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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 25, 2008, Vol. 9, No. 234

                            Headlines

A U S T R I A

PRODUCTION KOLLAND: Claims Registration Period Ends December 3
GPSD HOPFER: Claims Registration Period Ends December 5
WEINBAU HATZL: Claims Registration Period Ends December 5
TMI AUSTRIA: Claims Registration Period Ends December 4
GRABNER & CO: Claims Registration Period Ends December 5


F R A N C E

CALYON: Deteriorating Credit Quality Prompts Moody's Rating Cuts
FAIRCHILD SEMICONDUCTOR: Moody's Retains 'Ba3' Corporate Rating
FORNET CREDIT: Poor Credit Quality Cues Moody's Rating Downgrades
PHENIX CFO: Moody's Downgrades Ratings on Debt Instruments


G E R M A N Y

AGILYSYS INC: Failure to File 10-Q Further Cues Stocks Delisting
BADEN WUERTTEMBERG: Expects Full Year Loss, to Raise EUR5 Bil.
DRUCK UND PAPIER: Claims Registration Period Ends December 22
FORMEDIA HOLDING: Claims Registration Period Ends December 23
FOX GMBH: Claims Registration Period Ends December 22

GEIGER TECHNOLOGIES: Applies for Insolvency Proceedings
HARZER BAU: Claims Registration Period Ends December 20
HEIDELBERGCEMENT AG: S&P Downgrades Corporate Rating to 'BB-'
HSH NORDBANK: Moody's Cuts Bank Financial Strength Rating to 'D+'
HYPO REAL: Obtains EUR20 Bil. Framework Guarantee from SoFFin

KAFFEE & MEER: Claims Registration Period Ends December 22
MOEBELSERVICE KMS-GMBH: Claims Registration Period Ends Dec. 23


I R E L A N D

KINNITTY CASTLE: Goes Into Receivership; Owes EUR7 Million
MAGNOLIA FINANCE: Moody's Downgrades Ratings on Three Note Classes
PALMER SQUARE: Moody's Downgrades Ratings on Eight Note Classes


I T A L Y

BERICA 6: S&P Cuts & Removes From Neg. Watch Class D Notes' Rating
IT HOLDING: Approval From Lenders Cue S&P's Rating Upgrade to 'CC'


K A Z A K H S T A N

ALEM LLP: Creditors Must File Proofs of Claim by January 2
BELIEF VERA: Creditors' Claims Deadline Slated for December 31
DAMU MANAGEMENT: Creditors' Claims Filing Period Ends Dec. 31
INTER CHANGE: Creditors Must Register Claims by January 6
KAZ STROY INVEST: Creditors' Claims Due on December 31

MEGA CONSULT: Creditors Must File Proofs of Claim by December 31
MUNAY GAZ INTER: Creditors' Claims Deadline Slated for Dec. 31
NNS & K: Creditors' Claims Filing Period Ends December 30
STROY SLUV: Creditors Must Register Claims by December 31
UNIVERSAL-PLUS LLP: Creditors' Claims Due on December 31


K Y R G Y Z S T A N

AIRPORT SERVICE: Creditors Must File Claims by December 27
AZEM TOUR: Creditors Must File Claims by December 27
INCO FEZ: Creditors Must File Claims by December 27


L U X E M B O U R G

UBS INSTITUTIONAL: Liquidation Cues Moody's to Junk Credit Rating


N E T H E R L A N D S

ICESAVE: Netherlands Grants EUR1.3BB Loan to Repay Dutch Savers
NXP SEMICONDUCTORS: Moody's Junks Corporate Family Rating from B3


N O R W A Y

NEMI FORSIKRING: S&P Changes Outlook to Positive & Holds BB Rating


P O R T U G A L

BANCO PORTUGUES: Moody's Cuts Bank Financial Strength Rating to E+
BPN SGPS: Moody's Junks Rating on Banco Portugues Nationalization


R U S S I A

AVANGARD BANK: Moody's Puts 'E+' Bank Financial Strength Rating
BANK SOLIDARNOST: Moody's Retains 'E+' Bank Fin'l Strength Rating
CONCERN-YUG LLC: Creditors Must File Claims by January 14
ELEKTRO-BYT-PRIBOR OJSC: Court Names Insolvency Manager
GAZINVESTBANK: Moody's Reviews 'Caa1' Rating for Possible Cut

GRANIT LLC:  Kemerovskaya Bankruptcy Hearing Set February 18
PEKO LLC: Creditors Must File Claims by December 14
STROY-AS LLC: Creditors Must File Claims by December 14
STROY-GRAD LLC: Creditors Must File Claims by January 14
TOMSKAYA WOOD: Creditor Must File Claims by December 14

VOLZHSKAYA CONSTRUCTION: Creditors Must File Claims by Jan.  14
VIRAZH-STORY LLC: Samara Bankruptcy Hearing Set November 24


S P A I N

* Moody's Reports Visible Stress Scenarios for Spanish SME ABS


S W E D E N

FORD MOTOR: Bank Loan Sells for 65% Discount in Secondary Market
FORD MOTOR: Mulls Sale of Five Planes to Cut Costs
FORD MOTOR: S&P Junks Corporate Ratings on Increasing Cash Use


S W I T Z E R L A N D

ARCORACE MONTAGEN: Creditors Must File Proofs of Claim by Dec. 7
BALDWIN SWITZERLAND: Deadline to File Proofs of Claim Set Dec. 7
BIERI & MARKLIN: Creditors Have Until Dec. 7 to File Claims
DIMEC JSC: Proofs of Claim Filing Deadline is December 6
GENERAL MOTORS: Bank Loan Sells for 64% Off in Secondary Market

GENERAL MOTORS: Board Willing to Consider Chapter 11, Says WSJ
GENERAL MOTORS: GMAC Exchange Offer Won't Affect 'CCC+' Rating
GENERAL MOTORS: To Give Up 2 Corporate Jets to Diffuse Criticisms
MATHIS HAUSTECHNIK: Creditors' Proofs of Claim Due by Dec. 6
PHILLANDERER JSC: December 7 Set as Deadline to File Claims

Q-DIE-BEIZ LLC: Creditors Must File Proofs of Claim by Dec. 6
ROCOKO INVEST: Deadline to File Proofs of Claim Set December 8
SEMGROUP ENERGY: Failure to File Financial Reports Cues Delisting


U K R A I N E

AVK-BUILDING LLC: Creditors Must File Claims by December 4
BUD-TECH C LLC: Creditors Must File Claims by December 4
CONTRAST LLC: Creditors Must File Claims by December 4
DONTRADE-BUILDING LLC: Creditors Must File Claims by December 4
EXPRESS-TECHCOM LLC: Creditors Must File Claims by December 4

INVEST BUILDING-PROJECT: Creditors Must File Claims by Dec. 4
M-TRADE LLC: Creditors Must File Claims by December 4
STIROL JSC: Fitch Lifts Issuer Default Rating to 'B-' From CCC
UMT-SOUTH LLC: Creditors Must File Claims by December 4
ZHOVTEN-AGRO LLC: Creditors Must File Claims by December 4


U N I T E D   K I N G D O M

ALLEGRA HICKS: Goes Into Administration
BRIDISCO LTD: Brings in Administrators from Begbies Traynor
BROOKLANDS EURO: Moody's Downgrades Ratings on Three Note Classes
CAWTHORNE PROPERTIES: Appoints Joint Administrators from BDO
CORSAIR JERSEY: Moody's Downgrades Rating on One Class of Notes

DAVID MCLEAN: Sold to Elan Homes; Jobs Secured
DUNFERMLINE BUILDING: Moody's Downgrades BFSR to 'D+'
EIRLES TWO: S&P Restores BBB Rating Following Rating Cut Error
HIGHMORE HOMES: Names Joint Administrators from Ernst & Young
KENSINGTON MORTGAGE: S&P Cuts Rating on Class B2 Notes to BB-

MARK ONE: Placed In Administration; Leonard Curtis Appointed
MICROEMISSIVE DISPLAYS: To Call In Administrators
MORRIS PLASTICS: Shuts Down Following Administration
P D P ENGINEERING: Taps Joint Administrators from Grant Thornton
PROFESSIONAL DOMESTIC: Appoints Liquidators from Grant Thornton

SATELLITE PROTECTION: High Court Winds Up Business
SELECTA CDO: Moody's Downgrades Ratings on Six Classes of Notes
SIDLOW GARAGES: Names Joint Administrators from Grant Thornton
SWINDON MORTGAGES: Begbies Traynor Handles Voluntary Liquidation
TEC-SUN LTD: Names Joint Administrators from PKF

TUBE LINES: S&P Rates GBP21.59 Million Sub. D Notes at 'BB'
VENMORE PARTNERSHIP: Taps Administrators from Grant Thornton

* Moody's Downgrades Ratings on Five Series of CPDO Notes

* Large Companies with Insolvent Balance Sheet


                         *********


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PRODUCTION KOLLAND: Claims Registration Period Ends December 3
--------------------------------------------------------------
Creditors owed money by KG PR. Media Production Kolland (FN
232249v) have until Dec. 3, 2008, to file written proofs of claim
to the court-appointed estate administrator:

         Katharina Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
              587 31 12
         Fax: 587 87 50-50
         E-mail: office@pitzal-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 17, 2008, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 22, 2008, (Bankr. Case No. 3 S 129/08b).


GPSD HOPFER: Claims Registration Period Ends December 5
-------------------------------------------------------
Creditors owed money by LLC GPSD Hopfer (FN 236721w) have until
Dec. 5, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Michael Pacher
         Kaiserfeldgasse 1/2/II
         8010 Graz
         Austria
         Tel: 0316/829073
         Fax: 0316/829073-73
         E-mail: rechtsanwaelte@pacherundpartner.at

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

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Oct. 22, 2008, (Bankr. Case No. 26 S 124/08t).


WEINBAU HATZL: Claims Registration Period Ends December 5
---------------------------------------------------------
Creditors owed money by LLC Weinbau Hatzl & Co KEG (FN 267877m)
have until Dec. 5, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Arno Lerchbaumer
         Marburger Kai 47
         8010 Graz
         Austria
         Tel: 0316/82 22 44
         Fax: 0316/82 22 44 - 22
         E-mail: office@lerchbaumer.co.at

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

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Kloech , Austria, the Debtor declared bankruptcy
on Oct. 27, 2008, (Bankr. Case No. 26 S 127/08h).


TMI AUSTRIA: Claims Registration Period Ends December 4
-------------------------------------------------------
Creditors owed money by LLC TMI Austria (FN 196599t) have until
Dec. 4, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Eva Riess
         Zeltgasse 3/13
         1080 Wien
         Austria
         Tel: 01/402 57 01-0 Serie
         Fax: 01/402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Dec. 18, 2008, for the
examination of claims at:

         Land Court of Korneuburg
         Room 204
         Korneuburg
         Austria

Headquartered in Leobendorf, Austria, the Debtor declared
bankruptcy on Oct. 29, 2008, (Bankr. Case No. 36 S 117/08k).


GRABNER & CO: Claims Registration Period Ends December 5
--------------------------------------------------------
Creditors owed money by LLC Grabner & Co. KEG (FN 272619k) have
until Dec. 5, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Arno Lerchbaumer
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/822244
         Fax: 0316/822244-22
         E-mail: office@lerchbaumer.co.at

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

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Steiermark, Austria, the Debtor declared
bankruptcy on Oct. 29, 2008, (Bankr. Case No. 26 S 129/08b).


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CALYON: Deteriorating Credit Quality Prompts Moody's Rating Cuts
----------------------------------------------------------------
Moody's Investors Service downgraded and subsequently withdrawn
its ratings on a credit default swap entered into by Calyon.

According to Moody's, the downgrade is the result of deterioration
in the credit quality of the transaction's reference portfolio,
which included but was not limited to exposure to Lehman Brothers
Holdings Inc., which filed for protection under Chapter 11 of the
U.S. Bankruptcy Code on Sept. 15, 2008, Fannie Mae and Freddie
Mac, which were placed into the conservatorship of the U.S.
government on September 8, 2008 and Residential Capital, LLC.
Following the early termination event triggered on September 16th,
2008 by the default of Lehman Brothers Holdings Inc. who acted as
the guarantor of the protection seller under the transaction,

Moody's withdraws the rating.

Calyon:

(1) US$11,500,000 Arthurini 2007-1 Credit Derivative transaction
terminating in 2011

Rating as of Sept. 16, 2008: Ba1

  -- Prior Rating: Baa2
  -- Prior Rating Action Date: April 7, 2008


FAIRCHILD SEMICONDUCTOR: Moody's Retains 'Ba3' Corporate Rating
---------------------------------------------------------------
Moody's Investors Service affirmed Fairchild Semiconductor
Corporation's (a wholly owned subsidiary of Fairchild
Semiconductor International, Inc.) Ba3 corporate family rating and
SGL-1 speculative grade liquidity rating.  The ratings outlook was
revised to stable from positive.  Moody's also affirmed the Ba2
rating on the company's senior secured credit facilities.

The stabilization of the ratings outlook reflects the likely
contraction in Fairchild's sales and margins because of weak end-
market demand.  The company recently announced that it expects
sales to sequentially decline 16% to 21% for the December 2008
quarter.  However, the stable outlook is supported by Moody's
expectation that the company should maintain very good liquidity
throughout the near term and improved supply chain management, as
evidenced through previous cycles.

Despite the potential severity of the current global economic
downturn and Fairchild's exposure to weakening end-markets (such
as consumer, automotive, computing), the affirmation of the Ba3
corporate family rating is supported by Moody's expectation that
while maintaining very good liquidity, it can mitigate the impact
of declining sales on its margins, within a tolerable bandwidth,
through cost containment initiatives and continued emphasis on
working capital management.  In Moody's opinion, based on various
stress scenarios, the company should have the ability to sustain
credit metrics that are appropriate for the Ba3 ratings category
over the medium-term.  However, to the extent the company
experiences a decline in demand levels greater than Moody's
expectations, this could apply negative pressure to the ratings.

Moody's notes that Fairchild's end-market visibility is somewhat
limited given that a material portion of its products are sold
through distributors, many of whom are coping with reduced orders
and are trying to reduce inventories.  Additionally, the company's
exposure to the mature Standard Products business could constrain
gross margins, particularly if ASP's sharply decline.

These ratings were affirmed:

-- Corporate family rating at Ba3;

-- Probability-of-default rating at B1;

-- US$100 million senior secured revolving credit facility due
    2012 at Ba2 (LGD2, 27%);

-- US$515.8 million senior secured term loan due 2013 at Ba2
    (LGD2, 27%).

Fairchild's Ba3 corporate family rating continues to reflect the
company's moderate leverage, its favorable business profile as the
largest global supplier of power semiconductors, and significant
historical improvements in operating margins, but also considers
the highly competitive nature of the company's markets, ongoing
acquisition risk, and its exposure to softening end-markets.  As
such, Moody's will continue to monitor the company's business
strategy, the pricing environment, and its cost control efforts.
In Moody's opinion, Fairchild's liquidity position is very good
due to its large cash balance, favorable debt maturity profile,
expectations for positive cash flow, and capacity under its
revolving credit facility.

The last rating action for Fairchild occurred on May 02, 2008,
when Moody's affirmed the company's Ba3 corporate family rating
and SGL-1 speculative grade liquidity rating.

Fairchild Semiconductor Corporation, based in South Portland,
Maine, is the world's largest global supplier of power
semiconductors.  The company reported sales of approximately
US$1.7 billion through the twelve months ended Sept. 28, 2008.

In Asia-Pacific, the company has sales offices in Australia and
People's Republic of China among others.

In Europe, it also has sales offices in France and Germany among
others.

In Latin America, it has sales offices in Brazil and Mexico.


FORNET CREDIT: Poor Credit Quality Cues Moody's Rating Downgrades
-----------------------------------------------------------------
Moody's Investors Service downgraded its ratings on two classes of
two Fornet Credit Default Swaps entered into by IXIS Corporate and
Investment Bank.

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Fannie
Mae and Freddie Mac, which were placed into the conservatorship of
the U.S. government on Sept. 8, 2008.

Rating actions are:

(1) US$15,000,000 Fornet Series 2005-1 Credit Default Swap
terminating in 2011

  -- Current Rating: Caa1
  -- Prior Rating: Baa3
  -- Prior Rating Action Date: July 24, 2008

(2) US$15,000,000 Fornet Series 2005-2 Credit Default Swap
terminating in 2011

  -- Current Rating: Ba1
  -- Prior Rating: Aa3
  -- Prior Rating Action Date: July 24, 2008


PHENIX CFO: Moody's Downgrades Ratings on Debt Instruments
----------------------------------------------------------
Moody's Investors Service downgraded the debt instruments issued
by Phenix CFO Ltd:

EUR120,000,000 Credit Facility provided by Natixis

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade

EUR60,000,000 Class S Floating Rate Notes due 2013

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade

EUR24,000,000 Class M1 Floating Rate Notes due 2013

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: Aa2, on review for possible downgrade

EUR15,000,000 Class M2 Floating Rate Notes due 2013

  -- Current Rating: Ba3, on review for possible downgrade
  -- Prior Rating: Aa3, on review for possible downgrade

EUR21,000,000 Class M3 Floating Rate Notes due 2013

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade

Originally rated on Feb. 10, 2006, Phenix CFO Ltd is a
collateralized fund obligation backed by equity interests in a
diversified fund of hedge funds.  The fund is managed by Allianz
Alternative Asset Management (formerly AGF Alternative Asset
Management S.A.).  The debt instruments were placed on review for
possible downgrade by Moody's on Oct. 15, 2008.  Given the
introduction of a redemption "gate" by the underlying fund of
hedge funds, the transaction entered its liquidation mode at the
request of the senior noteholders on Nov. 21, 2008.

As a result of the gate, recent redemption orders by Phenix CFO
Ltd have been only partially met and as such, Moody's applied a
further stress to the liquidity assumptions in its modeling
approach to address the uncertainty regarding the eventual timing
of redemption payments.  This reduced liquidity, together with
recent decline in the fund's net asset values and the current
severe market conditions, are at the origin of this rating action.


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AGILYSYS INC: Failure to File 10-Q Further Cues Stocks Delisting
----------------------------------------------------------------
Agilysys, Inc., received a NASDAQ Staff Determination Letter
pursuant to Marketplace Rule 4310(c)(14) stating that NASDAQ has
not received the company's quarterly report on Form 10-Q for the
period ended Sept. 30, 2008, and that this serves as an additional
basis for delisting the company's shares from The NASDAQ Stock
Market.

The company has delayed filing its September Form 10-Q because the
company has not yet completed preparation of its Annual Report on
Form 10-K for the fiscal year ended March 31, 2008, or its
quarterly report on Form 10-Q for the period ended June 30, 2008.
The company will present to NASDAQ early next week its written
plan to regain compliance with the filing requirement.

The delay in filing is related to the pending resolution of the
accounting treatment for the company's 20% minority investment in
a foreign entity, Magirus AG, a privately held enterprise computer
systems distributor headquartered in Germany.  Due to these open
accounting matters related solely to the company's minority
investment in Magirus, Agilysys has been reporting summary
financial information, which is unaudited.

The company expects to file its September Form 10-Q soon as
practicable after it files its 2008 Form 10-K and June Form 10-Q.

                      About Agilysys Inc.

Agilysys Inc. (NASDAQ: AGYS) -- http://www.agilysys.com/--
provides IT solutions to corporate and public-sector customers,
including retail and hospitality.  The company uses technology --
including hardware, software and services -- to help customers
resolve their most complicated IT needs.  The company possesses
expertise in enterprise architecture and high availability,
infrastructure optimization, storage and resource management,
identity management and business continuity; and provides
industry-specific software, services and expertise to the retail
and hospitality markets.  Headquartered in Boca Raton, Fla.,
Agilysys operates extensively throughout North America, with
additional sales offices in the United Kingdom and China.


BADEN WUERTTEMBERG: Expects Full Year Loss, to Raise EUR5 Bil.
-------------------------------------------------------------
Landesbank Baden-Wuerttemberg's owners have approved a capital
increase of EUR5 billion, while preserving existing ownership
structures, the bank said in a statement.  The capital increase is
to take place in the first quarter of 2009.

The bank expects the capital increase to raise its tier 1 ratio to
between 9 and 10 percent from 6.8 percent at the end of September.
It also targets an annual return of at least 10 percent: 6 percent
to be distributed in dividends, 4 percent to be retained as
reserves in the company.

The bank said it is also considering use of around EUR15-EUR20
billion guarantee framework furnished by the Financial Markets
Stabilization Fund or its owners as a funding reserve.  It expects
to come up with a final decision in December.

Additionally, the bank said its credit-substitute business will be
greatly slimmed down while its contractual service partnership
with savings banks will be extended.

With regards to playing an active role in the consolidation of the
banking sector, the bank said it is prepared to enter into
concrete merger talks with BayernLB.

                      Full Year Loss Expected

The bank's Board of Managing Directors assumes the IFRS
consolidated annual financial statements will show a loss for the
year.

The bank incurred a loss before tax of EUR884 million after nine
months blaming the escalation of the financial markets crisis in
the third quarter.  Overall, the group reported an IFRS operating
result before tax and restructuring expenses of minus EUR800
million as of the end of September.  Including the restructuring
costs for the integration of Sachsen Bank and Rheinland-Pfalz
Bank, a loss before tax of EUR884 million was reported.  This
contains charges of EUR1.8 billion resulting from the crisis in
the financial markets.  Around two thirds of these charges come
from positions of the former LRP and the former Sachsen LB, the
bank noted.

As things stand at the present, the bank plans to service profit
participation rights, silent partners' capital contributions and
similar capital instruments.

                About Landesbank Baden-Wuerttemberg

Headquartered in Stuttgart, Germany, Landesbank Baden-Wuerttemberg
(LBBW)
-- http://www.lbbw.de/-- acts as the central bank to savings
banks in the German state of Baden-Wuerttemberg.  The bank handles
large transactions (wholesale banking, financial securities,
foreign exchange) too costly for the smaller state savings banks.
It also provides traditional retail banking, real estate and
commercial loans, and portfolio management services. The bank has
approximately 230 branches.  Through subsidiaries such as Sued
Private Equity, SuedFactoring, and SuedLeasing Immobilien, among
others, LBBW also provides leasing, factoring, venture capital,
and equity financing services.


DRUCK UND PAPIER: Claims Registration Period Ends December 22
-------------------------------------------------------------
Creditors of Druck und Papier International GmbH have until
Dec. 22, 2008, to register their claims with court-appointed
insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall A
         1. Stick
         Jungfernstieg 3
         23701 Eutin
         Germany

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

The insolvency manager can be reached at:

         Reinhold Schmid-Sperber
         Westring 455
         24118 Kiel
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Druck und Papier International GmbH
         Attn: Stefan Adolph and
               Uwe Staudenmaier, Managers
         Strandallee 21
         23730 Neustadt/H.
         Germany


FORMEDIA HOLDING: Claims Registration Period Ends December 23
-------------------------------------------------------------
Creditors of forMedia Holding GmbH have until Dec. 23, 2008, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany

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

The insolvency manager can be reached at:

         Jens Hamdorf
         Treugarant AG
         Hallerstr. 76
         20146 Hamburg
         Germany
         Tel: 040/4146380
         Fax: 040/445635

The District Court opened bankruptcy proceedings against the
company on Nov. 7, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         forMedia Holding GmbH
         Attn: Renate Horbach, Manager
         Hoopter Elbdeich 49B
         21423 Winsen/Luhe
         Germany


FOX GMBH: Claims Registration Period Ends December 22
-----------------------------------------------------
Creditors of Fox GmbH have until Dec. 22, 2008, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on Jan. 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Heinrich Druegh
         Nussbaumer Strasse 19
         50823 Koeln
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 5, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Fox GmbH
         Attn: Barbara Bachem, Manager
         Elsdorfer Gasse 27
         51143 Koeln
         Germany


GEIGER TECHNOLOGIES: Applies for Insolvency Proceedings
-------------------------------------------------------
Plastics Information Europe reports that Garmisch-Partenkirchen
-based Geiger technologies applied for insolvency proceedings in
the municipal court of Weilheim on Nov. 14, despite its
acquisition by Indian firm Sintex Industries in July 2008.

It is thought that Sintex failed to make certain agreed payments
of around EUR3.2 million, the report relates.

"We are working to keep the company going, but it is still too
early to make any predictions," Martin Prager, Geiger's
provisional insolvency administrator, was quoted by the report as
saying.


HARZER BAU: Claims Registration Period Ends December 20
-------------------------------------------------------
Creditors of Harzer Bau- und Sanierungsgesellschaft Reinstedt mbH
have until Dec. 20, 2008, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Jan. 28, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Cathleen Tetzel
         Halberstadter Strasse 115
         39112 Magdeburg
         Germany
         Tel: 0391-7276484
         Fax: 0391-7276486
         E-mail: t-s-insolvenzverwaltung@primacom.net

The District Court opened bankruptcy proceedings against the
company on Jan. 17, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Harzer Bau- und Sanierungsgesellschaft Reinstedt mbH
         Froser Str. 1
         06463 Falkenstein/Harz
         Germany

         Attn: Herbert Gerloff, Manager
         Zum Maisfeld 6
         39171 Suelzetal
         Germany


HEIDELBERGCEMENT AG: S&P Downgrades Corporate Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Germany-based cement producer
HeidelbergCement AG to 'BB-' from 'BB+'.  At the same time, S&P
affirmed the 'B' short-term rating.

S&P also lowered the issue ratings to 'B+' from 'BB+' on senior
unsecured bonds issued by HC, and subsidiaries HeidelbergCement
Finance B.V., Hanson Ltd., and Hanson Australia Funding Ltd.  S&P
has assigned a recovery rating of '5' to these bonds, indicating
S&P's expectation for modest (10%-30%) recovery in the event of a
payment default.

All the ratings remain on CreditWatch with negative implications,
where they had been initially placed on Oct. 24, 2008.

"The rating actions reflect S&P's increasing concerns about the
group's ability--and at what cost--to either obtain covenant
waivers to prevent what S&P considers is a highly probable risk of
breach at end-June 2009 and/or to refinance large debt maturities
in mid-2010," said Standard & Poor's credit analyst Xavier Buffon.
"The risk of covenant breach at year-end 2008 continues to exist,
but is less likely than in June 2009, in S&P's view.  At this
stage, S&P does not anticipate that the financial difficulties at
HC's controlling shareholder, reported in the press, would further
stress the group's near-term liquidity.  But S&P believes these
issues could further complicate refinancing options and they
remove any hope for immediate fresh equity at HC."

The ratings integrate HC's aggressive financial policy and large
debt burden, stemming from the mostly debt-financed EUR14 billion
acquisition of Hanson PLC in mid-2007; weak liquidity, high
exposure to the current cyclical construction downturn in several
mature construction markets, and the industry's heavy capital and
energy intensiveness.  Mitigating these weaknesses are HC's strong
market position as a leading global player in heavy construction
materials, extensive geographic and market diversity, and still
good profitability overall, aided by resilient prices--all of
which translate into still significant cash flow generation.

"If liquidity further deteriorates, particularly because of
working capital issues, or if HC makes no noticeable progress in
early 2009 toward preventing a covenant breach at midyear and
refinancing the large maturities in mid-2010, S&P would lower the
ratings," said Mr. Buffon.

S&P could also take negative rating action sooner if it seems that
any new developments at the controlling shareholder level could
impair HC's credit standing.

If the group successfully tackles these issues, downward rating
pressure would likely be alleviated.


HSH NORDBANK: Moody's Cuts Bank Financial Strength Rating to 'D+'
-----------------------------------------------------------------
Moody's Investors Service downgraded the long-term debt and
deposit ratings of HSH Nordbank AG to Aa3 from Aa2 and the bank
financial strength rating to D+ from C.  The bank's subordinated
and hybrid ratings were downgraded to A1 from Aa3 and to A2 from
A1, respectively.  The Aa1 grandfathered senior and subordinated
debt ratings and Prime-1 short-term rating were affirmed.  The
outlook on all ratings is now stable.

Moody's decision to downgrade the BFSR to D+ from C reflects HSH's
increased risk profile and stretched financial profile, resulting
from:

1) Accelerated weakening in all of the cyclical segments in which
   the bank operates, notably at its international real estate and
   shipping businesses.

2) Increased market risk pressure deriving from its substantial
   structured credit investments.

3) Modest capitalization -- despite the EUR1.2 billion capital
   increase implemented in August 2008 -- which Moody's considers
   as not sufficiently robust to enable HSH to weather the storm
   in the financial markets and to withstand the deteriorating
   operating environment the bank is expected to face.

4) Pressures on profitability not only for 2008, given the
   stressed financial markets and HSH's exposure to Icelandic
   banks as well as Lehman Brothers, but also going forward, given
   the expected increase in loan loss provisions.

In light of the deteriorating market conditions, Moody's believes
that HSH's business model has become more challenging.  A
substantial share of the bank's earnings is derived from volatile
sources and the current market climate suggests that such income
is unlikely to contribute significantly to internal capital
generation.

The downgrade of HSH's other ratings is fully driven by the
downgrade of the bank's BFSR.  Moody's expects the bank to
continue to benefit from strong support from its public-sector
owners, the German public banking sector and systemic support in
Germany.

Moody's remains concerned that the current market conditions will
raise the bank's overall risk profile given the combination of its
volatile earnings profile and increased funding costs.  Should
losses in 2009 -- from its structured credit portfolio or from its
commercial real estate or ship financing business -- continue to
absorb pre-provision profits and weigh on capital, this could
exert further pressure on the BFSR, especially in the absence of
any sizeable capital injections that could restore the bank's
resilience against such losses.  If the BFSR were to weaken to D,
the Aa3 debt and deposit ratings would come under pressure --
although Moody's does not view this as likely at present, as
indicated by the stable outlook.

Covered bond ratings are not covered by this press release.
Moody's previous rating action on HSH was on 15 April 2008, when
the outlook on the then C BFSR was changed to negative, primarily
driven by the bank's significant exposure to volatile structured
credit products.

Headquartered in Hamburg and Kiel, HSH is the fourth largest
Landesbank and the 11th largest banking group in Germany (as of
end-2007) and had total assets of around EUR204.4 billion as at 30
June 2008.


HYPO REAL: Obtains EUR20 Bil. Framework Guarantee from SoFFin
-------------------------------------------------------------
The German Financial Markets Stabilisation Fund ("SoFFin") has
granted a EUR20 billion framework guarantee to Hypo Real Estate
Group, to strengthen the
Group's liquidity.

Hypo Real Estate Bank AG, part of Hypo Real Estate Group, can use
the guarantees to be issued by SoFFin to collateralise debt
securities to be issued, which must be due for repayment by
January 15, 2009 at the latest.

Hypo Real Estate Bank AG will pay to SoFFin a pro-rata commitment
commission of 0.1% of the undrawn portion of the frame work
guarantee.  The fee for guarantees drawn will be 1.5% p.a.

The agreed framework guarantee is a result of the ongoing
negotiations of Hypo Real Estate Group with SoFFin regarding
longer-term and comprehensive liquidity and capital support
measures for the Group.

                  About Hypo Real Estate Group

Following the acquisition of DEPFA Bank plc in October 2007,
Munich, Germany-based Hypo Real Estate Group =96-
http://www.hyporealestate.com/-- has evolved into one of the
leading international financial services providers for commercial
real estate lending, public finance and infrastructure finance.
The Group, with total assets of EUR395 billion, 1,900 employees
and offices across Europe, the Americas and Asia, consists of the
non-operational listed Hypo Real Estate Holding AG and operational
entities.  Hypo Real Estate Bank International AG and Hypo Real
Estate Bank AG conduct the international real estate financing
business.  DEPFA and DEPFA Deutsche Pfandbriefbank AG conduct the
public sector and infrastructure finance business.


KAFFEE & MEER: Claims Registration Period Ends December 22
----------------------------------------------------------
Creditors of Kaffee & Meer GmbH have until Dec. 22, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 6, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 291
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Dr. Dirk Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 13, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Kaffee & Meer GmbH
         Limbecker Platz 1 a
         45127 Essen
         Germany

         Attn: Matthias Eichler, Manager
         Am Bollhof 6
         33739 Bielefeld
         Germany


MOEBELSERVICE KMS-GMBH: Claims Registration Period Ends Dec. 23
---------------------------------------------------------------
Creditors of Moebelservice KMS-GmbH have until Dec. 23, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Feb. 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Magisterial Building
         Gerichtsstrasse 2
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Heintze, LL.M.
         Schulstrasse 41
         09125 Chemnitz
         Germany
         Tel: (03 71) 26 75 87 0
         Fax: (03 71) 26 75 87 29
         E-mail: chemnitz@brockdorff.net

The District Court opened bankruptcy proceedings against the
company on Nov. 12, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Moebelservice KMS-GmbH
         Attn: Dirk Beutler, Manager
         Bahnhofstrasse 17
         09577 Niederwiesa
         Germany


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KINNITTY CASTLE: Goes Into Receivership; Owes EUR7 Million
----------------------------------------------------------
Ian Kehoe at the Sunday Business Post Online reports that KBC
Ireland, formerly known as IIB, has seized Kinnitty Castle in an
effort to secure funds that it had advanced to Con Ryan, the owner
of the hotel.

According to the report, Mr. Ryan was loaned the money in a
personal capacity, rather than through a limited company.

The bank, the report recounts, appointed Declan Taite of advisory
firm FGS as receiver over "certain assets" owned by
Mr. Ryan, including Kinnitty Castle, which racked up debts of
almost EUR7 million.

The bank, the report says, has put up Kinnity Castle for sale.
The receiver however may opt to continue trading at the hotel, the
report notes.


MAGNOLIA FINANCE: Moody's Downgrades Ratings on Three Note Classes
------------------------------------------------------------------
Moody's Investors Service downgraded its ratings of three classes
of notes issued by Magnolia Finance PLC.

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on Sept. 15, 2008, Fannie Mae and
Freddie Mac, which were placed into the conservatorship of the
U.S. government on Sept. 8, 2008 and three Icelandic banks,
specifically Kaupthing Bank hf, Landsbanki Islands hf, and Glitnir
Banki hf.

The rating actions are:

Magnolia Finance PLC:

(1) The Series 2007-03 JPY3,000,000,000 C-Star Credit Linked Notes
due 2017

  -- Current Rating: Caa1
  -- Prior Rating: Aa2
  -- Prior Rating Action Date: Jan. 22, 2008

(2) The Series 2007-06 US$55,000,000 C-Star Credit Linked Notes
due 2014

  -- Current Rating: B3
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: Jan. 22, 2008

(3) The Series 2007-07 EUR10,000,000 C-Star Credit Linked Notes
due 2014

  -- Current Rating: B3
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: Jan. 22, 2008

These notes were redeemed;

(4) The Series 2007-02 EUR78,400,000 Synthetic CDO Portfolio
Variable Step Down Credit Linked Notes due 2014

  -- Current Rating: WR
  -- Prior Rating: Baa1
  -- Prior Rating Action Date: Jan. 22, 2008

(5) Series 2007-5 JPY1,000,000,000 C-Star Credit Linked Notes due
2017

  -- Current Rating: WR
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: 16 August 2007


PALMER SQUARE: Moody's Downgrades Ratings on Eight Note Classes
---------------------------------------------------------------
Moody's Investors Service announced it has downgraded the ratings
of eight classes of notes and left on review for further possible
downgrade its ratings of two classes of notes issued by Palmer
Square 2 plc.

These rating actions are a response to credit deterioration in the
underlying portfolio.  The transaction is a cash CDO backed by,
among other assets, a large amount of US subprime RMBS and CDOs of
ABS assets.  In addition, there is also a significant portion of
Alt-A RMBS exposure.  More than two thirds of the portfolio are
from the 2005 vintage.

Moody's announced on Sept. 18, 2008 that it revised its expected
loss assumptions which were used for the surveillance of ratings
of ABS CDOs holding subprime RMBS, specifically of the second half
2005 -- first half 2007 vintages.  Moody's stated that for
purposes of monitoring its ratings of ABS CDOs with exposure to
second half 2005 -- first half 2007 subprime RMBS, it would rely
on certain projections of the lifetime average cumulative losses
for vintages of RMBS set forth in a recent Moody's Special Report.
Moody's explained that it will utilize the range of loss
projections set forth in the report based on deal performance and
quarterly vintage to modify its prior assumptions of the expected
loss inputs when monitoring ABS CDO ratings.

Rating actions are:

Palmer Square 2 plc:

(1) US$1,424,000,000 Class A1-M Floating Rate Notes due 2045
  -- Current Rating: B2, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: Oct. 26, 2005

(2) US$356,000,000 Class A1-Q Floating Rate Notes due 2045

  -- Current Rating: B2, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: Oct. 26, 2005

(3) US$92,000,000 Class A2 Floating Rate Notes due 2045

  -- Current Rating: Ca
  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Action Date: May 12, 2008

(4) US$60,000,000 Class A3 Floating Rate Notes due 2045

  -- Current Rating: Ca
  -- Prior Rating: Baa1, on review for possible downgrade
  -- Prior Rating Action Date: May 12, 2008

(5) US$26,500,000 Class B-1 Deferrable Floating Rate Notes
    due 2045

  -- Current Rating: C
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Action Date: May 12, 2008

(6) US$17,500,000 Class C Deferrable Floating Rate Notes due 2045

  -- Current Rating: C
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Action Date: May 12, 2008

(7) US$12,500,000 Class D Deferrable Floating Rate Notes due 2045

  -- Current Rating: C
  -- Prior Rating: Ca
  -- Prior Rating Action Date: May 12, 2008

(8) US$25,000,000 Combination Notes due 2045
  -- Current Rating: C
  -- Prior Rating: Ca
  -- Prior Rating Action Date: May 12, 2008


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BERICA 6: S&P Cuts & Removes From Neg. Watch Class D Notes' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on the class D notes issued
by Berica 6 Residential MBS S.r.l.  At the same time, S&P removed
from CreditWatch negative and affirmed S&P's ratings on the class
A2, B, and C notes.

The class D notes were placed on CreditWatch negative on July 31
following an increase in delinquencies and defaults, a substantial
rise in prepayments, and repeated drawings under the reserve fund.
On Sept. 17, S&P placed all the other notes in this deal on
CreditWatch negative following Lehman Brothers' insolvency.
Lehman Brothers provided interest rate caps and an interest rate
swap on the class D notes.

The interest rate cap agreement, expiring in April 2010, pays the
difference (if positive) between the current three-month EURIBOR
and the strike on a notional equal to 14% of the initial principal
balance of the A1, A2, B, and C notes.  The fixed-to-floating swap
hedges the interest rate risk on the class D notes as they are
backed by excess spread.

The rating actions address the rating effect of the interest rate
caps and the class D interest rate swap.  It also finalizes the
performance-related review for a possible class D note downgrade.

To assess the effect of the interest rate caps and the class D
interest rate swap, S&P ran a cash flow analysis comparing the
results of runs in which S&P gave credit to the interest rate caps
and the class D interest rate swap with runs where S&P did not
give credit to them.  In S&P's simulations, both the interest rate
caps and the class D interest rate swap had a negligible effect on
the attained ratings.

As a separate assessment, S&P also conducted a performance review
for the class D notes.  S&P's analysis focused on arrears and
default patterns generated by the underlying pool.  S&P also
factored into S&P's analysis the implications of repeated cash
reserve drawings, and the way cash flows could be affected by the
conditions governing the amortization of the cash reserve.

The underlying mortgage pool has experienced an increase in
delinquencies and defaults over the past few quarters.  At the
latest interest payment date, the cumulative net defaults for
Berica 6 were 1.89% of the initial mortgage portfolio, which is
higher than the other Berica transactions and other Italian
residential mortgage-backed securities (RMBS) deals with similar
seasoning.

On the most recent interest payment date, Berica 6 drew under its
cash reserve for an eighth consecutive time.  The cash reserve is
now EUR10.0 million, 46% lower than its target amount of EUR18.5
million and 12% lower than at closing (EUR11.4 million).  The
drawings were all made to provision for defaulted loans and a
portion of the balance of delinquent loans.

Berica 6 is backed by a pool of residential mortgage loans secured
over properties in Italy.

                           Ratings List

                 Berica 6 Residential MBS S.r.l.
      EUR1,427.65 Million Mortgage-Backed Floating-Rate Notes
     (Plus An Overissuance Of EUR8.565 Million Mortgage-Backed
                  Deferrable-Interest Class D Notes)

      Rating Lowered and Removed From CreditWatch Negative

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

     Ratings Removed From CreditWatch Negative and Affirmed

                                   Rating
                                   ------
       Class             To                     From
       -----             --                     ----
       A2                AAA                   AAA/Watch Neg
       B                 A+                    A+/Watch Neg
       C                 BBB+                  BBB+/Watch Neg


IT HOLDING: Approval From Lenders Cue S&P's Rating Upgrade to 'CC'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Italy-based fashion company IT Holding SpA to
'CC' from 'SD'.  The outlook is negative.

At the same time, the 'C' debt rating on the EUR185 million senior
secured notes issued by IT Holding Finance S.A. was affirmed.  The
recovery rating is unchanged at '5', indicating S&P's expectation
of modest (10%-30%) recovery for senior noteholders in the event
of a payment default.

The rating action follows ITH's announcement that lenders have
approved the company's request to defer the EUR9.4 million
principal payment on its unrated bank loan to Dec. 22, 2008.  The
payment fell due Oct. 20, 2008.

The company has also confirmed it paid the coupon on the
EUR185 million senior secured notes due Nov. 15, 2008.

Standard & Poor's expects ITH to generate positive cash in the
fourth quarter as has historically been the case, thanks to the
seasonality of working capital and the fact that fall/winter
collections have an average price per unit of 20%-30% higher than
spring/summer ones.  In the three months ended December 2007, free
operating cash flow was EUR42.7 million (EUR56.5 million in 2006)
whereas it was negative EUR4.7 million in financial 2007.  This
should alleviate liquidity issues until year-end.  However,
working capital peaks in the first quarter ending March, although
at a lower level than the third quarter, will conversely weigh
negatively, raising concerns about ITH's ability to meet the
payment on the EUR9.4 million semiannual installment due April 20,
2009, of the amortizing bank loan, and the EUR9.2 million
semiannual coupon on the senior notes payable May 15, 2009.

In the 12 months ended September 2008, ITH's ratio of adjusted
EBITDA to interest was 1.0x, down from 1.3x one year earlier.  The
quarter to Sept. 30, 2008, proved to be more challenging than
expected, with net sales down 7% year on year and EBIT down by 39%
in the same period.  The plunge in profits reflected the negative
effect of ITH's relatively high operational leverage in a
declining sales environment.  Based on the order book for the
spring/summer 2009 collections, management has revised its
guidance for 2008, with revenues expected to decline by 8% year on
year and EBITDA expected to be EUR88 million-EUR95 million (EUR116
million in 2007).

GTP Holding SpA, the parent company that indirectly owns ITH
through PA Investments S.A., is in negotiations with a Chinese
industrial group on possible financial support, and commercial and
manufacturing partnership agreements for the Asian market.  These
negotiations are not finalized, and details of the transaction
have not yet been disclosed.  At this stage, the uncertainty over
the timing and structure of the transaction makes it difficult to
quantify the benefits to ITH's business and financial risk
profiles.  In addition, ITH has said that it has failed to meet
the formal conditions to draw on its EUR30 million loan facility
with Natixis S.A. (A+/Stable/A-1).

"Over the next few quarters, the ratings could be lowered to 'D'
or 'SD' if ITH fails again to meet one of its obligation.  The
corporate credit ratings could also be lowered to 'D' upon
voluntary bankruptcy filing or completion of a distressed exchange
offer," said Standard & Poor's credit analyst Diego Festa.

Any positive rating action could arise if ITH improves its
liquidity position, with reduced reliance on uncommitted credit
lines, maturity profile, and headroom under the term loan
covenants.


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ALEM LLP: Creditors Must File Proofs of Claim by January 2
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Alem insolvent on Dec. 11, 2008.

Creditors have until Jan. 2, 2009, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Saraishyk Str. 79/1
         Uralsk
         West Kazakhstan
         Kazakhstan


BELIEF VERA: Creditors' Claims Deadline Slated for December 31
--------------------------------------------------------------
LLP Belief Vera Corporation has gone into liquidation.  Creditors
have until Dec. 31, 2008, to submit written proofs of claims to:

         LLP Belief Vera Corporation
         Auezov Str. 108-50
         Astana
         Kazakhstan
         Tel: 8 (7172) 53-60-02


DAMU MANAGEMENT: Creditors' Claims Filing Period Ends Dec. 31
--------------------------------------------------------------
LLP Damu Management Consulting has gone into liquidation.
Creditors have until Dec. 31, 2008, to submit written proofs of
claims to:

         LLP Damu Management Consulting
         Micro District 12b, 35
         Aktobe
         Aktube
         Kazakhstan


INTER CHANGE: Creditors Must Register Claims by January 6
---------------------------------------------------------
LLP Inter Change Ltd. has gone into liquidation.  Creditors have
until Jan. 6, 2009, to submit written proofs of claims to:

         LLP Inter Change Ltd.
         Kurmangazy Str. 33
         Almaty
         Kazakhstan
         Tel: 8 (7272) 58-20-74
              8 (7272) 58-20-75


KAZ STROY INVEST: Creditors' Claims Due on December 31
------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation
of LLP Construction Company Kaz Stroy Invest Com.

Creditors have until Dec. 31, 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


MEGA CONSULT: Creditors Must File Proofs of Claim by December 31
----------------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation
of LLP Mega Consult LLC.

Creditors have until Dec. 31, 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


MUNAY GAZ INTER: Creditors' Claims Deadline Slated for Dec. 31
--------------------------------------------------------------
LLP Munay Gaz Inter has gone into liquidation.  Creditors have
until Dec. 31, 2008, to submit written proofs of claims to:

         LLP Munay Gaz Inter
         Office 1
         Zenkov Str. 32
         Almaty
         Kazakhstan


NNS & K: Creditors' Claims Filing Period Ends December 30
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP NNS & K insolvent on Oct. 3, 2008.

Creditors have until Dec. 30, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (72422) 27-23-65
              8 (72422) 27-24-55


STROY SLUV: Creditors Must Register Claims by December 31
---------------------------------------------------------
LLP Construction Company Aktobe Stroy Sluv has gone into
liquidation.  Creditors have until Dec. 31, 2008, to submit
written proofs of claims to:

         LLP Construction Company Aktobe Stroy Sluv
         312 Strelkovaya Diviziya Str. 36
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (7132) 50-22-14
              8 (7132) 50-22-38


UNIVERSAL-PLUS LLP: Creditors' Claims Due on December 31
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Universal-Plus insolvent.

Creditors have until Dec. 31, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


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K Y R G Y Z S T A N
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AIRPORT SERVICE: Creditors Must File Claims by December 27
----------------------------------------------------------
LLC Airport Service has declared insolvency.  Creditors have until
Dec. 27, 2008, to submit written proofs of claims.

The company can be reached at: (+996 312) 61-41-13


AZEM TOUR: Creditors Must File Claims by December 27
----------------------------------------------------
LLC Azem Tour has declared insolvency.  Creditors have until
Dec. 27, 2008, to submit written proofs of claims.

The company can be reached at: (+996 312) 66-38-09


INCO FEZ: Creditors Must File Claims by December 27
---------------------------------------------------
LLC Inco Fez has declared insolvency.  Creditors have until
Dec. 27, 2008, to submit written proofs of claims.

The company can be reached at: (0-775) 97-70-13


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L U X E M B O U R G
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UBS INSTITUTIONAL: Liquidation Cues Moody's to Junk Credit Rating
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa from A the credit
rating of the UBS Institutional Fund -- Absolute Return Bond.
Moody's also lowered the Fund's market risk rating to MR5 from
MR4.  The rating action follows the decision by UBS Global Asset
Management on November 10, 2008, to suspend subscriptions to and
redemptions from the Fund, liquidate the portfolio and distribute
cash proceeds back to shareholders.

According to the fund manager, UBS Global Asset Management, the
liquidation process is likely to be completed by the end of 1Q09
and will comprise of a few cash payouts, with the first,
approximately 50% of the total, being paid out by mid December
2008.  Sales of fund assets are ongoing and will be organized,
given prevailing market conditions, to maximize final payout to
shareholders.  The last NAV of the Fund was published on Nov. 10,
2008.  Because of challenging market conditions the final payout
to shareholders is likely to be below the last published NAV of
the Fund.

The downgrade of the Fund's credit rating to Caa mainly reflects
the shareholders' inability to redeem their shares on demand.
Moody's lowered the Fund's market risk rating to MR5 from MR4, as
losses resulting from the orderly liquidation of the portfolio, in
addition to NAV losses sustained in the latter months prior to the
liquidation, are likely to increase the Fund's final NAV
volatility and negative monthly performance to a level consistent
with MR5.  The Fund's performance for the period January 1 2008 to
November 7 2008 was roughly a third down.

The Fund is managed by UBS Global Asset Management (UBS Global
AM), a wholly owned subsidiary of UBS AG (Moody's senior unsecured
rating Aa2).  As of June 30 2008, UBS Global AM had assets under
management of CHF 757 billion.

Moody's fund ratings are opinions of the investment quality of
shares in mutual funds and similar investment vehicles which
principally invest in short- and long-term fixed income
obligations, respectively.  As such, these ratings incorporate
Moody's assessment of a fund's published investment objectives and
policies, the creditworthiness of the assets held by the fund, as
well as the management characteristics of the fund.  The ratings
are not intended to consider the prospective performance of a fund
with respect to appreciation, volatility of net asset value, or
yield.  Funds rated Caa are judged to be of poor standing.

Moody's also assigns companion market risk ratings.  Mutual fund
market risk ratings are opinions of the relative degree of
volatility of a rated fund's net asset value.  In forming an
opinion of the fund's future price volatility, Moody's analysts
consider risk elements that may have an effect on a fund's net
asset value, such as interest rate risk, prepayment and extension
risk, liquidity and concentration risks, currency risk and
derivatives risk.  The ratings are not intended to reflect the
prospective performance of a fund with respect to price
appreciation or yield.  Market risk ratings are assigned using a
five-point scale from MR1 to MR5 (MR1+ denotes a constant net
asset value money fund.)  Funds rated MR5 are judged to have very
high sensitivity to changing interest rates and other market
conditions.


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N E T H E R L A N D S
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ICESAVE: Netherlands Grants EUR1.3BB Loan to Repay Dutch Savers
---------------------------------------------------------------
Citing a spokesperson for the Dutch Ministry of Finance, Ykje
Vriesinga at Dow Jones Newswires reports that the Netherlands will
provide the government of Iceland with a loan of around EUR1.3
billion that will be used to repay Dutch savers with Icesave.

Dow Jones relates the loan is part of a package with a total value
of around EUR5 billion which the governments of the U.K., Germany
and Netherlands will provide to Iceland.  Icesave, Dow Jones
notes, was active in these three countries.

As reported in the TCR-Europe on Oct. 14, 2008, the Dutch and
Icelandic governments agreed on a solution regarding the Dutch
depositors of Landsbanki IceSave savings accounts.

The agreement states that the Icelandic government will compensate
each Dutch depositor up to a maximum of EUR20.887,
the report said.

Citing DutchNews.nl, the TCR-Europe reported on Nov. 21, 2008,
that over 100,000 Dutch depositors with Icesave filed a claim for
compensation with the Dutch central bank DNB.

The report disclosed savings up to a maximum EUR100,000 per person
are guaranteed under the central bank's scheme.

                    About Icesave

Icesave is the UK branch of Landsbanki Islands hf.  It is an EEA
bank that is authorized by the Fjarmalaeftirlitio (FME), the
financial services regulator in Iceland.


NXP SEMICONDUCTORS: Moody's Junks Corporate Family Rating from B3
-----------------------------------------------------------------
Moody's Investors Service downgraded NXP Semiconductors' corporate
family rating to Caa1 from B3, its senior secured notes to Caa1
from B3 and senior unsecured notes to Caa3 from Caa2.  The rating
action was triggered by NXP's downward revision of its revenue
expectation for the fourth quarter 2008 in combination with
similar cautious views for 2009 of the semiconductor industry
groups.  The outlook for the ratings is negative.

The rating downgrade reflects the bleak outlook for semiconductor
demand in the current quarter as well as far into 2009 in view of
NXP's high debt levels and track record of cash consumption.
NXP's major customer segment, automotive, consumer electronics and
manufacturing industries are all facing a substantial downturn in
demand which will depress their orders for semiconductors.  This
trend affects NXP at a vulnerable point in time, when its factory
load was already low at 68% in Q3, 2008 and management's
restructuring measures, aimed at more than US$500 million cost
savings, are in an early stage of implementation.  As a result,
Moody's expects NXP cash consumption to increase, driven by
underutilization of facilities, rising working capital and the
cash cost of restructuring making achievement of Moody's rating
guidance of a net debt/EBITDA (at run-rate) not exceeding 7 times
in 2009 and generation of free cash flows after interest cost and
capex from Q1, 2009 latest very challenging.

The company's liquidity position is currently adequate with an
unrestricted cash balances of US$1.3 billion (net of cash at
non-guarantor subsidiaries) at September 30, 2008, the potential
for further disposal proceeds related to the remaining 20% stake
in the ST-NXP wireless joint venture, and an undrawn EUR500
million revolving credit facility without financial covenants but
a material adverse effect clause.

However, by the indenture covenants of its bonds, NXP is required
to either reinvest the net disposal proceeds, the net proceeds
from the sale of 80% of its wireless semiconductor activities to
STMicroelectronics in August 2008 minus use of proceeds as per
September 30, 2008 have been indicated by NXP at US$696 million,
or apply them to senior debt redemptions within 12 months of
receipt so that they will be available for operations only for a
limited period of time.  This time window is available to
management to execute its restructuring plans and return the
company to sustained cash generation at increasing levels, which
will be critical in view of NXP's high debt level.  Given the
bleak near term outlook for the business, management will be
severely challenged to quickly realize and retain material cost
savings in order to start accumulating free cash flows by the time
of cash redeployment expected during 2009.

Moody's negative outlook for the rating captures the fact that NXP
is very highly levered compared to its EBITDA generation capacity
constraining its financial flexibility.  Also, the risk that NXP
may not be able to return to cash generation near term and
continue eroding its finite cash liquidity may trigger future
rating downgrades.

Downgrade:

Issuer: NXP B.V.

-- Probability of Default Rating, Downgraded to Caa1 from B3

-- Corporate Family Rating, Downgraded to Caa1 from B3

-- Senior Secured Regular Bond/Debenture, Downgraded to Caa1,
    with LGD3, 43% from B3,

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3,
    with LGD5, 88% from Caa2,

Outlook Actions:

Issuer: NXP B.V.

-- Outlook, Changed to negative from stable

NXP Semiconductors, headquartered in Eindhoven, Netherlands, is a
leading semiconductor company, focusing on the designs and
manufacture of application-specific integrated circuits for the
home electronics, automotive and identification technology
application markets.  NXP posted sales of US$4.4 billion
(including the Mobile & Personal business until the beginning of
August 2008) in the first nine months of 2008.


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N O R W A Y
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NEMI FORSIKRING: S&P Changes Outlook to Positive & Holds BB Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
CreditWatch implications on Norway-based non-life insurer NEMI
Forsikring ASA to positive from negative.  The 'BB' insurer
financial strength and long-term counterparty credit ratings
remain on CreditWatch.

The revised CreditWatch status follows the announcement by
Connecticut-based insurer W.R. Berkley Corp. (WRB; BBB+/Stable/--)
that it has signed a letter of intent to acquire 100% of NEMI from
Iceland-based insurer Tryggingamidstodin hf.(TM; BB/Watch Neg/--).
WRB's core insurance operating companies are rated 'A+' with a
stable outlook.

The proposed transaction, which is subject to the completion of
final due diligence, a definitive purchase agreement, and
regulatory approvals, is expected to be completed in early 2009.

"The ratings continue to reflect NEMI's current marginal financial
flexibility, offset by good, although weakened, capitalization and
operating performance," said Standard & Poor's credit analyst
Peter McClean.

"Standard & Poor's expects to resolve the CreditWatch status upon
satisfactory completion of the transaction, at which time it
expects to raise the ratings by at least two notches, subject to
clarification of the new owners' intentions," added Mr. McClean.
S&P shall continue to monitor developments closely and take
actions as appropriate.


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P O R T U G A L
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BANCO PORTUGUES: Moody's Cuts Bank Financial Strength Rating to E+
------------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Banco Portugues de Negocios SA to E+ from D+, concluding
the review for downgrade on this rating that had been initiated on
November 4.  The outlook on the BFSR is now negative.  BPN's
Baa3/Prime-3 local and foreign currency bank deposit and debt
ratings remain on review with direction uncertain.

This rating action follows the nationalization of BPN on Nov. 11,
2008 approved by Law 62-A/2008, which has also established a
regulatory regime for the nationalization of collective private
entities in Portugal.

Moody's decision to downgrade the BFSR to E+, which maps to a
baseline credit assessment of B3, from D+ takes into consideration
that there has been no positive development since the last rating
action on 4 November 2008, when Moody's placed all ratings on
review, and that the nationalization of the bank has revealed
weaknesses in terms of risk management, controls and corporate
governance.  Additionally, in Moody's opinion, despite the state
ownership, the bank's franchise value is likely to remain impaired
and BPN will face a significant deterioration in profitability,
efficiency and asset quality as a consequence of its past business
model and governance weaknesses.

The downgrade also reflects the fact that at this point it was not
decided to restore the capital base of the bank.  According to Law
62-A/2008, since November 12, 2008, BPN has been managed by the
state-owned bank Caixa Geral de Depositos (CGD, rated Aa1/P-1/C),
which has a maximum period of 60 days in which to submit to the
government a management plan for BPN.  The Ministry of Finance has
appointed a new board of directors for BPN comprising five members
from CGD and two from BPN.

Moody's commented that the BFSR could be downgraded below E+ in
the event that BPN is not capitalized and the State opts for an
orderly liquidation of the bank.  In the two other possible
scenarios -- (i) State control is temporary and the bank is
privatized after being capitalized and becoming viable or (ii) the
bank is integrated within CGD but maintained as a separate legal
entity -- Moody's would most likely confirm the BFSR at the E+
level recognizing that it will take time to address the weaknesses
and challenges facing BPN.

Moody's decision to maintain the review with direction uncertain
on the Baa3/Prime-3 deposit and debt ratings reflects the
continued uncertainty regarding the State's plans for the bank:
(i) a consolidation within CGD could lead to an upgrade of the
ratings or a confirmation depending on the strategic fit of this
investment in CGD; (ii) a temporary nationalization and future
sale of the bank could lead to a downgrade or upgrade of the
deposit and debt ratings, depending on the credit profile of the
buyer; (iii) a liquidation of the bank, which Moody's considers as
less likely given the current commitment of the government and CGD
in re-floating the bank, could lead to a downgrade of the debt and
deposit ratings.

These ratings were downgraded:

Banco Portugues de Negocios SA:

  - Bank financial strength rating to E+, with negative outlook,
     from D+, on review for possible downgrade

These ratings were maintained on review with direction uncertain:

Banco Portugues de Negocios S.A.:

  - Long-term bank deposit rating of Baa3
  - Short-term bank deposit rating of Prime-3

BPN-Cayman, Limited:

  - Bkd Senior unsecured rating debt of Baa3
  - Bkd Subordinated debt rating of Ba1
  - Bkd Junior Subordinated debt rating of Ba1
  - Bkd Short-term debt rating of Prime-3

Banco Portugues de Negocios, Madeira:

  - Senior unsecured debt rating of Baa3
  - Subordinated debt rating of Ba1
  - Junior subordinated debt rating of Ba1
  - Short-term debt rating of Prime-3

The last rating action was on Nov. 4, 2008, when Moody's placed
all ratings on review following the announcement of BPN's
nationalisation.

Banco Portugues de Negocios, S.A. is based in Lisbon, Portugal and
had non-audited consolidated total assets of EUR9.6 billion as at
June 30, 2008.


BPN SGPS: Moody's Junks Rating on Banco Portugues Nationalization
-----------------------------------------------------------------
Moody's Investors Service downgraded the issuer rating of BPN --
SGPS, S.A. to Caa1 from Ba1 and maintained it on review for
possible further downgrade.

This rating action follows the nationalization of Banco Portugues
de Negocios (BPN, rated Baa3, on review for possible
downgrade/NP/E+, negative outlook) on Nov. 11, 2008 approved by
Law 62-A/2008.  Prior to the nationalization, BPN was 100% owned
by BPN SGPS.

The downgrade reflects the fact that BPN SGPS has lost its main
asset -- BPN SA's shares -- which has been nationalized.  The
review will focus on the value that will be derived from the
subsidiaries that were not nationalized and that represented
around 10% of its total assets prior to the nationalization.  A
further downgrade could occur if the liabilities at BPN SGPS were
to increase and result in the company becoming insolvent.

The last rating action was on November 4, 2008, when Moody's
placed BPN SGPS's issuer rating on review following the
announcement of BPN's nationalization.

BPN SGPS is based in Lisbon, Portugal and had non-consolidated
total assets of EUR411 million as at December 2007.


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R U S S I A
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AVANGARD BANK: Moody's Puts 'E+' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has assigned B2 long-term and Not Prime
short-term local and foreign currency deposit ratings, and E+ bank
financial strength rating to Joint-Stock Commercial Bank Avangard.
The outlook on all ratings is stable.  At the same time, Moody's
Interfax Rating Agency has assigned an A3.ru long-term national
scale credit rating to the bank.  Moscow-based Moody's Interfax is
majority-owned by Moody's.

According to Moody's, the bank's ratings are is underpinned by
Avangard's established franchise in corporate, retail and leasing
segments which is, in turn, supported by the bank's close
connections with a number of key clients and sound financial
fundamentals to date such as profitability and asset quality,
although these have yet to be tested in the current unstable
operating environment.  However, the bank's rating is constrained
primarily by single-name concentrations on both sides of the
balance sheet, refinancing risks to be faced by the bank starting
from 2009, still high level of related parties lending compared to
the bank's equity and some corporate governance and risk
management deficiencies.

Moody's notes that successful implementation of the strategy to
diversify Avangard's business -- apart from the related parties
and current key customers -- as well as the decline in the level
of credit and customer concentrations, could have positive
implications for the bank's risk positioning and thus, for its
ratings, as it would reduce vulnerability of its profitability and
capitalization to sharp asset quality correction.

Moreover, the bank's ability to maintain healthy financial
fundamentals together with acceptable asset quality in the current
stressed operating environment could be positive to the ratings.
On the other hand, a significant weakening of the bank's liquidity
position, inability to refinance substantial portions of its
wholesale funding, further increase in borrower and related-party
concentrations and/or weakening profitability and capital adequacy
levels would exert negative pressure on Avangard's ratings, and
cause material deterioration of the bank's franchise.

Headquartered in Moscow, Avangard reported total IFRS assets of
RUR53.7 billion (US$2.3 billion), total equity of RUR8.8 billion
(US$377 million) and net income of RUR946 million (US$40 million)
in the six months ended July 1, 2008.


BANK SOLIDARNOST: Moody's Retains 'E+' Bank Fin'l Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed, with a negative outlook,
the E+ bank financial strength rating and the B3 long-term local
and foreign currency deposit ratings of Bank Solidarnost, which is
based in Russia's Samara region.  Moody's also affirmed
Solidarnost's Not Prime short-term local and foreign currency
deposit ratings.  Concurrently, Moody's Interfax Rating Agency
affirmed the bank's Baa3.ru long-term national scale rating.  The
NSR carries no specific outlook.  Moscow-based Moody's Interfax is
majority owned by Moody's, a leading global rating agency.

According to Moody's and Moody's Interfax, the B3/Not Prime/E+
global scale ratings reflect Solidarnost's global default and loss
expectation, while the Baa3.ru NSR reflects the relative ranking
of the bank's credit quality only to its domestic peers.

At the beginning of November 2008, Solidarnost purchased a small
regional bank -- Potencial -- which faced significant liquidity
problems due to mass withdrawals of customer deposits in October.
Potencial, is a retail-funded bank with a strong deposit-taking
franchise and relatively wide branch network in Samara region.
The acquisition of Potencial was fully supported by Russia's
Deposit Insurance Agency, which provided Solidarnost with long-
term funding for this purpose.

"The rating action reflects Moody's expectations that probable
asset quality problems of Potencial may be mitigated by
Solidarnost's high capitalisation which appears sufficient to
absorb potential credit losses.  At the same time, possible
outflows of Potencial's customer funds will be covered by long-
term funding received by Solidarnost from the Deposit Insurance
Agency," says Maxim Bogdashkin, Analyst at Moscow-based Moody's,
and the lead analyst for Solidarnost.

According to Moody's, a downgrade of Solidarnost's BFSR and
deposit ratings might occur as the result of higher than expected
credit losses emanating from Potencial's loan portfolio.
Continued pressure on the acquired bank's liquidity could also
exert downward pressure on the ratings.

A reversal of the negative rating outlook to stable could be
driven by growth of Solidarnost's business, provided that asset
quality and liquidity indicators also remain strong.  However,
this scenario appears unlikely in the current economic
environment.

Moody's last rating action on Solidarnost was on May 28, 2008,
when the rating agency changed to negative from stable the outlook
on the bank's E+ BFSR and the B3 long-term local and foreign
currency deposit ratings.  These rating actions reflected the
decline in Solidarnost's market standing and business franchise
over the past year after losing a number of key large depositors,
including those related to the Samara regional administration.
Solidarnost was unable to promptly diversify its funding sources
and had to transfer several quality corporate loans to competitor
banks in order to obtain financing facilities.

Domiciled in Samara, Russia, Bank Solidarnost reported -- as at
Dec. 31, 2007 -- total IFRS assets of US$593 million (2006:
US$746 million).  Bank Potencial reported -- as at December 31,
2007 -- total assets of US$180 million (2006: US$120 million) --
based on Russian Accounting Standards.


CONCERN-YUG LLC: Creditors Must File Claims by January 14
---------------------------------------------------------
Creditors of LLC Concern-Yug (TIN 5022033320) (Construction)
have until Jan. 14, 2009, to submit proofs of claims to:

         S. Perederiy
         Insolvency Manager
         Post User Box 136
         185035 Petrozavodsk
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41=966767/08.

The Debtor can be reached at:

         LLC Concern-Yug
         Building 10
         Kolomna
         Moskovskaya
         Russia


ELEKTRO-BYT-PRIBOR OJSC: Court Names Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Nizhegorodskaya appointed V. Nazimov as
Insolvency Manager for OJSC Elektro-Byt-Pribor (TIN 5256007734)
(Electrical Engineering Industry).  The case is docketed under
Case No. A43=9625670/2005 24=96448.  He can be reached at:

         Post User Box 610
         603000 Nizhny Novgorod
         Russia

The Debtor can be reached at:

         OJSC Elektro-Byt-Pribor
         Lesnaya Str. 5
         Nizhnu Novgorod
         Russia


GAZINVESTBANK: Moody's Reviews 'Caa1' Rating for Possible Cut
-------------------------------------------------------------
Moody's Investors Service has placed the Caa1 long-term local and
foreign currency deposit ratings of Russia's Gazinvestbank under
review for possible downgrade.  The bank's E bank financial
strength rating and Not-Prime short-term local and foreign
currency deposit ratings were affirmed.  At the same time, Moody's
Interfax Rating Agency has downgraded GINB's long-term national
scale credit rating to Ba3.ru from Ba1.ru and placed it under
review for possible further downgrade.  Moscow-based Moody's
Interfax is majority-owned by Moody's.

According to Moody's and Moody's Interfax, the rating action
primarily reflects the bank's materially weakened liquidity
position.  Historically, the bank's ratings were constrained by
its undiversified funding base, which is significantly dependent
on companies from the Russian natural gas sector.  Moody's notes
that based on GINB's reporting in accordance with Russian
accounting standards, a substantial outflow of customer funds
(mainly corporate deposits) occurred between October and H1
November 2008, resulting in an almost complete depletion of liquid
assets.  "In Moody's opinion, if the bank fails to raise
significant amount of additional liquidity from the shareholders
or from other sources, its ability to meet obligations coming due
is not guaranteed," says Andrey Artyukhin, a Moscow-based Moody's
Vice President - Senior Analyst, and lead analyst for
Gazinvestbank.

The review by Moody's will be focused on the outcome of GINB's
efforts to stabilise its liquidity position.  If no positive
changes occur in the near term, this will likely result in the
downgrade of the bank's long-term deposit ratings and the NSR.
Moody's previous rating action on Gazinvestbank was implemented on
Aug. 22, 2008 when the Caa1/Not Prime/E/Ba1.ru ratings were
assigned.

Headquartered in Moscow, Russia, Gazinvestbank reported total
assets of USD216 million under IFRS as at March 31, 2008.


GRANIT LLC:  Kemerovskaya Bankruptcy Hearing Set February 18
------------------------------------------------------------
The Arbitration Court of Kemerovskaya will convene on
Feb.18, 2009, to hear bankruptcy supervision procedure on LLC
Granit (Freight Transportation).  The case is docketed under Case
No. A27=9610573/08=964.

The Temporary Insolvency Manager is:

         D. Borisyuk
         Post User Box
         650000 Kemerovo
         Russia

The Debtor can be reached at:

         LLC Granit
         Beregovaya Str. 5
         Bungur
         Novokuznetskiy
         Russia


PEKO LLC: Creditors Must File Claims by December 14
---------------------------------------------------
Creditors of LLC Peko (TIN 5259019230) (Ship-Building Industry)
have until Dec. 14, 2008, to submit proofs of claims to:

         A. Tigulev
         Temporary Insolvency Manager
         Beketova Str. 38a
         603163 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A43=96
25724/2008, 27=96166.

The Debtor can be reached at:

         LLC Peko
         50 let Pobedy Str. 18
         603014 Nizhny Novgorod
         Russia


STROY-AS LLC: Creditors Must File Claims by December 14
-------------------------------------------------------
Creditors of LLC Stroy-As (TIN 4214024743) (Construction) have
until Dec. 14, 2008, to submit proofs of claims to:

         D. Kotin
         Temporary Insolvency Manager
         Office 203
         Petrenko Str. 13
         653033 Prokopyevsk
         Russia

The Arbitration Court of Kemerovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A27=96
10383/08=964.

The Debtor can be reached at:

         LLC Stroy-As
         Mezhdurechensk
         Russia


STROY-GRAD LLC: Creditors Must File Claims by January 14
--------------------------------------------------------
Creditors of LLC Stroy-Grad (TIN 7714258417) (Construction) have
until Jan. 14, 2009, to submit proofs of claims to:

         N. Kalinin
         Temporary Insolvency Manager
         Sovetskaya Str. 12
         607510 Sergach
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A40=9619896/08=9638=96
58B.

The Debtor can be reached at:

         LLC Stroy-Grad
         Olimpiyskiy Prospect 16
         Moscow
         Russia


TOMSKAYA WOOD: Creditor Must File Claims by December 14
-------------------------------------------------------
Creditors of LLC Tomskaya Wood Company Pro have until
Dec. 14, 2008, to submit proofs of claims to:

         S. Ananin
         Temporary Insolvency Manager
         Post User Box 4790
         634034 Tomsk-34
         Russia

The Arbitration Court of Novosibirskaya will convene at
3:00 p.m. on Dec. 23, 2008, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A45=9613591/2008,
56/17.

The Debtor can be reached at:

         LLC Tomskaya Wood Company Pro
         Olovozavodskaya Str. 25
         630033 Novosibirsk
         Russia


VOLZHSKAYA CONSTRUCTION: Creditors Must File Claims by Jan.  14
--------------------------------------------------------------
Creditors of LLC Volzhskaya Construction Company (TIN
3435083713) have until Jan. 14, 2009, to submit proofs of claims
to:

         S. Fetisov
         Insolvency Manager
         Zhukova Str. 55
         Gumrak
         400122 Volgograd
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12=964266/08-s50.

The Debtor can be reached at:

         LLC Volzhskaya Construction Company
         Lenina Prospect 102
         Volzhskiy
         Russia


VIRAZH-STORY LLC: Samara Bankruptcy Hearing Set November 24
-----------------------------------------------------------
The Arbitration Court of Samara will convene at 11.00 a.m. on
Nov. 11, 2008, to hear bankruptcy supervision procedure on LLC
Virazh-Stroy (TIN 6318121671) (Construction).  The case is
docketed under Case No. A55=967917/2008.

The Temporary Insolvency Manager is:

         K. Markov
         Office 2Moskovskaya Str. 85
         410012 Samara
         Russia

The Debtor can be reached at:

         LLC Virazh-Story
         Zavodskoe shosse 5
         443022 Samara
         Russia


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S P A I N
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* Moody's Reports Visible Stress Scenarios for Spanish SME ABS
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of twelve classes
of Certificates issued by GS Mortgage Securities Corporation II,
Series 2006-CC1:

  -- Class A, $335,214,571, Certificates Due 2046, affirmed at Aaa
  -- Class B, $18,280,000, Certificates Due 2046, affirmed at Aa2
  -- Class C, $10,155,000, Certificates Due 2046, affirmed at A2
  -- Class D, $3,554,000, Certificates Due 2046, affirmed at A3
  -- Class E, $3,554,000, Certificates Due 2046, affirmed at Baa1
  -- Class F, $4,062,000, Certificates Due 2046, affirmed at Baa2
  -- Class G, $3,046,000, Certificates Due 2046, affirmed at Baa3
  -- Class H, $7,616,000, Certificates Due 2046, affirmed at Ba1
  -- Class J, $3,554,000, Certificates Due 2046, affirmed at Ba2
  -- Class K, $3,046,000, Certificates Due 2046, affirmed at Ba3
  -- Class L, $3,046,000, Certificates Due 2046, affirmed at B1
  -- Class M, $2,036,049, Certificates Due 2046, affirmed at B2

Moody's is affirming this transaction due to overall stable pool
performance.

As of the Oct. 22, 2008 distribution date, the transaction's
aggregate collateral balance has decreased to US$397.2 million
from US$406.2 million at securitization, due to US$9.1 million in
pay-downs to the Class A certificates.  The Certificates are
collateralized by 89 CMBS certificates from 61 CMBS deals.

Since issuance, of the 57 classes rated by Moody's, there have
been eight upgrades and one downgrade.  Credit estimates were
performed on 32 non-Moody's rated CMBS classes (36.0% of the pool
balance).

Moody's uses a weighted average rating factor as an overall
indicator of the credit quality of a CDO transaction.  Based on
Moody's analysis, the current WARF is 679 compared to 734 at
issuance.  Moody's reviewed the ratings or performed credit
estimates on all the collateral supporting the Certificates.  The
distribution is:Aaa-Aa3 (3.3% compared to 0.0% at issuance), A1-A3
(2.5% compared to 0.5%), Baa1-Baa3 (64.7% compared to 63.9%), Ba1-
Ba3 (29.2% compared to 35.1%) and B1-B3 (0.3% compared to 0.5%).
The CMBS securities are from pools securitized between 1997 and
2006.  The largest vintage exposures are 2004 (36.9%) and 2005
(34.7%).  The largest five CMBS exposures are GCCFC 2005-GG5
(6.3%), WBCMT 2005-C19 (5.8%), CSFB 2004-C3 (5.5%), BACM 2005-4
(3.9%) and WBCMT 2004-C15 (3.4%).

Moody's periodically completes full reviews in addition to
monitoring transactions on a monthly basis.  This is Moody's first
review since securitization.  Moody's analysis at securitization
is detailed in the Presale Report dated March 15, 2006.

Moody's has published rating methodologies outlining Moody's
analytical approach to surveillance and Moody's approach to rating
static commercial real estate collateralized debt obligations.  In
addition, Moody's has published numerous articles outlining
Moody's ratings approach to the various collateral types
customarily deposited within these transactions along with other
articles on credit issues unique to the sector. The major rating
methodologies employed in analyzing this transaction include:

* CMBS: Moody's Approach to Rating Static CDOs Backed by
  Commercial Real Estate Securities, June 17, 2004 -- this paper
  details the evolution of Moody's analytic approach to rating CRE
  CDOs touching on the binomial expansion model, extension risk,
  correlation, severity rates, pari passu notes, diversity, and
  interest shortfalls with a discussion of simulation engines,
  cash flow analysis, scenario analysis, and other elements in
  Moody's analysis with detailed supplementary information on
  deriving a CDO collateral loss distribution by simulating pool
  loss for each CMBS transaction and deriving a CDO collateral
  loss distribution by simulating default probability and severity
  for each CMBS certificate; and

* The Inclusion of Commercial Real Estate Assets in CDOs, Oct. 8,
  1999 -- this paper describes the development of commercial real
  estate backed CDOs, speaks to collateral pool analysis including
  industry classifications, diversification, credit quality,
  recovery rate, and cash flow characteristics, refers to other
  aspects of CMBS as CDO collateral including prepayment risk,
  sequential pay structure, ability to defer interest payments
  temporarily, servicer advancing, losses, extension risk,
  recovery rates, and servicer risk.


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S W E D E N
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FORD MOTOR: Bank Loan Sells for 65% Discount in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Ford Motor Co. is
a borrower traded in the secondary market at 34.40 cents-on-the-
dollar during the week ended November 21, 2008, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents a drop of 11.40 percentage points from
the previous week, the Journal relates.

The syndicated loan matures on Dec. 15, 2013, and Ford pays 300
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.

Meanwhile, participations in a syndicated loan under which General
Motors Corp. is a borrower traded in the secondary market at 35.33
cents-on-the-dollar during the week ended November 21, 2008, as
reported in the Journal.  This represents a drop of 10.52
percentage points from the previous week, the Journal relates.
The syndicated loan matures on Nov. 27, 2013, and GM pays 275
basis points over LIBOR to borrow under the facility.  The bank
loan carries Moody's B1 rating and Standard & Poor's B rating.

Bank debt of other companies in the auto industry are also being
sold at substantial discount, according to data compiled by Loan
Pricing Corp. and reported in The Wall Street Journal.

Participations in a syndicated loan under which Avis Budget Car
Rental LLC is a borrower traded in the secondary market at 38.71
cents-on-the-dollar during the week ended November 21, 2008.  This
represents a drop of 10.43 percentage points from the previous
week, the Journal relates.  The syndicated loan matures on April
12, 2012, and Avis pays 125 basis points over LIBOR to borrow
under the facility.  The bank loan carries Moody's Ba1 rating and
Standard & Poor's BB rating.

Participations in a syndicated loan under which Lear Corp. is a
borrower traded in the secondary market at 56.57 cents-on-the-
dollar during the same period.  This represents a drop of 7.54
percentage points from the previous week, the Journal relates.
The syndicated loan matures on March 29, 2012, and Lear pays 250
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.


FORD MOTOR: Mulls Sale of Five Planes to Cut Costs
--------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co. said that it is considering selling its five aircraft.

WSJ quoted Ford Motor spokesperson Mark Truby as saying, "Ford's
top priority is to continue making progress on our transformation
plan, and we do not want anything to distract us.  We are
exploring all cost-effective solutions for our air travel.... We
have sold four planes since 2005."

Citing Mr. Truby, WSJ relates that Ford Motor has three small jets
used for executives' travel and two planes used to carry larger
groups of workers to help introduce new products.

WSJ states that lawmakers and the press criticized executives for
using the planes while seeking for a US$25 billion bailout from
the government.  The CEOs didn't tell the Congress that it is
often corporate policy that they fly on private planes to ensure
their security and save valuable time, WSJ says.

General Motors Corp., according to WSJ, was criticized for using
private jets to fly to Washington D.C. while seeking for
government financial assistance.  GM said on Friday that it will
sell two of its five corporate planes, the report states

                      About Ford Motor Co.

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

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

                      *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of

Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative

Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.

The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


FORD MOTOR: S&P Junks Corporate Ratings on Increasing Cash Use
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its ratings
on Ford Motor Co., Ford Motor Credit Co., and related entities,
including the corporate credit ratings to 'CCC+' from 'B-', and
removed them from CreditWatch, where they had been placed with
negative implications on Oct. 9, 2008.  At the same time, S&P
lowered the counterparty credit rating on FCE Bank PLC, Ford
Credit's European bank, to 'B-' from 'B', maintaining the one-
notch rating differential between FCE and its parent.  The rating
outlook on all entities is negative.

The downgrades reflect increasing and ongoing cash use in Ford's
automotive operations caused by plummeting U.S. and now European
light-vehicle demand and the dramatic consumer shift away from
large pickup trucks and SUVs in the U.S. earlier this year.

"We expect Ford's cash outflows to further reduce its cash
balances during the next few quarters, which will test the
company's ability to maintain sufficient liquidity throughout
2009," said Standard & Poor's credit analyst Robert Schulz.  S&P
still expects the US$10.7 billion revolving credit facility to
remain undrawn through the end of 2008, although S&P estimates
that continued adverse industry conditions could force the company
to begin drawing on this facility in the first half of 2009,
followed by possibly significant draws by the end of 2009.

Ford's current liquidity position remains superior to that of its
Michigan-based competitors, General Motors Corp. and Chrysler LLC
(both CCC+/Negative/--), and S&P believes Ford Credit has been
less constrained recently in its ability to provide financing for
Ford customers.  As a result, Ford faces a less imminent, but
still significant, danger of falling below the necessary levels of
cash to run its automotive business.  Still, the difference in
liquidity relative to that of its competitors provides Ford with a
few additional quarters of comfort rather than a year or more.  In
S&P's view, the company may be forced to consider a financial
restructuring or bankruptcy filing in 2009, caused by the very
weak outlook for vehicle sales in most of the world.  The failure
of one or more of Ford's Michigan-based competitors would
adversely affect many of Ford's own suppliers, and the resulting
turmoil could reduce Ford's liquidity further.  S&P believes the
most likely trigger for a financial restructuring or bankruptcy
filing by Ford would be a reduction in cash and bank facility
availability, approaching levels that are insufficient to operate
the business, rather than the company making a strategic decision.

The company used US$7.9 billion in cash, including cash
restructuring costs, in its global automotive operations in the
third quarter, bringing to US$12.8 billion its cash use for the
first nine months of the year.  Since then, U.S. industry sales
plummeted even further in October amid the worsening financial
crisis, and S&P believes demand has remained anemic in November.
Moreover, weak European demand has led Ford to sharply cut
production in that region.  Consequently, S&P expects Ford's cash
use to continue unabated through the end of this year and early
2009, even as the company continues to aggressively slash costs
and conserve cash.

Ford and the other Michigan-based automakers may ultimately
receive loans or other financial support from the U.S. government,
although the form, timing, and magnitude of this assistance are
difficult to predict.  Although S&P expects some of the
US$25 billion of previously appropriated government loan funding
to begin arriving early in 2009, or perhaps sooner, the amount of
funding under this program may be modest at first and spread out
over multiple years.  Even if the government expedites funding or
creates a new program, it is important to stress that S&P would
likely view such assistance as buying more time for these
companies rather than as a solution to their fundamental business
risks, especially deteriorating global demand.

S&P expects U.S. light-vehicle sales of about 13.3 million units
or less this year, the lowest in 15 years and down sharply from
16.1 million units in 2007.  S&P also expects sales to fall
further in 2009, to about 12.3 million units, as the economy
remains weak and housing prices and consumers' access to credit
remain under pressure.  The outlook for other major auto markets,
including Europe, has suddenly turned much bleaker in the past few
months as economic woes have dampened automotive demand beyond the
U.S.

The weak environment prompted Ford to augment its latest
restructuring plan with a series of additional cash-saving actions
to be implemented through 2010.  These include lower capital
spending, reduced inventory and other working capital, and further
salaried headcount and compensation reductions.

The ratings on Ford reflect the possibility that the multiple
problems the company faces in stemming cash use could overwhelm
its cash and liquidity during 2009.  Items that Ford can address
over time, such as its overcapacity, labor costs, and product
lineup, will not, in S&P's view, be sufficient to produce any
meaningful reduction in its cash use in the immediate future.  A
stabilization of industry sales, even at low levels, would lead to
somewhat lower but still sizable cash use in 2009.  Nonetheless,
S&P's concern is that the company may not have the liquidity to
survive this economic downturn.

S&P still views the four-year labor contract reached in late 2007
with the United Auto Workers union as a substantial long-term
positive for Ford's turnaround efforts in North America.  However,
under the current agreement, the large retiree health care and
other cost savings from the contract will not begin to accrue
until 2010.

The negative outlook reflects S&P's view that cash losses could
easily cause Ford's liquidity to sink below necessary levels in
2009, even if management's cash-saving actions are partly
successful.

S&P could lower the ratings further if S&P came to believe that
cash balances plus availability under the revolving credit
facility would drop significantly below US$10 billion by the end
of 2009.  This could occur even with more vehicle sales than S&P
has seen in recent months.  S&P could also lower the rating if
Ford Credit cannot maintain sufficient funding to continue its
already lower levels of auto loan originations.

S&P will evaluate the effect of any specific announcements
regarding federal funding as they materialize.  S&P expects some
form of federal assistance to arrive early in 2009, or perhaps
sooner, but the form, timing, and magnitude of this and any
further assistance are difficult to predict.  S&P stresses that
S&P would likely view such assistance as buying more time for Ford
rather than solving its fundamental business risks.


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S W I T Z E R L A N D
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ARCORACE MONTAGEN: Creditors Must File Proofs of Claim by Dec. 7
----------------------------------------------------------------
Creditors owed money by JSC Arcorace Montagen are requested to
file their proofs of claim by Dec. 7, 2008, to:

         Au 8
         8547 Gachnang
         Switzerland

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


BALDWIN SWITZERLAND: Deadline to File Proofs of Claim Set Dec. 7
----------------------------------------------------------------
Creditors owed money by LLC Baldwin Switzerlan are requested to
file their proofs of claim by Dec. 7, 2008, to:

         Sumpfstrasse 32
         6300 Zug
         Switzerland

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


BIERI & MARKLIN: Creditors Have Until Dec. 7 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC Bieri & Marklin Swiss Cycling Tours
are requested to file their proofs of claim by Dec. 7, 2008, to:

         B. Marklin
         Liquidator
         Blumenbergstrasse 6
         3013 Bern
         Switzerland

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


DIMEC JSC: Proofs of Claim Filing Deadline is December 6
--------------------------------------------------------
Creditors owed money by JSC Dimec are requested to file their
proofs of claim by Dec. 6, 2008, to:

         Baarerstrasse 11
         6304 Zug
         Switzerland

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


GENERAL MOTORS: Bank Loan Sells for 64% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which General Motors
Corp. is a borrower traded in the secondary market at 35.33 cents-
on-the-dollar during the week ended November 21, 2008, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents a drop of 10.52 percentage points
from the previous week, the Journal relates.  The syndicated loan
matures on Nov. 27, 2013, and GM pays 275 basis points over LIBOR
to borrow under the facility.  The bank loan carries Moody's B1
rating and Standard & Poor's B rating.

Participations in a syndicated loan under which Ford Motor Co. is
a borrower traded in the secondary market at 34.40 cents-on-the-
dollar during the week ended November 21, 2008, the Journal says.
This represents a drop of 11.40 percentage points from the
previous week, the Journal relates.

The syndicated loan matures on Dec. 15, 2013, and Ford pays 300
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.

Bank debt of other companies in the auto industry are also being
sold at substantial discount, according to data compiled by Loan
Pricing Corp. and reported in The Wall Street Journal.

Participations in a syndicated loan under which Avis Budget Car
Rental LLC is a borrower traded in the secondary market at 38.71
cents-on-the-dollar during the week ended November 21, 2008.
This represents a drop of 10.43 percentage points from the
previous week, the Journal relates.  The syndicated loan matures
on April 12, 2012, and Avis pays 125 basis points over LIBOR to
borrow under the facility.  The bank loan carries Moody's Ba1
rating and Standard & Poor's BB rating.

Participations in a syndicated loan under which Lear Corp. is a
borrower traded in the secondary market at 56.57 cents-on-the-
dollar during the same period.  This represents a drop of 7.54
percentage points from the previous week, the Journal relates.
The syndicated loan matures on March 29, 2012, and Lear pays 250
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.


GENERAL MOTORS: Board Willing to Consider Chapter 11, Says WSJ
--------------------------------------------------------------
General Motors Corp.'s board of directors are willing to consider
options for the company, including filing for Chapter 11
protection, John D. Stoll at The Wall Street Journal reports,
citing people familiar with the matter.

WSJ relates that GM CEO Rick Wagoner told Congress last week that
the GM management has ruled out the option of filing for
bankruptcy, and instead is trying to convince lawmakers to provide
financial assistance.  GM said in a statement that the board had
discussed bankruptcy but decided that it wasn't a "viable solution
to the company's liquidity problems."

Citing people familiar with the matter, WSJ says that the board
agrees that seeking government bailout is GM's top priority, but
isn't willing to dismiss the possibility of a Chapter 11 filing.
The report says that the board will consider all options in light
of circumstances as they may develop.

Josh Mitchell at WSJ relates that U.S. House Speaker Nancy Pelosi
and Senate Majority Leader Harry Reid said that GM, Ford Motor
Corp., and Chrysler LLC must provide to the Congress a documented
assessment of their finances, including the amount of money they
need to return to "long-term viability," by Dec. 2, 2008.

On Friday, GM said it is pushing ahead with new cost-cutting
measures.  It said three plants in the U.S. and one in Ontario,
Canada, would extend their normal two-week holiday shut-downs into
January.  It also said it would close down an Ontario truck plant
sooner than it had planned.

GM also confirmed it is ending leases on two of the five remaining
corporate jets in its fleet.  The move comes after Mr. Wagoner and
Detroit's two other auto CEOs were chastised in Congress for
flying corporate jets to meetings this week in which they asked
for billions of dollars in public assistance.

Mr. Wagoner, Ford's Alan Mulally and Chrysler's Robert Nardelli
told lawmakers they have been restructuring their companies and
need bridge loans to carry them through until the economy
recovers. Mr. Wagoner asked the government for US$10 billion to
US$12 billion in immediate funding.

                 About General Motors

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

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

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

                   *     *     *

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

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

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

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


GENERAL MOTORS: GMAC Exchange Offer Won't Affect 'CCC+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (CCC+/Negative/--) are not immediately
affected by the GMAC LLC's exchange offer for certain notes of
both GMAC and its 100%-owned subsidiary Residential Capital LLC.
GM owns 49% of GMAC.  S&P views the exchange as a distressed debt
exchange and, as a result, S&P lowered the ratings on both GMAC
and Residential Capital and placed them on CreditWatch with
negative implications.  Although the GMAC offer is part of an
attempt to improve its capital levels as it seeks to become a bank
holding company, S&P believes that if the exchange fails, GMAC
and/or Residential Capital might file for bankruptcy protection.

The ratings on GM, which were lowered in early November, reflect
the concern that the automaker's liquidity could become
insufficient to operate its business during the first half of 2009
or earlier.  GM and GMAC are discussing changes to the operating
agreements between them.  Should these discussions or GMAC's own
situation lead to a further reduction in financing access for GM
retail customers, S&P believes GM's financial position would
become even more precarious.

In S&P's view, the timeframe during which the financial survival
of the domestic automakers will be determined has accelerated in
the past 60 days amid the deepening financial market crisis and
worsening consumer confidence, and S&P now views the next few
quarters as the most critical period.  S&P will evaluate the
effect of any specific announcements regarding federal funding as
they are made.  Although S&P expects some of the US$25 billion of
previously appropriated government loan funding to begin arriving
early in 2009, or perhaps sooner, the amount of funding under this
program may be modest at first and spread out over multiple years.
Even if the government expedites funding or creates a new program,
it is important to stress that S&P would likely view such
assistance as buying more time for GM rather than as a solution to
its fundamental business risks, especially deteriorating global
demand.  In addition, S&P envisions a scenario in which federal
government assistance may be predicated on financial restructuring
of some existing debt.


GENERAL MOTORS: To Give Up 2 Corporate Jets to Diffuse Criticisms
-----------------------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that General
Motors Corp. said on Friday that it will offload two of its five
corporate planes, after being criticized for using private jets to
fly to Washington D.C. while seeking for government financial
assistance.

WSJ states that lawmakers and the press criticized executives for
using the planes while seeking for a US$25 billion bailout from
the
government.  The CEOs didn't tell the Congress that it is often
corporate policy that they fly on private planes to ensure their
security and save valuable time, WSJ says.

Ford Motor Co. said that it is also considering selling its five
aircraft, WSJ reports.  WSJ quoted Ford Motor spokesperson Mark
Truby as saying, "Ford's top priority is to continue making
progress on our transformation plan, and we do not want anything
to distract us.  We are exploring all cost-effective solutions for
our air travel.... We have sold four planes since 2005."

Citing Mr. Truby, WSJ relates that Ford Motor has three small jets
used for executives' travel and two planes used to carry larger
groups of workers to help introduce new products.

                  About General Motors

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

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

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

                    *     *     *

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

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

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

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


MATHIS HAUSTECHNIK: Creditors' Proofs of Claim Due by Dec. 6
------------------------------------------------------------
Creditors owed money by LLC Mathis Haustechnik are requested to
file their proofs of claim by Dec. 6, 2008, to:

         JSC D & G Wirtschaftsprufer
         Klausstrasse 43
         8008 Zurich
         Switzerland

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


PHILLANDERER JSC: December 7 Set as Deadline to File Claims
-----------------------------------------------------------
Creditors owed money by JSC Phillanderer are requested to file
their proofs of claim by Dec. 7, 2008, to:

         Helen Bogle
         Schulstrasse 6
         9323 Steinach
         Switzerland

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


Q-DIE-BEIZ LLC: Creditors Must File Proofs of Claim by Dec. 6
-------------------------------------------------------------
Creditors owed money by LLC Q - Die Beiz are requested to file
their proofs of claim by Dec. 6, 2008, to:

         LLC La Pasteria
         Lindenhof 2
         6060 Sarnen
         Switzerland

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


ROCOKO INVEST: Deadline to File Proofs of Claim Set December 8
--------------------------------------------------------------
Creditors owed money by LLC rocoko Invest are requested to file
their proofs of claim by Dec. 8, 2008, to:

         Aachstrasse 17
         9320 Arbon
         Switzerland

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


SEMGROUP ENERGY: Failure to File Financial Reports Cues Delisting
-----------------------------------------------------------------
SemGroup Energy Partners, L.P., received an Additional Staff
Determination Letter from The NASDAQ Stock Market, stating that
SGLP is not in compliance with NASDAQ's Marketplace Rule
4310(c)(14) because it did not timely file its Quarterly Report on
Form 10-Q for the quarterly period ended Sept. 30, 2008, with the
Securities and Exchange Commission, and that this issue may serve
as an additional basis to delist SGLP's common units from NASDAQ.

SGLP received a similar NASDAQ Staff Determination Letter on
Aug. 19, 2008, in connection with SGLP's inability to timely file
its Quarterly Report on Form 10-Q for the period ended June 30,
2008, with the SEC.  SGLP appealed that Staff Determination and
attended a hearing before the NASDAQ Listing Qualifications Panel
on Oct. 16, 2008, during which SGLP requested that the Panel grant
additional time to regain compliance with NASDAQ's filing
requirement.  There can be no assurance that the Panel will grant
SGLP's request for continued listing.  Pending a decision by the
Panel, SGLP's common units will remain listed on NASDAQ.

SGLP was unable to timely file the Second Quarter Form 10-Q and
the Third Quarter Form 10-Q due to uncertainties surrounding the
filing of voluntary petitions by SemGroup, L.P. and certain of its
subsidiaries for reorganization under Chapter 11 of the Bankruptcy
Code in the United States Bankruptcy Court for the District of
Delaware on July 22, 2008.

SGLP's management and the board of directors of its general
partner are evaluating the impact of the Bankruptcy Filings and
certain related matters on SGLP's financial statements.  SGLP
expects to file the Second Quarter Form 10-Q and the Third Quarter
Form 10-Q as soon as is reasonably practicable after the
evaluation has been completed.

                       About SemGroup

SemGroup L.P. -- http://www.semgrouplp.com/-- is a
midstream service company providing the energy industry means to
move products from the wellhead to the wholesale marketplace.
SemGroup provides diversified services for end users and consumers
of crude oil, natural gas, natural gas liquids, refined products
and asphalt.  Services include purchasing, selling, processing,
transporting, terminaling and storing energy.  SemGroup serves
customers in the United States, Canada, Mexico, Wales, Switzerland
and Vietnam.

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525).  These represent the Debtors' restructuring efforts: John
H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq.
at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P.
Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges
LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil
Gotshal & Manges LLP.  Kurtzman Carson Consultants L.L.C. is the
Debtors' claims agent.  The Debtors' financial advisors are The
Blackstone Group L.P. and A.P. Services LLC.

Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude Company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act.  The CCAA stay expires on
Nov. 21, 2008.

SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed US$5,429,038,000 in total assets and
US$5,033,214,000 in total debts.  In their petition, they showed
more than US$1,000,000,000 in estimated total assets and more than
US$1,000,000,000 in total debts.

(SemGoup Bankruptcy News, Issue No. 15; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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AVK-BUILDING LLC: Creditors Must File Claims by December 4
----------------------------------------------------------
Creditors of LLC AVK-Building (code EDRPOU 35066898) have until
Dec. 4, 2008, to submit proofs of claim to:

         Mrs. Larisa Timofeeva
         Liquidator / Insolvency Manager
         P.O.B. 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 21, 2008.
The case is docketed as 5/483/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC AVK-Building
         Lenin Avenue, 93
         54055 Nikolaev
         Ukraine


BUD-TECH C LLC: Creditors Must File Claims by December 4
--------------------------------------------------------
Creditors of LLC Bud-Tech C (code EDRPOU 35473022) have until
Dec. 4, 2008, to submit proofs of claim to:

         Mrs. Larisa Timofeeva
         Liquidator / Insolvency Manager
         P.O.B. 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 21, 2008.
The case is docketed as 5/482/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Bud-Tech C
         V. Morskaya Str. 121/1
         54003 Nikolaev
         Ukraine


CONTRAST LLC: Creditors Must File Claims by December 4
------------------------------------------------------
Creditors of LLC Contrast (code EDRPOU 21544431) have until
Dec. 4, 2008, to submit proofs of claim to:

         LLC DUET-S
         Liquidator
         Moscow Str. 7
         01010 Kiev
         Ukraine
         Tel: 8(067)404-30-31

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 16, 2008.

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

The Debtor can be reached at:

         LLC Contrast
         I. Lepse Str. 8
         03124 Kiev
         Ukraine


DONTRADE-BUILDING LLC: Creditors Must File Claims by December 4
---------------------------------------------------------------
Creditors of LLC Dontrade-Building have until Dec. 4, 2008, to
submit proofs of claim to:

         Mr. S. Golub
         Liquidator / Insolvency Manager
         Komsomolsky Avenue, 8
         83055 Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 23, 2008.
The case is docketed as 42/140B.

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


EXPRESS-TECHCOM LLC: Creditors Must File Claims by December 4
-------------------------------------------------------------
Creditors of LLC Express-Techcom (code EDRPOU 34949574) have until
Dec. 4, 2008, to submit proofs of claim to:

         Mrs. Larisa Timofeeva
         Liquidator / Insolvency Manager
         P.O.B. 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 21, 2008.
The case is docketed as 5/484/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         54009 Nikolaev
         Ukraine+

The Debtor can be reached at:

         LLC Express-Techcom
         5th. Ingulsky Lane, 17
         54024 Nikolaev
         Ukraine


INVEST BUILDING-PROJECT: Creditors Must File Claims by Dec. 4
-------------------------------------------------------------
Creditors of LLC Invest Building-Project (code EDRPOU 35723066)
have until Dec. 4, 2008, to submit proofs of claim to:

         Mrs. Larisa Timofeeva
         Liquidator / Insolvency Manager
         P.O.B. 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 21, 2008.
The case is docketed as 5/483/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Invest Building-Project
         Spasskaya Str. 1
         54001 Nikolaev
         Ukraine


M-TRADE LLC: Creditors Must File Claims by December 4
-----------------------------------------------------
Creditors of LLC M-Trade (code EDRPOU 30111118) have until
Dec. 4, 2008, to submit proofs of claim to:

         OJSC San Inbev Ukraine
         Liquidator
         Bozhenko Str. 87
         03150 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 29, 2008.
The case is docketed as 50/211.

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

The Debtor can be reached at:

         LLC M-Trade
         Burmistenko Str. 9/10
         03113 Kiev
         Ukraine


STIROL JSC: Fitch Lifts Issuer Default Rating to 'B-' From CCC
--------------------------------------------------------------
Fitch Ratings has upgraded Ukrainian chemical company JSC Stirol's
Long-term foreign currency Issuer Default Rating to 'B-' from
'CCC'.  The Outlook on the IDR is Stable.   The Short-term rating
is affirmed at 'B'.

The upgrade reflects the strengthened financial profile of Stirol,
which has benefited from favorable conditions on the international
fertilizer markets more than compensating for increases in natural
gas prices.  The strongly increased cash from operations was
partly used to repay all of Stirol's long-term debt during 2008.
Furthermore, the agency notes that Stirol has now resolved
outstanding issues regarding compliance with its financial
documentation in the light of previous covenant breaches.

Stirol's ratings reflect its leading market position in the
Ukraine fertilizer markets, and its favorable location close to
the Togliatti-Gorlovka-Odessa pipeline and the Odessa sea port
resulting in reduced transport costs.  Stirol plans to further
strengthen its competitive position with a US$230 million
investment program from 2008-2010, focusing on improving cost and
operational efficiency, the quality and volume of production
output, as well as reducing green house gas emissions.

Stirol's ratings remain constrained by the lack of operational
diversity in its product mix and asset location.  The company is
fully dependent on the cyclical nature of the international
nitrogen fertilizer markets and, at the same time, has limited
bargaining power with the supplier of its main feedstock.  While
Fitch views positively the medium term demand trend from the
international fertilizer markets, it also expects competitive
pressures will increase for Stirol over the same period, due to
new capacity coming on stream in regions with access to cheaper
feedstock supplies, such as the Middle East, SE Asia and China.

The agency also notes continuing risks relating to Stirol's
corporate governance structure - the ownership of a majority stake
in the company by a single individual, and the company's
operations being concentrated in the Ukraine (B+; Outlook
Negative).

The Stable Outlook reflects Fitch's view that Stirol will continue
to deliver EBITDA margins in excess of 8% over the mid-term, while
maintaining a comfortable liquidity profile.

Fitch expects that Stirol will generate strong cash from
operations in FY08.  At end-Q3FY08 the company had US$193.6
million cash and equivalents on its balance sheet, of which US$40
million were denominated in foreign currency.  On Aug. 19, 2008,
Stirol repaid US$125 million loan participation notes.  A US$10
million revolving credit facility with the local subsidiary of a
major international bank which was due to mature on December 10,
2009 has now been extended for one year.  Stirol has no further
maturing credit lines or debt maturities until October 2009.  The
total capex program for FY08 amounts to US$71 million, of which
US$35 million is non-discretionary capex.  At end-Q3FY08 Stirol
had total financial debt of US$62 million.


UMT-SOUTH LLC: Creditors Must File Claims by December 4
-------------------------------------------------------
Creditors of LLC UMT-South (code EDRPOU 35707750) have until
Dec. 4, 2008, to submit proofs of claim to:

         Mrs. Larisa Timofeeva
         Liquidator / Insolvency Manager
         P.O.B. 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Arbitration Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 21, 2008.
The case is docketed as 5/481/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22a
         54009 Nikolaev
         Ukraine+

The Debtor can be reached at:

         LLC UMT-South
         Dekabristov Str. 41/3
         54020 Nikolaev
         Ukraine


ZHOVTEN-AGRO LLC: Creditors Must File Claims by December 4
----------------------------------------------------------
Creditors of LLC Zhovten-Agro (code EDRPOU 33074671) have until
Dec. 4, 2008, to submit proofs of claim to:

         Mr. Vasily Glebov
         Liquidator
         Hmelnickiy Highway Str. 23
         Vinnica
         Ukraine
         Tel: 67-33-66

The Arbitration Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 30, 2008.
The case is docketed as 5/188-08.

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         LLC Zhovten-Agro
         Verbovka
         Letin
         22334 Vinnica
         Ukraine


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ALLEGRA HICKS: Goes Into Administration
---------------------------------------
Laura Weir at Drapers reports that Allegra Hicks has gone into
administration after being hit by the credit crunch.

ReSolve Partners have been appointed administrators of the
business, the report relates.

According to the report, the administrators are now looking for a
buyer of the business and its assets, which include the brand's
ready-to-wear and beach collection and a 300 square-meter store on
London's Pont Street.

"Allegra Hicks is yet another retail business negatively affected
by customers' reduced disposable income following the subprime
crash last summer," Cameron Gunn, a partner at ReSolve, was quoted
by the report as saying.

Mr. Gunn however said he was confident he would receive interest
for the brand as sales have been growing for the last two years,
the report notes.

Headquartered in London, Allegra Hicks --
http://www.allegrahicks.com/-- is an international luxury
lifestyle brand featuring a ready to wear and beach wear
collection, home ware, interior textiles and an interior design
service.


BRIDISCO LTD: Brings in Administrators from Begbies Traynor
-----------------------------------------------------------
Alan Hudson and Roy Bailey of Ernst & Young LLP, were appointed
Joint Administrators of Bridisco Ltd on Friday, Nov. 21.
Bridisco, established in 1961, employs about 600 staff.  The
company, headquartered in North London, is a wholesaler and
distributor of a range of electrical goods including appliances,
electrical components, security systems, lighting and consumer
electronics.  It operates through a nationwide network of 30
distribution centers in the UK.

Alan Hudson, Joint Administrator, commented: "Bridisco Limited has
been experiencing trading difficulties and liquidity constraints
in recent months which, combined with losing credit insurance,
unfortunately resulted in the business being unable to trade
outside of administration.

"The Administrators will continue to trade the business with a
view to selling the company as a going concern."

                     About Ernst & Young

Ernst & Young LLP -- http://www.ey.com/--  provides assurance,
tax, transaction and advisory services.


BROOKLANDS EURO: Moody's Downgrades Ratings on Three Note Classes
-----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of three classes of notes issued by Brooklands Euro Referenced
Linked Notes 2001-1 Limited.

These ratings actions are a response to credit deterioration in
the underlying portfolio.  This transaction is synthetic CDO which
contains approximately 55% of corporates and 45% of ABS assets.
This transaction has some exposure to subprime RMBS bonds,
including the 2005 and 2006 vintages.  In addition, this
transaction also has direct exposure to the two largest Icelandic
banks, namely Kaupthing bank hf and Landsbanki Island hf.

Moody's announced on Sept. 18, 2008 that it is revising its
expected loss assumptions which are used for the surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
second half 2005 -- first half 2007 vintages.  Moody's stated that
for purposes of monitoring its ratings of ABS CDOs with exposure
to second half 2005 -- first half 2007 subprime RMBS, it will rely
on certain projections of the lifetime average cumulative losses
for vintages of RMBS set forth in a recent Moody's Special Report.
Moody's explained that it will utilize the range of loss
projections set forth in the report based on deal performance and
quarterly vintage to modify its prior assumptions of the expected
loss inputs when monitoring ABS CDO ratings.

Rating actions are:

Brooklands Euro Referenced Linked Notes 2001-1 Limited:

(1) EUR50,000,000 Class A Floating Rate Notes due 2013

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: July 25, 2001

(2) EUR50,000,000 Class B Floating Rate Notes due 2013

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Aa3
  -- Prior Rating Date: July 25, 2001

(3) EUR32,000,000 Class C Floating Rate Notes due 2013

  -- Current Rating: Ca
  -- Prior Rating: Baa3
  -- Prior Rating Date: March 10, 2003


CAWTHORNE PROPERTIES: Appoints Joint Administrators from BDO
------------------------------------------------------------
On Nov. 7, 2008, Andrew Howard Beckingham and Toby Scott Underwood
of BDO Stoy Hayward LLP were appointed joint administrators of:

   -- Cawthorne Properties Ltd.; and
   -- Planning UK Ltd.

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

         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         Hampshire
         SO14 3TL
         England


CORSAIR JERSEY: Moody's Downgrades Rating on One Class of Notes
---------------------------------------------------------------
Moody's Investors Service downgraded its ratings of one class of
notes issued by Corsair (Jersey) No. 3 Limited.  This transaction
is a static synthetic CDO that incorporates fixed recovery rates.

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to
Washington Mutual Inc., which was seized by federal regulators on
Sept. 25, 2008 and subsequently virtually all of its assets were
sold to JP Morgan Chase.

Rating action is:

Corsair (Jersey) No. 3 Limited:

(1) Series 13 USD 10,000,000 Class A Floating Rate Secured Credit-
Linked Notes due 2012

  -- Current Rating: B3
  -- Prior Rating: Ba3
  -- Prior Rating Action Date: May 8, 2008


DAVID MCLEAN: Sold to Elan Homes; Jobs Secured
-----------------------------------------------
The Joint Administrators of the David McLean group, Nick Edwards,
Bill Dawson and Carlton Siddle of Deloitte, said on Thursday, Nov.
20, that the sale of house building business David McLean Homes
Ltd to Elan Homes Ltd has been completed.

Elan Homes is a new company formed by the former senior management
team of David McLean Homes, led by John Kendrick (former Group
Finance Director), and is backed by Barclays Bank.

Nick Edwards, Joint Administrator, commented: "We are delighted to
have been able to secure a going concern sale of the house
building business to Elan Homes.  This sale will preserve a
significant number of jobs, and also represents best value for the
creditors of the David McLean group.  Elan Homes has a strong
management team, a strong financial base, and we are confident
that they will be able to take the business forward on a stable
footing.

"We are very grateful to all the staff of the David McLean group
for their support during the administration process, and we wish
them and Elan Homes every success for the future."

The Joint Administrators were appointed over David McLean Homes on
Oct. 27, and continued to trade the business while seeking a
buyer.  The company is a house builder operating in the North
West, the Midlands, South Wales and the South West.

Citing building.co.uk, the TCR-Europe reported on Oct. 30, that
Mr. Edwards said the property downturn impacted the group's cash
flow.  He added the contracting division struggled to generate a
critical mass of profitable contracts, and that they had to take
the decision to close that part of the business.

                      About Deloitte

Deloitte - http://www.deloitte.com/-- provides audit, consulting,
financial advisory, risk management and tax services to selected
clients.

Deloitte & Touche LLP is the United Kingdom member firm of DTT.


DUNFERMLINE BUILDING: Moody's Downgrades BFSR to 'D+'
-----------------------------------------------------
Moody's Investors Service downgraded to D+ from C- the bank
financial strength rating; and to Baa2 from A3 the Senior
Unsecured and Bank Deposit ratings of the Dunfermline Building
Society.  The subordinated debt was downgraded from Baa1 to Ba1.
The short-term ratings of Prime-2 were affirmed. The outlook on
all ratings is negative.

Moody's added that Dunfermline's BFSR of D+ with a negative
outlook translates into a baseline credit assessment of Ba1.  The
Society's Senior Unsecured and Bank Deposit ratings of Baa2
benefit from a two-notch uplift from the BCA due to Moody's
assessment of a moderate level of systemic support.  In addition,
the downgrade of the subordinated debt to Ba1, representing a two
notch difference from the senior unsecured ratings, reflects the
greater uncertainty of systemic support likelihood for
subordinated securities in the U.K. at this time.

Marjan Riggi, Vice President/Senior Credit Officer and lead
analyst for the building societies at Moody's, commented: "The
downgrade of the Dunfermline ratings reflects Moody's concern
about the inherently higher risk of the Society's commercial loans
due to their significant size and concentration relative to total
loan book and their potential impact on the Dunfermline's low
profitability and capital ratios".  Given Moody's loss
expectations for the Society's loan portfolio, their capital
levels have the potential to be eroded to levels which are not
consistent with a C range bank financial strength rating.  Moody's
expected loss scenarios take into account the negative outlook on
the UK economy (including Scotland) as well as the high
concentration risk in the Society's substantial commercial real
estate portfolio (approximately 24% of its total loan book
excluding lending to Housing Associations as of June 2008).

In addition, the society's buy-to-let and self-certified loans
accounting for another 15% of total loans (these include purchased
portfolios from GMAC) have seen rising arrears and are likely to
experience higher expected losses.  Moody's also remain concerned
about the Society's inability to improve its continuing low
profitability.

Moody's commented that the Society's book of loans to Housing
Associations (18% of the total mortgage book) will tend to perform
well in a market downturn.  In addition, the Dunfermline's prime
member loans (representing 55% of total loans) have been
performing favorably when compared to peers and the Society
benefits from a strong deposit base within its home base of
Scotland.

The negative outlook on the Dunfermline indicates the uncertainty
around these factors: i) the ability of the Society to improve its
financial fundamentals, in particular capital and cost to income
ratios in the current environment, ii) the performance of the
Society's commercial and buy-to-let loans as well as its ability
to reduce this exposure relative to its capital and profitability
levels in the near term; iii) the trend in asset quality
deterioration of the residential loans; and iii) the scope of the
higher cost of provisioning as well as other operating expense
overruns and their effect on the already constrained levels of
profitability.  Notable deterioration in any of the above factors
could lead to further downgrade of the Society's ratings.

Key rating drivers underpinning Moody's current BFSR rating of D+
for the Dunfermline are its strong retail funding profile, the
strength of its member business which has performed well so far,
and its strong local franchise (the largest building society in
Scotland).  Moody's ratings also reflect the Society's high
concentration of commercial loans, its modest profitability due to
its mutual pricing, and its limited ability to generate surplus
capital which is currently at low levels.

These ratings were downgraded:

  - Bank financial strength from C- to D+
  - Long term bank deposits from A3 to Baa2
  - Senior unsecured from A3 to Baa2
  - Subordinate from Baa1 to Ba1

The last rating action on the Dunfermline was on Oct. 6, 2008,
when Moody's downgraded the Society's BFSR from C to C-, its long
term ratings from A2 to A3, and its short-term ratings from P-1 to
P-2.

Dunfermline Building Society, headquartered in Dunfermline, is the
United Kingdom's 16th largest building society with assets of
GBP3.3 billion as of Year-end 2007.


EIRLES TWO: S&P Restores BBB Rating Following Rating Cut Error
--------------------------------------------------------------
Standard & Poor's Ratings Services reinstated its BBB/Watch Neg
rating on the EUR45 million floating-rate leveraged super senior
credit-linked secured notes series 162 issued by Eirles Two Ltd.

On Nov. 13, S&P lowered the rating to B/Watch Neg in error.  The
reinstatement rectifies this mistake.


HIGHMORE HOMES: Names Joint Administrators from Ernst & Young
-------------------------------------------------------------
Colin Peter Dempster and Thomas Merchant Burton of Ernst & Young
LLP were appointed joint administrators of Highmore Homes Projects
Ltd. on Nov. 11, 2008.

The company can be reached through Ernst & Young LLP at:

         Ten George Street
         Edinburgh
         EH2 2DZ
         England

The company develops residential properties.


KENSINGTON MORTGAGE: S&P Cuts Rating on Class B2 Notes to BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class B1a, B1b, and
B2 notes series 2007-1 issued by Kensington Mortgage Securities
PLC.  S&P has affirmed all the other notes in this transaction.

The downgrades follow a full credit and cash flow analysis of the
most recent loan-level information that S&P has received.  This
analysis showed that the credit enhancement available for the
class B1a, B1b, and B2 notes was insufficient to maintain the
existing ratings on these notes.

The reserve fund at closing was GBP8 million (1% of the initial
note balance) and has increased through excess spread to the
required amount of GBP12 million (currently 1.98% of the
outstanding note balance).  However, due to the current and
continuing decline in U.K. house prices, S&P expects to see higher
losses on average for those loans that ultimately default.  This
will place strain on excess spread, leading to the possibility of
reserve fund draws and a decrease in credit enhancement.

S&P will continue to monitor the performance of this transaction
using the most recent loan-level data for S&P's full credit and
cash flow analyses.  S&P will pay particular attention to the
collection rates, repossessions, and losses.

The notes, issued in March 2007, are backed by a portfolio of
first- and second-ranking nonconforming residential mortgages
secured over owner-occupied properties in England, Wales, and
Scotland.

                           Ratings List

                Kensington Mortgage Securities PLC
       GBP236.3 Million, EUR492.1 Million, and $465 Million
        Mortgage-Backed Floating-Rate Notes (Series 2007-1)

      Ratings Lowered and Removed From CreditWatch Negative

                                  Rating
                                  ------
            Class       To                     From
            -----       --                     ----
            B1a         BBB-                   BBB/Watch Neg
            B1b         BBB-                   BBB/Watch Neg
            B2          BB-                    BB/Watch Neg

                         Ratings Affirmed

                         Class       Rating
                         -----       ------
                         A1a         AAA
                         A1a DAC     AAA
                         A1b         AAA
                         A1b DAC     AAA
                         A1c         AAA
                         A1c DAC     AAA
                         A2          AAA
                         A2 DAC      AAA
                         A3a         AAA
                         A3a DAC     AAA
                         A3b         AAA
                         A3b DAC     AAA
                         A3c         AAA
                         A3c DAC     AAA
                         M1a         AA
                         M1b         AA
                         M2b         A
                         MERCs       AAA


MARK ONE: Placed In Administration; Leonard Curtis Appointed
------------------------------------------------------------
For the second time this year, Mark One, the fashion retailer, has
been placed in administration.  Appointed administrators to the
125 stores on Wednesday, Nov. 19, were Neil Bennett and Michael
Healy of Leonard Curtis.

Mark One, first launched in 1985 as a value fashion retail
business, then trading as Mk One, was sold earlier this year, and,
shortly after, the business was placed in administration. Jet Star
Retail Ltd bought 100 plus stores from the administrators and re-
launched the business, subsequently re-branding it as Mark One.
Turnover from May 24-Nov. 19, 2008 was GBP30.415 million.

"This is a business which has suffered under the current
particularly difficult trading conditions," Mr. Bennett commented.
"It is also in severe competition with much bigger rivals such as
Primark and the supermarkets.  It does however have 125 stores in
key high street positions across the country and a loyal client
base.  We have already received a number of expressions of
interest and are continuing to operate the business while we look
for a swift sale in order to protect creditors and jobs as far as
possible."

With a head office in Acton, West London and a store in Oxford
Street, London W1, the remaining outlets are based in town centers
across the UK; approximately 1,400 full and part time staff are
currently employed.

"We believe that, in spite of current conditions, this is a
business that could have a strong future and we look forward to
providing that future," Mr Bennett concluded.

                     About Leonard Curtis

Leonard Curtis -- http://www.leonardcurtis.co.uk/-- is a UK
independent corporate recovery, insolvency and restructuring
specialist.  It provides directors of struggling businesses with
positive strategic advice, enabling them to retain control of
their business, as well as creditors and professionals involved
with those dealing with debt and financial problems.


MICROEMISSIVE DISPLAYS: To Call In Administrators
-------------------------------------------------
John Walko at EE Times Europe reports that MicroEmissive Displays
Group plc is to call in administrators following
unsuccessful attempts to secure further funds.

In a statement on Thursday, Nov. 20, MED, as cited by the report,
said "after extensive negotiations with potential funders, the
company has exhausted all strategic and financing options
available to it."

The report recounts MED warned late September that its cash
position was very weak and that it could run out of money in
December.  It said it was considering strategic options, including
a sell-off of the company, the report relates.

The company however notes that while it is hopeful that interest
in its eyescreen micro miniature technology will attract a
potential buyer, the severe slowdown in the demand for consumer
electronics has negatively impacted the conversion of this
interest to sales and revenue, the report states.

On June 30, the company's cash and cash equivalents stood at
GBP2.1 million (about US$3.7 million), down to GBP1.3 million
(about US$2.3 million) from Sept. 29, the report discloses.

Headquartered in Edinburgh, Scotland, Microemissive Displays Group
Plc -- http://www.microemissive.com-- is the designer and
manufacturer of a microdisplay technology.  The Company, along
with its subsidiaries, is principally engaged in the development,
manufacture and sale of polymer organic light emitting diode
microdisplays (P-OLEDs).  The Company is the holding company for
MicroEmissive Displays Limited and MicroEmissive Displays GmbH.


MORRIS PLASTICS: Shuts Down Following Administration
----------------------------------------------------
Jill Park at packagingnews.co.uk reports that West Yorkshire-based
injection-molding specialist Morris Plastics has shut down after
it went into administration.

Leicester-based firm Smith Cooper was appointed administrator for
the company on October 30, 2008 at Birmingham County Court,
the report recounts.

Morris Plastics and administrators however could not be reached
for a comment, the report notes.


P D P ENGINEERING: Taps Joint Administrators from Grant Thornton
----------------------------------------------------------------
John Neville Whitfield and Neil Tombs of Grant Thornton UK LLP
were appointed joint administrators of P.D.P. Engineering Co. Ltd.
on Nov. 4, 2008.

The company can be reached at:

         P.D.P. Engineering Co. Ltd.
         C/o Clarke, Gower & Co
         181 Cole Valley Road
         Hall Green
         Birmingham
         B28 0DG
         England


PROFESSIONAL DOMESTIC: Appoints Liquidators from Grant Thornton
---------------------------------------------------------------
James Earp and Nick Wood of Grant Thornton UK LLP were appointed
joint liquidators of Professional Domestic Services Ltd. on
Nov. 5, 2008.

The company can be reached at:

         Professional Domestic Services Ltd.
         Unit 219
         Tudorleaf Business Centre
         2-8 Fountayne Road
         Tottenham
         London
         N15 4QL
         England

The company provides cleaning services for both commercial and
residential properties.


SATELLITE PROTECTION: High Court Winds Up Business
--------------------------------------------------
Satellite Protection Services Ltd, a company selling warranties
for satellite television equipment, has been wound-up by the high
court following an investigation by Companies Investigation Branch
of the Insolvency Service.

SPS based in Norwich used the trading name of "Satellite Services"
and operated a website called http://www.sat-serv.co.ukmade
unsolicited sales calls throughout the UK and Channel islands
offering to repair or replace customers' satellite TV equipment in
the event of breakdown in return for a renewable ongoing annual
subscription of GBP60.

The company encouraged potential customers to believe that the
calls came from Sky or that the company was closely associated
with Sky.  In fact the company had no connection with Sky.

Satellite Services failed to comply with relevant distance selling
regulations when it failed to inform customers of their right to
cancel their agreements within the statutory cooling off period,
and did not provide customers with the registered name of the
company or its registered or geographic address.

The company selected telephone numbers for its calls from
telephone directories making no attempt to comply with Regulation
21 of The Privacy and Electronic Communications (EC Directive)
2003 which prohibits the making of unsolicited sales telephone
calls to persons registered with the Telephone Preference Service.

Although the company offered to replace irreparable equipment with
"new" equipment, in fact replacement equipment was not new but was
second-hand or re-conditioned.

The combination of misleading phone calls, failure to inform
customers of their statutory rights to cancel, failure to comply
with regulations for the telephone preference service led to CIB
presenting a petition to wind-up the company in the public
interest and in the interim obtained an order appointing the
Official Receiver as provisional liquidator of the company.

As provisional liquidator the Official Receiver put in place
significant changes to the company's sales and administrative
systems and this enabled the company's business to be continued
under his supervision thereby preserving the assets of the company
pending the hearing of the petition.

Information from the investigation was also referred to the
Financial Services Authority on the basis that the company's
warranty contract appeared to constitute a contract of insurance,
and the company was not authorized to carry on insurance business.
After due consideration the FSA concluded that the company was
engaging in regulated activity contrary to section 19 of the
Financial Services and Markets Act 2000 and supported the
Secretary of State's application to have the company compulsorily
wound-up in the public interest.

SPS was incorporated in England on April 11, 2006.  Its registered
office was at 11 Murray Street, Camden, London NW1 9RE and it
carried on business from Sackville Place, 44 Magdalen Street,
Norwich NR3 1JU, though the address given to customers at the time
of the investigation was PO Box 749, Bognor Regis, PO21 9BG.

The petition was presented on Nov. 28, 2007 under s124A of the
Insolvency Act 1986 following inquiries under Section 447 of the
Companies Act 1985, and on Dec. 10, 2007 the Official Receiver was
appointed provisional liquidator of the company.

Following the FSA's conclusion that the company was engaging in
regulated activity contrary to section 19 of the Financial
Services and Markets Act 2000 the Official Receiver sought
directions from the Court as to the continuance of the company's
business.  The Court ordered that the company's business from then
on should be limited to the servicing and renewal of existing
contracts and that no new business should be taken on pending a
full hearing of the petition and argument concerning the insurance
question.

The FSA intervened in the winding-up proceedings pursuant to
sections 371(1)(c) and 371(2)(a) of the FSMA

The company did not finally contest the making of the winding-up
order.

Richard Toone and Kevin Murphy of Chantrey Vellacott DFK have been
appointed joint liquidators of the company by the Secretary of
State and will be responsible for realizing and distributing the
assets of the company.

The winding up order was made on Nov. 12, 2008.  However public
announcement was delayed for a short period to enable the
liquidator to write to the company's 8,500 current customers
informing them of the position.

All public inquiries concerning the affairs of the company and the
prospects of a dividend should be made to the liquidators at:
Russell Square House, 10-12 Russell Square, London, WC1B 5LF
Telephone: 020 7509 9260 ; Email: spsl@cvdfk.com


SELECTA CDO: Moody's Downgrades Ratings on Six Classes of Notes
---------------------------------------------------------------
Moody's Investors Service downgraded its ratings of six classes of
notes issued by Selecta CDO.

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on Sept. 15, 2008, and one
Icelandic bank, specifically Landsbanki Islands hf.

The rating actions are:

Selecta CDO:

(1) The Series 2005-1 EUR6,000,000 Class A Secured Floating Rate
Notes due 2012,

  -- Current Rating: Aa1
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: May 12, 2005

(2) The 2005-1 EUR80,250,000 Class B1 Secured Floating Rate Notes
due 2012,

  -- Current Rating: Aa2
  -- Prior Rating: Aa1
  -- Prior Rating Action Date: Nov. 30, 2006

(3) The 2005-2 US$50,000,000 Class B2 Secured Floating Rate Notes
due 2012,

  -- Current Rating: Aa2
  -- Prior Rating: Aa1
  -- Prior Rating Action Date: Nov. 30, 2006

(4) The 2005-1 EUR9,750,000 Class C1 Secured Floating Rate Notes
due 2012,

  -- Current Rating: A3
  -- Prior Rating: A1
  -- Prior Rating Action Date: Nov. 30, 2006

(5) The 2005-2 US$8,000,000 Class C2 Secured Floating Rate Notes
due 2012.

  -- Current Rating: A3
  -- Prior Rating: A1
  -- Prior Rating Action Date: Nov. 30, 2006

Selecta CDO II:

The 2005-3 EUR12,000,000 Class D Secured Floating Rate Notes due
2012

  -- Current Rating: B2
  -- Prior Rating: Ba1
  -- Prior Rating Action Date: Nov. 30, 2006


SIDLOW GARAGES: Names Joint Administrators from Grant Thornton
--------------------------------------------------------------
On Oct. 29, 2008, David Dunckley and Nigel Ruddock (IP Nos 1535
and 6877) of Grant Thornton UK LLP were appointed joint
administrators of:

   -- Sidlow Garages Ltd.,
   -- Sidlow Garages (East Grinstead) Ltd.,
   -- Lockyear Motors (Horsham) Ltd.,
   -- C W Woods (REIGATE) Ltd., and
   -- Sidlow Garages (Reigate) Ltd.

These companies can be reached at:

         Redkiln Way
         Horsham
         West Sussex
         RH13 5QH
         England


SWINDON MORTGAGES: Begbies Traynor Handles Voluntary Liquidation
----------------------------------------------------------------
The Bristol office of business rescue, recovery and restructuring
specialist Begbies Traynor has been instructed to handle the
voluntary liquidation of three Swindon-based companies affected by
the property market downturn.

Swindon Mortgages Ltd, Swindon Lettings Ltd and Swindon Estate
Agents Ltd operated from premises in Commercial Street.  The
mortgage broking business had been in operation since 2005 and
employed 18 staff.  The lettings and estate agency operations were
launched last year.  All three companies experienced a swift
decline in business and were unable to renegotiate their funding
arrangements.

Joint liquidators Simon Haskew and Neil Vinnicombe have begun the
process of winding up the companies' affairs following
shareholders' meetings held in October.

                   About Begbies Traynor

Begbies Traynor -- http://www.begbies-traynor.com/-- is a UK
business rescue, recovery and restructuring specialist, providing
a partner-led service to stakeholders in troubled businesses.


TEC-SUN LTD: Names Joint Administrators from PKF
------------------------------------------------
David S. Merrygold and Brian James of PKF (UK) LLP were appointed
joint administrators of Tec-Sun Ltd. on Nov. 11, 2008.

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

         16 The Havens
         Ransomes Europark
         Ipswich
         Suffolk
         IP3 9SJ
         England


TUBE LINES: S&P Rates GBP21.59 Million Sub. D Notes at 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its debt
rating on the GBP1.15 billion senior secured A-1 notes issued by
U.K.-based underground rail infrastructure funding company Tube
Lines PLC to 'AA-' from 'AA'.

"The downgrade follows the Nov. 19, 2008, downgrade of Ambac
Assurance U.K. Ltd. (Ambac; A/Negative/--), which is the insurance
policy provider for the timely interest payments on the A-1
notes," said Standard & Poor's credit analyst Beata Sperling-
Tyler.

At the same time, Standard & Poor's placed the rating on the A-1
notes on CreditWatch with negative implications, reflecting the
uncertainty in relation to the potential replacement of Ambac or
provision of alternative liquidity to support the timeliness of
interest payments.

On Nov. 19, 2008, the insured ratings on the GBP285 million
European Investment Bank A bank loan and GBP15 million EIB B bank
loan were lowered to 'A' from 'AA', following the downgrade of
Ambac and Ambac Assurance Corp. (A/Negative/--).  The 'A' ratings
reflect the unconditional and irrevocable guarantee provided by
Ambac and Ambac Assurance Corp. of the scheduled payment of
interest and principal on the loans.  The outlook on the bank
loans was negative, reflecting that on the bond insurers.

Subsequently, S&P suspended the debt rating on the EIB A bank
loan. Under S&P's project finance criteria, S&P suspends an issue
rating if an insured rating is lower than a confidential
underlying rating on that issue.

The rating on the A-1 notes reflects S&P's expectation of the
timely payment of interest and payment of principal by the
scheduled maturity of the notes of 2031.

The payment of principal on the A-1 notes is ultimately reliant on
Transport for London (TfL; AA/Stable/--), as a guarantor of the
obligations of London Underground Ltd. (LUL; a subsidiary of TfL).
The rating on the A-1 notes reflects the counterparty exposure to
several entities, including TfL, Ambac, and The Goldman Sachs
Group Inc. (AA-/Negative/A-1+) as the purchaser of the notes under
the forward notes purchase agreement.

The debt rating on the GBP76.75 million senior secured B notes is
'BBB'.  The debt rating on GBP134.2 million subordinated C notes
is 'BBB-' whereas the debt rating on the GBP21.59 million
subordinated D notes is 'BB'.

Operating company Tube Lines Ltd. is responsible for the
management of the infrastructure of the Jubilee, Northern, and
Piccadilly London Underground lines under a 30-year service
contract with LUL that was entered into on Dec. 31, 2002.

Under the public-private partnership contract between Tube Lines
(Holdings) Ltd. and LUL, LUL would make a termination payment of
at least 95% of approved debt (comprising the A debt and other
liquidity facilities if drawn down) in the event of a mandatory
sale process or put option by TLF of its debt and that of TLL to
LUL.  S&P expects this termination payment to cover all of the
outstanding principal of the A-1 notes.  The interest guarantee
for the A-1 notes, provided by Ambac, provides for continued
timely interest payments for 36 months, during which time S&P
would expect TfL to pay the termination payment.  Thus, the
ratings on the A-1 notes are linked to both the credit ratings on
Ambac and TfL.

S&P will resolve the CreditWatch status of the A-1 notes once S&P
has visibility on the likely replacement of Ambac as the interest
payment timeliness guarantor or the intention of TLL to provide an
alternative liquidity arrangement.  The rating and outlook on the
A-1 notes can be further revised to reflect any changes to the
ratings or outlook on a number of entities, including TfL as a
guarantor of LUL's obligations; The Goldman Sachs Group as the
purchaser of notes under the forward notes purchase agreement; or
Ambac.

The stable outlook on the GBP76.75 million B notes and on the
subordinated C and D notes reflects S&P's expectation that TLL
will continue to execute its considerable capital works program on
time and budget and that operating performance will remain
satisfactory.

The negative outlook on the EIB B bank loan reflects that on Ambac
and Ambac Assurance Corp. and will be revised in line with any
changes to the ratings or outlook on these bond insurers.


VENMORE PARTNERSHIP: Taps Administrators from Grant Thornton
------------------------------------------------------------
Leslie Ross and David Michael Riley of Grant Thornton UK LLP were
appointed joint administrators of The Venmore Partnership LLP on
Nov. 10, 2008.

The company can be reached through Grant Thornton UK LLP at:

         1st. Floor
         Royal Liver Building
         Liverpool
         L3 1PS
         England


* Moody's Downgrades Ratings on Five Series of CPDO Notes
---------------------------------------------------------
Moody's Investors Service downgraded the rating of five series of
CPDO notes, static and managed.

These rating actions reflect the current lower leverage in the
transactions, which makes it less likely for them to rebuild their
substantially eroded NAV to par - should the respective leverages
remain constant at their current values.

Rating actions are:

Thebes Capital PLC

Series 2006-1 US$25,000,000 Credit Linked Notes Issued by Thebes
Capital PLC

  -- Current Rating: Caa3, under review for downgrade
  -- Prior Rating: Caa2, under review for possible downgrade
  -- Prior rating action date: Oct. 31, 2008

Magnolia Finance IV plc

Series 2006-18 JPY10,000,000,000 Riders Notes issued by Magnolia
Finance IV plc

  -- Current Rating: Caa3, under review for possible downgrade
  -- Prior Rating: Caa1, under review for possible downgrade
  -- Prior rating action date: Sept. 17, 2008

Cairn CPDO I Limited

(1) Series A1-E1 EUR58,000,000 Notes

  -- Current Rating: Caa2, under review for downgrade
  -- Prior Rating: Caa1, under review for possible downgrade
  -- Prior rating action date: Oct. 31, 2008

(2) Series A1-U1 US$3,000,000 Notes issued by Cairn CPDO I Limited

  -- Current Rating: Caa2, under review for downgrade
  -- Prior Rating: Caa1, under review for possible downgrade
  -- Prior rating action date: Oct. 31, 2008

(3) Series B1-U1 US$6,600,000 Notes issued by Cairn CPDO I Limited

  -- Current Rating: Caa3, under review for downgrade
  -- Prior Rating: Caa2, under review for possible downgrade
  -- Prior rating action date: Oct. 31, 2008


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

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


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


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

                            *********

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

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

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

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

                            *********


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

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