/raid1/www/Hosts/bankrupt/TCREUR_Public/080918.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, September 18, 2008, Vol. 9, No. 186

                            Headlines

A U S T R I A

HEINRICH DROCHTER: Claims Registration Period Ends October 8
ITS LLC: Claims Registration Period Ends October 15
KURT EPPINGER: Claims Registration Period Ends October 15
LIMA TRANSPORT: Claims Registration Period Ends October 6
OMEGA FOOD: Claims Registration Period Ends October 7


B U L G A R I A

FIRST INVESTMENT: Moody's Confirms D Financial Strength Rating


G E R M A N Y

APP PHARMA: S&P Withdraws BB Rating After Fresenius Acquisition
APP PHARMACEUTICALS: Fresenius Kabi Completes Acquisition
ATLANTIS UNTERHALTUNGS: Claims Registration Period Ends Sept. 26
AURIGA GMBH: Claims Registration Period Ends September 26
BELFORT MOEBEL: Claims Registration Period Ends Sept. 26

CB TRANSPORTE: Claims Registration Period Ends Sept. 26
DATHAN GMBH: Claims Registration Period Ends Sept. 26
EURONIGHT LOGISTIK: Creditors' Meeting Slated for September 25
F 101 GMBH: Creditors' Meeting Slated for September 26
FRESENIUS SE: Kabi Completes Acquisition of APP Pharmaceuticals

FRESENIUS SE: Unit Closes Exclusive License Deal with Luitpold
GERSPACH GMBH: Claims Registration Period Ends September 26
JOBSPERPOST GMBH: Claims Registration Period Ends September 26
JS BAUUNTERNEHMUNG: Claims Registration Period Ends September 26
JUST IN TIME: Claims Registration Period Ends September 26

KLATT GMBH: Claims Registration Period Ends September 26
MARKET GATE: Claims Registration Period Ends September 26
OMNIATEC GMBH: Claims Registration Period Ends September 25
RHEFA GMBH: Claims Registration Period Ends September 25
THOMSEN GMBH: Claims Registration Period Ends September 25

TISCHLER WICK: Creditors' Meeting Slated for September 26


I T A L Y

IT HOLDING: Moody's Affirms B3 Corporate Family Rating


K A Z A K H S T A N

ALPROF STROY: Creditors Must File Claims by October 24
ATYRAU-ARTSTROY LLP: Claims Deadline Slated for October 24
DARYN TIKELI: Claims Filing Period Ends November 7
EKIBASTUZ PROM: Creditors' Claims Due on October 24
FOBOS-OIL-PV LLP: Claims Registration Ends October 24

KAR TECH: Creditors Must File Claims by October 24
KOKSHETAU ENERGO: Claims Deadline Slated for November 4
NB-SECURITY LLP: Claims Filing Period Ends October 21
PLODO KONSERVNY UG: Creditors' Claims Due on October 21
TAN & CO LLP: Claims Registration Ends October 24


K Y R G Y Z S T A N

HONG TAI: Creditors Must File Claims by October 29


M O L D O V A

* MOLDOVA: Fitch Changes Foreign & Local IDR's Outlook to Stable


R U S S I A

ARTEM-STROY-TRANS: Creditors Must File Claims by November 4
BAL-TSENTR-GAZ: Kaliningrad Bankruptcy Hearing Set November 17
EKS-METAL LLC: Creditors Must File Claims by October 4
OGK-5 OAO: Inaugurates New Sredneuralskaya 410MW Power Station
OLEKMINSKIY CANNING: Creditors Must File Claims by October 4

ROSSENSOR LLC: Creditors Must File Claims by November 4
TAT-NEFTE-STROY: Court Names I. Gareyev as Insolvency Manager
TECHNO-SEVER-NEFT: Creditors Must File Claims by October 4
TEPLO-STROY-SERVICE: Creditors Must File Claims by November 4
TRADE-OIL LLC: Creditors Must File Claims by October 4

VOLGO-NEFTE-PROM-SERVICE: Creditors Must File Claims by Oct. 4

* KRASNODAR REGION: Fitch Holds BB Foreign & Local Currency Rtngs
* SAKHA REPUBLIC: Fitch Ups Foreign & Local Currency Ratings to BB


S W I T Z E R L A N D

B.I.E.L. HOLDING: Creditors' Proofs of Claim Due by October 1
CLEAN HIT: Creditors Have Until Oct. 2 to File Proofs of Claim
EMMAC HOLDING: Oct. 1 Set as Deadline to File Proofs of Claim
EURO SURVEY: Creditors Must File Proofs of Claim by Oct. 1
IMP JSC: Deadline to File Proofs of Claim Set Oct. 1

SWISSFORENSIX JSC: Proofs of Claim Filing Deadline is Oct. 1
TSS INFORMATIK: Creditors' Proofs of Claim Due by Oct. 2


T U R K E Y

FINANSBANK AS: Fitch Lifts Individual Rating to 'C' from 'C/D'


U K R A I N E

* S&P's Ratings on Ukraine Not Affected By Coalition Dissolution


U N I T E D   K I N G D O M

A R D DAVIES: Brings in Liquidators from Tenon Recovery
BRADFORD & BINGLEY: Moody's Cuts Financial Strength Rating to D
BRITISH AIRWAYS: CEO Sees 30 More Airlines Going Bankrupt
BUCKINGHAM REPROGRAPHIC: Claims Filing Period Ends Dec. 3
COCOA FARM: Calls in Liquidators from Mazars

CONSOLIDATED VENDING: Taps Tenon Recovery to Administer Assets
DILIGENCE LTD: Taps Liquidators from BDO Stoy Hayward
DOLPHIN SECURITY: Appoints Liquidators from Tenon Recovery
FRITH CONTENT: Brings in Liquidators from KPMG
INDIGO FUSION: Calls in Liquidators from Deloitte & Touche

ITV PLC: Moody's Lowers Senior Unsecured Ratings to Ba1
LEHMAN BROTHERS: Administrators Review Operating Position
LEHMAN BROTHERS: Barclays to Buy Trading Unit, HQ for US$1.75BB
LEHMAN BROTHERS: Organizational Meeting Called to Form Panel
LEHMAN BROTHERS: Japan Units File for Bankruptcy in Tokyo

LEHMAN BROTHERS: Seeks Nov. 14 Extension of Schedules Filing
LEHMAN BROTHERS: Bankruptcy Affects World Stock Markets
LEHMAN BROTHERS: Banks Disclose Exposure to Bankruptcy
LEHMAN BROTHERS: Bankruptcy Filing Cues KSX to Delete Index
LEHMAN BROTHERS: S&P Changes Counterparty Credit Rtng to D from SD

LONGMEAD GROUP: Brings in Administrators from PwC
MEDIA & PRINT: HS Printers Buys Businesses Out of Administration
P&P SIGN: Appoints Liquidators from Tenon Recovery
PAUL BROWN'S: Joint Liquidators Take Over Operations
PHOENIX DESIGN: Claims Filing Period Ends Oct. 10

SHORELINE FILMS: Taps Liquidators from Mazars
ZOOM AIRLINES: Shepherd and Wedderburn to Advise PKF

* Fitch Reviews Lehman's European RMBS Counterparty Exposure
* Fitch Reviews Lehman's European ABS Counterparty Exposure
* Fitch Reviews Lehman's European CMBS Counterparty Exposure
* S&P Probes Impact of Lehman Bankruptcy Effect on European Banks
* S&P to Put Global CDOs with Exposure to Lehman & AIG on WatchNeg
* Insolvency Code of Ethics to be Released on November 1

* Upcoming Meetings, Conferences and Seminars


                         *********


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


HEINRICH DROCHTER: Claims Registration Period Ends October 8
------------------------------------------------------------
Creditors owed money by LLC Heinrich Drochter have until Oct. 8,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Wien
         Austria
         Tel: 01/505 88 31
         Fax: 01/505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 22, 2008, for the
examination of claims at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Himberg bei Wien, Austria, the Debtor declared
bankruptcy on Aug. 18, 2008, (Bankr. Case No. 36 S 95/08z).


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

         Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: DW 22
         E-mail: dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 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 102/08z).


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

         Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         Fax: DW 20
         E-mail: ra-g.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 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 103/08x).


LIMA TRANSPORT: Claims Registration Period Ends October 6
---------------------------------------------------------
Creditors owed money by LLC Lima Transport have until Oct. 6,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 7155045
         Fax: 715 50 47-4
         E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 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. 19, 2008, (Bankr. Case No. 3 S 92/08m).


OMEGA FOOD: Claims Registration Period Ends October 7
-----------------------------------------------------
Creditors owed money by LLC Omega Food Technology have until
Oct. 7, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Barbara Pogacar
         Bauernmarkt 2
         1010 Vienna
         Austria
         Tel: 532 12 10
         Fax: 532 12 10 20
         E-mail: b.pogacar@bkp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Oct. 21, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 19, 2008, (Bankr. Case No.  S 103/08m).


===============
B U L G A R I A
===============


FIRST INVESTMENT: Moody's Confirms D Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has confirmed the D Bank Financial
Strength Rating (BFSR) and the Ba1 long-term local and foreign
currency deposit ratings of First Investment Bank  AD.  The rating
agency has also confirmed the senior unsecured ratings and
subordinated debt ratings of Ba1 and Ba2, respectively.  This
rating action concludes the rating review that was initiated in
May 2008, following the short-lived run on customer deposits
experienced by FIB during the second week of May.

"In placing the ratings under review for possible downgrade, the
agency focused on assessing any potential impairment to the bank's
reputation, funding ability and franchise development in terms of
lending and growth of business, and FIB's overall future financial
performance," says Elena Panayiotou, a Cyprus-based Moody's
analyst, and lead analyst for this issuer.

The rating action, which concludes the review that was prompted by
the May events, acknowledges the bank's success in gradually
regaining its customer confidence and in reinstating customer
deposit balances at year-end 2007 levels.  "Furthermore, in
concluding the review, Moody's sites bank data which suggests that
despite higher funding costs, FIB has been able to maintain
interest rate margins at healthy levels and to support its
profitability levels," adds Ms. Panayiotou.

Nonetheless, despite confirmation of the ratings, Moody's points
out that FIB continues to face the challenge of maintaining an
appropriate level of customer deposits, with commensurate funding
cost levels, and replacing its current market funding at
acceptable costs under the current tougher market conditions.
Furthermore, Moody's notes that additional pressures may arise
from a potential deterioration in the loan quality of FIB, as well
as for other Bulgarian banks, as a result of recent strong credit
growth in the developing Bulgarian economy.

Headquartered in Sofia, Bulgaria, First Investment Bank AD had
total assets of BGN4.072 billion (EUR2.082 billion) at the end of
June 2008.


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


APP PHARMA: S&P Withdraws BB Rating After Fresenius Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'BB'
corporate credit rating on APP Pharmaceuticals Inc. following the
close of its acquisition by Fresenius SE (BB/Negative/--) for
about US$4.7 billion.

The company's US$1.15 billion outstanding senior facilities due
2012 and 2013 were successfully refinanced with new US$1.147
billion senior secured facilities due 2013 and 2014 borrowed by
APP Pharmaceuticals LLC and guaranteed by APP Pharmaceuticals
Inc. and Fresenius SE.  These new facilities form part of
Fresenius SE's capital structure and are rated 'BBB-', two
notches higher than the 'BB' corporate credit rating on Fresenius
SE.


APP PHARMACEUTICALS: Fresenius Kabi Completes Acquisition
---------------------------------------------------------
Fresenius Kabi, a business segment of Fresenius SE, has completed
the acquisition of APP Pharmaceuticals, Inc.

The acquisition is an important step in Fresenius Kabi's growth
strategy.  Through APP, Fresenius Kabi enters the U.S.
pharmaceuticals market and achieves a leading position in the
global I.V. generics industry.

Dr. Ulf Mark Schneider, Chairman of the Management Board of
Fresenius SE, said: "We are pleased to be able to complete this
major transaction in a very short time.  Now we are focused on
successfully integrating APP and further developing the business.
Fresenius and APP share a deep commitment to highest-quality
products and medical excellence."

The closing follows completion of the U.S. Federal Trade
Commission's (FTC) review of the acquisition.  The FTC granted
early termination of the waiting period under the Hart-Scott-
Rodino Act without conditions.  Earlier, German antitrust
authorities had also approved the transaction.

Fresenius Kabi had announced the agreement to acquire Schaumburg,
Illinois-based APP, on July 7, 2008.

Fresenius Group expects to consolidate APP in its financial
statements as of September 1, 2008.

                       About Fresenius

Headquartered in Bad Homburg v.d.H., Germany, Fresenius SE --
http://www.fresenius.se/-- provides products and services for
dialysis, hospital and outpatient medical care.  The Fresenius
Group had 116,203 employees worldwide.

Fresenius Kabi is the business of infusion therapy and clinical
nutrition in Europe and in its most important countries of Latin
America and Asia Pacific.

               About APP Pharmaceuticals Inc.

Headquartered in Schaumburg, Illinois, APP Pharmaceuticals Inc. is
a hospital-based injectable pharmaceutical company, focusing on
oncology, anti-infective, anesthetic/analgesic and critical care
markets.  The company develops, produces and markets a
comprehensive portfolio of over 100 hospital-based injectable
products and operates three manufacturing facilities producing a
comprehensive range of dosage formulations, including
lyophilization.

At March 31, 2008, the company's balance sheet showed total assets
of US$1,087,100,000 and total liabilities of US$1,160,010,000,
resulting in a total stockholders' deficit of US$72,910,000.


ATLANTIS UNTERHALTUNGS: Claims Registration Period Ends Sept. 26
----------------------------------------------------------------
Creditors of Atlantis Unterhaltungs- und Spielstatten GmbH have
until Sept. 26, 2008, to register their claims with court-
appointed insolvency manager Dr. Hans-Peter Lehner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 17, 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 Ansbach
         Meeting Hall 3
         Ground Floor
         Promenade 8
         91522 Ansbach
         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:

         Dr. Hans-Peter Lehner
         Ditthornstr. 5
         93055 Regensburg
         Germany
         Tel: 0941/6408200
         Fax: 0941/64082010

The District Court of Ansbach opened bankruptcy proceedings
against Atlantis Unterhaltungs- und Spielstätten GmbH on
Sept. 4, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Atlantis Unterhaltungs- und Spielstatten GmbH
         Bischof-Meiser-Str. 18
         91522 Ansbach
         Germany


AURIGA GMBH: Claims Registration Period Ends September 26
---------------------------------------------------------
Creditors of Auriga GmbH have until Sept. 26, 2008, to register
their claims with court-appointed insolvency manager Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 31, 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 Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         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:

         Uwe Kuhmann
         Schuesselkorb 3
         28195 Bremen
         Germany
         Tel: 0421/33061-0
         Fax: 0421/33061-10

The District Court of Verden (Aller) opened bankruptcy proceedings
against  Auriga GmbH on Aug. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Auriga GmbH
         Attn: Hermann Schwiebert, Manager
         Elbestr. 2
         28876 Oyten
         Germany


BELFORT MOEBEL: Claims Registration Period Ends Sept. 26
--------------------------------------------------------
Creditors of Belfort Moebel GmbH have until Sept. 26, 2008, to
register their claims with court-appointed insolvency manager Paul
Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Oct. 23, 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 Kaiserslautern
         Hall 13
         Bahnhofstr. 24
         67655 Kaiserslautern
         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:

         Paul Wieschemann
         Flickerstal 2
         67657 Kaiserslautern
         Germany
         Tel: 0631/341950
         Fax: 0631/470269

The District Court of Kaiserslautern opened bankruptcy proceedings
against Belfort Moebel GmbH on Aug. 25, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Belfort Moebel GmbH
         Fabrikstr. 47
         67655 Kaiserslautern
         Germany

         Attn: Georg Edward Huber, Manager
         Schernauer Str. 9
         66877 Ramstein-Miesenbach
         Germany


CB TRANSPORTE: Claims Registration Period Ends Sept. 26
-------------------------------------------------------
Creditors of CB Transporte und Dienstleistungen GmbH have until
Sept. 26, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 23, 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:

         Dr. Christoph Junker
         Karcherallee 25 a
         01277 Dresden
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against CB Transporte und Dienstleistungen GmbH on Aug. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CB Transporte und Dienstleistungen GmbH
         Wacholderweg 1
         03051 Cottbus
         Germany


DATHAN GMBH: Claims Registration Period Ends Sept. 26
-----------------------------------------------------
Creditors of Dathan GmbH  have until Sept. 26, 2008, to register
their claims with court-appointed insolvency manager Hartwig
Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 29, 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 Potsdam
         Hall 24
         Jagerallee 10-12
         14469 Potsdam
         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:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Dathan GmbH
         Schulzendorfer Strasse 20
         15806 Zossen OT Glienick
         Germany

         Attn: Thomas Hansche
         Schulzendorfer Strasse 20
         15806 Zossen OT Glienick
         Germany


EURONIGHT LOGISTIK: Creditors' Meeting Slated for September 25
--------------------------------------------------------------
The court-appointed insolvency manager for EuroNight Logistik
GmbH, Dr. Susanne Berner, will present her first report on the
Company's insolvency proceedings at a creditors' meeting at 10:30
a.m. on Sept. 25, 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 10:15 a.m. on Jan. 8, 2009, at the same venue.

Creditors have until Nov. 6, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Susanne Berner
         Lietzenburger Str. 99
         10707 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against EuroNight Logistik GmbH on Aug. 21, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         EuroNight Logistik GmbH
         John-Sieg-Str.22
         10365 Berlin
         Germany


F 101 GMBH: Creditors' Meeting Slated for September 26
------------------------------------------------------
The court-appointed insolvency manager for F 101 GmbH, Rolf Nacke,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:15 a.m. on Sept. 26,
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 9:25 a.m. on Jan. 30, 2009, at the same venue.

Creditors have until Nov. 30, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against F 101 GmbH on Aug. 6, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         F 101 GmbH
         Laerchenweg 9
         14055 Berlin
         Germany


FRESENIUS SE: Kabi Completes Acquisition of APP Pharmaceuticals
---------------------------------------------------------------
Fresenius Kabi, a business segment of Fresenius SE, has completed
the acquisition of APP Pharmaceuticals, Inc.

The acquisition is an important step in Fresenius Kabi's growth
strategy.  Through APP, Fresenius Kabi enters the U.S.
pharmaceuticals market and achieves a leading position in the
global I.V. generics industry.

Dr. Ulf Mark Schneider, Chairman of the Management Board of
Fresenius SE, said: "We are pleased to be able to complete this
major transaction in a very short time.  Now we are focused on
successfully integrating APP and further developing the business.
Fresenius and APP share a deep commitment to highest-quality
products and medical excellence."

The closing follows completion of the U.S. Federal Trade
Commission's (FTC) review of the acquisition.  The FTC granted
early termination of the waiting period under the Hart-Scott-
Rodino Act without conditions.  Earlier, German antitrust
authorities had also approved the transaction.

Fresenius Kabi had announced the agreement to acquire Schaumburg,
Illinois-based APP, on July 7, 2008.

Fresenius Group expects to consolidate APP in its financial
statements as of Sept. 1, 2008.

                          About Fresenius

Headquartered in Bad Homburg v.d.H., Germany, Fresenius SE --
http://www.fresenius.se/-- provides products and services for
dialysis, hospital and outpatient medical care.  The Fresenius
Group had 116,203 employees worldwide.

Fresenius Kabi is the business of infusion therapy and clinical
nutrition in Europe and in its most important countries of Latin
America and Asia Pacific.

                         *      *       *

As reported in the TCR-Europe on Sept. 8, 2008, Standard & Poor's
Ratings Services has assigned issue-level ratings to various
proposed secured and unsecured debt instruments
to be issued by Fresenius Finance I SA (Luxembourg), Fresenius
U.S. Finance I Inc., APP Pharmaceuticals LLC, and Fresenius U.S.
Finance II Inc., subsidiaries of Germany-based health care group
Fresenius SE, as part of the debt financing of the 100%
acquisition of Illinois-based drug maker APP Pharmaceuticals Inc.
S&P also revised its issue and recovery ratings on Fresenius
Finance B.V.'s senior unsecured debt.

As reported in the TCR-Europe on Sept. 2, 2008, Moody's Investors
Service has confirmed the Ba1 corporate family rating of Fresenius
SE, the Ba2 rating of its mandatory exchangeable bonds and the Ba1
rating of its guaranteed subsidiary Fresenius Finance B.V.'s
senior unsecured notes.  At the same time Moody's assigned a
provisional Baa2 (LGD 2, 20%) rating to the planned issuance of
the company's US$ 2.45 billion secured credit facility.  In
addition, Moody's assigned a provisional Ba1 (LGD 4, 53%) rating
to the planned issuance of a US$ 1.3 billion extendable bridge
credit facility.  The outlook has been changed to negative from
stable.


FRESENIUS SE: Unit Closes Exclusive License Deal with Luitpold
--------------------------------------------------------------
Fresenius Medical Care AG & Co. KGaA on Tuesday, Sept. 16, 2008,
announced the closing of an exclusive license agreement with
Luitpold Pharmaceuticals, Inc., and its subsidiary American
Regent, Inc. for the manufacture and distribution of intravenous
(I.V.) iron products in the USA.

The closing follows completion of the US Federal Trade
Commission's (FTC) review of the license agreement under the Hart-
Scott-Rodino Act and the issuance of a consent order to permit the
closing.

In July 2008, Fresenius Medical Care entered into a separate and
independent license and distribution agreement with Galenica Ltd.
and its subsidiary Vifor Pharma, for certain countries in Europe
and the Middle East, to market and distribute intravenous Iron
products, such as Venofer(R) and Ferinject(R) for dialysis
treatment.

In the U.S., the license agreement among Fresenius USA
Manufacturing, Inc. (FUSA), Luitpold Pharmaceuticals Inc., and
American Regent, Inc. provides FUSA with exclusive rights to
manufacture and distribute Venofer(R) to freestanding (non-
hospital based) US dialysis facilities.  Luitpold Pharmaceuticals
will continue to sell Venofer(R) for use in treating chronic
kidney disease patients not yet on dialysis and in treating
patients with renal failure in hospitals.

Ben Lipps, Chief Executive Officer of Fresenius Medical Care,
commented: "We are pleased to be able to complete this agreement
which strengthens our ability to improve the treatment of Iron
Deficiency Anemia experienced by dialysis patients.  We are
delighted to have Galenica Ltd., Vifor Pharma, Luitpold
Pharmaceuticals, Inc. and American Regent, Inc., as partners.  The
license to make and distribute these products is an important
milestone in the execution of Fresenius Medical Care's renal
pharma strategy."

Fresenius Medical Care AG & Co. KGaA is a provider of dialysis
products and services.

                          About Fresenius

Headquartered in Bad Homburg v.d.H., Germany, Fresenius SE --
http://www.fresenius.se/-- provides products and services for
dialysis, hospital and outpatient medical care.  The Fresenius
Group had 116,203 employees worldwide.

Fresenius Kabi is the business of infusion therapy and clinical
nutrition in Europe and in its most important countries of Latin
America and Asia Pacific.

                         *      *       *

As reported in the TCR-Europe on Sept. 8, 2008, Standard & Poor's
Ratings Services has assigned issue-level ratings to various
proposed secured and unsecured debt instruments to be issued by
Fresenius Finance I SA (Luxembourg), Fresenius U.S. Finance I
Inc., APP Pharmaceuticals LLC, and Fresenius U.S. Finance II Inc.,
subsidiaries of Germany-based health care group Fresenius SE, as
part of the debt financing of the 100% acquisition of Illinois-
based drug maker APP Pharmaceuticals Inc.  S&P also revised its
issue and recovery ratings on Fresenius Finance B.V.'s senior
unsecured debt.

As reported in the TCR-Europe on Sept. 2, 2008, Moody's Investors
Service has confirmed the Ba1 corporate family rating of Fresenius
SE, the Ba2 rating of its mandatory exchangeable bonds and the Ba1
rating of its guaranteed subsidiary Fresenius Finance B.V.'s
senior unsecured notes.  At the same time Moody's assigned a
provisional Baa2 (LGD 2, 20%) rating to the planned issuance of
the company's US$ 2.45 billion secured credit facility.  In
addition, Moody's assigned a provisional Ba1 (LGD 4, 53%) rating
to the planned issuance of a US$ 1.3 billion extendable bridge
credit facility.  The outlook has been changed to negative from
stable.


GERSPACH GMBH: Claims Registration Period Ends September 26
-----------------------------------------------------------
Creditors of Gerspach GmbH have until Sept. 26, 2008, to register
their claims with court-appointed insolvency manager Kathrin
Sachse.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 17, 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 Loerrach
         Room 2.21
         Hall 5
         2nd OG
         Bahnhofstr. 4a
         79539 Loerrach
         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:

         Kathrin Sachse
         Weinbrennerstr. 4
         79539 Loarrach
         Germany
         TelL 076 21/94 0370

The District Court of Loerrach opened bankruptcy proceedings
against Gerspach GmbH on Aug. 21, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Gerspach GmbH
         Colmarer Str. 5/3
         79576 Weil am Rhein
         Germany


JOBSPERPOST GMBH: Claims Registration Period Ends September 26
--------------------------------------------------------------
Creditors of JobsPerPost GmbH have until Sept. 26, 2008, to
register their claims with court-appointed insolvency manager Anja
Karow.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.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 Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         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:

         Anja Karow
         Braunschweiger Strasse 15a
         38723 Seesen
         Germany
         Tel: 05381/93560
         Fax: 05381/935644
         E-mail: kanzlei@berkhan-kehe-karow.de

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

The Debtor can be reached at:

         JobsPerPost GmbH
         Mozartstrasse 2-6
         37574 Einbeck
         Germany


JS BAUUNTERNEHMUNG: Claims Registration Period Ends September 26
----------------------------------------------------------------
Creditors of JS Bauunternehmung GmbH have until Sept. 26, 2008, to
register their claims with court-appointed insolvency manager
Justus Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Oct. 29, 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Justus Schneidewind
         Behlertstrasse 28a
         14469 Potsdam
         Germany

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

The Debtor can be reached at:

         JS Bauunternehmung GmbH
         Karl-Liebknecht-Strasse 33
         14482 Potsdam
         Germany


JUST IN TIME: Claims Registration Period Ends September 26
----------------------------------------------------------
Creditors of Just in time Dienstleistungs GmbH i.L. have until
Sept. 26, 2008, to register their claims with court-appointed
insolvency manager Dr. Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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:

         Dr. Klaus Pannen
         Neuer Wall 25/ Schleusenbruecke 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Just in time Dienstleistungs GmbH i.L. on July 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Just in time Dienstleistungs GmbH i.L.
         Koenig-Georg-Deich 1
         21107 Hamburg
         Germany


KLATT GMBH: Claims Registration Period Ends September 26
--------------------------------------------------------
Creditors of Klatt GmbH have until Sept. 26, 2008, to register
their claims with court-appointed insolvency manager Dr. Ulrich
Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 29, 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Dr. Ulrich Wenzel
         Grossbeerenstrasse 231
         14480 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Klatt GmbH on Aug. 19, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Klatt GmbH
         Potsdamer Strasse 16
         15749 Mittenwalde
         Germany

         Attn: Herrn Volker Nuss
         Untere Seestrasse 114
         88085 Langenargen
         Germany


MARKET GATE: Claims Registration Period Ends September 26
---------------------------------------------------------
Creditors of Market Gate GmbH have until Sept. 26, 2008, to
register their claims with court-appointed insolvency manager
Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 27, 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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:

         Hendrik Rogge
         Haferweg 22
         22769 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Market Gate GmbH on Aug. 4, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Market Gate GmbH
         Lange Reihe 2
         20099 Hamburg
         Germany


OMNIATEC GMBH: Claims Registration Period Ends September 25
-----------------------------------------------------------
Creditors of OmniaTec GmbH have until Sept. 25, 2008, to register
their claims with court-appointed insolvency manager Ingrid
Trompertz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 15, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.24b
         William-Strasse 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:

         Ingrid Trompertz
         Willy-Brandt-Allee 18
         53113 Bonn
         Germany

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

The Debtor can be reached at:

         OmniaTec GmbH
         Karlstr. 21
         82377 Penzberg
         Germany

         Attn: Thomas Mohr, Manager
         Palmenweg 22
         50127 Bergheim
         Germany


RHEFA GMBH: Claims Registration Period Ends September 25
--------------------------------------------------------
Creditors of RHEFA GmbH have until Sept. 25, 2008, to register
their claims with court-appointed insolvency manager Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 7, 2008, at which time the
insolvency manager will present her 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:

         Jana Dettmer
         Weyerstrasse 54
         50676 Koeln
         Germany
         Tel: 0221/92 12 17 - 0
         Fax: +4922192121720

The District Court of Cologne opened bankruptcy proceedings
against RHEFA GmbH on Aug. 4, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RHEFA GmbH
         Attn: Marcel Fassbender, Manager
         Longericher Str. 7
         50767 Koeln,


THOMSEN GMBH: Claims Registration Period Ends September 25
----------------------------------------------------------
Creditors of THOMSEN GmbH have until Sept. 25, 2008, to register
their claims with court-appointed insolvency manager Rainer J.
Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Oct. 8, 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 Freiburg
         Hall II
         Holzmarkt 2
         79098 Freiburg i.Br.
         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:

         Rainer J. Peters
         Bismarckstr. 4
         79379 Muellheim
         Germany
         Tel: 07631/16877
         Fax: 07631/16878

The District Court of Freiburg opened bankruptcy proceedings
against THOMSEN GmbH on Aug. 15, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         THOMSEN GmbH
         Attn: Anil Gupta, Manager
         Grissheimer Weg 21
         79423 Heitersheim
         Germany


TISCHLER WICK: Creditors' Meeting Slated for September 26
---------------------------------------------------------
The court-appointed insolvency manager for Tischler Wick GmbH,
Dr. Juergen Wallner, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:45
a.m. on Sept. 26, 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 9:30 a.m. on Jan. 9, 2009, at the same venue.

Creditors have until Nov. 12, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Juergen Wallner
         Budapester Str. 31
         10787 Berlin
         Germany

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

The Debtor can be reached at:

         Tischler Wick GmbH
         Ringbahnstr. 13
         12099 Berlin
         Germany


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


IT HOLDING: Moody's Affirms B3 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has affirmed the B3 Corporate Family
Rating of IT Holding S.p.A. and the B3 senior secured rating on
the notes due 2012 issued by IT Holding Finance S.A. and changed
the outlook on all ratings from stable to negative.  The rating
action reflects the weakening operating performance of the company
over recent quarters in light of increasing concerns on consumer
spending in general and the potential impact on the company's
profitability over the short term.

"Despite the company's success in recovering most of the revenues
lost since the termination of the D&G contract in 2006 and the
progress made in improving operating efficiency and credit metrics
over the last two years, recent operating performance have been
under pressure due to soft trading environment, in the Italian
core market in particular, and to the presence of one off items",
said Paolo Leschiutta, lead analyst for IT Holding at Moody's
Investors Service.  The analyst continued: "Although some of the
one off items are not expected to reoccur in the future and the
company is implementing measures to reduce the relatively high
fixed cost levels, Moody's remains concern about the general
decline in consumer spending and the potential impact this might
have on IT Holding credit metrics and liquidity profile over the
coming quarters".

IT Holding B3 Corporate Family Rating reflects the company's
exposure to the cyclical luxury goods market, the risk of license
termination (although currently there are no licenses expiring
before 2010) and relatively strong geographic concentration in
conjunction with the high financial leverage and weak liquidity
profile.  The ratings, however, also take into consideration the
company's well known owned and licensed brands, the sound market
position, the conservative expansion policy and the high barriers
to entry in its markets thanks to the breath of the company's
production and distribution capabilities.

The negative outlook reflects the fact that company's operating
performances are currently challenged by the difficult market
conditions at time when financial leverage is expected to remain
high and the company's liquidity profile is weakened by its
reliance on bank to provide continuing support through the renewal
of uncommitted lines.  Margin contraction, negative free cash flow
and financial leverage measured as total debt to EBITDA (adjusted
for leases, pension and investments in collection development)
that had to increase above 7x on a sustainable basis are likely to
add pressure on the rating.  On the contrary improvements in
profitability and consolidation of FYE 2007 results in addition to
improvement in Moody's perception of current market conditions are
likely to result in a stabilization of the outlook.

Ratings affirmed:

   - IT Holdings S.p.A Corporate Family Rating of B3;

   - IT Holding Finance S.A. Euro 185.0 million 9.875%
     senior secured notes due 2012 rated B3.

Outlook changed to negative.

Based in Italy, IT Holding S.p.A. is a European leading operator
in the branded apparel and accessories market mainly focused on
the young lines segment.  During the first six months ended June
2008, IT Holding reported EUR304.3 million of consolidated net
revenues and EUR16.3 million of EBITDA (adjusted for investments
in collection development during the period).


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


ALPROF STROY: Creditors Must File Claims by October 24
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Alprof Stroy Montage 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


ATYRAU-ARTSTROY LLP: Claims Deadline Slated for October 24
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Construction Company Atyrau-Artstroy 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
         Tel: 8 (71222) 32-90-02


DARYN TIKELI: Claims Filing Period Ends November 7
--------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation
of LLP Daryn Tikeli (RNN 531500002657).

Creditors have until Nov. 7, 2008, to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


EKIBASTUZ PROM: Creditors' Claims Due on October 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ekibastuz Prom Tech insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Gagarin Str. 18-49
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 47-11-85


FOBOS-OIL-PV LLP: Claims Registration Ends October 24
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Fobos-Oil-PV insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Gagarin Str. 18-49
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 47-11-85


KAR TECH: Creditors Must File Claims by October 24
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Kar Tech Resource 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


KOKSHETAU ENERGO: Claims Deadline Slated for November 4
-------------------------------------------------------
LLP Kokshetau Energo has declared liquidation.  Creditors have
until Nov. 4, 2008, to submit written proofs of claims to:

         LLP Kokshetau Energo
         Saumalkol
         Ayirtausky
         North Kazakhstan
         Kazakhstan


NB-SECURITY LLP: Claims Filing Period Ends October 21
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Nb-Security insolvent.

Creditors have until Oct. 21, 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


PLODO KONSERVNY UG: Creditors' Claims Due on October 21
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Plodo Konservny Ug insolvent.

Creditors have until Oct. 21, 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


TAN & CO LLP: Claims Registration Ends October 24
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Architectural-Construction Company Tan & Co
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
         Tel: 8 (71222) 32-90-02


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


HONG TAI: Creditors Must File Claims by October 29
--------------------------------------------------
LLC Joint Enterprise Hong Tai has gone into liquidation.
Creditors have until Oct. 29, 2008, to submit written proofs of
claim to:

         LLC Hong Tai
         Mederov Str. 46-1
         Bishkek
         Kyrgyzstan


=============
M O L D O V A
=============


* MOLDOVA: Fitch Changes Foreign & Local IDR's Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has changed the Outlooks on Moldova's Long-term
foreign and local currency Issuer Default Ratings to Stable from
Positive.  The agency affirmed Moldova's Long-term foreign
currency IDR at 'B-', Long-term local currency IDR at 'B',
Short-term foreign currency IDR at 'B' and Country Ceiling at
'B-'.

The revision to a Stable Outlook reflects the deterioration in
Moldova's external finances and continued inflationary pressures.
The country has been hit by significant negative external shocks
which have clouded the near-term outlook.  The price of Russian
gas exports to Moldova has continued to rise this year and
Moldovan wine exports to Russia were banned by the Russian
government for most of 2006 and 2007.  Furthermore, Moldova
experienced a drought in 2007 which led to a sharp drop in
agricultural output.  The impact of these shocks has been widely
felt throughout the economy.  The current account deficit widened
to almost 18% of GDP in 2007 while Fitch estimates economic growth
slowed to 3% in 2007.  Inflationary pressure remains in double-
digits.

Moldova remains susceptible to negative political and economic
shocks in view of its high trade deficit, rising external debt
burden, low external liquidity and exposure to trade with Russia
with which it remains in dispute over the separatist province of
Transnistria.  The Moldovan economy faces many structural
weaknesses, including a large government sector and a poor
business climate.  At over 50% of GDP, Moldova has a large
structural trade deficit that is partly offset by workers'
remittances which Fitch estimates were around 20% of GDP in 2007.
Private sector external indebtedness has been rising rapidly and
at 32% of GDP in 2007, Moldova's net external debt burden is
higher than the 'B' range median of 6%.  At US$1,320 at market
exchange rates, per capita income is low by eastern European
standards although it is just above the 'B' range median of
US$1,240.

Nevertheless, Moldova's ratings are supported by a number of
factors.  Moldova's government debt level has continued to fall,
and at 29% of GDP in 2007 was just under the 'B' range median of
33%.  Moldova recorded a small budget deficit in 2007 and the
government is targeting budgets close to balance in the medium-
term although Fitch believes parliamentary elections in 2009 could
lead to fiscal pressures.  Furthermore, the Moldovan government
became a net public external creditor in 2007 (official reserves
have risen to over US$1.5 billion, or over three months' import
cover in June 2008) and at 68%, Moldova's government debt/revenue
ratio is the lowest in the 'B' range.  Moldova is on track with
its three-year Poverty Reduction and Growth Facility with the IMF,
which expires in mid-2009.


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


ARTEM-STROY-TRANS: Creditors Must File Claims by November 4
-----------------------------------------------------------
Creditors of LLC Artem-Stroy-Trans have until Nov. 4, 2008 to
submit proofs of claims to:

         O. Putilina
         Post User Box 10/87
         692760 Artem-10
         Russia

The Arbitration Court of Primorskiy kray commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?51–10620/07 11–178.

The Debtor can be reached at:

         LLC Artem-Stroy-Trans
         Novaya Str. 29
         692760 Artem
         Primorskiy kray
         Russia


BAL-TSENTR-GAZ: Kaliningrad Bankruptcy Hearing Set November 17
--------------------------------------------------------------
The Arbitration Court of Kalningrad will convene at 11:00 a.m. on
Nov. 17, 2008 to hear bankruptcy supervision procedure on CJSC
Bal-Tsentr-Gaz.  The case is docketed under Case No.
A21-3695/2008.

The Temporary Insolvency Manager is:

         N. Kustov
         Portovaya Str.24
         236003 Kaliningrad
         Russia
         Tel: 69-25-36
         Fax: 69-25-34

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         CJSC Bal-Tsentr-Gaz
         Tennistaya avenue 40
         236010 Kaliningrad
         Russia


EKS-METAL LLC: Creditors Must File Claims by October 4
------------------------------------------------------
Creditors of LLC Eks-Metal have until Oct. 4, 2008, to submit
proofs of claims to:

         A. Bagretsov
         Temporary Insolvency Manager
         Apt. 492
         Voskresenskaya Str. 95
         163071 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk will convene at 2:30 p.m. on
Dec. 22, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A05-7848/2008.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         LLC Eks-Metal
         Floor 4
         Building 1
         Lomonosova Str. 58
         163000 Arkhangelsk
         Russia


OGK-5 OAO: Inaugurates New Sredneuralskaya 410MW Power Station
--------------------------------------------------------------
Eduard Rossell, governor of the Sverdlovsk Oblast Region in the
Urals, Fulvio Conti, Enel CEO and General Manager, and Anatoliy
Kopsov, OGK-5 General director have laid the cornerstone of the
new 410 MW combined-cycle unit at the OGK-5 power station of
Sredneuralskaya near Ekaterinburg.

The new plant is scheduled to enter service in 2010.  The total
investment will come to about EUR350 million.  The project is part
of the plan to modernize and upgrade the plants of OGK-5, the
generation company in which Enel has a majority stake.

Mr. Conti said' "With today's inauguration we are confirming our
commitment in Russia, a country that has started a major process
of development of the energy sector, in which we want to
participate by bringing our experience.  We have built an
integrated presence along the entire value chain, from raw
materials to the generation and sale of electricity, creating a
strategically important position for Enel in a market, which is
undergoing liberalization, that is one of the largest in the world
and promises an excellent return on our investment."

OGK-5's investment plans for the 2008-2012 period call for the
installation of two combined-cycle units with a total capacity of
820 MW, both due to enter service by the end of 2010, and a series
of investments to increase the efficiency and useful life of the
plants while reducing their environmental impact, for a total of
about EUR1.5 billion.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and Sredneuralskaya
GRES.

                          *     *     *

OAO OGK-5 continues to carry Ba3 corporate family and
probability-of-default ratings from Moody's Investors Service with
a stable outlook.


OLEKMINSKIY CANNING: Creditors Must File Claims by October 4
------------------------------------------------------------
Creditors of LLC Olekminskiy Canning Plant (PSRN 1031400995405)
have until Oct. 4, 2008, to submit proofs of claims to:

         A. Matviyets
         Temporary Insolvency Manager
         Office 602
         Lenina Str. 28
         677000 Yakutsk
         Sakha
         Russia

The Arbitration Court of Sakha commenced bankruptcy supervision
procedures on the company.  The case is docketed under Case No.
A58–2665/08–0244.

The Court is located at:

         The Arbitration Court of Sakha
         677981 Sakha
         Yakutsk
         Kurashova Str. 28
         Russia

The Debtor can be reached at:

         LLC Olekminskiy Canning Plant
         Kuranda selo
         Olekminskiy ulus
         Sakha
         Russia


ROSSENSOR LLC: Creditors Must File Claims by November 4
-------------------------------------------------------
Creditors of LLC Possensor Scientific Production Enterprise (TIN
6234023533) have until Nov. 4, 2008, to submit proofs of claims
to:

         T. Mineyeva
         Insolvency Manager
         Post User Box 19
         Belousovo
         249160 Kaluzhskaya
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?54-420/2008-S1.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         LLC Possensor Scientific Production Enterprise
         Ostrovskogo Str. 21/2
         390035 Ryazan
         Russia


TAT-NEFTE-STROY: Court Names I. Gareyev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tatarstan appointed I. Gareyev as
Insolvency Manager for OJSC Tat-Nefte-Stroy.  He can be reached
at:

         I. Gareyev
         Post User Box 80
         420094 Kazan
         Republic of Tatarstan

The Court commenced bankruptcy proceedings against the  company
after finding it insolvent.  The case is docketed under Case No.
A65-597/2008-SG4-27.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Tat-Nefte-Story
         Dzhalila Str. 49
         Aznakayevo
         Tatarstan
         Russia


TECHNO-SEVER-NEFT: Creditors Must File Claims by October 4
----------------------------------------------------------
Creditors of LLC Techno-Sever-Neft (TIN 1101029311, PSRN
1021100507306) have until Oct. 4, 2008, to submit proofs of claims
to:

         A.Krimnus
         Temporary Insolvency Manager
         Apt.16
         Loginova Str. 24
         163069 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
supervision procedure against  the company.  The case is docketed
under Case No. A05-7444/2008.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         LLC Techno-Sever-Neft
         Olennaya Str. 10
         166000 Naryan-Mar
         Arkhangelskaya
         Russia


TEPLO-STROY-SERVICE: Creditors Must File Claims by November 4
-------------------------------------------------------------
Creditors of LLC Teplo-Stroy-Service have until Nov. 4, 2008, to
submit proofs of claims to:

         I. Nikitina
         Insolvency Manager
         Mira prospect 101V
         129085 Moscow
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
after finding the company insolvent.  The case is docketed under
Case No. A55-18234/2007.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         LLC Teplo-Stroy-Service
         Nikonova Str. 43
         Tolyatti
         Samaraskaya
         Russia


TRADE-OIL LLC: Creditors Must File Claims by October 4
------------------------------------------------------
Creditors of LLC Trade-Oil have until Oct. 4, 2008, to submit
proofs of claims to:

         S. Gromoglasov
         Temporary Insolvency Manager
         Post User Box 602
         603000 Nizhny Novgorod
         Russia

The Arbitration Court of Ulyanovsk will convene at 9:330 a.m. on
Oct. 30, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A72–3374/
08–21/10-B.

The Court is located at:

         The Arbitration Court of Ulyanovsk
         Zheleznodorozhnaya Str. 14
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         LLC Trade-Oil
         Isheyevka
         433310 Ulyanovsk
         Russia


VOLGO-NEFTE-PROM-SERVICE: Creditors Must File Claims by Oct. 4
--------------------------------------------------------------
Creditors of LLC Volgo-Nefte-Prom-Service (TIN 6311072898) have
until Oct. 4, 2008, to submit proofs of claims to:

         V. Kryuslova
         Apt. 60
         Demokraticheskaya Str. 3
         443031 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?55-8469/2008.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         LLC Volgo-Nefte-Prom-Service
         Gagarina Str.13
         443079 Samara
         Russia


* KRASNODAR REGION: Fitch Holds BB Foreign & Local Currency Rtngs
-----------------------------------------------------------------
Fitch Ratings has affirmed the Russian Krasnodar region's ratings
at Long-term foreign and local currency 'BB' and Short-term
foreign currency 'B'.  Fitch also affirmed its National Long-term
'AA-(rus)' rating.  All the rating Outlooks are Stable.

The ratings reflect the region's well-diversified and growing
economy, stable tax revenue growth, sound budgetary performance
and low debt burden.  However, the ratings also factor in
deterioration in its budgetary performance due to an increasing
operating expenditure burden, and limited information on its large
broad public sector, including public companies and the region's
shareholdings in private companies.

The Stable Outlook reflects Fitch's expectation that the region
will successfully control its operating expenditure and that
investment-driven economic growth will support revenue increase,
allowing the region to restore its high operating margin over the
medium term.  Fitch expects its debt burden to remain low.

The region demonstrated strong operating performance with positive
balance before debt variation since 2004 and it easily met all
debt-servicing liabilities.  Despite margins fluctuation during
2004-2007, operating balance remained high, averaging 12.6% of
operating revenue during the same period.  However, an increasing
operating expenditure burden in 2007 caused operating margin to
deteriorate to 9.3% from 15.5% in 2006.  Fitch expects operating
margins to remain under pressure as operating expenditure has been
growing faster than revenues.  The region's total debt burden is
low, accounting for just 4.1% of current revenue at end-2007.  The
region recorded a strong debt/current balance ratio, which
averaged four months in 2004-2007.

The region's broad public sector is rather large.  The Krasnodar
region directly controls a wide network of public companies and
majority-owned shareholdings in private companies.  At the
beginning of 2008 the broad public sector included 196 public
companies and 132 shareholdings in commercial companies.  Control
over broad public sector companies is de-centralized and there is
limited information available about these entities, making it
difficult to assess their financial positions and respective
contingent risk for the region.

The Krasnodar region is among the 10 largest Russian regions by
nominal GRP volume.  During 2004-2007 the region's economy grew
faster than the average rate seen for Russian Federation regions.
Fitch expects the regional economy will be boosted by several
federal-supported investment programs, namely Sochi-2014 Olympic
Games preparation and the development of recreation and gambling
zones.

The Krasnodar region is located in south of the European part of
the RF, on the coast of Black Sea and Sea of Azov.  The region
contributed 2.1% of the RF's gross domestic product (in 2006) and
accounted for 3.6% of its population.  It is the third-largest
Russian region, with over 5.1 million inhabitants.


* SAKHA REPUBLIC: Fitch Ups Foreign & Local Currency Ratings to BB
------------------------------------------------------------------
Fitch Ratings has upgraded Russia's Republic of Sakha (Yakutia)'s
Long-term foreign and local currency ratings to 'BB' from 'BB-'.
The Short-term foreign currency rating is affirmed at 'B'.  Fitch
has also upgraded Sakha's National Long-term rating to 'AA-(rus)'
from 'A+(rus)'.  The Outlooks for the Long-term foreign and local
currency and National Long-term ratings remain Stable.  The action
affects RUB9.5 billion of bonds issued by the region.

The upgrade reflects the republic's improved budget performance,
optimized structure of direct debt and greater clarity of the
budget revenue.  However, the ratings also factor in a large
public sector, increased contingent liabilities, and dependence on
diamond mining company, ALROSA.

The republic's budgetary performance strengthened in 2007 and the
operating margin reached 9.2% (2006: 7.1%), while the liquidity
position improved and cash reserves amounted to RUB1.7 billion
(2006: RUB0.3 billion).  Solid performance led to a surplus of
1.5% of total revenue in 2007.  The revenue sources of the
region's budget stabilized as rent payments by ALROSA were
succeeded by more predictable and transparent tax assignments.
Fitch notes that the structure of direct debt was optimized in
favor of issued debt, which amounted to 85% of the direct debt
stock in 2007, up from 70% in 2006.

On the other hand, the budget revenue of Sakha remains dependent
on the diamond mining industry, in particular ALROSA.  However,
Fitch expects this will be mitigated with the intensified
development of other resources (coal, oil and gas).  The economic
development of Sakha is constrained by its geographical
remoteness, under-developed infrastructure and extreme climate,
limiting commercial possibilities and giving rise to a large
public sector.  The region's extended support of its public sector
entities via issue of guarantees led to an increase in contingent
liabilities, which totaled RUB3.6 billion in 2007 (2006: RUB2.8
billion).

The Republic of Sakha (Yakutia) is Russia's largest territorial
unit with rich deposits of natural resources, located in the Far
Eastern part of the country.  Sakha's 950,000 people account for
0.7% of the national population and the region contributes 0.9% of
the national GDP.


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


B.I.E.L. HOLDING: Creditors' Proofs of Claim Due by October 1
-------------------------------------------------------------
Creditors owed money by  JSC B.I.E.L. Holding are requested to
file their proofs of claim by Oct. 1, 2008, to:

         The Advocacy Lichtsteiner Rechtsanwalte
         Baarerstrasse 10
         Mail Box:  4545
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 28, 2008.


CLEAN HIT: Creditors Have Until Oct. 2 to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by JSC CLEAN HIT are requested to file their
proofs of claim by Oct. 2, 2008, to:

         Trust Company JSC Curia Treuhand
         Grabenstrasse 15
         7002 Chur
         Switzerland

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


EMMAC HOLDING: Oct. 1 Set as Deadline to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by JSC Emmac Holding are requested to file
their proofs of claim by Oct. 1, 2008, to:

         Monika Schonbachler
         Company MSConsulting
         Weinbergstrasse 1
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 13, 2008.


EURO SURVEY: Creditors Must File Proofs of Claim by Oct. 1
-----------------------------------------------------------
Creditors owed money by JSC Euro Survey are requested to file
their proofs of claim by Oct. 1, 2008, to:

         Herbert Rellstab
         Trust Company I & R Treuhand
         Landenbergstrasse 34
         6005 Luzern
         Switzerland

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


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

         Monika Schonbachler
         Company MSConsulting
         Weinbergstrasse 1
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 13, 2008.


SWISSFORENSIX JSC: Proofs of Claim Filing Deadline is Oct. 1
------------------------------------------------------------
Creditors owed money by  JSC swissforensix are requested to file
their proofs of claim by Oct. 1, 2008, to:

         Brigitta Kipfer
         Eulerstrasse 83
         4051 Basel
         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 .


TSS INFORMATIK: Creditors' Proofs of Claim Due by Oct. 2
--------------------------------------------------------
Creditors owed money by LLC TSS Informatik are requested to file
their proofs of claim by Oct. 2, 2008, to:

         Trust Company JSC Treuhand Burri + Partner
         Steinackerstrasse 34
         8302 Kloten
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 04, 2008.


===========
T U R K E Y
===========


FINANSBANK AS: Fitch Lifts Individual Rating to 'C' from 'C/D'
--------------------------------------------------------------
Fitch Ratings has upgraded Turkey-based Finansbank A.S.'s
Individual rating to 'C' from 'C/D'.  Its other ratings are
affirmed at Long-term foreign currency Issuer Default 'BB', Long-
term local currency IDR 'BBB-', Short-term foreign currency IDR
'B', Short-term local currency IDR 'F3', National Long-term
'AAA(tur)', and Support '3'.  The Outlooks on the Long-term IDRs
and National Long-term rating are Stable.

The upgrade reflects the expansion of Finansbank's franchise to
take advantage of the buoyant credit demand in Turkey in high-
yielding retail lending and SMEs, as well as commercial and
corporate lending.  The loan book is well-diversified and asset
quality remains good despite rapid growth, supported by continued
investment in risk management tools and procedures.  On the other
hand, Fitch warns against the risks of continued rapid loan
growth, especially given Turkey's volatile operating environment.

The Long- and Short-term local currency IDRs, National and Support
ratings of Finansbank reflect the moderate potential of support
from its parent, the National Bank of Greece (NBG, 'A-'/Outlook
Stable).

Finansbank has higher loan yields and better margins compared to
its peers, mainly due to its strong position in high-yielding
credit card business and retail lending.  Operating profitability
remained strong in H108, benefiting from better margins, robust
fee-generating capacity and improving efficiency.  Loans continued
to grow rapidly in H108, although at a slower pace compared to
2007 and 2006.  Impaired loans at 2.24% of gross loans at end-H108
reflect good asset quality while reserve coverage remained strong
at 132%.  While rapid loan growth increases the risk of asset
quality problems in future, this is mitigated, to some extent, by
a better-diversified loan portfolio - in terms of borrowers and
industrial sectors - and by the bank's usage of increasingly
sophisticated scorecards and other automated tools for retail
credit approvals.

Finansbank has good access to international capital markets, which
helps to extend the maturity profile of its funding.  Its
improving customer deposit franchise as the branch network expands
and NBG's commitment to provide funding support help ease
potential liquidity risks arising from structural maturity
mismatches.  Its tier 1 and total capital ratios stood at 11.6%
and 13%, respectively, at end-H108 as internal capital generation
remained strong.  A 10-year subordinated loan of US$650 million is
being provided by NBG in tranches.  The first tranche of
US$200 million was drawn in April 2008 and NBG will further
provide a cash injection of TRY325 million by April 2009.

Finansbank is 85.05%-owned by NBG.  NBG became Finansbank's
controlling shareholder in August 2006, while 9.68% remains in the
hands of Fiba Group.  Another 5% is held by International Finance
Corporation and the rest is publicly held.  Finansbank is the
eighth-largest bank in Turkey by total assets and had a 3.72%
share of total unconsolidated banking assets in Turkey at end-
2007.  It provides a wide range of banking services, with a focus
on retail and SME banking, through its 418 domestic branches.
Finansbank is NBG's largest foreign operation and represented 30%
of NBG's net income in Q108.


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


* S&P's Ratings on Ukraine Not Affected By Coalition Dissolution
----------------------------------------------------------------
Standard & Poor's Ratings Services said that the dissolution of
the governing coalition in Ukraine is not unexpected, and will
have no immediate impact on the sovereign credit ratings on the
country (foreign currency, B+/Stable/B; local currency, BB-
/Stable/B).  Since the 2004 "Orange Revolution" there has been
frequent turnover of governments in the country.  The increasingly
abbreviated electoral cycle has fostered pro-cyclical fiscal
policy and impeded progress on privatization and structural
reforms.  Over the near term, the demise of the governing
coalition may not wreak much macroeconomic damage, as it could
prevent the passage of another supplementary budget, and hence
lead to a tighter than previously anticipated fiscal stance.  Over
the longer term, however, the dissolution further reduces
prospects for reform as it ushers in the beginning of the campaign
for presidential elections (scheduled for early 2010).

As long as the atmosphere remains politicized, there will be
little room for consensus policy-making on key issues including
any passage of further anti-inflation measures, privatization, or
adjustment of debt issuance plans.  Ukraine's potential growth
rate remains among the highest of all rated sovereigns.  However,
as the global liquidity squeeze tightens, the fate of the economy
hinges more than ever on what happens to the terms of trade,
particularly to steel prices, and prices of imported gas.  For
this reason, downside risks to growth over the medium term remain
high and uncertain.


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


A R D DAVIES: Brings in Liquidators from Tenon Recovery
-------------------------------------------------------
Nicholas Charles Simmonds and Steven John Parker of Tenon Recovery
were appointed joint liquidators of A R D Davies Construction Ltd.
on Aug. 20, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         A R D Davies Construction Ltd.
         c/o Tenon Recovery
         54 Clarendon Road
         Watford
         Herts
         WD17 1DU
         England


BRADFORD & BINGLEY: Moody's Cuts Financial Strength Rating to D
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term bank
deposit and the senior unsecured debt ratings of Bradford &
Bingley plc to Baa3 from Baa1; the short term ratings to Prime-3
from Prime-2 and the financial strength rating (BFSR) to D from C-
(equivalent to a Baseline Credit Assessment (BCA) of Ba2, whereas
the C- had indicated a BCA of Baa2).  The following other ratings
have also been downgraded: subordinated debt to Ba3 from Baa2,
junior subordinated debt to B1 from Baa2, and the non-cumulative
preference shares of subsidiary Bradford & Bingley Capital Funding
L.P. to B2 from Baa3.  The outlook on all ratings is negative.
This rating action concludes the review for possible downgrade on
the bank's ratings (with exception of the short term ratings,
which had not been under review) that had been initiated on
July 4, 2008.

Moody's said that the downgrade of the bank's ratings has been
triggered by a combination of the following factors: (i) the
assessment of the expected loss within the bank's deteriorating
loan portfolios indicates that the bank is weakly capitalized, and
the challenge the bank faces to replenish capital through earnings
or accessing its existing owners or the capital markets; and (ii)
the bank's increasingly vulnerable dependence on ongoing access to
the Bank of England's funding.  The deposit and other senior
obligations are maintained at Baa3/P-3, due to the expectation
that both depositors and other senior unsecured note holders
should benefit from systemic support.

The negative outlook on all ratings reflects the risk of further
deterioration, the uncertainties about the long-term ownership
structure and business model as well as uncertainties about the
scope and resilience of systemic support available to the bank.

                        Asset Quality

Marjan Riggi, a Vice President/Senior Credit Officer at Moody's
and lead analyst for the bank, commented that "a key driver for
this rating action has been our heightened concern on asset
quality since the ratings review was initiated in early July."
The bank's past strategy to focus on the buy- to-let and self-
certified markets -- more than 85% of its loan book is in these
segments - has made it particularly vulnerable to the increasingly
negative outlook on the UK's economic and housing market.
Further, the specific performance of Bradford & Bingley's loan
book (including both acquired and own originated loans as well as
loans placed in its RMBS Master Trust Aire Valley) also indicates
that within the self-certified and buy-to-let asset classes the
quality of its loans has deteriorated much more quickly than that
of similar asset classes of its peers.  The ongoing obligation to
acquire loans from GMAC -- which have shown a much faster
deterioration -- further exacerbates pressure on asset quality,
even though Moody's understands that Bradford & Bingley is
currently holding discussions to re-negotiate the terms of the
contract with GMAC.  Total arrears, including the bank's own
originated loans, increased from 2.10% to 3.1% during the first
half of 2008, significantly higher than that of any other rated
peer in the UK; given the early stage in this cyclical downturn,
we expect the number of loans in arrears to continue increasing.

Taking into consideration this increase in payment arrears for
Bradford and Bingley's loan portfolio of approx. GBP 42.2 billion,
and combining that with our base case loss scenario which assumes
a 20% peak-to-trough house price decline, with resulting loss
expectations for (1) different asset classes (prime, buy to let,
self certified, subprime) and (2) different loan-to-value bands,
Moody's is concerned that the resulting expected loss that could
materialize over the next few years (in addition to some further
possible writedowns of its structured investments) could
significantly exceed Bradford & Bingley's pre-provision profits
and hit the bank's capitalization levels.

In this context, Moody's noted that after the recent rights issue
the bank's core Tier 1 capital was approximately GBP1.6 billion,
equivalent to an expected loss of approximately 3.7% of the GBP42
billion loan portfolio.  Given the above described characteristics
of the loan portfolio, Moody's considers this to be a high
leverage despite more favorable regulatory capitalization levels
(the bank's core Tier 1 ratio at end of June stood at 9.1%).
Furthermore, Moody's believes that in the current environment any
further capital raising by Bradford & Bingley to offset such
losses may be very challenging, when taking into account the
difficulties it faced when raising the GBP400 million in July.

                     Funding and Liquidity

"The second key rating driver for the downgrade" Marjan Riggi
continued, "has been Bradford & Bingley's significantly reduced
funding flexibility".  Retail deposit funding amounts to approx.
43% at end of June 2008, and deposits have experienced some
outflows in the months of June and July.  Although deposits have
stabilized recently, Moody's continue to closely monitor the
deposit trends for Bradford & Bingley,

As long as the wholesale markets remain virtually closed to
securitizations and the inter-bank funding market very risk-
sensitive, the only other meaningful funding source for Bradford &
Bingley remains the Special Liquidity Scheme of the Bank of
England, to which the bank has access via its Aire Valley Master
Trust securitizations, Bowler Finance Securitization and its
Covered Bond program.

Provided ongoing access to the SLS, Moody's noted positively the
bank's availability of unencumbered mortgages that it could
securitize for the SLS and which should give it at least a
temporary resilience against a further outflow of other liquidity
sources; this is a significant factor underpinning the BFSR at D.
Furthermore, Moody's notes positively the appointment of a new
Chief Executive Officer and the new strategy that has been put in
place with respect to its lending activities and operations.

                    Expectation of Support for
                     Deposits and Senior Debt

The downgrade of the bank's deposit and senior unsecured debt
ratings to Baa3 -- two notches above the standalone Baseline
Credit Assessment of Ba2 -- reflects the heightened likelihood of
systemic support given the bank's weakened financial fundamentals
on the one hand, and its meaningful position within the UK banking
system on the other.  Moody's believes that the likelihood of
support for depositors and other pari-passu-ranking creditors is
appropriately reflected in a Baa3 rating (which corresponds to a
short term Prime-3 rating) for these instruments.  However, the
negative outlook reflects a degree of uncertainty of the scope and
duration of such support.

The multi-notch downgrade of the bank's various subordinated debt
instruments, effectively notching them down from the BCA of Ba2,
incorporates the much greater uncertainty about the extent and
timeliness of any support that could be forthcoming to these
instruments, as well as the varying degree of expected loss
attached to each instrument.

Furthermore, Moody's noted the weakening position of unsecured
creditors -- especially those that may not benefit from systemic
support - in view of approximately 50% of assets being pledged to
secured creditors - as the asset quality of the uncollateralized
assets continue to weaken much more notably than the overall
relatively stronger performance of the assets in the cover pool of
Bradford & Bingley's covered bonds as well as those in its Master
Trust, Aire Valley.

The last rating action on B&B took place on July 4, 2008, when the
long-term bank deposit and senior unsecured ratings were
downgraded by one notch to Baa1, and the BFSR and long term debt
and deposit ratings were placed on review for possible downgrade.

Ratings downgraded:

Bradford & Bingley plc

   -- Long-term bank deposits -- to Baa3 from Baa1
   -- Senior unsecured debt -- to Baa3 from Baa1
   -- Subordinated debt -- to Ba3 from Baa2
   -- Junior subordinated debt -- to B1 from Baa2
   -- Short-term bank deposits -- to Prime-3 from Prime-2
   -- Short-term debt -- to Prime-3 from Prime-2
   -- Commercial paper -- to Prime-3 from Prime-2
   -- Bradford & Bingley Capital Funding LP
   -- Preferred securities -- to B2 from Baa3

These specific entities or debt categories are not covered by this
press release:

   -- Covered bonds issued by Bradford & Bingley plc

   -- Mortgage-backed securities issued by the Aire Valley
      Master Trust

Bradford & Bingley plc, which is headquartered in Bingley,
Yorkshire, England, had assets of GBP52.2 billion (EUR70.5
billion) at end of June 2008.


BRITISH AIRWAYS: CEO Sees 30 More Airlines Going Bankrupt
---------------------------------------------------------
British Airways Plc's chief executive, Willie Walsh, warned late
last week that up to 30 more airlines will go bankrupt before
Christmas as the biggest rescue of stranded passengers in travel
industry history began, David Prosser and Martin Hickman of The
Independent say.

Based on the report, the airline industry is vulnerable due to the
crippling rise in fuel prices, declining bookings, and economic
slowdown.

Mr. Walsh said the scenes of chaos in which 85,000 passengers have
been stranded at locations around the world after the collapse of
XL, Britain's third largest holiday company, would become a
familiar sight as the travel industry struggled with soaring fuel
costs and the effects of a global economic downturn, The
Independent reports.

"We are in the worst trading environment the industry has ever
seen", The Independent quotes Mr. Walsh as saying.  Mr. Walsh also
announced up to 1,400 redundancies at his own airline, The
Independent reports.

Staff applying for redundancy will be offered severance packages,
The Independent says.  However, the airline has not disclosed how
many of its workers will lose their jobs, the report notes.

According to the report, travel industry experts said smaller
airlines and tour operators were most at risk and warned
passengers to book in a way that ensured they got their money back
if an airline went bankrupt.

"XL will not be the last: there have been a number of similar
issues recently of smaller tour operators hitting financial
difficulties," The Independent says, citing Joseph Thomas, a
travel and leisure analyst at Investec, the City stockbroker.

Aviation consultant with JLS Consulting, John Strickland,
according to The Independent, added that "[t]here are carriers in
the UK that are not cash-rich like BA or Ryanair and who have not
been able to hedge their oil costs.  Mr. Strickland said he thinks
there will be other failures in coming months, the report relates.

                      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.


BUCKINGHAM REPROGRAPHIC: Claims Filing Period Ends Dec. 3
---------------------------------------------------------
Creditors of Buckingham Reprographic Services Ltd. have until
Dec. 3, 2008, to send their full names, address and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         David Elliott
         Liquidator
         c/o Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on Sept. 3, 2008, for the creditors' voluntary
winding-up procedure.


COCOA FARM: Calls in Liquidators from Mazars
--------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Cocoa Farm (U.K.) Ltd. on
Sept. 1, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Cocoa Farm (U.K.) Ltd.
         c/o Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         England


CONSOLIDATED VENDING: Taps Tenon Recovery to Administer Assets
--------------------------------------------------------------
The Board of Consolidated Vending has provisionally agreed to
appoint Tenon Recovery as Administrators under the terms of the
Insolvency  Act 1986.  The Board has taken this decision as it
does not believe it will be able to pay certain liabilities as
they become due.  The decision came as negotiations to sell the
company failed.

Blomfield Corporate Finance Limited has informed the Company that
it has resigned as Nominated Adviser with immediate effect.

SVS Securities plc has informed the Company that it has resigned
as Broker with immediate effect.

The Company's shares are suspended from trading on AIM with
immediate effect.

If no replacement Nominated Adviser is appointed within one month
admission of the Company's shares to trading on AIM will be
canceled.

Interested parties may contact:

         Consolidated Vending
         Andrew Coll
         Chief Executive Officer
         Tel: 01494 513927

         Tenon Recovery
         Trevor Binyon
         Director
         Tel: 0207 258 8922


DILIGENCE LTD: Taps Liquidators from BDO Stoy Hayward
-----------------------------------------------------
Geoffrey Stuart Kinlan and William John Turner of BDO Stoy Hayward
LLP were appointed joint liquidators of Diligence (U.K.) Ltd.
(formerly New Space Investments Ltd., New Space Investments) on
Aug. 29, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Diligence (U.K.) Ltd.
         c/o BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England


DOLPHIN SECURITY: Appoints Liquidators from Tenon Recovery
----------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Dolphin Security Windows Ltd. on
Aug. 21, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Dolphin Security Windows Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


FRITH CONTENT: Brings in Liquidators from KPMG
----------------------------------------------
Richard Hill and David John Crawshaw of KPMG LLP were appointed
joint liquidators of Frith Content Ltd. on Sept. 3, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Frith Content Ltd.
         c/o KPMG Restructuring
         100 Temple Street
         Bristol
         BS1 6AG
         England


INDIGO FUSION: Calls in Liquidators from Deloitte & Touche
----------------------------------------------------------
Adrian Peter Berry and William Kenneth Dawson of Deloitte & Touche
LLP were appointed joint liquidators of Indigo Fusion Ltd. on Aug.
27, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Indigo Fusion Ltd.
         c/o Deloitte & Touche LLP
         1 City Square
         Leeds
         LS1 2AL
         England


ITV PLC: Moody's Lowers Senior Unsecured Ratings to Ba1
-------------------------------------------------------
Moody's Investors Service said that it had downgraded ITV plc's
senior unsecured ratings to Ba1 (from Baa3) and its short-term
ratings to Non-Prime (from Prime-3).  At the same time the agency
assigned a Ba1 Corporate Family Rating (CFR) and a Ba1 Probability
of Default rating (PDR) to the company.  The rating outlook for
ITV is negative.  The downgrade is prompted by a worsened near-
term outlook for UK television advertising as the UK economy slows
down and Moody's expectation that consequently ITV's debt
protection measurement will weaken such that they are no longer in
line with a Baa3 rating (e.g. RCF/Adjusted Net Debt not reaching
the low teens).  A negative outlook reflects the uncertain outlook
for UK TV advertising into 2009 as ITV remains hamstrung by
regulatory constraints such as the contract rights renewal
mechanism.

For the year-to-date, ITV estimates that Net Advertising Revenue
(NAR) for the total UK will have fallen by 3% year-to-date to
September 2008 and at a similar rate for the ITV family, due in
particular to steep declines anticipated for September (16%
market/18% ITV).  While September has very tough 2007 comparables
and late bookings could still have an impact on the final results
for the month, ITV has indicated that it sees October NAR also
falling by around 9% for the UK market with a degree of out-
performance from ITV.  This, together with a weakening macro-
economic environment in the UK suggests that a visible fall in NAR
for ITV for the full year can now be anticipated and 2009 could
see further reductions although visibility beyond the next couple
of months remains limited.

The agency added that the Ba1 rating also considers execution
challenges for the company's strategic plan introduced in
September 2007 such as the envisaged bolstering of revenues from
the production of programming.  The Ba1 rating remains supported
by the still considerable strength of its broadcasting franchise,
its well established programming operations and the positive
impact of the company's efforts to compensate for the decline in
ITV1's NAR, by developing the share of audience and therefore NAR
of a broader family of digital channels.  A removal of the
negative outlook would require a more stable trend in NAR
development combined with ongoing evidence of successful
implementation of strategy, measured amongst other things by ITV's
ability to manage the expected further decline in share of
commercial impacts for its flagship ITV1 channel in line with
expectations.

The Ba1 rating acknowledges that ITV's liquidity profile is
sufficient for its current needs.  As of June 30 2008, the company
had cash and cash equivalents of GBP373 million (excluding certain
restricted cash and a GBP100 million short term investment
maturing in March 2009).  This together with proceeds from the
company's recently issued GBP110 million bond due 2013 and
availabilities under its currently un-drawn GBP450 million
Revolving Credit Facility (due June 2011) and GBP200 million in
other committed facilities should allow the company to satisfy its
near-term operational liquidity needs and to address the company's
March 2009 bond maturity (GBP250 million).  Moody's would expect
any material acquisitions to be funded from the proceeds of asset
sales.  Moody's notes that ITV's Revolving Credit Facility is
subject to certain restrictions including financial covenants and
a material adverse change clause.  There is currently good
headroom under the financial covenants.

ITV's PDR of Ba1 assumes an expected family recovery at 50% and a
standard deviation of the recovery rate at 26%.  All of ITV's
rated debt instruments have been assigned an LGD4 assessment
translating into a Ba1 rating.  Debt instruments at ITV Plc and/or
its subsidiaries largely comprise of senior unsecured obligations
which rank pari passu to one another in status and have hence all
been ranked at the same level behind the defined benefit pension
deficit obligation (GBP221 million at June 30, 2008).

For the first half of 2008, ITV reported revenues of GBP 1,031
million (GBP1,004 million in H107) registering an increase of 3%
driven by improved performance in the Global Content business
(external revenues for the division increased by 30% over H108) as
well as an increase in online revenues (which increased by 6% over
H107).  However, growth was held back by a weaker performance in
the Broadcasting revenues (constituting 83% of total ITV
revenues), which declined by 1% to GBP832 million in H12008 (from
GBP842 million in H12007).   While ITV's reported EBITA registered
a sharp decline of 20% in H108 to GBP121 million (from GBP151
million in H107), this decline reflects to a significant degree
the phasing of programming cost for sports events with Euro 2008
football falling into the first half whereas 2007 Rugby World Cup
was a second half event.  Moody's note that in the light of a
deteriorating advertising environment for 2008/9 ITV recognized an
impairment loss of GBP1.6 billion against broadcast goodwill.

Ratings downgraded are: ITV's EMTN program to Ba1/Non-Prime, long-
term debt issues under the program falling due 2011, 2015 and 2017
as well as the company's Eurobond due 2009 to Ba1 (from Baa3), all
of which have been assigned an LGD-4 rating.  In addition ITV plc
has been assigned a Ba1 CFR and a Ba1 PDR and the company's issuer
rating (previously at Baa3) has been withdrawn.

Headquartered in London, England, ITV plc is the leading owner of
channel 3 franchises in the UK free-to-air TV market, and
generated turnover of GBP2.1 billion in the year to December 2007.


LEHMAN BROTHERS: Administrators Review Operating Position
---------------------------------------------------------
Following the appointment of Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008, Tony Lomas has the following update:

"The last 48 hours has seen a period of intense activity and we
are grateful for the continued support of the management and staff
as we address the complexities of the task.

"The administrators have been working to understand the operating
position of the company with a view to identifying how its various
holdings can be wound-down in an orderly manner.

"A priority has been establishing arrangements to retain staff to
ensure the orderly disposal of assets and we have taken steps to
achieve this.  We are currently reviewing various proposals to
transact and over the last 24 hours we have resolved trading
issues with the London Clearing House to ensure that customers
begin to transfer trades to third parties.

"The administrators recognize the difficulty this situation is
creating for the various market participants and request their
patience while the practical matters are resolved to allow an
orderly re-evaluation to be executed.

"There have been expressions of interest in LBAM (Europe) and
Lehman Brothers Europe Ltd (the asset management and corporate
finance advisory businesses) which are solvent and continue to
operate and we have begun discussions with interested parties.

"We are also taking a keen interest in developments with Lehman
Brothers in the US."

                 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: Barclays to Buy Trading Unit, HQ for US$1.75BB
---------------------------------------------------------------
Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure.  Barclays, in a news statement, said the
transaction will create a premier integrated global bulge bracket
investment banking company with a leading presence in all major
markets and across all major lines of business including: equity
capital markets, debt capital markets, mergers and acquisitions,
commodities trading and foreign exchange.

Barclays will acquire trading assets with a current estimated
value of GBP40 billion -- US$72 billion -- and trading liabilities
with a current estimated value of GBP38 billion -- US$68 billion
-- for a cash consideration of GBP140 million -- US$250 million.
Barclays will also acquire the New York headquarters of Lehman
Brothers as well as its two data centers at close to their current
market value.

Barclays has also agreed to acquire Lehman Brothers' New York Head
Office at 745 Seventh Avenue and two data centres in New Jersey
for close to their current market value, estimated at GBP800
million -- US$1.5 billion.  The combined consideration totals some
GBP1.0 billion -- US$1.75 billion.

A conference call for analysts and institutional investors will be
hosted today by John Varley, Barclays Group Chief Executive, and
Robert E. Diamond Jr., Barclays President.  The call will commence
at 12.00 p.m. (BST).

Certain Barclays shareholders have expressed support for the
transaction and interest in increasing their shareholdings in
Barclays.  The Board of Barclays expects these discussions to lead
to a subscription of at least GBP600 million -- US$1 billion -- of
additional equity.  The proposed transaction with Lehman Brothers
and the additional equity would result in an enhancement of
Barclays earnings and capital ratios.

Commenting on this announcement, John Varley, Barclays Group Chief
Executive, said, "The proposed acquisition of Lehman Brothers
North American investment banking and capital market operations
accelerates the execution of our strategy of diversification by
geography and business in pursuit of profitable growth on behalf
of our shareholders, in particular increasing the percentage of
Barclays earnings sourced in North America.  This transaction
delivers the strategic benefits of a combination with Lehman
Brothers core franchise, while meeting Barclays strict financial
criteria, and strengthening our capital ratios."

Robert E. Diamond Jr., Barclays President, said, "This is a once
in a lifetime opportunity for Barclays.  We will now have the best
team and most productive culture across the world's major
financial markets, backed by the resources of an integrated
universal bank.  We welcome the opportunity to add Lehman's people
and capabilities to the Barclays team."

Herbert H. McDade III, Lehman Brothers Chief Operating Officer,
said, "Lehman Brothers strength has always been our client
franchise.  With this transaction, we have the opportunity to
continue the growth and development of our US investment banking
and capital market franchises with one of the leading financial
institutions in the world.  Together with Barclays, these
businesses will be a part of a global financial services
powerhouse delivering a comprehensive suite of products and
services to our clients."

    1. Transaction Structure

The Lehman Brothers operations to be acquired in the transaction
have approximately 10,000 employees, trading assets currently
estimated to have a value of GBP40 billion -- US$72 billion -- and
liabilities currently estimated to have a value of GBP38 billion
-- US$68 billion.  The Lehman Brothers operations include Lehman
Brothers North American fixed income and equities sales, trading
and research and investment banking businesses.

The Acquisition is subject to a number of conditions including the
approval of the United States Bankruptcy Court for the Southern
District of New York.  Lehman Brothers is filing an emergency
motion with the Bankruptcy Court to seek a hearing to obtain
approval for the Acquisition.  The Acquisition is also subject to
certain usual conditions including receipt of necessary regulatory
approvals and US antitrust clearances.  The agreement for the
Acquisition may be terminated if it is not completed by
September 24, 2008.

    2. Transaction Benefits

The Acquisition will combine two strong client franchises and
product offerings, with the potential to create significant value
for Barclays shareholders.  The Lehman Brothers businesses are a
highly complementary fit for Barclays investment banking business,
Barclays Capital.  The combined business will be a premier global
investment bank with an increased presence in the US and an
enhanced product offering.  Among other benefits, the combination
of the two businesses will:

  -- confirm Barclays Capital as a leading debt capital markets
     house globally;

  -- have a top 3 position in the US capital markets, the largest
     in the world;

  -- extend Barclays Capital's range of investment banking
     products, with the addition of Lehman Brothers strong
     US M&A and equity capital markets franchises; and

  -- strengthen Barclays Capital's hedge fund franchise through
     the addition of prime brokerage and cash equity capabilities.

The Acquisition will result in the proportion of Barclays revenues
derived from the US rising significantly.  Given the strong
cultural fit, Barclays intends to achieve a rapid integration so
as to minimize disruption to employees, clients and
counterparties.

    3. Barclays Current Trading

Barclays has traded satisfactorily in July and August.  The
monthly run rate for the Group's profit before tax in these months
was slightly lower than the average for the first half of the
year, reflecting usual seasonality.  All businesses were
profitable.

    4. Employees and Management

The acquired businesses will be merged into Barclays Capital,
which forms part of Barclays Investment Banking and Investment
Management of which Robert E. Diamond Jr., is Chief Executive.

    5. Share Issue

Further details of the expected issue of new shares in connection
with the Acquisition will be published in due course.

    6. Advisers

Barclays Capital, Credit Suisse Securities (Europe) Limited,
Deutsche Bank AG, London Branch and JPMorgan Cazenove Limited are
acting as financial advisers to Barclays.  Credit Suisse
Securities (Europe) Limited and JPMorgan Cazenove Limited are
joint corporate brokers to Barclays.  Clifford Chance LLP and
Cleary Gottlieb Steen & Hamilton LLP are acting as legal advisers
to Barclays.

    7. Analyst and Investor conference call

To access the live conference call please dial 0845 401 9092 (UK
callers) or +44 20 3023 4419 (all other locations).  Access code:
"Barclays Announcement".  A live webcast of the conference call
will also be available at www.barclays.com/investorrelations

A replay of the conference call and webcast will be available
after the event.  Access will be available via the Barclays
investor relations Web site.  For further information please
contact:

    Investor Relations / Media Relations
    Mark Merson / Leigh Bruce
    +44 (0) 20 7116 5752
    +44 (0) 7826 910292 /
    +44 (0) 20 7773 7371

    John McIvor / Simon Eaton
    +44 (0) 20 7116 2929
    +44 (0) 7917 068479 /
    +44 (0)20 3134 2111

    Peter Truell

    +1 212 412 7576 /
    +1 917 826 8636

Barclays Capital is acting for Barclays PLC and Barclays Bank PLC.
Credit Suisse Securities (Europe) Limited, is acting as joint
financial adviser and joint corporate broker to Barclays Bank PLC
and Barclays PLC.  Deutsche Bank AG, London branch, and JPMorgan
Cazenove Limited act as joint financial advisor.  JPMorgan also
serves as joint corporate broker.

                         About Barclays

Barclays is a major global financial services provider engaged in
retail and commercial banking, credit cards, investment banking,
wealth management and investment management services with an
extensive international presence in Europe, the United States,
Africa and Asia.  With more than 300 years of history and
expertise in banking, Barclays operates in more than 50 countries
and employs approximately 147,000 people.  On the Net:
http://www.barclays.com/

The announcement was made two days after abandoning its plan of
acquiring Lehman Brothers Holdings Inc.

"If Barclays can buy these assets with limited liability, that
would make sense.  It would also mean Barclays moves into
equities, which on the plus side diversifies the revenue mix,"
Bloomberg quoted Mamoun Tazi, a London-based analyst at MF Global
Securities Ltd., as saying.

Meanwhile, independent.co.uk reported that the sale talks are
focused on the so-called "clean parts" of Lehman Brothers' U.S.
operations including core investment banking infrastructure and
staff, and none of its mortgage-related assets that ran the
company aground.

                     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.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LEHMAN BROTHERS: Organizational Meeting Called to Form Panel
------------------------------------------------------------
Diana Adams, United States Trustee for Region 2, called an
organizational meeting in the Chapter 11 case of Lehman Brothers
Holdings Inc., on September 16, 2008, at 6:00 p.m., at The
Helmsley Park Lane Hotel, 36 Central Park South, in New York.  The
purpose of the meeting was to form an official committee or
committees of unsecured creditors in Lehman Brothers' case.

The organizational meeting is not the meeting of creditors
held pursuant to Section 341 of the Bankruptcy Code.  A
representative of Lehman Brothers, however, may attend the
organizational meeting to provide information about the status of
the company's bankruptcy case.

                     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.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LEHMAN BROTHERS: Japan Units File for Bankruptcy in Tokyo
---------------------------------------------------------
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion), Teikoku Databank Ltd. said.  Lehman
Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion)
in liabilities in its petition.  Akio Katsuragi, a former Morgan
Stanley executive, runs Lehman's Japan units.

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

The Financial Services Agency, Japan's financial watchdog, has
ordered Lehman Brothers Japan to halt operations for 12 days,
following its parent's bankruptcy filing, various reports say.
According to Reuters, FSA ordered Lehman Brothers Japan Inc. to
halt operations, except for carrying out existing contracts or
returning assets to customers, from Sept. 15 to Sept. 26.  The
regulator, Reuters relates, had earlier told the Japanese unit to
retain assets equivalent to its liabilities in Japan, excluding
those liabilities owed to parties overseas.  FSA said it was
taking action to make sure "not to damage the benefits of
creditors and investors through the outflow of money from Lehman's
assets to overseas affiliated companies" following the bankruptcy.

The Finance Ministry, Japan Daily New relates, also said it has
decided to delist Lehman Brothers Japan as a special market
participant or primary dealer in the government bond market for
11 days, starting Tuesday, Sept. 16.

The Nikkei business Daily, AFP notes, said the regulator was in
contact with U.S. financial authorities and Japanese financial
institutions to assess the damage.  "The US authorities say they
will protect customers' assets.  We are analyzing a possible
effect" on the Japanese financial sector," AFP cited an anonymous
official at the watchdog as saying.

               Japan Infuses US$24-Bil. in Market

Reuters reports that The Bank of Japan injected US$24,000,000,000
into the Japanese market, the largest since March, and Prime
Minister Yasuo Fukuda called an urgent meeting with key ministers,
as stocks slid and bonds soared after Lehman Brothers Holdings,
Inc.'s bankruptcy filing in the United States.

"The Bank of Japan will carefully monitor the recent situation
surrounding U.S. financial institutions and its impact," central
bank governor Masaaki Shirakawa said in a statement.

Chief Cabinet Secretary Nobutaka Machimura that Japan's
government isn't considering "additional" measures to boost
economic growth and stabilize markets after Lehman Brothers
Holdings's bankruptcy filing.

According to Japan-based The Daily, Financial Services Minister
Toshimitsu Motegi sought to allay fears by saying the impact on
Japanese financial institutions was limited.  "So far, we haven't
confirmed any signs that Japanese financial institutions are
seriously affected.  Officials will "raise alert levels" to
closely monitor the situation, he said, the same report relates.

Bloomberg News relates, Mr. Machimura said that the bankruptcy
will have a "limited" effect on Japan's financial companies.  "It
won't affect Japanese financial institutions seriously," he said.

Mr. Machimura's remark, Bloomberg News points out, follows that
of ruling Liberal Democratic Party Acting Secretary-General
Hiroyuki Hosoda, who said the government should take "emergency
economic and fiscal measures" to restore confidence.

The Daily says, Tokyo's Nikkei 225 index plunged more than 5%,
falling under than 12,000-point level for the first time since
mid-March.  The dollar also nose-dived to 104 yen levels, the same
report adds.

Seven of top 30 unsecured creditors of Lehman are Japanese banks,
who are owed money for bank loans:

        Japan Bank                Scheduled Debt
        ----------                 -------------
        AOZORA Bank               US$463,000,000
        Shinesi Bank Ltd.            231,000,000
        UFJ Bank Limited             185,000,000
        Mizuho Corporate Bank         93,000,000
        Shinkin Central Bank          93,000,000
        Chuo Mitsui Trust & Banking   93,000,000
        Nippon Life Insurance Co.     46,000,000

                     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.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LEHMAN BROTHERS: Seeks Nov. 14 Extension of Schedules Filing
------------------------------------------------------------
Lehman Brothers Holdings Inc., asked the U.S. Bankruptcy Court for
the Southern District of New York to give it until November 14,
2008, to file its schedules and statement of financial affairs.

Section 521 of the Bankruptcy Code and Rule 1007 of the Federal
Rules of Bankruptcy Procedure require a debtor to file its (i)
schedules of assets and liabilities; (ii) schedules of current
income and expenditures; (iii) schedules of executory contracts
and unexpired leases; and (iv) statements of financial affairs
within 15 days after a debtor's bankruptcy filing.

Harvey Miller, Esq., at Weil, Gotshal & Manges LLP, in New York,
said that the company may not be able to complete the statements
and schedules within 15 days, given the complexity of its
business and the diversity of its operations.

"To prepare its schedules, [Lehman Brothers] must compile
information from books, records, and documents relating to
thousands of claims, assets and contracts," Mr. Miller said.

Lehman Brothers also asked the Court not to require the company
to file a list of its equity security holders and provide them
with a notice of its bankruptcy filing.

"Lehman is a public company and, as of August 31, 2008, has
approximately 690,000,000 shares of common stock outstanding.
Such common stock is actively traded on the New York Stock
Exchange, and therefore, the holders of the common stock change
on a daily basis," Mr. Miller said.  He pointed out that
preparing the list and sending notice to all equity security
holders would be expensive and time consuming.

                     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.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LEHMAN BROTHERS: Bankruptcy Affects World Stock Markets
-------------------------------------------------------
Global markets have plummeted following the bankruptcy filing of
top U.S. investment bank Lehman Brothers Holdings Inc.

According to a report by BBC News, Japan's benchmark Nikkei-225
index dropped by 4.7% in the first half of trading while South
Korean shares shed more than 5% in value in just 20 minutes.

Markets in other Asian countries were also sharply down.

According to AFP, Hong Kong share prices plunged 6.1 percent
while Chinese share prices fell 3.36 percent.  In Singapore
shares traded 2.31 percent lower with the blue-chip Straits Times
Index down 57.54 points at 2,429.01.

In Taiwan, the market dropped 3.88 percent.  The weighted index
shed 235.04 points or 3.88 percent to 5,817.41 after opening
304.28 points lower on turnover of 16.34 billion Taiwan dollars
(505 million US).

The Philippines also saw a fall, with share prices plunging
4.3 percent.  The composite index was down 108.11 points at
2,428.05.

"The collapse of Lehman Brothers has sent a major jolt through
global financial markets as it is by far the biggest victim of
the credit crisis that started in August 2007 and had been
considered too big to fail," AFP quoted Global Insight economist
Howard Archer as saying.

                     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.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LEHMAN BROTHERS: Banks Disclose Exposure to Bankruptcy
------------------------------------------------------
Citigroup Inc., said in a statement that it has little or no
exposure to Lehman Brothers Holdings Inc.  In Lehman's list of 30
largest unsecured creditors, Citigroup is listed as an indenture
trustee to about US$138,000,000,000 in unsecured debt by Lehman
Brothers.  Citigroup clarified that it is not owed money by Lehman
Brothers and is merely serving as an intermediate between the bank
and buyers of its bonds.

"Our role in this issue is administrative in nature and does not
represent exposure for Citi to Lehman [Brothers].  Any assertions
to the contrary are false," Citigroup said in the statement.

The Bank of New York Mellon Corp., said in a statement that it has
little or no exposure to Lehman Brothers Holdings Inc. Bank of New
York Mellon is listed in Lehman's list of 30 largest unsecured
creditors is a trustee to about US$15,000,000,000 of debt.  The
Bank of New York Mellon also stressed that it has no outstanding
loans to Lehman Brothers and has only minimal direct exposure to
the company.  It further said that its "indirect exposure
primarily relates to [Lehman Brothers'] short-term debt"
held in its client portfolios.

ICICI Bank UK PLC said in a statement that it holds EUR57,000,000
of senior bonds of Lehman Brothers Inc.  As part of its treasury
operations, ICICI Bank Limited has undertaken transactions with
Lehman Brothers entities as counter-parties.  The exposure to
Lehman Brothers entities on account of these transactions and
potential loss thereon are not material, ICICI said.

Stockholm, Sweden-based Nordea said it has no credit exposure in
terms of bond holdings or credit facilities to Lehman Brothers.
In the capital market operations, Nordea has traded with Lehman
Brothers as counterparty in derivatives transactions.  "The net
exposure in these transactions, net of collateral, is
insignificant."

Nordea is replacing most of its derivative contracts currently
held with Lehman Brothers with other counterparties.  These
replacement costs will be limited.  Nordea added that its strong
funding and capital position is not affected.

Australia's ANZ said its total exposure to the Lehman group of
companies is approximately US$120,000,000 comprised of
US$28,000,000 exposure to Lehman Brothers Holdings Inc and
US$92,000,000 to Lehman subsidiaries.  ANZ says it is not in a
position at this time to provide an estimate of the likely loss,
if any.  In particular, it notes that  Lehman subsidiaries are not
part of the Chapter 11 filing.  Lehman Bros. are also amongst 800
counterparties included in the underlying assets for ANZ's credit
intermediation trades; their default has little impact on the
level of first loss protection, ANZ said.

In its list of largest unsecured creditors, Lehman Brothers
Holdings, Inc., said that it owes Svenska Handelsbanken
US$140,610,543 for letters of credit.  Handelsbanken issued a
statement that the exposure figure which Lehman Brothers Holdings
Inc. published was as of July 2, 2008.  The exposure is currently
US$91,000,000, Handelsbanken said.  Handelsbanken's exposure
comprises issued letters of credit, i.e. guarantees, in favor of a
third party.  At present, there are no claims against
Handelsbanken under these letters of credit.

In other respects, Handelsbanken has dealings with some of Lehman
Brothers' subsidiaries.  These transactions comprise letters of
credit -- US$16,000,000) as well as securities lending and long
derivative transactions with collateral.  For short-term
derivatives without collateral, the Bank's exposure is
US$19,000,000.

Popolare Milano says Lehman risk is less than EUR10,000,000,
Bloomberg reports.

                     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.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LEHMAN BROTHERS: Bankruptcy Filing Cues KSX to Delete Index
-----------------------------------------------------------
Keefe Bruyette & Woods Inc., a full service investment bank that
specializes in the financial services sector, and a subsidiary of
KBW Inc., disclosed upcoming changes to the KBW Capital Markets
Index.

Effective prior to the opening of business today, Sept. 17, 2008,
Lehman Brothers Holdings Inc., a component of the KSX, will be
deleted, as it filed a Chapter 11 petition with U.S. Bankruptcy
Court in Manhattan.  LEH will be replaced by Stifel Financial
Corp. within the index.

The KBW family of indices and exchange traded funds include: KBW
Bank Index (Index Symbol: BKXSM, ETF Symbol KBESM); KBW Capital
Markets Index (Index Symbol: KSXSM, ETF Symbol KCESM); KBW
Insurance Index (Index Symbol: KIXSM, ETF Symbol KIESM); KBW
Regional Banking Index (Index Symbol: KRXSM, ETF Symbol: KRESM)
and KBW Mortgage Finance Index (Index Symbol: MFXSM).

                     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.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.


LEHMAN BROTHERS: S&P Changes Counterparty Credit Rtng to D from SD
-----------------------------------------------------------------
Standard & Poor's Ratings Services changed its counterparty credit
rating on Lehman Brothers Holdings Inc. to 'D' from 'SD'.  S&P
also lowered its senior and subordinated debt issue ratings on
LBHI, and the ratings on certain issues guaranteed by LBHI to 'D'.
These rating actions follow S&P's review of LBHI's bankruptcy
filings.  "We anticipate that LBHI will default on all or
substantially all of its obligations as they become due," said
Standard & Poor's credit analyst Scott Sprinzen.


LONGMEAD GROUP: Brings in Administrators from PwC
-------------------------------------------------
Longmead Group plc has announced the appointment of
PricewaterhouseCoopers LLP as Administrators to the Company.

The Joint Administrators are:

         Ross Connock and
         Robert Lewis
         PricewaterhouseCoopers LLP
         31 Great George Street
         Bristol
         BS1 5QD
         Tel: +44 (0) 117 929 1500

Dowgate Capital Advisers Limited, the Company's nominated adviser
and Dowgate Capital Stockbrokers Limited, the Company's broker has
also announced their resignation in lieu of the company entering
into administration.


MEDIA & PRINT: HS Printers Buys Businesses Out of Administration
----------------------------------------------------------------
HS Printers has bought the operating businesses of Media & Print
Investments Plc out of administration, William Mitting of
PrintWeek reports.  HS Printers is an acquisition vehicle founded
by entrepreneurs David Searle and Stephen Hardy.

The MPI businesses sold to HS Printers include Goodman Baylis, the
Friary Press and Borcombe SP, the report discloses.

According to the report, the new owners will retain existing staff
and management, and will continue to trade as normal.

MPI, which employs 250 people, went into administration last week
after running into cash flow difficulties following cutbacks on
credit insurance following the closure of Butler and Tanner.  Paul
Clark and Geoff Bouchier of MCR were appointed joint
administrators prior to the sale, the report relates.

Mike Dolan, the report adds, quit as director of MPI on Sept. 5,
2008.

Mr. Dolan told PrintWeek "I was prepared to invest in the business
but when the board did not back me and also invest, I had no
option but to stand down."  He said it was necessary to put the
group into administration to safeguard jobs.

He claimed the group had lost "many millions of pounds" in the
venture, with him standing to personally lose over GBP1.4 million,
the report notes.

Headquartered in London, Media Print & Investments Plc --
http://www.media-print.co.uk/-- is engaged in book and music
publishing, photographic & image licensing and quality printing.


P&P SIGN: Appoints Liquidators from Tenon Recovery
--------------------------------------------------
Jonathan Paul Philmore and David Antony Willis of Tenon Recovery
were appointed joint liquidators of P&P Sign Services Ltd. on
Sept. 4, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         P&P Sign Services Ltd.
         c/o Tenon Recovery
         Unit 1
         Calder Close
         Calder Park
         Wakefield
         WF4 3BA
         England


PAUL BROWN'S: Joint Liquidators Take Over Operations
----------------------------------------------------
Mark Newman and Vincent John Green of Vantis Business Recovery
Services were appointed joint liquidators of Paul Brown's of Dover
Ltd. (formerly Browns of Dover Ltd.) on Sept. 3, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Paul Brown's of Dover Ltd.
         c/o Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England


PHOENIX DESIGN: Claims Filing Period Ends Oct. 10
-------------------------------------------------
Creditors of Phoenix Design & Build Ltd. have until Oct. 10, 2008
to prove their debts by sending written statements of the amount
they claim to be due to them from the company to:

         Peter James Hughes-Holland
         Joint Liquidator
         Vantis Business Recovery Services
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Service were appointed joint liquidators of the company
on Aug. 28, 2008, for the creditors' voluntary winding-up
proceeding.


SHORELINE FILMS: Taps Liquidators from Mazars
---------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Shoreline Films Ltd. on Sept. 2,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Shoreline Films Ltd.
         c/o Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         England


ZOOM AIRLINES: Shepherd and Wedderburn to Advise PKF
----------------------------------------------------
Shepherd and Wedderburn will advise PKF on the administration of
Zoom Airlines Ltd., with insolvency partner Fiona Paterson
leading, The Lawyer reports.

"We have a good relationship with Shepherd and Wedderburn and have
worked together quite a lot over the years on various insolvency
appointments," PKF partner Anne Buchanan was quoted by The Lawyer
as saying.

The report however notes it is expected there is only a small
chance of saving the UK operations of Zoom.

PKF Accountants & business advisers, based in Glasgow, were
appointed as administrators of Zoom Airlines Ltd. on
Sept. 1, 2008.

Zoom Airlines Ltd. operated scheduled flights between London
Gatwick and New York, Bermuda, San Diego and Fort Lauderdale.
It suspended operations on Aug. 28, 2008.


* Fitch Reviews Lehman's European RMBS Counterparty Exposure
------------------------------------------------------------
Fitch Ratings has reviewed Lehman Brothers Holdings Inc.'s and
subsidiaries' counterparty exposure in European RMBS transactions,
following its downgrade of LBHI Long- and Short-term Issuer
Default Ratings to 'D' on its declaration of bankruptcy.  The
following list provides details of the transactions affected and
the type of exposure:

Berica 2 MBS S.r.l.
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Berica 6 Residential MBS S.r.l.
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

EMF - NL 2008 - 1 B.V.
  --  Liquidity Facility Provider (Lehman Brothers Bankhaus A.G.)
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

EMF - NL Prime 2008 - A B.V.
  --  Liquidity Facility Provider (Lehman Brothers Bankhaus A.G.)
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

EMF - UK 2008 - 1 Plc
  --  Liquidity Facility Provider (Lehman Brothers Bankhaus A.G.)
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Currency Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail 2006 - 1 Plc
  --  Liquidity Facility Provider (Lehman Brothers Bankhaus A.G.)
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail 2006 - 2BL PLC
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail 2006 - 3 NC Plc
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail 2006  -- 4NP Plc
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail Prime - UK 2007 - A PLC
  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Currency Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail - NL 2007 - 1 B.V.
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail - NL 2007 - 2 B.V.
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail - UK 2007 - 1 NC Plc
  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail - UK 2007 - 2 NP Plc
  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail - UK 2007 - 3 BL Plc
  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Currency Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail - UK 2007 - 4 BL Plc
  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Currency Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail - UK 2007 - 5NP Plc
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Currency Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Eurosail - UK 2007 - 6NC Plc
  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Currency Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Lusitano Mortgages No.4 Plc
  --  Interest Rate Cap Counterparty (Lehman Brothers
      International (Europe))

Lusitano Mortgages No.5 plc
  --  Interest Rate Cap Counterparty (Lehman Brothers
      International (Europe))

Marble Arch Residential Securitisation Ltd No 4
  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Mortgage Funding 2008 - 1 Plc
  --  Liquidity Facility Provider (Lehman Brothers Bankhaus A.G.)
  --  Basis Rate Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Fixed/Floating Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

  --  Currency Swap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Preferred Residential Securities 06 - 1 PLC
  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Preferred Residential Securities 8 Plc
  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Sestante Finance S.r.l. - 2
  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Sestante Finance S.r.l. - 3
  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Sestante Finance S.r.l.  - 4
  --  Interest Rate Cap Counterparty (Lehman Brothers
      International (Europe))

Southern Pacific Financing 06 - A Plc
  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Southern Pacific Securities 05 - 1 Plc
  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Southern Pacific Securities 05  -- 3 Plc
  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Southern Pacific Securities 06  -- 1 plc
  --  Interest Rate Cap Counterparty (Lehman Brothers Special
      Financing, Inc.)

Specific transaction documents will dictate subsequent mitigating
actions, which can include the posting of collateral, a guarantee
from another entity, the replacement of a counterparty, or
termination of the contract.  As more details of individual
transactions materialize, further deal-specific commentary or
rating actions will be made.


* Fitch Reviews Lehman's European ABS Counterparty Exposure
-----------------------------------------------------------
Fitch Ratings has reviewed Lehman Brothers Holdings Inc.'s and
subsidiaries' counterparty exposure in European ABS transactions,
following its downgrade of LBHI Long- and Short-term Issuer
Default Ratings to 'D' on its declaration of bankruptcy.  The
following list provides details of the transactions affected and
the type of exposure:

BPL Consumer S.r.l. - Series 2004
  -- Interest Rate Swap Provider (Lehman Brothers Special
     Financing Inc.)

SCIC Research
  -- Interest Rate Swap Provider (Lehman Brothers Special
     Financing Inc.)

Specific transaction documents will dictate subsequent mitigating
actions, which can include the posting of collateral, a guarantee
from another entity, the replacement of a counterparty, or
termination of the contract.  As more details of individual
transactions materialize, further deal-specific commentary or
rating actions will be made.


* Fitch Reviews Lehman's European CMBS Counterparty Exposure
------------------------------------------------------------
Fitch Ratings has reviewed Lehman Brothers Holdings Inc.'s and
subsidiaries' counterparty exposure in European CMBS transactions,
following its downgrade of LBHI Long- and Short-term Issuer
Default Ratings to 'D' on its declaration of bankruptcy.  The
following list provides details of the transactions affected and
the type of exposure:

FIP Funding S.r.l.
  --  Interest Rate Swap Provider (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Swap Guarantor (Lehman Brothers Holdings Inc.)

Imser Securitisation 2 S.r.l.
  --  Interest Rate Swap Provider (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Swap Guarantor (Lehman Brothers Holdings Inc.)

Paris Prime Commercial Real Estate FCC
  --  Interest Rate Swap Provider (Lehman Brothers International
      (Europe))

  --  Interest Rate Swap Guarantor (Lehman Brothers Holdings Inc.)

Windermere VIII CMBS Plc
  --  Interest Rate Swap Provider (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Swap Guarantor (Lehman Brothers Holdings Inc.)

Windermere IX CMBS (Multifamily) S.A.
  --  Interest Rate Swap Provider (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Swap Guarantor (Lehman Brothers Holdings Inc.)

Windermere X CMBS Ltd
  --  Interest Rate/Currency Swap Provider (Lehman Brothers
      Special Financing, Inc.)

  --  Interest Rate/Currency Swap Guarantor (Lehman Brothers
      Holdings Inc.)

Windermere XI CMBS Plc
  --  Interest Rate Swap Provider (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Swap Provider (Lehman Brothers International
      (Europe))

  --  Interest Rate Swap Guarantor (Lehman Brothers Holdings Inc.)

Windermere XII FCC
  --  Borrower Hedge Counterparty (Lehman Brothers International
      (Europe))

  --  Hedge Guarantor (Lehman Brothers Holdings Inc.)

Windermere XIV CMBS Ltd
  --  Interest Rate Swap Provider (Lehman Brothers Special
      Financing, Inc.)

  --  Interest Rate Swap Guarantor (Lehman Brothers Holdings Inc.)

Specific transaction documents will dictate subsequent mitigating
actions, which can include the posting of collateral, a guarantee
from another entity, the replacement of a counterparty, or
termination of the contract.  As more details of individual
transactions materialize, further deal-specific commentary or
rating actions will be made.

Transactions materially exposed to LBHI-related entities in other
capacities will be reviewed individually as quickly as possible.


* S&P Probes Impact of Lehman Bankruptcy Effect on European Banks
-----------------------------------------------------------------
The Chapter 11 filing of Lehman Brothers Holdings Inc. on
Sept. 15, 2008, is a seismic event in the global financial
markets, Standard & Poor's Ratings Services noted in a report
titled "Lehman Brothers -- Assessing The Immediate Consequences
For European Banks," published on RatingsDirect.

In the above-mentioned article, S&P considers the implications of
the filing for the European banking sector.  "In summary, the
information that we have received so far indicates that European
banks' direct net exposures to LBHI and its subsidiaries are
generally moderate and manageable," said S&P's credit analyst Nick
Hill.  "This conclusion principally reflects the widespread use of
credit mitigation techniques such as netting, collateral
management, and margin calls," he added.

A more significant factor is likely to be a fall in asset prices
as Lehman entities unwind trading positions and manage down their
balance sheets.  This could lead to further material write-downs
in certain European banks' third-quarter earnings.  It is too
early to assess the scale of this effect.  "In certain cases, it
could result in rating actions once further information becomes
available," said Mr. Hill.


* S&P to Put Global CDOs with Exposure to Lehman & AIG on WatchNeg
------------------------------------------------------------------
Standard & Poor's Ratings Services stated it expects to place its
ratings on a large number of tranches from global synthetic
collateralized debt obligation (CDO) transactions with exposure
to Lehman Bros. and American International Group Inc. on
CreditWatch with negative implications, many of which will likely
lead to downgrade actions.  The forthcoming rating actions on
rated synthetic CDO transactions follow the recent downgrade
actions affecting Lehman Bros. Holdings Inc., its subsidiaries,
and AIG.

Lehman Bros. Holdings Inc. filed for Chapter 11 bankruptcy
protection on Sept. 15, 2008, which triggered a credit event, as
defined by the International Swaps and Derivatives Association
(ISDA).  The credit default swaps that underlie synthetic CDO
transactions generally look to the ISDA credit derivative
definitions to determine what constitutes a credit event for a
given reference obligation in a CDO.

A large number of rated synthetic CDO transactions reference
Lehman Bros. and AIG: 1,889 global transactions with 2,634 rated
tranches have exposure to Lehman Bros. and 1,619 global
transactions with 2,323 rated tranches have exposure to AIG.  A
large portion of these transactions, however, have overlapping
exposure to both Lehman Bros. and AIG.  The list below summarizes
the number of transactions and tranches with exposure to Lehman
Bros. and AIG, categorized by region.

Synthetic CDO Exposure to Lehman and AIG:

   Location                       Lehman      AIG
   --------                       ------      ---
   U.S.          No. Of deals      672        546
   U.S.          No. Of tranches   994        861
   Europe        No. Of deals      999        819
   Europe        No. Of tranches   1,364      1,153
   Asia Pacific  No. Of deals      104        124
   Asia Pacific  No. Of tranches   119        142
   Japan         No. Of deals      114        130
   Japan         No. Of tranches   157        167


* Insolvency Code of Ethics to be Released on November 1
--------------------------------------------------------
Rachael Singh of Accountancy Age reports that an updated ethical
guidelines for insolvency practitioners are to be released in a
bid to highlight conflicted interests on transparency and
confidentiality.

Based on the report, the Insolvency Code of Ethics has received
backing from all the regulators and replaces the Insolvency
Ethical Guide which came into force in January 2004.

Accountants have a similar guideline set out by the Consultative
Committee of Accountancy Bodies but are obliged to keep
information about companies private, the Accountancy Age says.
However, the report relates IPs dealing with troubled businesses
must be as transparent as possible in order to appease creditors.

Endorsing the changes, the Insolvency Service said it finds new
guidelines provide a clearer account of how staff should act when
dealing with contradictory issues, the report discloses.

"The code covers the period before taking an appointment as well
as when carrying out the role of insolvency office-holder," the
Accountancy Age quotes a spokesman for the IS as saying.

The current guide provides insolvency practitioners with five
principles to adhere to, including a list of common situations
they may come across, the Accountancy Age relates.  The revised
code will continue to incorporate the principles but has been
modified to provide more details regarding the threats
practitioners may face, the report adds.

Based on the report, the code also updates on the two main types
of threat, self-interest and self-review, with the revised version
adding advocacy, familiarity and intimidation, as well as
information on potential safeguards.

Brendan Guilfoyle, chairman of the ethics committee at the
Insolvency Practitioners Association, believes that IPs should not
hide behind confidentiality because in many cases their clients
are the creditors, the Accountancy Age writes.  "We would not
expect our members to hide behind the fundamental principle of
confidentiality but to be transparent when dealing with insolvency
appointments," the Accountancy Age says, citing Mr. Guilfoyle.

The Insolvency Practitioners Association, according to the report,
is also hoping to attach a foreword to the code, in conjunction
with the Insolvency Service, in order to emphasize the importance
on how to tackle these issues.

The Joint Insolvency Committee ended consultation in July last
year and expects to publish the code on Nov. 1, 2008, the
Accountancy Age adds.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 24, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     13 Week Cash Flow Workshop: An Overview
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: www.turnaround.org

Sept. 24-25, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida Annual Golf Tournament
        Champions Gate Golf Club, Orlando, Florida
           Contact: 561-882-1331 or www.turnaround.org

Sept. 24-26, 2008
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     IWIRC 15th Annual Fall Conference
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Desert Ridge Marriott, Scottsdale, Arizona
           Contact: http://www.iwirc.org/

Sept. 25, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Case Study with Tom Kim, TMA Small Business of the Year
        Turnaround Award - TMA Arizona Chapter Meeting
           TBD, Phoenix, Arizona
              Contact: www.turnaround.org

Sept. 26, 2008
  ASSOCIATION OF BUSINESS RECOVERY PROFESSIONALS
     R3 International Restructuring & Insolvency Conference
        Grange City Hotel, London
           Contact: courses@r3.org.uk; 020 7566 4225

Sept. 26, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Marriott Desert Ridge, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Private Equity Panel
        Centre Club, Tampa, Florida
           Contact: www.turnaround.org/

Oct. 3, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/UMKC Midwestern Bankruptcy Institute
        H. Roe Bartle Hall Convention Center, Kansas City
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Luncheon - Chapter 11
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

Oct. 13, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        Standard Club, Chicago, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Charity Golf Event
        Forest Park Golf Course, St. Louis, Missouri
           Contact: www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Billiards Networking Night
        Herbert's Billiards, Secaucus, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     LI-TMA Member Social
        Davenport Press, Mineola, New York
           Contact: 631-251-6296 or www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Meeting
        TBD, Calgary, Alberta
           Contact: 503-768-4299 or www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     View from the Bench - Bankruptcy Update
        Summit Club, Birmingham, Alabama
           Contact: www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     How to Contract with a Turnaround Manager
        University Club, Portland, Oregon
           Contact: www.turnaround.org

Oct. 22, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Turnaround Nevada Award Night
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: www.turnaround.org

Oct. 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting - Election Oriented
        TBD, Phoenix, Arizona
           Contact: www.turnaround.org

Oct. 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds: A Panel of Professionals
        TBA, Rochester, New York
           Contact: www.turnaround.org

Oct. 23-24, 2008
  AMERICAN CONFERENCE INSTITUTE
     Distressed Assets Boot Camp
        TBD, London, United Kingdom
           Contact: www.americanconference.com

Oct. 28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     State of the Capital Markets
        Citrus Club, Orlando, Florida
           Contact: www.turnaround.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Oct. 29-30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Corporate Governance Meetings
        Marriott, New Orleans, Louisiana
           Contact: www.turnaround.org

Oct. 30 & 31, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Physicians Agreements and Ventures
           Contact: 800-726-2524; 903-595-3800;
              www.renaissanceamerican.com

Oct. 31, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hilton, Frankfurt, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        Coach House Diner & Restaurant, Hackensack, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Turnaround Case Study
        Summit Club, Birmingham, Alabama
           Contact: www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds:A View From Workout Consultants
        TBA, Buffalo, New York
           Contact: www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     LI-TMA Social
        TBD, Melville, New York
           Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner Meeting
        TBD, Calgary, Alberta
           Contact: 503-768-4299 or www.turnaround.org

Nov. 17-18, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Distressed Investing
           Contact: 800-726-2524; 903-595-3800;
              www.renaissanceamerican.com

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Program
        Tournament Players Club at Jasna Polana, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
Restructuring/Bankruptcy
        Bankers Club, Miami, Florida
           Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Senior Housing & Long Term Care
        Washington Athletic Club,Seattle, Washington
           Contact: www.turnaround.org

Nov. 27, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting - Chris Kaup
        TBD, Phoenix, Arizona
           Contact: www.turnaround.org

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Party
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Christmas Function
        Terminal City Club, Vancouver, British Columbia
           Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

Dec. 8, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Gathering
        TBD, Long Island, New York
           Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        Washington Athletic Club, Seattle, Washington
           Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        University Club, Portland, Oregon
           Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        TBD, Phoenix, Arizona
           Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Sponsorships - Annual Golf Outing, Various Events
        TBA, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Distressed Investing Conference
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colorado
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casurina, Grand Cayman Island, AL
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons, Las Vegas, Nevada
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Beverly Wilshire, Beverly Hills, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
  NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
     NABT Spring Seminar
        The Peabody, Orlando, Florida
           Contact: http://www.nabt.com/

Apr. 20, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        John Adams Courthouse, Boston, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

Apr. 28-30, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

May 14-16, 2009
  ALI-ABA
     Chapter 11 Business Reorganizations
        Langham Hotel, Boston, Massachusetts
           Contact: http://www.ali-aba.org

June 11-13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

July 16-19, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Mt. Washington Inn
           Bretton Woods, New Hampshire
              Contact: http://www.abiworld.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Ocean Edge Resort, Brewster, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Chinas New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
     for Navigating the Restructuring Process
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency  Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Examining the Examiners: Pros and Cons of Using
     Examiners in Chapter 11 Proceedings
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  New 'Red Flag' Identity Theft Rules
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergersthe New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
     Processes
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
     Proceedings
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!

Nov. 17-18, 2008
Distressed Investing
The Helmsley Park Lane - New York
Brochure will be available soon!

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR

                    *      *      *

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                            *********

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,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *