TCREUR_Public/090209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, February 9, 2009, Vol. 10, No. 27

                            Headlines

A U S T R I A

AUSTRIAN AIRLINES: At Risk of Insolvency, OeIAG Says
GRUENBERGEREFERDINGER LLC: Claims Registration Ends Feb. 24
HEIDEN LLC: Claims Registration Period Ends February 17
HENZO-FOTOALBEN LLC: Claims Registration Period Ends Feb. 17
KALUTEC ELEKTRO: Claims Registration Period Ends Feb. 23

LA BAU: Claims Registration Period Ends February 10


F R A N C E

ALCATEL LUCENT: S&P Comments on CreditWatch Placement


G E R M A N Y

AQUATARIS GMBH: Claims Registration Period Ends March 10
DFG KOMPLETTBAU: Claims Registration Period Ends March 23
E-TEC FACILITY: Claims Registration Period Ends March 16
FHM BAUMANAGEMENT: Claims Registration Period Ends March 11
JAEGER CONTROLS: Claims Registration Period Ends March 27

LATINO ENTERPRISES: Claims Registration Period Ends March 13


G R E E C E

SEANERGY MARITIME: Gets Waiver on Loan Covenant; Suspends Dividend


I R E L A N D

CHARTBUSTERS: 17 Stores to Close; 60 Jobs Affected
EIRLES TWO: S&P Withdraws 'CCC' Ratings on EUR50 Mil. Notes


K A Z A K H S T A N

ALLIANCE BANK OA: Seeks Loan Waiver After Gov't Take Over
ALLIANCE BANK OA: Fitch Affirms 'BB-' IDR with Neg. Outlook
BTA BANK: Fitch Affirms 'BB' IDR with Negative Outlook
BTA BANK: S&P Places Low-B Ratings on CreditWatch Negative
EURO BUILD: Proof of Claim Deadline Slated for March 13

FIRMDIGOR-INTER LLP: Creditors Must File Claims by March 13
FIRST TEAM: Claims Filing Period Ends March 13
JENIS LLP: Creditors' Proofs of Claim Due on March 13
LANGUAGES ATYRAU: Claims Registration Period Ends March 13
NURBEK KURYLYS: Proof of Claim Deadline Slated for March 13

REAL PROMOTION: Creditors Must File Claims by March 13
ROSS INVEST: Claims Filing Period Ends March 13
SVETOVYE TECHNOLOGIYI: Creditors' Proofs of Claim Due on March 13
VIKTORIYA NS: Claims Registration Period Ends March 13


K Y R G Y Z S T A N

DAEHAN AND COMPANY: Creditors Must File Claims by February 27


N E T H E R L A N D S

SCEPTRE CAPITAL: S&P Withdraws 'CCC' Ratings on Secured Notes


R U S S I A

EVROSTROY-PROEKT LLC: Creditors Must File Claims by March 2
KURGAN-PROM-BANK OJSC: Creditors Must File Claims by April 2
MIRAX GROUP: Moody's Cuts Corporate Family Rating to 'Caa1'
POLIGRAPH-MASH OJSC: Creditors Must File Claims by March 2
SERPUKHOVSKIY AUTOMOBILE: Creditors Must File Claims by March 2

STERLIMAK-STROY TRUST: Creditors Must File Claims by March 2
TANGRA-OIL LLC: Court Names Temporary Insolvency Manager
TONOT LLC: Creditors Must File Claims by March 2
TRANSCONTAINER OJSC: Fitch Assigns 'BB+' Long-Term IDRs
URAL-STROY-KOMPLEKS LLC: Creditors Must File Claims by March 2

URALSVYAZINFORM OAO: Fitch Affirms Long-Term IDR at 'B+'
VTOR-CHER-MET SE: Court Names Insolvency Manager
WEST SIBERIAN: S&P Affirms S-T Counterparty Credit Rating at 'C'

* Fitch Takes Rating Actions on Four Russian Securitizations


S P A I N

SERIE AYT: Moody's Cuts Rating on Class D Notes to 'B3'
SANTANDER EMPRESAS: Fitch Cuts Rating on Class F Tranche to 'C'


S W E D E N

FORD MOTOR: Mulls Job and Supplier Cuts, In Talks on Volvo Sale


S W I T Z E R L A N D

ARTHUR BONDERER: Creditors Must File Proofs of Claim by Feb. 16
CASA NOVA: Deadline to File Proofs of Claim Set February 16
GENERAL MOTORS: To Start Talks on Debt Restructuring Today
GRAFICOREKLAMEN LLC: Creditors Have Until Feb. 15 to File Claims
HEAVY GRAPHICS: Proof of Claim Filing Deadline Set February 16

HG CHEMIE: Creditors' Proofs of Claim Due by February 15
HG CREAKTIV: February 18 Set as Deadline to File Claims
KOCH LEDER: Creditors Must File Proofs of Claim by February 16
RUHR-PETROL JSC: Deadline to File Proofs of Claim Set Feb. 15
ZBINDEN ARCHITEKTEN: Creditors Have Until Feb. 16 to File Claims

ZIELPUNKT JSC: Proof of Claim Filing Deadline Set February 16


U K R A I N E

AYRIS LTD: Creditors Must File Claims by February 21
COALTRUST LLC: Creditors Must File Claims by February 21
DNIEPROEL LLC: Creditors Must File Claims by February 21
LAN LLC: Creditors Must File Claims by February 21
LOGOS LLC: Creditors Must File Claims by February 21

MEGAKHIM LLC: Creditors Must File Claims by February 21
PROJECT BUILDING: Creditors Must File Claims by February 21
SMILA FOOD: Creditors Must File Claims by February 21
STATE SAVINGS: Fitch Downgrades Individual Rating to 'E' from 'D'


U N I T E D   K I N G D O M

ASTON ZORASTER: Appoints Joint Liquidators from Tenon Recovery
INTERFRAME LTD: Calls in Joint Liquidators from Deloitte
MERCIA TIMBER: Taps Joint Liquidators from Tenon Recovery
OILEXCO INC: Obtains Court Order for CCAA Creditor Protection
RAPIER ENGINEERING: Appoints Joint Liquidators from Tenon

TATA STEEL UK: S&P Cuts Long-Term Corp. Credit Rating to 'B+'
THOMAS SHAW: Appoints Joint Liquidators from Tenon Recovery
WHITE LIGHTNING: Taps Liquidator from Tenon Recovery
WOODCOTE BUILDING: Appoints Joint Liquidators from PKF
WRIGHT GROUP: In Administration; PwC Appointed

ZAVVI: Another 17 Stores Closed; 242 Jobs Affected

* UK: KPMG Says Corporate Insolvencies to Rise in 2009
* Scottish Corporate Insolvencies Reach 228 in Third Qtr. 2008/09

* BOND PRICING: For the Week Feb. 2 to Feb. 6, 2009


                         *********


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


AUSTRIAN AIRLINES: At Risk of Insolvency, OeIAG Says
----------------------------------------------------
Reuters reports that Austrian state holding company and key
Austrian Airlines shareholder OeIAG warned the Austrian flag
carrier could go insolvent if a planned takeover by Germany's
Lufthansa (LHAG.DE) falls through.

"We are fighting hard to avoid drifting towards insolvency,"
Reuters quoted OeIAG Chief Executive Peter Michaelis as saying.
"However, I cannot rule out that possibility."

AUA will be seeking the European Commission's approval on a EUR500
million (US$562 million) state aid that is part of the Lufthansa
deal, Reuters discloses.

Reuters relates according to Mr. Michaelis, a restructuring of AUA
or a possible insolvency would be more expensive for Austrian
taxpayers than the state aid.


GRUENBERGEREFERDINGER LLC: Claims Registration Ends Feb. 24
-----------------------------------------------------------
Creditors owed money by LLC GruenbergerEferdinger (FN 83486z) have
until Feb. 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Thomas Kurz
         Roseggerstrasse 58
         4020 Linz
         Austria
         Tel: 0732/78 43 31
         Fax: 0732/78 43 31-57
         E-mail: manuela.winkelmayr@haslinger-nagele.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 10, 2009, for the
examination of claims at:

         Land Court of Linz
         Hall 522
         Linz
         Austria

Headquartered in Wilhering, Austria, the Debtor declared
bankruptcy on Jan. 14, 2009, (Bankr. Case No. 17 S 1/09k).


HEIDEN LLC: Claims Registration Period Ends February 17
-------------------------------------------------------
Creditors owed money by LLC Heiden (FN 86828p) have until
Feb. 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Friedrich Nusterer
         Riemerplatz 1
         3100 St. Poelten
         Austria
         Tel: 02742/47087
         Fax: 02742/47089
         E-mail: ra-nusterer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on March 10, 2009, for the
examination of claims at:

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

Headquartered in Andra im Lavanttal, Austria, the Debtor declared
bankruptcy on Jan. 15, 2009, (Bankr. Case No. 14 S 9/09b).


HENZO-FOTOALBEN LLC: Claims Registration Period Ends Feb. 17
------------------------------------------------------------
Creditors owed money by LLC Henzo-Fotoalben (FN 88895d) have until
Feb. 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Hans-Peter Pfluegl
         Oberndorfer Ortsstrasse 56a
         3130 Herzogenburg
         Austria
         Tel: 02782/83 553
         Fax: 02782/83 553-55
         E-mail: kanzlei@pfluegl-hutecek.at

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

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Jan. 14, 2009, (Bankr. Case No. 14 S 8/09f).


KALUTEC ELEKTRO: Claims Registration Period Ends Feb. 23
--------------------------------------------------------
Creditors owed money by LLC Kalutec Elektro (FN 213721x) have
until Feb. 23, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Heimo Fresacher
         Herrengasse 1/4
         9400 Wolfsberg
         Austria
         Tel: 04352/367 11 11
         Fax: 04352/367 11-12
         E-mail: rechtsanwalt@fresacher.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on March 10, 2009, for the
examination of claims at:

         Land Court of Klagenfurt (729)
         Room 255
         Klagenfurt
         Austria

Headquartered in Andra im Lavanttal, Austria, the Debtor declared
bankruptcy on Jan. 15, 2009, (Bankr. Case No. is 40 S 2/09y).


LA BAU: Claims Registration Period Ends February 10
---------------------------------------------------
Creditors owed money by LLC La Bau (FN 297228a) have until
Feb. 10, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Robert Levovnik
         Priesterhausgasse 1/II
         9020 Klagenfurt
         Austria
         Tel: 0463/50 43 43
         Fax: 0463/50 43 43-43
         E-mail: levovnik@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Feb. 17, 2009, for the
examination of claims at:

         Land Court of Klagenfurt
         Meeting Room 225
         Klagenfurt
         Austria

Headquartered in Klagenfurt - Woelfnitz, Austria, the Debtor
declared bankruptcy on Jan. 14, 2009, (Bankr. Case No. 41 S
9/09k).


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


ALCATEL LUCENT: S&P Comments on CreditWatch Placement
-----------------------------------------------------
Standard & Poor's Ratings Services commented on its CreditWatch
placement of French telecommunications equipment and services
supplier Alcatel Lucent.  The 'BB-' long-term corporate credit and
senior unsecured debt ratings on Alcatel Lucent remain on
CreditWatch with negative implications, where they had originally
been placed on Dec. 12, 2008, following the company's release of
year-end 2008 unaudited results, including a EUR3.9 billion net
loss for fourth-quarter 2008.

On Dec. 31, 2008, Alcatel Lucent had gross on-balance-sheet debt
of EUR6.0 billion, including the equity component of the company's
convertible bonds.

"The CreditWatch status reflects our expectation of declining
revenues, a low operating margin, and negative free cash flow at
Alcatel Lucent in 2009," said Standard & Poor's credit analyst
Patrice Cochelin.

Revenues declined by 5%, year-on-year, in 2008 and in fourth-
quarter 2008, including double-digit drops in the core carrier
segment (68% of 2008 revenues).  Operating margin for 2008 was
thin at 3%, albeit wider than 1% in 2007, including about 6% in
the seasonally strong fourth-quarter 2008, broadly flat compared
with fourth-quarter 2007.  Free operating cash flow after gross
capital expenditures and backing out changes in sold receivables
showed somewhat lower cash burn of about EUR647 million in 2008,
compared with EUR765 million in 2007, according to S&P's
preliminary calculations.  The bulk of the year-on-year
improvement is attributable to fourth-quarter 2008, when FOCF was
a positive EUR206 million, compared with a positive EUR104 million
in fourth-quarter 2007.

Cash restructuring of EUR172 million in fourth-quarter 2008 was
EUR48 million lower than in fourth-quarter 2007.  S&P has yet to
fully understand the cash impact of Alcatel Lucent's
postretirement benefit obligations and intellectual property
settlements in 2008 and how these payments have affected
comparability with prior periods.  The company's adjusted results
include several one-time items related to litigation settlements,
gains on asset sales, and contract losses, which S&P will also
analyze in more detail over the next few weeks.

Alcatel Lucent also reported very large negative noncash items,
namely a EUR4.7 billion impairment charge in the carrier division
for 2008 -- including EUR3.9 billion in fourth-quarter 2008 -- and
a reversal to a deficit in the company's until now highly positive
pension and postretirement benefit funding status.

"We intend to resolve the CreditWatch status in early March 2009,
after discussing and reviewing with management Alcatel Lucent's
recently refocused strategy, its business positions, and financial
policy," said Mr. Cochelin.  "As announced in our initial
CreditWatch placement, a downgrade appears increasingly possible
given Alcatel Lucent's rapidly deteriorating operating
environment, margin pressures, and negative free cash flow."

S&P is unlikely to downgrade Alcatel Lucent by more than one notch
given S&P's expectation that Alcatel Lucent will sell its 20.8%
stake in Thales S.A. to bolster near-term liquidity.  Still, S&P
does not rule out lowering the ratings by more than one notch if
S&P is unable to ascertain the company's ability to meet 2010 and
2011 debt maturities.


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


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 16, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Room 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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:

         Mechthild Bruche
         Stahlstrasse 17
         90411 Nuremberg
         Germany
         Tel: 0911/9512850
         Fax: 0911/95128510

The District Court opened bankruptcy proceedings against the
company on Jan. 20, 209.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Aquataris GmbH
         Attn: Nicole Gebhardt, Manager
         Am Lechfeld 34
         85135 Titting
         Germany


DFG KOMPLETTBAU: Claims Registration Period Ends March 23
---------------------------------------------------------
Creditors of DFG Komplettbau GmbH have until March 23, 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 April 21, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Volker Schlittgen
         Rosentalgasse 1-3
         04105 Leipzig
         Germany
         Tel: 0341/984820
         Fax: 0341/9848220
         E-mail: leipzig@wellensiek.de

The District Court opened bankruptcy proceedings against the
company on Jan. 29, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         DFG Komplettbau GmbH
         Weissestr. 34
         04299 Leipzig
         Germany

         Attn: Barbel Streller, Manager
         Gorkistr. 18
         04347 Leipzig
         Germany


E-TEC FACILITY: Claims Registration Period Ends March 16
--------------------------------------------------------
Creditors of E-tec Facility Management GmbH have until March 16,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:02 a.m. on April 1, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         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:

         Ute Jacob
         Lorentzendamm 19
         24103 Kiel IW
         Germany

The District Court opened bankruptcy proceedings against the
company on Jan. 29, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         E-tec Facility Management GmbH
         Heinrich-Hertz-Strasse 34
         24837 Schleswig
         Germany

         Attn: Oliver Starszynski, Manager
         Gruehbogen 2
         24991 Grosssolt
         Germany


FHM BAUMANAGEMENT: Claims Registration Period Ends March 11
-----------------------------------------------------------
Creditors of FHM Baumanagement have until March 11, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on April 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Insolvency Tribunal
         Hall 3.011
         Fuerstenstr. 21-23
         09130 Chemnitz
         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:

         Carsten Morgenstern
         Michaelstr. 71
         09116 Chemnitz
         Germany
         Tel: 0371 381770
         Fax: 0371 3817730
         Email: chemnitz@hww-kanzlei.de

The District Court opened bankruptcy proceedings against the
company on Jan. 30, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         FHM Baumanagement GmbH
         Attn: Heiko Stange
         Obere Hauptstr. 191
         09228 Chemnitz
         Germany


JAEGER CONTROLS: Claims Registration Period Ends March 27
---------------------------------------------------------
Creditors of Jaeger Controls GmbH have until March 27, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bingen am Rhein
         Room 9
         Law Courts
         Mainzer Road 52
         55411 Bingen am Rhein
         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:

         Thomas Illy
         Mainzer Strasse 36
         55411 Bingen am Rhein
         Germany
         Tel: 06721-185624
         Fax: 06721-185625

The District Court opened bankruptcy proceedings against the
company on Jan. 30, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Jaeger Controls GmbH
         Attn: Dr. Jens Hoche, Manager
         Bahnhofstr. 2
         55218 Ingelheim
         Germany


LATINO ENTERPRISES: Claims Registration Period Ends March 13
------------------------------------------------------------
Creditors of Latino Enterprises GmbH have until March 13, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11.10 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 Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Muehldorf
         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:

         Martin Schoebe
         Ainmillerstrasse 11
         80801 Munich
         Germany

The District Court opened bankruptcy proceedings against the
company on Jan. 28, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Latino Enterprises GmbH
         Attn: Franz Xaver Wittenberger, Manager
         Marienberg 119
         84489 Burghausen
         Germany


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


SEANERGY MARITIME: Gets Waiver on Loan Covenant; Suspends Dividend
------------------------------------------------------------------
Seanergy Maritime Holdings Corp. received a waiver on its
market-value-to loan covenant.  As part of the waiver, the Bank
has put a temporary restriction on the Company's payment of
dividends.

Dale Ploughman, the Company's Chief Executive Officer, stated:
"The waiver we received from Marfin Bank, our main bankers, is a
positive development for our company and we believe is indicative
of the excellent relationship we have with our lenders.

"With all six of our vessels fixed under time charters for one
year up to September 2009 at an average daily rate of about
US$52,700 generating revenues of approximately US$110 million, we
believe that we are already in a strong position.  However,
current market conditions dictate an increased level of prudence
and vigilance to safeguard and then to increase shareholder value
for the long term.

"In this context, the temporary suspension of our dividend we
believe will reinforce our company's liquidity and financial
strength.  We also believe it will enable us not only to weather
the current challenging conditions in the shipping and financial
markets but also position us to take full advantage of accretive
expansion opportunities as these may occur."

                     About Seanergy Maritime

Seanergy Maritime Holdings Corp. (SHIP), the successor to Seanergy
Maritime Corp. -- http://www.seanergymaritime.com/-- is a
Marshall Islands corporation with its executive offices in Athens,
Greece.  The Company is engaged in the transportation of dry bulk
cargoes through the ownership and operation of dry bulk carriers.
The Company purchased and took delivery of six dry bulk carriers
in the third and fourth quarters of 2008 from companies associated
with members of the Restis family.  Its current fleet is comprised
of two Panamax, two Supramax and two Handysize dry bulk carriers
with a combined cargo-carrying capacity of 317,743 dwt and an
average fleet age of approximately 11 years.

The Company's common stock and warrants trade on the NASDAQ Global
Market under the symbols SHIP and SHIP.W, respectively.  Prior to
October 15, 2008, the Company's common stock and warrants traded
on the NYSE Alternext US LLC (formally known as AMEX) under the
symbols SRG, SRG.W, respectively.


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I R E L A N D
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CHARTBUSTERS: 17 Stores to Close; 60 Jobs Affected
--------------------------------------------------
Belfast Telegraph reports that the High Court will close 17 of
Chartbusters' 37 stores in the coming weeks.

According to Belfast Telegraph, the closures will result in the
loss of 60 jobs.

Chartbusters employs 267 people, Belfast Telegraph discloses.

                  Court Grants Court Protection

On Jan. 29, 2009, the TCR-Europe, citing the Irish Times, reported
Mr Justice Peter Kelly granted court protection to Chartbusters.

Mr Justice Kelly would appoint Neil Hughes as examiner to the
company, the Irish Times stated.  The judge, as cited by the Irish
Times, said the company is insolvent and would have a shortfall
between assets and liabilities of some EUR246,000 as a going
concern and of some EUR4.8 million if wound up.

The judge, the Irish Times noted, agreed to appoint an examiner
after reports from the independent account and interim examiner
expressed the view the company had a reasonable prospect of
survival if certain conditions, including the closure of 17 of its
37 stores, are met.

According to the Irish Times, the number of expressions of
interest by potential investors had risen from 7 to 17.

The judge, the report added, also took into account other
creditors were not opposing examinership.

On Jan. 9, 2009, the TCR-Europe reported that according to the
Irish Times, Mr Justice John Edwards appointed Neill Hughes, of
Hughes Blake Chartered Accountants, as interim examiner to
Chartbusters.

                              Debts

The Irish Times recounted Gary McCarthy, counsel for Chartbusters,
told Mr Justice Edwards in the High Court that Chartbusters
racked up debts of about EUR20 million.

Citing Mr. McCarthy, the Irish Times disclosed the company owed
EUR12 million to Bank of Scotland (Ireland), KBC Bank, Lombard
Ireland and Friends First Finance Ltd., while landlords were being
owed EUR2 million.

ChartBusters' director Richard Murphy, as cited by the Irish
Times, said the company was currently unable to repay the interest
due on the loans and was servicing about EUR900,000 a year in
leasing payments.

The Irish Times stated group turnover had dropped to EUR12.2
million for the period to April 30, 2008, and costs, in particular
rent, had eroded profits.


EIRLES TWO: S&P Withdraws 'CCC' Ratings on EUR50 Mil. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC' credit
rating on the EUR50 million floating-rate portfolio credit-linked
secured notes series 152 issued by Eirles Two Ltd.

The rating withdrawal follows an early redemption of the notes.


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


ALLIANCE BANK OA: Seeks Loan Waiver After Gov't Take Over
---------------------------------------------------------
Reuters reports Alliance Bank OA has sought to reassure investors
it was fully capable of repaying all of its outstanding foreign
debt following its effective nationalization last week.

According to the news agency, the Kazakh government has agreed to
buy a 76 percent stake in Alliance for less than a dollar as part
of its bailout of the country's troubled banking sector.

In an earlier report, Reuters said Alliance had asked its foreign
creditors not to demand early debt repayment due to the change of
its majority shareholder.

"Alliance bank is currently involved in legal work on getting
waivers from foreign investors," Managing Director Anvar Khaltayev
told Reuters.

The bank's external debt is about US$3.9 billion, Reuters says.

In a Feb. 2 statement, Alliance disclosed its major shareholder,
Seimar Alliance Financial Corporation ("SAFC"), has decided to
sell 76% of its stake in the bank to Samruk-Kazyna National
Welfare Fund
("Samruk-Kazyna") for further capitalization and increased
financial stability of the bank.

Reuters says SAFC will keep an 8 percent stake in the bank, with
the remaining shares in free float traded in London and
domestically.

With the stake sale, Alliance disclosed it signed a bank deposit
agreement with Samruk-Kazyna for placement of a KZT24 billion
deposit with the bank to support its financial stability and
further capitalization.

                            Probation

Nariman Gizitdinov at Bloomberg News reports the Kazakhstan Stock
Exchange ("KASE") said it put Alliance on probation after the
lender failed to fulfill dollar-based obligations.

Alliance won't be allowed to participate in any currency
transactions without advance payment for three months, the
exchange said in a statement obtained by Bloomberg News.

In a Feb. 5 statement, Alliance said the bank considers it
necessary to clarify situation with non-payment of KZT549 million
in favor of Kazakhstan Stock Exchange.

The failure, Alliance said, was caused by technical breakdown, and
the consequences have already been eliminated.

                           New Chairman

Alliance said it has appointed Maxat Kabashev as chairman of the
bank's Board.

Mr. Kabashev previously served as Chairman of the Board of JSC
Distressed Assets Fund.

Alliance also appointed Kadyrzhan Kabdoshevich Damitov as adviser
to its Chairman of the Board.

Mr. Damitov, 49 years old, formerly chaired the National Bank of
Kazakhstan and was an economic advisor to the President of
Kazakhstan as well.

According to Alliance, the decision on changes to the management
of the bank was made by the Board of Directors in view of the
necessity to meet new challenges that the bank faces in times of
the global financial turmoil.

                               EGM

Alliance scheduled an extraordinary general meeting of its
shareholders on March 10, 2009, at 10.30 a.m. (local time).

The meeting will be held at:

     1st conference hall
     3rd floor
     50, Furmanov Street
     Almaty, Kazakhstan

                       About Alliance Bank

Based in Almaty, Kazakhstan, Alliance Bank OA (LI:ALLB) --
http://www.alb.kz/-- a.k.a Alliance Bank JSC, is a commercial
bank.  As at December 31, 2007, Alliance had 24 branches and 199
mini-branches in the Republic of Kazakhstan.  The Bank is
organized on the basis of three main segments: Retail banking,
which represents private banking services, private customer
current accounts, savings, deposits, investment savings products,
custody, credit and debit cards, consumer loans and mortgages;
Corporate banking, which represents direct debit facilities,
current accounts, deposits, overdrafts, loan and other credit
facilities, foreign currency and derivative products, and
Investment banking, which represents financial instruments
trading, structured financing, corporate leasing, and merger and
acquisitions advice.


ALLIANCE BANK OA: Fitch Affirms 'BB-' IDR with Neg. Outlook
-----------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based BTA Bank's (BTA) and
Alliance Bank's (Alliance) Long-term Issuer Default ratings (IDRs)
at 'BB' and 'BB-'(BB minus), respectively, with Negative Outlooks.

At the same time, the agency downgraded the Individual ratings of
both banks to 'F', and placed BTA's perpetual preferred securities
on Rating Watch Negative (RWN).

The agency also put the ratings of four foreign affiliates of BTA
- BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus - on RWN.
The ratings of Temirbank, a domestic subsidiary of BTA, including
its Long-term IDR of 'BB-'(BB minus) with a Negative Outlook, are
affirmed.

The rating actions follows the recent announcement that the
Kazakhstan government, through the National Welfare Fund Samruk-
Kazyna (SK), is acquiring a 78.14% stake in BTA through the
purchase of a new share issue for KZT251bn.  SK is also
considering an offer from Seimar Alliance Financial Corporation to
purchase a 76% stake in Alliance for the symbolic amount of
KZT100; SK has also placed a KZT24bn deposit with Alliance to
support its liquidity.

In Fitch's view, these events confirm the agency's long-stated
position that the Kazakh authorities would be likely to have a
high propensity to support, in case of need, banks which they
consider to be systemically important.  However, the two-notch
differential between the Long-term foreign currency IDR of the
sovereign ('BBB-' (BBB minus)/Negative Outlook) and those of BTA,
Kazkommertsbank and Halyk Bank (all rated 'BB'/Negative Outlook)
continues to factor in the difference in the ability of the
authorities to service the sovereign's own, relatively moderate,
debt and to provide sufficient support to the banks, in case of
need, to meet their much larger obligations.

The larger three-notch differential between the sovereign rating
and that of Alliance takes into account the latter's lesser
systemic importance, reflected in its smaller and declining market
shares, which could make it potentially somewhat less likely than
the big three banks to receive support in the future.  The lower
rating also considers the fact that the sale of the bank to SK has
yet to go through and the still moderate amount of support which
the bank has received to date.

In Fitch's view, the possibility of SK not acquiring the bank
cannot be fully excluded, in particular in view of uncertainty as
to whether the acquisition might trigger acceleration of some of
the bank's debt.

The Negative Outlooks on BTA's and Alliance's IDRs reflect those
on the sovereign rating.  Any further downgrade of the sovereign
would likely result in a downgrade of the banks.  The banks could
also be downgraded should the Kazakh authorities seek to impose a
restructuring of their obligations, for example, in response to
any attempts by creditors to accelerate the banks' debt.

The 'F' Individual ratings of BTA and Alliance reflect Fitch's
opinion that the banks have failed and would have defaulted in the
short- to medium-term without the recent and potential future
external support made available to the banks by the Kazakh
authorities.

BTA's continued aggressive loan growth in 2008, which has focused
to a large degree on the Russian real estate sector and has been
funded predominantly by shorter-term inter-bank borrowings and
customer deposits, had severely compromised the bank's capital and
liquidity positions.  The recent equity injection alleviates near-
term liquidity concerns to a large degree and leaves the bank
significantly better-positioned to meet its substantial 2009
international debt repayments.  The recapitalization, and now much
higher loan impairment reserve (approximately 24.9% of gross loans
in regulatory accounts, Fitch understands), has also substantially
increased the capacity of the bank's balance sheet to absorb
losses going forward.  However, in light of the high risk nature
of much of the bank's lending, the fact that the ultimate
beneficiaries of many of the higher-risk loans may, in Fitch's
view, be affiliated with the bank's (now) minority shareholders,
the still low level of loan impairment recognition on the Kazakh
loan book, the ongoing deterioration in the domestic operating
environment and the recent devaluation of the KZT, BTA may yet be
forced to book further write downs and require additional capital
injections in the future.

Alliance's most recent (end-January) reported liquidity, non-
performing loan (NPL) and capital metrics do not suggest that the
bank's default was imminent, although Fitch has been informed that
recent margin calls on outstanding FX derivatives have represented
a significant drain on the bank's liquidity.  However, Fitch
understands that loan performance has weakened further in Q408 and
2009 to date as a result of the ongoing deterioration in the
operating environment, a trend which could intensify following the
devaluation of the KZT and result in critical pressure on
liquidity and/or capital in 2009, absent external support.

The RWN on BTA's US$400 million Tier 1 perpetual preferred
securities (rated 'B-' (B minus)) reflects greater uncertainty as
to whether future dividend payments on the securities will be made
in light of the bank's weak stand-alone financial position and the
dependence of the bank on support being made available by the
Kazakh authorities.

Fitch notes that the main condition for dividend non-payment (that
a dividend payment would cause a breach of regulatory capital
requirements by BTA) may not be met in the near-term as the
dividend payment is relatively small and the Kazakh authorities
would probably seek to maintain BTA's capital ratio with at least
a small cushion above the regulatory minimum.

However, given the level of uncertainty surrounding the deferral
decision process and the treatment of the securities by the Kazakh
authorities, as well as the potential for future deterioration in
the stand-alone financial position of the bank, Fitch has placed
the rating on RWN.

The RWN on the ratings of BTA's foreign affiliates reflects
heightened uncertainty over SK's strategy in respect to those
banks, and hence its propensity to provide support to them, in
case of need.  This uncertainty is greatest in respect to those
banks where BTA holds only a minority stake (BTA Russia, BTA Kazan
and BTA Georgia), and particularly acute in respect to BTA Russia,
where BTA owns only a 22% stake, albeit Fitch understands that BTA
still retains an option to increase its stake in BTA Russia to a
majority one.  Fitch will resolve the RWN on these banks on
understanding better SK's strategy in respect to them; should
Fitch cease to factor support into the banks' ratings, downgrades
could be by more than one notch. The affirmation of Temirbank's
ratings reflects Fitch's greater certainty that, as a majority-
owned, domestically-based subsidiary of BTA, it would be likely to
benefit, together with BTA, from any support made available by the
Kazakh authorities.

In light of the ongoing deterioration in the Kazakh operating
environment, in particular as a result of the impact of lower oil
prices and the devaluation of the KZT, Fitch will continue to
assess closely the potential for this to have a negative impact on
the credit profiles and ratings of other banks in the system.
Rating actions:

BTA Bank (BTA)

Long-term foreign currency IDR: affirmed at 'BB'; Outlook Negative
Long-term local currency IDR: affirmed at 'BB'; Outlook Negative
Short-term foreign currency IDR: affirmed at 'B'Short-term local
currency IDR: affirmed at 'B'Individual rating: downgraded to 'F'
from 'D'Support rating: affirmed at '3'Support Rating Floor:
affirmed at 'BB' Senior unsecured debt: affirmed at 'BB' Tier 1
perpetual preferred securities: 'B-' (B minus); placed on Rating
Watch Negative

Alliance Bank (Alliance)

Long-term foreign currency IDR: affirmed at 'BB-' (BB minus);
Outlook Negative Short-term foreign currency IDR: affirmed at
'B'Individual rating: downgraded to 'F' from 'D/E'Support rating:
affirmed at '3'Support Rating Floor: affirmed at 'BB-' (BB minus)
Senior unsecured debt: affirmed at 'BB-' (BB minus)

Temirbank

Long-term foreign currency IDR: affirmed at 'BB-' (BB minus);
Outlook Negative Short-term foreign currency IDR: affirmed at
'B'Individual rating: affirmed at 'D/E'Support rating: affirmed at
'3'Support Rating Floor: affirmed at 'BB-' (BB minus)Senior
unsecured debt: affirmed at 'BB-' (BB minus)

LLS BTA Bank (Russia) (BTA Russia)

Long-term foreign currency IDR 'B'; placed on Rating Watch
Negative Short-term foreign currency IDR 'B'; placed on Rating
Watch NegativeIndividual rating: 'D/E'; placed on Rating Watch
NegativeNational Long-term rating: 'BBB-(BBB minus)(rus)'; placed
on Rating Watch NegativeSupport rating: '4'; placed on Rating
Watch NegativeSenior unsecured debt: 'B'; placed on Rating Watch
Negative; Recovery Rating affirmed at 'RR4'

CJSC BTA Bank (Belarus) (BTA Belarus)

Long-term foreign currency IDR: 'B'; placed on Rating Watch
Negative Short-term foreign currency IDR: 'B'; placed on Rating
Watch NegativeIndividual rating: affirmed at 'E' Support rating:
'4'; placed on Rating Watch Negative

JSC Bank BTA-Kazan (OJSC) (BTA Kazan)

Long-term foreign currency IDR: 'B'; placed on Rating Watch
Negative Short-term foreign currency IDR: 'B'; placed on Rating
Watch NegativeIndividual rating: 'D/E'; placed on Rating Watch
NegativeNational Long-term rating: 'BBB-(BBB minus)(rus)'; placed
on Rating Watch NegativeSupport rating: '4'; placed on Rating
Watch Negative

JSC BTA Bank (Georgia) (BTA Georgia)

Long-term foreign currency IDR: 'B'; placed on Rating Watch
Negative Short-term foreign currency IDR: 'B'; placed on Rating
Watch NegativeIndividual rating: affirmed at 'E' Support rating:
'4'; placed on Rating Watch Negative

                       About Alliance Bank

Based in Almaty, Kazakhstan, Alliance Bank OA (LI:ALLB) --
http://www.alb.kz/-- a.k.a Alliance Bank JSC, is a commercial
bank.  As at December 31, 2007, Alliance had 24 branches and 199
mini-branches in the Republic of Kazakhstan.  The Bank is
organized on the basis of three main segments: Retail banking,
which represents private banking services, private customer
current accounts, savings, deposits, investment savings products,
custody, credit and debit cards, consumer loans and mortgages;
Corporate banking, which represents direct debit facilities,
current accounts, deposits, overdrafts, loan and other credit
facilities, foreign currency and derivative products, and
Investment banking, which represents financial instruments
trading, structured financing, corporate leasing, and merger and
acquisitions advice.


BTA BANK: Fitch Affirms 'BB' IDR with Negative Outlook
------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based BTA Bank's (BTA) and
Alliance Bank's (Alliance) Long-term Issuer Default ratings (IDRs)
at 'BB' and 'BB-'(BB minus), respectively, with Negative Outlooks.

At the same time, the agency downgraded the Individual ratings of
both banks to 'F', and placed BTA's perpetual preferred securities
on Rating Watch Negative (RWN).

The agency also put the ratings of four foreign affiliates of BTA
- BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus - on RWN.
The ratings of Temirbank, a domestic subsidiary of BTA, including
its Long-term IDR of 'BB-'(BB minus) with a Negative Outlook, are
affirmed.

The rating actions follows the recent announcement that the
Kazakhstan government, through the National Welfare Fund Samruk-
Kazyna (SK), is acquiring a 78.14% stake in BTA through the
purchase of a new share issue for KZT251bn.  SK is also
considering an offer from Seimar Alliance Financial Corporation to
purchase a 76% stake in Alliance for the symbolic amount of
KZT100; SK has also placed a KZT24bn deposit with Alliance to
support its liquidity.

In Fitch's view, these events confirm the agency's long-stated
position that the Kazakh authorities would be likely to have a
high propensity to support, in case of need, banks which they
consider to be systemically important.  However, the two-notch
differential between the Long-term foreign currency IDR of the
sovereign ('BBB-' (BBB minus)/Negative Outlook) and those of BTA,
Kazkommertsbank and Halyk Bank (all rated 'BB'/Negative Outlook)
continues to factor in the difference in the ability of the
authorities to service the sovereign's own, relatively moderate,
debt and to provide sufficient support to the banks, in case of
need, to meet their much larger obligations.

The larger three-notch differential between the sovereign rating
and that of Alliance takes into account the latter's lesser
systemic importance, reflected in its smaller and declining market
shares, which could make it potentially somewhat less likely than
the big three banks to receive support in the future.  The lower
rating also considers the fact that the sale of the bank to SK has
yet to go through and the still moderate amount of support which
the bank has received to date.

In Fitch's view, the possibility of SK not acquiring the bank
cannot be fully excluded, in particular in view of uncertainty as
to whether the acquisition might trigger acceleration of some of
the bank's debt.

The Negative Outlooks on BTA's and Alliance's IDRs reflect those
on the sovereign rating.  Any further downgrade of the sovereign
would likely result in a downgrade of the banks.  The banks could
also be downgraded should the Kazakh authorities seek to impose a
restructuring of their obligations, for example, in response to
any attempts by creditors to accelerate the banks' debt.

The 'F' Individual ratings of BTA and Alliance reflect Fitch's
opinion that the banks have failed and would have defaulted in the
short- to medium-term without the recent and potential future
external support made available to the banks by the Kazakh
authorities.

BTA's continued aggressive loan growth in 2008, which has focused
to a large degree on the Russian real estate sector and has been
funded predominantly by shorter-term inter-bank borrowings and
customer deposits, had severely compromised the bank's capital and
liquidity positions.  The recent equity injection alleviates near-
term liquidity concerns to a large degree and leaves the bank
significantly better-positioned to meet its substantial 2009
international debt repayments.  The recapitalization, and now much
higher loan impairment reserve (approximately 24.9% of gross loans
in regulatory accounts, Fitch understands), has also substantially
increased the capacity of the bank's balance sheet to absorb
losses going forward.  However, in light of the high risk nature
of much of the bank's lending, the fact that the ultimate
beneficiaries of many of the higher-risk loans may, in Fitch's
view, be affiliated with the bank's (now) minority shareholders,
the still low level of loan impairment recognition on the Kazakh
loan book, the ongoing deterioration in the domestic operating
environment and the recent devaluation of the KZT, BTA may yet be
forced to book further write downs and require additional capital
injections in the future.

Alliance's most recent (end-January) reported liquidity, non-
performing loan (NPL) and capital metrics do not suggest that the
bank's default was imminent, although Fitch has been informed that
recent margin calls on outstanding FX derivatives have represented
a significant drain on the bank's liquidity.  However, Fitch
understands that loan performance has weakened further in Q408 and
2009 to date as a result of the ongoing deterioration in the
operating environment, a trend which could intensify following the
devaluation of the KZT and result in critical pressure on
liquidity and/or capital in 2009, absent external support.

The RWN on BTA's US$400 million Tier 1 perpetual preferred
securities (rated 'B-' (B minus)) reflects greater uncertainty as
to whether future dividend payments on the securities will be made
in light of the bank's weak stand-alone financial position and the
dependence of the bank on support being made available by the
Kazakh authorities.

Fitch notes that the main condition for dividend non-payment (that
a dividend payment would cause a breach of regulatory capital
requirements by BTA) may not be met in the near-term as the
dividend payment is relatively small and the Kazakh authorities
would probably seek to maintain BTA's capital ratio with at least
a small cushion above the regulatory minimum.

However, given the level of uncertainty surrounding the deferral
decision process and the treatment of the securities by the Kazakh
authorities, as well as the potential for future deterioration in
the stand-alone financial position of the bank, Fitch has placed
the rating on RWN.

The RWN on the ratings of BTA's foreign affiliates reflects
heightened uncertainty over SK's strategy in respect to those
banks, and hence its propensity to provide support to them, in
case of need.  This uncertainty is greatest in respect to those
banks where BTA holds only a minority stake (BTA Russia, BTA Kazan
and BTA Georgia), and particularly acute in respect to BTA Russia,
where BTA owns only a 22% stake, albeit Fitch understands that BTA
still retains an option to increase its stake in BTA Russia to a
majority one.  Fitch will resolve the RWN on these banks on
understanding better SK's strategy in respect to them; should
Fitch cease to factor support into the banks' ratings, downgrades
could be by more than one notch. The affirmation of Temirbank's
ratings reflects Fitch's greater certainty that, as a majority-
owned, domestically-based subsidiary of BTA, it would be likely to
benefit, together with BTA, from any support made available by the
Kazakh authorities.

In light of the ongoing deterioration in the Kazakh operating
environment, in particular as a result of the impact of lower oil
prices and the devaluation of the KZT, Fitch will continue to
assess closely the potential for this to have a negative impact on
the credit profiles and ratings of other banks in the system.
Rating actions:

BTA Bank (BTA)

Long-term foreign currency IDR: affirmed at 'BB'; Outlook Negative
Long-term local currency IDR: affirmed at 'BB'; Outlook Negative
Short-term foreign currency IDR: affirmed at 'B'Short-term local
currency IDR: affirmed at 'B'Individual rating: downgraded to 'F'
from 'D'Support rating: affirmed at '3'Support Rating Floor:
affirmed at 'BB' Senior unsecured debt: affirmed at 'BB' Tier 1
perpetual preferred securities: 'B-' (B minus); placed on Rating
Watch Negative

Alliance Bank (Alliance)

Long-term foreign currency IDR: affirmed at 'BB-' (BB minus);
Outlook Negative Short-term foreign currency IDR: affirmed at
'B'Individual rating: downgraded to 'F' from 'D/E'Support rating:
affirmed at '3'Support Rating Floor: affirmed at 'BB-' (BB minus)
Senior unsecured debt: affirmed at 'BB-' (BB minus)

Temirbank

Long-term foreign currency IDR: affirmed at 'BB-' (BB minus);
Outlook Negative Short-term foreign currency IDR: affirmed at
'B'Individual rating: affirmed at 'D/E'Support rating: affirmed at
'3'Support Rating Floor: affirmed at 'BB-' (BB minus)Senior
unsecured debt: affirmed at 'BB-' (BB minus)

LLS BTA Bank (Russia) (BTA Russia)

Long-term foreign currency IDR 'B'; placed on Rating Watch
Negative Short-term foreign currency IDR 'B'; placed on Rating
Watch NegativeIndividual rating: 'D/E'; placed on Rating Watch
NegativeNational Long-term rating: 'BBB-(BBB minus)(rus)'; placed
on Rating Watch NegativeSupport rating: '4'; placed on Rating
Watch NegativeSenior unsecured debt: 'B'; placed on Rating Watch
Negative; Recovery Rating affirmed at 'RR4'

CJSC BTA Bank (Belarus) (BTA Belarus)

Long-term foreign currency IDR: 'B'; placed on Rating Watch
Negative Short-term foreign currency IDR: 'B'; placed on Rating
Watch NegativeIndividual rating: affirmed at 'E' Support rating:
'4'; placed on Rating Watch Negative

JSC Bank BTA-Kazan (OJSC) (BTA Kazan)

Long-term foreign currency IDR: 'B'; placed on Rating Watch
Negative Short-term foreign currency IDR: 'B'; placed on Rating
Watch NegativeIndividual rating: 'D/E'; placed on Rating Watch
NegativeNational Long-term rating: 'BBB-(BBB minus)(rus)'; placed
on Rating Watch NegativeSupport rating: '4'; placed on Rating
Watch Negative

JSC BTA Bank (Georgia) (BTA Georgia)

Long-term foreign currency IDR: 'B'; placed on Rating Watch
Negative Short-term foreign currency IDR: 'B'; placed on Rating
Watch NegativeIndividual rating: affirmed at 'E' Support rating:
'4'; placed on Rating Watch Negative


BTA BANK: S&P Places Low-B Ratings on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its stand-alone and/or
underlying ratings on four BTA Bank JSC's BTA DPR Finance Co. (JSC
Bank TuranAlem) financial future flow transactions backed by
Kazakh diversified payment rights on CreditWatch with negative
implications.

These rating actions follow S&P's Feb. 3, 2009, placement of S&P's
'BB' long-term counterparty credit rating on BTA on CreditWatch
developing.

The Feb. 3, 2009, rating actions are based on S&P's review of the
effects of the Kazakhstan government's acquisition of a 78% stake
in BTA through a US$2.07 billion injection of new equity.  The
CreditWatch placement on BTA reflects S&P's concern that the
bank's stand-alone creditworthiness could weaken further as a
result of the deteriorating asset quality and the continuing
funding and liquidity challenges.

Standard & Poor's will continue to analyze the Kazakhstan
government's actions and the effect those actions could have on
these future flow transactions' structure and documentation.
Standard & Poor's ratings on BTA's DPR financial future flow
transactions reflect S&P's survivability assessment of BTA and the
strong enhancement levels through overcollateralization and other
structural features that mitigate sovereign interference risk and
other credit risks.  S&P's survivability assessment addresses
BTA's ability to generate the necessary assets to service the
transactions even under a state of selective default or other
financial impairment over the deals' term.

The series 2007-A, 2007-B, and 2007-C notes benefit from an
insurance policy provided by Financial Guaranty Insurance Co.
(FGIC; 'CCC' insurer financial enhancement rating), MBIA Insurance
Corp. ('AA' insurer financial enhancement rating), and Ambac
Assurance Corp. ('A' insurer financial enhancement rating),
respectively.  The full financial guarantee insurance
policies that the respective insurer provides, guarantee the
timely payment of interest and principal according to the
transactions' terms.

Under S&P's criteria, the issue rating on an insured bond reflects
the higher of the rating on the bond insurer (monoline) or
Standard & Poor's underlying rating on the securities.  The 'BBB-'
long-term counterparty credit rating on the FGIC-insured 2007-A
series reflects the corresponding SPUR and the delinking of the
rating from the bond insurer's rating.  The 'AA' and 'A' long-term
counterparty credit ratings on the 2007-B and 2007-C series,
respectively, reflect the respective bond insurer's financial
enhancement rating and are not affected by this rating action.
The series 2007-D notes do not benefit from an insurance policy
and are rated on a stand-alone basis.

BTA's DPR program currently has US$750 million outstanding and
exhibited a 54x quarterly debt service coverage ratio as of
Dec. 31, 2008 (a strong level).  This current DSCR level is
slightly lower than BTA's historical 63x quarterly average.

S&P will continue to surveil the issue ratings on these future
flow securitizations, and S&P will revise them as necessary to
reflect any future changes in the transactions' underlying credit
quality.

              Ratings Placed On Creditwatch Negative

                        BTA DPR Finance Co.

                             Stand-alone or underlying rating
                             --------------------------------
     Series                   To                       From
     ------                   --                       ----
     2007-A*                  BBB-/Watch Neg           BBB-
     2007-B¶                  BBB-/Watch Neg           BBB-
     2007-C¶                  BBB-/Watch Neg           BBB-
     2007-D§                  BBB-/Watch Neg           BBB-

* The rating action affects both the stand-alone and the
underlying ratings.

¶ The rating action only affects the underlying rating.

§ The rating action only affects the stand-alone rating; there is
no underlying rating.


EURO BUILD: Proof of Claim Deadline Slated for March 13
-------------------------------------------------------
LLP Construction Company Euro Build has declared insolvency.
Creditors have until March 13, 2009, to submit written proofs of
claims to:

         LLP Construction Company Euro Build
         Energetikov St. 64a
         Ekibastuz
         Pavlodar


FIRMDIGOR-INTER LLP: Creditors Must File Claims by March 13
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Firmdigor-Inter insolvent.

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

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


FIRST TEAM: Claims Filing Period Ends March 13
----------------------------------------------
LLP First Team Technology has declared insolvency.  Creditors have
until March 13, 2009, to submit written proofs of claims to:

         LLP First Team Technology
         Sadovnikov St. 68
         Almaty
         Kazakhstan
         Tel: 8 (7272) 58-40-50


JENIS LLP: Creditors' Proofs of Claim Due on March 13
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Jenis insolvent.

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

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


LANGUAGES ATYRAU: Claims Registration Period Ends March 13
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Center Of World Languages Atyrau insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Abai St. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


NURBEK KURYLYS: Proof of Claim Deadline Slated for March 13
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Nurbek Kurylys insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Abai St. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


REAL PROMOTION: Creditors Must File Claims by March 13
------------------------------------------------------
LLP Real Promotion Centre has declared insolvency.  Creditors have
until March 13, 2009, to submit written proofs of claims to:

         LLP Real Promotion Centre
         Bogenbai batyr St. 104
         Almaty
         Kazakhstan
         Tel: 8 (7272) 58-40-50


ROSS INVEST: Claims Filing Period Ends March 13
-----------------------------------------------
LLP Kaz Ross Invest has declared insolvency.  Creditors have until
March 13, 2009, to submit written proofs of claims to:

         LLP Kaz Ross Invest
         Seifullin St. 63/2
         Astana
         Kazakhstan


SVETOVYE TECHNOLOGIYI: Creditors' Proofs of Claim Due on March 13
-----------------------------------------------------------------
Representation of LLP Light Technologies Svetovye Technologiyi has
declared insolvency.  Creditors have until March 13, 2009, to
submit written proofs of claims to:

         LLP Light Technologies Svetovye Technologiyi
         Office 501
         Gogol St. 39
         Almaty
         Kazakhstan


VIKTORIYA NS: Claims Registration Period Ends March 13
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Viktoriya NS insolvent.

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

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


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


DAEHAN AND COMPANY: Creditors Must File Claims by February 27
-------------------------------------------------------------
LLC Daehan and Company has declared insolvency.  Creditors have
until Feb. 27, 2009, to submit proofs of claim at:

         LLC Daehan and Company
         Baitik Baatyr Str. 57
         Bishkek
         Kyrgyzstan
         Tel: (0-772) 41-44-11


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


SCEPTRE CAPITAL: S&P Withdraws 'CCC' Ratings on Secured Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' credit
ratings on the secured credit-linked variable-rate notes series
2004-8 and 2004-9 issued by Sceptre Capital B.V.

The rating withdrawals follow an early redemption of the notes.


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


EVROSTROY-PROEKT LLC: Creditors Must File Claims by March 2
-----------------------------------------------------------
Creditors of LLC Evrostroy-Proekt (TIN 7453157098, PSRN
1067453019171) (Construction) have until March 2, 2009, to submit
proofs of claims to:

         D. Belozertsev
         Insolvency Manager
         Office 4
         Lunacharskogo St. 6
         456318 Miass
         Russia
         Tel: 8 (3513) 53–78-77

The Arbitration Court of Chelyabinskaya will convene at
11:10 a.m. on Feb. 11, 2009, to hear bankruptcy proceedings.  The
case is docketed under Case No. A76–7452/2008–55-124.

The Debtor can be reached at:

         LLC Evrostroy-Proekt
         Lenina prospect 87-110
         Chelyabinsk
         Russia


KURGAN-PROM-BANK OJSC: Creditors Must File Claims by April 2
------------------------------------------------------------
Creditors of OJSC Kurgan-Prom-Bank have until April 2, 2009, to
submit proofs of claims to:

         Investment Insurance Agency
         Acting as Insolvency Manager
         Gogolya St. 17/1
         640000 Kurgan
         Russia
         Tel: 8(3522)45-92-92
                8-800-200-08-05

The Arbitration Court of Kurganskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A34–6954/2008.

The Debtor can be reached at:

         OJSC Kurgan-Prom-Bank
         Gogolya St. 17/1
         640000 Kurgan
         Russia


MIRAX GROUP: Moody's Cuts Corporate Family Rating to 'Caa1'
----------------------------------------------------------
Moody's Investors Service has downgraded the B3 corporate family
rating and Baa3.ru national scale rating of Mirax Group Holding
B.V. to Caa1 and Ba3.ru respectively.  At the same time, Moody's
has placed all rating under review for possible downgrade.

Although, Moody's recognizes Mirax as a prominent real estate
developer in Moscow with visible high quality projects under
construction, the rating action was prompted by the fact that
Mirax has a very short maturity profile of its debt with a total
US$380 million within the next few weeks, which makes the company
dependent on its ability to continue to generate projected cash
flow or arrange alternative refinancing facilities.

Moody's is concerned with the fact that so far Mirax may not have
sufficient available cash resources to resolve the immediate
pending refinancing issues including the refinancing of maturing
bank debt totaling of US$200 million, and the potential CLN put
option of US$180 million expected in March 2009.

At the same time the worsening operating environment in the
industry is evidently leading to significantly lower cash flows
generated by Mirax than has been previously anticipated, and hence
impact its financial strength going forward.

The review will focus on these:

  - to monitor the progress achieved with the immediate
    refinancing of short term maturities

  - to assess the availability of liquidity to cover operating
    needs including changes in working capital, debt repayments
    and mandatory capex investments.

Moody's last rating action was taken on December 9 2008 when
Moody's Investors Service assigned a B3 corporate family rating to
Mirax Group Holding B.V. and withdrew the B2 CFR on review for
downgrade of Mirax Group LLC.  At the same time, Moody's Interfax
Rating Agency, which is majority owned by Moody's, assigned
Baa3.ru national scale rating to Mirax Group Holding B.V. and
withdrew the A3 national scale rating of Mirax Group LLC.  The
outlook of all rating was negative.

Mirax Group B.V. was incorporated in 2008 in the Netherlands as a
result of corporate restructuring of Mirax Group. It is now one of
the five largest real estate development companies in Moscow, with
a strong market position in the development of business class
offices and premium housing.  Apart from developing several
residential and commercial real estate complexes, Mirax is
currently constructing the Federation Tower which, when finished,
will be the tallest building in Europe.  In 2007, the company
reported revenue of approximately US$1.28 billion and EBITDA of
US$608 million.  The company is majority owned by Mr. Sergey
Polonsky, chairman of the board of directors.


POLIGRAPH-MASH OJSC: Creditors Must File Claims by March 2
----------------------------------------------------------
Creditors of OJSC Poligraph-Mash (Machinery, Metal Structures)
have until March 2, 2009, to submit proofs of claims to:

         R. Kochkarov
         Temporary Insolvency Manager
         Post User Box 95
         369000 Cherkessk
         Russia

The Arbitration Court of Dagestan commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A15-1968/2008.

The Court is located at:

         The Arbitration Court of Dagestan
         Prospect R. Gamzatova 91
         367002 Makhachkala
         Dagestan
         Russia

The Debtor can be reached at:

         OJSC Poligraph-Mash
         Shamilya St. 4
         Kizilyurt
         Dagestan
         Russia


SERPUKHOVSKIY AUTOMOBILE: Creditors Must File Claims by March 2
---------------------------------------------------------------
Creditors of OJSC Serpukhovskiy Automobile Plant have until
March 2, 2009, to submit proofs of claims to:

         A. Miller
         Temporary Insolvency Manager
         Post User Box 201
         GOS-2
         423452 Al'metyevsk
         Tatarstan
         Russia

The Arbitration Court of Moskovskaya will convene at 10:00 a.m. on
May 7, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A41-26725/08.

The Court is located at:

         The Arbitration Court of Moskovskaya
         Hall 440
         Prospect A. Sakharova 18
         Moscow
         Russia

The Debtor can be reached at:

         OJSC Serpukhovskiy Automobile Plant
         Pushkina St. 45
         Serpukhov
         Moskovskaya
         Russia


STERLIMAK-STROY TRUST: Creditors Must File Claims by March 2
------------------------------------------------------------
Creditors of OJSC Sterlimak-Stroy Trust have until March 2, 2009,
to submit proofs of claims to:

         A. Shaykhetdinov
         Temporary Insolvency Manager
         Lenina Prospect 2
         453107 Sterlimak
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene at 2:00 p.m.
on July 15, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A07-18926/2008.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Prospect S. Yulayeva 7
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Sterlimak-Stroy Trust
         Lenina Prospect 2
         453107 Sterlimak
         Bashkortostan
         Russia


TANGRA-OIL LLC: Court Names Temporary Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Moscow appointed M. Kolesnikov as
Temporary Insolvency Manager for LLC Tangra-Oil (TIN
7701180403).  The case is docketed under Case No. A40-80634/08-
74-269B.  He can be reached at:

         Office 802
         Avtozavodskaya St. 14/23
         115280 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya St. 10
         107078 Moscow
         Russia

The Debtor can be reached at:

         LLC Tangra-Oil
         Spartakovskaya Ploshchad' 14
         107082 Moscow
         Russia


TONOT LLC: Creditors Must File Claims by March 2
------------------------------------------------
Creditors of LLC Tonot Construction Company (TIN 5037060679) have
until March 2, 2009, to submit proofs of claims to:

         Yu. Zaytsev
         Temporary Insolvency Manager
         Office 211
         Pobedy St. 2
         Protvino
         142281 Moskovskaya
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on
April 24, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A41–1120/09.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 440
         Novaya Basmannaya St. 10
         107078 Moscow
         Russia

The Debtor can be reached at:

         LLC Tonot
         Zavodskiy Proezd 16
         Protvino
         142281 Moskovskaya
         Russia


TRANSCONTAINER OJSC: Fitch Assigns 'BB+' Long-Term IDRs
-------------------------------------------------------
Fitch Ratings has assigned OJSC Transcontainer Long-term foreign
and local currency Issuer Default Ratings of 'BB+', a senior
unsecured rating of 'BB+', Short-term foreign and local currency
IDRs of 'B', and a National Long-term rating of 'AA(rus)'.  The
Outlooks for the Long-term IDRs and the National Long-term rating
are Negative.

Transcontainer's ratings reflect the strong strategic and
operational ties between Transcontainer and its parent, the state-
owned Russian railway monopoly, JSC Russian Railways (RZD
'BBB'/'F3'/Negative).  In line with Fitch's Parent-Subsidiary
Rating linkage methodology, Transcontainer's IDRs have been
notched down two levels from those of RZD.  Fitch's expectation
that RZD will maintain a majority stake in Transcontainer, as well
as an explicit support policy towards Transcontainer (to the
extent that it is in compliance with the current Russian rail
reform), has been factored into the ratings.

The Negative Outlooks are in line with those of RZD, whose ratings
and Outlook are aligned with the sovereign.

Transcontainer is the leading rail-based container transportation
company in Russia, transporting 1.3 million TEUs (twenty foot
equivalent units) in 2007.  As of H108, it owned 23,255 flatcars,
53,912 containers and a large network of 47 container terminals in
key strategic locations throughout Russia.  In addition to its
core rail-based container transportation services and rail-side
terminal services, it provides freight forwarding and logistics
and truck deliveries.  Transcontainer is 85%-owned by RZD, the
second-largest railway transportation system in the world after
the US.


URAL-STROY-KOMPLEKS LLC: Creditors Must File Claims by March 2
--------------------------------------------------------------
Creditors of LLC Ural-Stroy-Kompleks (TIN 7453155816)
(Construction) have until March 2, 2009, to submit proofs of
claims to:

         B. Minigulov
         Temporary Insolvency Manager
         Apt. 130
         Menedeleyeva St. 138
         450022 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A76–
24619/2008–48-203.

The Debtor can be reached at:

         LLC Ural-Stroy-Kompleks
         Prospect Lenina 83
         Chelyabinsk
         Russia


URALSVYAZINFORM OAO: Fitch Affirms Long-Term IDR at 'B+'
--------------------------------------------------------
Fitch Ratings has affirmed OAO Uralsvyazinform's Long-term Issuer
Default rating at 'B+', National Long-term rating at 'A-(A minus)
(rus)' and Short-term IDR at 'B'.  The National senior unsecured
rating for its domestic bonds is affirmed at 'A-(A minus)(rus)'.
The Outlooks on the Long-term IDR and National Long-term rating
are Stable.

Ural's ratings are supported by the incumbent's dominant market
position in key sectors of operation, its backbone and fixed 'last
mile' infrastructure (the widest in the operating territory) as
well as by the existing benign regulatory environment in Russia.
Fitch views Ural's financial performance as stable and healthy.
EBITDA margin on a last 12-months basis to H108 is estimated at
34.4%, which is likely to be sustained over the medium term on the
back of local voice tariff indexation, positive broadband and
mobile contribution and staff cost control.  Broadband and mobile
segments are likely to be the main growth drivers for Ural over
the medium term.

The ratings are constrained by considerable refinancing risk, with
short-term debt representing about 42% of Ural's total debt at
end-H108.  Cash and untapped credit facilities at FYE08 do not
fully cover refinancing risks in Q109, mainly driven by a RUB3
billion domestic bond put option in March 2009.  Fitch estimates
an expected improvement in Ural's free cash flow generation,
driven by a 50% capex deferral in 2009, will help provide on
average RUB1.5 billion cash per quarter for debt repayment, which
is likely to mitigate refinancing risks.  The ratings take into
consideration the fact that Ural's main shareholder, OAO
Svyazinvest, has been included on the list of enterprises eligible
for potential state support during the economic crisis.  Being
ultimately owned by the state and representing key incumbents in
the telecommunications industry in Russia, Svyazinvest stands a
better chance to receive government support than privately-held
entities.  Fitch believes Svyazinvest's refinancing negotiations
with state-controlled banks in 2008-2009 for the whole group are
likely to benefit Ural.

As a result of debt reduction Ural's leverage is expected to
decline from 2x at FYE07 to 1.7x at FYE08 and 1.2x at FYE09, which
is low for the current rating.  Fitch views the low leverage as an
additional positive in the current tight credit environment as it
should increase Ural's chances in securing bank funding.


VTOR-CHER-MET SE: Court Names Insolvency Manager
------------------------------------------------
The Arbitration Court of Moscow appointed V. Kadzharduzov as
Insolvency Manager for SE Vtor-Cher-Met (TIN 5031007213) (Scrap-
processing).  The case is docketed under Case No. A41–9553/08.
He can be reached at:

         Building 1
         Lubyanskiy proezd 5
         101000 Moscow
         Russia

The Debtor can be reached at:

         SE Vtor-Cher-Met
         Betonnaya St. 3a
         Noginsk
         142410 Moskovskaya
         Russia


WEST SIBERIAN: S&P Affirms S-T Counterparty Credit Rating at 'C'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit rating on Russia-based West Siberian
Commercial Bank to 'B-' from 'B' and its Russia national scale
rating to 'ruBBB-' from 'ruBBB+'.  The 'C' short-term counterparty
credit rating was affirmed.  The outlook is negative.

The ratings were removed from CreditWatch with developing
implications, where they had been placed on Oct. 15, 2008, after
the announcement that a controlling stake in the bank was to be
acquired by two regional governments, the Tyumen Oblast (not
rated) and Yamal-Nenets Autonomous Okrug (BB+/Stable/--; Russia
national scale 'ruAA+').  However, the deal did not materialize.

"The downgrade reflects the rapid deterioration of the bank's
operating environment, which has put pressure on its
capitalization, financial performance, and loan quality," said
Standard & Poor's credit analyst Victor Nikolskiy.  "Other
negative rating factors include the bank's high single-name
concentrations in deposits and its weak funding profile."

These negative factors are partly offset by WSCB's good business
profile in the Tyumen Oblast, adequate reserving, and significant
funding support from the oblast, the Yamal-Nenets Autonomous
Okrug, and the Central Bank of Russia.

The ratings reflect the bank's stand-alone credit quality and do
not include any uplift for extraordinary external support, either
from shareholders or the government.

WSCB is a midsize regional bank, ranking 50th among domestic
banks.  The bank's capitalization is weak and declining.  The
bank's financial results suffered heavily in 2008, due to the drop
in market value of its equity portfolio.

The negative outlook reflects the difficult operating environment
in which the bank operates and the adverse impact it is expected
to have on the bank's asset quality and financial performance.

"We would likely lower the ratings if the deterioration of asset
quality proves to be higher than expected or if liquidity or
capitalization weakens significantly," said Mr. Nikolskiy.

The outlook could be revised to stable if the bank maintains
sufficient liquidity and if loan quality and financial performance
prove to be more resilient than expected.


* Fitch Takes Rating Actions on Four Russian Securitizations
------------------------------------------------------------
Fitch Ratings has taken various rating actions on four Russian
securitizations.  The actions were triggered by the agency's
downgrade of Russia's sovereign rating to 'BBB' from 'BBB+'.  A
total of 11 ratings out of 12 were affirmed while one tranche was
downgraded.  The rating Outlooks on two tranches were revised to
Negative from Stable, increasing the number of ratings with a
Negative Outlook to eight from six.

The rating actions are driven by the downgrade of Russia's
sovereign rating and the Negative Outlook which has been
maintained on the sovereign rating.  Fitch notes that the
performance of all rated deals is in line with the agency's
expectations despite the ongoing deterioration of economic
conditions in the country.  However, Fitch warns that the risk
that losses in the portfolios will increase has risen
significantly as a result of the very negative macroeconomic
environment.  The devaluation of the rouble against the US dollar,
in which most securitized loans are denominated, is a key risk at
this stage.  This risk however is mitigated by the high degree of
amortization of most transactions leading to the availability of
meaningful credit protection.  As such the downgrade of the
sovereign has had a relatively muted effect on the
securitizations' ratings.

Fitch will publish a detailed rationale explaining the rating
changes for each transaction in coming days.  Fitch will also host
a teleconference on Monday, February 9 at 2:00 p.m. GMT to discuss
the rating actions.  Dial in details will follow in a separate
announcement.

A summary of the rating actions follows:

ROOF Russia S.A. (ROOF)

  -- Class A: affirmed at 'BBB-' (BBB minus); Outlook Negative
  -- Class B: affirmed at 'BB+'; Outlook Negative
  -- Class C: affirmed at 'BB-' (BB minus); Outlook Negative
  -- Class D: affirmed at 'B-' (B minus); Outlook Negative

Russian Mortgage Backed Securities 2006-1 S.A.

  -- Class A: affirmed at 'A-' (A minus); Outlook revised to
     Negative from Stable

  -- Class B: affirmed at 'BBB'; Outlook Stable

  -- Class C: affirmed at 'BB-' (BB minus); Outlook Stable

Moscow Stars B.V.

  -- Class A: affirmed at 'BBB'; Outlook Negative
  -- Class B: affirmed at 'BB'; Outlook Stable

Red & Black Prime Russia MBS No. 1 Ltd.

  -- Class A: downgraded to 'A-' (A minus) from 'A'; Outlook
     Negative

  -- Class B: affirmed at 'BBB+'; Outlook revised to Negative from
     Stable

  -- Class C: affirmed at 'BB+'; Outlook Stable


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


SERIE AYT: Moody's Cuts Rating on Class D Notes to 'B3'
-------------------------------------------------------
Moody's Investors Service has taken this rating action on the
Notes issued by Serie AyT Colaterales Global Hipotecario Caja
España I, issued within AyT Colaterales Global Hipotecario, FTA:

  - Class A, Downgraded to Aa1; previously on 19 December 2007
    Assigned Aaa; on 23 July 2008 Placed Under Review for Possible
    Downgrade;

  - Class B, Downgraded to A3; previously on 19 December 2007
    Assigned A2; on 23 July 2008 Placed Under Review for Possible
    Downgrade;

  - Class C, Downgraded to Ba2; previously on 19 December 2007
    Assigned Baa3; on 23 July 2008 Placed Under Review for
    Possible Downgrade and

  - Class D, Downgraded to B3; previously on 19 December 2007
    Assigned Ba2; on 23 July 2008 Placed Under Review for Possible
    Downgrade.

  - Previous rating action date: 23 July 2008.

As explained in the press release issued on July 2008 in relation
to the methodology update, the refinements to Moody's Spanish
MILAN model result in higher credit enhancement levels for Spanish
RMBS pools, especially those with riskier features, such as higher
loan-to-value ratios and higher-risk products.  Caja España I was
one of the transactions flagged by Moody's as having such
features.  All Classes of Notes were placed on review for possible
downgrade on July 23, 2008.  The actions conclude a detailed
review of the transaction.

Caja España I closed in December 2007. In this transaction, the
originator (Caja España de Inversiones, A3/P-2) securitised a
portfolio of 3,282 first ranking mortgage loans secured on
residential properties located in Spain, for an overall amount of
EUR500 million.  The collateral consists of loans with a loan-to-
value over 80%.  These high LTV loans represented 99.32% of the
outstanding pool balance as of November 2008 reporting date.
The transaction includes an interest rate swap to hedge interest
rate risk in the transaction, securing reference interest rate on
the notes plus 1.20% excess spread over a notional equal to the
outstanding balance of loans less than 90 days in arrears.  Caja
España de Inversiones acted as swap counterparty.  On November 11,
2008, Moody's Investors Service downgraded Caja España de
Inversiones to A3/P-2/C-, Outlook: negative, from A2/P-1/C).
Following this downgrade and pursuant to the swap agreements, Caja
España chose to take remedial action by replacing itself by CECA
(Aa2/P-1).

Currently, the portfolio is showing worse-than-expected collateral
performance leading to above market average delinquencies.  After
11 months since closing, corresponding to November 2008 reporting
date, the 90+ days delinquencies corresponded to approximately
4.20% of the current pool balance.

The transaction includes artificial write-off of loans (1) more
than 18 months delinquent or (2) for which there are no
expectations of them becoming current.  This typical Spanish RMBS
mechanism speeds up the off-balance sheet treatment of a non-
performing loan compared to waiting for the "natural write-off";
thus, the amount of notes collateralized by non-performing loans
and, consequently, the negative carry, is minimised.  As of
November 2008 no artificial write-offs had been reported.
Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the increase in credit support
needed and the volatility of future losses.  As a result, Moody's
has raised its Milan Aaa CE from a range of 17.70%-18.10% to
23.50% and the portfolio's expected loss assumption from a range
of 2.20%-2.40% to 3.30% (as a percentage of original pool
balance).  These changed assumptions reflect the performance but
also Moody's expectation for this transaction in the context of a
weakening macro-economic environment in Spain.

All collections Caja España de Inversiones receives are
transferred on a daily basis to the treasury account of the fund
held by the Paying Agent.  Moody's has taken into account in its
analysis the limited commingling risk this transaction is exposed
to.

On November 4, 2008, the Spanish Government announced a package of
aid to assist unemployed, self-employed and pensioner borrowers
through a form of mortgage subsidy aid.  It is unclear how this
package will be implemented, and also if it is implemented, 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 are approved.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes (May 2047).  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


SANTANDER EMPRESAS: Fitch Cuts Rating on Class F Tranche to 'C'
---------------------------------------------------------------
Fitch Ratings has taken various rating actions on Fondo de
Titulizacion de Activos Santander Empresas 4 and Fondo de
Titulizacion de Activos Santander Empresas 3.  The rating actions
were prompted by an increase in the amount of delinquent loans in
the transactions and concerns about Spain's macroeconomic
environment.  In total, nine tranches were downgraded and six
tranches were affirmed while 10 tranches were assigned Negative
rating Outlooks and two tranches had their Negative Outlooks
maintained.  The rating actions, the transactions' main portfolio
parameters and rating action rationales are:

Fondo de Titulizacion de Activos Santander Empresas 4

  -- Class A1 (ISIN ES0337944005) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class A2 (ISIN ES0337944013) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class A3 (ISIN ES0337944021) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class B (ISIN ES0337944039) downgraded to 'A' from 'AA-'(AA
     minus); assigned a Negative Outlook

  -- Class C (ISIN ES0337944047) downgraded to 'BBB' from 'A';
     assigned a Negative Outlook

  -- Class D (ISIN ES0337944054) downgraded to 'B' from 'BBB';
     Negative Outlook maintained

  -- Class E (ISIN ES0337944062) downgraded to 'CCC' from 'BB-'
     (BB minus)

  -- Class F (ISIN ES0337944070) downgraded to 'C' from 'CC'

As of October 20, 2008, 90+ day delinquencies stood at 1.8% of the
current portfolio.  The portfolio is highly concentrated in real
estate and related sectors with the current exposure at 39.9%.
The transaction is also exposed to borrower concentration with the
largest borrower accounting for 1.5% of the portfolio and the top
five borrowers totalling EUR159 million or 6%.  The transaction
closed in 2007 and has not benefited from de-leveraging to the
same degree as older vintage transactions.  The current portfolio
is 74.7% of initial portfolio balance, which has led to a small
increase in credit enhancement on the notes.  The reserve fund of
EUR46m provides 1.7% of credit enhancement.  Fitch's analysis of
the delinquency pipeline and an updated default forecast for the
current portion of the portfolio indicated that the credit
protection for classes B, C, D, E and F was no longer adequate to
support the prior ratings.  As such, these classes have been
downgraded and assigned Negative Outlooks, or had a Negative
Outlook maintained.  The Negative Outlooks assigned to classes A1,
A2 and A3 reflect the transaction's exposure to the delinquency
pipeline and Fitch's expectation of significant further credit
deterioration over the next two years due to Spain's economic
downturn and the ongoing correction in the real estate and
construction sectors.

Fondo de Titulizacion de Activos Santander Empresas 3

  -- Class A2 (ISIN ES0337710018) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class A3 (ISIN ES0337710026) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class B (ISIN ES0337710034) affirmed at 'AA'; assigned a
     Negative Outlook

  -- Class C (ISIN ES0337710042) downgraded to 'A' from 'A+';
     assigned a Negative Outlook

  -- Class D (ISIN ES0337710059) downgraded to 'BB' from 'BBB+';
     assigned a Negative Outlook

  -- Class E (ISIN ES0337710067) downgraded to 'B' from 'BB+';
     Negative Outlook maintained

  -- Class F (ISIN ES0337710075) downgraded to 'C' from 'CCC'

As of October 16, 2008, 90+ day delinquencies stood at 1.8% of the
current portfolio.  The portfolio is concentrated in real estate
and related sectors with the current exposure at 26.1%.  The
transaction is also exposed to borrower concentration with the
largest borrower accounting for 2% of the portfolio and the top
five borrowers totalling EUR121 million or 5.7%.  The transaction
closed in 2007 and has not benefited from de-leveraging to the
same degree as older vintage transactions.  The current portfolio
is 61.3% of initial portfolio balance, which has led to a small
increase in credit enhancement on the notes.  The reserve fund of
EUR45.5 million provides 2.1% of credit enhancement.  Fitch's
analysis of the delinquency pipeline and an updated default
forecast for the current portion of the portfolio indicated that
the credit protection for classes C, D, E and F was no longer
adequate to support the prior ratings.  As such, these classes
have been downgraded and assigned Negative Outlooks, or had a
Negative Outlook maintained.  The Negative Outlooks assigned to
classes A2, A3 and B reflect the transaction's exposure to the
delinquency pipeline and Fitch's expectation of significant
further credit deterioration over the next two years due to
Spain's economic downturn and the ongoing correction in the real
estate and construction sectors.

Fitch assigned Negative rating Outlooks between May and September
2008 to 19 tranches issued by Spanish small- and medium-sized
enterprise collateralized debt obligation transactions due to a
combination of declining performance trends and the worsening
Spanish macroeconomic environment.  In a report published on May
8, 2008, entitled "Rating Outlooks in Spanish SME CDOs", Fitch
discussed why the agency had a negative view for the next one-to-
two years and highlighted macroeconomic trends and concerns which,
the agency believes, increase the downgrade risk for such notes
over the long term.

Since then, Spanish macroeconomic conditions have deteriorated
further and there has been a notable increase in delinquencies
across SME CDO transactions.  Fitch expects further deterioration
to occur due to the economic downturn and ongoing correction in
the real estate and related sectors, which is expected to
accelerate over the near-term.  However, many originators have
begun to reinforce collections efforts by adding staff and
employing more proactive collection strategies.  Given Fitch's
expectation of further credit deterioration in the SME segment,
the agency continues to review rated transactions to ensure the
credit protection in place is sufficient to maintain existing
ratings.

In the analysis undertaken, assumptions on probability of default
(PD) and loss severity were made with regards to current
delinquencies as well as the performing portfolio.  With respect
to default probability, the base assumption on the current portion
of the portfolio was revised upward to reflect the non-investment
grade nature of underlying borrowers and to consider how the
portfolio or loans could perform through-the cycle.  This resulted
in an increase in the base default probability to approximately
10-15%, which was then adjusted to reflect the remaining weighted
average life of the portfolio.  The base case PD was further
adjusted to account for the existing portfolio delinquency
pipeline, with loans in later state delinquency buckets assigned
progressively higher default probabilities (up to 100% for loans
greater than six months in arrears).  On the recovery side, Fitch
assumed the 'BB' recovery from the initial rating analysis.  These
updated PD and recovery assumptions were used to determine an
updated loss expectation and then compared against existing
subordination available for each tranche, with minimum coverage
ratios of the updated expected loss driving the actions noted
above. Seasoning, excess spread, as well as industry and borrower
concentration risk also factored into Fitch's credit view.

These two transactions under the Santander Empresas programme are
cash flow securitizations of static pools of loans granted by
Banco Santander ('AA'/Rating Watch Negative/'F1+') to Spanish
SMEs, self-employed borrowers and larger companies.  The
respective issuers are legally represented and managed by
Santander de Titulizacion S.G.F.T., S.A. (the Sociedad Gestora), a
limited liability company incorporated under the laws of Spain,
whose activities are limited to the management of securitization
funds.


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


FORD MOTOR: Mulls Job and Supplier Cuts, In Talks on Volvo Sale
---------------------------------------------------------------
Dan Strumpf at The Associated Press reports Ford Motor Co will
continue to slash the number of suppliers it does business with as
it adapts to the weak auto market.

Citing Tony Brown, Ford's group vice president for global
purchasing, the AP relates the company had about 1,600 auto parts
suppliers eligible for new business at the end of 2008, and is
aiming to bring that number down to about 750.  The AP notes in
2004, Ford was doing business with 3,300 parts suppliers.

Data obtained by the AP from the Original Equipment Suppliers
Association showed 40 auto parts makers went bankrupt in 2008.

Mr. Brown, according to the AP, expects more failures among parts
suppliers as the industry grapples with an unprecedented downturn
in automobile sales.

"We are going to see more, and we are going to see more faster,"
of the pace of parts supplier insolvencies, Mr. Brown said as
cited by the AP.

                            Volvo Sale

Ford is in talks to sell its Sweden-based Volvo Car unit to
China's Geely Automobile Holdings Ltd., Bloomberg News reports
citing
three people familiar with the discussions.

Two of the people told Bloomberg News that Geely first approached
Ford about buying Volvo a year ago, before the U.S. automaker had
decided to sell its Swedish auto unit.

Preliminary talks began in December after Ford said it would
consider selling the unit, according to Bloomberg News.

Ford, which is trying to avoid government aid by raising cash
through asset sale, probably will get less than the US$6.4 billion
it paid for Volvo in 1999, Bloomberg News cited one of the people
as saying.

Geely, Bloomberg News' sources said, would likely seek to buy
Ford's entire equity stake in Volvo rather than negotiate with the
Swedish unit over purchases of specific assets.

According to Bloomberg News, Ford creditors are likely to receive
some, or even all, of the proceeds from any sale of Volvo, which
it pledged as part of the collateral it put up for US$23 billion
in loans it secured in 2006.

Sale of Volvo, whose U.S. sales fell 64 percent last year and
had a pretax loss of US$736 million in the fourth quarter, will
follow Ford's sale of Jaguar and Land Rover to India's Tata Motors
Ltd. for US$2.4 billion last June and its Aston Martin luxury line
for US$931 million to a group of investors in May of 2007.

                          U.K. Job Cuts

Bloomberg News reports Ford will cut as many as 850 jobs in the
U.K. and delay the introduction of a new version of its best-
selling Transit van.

Ford has offered "voluntary separation" packages to salaried and
hourly workers as part of a plan to eliminate the positions by May
and is also seeking to renegotiate a wage increase offered to U.K.
workers last year, Bloomberg News says citing the automaker in a
statement.

Bloomberg News relates automakers and suppliers are shuttering
plants across Europe as car markets shrink.  Car sales in Britain
fell 31 percent in January to 112,087 vehicles from 162,097 a year
earlier, the ninth consecutive monthly decline, the news agency
cited the London-based Society of Motor Manufacturers & Traders as
saying.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                         *     *     *

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


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


ARTHUR BONDERER: Creditors Must File Proofs of Claim by Feb. 16
---------------------------------------------------------------
Creditors owed money by JSC Arthur Bonderer are requested to file
their proofs of claim by Feb. 16, 2009, to:

         JSC Prefera Audit
         Grossfeldstrasse 40
         7320 Sargans
         Switzerland

The company is currently undergoing liquidation in Pfafers SG.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 22, 2008.


CASA NOVA: Deadline to File Proofs of Claim Set February 16
-----------------------------------------------------------
Creditors owed money by LLC Casa Nova Service are requested to
file their proofs of claim by Feb. 16, 2009, to:

         Odilo Casanova
         Rebgasse 5
         Mail Box 9625
         8036 Zurich
         Switzerland

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


GENERAL MOTORS: To Start Talks on Debt Restructuring Today
----------------------------------------------------------
General Motors Corp. executives, advisers, bondholders and union
officials scheduled talks today and tomorrow to negotiate the
government-ordered debt restructuring of the automaker, Bloomberg
News reports citing two people close to the plans.

Bloomberg News' sources, who asked not to be named because the
meetings are private, said the discussions follow previous
informal talks as part of GM's plan to reduce US$27.5 billion in
unsecured debt to about US$9.2 billion by swapping for equity.

The report relates GM has a Feb. 17 deadline to submit a status
report to the U.S. Treasury as part of an agreement to keep
US$13.4 billion in loans.

According to the report, GM must outline its plan for long-term
viability, competitiveness and energy efficiency.

Specifically, Bloomberg News says the plan must:

   -- demonstrate how the automaker will repay the
      loans, restructure its business and ensure a
      positive value for the company in the
      future; and

   -- show monthly detail through 2010 and annual
      projected financial results through 2014.

By March 31, the report notes GM must have union approval for any
contract changes as well as an agreement to cut the costs of the
union retiree health-care fund.  The automaker must also have
begun the debt exchange offer with bondholders, the report adds.

                             Job Cuts

GM may cut salaried jobs similar in magnitude to more than 5,000
eliminated last year, people familiar with the plan told Bloomberg
News.

According to Bloomberg News, GM is offering retirement incentives
to most of its 62,000 members of the United Auto Workers union
that include US$20,000 cash and a US$25,000 voucher for a new car
for workers willing to retire or quit.

GM would like to get more than 10,000 union workers to leave and
is expecting at least half that many to accept, one person was
cited by Bloomberg News as saying.  Workers have until March 24 to
decide, the report says.

                        China Joint Venture

Irene Shen at Bloomberg News reports General Motors Corp. may form
a commercial-vehicle venture with China FAW Group Corp.

Both companies have already registered a name for the venture, GM
spokesman Henry Wong told Bloomberg News in a phone interview
without elaborating.

The report relates GM makes vehicles in China through two
ventures, both of which are backed by SAIC Motor Corp.

According to the report, sales at SAIC-GM-Wuling, a minivan
venture, rose 20 percent to a record 75,168 units last month,
while GM's U.S. sales in the same period plunged 49 percent.

China's vehicle sales may gain this year as sales of cars, trucks
and buses increased 6.7 percent last year to 9.38 million, the
report notes citing the China Association of Automobile
Manufacturers.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

  -- Senior secured at 'B/RR1';
  -- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


GRAFICOREKLAMEN LLC: Creditors Have Until Feb. 15 to File Claims
----------------------------------------------------------------
Creditors owed money by LLC Graficoreklamen are requested to file
their proofs of claim by Feb. 15, 2009, to:

         Yves Kurfurst
         Erlenstrasse 97
         8645 Jona
         Switzerland

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


HEAVY GRAPHICS: Proof of Claim Filing Deadline Set February 16
--------------------------------------------------------------
Creditors owed money by LLC Heavy Graphics are requested to file
their proofs of claim by Feb. 16, 2009, to:

         W. Schwehr
         Zurcherstrasse 1
         8142 Uitikon Waldegg
         Switzerland

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


HG CHEMIE: Creditors' Proofs of Claim Due by February 15
--------------------------------------------------------
Creditors owed money by JSC HG Chemie Thun are requested to file
their proofs of claim by Feb. 15, 2009, to:

         Streun Marco
         Liquidator
         Stoeckliweg 15
         3604 Thun
         Switzerland

The company is currently undergoing liquidation in Thun.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 29, 2008.


HG CREAKTIV: February 18 Set as Deadline to File Claims
-------------------------------------------------------
Creditors owed money by LLC HG Creaktiv are requested to file
their proofs of claim by Feb. 18, 2009, to:

         Oskar Schneider-Berger
         Im Gyseneggli
         8784 Braunwald
         Switzerland

The company is currently undergoing liquidation in Braunwald.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 10, 2008.


KOCH LEDER: Creditors Must File Proofs of Claim by February 16
--------------------------------------------------------------
Creditors owed money by LLC Koch Leder are requested to file their
proofs of claim by Feb. 16, 2009, to:

         Gschwend
         9108 Gonten
         Switzerland

The company is currently undergoing liquidation in Gonten AI.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 29, 2008.


RUHR-PETROL JSC: Deadline to File Proofs of Claim Set Feb. 15
-------------------------------------------------------------
Creditors owed money by JSC Ruhr-Petrol are requested to file
their proofs of claim by Feb. 15, 2009, to:

         Urs J. Hausheer
         Liquidator
         Advocacy and Notary's Office 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.


ZBINDEN ARCHITEKTEN: Creditors Have Until Feb. 16 to File Claims
----------------------------------------------------------------
Creditors owed money by LLC Zbinden Architekten are requested to
file their proofs of claim by Feb. 16, 2009, to:

         Birkenweg 2
         3423 Ersigen
         Switzerland

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


ZIELPUNKT JSC: Proof of Claim Filing Deadline Set February 16
-------------------------------------------------------------
Creditors owed money by JSC Zielpunkt are requested to file their
proofs of claim by Feb. 16, 2009, to:

         Markus Knecht
         Liquidator
         Widdergasse 1
         Mail Box: 2903
         8021 Zurich
         Switzerland

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


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


AYRIS LTD: Creditors Must File Claims by February 21
----------------------------------------------------
Creditors of LLC Ayris Ltd. (EDRPOU 32208224) have until
Feb. 21, 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 Oct. 29, 2008.
The case is docketed as 50/330.

The Debtor can be reached at:

         LLC Ayris Ltd.
         Apt. 54
         Yanvarskogo Vosstaniya St. 11A
         Kiev
         Ukraine


COALTRUST LLC: Creditors Must File Claims by February 21
--------------------------------------------------------
Creditors of LLC Coal Producer Coaltrust (EDRPOU 33772148) have
until Feb. 21, 2009, to submit proofs of claim to:

         Mr. Sergey Sizov
         Temporary Insolvency Manager
         Apt. 48
         Krasnoflotskaya St. 100-a
         83052 Donetsk
         Ukraine
         Tel: 8(050)776-77-22

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 17, 2008.
The case is docketed as 5/162B.

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

The Debtor can be reached at:

         LLC Coal Producer Coaltrust
         Kirov St. 9
         Shakhtersk
         86200 Donetsk
         Ukraine


DNIEPROEL LLC: Creditors Must File Claims by February 21
--------------------------------------------------------
Creditors of LLC Dnieproel (EDRPOU 33690317) have until Feb. 21,
2009, to submit proofs of claim to:

         Mr. S. Ilnitsky
         Temporary insolvency manager
         Ukraine
         Tel: 8(067)295-9203

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 15, 2009.
The case is docketed as 44/22-b.

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

The Debtor can be reached at:

         LLC Dnieproel
         Surikov St. 3
         03035 Kiev
         Ukraine


LAN LLC: Creditors Must File Claims by February 21
--------------------------------------------------
Creditors of LLC Lan (EDRPOU 30824004) have until Feb. 21, 2009,
to submit proofs of claim to:

         Mr. Dmitriy Popovich
         Liquidator
         Korytnoe
         Vizhnick
         Chernovcy
         Ukraine

The Arbitration Court of Chernovcy commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 22, 2008.  The case is docketed as 9/14/B.

         The Economic Court of Chernovcy
         O. Kobylianska St. 14
         58000 Chernovcy
         Ukraine

The Debtor can be reached at:

         LLC Lan
         Lunka
         Hertsayevsky
         Chernovcy
         Ukraine


LOGOS LLC: Creditors Must File Claims by February 21
----------------------------------------------------
Creditors of LLC Logos (EDRPOU 23514575) have until Feb. 21, 2009,
to submit proofs of claim to:

         Mr. Aleksey Doroshenko
         Temporary Insolvency Manager
         P.O.B. 286
         01001 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 26, 2008.
The case is docketed as 50/318.

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

The Debtor can be reached at:

         LLC Logos
         Pravda Avenue, 62
         04108 Kiev
         Ukraine


MEGAKHIM LLC: Creditors Must File Claims by February 21
-------------------------------------------------------
Creditors of LLC Megakhim (EDRPOU 32946299) have until Feb. 21,
2009, to submit proofs of claim to:

         Mrs. Inessa Tchernokondratenko
         Temporary Insolvency Manager
         Office 12
         Boyko St. 13
         Kremenchuk, V
         39602 Poltava
         Ukraine

The Arbitration Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 23, 2008.
The case is docketed as 23/95.

         The Economic Court of Poltava
         Zigin St. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Megakhim
         40 Years of October St. 2/7
         Kremenchuk
         39617 Poltava
         Ukraine


PROJECT BUILDING: Creditors Must File Claims by February 21
-----------------------------------------------------------
Creditors of LLC New Technical Project Building (EDRPOU 33863004)
have until Feb. 21, 2009, to submit proofs of claim to:

         Mr. Andrew Nadlonok
         Liquidator
         Zubrovskaya St. 25a/33
         79066 Lvov
         Ukraine

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

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

The Debtor can be reached at:

         LLC New Technical Project Building
         Kolomiya St. 6/47, 7
         Lvov
         Ukraine


SMILA FOOD: Creditors Must File Claims by February 21
-----------------------------------------------------
Creditors of CJSC Smila Food Company (EDRPOU 00380698) have until
Feb. 21, 2009, to submit proofs of claim to:

         Mr. Alexander Yuditsky
         Liquidator / Insolvency Manager
         Apt. 9
         Khimikov Avenue, 60
         18018 Cherkassy
         Ukraine

The Arbitration Court of Cherkassy commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 25, 2008.  The case is docketed as 10/5386.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         CJSC Smila Food Company
         Papanin St. 55
         Smila
         20700 Cherkassy
         Ukraine


STATE SAVINGS: Fitch Downgrades Individual Rating to 'E' from 'D'
----------------------------------------------------------------
Fitch Ratings has downgraded JSC State Savings Bank of Ukraine's
(Oschadbank) Individual rating to 'E' from 'D'.  At the same time,
the agency has affirmed the bank's other ratings, including its
Long-term foreign currency Issuer Default rating of 'B+' with a
Negative Outlook.

The downgrade of Oschadbank's Individual rating reflects its
increased dependence on government financial support, given the
high loan exposure to state-owned Naftogaz (rated 'B'; Rating
Watch Negative) it took on at end-2008.  The downgrade also
factors in risks stemming from recent rapid asset growth, the
deteriorating operating environment, negative asset quality trends
and weak corporate governance (as reflected in the government-
directed lending to Naftogaz).

Loans to Naftogaz comprised a very high 53% of Oschadbank's
portfolio (equal to around 120% of bank's equity) at end-2008, and
in Fitch's view the company might have difficulties repaying those
obligations in time from its own cash flow without any form of
state support.  Aside of the Naftogaz exposure, corporate
impairment reported in the IFRS accounts has been significant
(H108: 7.8%), although some of these loans were performing, Fitch
understands.  The latest regulatory data show some deterioration
in asset quality, although overall reported impairment is fairly
moderate to date (the two lowest loan categories comprised 3.4% of
gross loans at end-2008 compared to 2.9% at end-H108).  Foreign
currency lending is small (8% of loans at end-2008) compared to
Ukrainian peers, which is a significant relative credit-positive
in light of the recent sharp depreciation of the UAH.

The composition of the bank's liabilities changed significantly in
the last days of 2008, and funding now largely consists of funds
from the National Bank of Ukraine (NBU, 52% of liabilities at end-
2008), which were used to finance loans to Naftogaz.  Retail
accounts are the second-largest source of funding (32%), and have
proven to be relatively stable, reflecting the depth of the bank's
franchise and the state guarantee on deposits with the bank.
During Q408, deposit outflow (net of FX effects) was approximately
4%, which is lower than at other Fitch-rated peers.

Liquidity management is rather basic, although the liquidity
position of the bank is adequate at present, supported by the
historical stability of individuals' accounts.  At end-2008,
available liquidity (cash and equivalents as well as unpledged
government securities) covered 38% of customer deposits.
Liquidity could come under pressure should there be repayment
delays of Naftogaz loans coupled with unwillingness on the part of
NBU to extend the maturity of its loans.  According to existing
legislation, however, Oschadbank has a right to sell government
bonds to NBU at par, mitigating any maturity mismatch between repo
facilities with NBU and Naftogaz loans.

The capital position was supported in 2008 by UAH12.9bn of equity
injections by the state, largely with the aim of financing loans
to Naftogaz.  Fitch notes that this new equity was contributed in
the form of long-dated (due in 2015-2016), low-rate (9.5%)
government securities; however, concerns about the quality of
capital are at least partially alleviated by the legal right of
Oschadbank to sell those securities to the NBU at their face
value.  The regulatory total capital adequacy ratio at end-2008
was 35.7%.  While the bank's capital position is severely
compromised by its exposure to Naftogaz, Fitch notes that non-
Naftogaz loans are now equal to only around 100% of the bank's
equity.  This means if the latter are repaid without significant
losses or capital distribution, capitalization should be solid.
The Long-term IDR continues to be driven by the likelihood of
support from the Ukrainian government (rated 'B+'/Negative
Outlook), which directly owns 100% of the bank.  Fitch's view of
potential support also takes into account the bank's strong share
in distributing pension and other social payments via the largest
branch network in the country, as well as its use as a state agent
in extending loans to Naftogaz.

The Negative Outlook reflects that on the sovereign's IDR.  A
downgrade of Ukraine's ratings would result in a downgrade for
Oschadbank.  If Oschadbank books significant losses on its loans
to Naftogaz, resulting in a need to further recapitalize the bank,
then the Individual rating could be downgraded to 'F'.  If,
however, these loans are repaid without significant losses, no
further directed lending is made, capital remains within the bank
and asset quality remains reasonable, then the Individual rating
could be upgraded.

Oschadbank was the eighth-largest Ukrainian bank by assets at end-
Q308.  It is the successor of the Ukrainian branch of the former
Soviet Union savings bank and has the largest branch network in
the country with over 6,000 outlets and over 39,000 employees.
The Cabinet of Ministers of Ukraine holds 100% of the bank's
shares.

Rating Actions:

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

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

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

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

  -- Support rating: affirmed at '4'

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

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


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


ASTON ZORASTER: Appoints Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Aston Zoraster Ltd. on Jan. 27,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


INTERFRAME LTD: Calls in Joint Liquidators from Deloitte
--------------------------------------------------------
William Kenneth Dawson and Richard Michael Hawes of Deloitte LLP
were appointed joint liquidators of Interframe Ltd. on Jan. 23,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Deloitte LLP at:

         PO Box 500
         2 Hardman Street
         Manchester
         M60 2AT
         England


MERCIA TIMBER: Taps Joint Liquidators from Tenon Recovery
---------------------------------------------------------
Colin Nicholls and Andrew Appleyard of Tenon Recovery were
appointed joint liquidators of Mercia Timber Products Ltd. on
Jan. 15, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Mercia Timber Products Ltd.
         Unit 8
         Portersfield Road
         Cradley Heath
         West Midlands
         B64 7BN
         England


OILEXCO INC: Obtains Court Order for CCAA Creditor Protection
-------------------------------------------------------------
Oilexco Incorporated obtained a court order Thursday for
protection under the Companies' Creditors Arrangement Act
(Canada).  Ernst & Young Inc. was appointed monitor under the
order.

The order permits Oilexco (including its wholly-owned Alberta
subsidiary Oilexco Technical Services Inc.) to remain in
possession and control of its property, carry on its business,
retain employees and other service providers and restructure its
operations.  Proceedings by creditors and others cannot be
commenced without leave of the court and current proceedings are
stayed.  The order does not affect rights of The Royal Bank of
Scotland plc and other lenders to shares of Oilexco's wholly-owned
United Kingdom subsidiary Oilexco North Sea Limited ("ONSL").
Those shares were pledged by Oilexco as security for Oilexco's
obligations as guarantor of amounts owed by ONSL under the US
US$547.5 million senior and super senior credit facility and
GBP100 million pre-development credit facility of ONSL with the
lenders.

                     About Oilexco Inc.

Headquartered in Calgary, Canada, Oilexco Inc. (TSX: OIL; LSE:
OIL) -- http://www.oilexco.com/-- is an oil and gas exploration
and production company active in the United Kingdom.  Oilexco's
producing properties, exploration and development activities are
located in the UK Central North Sea, specifically in the Outer
Moray Firth and Central Graben areas.  Oilexco operates in the
United Kingdom through its wholly owned subsidiary, Oilexco North
Sea Ltd., a company registered under the laws of England and
Wales.  Oilexco shares are listed for trading on the London Stock
Exchange (LSE) and the Toronto Stock Exchange (TSX) under the
symbol "OIL".


RAPIER ENGINEERING: Appoints Joint Liquidators from Tenon
---------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Rapier Engineering Ltd. on Jan. 23,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


TATA STEEL UK: S&P Cuts Long-Term Corp. Credit Rating to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on India-based steelmaker Tata Steel Ltd. to 'BB-'
from 'BB' and that of its wholly owned subsidiary, Tata Steel U.K.
Ltd., to 'B+' from 'BB-'.  The outlook for both ratings is
negative.  Standard & Poor's also affirmed the 'B' short-term
rating on TSUK.

At the same time, Standard & Poor's lowered its rating on Tata
Steel's senior unsecured bank loans to 'BB-' from 'BB'.  The issue
rating on TSUK's GBP3.67 billion senior secured debt was also
lowered to 'BB', from 'BB+', and placed on CreditWatch with
negative implications, pending a review of S&P's recovery analysis
to consider how the weakened demand environment may affect
recovery prospects.

"The rating downgrades reflect the weak global market conditions
for steel products given the significant slowdown in the auto and
construction industries," said Standard & Poor's credit analyst
Yasmin Wirjawan.  The two companies have also been adversely
affected by the worsening global economic conditions and the
resultant sharp downturn in commodities, she said.

Although Tata Steel has taken steps such as production and job
cuts, asset restructuring, and efficiency improvement, Standard &
Poor's expects Tata Steel's credit metrics and cash flows to be
materially affected by the current downturn.

"And with Tata Steel's credit metrics and cash flows affected, in
S&P's opinion, its ability to support TSUK has reduced," Ms.
Wirjawan said.  "TSUK's financial metrics are also going to be
adversely affected, and its financial covenants pressured in the
second half of this year."

Tata Steel has two key markets -- the U.K. and India.  TSUK, the
holding company for its European operations, has aggressively cut
production by 30%-40% because of declining demand.  TSUK accounted
for approximately 70% of Tata Steel's total steel production
capacity as of March 31, 2008, and about half of its EBITDA in the
fiscal year ended March 2008.


THOMAS SHAW: Appoints Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Thomas Dixon and Christopher Benjamin Barrett of Tenon Recovery
were appointed joint liquidators of Thomas Shaw Engineering Ltd.
on Jan. 21, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


WHITE LIGHTNING: Taps Liquidator from Tenon Recovery
----------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of White
Lightning Ltd. on Jan. 21, 2009, for the creditors' voluntary
winding-up proceeding.

The company can be reached through Tenon Recovery at:

         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


WOODCOTE BUILDING: Appoints Joint Liquidators from PKF
------------------------------------------------------
Edward Terence Kerr and Ian James Gould of PKF (UK) LLP were
appointed joint liquidators of Woodcote Building Services Holdings
Ltd. on Jan. 16, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through PKF (UK) LLP at:

         Regent House
         Clinton Avenue
         Nottingham
         NG5 1AZ
         England


WRIGHT GROUP: In Administration; PwC Appointed
----------------------------------------------
The Wright Group has gone into administration,
thisishullandeastriding.co.uk reports.

The report relates according to officials, the move is a result of
cash flow issues caused by problems in the UK property market and
the difficulties in raising development finance.

Mark Loftus, Ian Green and Rob Birchall of PricewaterhouseCoopers
LLP have been appointed joint administrators, the report
discloses.

According to the report, most of the company's 38 employees have
been redundant.

Based in Hull, The Wright Group, which comprises Wright Group
(Holdings) Limited, Wright (Hull) Limited and T. Wright & Son
Limited, specialized in exclusive, stylish developments across the
Yorkshire region.


ZAVVI: Another 17 Stores Closed; 242 Jobs Affected
--------------------------------------------------
Julia Finch at guardian.co.uk reports that Ernst & Young, Zavvi's
administrator, has closed another 17 of the music chain's stores,
resulting to the loss of 242 jobs.

The report discloses the stores closed Thursday were in: Aberdeen,
Blackpool, Camberley (Atrium), Carlisle, Chester, Coventry,
Denton, Derby (Albion Street), Harlow, Hemel Hempstead, Hereford,
Loughborough, Sheffield (Meadowhall), Shrewsbury, Swindon, Walton-
on-Thames and York.

"We will continue to trade the remaining stores and remain hopeful
that a sale of some or all of these can be achieved.  We are in
detailed discussions with two interested parties and it is our
intention to continue to trade all remaining UK stores with a view
to their sale as a going concern," the report quoted Tom Jack,
joint administrator at Ernst & Young, as saying.

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

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

On November 27, 2008 Entertainment UK Ltd, the group's main
supplier, went into administration.  Since this time the group has
been unable to source stock in the usual way and has been forced
to enter into new trading arrangements.  The directors understand
it is unlikely that EUK will be sold as a going concern and the
zavvi Group has continued to experience significant difficulty in
obtaining stock on favorable credit terms.  This has resulted in
considerable working capital difficulties as a result of the
failure of EUK, in addition to continuing operating losses.


* UK: KPMG Says Corporate Insolvencies to Rise in 2009
------------------------------------------------------
KPMG Restructuring predicts that corporate insolvencies
(administrations and receiverships) will rise dramatically in 2009
reaching 5,000 by the end of the year.  This compares to 3,225
insolvency appointments in 2008 (to December 23) and 2,230 in
2007: a 45 per cent increase in appointments from 2007 to 2008,
according to KPMG's figures.

Jim Tucker, of KPMG Restructuring and one of KPMG's leading large-
scale insolvency practitioners said: "The downturn is now firmly
entrenched in the real economy and there are hardly any sectors
that have not been hit.  Confidence is a key driver behind
consumers' and business' willingness to spend money, and right now
confidence is at a low ebb.  A number of companies and their
stakeholders are trying hard to restructure their businesses, but
given the speed of the downturn it is inevitable that some will
run out of cash."

Chris Laverty, also a partner in KPMG Restructuring's large-scale
insolvency team, commented on the impact of insolvencies on the
high street:

"Retail insolvency appointments to the end of January 2009 are up
300 per cent, compared with the same period in 2008, proving the
vastly different trading landscape for retailers.

"With consumer confidence in decline, the soaring cost of imported
goods or withdrawal of credit insurance and the overall lack of
credit to bridge retailers to the next key trading period of
Easter, means we would expect the tally of insolvencies on the
High Street to continue to climb."

In addition, Dow Jones Insight analyzed media sources for five
organizational triggers for KPMG Restructuring which included debt
restructurings, profit warnings, covenant breaches, cash flow
warnings and organizational triggers (such as redundancy
announcements or surprise resignations of chief personnel) for the
second half of 2008, and found a:

    * 79 per cent increase in debt restructurings (rising from
      1,244 in Q3 to 2,036 in Q4);

    * 64 per cent increase in cash flow warnings (from Q3 to Q4
      in 2008).

Jim Tucker, KPMG Restructuring Partner said: "The increase in
announced debt restructurings is only the visible tip of the
covenant breach iceberg.  As we go through 2009 we expect a very
significant number of companies to be forced to renegotiate or
restructure their facilities; we're not expecting that process to
be quick or easy.  Those companies that delay approaching their
creditors are at grave risk of failure.

"The most common cause of business collapse is simply running out
of cash.  Waiting until cash becomes the critical issue is a sure-
fire way of destroying the confidence of lenders.  Yet cash flow
warnings remain a significant trigger for companies this year
across sectors.  Looking ahead, we believe the sectors with the
most to lose in the months to come include travel and leisure,
chemicals and industrials, including automotive, energy and
natural resources."

                   About KPMG LLP (UK)

KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.  KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms.  As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.


* Scottish Corporate Insolvencies Reach 228 in Third Qtr. 2008/09
-----------------------------------------------------------------
The Accountant in Bankruptcy published statistics showing company
liquidations and receiverships in Scotland in the third quarter of
2008/09.

The Accountant in Bankruptcy received 228 notices of Scottish
companies entering liquidation or receivership in the third
quarter of 2008/09.  This figure includes 8 receiverships, 166
compulsory liquidations and 54 creditors' voluntary liquidations.


* BOND PRICING: For the Week Feb. 2 to Feb. 6, 2009
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

BELGIUM
-------
Barry Calle SVCS         6.000    07/13/17 EUR    74.02

CYPRUS
------
Abh Financial Lt          8.200    06/25/12 USD    69.12
Alfa MTN Invest           9.250    06/24/13 USD    71.81

FRANCE
------
Alcatel SA                4.750    01/01/11     EUR      13.01
                          6.380    04/07/14 EUR    64.20

Bouygues                  5.500    10/06/26     GBP      75.27
BNP Paribas               0.250    12/20/14 USD    70.42
Calyon                    6.000    06/18/47     EUR      33.15
Cap Gemini SA             2.500    01/01/10     EUR      50.29
                          1.000    01/01/12     EUR      40.96
Soc Air France            2.750    04/01/20 EUR    18.47
Wavecom SA                1.750    01/01/14     EUR      30.75

GREECE
------
Antenna TV SA         7.250    02/15/15 EUR    52.50

HUNGARY
-------
Agrokor                7.000    11/23/11 EUR    70.37

IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      69.74
                          5.630    11/29/30 GBP    66.02
Alfa Bank                 8.630    12/09/15     USD      58.88
                          8.640    02/22/17 USD    50.88
Ardagh Glass              7.130    06/15/17 EUR    71.13
Banesto Finance Plc       6.120    11/07/37 EUR     6.12
Bank of Ireland           4.630    02/27/19 EUR    75.99
Bank Soyuz                9.380    02/16/10 USD    64.96

ITALY
-----
Banca Italease            3.000 06/30/11 EUR    63.63
                          3.000 09/30/11 EUR      61.38
LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13 USD    62.18
Ak Bars Bank              9.250    06/20/11 USD    72.77
Alrosa Finance            8.880    11/17/14 USD    70.63
Bank of Moscow            7.340    05/13/13 USD    71.69
                          7.500    11/25/15 USD    49.98
                          6.810    05/10/17 USD    44.68
Beverage Pack             8.000    12/15/16 EUR    70.75
                          9.500    06/15/17 EUR    43.88
Breeze                    4.520    04/19/27 EUR    45.89
Globus Capital            8.500    03/05/12 USD    49.42

NETHERLANDS
-----------
Aegon NV                  6.130    12/15/31 GBP    69.47
Air Berlin Finance BV     1.500    04/11/27 EUR    36.19
Alfa Bk Ukraine    9.750    12/22/09 USD   101.76
AL Finance BV             9.000    11/22/10     USD      59.92
ALB Finance BV            9.750    02/14/11 GBP    40.44
                          8.750    04/20/11 USD      44.87
                          7.880    02/01/12 EUR    39.87
                          9.250    09/25/13 USD    47.37
ASM International NV    4.250    12/06/11 USD    70.25
ASML Holding NV           5.750    06/13/17     EUR      65.34
Astana Finance            7.880    06/08/10     EUR      58.38
                          9.000    11/16/11 USD   100.43
ATF Capital BV            9.250    02/21/14     USD      62.17
BK Ned Gemeenten      0.500    06/27/18 CAD    69.04
                          0.500    02/24/25 CAD    47.58
Centercrdt Intl           8.000    02/02/11     USD      55.90
                          8.630    01/30/14 USD    41.62
Hit Finance BV         4.880    10/27/21 EUR    71.45
JSC Bank Georgia          9.000    02/08/12 USD    41.13
Turanalem Fin BV          7.130    12/21/09 GBP    71.63
                          7.880    06/02/10 USD    57.10
                          6.250    09/27/11 EUR    42.34
                          7.750    04/25/13 USD    44.52
                          8.000    03/24/14 USD    42.20
                          8.500    02/10/15 USD    46.16
                          8.250    01/22/37 USD    45.70

ROMANIA
-------
Bucharest                 4.130    06/22/15 EUR    52.10

SPAIN
-----
Abertis                   5.990    05/14/38 EUR    73.63
Abertis Infra    4.380    03/30/20 EUR    75.97
Auvisa                    4.790    12/15/27 EUR    65.63
Ayt Cedulas Caja         3.750    06/30/25 EUR    75.26
Bancaja                   4.380    02/14/17 EUR    71.67

UNITED KINGDOM
--------------
Alfa-Bank CJSC         9.250    07/26/10 USD   101.66
Amlin Plc               6.500    12/19/26 GBP    63.31
Anglian Water
  Finance Plc             2.400    04/20/35     GBP      44.61
Annes Gate Pppty          5.660    06/30/31 GBP    73.41
Ashtead Holdings          8.630    08/01/15 USD    59.13
Aspire Defence            4.670    03/31/40 GBP    60.49
Aviva Plc            5.250    10/02/23 EUR    60.58
                          5.75     11/14/21     EUR      66.24
                          6.880    05/22/38 EUR    52.38
                          6.880    05/20/58     GBP      71.73
Bank of India             6.630    09/22/21 USD    73.27
Barcklays Bk Plc          9.750    09/30/09     GBP      68.69
Beazley Group             7.250    10/17/26 GBP    70.34
Bradford&Bin Bld          7.630    02/16/10 GBP    75.25
                          5.500    01/15/18 GBP    19.94
                          5.750    12/12/22 GBP    24.87
                          6.630    06/16/23 GBP    22.86
                          4.910    02/01/47 EUR    66.45
BL Super Finance          4.480    10/04/25 GBP    72.00
Britannia Bldg            5.750    12/02/24 GBP    67.93
                          5.880    03/28/33 GBP    61.02
British Airways Plc       8.750    08/23/16 GBP    84.94
British Land Co    5.010    09/24/35 GBP    71.22
                          5.260    09/24/35 GBP    66.16
Brit Sky Broadca          6.000    05/21/27 GBP    74.42
British Tel Plc           5.750    12/07/28 GBP    70.66
                          6.380    06/23/37 GBP    73.63

Brixton Plc               5.250    10/21/15 GBP    69.48
                          6.000    09/30/19 GBP      57.98
Broadgate Finance Plc     4.850    04/05/31 GBP    71.09
                          5.000    10/05/31     GBP      65.85
                          5.100    04/05/33 GBP    57.86
                          4.820    07/05/33     GBP      68.89
Cattles Plc               7.880    01/17/14 GBP    18.75
                          8.130    07/05/17 GBP    19.13
CGNU Plc                  6.130    11/16/26 GBP    64.39
Heating Finance           7.880    03/31/14 GBP    59.63

                            *********

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-
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                 * * * End of Transmission * * *