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        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, September 17, 2008, Vol. 9, No. 185

                            Headlines

A U S T R I A

BAUSERVICE KOMPLETT: Claims Registration Period Ends October 6
EISENSTEIN LLC: Claims Registration Period Ends October 15
KFZ-SERVICE: Claims Registration Period Ends October 6
WINDOWS LLC: Claims Registration Period Ends October 2


B E L G I U M

PORTOLA PACKAGING: Plan Confirmation Hearing Slated for October 6


G E R M A N Y

BUS BAUUNTERNEHMEN: Claims Registration Period Ends Sept. 25
CONTEX UNTERNEHMER: Claims Registration Period Ends Sept. 25
DUERR AG: Moody's Lifts Corporate Family Rating to B1
EWU THUERINGER: Claims Registration Period Ends Sept. 25
GAD HEIZUNGSTECHNIK: Claims Registration Period Ends Sept. 25

GESELLSCHAFT FUER ELEKTROTECHNIK: Claims Filing Ends Sept. 25
GSCHWANDER VERWALTUNGS: Claims Registration Period Ends Sept. 24
HILSON OBST: Claims Registration Period Ends September 24
IMBAU-BAUMANAGEMENTGESELLSCHAFT MBH: Claims Period Ends Sept. 24
LEHMAN BROTHERS: BaFin Declares Moratorium on German Unit

LEHMAN BROTHERS: S&P Downgrades Counterparty Credit Ratings to D/D
LETTERN PARTNERS: Claims Registration Period Ends September 24
ORTHOPAEDIETECHNIK PLAUENER: Creditors Meeting on Sept. 24
PROVIDE VR 2002-1: S&P Puts BB/B Rated Class D/E Notes on WatchNeg
SULAMITH NATURKOST: Creditors' Meeting Slated for September 24

TUPPERWARE BRANDS: Moody's Lifts Ratings on Sustained Performance
VANAD CONTACT: Claims Registration Period Ends Sept. 24

* GERMANY: To Suffer Recession This Fall, European Commission Says


K A Z A K H S T A N

ANGAR-STROY LTD: Creditors Must File Claims by November 4
ASIA ELECTRONICS: Claims Deadline Slated for October 24
BTA BANK: Assets Up 9.5% to KZT3.356 Bil. in January-June 2008
EMI GAS: Claims Filing Period Ends November 4
EXIMBANK: Moody's Affirms E+ Financial Strength Rating

KDO TRANS: Creditors' Claims Due on October 24
MIRAS COMPANY: Claims Registration Ends October 24
PROM RESOURCE: Creditors Must File Claims by November 4
PROM TECH: Claims Deadline Slated for November 4
STAL-COMPLECT-SNUB LLP: Claims Filing Period Ends October 24

TOPAZ-2000 LLP: Creditors' Claims Due on October 24


K Y R G Y Z S T A N

FIRST LEADER: Creditors Must File Claims by October 29


L U X E M B O U R G

EVRAZ GROUP: Buys IPSCO's Plate and Pipe Business for US$2.3 Bil.


R U S S I A

BARNAULSKIY MACHINE-TOOL PLANT: Claims Filing Ends by October 4
BOLSHEMURTINSKIY COAL: Creditor Must File Claims by October 4
EVRAZ GROUP: Buys IPSCO's Plate and Pipe Business for US$2.3 Bil.
IT CONCERN :Moscow Bankruptcy Hearing Set December 16
KODEMAKS-INVESTMENT: Creditor Must File Claims by October 4

KUZNETSKAYA MINING: Kemerovo Bankruptcy Hearing Set November 17
POLIKOM LLC: Creditor Must File Claims by October 4
SAKHAZOLOTO CJSC: Creditor Must File Claims by October 4
TURIY OJSC: Creditor Must File Claims by October 4
URAL-KOM-PROM: Creditor Must File Claims by November 4

VTORMET CJSC: Creditor Must File Claims by November 4

* S&P Reports New Risks Re-Emerge in Russia 10 Years After Default


S P A I N

INMOBILIARIA COLONIAL: Restructures EUR7 Bil. Debt, Sells Stakes

* SPAIN: To Suffer Recession This Fall, European Commission Says


S W E D E N

SAS AB: In Talks Over Possible Structural Change
SAS AB: S&P Shifts Outlook, Affirms BB- Corporate Credit Rating

* SWEDEN: To Disclose New Rules on Controlling Ailing Banks


S W I T Z E R L A N D

BACCARA JSC: Creditors Have Until Sept. 28 to File Claims
HEXAL INTERNATIONAL: Sept. 28 Set as Deadline to File Claims
IM FELD: Creditors Must File Proofs of Claim by Sept. 20
REDHOTCHILILI LLC: Deadline to File Proofs of Claim Set Oct. 1
SWISS ALPINE: Proofs of Claim Filing Deadline is Sept. 28

TARIM ASSOCIATES: Creditors' Proofs of Claim Due by  Sept. 28
TV VIDEO: Sept. 28 Set as Deadline to File Proofs of Claim


U N I T E D   K I N G D O M

ASQUITH PROPERTIES: Worst Market Conditions Spur Administration
ATARI INC: Nasdaq to Complete Delisting of Stocks
BRITISH AIRWAYS: Virgin Intensifies Campaign Against AA-Tie Up
CABLE & WIRELESS: To Speed Up GBP4.5 Bil. Demerger of Int'l Arm
CLF TECHNOLOGIES: Lord Marland to Buy Business for GBP2 Million

CMC MANAGEMENT: Enters Into Voluntary Liquidation
DECO 2005-UK: S&P Lowers Rating on Class D Notes to BB/Watch Neg.
DICKIESHEBA LTD: Taps Deloitte & Touche to Administer Assets
D.M.C. LTD: Barclays Bank Taps Receivers from Kroll
GEMCAR LTD: Brings in Joint Administrators from Vantis

ITV PLC: Sale Could Spark Bidding War
LEHMAN BROTHERS: Goes Belly-Up In Biggest Bankruptcy Ever
LEHMAN BROTHERS: European Unit Placed Into Administration
LEHMAN BROTHERS: Wants Bankruptcy Stay Enforced on Creditors
LEHMAN BROTHERS: Case Summary & 30 Largest Unsecured Creditors

LEHMAN BROTHERS: Fitch Puts Ratings at 'D' After Bankruptcy Filing
LEHMAN BROTHERS: Parent's Bankruptcy Cues Fitch to Review Units
LEHMAN BROTHERS: Fitch Cuts Ratings of Units, Keeps Neg. Watch
LEHMAN BROTHERS: Moody's Junks Debt Ratings; To Undertake Review
LEHMAN BROTHERS: S&P Downgrades Credit Rating to 'SD' from 'A'

LONDON VOCATIONAL: Calls in Joint Administrators from Vantis
MOORE SCOTT: Lloyds TSB Taps Receivers from PwC
NHS IN ENGLAND: Department of Health Publishes "Failure Regime"
PARTINGTON PLANT: Appoints Administrators from Tenon Recovery
RAB CAPITAL: Threatens Investors With Liquidation

SPRINGLIFE WATER: GE Commercial Finance Taps Receivers from MCR
STEVE HUGHES: Calls in Joint Administrators from BDO Stoy

* S&P Says UK Mortgage Lenders Repo Properties May Rise to 22%
* Longevity Risk, a Growing Burden for Holders, S&P Reports
* UK: To Suffer Recession This Fall, European Commission Says


                         *********


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


BAUSERVICE KOMPLETT: Claims Registration Period Ends October 6
--------------------------------------------------------------
Creditors owed money by LLC Bauservice Komplett Kepplinger have
until Oct. 6, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Edmund Roehlich
         Am Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 20, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 14, 2008, (Bankr. Case No. 3 S 73/08t).


EISENSTEIN LLC: Claims Registration Period Ends October 15
----------------------------------------------------------
Creditors owed money by LLC Eisenstein have until Oct. 15, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 29, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 18, 2008, (Bankr. Case No. 2 S 101/08b).


KFZ-SERVICE: Claims Registration Period Ends October 6
------------------------------------------------------
Creditors owed money by KEG KFZ-Service have until Oct. 6, to file
written proofs of claim to the court-appointed estate
administrator:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna
         Austria
         Tel: 713 99 46
         Fax: 713 99 46-22
         E-mail: ra.reisnerstr31@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 20, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 12, 2008, (Bankr. Case No. 3 S 90/08t).


WINDOWS LLC: Claims Registration Period Ends October 2
------------------------------------------------------
Creditors owed money by LLC Windows have until Oct. 2, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4/6
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Oct. 16, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 14, 2008, (Bankr. Case No. 5 S 82/08f).


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


PORTOLA PACKAGING: Plan Confirmation Hearing Slated for October 6
-----------------------------------------------------------------
A hearing to confirm the reorganization plan of Portola Packaging
Inc. and its debtor-affiliates is set for Oct. 6, 2008.  Objection
deadline is Sept. 29, 2008, and the reply date (if any) is Oct. 3,
2008.

The Troubled Company Reporter said on Sept. 1, 2008, that in
connection with the Debtors' bankruptcy filing, the Debtors
confirmed that all of its secured lenders and holders of
approximately 90% in aggregate principal amount of its 8-1/4%
Senior Notes due 2012 agreed to a voluntary and consensual
restructuring of the company pursuant to the restructuring support
agreement dated July 24, 2008.  Pursuant to the proposed plan of
reorganization, holders of the Senior Notes will receive 100% of
the common stock of reorganized Portola in exchange for their
claims.

The company reached agreement with its existing secured lenders
to provide the Company with debtor-in-possession financing of
US$79 million to pay off the outstanding indebtedness under the
company's existing secured facilities and to finance its ongoing
operations.

                   About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.

The company and 6 of its debtor-affiliates filed for Chapter 11
reorganization on Aug. 27, 2008 (Bankr. D. Del. Lead Case No.
08-12001).  Edmon L. Morton, Esq., Robert S. Brady, Esq., and Sean
T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent
the Debtors as counsel.  When the Debtors filed for protection
from their creditors, they listed assets of between US$50 million
and US$100 million, and debts of between US$100 million and
US$500 million.  The company has locations in China, Mexico and
Belgium.


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


BUS BAUUNTERNEHMEN: Claims Registration Period Ends Sept. 25
------------------------------------------------------------
Creditors of BUS Bauunternehmen GmbH have until Sept. 25, 2008, to
register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 12:15 p.m. on Oct. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen
         Germany
         Tel: 02557-93840
         Fax: 02557-652
         E-mail: info@RA-Sontopski.de

The District Court of Vechta opened bankruptcy proceedings against
BUS Bauunternehmen GmbH on Aug. 7, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         BUS Bauunternehmen GmbH
         Attn: Andreas Schlarmann, Manager
         Honkomper Weg 21
         49439 Steinfeld
         Germany


CONTEX UNTERNEHMER: Claims Registration Period Ends Sept. 25
------------------------------------------------------------
Creditors of Contex Unternehmer-Netzwerk GmbH have until
Sept. 25, 2008, to register their claims with court-appointed
insolvency manager Bernhard Scheckel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 6, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Bernhard Scheckel
         Lindenweg 1
         01705 Freital
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Contex Unternehmer-Netzwerk GmbH on Aug. 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Contex Unternehmer-Netzwerk GmbH
         Koenneritzstr. 15
         01067 Dresden
         Germany

         Attn: Guenther Wolf, Manager
         Promnitzweg 32
         01471 Radeburg
         Germany


DUERR AG: Moody's Lifts Corporate Family Rating to B1
-----------------------------------------------------
Moody's Investors Service has today upgraded the corporate family
rating of Duerr AG to B1 from B2.  The rating on Duerr AG's senior
subordinated notes due 2011 was also upgraded to B3 (LGD6, 91%)
from Caa1.  The outlook on Duerr's ratings was changed to stable
from positive.

Rainer Neidnig, lead analyst at Moody's for Duerr, said: "The
upgrade was prompted by the successful extension and increase of
Duerr's existing revolving credit and guarantee facility which has
further enhanced the company's financial flexibility.  While the
upgrade reflects the expectation that Duerr will be able to
maintain the recent improvements in its operating performance also
in case of a weakening economic environment, we caution that Duerr
is still strongly exposed to the level of investment activity in
the automotive industry which is currently challenged by weak
demand and increased input costs."

The new syndicated financing arrangement comprises a EUR200
million revolving credit facility for general corporate purposes
(replacing an existing EUR 100 million credit facility) and a
EUR240 million guarantee facility (replacing an existing EUR 171
million guarantee facility).  Both facilities are available for
three years, i.e. until September 2011.  The facilities are
guaranteed by Duerr AG as well as by material subsidiaries and
benefit from a first ranking share pledge of certain subsidiaries
-- in line with the replaced facilities.  As usual for non-
investment grade borrowers the credit agreement contains
conditionality language including financial covenants.

Duerr also announced the early redemption of EUR100 million of its
outstanding EUR200 million bonds for Q4/2008 which is already
reflected in the B1 corporate family rating.  Moody's does not
expect the cash outflow for the bond redemption to negatively
affect the group's liquidity given the recent capital increase of
EUR44 million and the increased availability under Duerr's
revolving credit facility.  In contrast, Duerr's credit profile is
expected to benefit from lower cash interest payments going
forward given the high coupon of 9.75% on the bond.

Today's rating action follows the outlook change to positive on
June 17, 2008 which reflected the successful equity capital
increase and the company's steadily improving operating
performance which together resulted in markedly improved credit
metrics and leverage ratios.

Headquartered in Stuttgart, Germany, Duerr is a leading plant and
mechanical engineering group with 47 locations in 21 countries.
The group generates about 85% of revenues with automobile
manufacturers and their suppliers but increasingly supplies
sectors such as aviation, mechanical engineering, chemical,
pharmaceutical or printing.  Duerr's product offering includes
paint shops, assembly systems, balancing and diagnostic systems,
industrial cleaning systems and related services.  The group holds
strong market positions in all of its activities, e.g. a 40%
global market share in paint shops and painting lines which
account for approximately half of the group's revenues.  In 2007,
Duerr recorded revenues of EUR1,477 million with almost 6,000
employees.


EWU THUERINGER: Claims Registration Period Ends Sept. 25
--------------------------------------------------------
Creditors of EWU Thueringer Fleischverarbeitungsgesellschaft mbH
have until Sept. 25, 2008, to register their claims with court-
appointed insolvency manager Bernd Krumbholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 28, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Bernd Krumbholz
         Johannisstr. 4
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
EWU Thueringer Fleischverarbeitungsgesellschaft mbH on Aug. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         EWU Thueringer Fleischverarbeitungsgesellschaft mbH
         Schwemmberg
         07616 Serba
         Germany


GAD HEIZUNGSTECHNIK: Claims Registration Period Ends Sept. 25
-------------------------------------------------------------
The court-appointed insolvency manager for GAD Heizungstechnik
GmbH, Ruediger Wienberg will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:55
a.m. on Sept. 25, 2008.

The meeting of creditors and other interested parties will be held
at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Dec. 18, 2008, at the same venue.

Creditors have until Oct. 20, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against GAD Heizungstechnik GmbH on Aug. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         GAD Heizungstechnik GmbH
         Kreuzbergstr. 31
         10965 Berlin
         Germany


GESELLSCHAFT FUER ELEKTROTECHNIK: Claims Filing Ends Sept. 25
-------------------------------------------------------------
Creditors of GET Gesellschaft fuer Elektrotechnik und
Telekommunikation mbH have until Sept. 25, 2008, to register their
claims with court-appointed insolvency manager Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 16, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 313
         Gerichtsplatz 2
         03046 Cottbus
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Krafft
         Heinrich-Mann-Allee 18/19
         14473 Potsdam
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against GET Gesellschaft fuer Elektrotechnik und Telekommunikation
mbH on Aug. 11, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         GET Gesellschaft für Elektrotechnik
         und Telekommunikation mbH
         Querstrasse 21
         03044 Cottbus
         Germany


GSCHWANDER VERWALTUNGS: Claims Registration Period Ends Sept. 24
----------------------------------------------------------------
Creditors of Gschwander Verwaltungs GmbH have until Sept. 24,
2008, to register their claims with court-appointed insolvency
manager Christopher Seagon.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 20, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Area 232
         Second Floor
         West Wing
         Schloss
         68149 Mannheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christopher Seagon
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: 06221/91180

The District Court of Mannheim opened bankruptcy proceedings
against Gschwander Verwaltungs GmbH on Aug. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gschwander Verwaltungs GmbH
         Attn: Walter Gschwander, Manager
         Carl - Benz- Str. 2
         69198 Schriesheim
         Germany


HILSON OBST: Claims Registration Period Ends September 24
---------------------------------------------------------
Creditors of HILSON Obst-, Gemuese-, Suedfruechtegrosshandel GmbH
have until Sept. 24, 2008, to register their claims with court-
appointed insolvency manager Norbert Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 15, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Luxemburger Strasse 101
         50939 Cologne
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Norbert Weber
         Richmodstr. 6
         50667 Koeln
         Germany

The District Court of Cologne opened bankruptcy proceedings
against HILSON Obst-, Gemuese-, Suedfruechtegrosshandel GmbH on
Aug. 6, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HILSON Obst-, Gemuese-, Suedfruechtegrosshandel GmbH
         Marktstr. 10
         50968 Koeln
         Germany

         Attn: Peter Stassen, Manager
         Gartenstrasse 24
         50389 Wesseling
         Germany


IMBAU-BAUMANAGEMENTGESELLSCHAFT MBH: Claims Period Ends Sept. 24
---------------------------------------------------------------
Creditors of IMBAU-Baumanagementgesellschaft mbH have until Sept.
24, 2008, to register their claims with court-appointed insolvency
manager Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 15, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Guetersloh
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against IMBAU-Baumanagementgesellschaft mbH on July 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IMBAU-Baumanagementgesellschaft mbH
         Attn: Frank Berg, Manager
         Bahnhofstrasse 15 - 17
         33442 Herzebrock-Clarholz
         Germany


LEHMAN BROTHERS: BaFin Declares Moratorium on German Unit
---------------------------------------------------------
The Federal Financial Supervisory Authority (BaFin), on
Sept. 15, 2008, issued a stoppage of disposals and payments for
Lehman Brothers Bankhaus AG.  BaFin also prohibited the bank from
receiving payments not intended for payment of debts towards it.

As the reason for the moratorium, BaFin stated that it had to be
ordered to secure those assets still remaining.  The institution
was threatened with imminent inability to meet its payments
obligations after in the US several companies belonging to the
group had filed for Chapter 11 protection against creditors and in
the UK had been placed under administration.

The BaFin measures are immediately executable but not yet final.

Lehman Brothers Bankhaus AG with its registered office in
Frankfurt am Main has branches in London, Milan and Seoul.  Based
on its last adopted annual financial statement as at
Dec. 31, 2007, the bank's balance sheet total stands at roughly
EUR16.2 billion.  The institution has liabilities towards
institutional customers amounting to some EUR11 billion.  As the
German Ministry of Finance, BaFin and the Bundesbank informed in a
joint statement on Monday, investments of German credit
institutions held with Lehman Brothers Holding were within
reasonable limits and manageable.

Moreover, the German Ministry of Finance, BaFin and the Bundesbank
were in close contact with their international counterparts and
leading executives from the German banking industry.  They were
watching further developments on the national and international
financial markets very closely.

The deposits of customers of Lehman Brothers Bankhaus AG are
protected under the German Deposit Guarantee and Investor
Compensation Act (Einlagensicherungs- und
Anlegerentschadigungsgesetz – EAEG).  The institution belongs to
the Compensation Scheme of German Banks (Entschadigungseinrichtung
deutscher Banken GmbH – EdB).  The basis for the EdB to pay
compensation to the investors in a case of compensation determined
by BaFin is provided for in German legislation.  The EdB must
inform creditors of the institution without delay if such case
exists.  The statutory compensation claim of each entitled bank
customer is limited per investor to 90 per cent of his deposits
and the equivalent amount of EUR20,000.  Lehman Brothers Bankhaus
AG is also a member of the Deposit Protection Fund of the
Association of German Banks (Einlagensicherungsfonds des
Bundesverbandes Deutscher Banken e.V.).  According to its statute,
this Deposit Protection Fund assumes the 10 per cent deductible
amount and the part of the deposits exceeding the statutory limit
of EUR20,000 – up to the respective protection limit, which for
each investor amounts to 30 per cent of the bank's liable equity
capital, and thus approximately EUR285.1 million.

Lehman Brothers Bankhaus AG is a subsidiary of New York-based
Lehman Brothers Holdings Inc.

                     About Lehman Brothers

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

As of May 31, 2008, the Company's consolidated assets totaled
approximately US$639 billion, and its consolidated liabilities
totaled US$613 billion.

Lehman's bankruptcy petition listed US$639 billion in assets and
US$613 billion in debts, effectively making the firm's bankruptcy
filing the largest in U.S. history.  The September 15 Chapter 11
filing by Lehman Brothers Holdings, Inc., does not include any of
its subsidiaries.


LEHMAN BROTHERS: S&P Downgrades Counterparty Credit Ratings to D/D
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long and short-
term counterparty credit ratings on Germany-based Lehman Brothers
Bankhaus AG (LEBH) to 'D/D' from 'BB-/B'.  At the same time, the
ratings were removed from CreditWatch, where they were placed with
developing implications on Sept. 12, 2008.

"This rating action reflects today's announcement by German
regulators that they have prohibited LEBH from making any payments
or selling assets ("Veraeusserungs- und Zahlungsverbot") and that
LEBH must not accept client payments other than those to redeem
obligations (Moratorium"), following the Chapter 11 bankruptcy
petition filed by the group's parent Lehman Brothers Holdings Inc.
in the U.S.," said S&P's credit analyst Bernd Ackermann.

Lehman Brothers Bankhaus AG is a subsidiary of New York-based
Lehman Brothers Holdings Inc.


LETTERN PARTNERS: Claims Registration Period Ends September 24
--------------------------------------------------------------
Creditors of LETTERN PARTNERS Pre-Print-Services GmbH have until
Sept. 24, 2008, to register their claims with court-appointed
insolvency manager Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against LETTERN PARTNERS Pre-Print-Services GmbH on
Aug. 14, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         LETTERN PARTNERS Pre-Print-Services GmbH
         Grossenbaumer Strasse 250
         45479 Muelheim an der Ruhr

         Attn: Karl-Heinz Maneke, Manager
         Grossenbaumer Strasse 50
         45479 Muelheim an der Ruhr
         Germany


ORTHOPAEDIETECHNIK PLAUENER: Creditors Meeting on Sept. 24
----------------------------------------------------------
The court-appointed insolvency manager for OT Orthopaedietechnik
Plauener Strasse GmbH, Sebastian Laboga, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:40 a.m. on Sept. 24, 2008.

The meeting of creditors and other interested parties will be held
at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Jan. 14, 2009, at the same
venue.

Creditors have until Nov. 5, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against OT Orthopaedietechnik Plauener Strasse GmbH on Aug. 11,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         OT Orthopaedietechnik Plauener Strasse GmbH
         Plauener Str. 163 - 165
         13053 Berlin
         Germany


PROVIDE VR 2002-1: S&P Puts BB/B Rated Class D/E Notes on WatchNeg
------------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its credit ratings on the class D and E
notes in the German residential mortgage-backed securities (RMBS)
transaction PROVIDE VR 2002-1.  The ratings on the other classes
of notes in this transaction are unaffected at this time.

This is the second time that PROVIDE VR 2002-1 has had notes
placed on CreditWatch negative, following the June 11, 2007
CreditWatch negative and subsequent downgrades on Sept. 12, 2007.

Similar to the 2007 rating actions, the current CreditWatch
placements follow the further exhaustion of the first-loss piece
in this transaction.  Total realized losses now stand at 1.32% of
the initial principal balance, absorbing 66% of the available
first-loss protection.  In June 2007, cumulative realized losses
stood at 0.59% of the initial pool balance.

PROVIDE VR 2002-1 has continued to produce new defaults over the
past year since the downgrade of the class C, D, and E notes.
Furthermore, the recovery rates—as reported by the servicer—
continue to remain low and currently average 33.5%.

"While we were expecting the weighted-average recovery rate to
gradually increase, it actually remained fairly stable," said
surveillance credit analyst Viktor Milev.

"Unless recoveries improve dramatically, the first-loss piece
could be fully depleted over the near term and the class E notes
are likely to suffer a principal loss.  This scenario also puts
significant pressure on the ratings on the class D notes, as it
effectively constitutes an erosion of their credit protection,"
Mr. Milev continued.

At closing, the initial size of the unrated class F notes was
EUR12.3 million.  Following the allocation of realized losses, the
outstanding volume of these stands at EUR4.2 million.  At the same
time, the total outstanding balance of loans in credit event
totals EUR11.4 million.

S&P will now carry out an in-depth review of the transaction and
focus on the stock of defaulted reference claims.  S&P will
publish the findings of this analysis, and the resolution of the
CreditWatch placements, in due course.

PROVIDE-VR 2002-1:

  -- EUR115.45 Million Floating-Rate Credit-Linked Notes

Ratings Placed On CreditWatch With Negative Implications:

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


SULAMITH NATURKOST: Creditors' Meeting Slated for September 24
--------------------------------------------------------------
The court-appointed insolvency manager for Sulamith Naturkost
GmbH, Hartwig Albers, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:55 a.m. on Sept. 24, 2008.

The meeting of creditors and other interested parties will be held
at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Dec. 17, 2008, at the same venue.

Creditors have until Oct. 18, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Sulamith Naturkost GmbH on Aug. 12, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Sulamith Naturkost GmbH
         Barbarossastr. 61
         10781 Berlin
         Germany


TUPPERWARE BRANDS: Moody's Lifts Ratings on Sustained Performance
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Tupperware
Brands Corporation, including the company's corporate family
rating to Ba1 from Ba2.  The upgrade reflects Tupperware's
sustained operating performance, meaningfully improved credit
metrics as well as Moody's expectation that the company's
financial policies will remain balanced.  Moody's also assigned a
Speculative Grade Liquidity rating of SGL-2.  The ratings outlook
is stable.

These ratings of Tupperware were upgraded/LGD assessments revised:

-- Corporate family rating to Ba1 from Ba2

-- Probability of default rating to Ba2 from Ba3

-- US$200 million senior secured revolving credit facility due
    2012 to Baa3 (LGD 2, 21%) from Ba1 (LGD 2, 22%)

-- US$563 million senior secured term loan A due 2012 to Baa3
    (LGD 2, 21%) from Ba1 (LGD 2, 22%)

These ratings were assigned:

-- Speculative Grade Liquidity rating of SGL-2
-- Outlook is stable

"Tupperware's Ba1 rating is driven by its modest leverage,
favorable positions in attractive direct selling markets, a
portfolio of recognized brand names, excellent geographic
diversification, and a base of independent sales consultants that
provides a significant platform for growth," says Moody's Vice
President Janice Hofferber.  Notwithstanding these positive credit
qualities, the rating reflects the company's moderate scale,
relatively narrow product diversification and weaker market share
position in the broader cosmetics and personal care sector.  The
rating also considers ongoing growth challenges of the direct
selling model in mature markets (Europe and the U.S.), its
exposure to raw materials and currency price volatility,
sensitivity to discretionary spending trends, competition from
traditional and direct selling, and the potential for future
acquisitions.

Tupperware's liquidity profile is good and is supported by its
strong cash flow from operations, modest cash balances, and full
access (approx. US$16 million outstanding) to its US$200 million
revolving credit facility which expires in September 2012.
Tupperware's liquidity is constrained by the seasonal nature of
its business as approximately 50% of their cash flow is generated
in the fourth quarter and that all of the company's cash is held
offshore.  In addition, future acquisitions or additional share
repurchases could impact the company's liquidity depending upon
the timing and financing of any related transactions.

The last rating action regarding Tupperware was on Sept. 17,
2007 when Moody's assigned ratings to the company's new bank
credit facilities and revised the outlook to positive from stable.

Headquartered in Orlando, Florida, Tupperware Brands Corporation
(NYSE: TUP) is a direct seller of premium food storage,
preparation, serving items and cosmetics and personal care
products with sales in over 100 countries worldwide.  Tupperware's
distribution system includes 1,800 distributors, 50,900 managers
and 1.1 million dealers worldwide.  The company's beauty sales
force totaled 1.1 million.  For the last twelve months ended
June 30, 2008, Tupperware's sales were approximately US$2.1
billion.


VANAD CONTACT: Claims Registration Period Ends Sept. 24
-------------------------------------------------------
Creditors of VANAD Contact Centers Deutschland GmbH have until
Sept. 24, 2008, to register their claims with court-appointed
insolvency manager Markus Lehmkuehler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 24, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall W 1.26
         First Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Markus Lehmkuehler
         Wilhelmstr. 40
         53111 Bonn
         Germany
         Tel: 0228/92 66 60
         Fax: 92 66 699

The District Court of Bonn opened bankruptcy proceedings against
VANAD Contact Centers Deutschland GmbH on Sept. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         VANAD Contact Centers Deutschland GmbH
         Probsthof 3
         53121 Bonn
         Germany

         Attn: Arnoud Henri Munneke, Manager
         Hartingstraat 266
         NLD-5311 HV
         Utrecht
         Netherlands


* GERMANY: To Suffer Recession This Fall, European Commission Says
------------------------------------------------------------------
The European Commission based in Brussels projects that the United
Kingdom, Germany and Spain will experience recession this fall,
BBC News reports.  The Commission said that the three countries
would suffer two negative quarters of economic growth, the
technical definition of recession, BBC relates.  The Commission
sees a 0.2% annual shrinkage in the UK economy over the next two
quarters.

Based on the Commission's latest economic forecast, the outlook
for Eurozone growth was downgraded again, BBC writes.  The
Eurozone, enveloping 15 nations excluding the UK, would grow by
1.3% this year, as compared with the previous forecast of 1.7%.

These figures, according to Breaking News, the figures were
derived from revised forecasts for seven countries making up about
80% of the European Union's GDP.

According to BBC, data showed that the region's economy shrank by
0.2% between April and June, the Eurozone's first decline since
its creation in 1999.  The decline is primarily caused by the
downturn in exports and consumer spending, BBC reports.

The policy makers at the European Central Bank nailed interest
rates at 4.25% due to high inflation in the region, which offered
no relief to the region's sluggish economy, BBC says.

The Commission stated in its latest report that inflation will
reach 3.6% in the Eurozone, which is more than the previous
forecast of 3.2% and the government's target of 2%, BBC notes.

The Organization for Economic Cooperation and Development (OECD)
also gave a gloomy outlook for the region early this week,
according to BBC.  The OECD said that the UK economy did not grow
at all during the second quarter of 2008, BBC adds.

"[T]he UK is facing the twin shocks of high food and fuel prices
and the global credit crunch.   . . . As a result of these global
shocks, the UK economy is slowing," BBC quotes a Treasury
spokesman as saying.  The Treasury spokesman continued that UK had
zero growth while Germany, France, Italy and Japan had negative
growth, BBC relates.  However, the spokesman said that high
employment rates and low interest rates place the UK on top of its
economic challenges, BBC reports.

Separately, Economic and Monetary Affairs Commissioner Joaquin
Almunia said that the gloomy outlook is due to the ructions in the
financial markets, soaring commodity prices and the housing slump,
BBC notes.


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


ANGAR-STROY LTD: Creditors Must File Claims by November 4
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Angar-Stroy Ltd insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

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


ASIA ELECTRONICS: Claims Deadline Slated for October 24
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Asia Electronics insolvent.

Creditors have until Oct. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Butin Str. 44
         Micro District Taugul-3
         050052, Almaty
         Kazakhstan
         Tel: 8 777 223 07-71
              8 705 203 30-32
              8 (7272) 39-15-60


BTA BANK: Assets Up 9.5% to KZT3.356 Bil. in January-June 2008
--------------------------------------------------------------
According to a review of the financial statements in
January–June 2008, BTA assets rose by 9.5% (US$2.3 billion) up to
KZT3.356 billion (US$27.8 billion).  Balance capital increased by
4.9% to KZT474 billion (US$3.9 billion) due to a growing income of
the current year.

In the reference period BTA has retained its highest
capitalization position in Kazakhstan.  The capital adequacy ratio
of the Group calculated in line with recommendations of the Basel
Committee made 19.8%, which is a highest figure for banks both in
Kazakhstan and abroad.

                          Funding

The rise in the assets is attributed to an increase in the local
client deposits.  As of July 1, 2008 they totaled KZT747.7 billion
(US$6.2 billion), a 15% rise, including retail client savings up
by 10% and corporate client deposits up by 18%.  At that BTA share
in the aggregate increment of private deposits among second-tier
banks of Kazakhstan in the first half of 2008 exceeded 90%.  This
indicates strength and robust image of BTA as a backbone financial
institution of the republic.

Flotation of subordinated bonds in excess of US$500 million on the
local market was an additional funding source in the reporting
period.

                       Loan portfolio

The loan portfolio in January-June 2008 increased by 3.6% year-to-
year to KZT2,465 billion (US$20.4 billion).  As of July 1, 2008
BTA contributed 27.7% to the lending market of second-tier banks
of Kazakhstan and accounted for 19.3% of loans to individuals and
31.0% of corporate loans.

The loan loss provision ratio was 6.5% vs. 5.4% at the end of 2007
and 3.6% as of July 1, 2007 which adequately features the current
market behavior.  Therefore the total provisions doubled as
compared to first half of 2007.

                    Foreign liabilities

The Bank continues successful discharge of its foreign liabilities
as it repaid US$560.9 million in the reporting half-year.
Meanwhile in July–December 2008 BTA Bank pays off US$637.4
million, which is less than 2.3% of its consolidated assets.

                         Profit

Owing to the efficient corporate management that rests on a system
approach to clients, tight quality estimation of the loan
portfolio and limited expenses the Bank has adapted to the global
liquidity squeeze.  Concurrently it doubled provisions and
received consolidated profit of KZT27,830 million (US$231
million).

As of July 1, 2008 RoAE was 12.0% and RoAA made 1.8%.  The net
interest margin rose to 6.1% in the period under review from 5.3%
a year ago.

A record low cost-to-income that made 31.8% as of July 1, 2008
features BTA performance.

                         About BTA Bank

Headquartered in Almaty, Kazakhstan, JSC BTA Bank --
http://bta.kz/en/-- is among the biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

Bank TuranAlem carries a BB+ long-term foreign currency IDR
from Fitch with a stable outlook.

The company also carries Ba1 foreign currency subordinate debt
ratings, Ba2 foreign currency junior subordinate debt rating and
a D- bank financial strength rating from Moody's Investors
Service.


EMI GAS: Claims Filing Period Ends November 4
---------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Emi Gas insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 53-48-34
              8 (7252) 54-02-36


EXIMBANK: Moody's Affirms E+ Financial Strength Rating
------------------------------------------------------
Moody's Investors Service has downgraded the long-term local and
foreign currency deposit ratings of Eximbank Kazakhstan (Eximbank)
to B3 from B2.  At the same time, the rating agency affirmed the
bank's E+ bank financial strength rating (BFSR) and Not Prime
short-term deposit ratings.  All of the bank's ratings carry a
stable outlook following the downgrade.

Moody's rating action has been prompted by a weakening of
Eximbank's liquidity position and an increased volatility in its
highly concentrated funding base.  Additionally, the bank's
dependence on a limited number of customer accounts -- the largest
of which accounts for about 20% of the bank's total liabilities --
depresses the bank's liquidity position and its ability to finance
a sustainable business growth.

Currently, Eximbank's funding comes from corporate accounts and
deposits, and local market bonds.  According to the bank, it
intends to diversify its funding base through private deposits and
increased local bond issuances.  However Moody's believes that any
possible positive impact of the planned measures on the bank's
liquidity stance has yet to be seen and might take a considerable
time to materialize.

Moody's notes that currently Eximbank's ratings have little upside
potential; however, in the medium term, an improved liquidity
profile coupled with sound financial fundamentals could have
positive rating implications.  Conversely, downward pressure could
be exerted on the bank's ratings as a result of a further material
weakening of its liquidity position.  A substantial increase in
problem loans would also weigh negatively on the bank's ratings.

Eximbank is majority owned by Central Asian Power and Energy
Company (CAPEC) which held 68.14% of total shares as at mid-2008.
CAPEC is a holding company with investments in electricity
generation and distribution, chemical production, transport, and
other sectors.

With a head office in Almaty, Eximbank Kazakhstan reported total
assets of US$321 million, equity of US$100 million and net income
of US$4.8 million at year-end 2007 according to the bank's audited
IFRS financial statements.


KDO TRANS: Creditors' Claims Due on October 24
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP KDO Trans insolvent on Aug. 1, 2008.

Creditors have until Oct. 24, 2008, to submit written proofs of
claims to:

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


MIRAS COMPANY: Claims Registration Ends October 24
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Miras Company insolvent on Aug. 1, 2008.

Creditors have until Oct. 24, 2008, to submit written proofs of
claims to:

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


PROM RESOURCE: Creditors Must File Claims by November 4
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Prom Resource Petropavlovsk insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-415
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


PROM TECH: Claims Deadline Slated for November 4
------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Prom Tech Complect insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

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


STAL-COMPLECT-SNUB LLP: Claims Filing Period Ends October 24
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Stal-Complect-Snub insolvent.

Creditors have until Oct. 24, 2008, to submit written proofs of
claims to:

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


TOPAZ-2000 LLP: Creditors' Claims Due on October 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Topaz-2000 insolvent.

Creditors have until Oct. 24, 2008, to submit written proofs of
claims to:

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


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


FIRST LEADER: Creditors Must File Claims by October 29
------------------------------------------------------
Kyrgyz-American LLC First Leader Kyrgyzstan has gone into
liquidation.  Creditors have until Oct. 29, 2008, to submit
proofs of claim to:

         Free Economic Zone "Bishkek"
         Bishkek
         Kyrgyzstan

Inquiries can be addressed to (0-555) 10-50-95.


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


EVRAZ GROUP: Buys IPSCO's Plate and Pipe Business for US$2.3 Bil.
-----------------------------------------------------------------
Evraz Group S.A. has acquired IPSCO's Canadian plate and pipe
business for a net cost of US$2.3 billion.  The final value will
be subject to certain closing adjustments.

This purchase is yet another step in the implementation of Evraz's
strategy to build a strong platform in the North American
downstream markets of steel plate and tubular products.

Alexander Frolov, Evraz's Chairman and CEO, said, "Following the
successful acquisition of Oregon Steel Mills, this transaction
will further enhance Evraz's existing North American presence in
high value-added steel segments.  This deal will increase our
exposure to the attractive energy and infrastructure sectors
throughout the region.  We expect substantial synergies from the
combination of IPSCO Canada and Evraz's existing North American
operations.  We are delighted to acquire a company with the long
history and outstanding track-record of IPSCO Canada and look
forward to welcoming IPSCO Canada's employees to the Evraz family
of companies."

Under the structure of the agreed transaction, Evraz will acquire
the IPSCO Tubulars business from SSAB for US$4.025 billion.  Evraz
has also entered into definitive back-to-back agreements with OAO
TMK and its affiliates, Russia's leading tubular player, to sell
certain of the acquired US businesses for US$1.2 billion.  In
addition, Evraz expects to sell the remaining acquired US
businesses of IPSCO Tubulars to TMK for approximately US$0.5
billion in 2009.  All of these transactions are subject to certain
closing adjustments and conditions.  As a result of these
transactions, the net cost of the acquisition for Evraz is
expected to be approximately US$2.3 billion.

The transaction will be financed by a combination of a bridge loan
raised at the Evraz level, as well as a non-recourse term loan
arranged at the acquired company level.

Credit Suisse Securities (Europe) Limited and Goldman Sachs
International are acting as joint financial advisors to Evraz.
Cleary Gottlieb Steen & Hamilton LLP and Blake, Cassels & Graydon
LLP are acting as legal counsel to Evraz.

IPSCO Canada is a leading North American producer of steel plate,
as well as pipe for the oil and gas industry.  The company has
plants in Regina, Calgary and Red Deer.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry a Ba2 corporate family rating,
a Ba2 rating for Senior Notes due 2009 and a Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


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


BARNAULSKIY MACHINE-TOOL PLANT: Claims Filing Ends by October 4
---------------------------------------------------------------
Creditors of OJSC Barnaulskiy Machine-Tool Plant (TIN
2202000208) have until Oct. 4, 2008, to submit proofs of claims
to:

         M. Suyetin
         Insolvency Manager
         Post Box User 1688
         656016 Barnaul
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-7444/2008-B

The Debtor can be reached at:

         OJSC Barnaulskiy Machine-Tool Plant
         Kulagina Str. 28
         Barnaul
         Altay
         Russia


BOLSHEMURTINSKIY COAL: Creditor Must File Claims by October 4
-------------------------------------------------------------
Creditors of LLC Bolshemurtinskiy Coal have until Oct. 4, 2008,
to submit proofs of claims to:

         M.Tersin
         Insovnency Manager
         Yenergetikov Str. 35/9
         660013 Krasnoyarsk
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings on the company.  The case is docketed under Case No.
A33-8417/2008.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Str. 34
         Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Bolshemurtinskiy Coal
         Sovetskaya Str. 13
         Bolshaya Murta
         663060 Krasnoyarsk
         Russia


EVRAZ GROUP: Buys IPSCO's Plate and Pipe Business for US$2.3 Bil.
-----------------------------------------------------------------
Evraz Group S.A. has acquired IPSCO's Canadian plate and pipe
business for a net cost of US$2.3 billion.  The final value will
be subject to certain closing adjustments.

This purchase is yet another step in the implementation of Evraz's
strategy to build a strong platform in the North American
downstream markets of steel plate and tubular products.

Alexander Frolov, Evraz's Chairman and CEO, said, "Following the
successful acquisition of Oregon Steel Mills, this transaction
will further enhance Evraz's existing North American presence in
high value-added steel segments.  This deal will increase our
exposure to the attractive energy and infrastructure sectors
throughout the region.  We expect substantial synergies from the
combination of IPSCO Canada and Evraz's existing North American
operations.  We are delighted to acquire a company with the long
history and outstanding track-record of IPSCO Canada and look
forward to welcoming IPSCO Canada's employees to the Evraz family
of companies."

Under the structure of the agreed transaction, Evraz will acquire
the IPSCO Tubulars business from SSAB for US$4.025 billion.  Evraz
has also entered into definitive back-to-back agreements with OAO
TMK and its affiliates, Russia's leading tubular player, to sell
certain of the acquired US businesses for US$1.2 billion.  In
addition, Evraz expects to sell the remaining acquired US
businesses of IPSCO Tubulars to TMK for approximately US$0.5
billion in 2009.  All of these transactions are subject to certain
closing adjustments and conditions.  As a result of these
transactions, the net cost of the acquisition for Evraz is
expected to be approximately US$2.3 billion.

The transaction will be financed by a combination of a bridge loan
raised at the Evraz level, as well as a non-recourse term loan
arranged at the acquired company level.

Credit Suisse Securities (Europe) Limited and Goldman Sachs
International are acting as joint financial advisors to Evraz.
Cleary Gottlieb Steen & Hamilton LLP and Blake, Cassels & Graydon
LLP are acting as legal counsel to Evraz.

IPSCO Canada is a leading North American producer of steel plate,
as well as pipe for the oil and gas industry.  The company has
plants in Regina, Calgary and Red Deer.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry a Ba2 corporate family rating,
a Ba2 rating for Senior Notes due 2009 and a Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


IT CONCERN :Moscow Bankruptcy Hearing Set December 16
-----------------------------------------------------
The Arbitration Court of Moscow will convene at 11.30 on Dec.
16, 2008, to hear bankruptcy supervision procedure on CJSC IT
Concern.  The case is docketed under Case No. A40–20607/
08–123–64B.

The Temporary Insolvency Manager is:

         O. Sapronov
         Severnaya Str. 309
         Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Hall 773
         Basmannaya Str. 10
         Moscow
         Russia


KODEMAKS-INVESTMENT: Creditor Must File Claims by October 4
-----------------------------------------------------------
Creditors of LLC Kodemaks-Investment have until Oct. 4, 2008, to
submit proofs of claims to:

         B. Sergeyev
         Temporary Insolvency Manager
         Office 303
         Volodarskogo Str. 9
         440026 Penza
         Russia

The Arbitration Court of Moscow will convene at 10:30 a.m. on
Nov. 27, 2008, to hear the company’s bankruptcy supervision
procedure. The case is docketed under Case No. A40-33968-44-93B.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 773
         Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Kodemaks-Investment
         Luganskaya Str.10
         Moscow
         Russia


KUZNETSKAYA MINING: Kemerovo Bankruptcy Hearing Set November 17
---------------------------------------------------------------
The Arbitration Court of Kemerovo will convene at 10.30 a.m. on
Nov. 17, 2008, to hear bankruptcy supervision procedure on CJSC
Kuznetskaya Mining and Geological Company.  The case is docketed
under Case No. A27-4961/2008-4.

The Temporary Insolvency Manager is:

         V. Trofimov
         Office 107
         Moskovskiy prospect 45b
         650065 Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Kemerovo
         Hall 1
         Krasnaya Str. 8
         650000 Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Kuznetskaya Mining and Geological Company
         Suvorova Str. 3a
         650044 Kemerovo
         Russia


POLIKOM LLC: Creditor Must File Claims by October 4
---------------------------------------------------
Creditors of LLC Polikom have until Oct. 4, 2008, to submit
proofs of claims to:

         L. Shabalina
         Temporary Insolvency Manager
         Post User Box 21/20
         680022 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-6178/2008-36.

The Debtor can be reached at:

         LLC Polikom
         Vagonnaya Str. 1/6
         681000 Komsomolsk-on-Amur
         Russia


SAKHAZOLOTO CJSC: Creditor Must File Claims by October 4
--------------------------------------------------------
Creditors of CJSC Sakhazoloto have until Oct. 4, 2008, to submit
proofs of claims to:

         G. Potapov
         Temporary Insolvency Manager
         Post User Box 31
         677018 Yakutsk
         Sakha
         Russia

The Arbitration Court of Moscow will convene on Jan. 19, 2009,
to hear the company’s bankruptcy supervision procedure.  The
case is docketed under Case No. A58-3630/08-0105.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 773
         Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Sakhazoloto
         Office 2
         Building 14
         Micro region 202
         677000 Yakutsk
         Sakha
         Russia


TURIY OJSC: Creditor Must File Claims by October 4
--------------------------------------------------
Creditors of OJSC Turiy (TIN 5111001778) have until Oct. 4,
2008, to submit proofs of claims to:

         L.Tamanskaya
         Insolvency Manager
         Post User Box 113
         183012 Murmansk
         Russia
         Tel/Fax: (88152) 47-71-20

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-7142/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia


URAL-KOM-PROM: Creditor Must File Claims by November 4
-------------------------------------------------------
Creditors of LLC Ural-Kom-Prom have until Nov. 4, 2008 to submit
proofs of claims to:

         S.Semenov
         Insovnency Manager
         Post User Box 439
         Central Post Office
         620000 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings on the company.  The case is docketed under Case No.
A60-34812/07-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Str. 34
         Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Ural-Kom-Prom
         Rozyu Lyuksenburg Str. 2b
         Visimo-Utkinsk
         Prigorodnuy District
         Sverdlovsk
         Russia


VTORMET CJSC: Creditor Must File Claims by November 4
-----------------------------------------------------
Creditors of CJSC Vtormet have until Nov. 4, 2008, to submit
proofs of claim to:

         A. Alimov
         Insolvency Manager
         Building 1
         Novaya Basmannaya Str. 13/2
         123100 Moscow
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-4563/2007-K1-117B/2B

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia


* S&P Reports New Risks Re-Emerge in Russia 10 Years After Default
------------------------------------------------------------------
Over the past 10 years, the sovereign credit rating on Russia has
developed from an esoteric attribute of debt issuance into a
pragmatic instrument for measuring credit risk, and taken on an
important role in the investment decision-making process.

The country's evolution since its sovereign debt default a decade
ago is outlined in an article titled "After 10 Years Of Gains, Old
Conflicts Return To Cast A Shadow On Russia's Future".  This
article is part of a special Standard & Poor's report, "Ten Years
After Default, New Risks Emerge For A Resurgent Russia," which
will feature in the Sept. 17, 2008, issue of CreditWeek, S&P's
weekly magazine on credit risk.

"An easing debt burden, growing foreign exchange reserves, and a
consistent, moderately conservative fiscal and monetary policy,
which occurred against the backdrop of a favorable oil market
environment, were key factors behind the steady upgrade of
Russia's credit rating," notes head of the S&P's Moscow office
and author of the report, Alexei Novikov.

"Consumerism and a strong desire for a better quality of life are
becoming a powerful and very visible economic and political factor
in Russia.  However, old and new geopolitical challenges seem to
be diverting the country's attention and resources from a reform
agenda, and how Russia responds to this question will go a long
way in determining its fortunes over the next 10 years and
beyond".

Since 1998, the sovereign rating on Russia has taken 11 steps up
the rating scale and crossed the important divide between
speculative and investment-grade categories, where it remains
today.

In the meantime, more than two hundred Russian/CIS (Commonwealth
of Independent States) issuers, apart from the sovereign, have
S&P's credit ratings.  This represents the highest degree of
coverage among all emerging markets, including China, India, and
Latin American countries.

These articles, also part of the special report on Russia, are
available on RatingsDirect, the real-time Web-based source for
S&P's credit ratings, research, and risk analysis:

   -- A Decade After The Crisis, Russia's Banks Are Healthier, But
      Still Susceptible To Shock

   -- Helping To Fill Russia's Infrastructure Gap: The Role Of
      Public Private Partnerships

   -- Restructured Russian Electricity Distributors Face Increased
      Debt And A New Regulatory Regime

   -- Research Update: Russia Ratings Remain On Positive Outlook
      As Fiscal And External Reserves Keep Growing

   -- Russia Sitting Comfortably On Its Liquidity Cushion, Despite
      Some Loose Threads

   -- Significant Investment Needs And Tight Liquidity May Dim
      Russian Food Retailers' Bright Future


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


INMOBILIARIA COLONIAL: Restructures EUR7 Bil. Debt, Sells Stakes
----------------------------------------------------------------
Inmobiliaria Colonial said it has successfully completed the
restructuring of its borrowings after finally reaching a formal
binding agreement with its syndicated loan's Arranging Banks
(Goldman Sachs, Eurohypo, Calyon and Royal Bank of Scotland) and
other bank creditors.

The reorganization of Inmobiliaria Colonial SA is the biggest so
far in the Spain's property sector, which has been hit by
oversupply and the credit crunch, Anousha Sakoui and Mark Mulligan
write for The Financial Times.  Colonial will dispose off non-
performing assets worth EUR2 billion as part of a complex
EUR7 billion debt restructuring agreement with creditors last
weekend, FT reports.

This conclusive deal was signed following a non-binding agreement
in principle formalized on August 31, under which consensus was
achieved between the syndicated loan's Arrangers.

With this agreement the action plan drawn up by Colonial's new
Board of Directors -- in place since changes in the shareholder
base in H1 2008 -- has been concluded successfully.  This plan
first envisaged a renewal of the Company's management bodies and
then a profound effort in respect of transparency and asset
writedowns, resulting in a charge of EUR2.582 billion in
Colonial's results at end-H1.

The second phase of this action plan took shape in the
restructuring agreement concluded.  In the process, the support
shown by the real-estate operator's main shareholders has been
crucial, as has the confidence the banks have placed in the
company's future.

The refinancing operation covers the syndicated loan and all
operating liabilities without collateral, with the total debt
refinanced thus exceeding EUR7 billion.

After formalizing the agreement of the restructuring loan, the
company's president, Juan Jose Brugera, declared that "the terms
of the agreement will permit Colonial to meet three objectives:
gain solid financial and operational stability, significantly
reinforce the capital structure and center the Company's strategy
on its core business, real estate."

According to Mr. Brugera, "the new direction of Colonial's
management, the quality of its real estate assets, valued at
almost 10,500 million euros, and its strong positioning in the
office market in Paris, Madrid and Barcelona, have been the
foundation on which the financing entities have understood and
backed the Group's plans."

                  Strengthened Capital Structure

The agreement includes the refinancing of the debt currently held
by Colonial with Colonial's current syndicated lenders by its
conversion in a long-term financing facility maturing in five
years. Other certain bilateral lenders, meanwhile, have agreed to
buy some of its non-strategic assets — mainly residential land —
to enable repayment of their lending and provide the Company with
cash.

By virtue of the refinancing deal, Colonial shall submit a
proposed convertible bond issue to its shareholders for adoption
in the amount of up to EUR1.4 billion, with preferential rights
and the obligatory conversion into Colonial shares at a fixed
conversion rate of EUR0.25.  The proceeds obtained by Colonial
through the offering, are expected to be destined primarily to the
early amortization of part of the long-term financing facility.
The subscription of this offering is more than 90% guaranteed
since the Company's syndicated creditors and certain major
shareholders have agreed to subscribe via the partial exchange of
their outstandings.

          Strategic Reorientation with Focus on Property

Conclusion of the refinancing agreement shall enable Colonial to
redirect its core business strategy with a clear focus on
property.  A central plank in this is for the Group to keep its
majority shareholding (51%) in Societe Fonciere Lyonnaise (SFL).
This is after the planned divestment of 33%, in order to comply
with the listed real-estate investment company (Societe
d'Investissements Immobiliers Cotee) system applicable in France.
The strategic reorientation shall be rounded out by divesting a
group of non-strategic assets.  These include the financial
investment in the form of the 15% shareholding in FCC, as well as
Riofisa, the Colonial subsidiary specialized in developing retail
centres.

Ushering in a period of operational and financial stability
The restructuring agreement reached, rigorously and transparently
adapts Colonial's new capital structure to the new reality of the
financial and real estate markets.

The company intends to combine the financial stability provided by
the new debt restructuring with recurrent revenues from its
excellent portfolio of strategic assets and the dynamism of new
management after recent changes in the shareholder base.  The aim
of this is to enable greater operational flexibility and allow
access to new sources of capital, with which in the near future it
should be able to embark on a new phase of corporate development.
Colonial received financial consulting services from Lazard and
legal advice from Freshfields Bruckhaus Deringer in its debt
restructuring process.

Inmobiliaria Colonial (BMAD: COL) -- http://www.inmocolonial.com/
-- is a Spanish multinational corporation, which includes
companies in the domains of real estate.


* SPAIN: To Suffer Recession This Fall, European Commission Says
----------------------------------------------------------------
The European Commission based in Brussels projects that the United
Kingdom, Germany and Spain will experience recession this fall,
BBC News reports.  The Commission said that the three countries
would suffer two negative quarters of economic growth, the
technical definition of recession, BBC relates.  The Commission
sees a 0.2% annual shrinkage in the UK economy over the next two
quarters.

Based on the Commission's latest economic forecast, the outlook
for Eurozone growth was downgraded again, BBC writes.  The
Eurozone, enveloping 15 nations excluding the UK, would grow by
1.3% this year, as compared with the previous forecast of 1.7%.

These figures, according to Breaking News, the figures were
derived from revised forecasts for seven countries making up about
80% of the European Union's GDP.

According to BBC, data showed that the region's economy shrank by
0.2% between April and June, the Eurozone's first decline since
its creation in 1999.  The decline is primarily caused by the
downturn in exports and consumer spending, BBC reports.

The policy makers at the European Central Bank nailed interest
rates at 4.25% due to high inflation in the region, which offered
no relief to the region's sluggish economy, BBC says.

The Commission stated in its latest report that inflation will
reach 3.6% in the Eurozone, which is more than the previous
forecast of 3.2% and the government's target of 2%, BBC notes.

The Organisation for Economic Cooperation and Development (OECD)
also gave a gloomy outlook for the region early this week,
according to BBC.  The OECD said that the UK economy did not grow
at all during the second quarter of 2008, BBC adds.

"[T]he UK is facing the twin shocks of high food and fuel prices
and the global credit crunch.   . . . As a result of these global
shocks, the UK economy is slowing," BBC quotes a Treasury
spokesman as saying.  The Treasury spokesman continued that UK had
zero growth while Germany, France, Italy and Japan had negative
growth, BBC relates.  However, the spokesman said that high
employment rates and low interest rates place the UK on top of its
economic challenges, BBC reports.

Separately, Economic and Monetary Affairs Commissioner Joaquin
Almunia said that the gloomy outlook is due to the ructions in the
financial markets, soaring commodity prices and the housing slump,
BBC notes.


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


SAS AB: In Talks Over Possible Structural Change
------------------------------------------------
In response to speculations in the media on the future structure
of the SAS Group, SAS confirms that it is in the process of
evaluating various structural possibilities for the group.  Within
this process SAS is conducting talks about a possible structural
solution.

It must be emphasized that no decision has been taken.

                         About SAS

Headquartered in Stockholm, SAS AB -- http://www.sasgroup.net/--
owns SAS Group, which engages in the provision of air transport
and related services.  The governments of Sweden, Denmark and
Norway own 50% of the company.

                            *    *    *

As reported in the TCR-Europe on Aug. 25, 2008, Standard & Poor's
Ratings Services has revised its outlook on Scandinavian airline
and travel group SAS AB to negative from stable, reflecting
deteriorating trading conditions and the potential repercussions
on the group of the fatal crash in Madrid of a MD-80 series
aircraft operated by its 100%-owned Spanish subsidiary airline,
Spanair.  At the same time, the 'BB-' long-term corporate credit
rating on SAS was affirmed.


SAS AB: S&P Shifts Outlook, Affirms BB- Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Scandinavian airline group SAS AB to developing from negative,
following SAS' statement on September 12 confirming that the group
is conducting talks about possible structural change.  At the same
time, S&P affirmed the 'BB-' long-term corporate credit rating.

"The outlook revision reflects some uncertainty over the future
ownership structure of the group, which could be positive or
neutral to credit quality," said S&P's credit analyst Leigh
Bailey.

SAS' disclosure that it is conducting talks about a possible
structural solution could yield potential benefits to its business
and/or financial profile if the discussions are successfully
concluded.  However, talks are ongoing, the third parties involved
have not been disclosed, and there is no certainty that a revised
structure will be agreed given that SAS has taken no final
decision.  SAS is 21.4% owned by the government of Sweden, with
Norway and Denmark having equal 14.3% stakes in the airline.  In
the event that no agreement is reached on structural change, S&P
would likely revise the outlook back to negative, reflecting tough
underlying trading conditions.

In common with other operators in the airline sector, SAS faces
difficult market conditions in the form of high fuel costs and
slowing economic growth in its main markets.  This poses serious
concerns for future profitability and has prompted the group to
evaluate its current structure.  The adverse trading environment
includes a troublesome combination of rising costs and weakening
revenues, which is materially reducing earnings for most players.
Although crude oil prices have fallen in September 2008 to about
US$100 per barrel, from a high of US$147 per barrel over the
summer, fuel costs still constitute a significant cost burden for
airlines.  Rising oil prices, the slowing economic environment,
and increased market liberalization are expected to result in the
majority of second-tier airline players in Europe considering
structural solutions.

The developing outlook reflects SAS' evaluation of various
structural possibilities for the group with undisclosed third
parties, which, if undertaken, could potentially be of benefit to
the credit profile.  The group's solid liquidity position and
relatively limited capital expenditure commitments help support
the ratings.  Extensive use of operating leases also allows the
group some flexibility to preserve cash by adjusting capacity to
meet reduced demand.

SAS is making considerable efforts on the revenue and cost side
to mitigate the effects of challenging industry conditions.
Nevertheless, failure to satisfactorily offset rising costs,
delays to cost savings initiatives, or a prolonged downward trend
in premium traffic could lead to pressure on the ratings if credit
metrics weaken beyond S&P's expectations.  S&P expects SAS to
maintain funds from operations to adjusted debt in a 15%-20%
range.  The outlook is unlikely to be revised to stable in the
short term, given S&P's expectation that oil prices will continue
to weigh heavily on trading performance.


* SWEDEN: To Disclose New Rules on Controlling Ailing Banks
-----------------------------------------------------------
Sweden will reveal its new rules by the end of 2008 to clarify how
and when the government would take control of any domestic bank
undergoing financial problems, Reuters' Johan Sennero reports,
citing a finance ministry adviser as saying.

Early this year, Sweden's central bank governor, Stefan Ingves,
emphasized the need for a stronger regulatory framework to manage
financial system crisis, Reuters notes.

Sweden's plan, according to Reuters, follows the recent move of
the United States and Britain to propel distressed financial
institutions in order to avoid wider contagion in markets.

Stefan Svanstrom, a political adviser at Sweden's finance, said
that the state will explain the details of the new rules, Reuters
reports.  Mr. Svanstrom revealed that Sweden currently doesn't
have this sort of framework.  He added that the new rules would be
put forward between the budget later this month and Christmas,
Reuters says.

Mr. Svanstrom stated that it may "be quite a quick process" for a
bank's potential insolvency to become an actual insolvency,
Reuters reports.  According to him, it must be determined whether
or not the problem can be fixed through intervention of a special
authority, Reuters adds.

Reuters notes that the credit crunch has hit various financial
institutions worldwide, including mortgage giants Fannie Mae and
Freddie Mac, Bear Stearns, and Britain's Northern Rock.

Reuters recalls that during the financial and economic crisis in
the 1990s, the state was forced to bail out the banking system.
Central bank chief Ingves was head of the Swedish Bank Support
Authority during that time, Reuters reports.


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


BACCARA JSC: Creditors Have Until Sept. 28 to File Claims
---------------------------------------------------------
Creditors owed money by JSC Baccara are requested to file their
proofs of claim by Sept. 28, 2008, to:

         KoTrusco Ltd.
         Allmendstrasse 11
         6312 Steinhausen
         Switzerland

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


HEXAL INTERNATIONAL: Sept. 28 Set as Deadline to File Claims
------------------------------------------------------------
Creditors owed money by Hexal International Ltd. are requested to
file their proofs of claim by Sept. 29, 2008, to:

         JSC MFW Treuhand & Revision
         Riedstrasse 1
         6343 Rotkreuz
         Switzerland

The company is currently undergoing liquidation in Risch ZG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 22, 2007.


IM FELD: Creditors Must File Proofs of Claim by Sept. 20
--------------------------------------------------------
Creditors owed money by JSC Im Feld, Fehraltorf are requested to
file their proofs of claim by Sept. 20, 2008, to:

         Wermatswilerstrasse 16
         8320 Fehraltorf
         Switzerland

The company is currently undergoing liquidation in Fehraltorf.
The decision about liquidation was accepted at an extraordinary
shareholder's meeting held on July 9, 2008.


REDHOTCHILILI LLC: Deadline to File Proofs of Claim Set Oct. 1
--------------------------------------------------------------
Creditors owed money by LLC REDHOTCHILILI are requested to file
their proofs of claim by Oct. 1, 2008, to:

         Dorfstrasse 120
         8105 Watt
         Switzerland

The company is currently undergoing liquidation in Regensdorf.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 6, 2008.


SWISS ALPINE: Proofs of Claim Filing Deadline is Sept. 28
---------------------------------------------------------
Creditors owed money by JSC Swiss Alpine Power are requested to
file their proofs of claim by Sept. 28, 2008, to:

         Hanspeter Reust
         Ried
         3780 Gstaad
         Switzerland

The company is currently undergoing liquidation in Saanen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 14, 2008.


TARIM ASSOCIATES: Creditors' Proofs of Claim Due by  Sept. 28
-------------------------------------------------------------
Creditors owed money by JSC Tarim Associates for Scientific
Mineral & Oil Exploration are requested to file their proofs of
claim by Sept. 28, 2008, to:

         Company Froelich & Hsu Architekten
         Neugasse 10
         8005 Zurich
         Switzerland

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


TV VIDEO: Sept. 28 Set as Deadline to File Proofs of Claim
----------------------------------------------------------
Creditors owed money by LLC TV Video, Hi-Fi Hess are requested to
file their proofs of claim by Sept. 28, 2008, to:

         JSC Vorstadt Treuhand
         Franz Wisler
         Unt. Einschlagstrasse 5
         4923 Wynau
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 7, 2008.


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


ASQUITH PROPERTIES: Worst Market Conditions Spur Administration
---------------------------------------------------------------
West Yorkshire-based Asquith Properties Ltd. has gone into
administration after running into cash flow difficulties, Robert
Sutcliffe of Yorkshire Post reports.

Steve Ellis and Ian Green of PricewaterhouseCoopers LLP were
appointed joint administrators of the company.

Asquith, traded in West Yorkshire since 2000, has undertaken a
number of successful developments in the region, most recently
completing the development of the Gatehaus property in the Little
Germany district of Bradford, the report relates.

However, the report says the company was hit by the "worst market
conditions in living memory."

"Despite financial support from its bankers and the shareholders,
the company has encountered severe cash flow problems as a
consequence of escalating development costs on the Gatehaus
development project and an inability to realise value from its
land and property assets due to the troubled UK property and
development finance markets," Mr. Ellis was quoted in the report
as saying.  "Curtailment of these developments has generated
significant losses as the projects cannot now be funded.

Meanwhile, the company's remaining property and land assets in
Bradford and Queensbury will be put for sale to recover value for
creditors, the report discloses.

"We would invite any interested parties to contact us as soon as
possible," Mr. Ellis added.


ATARI INC: Nasdaq to Complete Delisting of Stocks
-------------------------------------------------
The NASDAQ Stock Market stated that it will delist the common
stock of Atari Inc.  Atari Inc.'s stock was suspended on May 9,
2008, and has not traded on NASDAQ since that time.  NASDAQ will
file a Form 25 with the Securities and Exchange Commission to
complete the delisting.

The delisting becomes effective 10 days after the Form 25 is
filed.

New York City-based Atari Inc. is a publisher of video game
software that is distributed throughout the world and a
distributor of video game software in North America.  Most of the
products it publishes and distributes are games developed by or
for Infogrames Entertainment S.A., or IESA, a French corporation
listed on Euronext, which owns approximately 51% of its stock.

Atari has offices in Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 16, 2008,
J.H. Cohn LLP raised substantial doubt about Atari Inc.'s
ability to continue as a going concern after it audited the
company's financial statements for the year ended March 31,
2008.  The auditor pointed to the company's significant
operating losses.


BRITISH AIRWAYS: Virgin Intensifies Campaign Against AA-Tie Up
--------------------------------------------------------------
Sir Richard Branson's Virgin Atlantic Airways Ltd is intensifying
its campaign against a proposed tie-up of British Airways plc and
American Airlines, saying it will "fight tooth and nail," Steve
Rothwell of Bloomberg News reports.

Mr. Branson told Bloomberg Virgin Atlantic is stepping up its
lobbying efforts.  Mr. Branson last month urged U.S. presidential
candidates Barack Obama and John McCain to block the tie-up should
they be elected, the report relates.

Mr. Branson added the carrier is also repainting its planes with
the logo "No Way BA-AA," the report discloses.

"The two biggest airlines in the world should be told to compete,
not cozy up together," Mr. Branson said.  "We are not going to let
it happen."

                  BA-AA Tie-Up Anti-Competitive

In August, Virgin Atlantic warned that BA's third attempt to tie-
up with American Airlines would create a monster monopoly that
would push up ticket prices and substantially reduce competition
on the busiest air corridor in the world.

Virgin Atlantic set out its specific concerns:

    * BA/AA will form a dominant force in transatlantic markets,
      with nearly 60% of all Heathrow - US frequencies.  In 2007
      62% of passengers traveling between Heathrow and the US
      traveled on BA or AA, according to the US Department of
      Transport.  Existing competitors will struggle to compete
      and new entrants will be deterred.

    * BA/AA will have 63% of capacity between Heathrow and New
      York JFK, 79% between Heathrow and Boston and 75% between
      Heathrow and Miami.  The alliance would have dominant
      market shares on other Heathrow routes, 66% to Chicago and
      49% to Los Angeles, and would create a pure monopoly on
      the route from Heathrow to Dallas Fort Worth.  In each
      case customer choice is drastically reduced or eliminated
      and higher fares will follow.

    * BA and AA have over 200,000 slots a year at London
      Heathrow.  Virgin Atlantic has 17,000.  Heathrow is full
      and no other carrier can replicate BA/AA's network.  BA/AA
      won't face enough competition on its huge network to stop
      it raising prices to consumers.

       American Airlines' Response to Virgin's Charges

As reported in the TCR-Europe on Sept. 8, 2008, American Airlines
Inc. rejected charges by Virgin Atlantic that a proposed alliance
between American and British Airways
would create a monopoly on trans-Atlantic service from London
Heathrow Airport.

American Airlines responded that based on market data for July,
its alliance with British Airways would hold an overall market
share of 43.6% on flights from Heathrow to the United
States while flights from John F. Kennedy Airport in New York to
Heathrow would hold 52.3%t.  The American carrier's response came
in a filing with the U.S. Transportation Department, which is
reviewing a request by American and British Airways for antitrust
immunity.

If they receive approval, the airlines would service a total of
443 destinations in 106 countries, with nearly 6,300 daily
departures.

                  About American Airlines

Headquartered in Fort Worth, Texas, American Airlines Inc. --
http://www.aa.com/index.jhtml/-- is the principal subsidiary of
AMR Corporation (AMR).  All of American's common stock is owned by
AMR.  American is a scheduled passenger airline.  During the year
ended December 31, 2007, American provided scheduled jet service
to approximately 170 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia.  In addition, American
has capacity purchase agreements with two wholly owned
subsidiaries of AMR, American Eagle Airlines, Inc. and Executive
Airlines, Inc. and two independently owned regional airlines,
which do business as the American Connection (the American
Connection carriers).  The AMR Eagle and American Connection
carriers provide connecting service from eight of American's high-
traffic cities to smaller markets throughout the United States,
Canada, Mexico and the Caribbean.  American is also a scheduled
air freight carriers, providing a range of freight and mail
services to shippers throughout its system.

American Airlines continues to carry, among others, a "B-" Credit
Rating placed by Standard & Poor's on July 25, 2008.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
-- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd.  and British Airways
Travel Shops Ltd.  BA has offices in India and Guatemala.

                         *     *     *

British Airways Plc continues to carry a "Ba1" senior
unsecured debt rating from Moody's with a stable outlook.


CABLE & WIRELESS: To Speed Up GBP4.5 Bil. Demerger of Int'l Arm
---------------------------------------------------------------
Cable & Wireless Plc will accelerate plans to break itself by
disclosing a GBP4.5 billion (US$7.9 billion) demerger of its
international arm by the end of this month, Reuters reports,
citing the Sunday Telegraph.

According to Reuters, the Cable & Wireless board will meet on
Sept. 29, 2008, to discuss the plan.  The plan contemplates on
giving shareholders one share in the company's UK business and one
share in its international arm for every one group share currently
held, Reuters adds.

Reuters says it could not reach Cable & Wireless for a comment.

                      About Cable & Wireless

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries, with principal
operations in the Caribbean, Panama, Macau, Monaco and the
Channel Islands.  The Europe, Asia & U.S. business unit provides
enterprise and carrier solutions to the largest users of
telecoms services across the U.K., U.S., continental Europe and
Asia -- and wholesale broadband services in the U.K.  The
company also has operations in India, China, the Cayman Islands
and the Middle East.

                           *     *     *

Cable & Wireless plc continues to carry 'BB-' long-term and 'B'
short-term corporate credit ratings from Standard & Poor's with a
developing outlook.


CLF TECHNOLOGIES: Lord Marland to Buy Business for GBP2 Million
---------------------------------------------------------------
Lord Marland of Odstock will acquire Derbyshire-based exhaust
manufacturer CLF Technologies Ltd. for GBP2 million, Peter Taylor
of the Daily Telegraph reports.  Lord Marland is chairman of
Janspeed, an exhaust manufacturer based in Salisbury.

According to the report, the deal had been agreed in principle,
although it had not yet been signed this weekend.

CLF, the report relates, went into administration in July.
Patrick Ellward and Dilip Dattani of Tenon Recovery Nottingham
were appointed administrators of the business, which has an annual
turnover of about GBP11 million.

The report notes that while CLF benefited from increased
competitiveness in foreign markets in response to the falling
value of sterling, it struggled with the rising price of
commodities.

CLF, which employs 100 people, cut about 30 jobs this year, the
report discloses.


CMC MANAGEMENT: Enters Into Voluntary Liquidation
-------------------------------------------------
CMC Management has entered into voluntary liquidation blaming the
smoking ban and a downturn in trade caused by the credit crunch,
Peter Ranscombe of Scotsman reports.

MLM Insolvency was appointed by a court as liquidator.

Ms. Maureen Leslie, of MLM Insolvency said, "We were appointed by
the court after CMC Management directors applied for voluntary
liquidation.  It is our understanding that a general downturn in
business after the smoking ban was introduced and the significant
reduction in trade due to the credit crunch are the two main
factors behind the business failing."

CMC Management -- http://www.cmc-management.co.uk/-- is a pub
management company that is focused in Scotland.


DECO 2005-UK: S&P Lowers Rating on Class D Notes to BB/Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and kept on
CreditWatch with negative implications its rating on the class
D notes issued by DECO Series 2005-UK Conduit 1 PLC.  At the same
time, S&P affirmed its ratings on the remaining notes in the
transaction.

The Kashani loan in this commercial mortgage-backed securities
(CMBS) transaction was transferred into special servicing on
Dec. 5, 2006.  At that time, the ratings remained unaffected
following a liquidity facility draw.

S&P recently finalized a full review of all the loans in the pool
as part of its ongoing surveillance activity.  S&P has outstanding
concerns on several other loans, some of which are exposed to
circumstances not dissimilar to the Kashani loan.  For these
loans, cumulative losses may exceed the amount of the class E
notes.

S&P expects to carry out further analysis on these loans and will
resolve the CreditWatch placement in due course.

In April 2007, S&P placed the class D and E notes on CreditWatch
negative following receipt of a special notice by the master
servicer.  In May 2007, S&P lowered the rating on the class E
notes to 'CCC' and removed the notes from CreditWatch negative,
while keeping the class D notes on CreditWatch negative.  In
August 2007, S&P lowered its rating on the class E notes to 'D'
following the failure to meet timely payment of interest and an
expected principal shortfall on the Kashani loan.

DECO Series 2005-UK Conduit 1 PLC:

  -- GBP236.057 Million Commercial Mortgage-Backed Floating-Rate
     Notes

Rating Lowered And Remaining On CreditWatch Negative:

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

Ratings Affirmed:

A           AAA
B           AA
C           A
E           D


DICKIESHEBA LTD: Taps Deloitte & Touche to Administer Assets
------------------------------------------------------------
Christopher James Farrington and John Charles Reid of Deloitte &
Touche LLP were appointed joint administrators of Dickiesheba Ltd.
(Company Number 01298295) on Sept. 3, 2008.

The company can be reached at:

         Dickiesheba Ltd.
         Telford Drive
         Northern Road Industrial Estate
         Newark
         Nottinghamshire
         NG24 2DX
         England


D.M.C. LTD: Barclays Bank Taps Receivers from Kroll
---------------------------------------------------
Barclays Bank PLC appointed Joanne Marie Wright and Charles Peter
Holder of Kroll Ltd. joint administrative receivers of D.M.C.
(Midlands) Ltd.(Company Number 02497698) on Sept. 4, 2008.


GEMCAR LTD: Brings in Joint Administrators from Vantis
------------------------------------------------------
Nicholas Hugh O'Reilly and Geoffrey Paul Rowley of Vantis Business
Recovery Services were appointed joint administrators of Gemcar
Ltd. (Company Number 04328324) on Aug. 28, 2008.

The company can be reached at:

         Gemcar Ltd.
         c/o Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


ITV PLC: Sale Could Spark Bidding War
-------------------------------------
Simon Thiel of Bloomberg News reports that a sale of ITV plc could
set off a bidding war.

"Predators are circling," Andrea Azzimondi, an analyst at Pali
International Ltd. in London, was quoted by Bloomberg as saying.

According to the report, possible bidders include Endemol NV, U.S.
billionaire Haim Saban, and RTL Group.

Mr. Azzimondi indicated regulatory changes may make ITV
attractive, the report discloses.  He estimated an auction could
push up the value of the company's shares by 43% to 70 pence.

                          About ITV plc

Headquartered in London, ITV plc --
http://www.itvplc.com/-- is a U.K. media company, owning all of
the regional Channel 3 licenses in England and Wales.  The
company wholly owns three leading free-to-air digital channels:
ITV2, ITV3 and ITV4.  It owns the market leading cinema screen
advertising businesses in the U.K. and Republic of Ireland and
has similar joint ventures in continental Europe and the United
States.

                         *     *     *

As reported in the TCR-Europe on Aug. 8, 2008, Standard & Poor's
Ratings Services has lowered its long-term corporate credit and
senior unsecured debt ratings on U.K. private broadcaster ITV PLC
to 'BB+' from 'BBB-'.  At the same time, the short-term corporate
credit rating was lowered to 'B' from 'A-3'.  The outlook is
stable.


LEHMAN BROTHERS: Goes Belly-Up In Biggest Bankruptcy Ever
---------------------------------------------------------
Lehman Brothers Holdings Inc. filed a petition under Chapter 11 of
the U.S. Bankruptcy Code with the United States Bankruptcy Court
for the Southern District of New York early morning on September
15.

None of the broker-dealer subsidiaries or other subsidiaries of
LBHI were included in the Chapter 11 filing and all of the broker-
dealers will continue to operate.  Customers of Lehman Brothers,
including customers of its wholly owned subsidiary, Neuberger
Berman Holdings, LLC, may continue to trade or take other actions
with respect to their accounts.

The Board of Directors of LBHI authorized the filing of the
Chapter 11 petition in order to protect its assets and maximize
value.  In conjunction with the filing, LBHI intends to file a
variety of first day motions that will allow it to continue to
manage operations in the ordinary course.  Those motions include
requests to make wage and salary payments and continue other
benefits to its employees.

Ian T. Lowitt, Lehman's chief financial officer, controller, and
executive vice president, said that Lehman was materially affected
by conditions in the global financial markets and worldwide
economic conditions.  For most of 2008, Lehman Brothers operated
in an extremely unfavorable global business environment.
"Conditions were characterized by a continued lack of liquidity in
the credit markets, significantly depressed volumes in most equity
markets, a widening in certain fixed income credit spreads
compared to the end of the 2007 fiscal year, and declining asset
values."

"The hardships," Mr. Lowitt continued, were compounded by slowed
growth in major economies as a result of declining business and
consumer confidence.  Global inflation rose amid slowing economic
growth.  Commodity prices rose significantly during the quarter,
with oil and gold reaching record levels, raising costs of
industrial production.  Central banks' concerns about exacerbating
inflationary conditions limited their ability to effect monetary
policies intended to provide liquidity within the markets."

For the quarter ending August 31, 2008, Lehman posted a
preliminary net loss of US$3.9 billion, compared to an US$887
million net income for the same quarter in 2007.  The US$3.9
billion loss, Bloomberg said, is Lehman's biggest loss in history.
For the quarter ended May 31, 2008, Lehman posted US$2.7 billion
in losses, and US$489 million in income for the quarter ended
Feb. 29, 2008.  The net loss, according to a company statement,
was driven primarily by gross mark-to-market adjustments stemming
from writedowns on commercial and residential mortgage and real
estates.

LBHI is exploring the sale of its broker-dealer operations and is
in advanced discussions with a number of potential purchasers to
sell its Investment Management Division.  LBHI intends to pursue
those discussions as well as a number of other strategic
alternatives.

Neuberger Berman, LLC and Lehman Brothers Asset Management will
continue to conduct business as usual and will not be subject to
the bankruptcy case of its parent, and its portfolio management,
research and operating functions remain intact.  In addition,
fully paid securities of customers of Neuberger Berman are
segregated from the assets of Lehman Brothers and are not subject
to the claims of Lehman Brothers Holdings' creditors.

Sean Egan of Egan-Jones rating agency, says Lehman's bankruptcy
"wo[n]'t have as big an impact" as the bankruptcy of Fannie Mae
or Freddie Mac, Bear Stearns Cos., or Countrywide Financial Corp.
would have had.  "What the market has been telling us is that
Lehman's equity and assets don't cover its liabilities, so the
debt isn't worth 100 cents on the dollar," Mr. Egan said.  "That
means credit default swaps on Lehman's debt will be triggered."

Martin Bienenstock, Esq., a prominent corporate restructuring
lawyer at Dewey & LeBeouf, who represents several Lehman
creditors, told Bloomberg that, in the short term, there will
regrettably be losers including creditors, investors and the
capital markets."

The International Swaps and Derivatives Association, according to
WSJ, said a "netting trading session" took place between 2:00
p.m. and 6:00 p.m. Sunday night, to reduce risks associated with
Lehman's bankruptcy.

In its bankruptcy petition, Lehman estimated that funds will be
available for unsecured creditors.  Lehman believes that it has
more than 100,000 creditors.

Senior unsecured debt-holders of Lehman may receive 60 cents to
80 cents on the dollar in a bankruptcy filing, research firm
CreditSights said Sept. 14.  Early quotations on Lehman senior
debt show the bonds trading in the 32 cents to 35 cents range,
CreditSights said.  Secured creditors could receive 100%
recovery, according to analyst David Hendler, who co-authored the
report.  Lehman owes US$149 billion in bond debt.

                     Possible Liquidation

Bloomberg said Lehman has access to a lending facility for
brokers that would permit an orderly process for unwinding the
firm.  A group of banks, Bloomberg said, citing people familiar
with the matter, is also negotiating a fund to lend to troubled
financial firms and shore up investor confidence.

The WSJ said many Wall Street firms conceded that a liquidation
of Lehman's assets likely would proceed in an orderly fashion.  A
liquidation of Lehman's assets would allow other firms to quickly
buy real estate, securities, and other investments, preventing
the assets from flooding the market.  Because of this, the WSJ
said some participants in the Fed talks decided that "liquidation
was no worse an option that selling Lehman to a buyer such as
Barclays."

"There will be an orderly wind down," the WSJ quoted one
unidentified banker involved in the matter as saying.  "This was
the default option.  It happens when you have no buyer."  The WSJ
further said that the outside firms decided that instead of
making guarantees for Barclays or some other purchaser of Lehman,
they would prefer to pool their resources and buy the assets
themselves, taking on the risks and carrying costs, along with
the possibility of profiting down the road.  Those firms, the WSJ
said, would likely then buy assets such as mortgage-backed
securities, leveraged loans, private-equity positions and
investments in real estate or hedge funds.

                Talks Continue with Barclays PLC

Lehman Brothers was negotiating on Monday a last-minute plan to
sell its assets to Barclays PLC, before too many workers and
clients leave the company, which could cause the assets' value to
decline, Jeffrey McCracken, Matthew Karnitschnig, Carrick
Mollenkamp, and Susanne Craig at the Wall Street Journal reports.

A person involved in the talks said that Barclays Americas
chairperson Archibald Cox was leading the talks, and an agreement
is hoped to be reached today, Sept. 16, WSJ reports.

The planned sale, says WSJ, would fold Lehman's core business --
underwriting stocks and bonds, providing merger advice, and
securities trading -- into Barclays.  "The assets will be moved as
soon as possible," WSJ quoted a person working on the Lehman
bankruptcy.

Barclays was not expected to take on Lehman's operations in Europe
and Asia, WSJ relates.

According to WSJ, Barclays held discussions about buying Lehman
before the bankruptcy filing.  Barclays remains interested in
Lehman's U.S. broker-dealer unit, WSJ states.

                     About Lehman Brothers

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

As of May 31, 2008, the Company's consolidated assets totaled
approximately US$639 billion, and its consolidated liabilities
totaled US$613 billion.

Lehman's bankruptcy petition listed US$639 billion in assets and
US$613 billion in debts, effectively making the firm's bankruptcy
filing the largest in U.S. history.  The September 15 Chapter 11
filing by Lehman Brothers Holdings, Inc., does not include any of
its subsidiaries.


LEHMAN BROTHERS: European Unit Placed Into Administration
---------------------------------------------------------
Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis,
partners at PricewaterhouseCoopers LLP, were appointed as joint
administrators to Lehman Brothers International (Europe) on
September 15, 2008.

Lehman Brothers, the principal UK trading company in the Lehman
group, was placed into administration, together with Lehman
Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd.  These
are currently the only UK incorporated companies in
administration.

The joint administrators have been appointed to wind down the
business in as orderly a manner as possible.

Tony Lomas, joint administrator and partner of
PricewaterhouseCoopers LLP emphasized, "Because the group managed
its funding on a global basis the UK trading operation found
itself unable to meet its obligations when the flow of funds dried
up last night.  Our priority now is to work with management and
trading counterparties to agree the manner in which the assets and
liabilities will be handled.

"I would also like to emphasize that a number of group companies
remain solvent and will continue to trade.  These companies
include LBAM (Europe) and a series of special purpose vehicles
designed to manage portfolios of residential and commercial real
estate assets and non performing loans."

                  About PricewaterhouseCoopers

PricewaterhouseCoopers -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for its clients and their
stakeholders.  More than 146,000 people in 150 countries across
our network share their thinking, experience and solutions to
develop fresh perspectives and practical advice.

'PricewaterhouseCoopers' refers to PricewaterhouseCoopers LLP (a
limited liability partnership in the United Kingdom) or, as the
context requires, the PricewaterhouseCoopers global network or
other member firms in the network, each of which is a separate
and independent legal entity.


LEHMAN BROTHERS: Wants Bankruptcy Stay Enforced on Creditors
------------------------------------------------------------
Lehman Brothers Holdings Inc., seeks a ruling by the U.S.
Bankruptcy Court for the Southern District of New York enforcing
the so-called "automatic stay" in its Chapter 11 case.

Harvey Miller, Esq., at Weil, Gotshal & Manges LLP, in New York,
says a court order enforcing the automatic stay pursuant to the
Bankruptcy Code is required given the global nature of Lehman
Brothers' businesses and its extensive dealings with foreign
creditors.

Under Section 362 of the Bankruptcy Code, the filing of a
bankruptcy case triggers an injunction against the continuance of
an action by any creditor against the debtor or its property.
The automatic stay gives the debtor protection from its creditors
subject to the oversight of the bankruptcy judge.

"Many of the non-U.S. creditors affected by Section 362 of the
Bankruptcy Code are unaware of the significant protection it
provides to [Lehman Brothers]," Mr. Miller says.  "A certain
amount of [Lehman Brothers'] assets are located around the globe,
which may further confuse a non-U.S. creditor that is
unaccustomed to the broad reach of the automatic stay."

Lehman Brothers holds regional headquarters in London and Tokyo
and a network of offices in Europe, the Middle East, Latin
America and the Asia Pacific region.  It also holds memberships
or associate memberships on several principal international
securities and commodities exchanges.

"The existence of such an order, which Lehman Brothers will be
able to transmit to affected parties, will maximize the
protections afforded by Sections 362 of the Bankruptcy Code,"
Mr. Miller says.  He further says that the automatic stay may not
be recognized by foreign creditors or tribunals unless embodied
in an order of the Court.

                     About Lehman Brothers

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

As of May 31, 2008, the Company's consolidated assets totaled
approximately US$639 billion, and its consolidated liabilities
totaled US$613 billion.

Lehman's bankruptcy petition listed US$639 billion in assets and
US$613 billion in debts, effectively making the firm's bankruptcy
filing the largest in U.S. history.  The September 15 Chapter 11
filing by Lehman Brothers Holdings, Inc., does not include any of
its subsidiaries.


LEHMAN BROTHERS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Lehman Brothers Holdings Inc.
       745 Seventh Avenue
       New York, NY 10019

Bankruptcy Case No.: 08-13555

Type of Business: The Debtor is an investment bank.  The
                  company serves the financial needs of
                  corporations, governments and municipalities,
                  institutional clients, and high net worth
                  individuals worldwide.  Founded in 1850, Lehman
                  Brothers is involved in equity and fixed income
                  sales, trading and research, investment banking,
                  private investment management, asset management
                  and private equity.  The company operates in
                  three segments: Capital Markets, Investment
                  Banking, and Investment Management.  It has
                  regional headquarters in London and Tokyo, and
                  operates in a network of offices around the
                  world.  It has about 28,000 full-time employees.

               See: http://www.lehman.com/

Chapter 11 Petition Date: September 15, 2008

Court: Southern District of New York (Manhattan)

Debtor's Counsel: Harvey R. Miller, Esq.
                 harvey.miller@weil.com
                 Richard P. Krasnow, Esq.
                 Lori R. Fife, Esq.
                 Shai Y. Waisman, Esq.
                 Jacqueline Marcus, Esq.
                 Weil, Gotshal & Manges, LLP
                 767 Fifth Avenue
                 New York, NY 10153
                 Tel: (212) 310-8000
                 Fax: (212) 310-8007
                 http://www.weil.com/

The Debtor's financial condition as of May 31, 2008:

Total Assets: US$639 billion

Total Debts: US$613 billion

Debtor's 30 Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Citibank, N.A., as indenture   bond debt
US$138,000,000,000
trustee, and The Bank of New
York Mellon Corporation (with
respect to the Euro Medium
Term Notes only, as indenture
trustee, under the Lehman
Brothers Holdings. Senior
Notes.

Citibank, N.A.
399 Park Avenue
New York, NY 10043
Attn: Wafaa Orfy
Tel: (800) 422-2066
Fax: (212) 816-5773

The Bank of New York
One Canada Square
Canary Wharf, London E14 5AL
Attn: Raymond Morison
Tel: 44-207-964-8800

The Bank of New York           bond debt
US$15,000,000,000
Mellon Corporation, as
indenture trustee under the
Lehman Brothers Holdings
Inc. subordinated debt.

The Bank of New York
Mellon Corporation
101 Barclay Street
New York, NY 10286
Attn: Chris O'Mahoney
Tel: (212) 815-4107
Fax: (212) 815-4000

AOZORA                         bank loan          US$463,000,000
1-3-1 Kudan-Minami
Chiyoda-ku, Tokyo 102-8660
Tel: 81-3-5212-9631
Fax: 81-3-3265-9810

Mizuho Corporate Bank Ltd.     bank loan          US$289,000,000
Global Syndicated Financi
Division
1-3-3, Marunochi, Chiyoda-ku
Tokyo, Japan 100-8210

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360
Fax: (212) 282-4487

Citibank N.A. Hong Kong        bank loan          US$275,000,000
Branch
Financial Institutions Group
Asia Pacific
44f Citibank Tower
3 Garden Rd.
Central Hong Kong

Michael Mauerstein
MD - FIG
388 Greenwich Street
New York, NY 10013
Tel: (212) 816-3431

BNP Paribas                    bank loan          US$250,000,000
787 7th Avenue
New York, NY 10019
Tel: (212) 841-2084

Shinesi Bank Ltd.              bank loan          US$231,000,000
1-8, Uchisaiwaicho 2-
Chome
Chiyoda-ku, Tokyo 100-8501
Tel: 81-3-5511-5377
Fax: 81-3-4560-2834

UFJ bank Limited               bank loan          US$185,000,000
2-7-1, Marunouchi
Chiyoda-ku, TKY 100-8388

Stephen Small
vice president
head of financial
institutions
Bank of Tokyo-Mitsubishi
UFJ Trust Company
1251 Avenue of the Americas
New York, New York
10020-1104
Tel: (212) 782-4352
Fax: (212) 782-6445

Sumitomo Mitsubishi            bank loan          US$177,000,000
Bank Corp.
13-6 Nihobashi-
Kodenma-Cho, Chuo-ku,
Tokyo, 103-0001

Yas Imai
Senior Vice President
Head of Financial
Institution Group
Sumitomo Mistui Banking
Corporation
277 Park Avenue
New York, NY 10172
Tel: (212) 224-4031
Fax: (212) 224-4384

Svenska Handelsbanken          letter of credit   US$140,610,543
153 E. 53rd St., 37th floor
New York, NY 10022
Tel: (212) 258,9487

KBC Bank                       letter of credit
US$100,000,000
125 W. 55th St.
New York, NY 10019
Tel: (212) 258-9487

Mizuho Corporate Bank Ltd.     bank loan          US$93,000,000
1-3-3, Marunouchi
Chiyoda-ku, TKY 100-8219

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360

Shinkin Central Bank           bank loan          US$93,000,000
8-1, Kyobashi 3-Chome
Chuo-ku, Tokyo 104-0031

Shuji Yamada
Deputy General Manager
Financial Institution Dept.
Shinkin Central Bank
3-7, Yaesu 1-chome, Chuo-ku
Tokyo 104-0028
Tel: 81-3-5202-7679
Fax: 81-3-3278-7051

The Bank of Nova Scotia        bank loan          US$93,000,000
Singapore Branch
1 Raffles Quay #201-01
One Raffles Quay North
Tower
Singapore 0485583

George Neofitidis
Director Financial
Institutions Group
One Liberty Plaza
New York, NY 10006
Tel: (212) 225-5379
Fax: (212) 225-5254

Chuo Mitsui Trust & Banking   bank loan           US$93,000,000
3-33-1 Shiba, Minato-ku,
Tokyo, 105-0014
Tel: 81-3-5232-8953
Fax: 81-3-5232-8981

Lloyds Bank                   letter of credit    US$75,381,654
1251 Avenue of the Americas
39th Floor
P.O. Box 4873
New York, NY 10163
Tel: (212) 930-8967
Fax: (212) 930-5098

Hua Nan Commercial Bank       bank loan           US$59,000,000
Ltd.
38 Chung-King South
Road Section 1
Taipei, Taiwan

Bank of China                 bank loan           US$50,000,000
New York Branch
410 Madison Avenue
New York, NY 10017
Tel: (212) 936-3101
Fax: (212) 758-3824

Nippon Life Insurance Co.     bank loan           US$46,000,000
1-6-6, Marunouchi,
Chiyoda-ku, Tokyo 100-8288

Takayuki Murai
Deputy General Manager
Corporate Finance Dept. #1
Nippon Life Insurance Co.
Tel: 81-3-5533-9814
Fax: 81-3-5533-5208

ANZ Banking Group             bank loan           US$44,000,000
Limited
18th Floor Kyobo Building
1 Chongro 1 Ku,
Chongro Ka,
Seoul, Korea

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Standard Chartered Bank       bank loan           US$41,000,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

Standard Chartered Bank       letter of credit    US$36,114,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

First Commercial Bank         bank loan           US$25,000,000
Co. Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017

Jason C. Lee
Deputy General Manager
First Commercial Bank Co.
Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017
Tel: (212) 599-6868
Fax: (212) 599-6133

Bank of Taiwan                bank loan           US$25,000,000
New York Agency
100 Wall Street, 11th Floor
New York, NY 1005

Eunice S.J. Yeh
Senior Vice President &
General Manager
100 Wall Street, 11th floor
New York, NY 10005
Tel: (212) 968-0580
Fax: (212) 968-8370

DnB NOR Bank ASA              bank loan           US$25,000,000
NO-0021, Olso, Norway
Stranden 21, Aker Brygge
Tel: 47 22 9487 46
Fax: 47 22 48 29 84

Australia and New Zealand     bank loan           US$25,000,000
Banking Group Limited
Melbourne Office
Level 6, 100 Queen
Street Victoria
Melbourne, VIC 3000
Australia

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Australia National Bank       letter of credit    US$12,588,235
1177 Avenue of the
Americas, 6th Floor
New York, NY 10036

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

National Australia Bank       letter of credit    US$10,294,163
245 Park Avenue, 28th Fl.
New York, NY 10167

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Taipei Fubon Bank, New        bank loan           US$10,000,000
York Agency
100 Wall Street, 14th floor
NY NY 10005
Tel: (212) 968-9888
Fax: (212) 968-9800


LEHMAN BROTHERS: Fitch Puts Ratings at 'D' After Bankruptcy Filing
------------------------------------------------------------------
Fitch Ratings has downgraded the long- and short-term Issuer
Default Ratings and outstanding debt ratings of Lehman Brothers
Holdings Inc, parent of Lehman Brothers Inc. and other
subsidiaries as:

-- Long-term IDR to 'D' from 'A+';
-- Short-term IDR to 'D' from 'F1';
-- Senior debt to 'CCC' from 'A+';
-- Subordinated debt to 'C' from 'A';
-- Preferred stock to 'C' from 'A'.

Fitch has also removed LBHI's long- and short-term ratings from
Rating Watch Negative, where they were originally placed on
Sept. 9.  The rating action follows LBHI's declaration of
bankruptcy.  The ratings of the subsidiaries will remain on Rating
Watch Negative and will likely be downgraded as additional
information becomes available.

LBHI's declaration of bankruptcy results from an inability to
raise additional capital or effect a merger in the very near term.
Liquidity has become constrained extremely limiting flexibility,
particularly for its UK broker-dealer, Lehman Brothers Holdings,
plc.  LBHI is expected to explore the sale of several divisions
and or subsidiaries including the investment management division
which owns Neuberger Berman, the former Lincoln Capital and equity
interests in GLG, Spinnaker and DE Shaw.  Execution of the
proposed structural sales and changes as discussed on LBHI's
third-quarter 2008 earnings call are not likely to be executed.

LBHI posted a net operating loss nine months year-to-date of
US$6.2 billion or (US$10.81) per share. Offsetting these
cumulative losses have been share raises of US$4 billion of common
equity and US$4 billion of preferred debt which serve to cushion
senior debt holders from any future losses.  The mark to market
nature of securities firms' assets result in regularly updated
valuations.

Fitch expects the liquidation and lack of financing by
counterparties to reduce the most recent valuation of these
assets, particularly the US$17 billion of residential related
securities and whole loans, and the US$37 billion of commercial
real estate exposures.  However, an orderly liquidation should
provide substantive cash for recovery at the senior level.  At
this time, Fitch expects limited to no recovery at the
subordinated and preferred debt levels at LBHI.

Fitch will evaluate ratings of various subsidiaries over the next
few days with an expectation of downgrades of long-term IDRs of
'CCC' for Lehman Brothers Inc., Lehman Brothers Holdings, plc and
Lehman Brothers International (Europe).  By law, broker dealer
subsidiaries are not subject to bankruptcy but in turn face
liquidation.  Fitch believes Lehman Brothers Inc, its US broker
dealer, will continue to operate for some time.  Eventual default
remains a real possibility.

LBHI's bank subsidiaries, Lehman Brothers Bank, FSB, Lehman
Brothers Commercial Bank and Lehman Brothers Bankhaus AG will also
be downgraded; however debt is expected to remain more highly
rated than the broker-dealer subsidiaries.  US based regulated
entities will be protected from cash outflows to the parent.  The
vast majority of deposits are brokered retail deposits and all
below US$100,000.  Uninsured deposits, while minimal, are expected
to be protected by the well-capitalized status of the
institutions.

Borrowings at Lehman Brothers Bank, FSB are largely from the
Federal Home Loan Bank System, and secured by mortgage collateral.
Both bank entities have an ability to put weakened assets back to
LBHI which will protect their capital base, but increase loss
potential for unsecured creditors of LBHI.

Fitch has downgraded these ratings:

Lehman Brothers Holdings Inc.
-- Long-term IDR to 'D' from 'A+';
-- Long-term senior to 'CCC' from 'A+';
-- Senior unsecured debt to 'CCC' from 'A+';
-- Subordinated debt to 'C' from 'A';
-- Preferred stock to 'C' from 'A';
-- Short-term IDR to 'D' from 'F1';
-- Short term debt to 'D' from 'F1';
-- Individual to 'F' from 'B/C'.

All support ratings of subsidiaries are downgraded from '1' to
'5'.

Lehman Brothers Holdings Capital Trust III - VII
-- Preferred stock to 'C' from 'A'.

Lehman Brothers UK Capital Trust LP, II and III
-- Preferred stock to 'C' from 'A'.

Lehman Brothers E-Capital Trust I
-- Preferred stock to 'C' from 'A'.

Fitch has also affirmed these ratings:

Lehman Brothers Holdings Inc.
-- Support at '5';
-- Support Floor at 'NF'.


LEHMAN BROTHERS: Parent's Bankruptcy Cues Fitch to Review Units
---------------------------------------------------------------
Following its rating downgrade of Lehman Brothers Holdings Inc.'s
long- and short-term Issuer Default Ratings to 'D' on its
declaration of bankruptcy, Fitch Ratings is reviewing LBHI and
subsidiaries' counterparty exposure in global structured finance
transactions.  Credit default swap counterparty, eligible security
and reference entity exposure will be discussed in a separate
commentary to be issued shortly by Fitch.

In addition to those actions, Fitch is evaluating ratings of
various LBHI subsidiaries, the long term IDRs of which were also
downgraded by Fitch.  The subsidiaries include:

-- Lehman Brothers Inc.;
-- Lehman Brothers Holdings, plc;
-- Lehman Brothers International (Europe);
-- Lehman Brothers Bank, FSB;
-- Lehman Brothers Commercial Bank.

Counterparty risk in SF transactions is subject to Fitch's
criteria for hedge counterparties.  For SF transactions rated
'BBB+' or higher with counterparties that are downgraded to below
'BBB+/F2', Fitch expects that the actions of choice by the issuer
should be to replace the counterparty or arrange for the hedge
obligations to be guaranteed by a rated entity that is consistent
with Fitch's criteria.  During the time a replacement or guarantor
is sought, Fitch expects collateral to be posted as a measure of
protection.

Fitch's hedge counterparty criteria provides for a 30-day cure
period before a security is placed on Rating Watch Negative
following a counterparty downgrade.  However given the severity of
the downgrades to LBHI and its subsidiaries, Fitch will move more
quickly to indicate which structured finance transactions are at
risk of downgrade, should no replacement counterparty or guarantor
assume Lehman's hedge obligations.  Fitch will provide lists of
transactions in the U.S., EMEA and Asia with exposure to the
various Lehman entities over the next few days.

The resolution of the Rating Watch Negative status will reflect
the rating of the specific counterparty, terms of the hedge
contract, the likelihood of cure, and when a cure is not expected,
analysis of transactions cash flows without benefit of existing
hedges.


LEHMAN BROTHERS: Fitch Cuts Ratings of Units, Keeps Neg. Watch
--------------------------------------------------------------
Fitch Ratings downgraded all subsidiary ratings of various
entities owned by Lehman Brothers Holdings Inc.  LBHI filed a
voluntary bankruptcy on Sept. 14, 2008 which excluded all
subsidiaries.  At this time, rating actions vary considerably by
subsidiary as regulatory actions are expected to occur to preserve
capital for specific constituencies.  Recovery ratings will be
assigned over the next few days.  Rating actions are listed
throughout this comment.

Lehman Brothers Inc.
-- Long-term Issuer Default Rating from 'A+' to 'B';
-- Long-term senior from 'A+' to 'B';
-- Senior unsecured debt from 'A+' to 'B';
-- Subordinated debt from 'A' to 'B-';
-- Short-term IDR 'F1' to 'B';
-- Short term debt 'F1' to 'B';
-- Individual from 'B/C' to D/E';
-- Ratings Remain on Rating Watch Negative
-- Recovery Ratings to be assigned.

Lehman Brothers Inc, a U.S. broker/dealer, continues to operate
and meet ongoing maturities.  However, liquidity is expected to
deteriorate quickly if a sale is not announced over the next few
days.  LBI remains eligible for financing of select assets by the
Federal Reserve under the existing primary dealer facilities and
term securities funding vehicles.  LBI could face liquidation
under Chapter 7 or the Securities Investor Protection Act by U.S.
law. Ratings remain on Rating Watch Negative.

Lehman Brothers Holdings plc
-- Long-term IDR from 'A+' to 'D';
-- Long-term senior from 'A+' to 'CCC';
-- Senior unsecured debt from 'A+' to 'CCC';
-- Subordinated debt from 'A' to 'C';
-- Short-term IDR 'F1' to 'D';
-- Short term debt 'F1' to 'C'
-- Individual from 'B/C' to 'F';
-- Ratings removed from Rating Watch Negative;
-- Recovery ratings to be assigned.

Lehman Brothers Holdings plc is an interim holding company that
owns equity in several European subsidiaries.  It is the issuer
and subordinated guarantor of several junior preferred securities
that are also fully guaranteed by the parent, LBHI and have been
previously downgraded.  There is minimal to no recovery expected
for preferred and subordinated debt.

Lehman Brothers International (Europe)
-- Long-term IDR from 'A+' to 'D';
-- Short-term IDR 'F1' to 'D';
-- Ratings removed from Rating Watch Negative.

Lehman Brothers International (Europe) has been placed into
administration following LBHI's failure to attest to its solvency.
The administrator has broad powers to validate contracts and make
payments as it wishes.  There is no long -term debt outstanding.
Ratings reflect short-term payables and debt outstanding although
a majority of the debt is received from affiliates including
parent, LBHI.

Lehman Brothers Bank, FSB
-- Long-term IDR from 'A+' to 'BB';
-- Long-term deposits from 'AA-' to 'BBB-';
-- Short-term IDR 'F1' to 'F3';
-- Short-term deposits from 'F1+' to 'F3;
-- Subordinated debt from A to 'BB-'
-- Individual from B/C to 'D';
-- Ratings remain on Rating Watch Negative.

Lehman Brothers FSB retains a significant portion of Lehman's
residential mortgage exposures and obtain funding via brokered
certificates of deposit and the Federal Home Loan Bank.  At
June 30, 2008, the thrift remained well-capitalized under
regulatory standards with a majority of funding from retail
deposits.  Subordinated debt is intercompany and provides
additional regulatory capital.  Fitch believes regulators will
step in and prevent any cash flows to the parent until all
deposits and funding is repaid. The strong capitalization provides
material protection of funding.

Lehman Brothers Commercial Bank
-- Long-term IDR from 'A+' to 'BB';
-- Short-term IDR 'F1' to 'F3';
-- Long-term deposits from 'AA-' to 'BBB-';
-- Short-term deposits from 'F1+' to 'F3';
-- Individual from 'B/C' to 'D';
-- Ratings remain on Rating Watch Negative.

Lehman Brothers Commercial Bank is an industrial loan company with
very limited borrowings.  Two-thirds of its assets are supported
by retail brokered deposits.  Assets are highly liquid securities
and high grade commercial loans.  While ratings are tied directly
to the Lehman franchise, the bank remains well capitalized under
regulatory standards and is expected to liquidate in an orderly
fashion and return excess capital to the parent, LBHI.

LBHI posted a net operating loss 9MYTD of US$6.2 billion or
(US$10.81)
per share.  Offsetting these cumulative losses has been share
raises of US$4 billion of common equity and US$4 billion of
preferred
debt which serve to cushion senior debt holders from any future
losses.  The mark to market nature of securities firms' assets
result in regularly updated valuations.  Fitch expects the
potential for forced liquidation as a result of the lack of
available financing by counterparties will reduce the most recent
valuation of these assets, particularly the US$17 billion of
residential related securities and whole loans, and the
US$37 billion of commercial real estate exposures.

However, an orderly liquidation should provide material cash for
recovery at the senior level.  At this time, Fitch expects limited
to no recovery at the subordinated and preferred debt levels at
LBHI.


LEHMAN BROTHERS: Moody's Junks Debt Ratings; To Undertake Review
----------------------------------------------------------------
Moody's Investors Service downgraded the senior ratings of Lehman
Brothers Holdings Inc., and those of certain guaranteed
subsidiaries, to B3 from A2.  The firm's subordinated debt was
downgraded to Caa2 from A3, and its preferred stock to Ca from
Baa1.  The senior long-term rating of Lehman Brothers Inc. was
lowered to B1 from A1 and subordinated debt to B3 from A2.  The
short-term ratings for all rated Lehman entities were lowered to
Not-Prime from Prime-1.

All long-term ratings were placed on review for possible further
downgrade.  The rating action follows the collapse in market
confidence in the firm, and Lehman's announcement that it was
filing for Chapter 11 bankruptcy protection after its failure to
reach a merger agreement with a stronger strategic partner.
According to Lehman, none of the firm's broker-dealer subsidiaries
or other subsidiaries of LBHI will be included in the Chapter 11
filing.

On September 10, 2008, Moody's placed Lehman on review with
direction uncertain, reflecting the deterioration of Lehman's
situation, as well as the assessment of the possibility of a
strategic transaction that would add support to the ratings.
Moody's noted in the September 10 rating action that should a
strategic arrangement fail to materialize in the near term,
Lehman's ratings would be downgraded, likely into the Baa
category, with the ratings continuing on review for possible
downgrade.  However, the credit deterioration at Lehman has been
far sharper than anticipated, with LBHI's pending bankruptcy
filing driving the extent of the rating downgrade.

Moody's said that the B3 rating on LBHI senior obligations
reflects Moody's expectations that the financial regulators will
look to achieve an orderly wind-down of the firm that should help
support existing asset value coverage for senior creditors.  The
higher B1 rating on Lehman Brothers Inc. reflects the regulated
entity's primary broker-dealer status and higher quality balance
sheet relative to unregulated entities.  Nevertheless, the
extended time expected to affect such a wind-down brings
uncertainty as to ultimate asset value realizations.  Within the
review period Moody's will assess the potential for recovery for
various securities across Lehman's capital structure.

The ratings of the following Lehman subsidiaries are based upon
the quality of the guarantee from LBHI and do not reflect the
intrinsic quality of the balance sheets of these rated entities.

-- Lehman Brothers International (Europe),
-- Lehman Brothers OTC Derivatives Inc.,
-- Lehman Brothers Special Financing Inc.,
-- Lehman Brothers Bank, FSB,
-- Lehman Brothers Commercial Bank,
-- Lehman Brothers Bankhaus AG,
-- Lehman Brothers Treasury Co,B.V.

Moody's also said that the Caa2 rating on junior subordinated
obligations and the Ca rating on preferred stock reflect higher
loss expectations for these securities as Lehman's operations are
wound down and asset liquidations occur.

Lehman Brothers Holdings Inc. is a global investment bank and
financial services firm headquartered in New York, NY with total
stockholders equity of approximately US$28.4 billion and
US$143 billion of long-term capital at August 31, 2008.

The long-term and short-term ratings of Lehman Brothers Holdings
Inc. and its subsidiaries were downgraded.  The following is a
list of Lehman's major operating subsidiaries:

* Lehman Brothers Holdings Inc. -- long-term issuer rating to B3
   from A2; subordinate rating to Caa2 from A3; preferred rating
   to Ca from Baa1; commercial paper rating to Non-Prime from
   P-1; long-term ratings placed on review for possible
   downgrade.

* Lehman Brothers, Inc. -- long-term issuer rating to B1 from
   A1; subordinate rating to B3 from A2; commercial paper rating
   to Non-Prime from P-1; long-term ratings placed on review for
   possible downgrade.

* Lehman Brothers Bank, FSB -- long-term deposit rating to B3
   from A2; short-term deposit rating to Non-Prime from P-1;
   long-term ratings placed on review for possible downgrade.


LEHMAN BROTHERS: S&P Downgrades Credit Rating to 'SD' from 'A'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Lehman Brothers Holdings Inc. to
'SD' (selective default, meaning payments may not be made on some
financial obligations), from 'A'.  S&P also removed the rating
from CreditWatch, where it had been placed with developing
implications on Sept. 12, 2008.

The downgrade followed S&P's lowering of Lehman's preferred stock
issues to 'D' from 'BBB+'.  At the same time, S&P lowered Lehman's
senior unsecured debt issues to 'CCC-' from 'A', and its
subordinated debt issues to 'C' from 'A-'.  The issue ratings
remain on CreditWatch where they were placed on Sept. 12, 2008,
but S&P have changed the implications to negative from developing.

Meanwhile, S&P lowered the long-term counterparty credit and issue
ratings on most of Lehman's other subsidiaries to 'BB-'.  These
ratings remain on CreditWatch with developing implications, which
means that S&P could raise, affirm, or lower the ratings.

In addition, S&P lowered the long-term counterparty ratings on
Lehman Brothers International (Europe) and Lehman Brothers
Holdings PLC to 'R', signifying that regulators have taken over
these entities, from 'A'.  S&P removed the ratings from
CreditWatch, where they had been placed with developing
implications on Sept. 12, 2008.

"These rating actions follow Lehman Brothers Holdings Inc., the
parent/holding company of the Lehman Brothers group, filing for
Chapter 11 bankruptcy protection," said Standard & Poor's credit
analyst Scott Sprinzen.  "No other Lehman subsidiary has been
included in the filing.  At this time, it is not clear whether
Lehman will default on its holding company senior and subordinated
debt obligations. But we assume Lehman is highly likely to
discontinue payments on its hybrid capital issues."

It is also uncertain whether the Chapter 11 proceedings will
ultimately include some of Lehman's affiliates in the U.S. and in
other countries or whether regulators will take over those
entities.  Ten securities firms and banks reportedly have access
to a US$70 billion "club" borrowing facility, which should help to
stabilize the financial markets, while the Federal Reserve has
broadened the collateral eligible to be used under the Primary
Dealer Credit Facility.

"Standard & Poor's will continue to monitor the situation closely
and make additional rating changes as further information about
Lehman's reorganization becomes available," said Mr. Sprinzen.

Lehman's Chapter 11 filing followed a precipitous decline in
confidence on the part of creditors, counterparties, and clients,
with severe ramifications for its ability to fund its operations.
This faltering confidence is attributable, in part, to the
company's large holdings of commercial real estate, and
residential mortgages and mortgage-backed securities--and
uncertainty regarding their value--which therefore served as a
magnet for negative market sentiment in the current difficult
environment.


LONDON VOCATIONAL: Calls in Joint Administrators from Vantis
------------------------------------------------------------
Simon Elliott Glyn and Geoffrey Paul Rowley of Vantis were
appointed joint administrators of The London Vocational &
Management Training Co. Ltd. (Company Number 03193171) on
Sept. 1, 2008.


MOORE SCOTT: Lloyds TSB Taps Receivers from PwC
-----------------------------------------------
Lloyds TSB Commercial Finance Ltd. appointed Stuart Maddison,
Colin Michael Trevethyn Haig and Robert Jonathan Hunt of
PricewaterhouseCoopers LLP joint administrative receivers of Moore
Scott & Co. Ltd. (Company Number 03120955) on Sept. 3, 2008.


NHS IN ENGLAND: Department of Health Publishes "Failure Regime"
---------------------------------------------------------------
A "failure regime" for the NHS in England was published for
consultation by England's Department of Health after years of
debate in Whitehall on the implications for independent foundation
hospitals, The Guardian's John Carvel reports.

The government disclosed plans late last week to rescue failing
NHS hospitals from bankruptcy and to protect patients from the
consequences of financial meltdown, according to The Guardian.

In June 2008, health minister Ben Bradshaw said that failing
hospitals might be put under private-sector management as a final
attempt to improve services, The Guardian relates.

However, the department warned that some trusts may be beyond
rescue, according to The Guardian.  The department added that
"additional process will be required."  There is a possibility
that "has become impossible to turn around and it has actually
failed" like when a hospital's license is revoked or if a trust is
nearing bankruptcy, The Guardian quotes the department as stating.

Under the proposals, the NHS chief executive David Nicholson, will
be authorized to declare an NHS hospital as "unsustainable," The
Guardian notes.  Mr. Nicholson will name a "special administrator"
to take over the trust, help maintain essential services, and put
the patients' interests before creditors', The Guardian adds.

The Guardian notes that foundation hospitals, which have
independence from Whitehall control and ownership of the assets
inherited from the NHS, were concerned that the failure regime
might give Mr. Nicholson power to re-nationalize their assets.

According to The Guardian, ministers have ruled that William
Moyes, chairman of Monitor, the foundations' regulator, should
have the authority to decide whether a trust is in dire straits
and should be stripped of its independent status.  Only then could
Mr. Nicholson appoint a special administrator.

Ministers, The Guardian reports, want the failure regime to be
introduced in April and mulls issuance of a list of hospitals
falling below minimum standards in the autumn.

Mr. Nicholson said, according to The Guardian, that most of the
"hospitals and trusts are performing well."

The Guardian quotes Andrew Lansley, the shadow health secretary,
as stating that "[a]ssets required for the maintenance of NHS
services should continue to be available under any insolvency
regime.  . . . But that doesn't mean the government should take
all the risk."  Mr. Lansley said that the Treasury must start
exerting a new level of control over the trusts.

                          About the NHS

Since its launch 60 years ago, the National Health Service or NHS
-- http://www.nhs.uk/-- is one of the world's largest publicly
funded health service.  Nationwide, the NHS employs more than
1.5 million people.  Of those, almost 750,000 are clinically
qualified, including some 90,000 hospital doctors, 35,000 general
practitioners, 400,000 nurses and 16,000 ambulance staff.  The NHS
in England is the biggest part of the system, catering to a
population of 50 million and employing more than 1.3 million
people.  The NHS in Scotland, Wales and Northern Ireland employ
158,000, 71,000 and 67,000 people respectively.


PARTINGTON PLANT: Appoints Administrators from Tenon Recovery
-------------------------------------------------------------
Thomas Dixon and Christopher Benjamin Barrett of Tenon Recovery
were appointed joint administrators of Partington Plant Hire Ltd.
(Company Number 03867398) on Sept. 3, 2008.

The company can be reached at:

         Partington Plant Hire Ltd.
         c/o Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


RAB CAPITAL: Threatens Investors With Liquidation
-------------------------------------------------
RAB Capital has threatened to liquidate a US$900 million Special
Situations fund if investors disagree to lock-in their capital for
another three years, Miles Costelo of timesonline reports.

In return for the three year lock-in period, RAB proposes to cut
management fees to 1% from  2% and performance fees will be down
to 15% from the current 20%.

Philip Richards resigned as CEO on Sept. 4, 2008, to focus on the
fund and his other natural resources fund.

Stephen Couttie, former chief operating officer and finance
director, has replaced Mr. Richards as chief executive.

RAB said that restructuring the fund would guarantee that all
investors were treated equally.

Investors will vote on the proposals at the end of the month.

RAB Capital plc -- http://www.rabcap.com/-- is a listed
alternative asset manager with over US$5.4 billion of assets under
management.  The Company specializes in managing absolute return
funds.

The company employs over 150 professionals across offices in
London and Hong Kong.


SPRINGLIFE WATER: GE Commercial Finance Taps Receivers from MCR
---------------------------------------------------------------
GE Commercial Finance Ltd. appointed Jason James Godefroy and
Andrew Gordon Stoneman of MCR joint administrative receivers of
Springlife Water Ltd. (Company Number 02396694) on Sept. 3, 2008.

The company can be reached at:

         Springlife Water Ltd.
         c/o MCR
         43-45 Portman Square
         London
         W1H 6LY
         England


STEVE HUGHES: Calls in Joint Administrators from BDO Stoy
---------------------------------------------------------
C. K. Rayment and M. Dunham of BDO Stoy Hayward LLP were appointed
joint administrators of Steve Hughes Car Sales Ltd. (Company
Number 02147906) on Sept. 2, 2008.


* S&P Says UK Mortgage Lenders Repo Properties May Rise to 22%
--------------------------------------------------------------
Loan principal loss severities experienced by U.K. nonconforming
mortgage lenders on repossessed properties have risen sharply over
the past 12 months to an average of 7.5%, and could rise to an
average of up to 22% if expected house price declines materialize,
according to a report published by Standard & Poor's Ratings
Services.

Looking at a sample of nonconforming securitized loans that it
rates, S&P found that repossessed properties have consistently
sold at an average discount of 15% relative to their index-implied
sale prices.

These discounts have been larger on higher value properties and in
cases where there is a longer delay between repossession and
eventual sale.  The data shows that the observed discounts have
not been strongly region-dependent.  All regions have experienced
an average discount of around 15%-20%.

Unsurprisingly, the absolute level of repossessions among
nonconforming mortgages is higher than for the overall mortgage
market, given that many nonconforming loans are made to borrowers
with an adverse credit history.

"We estimate that even though the nonconforming sector only
accounts for close to 3% of outstanding U.K. mortgages, it
accounted for around 30% of total repossession cases in H1 2008,"
said surveillance credit analyst Kate Livesey.

While the rate of repossessions has been trending upward for some
time, loss severities have typically been low in recent years
given strongly rising property prices.  However, recent house
price weakness has brought about a dramatic shift in loss
severities over the past 12 months.

S&P expects U.K. average house prices to fall a total of 25%-30%
from their peak in 2007 to a trough in mid-2009.  If this happens,
loan principal loss severities on typical nonconforming
repossession cases will peak at around 22%.

Ms. Livesey said: "We expect loss severities to continue rising
for at least the next year, with house price declines remaining
the driving force.  We also expect the number of repossession
cases to continue increasing."

Commenting on the potential effect on S&P's ratings on
nonconforming residential mortgage-backed securities (RMBS), the
published report states that higher realized losses in mortgage
pools would initially affect ratings toward the bottom of the
capital structure.  However, rising losses can cause certain
transaction triggers to be breached, preventing pro rata payment
of notes and reserve and liquidity funds from amortizing.  This
can in fact be positive for senior notes.


* Longevity Risk, a Growing Burden for Holders, S&P Reports
-----------------------------------------------------------
Longevity risk is a growing burden for its current holders, the
majority of whom will not regard it as one of their desirable core
business risks, according to a report published by Standard &
Poor's Ratings Services.

As traditional capacity among insurers and reinsurers -- the
traditional buyers of longevity risk -- is filled, they need a
solution to appeal to new potential buyers of longevity risk
through the capital markets.

The market is looking for possible solutions to longevity risk,
while intermediaries are encountering challenges in developing
suitable hedging instruments for longevity risk.  The packaging
and repackaging of longevity risk has already started in the U.K.
and S&P expects this to develop strongly in the coming years, with
other European markets following in due course.

S&P expects the most likely long-term position will be (packaged)
longevity risk transferred to the broader capital markets.  The
main problem, at the moment, is in finding the "right" package
that will appeal to both the sellers and buyers of the risk.

Ultimately, though, there will need to be one or more
representative sets of longevity indices, against which longevity
risk can be swapped and traded, in an objective and liquid way,
thus making mortality-linked securities a viable and useful risk
management tool for the primary holders of longevity risk.

The article also looks at the factors involved in setting current
estimates of mortality, a short history of estimating underlying
improvements in mortality, and the models currently in use.


* UK: To Suffer Recession This Fall, European Commission Says
-------------------------------------------------------------
The European Commission based in Brussels projects that the United
Kingdom, Germany and Spain will experience recession this fall,
BBC News reports.  The Commission said that the three countries
would suffer two negative quarters of economic growth, the
technical definition of recession, BBC relates.  The Commission
sees a 0.2% annual shrinkage in the UK economy over the next two
quarters.

Based on the Commission's latest economic forecast, the outlook
for Eurozone growth was downgraded again, BBC writes.  The
Eurozone, enveloping 15 nations excluding the UK, would grow by
1.3% this year, as compared with the previous forecast of 1.7%.

These figures, according to Breaking News, the figures were
derived from revised forecasts for seven countries making up about
80% of the European Union's GDP.

According to BBC, data showed that the region's economy shrank by
0.2% between April and June, the Eurozone's first decline since
its creation in 1999.  The decline is primarily caused by the
downturn in exports and consumer spending, BBC reports.

The policy makers at the European Central Bank nailed interest
rates at 4.25% due to high inflation in the region, which offered
no relief to the region's sluggish economy, BBC says.

The Commission stated in its latest report that inflation will
reach 3.6% in the Eurozone, which is more than the previous
forecast of 3.2% and the government's target of 2%, BBC notes.

The Organisation for Economic Cooperation and Development (OECD)
also gave a gloomy outlook for the region early this week,
according to BBC.  The OECD said that the UK economy did not grow
at all during the second quarter of 2008, BBC adds.

"[T]he UK is facing the twin shocks of high food and fuel prices
and the global credit crunch.   . . . As a result of these global
shocks, the UK economy is slowing," BBC quotes a Treasury
spokesman as saying.  The Treasury spokesman continued that UK had
zero growth while Germany, France, Italy and Japan had negative
growth, BBC relates.  However, the spokesman said that high
employment rates and low interest rates place the UK on top of its
economic challenges, BBC reports.

Separately, Economic and Monetary Affairs Commissioner Joaquin
Almunia said that the gloomy outlook is due to the ructions in the
financial markets, soaring commodity prices and the housing slump,
BBC 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.  Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy
Agravante, Melanie Pador, Marie Therese V. Profetana and Peter A.
Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *