TCREUR_Public/090218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, February 18, 2009, Vol. 10, No. 34

                            Headlines

A U S T R I A

CARPE DIEM: Claims Registration Period Ends February 23
DEKOR-WOLF LLC: Claims Registration Period Ends February 24
ERDBAU-AUINGER LLC: Claims Registration Period Ends Feb. 24
KARL HANTSCHEL: Claims Registration Period Ends Feb. 24


B E L G I U M

ETHIAS SA: S&P Retains Negative Watch on 'BB-' Sub. Debt Rating


F R A N C E

SOCIETE GENERALE: S&P Downgrades & Withdraws 'BB' Rating on Notes
SOCIETE GENERALE: S&P Junks and Vacates Rating on EUR5 Mil. Notes


G E R M A N Y

G & K HEIZUNG-SANITAR: Claims Registration Ends March 10
KADGO STAHLBAU: Claims Registration Period Ends March 2
LINUX NETWORX: Claims Registration Period Ends March 9
LUMA BEDACHUNGS: Claims Registration Period Ends March 12
R & W PARKETT: Claims Registration Period Ends February 23

TALISMAN-6 FINANCE: S&P Lowers Rating on Class F Notes to 'D'
VLT-2000 VERKEHRSLEITTECHNIK: Claims Registration Ends March 17

* GERMANY: Economy Contracted by 2.1% in Fourth Quarter 2008


G R E E C E

STAR BULK: Lenders Grant Waiver on Certain Loan Covenants


I R E L A N D

ANGLO IRISH: Irish Life Executives Step Down Over Loan Controversy
BERNARD L. MADOFF: Trustee Seeks to Hire EFC for Irish Proceedings
DENHOLME: Goes Into Liquidation; 300 Jobs Affected
DESMOND MURTAGH: In Receivership; KPMG Appointed
DOUGLAS WALLACE: Reduction in Demand Spurs Examinership

ELY MEDICAL: Interim Examiner Appointed
IRISH NATIONWIDE: Moody's Cuts Financial Strength Rating to 'D-'
SWISSCO LTD: Former Workers Demand Better Redundancy Payments

* IRELAND: Could Default on National Debt


K A Z A K H S T A N

CITY STROY: Creditors Must File Claims by March 20
EURO TRANSIT: Creditors Must File Claims by March 27
JAR ASIA: Creditors Must File Claims by March 27
NEFTE SNUB: Creditors Must File Claims by March 27
ROMANICO INTERNATIONAL: Creditors Must File Claims by March 20

SEYMAR ALI: Creditors Must File Claims by March 27
STROY COM XXI: Creditors Must File Claims by March 27
ZELEN STROY: Creditors Must File Claims by March 27

* S&P Cuts Counterparty Credit Ratings on 5 Kazakh Banks to Low-B


K Y R G Y Z S T A N

SHOORAT LLC: Creditors Must File Claims by March 13


N E T H E R L A N D S

PALLAS CDO: Fitch Junks Ratings on Two Classes of Notes
LYONDELBASELL: To Temprorarily Idle LDPE Units in UK and France
LYONDELLBASELL INDUSTRIES: Payment Default Cues S&P's 'D' Rating


R U S S I A

ANGARA-LES LLC: Creditors Must File Claims by March 6
DRAIV ALYUMINEVYE: Creditors Must File Claims by March 6
FEDERAL BANK: S&P Assigns 'B-' Long-Term Counterparty Rating
GRAND-D LLC: Creditors Must File Claims by April 6
INTERWOOD LLC: Creditors Must File Claims by March 6

IZO-STROY LLC: Creditors Must File Claims by March 6
LIPETSK MACHINE-REPAIR: Creditors Must File Claims by March 6
PRESS-FORGING PLANT CJSC: Creditors Must File Claims by March 6
SVECHINSKIY LUMBER: Creditors Must File Claims by March 6
TULUCHI-LES LLC: Creditors Must File Claims by March 6

URALSIB-YUG BANK: S&P Assigns 'B' Counterparty Credit Ratings
VORONEZHSKIY ALUMINUM: Creditors Must File Claims by March 6


S P A I N

CABLEUROPA SAU: S&P Junks Corporate Credit Rating to 'CCC+'


S W E D E N

KAUPTHING BANK: Alandsbanken to Buy Swedish Unit for SEK414 Mln


S W I T Z E R L A N D

3 C HOLDING: Creditors Must File Proofs of Claim by February 21
BAAS & ROOST: Deadline to File Proofs of Claim Set February 21
CHAMALEON BAU: Creditors Have Until February 21 to File Claims
DPS INVEST: Proof of Claim Filing Deadline Set February 22
MYJOB BUCHS: Creditors' Proofs of Claim Due by February 21

SHOWAG WATCH: February 21 Set as Deadline to File Claims


U K R A I N E

ALIV LLC: Creditors Must File Claims by February 29
CONCORD CJSC: Court Starts Bankruptcy Supervision Procedure
EVRIS LLC: Creditors Must File Claims by February 29
HYPPO-POLESYE LLC: Creditors Must File Claims by February 28
INTELLECT LLC: Court Starts Bankruptcy Supervision Procedure

INTERNATIONAL TRADING: Creditors Must File Claims by February 28
STEPLIS STEEL: Creditors Must File Claims by February 29
TRADEIMPE KS: Court Starts Bankruptcy Supervision Procedure

* Fitch Cuts Currency Ratings on Three Ukrainian Cities to 'B'
* UKRAINE: Liquidity Stress Could Spur Default, Paul Biszko Says


U N I T E D   K I N G D O M

AROSA FUNDING: Moody's Withdraws Ratings on Two B3-Rated Notes
ASSCHER FINANCE: Moody's Withdraws 'C' Ratings on Various Notes
CHROME FUNDING: S&P Downgrades Rating on Series 11 Notes to 'D'
CULLINAN FINANCE: Moody's Withdraws 'Ca' Rating on Income Note
EPIC PLC: Fitch Junks Ratings on GBP29.2 Mil. Class F Notes

EUROHOME MORTGAGES: S&P Cuts Ratings on Class C 2007-1 Notes to B
HERCULES PLC: S&P Lowers Rating on Class E Notes to 'BB'
IVORY CDO: Fitch Cuts Ratings on Class E Notes to 'CCC'
LEHMAN BROTHERS: Moody's Confirms and Withdraws 'B/MR1+' Rating
LLOYDS BANKING: Expects GBP10 Billion Full Year Loss for HBOS

SUNJUICE LTD: Appoints Joint Administrators from PwC
FUNDWORKS UK: Tenon Recovery Named Joint Administrators
NORTH WEST ESTATES: Taps Administrators from Tenon Recovery
PROPERTY FINDERS: Appoints Administrators from Tenon Recovery
VITESSE PRINT: Owes Creditors More Than GBP3 Million

WH WILMOT: To Be Placed Into Administration


                         *********


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


CARPE DIEM: Claims Registration Period Ends February 23
-------------------------------------------------------
Creditors owed money by LLC Carpe Diem (FN 47402i) have until
Feb. 23, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Michael Krautzer
         Hans-Gasser-Platz 3/II
         9500 Villach
         Austria
         Tel: 04242/21223
         Fax: 04242/21223-33
         E-mail: mitzner.krautzer@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 2, 2009, for the
examination of claims at:

         Land Court of Klagenfurt (729)
         Meeting Room 225
         Klagenfurt
         Austria

Headquartered in Paternion, Austria, the Debtor declared
bankruptcy on Jan. 20, 2009, (Bankr. Case No. 41 S 13/09y).


DEKOR-WOLF LLC: Claims Registration Period Ends February 24
-----------------------------------------------------------
Creditors owed money by LLC Dekor-Wolf (FN 110590h) have until
Feb. 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Ulla Reisch
         Kremser Gasse 4
         3100 St. P๖lten
         Austria
         Tel: 02742/35 15 50
         Fax: 02742/35 15 50-5
         E-mail: office.st.poelten@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on March 17, 2009, for the
examination of claims at:

         Land Court of St. Poelten (199)
         Room 216
         St. Poelten
         Austria

Headquartered in Tulln, Austria, the Debtor declared bankruptcy on
Jan. 20, 2009, (Bankr. Case No. 14 S 11/09x).


ERDBAU-AUINGER LLC: Claims Registration Period Ends Feb. 24
-----------------------------------------------------------
Creditors owed money by LLC Erdbau-Auinger (FN 92778p) have until
Feb. 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Walter Eisl
         Ardaggerstrasse 14
         3300 Amstetten
         Austria
         Tel: 07472/685 40
         Fax: 07472/685 40-15
         E-mail: kanzlei@rechtsanwalt-eisl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on March 17, 2009, for the
examination of claims at:

         Land Court of St. Poelten (199)
         Room 216
         St. Poelten
         Austria

Headquartered in Amstetten, Austria, the Debtor declared
bankruptcy on Jan. 22, 2009, (Bankr. Case No. 14 S 13/09s).


KARL HANTSCHEL: Claims Registration Period Ends Feb. 24
-------------------------------------------------------
Creditors owed money by LLC Karl Hantschel (FN 091139d) have until
Feb. 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52 4 37
         Fax: 07435/52 437-21
         E-mail: st-valentin@advocat24.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on March 17, 2009, for the
examination of claims at:

         Land Court of St. Poelten (199)
         Room 216
         St. Poelten
         Austria

Headquartered in Ennsdorf bei Enns, Austria, the Debtor declared
bankruptcy on Jan. 20, 2009, (Bankr. Case No. 14 S 10/09z).


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


ETHIAS SA: S&P Retains Negative Watch on 'BB-' Sub. Debt Rating
---------------------------------------------------------------
Fitch Ratings affirmed Ethias S.A.'s Insurer Financial Strength
rating and Long-term Issuer Default Rating at 'BBB-' (BBB minus)
while removing them from Rating Watch Negative.  The agency also
affirmed the IFS ratings of Ethias Droit Commun and Bel Re at
'BBB-' (BBB minus) and removed them from RWN.  The Outlook on all
IFS ratings and the IDR is Stable.  Ethias S.A.'s subordinated
debt rating of 'BB-' (BB minus) remains on RWN.

The affirmations follow the confirmation of the finalization of
the group's reorganization, including the approval of the European
Commission anti-trust body.  Ethias S.A.'s subordinated debt
rating of 'BB-' (BB minus) remains on RWN to reflect the increase
in deferral risk according to the agency, especially if operating
conditions worsen.

As a group, Ethias is one of the leading composite insurers in
Belgium by written premiums with around 1.1 million individual
clients.


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


SOCIETE GENERALE: S&P Downgrades & Withdraws 'BB' Rating on Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BBB-',
removed from CreditWatch negative, and then withdrew its credit
rating on the EUR2 million Gascogne floating-rate credit-linked
notes series 7243/04-11 issued by SGA Societe Generale Acceptance
N.V.

The rating withdrawal follows an early redemption of the notes.


SOCIETE GENERALE: S&P Junks and Vacates Rating on EUR5 Mil. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC+' from 'B-',
removed from CreditWatch negative, and then withdrew its credit
rating on the EUR5 million Gascogne fixed-rate CDO credit-linked
notes series 8350/05-5 issued by Soci้t้ G้n้rale.

The rating withdrawal follows an early redemption of the notes.


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


G & K HEIZUNG-SANITAR: Claims Registration Ends March 10
--------------------------------------------------------
Creditors of G & K Heizung-Sanitar GmbH have until March 10, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on April 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dessau-Rosslau
         Hall 123
         Willy-Lohmann-Str. 33
         Germany

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

The insolvency manager can be reached at:

         Dr. Volkhard Frenzel
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court opened bankruptcy proceedings against the
company on Feb. 5, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         G & K Heizung-Sanitar GmbH
         Strasse der Jugend 3
         06917 Jessen
         Germany

         Attn: Lutz Peter Braun, Manager
         Dorfstrasse 118
         06917 Hemsendorf
         Germany


KADGO STAHLBAU: Claims Registration Period Ends March 2
-------------------------------------------------------
Creditors of Kadgo Stahlbau 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 12:00 p.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 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:

         Rainer Beck
         Rheinstrasse 75
         47623 Kevelaer
         Germany
         Tel: 0283297720
         Fax: 02832799875

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

The Debtor can be reached at:

         Kadgo Stahlbau GmbH
         Attn: Thomas Grygiel, Manager
         Ulmenweg 19
         46509 Xanten
         Germany


LINUX NETWORX: Claims Registration Period Ends March 9
------------------------------------------------------
Creditors of Linux Networx GmbH have until March 9, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on April 6, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Hall 11
         Station Route 24
         67655 Kaiserslautern
         Germany

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

The insolvency manager can be reached at:

         Michael Wellstein
         C/o Gesper, Hermes & Partner GBR
         L 11 20-22
         68161 Mannheim
         Germany
         Tel: 0621/129430
         Fax: 0621/152466

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:

         Linux Networx GmbH
         Fraunhofer Platz 1
         67663 Kaiserslautern
         Germany

         Attn: David Frederick Sundstrom, Manager
         14944 Pony Express Road
         Bluffdale
         Germany


LUMA BEDACHUNGS: Claims Registration Period Ends March 12
---------------------------------------------------------
Creditors of Luma Bedachungs GmbH have until March 12, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 27, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 108
         Zehnthof 1
         31785 Hameln
         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:

         Ruediger Marahrens
         Gerichtsfach 150
         Lilly-Reich-Str. 7
         31137 Hildesheim
         Germany
         Tel: 05121/697720
         Fax: 05121/6977220

The District Court opened bankruptcy proceedings against the
company on Feb. 5, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Luma Bedachungs GmbH
         Attn: Drasko Gligoric, Manager
         Fischbecker Str. 58
         31785 Hameln
         Germany


R & W PARKETT: Claims Registration Period Ends February 23
----------------------------------------------------------
Creditors of R & W Parkett GmbH have until Feb. 23, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen
         England

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:

         R & W Parkett GmbH
         Attn: Michael Reinholz, Manager
         Bruesseler Str. 57
         45968 Gladbeck
         Germany


TALISMAN-6 FINANCE: S&P Lowers Rating on Class F Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Rating Services lowered to 'D' from 'CCC-' and
removed from CreditWatch negative its credit rating on the class F
notes issued by Talisman-6 Finance PLC.  In addition, S&P has
lowered its rating on the class E notes to 'B' from 'BB' and kept
on CreditWatch negative and put the rating on the class D notes on
CreditWatch negative.

S&P has taken these rating actions due to a shortfall in interest
due on the class F notes and also because S&P anticipates a
principal loss as a result of the performance of the Cherry loan.

On the April 2008 interest payment date, a payment default
occurred under the Cherry loan.  This resulted in drawings under
the liquidity facility and the loan being transferred into special
servicing.  The Cherry loan remains in payment default and the
liquidity available for the class F notes (EUR950,000) is now
exhausted.

In July 2008, a new valuation of the properties was provided,
estimating a value at EUR50.02 million (against a Day 1 value of
EUR70.76 million), which resulted in a revised loan-to-value ratio
of 118.6%.

The loan collateral comprises 11 predominantly residential
properties (2,133 units at closing) in East Germany.  Most of the
assets are in average-to-good locations, but face strong
competition and demographic challenges, including an ageing and
declining population, within their respective micro-markets.  This
is especially true for the properties located in Gross
Schacksdorf, Pirna, Chemitz, and some of the Meissen assets.

S&P understands the special servicer is working with the borrower
on an updated business plan to determine how best to resolve the
defaults.  S&P has not received detailed information on the
performance of the assets, such as tenancy schedule, gross rental
income, and net rental income.  S&P understands that the special
servicer is in the process of obtaining relevant information about
the portfolio in conjunction with a newly appointed property
manager.  However, in the light of the July 2008 valuation, S&P
considers that a significant principal loss is likely to occur for
this loan and consequently for the notes.  Accordingly, S&P has
lowered its rating on the class E and F notes and put the class D
notes on CreditWatch negative.

                           Ratings List

                     Talisman-6 Finance PLC
EUR1.067 Billion Commercial Mortgage-Backed Floating-Rate Notes

         Rating Lowered and Kept on CreditWatch Negative

                               Rating
                               ------
         Class       To                       From
         -----       --                       ----
         E           B/Watch Neg             BB/Watch Neg

       Rating Lowered and Removed from CreditWatch Negative

                               Rating
                               ------
         Class       To                       From
         -----       --                       ----
         F           D                       CCC-/Watch Neg

              Rating Placed On CreditWatch Negative

                               Rating
                               ------
         Class       To                       From
         -----       --                       ----
         D           BBB/Watch Neg           BBB


VLT-2000 VERKEHRSLEITTECHNIK: Claims Registration Ends March 17
---------------------------------------------------------------
Creditors of VLT-2000 Verkehrsleittechnik GmbH have until
March 17, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on April 20, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         Germany

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

The insolvency manager can be reached at:

         Michael Wilkens
         Elbchaussee 140
         22763 Hamburg
         Germany
         Tel: 040/ 8802051

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:

         VLT-2000 Verkehrsleittechnik GmbH
         Attn: Dieter Pidinkowski, Manager
         Karl-Liebknecht-Strasse 2b
         19395 Karow
         Germany


* GERMANY: Economy Contracted by 2.1% in Fourth Quarter 2008
------------------------------------------------------------
The Germany economy shrank by 2.1% in the fourth quarter of 2008,
the biggest quarterly decline since German reunification in 1990,
Breakingnews.ie reports citing the country's Federal Statistic
Office.

According to Breakingnews.ie, it was the third consecutive
quarterly contraction in gross domestic product.  The report
recalls in both the second and third quarters, the economy shrank
by 0.5%.

As reported in the TCR-Europe on Nov. 24, 2008, BBC News said
Germany officially slipped into a recession.

Klaus Schruefer at SEB expected a further contraction in the
fourth quarter, BBC disclosed.  BBC said the gloomy forecasts were
based on the glut of recent indicators showing a slowdown in the
German economy.

Citing the economy ministry in Berlin, BBC noted orders for goods
produced by the world's largest exporter fell 8% between August
and September.  Orders from outside Europe fell 11.4%, while
domestic orders dropped 4.3%.


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G R E E C E
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STAR BULK: Lenders Grant Waiver on Certain Loan Covenants
---------------------------------------------------------
Star Bulk Carriers Corp. said it has reached agreements in
principle with its lenders to obtain waivers for certain covenants
including minimum asset coverage covenants contained in its loan
agreements.

With respect to the US$120 million facility, the lender will waive
the loan-to-value ratio covenant through January 31, 2010.  The
Company will provide a first preferred mortgage on the currently
debt-free vessel Star Alpha and pledge an account containing US$6
million as further security for this facility.

With respect to the US$150 million facility, the lenders will
waive the security cover requirement through February 28, 2010,
and the Minimum Asset Coverage Ratio for the year 2010 will be
reduced to 110% from 125%.  The Company will provide first
preferred mortgages on the currently debt-free vessels Star Kappa
and Star Ypsilon and will pledge an account containing US$9
million as further security for this facility.

With respect to the US$35 million facility, the lender will waive
the security cover requirement through February 28, 2010, and the
Minimum Asset Coverage Ratio for the year 2010 will be reduced to
110% from 125%.  The Company will pledge an account containing
US$5 million as further security for this facility.

The interest spread for each of the loans will be adjusted to 2%
per annum for the duration of the respective waiver period.

The agreements require final approval by the credit committees of
the respective lenders.

The Company also said that under the terms of the agreements, its
cash dividends and its share repurchases are being suspended.

Akis Tsirigakis, CEO of Star Bulk, commented: "We are pleased with
the successful outcome of our discussions with our lenders and the
recent significant fleet employment developments strengthening the
position of the Company in the current market environment.  Our
fleet's contracted operating days coverage is now 93% in 2009 when
taking into account time charter and COA contracts, providing
significant cash flow visibility.  The suspension of our dividend
will reinforce our liquidity and balance sheet."

                          Star Beta

Meanwhile, the Company also disclosed new charter for The Star
Beta, a Capesize vessel of 174,691 dwt, built in 1993, which has
been time chartered for a period of 13 to 15 months at a gross
daily rate of US$32,500.  The vessel is expected to be delivered
to its new charterers within February 2009.

                        About Star Bulk

Based in Athens, Greece, Star Bulk Carriers Corp. (NASDAQ:SBLK) --
http://www.starbulk.com/-- is a global shipping company providing
worldwide seaborne transportation solutions in the dry bulk
sector.  The Company's fleet carries a variety of drybulk
commodities, including coal, iron ore, and grains, or major bulks,
as well as bauxite, phosphate, fertilizers and steel products, or
minor bulks.  As of June 25, 2008, it owned and operated a fleet
of 11 vessels consisting of three Capesize, one Panamax, and seven
Supramax drybulk carriers with an average age of 10 years and a
combined cargo carrying capacity of approximately 1.0 million
deadweight ton.  In January 2008, the Company had taken delivery
of the Star Gamma (ex C Duckling), a Supramax vessel of 53,098
deadweight tons built in 2002, in Japan.  In January 2008, it also
took the delivery of the M/V Star Beta (ex B Duckling), a Capesize
vessel of 174,691 deadweight tons built in 1993; the Star Zeta (ex
I Duckling), a Supramax vessel of 52,994 deadweight tons built in
2003.


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I R E L A N D
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ANGLO IRISH: Irish Life Executives Step Down Over Loan Controversy
------------------------------------------------------------------
Roland Gribben at The Daily Telegraph reports that three senior
executives at Irish Life & Permanent resigned over their role in
the controversy surrounding a deposit made by the group in Anglo
Irish Bank.

According to The Daily Telegraph, Peter Fitzpatrick, finance
director; David Gantly, head of group treasury; and chief
executive Denis Casey quit their posts last week.  Mr. Casey
stepped down Friday last week following government pressure.

The Daily Telegraph notes that while Irish Life conceded that
mistakes had been made, it said the two executives who resigned
were only trying to support the financial services sector when
they approved the transfer.

Irish Life, as cited by Bloomberg News, said it supported Anglo
Irish with deposits totaling EUR7.45 billion, or US$9.6 billion,
in September to help the bank "in the face of an unprecedented
threat to the stability of the Irish financial system."

However, Finance Minister Brian Lenihan argued the transactions
may have created a "false impression" about Anglo's deposit base,
Bloomberg News recounts.

Casey's resignation was an "an essential first step in repairing
the reputational damage done to the Irish financial system,"
Bloomberg News quoted Mr. Lenihan as saying.

                           Probe

Breakingnews.ie discloses the Financial Regulator is investigating
officers in both Irish Life and AIB.

The investigating officers have been mandated to complete their
work in both banks as a matter of extreme urgency, Breakingnews.ie
notes.

Breakingnews.ie relates the Financial Regulator views as
completely unacceptable the issues which have emerged relating to
the two bank's transactions.  It said it encouraged Irish banks to
work together where necessary so as to continue to use normal
inter-bank funding arrangements for liquidity purposes,
Breakingnews.ie adds.

                     About Anglo Irish Bank

Headquartered in Dublin, Ireland, Anglo Irish Bank Corporation plc
-- http://www.angloirishbank.ie/-- operates in three core areas:
Business Lending, Treasury and Wealth Management.

                          *     *     *

As reported in the TCR-Europe on Jan. 23, 2009, Standard & Poor's
Ratings Services said that it lowered its ratings on GBP300
million 6.25% Tier 1 preference shares issued by Anglo Irish Bank
Corp. Ltd. (previously a public limited company; A-/Watch Neg/A-1)
to 'D' from 'B'.  At the same time, the 'B' issue ratings on these
preference shares were removed from CreditWatch, where they had
been placed with negative implications on Sept. 30, 2008.

The 'B' issue ratings on Anglo's other undated perpetual
instruments are unchanged.

On Jan. 21, 2009, the TCR-Europe reported that Moody's Investors
Service had downgraded the long-term bank deposit rating and
senior unsecured debt rating of Anglo Irish Bank Corporation to A2
from A1, concluding the review on these ratings initiated in
October 2008.  The bank's Prime-1 short-term bank deposit and debt
ratings were affirmed.  Anglo Irish Bank's BFSR was downgraded to
E+ (mapping to a baseline credit assessment of B2), from C+
(baseline credit assessment equivalent of A2), on review for
possible downgrade.


BERNARD L. MADOFF: Trustee Seeks to Hire EFC for Irish Proceedings
------------------------------------------------------------------
Irving H. Picard, Esq., as trustee for the liquidation of the
business of Bernard L. Madoff Investment Securities LLC, under the
Securities Investor Protection Act, seeks permission from the U.S.
Bankruptcy Court for the Southern District of New York to hire the
law firm Eugene F. Collins, an Irish firm of solicitors, as
special counsel.

Aside from liquidation cases in the United States and United
Kingdom, proceedings have been initiated in the High Court,
Dublin, Ireland that require the Trustee's participation and
representation therein.  Actions are currently pending before the
High Court between

(i) Thema International Fund PLC as plaintiff and HSBC
     Securities Services (Ireland) Limited and HSBC Institutional
     Trust Services (Ireland) Limited as defendants,

(ii) AA (Alternative Advantage) as plaintiff and HSBC Securities
     Services (Ireland) Limited and HSBC Institutional Trust
     Services (Ireland) Limited as defendants (the "AA
     Proceeding") and

(iii) Fortis Prime Fund Solutions Custodial Services (Ireland)
     Limited as plaintiff and HSBC Securities Services (Ireland)
     Limited and Defender Fund as defendant.

The Irish Proceedings relate to certain monies that plaintiffs
claim the defendants are holding for its benefit arising out of
subscriptions and redemptions to and from BLMIS.

Specifically, the High Court held a hearing in the Thema
Proceeding on February 10, 2009 at which it instructed the Trustee
to file and claims and evidence by March 2, 2009 and adjourned the
matter until March 12,2009.

The Trustee was represented at the hearing by EFC, with the
understanding that the continued representation of the Trustee
must be approved by the New York Bankruptcy Court.

The Trustee has determined that it is necessary to engage counsel
to represent him in the Irish Proceedings.  As EFC has already
represented the Trustee in the Thema Proceeding and is familiar
with these matters, the Trustee proposes to retain and employ EFC
as its special counsel with regard to the Irish Proceedings, and
any matters related to other proceedings in Ireland as directed by
the Trustee, nunc pro tunc as of February 9, 2009.

The Trustee seeks to retain EFC as special counsel because of its
knowledge, expertise and experience in liquidation proceedings in
Ireland.

Mr. Picard asserts that the services of EFC are necessary and
essential to enable him to execute faithfully his duties.  He adds
that, to the best of his knowledge, the members, counsel and
associates of EFC are disinterested pursuant to Section 8eee(b)(3)
of SIPA and do not hold or represent any interest adverse to the
Debtor's estate in respect of the matter for which EFC is to be
retained.

EFC will be compensated at its normal hourly rates, less a l0%
discount.  Applications for compensation to EFC will be filed with
the Bankruptcy Court pursuant to applicable statutes and rules.
EFC's discounted hourly rates are:

  Level of Experience            Discounted Rate (EUR)
  -------------------            ---------------------
    Partner                            450
    Associate                          315
    Junior                             100

The Securities Investor Protection Corporation has no objection to
the retention of special counsel for the Irish Proceedings.

                     About Bernard L. Madoff

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

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

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

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


DENHOLME: Goes Into Liquidation; 300 Jobs Affected
--------------------------------------------------
Denholme, the company behind retail chain Sasha, has gone into
liquidation, resulting in the loss of 300 jobs, The Irish Times
reports.

According to The Irish Times, Denholme failed to attract new
investment, prompting the liquidation.

David Carson of Deloitte has been appointed liquidator to
Denholme, which went into examinership late last year following
difficult trading conditions, The Irish Times relates.

RTE Business recalls Mr. Carson was appointed as examiner by the
High Court in December.  However, Denholme, as cited by
Breakingnews.ie, said "In the period since that appointment there
has been a marked deterioration in the trading conditions faced by
the group.  It noted "there was no longer a reasonable prospect of
survival."

Sasha, The Irish Times discloses, has 42 stores across Ireland and
has been trading for 27 years.


DESMOND MURTAGH: In Receivership; KPMG Appointed
------------------------------------------------
Ian Kehoe at The Sunday Business Post reports that ACC has decided
to appoint a receiver to Desmond Murtagh Construction's retirement
village development after it became concerned about the company's
financial position.

According to the report, the company, which had works in progress
valued at EUR15.3 million at the end of April 2007, has suffered
from the subsequent decline in the property market.

The receiver, accountant Kieran Wallace of KPMG, is currently
assessing the financial position of the company's developments,
including houses in Cavan, Belturbet and Arva in Co Cavan, as well
as shops and offices in Ballinamore in Co Leitrim.


DOUGLAS WALLACE: Reduction in Demand Spurs Examinership
-------------------------------------------------------
Ian Kehoe at The Sunday Business Post reports that Douglas Wallace
Architects & Designers, the architecture firm behind the Dundrum
Town Centre and the G Hotel in Galway, has gone into examinership
after being hit by the massive decline in Ireland's construction
industry and worsening economic conditions.

The report relates the company was unable to meet its historic
liabilities as it "has experienced a major reduction in demand for
its services in Ireland."

The company, as cited by the report, said it expects its revenues
to drop to about EUR7 million in 2009 from EUR15 million last
year, blaming the downturn in the construction sector.

The report recalls the company petitioned the High Court last week
to be placed into examinership, in an effort to avoid liquidation.

Ken Fennell, a partner in accountancy firm Kavanagh Fennell, has
been appointed as interim examiner, the report recounts.  The
report states a full hearing on the petition will be heard in the
coming days.

According to the report, the court heard that the company had a
reasonable chance of survival if the examiner secured new
investment and restructured its debts.

Douglas Wallace, the report discloses, is one of the biggest
architecture practices in Ireland.  The company has operations in
Dublin, Belfast, London and Prague.  It employs almost 200 people
at its peak, the report adds.

The report notes the company's directors do not intend to place
either the London or Prague office into examinership.


ELY MEDICAL: Interim Examiner Appointed
---------------------------------------
Ian Kehoe at The Sunday Business Post reports that Ely Medical has
petitioned the High Court to be placed into examinership following
a period of difficult trading conditions.

The report relates the court has appointed Neil Hughes, managing
partner of accountancy firm Hughes Blake, as interim examiner to
the company, which has annual revenues of about EUR12 million.
The petition for the appointment of an examiner will be heard in
the coming days, the report notes.

In a statement, the company, as cited by the report, said "A
reorganization will take place, as well as investment into the
business to ensure a positive future".

"The staff jobs are secure, as well as the future of the
business," the report quoted the company as saying.

The report discloses that according to the company, its backer
Paul McGlade had invested EUR5 million into the business over the
last three years.  Mr. McGlade injected a total EUR1.5 million
into the group last year, the report states citing a statement
from the company.

Ely Medical owns the Optima laser eye surgery business and the
Body Clinic in Dublin.


IRISH NATIONWIDE: Moody's Cuts Financial Strength Rating to 'D-'
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term bank
deposit rating and the senior debt rating of Irish Nationwide
Building Society to Baa3 from Baa1.  The society's subordinated
debt has been downgraded to Ba1.  The bank financial strength
rating was lowered to D- (mapping to a baseline credit assessment
- "BCA" - of Ba3) from C- (BCA of Baa2).  The outlook is negative.
The short term debt and deposit ratings were downgraded to Prime-3
from Prime-2.  This concludes the review on the bank's ratings
initiated on September 4, 2008.  The backed-Aaa rated senior debt,
maturing prior to September 29, 2010, and the backed short-term
issuer rating of Prime-1, covered by the Irish government
guarantee, are unaffected by this action.

The downgrade of the BFSR to D-, with a negative outlook, reflects
Moody's expectation that impairments in the society's commercial
property loan book will continue to increase, as well as the poor
asset quality within the residential mortgage book.  Given Moody's
loss expectations for the loan portfolio, the society's capital
levels have the potential to be eroded to levels which are
consistent with a low D range bank financial strength rating.  The
negative outlook reflects that the rapid deterioration in land and
property values in Ireland and the UK that have eroded the high
loan-to-value ratios on the commercial property and development
loan book and the deteriorating economic conditions in both
Ireland and the UK may lead to further pressure on asset quality
beyond Moody's current expectations.

Additionally given the poor performance of the commercial property
markets and the likelihood that the demand for commercial property
lending is likely to remain low in the medium term, Moody's
believes that the current business model of the society will need
to change.  Currently around 80% of the loan book is commercial
property based and only 20% is residential lending.  Moody's
expect the society to aim to increase the proportion of
residential lending, however as the society's position in the
Irish residential mortgage market has also weakened in recent
years, as the concentration on commercial property increased,
Moody's considers that this will be challenging.  The society's
strategic response to these challenges includes reducing the size
of its balance sheet, and although this will reduce the funding
requirement it will have a negative impact on the ability of the
society to generate pre-provision earnings.  Furthermore Moody's
have previously noted the high concentration risk within the
portfolio, and although Moody's expect the society to work down
some of its largest exposures, the concentration risk within the
portfolio remains high.  As the economic environment deteriorates
this could potentially lead to substantially higher provisioning
requirements.

The Baa3 long-term bank deposit and senior debt ratings of INBS
incorporate three notches of uplift from the Ba3 BCA.  This takes
into account the support from the Irish government evidenced by
the inclusion of Irish Nationwide in the guarantee scheme, and
Moody's expectation that further support would be forthcoming if
needed.

Due to the downgrade of INBS's senior debt rating to Baa3, Moody's
also downgrades INBS's Mortgage Backed Promissory Notes to Baa1.
The ratings of the Mortgage Backed Promissory Notes benefit from a
two notch uplift from the issuer's senior debt rating.

The last rating action on INBS was on September 4, 2008 when the
ratings were downgraded to Baa1/C- and placed on review for
further possible downgrade.

Irish Nationwide Building Society, headquartered in Dublin,
Ireland, had total assets of EUR16.1 billion at year-end 2007.


SWISSCO LTD: Former Workers Demand Better Redundancy Payments
-------------------------------------------------------------
RTE Business reports that more than 150 former employees of
Swissco Ltd staged a protest outside the company's Cork plant
Monday, demanding better redundancy payments.

The report recalls the workers were left with only statutory
redundancy when the company closed in December.

As reported in the TCR-Europe on Dec. 19, 2008, citing The Irish
Times, the company's 154 staff were told they were to be made
redundant after a liquidator was appointed to the company
following a period of examinership.

According to RTE Business, the company was put into liquidation
after attempts to find new investment failed.

A Swissco spokesman, as cited by the Irish Times, said the
company had been unprofitable for some time.

However, RTE Business notes staff were told the parent company was
profitable.

The machinery at the Cork plant is being auctioned later this
week, RTE Business adds.


* IRELAND: Could Default on National Debt
-----------------------------------------
Ian Dey at The Sunday Times reports that fears are mounting that
Ireland could default on its national debt.

The cost of buying insurance against Irish government bonds hit
record highs on Friday, having almost tripled in a week, making
Ireland the most troubled economy in Europe according to debt-
market investors, The Sunday Times relates.

The Sunday Times discloses the cost of insuring Irish debt rose to
350 basis points, meaning for every GBP100 of debt it would cost
GBP3.50 to insure against default.

Ireland's national debt could reach EUR70 billion, The Sunday
Times states.  This year the country is set to borrow an
additional EUR15 billion (GBP13.4 billion), The Sunday Times
notes.

Traders, as cited by Independent. ie, said Friday the the cost of
insuring against a default on Irish government bonds surged to
record levels on concern the high price of bank bailouts and
economic stimulus packages will strain public finances.

Citing BNP Paribas SA, Independent.ie says the debts held by Irish
financial institutions are more than 11 times the size of the
economy.

Elena Moya of guardian.co.uk recounts that according to the
European Commission, Ireland's budget deficit is expected to reach
EUR18 billion, almost four times the European Union limit.

              Moody's Changes Outlook to Negative

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

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

Thanks to the budget surpluses of recent years, Ireland has indeed
some room to maneuver, even under the current circumstances, the
rating agency said.

Moody's assessment of "very high" government financial strength
reflects the country's still relatively low level of government
debt.

                     Weak Economic Activity

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

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

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

                      Possible Rating Cut

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

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


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


CITY STROY: Creditors Must File Claims by March 20
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP CITY STROY K insolvent.

Creditors have until March 20, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi St. 29
         120014 Kyzylorda
         Kyzylorda
         Kazakhstan


EURO TRANSIT: Creditors Must File Claims by March 27
----------------------------------------------------
LLP Euro Transit Plus has declared insolvency.  Creditors have
until March 27, 2009, to submit proofs of claim to:

         Abulhair Han ave. 69-37
         Aktobe
         Aktube
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpayev St. 16
         Aktobe
         Aktube
         Kazakhstan


JAR ASIA: Creditors Must File Claims by March 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Jar Asia Ltd insolvent.  Creditors have until
March 27, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi St. 29
         120014 Kyzylorda
         Kyzylorda
         Kazakhstan


NEFTE SNUB: Creditors Must File Claims by March 27
--------------------------------------------------
LLP Nefte Snub Complect has declared insolvency.  Creditors have
until March 27, 2009, to submit proofs of claim to:

         Apt. 57
         Auezov St. 108
         Saryarka district
         Astana
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan


ROMANICO INTERNATIONAL: Creditors Must File Claims by March 20
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Romanico International insolvent.

Creditors have until March 20, 2009, to submit proofs of claim to:

         Apt. 43
         Building 13
         Micro District "Mamyr-1"
         Almaty
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov St. 273b
         Almaty
         Kazakhstan


SEYMAR ALI: Creditors Must File Claims by March 27
--------------------------------------------------
LLP Seymar Ali Investment Inc has declared insolvency.  Creditors
have until March 27, 2009, to submit proofs of claim to:

         Lumumba St. 9
         Almaty
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov St. 273b
         Almaty
         Kazakhstan


STROY COM XXI: Creditors Must File Claims by March 27
-----------------------------------------------------
LLP Stroy Com XXI has declared insolvency.  Creditors have until
March 27, 2009, to submit proofs of claim to:

           Apt. 2
           Mojaisky St. 5a
           Almaty district
           Astana
           Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan


ZELEN STROY: Creditors Must File Claims by March 27
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Zelen Stroy Snub insolvent.

Creditors have until March 27, 2009, to submit proofs of claim to:

         Altynsarin St. 31
         Aktobe
         Aktube
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpayev St. 16
         Aktobe
         Aktube
         Kazakhstan


* S&P Cuts Counterparty Credit Ratings on 5 Kazakh Banks to Low-B
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit ratings on five large banks and one
mortgage company in the Republic of Kazakhstan (foreign currency
BBB-/Negative/A-3, local currency BBB/Negative/A-3), namely
Kazkommertsbank, Halyk Savings Bank of Kazakhstan, Alliance Bank
JSC, and BTA Bank J.S.C., and BTA's subsidiaries Temirbank JSC and
BTA Ipoteka Mortgage Co.  The long-term counterparty credit
ratings on Alliance, BTA, Temirbank, and BTAI remain on
CreditWatch with developing implications, where they were placed
on Feb. 3, 2009, on the announcement of the government proposed
acquisition of majority stakes in these banks.

"The rating actions reflect S&P's view of the continuing downward
pressure on the entities' stand-alone credit profiles due, among
other things, to significant asset quality deterioration, which is
depleting their capitalization," said Standard & Poor's credit
analyst Ekaterina Trofimova.  "Also contributing to the rating
actions are continuing funding and liquidity challenges and the
instability of deposits."

These entities are also affected by the current global liquidity
crisis and a domestic economic slowdown, both of which continue to
erode liquidity levels and asset quality.

"We estimate loans under stress at 20% for the banking sector in
Kazakhstan, and provisioning coverage is only slowly approaching
this level," said Ms. Trofimova.

The 17% devaluation of the Kazakh tenge on Feb. 4, 2009, will, in
S&P's view, further contribute to the deterioration in these
entities' asset quality, given their extensive foreign currency
lending (over 50% of the system loans) to unhedged corporates and
individuals whose respective revenues are in tenge.  S&P believes
that the second chief risk of the devaluation is that confidence
in monetary stability and, by association, the banking system,
could weaken further, triggering more downward pressure on the
exchange rate.  This could, in turn, result in a further loss of
system deposits.

In S&P's view, government support measures -- including the state
taking over majority ownership of BTA and Alliance, the
recapitalization of KKB and Halyk, and the placement of
substantial state deposits at systemically important banks (KKB,
Halyk, BTA, and Alliance) -- only partly reduce market pressure.

"In S&P's view, there are few current indications of banking
sector recovery and S&P believes that the resolution of the
sector's problems will be a lengthy process, pressuring banks'
creditworthiness," added Ms. Trofimova.

The government's support plan appears to mainly focus on the four
systemically important banks and risks putting additional pressure
on smaller banks.

These measures fit with S&P's classification of Kazakhstan as an
"interventionist" country regarding its support of systemically
important banks.  As such, the long-term ratings on KKB, Halyk,
and Alliance are one notch higher than their stand-alone credit
profiles and two notches higher for BTA. For BTA, S&P now gives
greater weight for potential government support in the long-term
ratings, compared with other systemically important banks in the
country, due to its majority government ownership.  S&P notes that
the government's majority takeover of Alliance has still not been
completed and is likely to take some time.  As S&P considers BTAI
to be a strategically important subsidiary of BTA, S&P has given
BTAI a one-notch uplift from its long-term stand-alone credit
profile.  As BTA is considering selling Temirbank, S&P do not
consider Temirbank to be a strategically important subsidiary of
BTA.  Nevertheless, S&P is incorporating a one-notch uplift from
Temirbank's stand-alone credit profile, reflecting S&P's
expectation of a moderate likelihood of support by BTA.

S&P believes that smaller institutions are likely to be challenged
to maintain customer confidence and meet more conservative
regulatory capital requirements in the coming months.

"At the same time, S&P acknowledge the local regulators' more
hands-on and proactive supervision, as well as Kazakh banks'
efforts to increase their provisioning coverage and better
recognize and resolve problem loans," said Ms. Trofimova.

S&P expects to resolve the CreditWatch placements of Alliance,
BTA, Temirbank, and BTAI on obtaining further clarification on the
government's ownership implications for the entities'
creditworthiness, strategies, and financial flexibility.  Barring
any further deterioration in their operating environments, S&P may
raise the ratings on these four institutions if S&P considers that
extraordinary state support is more likely, or if the
government's enhancement measures sustainably strengthen the
entities' stand-alone credit profiles.  However, if asset quality
and liquidity deterioration continue and exceed S&P's current
expectations, and if they are not sufficiently offset by new
capital and funding injections and operational enhancements, S&P
will likely lower the ratings.  The same factors might also drive
lower ratings on KKB and Halyk, and explain the negative outlooks
on their ratings.

                           Ratings List

              Downgraded; CreditWatch/Outlook Action

                          Kazkommertsbank

                                 To                 From
                                 --                 ----
Counterparty Credit Rating       BB-/Negative/B     BB/Negative/B
Certificate Of Deposit           BB-/B              BB/B

                 Halyk Savings Bank of Kazakhstan

                                 To                 From
                                 --                 ----
Counterparty Credit Rating       BB/Negative/B      BB+/Negative/B
Certificate Of Deposit           BB/B               BB+/B

                        Alliance Bank JSC

                                 To                 From
                                 --                 ----
Counterparty Credit Rating       B/Watch Dev/B      B+/Watch Dev/B
Certificate Of Deposit           B/Watch Dev/B      B+/Watch Dev/B

                          BTA Bank J.S.C.

                                 To                 From
                                 --                 ----
Counterparty Credit Rating       B+/Watch Dev/B     BB/Watch Dev/B
Certificate Of Deposit           B+/Watch Dev/B     BB/Watch Dev/B

                     BTA Ipoteka Mortgage Co.

                               To                 From
                               --                 ----
Counterparty Credit Rating     B+/Watch Dev/B     BB-/Watch Dev/B
Certificate Of Deposit         B+/Watch Dev/B     BB-/Watch Dev/B
Kazakhstan National
Scale Rating                   kzBBB/Watch Dev    kzBBB+/Watch Dev

                           Temirbank JSC

                                To                 From
                                --                 ----
Counterparty Credit Rating      B/Watch Dev/B      B+/Watch Dev/B
Certificate Of Deposit          B/Watch Dev/B      B+/Watch Dev/B
Kazakhstan National
Scale Rating                    kzBB+/Watch Dev    kzBBB/Watch Dev

       NB: This list does not include all ratings affected.


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


SHOORAT LLC: Creditors Must File Claims by March 13
---------------------------------------------------
Joint Kyrgyz Chinese LLC Shoorat has declared insolvency.
Creditors have until March 13, 2009, to submit written proofs of
claims to:

         Joint Kyrgyz Chinese LLC Shoorat
         Mendeleyev St. 197a
         Bishkek
         Kyrgyzstan


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


PALLAS CDO: Fitch Junks Ratings on Two Classes of Notes
-------------------------------------------------------
Fitch Ratings has downgraded seven classes of Pallas CDO II B.V.'s
notes, removed the notes from Rating Watch Negative, and assigned
a Stable Outlook to five of the notes as detailed below.

  -- EUR75 million class A-1-a (ISIN XS0268818209): downgraded to
     'BBB' from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR275 million class A-1-d (ISIN XS0271520669): downgraded to
     'BBB' from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR44.5 million class A-2 (ISIN XS0268904546): downgraded to
     'BB' from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR16 million class B (ISIN XS0268818548): downgraded to 'B'
     from 'AA'; removed from RWN; assigned a Stable Outlook

  -- EUR10.5 million class C (ISIN XS0268818894): downgraded to
     'B-' (B minus) from 'A'; removed from RWN; assigned a Stable
     Outlook

  -- EUR2.5 million class D-1-a (ISIN XS0268819199): downgraded to
     'CCC' from 'BBB-' (BBB minus); removed from RWN

  -- EUR12 million class D-1-b (ISIN XS0268819272): downgraded to
     'CCC' from 'BBB-' (BBB minus); removed from RWN

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008, as
well as credit deterioration to the collateral pool.  Pallas CDO
II BV is a securitization of mainly European structured finance
assets with a total note issuance of EUR455 million.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  While the downgrade of the class A-1-a, A-1-d, A2, and
B notes was driven by Fitch's revised criteria, the downgrade of
the class C, D-1-a and D-1-b notes was additionally linked to the
transaction's actual performance.  While all overcollateralization
tests are currently passing, the class C OC test is currently at
106.71% compared to a test minimum level of 103.08%.  Given the
current macroeconomic climate, Fitch expects further negative
portfolio migration which could result in a higher percentage of
'CCC' assets.  The resulting OC adjustments for 'CCC' assets may
result in the class C OC test breaching, which would divert
interest payments from the class D notes to amortize the senior
notes.  In Fitch's view, while not imminent, the breach of the
class C OC test in a stressed environment would make the
likelihood of full recovery of the class D notes more remote.

In conducting its analysis, Fitch made a three-notch downward
adjustment for any names on RWN under the default analysis of its
Portfolio Credit Model.  On an adjusted basis approximately 24.7%
of the assets are treated as sub-investment grade.  The weighted
average portfolio quality is 'BBB-'(BBB minus)/'BB+' and 4.9% of
the portfolio is on RWN by rating driver.  Three assets are
currently defaulted which represent 0.6% of the portfolio, and
1.45% are rated at 'CCC' or below.

As per the trustee report dated January 6, 2009, the portfolio
contains 201 assets from 163 obligors, with the largest obligor
accounting for approximately 2.9% of the outstanding portfolio,
and the three largest obligors accounting for 6.4% of the
outstanding portfolio amount.  The largest single asset class is
RMBS with 50% of the portfolio volume.  The two largest vintages
are 2007 and 2006 making up 24.7% and 21.8% of the portfolio
respectively, while the four largest country concentrations are
the United Kingdom, the Netherlands, Spain and Italy making up
26.9%, 20.7% 12.2% and 11.7% of the portfolio respectively.

The portfolio is actively managed by M&G Investment Management
Limited (which is rated 'CAM2+' with respect to the Structured
Finance CDO Asset Manager Rating on Fitch's CDO Asset Manager
Rating scale).


LYONDELBASELL: To Temprorarily Idle LDPE Units in UK and France
---------------------------------------------------------------
LyondellBasell Industries on Wednesday, Feb. 11, 2009, said that
it has taken steps to temporarily idle its low density
polyethylene units at Carrington, United Kingdom, and Fos-sur-Mer,
France, into the second quarter of 2009.  The Carrington unit has
a nameplate capacity of 185 KT per year, and the Fos plant has a
nameplate capacity of 110 KT per year.

"Although demand for polyethylene has significantly improved
compared to the fourth quarter of last year, normal patterns have
not been achieved yet.  This measure is another step in our
efforts to continue our business in a way that is economically
reasonable.  Our flexibility in polyethylene production in Europe
is helping to optimize our physical assets while continuing to
meet the needs of our customers," said Richard Roudeix,
LyondellBasell's Vice President for Polyethylene in Europe.

                     About LyondellBasell

LyondellBasell Industries -- http://www.lyondellbasell.com/-- is
a refiner of crude oil; a significant producer of gasoline
blending components; a global manufacturer of chemicals and
polymers, including polyolefins and advanced polyolefins; and the
leading developer and licensor of technologies for the production
of polymers.

Following the acquisition of Lyondell in 2007, LyondellBasell
became the world's largest independent producer of polypropylene
and advanced polyolefins products, a leading supplier of
polyethylene, and a global leader in the development and licensing
of polypropylene and polyethylene processes and related catalyst
sales.  The group is estimated to generate 2007 revenues of US$44
billion and EBITDA of US$4.1 billion reflecting strong performance
of Lyondell and Basell businesses at the top of the cycle.

LyondellBasell is saddled with debt as part of its US$12.7 billion
merger in 2007.  As reported by the Troubled Company Reporter, the
company has brought on board Kevin M. McShea of AlixPartners, LLP
as Chief Restructuring Officer of LyondellBasell and its
subsidiaries.  The company also has hired advisers, including
Evercore and New York law firm Cadwalader, Wickersham & Taft LLP,
to advise it on its restructuring efforts.

Lyondell disclosed in its latest quarterly results that it has
US$27.12 billion in assets and US$228 million stockholders'
deficit as of Sept. 30, 2008.  It incurred a US$232 million net
loss in the three months ended Sept. 30, 2008, compared to a
US$206 million net profit during the same period in 2007.

Headquartered in Houston, Texas, Equistar Chemicals LP, is a
wholly owned subsidiary of Lyondell Chemical Company, which
produces ethylene, propylene and polyethylene in North America and
ethylene oxide, ethylene glycol, high value-added specialty
polymers and polymeric powder.  For three months ended Sept. 30,
2008, Equistar Chemicals posted net loss of US$271 million
compared to net income of US$22 million for the same period in the
previous year.  At Sept. 30, 2008, Equistar Chemicals' balance
sheet showed total assets of US$9.0 billion and total liabilities
of US$19.0 billion, resulting in a partners' deficit of US$9.9
billion.

                          *     *     *

On Jan. 12, 2009, the TCR-Europe reported that Fitch Ratings
downgraded Netherlands-based petrochemicals company LyondellBasell
Industries AF SCA's U.S.-based subsidiaries - Lyondell Chemical
Company, Equistar Chemicals L.P. and Millenium Americas Inc - to
Long-term Issuer Default 'D' from 'C' and removed them from Rating
Watch Negative.  The agency also assigned a Long-term IDR 'D' to
Lyondell Basell Finance Co.  The rating action follows the recent
announcement that the U.S. Companies have filed for bankruptcy.
At the same time, LBI's Long- and Short-term IDRs of C' remain on
RWN.

As reported in the TCR-Europe on Jan. 9, 2009, Moody's Investors
Service downgraded the corporate family rating of LyondellBasell
Industries AF SCA to Ca from Caa2 and also downgraded ratings on
the debt instruments raised by the group.  The outlook on the
ratings is stable.

The rating action follows the announcement made by the company on
January 6, 2009 that its US subsidiaries and one of its non Dutch
holding companies in Europe have filed to reorganize its
operations and balance sheet under Chapter 11 of the US Bankruptcy
Code citing a profound deterioration in the trading conditions in
December 2008.

As reported in the TCR-Europe, on Jan. 7, 2009, Standard & Poor's
lowered its long-term corporate credit rating on the three main
U.S. subsidiaries of European holding company LyondellBasell
Industries AF S.C.A. (LyondellBasell) – namely Lyondell Chemical
Co., Equistar Chemicals L.P., and Millennium Chemicals Inc. -- to
'D' from 'CC'.  This action followed the voluntary filings for
Chapter 11 bankruptcy protection by these entities, along with
other U.S. subsidiaries of LyondellBasell and a related German
holding company on Jan. 6, 2009.

The long-term rating on LyondellBasell, meanwhile, remains at
'SD', indicating a selective default.


LYONDELLBASELL INDUSTRIES: Payment Default Cues S&P's 'D' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on The Netherlands-based petrochemicals
producer LyondellBasell Industries AF S.C.A. to 'D' from 'SD'.
S&P also lowered the subordinated debt ratings on the US$615
million and EUR500 million European bonds due 2015 issued by the
company to 'D' from 'C'.

"The rating action follows LyondellBasell's payment default on
coupons of the two bonds on Feb. 15, 2009," said Standard & Poor's
credit analyst Tobias Mock.  "Although there is a grace period of
30 days, S&P do not consider it likely that the company will pay
the coupons within this period."

The issue rating on Basell Finance Co. B.V.'s US$300 million notes
due 2027 remains at 'C' because no payment default has occurred on
them.  The next coupon payment is scheduled for March 15, 2009,
and S&P considers it unlikely that Basell Finance will make this
payment.

As of Feb. 16, LyondellBasell has not filed for bankruptcy.


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


ANGARA-LES LLC: Creditors Must File Claims by March 6
-----------------------------------------------------
Creditors of LLC Angara-Les (TIN 3911009003, RVC 391101001, PSRN
1023902006644) (Forestry) have until March 6, 2009, to submit
proofs of claims to:

         A. Popov
         Temporary Insolvency Manager
         Office 5
         Gogolya St. 12
         236008 Kaliningrad
         Russia

The Arbitration Court of Kaliningradskaya will convene on April 6,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A21 – 9790/2008.

The Debtor can be reached at:

         LLC Angara-Les
         Iskry St. 38
         Sovetsk
         238750 Kaliningradskaya
         Russia


DRAIV ALYUMINEVYE: Creditors Must File Claims by March 6
--------------------------------------------------------
Creditors of LLC Draiv-Alyuminevye Konstruktsii (TIN 3808074584)
(Door and Window Assembly Production) have until March 6, 2009, to
submit proofs of claims to:

         O. Lukina
         Temporary Insolvency Manager
         Post User Box 165
         664047 Irkutsk
         Russia

The Arbitration Court of Irkutskaya will convene on June 3, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A19–19553/08–60.

The Debtor can be reached at:

         LLC Draiv-Alyuminevye Konstruktsii
         Zimnyaya St. 1
         664000 Irkutsk
         Russia


FEDERAL BANK: S&P Assigns 'B-' Long-Term Counterparty Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-' long-
term and 'C' short-term counterparty credit ratings to Moscow-
based Federal Bank for Innovation and Development.  The outlook is
negative.  At the same time, the bank was assigned an 'ruBBB-'
Russia national scale rating.

"The ratings on FBID are constrained by increased system risks,
highlighted by the domestic market turmoil and deteriorating
economic environment," said Standard & Poor's credit analyst
Victor Nikolskiy.

Further constraints are the bank's increasing credit risks,
accentuated by high industry and single-party concentrations; its
very small size; limited franchise; and undiversified funding
base, which is dominated by demand deposits.  These factors are
mitigated by FBID's adequate liquidity and capitalization, limited
market risk, and stable client base, which has remained loyal to
the bank during the financial market turbulence.

The ratings reflect the bank's stand-alone credit profile and do
not include any uplift for extraordinary external support.

FBID is a small bank that ranks among the top 300 by assets in
Russia, with total assets of Russian ruble (RUR)5.8 billion
(US$198 million) on Dec. 31, 2008.  Its core clientele includes
small and midsize companies involved in the trade, leasing, and
manufacturing sectors.  The bank is managed by a stable team of
managers with many years of service.

At year-end 2008, the bank's liquidity was strong, with cash and
bank placements representing about 42% of total assets.  This was
mainly thanks to large deposit inflows from key customers. S&P
expects some of this liquidity to diminish as business customers
withdraw funds to pay suppliers.  This cyclicality has been
observed in previous years, so S&P expects liquidity to be weaker
over the next few months.

The bank's funding base is undiversified and cyclical, largely
comprising customer deposits, which represented 95% of liabilities
on Dec. 31, 2008, with corporate current accounts making up about
80%.  Because more than 83% of customers' funds are held in demand
deposit accounts, the bank is exposed to significant maturity
mismatches.  However, customer accounts showed no negative
dynamics in the second half of 2008 and proved resilient to the
panic-induced outflows observed at other institutions.

"The negative outlook reflects our opinion that the deteriorating
operating environment in Russia will hamper FBID's financial
profile and performance," said Mr. Nikolskiy.

Although the ratings already incorporate the high cyclicality of
the bank's funding base, a dramatic deterioration of FBID's
funding profile could lead to a downgrade.  In addition, a
material weakening of asset quality and profitability would put
downward pressure on the ratings.

A positive rating action is unlikely in the near term, but could
occur if S&P sees a significant improvement in the bank's
operating environment and a clear demonstration of the resilience
of its financial profile.


GRAND-D LLC: Creditors Must File Claims by April 6
--------------------------------------------------
Creditors of LLC Grand-D (TIN 4101089669) (Precious Stones and
Metals Crop) have until April 6, 2009, to submit proofs of claims
to:

         A. Dutov
         Insolvency Manager
         Post User Box 95
         Proletarskaya St. 10
         685000 Magadan
         Russia

The Arbitration Court of Kamchatskiy will convene at 10:00 a.m. on
May 8, 2009, to hear bankruptcy proceedings.  The case is docketed
under Case No. A24–4299/2008.

The Debtor can be reached at:

         LLC Grand-D
         Beringa St. 104a
         Petropavlovsk-Kamchatskiy
         683016 Kamchatskiy
         Russia


INTERWOOD LLC: Creditors Must File Claims by March 6
----------------------------------------------------
Creditors of LLC Interwood (TIN 2506008978, PSRN 1062506000831)
(Cargo Transportation and Storage) have until March 6, 2009, to
submit proofs of claims to:

         O. Yakimov
         Insolvency Manager
         Post User Box 106/14
         Sheronova St. 7
         680020 Khabarovsk
         Russia

The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51–2794/08–15/23B.

The Debtor can be reached at:

         LLC Interwood
         Zheleznodorozhnaya St. 30
         692133 Dalnerechensk
         Primorskiy
         Russia


IZO-STROY LLC: Creditors Must File Claims by March 6
----------------------------------------------------
Creditors of LLC Izo-Stroy (TIN 5405344584, PSRN 1075405013067)
(Construction) have until March 6, 2009, to submit proofs of
claims to:

         O. Kurmashev
         Temporary Insolvency Manager
         Post User Box 2486
         Prokopyevsk
         653052 Kemerovskaya
         Russia

The Arbitration Court of Kemerovskaya will convene on April 30,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A27–14431/2008–4.

The Debtor can be reached at:

         LLC Izo-Story
         Pirogova St. 5
         Novokuznetsk
         654000 Kemerovskaya
         Russia


LIPETSK MACHINE-REPAIR: Creditors Must File Claims by March 6
-------------------------------------------------------------
Creditors of CJSC Lipetsk Machine-Repair Enterprise (TIN
4826039898, RVC 482401001, PSRN 1034800557087) have until March 6,
2009, to submit proofs of claims to:

         A. Toropchin
         Temporary Insolvency Manager
         Apt. 150
         Lipovskaya St. 8
         398002 Lipetsk
         Russia
         Tel: (0742) 33–41-26

The Arbitration Court of Lipetskaya will convene at 2:20 p.m. on
May 21, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A36–4044/2008.

The Court is located at:

The Arbitration Court of Lipetskaya

         Office 521
         Skorokhodova St. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         CJSC Lipetsk Machine-Repair Enterprise
         Udarnikov St. 95
         398902 Lipetsk
         Russia


PRESS-FORGING PLANT CJSC: Creditors Must File Claims by March 6
---------------------------------------------------------------
Creditors of CJSC Press-Forging Plant (TIN 6140020336) have until
March 6, 2009, to submit proofs of claims to:

         Ye. Savchenko
         Temporary Insolvency Manager
         Degtyareva St. 31
         400006 Volgograd
         Russia

The Arbitration Court of Rostovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A53–
11292/2008-S1–21.

The Debtor can be reached at:

         CJSC Press-Forging Plant
         Zavodskaya St. 1
         Azov
         Rostovskaya
         Russia


SVECHINSKIY LUMBER: Creditors Must File Claims by March 6
---------------------------------------------------------
Creditors of ME Svechinskiy Lumber Factory (TIN 4328001490) have
until March 6, 2009, to submit proofs of claims to:

         G. Devyatykh
         Insolvency Manager
         Volodarskogo St. 75
         610020 Kirov
         Russia

The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A28–13133/2008–334/10.

The Debtor can be reached at:

         ME Svechinskiy Lumber Factory
         Totmyanina St. 19
         Svecha
         Svechinskiy
         Kirovskaya
         Russia


TULUCHI-LES LLC: Creditors Must File Claims by March 6
------------------------------------------------------
Creditors of LLC Tuluchi-Les (TIN 2709008518) (Timber
Construction Structures Production) have until March 6, 2009, to
submit proofs of claims to:

         V. Veselkov
         Temporary Insolvency Manager
         Post User Box 6/12
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovskiy commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A73–
13858/2008.

The Debtor can be reached at:

         LLC Tuluchi-Les
         Apt. 2
         Ruchnaya St. 4
         Tuluchi
         Vaninskiy
         Khabarovskiy
         Russia


URALSIB-YUG BANK: S&P Assigns 'B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B' long-
term and 'B' short-term counterparty credit ratings to Russia-
based URALSIB-YUG Bank OJSC.  The outlook is developing.  At the
same time, the bank was assigned an 'ruA-' Russia national scale
rating.

"The ratings reflect the increased system risks in the Russian
Federation (foreign currency BBB/Negative/A-3; local currency
BBB+/Negative/A-2) as a result of the market turmoil and
deteriorating economic environment; the bank's fragile funding
base, which is vulnerable to panic-induced deposit outflows;
increasing credit risks stemming from the deteriorating economic
environment; and ongoing systemwide liquidity tension," said
Standard & Poor's credit analyst Maria Malyukova.

Positive rating factors include the bank's strong links to, and
support from, Bank URALSIB (BB-/Negative/B), which includes
integration of major business and risk-management systems and
policies as well as funding support.  In addition, URALSIB-YUG
Bank benefits from its good market position and brand recognition
in Krasnodar Krai (BB/Stable/--; Russia national scale 'ruAA'),
good core profitability, and adequate capitalization.

The ratings on URALSIB-YUG Bank incorporate a one-notch uplift
above the bank's stand-alone credit profile to reflect ongoing and
expected support from the URALSIB group.  URALSIB-YUG Bank is
88.38% owned by URALSIB Financial Corp. (FC URALSIB; not rated),
accounting for 10% of FC URALSIB's total assets and representing a
significant part of its banking business in Krasnodar Krai, in
Russia's Southern Federal District.  URALSIB-YUG Bank has strong
links to Bank URALSIB.

URALSIB-YUG Bank is a regional bank that ranks among Russia's top
100 banks.  It had total assets of RUR26.5 billion (about US$960
million) on Nov. 30, 2008.  The bank focuses primarily on retail
customers and small and midsize businesses and has a good market
position within Krasnodar Krai.

Despite the market turmoil, the bank has maintained good
profitability, benefiting from a high share of commission income
and a high interest margin, thanks to low funding costs because of
a large proportion of demand deposit accounts.

"The developing outlook captures a combination of factors that
currently influence URALSIB-YUG Bank," said Ms. Malyukova.  "On
the negative side, the ongoing financial market turbulence and
deteriorating business environment will likely weigh on the
business and financial profiles of URALSIB-YUG Bank and Bank
URALSIB.  On the positive side, URALSIB-YUG Bank's business and
operational links to Bank URALSIB are strong in anticipation of
the possible merger, which could boost URALSIB-YUG Bank's
creditworthiness and business standing."


VORONEZHSKIY ALUMINUM: Creditors Must File Claims by March 6
------------------------------------------------------------
Creditors of CJSC Voronezhskiy Aluminum Plant (TIN 3661041160,
PSRN 1073668000702) have until March 6, 2009, to submit proofs of
claims to:

         S. Strelnikov
         Temporary Insolvency Manager
         Office 606
         Svobody St. 75
         394006 Voronezh
         Russia

The Arbitration Court of Voronezhskaya will convene at
10:30 a.m. on May 13, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A14–
6325/2008/55/16B.

The Court is located at:

         The Arbitration Court of Voronezhskaya
         Office 609
         Srednemoskovskaya St. 77
         Voronezh
         Russia

The Debtor can be reached at:

         CJSC Voronezhskiy Aluminum Plant
         Zemlyachki St. 1
         Voronezh
         Russia


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


CABLEUROPA SAU: S&P Junks Corporate Credit Rating to 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Spanish cable operator Cableuropa
S.A.U., to 'CCC+' from 'B'.  The outlook is negative.

At the same time, S&P lowered the ratings on the senior unsecured
debt issued by financing vehicles ONO Finance PLC and ONO Finance
II PLC and guaranteed by Cableuropa to 'CCC-' from 'CCC+'.  The
recovery rating on this debt is unchanged at '6', indicating S&P's
expectation of negligible (0%-10%) recovery in the event of a
payment default.

All ratings were removed from CreditWatch with negative
implications, where they were placed on Nov. 28, 2008, following
Cableuropa's publication of its third-quarter 2008 results and a
review of its financial and business prospects.

At Sept. 30, 2008, Cableuropa had EUR4.2 billion of gross debt on
balance sheet, including a fully drawn EUR3.5 billion senior
secured credit facility and EUR450 million of senior unsecured
notes.  Cash in hand amounted to EUR318 million.

"The rating actions reflect our opinion that, absent a refinancing
or some other step, which may be challenging to complete in the
context of the current capital market conditions, it may be
difficult for Cableuropa to tackle its upcoming heavy debt
maturities," said Standard & Poor's credit analyst Guillaume
Trentin.

Specifically, Cableuropa reports that it faces senior debt
amortizations of EUR36 million in 2009, EUR414 million in 2010,
and EUR590 million in 2011, and also relies on the ongoing roll
over of around EUR150 million in 365-day bilateral lines with
local banks.

Cableuropa reports that its free operating cash flow continued to
be negative in recent months, totaling a negative EUR171 million
in the nine months to Sept. 30, 2008, owing to the company's heavy
investments and Spain's slowing economy.

"Cash burn is slowing and FOCF could turn positive in full-year
2009 because Cableuropa reports that it has decided to implement
substantial cuts in capital expenditure and a large reduction in
headcount" said Mr. Trentin.  "Still, in any case, S&P believes
Cableuropa's cash generation will likely be significantly lower
than its debt service requirements."

Consequently, S&P expects Cableuropa to use part of its available
cash of EUR318 million at Sept. 30, 2008, to finance the
EUR71 million deferred Auna acquisition payment in first-quarter
2009 and its first senior debt amortization scheduled in fourth-
quarter 2009, somewhat reducing its cash reserves.

The rating on Cableuropa is constrained by its need to refinance
its capital structure over the next year, continued negative FOCF,
and high debt leverage.  S&P views an additional constraint as
being the heightened competition in the Spanish telecommunications
and TV markets in the country's worsening economic environment.
The rating is supported by Cableuropa's position as Spain's No. 2
facility-based provider of triple-play services and its
improvement of profitability to levels prior to the Auna
acquisition.

The negative outlook reflects S&P's view of Cableuropa's ability
to refinance its demanding debt maturity profile over the next
year amid poor capital market conditions.  Also factored into
S&P's outlook are S&P's views about the company's deteriorating
trading prospects and diminished capital investments which could
lead to a tightening of covenant headroom below acceptable levels
(below 10%).

S&P could possibly downgrade Cableuropa if its liquidity position
is stretched further as a result of the inability to secure
financing and/or if its cash position falls to a level
insufficient to meet even the next debt repayment.

Conversely, Cableuropa's successful refinancing of its capital
structure, combined with a marked improvement in its free cash
flow generation could likely trigger a positive rating action.

S&P has no indication that Cableuropa's management intends to
consider a discounted exchange offer for its senior debt or its
unsecured bonds, which are currently trading at very low levels.
If Cableuropa were to explore this option, S&P would consider any
exchange offer as distressed given the company's weak liquidity
and the challenging trading environment.  The execution of
distressed exchange offers is tantamount to default under S&P's
general criteria.  S&P also notes that a number of low-rated
companies have recently executed discounted exchange offers.


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


KAUPTHING BANK: Alandsbanken to Buy Swedish Unit for SEK414 Mln
---------------------------------------------------------------
Alandsbanken Abp will acquire Kaupthing Bank Sverige AB, Kaupthing
Bank hf's Swedish unit, for SEK414 million (US$49.5 million) in
cash.

In a Feb. 16 statement Alandsbanken said the acquisition includes
Kaupthing Bank Sverige's Private Banking, Asset Management and
Capital Markets operations.  However, the main part of the
corporate loan book and certain other assets, including the
indirect Lehman Brothers exposure, will be transferred to the
Icelandic parent company, Kaupthing Hf in connection
with the closing of the transaction.  Ongoing litigations will not
have any financial impact on Alandsbanken.  The rescue loan
provided by the Swedish Central Bank will be repaid in full.  As a
result, Kaupthing Bank Sverige's balance sheet is estimated to
decrease from SEK9 billion at December 31, 2008 to SEK5 billion.
Equity is estimated to be SEK840 million following the completion
of the acquisition.

Alandsbanken said the acquisition is expected to have a positive
contribution to its result for 2009, including restructuring
costs.  Effects on liquidity and tier 1 ratios are expected to be
minor.

The acquisition is subject to regulatory approval and customary
closing terms and conditions (including final year-end closing and
other balance sheet relating measures, and the transfer of
liabilities).  The goal is to finalize the acquisition winthin a
couple of weeks.

Peter Wikloef, Managing Director, commented: "For a long time, our
ambition has been to disembark on the Swedish market.  Through
this acquisition we reach 20,000 customers straight away, and
increase our business volume by 20 percent.  We have thoroughly
analyzed Kaupthing Bank Sweden and found a high-quality operation
with skilled employees and great customer relations which makes an
attractive base for our launch in the Swedish market."

                      About Kaupthing Bank

Headquartered in Reykjavik, Iceland, Kaupthing Bank hf. --
http://www.kaupthing.com-- is engaged in the provision of
financial services, such as private banking, asset management,
pension services, brokerage services, investment banking, as well
as corporate and retail banking.  The Bank's offer is targeted at
companies, institutional investors and individuals.  The Bank is
operational in thirteen countries, including Luxembourg,
Switzerland, the Nordic countries, the United Kingdom and the
United States.  The main subsidiaries include Kaupthing Singer &
Friedlander and FIH Erhvervsbank.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.

Citing a court filing by Olafur Gardarsson, Reuters disclosed
Kaupthing has about US$14.8 billion of principal assets, including
US$222 million located in the United States, and US$26
billion of principal indebtedness.


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


3 C HOLDING: Creditors Must File Proofs of Claim by February 21
---------------------------------------------------------------
Creditors owed money by JSC 3 C Holding International are
requested to file their proofs of claim by Feb. 21, 2009, to:

         Anita Harder
         Liquidator
         JSC JPC Holding
         Ramistrasse 8
         8024 Zurich
         Switzerland

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


BAAS & ROOST: Deadline to File Proofs of Claim Set February 21
--------------------------------------------------------------
Creditors owed money by LLC Baas & Roost are requested to file
their proofs of claim by Feb. 21, 2009, to:

         The Company Haussmann & Partner
         Liquidator
         Seefeldstrasse 45
         8008 Zurich
         Switzerland

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


CHAMALEON BAU: Creditors Have Until February 21 to File Claims
--------------------------------------------------------------
Creditors owed money by LLC Chamaleon Bau are requested to file
their proofs of claim by Feb. 21, 2009, to:

         Stefan Fischer
         Liquidator
         Mattenweg 7
         3273 Kappelen
         Switzerland

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


DPS INVEST: Proof of Claim Filing Deadline Set February 22
----------------------------------------------------------
Creditors owed money by JSC DPS Invest are requested to file their
proofs of claim by Feb. 22, 2009, to:

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

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 18, 2008.


MYJOB BUCHS: Creditors' Proofs of Claim Due by February 21
----------------------------------------------------------
Creditors owed money by LLC MyJob Buchs are requested to file
their proofs of claim by Feb. 21, 2009, to:

         Martin Modde
         Bahnhofstrasse 17
         9470 Buchs SG
         Switzerland

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


SHOWAG WATCH: February 21 Set as Deadline to File Claims
--------------------------------------------------------
Creditors owed money by LLC Showag Watch Solutions are requested
to file their proofs of claim by Feb. 21, 2009, to:

         Mario Romano
         Bruhlstrasse 15
         5304 Endingen
         Switzerland

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


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


ALIV LLC: Creditors Must File Claims by February 29
---------------------------------------------------
Creditors of LLC Production and Commerce Firm Aliv (EDRPOU
20924752) have until Feb. 29, 2009, to submit proofs of claim to:

         Arbitral Manager O. Decheva
         Insolvency Manager
         Post Office Box 16A
         69009 Odessa
         Ukraine

The Economic Court of Odessa region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No 32/107-08-4074.


The Court is located at:

         The Economic Court of Odessa region
         Shevchenko avenue 29
         65009 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Production and Commerce Firm Aliv
         Tiraspol highway 16
         65052 Odessa
         Ukraine


CONCORD CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on CJSC Concord (EDRPOU 31622782).

The Temporary Insolvency Manager is:

         Arbitral Manager S. Bonchak
         Office 6
         50 Years of USSR St. 29
         Kremenchuk
         39600 Poltava region
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         CJSC Concord
         Yarmakov St. 9
         Kremenchuk
         39600 Poltava region
         Ukraine


EVRIS LLC: Creditors Must File Claims by February 29
----------------------------------------------------
Creditors of LLC Evris (EDRPOU 20122308) have until Feb. 29, 2009,
to submit proofs of claim to Insolvency Manager O. Zhylich.

The Economic Court of Volin region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No 1/114-b.

The Court is located at:

         The Economic Court of Volin region
         Volia avenue 54
         Lutsk
         Volin region
         Ukraine


HYPPO-POLESYE LLC: Creditors Must File Claims by February 28
------------------------------------------------------------
Creditors of LLC HYPPO-POLESYE (EDRPOU 34308626) have until
Feb. 28, 2009, to submit proofs of claim to Insolvency Manager I.
Radik

The Economic Court of Kharkov region commenced bankruptcy
proceedings against the company after finding it insolvent.

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 Hyppo-Polesye
         Office 75
         Traktorostroiteley avenue 140-B
         Kharkov
         Ukraine


INTELLECT LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Innovative and Introduction Center Intellect
(EDRPOU 34188252).

The Temporary Insolvency Manager is:

         Arbitral Manager O. Chabak
         Kuybishev St. 20A
         Borzna
         16400 Chernigov region
         Ukraine

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy street 44-b
         01030, Kiev
         Ukraine

The Debtor can be reached at:

         LLC Innovative and Introduction Center Intellect
         Office 414
         Gnat Yura St. 9
         03148 Kiev
         Ukraine


INTERNATIONAL TRADING: Creditors Must File Claims by February 28
----------------------------------------------------------------
Creditors of LLC International Trading Service (EDRPOU 25489835)
have until Feb. 28, 2009, to submit proofs of claim to:

         Arbitral Manager O. Shestopalov
         Insolvency Manager
         Post Office Box 1064
         69104 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No 19/353/08.

The Court is located at:

         The Economic Court of Zaporozhye region
         Shaumian street 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC International Trading Service
         Yuzhnoukrainskaya St. 3/3
         69600 Zaporozhye
         Ukraine


STEPLIS STEEL: Creditors Must File Claims by February 29
--------------------------------------------------------
Creditors of LLC Steplis Steel (EDRPOU 34663944) have until
Feb. 29, 2009, to submit proofs of claim to:

         A. Deliukin
         Insolvency Manager
         Gorky St. 95
         03150 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 43/274.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy street 44-b
         01030, Kiev
         Ukraine

The Debtor can be reached at:

         LLC Steplis Steel
         Gorky St. 95
         03150 Kiev
        Ukraine


TRADEIMPE KS: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Tradeimpeks Ltd. (EDRPOU 31175282).

The Temporary Insolvency Manager is:

         Arbitral Manager E. Vasin
         Office 11
         Vavilov Avenue 5
         36004 Poltava
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Tradeimpeks Ltd.
         Polovko St. 62
         Poltava
         Ukraine


* Fitch Cuts Currency Ratings on Three Ukrainian Cities to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-term foreign and local
currency ratings of Ukraine's City of Kyiv, the City of Odessa and
the City of Kharkov.  The Outlooks for the Long-term foreign and
local currency ratings are Negative.

The rating actions follow the downgrade of Ukraine's Long-term
foreign and local currency Issuer Default Ratings to 'B' from 'B+'
due to the increased risk of a banking and currency crisis in
Ukraine caused by intensified stress on the financial system.  The
Outlooks on the sovereign ratings are Negative.

Cities whose ratings are affected:

The City of Kyiv:

  -- Long-term foreign and local currency ratings downgraded to
     'B' from 'B+'. Outlooks Negative.

  -- Short-term foreign currency rating affirmed at 'B'.

  -- National Long-term rating downgraded to 'AA(ukr)' from
     'AA+(ukr)'. Outlook Stable.

The action affects the city's three outstanding eurobonds
totalling USD700m.

The City of Odessa:

  -- Long-term foreign and local currency ratings downgraded to
     'B' from 'B+'. Outlooks Negative.

  -- Short-term foreign currency rating affirmed at 'B'.

  -- National Long-term rating affirmed at 'AA-(AA minus)(ukr)'.
     Outlook Stable.

The City of Kharkov:

  -- Long-term foreign and local currency ratings downgraded to
     'B' from 'B+'. Outlooks Negative.

  -- Short-term foreign currency rating is affirmed at 'B'.

  -- National Long-term rating affirmed at 'AA-(AA minus)(ukr)'.
     Outlook Stable.


* UKRAINE: Liquidity Stress Could Spur Default, Paul Biszko Says
----------------------------------------------------------------
Vidya Ram at Forbes reports that Paul Biszko, senior emerging
market strategist at RBC Capital in Toronto, warned "debts
particularly on the private sector side and extreme liquidity
stress could push Ukraine into default."

The report relates that according to Mr. Biszko there is "little
chance of bilateral cash" coming through.

The report recalls the International Monentary Fund said on Feb. 7
it was delaying second US$1.9 billion tranche of a US$16.4 billion
loan to Ukraine, prompting Ukraine's finance minister Viktor
Pynzenyk to resign Thursday last week.

Ukraine's prime minister Yulia Timoshenko has been urging the
Group of Seven nations to step in with support with a US$5 billion
loan, the report says.

Citing Tom Fallon, head of emerging markets at fund manager La
Francaise des Placements, the report states Ukraine may be able to
struggle through the current year, because its external debt that
must be repaid this year represent less than a project 10.0% of
fiscal revenues.

Ukraine, the report recounts, had pledged to slash its budget
deficit by US$4.9%, to US$10 billion, or 1.1% of gross domestic
product.  The report however notes that with elections coming up
next year, and an economy suffering as a result of a plummeting
currency and falling commodity prices, it is very unlikely to do
so in the future.

          Fitch Downgrades Issuer Default Ratings

As reported in the TCR-Europe on Feb. 16, 2009, Fitch Ratings
downgraded Ukraine's Long-term foreign and local currency Issuer
Default Ratings to 'B' from 'B+'.  This reflects increased risk of
a banking and currency crisis in Ukraine, due to intensified
stress on the financial system and greater risks to successful
implementation of Ukraine's IMF-supported program.  The Outlooks
on both IDRs are Negative.  The rating agency also downgraded the
Country Ceiling to 'B' from 'B+'.  The Short-term foreign currency
IDR is affirmed at 'B'.

"The political consensus needed for Ukraine to adhere to its IMF-
backed program is fragile, while the global and regional
macroeconomic environment has deteriorated further since the
previous downgrade in October 2008," said Andrew Colquhoun,
Director in Fitch's Sovereigns Group.

Stress on Ukraine's heavily-dollarized financial system has
intensified.  Local-currency deposits in the banking system fell
7.4% month-on-month in January 2009, while FX deposits fell 2.2%.
The central bank has taken six banks into administration.  Fitch
downgraded the Individual ratings of six banks since October 2008.
The NBU has announced that larger banks so far audited need an
additional UAH22 billion in capital, around 2% of projected 2009
GDP.  More will be needed as smaller banks are audited, while a
further deterioration in the economy or a sharp fall in the UAH
could increase the requirement, and potentially the call on the
sovereign to provide the resources.

The UAH remains under downwards pressure.  The NBU has come under
political pressure to stem the currency's depreciation, even at
the cost of draining reserves, which fell to US$28.8 billion by
end-January 2009, 24% down from an end-August 2008 peak of US$38.1
billion.  A full banking and currency crisis would damage the real
economy and the sovereign's financing options, directly impairing
sovereign creditworthiness.  The sovereign faces a US$0.5 billion
eurobond maturity in August 2009, and a possible additional CHF768
million in September 2009 if holders choose to exercise put
options.  The sovereign's ability to service this debt remains
supported by reserves of US$28.8 billion, although Fitch is
concerned that willingness to pay may be eroded by a full
financial crisis.

The IMF has warned that risks remain high to successful
implementation of Ukraine's program, matching US$16.4 billion of
IMF finance to tough policy conditions including a freer exchange-
rate float and a fiscal tightening towards balance.  The degree of
exchange rate management by the NBU, arguably, has gone against
the spirit of the program, while the 2009 budget targets a deficit
of 3% of GDP.  On balance, Fitch still expects the next US$1.9
billion tranche to be disbursed, possibly with a delay.  However,
Fitch is concerned that the program is at risk from the difficulty
of securing the necessary policy consensus in a challenging
political environment.  Even if the program remains on track, the
further deterioration in global economic prospects since October
2008 adds to the difficulties facing Ukraine.  Fitch expects the
economy to contract 4.5% in 2009, making fiscal tightening more
difficult to implement.


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


AROSA FUNDING: Moody's Withdraws Ratings on Two B3-Rated Notes
--------------------------------------------------------------
Moody's withdrew the ratings of two classes of notes issued by
Arosa Funding Limited.  The notes were redeemed in full on 10
July, 2008.

The rating actions are:

Arosa Funding Limited Series 2004-6:

(1) EUR3,000,000 Class A Secured Credit-Linked Fixed Rate Notes
due 2013

  -- Current Rating: WR
  -- Prior Rating: B3, under review for possible downgrade

(2) EUR25,000,000 Class B Secured Credit-Linked Floating Rate
Notes due 2013

  -- Current Rating: WR
  -- Prior Rating: B3, under review for possible downgrade


ASSCHER FINANCE: Moody's Withdraws 'C' Ratings on Various Notes
---------------------------------------------------------------
Moody's Investors Service announced that, following the repayment
in full of the last outstanding senior debt and exchange of
mezzanine debt for unrated securities, as of January 14, 2009, it
has withdrawn the ratings assigned to the senior debt programs and
Mezzanine Capital Note program of Asscher Finance Limited and
Asscher Finance Corporation, Asscher does not intend to issue any
further debt from its senior debt programs.

The rating action is:

Asscher Finance Limited and Asscher Finance Corporation

(1) Euro Commercial Paper program

  -- Current Rating: WR
  -- Prior Rating: Prime-1

(2) Euro Medium Term Note program

  -- Current Rating: WR
  -- Prior Rating: Aaa/Prime-1

(3) Euro Mezzanine Capital Note program

  -- Current Rating: WR
  -- Prior Rating: C

(4) U.S. Commercial Paper program

  -- Current Rating: WR
  -- Prior Rating: Prime-1

(5) U.S. Medium Term Note program

  -- Current Rating: WR
  -- Prior Rating: Aaa/Prime-1

(6) U.S. Mezzanine Capital Note program

  -- Current Rating: WR
  -- Prior Rating: C


CHROME FUNDING: S&P Downgrades Rating on Series 11 Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on CreditWatch
negative its ratings on series 9 and 10 issued by Chrome Funding
Ltd.  At the same time, S&P lowered to 'D' and removed from
CreditWatch negative S&P's rating on the series 11 notes.

The downgrades follow deterioration in the credit quality of the
underlying reference portfolio in the form of downgrades and
CreditWatch placements of reference entities.  Credit event
notices have also been issued for more than one entity.  Credit
events typically result in portfolio losses, which reduce the
credit enhancement for the notes that reference a portfolio.

Since S&P placed the notes on CreditWatch negative on Dec. 17,
2008, S&P has reviewed the transaction including the credit and
equity default swaps referenced in the portfolio.  In the past few
days S&P has received notification that a further three equity
default swap credit events have occurred.  Following these credit
events, the subordination available to the series 11 notes is
likely to be reduced completely and the investors are unlikely to
receive their principal in full.  Therefore, S&P has lowered the
series 11 rating to 'D'.

In S&P's opinion, the volatility in the global equity market has
contributed to a significant decline in the credit quality of the
portfolio over a very short period of time.  The ratings on series
9 and 10 remain on CreditWatch negative.

The portfolio references entities via 30 second-to-default
baskets, with each basket referencing three credit default swaps
and one equity default swap.  A second-to-default basket would be
considered in default if two of the underlying reference entities
in the basket trigger a credit event.  Following the credit events
in the reference portfolio, it now contains three defaulted
baskets.

Each series that S&P has taken a rating action on has the same
reference portfolio, including credit default swaps and equity
default swaps.  A credit event on an equity default swap can be
called once the underlying stock price reaches a predetermined
level.  Credit event notices have been received on some credit
default swap and equity default swap reference entities.

                           Ratings List

                        Chrome Funding Ltd.

         Ratings Lowered and Kept on Creditwatch Negative

         EUR35 Million Floating-Rate Secured Credit- And
             Equity-Linked Notes Series 9 (ACEO 30/4)

                                Ratings
                                -------
       Class         To                       From
       -----         --                       ----
       A             B-/Watch Neg             AAA/Watch Neg

         EUR15 Million Floating-Rate Secured Credit- and
             Equity-Linked Notes Series 10 (ACEO 30/4)

                                Ratings
                                -------
       Class         To                       From
       -----         --                       ----
       B             B-/Watch Neg             AAA/Watch Neg

       Rating Lowered and Removed from Creditwatch Negative

         EUR24.5 Million Floating-Rate Secured Credit- And
             Equity-Linked Notes Series 11 (ACEO 30/4)

                                Ratings
                                -------
       Class         To                       From
       -----         --                       ----
       C             D                        AA/Watch Neg


CULLINAN FINANCE: Moody's Withdraws 'Ca' Rating on Income Note
--------------------------------------------------------------
Moody's Investors Service announced that, following the repayment
in full of the last outstanding senior debt and exchange of junior
debt for unrated securities, as of January 14, 2009, it has
withdrawn the ratings assigned to the debt programs of Cullinan
Finance Limited and Cullinan Finance Corporation.

Cullinan does not intend to issue any further debt from its debt
programs.

The rating action is:

Cullinan Finance Limited and Cullinan Finance Corporation

(1) Euro Commercial Paper program

  -- Current Rating: WR
  -- Prior Rating: Prime-1

(2) Euro Medium Term Note program

  -- Current Rating: WR
  -- Prior Rating: Aaa/Prime-1

(3) U.S. Commercial Paper program

  -- Current Rating: WR
  -- Prior Rating: Prime-1

(4) U.S. Medium Term Note program

  -- Current Rating: WR
  -- Prior Rating: Aaa/Prime-1

(5) Income Note program

  -- Current Rating: WR
  -- Prior Rating: Ca


EPIC PLC: Fitch Junks Ratings on GBP29.2 Mil. Class F Notes
-----------------------------------------------------------
Fitch Ratings has downgraded Epic (Industrious) plc's commercial
mortgage-backed notes due April 2014:

  -- GBP299.7 million Class A XS0268560785: downgraded to 'AA'
     from 'AAA'; Outlook Negative

  -- GBP49 million Class B XS0268561759: downgraded to 'A' from
     'AAA'; Outlook Negative

  -- GBP19.4 million Class C XS0268562484: downgraded to 'BBB'
     from 'AA'; Outlook Negative

  -- GBP37.4 million Class D XS0268562641: downgraded to 'BB' from
     'AA'; Outlook Negative

  -- GBP37.9 million Class E XS0268563615: downgraded to 'B' from
     'A'; Outlook Negative

  -- GBP29.2 million Class F XS0268564266: downgraded to 'CCC'
     from 'BBB'; assigned 'DR5'

The downgrade reflects the deteriorating credit quality of the
transaction, as evidenced by the decline in collateral value.
Following the revaluation of the portfolio in June 2008 and the
resulting market value decline of 20.4% to GBP521.4 million, the
loan-to-value ratio increased to 90.7% from 74.7% at closing.  The
LTV covenant of 75% was tested in September 2008, resulting in a
loan event of default and the issuance of a credit event notice.
Fitch estimates that the value is likely to have since fallen
further, as secondary industrial assets continue to be severely
affected by increased yields; the current Fitch LTV of 107.9%
implies there is no equity value left in the collateral.

Also in September 2008, following working capital shortfalls and
the lack of a suitable solution, the borrower was placed into
administrative receivership at the request of its directors.
Ernst & Young was appointed as joint administrative receiver;
following this appointment, information regarding the transaction
has been in short supply.  Despite the adverse situation of both
the borrower and the loan, Fitch considers that an enforcement of
the security, resulting in a liquidation of the portfolio, is
unlikely given prevailing market conditions, with the most likely
course of action being a debt restructuring.  While the
transaction includes a number of subordinated creditors, the
magnitude of the value decline has blocked their ability to
enforce the security.

At the October 2008 interest payment date, only GBP4.5 million of
the GBP7.7 million interest due was paid.  The shortfall of GBP3.2
million has been capitalized, increasing the outstanding loan
balance to GBP475.9 million.  Neither net operating income nor the
interest coverage ratio was reported; however, the missed interest
payment suggests a 50% decline in NOI and a ICR of approximately
0.6x.  As the reported gross income only fell by 7% from the last
IPD, the drop in NOI appears to have been caused by a higher-than-
expected level of costs.  It is not clear at this stage whether
this is a permanent increase in irrecoverable property operating
costs, or transitory expenditure (eg advisory costs) associated
with an attempt to restructure the borrower group and debts.
However, given the relatively low operating expenses generally
associated with industrial assets, Fitch considers that the
interest shortfall is likely to have resulted from one or more
one-off cost items.

Fitch will continue to monitor the performance of the transaction.


EUROHOME MORTGAGES: S&P Cuts Ratings on Class C 2007-1 Notes to B
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
notes issued by Eurohome UK Mortgages 2007-1 PLC and Eurohome UK
Mortgages 2007-2 PLC.  Specifically, S&P lowered and placed on
CreditWatch negative S&P's ratings on four tranches, placed nine
tranches on CreditWatch negative, and affirmed the MERCs in both
deals.

The downgrades of the class B2 and C notes in both transactions
follow deteriorating collateral performance and S&P's expectation
of increasing losses.  The fall in U.K. house prices and the
effect of depressed sale prices on repossessions has led to
significantly increased losses and loss severities for both deals.

The reserve funds for Eurohome 2007-1 and Eurohome 2007-2 are
currently 65.61% and 77.55% of the required amounts, respectively.
The current inventories of repossessions and cumulative losses
increased significantly in the last quarter.  S&P expects further
heavy losses in coming quarters and increasing loss severities for
both transactions, causing further reserve fund draws.

S&P will resolve the CreditWatch placements after the March
interest payment date.

                           Ratings List

                 Eurohome UK Mortgages 2007-1 PLC
  GBP350.000 Million Mortgage-Backed Floating-Rate Notes Plus an
       Overissuance of GBP4.725 Million Excess-Spread-Backed
                        Floating-Rate Notes

        Ratings Lowered and Placed on CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              B2         BB-/Watch Neg         BB
              C          B/Watch Neg           BB

              Ratings Placed on CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              A          AAA/Watch Neg         AAA
              M1         AA/Watch Neg          AA
              M2         A/Watch Neg           A
              B1         BBB/Watch Neg         BBB

                         Rating Affirmed

                        Class      Rating
                        -----      ------
                        MERCs      AAA

                 Eurohome UK Mortgages 2007-2 PLC
GBP453 Million, EUR70 Million Mortgage-Backed Floating-Rate Notes,
   Plus an Overissuance Of GBP7.5 Million Excess-Spread-Backed
                        Floating-Rate Notes

        Ratings Lowered And Placed On CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              B2         BB-/Watch Neg         BB
              C          B/Watch Neg           BB

              Ratings Placed On CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              A2         AAA/Watch Neg         AAA
              A3         AAA/Watch Neg         AAA
              M1         AA/Watch Neg          AA
              M2         A/Watch Neg           A
              B1         BBB/Watch Neg         BBB

                         Rating Affirmed

                        Class      Rating
                        -----      ------
                        MERCs      AAA


HERCULES PLC: S&P Lowers Rating on Class E Notes to 'BB'
--------------------------------------------------------
Standard & Poor's Rating Services lowered its credit ratings on
the class D and E notes issued by HERCULES (ECLIPSE 2006-4) PLC
due to concerns about the credit quality of the underlying loans.
At the same time, S&P removed the class E notes from CreditWatch
negative.  The ratings on the other classes remain unaffected.

On Sept. 24, 2008, S&P placed the class E notes on CreditWatch
negative principally due to S&P's concerns regarding the
predominantly single-tenant exposure of the Welbeck and Booker
loans and additional concerns for the term and refinance risk of
the Cannon Bridge loan.  These loans account for 31.4% of the
current total loan balance.

The rating actions follow a review of all loans in this
transaction based on individual loan data reported by the servicer
for the October 2008 interest payment date and overall transaction
data recently reported by the cash manager for the January 2009
interest payment date.

S&P's outlook for the Cannon Bridge property has deteriorated.
S&P understands that Standard Bank has taken space elsewhere and
that it intends to vacate the property in September 2009 on expiry
of three of its four leases.  The drop in cash flow that will
follow, together with a significant reduction in take-up of City
of London offices, falling rental values, and market value
declines in this sector since early 2007 mean that, in S&P's view,
there is an increased risk that proceeds from a sale (or
refinance) of the Cannon Bridge property may not be sufficient to
repay the senior loan in full.

If the cash flow falls as S&P expect, with the sponsor unable to
achieve new lettings and taking into account the cash reserve and
potential void costs, S&P believes that a breach of the whole-loan
interest coverage ratio covenant before loan maturity is possible.

In addition to Cannon Bridge, two loans (Booker and Welbeck) are
each secured by a portfolio of properties let almost entirely to
one tenant: Booker Cash & Carry and the Noble Organization,
respectively, neither of which S&P currently rates.  S&P has
considered these loans against a range of scenarios including
one in which the tenants default.  The properties these tenants
occupy are secondary/tertiary and in S&P's opinion the market
value declines of these type of assets has been severe.
Therefore, in a scenario where  one of the tenants defaults during
the term of the loan, there is an increased risk that sale (or
refinance) proceeds could be insufficient to repay the senior loan
in full.

S&P will shortly publish S&P's transaction update report on
HERCULES (ECLIPSE 2006-4), which will contain a more detailed
review of the loans in this transaction as well as key features of
the transaction structure.

HERCULES (ECLIPSE 2006-4) is a true-sale transaction that closed
in December 2006 and is backed by a pool of seven loans secured
against commercial property in the U.K.  None of the loans has
prepaid in full since closing and the outstanding note balance is
GBP801.77 million (down from GBP814.95 million at closing).

                           Ratings List

                   HERCULES (ECLIPSE 2006-4) PLC
GBP814.95 Million Commercial Mortgage-Backed Floating-Rate Notes

                         Rating Lowered

               Class         To                 From
               -----         --                 ----
               D             BBB                A

       Rating Lowered And Removed From CreditWatch Negative

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


IVORY CDO: Fitch Cuts Ratings on Class E Notes to 'CCC'
-------------------------------------------------------
Fitch Ratings has downgraded six classes of Ivory CDO Limited
notes, removed the notes from Rating Watch Negative, and assigned
a Stable Outlook to five of the notes as detailed below.

  -- EUR146 million class A1 (ISIN XS0309311909): downgraded to
     'BBB+' from 'AAA'; removed from RWN; assigned a Stable
     Outlook

  -- EUR6 million class A2 (ISIN XS0309350477): downgraded to
     'BBB' from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR12 million class B (ISIN XS0309352093): downgraded to
     'BBB-' (BBB minus) from 'AA'; removed from RWN; assigned a
     Stable Outlook

  -- EUR12 million class C (ISIN XS0309353653): downgraded to 'BB'
     from 'A'; removed from RWN; assigned a Stable Outlook

  -- EUR12 million class D (ISIN XS0309357050): downgraded to 'B-'
    (B minus) from 'BBB'; removed from RWN; assigned a Stable
     Outlook

  -- EUR2.5 million class E (ISIN XS0309358298): downgraded to
     'CCC' from 'BB'; removed from RWN

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008, as
well as credit deterioration in the collateral pool.  Ivory CDO
Limited is a securitization of European structured finance assets
with a total note issuance of EUR200 million.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  While the downgrade of the class A1, A2, B and C notes
was driven by Fitch's revised criteria, the downgrade of the class
D and E notes was additionally linked to the transaction's actual
performance.  While all overcollateralization tests are currently
passing, the class D OC test is currently at 103.6% compared to a
test minimum level of 101%. Given the current macroeconomic
climate, Fitch expects further negative portfolio migration which
could result in a higher percentage of 'CCC' assets.  The
resulting OC adjustments for 'CCC' assets may result in the class
D OC test breaching, which would divert interest payments from the
class E notes to amortize the senior notes.  In Fitch's view,
while not imminent, the breach of the class D OC test in a
stressed environment would make the likelihood of full recovery of
the class E notes more remote.

In conducting its analysis, Fitch makes a three notch downward
adjustment for any names on RWN for default analysis in its
Portfolio Credit Model.  On an adjusted basis approximately 29.3%
of the assets are treated as sub-investment grade.  The weighted
average portfolio quality is 'BBB-' (BBB minus) and 9% of the
portfolio is on RWN by rating driver.  One asset is currently
defaulted which represents 1.1% of the portfolio.

As per the trustee report dated January 16, 2009, the portfolio
contains 75 assets from 64 obligors, with the largest obligor
accounting for approximately 3.6% of the outstanding portfolio
amount, and the three largest obligors accounting for 10% of the
outstanding portfolio amount.  The largest single industry is RMBS
with 28.2% of the portfolio volume.  The two largest vintages are
2006 and 2007, making up 41% and 34.8% of the portfolio
respectively, while the three largest country concentrations are
the Netherlands, UK, and Germany, representing 28.5%, 20.9% and
14.8% of the portfolio respectively.

The portfolio is actively managed by Societe Generale Asset
Management Alternative Investments S.A (rated 'CAM2' on Fitch's
CDO Asset Manager Rating scale).


LEHMAN BROTHERS: Moody's Confirms and Withdraws 'B/MR1+' Rating
---------------------------------------------------------------
Moody's Investors Service has confirmed and simultaneously
withdrawn the B/MR1+ money market fund ratings of two sub-funds of
the Lehman Brothers Liquidity Funds plc, the Lehman Euro Liquidity
Fund and the Lehman Sterling Liquidity Fund.  The Funds were
terminated January 29, 2009.  Shareholders of the Euro fund were
paid back in full.  Shareholders of the Sterling fund received 97%
of their assets, whereas the manager is expecting to pay the
balance on or shortly after the date the final asset is either
sold or matures which is expected to be no later than June 2009.

The last rating action on the two funds was dated September 22,
2008, when following the Funds' suspension of redemptions, Moody's
downgraded the funds to B/MR1+ and placed them on review for
further downgrade.


LLOYDS BANKING: Expects GBP10 Billion Full Year Loss for HBOS
-------------------------------------------------------------
Lloyds Banking Group plc's HBOS plc is expected to report an
underlying loss before tax of some GBP8.5 billion for the year
ended December 31, 2008, due to the increasingly difficult market
conditions, acceleration in the deterioration of credit quality
and falls in estimated asset values.

News of the projected loss sent Lloyds Banking Group plc's shares
down by 32% on Friday, The Wall Street Journal reported.

In a Feb. 13 statement, Lloyds Banking Group plc said on a
statutory basis, adjusting for the impact of short term
fluctuations (c.GBP0.25 billion), loss on sale of businesses
(c.GBP0.85 billion), FSCS levy (c.GBP0.2 billion) and goodwill
impairment (c.GBP0.15 billion), HBOS plc's loss before tax is
expected to be approximately GBP10 billion, before the
policyholder tax charge which is currently expected to be
approximately GBP0.9 billion.

According to Lloyds Banking Group plc's statement, the key
elements of the loss are the GBP4 billion impact of market
dislocation and approximately GBP7 billion of impairments in the
HBOS corporate division.

"The market dislocation has been driven by deterioration in asset
quality and falling market valuations.  The impairments are,
principally as a result of applying a more conservative
provisioning methodology consistent with that used by Lloyds TSB,
and reflecting the acceleration in the deterioration in the
economy, some GBP1.6 billion higher than our expectations when we
issued our shareholder circular at the beginning of November last
year," the statement said.

Lloyds TSB Group meanwhile expects to report a profit before tax
from its continuing businesses, including the impact of
approximately GBP1.3 billion from market dislocation, of some
GBP2.4 billion.

On a statutory basis, adjusting for the impact of insurance
volatility of c.GBP0.75 billion, and aggregate provisions of
c.GBP0.4 billion in respect of the Financial Services Compensation
Scheme (FSCS) levy, certain historic US dollar payments and
goodwill write-downs, profit before tax is expected to be in the
region of GBP1.3 billion, before the policyholder interests
volatility charge which is currently expected to be c.GBP0.5
billion.

The Journal relates that analysts, expecting more write-downs,
said Lloyds Banking Group plc is now one of the most thinly
capitalized U.K. banks, with a Tier 1 capital ratio of 6.5%.

Sandy Chen, an analyst at Panmure Gordon in London, as cited by
the Journal, said he now expects GBP11 billion in pretax pro-forma
losses for 2009.

Lloyds Banking Group plc currently estimates that its Core tier 1
capital ratio at December 31, 2008 will be within the range of 6.0
- 6.5 per cent, which is significantly in excess of its regulatory
capital requirements.

Lloyds Banking Group plc scheduled release of its full results on
February 27, 2009.

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


SUNJUICE LTD: Appoints Joint Administrators from PwC
----------------------------------------------------
On Jan. 28, 2009, Robert Nicholas Lewis and Derek Anthony Howell
of PricewaterhouseCoopers LLP were appointed joint administrators
of:

   -- Serious Food Ltd.
   -- Sunjuice Ltd.
   -- Astrol Properties Ltd.

The companies can be reached at:

         Sun House
         Llantrisant Business Park
         Pontyclunn
         Mid Glamorgan
         CF72 8LF
         England


FUNDWORKS UK: Tenon Recovery Named Joint Administrators
-------------------------------------------------------
T. J. Binyon and C. D. Wilson of Tenon Recovery were appointed
joint administrators of Fundworks UK Ltd. on Jan. 30.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


NORTH WEST ESTATES: Taps Administrators from Tenon Recovery
-----------------------------------------------------------
Nicholas Charles Simmonds and Timothy John Edward Dolder of Tenon
Recovery were appointed joint administrators of North West Estates
Plc on Jan. 29, 2009.

The company can be reached at:

         North West Estates Plc
         1 Hillingdon Road
         Uxbridge
         Middlesex
         England


PROPERTY FINDERS: Appoints Administrators from Tenon Recovery
-------------------------------------------------------------
On Jan. 30, 2009, Joanne Kim Rolls and Trevor John Binyon of Tenon
Recovery were appointed joint administrators of:

   -- Richmond Green Marketing Limited
   -- Property Finders International Limited
   -- PFI Events Limited
   -- PFI Media Limited

The companies can be reached at:

         Lion House
         Red Lion Street
         Richmond
         Surrey
         TW9 1RE
         England


VITESSE PRINT: Owes Creditors More Than GBP3 Million
----------------------------------------------------
Adam Hooker at PrintWeek reports that London-based printer Vitesse
Print owed more than GBP3 million to creditors when it went into
liquidation in January.

Citing a copy of the creditors' report, PrintWeek discloses
Citymine, the company's parent, is the largest creditor.
Citymine, PrintWeek states, was owed GBP620,000, while a number of
banks, finance companies and HMRC were owed around GBP1 million
combined.  The company also owed more than GBP200,000 to paper
companies, PrintWeek adds.

PrintWeek relates Richard Pick, director of Vitesse, cited several
reasons behind the company's liquidation, including a GBP200,000
drop in the company's invoice discounting, reduced credit limit
and pressure to pay suppliers sooner, pressure from clients to pay
later, as well as overcapacity in lithographic printing.

However, it is thought that the major reason for the liquidation
was the purchase of Axis Print in August 2007, PrintWeek notes.
PrintWeek says the GBP500,000 acquisition of Axis ended up costing
a lot more.

Vitesse, PrintWeek recalls, lost a contract with English Heritage
in early 2009 after the client lost faith in the company's ability
to meet requirements.

PrintWeek recounts according to the creditors' report, the company
struggled to make a profit in the past five years, recording
losses in 2004 and 2006 but a small profit each subsequent year.
On July 31, 2008, turnover had increased over that time, reaching
GBP4.8 million with a GBP216,000 loss.


WH WILMOT: To Be Placed Into Administration
-------------------------------------------
Alun Thorne at Birmingham Post reports Birmingham-based nine carat
gold watch maker WH Wilmot, owned by Tony Shepherd, is to be
placed into administration after trading for nearly 150 years.

The report relates according to Laurence Pagden, of insolvency
specialists Benedict Mackenzie, "the company is insolvent and has
ceased trading."

The company, the report states, had been hit by the soaring price
of gold and the economic downturn.

"The firm has been accruing losses and the support it was
receiving from its holding company could not continue," the report
quoted Mr. Pagden as saying.  "There were no orders in hand to
complete – most of the time was spent by workers cleaning
machinery."

Citing Mr. Pagden, the report discloses WH Wilmot owed more than
GBP1 million to parent company Saunders Group, also owned by Mr.
Shepherd.  The company's nine staff have been laid off, the report
notes.

                   *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *