TCREUR_Public/090210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, February 10, 2009, Vol. 10, No. 28

                            Headlines

A U S T R I A

BIJAS EUROPEAN: Claims Registration Period Ends March 3
KIRCHBERGER LLC: Claims Registration Period Ends March 2
RADKON LLC: Claims Registration Period Ends March 3
RESIDENZ ST. LEOPOLD: Claims Registration Period Ends Feb. 24
SCHNEEBICHLER & CO: Claims Registration Period Ends March 2


G E R M A N Y

ALB-PAINTBALL GMBH: Claims Registration Period Ends March 16
CHEAP & TRENDY: Claims Registration Period Ends March 2
DKDIGITAL GMBH: Claims Registration Period Ends March 2
EURO-MASSIVHAUS GMBH: Claims Registration Period Ends March 5
ISKA GMBH: Claims Registration Period Ends February 24

MAERKLIN HOLDING: No Concrete Offers Yet, Administrator Says
SIMAC SERVICES: Claims Registration Period Ends March 14


I R E L A N D

CLASSIC FURNITURE: Enters Receivership; Shuts Two Stores
NO MADE CATERING: Goes Into Liquidation


I T A L Y

IT HOLDING: Unit Seeks Bankruptcy Protection


K A Z A K H S T A N

ALLIANCE BANK: Moody's Cuts Financial Strength Rating to 'E+'
ALLIANCE SERVICE: Proof of Claim Deadline Slated for March 13
BERKAT LLP: Creditors Must File Claims by March 13
BTA BANK AO: May Seek Loan Waivers Following Nationalization
DIANA INTERNATIONAL: Claims Filing Period Ends March 13

ERJAN LLP: Creditors' Proofs of Claim Due on March 13
JEMENEY-KUZET LLP: Claims Registration Period Ends March 13
KYZYMETSHI LLP: Proof of Claim Deadline Slated for March 13
PAK & K: Creditors Must File Claims by March 13
PREMIUM EXPRESS: Claims Filing Period Ends March 13

PROCUREMENT MARKETING: Creditors' Proofs of Claim Due on March 13

* Fitch Says Impact of KZT Devaluation on Oil & Gas Firms Limited


K Y R G Y Z S T A N

DAE SAN TIMES: Creditors Must File Claims by March 6


N E T H E R L A N D S

MAYFAIR EURO: S&P Cuts Ratings on Class C-1 and C-2 Notes to 'CC'


N O R W A Y

NEMI FORSIKRING: S&P Retains Developing Watch on 'BB' Ratings


R U S S I A

AMUR-ELEKTROD LLC: Creditors Must File Claims by April 2
ANGARIYA LLC: Under External Management Bankruptcy Procedure
BUGULMINSKIY CHINAWARE: Creditors Must File Claims by April 2
DALNEVOSTOCHNAYA INDUSTRIAL: Claims Filing Deadline Set March 2
GAZINVESTBANK: Moody's Withdraws 'E' Financial Strength Rating

INDUSRIAL TRANSPORTATION: Under Bankruptcy Procedure
KLIN RAYON: S&P Withdraws 'CCC-' Long-Term Issuer Credit Rating
MOSCOW REGIONAL: S&P Lifts Long-Term Issuer Credit Rating to 'CC'
MOSCOW STARS: Fitch Says Stable Performance Cues 'BB' Rating
SAMUR CJSC: Creditors Must File Claims by April 2

SEVERO-ZAPADNAY TIMBER: Creditors Must File Claims by April 2
SOCHI LLC: Creditors Must File Claims by April 2
STROY-KOMPANIYA LLC: Court Names Temporary Insolvency Manager
VORONEZHSKIY MACHINE: Bankruptcy Hearing Set February 11

* RUSSIA: Gov't to Set Aside US$40 Bln to Recapitalize Banks


S P A I N

EMPRESAS HIPOTECARIO: Fitch Cuts Rating on Class D Notes to 'CC'


S W I T Z E R L A N D

ARCHITEKTURBURO MAURER: Creditors Must File Claims by Feb. 20
ATELIER ZUM RITTERHUS: Deadline to File Claims Set Feb. 19
AXSTAR LLC: Creditors Have Until February 19 to File Claims
B&P CONSULTANTS: Proof of Claim Filing Deadline Set February 18
BAU UND SAN: Creditors' Proofs of Claim Due by February 19

IMEX TRADING: Feb. 20 Set as Deadline to File Claims
KONSTRUKTIONSBURO SCHUMACHER: Proofs of Claim Due by Feb. 18
TOOBLER + PARTNER: Deadline to File Proofs of Claim Set Feb. 19
VVVERLAG LLC: Creditors Have Until February 18 to File Claims
WILLENER + BOSS: Proof of Claim Filing Deadline Set February 20


U K R A I N E

ECOLOGICAL BUILDING: Creditors Must File Claims by Feb. 22
METEOR LLC: Court Starts Bankruptcy Supervision Procedure
NOVGOROD-SEVERSKY MEAT: Creditors Must File Claims by Feb. 21
ODNOVA LLC: Court Starts Bankruptcy Supervision Procedure
PERSPECTIVE-XX LLC: Creditors Must File Claims by Feb. 25

UKRGASCONTRACT CORPORATION: Court Starts Bankruptcy Procedure
VERBOVKA AGRICULTURAL: Court Starts Bankruptcy Procedure


U N I T E D   K I N G D O M

BARRATTS SHOES: Creditors to Vote on CVA Proposal on Thursday
BAUGUR GROUP: British Unit Placed Into Administration
BSB REALISATIONS: Appoints Administrators from Tenon Recovery
C&J ANTICH: Goes Into Administration; 130 Jobs at Risk
FM CONSTRUCTION: Goes Into Administration; Phase Five Dev't Halted

HFW HUDDERSFIELD: In Administration; 30 Jobs at Risk
HIT ENTERTAINMENT: Liquidity Concerns Prompt S&P's Junk Rating
INOVA HOMES: Taps Joint Administrators from Grant Thornton
JAG COMMUNICATIONS: 245 Jobs Saved Through Pre-Pack Administration
LR HORIZON: Taps Joint Administrators from Tenon Recovery

NYA SPORT: Appoints Joint Administrators from Smith & Williamson
OLTRIX LTD: Calls in Joint Administrators from BDO Stoy Hayward
OPALJEWEL LTD: Taps Joint Administrators from BDO Stoy Hayward
PARAPIX LTD: Appoints Joint Administrators from BDO Stoy Hayward
PRICELESS SHOES: Creditors to Vote on CVA Proposal on Thursday

RHC PROPERTIES: BDO Stoy Hayward Named Joint Administrators
ROSENEST LTD: Taps Joint Administrators from BDO Stoy Hayward
SOUTHCREST HOTELS: Appoints Joint Administrators from BDO Stoy
SOUTHERN PACIFIC: S&P Puts BB-Rated Notes on CreditWatch Positive
VANWALL FINANCE: Fitch Cuts Rating on Class D Notes to 'BB'

VIYELLA: Austin Reed to Buy Viyella Out of Administration
YELL GROUP: Moody's Reviews Low-B Ratings for Possible Downgrade

* UK: Company Liquidations in England and Wales Up 51.6% in Q408
* UK: PwC Says Corporate Insolvencies Hit 15-Year High
* Fitch Says Worsening Economy to Weigh on European Paper Industry

* Large Companies with Insolvent Balance Sheet


                         *********


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


BIJAS EUROPEAN: Claims Registration Period Ends March 3
-------------------------------------------------------
Creditors owed money by Bijas European Limited have until March 3,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Eva Riess
         Zeltgasse 3/13
         1080 Wien
         Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 a.m. on March 17, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 9, 200, (Bankr. Case No. 6 S 1/09b).


KIRCHBERGER LLC: Claims Registration Period Ends March 2
--------------------------------------------------------
Creditors owed money by LLC Kirchberger (FN 80128k) have until
March 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Gerhard Rothner
         Hopfengasse 23
         4020 Linz
         Austria
         Tel: 0732/66 73 26-0
         Fax: 0732/66 73 20 29
         E-mail: g.rothner@wildmoser-koch.com

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

         Land Court of Linz
         Hall 522
         Linz
         Austria

Headquartered in Rohrbach, Austria, the Debtor declared bankruptcy
on Jan. 7, 2009, (Bankr. Case No. 12 S 1/09y).


RADKON LLC: Claims Registration Period Ends March 3
---------------------------------------------------
Creditors owed money by LLC Radkon (FN 227945p) have until
March 3, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Wien
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 a.m. on March 17, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 9, 2009, (Bankr. Case No. 6 S 2/09z).


RESIDENZ ST. LEOPOLD: Claims Registration Period Ends Feb. 24
-------------------------------------------------------------
Creditors owed money by LLC Residenz St. Leopold (FN 268365f) have
until Feb. 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Andrea Fruhstorfer
         Seilerstatte 17
         1010 Wien
         Austria
         Tel: 512 57 76
         Fax: 512 57 76-50
         E-mail: a.fruhstorfer@lawyers.at

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

         Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 13, 2009, (Bankr. Case No. 28 S 2/09m).


SCHNEEBICHLER & CO: Claims Registration Period Ends March 2
-----------------------------------------------------------
Creditors owed money by LLC Schneebichler & Co. Kg. (FN 187013w)
have until March 2, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Insolvenz-Treuhand Gesellschaft m.b.H
         Qualifizierter Vertreter
         Vogelweiderstrasse 9
         4600 Wels
         Austria
         Tel: 07242/41601-151
         Fax: 07242/41601-198
         E-mail: office@insolvenz-treuhand.a

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on March 12, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Zell am Moos, Austria, the Debtor declared
bankruptcy on Jan. 7, 2009, (Bankr. Case No. 20 S 1/09m).


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


ALB-PAINTBALL GMBH: Claims Registration Period Ends March 16
------------------------------------------------------------
Creditors of Alb-Paintball 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 10:00 a.m. on April 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Arndt Geiwitz
         SKP Partnerschaftsgesellschaft
         Koenigstr. 18
         70173 Stuttgart
         Germany
         Tel: 0711/22 05 48 60
         Fax: 0711/22 05 48 699

The District Court opened bankruptcy proceedings against the
company on Feb. 2, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Alb-Paintball GmbH
         Attn: Michael Steven Krenzel, Manager
         Emerholzweg 73
         70439 Stuttgart
         Germany


CHEAP & TRENDY: Claims Registration Period Ends March 2
-------------------------------------------------------
Creditors of Cheap & Trendy Handels GmbH have until March 2, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on March 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Room 8/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut
         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:

         Florian Loserth
         Richard-Wagner-Str. 15
         84453 Muehldorf/Inn.
         Germany
         Tel: 08631/16035-0
         Fax: 08631/16035-1

The District Court opened bankruptcy proceedings against the
company on Feb. 2, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Cheap & Trendy Handels GmbH
         Attn: Helga Bimesmeier, Manager
         Bachstr. 3
         84375 Kirchdorf
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on March 23, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 388
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 1, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         DKdigital GmbH
         Attn: Robert Klein, Manager
         Eutelis Platz 2
         40878 Ratingen
         Germany


EURO-MASSIVHAUS GMBH: Claims Registration Period Ends March 5
-------------------------------------------------------------
Creditors of EURO-Massivhaus GmbH have until March 5, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dirk Hammes
         Hafenstrasse 35
         47119 Duisburg-Ruhrort
         Germany
         Tel: 0203-86050810
         Fax: 0203-86050862

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:

         EURO-Massivhaus GmbH
         Attn: Frank Wittig, Manager
         Heinrich-Hertz-Strasse 11
         47445 Moers
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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:

         Holger Bluemle
         Kriegsstr. 113
         76135 Karlsruhe
         Germany

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:

         ISKA GmbH
         Attn: Thomas Engelhard, Manager
         Am Erlengraben 3
         76275 Ettlingen
         Germany


MAERKLIN HOLDING: No Concrete Offers Yet, Administrator Says
------------------------------------------------------------
Eva Kuehnen at Reuters reports that several parties have expressed
interest in Maerklin Holding GmbH.

However, Reuters notes interim administrator Michael Pluta said
"there is nothing concrete yet."

Mr. Pluta indicated the preferred investor would be a medium-sized
company.  He added it was his priority to keep business going at
Maerklin, which filed for insolvency following unsuccessful
restructuring programs, Reuters recounts.

Reuters relates according to Mr. Pluta, annual consultants' fees
that in some years exceeded EUR12 million forced the company into
insolvency.

"If it hadn't been for those consultant fees, Maerklin would not
be insolvent now," Reuters quoted Mr. Pluta as saying.  "Over the
years, the costs added up to about the same sum a suitor would
have to spend to buy Maerklin."

Insolvency proceedings are due to start at the end of March,
Reuters states.

Maerklin head Dietmar Mundil however believes the management could
steer the company into a new future and continue business as order
intake has remained stable for the past three years, Reuters
discloses.

As reported in the TCR-Europe on Feb. 6, 2009, citing The
Associated Press, Maerklin filed for bankruptcy protection from
creditors at a court in Goeppingen after failing to secure new
credit from banks.

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

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

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

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

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


SIMAC SERVICES: Claims Registration Period Ends March 14
--------------------------------------------------------
Creditors of Simac Services Deutschland GmbH have until
March 14, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 14, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cologne
         Room 1216
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Koeln
         Germany
         Tel: 0221/33660130
         Fax: +492213366085

The District Court opened bankruptcy proceedings against the
company on Feb. 1, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Simac Services Deutschland GmbH
         Koelner Str. 195
         50226 Frechen
         Germany

         Attn: Gottfried Gansweidt, Manager
         Rather Str. 35
         52353 Dueren
         Germany


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


CLASSIC FURNITURE: Enters Receivership; Shuts Two Stores
--------------------------------------------------------
Classic Furniture has gone into receivership following pressures
from creditors and landlords, Ciara O'Brien at The Irish Times
reports.

Kieran Wallace of KPMG has been appointed as receiver on the
request of the company's directors, the report discloses.

The company, the report relates, closed two of its seven outlets
immediately, resulting in the loss of eight jobs.

According to the report, there were five redundancies in Sligo and
three in Navan.

The company's remaining five stores in Kilkenny, Blanchardstown,
the Kylemore Road, Coolock and Carrickmines will continue to trade
pending an assessment by the receiver, the report notes.

Established in 1986 Classic Furniture currently employs 75 people.


NO MADE CATERING: Goes Into Liquidation
---------------------------------------
Gavin Daily at The Sunday Business Post Online reports No Made
Catering, the firm behind Peter Stokes' Coopers restaurant on
Lesson Street in Dublin, has gone into liquidation.

Barry Forrest, of accountancy firm Forrest Lennon, has been
appointed liquidator to No Made Catering, the report discloses.

According to the report, a message on the restaurant website said
"Coopers is closed for good."

The report relates the most recent accounts for No made Catering
show that it had accumulated profits of almost EUR180,000 at the
end of April 2007.  However, citing company filings, the report
notes the company "cannot, by reason of its liabilities, continue
in business".


=========
I T A L Y
=========


IT HOLDING: Unit Seeks Bankruptcy Protection
--------------------------------------------
Bloomberg News reports IT Holding SpA's main production and
licensing unit, Ittierre SpA, will file for bankruptcy protection
after failing to find adequate funding.

The bankruptcy order may be extended to the whole company, IT
Holding said in a statement obtained by Bloomberg News.

According to the report, under the terms of IT Holding's EUR185
million (US$240 million) senior notes due in 2012, bondholders can
call for immediate repayment if a subsidiary goes into
administration.

IT Holding, the report recalls, missed a loan payment in October
and an extension two months later.

Reuters relates in light of the terms of its bonds, the company
said its board will reconvene "soon" if the ministry-appointed
administrator doesn't decide to extend the bankruptcy-protection
order to IT Holding.

In a Feb. 3 statement, IT Holding said its Board of Directors
examined the manifestation of interest received from a foreign
fund related to the implementation of a financial restructuring
plan of the company which envisages a share capital increase and
the repurchase of the bond.

In the light of the proposal, IT Holdings said its Board of
Directors instructed its Chief Executive Officer to:

   1. verify and if required renegotiate certain elements of
      the proposal;

   2. verify with the financing institutions their willingness
      to grant the support necessary for the company to
      continue its activity for the time required to implement
      the proposed plan;

   3. verify the willingness of the licensors to reconsider
      the actions already put in place following notice
      of payment in arrears and possibly to consider a
      temporary change to the terms contained in the
      license agreements; and

   4. verify on the basis of the plan prepared with
      the assistance of the company's financial advisor,
      updated following the latest developments in the
      company's situation, the effective ability of the
      plan and the proposed financial support to
      guarantee the rebalancing of the financial
      situation of the company and its going concern.

IT Holding's Board also instructed the Chief Executive Officer to
reconvene a Board meeting in a brief time span in order for it to
take the necessary resolutions.

IT Holding SpA (BIT:ITH) -- http://www.itholding.com/-- is an
Italy-based company operating in the luxury goods market.  The
Company and its subsidiaries design, produce and distribute
apparel, accessories, eyewear and perfumes.  Its brand portfolio
embraces: owned brands, Gianfranco Ferre, Malo, Exte, as well as
licensed brands, Versace Jeans Couture, Versace Sport, Just
Cavalli, C'N'C Costume National and Galliano.  The Company's
production facilities are located in Italy.  IT Holding SpA has a
worldwide distribution network, including 39 directly operated
stores, 274 monobrand stores and over 6,000 department and
specialty stores.  In order to be present in the most significant
markets, IT Holding SpA has dedicated market companies: ITTIERRE
SpA, ITTIERRE France SA, ITTIERRE Moden GmbH, IT USA HOLDING Inc
and IT Asia Pacific Limited, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 26,
2008, Moody's Investors Service downgraded IT Holding SpA's
Corporate Family Rating and Probability of Default Rating to Ca
from Caa1, and the Senior Secured rating on the EUR185 million
notes due 2012 issued by IT Holding Finance SpA to Ca (LGD3, 49%)
from Caa2.  The outlook on the ratings is developing.  The rating
action concludes the review initiated on the November 17, 2008.

As reported in the Troubled Company Reporter-Europe on Dec. 26,
2008, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Italy-based fashion company IT Holding
SpA to 'SD' from 'CC'.  At the same time, the senior unsecured
debt rating on the EUR185 million senior secured notes issued by
IT Holding Finance S.A. was affirmed at 'C'.  The recovery rating
on the notes is unchanged at '5', indicating S&P's expectation of
modest (10%-30%) recovery for senior noteholders in the event of a
payment default.


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


ALLIANCE BANK: Moody's Cuts Financial Strength Rating to 'E+'
-------------------------------------------------------------
Moody's Investors Service has downgraded the long-term bank
deposit and unsecured debt ratings of Alliance Bank to B2 from
Ba2.  At the same time, the E+ bank financial strength rating was
lowered to E.  The bank's Not Prime short-term ratings were
affirmed.  Debt and deposit ratings remain on review for possible
further downgrade.

At the same time, Moody's downgraded the long-term foreign and
local currency issuer ratings of Seimar Alliance Financial
Corporation (Kazakhstan) -- a holding company of the bank -- to
Caa1 from Ba3.  Issuer ratings remain on review for possible
further downgrade.

"The downgrade of Alliance Bank's long-term deposit and debt
ratings has, in turn, been prompted by the lowering of the bank's
BFSR by one notch from E+ to E," says Semyon Isakov, a Moscow-
based Moody's Analyst, and lead analyst for Alliance Bank.

According to Moody's, the lowering of the bank's BFSR -- which now
maps to a Baseline Credit Assessment of Caa1 compared to B2
previously -- reflects the rapidly increasing vulnerability of the
bank's liquidity profile and continuing deterioration of the
bank's assets.  Moody's believes that being substantially funded
by foreign currency wholesale debt, the bank's stand-alone ability
to serve its debt (as captured in its Baseline Credit Assessment)
has been substantially weakened recently amid the devaluation of
the local currency and the overall liquidity pressure in
Kazakhstan's banking system.  In addition, Moody's also notes the
increased "cliff-edge risks" related with the possible
acceleration of debt repayment after the announcement of the
bank's nationalization.

In addition, Moody's notes that the deteriorating operating
environment in Kazakhstan, recently reinforced by the devaluation
of the local currency, will create additional negative pressure on
Alliance Bank's loan book as a large portion relates to retail
lending and non-export oriented corporate and SME clients.

Moody's also notes that the Alliance Bank's ratings continue to
benefit from the high degree of government support incorporated in
its ratings.  Recently KZT24 billion (US$200 million) was provided
to the bank by Samruk-Kazyna National Welfare Fund to support its
liquidity.  Samruk-Kazyna National Welfare Fund also recently
reached an agreement with the bank's controlling shareholder SAFC
to acquire 76% stake in the bank.

The long-term deposit and unsecured debt ratings of Alliance Bank
remain on the review for possible further downgrade, that reflects
both the weakening stand-alone financial profile of the bank and
the uncertainty with regard to the nature as well as the extent of
the government support which may be provided to the bank followed
its nationalisation by Samruk-Kazyna National Welfare Fund.

Moody's previous rating action on Alliance Bank and SAFC was on
December 12, 2008 when the continuation of the review for possible
downgrade of the both issuers' long-term ratings was affirmed.

Headquartered in Almaty, Kazakhstan, Alliance Bank had assets of
KZT1.069 trillion (US$8.9 billion) at end-June 2008.

Based in Almaty, Kazakhstan, SAFC is a holding company that
includes a banking segment (represented largely by Alliance Bank),
as well as non-banking lending, life and non-life insurance,
financial brokerage and business support segments.


ALLIANCE SERVICE: Proof of Claim Deadline Slated for March 13
-------------------------------------------------------------
LLP Alliance Service Aktobe has declared insolvency.  Creditors
have until March 13, 2009, to submit written proofs of claims to:

         LLP Alliance Service Aktobe
         Mir ave. 41
         Aktobe
         Aktube
         Kazakhstan


BERKAT LLP: Creditors Must File Claims by March 13
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Berkat 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


BTA BANK AO: May Seek Loan Waivers Following Nationalization
------------------------------------------------------------
Last week's nationalization of BTA Bank AO could trigger clauses
on the bank's loan contracts allowing creditors to demand early
repayment, Reuters reports citing
analysts.

In this regard, BTA Chairman Arman Dunayev said the bank may
consider asking its creditors not to demand early repayment of its
foreign debt, Reuters relates.

"We are considering asking for waivers ... as a pre-emptive
measure," Reuters quoted Mr. Dunayev as saying in a conference
call.

                         Nationalization

In a Feb. 2 statement, BTA disclosed the government of Kazakhstan
has accepted the recommendation by the Agency on Regulation and
Supervision of Financial Market and Financial Organisations (FSA)
to acquire a controlling interest in the bank.

The acquisition is to be done by issuing an extra 29,915,425
common shares at KZT 8,401 a share.  The entire issue is to be
purchased by the government as represented by the Samruk-Kazyna
National Welfare Fund.  As a result, the bank will receive KZT
251,319,485,425 of extra capital.

On Feb. 4, BTA said a sum of KZT 212 billion (US$1.7 billion) has
been transferred by Samruk-Kazyna to the bank.

                          Foreign Debt

According to Reuters, BTA has foreign debt of about US$12 billion.

On January 30, BTA disclosed that on the repayments front, a total
of US$1.2 billion in foreign debt repayment was made over the
course of 2008 and, early in 2009, two-year Eurobonds worth US$250
million were retired.

                        Management Changes

Following the bank's nationalization, Mr. Dunayev was elected
Chairman of the Board of Directors.

Mr. Sadwaqas Mameshtegi, formerly chairman of the board of
directors of JSC Astana Finance, and Mr. Seitkali Rakhimov, a
representative of JSC The Samruk-Kazyna National Welfare Fund
(Samruk-Kazyna), were both appointed members of the Management
Board.

                              EGM

BTA scheduled an extraordinary general meeting of its shareholders
on March 6, 2009.

The meeting will be held at:

        Unit A2, 2nd floor
        Conference Hall
        97 Zholdasbekov Street
        Samal-2 microdistrict
        Almaty, Kazakhstan

                          About BTA Bank

BTA Bank AO (KAS:BTAS) -- http://bta.kz/-- a.k.a BTA Bank JSC, is
a Kazakhstan-based financial institution, which is involved in the
provision of banking and financial products for private and
corporate clients.  The Bank has in its offer personal banking
services, comprised of current accounts, savings accounts, term
deposits, safety deposit boxes, money transfer services, credit
facilities, and corporate banking services, including business
accounts, credit facilities, treasury services, letters of
guarantee, letters of credit, foreign exchange services,
remittances and other solutions, as well as debt and credit cards,
card services and electronic banking services.  The Bank offers
its services through a network of 22 regional branches, 289 retail
units throughout Kazakhstan, international representative offices
located in Ukraine, Russia, China and the United Arab Emirates and
several subsidiaries and affiliated companies.


DIANA INTERNATIONAL: Claims Filing Period Ends March 13
-------------------------------------------------------
LLP Diana International Kazakhstan has declared insolvency.
Creditors have until March 13, 2009, to submit written proofs of
claims to:

         LLP Diana International Kazakhstan
         24 June St. 30-25
         Almaty
         Kazakhstan


ERJAN LLP: Creditors' Proofs of Claim Due on March 13
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Erjan insolvent.

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

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


JEMENEY-KUZET LLP: Claims Registration Period Ends March 13
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Security Agency Jemeney-Kuzet insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 26, 35-14
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 701 537 15-59


KYZYMETSHI LLP: Proof of Claim Deadline Slated for March 13
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kyzymetshi insolvent.

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

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


PAK & K: Creditors Must File Claims by March 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Pak & K 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


PREMIUM EXPRESS: Claims Filing Period Ends March 13
---------------------------------------------------
LLP Premium Express has declared insolvency.  Creditors have until
March 13, 2009, to submit written proofs of claims to:

         LLP Premium Express
         Bogenbai batyr/Zenkov St. 81/36
         Almaty
         Kazakhstan
         Tel: 8 (7272) 58-40-50


PROCUREMENT MARKETING: Creditors' Proofs of Claim Due on March 13
-----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Procurement Marketing Base insolvent.

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

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


* Fitch Says Impact of KZT Devaluation on Oil & Gas Firms Limited
-----------------------------------------------------------------
Fitch Ratings has said that the recent devaluation of Kazakh tenge
is likely to have a limited impact on the credit metrics of the
Kazakh oil and gas companies.  However, significant pressure on
the local currency could result in a more pronounced credit impact
for some entities in the sector.

"While the debt portfolios of the Kazakh oil and gas companies
rated by Fitch are primarily US$-denominated, their revenue stream
is generated mostly in foreign currency whereas their cost
structure is skewed towards the national currency.  This means
they are less vulnerable to exchange rate shocks," says Angelina
Valavina, Director in Fitch's Energy, Utilities & Regulation team.
Over 90% of Kazakh oil and gas companies' debt is denominated in
foreign currency, mostly US$.  At the same time, being export-
oriented, these companies generate a large portion of their
revenue in foreign currency.  KazMunaiGaz National Company (NC
KMG; 'BBB-' (BBB minus)/Negative) has 48% of its revenue in
foreign currency while Tristan Oil Ltd (Tristan; 'B+'/Negative))
generates about 80%-85% of its revenue in foreign currency.  JSC
Intergas Central Asia (ICA; 'BB+'/Stable) generates revenue
primarily in foreign currency (over 85%) as it focuses on gas
transit, the tariffs for which are set in US$.  About 10%-40% of
their costs are exposed to exchange rate fluctuations.

However, if the local currency remains under pressure and KZT
devaluation continues in excess of 45%-50% (starting from
US$1/KZT120), other things being equal, its negative credit impact
will become more pronounced for some companies in the Kazakh oil
and gas sector, such as NC KMG and KazTransGas (KTG; 'BB'/Stable)
whose revenue (about 50%) is still exposed to the local currency
fluctuations, and JSC KazTransOil (KTO; 'BBB-' (BBB
minus)/Negative), an oil pipeline operator, whose tariffs are set
in KZT.  The negative pressure of the continuous currency
devaluation on corporate financial profiles can also be
exacerbated by less favorable oil and gas industry fundamentals.
Furthermore, severe KZT devaluation will put further pressure on
the banking system in Kazakhstan, in turn affecting the business
environment in the country.

Kazakh tenge was devalued by 18% to US$1/KZT143.98 on 5 February
from US$1/KZT121.87 on 3 February.


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


DAE SAN TIMES: Creditors Must File Claims by March 6
----------------------------------------------------
LLC Dae San Times has declared insolvency.  Creditors have until
March 6, 2009, to submit written proofs of claim.

The company can be reached at: (0-545) 95-51-01


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


MAYFAIR EURO: S&P Cuts Ratings on Class C-1 and C-2 Notes to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B, C-1, and C-2 notes issued by Mayfair Euro CDO I B.V.  The
rating on the class A note remains unchanged.

S&P has lowered its rating on the class B notes because of
breaches in the transaction's overcollateralization tests, and
subsequent diversion of interest payments to the class A notes.
In S&P's view, the ultimate repayment of principal and accrued
interest on the class B notes is looking increasingly unlikely
considering the current market conditions.

The ratings on the class C-1 and C-2 notes were lowered because,
in S&P's opinion, the likelihood of ultimate repayment of
principal and accrued interest is remote.

                           Ratings List

                     Mayfair Euro CDO I B.V.
         EUR317.7 Million Fixed and Floating Rate Notes

                         Ratings Lowered

                Class         To             From
                -----         --             ----
                B             CCC-           CCC
                C-1           CC             CCC-
                C-2           CC             CCC-


===========
N O R W A Y
===========


NEMI FORSIKRING: S&P Retains Developing Watch on 'BB' Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services commented on its CreditWatch
placement of Norway-based non-life insurer ASA.  The 'BB' insurer
financial strength and long-term counterparty credit ratings on
NEMI Forsikring ASA remain on CreditWatch with developing
implications, where they were placed on Jan. 22, 2009, following a
related action on NEMI's parent, Iceland-based insurer
Tryggingamidstödin hf. (BB/Watch Neg/--).

"The maintenance of the CreditWatch placement with developing
implications follows an announcement on Feb. 4, 2009, by Oslo-
based insurer, Protector Forsikring ASA (not rated), that it has
terminated its agreement to acquire 100% of NEMI from TM," said
Standard & Poor's credit analyst Peter McClean.

This latest announcement follows the previous termination of an
agreement for NEMI to be acquired by Connecticut-based insurer
W.R. Berkley Corp. (BBB+/Stable/--).

The CreditWatch status with developing implications reflects the
continuing uncertainty regarding the future ownership and
financial position of NEMI.  "Although NEMI's competitive position
will have been weakened by the two failed deals, S&P still expect
that the company will ultimately be sold," added Mr. McClean.  S&P
remains unable to predict with any certainty when S&P expects to
resolve the CreditWatch status or the extent of any possible
rating action.  S&P shall continue to monitor developments closely
and take actions as appropriate.


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


AMUR-ELEKTROD LLC: Creditors Must File Claims by April 2
--------------------------------------------------------
Creditors of LLC Amur-Elektrod (TIN 2801098640) (Wirework) have
until April 2, 2009, to submit proofs of claims to:

         M. Miroshnichenko
         Insolvency Manager
         Apt. 412
         Pereulok Svyatitelya Innokentiya 1
         675000 Blagoveshchensk
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A04–5895/08–11/439B.

The Debtor can be reached at:

         LLC Amur-Elektrod
         Shimanovskogo St. 27
         675000 Blagoveshchensk
         Russia


ANGARIYA LLC: Under External Management Bankruptcy Procedure
------------------------------------------------------------
The Arbitration Court of Irkutskaya has commenced external
management bankruptcy procedure on LLC Angariya Ice-cream Factory
(TIN 3801054878, PSRN 1023800519962).  The Arbitration
Court of Irkutskaya will convene at 10:00 a.m. on July 14, 2009.
The Case is docketed under No. A19–7471/08–37.

The External Insolvency Manager is:

         D. Murashov
         Dekabrskikh Sobytiy St. 109-48
         664007 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Angariya
         Mira St. 34
         Angarsk
         665830 Irkutskaya
         Russia


BUGULMINSKIY CHINAWARE: Creditors Must File Claims by April 2
-------------------------------------------------------------
Creditors of OJSC Bugulminskiy Chinaware (TIN 1613000040, PSRN
1021601764832) have until April 2, 2009, to submit proofs of
claims to:

         A. Boltakov
         Insolvency Manager
         Post User Box 261
         420021 Kazan'
         Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65–12316/2008-SG4–49.

The Debtor can be reached at:

         OJSC Bugulminskiy Chinaware
         Lenina St. 155
         Bugulma
         Tatarstan
         Russia


DALNEVOSTOCHNAYA INDUSTRIAL: Claims Filing Deadline Set March 2
---------------------------------------------------------------
Creditors of LLC Dalnevostochnaya Industrial Construction Group
have until March 2, 2009, to submit proofs of claims to:

         L. Pikina
         Temporary Insolvency Manager
         Vostretsova St. 6
         680030 Khabarovsk
         Russia

The Arbitration Court of Khabarovskiy commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A73–
12122/2008.

The Debtor can be reached at:

         LLC Dalnevostochnaya Industrial Construction Group
         Vokzalnaya St. 68-56
         681000 Komsomolsk-on-Amur
         Russia


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

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

Moody's notes that, as of the date of the ratings withdrawal, GINB
had no outstanding debts rated by Moody's.

Moody's last rating action was on December 15, 2008 when Moody's
downgraded the long-term local and foreign currency deposit
ratings of GINB to C from Caa1, as result of the withdrawal of
GINB's banking license by the Central Bank of Russia on December
4, 2008.  At the same time Moody's Interfax Rating Agency
downgraded GINB's long-term national scale credit rating to C.ru
from Ba3.ru.  All ratings were placed at their lowest possible
level with stable outlook on the global scale ratings.

Headquartered in Moscow, Russia, Gazinvestbank reported total
assets of US$216 million under IFRS as at March 31, 2008.


INDUSRIAL TRANSPORTATION: Under Bankruptcy Procedure
----------------------------------------------------
The Arbitration Court of Khabarovskiy has commenced external
management bankruptcy procedure on LLC Indusrial Transportation
Company.  The Case is docketed under No. A73–1110/2008.

The External Insolvency Manager is:

         V. Popov
         Post User Box 40-5
         680013 Khabarovsk
         Russia

The Debtor can be reached at:

         LLC Indusrial Transportation Company
         Durmin
         Khabarovskiy
         Russia


KLIN RAYON: S&P Withdraws 'CCC-' Long-Term Issuer Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its
'CCC-' long-term issuer credit and 'ruCCC' national scale ratings
on Klin Rayon, located in the Moscow Oblast (SD/--/--), at the
request of the issuer.

At the same time, also at the issuer's request, Standard & Poor's
withdrew its 'CCC-' and 'ruCCC' ratings on the RUR300 million
(US$8.2 million) senior unsecured bonds, maturing in 2010, which
were issued by Klin Rayon.

The ratings were placed on CreditWatch with developing
implications on Nov. 18, 2008.

"Due to a lack of necessary information, Standard & Poor's was
unable to resolve the CreditWatch or determine the final ratings
prior to withdrawing them," said Standard & Poor's credit analyst
Boris Kopeykin.


MOSCOW REGIONAL: S&P Lifts Long-Term Issuer Credit Rating to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term issuer credit rating on Russia-based Moscow Regional
Investment Trust Co. to 'CC' from 'SD'.  S&P also raised its
Russia national scale rating on MRITC to 'ruCC' from 'ruSD'.  The
ratings are on CreditWatch with developing implications.

The 'CC' and 'ruCC' ratings on MRITC's senior unsecured debt,
including two bonds of which RUR5.2 billion (US$140 million) is
outstanding, remain on CreditWatch, where they were placed on
Oct. 27, 2008.  However, S&P has revised the implications to
developing from negative.

"The upgrade follows the full repayment of two unrated bank loans
totaling RUR4 billion, on which MRITC missed payments on Dec. 15,
2008, and the company's confirmation that it is servicing all
other debt obligations on a timely basis," said Standard & Poor's
credit analyst Felix Ejgel.

"The revision of the CreditWatch implications to developing from
negative reflects Moscow Oblast's willingness to resolve MRITC's
defaulted loans and provide guarantees on new loans, although the
timeliness of the oblast's support remains questionable," said Mr.
Ejgel.  "The developing implications indicate that the ratings
could be raised, affirmed, or lowered."

MRITC receives extraordinary support from its owner, Moscow
Oblast, because it arranges financing for the construction of
public infrastructure and manages other public assets, including
bonds of other oblast-owned companies.  The oblast has raised
MRITC's capital by RUR3 billion and guaranteed 77% of MRITC's
direct debts.

However, all the guarantees are subordinate. Standard & Poor's
views them as untimely and conditional.  In fact, Moscow Oblast
guaranteed the two bank loans that MRITC missed payments on in
December 2008.  Consequently, the ratings on MRITC's debt
obligations reflect the creditworthiness of the company, but with
some embedded support from the owner.

As of Jan. 30, 2009, MRITC's debt accounted for about
RUR40 billion, including RUR16 billion in direct debt.  MRITC has
minimal cash reserves.  As of Feb. 1, 2009, MRITC's cash was about
RUR150 million, which is insignificant compared with the amount of
its short-term debt.

"We plan to resolve the CreditWatch status within the next 60
days, after S&P gain more visibility on the company's ability to
service its debt falling due in the first quarter of 2009, as well
as Moscow Oblast's ability and willingness to provide timely
support to the company," said Mr. Ejgel.

The ratings will come under pressure if the company fails to
accumulate the necessary resources to service its put option and
the bank loan falling due in March 2009, or to meet investor's
calls on its guarantees, or if the Moscow Oblast government
decides to cease its support to the company.

Conversely, S&P could raise the ratings on MRITC if it gains
receivables due from its counterparties and transfers from the
oblast's budget as planned, thereby restoring an adequate
liquidity position, or if it extends the bank loan falling due in
March 2009.

Confirmation of the company's cash plan for 2009 and an explicit
commitment from the oblast to provide funds on a timely basis
would also be key considerations for any positive rating action.


MOSCOW STARS: Fitch Says Stable Performance Cues 'BB' Rating
------------------------------------------------------------
Fitch Ratings says that its decision this week to affirm Moscow
Stars B.V.'s (class A - 'BBB'/Outlook Negative, class B -
'BB'/Outlook Stable) is a result of the stable performance of the
transaction despite deteriorating economic conditions in Russian
Federation.

The transaction is a securitization of mortgage loans originated
by CB Moskommertsbank, which is wholly owned by Kazkommertsbank
('BB'/Negative Outlook).

The downgrade of the Russian Federation resulted in a reattachment
of the current default model stresses to 'BBB' from 'BBB+' in line
with Fitch's "Criteria for Existing Asset Securitization in
Emerging Markets - Sovereign Constraints".  As a result, the
weighted average foreclosure frequency attached to a 'BBB'
scenario was raised to 36.6% from 28.4% at closing while the
weighted average recovery rate was reduced to 59.6% from 61.5% at
closing.  The latter is a result of increasing the weighted
average market value decline assumption to more than 71% from
56.4% at closing.  Fitch has tested both rated classes of notes at
the revised stress levels.  The classes of notes were able to
withstand the new stresses due to increased credit enhancement
available for each tranche.  Currently the credit enhancement for
class A is 24.3% and for class B is 11.4%.

Fitch highlights that the rating of the class A of notes is
currently one notch below the Country Ceiling of the Russian
Federation ('BBB/Outlook Negative') which is 'BBB+'.  The Country
Ceiling expresses the likelihood that transfer & convertibility
(T&C) restrictions will be imposed by the local authorities.
Class A does not benefit from T&C protection and as such further
downward revisions of more than one notch of the country ceiling
will lead to a downgrade of the rating of this class of notes.

The transaction has so far performed in line with the Fitch's
expectations.  The cumulative defaults reported by the servicer
have amounted to 1.22% of the initial collateral balance while the
outstanding defaults amount to 0.2% of the current outstanding
principal balance.  From discussions with the originator, Fitch
has learned that defaulted borrowers have so far preferred to
fully or partially prepay their loans instead of having their
properties foreclosed by the originator.  Fitch believes that some
of the prepayment proceeds reported by the transaction are coming
from private sales of the mortgaged property by borrowers facing
financial difficulties.  The agency expects that private sales
will slow down in following months due to worsening economic
conditions and weaker property prices in Russia.  This will have a
negative impact on the transaction's performance as the number of
defaults is expected to grow.  The annualized prepayments have
been on average around 18.3% since closing but Fitch has noted a
slowdown in prepayments in the last few months.  The average
reported prepayments for the last three months were around 12% per
annum.


SAMUR CJSC: Creditors Must File Claims by April 2
-------------------------------------------------
Creditors of CJSC Samur (TIN 0275045951) (Petrochemical
Products) have until April 2, 2009, to submit proofs of claims to:

         I. Davletgareyev
         Insolvency Manager
         Prospect Salavata Yulayeva 45/128
         450078 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-1805/08-G-FLE.

The Debtor can be reached at:

         CJSC Samur
         Blagovarskaya St. 8
         Ufa
         Bashkortostan
         Russia


SEVERO-ZAPADNAY TIMBER: Creditors Must File Claims by April 2
-------------------------------------------------------------
Creditors of CJSC Severo-Zapadnaya Timber Company have until
April 2, 2009, to submit proofs of claims to:

         D. Krivonogov
         Insolvency Manager
         Office 2
         Building 2
         Prospect Lomonosova 92
         163061 Arkhangelsk
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56–13714/2008.

The Debtor can be reached at:

         CJSC Severo-Zapadnaya Timber Company
         Office 7
         Liniya Kozhevennaya 1-3
         199026 Saint-Peterburg
         Russia


SOCHI LLC: Creditors Must File Claims by April 2
------------------------------------------------
Creditors of LLC Sochi Commercial Mortgage and Investment Bank
have until April 2, 2009, to submit proofs of claims to:

         Investment Insurance Agency
         Acting as Insolvency Manager
         Sovetskaya St. 40
         Sochi
         354000 Krasnodarskiy
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Krasnodarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32–25196/2008–14/1508B.

The Debtor can be reached at:

         LLC Sochi
         Sovetskaya St. 40
         Sochi
         354000 Krasnodarskiy
         Russia


STROY-KOMPANIYA LLC: Court Names Temporary Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Ingushetiya appointed V. Goncharov as
Temporary Insolvency Manager for LLC Stroy-Kompaniya (TIN
0608001625) (Construction).  The case is docketed under Case No.
A18–827/08.  He can be reached at:

         Kholzunova St. 19/9
         400123 Volgograd
         Russia

The Debtor can be reached at:

         LLC Stroy-Kompaniya
         Vokzalnaya St.10
         Nazran'
         Ingushetiya
         Russia


VORONEZHSKIY MACHINE: Bankruptcy Hearing Set February 11
--------------------------------------------------------
The Arbitration Court of Voronezhskaya will convene at
11:00 a.m. on Feb. 11, 2009, to hear bankruptcy proceedings on
OJSC Voronezhskaya Machine-Tool Plant.  The case is docketed under
Case No. A14–13092–2008 48/27B.

The Court is located at:

         The Arbitration Court of Voronezhskaya
         Office 602
         Srednemoskovskaya St. 77
         Voronezh
         Russia


* RUSSIA: Gov't to Set Aside US$40 Bln to Recapitalize Banks
------------------------------------------------------------
RIA Novosti reports that Russia's Finance Minister Alexei Kudrin
said Wednesday last week the Russian government will set aside
another US$40 billion to recapitalize the domestic banking system.

RIA Novosti notes according to Minister Kudrin, support of the
banking system was the key component of the government's anti-
crisis policy.

"Currently, we are preparing another package worth US$40 billion
to support Tier 1 and Tier 2 capital - core capital, and
subordinated loans to banks, including for private banking
institutions," RIA Novosti quoted Minister Kudrin as saying.

The Russian government had granted Russian banks subordinated
loans worth RUR900 billion (US$25 billion) last year, RIA
Novosti discloses, citing Minister Kudrin.


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


EMPRESAS HIPOTECARIO: Fitch Cuts Rating on Class D Notes to 'CC'
----------------------------------------------------------------
Fitch Ratings has taken various rating actions on three Spanish
small- and medium-sized enterprise collateralized debt obligation
transactions originated by Caja de Ahorros del Mediterraneo (rated
'A-'(A minus)/Stable/'F2').  The rating actions were prompted by
an increase in delinquent loans in the transactions and concerns
about Spain's deteriorating macroeconomic environment.

In total, seven tranches were downgraded and seven tranches were
affirmed. Eight tranches were assigned Negative Outlooks, two
tranches had their Negative Outlooks maintained and two tranches
were assigned Stable Outlooks.  The rating actions, the
transactions' main portfolio parameters and rating action
rationales are:

Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos

  -- Class A2 (ISIN ES0330876014) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class B (ISIN ES0330876022) downgraded to 'BBB' from 'A';
     assigned a Negative Outlook

  -- Class C (ISIN ES0330876030) downgraded to 'B' from 'BBB';
     Negative Outlook maintained

As of December 31, 2008, 90+ day delinquencies stood at 2.3% of
the current portfolio.  The portfolio is highly concentrated in
real estate and related sectors with the current exposure at
47.4%, and the largest geographical region is Alicante at 32.2%.
The transaction is also highly exposed to borrower concentration
with the largest borrower accounting for 2.6% of the portfolio and
the top five borrowers totaling EUR60.6 million or 12.1%.  The
transaction closed in 2006 and has not benefited from de-
leveraging to the same degree as older transactions.  The current
portfolio is 66.4% of the initial portfolio balance, which has led
to a small increase in credit enhancement on the notes.  The
reserve fund of EUR14.6 million provides 2.8% of credit
enhancement.  Fitch's analysis of the delinquency pipeline and
updated default forecast for the current portion of the portfolio
indicated that the credit protection for classes B and C was no
longer adequate to support the prior ratings, which is why they
were downgraded.  The class B notes were assigned a Negative
Outlook while the Negative Outlook on the class C notes has been
maintained.  The Negative Outlook assigned to class A2 reflects
the transaction's exposure to the delinquency pipeline and Fitch's
expectation of significant further credit deterioration over the
next two years due to an economic decline and the ongoing
correction in the real estate and construction sectors.

Empresas Hipotecario TDA CAM 5, Fondo de Titulizacion de Activos

  -- Class A1 (ISIN ES0330877004) affirmed at 'AAA'; assigned a
     Stable Outlook

  -- Class A2 (ISIN ES0330877012) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class A3 (ISIN ES0330877020) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class B (ISIN ES0330877038) affirmed at 'A'; assigned a
     Negative Outlook

  -- Class C (ISIN ES0330877046) downgraded to 'BB' from 'BBB';
     Negative Outlook maintained

  -- Class D (ISIN ES0330877053) downgraded to 'CC' from 'CCC'

As of  December 31, 2008, 90+ day delinquencies stood at 2.6% of
the current portfolio.  The portfolio is concentrated in real
estate and related sectors with the current exposure at 28%, and
the largest geographical region is Alicante at 28.6%.  The
transaction is also exposed to borrower concentration with the
largest borrower accounting for 1% of the portfolio and the top
five borrowers totalling EUR52.9 million or 4.3%.  The transaction
closed in 2007 and has not benefited from de-leveraging to the
same degree as older transactions.  The current portfolio is 86%
of the initial portfolio balance, which has led to a small
increase in credit enhancement on the notes.  The reserve fund of
EUR30.8m provides 2.5% of credit enhancement.  Fitch's analysis of
the delinquency pipeline and updated default forecast for the
current portion of the portfolio indicated that the credit
protection for classes C and D was no longer adequate to support
the prior ratings.  As such, these classes have been downgraded
and the Negative Outlook on the class C notes has been 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 an economic decline and the ongoing
correction in the real estate and construction sectors.

FTPYME TDA CAM 4, FTA

  -- Class A2 (ISIN ES0339759013) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class A3 (CA) (ISIN ES0339759021) affirmed at 'AAA'; assigned
     a Stable Outlook

  -- Class B (ISIN ES0339759039) downgraded to 'BBB' from 'A';
     assigned a Negative Outlook

  -- Class C (ISIN ES0339759047) downgraded to 'B' from 'BBB-'
     (BBB minus); assigned a Negative Outlook

  -- Class D (ISIN ES0339759054) downgraded to 'C' from 'CC'

As of December 31, 2008, 90+ day delinquencies stood at 1.9% of
the current portfolio.  The portfolio is concentrated in real
estate and related sectors with the current exposure at 29%, and
the largest geographical region is Alicante at 34.6%.  The
transaction is also exposed to borrower concentration with the
largest borrower accounting for 0.4% of the portfolio and the top
five borrowers totalling EUR16.8 million or 1.9%.  The transaction
closed in 2006 and has not benefited from de-leveraging to the
same degree as older transactions.  The current portfolio is 59.2%
of initial portfolio balance, which has led to a small increase in
credit enhancement on the notes.  The reserve fund of EUR24.6
million provides 2.8% of credit enhancement.  Fitch's analysis of
the delinquency pipeline and updated default forecast for the
current portion of the portfolio indicated that the credit
protection for classes B, C and D was no longer adequate to
support the prior ratings, which is why they were downgraded, and
classes B and C were assigned Negative Outlooks.  The Negative
Outlook assigned to class A2 reflects the transaction's exposure
to the delinquency pipeline and Fitch's expectation of significant
further credit deterioration over the next two years due to an
economic decline and the ongoing correction in the real estate and
construction sectors.  As the Kingdom of Spain
('AAA'/Stable/'F1+') guarantees the class A3 (CA) notes, the 'AAA'
rating on these securities was affirmed with a Stable Outlook.

Fitch assigned Negative Outlooks between May and September 2008 to
19 tranches issued by Spanish SME CDOs due to a combination of
declining performance trends and the worsening Spanish
macroeconomic environment.  In a special report published on 8 May
2008, 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
sharply and there has been a notable increase in delinquencies
across SME CDO transactions.  Fitch expects further deterioration
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 for 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.

The transactions are cash flow securitisations of static pools of
loans granted to Spanish SMEs by CAM.  The respective issuers are
legally represented and managed by Titulizacion de Activos SGFT,
SA (the Sociedad Gestora), a special-purpose management company
with limited liability incorporated under the laws of Spain.


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


ARCHITEKTURBURO MAURER: Creditors Must File Claims by Feb. 20
-------------------------------------------------------------
Creditors owed money by JSC Architekturburo Maurer are requested
to file their proofs of claim by Feb. 20, 2009, to:

         Ulrich Brunner
         Bahnhofstrasse 21
         Mail Box: 62
         3700 Spiez
         Switzerland

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


ATELIER ZUM RITTERHUS: Deadline to File Claims Set Feb. 19
----------------------------------------------------------
Creditors owed money by LLC Atelier zum Ritterhus am See are
requested to file their proofs of claim by Feb. 19, 2009, to:

         Luigi Scorrano
         Wehntalerstrasse 9
         8173 Neerach
         Switzerland

The company is currently undergoing liquidation in Uetikon.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 11, 2007.


AXSTAR LLC: Creditors Have Until February 19 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC AxStar are requested to file their
proofs of claim by Feb. 19, 2009, to:

         Bal Huseyin
         Bahnhofstrasse 20
         5242 Lupfig
         Switzerland

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


B&P CONSULTANTS: Proof of Claim Filing Deadline Set February 18
---------------------------------------------------------------
Creditors owed money by JSC B&P Consultants are requested to file
their proofs of claim by Feb. 18, 2009, to:

         Thomas Emmenegger
         Liquidator
         Waisenhausplatz 14
         3011 Bern
         Switzerland

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


BAU UND SAN: Creditors' Proofs of Claim Due by February 19
----------------------------------------------------------
Creditors owed money by JSC Bau Und San are requested to file
their proofs of claim by Feb. 19, 2009, to:

         Paul Fritz
         Rosenweg 4
         4322 Mumpf
         Switzerland

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


IMEX TRADING: Feb. 20 Set as Deadline to File Claims
----------------------------------------------------
Creditors owed money by LLC Imex Trading are requested to file
their proofs of claim by Feb. 20, 2009, to:

         Tat Thanh Ong
         Zentralstrasse 19
         2502 Biel/Bienne
         Switzerland

The company is currently undergoing liquidation in Biel/Bienne.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 18, 2008.


KONSTRUKTIONSBURO SCHUMACHER: Proofs of Claim Due by Feb. 18
------------------------------------------------------------
Creditors owed money by LLC Konstruktionsburo Schumacher are
requested to file their proofs of claim by Feb. 18, 2009, to:

         Andreas Schumacher
         Liquidator
         Obere Zelg 55g
         3183 Albligen
         Switzerland

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


TOOBLER + PARTNER: Deadline to File Proofs of Claim Set Feb. 19
---------------------------------------------------------------
Creditors owed money by JSC Toobler + Partner Architekten are
requested to file their proofs of claim by Feb. 19, 2009, to:

         Schurch Christian
         Lindenstrasse 11
         3550 Langnau i. E.
         Switzerland

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


VVVERLAG LLC: Creditors Have Until February 18 to File Claims
-------------------------------------------------------------
Creditors owed money by LLC VVVerlag are requested to file their
proofs of claim by Feb. 18, 2009, to:

         JSC Umberg Treuhand
         Liquidator
         Landstrasse 19
         8750 Glarus
         Switzerland

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


WILLENER + BOSS: Proof of Claim Filing Deadline Set February 20
---------------------------------------------------------------
Creditors owed money by LLC Willener + Boss are requested to file
their proofs of claim by Feb. 20, 2009, to:

         Ulrich Brunner
         Bahnhofstrasse 21
         Mail Box: 62
         3700 Spiez

The company is currently undergoing liquidation in Thun.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 8, 2008.


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


ECOLOGICAL BUILDING: Creditors Must File Claims by Feb. 22
---------------------------------------------------------
Creditors of LLC ECOLOGICAL BUILDING (EDRPOU 32968773) have until
Feb. 22 2009, to submit proofs of claim to:
         Small private enterprise
         Polimerpokrivlia
         Kavkazskaya street 128
         Lugansk
         Ukraine

The Economic Court of Lugansk region commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. 22/82b.

The Court is located at:

         The Economic Court of Lugansk region
         Office 16
         Sarmatskaya street, 30
         Alchevsk
         94214 Lugansk region
         Ukraine

The Debtor can be reached at:

         LLC Ecological Building
         Kotelnikov St. 14
         Lugansk
         Ukraine


METEOR LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dniepropetrovsk region commenced bankruptcy
supervision procedure on Llc Trading Group Meteor (EDRPOU
33668579).  The case is docketed under Case No. B26/298-08.

The Temporary Insolvency Manager is:

         Arbitral Manager V. Kozachenko
         Post User Box 2725
         111033 Dniepropetrovsk
         Ukraine

The Court is located at:
         The Economic Court of Dniepropetrovsk region
         Kuybishev St. 1a
         49600 Dniepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Trading Group Meteor
         Office 61
         Dwelling district Topolia-2, 1, B, 2
         49040 Dniepropetrovsk
         Ukraine


NOVGOROD-SEVERSKY MEAT: Creditors Must File Claims by Feb. 21
-------------------------------------------------------------
Creditors of OJSC Novgorod-Seversky Meat Processing and Packing
Factory (EDRPOU 00444406) have until Feb. 21, 2009,, to submit
proofs of claim to:

         Arbitral Manager I. Pchelintseva
         Insolvency Manager
         Office 48
         Schors street 10
         Chernigov
         Ukraine

The Economic Court of Chernigov region commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. 9/130b.
The Court is located at:

         The Economic Court of Chernigov
         Mir St. 20
         Chernigov
         Ukraine

The Debtor can be reached at:

         OJSC Novgorod-Seversky Meat
         Processing and Packing Factory
         Zalineynaya St. 31
         Novgorod-Seversky
         Chernigov region
         Ukraine


ODNOVA LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Ivano-Frankovsk region commenced bankruptcy
supervision procedure on LLC Odnova (EDRPOU 33278769).  The case
is docketed under Case No. ?-23/91.

The Temporary Insolvency Manager is:

         Arbitral Manager R. Senik
         Post User Box 26
         Ivano-Frankovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Odnova
         Sechevykh Streltsov St. 18
         Bolshaya Kamianka
         Kolomiya district
         78244 Ivano-Frankovsk region
         Ukraine


PERSPECTIVE-XX LLC: Creditors Must File Claims by Feb. 25
---------------------------------------------------------
Creditors of LLC PERSPECTIVE-XX (EDRPOU 34056742) have until
Feb. 25 2009, to submit proofs of claim to:

         V. Chuchmar
         Insolvency Manager
         Office 44
         Plekhanovskaya street 45-A
         Kharkov
         Ukraine

The Economic Court of Kharkov region commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No ?-39/214-08.
The Court is located at:

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

The Debtor can be reached at:

         LLC Perspective-XX
         Farbich St. 15
         Manchenki
         62447 Kharkov region
         Ukraine


UKRGASCONTRACT CORPORATION: Court Starts Bankruptcy Procedure
-------------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on Corporation Ukrgascontract (EDRPOU
3029480).  The case is docketed under Case No. 7/140.

The Temporary Insolvency Manager is:

         Arbitral Manager S. Nazarenko
         Office 25
         Dobrovolsky St. 1/3
         19600 Cherkassy
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         Corporation Ukrgascontract
         Gogol St. 3
         Mirgorod
         37600 Poltava region
         Ukraine


VERBOVKA AGRICULTURAL: Court Starts Bankruptcy Procedure
--------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Verbovka (EDRPOU
03790681).  The case is docketed under Case No. 10/82.

The Temporary Insolvency Manager is:

         Arbitral Manager S. Pshenichny
         Office 6
         Vernigora St. 16
         18008 Cherkassy
         Ukraine
         Tel: 8(0472)65-11-28

The Court is located at:

         The Economic Court of Cherkassy region
         Shevchenko Avenue, 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Agricultural Llc Verbovka
         Verbovka
         Gorodischevsky district
         19531 Cherkassy region
         Ukraine


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


BARRATTS SHOES: Creditors to Vote on CVA Proposal on Thursday
-------------------------------------------------------------
Laura Chesters at PropertyWeek reports that creditors of Stylo's
Barratts Shoes and Priceless Shoes will vote to place the
companies into a company voluntary arrangement (cVA) on Thursday,
February 12.

Stylo, Property Week says, needs to get the approval of 75% of the
creditors for the CVA to push through.

According to The Sunday Times, analysts expect that if the CVA
gets voted through, between 100 and 150 of Stylo's 380 shops could
close.  The Sunday Times adds other creditors, mainly suppliers,
would be repaid in full over 14 months.

However, Stylo chief executive Michael Ziff as cited by
PropertyWeek, said he can work through on a shop-by-shop basis in
consultation with landlords.

Citing property sources, The Sunday Times notes landlords are
split over the CVA proposal, although there is a strong chance it
will be voted down.

PropertyWeek recounts Stylo held a question and answer session
with landlords Thursday last week following the administrations of
Barratts and other subsidiaries.

As reported in the TCR-Europe on Jan. 28, 2009,  Daniel Butters,
Deloitte Partner and joint administrator, said: "Under the CVAs,
we will be asking creditors and landlords to contractually vary
their terms of trade in order to give Barratts and Priceless the
necessary breathing space to allow them to deliver value for all
stakeholders in the future.  We are seeking to enable the rescue
of Barratts and Priceless, while giving creditors and landlords
certainty over their own positions.  Ultimately, we are giving
creditors and landlords a chance to vote on the future of the
companies.

"If creditors accept the proposals, the administration would
cease, after a 28 day cooling off period, and the companies would
continue to trade under the CVAs, which would remain in place for
two years.  The administrators would become supervisors to ensure
that the companies meet their obligations to creditors.  In the
meantime, the stores will continue to trade as normal."

On Jan. 26, 2009, Daniel Butters, Neville Kahn, and Lee Manning of
Deloitte LLP, the business advisory firm, were appointed joint
administrators of Barratts Shoes and Priceless Shoes, the trading
subsidiaries of Stylo plc, the high street shoe retailer,
following a dowturn in trading as a result of the current
difficult economic and market conditions.

The statutory entities in administration are:

   -- Stylo Barratt Shoes Limited,
   -- Stylo Barratt Properties Limited,
   -- Priceless Shoes Properties Limited,
   -- Barratts Shoes Properties Limited, and
   -- Comfort Shoes Limited.

Stylo plc, the listed parent is not in administration.

Stylo -- http://www.stylo.co.uk/-- operates 400 high street shoe
stores in the UK under the Barratts and Priceless brands,
employing 5,450 staff in total.  It also has a headquarters in
Bradford, Yorkshire.


BAUGUR GROUP: British Unit Placed Into Administration
-----------------------------------------------------
Marcus Leroux at The Times reports that BG Holding ehf, the
British unit of Baugur Group hf, has been placed into
administration.

The Times relates PricewaterhouseCoopers (PwC) was appointed
administrator of BG Holding, through which Baugur owns 35 per cent
of House of Fraser, 14 per cent of Iceland, and 38 per cent of
Aurum Group, as well as its majority stake in Hamleys.

In a Feb. 6 release, Baugur said it would not oppose the
application of Landsbanki Islands hf with the High Court to put BG
Holding into administration.

Landsbanki's resolution committee, as cited by The Times, said:
"We believe that the appointment of administrators over BG Holding
... is the best way of ensuring stability and continuity for the
UK companies in which it has shareholdings.  Our role is to
maximize the long-term value of those assets and we will give our
full support to the management teams of the operating companies
concerned.  As the bank's interest is primarily in the UK assets
of BG Holding, we do not intend to oppose Baugur Group's request
for a moratorium on its remaining businesses in Iceland."

                       Moratorium Withdrawn

The boards of each of Baugur and BG Holding decided to withdraw
the petition for the moratorium of BG Holding at the District
Court of Reykjavik.

Baugur said the decision had been taken to minimize any further
jeopardy to the ongoing operations of its portfolio companies.

It however noted decisions relating to BG Holding will not affect
the group's other applications.

As reported in the TCR-Europe, Baugur and a number of its wholly
owned subsidiaries, including BG Holding, on Wednesday, Feb. 4,
applied to the District Court in Reykjavik to enter into the
moratorium process in order to protect the group's assets as well
as the interests of all creditors.

The move follows Landsbanki's decision to discontinue discussions
regarding a potential restructuring of the group.

Gunnar Sigurdsson, CEO of Baugur Group said: "Following the
collapse of the Icelandic banks, it has been our priority to
protect the portfolio companies and ensure minimal disruption to
the businesses, their employees and other stakeholders.

We are very disappointed with Landsbanki's decision as we believe
that we had sound restructuring proposals to maximize the recovery
and value for all stakeholders of the group.

In the interests of the portfolio companies, we have decided to
not oppose the administration of BG Holding and will work with
Landsbanki's resolution committee and provide all possible support
to the businesses.  The portfolio contains strong brands and
excellent management teams, which are well-positioned to build on
their strengths over the coming years."

According to The Times, Baugur will press ahead with the
moratorium for the remainder of the group in the hope of
protecting its Scandinavian assets.

Landsbanki, The Times recalls, indicated that it would hold the
assets for the foreseeable future, in a move that will bring some
respite for the British operating companies and their employees.

                       About Baugur Group

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

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


BSB REALISATIONS: Appoints Administrators from Tenon Recovery
-------------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of BSB Realisations Ltd. on
Jan. 23, 2009.

The company can be reached at:

         BSB Realisations Ltd.
         Harper Hill Industrial Park
         Buxton
         Derbyshire
         SK17 9JL
         England


C&J ANTICH: Goes Into Administration; 130 Jobs at Risk
------------------------------------------------------
Two established Yorkshire textiles businesses, C&J Antich & Sons
Ltd and HFW Huddersfield Ltd have been placed into administration
Thursday, February 5, following extended periods of poor trading.

C&J Antich employs 130 staff at its Station Road, Huddersfield
base and weaves fine fabrics for use in the manufacture of
clothing for high street retailers such as Debenhams, M&S and Next
as well as international designer brands including Prada, Chanel
and Armani.

The firm also supplies finished suits and uniforms for businesses
such as British Airways and sporting teams including Huddersfield
Town.  It has a 1,500 sq ft retail outlet at its factory selling
off the peg suits to the public.

Textile manufacturer and wholesaler HFW Huddersfield Ltd was 50
per cent owned by C&J Antich and employs 30 staff at its nearby
base at Albert Mills in Huddersfield.   The company trades under a
number of established brands including J&J Minis and John G. Hardy
and holds a royal warrant for the supply of woollen cloths.

Joint administrator of both companies, Rob Sadler of Begbies
Traynor, said: "We are optimistic that we can find a buyer for
these businesses, either together or separately and save a number
of jobs.

"The reputation and brand names of the firms, as well as the
highly skilled workforce are significant assets and we are
marketing the businesses across the textile sector to establish
interest in the businesses as a going concern," Mr. Sadler added.

The weak pound, falling sales and high cost base have contributed
to the demise of the businesses.  They will continue to trade as
usual for the time being, in order to allow for discussions with
potential buyers to progress, and no job losses have been
announced at this stage.


FM CONSTRUCTION: Goes Into Administration; Phase Five Dev't Halted
------------------------------------------------------------------
FM Construction, the company behind the GBP17 million development
on the waterfront in Dundee, has gone into administration,
stv.tv reports.

The report relates a company spokeswoman told Dundee Courier FM
Construction has notified the Court of Session of its intention to
appoint an administrator, resulting in the suspension of the
construction on phase five of the City Quay development in Dundee.

The report recalls the company had plans to construct 60 flats on
City Quay.  According to the report, 20 of these have been
finished but work on the remaining 40 has been suspended
indefinitely.

The company spokeswoman however noted "FM Homes continue to market
properties for sale at City Quay and plan to complete the
development this year", the report discloses.

The company, as cited by the report, said the complex on Victoria
Dock will still be completed this year.

FM Construction is based in Edinburgh.


HFW HUDDERSFIELD: In Administration; 30 Jobs at Risk
----------------------------------------------------
Two established Yorkshire textiles businesses, C&J Antich & Sons
Ltd and HFW Huddersfield Ltd have been placed into administration
Thursday, February 5, following extended periods of poor trading.

C&J Antich employs 130 staff at its Station Road, Huddersfield
base and weaves fine fabrics for use in the manufacture of
clothing for high street retailers such as Debenhams, M&S and Next
as well as international designer brands including Prada, Chanel
and Armani.

The firm also supplies finished suits and uniforms for businesses
such as British Airways and sporting teams including Huddersfield
Town.  It has a 1,500 sq ft retail outlet at its factory selling
off the peg suits to the public.

Textile manufacturer and wholesaler HFW Huddersfield Ltd was 50
per cent owned by C&J Antich and employs 30 staff at its nearby
base at Albert Mills in Huddersfield.   The company trades under a
number of established brands including J&J Minis and John G. Hardy
and holds a royal warrant for the supply of woollen cloths.

Joint administrator of both companies, Rob Sadler of Begbies
Traynor, said: "We are optimistic that we can find a buyer for
these businesses, either together or separately and save a number
of jobs.

"The reputation and brand names of the firms, as well as the
highly skilled workforce are significant assets and we are
marketing the businesses across the textile sector to establish
interest in the businesses as a going concern," Mr. Sadler added.

The weak pound, falling sales and high cost base have contributed
to the demise of the businesses.  They will continue to trade as
usual for the time being, in order to allow for discussions with
potential buyers to progress, and no job losses have been
announced at this stage.


HIT ENTERTAINMENT: Liquidity Concerns Prompt S&P's Junk Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'CCC+' from
'B' its long-term corporate credit ratings on the media and
entertainment group HIT Entertainment Ltd.  The outlook is remains
negative.

The downgrade reflects Standard & Poor's concerns about the impact
of the economic downturn on HIT's liquidity profile, and
particularly on the financial covenant headroom under HIT's senior
secured credit facilities.  S&P is also concerned about its
expectations of company's negative free cash flow generation after
interest -- according to S&P's calculations -- and its highly
leveraged capital structure.

HIT's net revenues were about 8% below S&P's expectations in the
first quarter of financial 2009 ended Oct. 31, 2008.  This mainly
reflected the 8% year-on-year drop posted in the Consumer products
segment and the 21% year-on-year fall in Live Events.

S&P is concerned about a potentially weak Christmas holiday
performance, notably in the Consumer product segment, given the
depressed retail environment.  This should constrain the group's
cash flow generation, resulting in gradually tightening liquidity,
potentially limiting HIT's capacity to absorb adverse working
capital movements or a material operating underperformance, or to
reduce net debt.  Therefore S&P expects HIT's leverage to rise
further over the next few quarters, above the 10x Standard &
Poor's adjusted debt to EBITDA (excluding the payments-in-kind)
from the very high 9.6x posted at the end of financial 2008.
S&P's adjustments notably include the restatement of capitalized
production costs as expenses above the EBITDA line.  S&P believes
that this leverage level, combined with HIT's negative free
operating cash flow, raise concerns over the sustainability of
HIT's capital structure.

The group's ratings continue to reflect HIT's very high leverage,
tightening liquidity, significant reliance on its broadcast
partners for continuing distribution of its programs, risks
associated with audience acceptance of content, a narrow base of
operation, and participation in a mature and competitive industry
with limited prospects for internal growth.  The company's strong
content franchises only partially offset these factors.

The negative outlook primarily reflects the continuing and
increasing concerns relating to HIT's deteriorating operating
performance in 2009 compared with 2008 given its highly leveraged
capital structure, and S&P's expectation of tightening in the
evolution of its covenant headroom.  In addition, it also reflects
the group's envisaged lower cash flow generation capacity and
resulting weaker liquidity profile in financial 2009 -- which
relies on the availability of the group's committed lines -- at a
time of financial market turmoil.

S&P would likely deem any discounted exchange offer for HIT's debt
as distressed, given the company's weak liquidity and
deteriorating trading environment.  The execution of distressed
exchange offers are tantamount to default under S&P's criteria.
It should be noted that S&P has no indication that HIT's
management intends to explore such a route, yet note that many
low-rated companies have recently executed or considered
discounted exchange offers.

The outlook, conversely, could revert to stable if HIT can
demonstrate it will maintain adequate covenant headroom (at least
equal to 15%) through 2010.  Rating stability would also be
supported by any measure to reduce debt or protect the group's
free cash flow generation capacity in the context of the
severe deteriorating customer demand.

Given the group's highly leveraged capital structure, there
currently is no upside potential for the ratings.


INOVA HOMES: Taps Joint Administrators from Grant Thornton
----------------------------------------------------------
Martin Gilbert Ellis and Leslie Ross of Grant Thornton UK LLP were
appointed joint administrators of Inova Homes Ltd. on Jan. 22,
2009.

The company can be reached at:

         Inova Homes Ltd.
         Osmonds
         Hadley
         Droitwich
         Worcestershire
         WR9 0AX
         England


JAG COMMUNICATIONS: 245 Jobs Saved Through Pre-Pack Administration
------------------------------------------------------------------
Britain's third largest mobile phone retailer, JAG Communications
(Plymouth) Ltd has appointed Ian Walker and Gilbert Lemon of
business restructuring and recovery specialists Begbies Traynor's
South West region as Administrators.

And in an excellent example of a "Pre-Pack Administration",
Begbies Traynor has announced the sale of JAG's assets to a new
company, JAG Communications (South West) Ltd, a move which secures
the jobs of 245 people over the company's 75 outlets in southern
and south west England, and Wales.  Its head office is in
Perranporth, Cornwall.

JAG's difficulties arose from its aborted purchase during the
summer of 2008 of 59 retail mobile phone shops based in the North,
Midlands and Northern Ireland, coupled with suddenly worsening
conditions for borrowing.  The company was unable subsequently to
trade out of the resulting cash crisis, even though the basic
business was strong.

JAG founder John George has grown his company, founded in 1990, to
become the third largest independent mobile phone retailer in the
UK, behind Phones 4U and The Carphone Warehouse.  An admired
entrepreneur, well-known in the West Country and on the British
Touring Car Championship circuit, he was a Mobile Power 50
nomination in 2008 for the retailer with the "most influence in
key areas of the UK mobile industry."  JAG retail outlets have a
strong regional presence outside the major conurbations, and have
a successful "no frills" offering combining cheaper leases with
good, personal customer service.


LR HORIZON: Taps Joint Administrators from Tenon Recovery
---------------------------------------------------------
C. D. Wilson and T. J. Dolder of Tenon Recovery were appointed
joint administrators of LR Horizon Ltd. on Jan. 23, 2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


NYA SPORT: Appoints Joint Administrators from Smith & Williamson
----------------------------------------------------------------
Adrian Paul Dante and Stephen John Tancock of Smith & Williamson
Limited were appointed joint administrators of NYA Sport and
Street Fashion Ltd. on Jan. 26, 2009.

The company can be reached at:

         NYA Sport and Street Fashion Ltd.
         Unit 101
         The Mall Chequers
         Maidstone
         Kent
         ME15 6AP
         England


OLTRIX LTD: Calls in Joint Administrators from BDO Stoy Hayward
---------------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Oltrix Ltd. on Jan. 21, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


OPALJEWEL LTD: Taps Joint Administrators from BDO Stoy Hayward
--------------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Opaljewel Ltd. on Jan. 21, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


PARAPIX LTD: Appoints Joint Administrators from BDO Stoy Hayward
----------------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Parapix Ltd. on Jan. 21, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


PRICELESS SHOES: Creditors to Vote on CVA Proposal on Thursday
--------------------------------------------------------------
Laura Chesters at PropertyWeek reports that creditors of Stylo's
Barratts Shoes and Priceless Shoes will vote to place the
companies into a company voluntary arrangement (cVA) on Thursday,
February 12.

Stylo, Property Week says, needs to get the approval of 75% of the
creditors for the CVA to push through.

According to The Sunday Times, analysts expect that if the CVA
gets voted through, between 100 and 150 of Stylo's 380 shops could
close.  The Sunday Times adds other creditors, mainly suppliers,
would be repaid in full over 14 months.

However, Stylo chief executive Michael Ziff as cited by
PropertyWeek, said he can work through on a shop-by-shop basis in
consultation with landlords.

Citing property sources, The Sunday Times notes landlords are
split over the CVA proposal, although there is a strong chance it
will be voted down.

PropertyWeek recounts Stylo held a question and answer session
with landlords Thursday last week following the administrations of
Barratts and other subsidiaries.

As reported in the TCR-Europe on Jan. 28, 2009,  Daniel Butters,
Deloitte Partner and joint administrator, said: "Under the CVAs,
we will be asking creditors and landlords to contractually vary
their terms of trade in order to give Barratts and Priceless the
necessary breathing space to allow them to deliver value for all
stakeholders in the future.  We are seeking to enable the rescue
of Barratts and Priceless, while giving creditors and landlords
certainty over their own positions.  Ultimately, we are giving
creditors and landlords a chance to vote on the future of the
companies.

"If creditors accept the proposals, the administration would
cease, after a 28 day cooling off period, and the companies would
continue to trade under the CVAs, which would remain in place for
two years.  The administrators would become supervisors to ensure
that the companies meet their obligations to creditors.  In the
meantime, the stores will continue to trade as normal."

On Jan. 26, 2009, Daniel Butters, Neville Kahn, and Lee Manning of
Deloitte LLP, the business advisory firm, were appointed joint
administrators of Barratts Shoes and Priceless Shoes, the trading
subsidiaries of Stylo plc, the high street shoe retailer,
following a dowturn in trading as a result of the current
difficult economic and market conditions.

The statutory entities in administration are:

   -- Stylo Barratt Shoes Limited,
   -- Stylo Barratt Properties Limited,
   -- Priceless Shoes Properties Limited,
   -- Barratts Shoes Properties Limited, and
   -- Comfort Shoes Limited.

Stylo plc, the listed parent is not in administration.

Stylo -- http://www.stylo.co.uk/-- operates 400 high street shoe
stores in the UK under the Barratts and Priceless brands,
employing 5,450 staff in total.  It also has a headquarters in
Bradford, Yorkshire.


RHC PROPERTIES: BDO Stoy Hayward Named Joint Administrators
-----------------------------------------------------------
On Jan. 21, 2009, Shay Bannon and Antony David Nygate of BDO Stoy
Hayward LLP were appointed joint administrators of:

   -- RHC Properties (No.1) Ltd.
   -- RHC Properties (No.2) Ltd.
   -- RHC Properties (NO.3) Plc

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

         55 Baker Street
         London
         W1U 7EU
         England


ROSENEST LTD: Taps Joint Administrators from BDO Stoy Hayward
-------------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Rosenest Ltd. on Jan. 21, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


SOUTHCREST HOTELS: Appoints Joint Administrators from BDO Stoy
--------------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Southcrest Hotels Ltd. on
Jan. 21, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


SOUTHERN PACIFIC: S&P Puts BB-Rated Notes on CreditWatch Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised and removed from
CreditWatch positive its credit ratings on the mezzanine classes
issued by two U.K. RMBS issuers:

  -- Southern Pacific Financing 05-B PLC (SPF 05-B); and
  -- Southern Pacific Securities 05-1 PLC (SPS 05-1).

At the same time, the subordinate notes in each transaction were
removed from CreditWatch positive and affirmed.  The senior class
A notes were also affirmed.

S&P's actions follow a full credit and cash flow analysis of the
most recent information received by Standard & Poor's for each
transaction.  This analysis showed that the levels of credit
enhancement available to all classes of notes placed on
CreditWatch have improved.

The Southern Pacific portfolios include mainly self-certified
loans (SPF 05-B: 68.59%, SPS 05-1: 64.99%), and first-time
borrowers (SPF 05-B: 16.49%, SPS 05-1: 20.60%).  In all these
transactions S&P has seen a reduction in the weighted-average
loan–to-value, together with an increase in seasoning.  For SPF
05-B and SPS 05-1 these are 74.24% and 41.65 months, and
75.00% and 48.58 months respectively.

On the December 2008 interest payment date, SPF 05-B drew on its
reserve fund by GBP166,608, now funded to 96.35% of the required
amount.  This was largely due to an increase in loss severity
experienced on repossessions.  On the previous three IPDs (from
March 2008), the weighted-average loss severity for the current
period had been 13.19%, 11.95%, and 15.29%.  On the December 2008
IPD, this rose to 26.48% and resulted in a draw on the reserve.

For SPS 05-1 the WALS have historically been 10.96%, 13.85%, and
20.73%, and in December 2008 was 24.11%.

Although experiencing this downward pressure, both transactions
have significantly de-leveraged.  This has substantially increased
credit enhancement levels across each of the tranches, thus
providing some mitigation toward the high levels of losses and
arrears.  The current pool factor for each issuance is: (i) SPF
05-B: 30.63% and (ii) SPS 05-1: 17.18%.

                           Ratings List

         Ratings Rasied and Removed from Creditwatch With
                      Positive Implications

                Southern Pacific Financing 05-B PLC
        GBP480 Million Mortgage-Backed Floating-Rate Notes

                                 Rating
                                 ------
            Class          To             From
            -----          --             ----
            B              AA+            AA/Watch Pos

                Southern Pacific Financing 05-1 PLC
        GBP489.7 Million and EUR306 Million Mortgage-Backed
                       Floating-Rate Notes


                                 Rating
                                 ------
            Class          To             From
            -----          --             ----
            B1c            AAA            AA/Watch Pos
            C1c            AA             A/Watch Pos

       Ratings Affirmed and Removed from Creditwatch With
                      Positive Implications

                Southern Pacific Financing 05-B PLC
        GBP480 Million Mortgage-Backed Floating-Rate Notes

                                 Rating
                                 ------
            Class          To              From
            -----          --              ----
            C               A              A/Watch Pos
            D               BBB            BBB/Watch Pos
            E               BB             BB/Watch Pos

                Southern Pacific Financing 05-1 PLC
                GBP489.7 Million and EUR306 Million
                Mortgage-Backed Floating-Rate Notes

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

                         Ratings Affirmed

                Southern Pacific Financing 05-B PLC
        GBP480 Million Mortgage-Backed Floating-Rate Notes

                             Rating
                             ------
                       To             From
                       --             ----
                       A              AAA

                Southern Pacific Financing 05-1 PLC
       GBP489.7 Million and EUR306 Million Mortgage-Backed
                       Floating-Rate Notes

                             Rating
                             ------
                       To             From
                       --             ----
                       A2a            AAA
                       A2c            AAA


VANWALL FINANCE: Fitch Cuts Rating on Class D Notes to 'BB'
-----------------------------------------------------------
Fitch Ratings has downgraded the ratings in Vanwall Finance plc's
commercial mortgage-backed notes:

  -- GBP171.9 million Class A (XS0242555570) affirmed at 'AAA';
     Outlook Stable

  -- GBP87.1 million Class B (XS0242558244) downgraded to 'A' from
     'AAA'; Outlook revised to Negative from Stable

  -- GBP34.9 million Class C (XS0242558913) downgraded to 'BBB'
     from 'AA'; Outlook Negative

  -- GBP17.4 million Class D (XS0242559994) downgraded to 'BB'
     from 'A'; Outlook Negative

  -- GBP31.8 million Class E (XS0242561032) downgraded to 'B-'
    (B minus) from 'BBB' Outlook Negative and

  -- GBP10.2 million Class F (XS0242561891) downgraded to 'B-'
    (B minus) from 'BBB-' (BBB minus) Outlook Negative

In its analysis, Fitch assumed a default of the sole tenant and a
termination of all its leases.  While the transaction benefits
from a long remaining lease term, it is entirely dependent upon
the activities and operations of a single tenant.  Consequently, a
tenant default would most likely lead to a loan default.  The
default risk of retail tenants is heightened in the current period
of recession, which in turn leads to increased default risk of the
transaction.  In addition, re-letting the portfolio following a
tenant default could prove challenging in the current environment.

Retail warehouse and industrial assets have been particularly
affected by an increase in yield in recent months, reversing the
tightening to historical lows that occurred by 2007.
Consequently, the nature of the collateral exposes the transaction
to high potential market value declines; however, this is partly
offset by the remaining lease term of 26.9 years.  Fitch estimates
a loan-to-value ratio of 90%, compared to a reported LTV of 69.9%.
Although the Fitch LTV implies a MVD of 29.3% since closing, it
also suggests there is still some equity interest in the
collateral.


VIYELLA: Austin Reed to Buy Viyella Out of Administration
---------------------------------------------------------
BBC News reports that clothing chain Austin Reed has agreed to buy
Viyella from its administrators for an undisclosed sum.

According to the report, the deal will save about 230 jobs.

"There are good synergies between the two companies and we wish
Austin Reed a successful future," the report quoted joint
administrator Andrew Turpin of Poppleton & Appleby as saying.

Austin Reed, the report states, intends to continue trading around
21 of Viyella's stand-alone stores and 16 concessions located in
other retailers.

The report recalls Viyella went into administration on Jan. 7.

As reported in the TCR-Europe on Jan. 9, 2009, Reuters said
following an assessment of the current economic situation and the
prospects for the future, Viyella owners John Harris and Sue
Watson resolved they have no alternative but to place the business
into administration, putting 450 jobs at risk.

Reuters disclosed the company operates around 100 stores and
concessions throughout the UK.

Headquartered in London, Viyella -- http://www.viyella.co.uk/--
is a women's clothing manufacturer.


YELL GROUP: Moody's Reviews Low-B Ratings for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Yell Group plc on
review for possible downgrade.  Ratings affected are the Ba3
Corporate Family Rating and the B1 Probability of Default Rating.
The review has been prompted by Moody's assessment of the guidance
announced yesterday by Yell for the quarter ending March 31, 2009,
along with Moody's consideration of possible operating performance
trends for 2009.

The rating action reflects Moody's concerns with regard to the
group's operating environment, which has been deteriorating
sharply amid weakening macroeconomic conditions in each of its
markets.

In this context, Yell's management has announced these
expectations:

1) Group organic revenue for the quarter ending March 31, 2009 (Q4
   2008/2009) to be down 12% year-on-year, notably worse than the
   previous quarter's 4% decline, reflecting increasingly
   difficult economic pressures, particularly on print
   directories.

2) Full-year EBITDA to be down 2% year-on-year at constant
   exchange rates, compared to previous guidance that it would be
   broadly flat.

3) The decline in group revenue to be slower in the quarter ending
   June 2009 (Q1 2009/2010) than in Q4 2008/2009.

In Moody's view, if Yell experiences a high single-digit revenue
decline at constant exchange rates throughout 2009, its EBITDA
generation capacity would come under substantial pressure,
possibly constraining its ability to remain comfortably in
compliance with its senior credit facility covenants (which were
reset in October 2008), particularly in the latter part of the
year to March 2010.  In order to avoid such pressure, it would
need to undertake further cost-cutting measures beyond the
GBP100 million (representing around 5% of revenues) that had been
already announced in November 2008 with the aim of mitigating the
impact on its EBITDA of revenue shortfalls in the year to March
2010.

Moody's thus regards the downward pressure on the group's ratings
as having intensified further since the outlook was changed to
negative in May 2008.  At this stage Moody's believes that any
downgrade following from this review - which Moody's aims to
conclude promptly -- will more likely than not be limited to one-
notch.  The rating review will focus in particular on Yell's
operational outlook for the year ending March 31, 2010, the
group's cost-cutting plans, and the resultant impacts on its
financial risk and liquidity profile as well as credit metrics
(i.e. Net Debt/EBITDA).

More positively, Moody's notes that the company's results continue
to reflect i) positive online momentum; and ii) strong cash
generation underpinned by solid cash conversion rate which is
expected to remain at around 85% to 90% of EBITDA in the year to
March 2009.

Moody's previous rating action on Yell was the change in outlook
to negative from stable in May 21, 2008.

Yell's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as (i) the
business risk and competitive position of the company versus
others within its industry, (ii) the capital structure and
financial risk profile of the company, (iii) the projected
performance of the company over the near to intermediate term, and
(iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Yell's core industry and Yell's ratings are believed to
be comparable to those of other issuers of similar credit risk.

Yell Group plc is the leading publisher of classified directories
in the UK and, through its subsidiary, Yellow Book, is a leading
independent directories publisher in the US.  Yell also owns 100%
of TPI, the largest publisher of yellow and white pages in Spain
with operations in certain countries in Latin America.  Yell's
revenue for the twelve months ended  March 31, 2008 was
GBP2.219 billion and its Adjusted EBITDA (as defined by the group)
was GBP738.9 million.


* UK: Company Liquidations in England and Wales Up 51.6% in Q408
----------------------------------------------------------------
The Insolvency Service published statistics showing corporate
insolvencies in England and Wales in the fourth quarter of 2008.

          Q4 2008 England and Wales Company Insolvencies

* Company Liquidations

There were 4,607 compulsory liquidations and creditors' voluntary
liquidations in total in England and Wales in the fourth quarter
of 2008 (on a seasonally adjusted basis).  This was an increase of
11.9% on the previous quarter and an increase of 51.6% on the same
period a year ago.

This was made up of 1,562 compulsory liquidations (which are up
4.5% on the previous quarter and 34.4% on the corresponding
quarter of the previous year), and 3,045 creditors voluntary
liquidations (which are up 16.1% on the previous quarter and 62.2%
on the corresponding quarter of the previous year).

In the twelve months ending Q4 2008, approximately 1 in 150 active
companies (or 0.7%) went into liquidation, compared to the
previous quarter when 1 in every 165 (or 0.6%) of active companies
went into liquidation.

* Other Corporate Insolvencies

Additionally, there were 2,428 other corporate insolvencies in the
fourth quarter of 2008 (not seasonally adjusted) comprising 261
receiverships, 2,018 administrations and 149 company voluntary
arrangements.  In total these represented an increase of 220.3% on
the same period a year ago.

      2008 Summary, England and Wales Company Insolvencies

* Company Liquidations

There were 15,535 compulsory liquidations and creditors' voluntary
liquidations in total in 2008 - an increase of 24.2% on 2007.
This was made up of 5,494 compulsory liquidations (which are up
6.4% on 2007), and 10,041 creditors voluntary liquidations (which
are up 36.8% on 2007).

The number of companies that went into liquidation in 2008 equates
to 0.7% of the active register (or approximately 1 in every 150
active companies).  This is up on 2007 where 0.6% of companies on
the active register went in to liquidations (or around 1 in every
180 active companies).

* Other Corporate Insolvencies

In 2008 there were also 6,276 other corporate insolvencies,
comprising 867 receiverships, 4,822 administrations and 587
company voluntary arrangements.  In total these represented an
increase of 92.1% on 2007.


* UK: PwC Says Corporate Insolvencies Hit 15-Year High
------------------------------------------------------
PricewaterhouseCoopers LLP analysis of the recent national
corporate insolvency statistics found that the number of corporate
insolvencies in the fourth quarter of 2008 has risen by 69% the
same quarter of last year.

The total number of insolvencies in 2008 was 21,082, which
represents a 34% increase on the total number of insolvencies in
2007.  This is a 15 year high for numbers of insolvencies and
shows that the recession is really starting to hit the UK.

In total, 6,224 businesses across England and Wales entered into
insolvency in October, November and December of last year.

Mike Jervis, partner in the business recovery services practice at
PricewaterhouseCoopers LLP, commented: "We predicted in the last
quarter that the small decrease in figures would be the calm
before the storm.  A 69% increase on the same period last year
shows that the lack of confidence and capital is now impacting a
much broader range of the economy than we have experienced to
date, demonstrating also the speed at which companies are now
filing for insolvency.

"At PwC, we have also seen an increase in our case load in a
broader range of sectors, demonstrating how corporate insolvencies
now appear very much to be endemic across the board.

"Despite grabbing the headlines on an almost daily basis over the
last quarter, insolvency is not necessarily viewed as a death
sentence anymore and businesses are seeing that insolvency
techniques can be used as a mechanism to salvage and revitalise
ailing operations.  Used in the right circumstances, insolvency
procedures can help to rescue a company, saving jobs, and
preserving value for the creditors and continuity for suppliers.

"It's an established fact that the companies who emerge strongest
from a recession, are those who are relentlessly reassessing their
business models to ensure they survive.  Downside scenario
planning should be at the top of the boardroom agenda."

                   Sectors Struggling the Most

PwC's own analysis of all insolvencies in Q4 2008 found that the
sectors suffering the highest percentage rises in numbers of
insolvencies were Real Estate and Retail, whose numbers increased
by 228% and 72% respectively from the same quarter last year to
243 and 557 insolvencies.

Numbers of construction and manufacturing insolvencies also remain
high with 692 construction and 568 manufacturing insolvencies this
quarter.  The quarter also saw an increasing number of Hospitality
and Leisure administrations, with 251 insolvencies; a 54% increase
on the same quarter last year.

                     North vs. South

According to PwC, London has the highest number of insolvencies
with 1,100 a significant 56% increase on the same period last year
and driven by the high number of retail and real estate
insolvencies in the region.  However, the South West, Northeast
and Cumbria saw the highest percentage increases with 79% and 43%
increases on the last quarter to totals of 88 and 182 insolvencies
respectively.  The North and South generally seem to be weathering
the storm in a similar way, with overall figures for the two sides
of the UK being generally the same.  No regions have shown a
decrease in the number of insolvencies, with Wales having the
lowest percentage increase on the same quarter last year, 42%.
The South West suffered significantly with a considerable 125%
increase on last year's insolvency figures.

                About PricewaterhouseCoopers LLP

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


* Fitch Says Worsening Economy to Weigh on European Paper Industry
------------------------------------------------------------------
Fitch Ratings said that the worsening macroeconomic environment
will weigh on the European paper & forest products industry in
2009.  The credit outlook for the sector is negative.  Of the
three EPFP issuers rated by Fitch, Stora Enso ('BB+'/Negative
Outlook/'B') and UPM Kymmene ('BB+'/Negative/'B'), have a Negative
Outlook, reflecting Fitch's expectation that market conditions
will become more challenging in the near term.

The economic climate is expected to compound the structural issues
faced by paper and pulp companies (overcapacity, increasing
competition from low-cost producers in Asia, the shift to
electronic media) and put more pressure on revenues and operating
earnings.  Concerns in the paper packaging sector surround market
developments, both from a supply and demand perspective, with
pricing and margin pressure expected to intensify as new
containerboard capacity comes on-stream in Europe in 2009-2010
against the backdrop of slumping demand.  Fitch notes that
exposure to resilient end-markets (food and beverages) limits to
some extent the downside risk on demand in the packaging sector.
The agency considers that Smurfit Kappa's ('BB'/Stable) credit
metrics and business profile provide sufficient headroom for the
challenges ahead.

For pulp and paper producers, the global economic downturn will
translate into lower consumer, corporate and advertising spend,
with a direct adverse impact on paper consumption.  Fitch believes
that demand erosion is likely to accelerate in 2009 and outstrip
the benefits of the capacity closures implemented across the
sector to support producers' pricing power.  Approximately 3.3mt
of paper production capacity (across all grades) was taken out of
the European market in 2008.

"The capacity closures were expected to result in a tighter market
balance and allow producers to push through higher prices in early
2009.  However, paper consumption could decline faster than
previously anticipated, thus requiring further capacity
adjustments to hold prices," says Myriam Affri, Director in
Fitch's Industrials team.

Fitch acknowledges that some of the key issues that have been
plaguing the sector, notably input cost inflation and unfavorable
FX trends, are easing.  The strengthening of the US dollar limits
competition from North American imports into Europe.  Energy,
transportation and chemicals costs are retreating, in line with
crude oil prices.  Pulp prices are also falling as demand from
Asia is abating.  While margins should benefit from these trends
in the second half of 2009, Fitch stresses that the lower input
costs no longer support the argument of producers for higher paper
prices and, against the backdrop of slumping demand, price
pressure is likely to increase.

In 2008, Fitch took multiple negative rating actions on the Long-
term Issuer Default Ratings of Stora Enso and UPM Kymmene.  These
reflected the significant weakening in the companies' operating
performance, cash flow generation and de-leveraging capacity, amid
growing challenges within the paper and pulp sector.  Stora Enso's
net leverage at FYE08 (unaudited numbers) was 3.5x (2.2x at FYE07)
and interest coverage (funds from operations/net interest)
declined to 4.7x from 6.7x at FYE07.  UPM Kymmene posted a net
interest-bearing liabilities/EBITDA ratio of 3.9x (2.6x at FYE07)
and interest coverage declined to 3.4x from 5.7x.  Fitch regards
those levels as weak in view of the further forecast erosion in
earnings.  Results were also impacted by a marked deterioration in
market conditions for wood products as a result of the housing and
construction slump and the agency does not anticipate a recovery
in 2009.  Stora Enso and UPM Kymmene continued to implement
restructuring programmes and capacity shutdowns in 2008 in a bid
to improve cost efficiencies and limit their dependency on Russian
wood imports ahead of the planned increase in tax duties.  In the
absence of material profitability improvements, both companies
will continue to rely on capital expenditure curtailments to
preserve debt protection measures.  Fitch stresses that sustained
cutbacks in capex could limit competitiveness in the medium term.

Fitch continues to regard the plight of packaging companies as
less difficult than that of paper producers.  Whilst input cost
dynamics have been similar in both sectors (inflationary trends
until Q308 which have since reversed), exposure to recession-proof
end-markets (food, beverages) provides some insulation against
demand and pricing volatility in the packaging industry.
Nonetheless, Fitch expects demand in the corrugated and
containerboard markets to soften in 2009 as a result of the global
economic downturn and declining industrial demand.

In the agency's view, new containerboard capacity coming on-stream
in 2009-10 in Europe (Mondi, Prowell, Hamburger) poses the biggest
hurdle for the sector against the backdrop of slumping demand.
The new supply will disrupt market balance and result in price
falls and margin compression.  Further capacity adjustments and
mill closures are expected.

While it has a negative outlook on the paper packaging industry
for 2009, Fitch believes that Smurfit Kappa's metrics, liquidity,
market and cost position, provide headroom for the forecast
deterioration in market conditions.  As of September 30, 2008,
SKG's net leverage based on LTM EBITDA was 3.1x vs. 3.2x at FYE07
and 5.5x at FYE06.  Interest coverage increased to 3.4x in 9M08
from 2.0x in 9M07.  The agency upgraded SKG's Long-term IDR to
'BB' from ''BB-' (BB minus) in April 2008 in recognition of its
enhanced credit profile, sustained margin improvement, cost
leadership and vertical integration into paperboard.

Near-term sector liquidity remains adequate for 2009 maturities.
UPM Kymmene faces debt repayments of EUR350 million against
liquidity of EUR1.7 billion comprising availability under
committed facilities and EUR330 million cash balance at FYE08.
Fitch notes that EUR1.5 billion of the company's EUR2.5 billion
committed revolving facilities (partly drawn) are maturing in
2010.  Stora Enso held cash positions of EUR0.4 billion at FYE08
and a EUR1.4 billion undrawn revolving credit facility maturing in
2012 against maturities of around EUR570 million in 2009.  SKG's
debt repayments are minimal (less than EUR100 million p.a.) until
2011 and the company's liquidity is supported by a EUR600 million
RCF maturing in 2013 and cash balances of EUR709 million as of
September 30, 2008.

The rating outlook for the sector also reflects Fitch's view for
the small number of shadow-rated leveraged paper companies the
agency covers.


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

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

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


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


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

                            *********

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

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

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

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

                            *********


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

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

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

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                 * * * End of Transmission * * *