fortis Insurance Belgium

In October 2008, Fortis Insurance Belgium's A2 IFSR was placed
under review for possible upgrade, reflecting Moody's expectation
at that time that the insurance company would benefit from
implicit and explicit support coming from BNP Paribas (rated Aa1
for senior debt by Moody's).  Since the revised agreement proposed
to the vote of Fortis' shareholders no longer includes the
majority ownership of the insurance company by BNP Paribas, the
likelihood of an upgrade of Fortis Insurance Belgium has
decreased.

However, Moody's notes that if Fortis' shareholders did not accept
the new agreement reached with BNP Paribas, the initial agreement
would still be a binding contract for all the counterparts, and
the French banking group would have the opportunity to purchase
100% of Fortis Insurance Belgium, potentially providing positive
rating pressure.  In contrast, even if the shareholders validated
the revised plan, substantial uncertainties would remain in
Moody's opinion.  For example, the impact of volatile financial
markets in 2008 and early 2009 on the company's results and
capitalization is still uncertain, while the strategy of the
company and of the Group has to be redefined.

Therefore, Moody's commented that the review on Fortis Insurance
Belgium is likely to continue after Fortis' shareholders' vote on
the 11th of February.  In addition to reflecting and evaluating
the impact of the shareholder vote on Fortis Insurance Belgium's
ownership, the review will also focus on the extent to which the
financial strength of the insurance company has been affected by
recent market turmoil as well as the future prospects for the
company.

                    Fortis Holding Companies

Commenting on the ratings of Fortis SA/NV and Fortis N.V., Moody's
said that the rating review, direction uncertain, largely
reflected the similar review at Fortis Insurance Belgium.  In
particular, the possibility that the Belgian insurance company
could remain within the Fortis Group has reduced the likelihood of
a further downgrade of the company.  Under this scenario, Fortis
SA/NV and Fortis NV would be holdings of a pure insurance group.
Nonetheless, Moody's also indicates that the holding companies
will still be strongly linked with Fortis Bank SA/NV either
through balance sheet items or off-balance sheet items (eg through
debts issued to Fortis Bank, continuation of a mechanism to
compensate the impact of the CASHES in Fortis Bank's balance
sheet, potential investment in a SPV gathering structured assets
from Fortis Bank), and this will be the case under all the
probable scenarios.  Therefore, Moody's will review the impact of
these items on the ability for the Group to repay its obligations,
including the most junior securities as those issued by Fortis
Hybrid Financing and Fortfinlux.

Moody's expects to conclude its review on the holding companies'
ratings once it gets more clarity around the final structure of
the Group as well as around the strategy of the Group.  The review
will also focus on the financial strength of the operating
companies that will remain within the Group and on the specific
financial situation of the holding company.

                              Cashes

Commenting more specifically on the rating of the CASHES, Moody's
mentioned that despite a guarantee for this instrument currently
provided by Fortis Bank SA/NV (A1 senior debt rating, under review
for possible upgrade), the security includes trigger events which
refer to the situation of Fortis' holding companies, and therefore
the current rating of these securities continues to follow the
holding companies' ratings.

These ratings have been affirmed and placed under review with
direction uncertain:

  - Fortis Insurance Belgium -- insurance financial strength
    rating at A2

  - Fortis SA/NV -- long term issuer rating at Baa2

  - Fortis N.V. - long term issuer rating at Baa2

  - Fortis Finance N.V. -- backed senior unsecured debt rating at
    Baa2

  - Fortis Finance N.V. -- backed senior unsecured MTN debt rating
    at Baa2

  - Fortis Finance N.V. -- backed subordinated MTN debt rating at
    Baa3

  - Fortis Finance N.V. -- backed junior subordinated MTN debt
    rating at Baa3

  - Fortis Finance N.V. -- backed commercial paper at P-2

  - Fortis Hybrid Financing -- backed junior subordinated debt
    rating at Ba1

  - Fortis Hybrid Financing -- backed preferred stock debt rating
    at Ba1

  - Fortfinlux S.A. -- backed junior subordinated debt rating at
    Ba1

  - Fortis Bank SA/NV -- CASHES at Ba1

The date of the prior rating action on Fortis Insurance Belgium
and Fortis Group's ratings was on October 7, 2008, when Moody's
downgraded Fortis' ratings after the announcement of the sale of
its main operating companies.

Headquartered in Brussels, Belgium and in Utrecht, the
Netherlands, Fortis Group had total assets of EUR974.3 billion and
reported shareholders' equity (including minority interest) of
EUR30.4 billion as of June 30, 2008.


PR PHARMACEUTICALS: Biotech to Write Down EUR997,706
----------------------------------------------------
According to Bloomberg News, KBC Private Equity Fund Biotech will
write down EUR997,706 on its investment in PR Pharmaceuticals Inc.
after the company filed for Chapter 11.

Biotech, Bloomberg relates, said in a statement on its Web site
the writedown includes both its equity investment as well as a
loan.

Colorado-based PR Pharmaceuticals, Inc. --
http://www.prpharm.com/aboutUs.asp?id=43-- is a privately held
biopharmaceutical company focused on developing, bioactive
compounds in sustained-release formulations.  The company
specializes in injectable, biodegradable formulations and has a
significant Intellectual Property position in the encapsulation of
large molecules such as proteins and peptides as well as
encapsulation of classic small molecules into biodegradable
microparticles.  PRP is applying compelling and patented
technology to create a diverse range of candidate pharmaceutical
products to address unmet medical needs.

PR Pharmaceutical, Inc., filed for Chapter 11 on Nov. 14, 2008
(Bankr. D. Col., Case No. 08-28223).  Judge Sidney B. Brooks
handles the Chapter 11 case.  Peter J. Lucas, Esq., at Appel &
Lucas P.C., in Denver, Colorado.  It estimated assets and debts of
US$10 million to US$50 million each.


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


* DENMARK: Obtains EU Clearance for US$18 Bln Bailout
-----------------------------------------------------
The Miami Herald reports Denmark has received EU clearance for a
US$18 billion rescue package for banks and mortgage lenders that
aims to stimulate lending to companies and households.

According to the report, EU Competition Commissioner Neelie Kroes
said the program would counter the risk of a Danish credit crunch,
noting Denmark had added enough safeguards to the bailout plan
that would limit any antitrust problems.

The report relates Denmark will spend up to EUR13.5 billion
(US$17.3 billion) injecting cash into banks in return for hybrid
shares.

Denmark says it is prepared to help banks raise their tier 1
capital ratio -- a measure of a bank's health -- to 12 percent,
the report adds.


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


ALCATEL-LUCENT: Posts EUR3.89 Bln Fourth Quarter 2008 Net Loss
---------------------------------------------------------------
Alcatel-Lucent reported financial results for the fourth quarter
2008.

                  Asset Impairment Charges

Alcatel-Lucent said during the fourth quarter, the deterioration
of the economic environment and the drop in the company's market
capitalization led to a thorough re-assessment of the carrying
value of goodwill and other intangible assets on its balance
sheet.  The re-assessment of the company's near-term outlook
taking into account more conservative growth assumptions for the
telecommunications equipment and related services market in 2009,
coupled with the decision to streamline the company's portfolio
and with the use of a higher discount rate led to an asset
impairment charge of Euro (3.910) billion.  This is reflected in
the fourth quarter net loss (group share) of Euro (3.892) billion
or Euro (1.72) per diluted share (USD (2.39) per ADS).  For full
year 2008, Alcatel-Lucent booked total asset impairment charges of
Euro (4.725) billion, reflected in the full year net loss (group
share) of Euro (5.215) billion or Euro (2.31) per share (USD
(3.22) per ADS).

                           Net Debt

The net (debt) cash position was Euro (389) million as of December
31, 2008, compared with Euro (600) million as of September 30,
2008.  The sequential reduction in net debt of Euro 211 million
primarily reflects the higher level of operating profitability
this quarter and a positive contribution from Pensions and OPEB
due to Section 420 transfers (Euro +99 million), partially offset
by cash outflow related to restructuring (Euro (172) million).

Alcatel-Lucent said it delivered solid operational performance in
the fourth quarter, enabling it to meet its guidance on all three
of the financial metrics it had indicated for 2008.

                       Revenue Guidance

Alcatel-Lucent said the reported revenue decline of 4.5% in 2008 -
within the indicated range of low to mid single-digit – is largely
attributable to the shift in currencies.  At constant currency
exchange rates, revenue fell by 1.1% in 2008, in an economic
environment that grew considerably more challenging in the latter
part of the year.  At constant currency exchange rates, fourth
quarter revenue declined 7.5% year-over-year and increased by
16.9% sequentially.  As anticipated, carrier revenues were
impacted by some capital expenditure constraints in the fourth
quarter, notably in fixed and mobile access.  This was partially
offset, however, by the strong performance of other carrier
segments such as IP routing, submarine and Next Generation
Networks, the resilience of the Enterprise business and solid
growth in Services.

                   Operating Profitability

Adjusted gross margin came in at 34.1% for the full year, at the
lower end of the mid-thirties range which had been indicated,
after a slight sequential improvement in the fourth quarter.
Coupled with the reduction in operating expenses, this led to an
adjusted operating margin of 2.7% for 2008, within the low to mid
single-digit guidance range which had been indicated at the start
of the year.  The fourth quarter adjusted operating profit reached
6.0% including the net positive impact of 0.2percentage point from
one-time items.

                     Cash Flow Target

At year end 2008, net debt was brought down to Euro (389) million,
below the end-June level of Euro (415) million as indicated,
thanks to an operating cash flow of Euro 658 million in the fourth
quarter, the highest since the close of the merger.  The
divestiture of the stake in Thales for Euro 1.6 billion is
proceeding on plan.  With cash and marketable securities of Euro
4.6 billion and the availability of the Euro 1.4 billion credit
line, Alcatel-Lucent said it remains adequately funded.

Ben Verwaayen, CEO, commented: "In the fourth quarter, we did what
we said we were going to do.  I am encouraged by our operating
performance, measured by our ability to achieve our top-line,
operating margin and cash flow targets.  The asset impairment
charge that severely impacted our bottom line was made necessary
by the drastic deterioration of the global economic outlook during
the fourth quarter as well our decision to shift to a more focused
portfolio.  With an improving balance sheet, adequate funding, a
new strategy in place and a clear roadmap to profitability, we are
committed to executing on our plans to deliver better solutions
and services to our customers and better returns to our
shareholders."

                      About Alcatel-Lucent SA

France-based Alcatel-Lucent SA (Euronext Paris and NYSE: ALU) --
http://www.alcatel-lucent.com/-- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 17,
2008, Standard & Poor's Ratings Services placed its 'BB-' long-
term corporate credit rating on French telecom equipment and
services supplier Alcatel Lucent on CreditWatch with negative
implications.

S&P also placed the 'BB-' long-term corporate credit rating on
subsidiary Lucent Technologies Inc. and all issue ratings on both
companies on CreditWatch with negative implications.

At the same time, S&P affirmed the respective 'B' and 'B-1' short-
term ratings on Alcatel Lucent and Lucent Technologies.


* FRANCE: Unveils EUR26 Bln Economic Stimulus Plan
--------------------------------------------------
BBC News reports French Prime Minister Francois Fillon has
unveiled a EUR26 billion (US$33.1 billion; GBP23.5
billion) economic stimulus plan.

According to the report, the French stimulus plan is split into
three parts: EUR11 billion to help businesses improve their
cashflows; EUR11 billion of direct state investment; and EUR4
billion of investment by state-owned firms for modernising rail
infrastructure, energy and the postal service.

The government, the report relates, expects that the stimulus
package will produce economic growth of around 1.3%.  However,
French Finance Minister Christine Lagarde, as cited by the report,
said this would not be enough to offset the impact of the global
downturn this year.

The report recalls Ms. Lagarde said Monday France would slip into
recession "at some point".

The IMF, the report discloses, has forecast a contraction in the
French economy of 1.9% this year.


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


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

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Guetersloh
         Germany

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

The Debtor can be reached at:

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


CONTINENTAL AG: Fitch Downgrades Issuer Default Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded Continental AG's Long-term Issuer
Default and senior unsecured ratings to 'BB' from 'BB+'.  The
Short-term IDR was affirmed at 'B'.  At the same time the Long-
term IDR and senior unsecured ratings have been removed from
Rating Watch Negative.  The Outlook on the Long-term IDR is
Negative.

The downgrade reflects rapidly weakening auto markets amid the
severe global recession which could further negatively impact
Continental's future performance and cash flow generation, in turn
jeopardizing the group's plan for swift de-leveraging.  As a
result, Fitch estimates that the lease-adjusted leverage could
reach around 4x at FYE09.  At the same time, Fitch acknowledges
Continental's measures to support its historically strong free
cash flow, including a sizable cost-cutting program and the
reduction or postponement of capital expenditure, R&D spending and
dividends.

The rating action also takes into account Fitch's increasing
concerns about the deteriorating credit quality of the group's
major shareholder, Schaeffler KG, in light of its high
indebtedness associated with the acquisition of Continental
shares.  While the investment agreement between Schaeffler and
Continental remains in force, Fitch notes that the risk of
Continental's credit profile being negatively affected by the
uncertainty over its shareholder has increased markedly.  In the
wake of Schaeffler's acquisition Fitch also notes Continental's
plan to separate its rubber business, including the relatively
stable and cash-generative tyre business, into a separate entity.

On 8 January 2009, Schaeffler completed the acquisition of
Continental with a 49.9% stake.  To improve its financial
flexibility Schaeffler is seeking state support and/or external
investors, the outcome of which is uncertain in current difficult
financial markets.  Fitch notes that Schaeffler has committed to
limit its stake in Continental to 49.99% until 2012 by
transferring the additional tendered shares (approximately 40%) to
banks and to support Continental's existing strategy.  Fitch will
continue to closely monitor Schaeffler's moves.

Continental has successfully renegotiated the contractual terms of
its main credit facilities (approximately EUR11.8 billion) to
allow for more leeway in its financial leverage covenants.
Although this has resulted in higher interest margins, Continental
does not expect overall interest cost to rise due to lower base
interest rates.  As a result, short-term liquidity risks have
reduced considerably, allaying Fitch's concern that Continental's
weakening operating performance would lead to a breach of
financial covenants.  This has contributed to the removal of Watch
Negative.

The Negative Outlook reflects Continental's ongoing sizable
refinancing risk for its EUR3.5 billion tranche maturing in August
2010.  This is partly mitigated by its EUR2.5 billion revolving
credit facility (committed until 2012) and cash of nearly EUR1
billion as at end-Q308.  The group stated in January 2009 that its
available liquidity exceeded EUR3.5 billion.

Continental is one of the five largest automotive suppliers
globally with targeted sales of EUR25 billion in FY08 and an
adjusted EBIT margin of 7.5%-8% (before VDO purchase price
amortization and integration and restructuring costs).  It focuses
on brake systems, vehicle electronics, power train and chassis
systems, engineering elastomers, and tyres.


CONTINENTAL GMBH: Claims Registration Period Ends March 6
---------------------------------------------------------
Creditors of Continental GmbH have until March 6, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on April 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Reinhard Titz
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

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


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

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 23, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

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


LEHMAN BROTHERS: Seeks to Sell LBT Varlik to Vector
---------------------------------------------------
Lehman Brothers Holdings Inc. and its affiliates seek the
authority from Judge James Peck of the U.S. Bankruptcy Court for
the Southern District of New York to settle certain rights under
loan agreements and sell certain of their rights under those
agreements to Vector Holdings S.a.r.l.

LBT Varlik Yonetim Anonim Sirketi, an indirect, non-Debtor
subsidiary of Lehman Brothers Holding Inc., is the party to the
loan agreements.  LBT's assets include an asset management
license, a non-performing loan portfolio with a book value of
about US$66,200,000, and a cash balance of about US$2,600,000.
LBT has liabilities for US$69,400,000 under two loan agreements
with Lehman Brothers Bankhaus AG, another indirect, non-Debtor
subsidiary of LBHI, incorporated in Germany.  Bankhaus was later
placed in an insolvency proceeding in Germany in November 2008.

Bankhaus participated 100% of its interest in the Loan Agreements
to Lehman Commercial Paper Inc. prior to LCPI's Chapter 11 case.
The lack of formal documentation of the participation, however,
has resulted in a dispute as to the ownership of the rights,
title, interest and benefits in relation to the receivables under
the Loan Agreements, the Debtor tell the Court.

The Debtors have decided to market LBT for sale to a third party
and determined that an offer by Vector provided the greatest
recovery for LCPI's estate and creditors.  Vector offered
56,099,995 Turkish Lira in exchange for the sale and assignment
of all of LCPI's rights, title and interest in the Receivables.

Vector's purchase of the Receivables from LCPI is conditioned,
however, on the consummation of (i) Bankhaus' assignment of its
interest in the receivables to LCPI, and (ii) the sale of the
equity interests in LBT to Vector pursuant to a Share Sale and
Purchase Agreement dated January 9, 2009.

The Debtors now ask the Court to:

(a) authorize and approve LCPI's purchase and acceptance from
     Bankhaus of any interest that Bankhaus may have in the
     Receivables; and

(b) authorize and approve LCPI's assignment and sale of the
     Receivables to Vector, free and clear of any liens,
     claims, encumbrances, and other interests.

The Debtors maintain that they are not aware of any liens,
claims, encumbrances or other interests held by any other party
in respect of the Receivables.  They further maintain that LCPI
and Vector negotiated the Assignment Agreement at arms' length
and in good faith.

Hearing on the motion is set for February 25, 2009 at 10 a.m.
(Eastern Time).  Written objections must be filed no later than
February 20, 2009 at 4:00 p.m. (Eastern Time).

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers led in the global financial
markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offered a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).  Several other affiliates followed
thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL).  James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

            International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on
Sept. 16.  The two units of Lehman Brothers Holdings, Inc., which
has filed for bankruptcy protection in the U.S. Bankruptcy Court
for the Southern District of New York, have combined liabilities
of JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion ($33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


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

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

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


MAERKLIN HOLDING: Files for Bankruptcy; Mulls Restructuring
-----------------------------------------------------------
The Associated Press reports Maerklin Holding GmbH on Wednesday
filed for bankruptcy protection from creditors at a court in
Goeppingen after failing to secure new credit from banks.

The court, the report relates, appointed Michael Pluta as
bankruptcy administrator.

Maerklin, as cited by the report, said the banks declined to
to extend credit lines for the company "despite intensive
negotiations".

The company, which was acquired by British investor Kingsbridge
Capital and investment bank Goldman Sachs in 2006, noted
operations would continue unaffected, the report says.

The report recounts Maerklin boss Dietmar Mundil said in a
statement its managers intend, in consultation with its bankruptcy
administrator, "to restructure our traditional company with its
cult status, with the instruments of German insolvency law, and
establish it permanently in the market".

The company, the report recalls, earlier closed a plant in
Sonneberg, Germany that employed 400 people as part of a
restructuring process.

However, according to the company, measures taken so far "have not
made an impact in the originally planned cost and time frame", the
report adds.

Citing German weekly Wirtschaftswoche, Bloomberg News discloses
the company made a net loss of about EUR20 million in 2008, while
revenue stood at EUR128 million (US$165 million).  It owed "at
least" EUR50 million to banks including Landesbank Baden-
Wuerttemberg.

Based in Goeppingen, Germany, Maerklin Holding GmbH is a model
railway maker.  The company employs 650 people in Goeppingen, 60
in Nuremberg and 600 in Gyor, Hungary.


MAGNACHIP SEMICONDUCTOR: S&P Withdraws 'SD' Corporate Rating
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'SD' long-term
corporate credit rating on MagnaChip Semiconductor LLC, its 'CC'
rating on the company's US$100 million revolving credit facility,
and its 'D' ratings on the company's US$200 million notes,
US$300 million notes, and US$250 million subordinated notes, at
the company's request.


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

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

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


QIMONDA AG: To Close Virginia Plant; 1,500 Jobs Affected
--------------------------------------------------------
Nicola Leske and Michael Shields at Reuters report that Qimonda AG
on Tuesday said it will close its plant in Virginia.

Reuters discloses around 1,500 jobs will be affected by the move.

Qimonda executive board member Thomas Seifert, as cited by
Reuters, said the closure of the plant in Sandston near the
Virginia state capital of Richmond "was unavoidable to improve
production efficiency and to focus on the next generation of
chips" called buried wordline technology.

In a Feb. 3 release, Qimonda said given the current macroeconomic
climate, it is not possible to finance a conversion of the
facility for buried wordline technology production.

According to Qimonda, no final decisions have yet been taken
concerning the future structure of the company, including whether
those of its businesses that can be continued will be held through
Qimonda AG or placed in a new company owned by new investors.
However, it noted in the latter case, or if investors cannot be
found to finance the continuation of Qimonda's businesses, Qimonda
AG would likely be liquidated.

In a separate report, Reuters relates European Union Industry
Commissioner Guenter Verheugen told German daily Saechsische
Zeitung in an interview on Tuesday that he sees no chance to save
Qimonda with the tools available to the EU.

"Nobody can save a company whose owner does not want to save it,"
Mr. Verheugen told the paper.  "If a company no longer believes in
a location, then the die is cast in a free market economy."

Mr. Verheugen added that in general, public subsidies must not be
spent in order to bail out companies, Reuters recounts.

Reuters recalls Saxony's Economy Minister Thomas Jurk earlier
asked for EU help for the European chip industry.

As reported in the Troubled Company Reporter on Feb. 4, 2009,
citing Bloomberg News, 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.


RUWEL GMBH: Files Insolvency Amid Auto Slump; 600 Jobs at Risk
--------------------------------------------------------------
Christoph Hammerschmidt at EE Times Europe reports that Geldern,
Germany-based PCB manufacturer Ruwel GmbH has filed insolvency
amid the auto industry slump, putting about 600 jobs at risk.

EE Times, citing media releases, discloses the company achieved 58
percent of its sales with customers associated to the automotive
value chain, making it vulnerable to the current crisis.

EE Times however notes production continues despite the
insolvency.

EE Times recalls U.S. financial investors Bear Stearns, Cargill
Value Investment and Blue Bay Assets acquired the company, which
has a manufacturing capacity of about 1.5 million PCS per year, in
June 2006.


SENATOR LINES: To Be Liquidated Amid Shipping Market Slump
----------------------------------------------------------
South Korea-based shipping line Hanjin Shipping Co. plans to
liquidate its German unit, Senator Lines GmbH, citing the slumping
shipping market and the global economic recession, Trading Markets
reports citing Yonhap.

The report relates Hanjin saw its fourth-quarter earnings drop
39% as the economic slump sapped demand for shipments.


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

Creditors and other interested parties are encouraged to attend
the meeting at 9.15 a.m. on April 23, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Room 14
         Second Stock
         Tiepolostr. 6
         Wuerzburg
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Tri Plex Marketing GmbH
         Muehlstr. 10
         97253 Gaukoenigshofen
         Germany

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


=============
H U N G A R Y
=============


* HUNGARY: Liquidation Figures to Reach 17,000 in 2009, Opten Says
------------------------------------------------------------------
Citing Opten company information service, Portfolio.hu reports
that more than 17,000 companies in Hungary are expected to be
liquidated in 2009.

Csorba however said the number of liquidations in 2009 could reach
20,000, the report relates.

According to the report, liquidation proceedings were launched
against 1,400 companies in January this year, the highest monthly
data ever.

The report states 970 companies were wound up in January 2009
compared to "only" 810 companies in 2008 on monthly average.

Citing Opten's data, the report recounts a total of 11,504
companies were liquidated in 2008.

Opten, the report discloses, attributed sharp increase in the
number of liquidations to the structure of Hungarian businesses,
which have an extremely low profit margin and inferior
capitalization.  It also noted many companies are not diversified
in respect either of their product portfolio or the number of
their clients.


=============
I C E L A N D
=============


BAUGUR GROUP: Applied for Moratorium in Reykjavik
-------------------------------------------------
Baugur Group hf ("the Company") and a number of its wholly owned
subsidiaries (together, "the Group"), including BG Holding ehf, on
Wednesday, February 4, applied to the District Court in Reykjavik
to enter into the moratorium process.

Baugur said this action has been taken in order to protect the
group's assets as well as the interests of all creditors.  The
Board of the company unanimously resolved to take this action
following Tuesday's decision by Landsbanki to discontinue
discussions regarding a potential restructuring of the Group.

              Baugur on Verge of Administration

Tom Braithwaite, Sarah O'Connor, Lucy Killgren and Maggie Urry at
The Financial Times report Baugur is at risk of going into
administration and that Landsbanki, which is owed GBP1 billion, is
likely to take control of the company at some stage.

The FT relates according to people who have seen Baugur's books,
there is little or no equity in the business as its balance sheet
is weighed down by the pile of debt.

Citing Jon Asgeir Johannesson, chairman of Baugur, the report
discloses the group's assets are likely to be sold off to
interested bidders such as retail entrepreneur Sir Philip Green or
a private equity firm such as Alchemy Partners.

              Individual Retailers Not Affected

Individual retailers in which Baugur has a stake, including House
of Fraser and Mosaic Fashion, maintained they were not affected by
Landsbanki's decision to withdraw support for the company, the FT
says.

Landsbanki, the FT notes, also supported the claim.

            Mosaic In Talks Over Long-Term Funding

Mosaic, which is 49% owned by Baugur, said talks with Kaupthing
Bank over long-term fund continue, the FT states.

Mosaic, the FT says, needs financial support to continue in
business and is willing to sell assets to survive.

                       About Baugur Group

Baugur Group -- http://baugur.com/-- is an international
investment company in the retail and fashion sectors in the UK,
the USA and Scandinavia.  Companies related to Baugur employ some
53,000 people worldwide in over 3,700 stores with a total turnover
of GBP5.0 billion.

Among Baugur's principal investments are the supermarket chain
Iceland, the toy retailer Hamleys, the jewellery chain Goldsmiths,
fashion chains Whistles and Jane Norman, fashion company Mosaic
Fashions, renowned UK department store chain, House of Fraser, the
famous Danish department store chain Magasin du Nord and Illum,
one of Denmark's largest department stores.


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


AINA LINE: Proof of Claim Deadline Slated for March 13
------------------------------------------------------
LLP Aina Line Project Ltd. has declared insolvency.  Creditors
have until March 13, 2009, to submit written proofs of claims to:

         LLP Aina Line Project Ltd.
         Bogenbai batyr/Zenkov St. 81/36
         Almaty
         Kazakhstan
         Tel: 8 (7272) 58-40-50


AQUA STROY: Creditors Must File Claims by March 13
--------------------------------------------------
LLP Construction Company Aqua Stroy has declared insolvency.
Creditors have until March 13, 2009, to submit written proofs of
claims to:

         LLP Construction Company Aqua Stroy
         Micro District Severo-Vostok, 28-39
         Uralsk
         West Kazakhstan
         Kazakhstan


BIBARS LLP: Claims Filing Period Ends March 13
----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Bibars insolvent.

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

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


DANKAM LLP: Creditors' Proofs Claim Due on March 13
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Dankam insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Micro District Molodejny, 8-38
         Astana
         Kazakhstan
         Tel: 8 (7172) 22-86-26


GEO PROJECT-2003: Claims Registration Ends March 13
---------------------------------------------------
LLP Aktobe Geo Project-2003 has declared insolvency.  Creditors
have until March 13, 2009, to submit written proofs of claims to:

         LLP Aktobe Geo Project-2003
         Maresyev St. 91-9
         Aktobe
         Aktube
         Kazakhstan


MILESTONE TRADING: Proof of Claim Deadline Slated for March 13
--------------------------------------------------------------
LLP Milestone Trading Company has declared insolvency. Creditors
have until March 13, 2009, to submit written proofs of claims to:

         LLP Milestone Trading Company
         Tulebaev St. 82-10
         Almaty
         Kazakhstan


NURLY LLP: Creditors Must File Claims by March 13
-------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Nurly insolvent.

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

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


ONE LLP: Claims Filing Period Ends March 13
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP One insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 203
         Myzy St. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 57-83-69


RASH TECH: Creditors' Proofs of Claim Due on March 13
-----------------------------------------------------
LLP Construction Company Rash Tech Stroy has declared insolvency.
Creditors have until March 13, 2009, to submit written proofs of
claims to:

         LLP Construction Company Rash Tech Stroy
         Kazybek Bi St. 164-48
         Almaty
         Kazakhstan


YANIS LLP: Claims Registration Ends March 13
--------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Yanis insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Micro District Molodejny, 8-38
         Astana
         Kazakhstan
         Tel: 8 (7172) 22-86-26


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


PAK CASPIAN: Creditors Must File Claims by February 27
------------------------------------------------------
LLC Pak Caspian Trade Links Pvt Ltd. has declared insolvency.
Creditors have until Feb. 27, 2009, to submit proofs of claim at:

         LLC Pak Caspian Trade Links Pvt. Ltd.
         Bayalinov Str. 6
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 27-29-62


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


STARLING FINANCE: S&P Withdraws 'B-' Rating on EUR27.5 Mil. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-' credit rating
on the EUR27.5 million floating-rate Deveron portfolio credit-
linked notes series 2005-13 issued by Starling Finance PLC.

The rating withdrawal follows early redemption of the notes in
this deal.


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


BALT-KREDO-BANK CJSC: Creditors May File Claims
-----------------------------------------------
Creditors of CJSC Balt-Kredo-Bank Commercial Bank have to submit
proofs of claims to:

         Minskaya St. 25
         236040 Kaliningrad
         Russia


BIZNES-STROY-INDUSTRIYA LLC: Claims Filing Deadline Set March 2
---------------------------------------------------------------
Creditors of LLC Biznes-Stroy-Industriya (Construction) have until
March 2, 2009 to submit proofs of claims to:

         F. Gulyumov
         Temporary Insolvency Manager
         Post User Box 167
         450105 Ufa-105
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A76–
23217/2008–60–190.

The Debtor can be reached at:

         LLC Biznes-Stroy-Industriya
         Avtodorozhnaya St. 31
         Chelyabinsk
         Russia


LUZSKIY WOOD: Creditors Must File Claims by March 2
---------------------------------------------------
Creditors of LLC Luzskiy Wood Enterprise (TIN 5077022260, PSRN
1085077000865) have until March 2, 2009 to submit proofs of claims
to:

         A. Maltabar
         Temporary Insolvency Manager
         Post User Box 67
         191023 Saint-Petersburg
         Russia

The Arbitration Court of Moskovskaya will convene on May 18, 2009
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A41–27438/2008.

The Debtor can be reached at:

         LLC Luzskiy Wood Enterprise
         Artelnaya St.
         Sharapova Okhota
         Serpukhivskiy
         Moskovskaya
         Russia


MOSCOW INTEGRATED: Fitch Downgrades Issuer Default Rating to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has downgraded OJSC Moscow Integrated Power
Company's Long-term foreign currency Issuer Default Rating to
'BB+' from 'BBB-' (BBB minus).  The Outlook on MIPC's Long-term
IDR remains Negative.  The agency has simultaneously downgraded
MIPC's Short-term IDR to 'B' from 'F3' and downgraded the
company's National Long-term Rating to 'AA(rus)' from 'AA+(rus)'.
The Outlook on the National LT Rating has been revised to Negative
from Stable.  MIPC's National Short-term Rating is affirmed at
'F1+(rus)'.

The rating actions reflect Fitch's downgrade of the City of
Moscow's Long-term foreign and local currency ratings to 'BBB'
from 'BBB+', and the downgrade of the city's Short-term rating to
'F3' from 'F2'.  The City of Moscow's Long-term foreign and local
currency ratings remain on Negative Outlook.

MIPC is a heat generator and distributor in the Moscow region with
a small power generation segment. It is 83% owned by the City of
Moscow.  The company operates independently of the city,
collecting payment directly from customers through regulated
tariffs.  However, MIPC's ratings are linked to the city due to
extensive support in several key areas, such as the company's
investment program.


SERGEYEVSKIY COAL LLC: Creditors Must File Claims by April 2
------------------------------------------------------------
Creditors of LLC Sergeyevskiy Coal (TIN 2812007444) have until
April 2, 2009 to submit proofs of claims to:

         Yu. Koshelev
         Insolvency Manager
         Office 17
         50 let Oktyabrya St. 24/2
         Blagoveshchensk
         675000 Amurskaya
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A04–6540/08–11/464B.

The Debtor can be reached at:

         LLC Sergeyevskiy Coal
         Sergeyevka
         Blagoveshchenskiy
         675513 Amurskaya
         Russia


SEVER-METAL LLC: Creditors Must File Claims by March 2
------------------------------------------------------
Creditors of LLC Sever-Metal (TIN 1121011930) (Metallurgy,
Foundry) have until March 2, 2009 to submit proofs of claims to:

         O. Zuyev
         Temporary Insolvency Manager
         Pechorskiy prospect 83-44
         169900 Pechora
         Komi
         Russia

The Arbitration Court of Komi will convene at 09:00 a.m. on
May 14, 2009 to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A29–10676/2008.

The Court is located at:

         The Arbitration Court of Komi
         Ordzhonokidze St. 49a
         167982 Syktyvkar
         Komi
         Russia

The Debtor can be reached at:

         LLC Sever-Metal
         Sysolskoe  shosse 15
         167004 Syktyvkar
         Komi
         Russia


SPETS-IN-STROY OJSC: Creditors Must File Claims by April 2
----------------------------------------------------------
Creditors of OJSC Spets-In-Stroy (TIN 3128061517) (Construction)
have until April 2, 2009 to submit proofs of claims to:

         P. Pozdnyakov
         Insolvency Manager
         Post User Box 16
         Kosmonavtov St. 10
         394038 Voronezh
         Russia

The Arbitration Court of Belgorodskaya will convene at 10:10 a.m.
on March 3, 2009 to hear bankruptcy proceedings.  The case is
docketed under Case No. A08–2405/08–31B.

The Debtor can be reached at:

         OJSC Spets-In-Stroy
         Lenina St. 67
         Staryy Oskol
         309500 Belgorodskaya
         Russia


STROY-CITY LLC: Creditors Must File Claims by March 2
-----------------------------------------------------
Creditors of LLC Stroy-City (TIN 7726524511) (Construction) have
until March 2, 2009 to submit proofs of claims to:

         P. Shkuratovskiy
         Temporary Insolvency Manager
         B. Tishinskiy pereulok 38
         123557 Moscow
         Russia

The Arbitration Court of Moscow will convene at 11:30 a.m. on
May 12, 2009 to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A40–68288/08-44-232B.

The Debtor can be reached at:

         LLC Stroy-City
         Office 2
         Fruktovaya St. 7
         117556 Moscow
         Russia


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

         R. Stepunin
         Temporary Insolvency Manager
         Office 110
         Sovetskaya St. 106a
         392017 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A64-4068/08-10.

The Debtor can be reached at:

         LLC Tambov-Story
         Stoiteley Blvd 2
         Tambov
         Russia


URENSKIY KHIM-LES-KHOZ: Creditors Must File Claims by March 2
-------------------------------------------------------------
Creditors of CJSC Urenskiy Khim-Les-Khoz (TIN 5235004475)
(Forest Products) have until March 2, 2009 to submit proofs of
claims to:

         Ye. Bogdanova
         Temporary Insolvency Manager
         Office 15
         Velozavodskaya St. 9
         115280 Moscow
         Russia

The Arbitration Court of Nizhegorodskaya will convene at
1:00 p.m. on May 19, 2009 to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A43–31086/2008,
33–204.

The Debtor can be reached at:

         CJSC Urenskiy Khim-Les-Khoz
         Lenina St. 29
         Uren'
         606800 Nizhegorodskaya
         Russia


VIKO LLC: Creditors Must File Claims by March 2
-----------------------------------------------
Creditors of LLC Viko (Non-Alcoholic Beverages Production) have
until March 2, 2009 to submit proofs of claims to:

         P. Volkov
         Temporary Insolvency Manager
         Starostina St. 19
         183071 Murmansk
         Russia

The Arbitration Court of Murmanskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A42–
6315/2008.

The Debtor can be reached at:

         LLC VIKO
         Office 226
         S. Perovskoy St.17
         183038 Murmansk
         Russia


* Fitch Cuts Issuer Default Ratings of Four Russian Companies
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-term foreign currency Issuer
Default Ratings of four Russian companies.  The agency has
simultaneously revised the Long-term foreign currency IDR Outlooks
on two other Russian companies and affirmed their ratings.  The
rating actions follow Fitch's downgrade of Russia's foreign and
local currency IDRs to 'BBB' from 'BBB+' respectively.  The
Outlooks on the sovereign Long-term IDRs remain Negative.  A list
of affected corporate ratings follows.

Russian companies whose foreign currency ratings have been
downgraded are:

JSC Russian Railways (RZD)

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook remains Negative

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

  -- Short-term local currency IDR: downgraded to 'F3' from 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     remains Stable

  -- National senior unsecured rating: affirmed at 'AAA(rus)'

RZD's ratings are aligned with the sovereign's because the company
is 100% state-owned and because of its strategic importance.

Sukhoi Civil Aircraft JSC (SCAC)

  -- Long-term foreign currency IDR: downgraded to 'BB' from
     'BB+'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'BB' from 'BB+';
     Outlook remains Negative

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

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

  -- Senior unsecured rating: downgraded to 'BB' from 'BB+'

  -- National Long-term rating: downgraded to 'AA-(rus)' (AA
     minus) from 'AA(rus)'; Outlook revised to Negative from
     Stable

  -- National Short-term rating: affirmed at 'F1+(rus)'

SCAC's ratings are linked to the sovereign's because it is
majority state-owned and because of its strategic importance.

Federal Hydrogeneration Company HydroOGK (RusHydro)

  -- Long-term foreign currency IDR: downgraded to 'BB+' from
     'BBB-' (BBB minus); Outlook remains Negative

  -- National Long-term rating: downgraded to 'AA(rus)' from
     AA+(rus)'; Outlook revised to Negative from Stable

RusHydro's ratings are linked to those of Russia due to its state
ownership, the strategic importance of the company to the state,
and a degree of reliance by the company on investment funding from
the state.

OAO AK Yakutskenergo (YE)

  -- Long-term foreign currency IDR: downgraded to 'BB' from
     'BB+'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'BB' from 'BB+';
     Outlook remains Negative

  -- National Long-term rating: downgraded to 'AA-(rus)' (AA
     minus) from AA(rus)'; Outlook remains Negative

YE's ratings are linked to those of Russia due to state ownership,
the strategic importance of the company to the state, direct
federal subsidisation, and its reliance on state-controlled banks
for the majority of debt funding and liquidity.

There will be a separate announcement for OJSC Moscow Integrated
Power Company later on today.

Russian companies whose foreign currency rating Outlooks have been
revised and ratings affirmed are:

OAO Gazprom (Gazprom)

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Negative from Stable

  -- Long-term local currency IDR: affirmed at 'BBB'; Outlook
     revised to Negative from Stable

  -- Senior unsecured rating: affirmed at 'BBB'

Gaz Capital S.A.'s debt issuance programme: affirmed at 'BBB'
Gazprom's ratings are based on its standalone profile, although
its state ownership and the influence of the state on Gazprom's
business environment and financial profile are factored into the
ratings.

OJSC OC Rosneft (Rosneft)

  -- Long-term foreign currency IDR: affirmed at 'BBB-' (BBB
     minus); Outlook revised to Negative from Stable

  -- Long-term local currency IDR: affirmed at 'BBB-' (BBB minus);
     Outlook revised to Negative from Stable

  -- Rosneft Capital S.A.'s debt issuance program: affirmed at
     'BBB-' (BBB minus)

Rosneft's ratings benefit from the state's majority ownership as
well as implied and historically demonstrated indirect support,
which is particularly relevant for the company given its rapid and
acquisition-driven growth.


* Fitch Downgrades Issuer Default Ratings of 14 Russian Banks
-------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Ratings of 14
Russian banks, four European banking subsidiaries of Russian Bank
VTB and three Russian leasing companies by one notch; the IDRs of
all of these entities remain on Negative Outlook.  This action
follows the downgrade of Russia's Long-term IDRs to 'BBB'/Negative
from 'BBB+'/Negative and the Russia's Country Ceiling to 'BBB+'
from 'A-' (A minus).

The downgrades of ZAO Unicredit Bank, Absolut Bank, ZAO
Raiffeisenbank, Orgresbank, CJSC Santander Consumer Bank, ZAO
Citibank and Rosbank follow the downgrade of Russia's Country
Ceiling.  The Negative Outlooks on these banks' IDRs reflect the
potential for further downgrades in the event of another downgrade
of the Country Ceiling.  The Country Ceiling of Russia captures
transfer and convertibility risks and limits the extent to which
support from the foreign shareholders of these banks can be
factored into their Long-term foreign currency IDRs.  Their Long-
term local currency IDRs, where assigned, also take account of
Russian country risks.

ZAO Unicredit Bank is 100%-owned by UniCredit S.p.A.
('A+'/Negative); Absolut Bank is 95%-owned by Belgium-based KBC
Bank ('A+'/Negative Outlook); ZAO Raiffeisenbank is 99.97 %-owned
by Raiffeisen International Bank-Holding AG, which in turn is
68.5%-owned by Austria's Raiffeisen Zentralbank Osterreich AG
(Support Rating '1'); Orgresbank is currently 91%-owned by Nordea
Bank AB ('AA-' (AA minus)/Stable); CJSC Santander Consumer Bank is
100%-owned by Santander Consumer Finance ('AA'/Rating Watch
Negative); ZAO Standard Bank is 100%-controlled by Standard
International Holdings S.A. ('A-'(A minus)/Negative), the holding
company for the international operations of Standard Bank Group
Limited, whose main operating subsidiary is the Standard Bank of
South Africa Limited ('A-'(A minus)/Negative); ZAO Citibank is
100%-owned by Citigroup Inc. ('A+'/Stable) via US-based
subsidiaries; and Rosbank is 57.57%-owned by France's Societe
Generale (rated 'AA-' (AA minus)/Negative).  The Long- and Short-
term IDRs and Support ratings of these banks reflect the high
probability of support being forthcoming from their foreign
majority shareholders, in case of need.

The downgrades of Vnesheconombank, Sberbank, Bank VTB, Russian
Agricultural Bank and Rosagroleasing reflect the deterioration in
the government's ability to provide support, in case of need.  The
Russian state owns 77.5% and 60.3% (of ordinary shares),
respectively, of Bank VTB and Sberbank.  Russian Agricultural Bank
and Rosagroleasing are fully owned by the government.
Vnesheconombank is a state corporation established by the Russian
Federation and was assigned the role of a national development
bank by federal law in May 2007.

The downgrades of Bank VTB North-West, Bank VTB24, VTB Leasing,
VTB Bank (Austria), VTB Bank (France), VTB Bank Europe and Russian
Commercial Bank (Cyprus) follow the downgrade of their parent,
Bank VTB.  The downgrade of the Long-term IDR of VEB-Leasing
follows the downgrade of its majority owner, Vnesheconombank.
These rating actions reflect the weakening of the ability of Bank
VTB and Vnesheconombank to support their subsidiaries, which is in
turn due to the reduced ability of the Russian authorities to
provide support to those banks.

The downgrade of Bank of Moscow follows the downgrade of the City
of Moscow's Long-term ratings (see separate announcement on
www.fitchratings.com), also following the downgrade of the Russian
sovereign IDRs.  The City of Moscow owns 44% of BOM directly and
controls a further 15% through Capital Insurance Group.

Fitch has also revised the Outlook on the National Long-term
rating of ZAO Standard Bank to Stable from Negative; ZAO Standard
Bank's other ratings are affirmed.  The change in Outlook reflects
the fact that, even if ZAO Standard Bank's Long-term IDR is
downgraded by one-notch in the future, it will remain a relatively
strong credit in Russia and continue to merit an 'AAA(rus)'
National rating.

Absolut Bank

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from
     'A-' (A minus); Outlook Negative

  -- Senior unsecured debt: Long-term rating downgraded to 'BBB+'
     from 'A-' (A minus)

  -- Short-term foreign currency IDR: affirmed at 'F2'

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

  -- Support rating: downgraded to '2' from '1'

  -- Individual rating: affirmed at 'D'

Bank VTB (JSC)

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Negative

  -- Long-term local currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Negative

  -- Senior unsecured debt program: Long-term rating downgraded
     to 'BBB' from 'BBB+'; Short-term rating downgraded to 'F3'
     from 'F2'

  -- Senior unsecured debt: Long-term rating downgraded to 'BBB'
     from 'BBB+'

  -- Subordinated debt: Long-term rating downgraded to 'BBB-' (BBB
     minus) from 'BBB'

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

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

  -- Support rating: affirmed at '2'

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

  -- Support Rating Floor: revised to 'BBB' from 'BBB+'

Bank of Moscow

  -- Long-term foreign currency IDR: downgraded to 'BBB-' (BBB
     minus) from 'BBB'; Outlook Negative

  -- Senior unsecured debt: Long-term rating downgraded to
     'BBB-'(BBB minus) from 'BBB'

  -- Subordinated debt: Long-term rating downgraded to 'BB+' from
     'BBB-' (BBB minus)

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

  -- National Long-term rating: affirmed at 'AA+(rus)'; Outlook
     Stable

  -- Support rating: affirmed at '2'

  -- Individual rating: affirmed at 'D'

CJSC Bank VTB24

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook negative

  -- Senior unsecured debt program: Long-term rating downgraded
     to 'BBB' from 'BBB+'; Short-term rating downgraded to 'F3'
     from 'F2'

  -- Senior unsecured debt: Long-term rating downgraded to 'BBB'

     from 'BBB+'

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

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

  -- Support rating: affirmed at '2'

  -- Individual rating: affirmed at 'D'

CJSC Santander Consumer Bank

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from
     'A-' (A minus); Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

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

  -- Support rating: downgraded to '2' from '1'

JSC Bank VTB North-West

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Negative

  -- Subordinated debt: Long-term rating downgraded to 'BBB-' (BBB
     minus) from 'BBB'

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

  -- Support rating: affirmed at '2'

  -- Individual rating: affirmed at 'D'

JSC Rosagroleasing

  -- Long-term foreign currency IDR: downgraded to 'BBB-' (BBB
     minus) from 'BBB'; Outlook Negative

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

  -- National Long-term rating: affirmed at 'AA+(rus)'; Outlook
     Stable

  -- Support rating: affirmed at '2'

  -- Support Rating Floor: revised to 'BBB-' (BBB minus) from
     'BBB'

OJSC VEB-Leasing

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Negative

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

  -- Support rating: affirmed at '2'

Orgresbank

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from
     'A-' (A minus); Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

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

  -- Support rating: downgraded to '2' from '1'

  -- Individual rating: affirmed at 'D'

Rosbank

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from
     'A-' (A minus); Outlook Negative

  -- Long-term local currency IDR: downgraded to 'BBB+' from 'A-'
     (A minus); Outlook Negative

  -- Senior unsecured debt program: Long-term rating downgraded
     to 'BBB+' from 'A-' (A minus); Short-term rating affirmed at
     'F2'

  -- Senior unsecured debt: Long-term rating downgraded to 'BBB+'
     from 'A-' (A minus)

  -- Short-term foreign currency IDR: affirmed at 'F2'

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

  -- Support rating: downgraded to '2' from '1'

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

Russian Agricultural Bank

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Negative

  -- Senior unsecured debt program: Long-term rating downgraded
     to 'BBB' from 'BBB+'; Short-term rating downgraded to 'F3'
     from 'F2'

  -- Senior unsecured debt: Long-term rating downgraded to 'BBB'
     from 'BBB+'

  -- Subordinated debt: Long-term rating downgraded to 'BBB-' (BBB
     minus) from 'BBB'

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

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

  -- Support rating: affirmed at '2'

  -- Individual rating: affirmed at 'D'

  -- Support Rating Floor: revised to 'BBB' from 'BBB+'

Russian Commercial Bank (Cyprus) Ltd

  -- Long-term foreign currency IDR: downgraded to 'BBB-' (BBB
     minus) from 'BBB'; Outlook Negative

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

  -- Support rating: affirmed at '2'

Sberbank - Savings Bank of the Russian Federation

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Negative

  -- Senior unsecured debt program: Long-term rating downgraded
     to 'BBB' from 'BBB+'; Short-term rating downgraded to 'F3'
     from 'F2'

  -- Senior unsecured debt: Long-term rating downgraded to 'BBB'
     from 'BBB+'

  -- Subordinated debt: Long-term rating downgraded to 'BBB-' (BBB
     minus) from 'BBB'

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

  -- Support rating: affirmed at '2'

  -- Individual rating: affirmed at 'C'

  -- Support Rating Floor: revised to 'BBB' from 'BBB+'

Vnesheconombank

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Negative

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

  -- Support rating: affirmed at '2'

  -- Support Rating Floor: revised to 'BBB' from 'BBB+'

VTB Bank (Austria) AG

  -- Long-term foreign currency IDR: downgraded to 'BBB-' (BBB
     minus) from 'BBB'; Outlook Negative

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

  -- Support rating: affirmed at '2'

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

VTB Bank (France) SA.


  -- Long-term foreign currency IDR: downgraded to 'BBB-' (BBB
     minus) from 'BBB'; Outlook Negative

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

  -- Support rating: affirmed at '2'

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

VTB Bank Europe plc.

  -- Long-term foreign currency IDR: downgraded to 'BBB-' (BBB
     minus) from 'BBB'; Outlook Negative

  -- Senior unsecured debt program: Long-term rating downgraded
     to 'BBB-' (BBB minus) from 'BBB'

  -- Senior unsecured debt: Long-term rating downgraded to 'BBB-'
     (BBB minus) from 'BBB'

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

  -- Support rating: affirmed at '2'

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

VTB Leasing

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Negative

  -- Long-term local currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Negative

  -- Senior unsecured debt: Long-term rating downgraded to 'BBB'
     from 'BBB+'

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

  -- Short-term local currency IDR: downgraded to 'F3' from 'F2'

  -- Support rating: affirmed at '2'

ZAO Citibank

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from
     'A-' (A minus); Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

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

  -- Support rating: downgraded to '2' from '1'

  -- Individual rating: affirmed at 'D'

ZAO Raiffeisenbank

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from
     'A-' (A minus); Outlook Negative

  -- Senior unsecured debt program: Long-term rating downgraded
     to 'BBB+' from 'A-' (A minus); Short-term rating affirmed at
     'F2'

  -- Short-term foreign currency IDR: affirmed at 'F2'

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

  -- Support rating: downgraded to '2' from '1'

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

ZAO Standard Bank

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     revised to Stable from Negative

  -- Support rating: affirmed at '2'

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

ZAO Unicredit Bank

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from
     'A-' (A minus); Outlook Negative

  -- Long-term local currency IDR: downgraded to 'BBB+' from 'A-'
     (A minus); Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Short-term local currency IDR: affirmed at 'F2'

  -- Support rating: downgraded to '2' from '1'

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


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


TDA CAM: Moody's Assigns (P)C Rating on EUR76 Mln Series D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to these classes of Notes to be issued by TDA CAM 12 Fondo de
Titulizacion de Activos, a Spanish Asset Securitisation Fund :

  - (P)Aaa to the EUR380.0 million Series A1 notes
  - (P)Aaa to the EUR665.0 million Series A2 notes
  - (P)Aaa to the EUR418.0 million Series A3 notes
  - (P)Aaa to the EUR228.0 million Series A4 notes
  - (P)Ba1 to the EUR57 million Series B notes
  - (P)B1 to the EUR152 million Series C notes
  - (P)C to the EUR76 million Series D notes

The transaction represents the securitization of Spanish
residential mortgage loans originated by CAM (Caja de Ahorros del
Mediterraneo, A2/Prime-1).  The assets supporting the Notes are
loans granted to individuals and secured by a first lien mortgage
guarantee, with different types of mortgage properties located in
Spain and different loan purposes.  CAM will continue to service
the loans.

The ratings of the Notes are based upon the analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, the legal and
structural integrity of the issue and the credit quality of the
parties involved in the transaction.

According to Moody's, this deal benefits from several strengths,
including these: (1) a relatively seasoned portfolio with average
seasoning of approximately 2.3 years, (2) a reserve fund that is
fully funded at closing to cover any potential shortfall in
interest and principal; (3) a 12-month artificial write-off
mechanism; and (4) a swap that hedges the interest rate risk
resulting from the mismatch between asset and note interest rates.
However, the transaction poses several challenging features,
namely (1) geographical concentration on the Spanish coastal
arrears, specifically on the region of Valencia (35.4% of the
provisional pool), (2) Approx. 13% of loans are backed by more
than one property for which the legal responsibility could not be
provided, and which can be released.  Moody's has taken this risk
into account in the assumed valuation of the properties to reach
100% LTV, (3) 35% of the pool has an LTV exceeding 80% (includes
the stress on LTV for multi-property loans), (4) approximately 22%
of the pool consists of loans backed by vacation / second homes,
and (5) compared to most previous transactions in the TDA CAM
series, this transaction includes looser arrears triggers for the
pro-rata amortization of the series as well as for the Reserve
Fund amortization.  These increased risks were reflected in the
ratings assigned.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest and ultimate payment of principal on
Series A, B, and C notes at par on or before the legal final
maturity date, as well as the ultimate payment of interest and of
principal prior to the legal final maturity date of the Fund for
the Series D notes.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed but may have a significant effect on the yield to
investors.

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.

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


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


BADER INFORMATIK: Creditors Must File Proofs of Claim by Feb. 13
----------------------------------------------------------------
Creditors owed money by LLC Bader Informatik are requested to file
their proofs of claim by Feb. 13, 2009, to:

         Notary's Office Schwarz + Neuenschwander
         Martin Schwarz
         Neuengasse 25
         3011 Bern
         Switzerland

The company is currently undergoing liquidation in Kirchlindach.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 23, 2008.


BENQ SWITZERLAND: Deadline to File Proofs of Claim Set Feb. 14
--------------------------------------------------------------
Creditors owed money by JSC Benq Switzerland are requested to file
their proofs of claim by Feb. 14, 2009, to:

         Martin Wiebecke
         Kohlrainstrasse 10
         8700 Kusnacht/Zurich
         Switzerland

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


HOLZBAU BUEL: Creditors Have Until February 14 to File Claims
-------------------------------------------------------------
Creditors owed money by JSC Holzbau Buel are requested to file
their proofs of claim by Feb. 14, 2009, to:

         Alice Staheli
         Bleichiweg 2a
         9053 Teufen AR
         Austria

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


HUTH ENGINEERING: Proofs of Claim Filing Deadline Set Feb. 15
-------------------------------------------------------------
Creditors owed money by LLC Huth Engineering are requested to file
their proofs of claim by Feb. 15, 2009, to:

         Brunigstrasse 32
         6072 Sachseln

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


K + S CONSULTING: Creditors' Proofs of Claim Due by Feb. 13
-----------------------------------------------------------
Creditors owed money by LLC K + S Consulting are requested to file
their proofs of claim by Feb. 13, 2009, to:

         Advocacy Probst Rechtsanwalte
         Mirjam Gahweiler
         Liquidator
         8401 Winterthur
         Switzerland

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


KWS BAULEITUNGEN: Feb. 14 Set as Deadline to File Claims
--------------------------------------------------------
Creditors owed money by LLC KWS Bauleitungen are requested to file
their proofs of claim by Feb. 14, 2009, to:

         Alois Kempf-Wyrsch
         Postmatte 2
         6462 Seedorf
         Switzerland

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


MARINIC JSC: Creditors Must File Proofs of Claim by Feb. 15
-----------------------------------------------------------
Creditors owed money by JSC Marinic are requested to file their
proofs of claim by Feb. 15, 2009, to:

         Urs J. Hausheer
         Liquidator
         Company Hausheer & Partner
         Untermuli 6
         6302 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.


SUTER-SOFTWARE LLC: Deadline to File Proofs of Claim Set Feb. 14
----------------------------------------------------------------
Creditors owed money by LLC Suter-Software (SSO) are requested to
file their proofs of claim by Feb. 14, 2009, to:

         Silvia Hausler
         Flurweg 12
         3072 Ostermundigen
         Switzerland

The company is currently undergoing liquidation in Muri bei Bern.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 4, 2008.


UA-LESINVEST LLC: Creditors Have Until Feb. 14 to File Claims
-------------------------------------------------------------
Creditors owed money by LLC UA-LesInvest are requested to file
their proofs of claim by Feb. 14, 2009, to:

         Ebni 1205
         9428 Walzenhausen
         Switzerland

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


UBS AG: Held Prelim JV Talks With Wachovia, New York Post Says
--------------------------------------------------------------
UBS AG has held preliminary talks with Wachovia Securities LLC
about forging a joint venture of their North American wealth-
management units, Mark DeCambre at New York Post reported.

According to The Post, it's unclear at what stage the discussions
are in, or exactly what form a joint venture might take, and one
source warned a deal might never materialize.

A UBS spokeswoman declined to comment while a Wells Fargo
spokeswoman directed calls to a Wachovia Securities spokeswoman,
who declined to comment, The Post said.

                      Morgan Stanley Talks

UBS had held talks with Morgan Stanley late last year over the
sale of its U.S. brokerage unit, UBS Financial Services, a source
familiar with the matter told Reuters on Monday, Feb. 2.

The talks were preliminary and are not likely to be revived,
Reuters's source said, adding UBS is not in talks with any other
buyers for the unit but is focusing on strengthening it.

As reported in the Troubled Company Reporter-Europe, UBS signed
last month a transfer agreement with Barclays Bank PLC regarding
the further sale of parts of its non-strategic commodities
businesses.

UBS confirmed Barclays Capital has agreed terms for transferring
the risks associated with UBS's base metals, oil and US power and
gas businesses.

The sale followed the announcement on December 22, 2008, that J.P.
Morgan has agreed to buy the entire Canadian-based commodities
energy business and UBS's global agricultural businesses.

On December 31, 2008, UBS said it sold its investment of
approximately 3.4 billion Bank of China Limited H-shares through a
placing to institutional investors.

UBS acquired the approximately 3.4 billion Bank of China H-shares
stake in 2005 in preparation for Bank of China's IPO to the
international market.

                          New Brokers

Bloomberg News reported Tuesday UBS hired more than 200 brokers in
the U.S. in the fourth quarter as it sought to counter client
defections.

According to the report, Karina Byrne, a spokeswoman for the
Zurich-based bank, said in an interview UBS hired a team of five
in Dallas from Goldman Sachs Group Inc. and a group of the same
number from Morgan Stanley in Houston.

UBS lured employees by offering signing bonuses of as much as 260
percent of the revenue the brokers brought in over the previous 12
months, Bloomberg News says citing two people with knowledge of
the matter who declined to be identified.

"It was one of the more aggressive deals that we've ever seen in
this industry," Bloomberg News quoted Rick Peterson, the president
of Rick Peterson & Associates, a recruitment firm in Houston, as
saying.

Mindy Diamond, president of Diamond Consultants LLC in Chester,
New Jersey, warned that "super-sized" bonus deals may alienate
existing brokers at UBS and increase attrition, Bloomberg News
relates.

                        Tax-Evasion Suit

UBS faces a purported class-action lawsuit over allegations the
Swiss bank helped thousands of Americans avoid paying taxes, the
Class Action Reporter said Feb. 3
citing Chad Bray of Dow Jones.

The lawsuit was filed in U.S. District Court for the Southern
District of New York on Jan. 30, 2009 under the caption, "New
Orleans Employees' Retirement System v. UBS AG et al., Case No.
1:2009-cv-00893."

It alleges UBS bolstered the new account money it attracted by
engaging in a fraudulent scheme to help ultra high-net worth U.S.
clients avoid U.S. taxes by "secreting billions of their funds in
'undeclared' Swiss bank accounts."

The lawsuit was filed on behalf of the New Orleans Employees'
Retirement System, which manages about US$400 million in assets
and is a UBS shareholder.  It is seeking class-action status on
behalf of investors who purchased UBS shares between May 4, 2004
and Jan. 26, 2009, according to Chad Bray of Dow Jones.

                         About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 1,
2008, Moody's Investors Service downgraded its rating on UBS AG-
London Branch's GBP153,727,000 Credit Default Swap (with scheduled
termination date on October 2014) to "B2" from "A3".

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on Sept. 15, 2008, Washington
Mutual Inc., which was seized by federal regulators on Sept. 25,
2008 and subsequently virtually all of its assets were sold to
JPMorgan Chase, Fannie Mae and Freddie Mac, which were placed into
the conservatorship of the U.S. government on Sept. 8, 2008 and
one Icelandic bank, specifically Kaupthing Bank hf.

On Nov. 26, 2008, the TCR reported Moody's Investors Service
downgraded its rating on UBS AG-Jersey Branch's Series 6116 CHF
50,000,000 Fixed Rate Notes (due 2017 linked to the credit of a
portfolio of Reference Entities managed by JPMorgan Asset
Management UK Limited) to "Caa3" from "A2".

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Fannie
Mae and Freddie Mac, which were placed into the conservatorship of
the U.S. government on Sept. 8, 2008 and two Icelandic banks,
specifically Kaupthing Bank hf and Glitnir Banki hf.


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


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

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

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

The Debtor can be reached at:

         LLC Avangard-Text
         Karbishev St. 2
         43026 Lutsk
         Ukraine


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

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

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

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Firm Azotbuildinvest
         Pervomayskaya St. 72
         18014 Cherkassy
         Ukraine


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

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

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

The Debtor can be reached at:

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


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

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


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

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Hortitsa
         Sverdlov St. 12
         Gerezhenovka
         Uman
         Cherkassy
         Ukraine


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

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

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

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

The Debtor can be reached at:

         LLC Initio
         Vozdukhoflotsky Avenue, 92-B
         03036 Kiev
         Ukraine


INTERPIPE LIMITED: Fitch Junks Issuer Default Rating from 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Ukraine-based pipes and railway
wheels producer Interpipe Limited's Long-term Issuer Default
Rating to 'CCC' from 'B-' (B minus).  The agency has
simultaneously downgraded Interpipe's Short-term IDR to 'C' from
'B' and downgraded its senior unsecured rating to 'CCC/'RR4' from
'B-' (B minus)/'RR4'.  The Long-term IDR and senior unsecured
rating remain on Rating Watch Negative pending the outcome of
covenants testing in FYE2008 and FY2009.

The downgrades reflect Fitch's view that Interpipe's capacity for
meeting its financial obligations and passing covenants testing in
FYE2008 and FY2009 is increasingly impaired, given the global
economic recession and the associated volatility in demand for,
and pricing of, pipes and wheel products.  Fitch expects the
company's FYE08 results will be weaker than previously forecasted
by the agency.  Based on an assumption that Q408 revenue dropped
approximately 50% compared with Q308, Fitch expects FY08 EBITDA,
adjusted by foreign currency translation and exchange difference,
to be US$310-350 million, Gross debt of USD977m and Net Debt of
US$874 million.  Fitch believes there is a real possibility that
Interpipe could breach its Net Debt/EBITDA covenant (lower than
2.5x) under its US$344 million Export Credit Agency finance
facility.  The agency estimates that FYE2008 Net Debt/EBITDA could
be in the range of 2.49x-2.8x.  The latest covenants testing,
based on Interpipe's Q308 financials, resulted in Net debt/EBITDA
at 2.46x-2.47x.

Fitch forecasts that market conditions will remain weak throughout
FY2009 resulting in continuing negative pressure on the issuer's
credit profile.  Fitch's downside scenario expects demand for oil
and gas pipes, which represent more than 60% of company pipe
sales, to be 10%-15% on average below that of FY08 due to lower
oil prices and a contraction in oil extraction.  Demand for
industrial pipes, which represent more than 30% of company pipe
sales, is expected to drop by 30%-50% because of an anticipated
reduction in output in construction and machine-building
industries.  Pipe prices are expected to be 25-30% below that of
Q308 and the expected reduction in infrastructure spending by
railway companies will likely cause a 20%-30% demand drop for
wheels.  Some markets, such as Russia, will be characterized by
excess production capacity which will cause serious imbalances
between supply and demand.

As a result, Fitch estimates that Interpipe's FY2009 revenue could
potentially drop by 40%-50% resulting in EBITDAR of around US$230-
260 million.  Interpipe's FY2009 gross leverage ratios (Gross
Debt/EBITDA) and net leverage ratios (Net Debt/EBITDA) are
expected to be 3.80x-4.1x and 3.4x-3.5x respectively which exceed
the existing covenants level of Net Debt/EBITDA lower than 2.5x
and Gross Debt/EBITDA lower than 3.0x-3.5x depending on the loans.
Fitch also has concerns about Interpipe's FY2009 liquidity
position and forecasts FYE2009 cash flow from operations of
US$300-320 million compared with expected debt maturities of
US$350 million.

The resolution of the RWN is contingent upon the outcome of
covenants testing in FYE2008 and FY2009, including confirmation
that the issuer has taken measures to improve its liquidity
position and capacity for meeting its financial obligations.
Conversely, a failure to perform these steps could place
additional negative pressure on Interpipe's ratings.

Fitch downgraded Interpipe's Long-term IDR and senior unsecured
rating on December 19, 2008, when it also placed both ratings on
RWN.  The RWN was assigned following the outcome of the tender
offer for Interpipe's bonds and pending visibility that the issuer
would be able to pass quarterly testing of all covenants in 2009.
The December downgrade reflected Fitch's view that Interpipe's
request to amend the covenants and expand the list of Permitted
Indebtedness signaled ongoing and increased negative pressure on
the issuer's credit profile.  While the tender resulted in a
substantial volume of Interpipe Eurobonds being tendered and the
proposed amendments to the bond covenants level increasing from
Gross Debt/EBITDA<3.5x up to Gross Debt/EBITDA<4.5x, and an
expansion of the list of Permitted Indebtedness was approved,
increasingly adverse market conditions have continued to
negatively impact the issuer's performance.

As of December 18, 2008, Interpipe had total debt of US$970
million of which US$465 million was secured by company assets.
Interpipe's gearing increased from Net Debt/EBITDA of 0.2x as of
FY07 to 2.46x-2.47x in Q3 FY08 due to a strategic capital
expenditure program to construct an electric arc furnace and
demands on working capital tied to business expansion.  The
Recovery Rating applied to Interpipe's senior unsecured notes of
'RR4 takes into account the split between secured and unsecured
debt and indicates Fitch's expectation of more than a 30% recovery
of the unsecured debt in the event of default.


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

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

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

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

The Debtor can be reached at:

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


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

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

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

The Debtor can be reached at:

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


UKREXIMBANK: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------
Fitch Ratings has affirmed Ukraine-based JSC The State Export-
Import Bank of Ukraine's Long-term Issuer Default Rating at 'B+'
with a Negative Outlook and its Individual rating of 'D'.

Ukreximbank's Long-term and Short-term IDRs, Support Rating and
National Long-term rating are underpinned by potential support
from the Ukrainian authorities, in case of need, based on
Ukreximbank's state ownership and its policy role.  The ratings
also take into consideration the ability of the Ukrainian
authorities to provide support, as indicated by the sovereign's
Long-term foreign currency IDR of 'B+'.  The Negative Outlook on
the bank's Long-term IDR reflects the Outlook on the sovereign's
Long-term IDR.  A downgrade of Ukraine' sovereign ratings would
result in a downgrade of Ukreximbank's ratings.

Ukrexim's asset quality is likely to deteriorate significantly in
2009 in light of the sharp depreciation of the UAH in Q408, the
weaker outlook for the Ukrainian economy, the bank's recent rapid
loan growth, the very high proportion of foreign currency lending
and significant exposure to the construction/real estate sector.
However, in Fitch's view, these risks are currently reflected in
the bank's 'D' Individual rating.  Ukrexim's stand-alone financial
profile is supported by its currently reasonable capitalization,
moderate loan impairment to date, satisfactory liquidity position,
relatively stable customer funding and the bank's solid corporate
franchise, which is focused on companies engaged in foreign trade
and often with access to foreign currency revenues.

Loan growth, while very rapid to end-2007, slowed significantly to
nearly 20% in 9M08 (below the sector average pace of growth) and
was very limited in Q408 (net of FX effects).  Borrower
concentrations remain high, albeit comparable with many other CIS
banks: the top 20 borrowers accounted for 29% of loans and 219% of
equity at end-Q308, albeit the latter ratio should have reduced
significantly as a result of subsequent capital injections.
Lending to a large state-owned company from the energy sector is
now about 13% of equity, Fitch estimates, following the end-
January equity injection.  Loans issued for the purposes of real
estate development and construction were sizable, at around 80% of
capital at end-January 2009, which increases the bank's risk
profile.  Impaired loans (defined as loans overdue by more than 90
days) were low at 1.1% at end-Q308 with reserve coverage of 2.5x,
but are likely to rise significantly.  A very high 78% of
Ukrexim's lending was in foreign currencies at  end-2008, although
Fitch notes that most of these loans were made to exporters with
foreign currency revenues.

The regulatory capital adequacy ratio fell to a low 10.6%
(regulatory minimum: 10%) at end-2008, due to the effects of the
UAH depreciation.  However, this has improved considerably to
19.7% following a UAH3.7 billion equity injection (equal to almost
80% of end-2008 equity) on January 30, 2009.  Fitch notes that
this new equity, and also a UAH1 billion injection made in Q408,
was contributed in the form of long-dated (7-year), low-rate
(9.5%) government securities; however, concerns about the quality
of capital are at least partially alleviated by Fitch's
understanding that Ukrexim has a put option to sell these bonds to
the National Bank of Ukraine at their nominal value.

Liquidity is currently satisfactory and the bank has been less
affected than peers by the local market turbulence of Q408.  Fitch
estimates that the overall loss of client funding was only 4% (net
of FX effects) during that period.  At end-2008, highly liquid
assets (cash, net short-term (less than one month) interbank
placements and unpledged government securities) were equal to a
significant 41% of total client funds, and this ratio will have
increased substantially following the recent equity injection.
Foreign funding maturing in 2009 accounted for a significant 14%
of liabilities at end-2008; however, this appears manageable in
light of the current liquidity position and the relative stability
of customer funding to date.

Downward pressure on the Individual Rating could result from a
substantial weakening of asset quality, a marked increase in
directed lending or should a combination of deposit outflow and
foreign debt repayments cause a sharp tightening of the liquidity
position.

Ukreximbank was the fifth-largest bank by asset size in Ukraine at
end-Q308.  Its principal franchise lies in serving corporate
customers (mainly export/import oriented) and their employees.
The bank has a notable regional presence through some 140 outlets,
including 30 branches.

Ukreximbank's ratings have been affirmed:

  -- Long-term foreign currency IDR: affirmed at 'B+'; Outlook
     Negative

  -- Senior unsecured debt: affirmed at 'B+'; Recovery Rating
     affirmed at 'RR4'

  -- Subordinated debt: affirmed at 'B-' (B minus); Recovery
     Rating affirmed at 'RR6'

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

  -- Support Rating: affirmed at '4'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating Floor: affirmed at 'B+'

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Stable


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

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

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

The Debtor can be reached at:

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


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


ANGLO OVERSEAS: Goes Into Administration; 70 Jobs Affected
----------------------------------------------------------
Glyn Mummery and Jeremy French, client partners at Vantis Business
Recovery Services (BRS), a division of Vantis, the UK accounting,
tax and business advisory group, were appointed joint
administrators on the administration of international freight
forwarder Anglo Overseas Ltd on January 16, 2009.  The company's
European parent, Ziegler Group, is not affected.

Anglo Overseas Ltd has 15 sites across the UK, including two
bonded warehouses, with a head office in West Thurrock.

The business was forced into insolvency following a prolonged
period of exceptionally difficult trading conditions.  The company
recently entered into a comprise agreement with HM Revenue &
Customs regarding a VAT fraud which, as it was acknowledged, was
not the fault of the company or its staff.  This, compounded with
cash flow restrictions, has resulted in the withdrawal of group
support culminating in the appointment of administrators.

As a part of immediate cost-cutting measures, unfortunately 70 of
the company's 210 staff have had to be made redundant.

Commenting on the administration, Glyn Mummery said: "Anglo
Overseas Ltd has a great deal of heritage and is highly respected
in the marketplace.  It operates what is probably the second
largest bonded warehouse in London, dealing with clients such as
the champagne house that supplies the Royal Family.  We are
working closely with the management team to assess the
opportunities to rescue all or parts of the business."


ASPEN & COURT: Appoints Joint Administrators from KPMG
------------------------------------------------------
Richard Dixon Fleming and Mark Granville Firmin of KPMG LLP were
appointed joint administrators of Aspen & Court Ltd. on Jan. 23,
2009.

The company can be reached through KPMG LLP at:

         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


BERNARD L. MADOFF: Seeks to Hire Counsel for U.K. Proceedings
-------------------------------------------------------------
Irving H. Picard, the trustee for the liquidation of Bernard L.
Madoff Investment Securities Inc., seeks permission from the U.S.
Bankruptcy Court for the Southern District of New York to hire
U.K.-based law firm Lovells LLP to give advice and recover assets
in Europe.

Mr. Picard says it will be necessary to engage counsel to
represent him in the foreign proceedings of MSIL.  He says he
seeks to retain Lovells as special counsel because of its
knowledge, expertise and experience in liquidation proceedings in
the United Kingdom and other European foreign jurisdictions,
including France, Germany, Italy, and Spain.  "Lovells' employment
and retention is necessary and in the best interests of the
Debtor's estate and its customers and creditors," he said.

                      Foreign Proceedings

The directors of Madoff's London entity, Madoff Securities
International Ltd., filed an application with the High Court of
Justice, Chancery Division, Companies Court, for the appointment
of joint provisional liquidators.  After a hearing on December 19,
2008 at which counsel for the Receiver, counsel for the MSIL
Directors, counsel for the Financial Services Authority, and
counsel for the Joint Provisional Liquidators were heard, the High
Court ordered, among other things, that:

   (1) MSIL be placed into a provisional liquidation,

   (2) Mark Richard Byers, Andrew Laurence Hosking, and Stephen
       John Akers of Grant Thornton be appointed joint
       provisional liquidators,

   (3) the affairs, business, and property of MSIL will be
       managed by the joint provisional liquidators,

   (4) the joint provisional liquidators will cooperate with the
       Receiver, the Trustee, and the Financial Services
       Authority, and

   (5) to use their best efforts to provide to the United States
       Department of Justice and SEC the same information
       provided to the Receiver, Trustee, and FSA.

According to Mr. Picard, issues have arisen in other foreign
jurisdictions in Europe such that there may be a need for
representation by counsel in other foreign proceedings in Europe
as he pursues the recovery of customer property.

                          Lovells' Fees

Lovells will be compensated at its normal hourly rates, less a 10%
discount. Lovells normal hourly rates are:

                                            Hourly Rates
                               ----------------------------------
Level of Experience           London (GBP)  Cont. European (EUR)
------------------            ------------  -------------------
Partner                         610                520
Consultants and Senior Lawyers  560                435
Assistant 6-8 years             525                415
Assistant 5-6 years             490                370
Assistant 4-5 years             450                335
Assistant 3-4 years             415                335
Assistant 2-3 years             380                315
Assistant 1-2 years             340                295
Assistant 0-1 years             300                275
Trainee                         230                235

The Securities Investor Protection Corporation, the entity that
applied for the liquidation of BLMIS under the Securities Investor
Protection Act, has no objections to the retention of the firm.

                  Lovells' Disinterestedness

Mr. Picard says that he believes members, counsel and associates
of Lovells are disinterested pursuant to section 78eee(b)(3) of
SIPA and do not hold or represent any interest adverse to the
Debtor's estate in respect of the matter for which Lovells is to
be retained.

Christopher Kennet Grierson, a member of the firm, disclosed that
Lovells represents many customers or creditors of Madoff.
However, he said the firm will not represent those persons or
entities adverse to the interest of the Debtor.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
US stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Bernard L. Madoff and
his investment firm, Bernard L. Madoff Investment Securities LLC,
with securities fraud for a multi-billion dollar Ponzi scheme that
he perpetrated on advisory clients of his firm.  The estimated
losses from Madoff's fraud were at least US$50 billion

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
District Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.


BLP UK: Goes Into Administration; About 100 Jobs at Risk
--------------------------------------------------------
Cabinet Maker reports BLP UK Limited has gone into administration,
putting about 100 jobs at risk.

Lyn Vardy and Ian Green of PricewaterhouseCoopers LLP were
appointed joint administrators on January 28, the report
discloses.

The report relates according to a statement from PwC, the business
has suffered significant losses as a result of the severe housing
and retail downturn in the UK and the slowdown in consumer
spending on home improvements.

The administrators however will continue to trade the business
while a buyer is sought, the report notes.  They are also
reviewing staffing levels but anticipate retaining the majority of
employees in the short term, the report adds.

Based in Kirk Sandall, Doncaster, BLP UK Limited is a manufacturer
of MDF-wrapped profiles and membrane pressed cabinet doors.  It
also offers a comprehensive range of products for the furniture
manufacturing and related industries.


BLUEBRAY PROPERTIES: Names Administrators from Ernst & Young
------------------------------------------------------------
Robert Hunter Kelly and Charles Graham John King of Ernst & Young
LLP, were appointed joint administrators of Bluebray Properties
Ltd. on Jan. 22, 2009.

The company can be reached at:

         Bluebray Properties Ltd.
         194-196 Crookes
         Sheffield
         South Yorkshire
         S10 1TG
         England


CAMDEN GROUP: Goes Into Administration; 800 Jobs at Risk
--------------------------------------------------------
Talking Motors reports that Camden Group Services has gone into
administration, putting about 800 jobs at risk.

The report relates Alastair Beveridge, Stuart Mackellar and Fraser
Gray, partners at Zolfo Cooper (formerly Kroll's Corporate
Advisory & Restructuring Group), were appointed as joint
administrators of Camden Group Services, Camden Fleet Solutions,
Camden Bidco, Camden Retail and CCFS (2005) (Camden Group).

Camden Retail, the group's car retailing unit, had a turnover of
GBP910 million in the year to December 2007 with pre-tax profits
of GBP3.08 million, the report states.

"Despite having well-established businesses in both the automotive
fleet services and retail franchise sectors, Camden Group has not
been able to escape the extremely tough trading conditions that
the sector as a whole is battling through," Mr. Beveridge was
quoted by the report as saying.

Zolfo Cooper, as cited by the report, said it will continue to
trade Camden Group as a going concern while it explores options
for its future.

According to Evening Telegraph, about 40 redundancies have already
been made.

Headquartered in Leighton Buzzard, Bedfordshire, Camden Group
Services has a Ford dealership in Corby, Nissan in Northampton and
Dunstable, Renault in Northampton, Milton Keynes and Dunstable and
Vauxhall in Aylesbury.  It also has a Camden Car Store supermarket
operation in Milton Keynes and runs Camden Fleet Solutions from
Islip and Corby in Northampton, Talking Motors discloses.


GLOBAL GENERAL: Court Grants Recognition of Foreign Proceedings
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has granted the request of Thomas Klaus Freudenstein, as foreign
representative of Global General and Reinsurance Company Limited
and Globale Ruckversicherungs-Ag, for recognition of the foreign
main proceedings respecting the Schemes of the Global General and
Globale under the Companies Act in the High Court of Justice of
England and Wales.

The Schemes, including any modifications or amendments thereto,
are given full force and effect in the United States, and are
binding on and enforceable against any person or entity that is a
Scheme Creditor including without limitation, against such person
or entity in its capacity as a debtor of a Scheme Company in the
United States.

Thus, all Scheme Creditors are permanently enjoined from taking
any action in contravention of, or inconsistent with, the Schemes,
and except as otherwise provided in the Order or in the Schemes,
all Scheme Creditors are permanently enjoined from seizing,
repossessing, transferring, relinquishing or disposing of any
property of any Scheme Company, or the proceeds thereof, in
connection with any claims in the United States.

All persons and entities in possession, custody or control of
property of a Scheme Company or the proceeds thereof, are also
required to turn over and account for such property or proceeds
thereof to the Petitioner, such Scheme Company, or the Scheme
Manager, as defined in the Order.

Copies of the order, the Schemes and the Petitions may be obtained
upon written request attorneys to the Petitioner:

    Chadbourne & Parke LLP
    Attn: Howard Seife, Esq. and
          Francisco Vazquez, Esq.
    30 Rockefeller Plaza
    New York, NY 10112
    Tel: (212) 408-5100

                     About GLOBAL General

Headquartered in London, GLOBAL General and Reinsurance Company
Limited is an insurance and reinsurance company formed in
April 16, 1940.  Between 1940 and 2002, GLOBAL General wrote a
wide array of reinsurance business in England. The reinsurance
portfolio was underwritten in London, predominantly from the
early 1950's to the early 1980's.  The portfolio was mostly
accepted through placements made by London market brokers.  The
portfolio consists of facultative and treaty reinsurance, both
proportional and non-proportional, covering various classes
including, but not limited to, marine, non-marine and aviation.

Thomas Klaus Freudenstein, as foreign representative of the two
Scheme Companies, filed voluntary petitions for GLOBAL General and
its wholly owned subsidiary GLOBALE Ruckversicherrungs-AG on
Dec. 10, 2008, under Chapter 15 of the United States Bankruptcy
Code (Bankr. S.D. N.Y. Case Nos. 08-114939 and 08-014940).

The company listed assets of more than US$100 million and debts of
more than US100 million in its petition.  Howard Seife, Esq., at
Chadbourne & Parke LLP represents the Petitioners as counsel.


GMW1 LTD: Taps Joint Administrators from KPMG
---------------------------------------------
Richard Dixon Fleming and Mark Granville Firmin of KPMG LLP were
appointed joint administrators of GMW1 Ltd. on Jan. 23, 2009.

The company can be reached through KPMG LLP at:

         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


LLOYDS BANKING: Scottish Widows Halts Investment Withdrawals
------------------------------------------------------------
Bloomberg News reports Lloyds Banking Group Plc's Scottish Widows
unit stopped investors withdrawing investments from one of its
U.K. property funds as it seeks to restore cash levels depleted by
customer redemptions.

According to the report, a spokesperson said the fund, with assets
of GBP596 million (US$849 million), has fallen 40 percent in the
last year.

"The cash is at quite a low level" as the fund has been unable to
sell commercial properties at higher prices, Susan McDonald, a
spokeswoman for Scottish Widows, told Bloomberg News in a
telephone interview.

The freeze on the fund, which will last 180 days, won't affect
investors whose pension plans are maturing, where claims arise
from the death of a policyholder, or for people who get a regular
income from the funds, Scottish Widows said in an e-mailed
statement obtained by Bloomberg News.

Lloyds Banking Group PLC (NYSE:LYG) --
http://www.lloydsbankinggroup.com/-- formerly Lloyds TSB Group
plc, is a United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007.  Cheltenham & Gloucester plc (C&G) is the
company's specialist mortgage arranger.  Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account.  International business is conducted mainly in the United
States and continental Europe.  Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the company acquired HBOS plc.


MINI MODE: Appoints Joint Administrators from PwC
------------------------------------------------
Robert Jonathan Hunt, Michael John Andrew Jervis and Stuart David
Maddison of PricewaterhouseCoopers LLP, were appointed joint
administrators of Mini Mode Childrenswear Ltd. on Jan. 21, 2009.

The company can be reached at:

         Mini Mode Childrenswear Ltd.
         Attleborough House
         Townsend Drive
         Nuneaton
         Warwickshire
         CV11 6RU
         England


SAXON PHOTOLITHO: Taps Joint Administrators from KPMG
-----------------------------------------------------
Ian James Corfield and Allan Watson Graham of KPMG LLP were
appointed joint administrators of Saxon Photolitho Ltd. on
Jan. 26, 2009.

The company can be reached at:

         Saxon Photolitho Ltd.
         Saxon House
         Hellesdon Park Road
         Drayton High Road
         Norwich
         NR6 5DR
         England


TRU-EST: Goes Into Administration; Leonard Curtis Appointed
-----------------------------------------------------------
Tru-Est, a specialist financial B2B magazine publisher, has gone
into administration, Patrick Smith at paidcontent.co.uk reports
citing a document filed at Companies House last month.

The company, which owns the Private Asset Managers database and
Thewealthnet.com, was put in the hands of administrators Leonard
Curtis, the recovery, insolvency and restructuring firm, the
report discloses.

The report says it is still uncertain why Tru-Est found itself in
difficulty.  The report however notes a business model based on
private wealth management information is seriously threatened by
recession.

According to the report, the company's most recent accounts, for
the year to August 22, show that Tru-Est had issued 10,000 shares
worth GBP100 each—giving it an equity value of GBP1 million.


* UK: PwC Says Failed Travel Companies Steadily Increasing
---------------------------------------------------------
The steady trickle of failed travel companies has started the
climb towards new heights as the threat of airline failure looms
in 2009, warns PricewaterhouseCoopers LLP.

In just under two years the number of tour operators or travel
agents becoming insolvent has increased by 50%, as fifteen went
bust in England and Wales in the final quarter of 2008.

In fact, there were a third more travel insolvencies last year
than in 2007.

The firm's quarterly insolvency statistics indicate a gradual
increase in insolvencies since early 2007 with two prominent
quarters.  Both Q4 of 2007 and Q3 2008 saw the industry shaken by
giant players falling over.  The most recent being XL - accounting
for 11 of 24 companies becoming insolvent.  The Travelscope
collapse occurred the previous winter, taking several of its
subsidiaries with it.  Again this explains the spike in
insolvencies during Q3 2007.

Ian Oakley-Smith, partner, PricewaterhouseCoopers LLP, said:
"Discounting the Travelscope and XL administrations, we can see
the level of failed travel companies increasing steadily over the
last two years.  This may, however, be the tip of the iceberg."

"With around 30 airline failures forecast* over the next year,
those travel organizers operating under an ATOL will be expected
to find alternative air travel for their customers.  This kind of
unexpected, financial outgoing could finish off a number of
smaller companies."

However, aside from taking out its own companies, the collapse of
XL will actually have helped save some travel organizers from ruin
by taking capacity out of a saturated market.

"XL operated three per cent of the market and its demise will have
freed up share for other travel companies.  As more become
insolvent in 2009, this will benefit some of the larger players
and the gulf between winner and losers will widen," Mr. Oakley-
Smith added.

Due to the typical lag the travel industry experiences between the
start of a downturn and the impact on the number of failures, this
is likely to be just the start of a steeper incline in travel and
tourism (T&T) insolvencies.  As more people experience a reduction
in their income over the next year holidays will fall down the
household priority list.

"Bookings or rather the lack of them over the next few months for
summer holidays 2009 will determine the rate of failure for these
businesses."

"Travel agents and tour operators both operate in a regulated
environment, but will continue to feel the pressure during 2009
and those with weaker balance sheets may find it difficult to
avoid being taken over or failing." Mr. Oakley-Smith concluded.

              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.


* UK: PwC Says Hotel Insolvencies Up 100% in Fourth Quarter 2008
----------------------------------------------------------------
After a 100% increase in UK hotel insolvencies from Autumn to
Winter in 2008, the industry should not expect to see a thaw in
the Spring, warns PricewaterhouseCoopers LLP.

The fourth quarter of 2008 saw 36 hotel companies enter an
insolvency process, double the number of the previous quarter.
This means the downturn in demand for hotel services, caused by
the global credit crunch, is now starting to have a real impact on
these businesses.

Following on from the strong trading experienced in previous
years, the firm's quarterly insolvency statistics show the number
of hotel company insolvencies for the whole of 2008 have increased
by 98 per cent over 2007.

Stephen Broome, Hospitality & Leisure (H&L) director,
PricewaterhouseCoopers LLP, said: "Experience from previous
economic downturns tells us that the hotel industry is hit later
in the cycle than many other sectors, such as retail.  This is due
in part to extended lead in times for hotel bookings and means
that the impact tends to fall six to 12 months later than some
other sectors.  However, as was experienced in the last recession,
the negative impact on hotel performance is likely to accelerate
sharply at the start of the technical recession, suggesting these
early casualties are just the beginning."

"However, there is some hope," Mr. Broome added.  "The industry is
in a stronger position this time around, and the increase in
insolvencies we have seen so far is not totally related to the
downturn.  Many of the failures are the result of a flawed
business model, such as unsustainable levels of rent or debt,
where the recent downturn in demand has simply dealt the final
blow."

               Managing Hotels in a Downturn


Many hotel businesses will be tempted to freeze infrastructure
investments, mothball new growth hotel projects and defer
integrating the latest acquisition.  Advertising and recruiting
investments are easily cut, as are loyalty programs for customers
and staff.  However, some hotel businesses will take a different
approach and selectively invest where others are cutting back.
These are the businesses that will benefit.

"Hotel businesses that understand the need to develop and
implement new strategies can navigate the downturn in a way that
makes the most of the opportunities arising.  Those who don't know
enough about themselves or the external market will be inclined to
take the path of least resistance, leading to defensive and
piecemeal actions which can result in reduced service levels and
disgruntled clients.  Most damaging of all, these businesses risk
losing out to their competitors,"  Mr. Broome concluded.


              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.


* UK: PwC Says Restaurant Insolvencies Up 32% in 2008
-----------------------------------------------------
UK Restaurants have been hit harder by the recession than any
other Hospitality & Leisure (H&L) sector, accounting for 45% of
all H&L insolvencies in the quarter before Christmas,
PricewaterhouseCoopers LLP (PwC) reveals.

Not only are these businesses battling with the reduction of
corporate entertaining, and consumer disposable income squeeze,
but also innovative food retailer offerings and a culture of
cooking programs that encourage aspirational cheffing.

In a recent PwC poll, asking consumers what would be first choice
if they were forced to cut spending, take-aways, fast food (14%)
and eating out (11%) were top of the chopping list.  While only
half of these respondees would reduce their grocery purchases.

The impact of the downturn is clear in the firm's quarterly
insolvency statistics, as 32% more restaurants went bust in 2008
than the previous year.  In Q4 of last year 141 restaurants became
insolvent as more UK consumers chose to eat in.

Stephen Broome, Hospitality & Leisure (H&L) director,
PricewaterhouseCoopers LLP, said: "In addition to a number of
expected high-end restaurant failures, those mid-range restaurants
that do not focus on either a value for money or a unique dining
experience have been disappearing from our streets since last
summer.  This trend is likely to accelerate."

Mr. Broome continued to say, the market has been flooded with
tempting dine at home offers such as the M&S dine in for GBP10
offer, aimed very much at the lucrative weekend dining out market,
and our televisions (which we are watching more of) are filled
with cookery programs and food related campaigns, reinforcing the
desire and necessity to stay at home and create a lower cost but
inviting alternative dining.

Many restaurant businesses are fighting back by offering tempting
off peak price led deals and money off vouchers, and this will
help prop up flagging revenues albeit probably at lower profit
margins.

                The Local or the Living Room?

To the UK pub industry, 2007 is remembered for two key events, the
introduction of the smoking ban and in a wet summer, no national
presence in the European football championships.  Many predicted
that 2007 would represent the low point in pub fortunes.  However,
due to the downturn in consumer confidence and trend towards
drinking at home, 2008 has proven to be even worse than 2007 with
64% more pub businesses becoming insolvent than in the previous
year.

The failure rate appears to be increasing and in the final quarter
of 2008 insolvencies in the sector increased from 64 in Q3 to 74
in the Christmas quarter – an increase of 16%.

Mr. Broome said: "With beer sales falling to a record low and
almost 40 pubs closing a week, up from the previous average of 36,
we are seeing this trend continue to gather speed.  The industry
has been ravaged by a combination of negative factors over recent
years, and the recession is likely to put further pressure on an
already difficult trading environment.  We expect our recent
prediction of 4000 pub closures by 2010 to sadly remain on
course."

However, there is a shred of good news in the recent PwC consumer
poll that indicated that people were less willing to reduce their
visits to the pub or indeed how much they spend when they are
there, and would do so even at the expense of foregoing spending
on take-away, fast food and eating out.

"Of course this sentiment may change as more consumers face job
threats and experience a reduced income.  But for those pubs that
get it right, and there are many that do, there is still a loyal
customer following to be enjoyed," Mr. Broome added.

                     Managing in a Downturn

Businesses that take the time to fully understand and plan for the
impact of the current recession can navigate a path that makes the
most of the opportunities arising.  For most this will involve
developing and implementing a "back to basics" survival strategy
that probably includes selective, non-customer facing cost savings
as well as an element of innovation in maintaining revenue and
profit levels.

"Those who don't know enough about themselves or markets they
serve will be inclined to take the path of least resistance,
leading to defensive and piecemeal actions which will result in
reduced service levels and disgruntled clients.  Most damaging of
all, these businesses risk losing out to their competitors,"
Mr. Broome concluded.

              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.


* Fitch Sees High Risk of Deferred Interest Payments on Banks
-------------------------------------------------------------
Fitch Ratings says that the risk of deferred interest payments on
bank hybrid capital instruments (which share characteristics of
debt and equity) has increased materially for the banks most under
pressure in the current financial crisis, due to significantly
lower operating earnings, or losses, combined with high levels of
government support, according to a comment published today.

"Central to this matter is the question of the extent to which the
government support that has flowed - and will, in Fitch's opinion,
continue to flow - in the world's banking systems can be relied
upon to extend to existing holders of deeply subordinated bank
capital instruments," says Gerry Rawcliffe, Group Credit Officer
in Fitch's Financial Institutions group.

Fitch does not believe investors should view such support as
continuing endlessly.  Absent evidence of a normalizing of
operating conditions, regulators may well exhibit some bias toward
protecting taxpayer funds.  This could include looking to put
hybrids into deferral.

"In certain cases the investment risks faced by investors in these
instruments is sufficiently material for Fitch to view them as not
being of investment grade," says Rawcliffe.

Fitch's hybrid capital rating criteria (July 2005) do not assume
that government support would be forthcoming for these
instruments, and that the key driver of hybrid capital ratings is
the stand-alone strength of an institution, as expressed in its
Individual Rating.  Fitch believes that the current exceptional
circumstances merit a conservative application of the existing
criteria, especially given the uncertainty and opaqueness
surrounding the regulatory considerations in respect of hybrid
capital.

In response to the heightened risk of hybrid coupon deferral and,
in extreme cases, outright principal loss, Fitch has already taken
rating actions that have widened the number of notches between the
Issuer Default Rating and the rating assigned to the hybrid and
preferred instruments for select issuers.  Given that the deferral
decision process potentially involves both regulatory and
political considerations, and the possibility that the situation
regarding bank hybrid capital could change very quickly, Fitch
expects to maintain downgraded hybrid capital instruments on
Rating Watch Negative.  For instruments with low investment grade
ratings, the Rating Watch Negative indicates that a move into sub-
investment grade is a real possibility.

Fitch regards a deferral on a hybrid instrument as non-performance
from a ratings perspective. Deferral will lead to the assignment
of instrument ratings consistent with non-performing obligations,
typically in the low 'B' to 'CCC'-'C' range.  Loss expectations
will be derived from a combination of the expected duration of the
coupon deferral and the cumulative versus non-cumulative nature of
the instrument.


* BOOK REVIEW: Crafting Solutions for Troubled Businesses
---------------------------------------------------------
Full Title: Crafting Solutions for Troubled Businesses: A
           Disciplined Approach to Diagnosing and
           Confronting Management Challenges
Author:     Stephen J. Hopkins and S. Douglas Hopkins
Publisher:  Beard Books
Hardcover:  316 pages
List Price: US$74.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982870/internetbankrupt

So the first thing to do when dealing with a troubled business
is to find the guilty and lop someone's head off!  Don't be so
quick to react, advise co-authors Stephen J. Hopkins and S.
Douglas Hopkins in their thoughtful, well-researched book,
Crafting Solutions for Troubled Businesses.

The father-son team of Steve and Doug Hopkins are principals of
Kestrel Consulting LLC, a firm they founded in March 2004.

Each has more than 25 years of experience working with troubled
businesses and providing turnaround advisory and interim
management services.

Steve got his first taste of a troubled business when, as chief
financial officer of an 80-year-old chemical company, Bill
Nightingale of Nightingale & Associates assisted him in taking
the company through a Chapter 11 filing.  The company
subsequently emerged from bankruptcy with payment in full to all
creditors.

Steve then joined Nightingale, staying for 23 years and serving
initially as a principal and eventually as president from 1994
to 2000.  Doug began working at Nightingale in 1978 as a part-
time resource for special projects.  After working in this
capacity for 10 years, Steve joined Nightingale full time in the
1980s and became a principal in 1994.  Both Steve and Doug have
served in various C-level roles in troubled companies, including
CEO, CFO, COO, and CRO.

To write this book, the Hopkinses drew upon their vast
experience in dealing with troubled companies.  They took 100 of
the largest projects they have been involved in and applied a
"disciplined analysis" to diagnose problem situations and
produce successful outcomes.

The projects -- helpfully set apart by shaded boxes --
demonstrate the authors' theories and methods in dealing with
troubled businesses.

The authors also analyze some well-known cases like Enron,
WorldCom, and Sunbeam to help the reader connect the dots in a
very real sense and use the book for actionable advice.

The book is divided into five parts:

  1) Conceptual Approach and Key Issues,
  2) Managing the Crisis,
  3) The Diagnosis Process,
  4) Alternatives and Action Plans, and
  5) Lessons Learned in 100 Completed Assignments.

Each part has multiple chapters expanding on these themes, and
each chapter concludes with a recap of what was discussed.  For
speed readers and the time crunched, these recaps are an
excellent way of extracting from the book the essence of what
the authors are advocating.

So what about lopping off that head?  The authors contend that
management's role is much less pivotal than is commonly
believed.

The real issue when working with a troubled business is
determining the viability of the business.  To do that, the
underlying causes must be identified at different stages of the
corporate lifecycle.

The authors categorize troubled businesses as Undisciplined
Racehorses, Overburdened Workhorses, and Aging Mules.  Only
through a step-by-step diagnosis can the core problems be dealt
with.  Pursuing a turnaround may not always be a viable and, in
fact, in only one-third of the 100 cases the authors worked on
did the company achieve a true operational turnaround.

Crafting Solutions to Troubled Businesses should be on the must-
read list of anyone involved in dealing with, consulting for, or
operating a troubled business.

                            *********

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.


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