---

        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

           Friday, February 13, 2009, Vol. 10, No. 31

                            Headlines

A U S T R I A

PLATZER KG: Claims Registration Period Ends March 5
UNSER ZUHAUSE: Claims Registration Period Ends March 5
VGB BAU: Claims Registration Period Ends March 5


B U L G A R I A

* BULGARIA: S&P Changes Banking Industry Assessment to Group 7


F R A N C E

ATHENEE CDO: Moody's Lowers Rating on US$15 Mln Notes to 'Caa1'
EIFFEL CDO: Moody's Cuts Rating on US$20 Mln Notes to 'Ba3'


G E R M A N Y

BUSCH FASHION: Claims Registration Period Ends April 8
CITYSANDWICHES GMBH: Claims Registration Period Ends April 17
DOUCEUR BRANDS: Claims Registration Period Ends April 8
HUCKE BERLIN: Claims Registration Period Ends April 8
QIMONDA AG: Cuts Production at Dresden Facility

TREOFAN HOLDINGS: S&P Downgrades Corporate Credit Rating to 'CCC'
VKA SYSTEMZENTRALE: Claims Registration Period Ends April 10


G R E E C E

ANAPTYXI 2006-1: Moody's Reviews Ba2-Rated Notes for Likely Cut


I C E L A N D

GLITNIR BANKI: Moody's Downgrades Long-Term Deposit Rating to 'C'


I R E L A N D

EDUCATION MEDIA: S&P Junks Corporate Credit Rating From 'B-'
MAGNOLIA FINANCE: Fitch Downgrades Ratings on Two Notes to 'D'


K A Z A K H S T A N

AGROS LLP: Proof of Claim Deadline Slated for March 21
KAZIMIR PARTNERS: Creditors Must File Claims by March 13
KOKSHE-TEPLO-PLAST LLP: Claims Filing Period Ends March 21
NEM PROJECT: Creditors' Proofs of Claim Due on March 21
PROM TECHNIKA: Claims Registration Period Ends March 21

SARMAT-2006 LLP: Proof of Claim Deadline Slated for March 21
SERVICE AUTO: Creditors Must File Claims by March 21
STORY-CENTRE AKTOBE: Claims Filing Period Ends March 21
TECHNO TRADE-LTD: Creditors' Proofs of Claim Due on March 21
VERHNE-IRTYSHSKAYA EXPRESS: Claims Registration Ends March 21

* KAZAKHSTAN: Devalues Tenge Currency to Avoid Bank Defaults


K Y R G Y Z S T A N

LUNS CAPITAL: Creditors Must File Claims by March 6


R O M A N I A

* ROMANIA: Loan Defaults Soar to RON2.865 Bln at End of 2008


R U S S I A

EKOSTROY LLC: Creditors Must File Claims by April 6
GIDRO-MASH OJSC: Creditors Must File Claims by April 6
INZH-GEO-TEKHNIKA OJSC: Court Names Temporary Insolvency Manager
KASIMOVSKIY LLC: Ryazanskaya Bankruptcy Hearing Set June 16
LYAMINSKIY FIBERBOARD: Court Names Temporary Insolvency Manager

MAMONIKHA-LES LLC: Creditors Must File Claims by April 6
MERIDIAN-STROY LLC: Court Names Insolvency Manager
MURMANSK FISH: Court Names Insolvency Manager
SPETS-STAL' LLC: Arkhangelsk Bankruptcy Hearing Set July 3
YEZHVINSKAYA CONSTRUCTION: Creditors Must File Claims by March 6

* RUSSIA: S&P Cuts Tver Oblast's L-T Issuer Credit Rating to 'B+'


S W I T Z E R L A N D

BRAUCHLI PRAZISIONSMECHANIK: Deadline to File Claims Set Feb. 22
CARACALLA JSC: Creditors Must File Proofs of Claim by Feb. 22
DIBIS FAHRM: Creditors Have Until February 22 to File Claims
GHERZI INFORMATION: Proof of Claims' Deadline Set February 22
IRHOTCO JSC: Creditors' Proofs of Claim Due by February 21

MF ELEKTRO: February 22 Set as Deadline to File Claims
PLLANA LLC: Creditors Must File Proofs of Claim by February 20
UCGEN TRADING: Deadline to File Proofs of Claim Set Feb. 21


U K R A I N E

ARMINVEST LLC: Creditors Must File Claims by Feb. 15
BANK NADRA: Placed In Receivership by Ukraine's Central Bank
BAKHMACH GAS: Court Starts Bankruptcy Supervision Procedure
BAR ALCOHOL: Court Starts Bankruptcy Supervision Procedure
BEDEVLI JOINT: Creditors Must File Claims by Feb. 26

BUSINESS LINE: Creditors Must File Claims by Feb. 15
FINANCIAL ADVISORY: Creditors Must File Claims by Feb. 22
PAVLOVKA AGRICULTURAL: Creditors Must File Claims by Feb. 26
TOBILEVCIH AGRICULTURAL: Creditors Must File Claims by Feb. 22
V. T. COMPANY: Court Starts Bankruptcy Supervision Procedure

VISAN LLC: Creditors Must File Claims by February 22
ZHYDACHEV PLANT: Creditors Must File Claims by February 22


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Moody's Cuts Corporate Family Rating to 'Ba1'
HAMMERSON: To Launch GBP584.2 Million Rights Issue
IDEAL MORTGAGE: Appoints Administrators from Tenon Recovery
INTEGA RECRUITMENT: Names BDO Stoy as Joint Administrators
JOSEPH PICKERING: Taps Joint Administrators from KPMG LLP

MALTHOUSE REST: Goes Into Administration; Vantis Appointed
MTD ACCESS: Appoints Joint Liquidators from Grant Thornton
NEW STAR: To Wind Up Heart of America Fund
NEWGATE FUNDING: S&P Junks Ratings on Class F and Q Notes
NEXTEK UK: Goes Into Liquidation; 50 Jobs Affected

SEVEN CONTINENT: Goes Into Liquidation; To Face Investigation
STAFFORD RUBBER: Appoints Joint Administrators from PKF
TEES VALLEY: Names Joint Liquidators from Tenon Recovery
WHITEHALL LEISURE: Goes Into Liquidation; UHY Hackery Appointed

* S&P Takes Rating Actions on 362 European Synthetic CDO Tranches

* BOOK REVIEW: Crafting Solutions for Troubled Businesses


                         *********


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


PLATZER KG: Claims Registration Period Ends March 5
---------------------------------------------------
Creditors owed money by KG Platzer (FN 94020s) have until
March 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Paul Wuntschek
         Advocacy LLC Klein
         Wuntschek & Partner
         Kaiser-Franz-Josef-Kai 70
         8010 Graz
         Austria
         Tel: 0316/81 38 62
         Fax: 0316/81 38 62 - 2
         E-mail: office@klein-wuntschek-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:35 p.m. on March 19, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 227
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Jan. 15, 2009, (Bankr. Case No. 26 S 2/09b).


UNSER ZUHAUSE: Claims Registration Period Ends March 5
------------------------------------------------------
Creditors owed money by LLC Unser Zuhause Clever (FN 300280p) have
until March 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Nikolaus Vogt
         Zeltgasse 3/13
         1080 Wien
         Austria
         Tel: 402 57 01 33
         Fax: 402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on March 19, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 9, 2009, (Bankr. Case No. 5 S 3/09i).


VGB BAU: Claims Registration Period Ends March 5
------------------------------------------------
Creditors owed money by LLC VGB Bau (FN 286836v) have until
March 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Georg Dieter
         Kalchberggasse 10
         8010 Graz
         Austria
         Tel: 0316/228922
         Fax: 0316/228922-89
         E-mail: office@sdra.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:00 p.m. on March 19, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 227
         Graz
         Austria

Headquartered in Lieboch, Austria, the Debtor declared bankruptcy
on Jan. 15, 2009, (Bankr. Case No. 25 S 5/09m).


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


* BULGARIA: S&P Changes Banking Industry Assessment to Group 7
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its Banking
Industry Country Risk Assessment on the Republic of Bulgaria
(foreign and local currency BBB/Negative/A-3) to Group 7 from
Group 6, following a review of South Eastern European banking
systems.  The BICRA on the Republic of Croatia (foreign
currency BBB/Negative/A-3; local currency BBB+/Negative/A-2)
remains in Group 6 and that on Romania (foreign currency
BB+/Negative/B; local currency BBB-/Negative/A-3) in Group 7.
Standard & Poor's estimates the incidence of gross problematic
assets in the financial systems of all three countries to be 25%-
40%.

S&P's BICRAs evaluate the strengths and weaknesses of a country's
banking system, compared with those of other countries, on a scale
ranging from Group 1 (the strongest) to Group 10 (the weakest).

The change in S&P's BICRA on Bulgaria reflects increased economic
risks prevalent in the country.  S&P is concerned about Bulgaria's
heightened external vulnerabilities, due to a large current-
account deficit, which, amid the continued tightening of credit
markets, could lead to an abrupt decline in external financing.
S&P expects the financial profiles of Bulgarian banks to come
under increasing pressure from the more challenging operating
environment.  S&P considers banks' credit risk to be high, after
several successive years of rapid loan growth that has not been
tested in a sustained economic slowdown and due to the high real
estate price inflation in Bulgaria over the past few years.  A
sharp downturn in Bulgaria's economic performance, including a
slowdown in the overheated real estate market, will likely
pressure banks' asset quality and financial performance.

On a positive note, the creditworthiness of the banking systems of
Bulgaria, Romania, and Croatia benefits from high foreign
ownership by Western European strategic investors.  It also
benefits from closer integration with parent institutions, which
share their know-how and have strengthened risk management,
improved infrastructure, and diversified the product lines of
their SEE subsidiaries.  However, given the continuing adverse
market conditions, some parent banks may be reluctant to add to
their existing cross-border exposure or provide additional funding
or capital support to their SEE subsidiaries.  Lower availability
of funding has already resulted in a rapid deceleration of credit
and economic growth.

S&P considers the supervision and regulation of the SEE countries
adequate, thanks to Bulgaria's and Romania's EU membership and
Croatia's pending accession, which S&P expects to further improve
overall regulation in the medium to long term.

Under S&P's criteria, S&P considers the SEE countries in this
review to be "supportive" of their banking systems.  Nevertheless,
their ability to support local systems is limited, signifying that
any weakening of foreign parental support would not be easily
offset by the use of public funds.  As such, S&P's credit ratings
on the countries' financial institutions factor in ongoing
implicit external support, including advantages derived from the
banks' status in the form of preferential access to liquidity,
prudential regulation, and proactive supervision.  Consequently,
S&P give no additional rating uplift to private-sector banks for
potential government support, in line with S&P's rating approach
in "supportive countries".

The change in BICRAs and GPAs underpins S&P's credit ratings on
banks in SEE, but will not automatically lead to rating changes.
They could nevertheless contribute to rating changes on a case-by-
case basis.


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


ATHENEE CDO: Moody's Lowers Rating on US$15 Mln Notes to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of two classes of notes issued by Athenee CDO Plc and three
classes of notes issued by Eiffel CDO Ltd.

The transaction is a managed synthetic CDO referencing, among
other assets US and European corporate names.  The banking and
Insurance sectors constitute approximately 40% of the underlying
pool.

Moody's explained that the rating actions taken are the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
corporate synthetic CDOs and (ii) the deterioration in the credit
quality of the transaction's reference portfolio.  The revisions
affect key parameters in Moody's model for rating corporate
synthetic CDOs: default probability, asset correlation, and other
credit indicators such as ratings reviews and outlooks.  Moody's
announced the changes to these assumptions in a press release.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

Moody's also affirmed the ratings in relation to the recently
executed portfolio substitution.  According to Moody's the
substitution will not, in and of itself, result in a reduction or
withdrawal of the current ratings on the notes.

The rating actions are:

Athenee CDO Plc:

(1) The Series 2006-1 EUR15,000,000 Tranche A2X Secured Fixed Rate
Notes due 2013

  -- Current Rating: Caa1

  -- Prior Rating Date: 15 December 2008, downgraded to B2 from
     Aa2

(2) The Series 2006-1 EUR1,500,000 Tranche A2F Secured Floating
Rate Notes due 2013.

  -- Current Rating: Caa1

  -- Prior Rating Date: 15 December 2008, downgraded to B2 from
     Aa2

Eiffel CDO Ltd:

(1) The Series 2006-2 US$5,000,000 Tranche A2 Secured Step Up
Floating Rate Notes due 2013

  -- Current Rating: Caa1
  -- Prior Rating Date: 15 December 2008, downgraded to B2 from B1

(2) The Series 2006-4 US$10,000,000 Tranche A1 Secured Step Up
Floating Rate Notes due 2013

  -- Current Rating: Ba3

  -- Prior Rating Date: 26 November 2008, downgraded to Ba1 from
     Aaa

(3) The Series 2007-1 US$10,000,000 Tranche A1 Secured Step Up
Floating Rate Notes due 2013

  -- Current Rating: Ba3

  -- Prior Rating Date: 26 November 2008, downgraded to Ba1 from
     Aaa


EIFFEL CDO: Moody's Cuts Rating on US$20 Mln Notes to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of two classes of notes issued by Athenee CDO Plc and three
classes of notes issued by Eiffel CDO Ltd.

The transaction is a managed synthetic CDO referencing, among
other assets US and European corporate names.  The banking and
Insurance sectors constitute approximately 40% of the underlying
pool.

Moody's explained that the rating actions taken are the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
corporate synthetic CDOs and (ii) the deterioration in the credit
quality of the transaction's reference portfolio.  The revisions
affect key parameters in Moody's model for rating corporate
synthetic CDOs: default probability, asset correlation, and other
credit indicators such as ratings reviews and outlooks.  Moody's
announced the changes to these assumptions in a press release.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

Moody's also affirmed the ratings in relation to the recently
executed portfolio substitution.  According to Moody's the
substitution will not, in and of itself, result in a reduction or
withdrawal of the current ratings on the notes.

The rating actions are:

Athenee CDO Plc:

(1) The Series 2006-1 EUR15,000,000 Tranche A2X Secured Fixed Rate
Notes due 2013

  -- Current Rating: Caa1

  -- Prior Rating Date: 15 December 2008, downgraded to B2 from
     Aa2

(2) The Series 2006-1 EUR1,500,000 Tranche A2F Secured Floating
Rate Notes due 2013.

  -- Current Rating: Caa1

  -- Prior Rating Date: 15 December 2008, downgraded to B2 from
     Aa2

Eiffel CDO Ltd:

(1) The Series 2006-2 US$5,000,000 Tranche A2 Secured Step Up
Floating Rate Notes due 2013

  -- Current Rating: Caa1
  -- Prior Rating Date: 15 December 2008, downgraded to B2 from B1

(2) The Series 2006-4 US$10,000,000 Tranche A1 Secured Step Up
Floating Rate Notes due 2013

  -- Current Rating: Ba3

  -- Prior Rating Date: 26 November 2008, downgraded to Ba1 from
     Aaa

(3) The Series 2007-1 US$10,000,000 Tranche A1 Secured Step Up
Floating Rate Notes due 2013

  -- Current Rating: Ba3

  -- Prior Rating Date: 26 November 2008, downgraded to Ba1 from
     Aaa


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


BUSCH FASHION: Claims Registration Period Ends April 8
------------------------------------------------------
Creditors of Busch Fashion GmbH have until April 8, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on April 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Ralph Schmid
         Duelmener St. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

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

The Debtor can be reached at:

         Busch Fashion GmbH
         Vredener Strasse 119
         48703 Stadtlohn
         Germany

         Attn: Sanjeev Swamy, Manager
         Ravensberger Strasse 41
         32312 Luebbecke
         Germany


CITYSANDWICHES GMBH: Claims Registration Period Ends April 17
-------------------------------------------------------------
Creditors of Citysandwiches GmbH have until April 17, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 24, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         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:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: (02151) 80 58 0
         Fax: +4902151805858

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

The Debtor can be reached at:

         Citysandwiches GmbH
         Lohstr. 110
         47798 Krefeld
         Germany

         Attn: Assad Ali Schefah, Manager
         Uerdinger Strasse 26
         47799 Krefeld
         Germany


DOUCEUR BRANDS: Claims Registration Period Ends April 8
-------------------------------------------------------
Creditors of Douceur Brands Germany GmbH have until April 8, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Ralph Schmid
         Duelmener St. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

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

The Debtor can be reached at:

         Douceur Brands Germany GmbH
         Vredener Strasse 119
         48703 Stadtlohn
         Germany

         Attn: Sanjeev Swamy, Manager
         Ravensberger Strasse 41
         32312 Luebbecke
         Germany


HUCKE BERLIN: Claims Registration Period Ends April 8
-----------------------------------------------------
Creditors of Hucke Berlin GmbH have until April 8, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 12:30 p.m. on April 29,l 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Ralph Schmid
         Duelmener St. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

The District Court opened bankruptcy proceedings against the
company on Feb. 3, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Hucke Berlin GmbH
         Attn: Sanjeev Swamy, Manager
         Ravensberger Strasse 41
         32312 Luebbecke
         Germany


QIMONDA AG: Cuts Production at Dresden Facility
-----------------------------------------------
Qimonda AG on Tuesday, Feb. 10, began a reduction in wafer starts
at its facility at Dresden to about one quarter of the available
capacity.  With this move, Qimonda is responding to the negative
market developments as well as to the necessity to cut back loss
making businesses and safeguard liquidity.  At the same time,
Qimonda has made further progress with the development of its 46nm
Buried Wordline technology and has been able to improve yields of
this new manufacturing process faster than originally expected.

"We will reduce wafer starts at Dresden in order to reduce costs
and safeguard liquidity.  With this liquidity, we intend to
expedite the development of our 46nm Buried Wordline technology,
with which we can achieve market leading productivity and
efficiency," said Frank Prein, General Manager of Qimonda Dresden
GmbH & Co. OHG.  "The preliminary insolvency administrator and the
creditors' committee have agreed to this approach."

Qimonda said the reduction of wafer starts will have no immediate
effect on deliveries to customers.  Unused equipment will be
placed in a standby mode and can be ramped-up again at short
notice.  The development of the new 46nm Buried Wordline
technology, which makes possible an above-average leap in
productivity and offers greater energy efficiency than peer
products in the market, will be expedited without any reduction.

"We are convinced that in the current situation the successful
productivity improvement is the best way to convince potential
investors that Qimonda has a future," said Thomas Seifert, CFO and
COO of Qimonda AG.  "As soon as an investor is on board, Dresden
can increase wafer starts again."

Qimonda disclosed first talks with potential investors have
already been held during recent days.  "However, it is still too
early to make any assessment," according to the preliminary
insolvency administrator, Dr. Michael Jaffé and Kin Wah Loh,
President and CEO of Qimonda AG.

Qimonda reiterated a solution involving new investors must be
found by end of March in order to assure the continuation of
operations at Qimonda.  It noted no final decisions have yet been
taken concerning the future structure of the company, including
whether those of its businesses that can be continued will be held
through Qimonda AG or placed in a new company owned by new
investors.  In the latter case, or if investors cannot be found to
finance the continuation of Qimonda's businesses, Qimonda AG would
likely be liquidated.

As reported in the Troubled Company Reporter, Qimonda filed an
application with the local court in Munich, Germany, on
January 23, 2009, to open insolvency proceedings.  Their goal is
to reorganize the companies as part of the ongoing restructuring
program.

According to Bloomberg News, Qimonda filed for insolvency after a
plan announced in December for a loan of EUR325 million
(US$418 million) from the German state of Saxony, Infineon
Technologies AG, Europe's second-largest maker of semiconductors,
and an unidentified Portuguese bank wasn't completed in time.

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business --  approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.


TREOFAN HOLDINGS: S&P Downgrades Corporate Credit Rating to 'CCC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit ratings on Germany-based flexible
packaging producer Treofan Holdings GmbH and its operating
subsidiary Treofan Germany GmbH & Co. KG to 'CCC' from 'CCC+'.
The outlook is negative.

The rating actions reflects S&P's expectations of continued
pressure on Treofan's liquidity position, primarily as a
consequence of lower demand, continued resin price volatility, and
increased risks relating to Treofan's supplier concentration.  In
addition, at current bond price levels and in the current market
environment, there is a general risk of bond exchange offers.

The ratings on Treofan reflect its very weak liquidity position,
negative operating cash flow generation, and exposure to volatile
input costs.  They also reflect the group's weak track record of
operating and financial performance.  These negative factors are
somewhat tempered by the group's leading niche market positions
and well-diversified customer and geographic bases in relatively
stable markets.

Although Treofan may benefit somewhat over the short term from a
sharp drop in resin prices, S&P expects lower demand in 2009
compared with 2008.  In addition S&P expects Treofan to face
difficulties in managing resin price volatility by raising or
maintaining selling prices.

Furthermore, Treofan's dependence on only a few resin suppliers
could cause additional challenges in the form of less attractive
payment terms.  This is based on the severe difficulties facing
petrochemical companies such as Ineos group (CCC/Negative/--) and
LyondellBasell Industries AF S.C.A. (SD/--/--).  Together, these
factors could cause an acceleration of cash consumption,
increasing the risk of default in the near term.

The negative outlook reflects S&P's concerns about further
deterioration in Treofan's liquidity position given the
operational challenges it faces over the near term.  The ratings
could be lowered if Treofan fails to improve its liquidity
position to avoid a cash shortfall during 2009.


VKA SYSTEMZENTRALE: Claims Registration Period Ends April 10
------------------------------------------------------------
Creditors of VKA Systemzentrale GmbH have until April 10, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B 11
         Berliner Strasse 8
         37073 Goettingen
         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 Koeke
         Obere Karspuele 36
         37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

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

The Debtor can be reached at:

         VKA Systemzentrale GmbH
         Attn: Wolfgang Jacobi, Manager
         Werner-von Siemens-St. 1
         37077 Goettingen
         Germany


===========
G R E E C E
===========


ANAPTYXI 2006-1: Moody's Reviews Ba2-Rated Notes for Likely Cut
---------------------------------------------------------------
Moody's Investors Service has placed the ratings of the notes
issued by Anaptyxi 2006-1 Plc under review for possible downgrade:

  - EUR1,750 million Class A notes, Placed Under Review for
    Possible Downgrade; previously, on November 6, 2006 Assigned
    Aaa;

  - EUR150 million Class B notes, Placed Under Review for
    Possible Downgrade; previously, on November 6, 2006 Assigned
    A1;

  - EUR125 million Class C notes, Placed Under Review for
    Possible Downgrade; previously, on November 6, 2006 Assigned
    Baa1;

  - EUR225 million Class D notes, Placed Under Review for
    Possible Downgrade; previously, on November 6, 2006 Assigned
    Ba2;

Date of previous rating action: no previous rating action since
initial rating assignment in November 2006.

The rating action has been prompted by the review of the approach
to assess the credit risk of certain assets included in the
securitized portfolio backing the notes combined with the
weakening of the economic environment in Greece.

Anaptyxi 2006-1 Plc is a securitization of loans granted to SME
borrowers by EFG Eurobank Ergasias S.A.  The securitized portfolio
can include up to 75% of revolving and Allilorehos loans which
have no contractual payment rate and may be terminated upon the
occurrence of certain events, which include the default of EFG.
The remaining proportion of the pool consists of amortising loans.
As of the last reporting date in November 2008, those categories
of Revolving Loans account for 72.56% of the total pool.

Since closing of the transaction in November 2006, Moody's has
refined its approach on the way it assessed the credit risk of
Revolving Loans in this transaction.  Indeed, Moody's believes
that the borrowers may face difficulties in refinancing should
termination of the Revolving Loans arise upon occurrence of any
termination trigger events.  This risk could be particularly
significant if at the time of termination, EFG's credit strength
and its ability to offer refinancing to the borrowers were to
significantly weaken or if EFG were to become insolvent.  In
addition, amounts outstanding under the Revolving Loans may become
due and payable immediately upon termination of the loans and the
borrower could be suddenly obliged to make a full payment under a
loan while it was unexpected under the terms of the loan.  This
could potentially cause a payment shock for the borrowers,
resulting in a sharp increase in defaults on the pool.  The
magnitude of the payment shock may be dependant on the ability of
a substitute servicer -- if any -- to restructure the loans during
the recovery process.

This analysis introduces a certain degree of uncertainty in the
evolution of the performances upon default of the servicer, EFG,
currently rated A1/P-1, which was not fully incorporated in
Moody's approach in analysing the risks presented by the Revolving
Loans at closing.

Moody's expects to conclude the rating review after a detailed
assessment of the impact on the outstanding ratings of the
uncertainties on asset performances upon servicer default.  Given
the originator's rating level, this mainly affects the two most
senior tranches of the transaction.  In addition, during the
review process, Moody's may review the default assumption on the
borrowers outside of a servicer default scenario in light of
current performances and expectations for Greece economic
environment in the medium term.

As of November 2008, the 90+ delinquencies amount to 2.40% and the
3 month average defaulted loan represented 1.77% of the portfolio
outstanding balance.  The payment rate reacshed 44.61%.

The transaction also suffered from a limited reserve fund draw in
November 2008 of 0.37% of the target amount.  Moody's received
confirmation that the reserve fund was replenished to its target
level in December 2008.

Moody's assigned definitive ratings in November 2006.  Moody's
ratings address the expected loss posed to investors by the legal
final maturity of the notes.  Moody's ratings address only the
credit risks associated with the transaction.  Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.

During the rating review process, Moody's will also be finalising
its approach to rating EMEA cash transactions backed by revolving
credit facilities with an indefinite contractual maturity (and no
contractual payment rate) prior to termination of the underlying
loan agreements.


=============
I C E L A N D
=============


GLITNIR BANKI: Moody's Downgrades Long-Term Deposit Rating to 'C'
-----------------------------------------------------------------
Moody's Investors Service downgraded the long-term deposit rating
of Glitnir banki hf to C from Caa1 and the senior debt ratings to
C from Caa2.  The bank's E bank financial strength rating and Not
Prime short-term local and foreign currency deposit ratings were
affirmed.  The outlook on all the ratings is stable.  This rating
action concludes the review for possible downgrade on Glitnir's
long-term ratings.

On October 8, 2008, in its last rating action on the bank, Moody's
downgraded Glitnir's ratings and placed them on review for
possible downgrade after the Icelandic supervisory authority
announced that it had taken control of Glitnir.  The bank is
currently protected from creditors by a moratorium, which will
formally expire on February 13, 2009, although the rating agency
understands that a nine-month extension has been requested by the
bank.

The rating action reflects Glitnir's preliminary asset valuations,
which were disclosed on February 6, 2009.  The downgrade of the
senior debt ratings reflects Moody's expectation that recoveries
by senior creditors are likely to be low with estimated recovery
rates of below 50% on senior unsecured debt which is consistent
with the C rating.

Commenting on the downgrade of the long-term deposit ratings to C,
Moody's notes there are uncertainties with regards the
implementation of Act No. 125/2008 that provides deposits with a
priority of claim in the event of insolvency proceedings.
However, it remains uncertain which liabilities or deposits this
law applies to and how it should be implemented.  It is possible
that certain deposits could potentially exhibit a higher claim
priority.  Nevertheless, the rating agency does not distinguish
between different deposit classes.  Moody's notes that all
Glitnir's retail deposits have been transferred to New Glitnir.
Headquartered in Reykjavik, Iceland, Glitnir banki hf reported
total assets of ISK3,863 billion (EUR31 billion) at the end of
June 2008.


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


EDUCATION MEDIA: S&P Junks Corporate Credit Rating From 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and issue-level ratings on Dublin, Ireland-based Education Media &
Publishing Group Ltd. and its Houghton Mifflin Harcourt Publishers
Inc. subsidiary.  S&P lowered the corporate credit rating to 'CCC'
from 'B-'.  The rating outlook is negative.  EMPG (formerly HM
Rivergroup PLC), a leading educational publisher, had consolidated
debt and preferred stock of about US$7.6 billion as of Sept. 30,
2008.

In addition, S&P revised the recovery rating on Houghton Mifflin's
first-lien credit facilities to '3', indicating S&P's expectation
of average (50% to 70%) recovery for lenders in the event of a
payment default, from '2'.  The issue-level rating on this debt
was lowered to 'CCC' (at the same level as the 'CCC' corporate
credit rating) from 'B'.

"The ratings downgrade reflects our concern about diminished near-
term prospects for textbook educational spending; the likelihood,
in S&P's view, of continued weak operating performance; and the
repercussions for liquidity amid tightening financial covenants,"
said Standard & Poor's credit analyst Hal Diamond.

Sales declined 5.8% and EBITDA fell 2.2% in the seasonally
important three months ended Sept. 30, 2008, reflecting strained
state and local budgets.  S&P anticipates that the industrywide
decline in education spending is likely to continue in 2009 due to
the recession, resulting in states postponing textbook purchases.

The rating also considers S&P's view of the company's heightened
financial risk resulting from EMPG's December 2007 US$4 billion
acquisition of the former Harcourt education and trade businesses
from Reed Elsevier PLC, which S&P does not believe is meaningfully
offset by the company's good business position in the educational
publishing industry.  The May 2008 US$768 million sale of its
Houghton Mifflin college publishing business modestly lessened the
company's operating diversity and increased its reliance on the
cyclical K-12 educational publishing business.  EMPG has
significantly higher leverage than its peers, which could put it
at a competitive disadvantage.

Standard & Poor's expects that continued weak operating
performance and negative discretionary cash flow would necessitate
an amendment to financial covenants.  Furthermore, S&P believes
that the cost that the company's banks would apply in fees and an
increase in the interest margin associated with an amendment would
further compress its interest coverage and liquidity.  Given
continued negative discretionary cash flow, and without a material
improvement in profitability in 2009, S&P believes that the
company's current liquidity would be depleted by 2010.


MAGNOLIA FINANCE: Fitch Downgrades Ratings on Two Notes to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Magnolia Finance VI
Plc's Series 2007-13 and 2007-14 (Cargo III) notes.

  -- EUR2.54 million Series 2007-13 C1.a notes
    (ISIN: XS0307094978) due January 2009 downgraded to 'D'
     from 'C'

  -- US$3.17 million Series 2007-14 C1.a notes
    (ISIN: XS0307094465) due January 2009 downgraded to 'D'
     from 'C'

At maturity, 44 net triggers were breached (45 long and 1 short).
The notes were protected against 14 trigger breaches after which
losses began to materialize up to 19 trigger breaches at which
point the noteholders lost all original principal investment.

At closing, the issuer entered into commodities-linked trigger
swaps with the swap counterparty, Credit Suisse International
(CSI, 'AA-' ((AA minus))/Rating Watch Negative/'F1+'), based on
the provisions of the 2005 ISDA commodity definitions.  The
transaction referenced 18 diverse commodities through a portfolio
of 100 long and 100 short trigger swaps with a one-and-a-half-year
tenor.  Each trigger represents one percent of the portfolio.
Breach of one long trigger would reduce the credit enhancement by
one percent while breach of a short trigger would benefit the
transaction by one percent.


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


AGROS LLP: Proof of Claim Deadline Slated for March 21
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agros insolvent.

Creditors have until March 21, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol St. 177a
         Kostanai
         Kazakhstan


KAZIMIR PARTNERS: Creditors Must File Claims by March 13
--------------------------------------------------------
Almaty Branch of Company Kazimir Partners Limited has declared
insolvency.  Creditors have until March 13, 2009, to submit
written proofs of claim to:

         Company Kazimir Partners Limited
         Office 1
         Hadjy Mukan St. 36
         Almaty
         Kazakhstan


KOKSHE-TEPLO-PLAST LLP: Claims Filing Period Ends March 21
----------------------------------------------------------
LLP Kokshe-Teplo-Plast has declared insolvency.  Creditors have
until March 21, 2009, to submit written proofs of claim to:

         LLP Kokshe-Teplo-Plast
         Building 5
         Severnaya Promzona
         Kokshetau
         020000, Akmola
         Kazakhstan


NEM PROJECT: Creditors' Proofs of Claim Due on March 21
-------------------------------------------------------
LLP Kaz Nem Project has declared insolvency.  Creditors have until
March 21, 2009, to submit written proofs of claim to:

         LLP Kaz Nem Project
         Denisovka
         Denisovsky
         Kostanai
         Kazakhstan


PROM TECHNIKA: Claims Registration Period Ends March 21
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP UK Prom Technika insolvent.

Creditors have until March 21, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Kazakhstan St. 78-28
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel:  8 (7232) 26-24-41


SARMAT-2006 LLP: Proof of Claim Deadline Slated for March 21
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Sarmat-2006 insolvent.

Creditors have until March 21, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol St. 177a
         Kostanai
         Kazakhstan


SERVICE AUTO: Creditors Must File Claims by March 21
----------------------------------------------------
LLP Centre Service Auto has declared insolvency.  Creditors have
until March 21, 2009, to submit written proofs of claim to:

         LLP Centre Service Auto
         Satpaev St. 8/1-44
         Ekibastuz
         Pavlodar
         Kazakhstan


STORY-CENTRE AKTOBE: Claims Filing Period Ends March 21
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Construction Company Stroy-Centre Aktobe insolvent.

Creditors have until March 21, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin St. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (7132) 21-30-32


TECHNO TRADE-LTD: Creditors' Proofs of Claim Due on March 21
------------------------------------------------------------
LLP Techno Trade-Ltd has declared insolvency.  Creditors have
until March 21, 2009, to submit written proofs of claim to:

         LLP Techno Trade-Ltd
         Berkimbaev St. 176-36
         Ekibastuz
         141200, Pavlodar
         Kazakhstan


VERHNE-IRTYSHSKAYA EXPRESS: Claims Registration Ends March 21
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Verhne-Irtyshskaya Express Kuryerskaya Slujba
insolvent.

Creditors have until March 21, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Kazakhstan St. 78-28
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel:  8 (7232) 26-24-41


* KAZAKHSTAN: Devalues Tenge Currency to Avoid Bank Defaults
------------------------------------------------------------
Raushan Nurshayeva at Reuters reports Kazakhstan Prime Minister
Karim Masimov said Friday last week Kazakhstan will not allow any
of its banks to default.  Reuters relates Minister Masimov told
parliament in a speech "We will not allow . . . uncontrollable
events such as bank defaults or insolvencies."

The central bank, Reuters discloses, devalued the tenge currency
last week by 18% in a single day aimed at restoring Kazakhstan's
competitiveness.  Reuters notes the country's economy has been hit
hard by the credit crunch.  However, Reuters states the
devaluation makes it harder for banks to repay their foreign debt;
although analysts say it also leaves the central bank and the
government with more resources to help banks as money is not spent
on supporting the tenge.

Reuters recounts the Kazakh government effectively nationalized
the country's largest bank BTA BTAS.KZ last week.  It is also
buying 25 percent stakes in two other top banks, Kazkommertsbank
and Halyk, to support the troubled sector, Reuters adds.

According to Reuters, Minister Masimov believes Kazakhstan's
banking sector is strong enough to withstand the global financial
crisis.


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


LUNS CAPITAL: Creditors Must File Claims by March 6
---------------------------------------------------
LLC Luns Capital has declared insolvency.  Creditors have until
March 6, 2009, to submit written proofs of claim to:

         LLC Luns Capital
         Archa-Beshik, 36-18
         Bishkek
         Kyrgyzstan
         Tel: (0-772) 51-47-53


=============
R O M A N I A
=============


* ROMANIA: Loan Defaults Soar to RON2.865 Bln at End of 2008
------------------------------------------------------------
Citing Constantin Coman, debt collection & legal manager at Coface
Romania, actmedia.ue reports loan delinquency rates can reach up
to 150 days late as crisis hits Romanian companies.

Andreea Crainic, risk manager for Coface Romania noted the
delinquency rates will be at least 90 days late in average, the
report states.

"In the last months of 2008, we've noticed a troublesome payment
behavior of the legal persons.  Many of them no longer have the
possibility of paying debts as their activities were severely
afflicted by the financial crisis," Georg Kovacs, managing
director of EOS KSI Romania, told Wall-Street.

The report relates debt collection agencies expect an increase of
outstanding debts in 2009, given the financial problems engulfing
most of the companies.  According to the report, Romanians' loan
delinquencies hit RON2.865 billion (EUR719 million) at the end of
2008, up 2.6-fold from December 2007.

Citing the National Bank of Ukraine, the report discloses
companies and residents of Bucharest had the biggest defaults
worth RON823.09 million.


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


EKOSTROY LLC: Creditors Must File Claims by April 6
---------------------------------------------------
Creditors of LLC Ekostroy (Construction) have until April 6, 2009,
to submit proofs of claims to:

         V. Khapranova
         Insolvency Manager
         Fizkulturnaya St. 12A
         Kirsanov
         393360 Tambovskaya
         Russia

The Arbitration Court of Tambovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A64–4116/08–18.

The Debtor can be reached at:

         LLC Ekostroy
         Sovetskaya St. 7A
         Tambovskaya
         Morshansk
         Russia


GIDRO-MASH OJSC: Creditors Must File Claims by April 6
------------------------------------------------------
Creditors of OJSC Gidro-Mash (TIN 5048081977) (Pumping Equipment
Production) have until April 6, 2009, to submit proofs of claims
to:

         S. Mokhova
         Insolvency Manager
         Office 34
         Rozhdenstvenskiy Blvd 5-7
         Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41–16304/08.

The Debtor can be reached at:

         OJSC Gidro-Mash
         Nati St. 13
         Novyy Byt
         Chekhovskiy
         Moskovskaya
         Russia


INZH-GEO-TEKHNIKA OJSC: Court Names Temporary Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Ryazanskaya appointed T. Yelesina as
Temporary Insolvency Manager for OJSC Inzh-Geo-Tekhnika (TIN
6230019399, PSRN 1056206016107) (Metal Structures Production).
The case is docketed under Case No. A54–4881/2008 S20. He can be
reached at:

         Post user box 146
         Postal office 6
         390006 Ryazan'
         Russia

The Debtor can be reached at:

         OJSC Inzh-Geo-Tekhnika
         Kuybyshevskoe shosse 31a
         GSP
         390047 Ryazan'
         Russia


KASIMOVSKIY LLC: Ryazanskaya Bankruptcy Hearing Set June 16
-----------------------------------------------------------
The Arbitration Court of Ryazanskaya will convene on June 16,
2009, to hear bankruptcy supervision procedure on LLC Kasimovskiy
Distillery (TIN 3319006203, PSRN 1026200861862).  The case is
docketed under Case No. A54–5459/2008 S19.

The Temporary Insolvency Manager is:

         Ye. Porkhunov
         Office 14
         Prospect Zavrazhnova  5
         Ryazan'
         Russia

The Debtor can be reached at:

         LLC Kasimovskiy
         Tereshkovoy St. 38
         Kasimov
         Ryazanskaya
         Russia


LYAMINSKIY FIBERBOARD: Court Names Temporary Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Permskaya appointed V. Makarov as
Temporary Insolvency Manager for LLC Lyaminskiy Fiberboard Plant
(TIN 5905223394).  The case is docketed under Case No. A50–
13184/2008-B7.  He can be reached at:

         Perovskoy 25/2-83
         450092 Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         LLC Lyaminskiy Fibreboard Plant
         Zavodskaya St. 10
         Lyamino
         Chusovoy
         Permskiy
         Russia


MAMONIKHA-LES LLC: Creditors Must File Claims by April 6
--------------------------------------------------------
Creditors of LLC Mamonikha-Les (Forestry Products) have until
April 6, 2009, to submit proofs of claims to:

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

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05–7070/2008.

The Debtor can be reached at:

         LLC Mamonikha-Les
         Lenina St. 1
         Mamonikha
         Pinezhskiy
         164637 Arkhangelskaya
         Russia


MERIDIAN-STROY LLC: Court Names Insolvency Manager
--------------------------------------------------
The Arbitration Court of Buryatia appointed A. Yefremova as
Insolvency Manager for LLC Meridian-Stroy (Construction).  The
case is docketed under Case No. A10–3801/08.  He can be reached
at:

         Apt. 62
         Gagarina St. 77A
         670024 Ulan-Ude
         Buryatia
         Russia

The Debtor can be reached at:

         LLC Meridian-Stroy
         Prospect Avtomobilistov 16
         670045 Ulan-Ude
         Buryatia
         Russia


MURMANSK FISH: Court Names Insolvency Manager
---------------------------------------------
The Arbitration Court of Murmansk appointed S. Malanin as
Insolvency Manager for LLC Murmansk Fish Processing Center.  The
case is docketed under Case No. A42–6232/2008.  He can be reached
at:

         Vidanskaya St. 15v
         Petrozavodsk
         Karelia
         Russia

The Debtor can be reached at:

         LLC Murmansk Fish Processing Center
         1-iy Grozovoy
         Ryubnyy Port
         183038 Murmansk
         Russia


SPETS-STAL' LLC: Arkhangelsk Bankruptcy Hearing Set July 3
----------------------------------------------------------
The Arbitration Court of Arkhangelsk will convene at 2:00 p.m. on
July 3, 2009, to hear bankruptcy supervision procedure on LLC
Spets-Stal' (Nonstandard Equipment Production).  The case is
docketed under Case No. A05–13626/2008.

The Temporary Insolvency Manager is:

         I. Ovchinnikov
         Post User Box 37
         Postal Office-20
         302020 Orel
         Russia

The Debtor can be reached at:

         LLC Spets-Stal'
         Ilyicha St. 61
         163059 Arkhangelsk
         Russia


YEZHVINSKAYA CONSTRUCTION: Creditors Must File Claims by March 6
----------------------------------------------------------------
Creditors of LLC Yezhvinskaya Construction Company have until
March 6, 2009, to submit proofs of claims to:

         N. Dremanov
         Insolvency Manager
         Dimitrova St. 5-137
         Syktyvkar
         167023 Komi
         Russia
         Tel: (8212) 229635
              (8212) 311733

The Arbitration Court of Komi will convene on July 21, 2009, to
hear bankruptcy proceedings.  The case is docketed under Case No.
A29–9612/2008.

The Debtor can be reached at:

         LLC Yezhvinskaya Construction Company
         Kalinina St. 2
         Syktyvkar
         Komi
         Russia


* RUSSIA: S&P Cuts Tver Oblast's L-T Issuer Credit Rating to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'B+' from
'BB-' its long-term issuer credit rating on Tver Oblast, located
in the Russian Federation (foreign currency BBB/Negative/A-3;
local currency BBB+/Negative/A-2; Russia national scale 'ruAAA'),
owing to increasing refinancing risks and budgetary pressures.
The rating was removed from CreditWatch, where it was placed with
negative implications on Dec. 23, 2008.  The outlook is negative.
At the same time, the Russia national scale rating on the oblast
was lowered to 'ruA+' from 'ruAA-' and removed from CreditWatch.

"The ratings reflect the oblast's low revenue and expenditure
flexibility and predictability, on account of its dependence on
central government decisions; its high debt service in 2009,
coupled with expected liquidity pressures; modest wealth levels;
and its continued, albeit decreasing dependence on its largest
taxpayers," said Standard & Poor's credit analyst Boris Kopeykin.
"The ratings are supported by the oblast's favorable location
between Moscow and St. Petersburg, which is beneficial for
economic development in the region, and its low contingent
liabilities."

The oblast remains dependent on unpredictable federal government
decisions regarding its revenues and expenditures.  Wealth levels
in the oblast remain low, with the gross regional product per
capita at 50% of the Russian average and average monthly
disposable income that is less than the EUR300 estimated for 2008.
Infrastructure needs are very high compared with current capital
spending.  Furthermore, the economy remains concentrated, with
the two largest companies providing about 8.0% of consolidated tax
revenues.  In addition, although the oblast's economy was rapidly
expanding and diversifying in 2006-2008, when annual GRP growth
exceeded 10%, S&P expects its performance to weaken in 2009.

Although budget revenues rose 3x from 2004 to 2008 in nominal
terms and were up 18% in 2008, they are likely to stagnate in
2009-2010.  Due to continued expenditure pressures, S&P expects
the oblast's financial performance to deteriorate sharply,
reflected in an operating deficit of up to 5% in 2009.  S&P
doesn't expect deficits after capital expenditure to exceed 7%-9%,
however, because the oblast is likely to cut its expenditure,
including capital projects.

Owing to increasing budgetary pressures in the second half of 2008
and expectations of weaker revenue collection in first-quarter
2009, the oblast accumulated a cash cushion, financed by short-
term debt.  Consequently, debt service might rise to 20% in 2009.

On a positive note, the oblast's contingent liabilities are low.
Moreover, its regional companies and municipalities are in a
relatively good financial position.

"The outlook is negative because of the short-term structure of
Tver Oblast's debt and S&P's expectation of increasing liquidity
pressures in late 2009 and in 2010 and close to zero economic and
budget revenue growth in 2009," said Mr. Kopeykin.  "We also
expect debt accumulation above refinancing needs to be moderate
over the next two to three years."


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


BRAUCHLI PRAZISIONSMECHANIK: Deadline to File Claims Set Feb. 22
----------------------------------------------------------------
Creditors owed money by JSC Brauchli Prazisionsmechanik are
requested to file their proofs of claim by Feb. 22, 2009, to:

         Walter Güttinger-Stettler
         Liquidator
         Route de Rovray 10
         1462 Yvonand
         Switzerland

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


CARACALLA JSC: Creditors Must File Proofs of Claim by Feb. 22
-------------------------------------------------------------
Creditors owed money by JSC Caracalla are requested to file their
proofs of claim by Feb. 22, 2009, to:

         Walo Schibler
         1, Route de Madelain,
         1753 Matran
         Switzerland

The company is currently undergoing liquidation in Matran.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 4, 2008.


DIBIS FAHRM: Creditors Have Until February 22 to File Claims
------------------------------------------------------------
Creditors owed money by JSC Dibis Fahrm are requested to file
their proofs of claim by Feb. 22, 2009, to:

         The Witikonerstrasse 423
         8053 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 4, 2008.


GHERZI INFORMATION: Proof of Claims' Deadline Set February 22
------------------------------------------------------------
Creditors owed money by JSC Gherzi Information Systems are
requested to file their proofs of claim by Feb. 22, 2009, to:

         JSC Gherzi
         Gessnerallee 28
         8001 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 13, 2007.


IRHOTCO JSC: Creditors' Proofs of Claim Due by February 21
----------------------------------------------------------
Creditors owed money by JSC Irhotco are requested to file their
proofs of claim by Feb. 21, 2009, to:

         Ferruh Yuksel
         Liquidator
         Rotfluhstrasse 16
         8702 Zollikon
         Switzerland

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


MF ELEKTRO: February 22 Set as Deadline to File Claims
------------------------------------------------------
Creditors owed money by LLC MF Elektro are requested to file their
proofs of claim by Feb. 20, 2009, to:

         JSC Girsberger + Rutsche
         Treuhand Im Lerchenfeld 2
         9535 Wilen b. Wil
         Switzerland

The company is currently undergoing liquidation in Bussnang.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 3, 2008.


PLLANA LLC: Creditors Must File Proofs of Claim by February 20
--------------------------------------------------------------
Creditors owed money by LLC Pllana are requested to file their
proofs of claim by Feb. 20, 2009, to:

         Muhamat Pllana
         Lyss-Strasse 101
         2560 Nidau
         Switzerland

The company is currently undergoing liquidation in Nidau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 11, 2008.


UCGEN TRADING: Deadline to File Proofs of Claim Set Feb. 21
-----------------------------------------------------------
Creditors owed money by JSC Ucgen Trading are requested to file
their proofs of claim by Feb. 21, 2009, to:

         Ferruh Yuksel
         Liquidator
         Rotfluhstrasse 16
         8702 Zollikon
         Switzerland

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


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


ARMINVEST LLC: Creditors Must File Claims by Feb. 15
----------------------------------------------------
Creditors of LLC ARMINVEST (EDRPOU 33885740) have until Feb. 15
2009, to submit proofs of claim to:

        LLC Salivan
        Insolvency Manager
        L. Ukrainka Boulevard 15
        01133 Kiev
        Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 49/55-?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Arminvest
         Office 40
         I. Lepse boulevard 13
         03124 Kiev
         Ukraine


BANK NADRA: Placed In Receivership by Ukraine's Central Bank
------------------------------------------------------------
Ukraine's central bank has placed Bank Nadra in receivership,
Reuters reports citing the National of Bank of Ukraine's policy-
making council.

Nadra, Reuters notes, has been a key point in a dispute between
Prime Minister Yulia Tymoshenko and the central bank.  Reuters
relates Prime Minister Yulia Tymoshenko claimed Nadra mismanaged
state money and supported "speculative" moves against the hryvnia
currency, which fell sharply late last year.  The prime minister,
Reuters discloses, had said she viewed as suspicious the central
bank's UAH11 billion (US$1.4 billion) refinancing, which came over
the past few months.


BAKHMACH GAS: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Chernigov commenced bankruptcy supervision
procedure on CJSC Bakhmach Gas Building (EDRPOU 21402795).  I.
Stuk is appointed temporary insolvency manager.

The Court is located at:

         The Economic Court of Chernigov
         Mir avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         CJSC Bakhmach Gas Building
         Kalinin St. 78
         Bakhmach
         16500 Chernigov
         Ukraine


BAR ALCOHOL: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy supervision
procedure on State Enterprise Bar Alcohol Enterprise (EDRPOU
00376372).

The Temporary Insolvency Manager is:

         Arbitral Manager A. Leschenko
         Krasnaya Gorka St. 43
         Turbov
         Lipovetsky district
         Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Donetsk
         Artem St. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         State Enterprise Bar Alcohol Enterprise
         Hmelnickiy highway 7
         21036 Vinnitsa
         Ukraine


BEDEVLI JOINT: Creditors Must File Claims by Feb. 26
----------------------------------------------------
Creditors of Bedevli Joint Agricultural Enterprise (EDRPOU
30568292) have until Feb. 26 2009, to submit proofs of claim to:

         I. Tivodar
         Insolvency Manager

The Economic Court of Zakarpatye commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 16/202.

The Court is located at:

         The Economic Court of Zakarpatye
         Kotsiubinsky St. 2/a
         Uzhgorod
         88000 Zakarpatye
         Ukraine

The Debtor can be reached at:

         Bedevli Joint Agricultural Enterprise
         Dubrovka St. 4
         Bedevli
         Tiachev district
         90561 Zakarpatye
         Ukraine


BUSINESS LINE: Creditors Must File Claims by Feb. 15
----------------------------------------------------
Creditors of LLC Business Line (EDRPOU 31513160) have until
Feb. 15, 2009, to submit proofs of claim to:

         Arbitral Manager Y. Vanzhula
         Insolvency Manager

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 43/175.

The Court is located at:

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

The Debtor can be reached at:

         LLC Business Line
         Office 26
         40 years of Oct. avenue 11
         03039 Kiev
         Ukraine


FINANCIAL ADVISORY: Creditors Must File Claims by Feb. 22
---------------------------------------------------------
Creditors of CJSC Financial Advisory Group (EDRPOU 2771607693)
have until Feb. 22, 2009, to submit proofs of claim to:

         Arbitral Manager I. Gusar
         Insolvency Manager
         Post Office Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No 15/838-?.

The Court is located at:

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


PAVLOVKA AGRICULTURAL: Creditors Must File Claims by Feb. 26
------------------------------------------------------------
Creditors of Pavlovka Agricultural LLC (EDRPOU 03745634) have
until Feb. 26 2009, to submit proofs of claim to:

         A. Mushynsky
         Insolvency Manager

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 3/188-?.

The Court is located at:

         The Economic Court of Zhytomir
         Putiatinsky square 3-65
         10002 Zhytomir
         Ukraine

The Debtor can be reached at:

         Pavlovka Agricultural LLC
         Pavlovka
         Krasnoarmeysky district
         12044 Zhytomir
         Ukraine


TOBILEVCIH AGRICULTURAL: Creditors Must File Claims by Feb. 22
--------------------------------------------------------------
Creditors of Tobilevcih Agricultural LLC (EDRPOU 03765571) have
until Feb. 22, 2009, to submit proofs of claim to Arbitral Manager
S. Ratinskaya.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 5/613/08.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya St. 22
         54000 Nikolayev
         Ukraine

The Debtor can be reached at:

        Tobilevcih Agricultural LLC
        Kamiano-Kostovatoye
        Bratsky district
        Nikolayev
        Ukraine


V. T. COMPANY: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Donetsk commenced bankruptcy supervision
procedure on LLC V. T. Company (EDRPOU 32329644).

The Temporary Insolvency Manager is:

         Arbitral Manager O. Mernik
         Office 70
         Kuybishev St. 262
         83122 Donetsk
         Ukraine

The Court is located at:

         The Economic Court of Donetsk
         Artem St. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         LLC V. T. COMPANY
         Office 302
         Teatralny avenue 21, A-9
         83001 Donetsk
         Ukraine


VISAN LLC: Creditors Must File Claims by February 22
----------------------------------------------------
Creditors of LLC Company Visan (EDRPOU 35709408) have until
Feb. 22,, 2009, to submit proofs of claim to:

         Arbitral Manager V. Shevchenko
         Insolvency Manager
         Office 199
         Kniazhy Zaton Street 12
         02095 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No 44/17-?.

The Court is located at:

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

The Debtor can be reached at:

         LLC COMPANY VISAN
         Sosneny family St. 3
         03148 Kiev
         Ukraine


ZHYDACHEV PLANT: Creditors Must File Claims by February 22
----------------------------------------------------------
Creditors of Joint Enterprise Building Materials Zhydachev Plant
(EDRPOU 01527711) have until Feb. 22, 2009, to submit proofs of
claim to:

         Arbitral Manager A. Nadlonok
         Zubrovskaya St.25a/33
         79066 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No 44/17-?.

The Court is located at:

         The Economic Court of Lvov
         Lichakovskaya St. 128
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         Joint Enterprise Building Materials Zhydachev Plant
         Office 7
         Stroiteley St. 1
         81700 Lvov
         Ukraine


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


BRITISH AIRWAYS: Moody's Cuts Corporate Family Rating to 'Ba1'
--------------------------------------------------------------
Moody's has lowered the Corporate Family Rating of British Airways
plc ('BA', or 'the company') to Ba1, and assigned a Probability of
Default Rating of Ba1; the senior unsecured and subordinate
ratings have been lowered to Ba2 and Ba3, respectively.  The
ratings remain under review for possible downgrade.

The rating action reflects the expectation that metrics at the end
of the current fiscal year (to March 2009) will be outside the
range which Moody's had previously indicated for the Baa3 rating
category, notably with gross leverage remaining below 4x.  Moody's
expects that in light of the company's latest trading update, in
which it anticipates an operating loss of about GBP150 million
this year, as well as the recent increase in indebtedness, gross
debt/EBITDA will exceed 6x by year-end.  Moody's recognises,
however, that a substantial portion of the increase in debt is
attributable to the more recent weakening of Sterling versus the
dollar, whose impact may not be fully reflected in the income
statement for the full year.  Moody's also believes that in light
of stepped up capex planned in FY2010 and the continued weak
outlook for the industry as a whole, the company will be
challenged to improve its credit metrics materially in the near
term.

The substantially weaker profitability versus FY2008, when the
operating profit reached a record GBP875 million, is attributable
to the combined effect of higher fuel and non-fuel costs, and
weaker traffic statistics, particularly in the premium segment,
although Moody's notes that revenues are still anticipated to grow
by at least 4% year-on-year.  While market prices for fuel have
declined significantly since the middle of 2008, the benefits to
BA and some other airlines will be delayed or mitigated due to
prior hedging effects and the stronger USD.  Moody's notes that
the company's non-fuel costs have also continued to increase, in
part due to the exchange rate effect.

BA's liquidity remains satisfactory with close to GBP1.6 billion
in cash and equivalents reported as of December 2008, and
GPB3.7 billion in committed facilities, of which GBP3.1bn were
undrawn.  Moody's notes, however, that the majority of these
facilities are earmarked for specific capex requirements.  These
facilities contain no financial covenants.  The company is
currently forecasting GBP550 million in capex for the current
fiscal year, and c. GBP750 million in FY2010.

The one-notch difference between the Corporate Family Rating and
the Ba2 senior unsecured rating and the rating of the
GBP250 million notes due 2016 (LGD5, 70%) continues to reflect the
effective subordinated position of unsecured bondholders behind a
material amount of secured debt, primarily bank loans, capital
leases and hire purchase agreements.  The EUR300 million preferred
stock issued by British Airways Finance (Jersey) L.P. and
guaranteed by British Airways Plc. are rated Ba3 (LGD6, 94%) to
reflect their subordination to other liabilities within the
capital structure.

The review for possible downgrade reflects the view that metrics
at FYE09 will be weak for the current rating, amidst an operating
environment that continues to be very challenging.  The review
will therefore focus on the company's outlook over the next twelve
months and any strategic initiatives to mitigate the impact of the
market downturn on credit metrics going forward.  Moody's believes
that a downgrade, if any, would be limited to one notch.  Moody's
notes the company's ongoing discussions for a potential merger
with Iberia.  Such a merger is not factored into Moody's current
rating or outlook, and will be assessed if and when details become
available.

British Airways' ratings were assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of British Airways' core industry and British Airways'
ratings are believed to be comparable to those of other issuers of
similar credit risk.  The last rating action for British Airways
was implemented on November 14, 2008, when the ratings were placed
under review for possible downgrade.

British Airways, based in Harmondsworth, United Kingdom, is
Europe's third largest airline carrier with over 33 million
passengers in FY2008 (to March 31), and flying to over 150
destinations world-wide with a fleet of 245 aircraft at year-end.
In FY2008 the company reported revenues and operating profits of
GBP8.75 billion and GBP875 million, respectively.


HAMMERSON: To Launch GBP584.2 Million Rights Issue
--------------------------------------------------
Scott Reid at The Scotsman reports UK property firm Hammerson on
Monday outlined plans to raise GBP584.2 million through a rights
issue.

According to The Daily Telegraph, the company will offer seven
shares for five at a 62% discount to the previous closing price of
397p.  The rights issue comprises 405.8m new shares, which will
represent 58.3pc of the enlarged share capital, The Daily
Telegraph adds.

The Guardian relates the company resolved to launch a rights issue
as the sale of some of its assets is taking longer than expected,
putting it at risk of breaching its financial covenants.

The credit crisis, The Scotsman says, cut off the property
sector's traditional sources of debt funding.

The Daily Telegraph discloses the company reported a pre-tax loss
for 2008 of GBP1.6 billion after it wrote down the value of its
portfolio by GBP1.7 billion to GBP6.5 billion.  Net asset value
per share, a key measure of performance for property companies,
fell 33pc to GBP10.36, leaving Hammerson on the brink of breaching
its 150pc covenant.

Aaron Guy of Collins Stewart, as cited by The Scotsman, said the
rights issue would take away some of the downside risk, helping
investor confidence.  The rights issue, The Scotsman notes,
require the consent of shareholders at a general meeting later
this month.

"The rights issue gives us time to make sales and shows we are not
a distressed seller," John Richards, chief executive of Hammerson,
was quoted by The Daily Telegraph as saying.


IDEAL MORTGAGE: Appoints Administrators from Tenon Recovery
-----------------------------------------------------------
Nigel Ian Fox and Alexander Kinninmonth of Tenon Recovery were
appointed joint administrators of Ideal Mortgage & Finance Ltd. on
Dec. 23, 2009.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


INTEGA RECRUITMENT: Names BDO Stoy as Joint Administrators
----------------------------------------------------------
Martha H. Thompson and Christopher K. Rayment of BDO Stoy Hayward
LLP were appointed joint administrators of Intega Recruitment Ltd.
on Jan. 27, 2009.

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

         Kings Wharf
         20-30 Kings Road
         Reading
         Berkshire
         RG1 3EX
         England


JOSEPH PICKERING: Taps Joint Administrators from KPMG LLP
---------------------------------------------------------
Mark Granville Firmin and Howard Smith of KPMG LLP were appointed
joint administrators of Joseph Pickering & Sons Ltd. on Jan. 30,
2009.

The company can be reached through KPMG LLP at:

         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


MALTHOUSE REST: Goes Into Administration; Vantis Appointed
----------------------------------------------------------
Hertford-based The Malthouse Rest Home has gone into
administration, East Herts Herald reports.  The report relates The
Malthouse went into administration on January 27.

Chris Stevens of Vantis Business Recovery Services was appointed
administrator of the residential care home, the report discloses.
Mr. Stevens, as cited by the report, said "Care for residents at
The Malthouse continues at the highest level and no staff
redundancies are planned.  Together with the management team, we
are committed to keeping the business trading and identifying a
buyer to secure the future of the home."


MTD ACCESS: Appoints Joint Liquidators from Grant Thornton
----------------------------------------------------------
John Whitfield and Neil Tombs of Grant Thornton UK LLP were
appointed joint liquidators of MTD Access Scaffolding Ltd. on
Jan. 16, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         MTD Access Scaffolding Ltd.
         7-9 The Avenue
         Eastbourne
         BN21 3YA
         England


NEW STAR: To Wind Up Heart of America Fund
------------------------------------------
Emma Simon at The Daily Telegraph reports that New Star is to wind
up its Heart of America fund, putting investors at risk of losing
more than half of their money.

According to the report, the fund, whose value has fallen by 52%
since it was launched in November 2007, will be closed at the end
of March 31, subject to final approval from the Financial Services
Authority.  The report states New Star is looking to sell the
fund's assets before this date, with the proceeds to be
distributed among the fund's unit holders shortly afterwards.
However, the report notes the fire sale is unlikely to repair
investors' losses, particularly given the illiquid nature of many
of these assets and the current poor market conditions.

New Star, the report recalls, suspended dealing in the fund on
December 11, leaving investors unable to redeem their holdings.

The report discloses the value of the fund, which invested
primarily in sub-Saharan Africa, fell 38% from GBP29 million to
GBP18 million since dealing was suspended by New Star.

New Star, as cited by the report, said that while the prospects
for companies in the region remained strong, the impact of the
credit crisis and the knock-on effect on global stock markets had
resulted in an increase in redemptions from investors.  The fund
manager said this had coincided with a number of events that had
caused liquidity to weaken in sub-Saharan markets.


NEWGATE FUNDING: S&P Junks Ratings on Class F and Q Notes
---------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on various classes of notes
issued by Newgate Funding PLC series 2007-1 and 2007-2.  At the
same time, S&P affirmed all other classes in these deals have been
affirmed.

The rating actions follow a full credit and cash flow analysis of
the most recent loan-level information.  The rating actions are
based on deteriorating collateral performance within these two
series, and the current and continuing decline in U.K. house
prices.  House-price declines will result in higher loan-to-value
ratios in the pools, with many borrowers experiencing negative
equity.  In addition, the effect of depressed sale prices on
repossessions could lead to significantly increased losses and
loss severities.

As of the December 2008 interest payment dates, cumulative losses
increased to 0.19% from 0.11% for series 2007-1 and to 0.17% from
0.08% for series 2007-2.  Repossessions are increasing, currently
representing 4.01% of the current pool balance for series 2007-1
and 2.40% for series 2007-2.  As more properties are sold at
depressed sale prices, S&P expects to see a significant increase
in losses in these two deals.  Furthermore, 120+ day arrears of
14.56% of the current pool balance for series 2007-1 and 14.38%
for series 2007-2 indicate the strong potential for increased
repossession rates in the near future.

S&P also notes that the liquidity facilities in the respective
transactions contain provisions whereby drawings cannot be made to
meet payment shortfalls on junior notes when loans more than 90
days in arrears account for more than 20% of the initial
collateral balance.  Current levels of 90+ day arrears (as a
percentage of the initial collateral balance) are 15.97% for
series 2007-1 and 17.09% for series 2007-2.  S&P will increasingly
factor any non-availability of the liquidity facilities into S&P's
analysis as the potential for breach of these triggers becomes
more likely.

S&P will continue to monitor the performance of these transactions
using the most up-to-date loan-level data, paying particular
attention to future repossessions and losses.

                          Ratings List

                       Newgate Funding PLC
      EUR162.8 Million, GBP406.95 Million, and US$132 Million
                Mortgage-Backed and Excess-Spread
                Floating-Rate Notes Series 2007-1

      Ratings Lowered and Removed from CreditWatch Negative

                              Rating
                              ------
      Class      To                            From
      -----      --                            ----
      Ma         AA                            AAA/Watch Neg
      Mb         AA                            AAA/Watch Neg
      Ba         A-                            AA/Watch Neg
      Bb         A-                            AA/Watch Neg
      Cb         BBB-                          A-/Watch Neg
      Db         B+                            BBB-/Watch Neg
      E          B-                            BB/Watch Neg
      F          CCC                           B/Watch Neg
      T          B-                            BBB-/Watch Neg
      Q          CCC                           BB/Watch Neg

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A1a        AAA
                        A1b        AAA
                        A1c        AAA
                        A2         AAA
                        A3         AAA
                        MERCs      AAA

                       Newgate Funding PLC
          EUR177.55 and GBP337.5 Million Mortgage-Backed
        and Excess-Spread Floating-Rate Notes Series 2007-2

      Ratings Lowered and Removed from CreditWatch Negative

                                    Rating
                                    ------
            Class      To                            From
            -----      --                            ----
      M          AA-                           AAA/Watch Neg
      Bb         A-                            AA/Watch Neg
      Cb         BBB-                          A-/Watch Neg
      Db         B+                            BBB-/Watch Neg
      E          B-                            BB/Watch Neg
      F          CCC                           B/Watch Neg
      T          B-                            BB/Watch Neg
      Q          CCC                           B/Watch Neg

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A1a        AAA
                        A1b        AAA
                        A2         AAA
                        A3         AAA
                        MERCs      AAA


NEXTEK UK: Goes Into Liquidation; 50 Jobs Affected
--------------------------------------------------
John Leitch at Contract Journal reports Nextek UK has gone into
liquidation, resulting in the loss of 50 jobs.

Citing Nextek's managing director Mark Smith, the report discloses
the company ran into cash flow difficulties as general
construction and shopfitting works have effectively ground to a
halt.  The report relates Mr. Smith told the Stroud Life newspaper
"Although the company actually remains profitable, we have just
physically run out of cash because we haven't been paid quick
enough and our suppliers want to be paid quicker."

The liquidation, the report discloses, is being handled by Phil
Gorman of Hazelwoods.  The report notes the liquidator hopes to
secure as much employment as possible by transferring contracts to
other firms in the area.

A creditors meeting is set to be held on February 24 in
Gloucester, the report adds.


SEVEN CONTINENT: Goes Into Liquidation; To Face Investigation
-------------------------------------------------------------
Jaimie Kanwar at themovechannel.com reports that property agent
Seven Continent Investment has gone into liquidation.

The report relates Southampton-based Recovery HJS was formally
appointed liquidator of the company at a creditors meeting Friday
last week.  The company, according to the liquidator, racked up
debts of more GBP2.1 million.  Its creditors include almost all
major media owners, the report notes.

The company, the report discloses, blamed its collapse on a range
of issues from jealous rivals, the credit crunch, underperforming
and disruptive staff, the Northern Rock collapse, the failure of
Lehman Brothers, a negative media outlook, the nationalisation of
RBS and their serviced office landlord.

The report states the company is to face a liquidators'
investigation, the outcome of which is expected to be revealed
within the next two weeks.  According to the report, the
liquidator is asked to investigate whether or not:

   -- 7CI changed contract terms in order to divert funds to their
      account instead of developers;

   -- 7CI failed to pass client funds on to developers that they
      were working with and then spent the money;

   -- 7CI knowingly breached contracts by failing to pay sales
      commissions to introducers;

   -- 7CI failed to pass on contracts to developers for
      notarization; and

   -- the directors used company funds to purchase assets in their
      own name with company money.


STAFFORD RUBBER: Appoints Joint Administrators from PKF
-------------------------------------------------------
Ian J. Gould and Brian J. Hamblin of PKF (UK) LLP were appointed
joint administrators of Stafford Rubber Company Ltd. on Jan. 27,
2009.

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

         New Guild House
         45 Great Charles Street
         Queensway
         Birmingham
         B3 2LX
         England


TEES VALLEY: Names Joint Liquidators from Tenon Recovery
--------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Tees Valley Holdings Ltd. on
Jan. 28, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


WHITEHALL LEISURE: Goes Into Liquidation; UHY Hackery Appointed
---------------------------------------------------------------
Edward Robertson at TravelWeekly reports tour operator Whitehall
Leisure has gone into liquidation.

A Civil Aviation Authority spokesman, as cited by the report, said
the CAA is still waiting to confirm the exact number of stranded
holidaymakers, which it believes are in the low hundreds.

The report relates the company went into liquidation on
February 5.  The liquidation is being handled by UHY Hacker Young
LLP, the report discloses.


* S&P Takes Rating Actions on 362 European Synthetic CDO Tranches
-----------------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings Services
took CreditWatch actions on 362 European synthetic collateralized
debt obligation tranches.

Specifically, ratings on:

  -— 315 tranches were placed on CreditWatch negative.

  —- 41 tranches were removed from CreditWatch negative and
     affirmed.

  —- Five tranches were placed on CreditWatch positive.

  —- One tranche was removed from CreditWatch negative and placed
     on CreditWatch positive.

Of the 315 tranches placed on CreditWatch negative:

  —- 18 reference U.S. residential mortgage-backed securities and
     U.S. CDOs that are exposed to U.S. RMBS, which have
     experienced recent negative rating actions.

  —- 297 have experienced corporate downgrades in their
     portfolios.

This table provides a summary of the CreditWatch actions S&P has
taken on European synthetic CDO tranches as well as key corporate
downgrades since June 16, 2008.

                        CreditWatch Summary

          Watch Neg  Watch Pos
          (no. of    (no. of    Key corporate
          tranches)  tranches)  downgrades*
          ---------  ---------  -------------
Jul—08    59         27         Radian Asset Assurance Inc.
                                (AA/Watch Neg to A/Watch Neg)
                                June 16, 2008

                                Countrywide Home Loans, Inc.
                                (BB+/Watch Dev to AA/Negative)
                                July 1, 2008

Aug—08    72         27         Residential Capital, LLC
                                (SD to CCC+/Negative)
                                July 15, 2008

                                Louisiana-Pacific Corp.
                                (BBB-/Negative to
                                BB+/Watch Neg)
                                July 29, 2008

Sept-08  111          0         Radian Group Inc.
                                (BBB/Watch Neg to BB+)
                                Aug. 26, 2008

                                PMI Group Inc.
                                (BBB+ to BBB-/Watch Neg)
                                Aug. 26, 2008

Oct-08   166          0         Lehman Brothers Inc.
                                (A+/Negative to A+/Watch Neg)
                                Sept. 9, 2008
                                (A+/Watch Neg to BB-/Watch Dev)
                                Sept. 15, 2008
                                (BB-/Watch Dev to D)
                                Sept. 23, 2008

                                Washington Mutual, Inc.
                                (BBB-/Negative to BB-/Negative)
                                Sept. 15, 2008
                                (BB-/Negative to CCC/Negative)
                                Sept. 24, 2008
                                (CCC/Negative to D)
                                Sept. 26, 2008

                                American International Group Inc.
                                (AA-/Watch Neg to A-/Watch Neg)
                                Sept. 15, 2008

Nov-08   300          0         Fortis N.V.
                                (A-/Developing to
                                 BBB-/Watch Neg)
                                Oct. 6, 2008

                                Glitnir Bank
                                (CCC/Watch Neg to D)
                                Oct. 9, 2008

Dec—08   203          0         Residential Capital, LLC
                                (CCC+/Negative to CC/Watch Neg)
                                Nov. 20, 2008

                                Financial Guaranty Insurance Co.
                                (BB/Watch Neg to CCC/Negative)
                                Nov. 24, 2008

Jan—09   364          0         Citigroup Inc.
                                (AA-/Watch Neg to A/Stable)
                                Dec. 19, 2008

                                Morgan Stanley
                                (A+/Negative to A/Negative)
                                Dec. 19, 2008

Feb—09   315          6         International Lease Finance Corp.
                                (A-/Watch Dev to BBB+/Watch Dev)
                                Jan. 21, 2009

                                Thomson S.A.
                                (B/Watch Neg to CC/Negative)
                                Jan. 29, 2009

* Those corporate names that have experienced a significant notch
  downgrade or upgrade as well as being widely referenced within
  European Synthetic CDOs.

The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the January month-end run.  S&P will
publish these SROC figures in the SROC report covering January
2009, which is imminent.  The Global SROC Report provides SROC and
other performance metrics on over 3,500 individual CDO tranches.

Following publication of the latest SROC report, S&P will conduct
a full review of the affected tranches, and publish the
appropriate actions in S&P's February rating action media release.
All other tranches in the transactions listed are unaffected by
these rating actions.


* BOOK REVIEW: Crafting Solutions for Troubled Businesses
---------------------------------------------------------
Full Title: Crafting Solutions for Troubled Businesses: A
           Disciplined Approach to Diagnosing and
           Confronting Management Challenges
Author:     Stephen J. Hopkins and S. Douglas Hopkins
Publisher:  Beard Books
Hardcover:  316 pages
List Price: US$74.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982870/internetbankrupt

So the first thing to do when dealing with a troubled business
is to find the guilty and lop someone's head off!  Don't be so
quick to react, advise co-authors Stephen J. Hopkins and S.
Douglas Hopkins in their thoughtful, well-researched book,
Crafting Solutions for Troubled Businesses.

The father-son team of Steve and Doug Hopkins are principals of
Kestrel Consulting LLC, a firm they founded in March 2004.

Each has more than 25 years of experience working with troubled
businesses and providing turnaround advisory and interim
management services.

Steve got his first taste of a troubled business when, as chief
financial officer of an 80-year-old chemical company, Bill
Nightingale of Nightingale & Associates assisted him in taking
the company through a Chapter 11 filing.  The company
subsequently emerged from bankruptcy with payment in full to all
creditors.

Steve then joined Nightingale, staying for 23 years and serving
initially as a principal and eventually as president from 1994
to 2000.  Doug began working at Nightingale in 1978 as a part-
time resource for special projects.  After working in this
capacity for 10 years, Steve joined Nightingale full time in the
1980s and became a principal in 1994.  Both Steve and Doug have
served in various C-level roles in troubled companies, including
CEO, CFO, COO, and CRO.

To write this book, the Hopkinses drew upon their vast
experience in dealing with troubled companies.  They took 100 of
the largest projects they have been involved in and applied a
"disciplined analysis" to diagnose problem situations and
produce successful outcomes.

The projects -- helpfully set apart by shaded boxes --
demonstrate the authors' theories and methods in dealing with
troubled businesses.

The authors also analyze some well-known cases like Enron,
WorldCom, and Sunbeam to help the reader connect the dots in a
very real sense and use the book for actionable advice.

The book is divided into five parts:

  1) Conceptual Approach and Key Issues,
  2) Managing the Crisis,
  3) The Diagnosis Process,
  4) Alternatives and Action Plans, and
  5) Lessons Learned in 100 Completed Assignments.

Each part has multiple chapters expanding on these themes, and
each chapter concludes with a recap of what was discussed.  For
speed readers and the time crunched, these recaps are an
excellent way of extracting from the book the essence of what
the authors are advocating.

So what about lopping off that head?  The authors contend that
management's role is much less pivotal than is commonly
believed.

The real issue when working with a troubled business is
determining the viability of the business.  To do that, the
underlying causes must be identified at different stages of the
corporate lifecycle.

The authors categorize troubled businesses as Undisciplined
Racehorses, Overburdened Workhorses, and Aging Mules.  Only
through a step-by-step diagnosis can the core problems be dealt
with.  Pursuing a turnaround may not always be a viable and, in
fact, in only one-third of the 100 cases the authors worked on
did the company achieve a true operational turnaround.

Crafting Solutions to Troubled Businesses should be on the must-
read list of anyone involved in dealing with, consulting for, or
operating a troubled business.

                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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 * * *