TCREUR_Public/090223.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, February 23, 2009, Vol. 10, No. 37

                            Headlines

A U S T R I A

AZAM KG: Claims Registration Period Ends March 5
GQM GRABER: Claims Registration Period Ends March 5
QIDO SOFTWARE: Claims Registration Period Ends March 5
STA-RENT LLC: Claims Registration Period Ends March 4
VISION LLC: Claims Registration Period Ends March 6


G E R M A N Y

CLAREMONT HOTEL: Claims Registration Period Ends March 17
CONTINENTAL AG: Falls Into The Red in 2008, Not Paying Dividend
FINANZKONZEPT GMBH: Claims Registration Period Ends March 9
LEE MEDIA: Claims Registration Period Ends March 16
PARABASETEC GMBH: Claims Registration Period Ends March 9

T & T GMBH: Claims Registration Period Ends March 21

* GERMANY: To Temporarily Nationalize Troubled Banks


I C E L A N D

BAUGUR GROUP: Reykjavik Court Grants Moratorium Until March 4


I R E L A N D

EIRLESTWO LTD: S&P Junks Rating on US$30 Mil. Secured Notes


I T A L Y

EUROHOME MORTGAGES: Moody's Assigns 'B3' Rating on Class E Notes
UNIPOL BANCA: Fitch Cuts Individual Rating to 'D' from 'C'


K A Z A K H S T A N

AKA UNI: Creditors Must File Claims by March 27
ALIBEK-KURYLYS LLP: Creditors Must File Claims by March 27
DDT LTD: Creditors Must File Claims by March 27
GARNI STROY: Creditors Must File Claims by March 27
GE PHARMACEUTICALS LTD: Creditors Must File Claims by March 20

ISPYTATEL LLP: Creditors Must File Claims by March 20
KAZ ALLIANCE LLP: Creditors Must File Claims by March 27
MERGEN 2007 LLP: Creditors Must File Claims by March 27
PAVLODAR-TEPLO TECHNIK: Creditors Must File Claims by March 20
ZT INTERNATIONAL: Creditors Must File Claims by March 27

* Fitch Puts Ratings on Seven Kazakh Banks on Negative Watch
* Fitch Cuts Issuer Default Ratings of Eight Kazakh Banks
* Fitch Puts Kazakhstan's Ratings on Rating Watch Negative


K Y R G Y Z S T A N

TITAN ENERGO: Creditors Must File Claims by March 13


L I T H U A N I A

BITE LIETUVA: Fitch Downgrades Issuer Default Rating to 'C'


R U S S I A

ALFA BANK: Moody's Downgrades Financial Strength Rating to 'D'
CONCENTRATION PLANT LLC: Chita Bankruptcy Hearing Set May 28
INTERNATIONAL INDUSTRIAL: S&P Changes Outlook to Negative
MORSHANSK MANUFACTORY: Creditors Must File Claims by March 15
MOS-BAS-UGOL' OJSC: Creditors Must File Claims by April 14

MOSHKOVSKIY BUTTER: Creditors Must File Claims by April 14
PAVSKIY FLAX-PROCESSING: Creditors Must File Claims by April 14
RUS-LES-PROM LLC: Creditors Must File Claims by April 14
SEVERSTAL OAO: Steel Production Down 48% in Fourth Quarter 2008
STROY-KOMPLEKS LLC: Creditors Must File Claims by March 15

TVER' TELECOM: Creditors Must File Claims by April 14
URALSKIY METALL: Court Names Temporary Insolvency Manager
WOODWORKING PLANT-75 LLC: Creditors Must File Claims by March 15


S P A I N

CAJA DE AHORROS: Fitch Downgrades Individual Rating to 'E'


S W I T Z E R L A N D

FOSSILE BRENNSTOFF: Creditors Must File Claims by Feb. 27
FUN-SPA LLC: Deadline to File Proofs of Claim Set February 26
GENTIANE RESEARCH: Creditors Have Until Feb. 27 to File Claims
I.B.O. CONSULTING: Feb. 26 Set as Claims Filing Deadline
MONTAGETEAM DOLL: Creditors' Proofs of Claim Due by February 26

PIAZZA FASHION: February 26 Set as Deadline to File Claims
ROELL'ISS LLC: Creditors Must File Proofs of Claim by Feb. 27


U K R A I N E

DNIEPRO-PRODUCT LLC: Creditors Must File Claims by March 6
DOVIRA LLC: Creditors Must File Claims by March 6
EQUIPMENT INSTALLING: Court Starts Bankruptcy Procedure
GALICH LLC: Creditors Must File Claims by March 6
LEVADA LLC: Creditors Must File Claims by March 5

PROMIN AGRICULTURAL LLC: Creditors Must File Claims by March 5
RADUGA LLC: Creditors Must File Claims by March 5
VETSANZAVOD KALINOVKA: Court Starts Bankruptcy Procedure

* Fitch Cuts BFSRs of Five Foreign-Owned Ukrainian Banks


U N I T E D   K I N G D O M

COUNTRYWIDE HOMES: Appoints Joint Administrators from BDO
CUSTOM HOMES: Appoints Joint Liquidators from Tenon Recovery
DAISYCHAIN INNS: Names Joint Liquidators from PKF
DANKA BUSINESS: Reports Increased Distribution to ADS Holders
DRAYTON BEAUMONT: Goes Into Liquidation; Ceases Trading

EURO SHOPFITTING: Appoints Administrators from Tenon Recovery
GAINMANOR LTD: Taps Joint Liquidators from Tenon Recovery
GMT EUROPE: Goes Into Administration
JJB SPORTS: Administrators Appointed to Lifestyle Division
JESSE SHIRLEY: Sold to Hajco 377; 40 Jobs Saved

LE-AL LTD: Names Joint Administrators from Grant Thornton
MECOM GROUP: Sells Northwestern Norwegian Assets for NOK559.3 Mln
MISTVALLEY LTD: Taps Joint Administrators from Tenon Recovery
ROYAL BANK: Former QC Takes Legal Action Over Rights Issue
STYLO PLC: 150 Stores & 165 Concession Outlets Sold to Mg't. Team

* BOND PRICING: For the Week Feb. 16 to Feb. 20, 2009


                         *********


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


AZAM KG: Claims Registration Period Ends March 5
------------------------------------------------
Creditors owed money by KG Azam (FN 296230h) have until March 5,
2009, to file written proofs of claim to the court-appointed
estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 19, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 21, 2009, (Bankr. Case No. 2 S 9/09z).


GQM GRABER: Claims Registration Period Ends March 5
---------------------------------------------------
Creditors owed money by LLC GQM Graber & Moerth (FN 227427b) have
until March 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Hans Georg Popp
         Bahnhofstrasse 22/1
         8112 Gratwein
         Austria
         Tel: 03124/55077
         Fax: 03124/55077-4
         E-mail: kanzlei@popp-strauss.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:25 p.m. on March 19, 2009, for the
examination of claims at:

         Land Court of Graz (638)
         Room 227
         Graz
         Austria

Headquartered in Gratwein, Austria, the Debtor declared bankruptcy
on Jan. 16, 2009, (Bankr. Case No. 25 S 3/09t).


QIDO SOFTWARE: Claims Registration Period Ends March 5
------------------------------------------------------
Creditors owed money by LLC QiDO Software Quality Services & Co
KEG (FN 226511f) have until March 5, 2009, to file written proofs
of claim to the court-appointed estate administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Wien
         Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on March 19, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 21, 2009, (Bankr. Case No. 6 S 3/09x).


STA-RENT LLC: Claims Registration Period Ends March 4
-----------------------------------------------------
Creditors owed money by LLC STA-Rent (FN 248055m) have until
March 4, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Axel Reckenzaun
         Annenstrasse 10/I
         8020 Graz
         Austria
         Tel: 0316/71 33 53
         Fax: 0316/71 33 53 - 30
         E-mail: office@boehm-reckenzaun.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on March 11, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 222
         Graz
         Austria

Headquartered in Rannerfeldg., Austria, the Debtor declared
bankruptcy on Jan. 22, 2009, (Bankr. Case No. 26 S 6/09s).


VISION LLC: Claims Registration Period Ends March 6
---------------------------------------------------
Creditors owed money by LLC Vision (FN 146489a) have until
March 6, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Michael Ludwig Lang
         Schuettelstrasse 55
         1020 Wien
         Austria
         Tel: 72 577
         Fax: 72 577 577
         E-mail: michael.lang@blw-legal.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on March 20, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 16, 2009, (Bankr. Case No. 28 S 4/09f).


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


CLAREMONT HOTEL: Claims Registration Period Ends March 17
---------------------------------------------------------
Creditors of The Claremont Hotel GmbH have until March 17, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 28, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Fritzlar
         Meeting Room 17
         Building A
         Schladenweg 1
         34560 Fritzlar
         Germany

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

The insolvency manager can be reached at:

         Dr. Hans-Joerg Laudenbach
         Carlo-Mierendorff-Str. 15
         35398 Giessen
         Germany
         Tel: 0641/98292-18
         Fax: 0641/98292-16

The District Court opened bankruptcy proceedings against the
company on Feb. 10, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         The Claremont Hotel GmbH
         Hufelandstrasse 20
         34537 Bad Wildungen
         Germany

         Attn: Parvinder Chopra, Manager
         Hufelandstrasse 18-20
         34537 Bad Wildungen
         Germany


CONTINENTAL AG: Falls Into The Red in 2008, Not Paying Dividend
---------------------------------------------------------------
Continental AG incurred a net loss of EUR1,123.5 million in full
year 2008 from a net income of EUR1,020.6 million in 2007
primarily as a result of goodwill impairment.

The increase in raw material prices also had a negative impact of
approximately EUR325 million in 2008 compared with the average
prices for 2007, the company said in a Feb. 19 statement.

Consolidated sales in 2008 increased 45.8% to EUR24,238.7 million
compared with sales of EUR16,619.4 million for the same period in
2007, due chiefly to the company's acquisition of Siemens VDO.

Before special effects, consolidated EBIT before amortization of
intangible assets from PPA and before depreciation of tangible
assets from PPA (only Siemens VDO) decreased by 0.2% to EUR1,837.3
million from EUR1,841.5 million in 2007.  Adjusted return on sales
amounted to 7.6% compared to 11.1% in 2007.  Compared with the
previous year, EBIT dropped to negative EUR296.2 million from
EUR1,675.8 million in 2007, primarily as a result of goodwill
impairment.  The return on sales fell to negative 1.2% from 10.1%
in 2007.

                     Finance and Investments

Compared with year-end 2007, net indebtedness decreased by
EUR372.9 million to EUR10,483.5 million from EUR10,856.4 million
in 2007.  The gearing ratio increased to 189.6% from 158.3% in the
previous year due to the EUR1.23 billion goodwill impairment with
no effect on cash.  Goodwill impairment reduced total equity to
EUR5.53 billion.  As of December 31, 2008, goodwill amounting to
EUR6.38 billion is recognized in the consolidated balance sheet,
compared with EUR7.29 billion at the end of 2007.

At negative EUR706.7 million (2007: negative EUR154.2 million),
net interest expense rose compared with the previous year.  In
contrast, costs amounting to EUR500.7 million to finance the
acquisition of Siemens VDO remained in line with expectations.

"Due to the non-investment-grade rating, our renegotiated loan
conditions stipulate a higher bank margin.  However, the fact that
the interest rates on the money market have decreased by
approximately the same amount works in our favor.  We are
therefore anticipating a compensating effect on the interest
expense in the current fiscal year," explained Dr. Alan Hippe, the
Executive Board's departing vice chairman.

Expenditure on research and development (R&D) rose by EUR663.4
million or 79.5% to EUR1,498.2 million (2007: EUR834.8 million),
amounting to 6.2% of sales (2007: 5.0%).  "This is chiefly
attributable to the acquisition of Siemens VDO," the company said.

Additions to property, plant and equipment and software amounted
to EUR1,595.2 million, up EUR698.3 million on the previous year
(EUR896.9 million).  The capital expenditure ratio was 6.6% (2007:
5.4%).  Essentially, the increase in capital expenditure is
attributable to additional new business in connection with Siemens
VDO.  Cuts in both areas are planned for the current year.

                             Debt Pile

Continental said it has reduced its net indebtedness by roughly
EUR373 million to EUR10.483 billion.

"We intend to . . . continue to reduce our debt despite major
production curtailments among our customers in the automotive
industry," said Continental Executive Board chairman Dr. Karl-
Thomas Neumann during the company's annual press conference in
Hanover on Thursday.

In this regard, Dr. Neumann said in addition to the sharp cuts in
the fourth quarter of 2008, the company initiated further cost
cutting programs in order to safeguard operating result, which is
fundamental for debt reduction.

The company recognized goodwill impairment in fiscal 2008
amounting to EUR1.23 billion, particularly in the automotive
divisions Powertrain and Interior.

Continental said it is looking into various alternatives for
paying off tranche B in the amount of EUR3.5 billion, which will
become due in August 2010.

Meanwhile, constructive talks which began at the end of January
with the Schaeffler Group on collaboration between the two
companies are being continued intensively, Continental said.

                            Job Cuts

Compared with 2007, Continental's workforce decreased by 12,499
employees to 139,155.  There were considerable staff reductions
primarily in the Automotive Group as a result of restructuring
measures and portfolio adjustments.  The sale of the electric
motors activities alone reduced the number of employees by 4,561.
In addition, contracts with some 5,000 temporary workers were not
extended.

                        No 2008 Dividend

Due to the net loss it incurred for the year, Continental said it
won't be paying any dividend for fiscal 2008.

                        Outlook for 2009

"The start into the first quarter of 2009 shows just how great the
current year's challenges will be.  The slump in sales,
particularly in the automotive divisions, is likely to accelerate
in the first half of 2009.  For this reason, against the
background of 2008's high comparative figures, it cannot be ruled
out that there may be very large deviations from last year,
particularly in the first half-year. It is also safe to assume
that significant restructuring measures will be carried out this
year," added Dr. Neumann.

                          Credit Ratings

As reported in the Troubled Company Reporter-Europe on Feb. 6,
2009, Fitch Ratings downgraded Continental's ratings noting
"rapidly weakening auto markets amid the
severe global recession which could further negatively impact
Continental's future performance and cash flow generation, in turn
jeopardizing the group's plan for swift de-leveraging."

Fitch downgraded Continental's Long-term Issuer Default and senior
unsecured ratings to 'BB' from 'BB+'.  The Short-term IDR was
affirmed at 'B'.  At the same time the Long-term IDR and senior
unsecured ratings have been removed from
Rating Watch Negative.  The Outlook on the Long-term IDR is
Negative.

The Negative Outlook, according to Fitch, reflects Continental's
ongoing sizable refinancing risk for its EUR3.5 billion tranche
maturing in August 2010, which is partly mitigated by its EUR2.5
billion revolving credit facility (committed until 2012) and cash
of nearly EUR1 billion as at end-Q308.

Fitch also noted the deteriorating credit quality of Continental's
major shareholder, Schaeffler KG, in light of its high
indebtedness associated with the acquisition of Continental
shares.

Schaeffler is now struggling to pay EUR11 billion (US$14 billion)
in debt from its purchase of a 49.9% stake in Continental on
January 8, 2009.  Its owners are now considering stake sale as
response to its application for government aid remains uncertain
and hunt for investors failed.

On January 29, 2009, the TCR-Europe reported Standard & Poor's
Ratings Services lowered its long-term corporate credit rating on
Continental to 'BB' from 'BBB-', following its analysis of
Continental's revised business plan and the renegotiation of
financial covenants.  The short-term corporate credit rating on
the group was lowered to 'B' from 'A-3'.  At the same time, the
ratings were removed from CreditWatch where they were placed with
negative implications on Dec. 15, 2008, on increasing concerns
about a possible covenant breach.  The outlook is negative.

                      About Continental AG

Headquartered in Hanover, Germany, Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
main divisions.  Chassis and Safety provides active and passive
driving safety, safety and chassis sensor systems, as well as
chassis components.  Powertrain offers gasoline and diesel
systems, actuators, motor drives and fuel supply, as well as
hybrid electric vehicles systems.  Interior manufactures
information management modules and wireless  mobile devices.
Passenger and Light Truck Tires provides tires for passenger cars,
light trucks, motorcycles and bicycles.  Commercial Vehicle Tires
offers tires for trucks, as well as industrial and off-the-road
vehicles.  ContiTech specializes in the rubber and plastics
technology, offering functional parts, components and systems for
the automotive industry and other sectors.


FINANZKONZEPT GMBH: Claims Registration Period Ends March 9
-----------------------------------------------------------
Creditors of Finanzkonzept GmbH have until March 9, 2009, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Harald Heinze
         Getzelauer Strasse 2
         04279 Leipzig
         Germany
         Tel: 0341/3360941
         Fax: 0341/3360934
         E-mail: heinze@paul-inso.de

The District Court opened bankruptcy proceedings against the
company on Feb. 9, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Finanzkonzept GmbH
         Attn: Daniela Hoecke, Manager
         Gottschedstr. 11
         04109 Leipzig
         Germany


LEE MEDIA: Claims Registration Period Ends March 16
---------------------------------------------------
Creditors of L.A. Lee Media GmbH have until March 16, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:46 a.m. on April 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         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:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 9, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         L.A. Lee Media GmbH
         Attn: Sabine Helbing, Manager
         Ballastkai 9
         24937 Flensburg
         Germany


PARABASETEC GMBH: Claims Registration Period Ends March 9
---------------------------------------------------------
Creditors of Parabasetec GmbH have until March 9, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on March 30, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

         Joachim Walterscheid
         Am Kurpark 2
         32545 Bad Oeynhausen
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 6, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Parabasetec GmbH
         Hauptstr. 3 c
         37434 Bodensee
         Germany

         Attn: Christian Hubert Nachtwey, Manager
         Hauptstr. 3
         37434 Bodensee
         Germany


T & T GMBH: Claims Registration Period Ends March 21
----------------------------------------------------
Creditors of T & T GmbH have until March 21, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on April 21, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Uwe Miehe
         Koenigstrasse 17
         39116 Magdeburg
         Germany
         Tel: 0391/5971240
         Fax: 0391/5971241

The District Court opened bankruptcy proceedings against the
company on Feb. 9, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         T & T GmbH
         Langer Weg 45 c
         39112 Magdeburg
         Germany

         Attn: Simone Weber, Manager
         Bornsche Str. 41
         39340 Haldensleben
         Germany


* GERMANY: To Temporarily Nationalize Troubled Banks
----------------------------------------------------
BBC News reports that the German cabinet has agreed on a draft law
that will allow the country to temporarily nationalize troubled
banks through the seizure of their shares.

However, the German government has stressed that it will only
resort to nationalization if it sees a threat to the country's
financial system, BBC states.

BBC notes the draft law still has to be approved by the German
parliament.

The law, BBC says, could pave the way for the government take over
of Hypo Real Estate.  BBC relates Peer Steinbrueck, Germany's
finance minister, said at a press conference that Hypo Real Estate
was a "system relevant" bank, and the draft law was designed to
help the government stabilize it.

             Seizure of Private Assets Debated

According to The Daily Telegraph's Rowena Mason, German
politicians have fiercely debated whether seizure of private
assets should be permitted as the practice of "Enteignung" is
associated with the Nazi expropriation of Jewish property.

                          Bad Bank

BBC's Berlin correspondent Tristana Moore said that while the
German government is against the idea of a central "bad bank",
many German politicians support the idea of a number of separate
"bad banks" for toxic assets.

Ms. Moore, citing a recent survey, discloses Germany's top banks
are still sitting on around US$380 billion of toxic debts with
only a quarter of their likely losses written off.


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I C E L A N D
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BAUGUR GROUP: Reykjavik Court Grants Moratorium Until March 4
-------------------------------------------------------------
The District Court of Reykjavik on Thursday, February 11, 2009,
approved Baugur Group's petition to enter into a moratorium.  The
moratorium process allows Baugur a period of review with temporary
suspension of payments and will apply until March 4, 2009.  The
process enables the company to facilitate a financial and
operational restructuring in co-operation with its creditors in
order to protect the interests of shareholders and value of the
company's assets.

As reported in the TCR-Europe on Feb. 6, 2009, Baugur's board
resolved to apply for a moratorium in order to protect the group's
assets as well as the interests of all creditors following a
decision by Landsbanki to discontinue discussions regarding a
potential restructuring of the group.

          Landsbanki to Keep House of Fraser Stake

In a Feb. 12 report Edinburgh Evening News disclosed Landsbanki
will keep its major stake in House of Fraser, which owns Jenners.

House of Fraser, as cited by Edinburgh Evening News, said it had
held "very positive discussions" with Landsbanki which took
control of the assets of retail investor Baugur after it fell into
administration.

The bank also has no intention of selling its 35 per cent share in
Highland Group Holding, Edinburgh Evening News stated citing House
of Fraser.

Highland Group Holding is the Baugur-led consortium which owns
House of Fraser, Edinburgh Evening News noted.  The consortium
bought House of Fraser for GBP351 million in 2006, The Scotsman's
Jane Bradley recalled.

        Baugur's British Unit Placed Into Administration

As reported in the TCR-Europe on Feb. 10, 2009, citing The Times,
BG Holding ehf, the British unit of Baugur, was placed into
administration.

PricewaterhouseCoopers (PwC) was appointed administrator of BG
Holding, through which Baugur owns 35 per cent of House of Fraser,
14 per cent of Iceland, and 38 per cent of Aurum Group, as well as
its majority stake in Hamleys, The Times recounted.

In a Feb. 6 release, Baugur said it would not oppose the
application of Landsbanki Islands hf with the High Court to put BG
Holding into administration.

Landsbanki's resolution committee, as cited by The Times, said:
"We believe that the appointment of administrators over BG Holding
... is the best way of ensuring stability and continuity for the
UK companies in which it has shareholdings.  Our role is to
maximize the long-term value of those assets and we will give our
full support to the management teams of the operating companies
concerned.  As the bank's interest is primarily in the UK assets
of BG Holding, we do not intend to oppose Baugur Group's request
for a moratorium on its remaining businesses in Iceland."

                       About Baugur Group

Baugur Group -- http://baugur.com/-- is an international
investment company in the retail and fashion sectors in the UK,
the USA and Scandinavia.  Companies related to Baugur employ some
53,000 people worldwide in over 3,700 stores with a total turnover
of GBP5.0 billion.

Among Baugur's principal investments are the supermarket chain
Iceland, the toy retailer Hamleys, the jewellery chain Goldsmiths,
fashion chains Whistles and Jane Norman, fashion company Mosaic
Fashions, renowned UK department store chain, House of Fraser, the
famous Danish department store chain Magasin du Nord and Illum,
one of Denmark's largest department stores.


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


EIRLESTWO LTD: S&P Junks Rating on US$30 Mil. Secured Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC+' from 'BBB+'
its credit rating on the US$30 million variable-rate portfolio
credit-linked secured notes series 308 issued by EirlesTwo Ltd.

This rating action follows downgrade and credit events in the
underlying reference portfolio.  The SROC (synthetic rated
overcollateralization) for the notes in different rating scenarios
is:

                          SROC as of           SROC 90-day
       Rating             Feb. 19, 2009        forward (%)
       ------             -------------        -----------
       BBB+               96.3289              96.4938
       BBB                96.8078              96.9585
       BBB-               97.6135              97.7580
       BB+                97.8917              98.0406
       BB                 98.3346              98.4739
       BB-                98.7417              98.8730
       B+                 99.0472              99.1689
       B                  99.4098              99.5231
       B-                 99.8609              99.9625
       CCC+              100.7578             100.8580

Where SROC is less than 100%, S&P run scenarios that project the
current portfolio 90 days into the future, assuming no asset
rating migration.  Where this projection indicates that the SROC
would return to a level above 100% at that time, the rating is
maintained, but S&P places it on CreditWatch negative.  If, on the
other hand, the projection indicates that the SROC would remain
below 100%, S&P lower the rating.


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


EUROHOME MORTGAGES: Moody's Assigns 'B3' Rating on Class E Notes
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Eurohome (Italy) Mortgages S.r.l.:

  -- Class A, Placed Under Review for Possible Downgrade;
     previously on January 8, 2008 Assigned Aaa;

  -- Class B, Placed Under Review for Possible Downgrade;
     previously on January 8, 2008 Assigned Aa2;

  -- Class C, Placed Under Review for Possible Downgrade;
     previously on January 8, 2008 Assigned A1;

  -- Class D, Placed Under Review for Possible Downgrade;
     previously on January 8, 2008 Assigned Baa2;

  -- Class E, Placed Under Review for Possible Downgrade;
     previously on January 8, 2008 Assigned B3.

Last rating action date: No rating actions since closing.

The rating actions have been prompted by the collateral
performance being significantly worse than initial expectations.
Moody's expects to conclude the rating review once Moody's have
received additional information and assessed in detail the effects
of the performance on the outstanding ratings.

The transaction contains mortgage loans originated by Deutsche
Bank Mutui in Italy.  Delinquencies are significantly higher than
Moody's initially expected.  As of February 2009, 12.1 per cent of
the loans were delinquent by at least three monthly installments,
while in total 21.3 per cent of the pool were delinquent by at
least one monthly installment.

The provisioning mechanism for loans that are in arrears by 12
monthly installments, has led to reserve fund drawings on the
interest payment dates in November 2008 and February 2009.  By
this mechanism, the equivalent of the loan amount of loans in
arrears by 12 monthly installments is credited to the principal
deficiency ledger and leads to trapping of available excess spread
and, in case excess spread is insufficient, to drawings of the
reserve fund.  As a result of such drawings, only an amount equal
to 23.8 per cent of the initial balance of the reserve fund is
still available as of February 2009.

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.


UNIPOL BANCA: Fitch Cuts Individual Rating to 'D' from 'C'
----------------------------------------------------------
Fitch Ratings has downgraded Unipol Banca's Long-term Issuer
Default Rating to 'BB+' from 'BBB-' (BBB minus).  The agency has
also downgraded UB's Short-term IDR to 'B' from 'F3', Individual
Rating to 'D' from 'C' and Support Rating to '3' from '2'.  The
Outlook on the Long-term IDR has been revised to Negative from
Stable.  At the same time, all ratings have been withdrawn.  Fitch
will no longer provide ratings or analytical coverage of UB.

The downgrade of UB's IDRs and Support Rating reflects Fitch's
opinion of the weakened ability of Unipol Gruppo Finanziario to
provide support to its UB banking subsidiary.  The IDRs and
Support Rating reflect UB's strategic role within the insurance
group headed by its 84.5% shareholder, UGF, and the moderate
support it can expect to receive from UGF in case of need.  In
2007, the UGF group was Italy's fourth-largest insurance group by
premiums.

The downgrade of the Individual Rating reflects Fitch's concerns
about the bank's ability to generate a sustainable operating
profit, significant borrower and real estate sector concentrations
in its lending book, whose quality Fitch expects to come under
increasing pressure in the current operating environment, combined
with the deterioration in asset quality already experienced in
2008.


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


AKA UNI: Creditors Must File Claims by March 27
-----------------------------------------------
LLP Aka Uni Service has declared insolvency.  Creditors have until
March 27, 2009, to submit proofs of claim to:

         Pobeda ave. 33-55
         Aktobe
         Aktube
         Kazakhstan


ALIBEK-KURYLYS LLP: Creditors Must File Claims by March 27
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Alibek-Kurylys insolvent.

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

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


DDT LTD: Creditors Must File Claims by March 27
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP DDT Ltd. (RNN 600400245179) insolvent.

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

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


GARNI STROY: Creditors Must File Claims by March 27
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Garni Stroy insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin St. 9
         Karaganda
         Kazakhstan


GE PHARMACEUTICALS LTD: Creditors Must File Claims by March 20
--------------------------------------------------------------
LLP Representation of GE Pharmaceuticals Ltd. has declared
insolvency.  Creditors have until March 20, 2009, to submit proofs
of claim to:

         Kazybek Bi St. 156-1
         050026 Almaty
         Kazakhstan


ISPYTATEL LLP: Creditors Must File Claims by March 20
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ispytatel insolvent.

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

         Gagarin St. 18-49
         Pavlodar
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya St. 6
         Pavlodar
         Pavlodar
         Kazakhstan


KAZ ALLIANCE LLP: Creditors Must File Claims by March 27
--------------------------------------------------------
LLP Kaz Alliance has declared insolvency.  Creditors have until
March 27, 2009, to submit proofs of claim to:

         Ubileynaya St. 9-2
         141200 Ekibastuz
         Pavlodar
         Kazakhstan


MERGEN 2007 LLP: Creditors Must File Claims by March 27
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Mergen 2007 insolvent.

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

          Kenesary St. 46-38
          Astana
          Kazakhstan

The Court is located at:

         The Specialized Inter-Regional Economic Court of Akmola
         Gorky St. 37
         Kokshetau
         Akmola
         Kazakhstan


PAVLODAR-TEPLO TECHNIK: Creditors Must File Claims by March 20
--------------------------------------------------------------
LLP Pavlodar-Teplo Technik has declared insolvency.  Creditors
have until March 20, 2009, to submit proofs of claim to:

         Lomov St. 180
         140000 Pavlodar
         Pavlodar
         Kazakhstan


ZT INTERNATIONAL: Creditors Must File Claims by March 27
--------------------------------------------------------
LLP ZT International has declared insolvency.  Creditors have
until March 27, 2009, to submit proofs of claim to:

         Karjaubaiuly St. 259-21
         Semey
         East Kazakhstan
         Kazakhstan


* Fitch Puts Ratings on Seven Kazakh Banks on Negative Watch
------------------------------------------------------------
Fitch Ratings has placed the Long-term foreign currency Issuer
Default Ratings of seven Kazakh companies on Rating Watch
Negative.  The rating action follows the placement of Kazakhstan's
Long-term foreign and local currency IDRs of 'BBB-' (BBB minus)
and 'BBB', respectively, and Short-term foreign currency IDR of
'F3' on RWN.  A full breakdown of the rating actions with respect
to the seven companies is provided below.

The sovereign rating action reflects Fitch's concern that the
authorities' obligation to manage worsening problems in the
banking system and broader economy is likely to have an adverse
impact on the sovereign's finances in the relatively near-term.

The rating actions are:

Kazakhstan Temir Zholy (KTZ)

  -- Long-term foreign currency IDR 'BBB-' (BBB minus) placed on
     RWN

  -- Senior unsecured rating of 'BBB-' (BBB minus) placed on RWN

KTZ's ratings are aligned with the sovereign's, given the 100%
state-owned railway company's strategic importance to Kazakhstan
due to the country's vast terrain, land-locked position and
underdeveloped road infrastructure.

Kazakhstan Electricity Grid Operating Company (KEGOC)

  -- Long-term foreign currency IDR 'BBB-' (BBB minus) placed on
     RWN

  -- Long-term local currency IDR 'BBB' placed on RWN

  -- Short-term foreign currency IDR 'F3' placed on RWN

KEGOC's ratings are aligned with the sovereign's given its 100%
state ownership and strong state support resulting from the
strategic nature of Kazakhstan's national transmission grid.

KazMunaiGaz National Company (NC KMG)

  -- Long-term foreign currency IDR 'BBB-' (BBB minus) placed on
     RWN

  -- Long-term local currency IDR 'BBB' placed on RWN

  -- Short-term foreign currency IDR 'F3' placed on RWN

  -- Senior unsecured rating of 'BBB-' (BBB minus) placed on RWN

NC KMG's ratings are aligned with the sovereign's given that it
was established as a wholly state-owned enterprise to represent
the interests of the government in Kazakhstan's oil and gas
industry.

JSC KazMunaiGas Exploration Production (KMG EP)

  -- Long-term foreign currency IDR of 'BBB-' (BBB minus) placed
     on RWN.  (The rating is constrained by Kazakhstan's sovereign
     rating.)

  -- Long-term local currency IDR 'BBB-' (BBB minus) placed on RWN

  -- Short-term foreign currency IDR 'F3' placed on RWN

JSC KazTransOil (KTO)

  -- Long-term foreign currency IDR 'BBB-' (BBB minus) placed on
     RWN.  (The rating is constrained by Kazakhstan's sovereign
     rating.)

  -- Short-term foreign currency IDR 'F3' placed on RWN

Fitch rates NC KMG's subsidiaries (including KMG EP and JSC
KazTransOil) primarily on a standalone basis, albeit with implicit
state support via NC KMG being incorporated into the ratings, as
well as their inter-dependencies.  Fitch believes that the current
solid financial profile of KMG EP underpinned by strong
profitability, its low debt level, ample cash position and
moderate capex program will provide a cushion against the cyclical
downturn in the global oil and gas markets and the worldwide
economic slowdown.  Nevertheless, the ultimate state ownership of
KMG EP and its reliance on Kazakh banks for large cash deposits
make the company more vulnerable to any potential government
actions directed to support the weakening economy through state-
owned enterprises, especially in the event of a significant
deterioration of the Kazakh economy.

The ratings of other NC KMG's subsidiaries - KazTransGas and JSC
Intergas Central Asia - are unaffected.  They are:

KazTransGas:

  -- Long-term foreign currency IDR: 'BB'; Outlook Stable
  -- Short-term foreign currency IDR: 'B'
  -- Long-term local currency IDR: 'BB'; Outlook Stable

JSC Intergas Central Asia:

  -- Long-term foreign currency IDR: 'BB+'; Outlook Stable
  -- Short-term foreign currency IDR: 'B'
  -- Long-term local currency IDR: 'BB+'; Outlook Stable
  -- Senior unsecured rating: 'BB+'

JSC National Atomic Company Kazatomprom (Kazatomprom)

  -- Long-term foreign currency IDR of 'BBB-' (BBB minus) placed
     on RWN.  (The rating is constrained by Kazakhstan's sovereign
     rating.)

  -- Short-term foreign currency IDR 'F3' placed on RWN

Kazatomprom is a 100% state-owned uranium operator.  Kazatomprom's
ratings reflect the company's leading position in the world
uranium market, its strategic importance to Kazakhstan and its
relatively strong financial profile.

Mangistau Electricity Distribution Network Company

  -- Long-term foreign currency IDR 'BB' placed on RWN

  -- Foreign currency senior unsecured rating of 'BB' placed on
     RWN

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Long-term local currency IDR assigned at 'BB+' and placed on
     RWN

  -- Local currency senior unsecured rating of 'BB+' placed on RWN

  -- National Long-term Rating of 'AA-(kaz)' (AA minus) placed on
     RWN

MEDNC's ratings are linked to the sovereign's, but notched down to
reflect that little indication has been given by MEDNC's ultimate
parent, Samruk, that it will provide timely financial assistance
in case of financial distress.  The company has a near-monopoly
position in electricity transmission and distribution in
Mangistau, one of Kazakhstan's strategic oil and gas regions.


* Fitch Cuts Issuer Default Ratings of Eight Kazakh Banks
---------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of Kazakhstan-based BTA Bank and Alliance Bank by two notches to
'B+' and 'B', respectively.  The agency has also downgraded by one
notch the Long-term IDRs of six other Kazakh banks -
Kazkommertsbank to 'BB-' (BB minus), Halyk Bank to 'BB-' (BB
minus), Bank CenterCredit to 'B+', Temirbank to 'B+', Kaspi Bank
to 'B' and Tsesnabank to 'CCC', and downgraded by two notches
Astana Finance and Astana Finance Leasing, both to 'B+'.  The
Outlooks on Kaspi and Tsesna have been changed to Negative from
Stable and the other eight entities listed have been placed on
Rating Watch Negative.

Fitch has also placed the ratings of ATF Bank, Development Bank of
Kazakhstan and KazAgroFinance on RWN.  The Outlook on Eurasian
Bank (Eurasian) has been changed to Negative from Stable.

The downgrades of BTA, Alliance, Temir, KKB, Halyk, BCC, AF and
AFL follow further review by Fitch of the ability and willingness
of the Kazakh authorities to provide support to the country's
financial sector, in case of need.  In particular, Fitch's
decision to widen the differential between the sovereign foreign
currency Long-term IDR (which remains at 'BBB-(BBB minus), but was
placed on RWN) and those of the banks reflects three main
concerns.

First, Fitch notes the weaker prospects for the government's own
financial position, and for the future level of foreign currency
reserves in particular, as a result of the weaker oil price and
increased demands on reserves, including from the non-bank sector.
While this is not yet by itself sufficient to result in a
downgrade of the sovereign rating, which is currently supported by
the moderate levels of government debt, in Fitch's view the
ability of the authorities to provide support to the banking
sector has been negatively impacted in a material way, and is
likely to be negatively impacted in the future.

Second, the scale of support which the banking sector may require
is greater than was previously anticipated in light of further
recent deterioration in the operating environment and potentially
sizeable bank-specific problems at BTA and Alliance.  In
particular, the deepening global recession, the negative impact of
lower oil prices on corporate and household liquidity and the
recent devaluation of the KZT are resulting in further
deterioration in banks' asset quality and liquidity positions.
These concerns have also been reflected in the downgrades by one
notch of the Individual ratings of KKB, Halyk, ATF and Temir, the
downgrades of the Long-term IDRs of Kaspi and Tsesna and the
Negative Outlook on Eurasian.  Individual ratings reflect the
likelihood that a bank will fail and require external support to
avoid default.

Third, Fitch's concerns about the possible restructuring of the
liabilities of BTA and Alliance have heightened in recent days.
Fitch currently expects that a restructuring package is likely to
be offered in some form to some of the creditors of BTA and
Alliance.  At this stage the agency is not able to judge whether
any such restructuring would be essentially forced in nature and
would therefore constitute a distressed debt exchange; however,
the banks' Long-term IDRs have been downgraded by two notches to
reflect the heightened risk that a DDE will take place.

In respect of AF and AFL, the decision to widen the notching by
two notches reflects Fitch's opinion that, in the current
situation, the Kazakh authorities are more likely to support
systemically important banks like KKB and Halyk (both downgraded
by one notch to 'BB-') than AF and/or AFL if they had to make the
choice, despite AF being 25.5% beneficially owned by state-owned
Samruk-Kazyna.

The RWN on BTA, Alliance, Temir, KKB, Halyk, BCC, AF and AFL
reflects both the RWN on the sovereign ratings and the heightened
near-term risk relating to the possible restructuring of the
liabilities of BTA and Alliance.  The execution of a DDE at either
of the latter banks would likely result in the downgrade of the
affected bank(s) to 'RD' (Restricted Default).  Other institutions
listed in this paragraph would likely also be downgraded in case
of such a DDE at BTA and/or Alliance, possibly by more than one
notch, to reflect greater uncertainty as to the future provision
of support to them by the Kazakh authorities, in case of need.

The RWN on DBK and KAF reflects that on the sovereign ratings,
while that on ATF reflects the potential for the bank's Long-term
foreign currency IDR - which is constrained by the Country Ceiling
- to be downgraded together with the sovereign ratings.
Fitch will publish separate commentaries on the ratings and
current financial positions of KKB, Halyk, ATF, BCC, Temir, Kaspi,
Eurasian and Tsesna.

Rating actions are:  

BTA Bank

  -- Long-term foreign currency IDR: downgraded to 'B+' from 'BB';
     placed on RWN

  -- Long-term local currency IDR: downgraded to 'B+' from 'BB';
     placed on RWN

  -- Short-term foreign currency IDR: 'B', placed on RWN

  -- Short-term local currency IDR: 'B', placed on RWN

  -- Individual rating: affirmed at 'F'

  -- Support rating: downgraded to '4' from '3', placed on RWN

  -- Support Rating Floor: revised to 'B+' from 'BB', placed on
     RWN

  -- Senior unsecured debt: downgraded to 'B+' from 'BB', placed
     on RWN, Recovery Rating assigned at 'RR4'

  -- Tier 1 perpetual preferred securities: downgraded to 'CCC'
     from 'B-' (B minus), remains on RWN, Recovery Rating assigned
     at 'RR6'

Kazkommertsbank

  -- Long-term foreign currency IDR: downgraded to 'BB-' (BB
     minus) from 'BB'; placed on RWN

  -- Long-term local currency IDR: downgraded to 'BB-' (BB minus)
     from 'BB'; placed on RWN

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Short-term local currency IDR: affirmed at 'B'

  -- Support rating: '3' placed on RWN

  -- Individual rating: downgraded to 'D/E' from 'D'

  -- Support Rating Floor: revised to 'BB-' (BB minus) from 'BB',
     placed on RWN

  -- Senior unsecured debt: downgraded to 'BB-' (BB minus) from
     'BB', placed on RWN

  -- Subordinated debt: downgraded to 'B+' from 'BB-' (BB minus);
     placed on RWN

  -- Tier 1 perpetual subordinated notes: 'B-' (B minus) placed on
     RWN

Halyk Bank of Kazakhstan

  -- Long-term foreign currency IDR: downgraded to 'BB-' (BB
     minus) from 'BB'; placed on RWN

  -- Long-term local currency IDR: downgraded to 'BB-' (BB minus)
     from 'BB'; placed on RWN

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Short-term local currency IDR: affirmed at 'B'

  -- Support rating: '3' placed on RWN

  -- Individual rating: downgraded to 'D' from 'C/D'

  -- Support Rating Floor: revised to 'BB-' (BB minus) from 'BB',
     placed on RWN

  -- Senior unsecured debt: downgraded to 'BB-' (BB minus) from
    'BB', placed on RWN

Alliance Bank JSC

  -- Long-term foreign currency IDR: downgraded to 'B' from 'BB-'
     (BB minus); placed on RWN

  -- Short-term foreign currency IDR: 'B' placed on RWN

  -- Individual rating: affirmed at 'F'

  -- Support rating: downgraded to '4' from '3', placed on RWN

  -- Support Rating Floor: revised to 'B' from 'BB-' (BB minus),
     placed on RWN

  -- Senior unsecured debt: downgraded to 'B' from 'BB-' (BB
     minus); placed on RWN, Recovery Rating assigned at 'RR4'

  -- Senior unsecured debt issued in Russia: downgraded to 'BBB-
    (rus)' (BBB minus (rus)) from 'A+(rus)', placed on RWN

ATF Bank

  -- Long-term foreign currency IDR: 'BBB' placed on RWN
  -- Short-term foreign currency IDR: affirmed at 'F3'
  -- Support rating: affirmed at '2'
  -- Individual rating: downgraded to 'D/E' from 'D'
  -- Senior unsecured debt: 'BBB' placed on RWN

Bank Centercredit

  -- Long-term foreign currency IDR: downgraded to 'B+' from 'BB-'
     (BB minus); placed on RWN

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '4' from '3'

  -- Individual rating: affirmed at 'D';

  -- Support Rating Floor: revised to 'B+' from 'BB-' (BB minus),
     placed on RWN

  -- Senior unsecured debt: downgraded to 'B+' from 'BB-' (BB
     minus), placed on RWN, Recovery Rating assigned at 'RR4'

Kaspi Bank

  -- Long-term foreign currency IDR: downgraded to 'B' from 'B+';
     Outlook changed to Negative from Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D'

  -- Support rating: affirmed at '5',

  -- Support Rating Floor: affirmed at 'No Floor'

Temirbank

  -- Long-term foreign currency IDR: downgraded to 'B+' from 'BB-'
     (BB minus); placed on RWN

  -- Short-term foreign currency IDR: 'B' placed on RWN

  -- Individual rating: downgraded to 'E' from 'D/E'

  -- Support rating: downgraded to '4' from '3', placed on RWN

  -- Support Rating Floor: revised to 'B+' from 'BB-' (BB minus),
     placed on RWN

  -- Senior unsecured debt: downgraded to 'B+' from 'BB-' (BB
     minus); placed on RWN; Recovery Rating assigned at 'RR4'

Eurasian Bank

  -- Long-term foreign currency IDR: affirmed at 'B-' (B minus);
     Outlook changed to Negative from Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

Tsesnabank

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
     (B minus); Outlook changed to Negative from Stable;

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B'

  -- Individual rating: downgraded to 'E' from 'D/E'

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- Senior Unsecured Debt: Downgraded to 'CCC' from 'B-' (B
     minus), Recovery Rating at 'RR4'

JSC Astana Finance

  -- Long-term foreign currency IDR: downgraded to 'B+' from 'BB';
     placed on RWN

  -- Long-term local currency IDR: downgraded to 'B+' from 'BB';
     placed on RWN

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- National Long-term rating: downgraded to 'BBB-(BBB
     minus)(kaz)' from 'A+(Kaz)'; placed on RWN

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: downgraded to '4' from '3', placed on RWN

  -- Support Rating Floor: revised to 'B+' from 'BB', placed on
     RWN

  -- Senior unsecured debt: downgraded to 'B+' from 'BB'; placed
     on RWN, Recovery Rating assigned at 'RR4'

Astana Finance Leasing Company JSC

  -- Long-term foreign currency IDR: downgraded to 'B+' from 'BB';
     placed on RWN

  -- Long-term local currency IDR: downgraded to 'B+' from 'BB';
     placed on RWN

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- National Long-term rating: downgraded to 'BBB-(BBB
     minus)(kaz)' from 'A+(kaz)'; placed on RWN

  -- Support rating: downgraded to '4' from '3', placed on RWN

Development Bank of Kazakhstan

  -- Long-term foreign currency IDR: 'BBB-' (BBB minus); placed on
     RWN

  -- Long-term local currency IDR: 'BBB'; placed on RWN

  -- Short-term foreign currency IDR: 'F3' placed on RWN

  -- Short-term local currency IDR: affirmed at 'F3'

  -- Support rating: '2' placed on RWN

  -- Support Rating Floor: 'BBB-' (BBB minus); placed on RWN

  -- Senior unsecured debt: 'BBB-' (BBB minus); placed on RWN

KazAgroFinance

  -- Long-term foreign currency IDR: 'BB+'; placed on RWN

  -- Long-term local currency IDR: 'BBB-' (BBB minus); placed on
     RWN

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'AA(kaz)'; Outlook
     Stable

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: 'BB+'; placed on RWN


* Fitch Puts Kazakhstan's Ratings on Rating Watch Negative
----------------------------------------------------------
Fitch Ratings has placed Kazakhstan's Long-term foreign currency
Issuer Default Rating of 'BBB-' (BBB minus) and its Long-term
local currency IDR of 'BBB' on Rating Watch Negative.  The rating
action reflects the agency's concern that the authorities' efforts
to manage worsening problems in the economy and banking system are
likely to have an adverse impact on the sovereign's finances in
the relatively near-term.  The agency has simultaneously placed
the country's Short-term rating at 'F3' and Country Ceiling at
'BBB' on Rating Watch Negative.

"Financial stress on Kazakhstan's banking system is intensifying
and Fitch expects that the sovereign may soon have to deploy more
of its fiscal capacity to alleviate the strain, potentially
weakening its own finances," said Andrew Colquhoun, Director in
Fitch's Sovereigns Group.

Kazakhstan moved towards taking public ownership of two of the
country's four biggest banks, BTA ('B+'/ RWN) and Alliance
('B'/RWN), earlier this month.  This testifies to the scale of
problems being faced in the banking system. The sovereign has
already announced it will deploy US$10 billion, some 22% of end-
January FX sovereign external assets of US$45.9 billion
(consisting of official reserves of US$18.2 billion and a US$27.7
billion oil savings fund), to support the banking system and real
economy, directly affecting the public finances.  There is a risk
that further financial support may have to be offered soon to
enable now state-controlled banks to meet their obligations.

The economy is experiencing a sharp adjustment after years of
strong credit-fuelled expansion. GDP growth slowed abruptly to
3.2% in 2008, from the 10% average annual rate seen during 2003-
2007.  Impaired loans, on one official measure, rose to 8% from
3.1% over 2008 and are likely to worsen further as growth
prospects remain weak.  Furthermore, the 25% devaluation of the
country's currency, the tenge, this month will have an adverse
impact on the relatively high share of FX-denominated loans (44%
of total loans at end-2008).

Kazakhstan's sovereign external assets have fallen 7.2% since
September 2008, as lower oil prices have undercut Kazakhstan's
export revenues while borrowers had to meet an estimated US$6.1
billion in external debt repayments in the final quarter of 2008.
The central bank estimates a further US$14 billion in external
debt repayments over 2009, sustaining the pressure on the external
finances.  The authorities have responded by devaluing the tenge
by 25%.  Fitch will continue to monitor the situation closely to
see whether the devaluation will staunch the drain of reserves,
and to assess the impact on broader confidence in the financial
system, including domestic depositor confidence in the currency
and Kazakh banks.

Kazakhstan's ratings continue to benefit from low general
government debt of just 7% of GDP at end-2008, and a sovereign net
foreign creditor position of 28% of GDP, against 'BBB' range
medians of 28% and 8% respectively.  However, this strength could
come under pressure in the near-term from further state spending
to support the financial system, or from state assumption of
banks' debts.  Banks' gross external debts equalled US$41.6
billion at end-September 2008, some 30% of projected GDP, with an
estimated US$8.7 billion falling due in 2009.


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


TITAN ENERGO: Creditors Must File Claims by March 13
----------------------------------------------------
LLC Titan Energo has declared insolvency.  Creditors have until
March 13, 2009, to submit written proofs of claims to:

         Chernyshevsky St. 25
         Alamudun
         Alamudunsky
         Chui
         Kyrgyzstan
         Tel: (0-555) 81-46-47


=================
L I T H U A N I A
=================


BITE LIETUVA: Fitch Downgrades Issuer Default Rating to 'C'
----------------------------------------------------------
Fitch Ratings has downgraded Lithuania-based mobile operator UAB
Bite Lietuva's Issuer Default Rating to 'C' from 'CCC', reflecting
Fitch's belief that the offer by Bite's holding company Bite
Finance International (Cayman) Ltd dated Feb. 18, 2009 to purchase
any and all of the existing senior subordinated notes at a price
below par value constitutes a distressed debt exchange as defined
by Fitch's Distressed Debt Exchange Criteria (report dated April
7, 2006).  The debt purchase will be funded by an equity injection
from Bite's ultimate shareholders, MidEuropa Partners.

Under Fitch's criteria, a DDE results from an exchange offer with
a material reduction in terms (whereby bondholders receive
meaningfully less than par) and which is de facto necessary given
the outcome of various alternatives, even if not explicitly
coercive.  The ultimate effect of the proposed tender offer, if
successful, would be a restructuring of the balance sheet of the
Bite group and a reduction in the outstanding debt, which would be
redeemed at a level significantly below par (at a price of
EUR320 per EUR1000 face value, not including early redemption
fees).  As such, it is considered to be a distressed debt
restructuring and this is supported by Fitch's view expressed last
November when Bite's IDR was downgraded to 'CCC', that the
company's liquidity sources were becoming increasingly limited.
Fitch highlighted at the time that the company remained free cash
flow negative and needed to grow its operational cash flow in
order to continue to service its debt and to avoid a liquidity
crunch.

The exchange offer, if completed as proposed, would significantly
decrease Bite's total debt and interest expense, the latter by up
to approximately EUR10 million per year, which would positively
impact the company's FCF generative ability and forward-looking
liquidity forecasts in comparison to the pre-tender outlook.
Procedurally, if the tender is completed as proposed, Fitch would
lower the IDR on Bite to 'RD', reflecting the DDE event, and
immediately thereafter, Fitch would assign a new IDR to Bite on
the basis of the new capital structure.  Although the post-DDE IDR
will depend on the final amount of the bonds tendered and
cancelled, Fitch anticipates that the IDR could be as high as
'CCC', in line with the IDR pre-tender.

The offer is conditional on 90% acceptance, although it will only
be possible to cancel a maximum of EUR50 million of the notes
outright unless the super-senior RCF lenders agree to waive a pro
rata prepayment right.  Concurrent with the tender, the issuer has
requested consents to remove substantially all the restrictive
covenants and events of default (except for those relating to non-
payment) in the subordinated notes indenture, and to release
collateral.

The instrument rating on the EUR190 million senior secured notes
issued by Bite Finance International BV is simultaneously
downgraded to 'CC'/'RR3' from 'CCC+'/'RR3' and the rating on the
EUR110 million subordinated notes is downgraded to 'C'/'RR6' from
'CC'/'RR6'. The rating of SIA EECF Bella Finco's senior secured
revolving credit facility is also downgraded to 'CC'/'RR3' from
'CCC+'/'RR3'.


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


ALFA BANK: Moody's Downgrades Financial Strength Rating to 'D'
--------------------------------------------------------------
Moody's Investors Service has downgraded to D from D+ the bank
financial strength rating of Alfa Bank (Russia).  Moody's affirmed
the bank's Ba1/Not Prime local currency and foreign currency
deposit ratings and Ba2 foreign currency subordinated debt rating.
All ratings now carry a negative outlook.  Moody's also affirmed
all ratings and outlooks on Alfa Bank Ukraine and Alfa Bank
Kazakhstan, which were unaffected by the current rating action on
Alfa Bank.

Moody's rating action is driven by a combination of the worsening
macroeconomic environment in Russia leading to significant asset
quality deterioration; the relatively low capital cushion and low
provisioning levels to date; and the industry-specific exposures
taken on by the bank.  These factors are expected to translate
into a further deterioration of financial fundamentals of Alfa
Bank over the course of 2009.

"Moody's believes that the credit losses expected to materialise
over the course of 2009 will materially weaken Alfa Bank's capital
position, although this weakening will be partially mitigated by
an additional US$370 million capital injection from the bank's
shareholders, that is currently being registered, and the recently
secured subordinated debt of RUB10.2 billion from
Vnesheconombank," says Yaroslav Sovgyra, a Moscow-based Moody's
Vice President - Senior Credit Officer.

Moody's also notes that Alfa Bank's significant exposure to the
construction sector, which amounted to 104% of its capital at
year-end 2008, and significant foreign currency exposures on both
sides of the bank's balance sheet (approximately 55% of Alfa
Bank's loans and nearly 48% of its liabilities are denominated in
foreign currencies, mainly in US dollars), are likely to further
contribute to asset quality deterioration by the bank over the
course of 2009.

Moody's affirmed Alfa Bank's local currency and foreign currency
debt and deposit ratings (both senior and subordinated), as the
bank currently benefits from a certain degree of systemic support,
which, although assessed as low by Moody's in light of limited
loan and deposit market shares by the bank, results in a one-notch
uplift from the bank's Baseline Credit Assessment (BCA) of Ba2.

Moody's previous rating action on Alfa Bank was on May 4, 2007
when the rating agency upgraded the BFSR to D+ from D; the foreign
currency deposit ratings to Ba1/Not Prime from Ba2/Not Prime; the
foreign currency senior unsecured debt rating to Ba1 from Ba2; and
the foreign currency subordinated debt rating to Ba2 from Ba3,
resulting from the implementation of Moody's Joint Default
Analysis (JDA) and BFSR methodologies.

Headquartered in Moscow, Russia, Alfa Bank is one of Russia's
largest privately owned banking groups in terms of equity, assets,
branches, retail deposits and funds under management, with one of
the largest branch networks in the country.  The bank reported
total unaudited IFRS assets of US$28.9 billion, total
shareholders' equity of US$2.4 billion and a net income of
US$265 million as at June 30, 2008.


CONCENTRATION PLANT LLC: Chita Bankruptcy Hearing Set May 28
------------------------------------------------------------
The Arbitration Court of Chita will convene on May 28, 2009, to
hear bankruptcy supervision procedure on LLC Concentration Plant
(Coal).  The case is docketed under Case No. A784491/2008.

The Temporary Insolvency Manager is:

         G. Vishnyagov
         Post User Box 76
         672027 Chita
         Russia


INTERNATIONAL INDUSTRIAL: S&P Changes Outlook to Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Russia-based International Industrial Bank to negative from
stable.  At the same time, the 'BB-' long-term and 'B' short-term
counterparty credit ratings on the bank were affirmed.

"The outlook revision reflects the increased risks to the bank's
creditworthiness caused by accelerating systemic risks, the sharp
deterioration of Russia's securities and money markets, tightened
liquidity and refinancing possibilities, and rising credit risks,"
said Standard & Poor's credit analyst Elena Romanova.  "Moreover,
high single-name and related-party concentrations on both sides of
the balance sheet, insufficiently diversified funding, and
increasing pressure on IIB's asset quality are among the major
areas of concern."

These constraints are mitigated by the bank's historically high
capitalization, ability to maintain decent asset quality, and good
track record of sustainable core business profitability.

The ratings reflect the bank's stand-alone credit quality and do
not include any uplift for extraordinary external support, either
from its owners or the government.

IIB ranks among Russia's top 20 banks by assets and the top 10 by
capital, and its major business focus continues to be corporate
banking.  The bank's business is closely linked to businesses
related to Mr. Sergei Pugachev, who controls a 76% stake, mainly
because it finances commercial and industrial projects run by
United Industrial Corp., which is affiliated with the bank's
majority shareholder.

IIB's risk profile is dominated by increasing credit risks because
of the rapidly worsening economic and market conditions, its
still-high exposure to related-party projects, as well as
liquidity and funding risks.  These risks are also accentuated by
the bank's expansion ambitions in Russia, including acquisitions
and mergers to gain scale and diversification.  On a positive
note, the bank manages its liquidity risks fairly well, in S&P's
view.

"The outlook is negative because of the potentially negative
impact of the deteriorating operating environment and
macroeconomic factors on IIB's financial profile and performance,"
said Ms. Romanova.  "In particular, S&P expects the bank's
performance to weaken, due to accumulating credit risk, shrinking
margins, expansion ambitions, and a much weaker business
development environment over the next 12-18 months."

Downward rating pressure would arise if IIB's asset quality
deteriorated significantly or the bank undertook risky expansion
activities during the ongoing market turmoil, which would hinder
its asset quality or funding profile.  A positive rating action is
unlikely in the short term, unless the banking sector turbulence
eases and IIB demonstrates resilient stand-alone credit quality.


MORSHANSK MANUFACTORY: Creditors Must File Claims by March 15
-------------------------------------------------------------
Creditors of LLC Morshansk Manufactory (TIN 6826031910, PSRN
1076809000036) (Textile Industry) have until March 15, 2009, to
submit proofs of claims to:

         V. Vorobey
         Temporary Insolvency Manager
         Rechnaya St. 1
         Morshansk
         393950 Tambovskaya
         Russia

The Arbitration Court of Tambovskaya will convene on April 7,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A646937/0810.

The Court is located at:

         The Arbitration Court of Tambovskaya
         Penzenskaya St. 67/12
         392000 Tambov
         Russia

The Debtor can be reached at:

         LLC Morshansk Manufactory
         Rechnaya St. 1
         Morshansk
         393950 Tambovskaya
         Russia


MOS-BAS-UGOL' OJSC: Creditors Must File Claims by April 14
----------------------------------------------------------
Creditors of OJSC Mos-Bas-Ugol' (TIN 7104043570,
PSRN1047100323016) (Lignite Coal Mining) have until April 14,
2009, to submit proofs of claims to:

         D. Porkhunov
         Insolvency Manager
         Office 14
         Prospect Zavrazhnova 5
         Ryazan'
         Russia

The Arbitration Court of Ryazanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A541904/2008 S19.

The Debtor can be reached at:

         OJSC Mos-Bas-Ugol'
         Pavelets
         Skopinskiy
         Ryazanskaya
         Russia


MOSHKOVSKIY BUTTER: Creditors Must File Claims by April 14
----------------------------------------------------------
Creditors of OJSC Moshkovskiy Butter Dairy (TIN 5432100996, PSRN
1025405229541) have until April 14, 2009, to submit proofs of
claims to:

         A. Ledvin
         Insolvency Manager
         Post User Box 22
         630129 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A458785/2008 43/13.

The Debtor can be reached at:

         OJSC Moshkovskiy Butter Dairy
         Zheleznodorozhnaya St. 5
         Moshkovo
         633140 Novosibirskaya
         Russia


PAVSKIY FLAX-PROCESSING: Creditors Must File Claims by April 14
---------------------------------------------------------------
Creditors of OJSC Pavskiy Flax-Processing Plant (TIN 6017000257)
have until April 14, 2009, to submit proofs of claims to:

         Ya. Merkulov
         Insolvency Manager
         Post User Box 20
         Kosmonavtov St. 10
         394038 Voronezh
         Russia

The Arbitration Court of Pskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A525673/2008.

The Debtor can be reached at:

         OJSC Pavskiy Flax-Processing Plant
         Leningradskaya St.
         Pavy
         Porkhovkoy
         182645 Pskovskaya
         Russia


RUS-LES-PROM LLC: Creditors Must File Claims by April 14
--------------------------------------------------------
Creditors of LLC Rus-Les-Prom (TIN 3817017656) (Lumber
Production) have until April 14, 2009, to submit proofs of claims
to:

         N. Kuzakov
         Insolvency Manager
         K. Libknekhta St. 239V
         664081 Irkutsk
         Russia

The Arbitration Court of Irkutskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A198119/0849.

The Debtor can be reached at:

         LLC Rus-Les-Prom
         Indusrial Zone
         Zheleznodorozhnyy
         Ust'-Ilimskiy
         Irkutskaya
         Russia


SEVERSTAL OAO: Steel Production Down 48% in Fourth Quarter 2008
---------------------------------------------------------------
RIA Novosti reported that OAO Severstal's steel production fell
48% in the fourth quarter of 2008 to 3.14 million tons.

According to the report, Severstal's steel output for the whole of
2008 was up 10% on 2007 at 19.2 million tons.

However, the company's fourth quarter 2008 sales were between 15%
and 29% lower than the previous quarter, the report notes.

The company, the report disclosed, produced 17.5 million metric
tons of steel and reported US$15.2 billion in revenues in 2007.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                           *     *     *

As reported in the TCR-Europe on Dec. 1, 2008, Moody's  changed
the outlook of Severstal Ba2 rating to negative.  The rating
action was prompted by recent collapse in demand for steel
products and consequential significant reduction in prices for
steel products especially from the CIS steel producers as well as
the low visibility for prospects of short term recovery and the
current limitations for Russian companies to receive funding from
local and international banks.  At the same time the rating
continues to incorporate the sound business profile of the
company, and anticipates that the company will be able to adjust
its capacity swiftly to remain reasonably profitable and hence
generate free cash-flow in 2009.

As reported by the TCR-Europe on Nov. 18, 2008, Standard & Poor's
Ratings Services revised its outlook on Russia-based steel
producer OAO Severstal to stable from positive.  This
is due to the sharp deterioration in market conditions in the
global steel sector in recent months.

At the same time, the 'BB' long-term corporate credit and senior
unsecured debt ratings, and the 'ruAA' Russia national scale
rating, on Severstal were affirmed.  The recovery ratings on the
notes are unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.


STROY-KOMPLEKS LLC: Creditors Must File Claims by March 15
----------------------------------------------------------
Creditors of LLC Stroy-Kompleks (Construction) have until
March 15, 2009, to submit proofs of claims to:

         A. Vernikovskiy
         Insolvency Manager
         Post User Box 480
         672012 Chita
         Russia

The Arbitration Court of Chitinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A787321/2009,.

The Debtor can be reached at:

         LLC Stroy-Kompleks
         Timiryazeva St. 25
         672038 Chita
         Russia


TVER' TELECOM: Creditors Must File Claims by April 14
-----------------------------------------------------
Creditors of LLC Tver' Telecom (TIN 6905050312, PSRN
1026900519216) (Telecommunication) have until April 14, 2009, to
submit proofs of claims to:

         S. Malakhov
         Insolvency Manager
         Office 224
         Musorskogo St. 12
         170005 Tver'
         Russia

The Arbitration Court of Tverskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A663939/2008.

The Debtor can be reached at:

         LLC Tver' Telecom
         Novotorzhskaya St.24
         Tver'
         Russia


URALSKIY METALL: Court Names Temporary Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Permskiy appointed R. Yusupov as
Temporary Insolvency Manager for LLC Uralskiy Metall (Iron-and-
Steel Industry, Production).  The case is docketed under Case
No. A5017262/2008-B6.  He can be reached at:

         Kirova St. 249V
         Raevskiy
         452122 Bashkortostan
         Russia

The Debtor can be reached at:

         LLC Uralskiy Metall
         Post User Box 246
         Metallistov St. 1
         Lys'va
         618909 Permskiy
         Russia


WOODWORKING PLANT-75 LLC: Creditors Must File Claims by March 15
----------------------------------------------------------------
Creditors of LLC Woodworking Plant-75 (TIN 7537012067) have until
March 15, 2009, to submit proofs of claims to:

         V. Yan'kov
         Temporary Insolvency Manager
         Post User Box 917
         672042 Chita-42
         Russia

The Arbitration Court of Zabaykalskiy commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A78
1563/2008-B-54.

The Debtor can be reached at:

         LLC Woodworking Plant-75
         Prirel'sovaya Baza Novoorlovskogo GOKa St.
         Mogoytuy
         Zabaykalskiy
         Russia


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


CAJA DE AHORROS: Fitch Downgrades Individual Rating to 'E'
----------------------------------------------------------
Fitch Ratings has downgraded Caja de Ahorros de Castilla la
Mancha's Long-term Issuer Default rating to 'BB+' from 'BBB+',
Short-term IDR to 'B' from 'F2' and Individual rating to 'E' from
'C'.  At the same time, Fitch has affirmed CCM's Support rating at
'3' and Support Rating Floor at 'BB+', which indicate that there
is a moderate probability of support.  CCM's Long-term IDR is now
at the Support Rating Floor and the Outlook on this rating is
Stable.

Fitch has also downgraded CCM's senior debt to 'BB+' from 'BBB+'
and subordinated debt to 'BB' from 'BBB'.  For CCM's hybrid
capital issues, the agency has also downgraded the outstanding
EUR250 million Upper Tier 2 debt to 'BB-' (BB minus) from 'BBB'
and outstanding EUR205 million preference shares to 'B+' from
'BB+', in line with Fitch's criteria for rating capital
instruments.  The Upper Tier 2 debt and preference share issues
have been placed on Rating Watch Negative.  Fitch's downgrade of
preference shares reflects the agency's view that the possibility
of coupon deferral has increased.

The rating actions reflect the negative impact of the sharp
ongoing adjustment in the Spanish economy and property sector on
CCM's asset quality and profitability, in the context of a tight
capital base.  Given expected further sharp deterioration in asset
quality and tight capital, Fitch believes that CCM is likely to
require external support, which is reflected in the downgrade of
the Individual rating.  The agency believes support could be
forthcoming through a capital injection by the Spanish state
and/or a merger with a stronger savings bank; this underpins the
Support Rating Floor of 'BB+'.  It is uncertain as to how and when
support for CCM would be executed.

CCM has high-risk concentration in the construction and real
estate sectors (44% of lending at end-H108) and in individual
names. CCM's impaired/total loans ratio rose to 3.1% at end-H108
from 0.5% at end-2007 and Fitch expects further deterioration as
the number of real estate companies filing for creditor protection
in Spain has risen significantly since H208.  Profitability will
continue to be affected by pressure on net interest margin and
lower revenues from real estate subsidiaries, as well as by higher
loan loss provisions, affecting internal capital generation and
capital levels.  At end-H108, CCM's reported Basel II regulatory
Tier 1 capital ratio was tight at 5.67%.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's individual ratings and the prospect of external support
is reflected in Fitch's support ratings.

Based in the region of Castilla La Mancha, CCM is the parent of
Spain's 12th-largest caja by assets.


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


FOSSILE BRENNSTOFF: Creditors Must File Claims by Feb. 27
---------------------------------------------------------
Creditors owed money by LLC Fossile Brennstoff-Transporte are
requested to file their proofs of claim by Feb. 27, 2009, to:

         Benedikt Moritz
         Tschingel 10
         9496 Balzers
         Switzerland

The company is currently undergoing liquidation in Igis.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 27, 2008.


FUN-SPA LLC: Deadline to File Proofs of Claim Set February 26
-------------------------------------------------------------
Creditors owed money by LLC Fun-Spa are requested to file their
proofs of claim by Feb. 26, 2009, to:

         Verena Frieda Mani-Rinklin
         Liquidator
         Buhlweidli 41
         3645 Zwieselberg
         Switzerland

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


GENTIANE RESEARCH: Creditors Have Until Feb. 27 to File Claims
--------------------------------------------------------------
Creditors owed money by JSC Gentiane Research are requested to
file their proofs of claim by Feb. 27, 2009, to:

         Hofstrasse 1a
         6300 Zug
         Switzerland

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


I.B.O. CONSULTING: Feb. 26 Set as Claims Filing Deadline
--------------------------------------------------------
Creditors owed money by LLC I.B.O. Consulting are requested to
file their proofs of claim by Feb. 26, 2009, to:

         Andreas Stauffer
         Liquidator
         JSC BDS Consulting
         Vordergasse 3
         8200 Schaffhausen
         Switzerland

The company is currently undergoing liquidation in Schaffhausen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 26, 2009.


MONTAGETEAM DOLL: Creditors' Proofs of Claim Due by February 26
---------------------------------------------------------------
Creditors owed money by LLC Montageteam Doll are requested to file
their proofs of claim by Feb. 26, 2009, to:

         Dominique Doll
         Liquidator
         Leeacherstrasse 1
         8132 Egg
         Switzerland

The company is currently undergoing liquidation in Egg ZH.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 25, 2007.


PIAZZA FASHION: February 26 Set as Deadline to File Claims
----------------------------------------------------------
Creditors owed money by LLC Piazza Fashion are requested to file
their proofs of claim by Feb. 26, 2009, to:

         Leo Kuhn
         Schoenhaldenstrasse 11
         8708 Mannedorf
         Switzerland

The company is currently undergoing liquidation in Opfikon ZH.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 8, 2008.


ROELL'ISS LLC: Creditors Must File Proofs of Claim by Feb. 27
-------------------------------------------------------------
Creditors owed money by LLC Roell'iss are requested to file their
proofs of claim by Feb. 27, 2009, to:

         Gestion Annemarie Wider
         Sulgeneckstrasse 35
         Mail Box: 3000
         Bern 23
         Switzerland

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


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


DNIEPRO-PRODUCT LLC: Creditors Must File Claims by March 6
----------------------------------------------------------
Creditors of LLC Dniepro-Product (EDRPOU 32780963) have until
March 6, 2009, to submit proofs of claim to:

         V. Androsova
         Insolvency Manager
         Yangel St. 17/112
         49089 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk has begun bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No B26/177-08.

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev St. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Dniepro-Product
         152nd Division St. 3
         49033 Dnepropetrovsk
         Ukraine


DOVIRA LLC: Creditors Must File Claims by March 6
-------------------------------------------------
Creditors of LLC DOVIRA (EDRPOU 30896744) have until March 6,
2009, to submit proofs of claim to:

         Y. Sidorchuk
         Insolvency Manager
         Zhuravlevka St. 13
         Krasnopelka
         Gaysin
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 5/5-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway St. 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Dovira
         Molodezhnaya St. 3
         Kivachevka
         Teplitsky
         23800 Vinnitsa
         Ukraine


EQUIPMENT INSTALLING: Court Starts Bankruptcy Procedure
-------------------------------------------------------
The Economic Court of Dnepropetrovsk has begun bankruptcy
supervision procedure on LLC Building Bathroom Equipment
Installing (EDRPOU 31735544).

The Temporary Insolvency Manager is:

         Arbitral Manager O. Shramko
         Office 9
         Independency of Ukraine St. 26
         Krivoy Rog
         50000 Dnepropetrovsk
         Ukraine

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev St. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Building Bathroom Equipment Installing
         Ordzhonikidze St. 3/3
         Krivoy Rog
         50051 Dnepropetrovsk
         Ukraine


GALICH LLC: Creditors Must File Claims by March 6
-------------------------------------------------
Creditors of LLC GALICH (EDRPOU 20812800) have until March 6,
2009, to submit proofs of claim to:

         S. Lipsky
         Insolvency Manager
         Post Office Box 4389
         79013 Lvov
         Ukraine

The Economic Court of Lvov has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 29/101.

The Court is located at:

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

The Debtor can be reached at:

         LLC Galich
         Shevchenko St. 144/19
         Lvov
         Ukraine


LEVADA LLC: Creditors Must File Claims by March 5
-------------------------------------------------
Creditors of LLC LEVADA (EDRPOU 31716469) have until March 5,
2009, to submit proofs of claim to:

         Arbitral Manager V. Matuschak
         Insolvency Manager
         Office 151
         G. Skovoroda St. 14
         29000 Hmelnitsky
         Ukraine

The Economic Court of Hmelnitsky has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 7/170-?.

The Court is located at:

         The Economic Court of Hmelnitsky
         Independency square 1
         29000 Hmelnitsky
         Ukraine

The Debtor can be reached at:

         LLC Levada
         Gvardeyskoye
         Hmelnitsky
         Ukraine


PROMIN AGRICULTURAL LLC: Creditors Must File Claims by March 5
--------------------------------------------------------------
Creditors of Agricultural LLC Promin (EDRPOU 03787561) have until
March 5, 2009, to submit proofs of claim to:

         Arbitral Manager V. Matuschak
         Insolvency Manager
         Office 151
         G. Skovoroda St. 14
         29000 Hmelnitsky
         Ukraine

The Economic Court of Hmelnitsky has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 7/169-?.

The Court is located at:

         The Economic Court of Hmelnitsky
         Independency square 1
         29000 Hmelnitsky
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Promin
         Novichi
         Hmelnitsky
         Ukraine


RADUGA LLC: Creditors Must File Claims by March 5
-------------------------------------------------
Creditors of LLC Agricultural and Industrial Firm Raduga (EDRPOU
24205681) have until March 5, 2009, to submit proofs of claim to:

         Arbitral Manager E. Deynegina
         Insolvency Manager
         Office 13
         Sovetskaya St. 59a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 22/132?.

The Court is located at:

         The Economic Court of Lugansk
         Great Patriotic War square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Agricultural and Industrial Firm Raduga
         Oktiabrskaya St. 15
         Varvarovka
         Kremen
         92934 Lugansk
         Ukraine


VETSANZAVOD KALINOVKA: Court Starts Bankruptcy Procedure
--------------------------------------------------------
The Economic Court of Vinnitsa has begun bankruptcy supervision
procedure on Kalinovka State Plant on Production of Meat and Bones
Flour Vetsanzavod (EDRPOU 00689102).

The Temporary Insolvency Manager is:

         Arbitral Manager S. Malakhov
         Keletskaya St. 126/137
         Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway St. 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Kalinovka State Plant on Production of
         Meat and Bones Flour Vetsanzavod
         Zheleznodorozhnaya St. 1
         Gulevtsy
         Kalinovka
         22447 Vinnitsa
         Ukraine


* Fitch Cuts BFSRs of Five Foreign-Owned Ukrainian Banks
--------------------------------------------------------
Fitch Ratings has downgraded the Individual ratings of five
foreign-owned Ukrainian banks: UkrSibbank, Ukrsotsbank and
ProCredit Ukraine to 'D/E' from 'D' and Pravex Bank and VTB
Ukraine to 'E' from 'D/E'.  Individual ratings reflect Fitch's
view of the probability that a bank will fail and require support
to avoid default.

The rating actions follow the completion of a review of all seven
foreign-owned rated Ukrainian banks.  The review took into account
the heightened liquidity and asset quality risks and greater
pressure on capital which Ukrainian banks have faced due to the
sharp depreciation of the UAH in Q408, as well as the weaker
outlook for the Ukrainian economy.  Earlier, Fitch affirmed the
Individual rating of Bank Forum at 'D/E' and downgraded the
Individual rating of Swedbank (Ukraine) to 'E' from 'D/E' (see
announcement of January 26, 2009).

The Long-term foreign currency IDRs of all seven foreign-owned
banks are capped by Ukraine's Country Ceiling of 'B', and were
downgraded last week following the downgrade of Ukraine's
sovereign rating (see announcement of February 13, 2009).
Fitch will publish separate commentaries on the ratings and
current financial position of each of UkrSibbank, Ukrsotsbank,
ProCredit Ukraine, Pravex and VTB (Ukraine).

Rating actions:

ProCredit Bank (Ukraine):

  -- Individual rating: downgraded to 'D/E' from 'D'

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Negative

  -- Long-term local currency IDR: affirmed at 'B+'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Short-term local currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '4'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

JSC VTB Bank (Ukraine):

  -- Individual rating: downgraded to 'E' from 'D/E'

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Negative

  -- Long-term local currency IDR: affirmed at 'B+'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '4'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

JSCIB UkrSibbank:

  -- Individual rating: downgraded to 'D/E' from 'D'

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Negative

  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4'

  -- Long-term local currency IDR: affirmed at 'B+'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '4'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

Ukrsotsbank:

  -- Individual rating: downgraded to 'D/E' from 'D'

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Negative

  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4',

  -- Long-term local currency IDR: affirmed at 'B+'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '4'

Pravex Bank:

  -- Individual rating: downgraded to 'E' from 'D/E'

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Negative

  -- Long-term local currency IDR: affirmed at 'B+'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '4'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable


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


COUNTRYWIDE HOMES: Appoints Joint Administrators from BDO
---------------------------------------------------------
C. K. Rayment and S. Bannon of BDO Stoy Hayward LLP were appointed
joint administrators of Countrywide Homes Ltd. on Feb. 6, 2009.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


CUSTOM HOMES: Appoints Joint Liquidators from Tenon Recovery
------------------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were
appointed joint liquidators of Custom Homes Ltd. on Feb. 4, 2009,
for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


DAISYCHAIN INNS: Names Joint Liquidators from PKF
-------------------------------------------------
Edward Terence Kerr and Ian James Gould of PKF (UK) LLP were
appointed joint liquidators of Daisychain Inns Ltd. on Jan. 30,
2009, for the creditors' voluntary winding-up proceeding.

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

         Regent House
         Clinton Avenue
         Nottingham
         NG5 1AZ
         England


DANKA BUSINESS: Reports Increased Distribution to ADS Holders
-------------------------------------------------------------
On February 11, 2009, Danka Business Systems PLC (OTC BB:
DANKY.OB) reported that, following discussions between the
Company's convertible participating shareholders and certain
holders of Danka's American Depositary Shares, the Participating
Shareholders have agreed to an increase in the amount payable out
of the proceeds of the proposed Members' Voluntary Liquidation to
all persons who hold Danka ADSs as at the time at which the MVL
commences to a cash payment equal to US$0.12 per ADS or US$0.03
per ordinary share.

The Company also disclosed that, pursuant to a voting agreement
entered into among certain holders of Danka ADSs, including DCML
LLC and Ironwood Investment Management, LLC, and the Company on
February 11, 2009, each of the Committed Holders has agreed to
vote their entire respective holdings of Danka ADSs in favor of
the MVL and related resolutions to be proposed at the
Extraordinary General Meeting of the Company to be held on
February 19, 2009.

The Committed Holders collectively hold the right to vote
approximately 25,558,409 ADSs, which represent 102,233,636
ordinary shares, representing approximately 27% of the voting
rights exercizable at the EGM.  Cypress Merchant Banking Partners
II L.P. and certain of its affiliates, which collectively hold
Participating Shares representing approximately 29.9% of the
voting rights exercizable at the EGM, have affirmed their
agreement to vote in favor of the MVL and related proposals.

The obligations of the Participating Shareholders under a deed of
undertaking entered into with the Company to, among other things,
instruct the liquidators appointed in the MVL to make the
increased payment to all persons who hold Danka ordinary shares
and ADSs are conditional on the resolution to approve the MVL
being duly approved by the requisite majority at the EGM-i.e., by
the affirmative vote of 75% or more of the votes cast-and such
obligations of the Participating Shareholders will terminate on
the earlier of (i) February 28, 2009, and (ii) the resolution to
approve the MVL to be proposed at the EGM failing to be approved
by the requisite majority at the EGM.

If Danka shareholders do not approve the MVL, there is no
guarantee that any future alternative chosen by the Company's
Board of Directors to distribute the Company's net cash will
result in any return to ADS holders.  In addition, there can be no
guarantee that, should the proposed MVL not be approved at the
EGM, the holders of the Participating Shares will not take
action(s) that may be available to them under applicable law, for
example seeking an involuntary winding up of the Company, to
recover amounts to which they are entitled pursuant to the
Company's Articles of Association and which must be paid to them
before ADS holders are entitled to receive any return on a winding
up of the Company.  Accordingly, in an involuntary liquidation, it
is unlikely that ADS holders would receive any distribution.  The
Company has been advised by the Cypress Shareholders that they
intend to file an application in the near future seeking the
involuntary winding up of the Company under the provisions of the
UK Insolvency Act.  The Cypress Shareholders have also informed
the Company that, in the event that the MVL is rejected once
again, they will seek the support of the Company's management and
Board of Directors for the involuntary liquidation application.

The Company's Board of Directors -- with the two directors
appointed by the Cypress Shareholders abstaining -- continues to
recommend that Danka shareholders vote in favor of the resolutions
to be proposed at the EGM.

Further information regarding the resolutions to be proposed at
the EGM is set forth in the Notice of Extraordinary General
Meeting and proxy statement filed with the SEC on January 20,
2009, and mailed to holders of ADSs on or about that date.  ADS
holders are encouraged to read the proxy statement, including its
annexes, in its entirety.

The Company urges ADS holders to act promptly so that their votes
can be represented at the EGM.  ADS holders must submit their
voting instructions in time for such instructions to be received
by The Bank of New York Mellon, as depositary, no later than 5:00
p.m. (New York time) on February 17, 2009.  A voting instruction
form to be used by holders of Danka ADSs in connection with the
resolutions to be proposed at the EGM accompanied the proxy
statement previously mailed to ADS holders.

If any ADS holder would like to change any voting instructions
that have already been returned, please contact the Company's
proxy solicitor, Innisfree M&A Incorporated, as quickly as
possible.  Holders may contact Innisfree toll-free at (888) 750-
5834, with any questions about the MVL and the EGM, including the
procedures for voting Danka ADSs.

                   About Danka Business Systems

Headquartered in St. Petersburg, Florida, Danka Business Systems
PLC (LON: DNK) -- http://www.danka.com/-- offers document
solutions including office imaging equipment: digital and color
copiers, digital and color multifunction peripherals printers,
facsimile machines, and software in the United States.  It also
provides a range of contract services, including professional and
consulting services, maintenance, supplies, leasing arrangements,
technical support and training, collectively referred to as Danka
Document Services.

The company's revenue is generated from two primary sources: new
retail equipment, supplies and related sales, and service
contracts.  Danka sells Canon products, as well as Kodak, Toshiba
and Hewlett-Packard.

On Aug. 31, 2006, the company sold its subsidiary, Danka
Australasia PTY Limited to Onesource Group Limited.  In January
2007, the company disposed of its European businesses to Ricoh
Europe B.V.

                     Going Concern Doubt

As reported in the Troubled Company Reporter on July 24, 2008,
Ernst & Young LLP in Tampa, Fla., raised substantial doubt about
Danka Business Systems PLC's ability to continue as a going
concern after auditing the company's financial statements for the
year ended March 31, 2008.  The auditing firm stated that the
company has incurred recurring operating losses, has a working
capital deficit and has not complied with certain covenants of
loan agreements with a bank.  In addition, on June 27, 2008, the
company sold its remaining operations to Konica Minolta Business
Solutions U.S.A., Inc.

As of December 31, 2008, the Company's balance sheet showed total
assets of US$74,371,000, total liabilities of US$10,045,000 and
6.5% senior convertible participating shares of US$388,191,000,
resulting in total shareholders' deficit of US$323,865,000.


DRAYTON BEAUMONT: Goes Into Liquidation; Ceases Trading
-------------------------------------------------------
Walley Street, Burslem-based pottery firm Drayton Beaumont Kilns
Ltd has gone into liquidation after trading for almost 50 years,
thisisstaffordshire.co.uk reports.  Marshall Peters was appointed
as liquidator of the company, which employed 50 people in 2007.

The report relates the company and its repair unit, Kilnstruct
Ltd, which was also placed in liquidation, ceased trading on
Feb. 10 following a torrid period for the ceramic industry.

A creditors' meeting for both firms is set to take place at
11:00 a.m. on Feb. 27 at Crewe Hotel, the report discloses.

According to the report, Draymont Beaumont was predicting a 10 per
cent rise in turnover, to GBP9 million but got hit by the
recession.

"The economic climate is directly taking its toll on the ceramic
industry and it is very difficult to forecast that there is any
good news for the supply chain," the report quoted Sue Evans,
chief executive of the Ceramic Industry Forum, which provides
support for pottery firms, as saying.  "When you have got
manufacturers that are having such difficulties getting into the
marketplace it is going to impact down the chain. This is more
evidence that the recession is having a major effect."


EURO SHOPFITTING: Appoints Administrators from Tenon Recovery
-------------------------------------------------------------
Timothy John Edward Dolder and Colin David Wilson of Tenon
Recovery were appointed joint administrators of Euro Shopfitting
Ltd. on Feb. 4, 2009.

The company can be reached at:

         Euro Shopfitting Ltd.
         Bilton Way
         Lutterworth
         Leicester
         LE17 4JA
         England


GAINMANOR LTD: Taps Joint Liquidators from Tenon Recovery
---------------------------------------------------------
Steven P. Ross and Ian W. Kings of Tenon Recovery were appointed
joint liquidators of Gainmanor Ltd. on Jan. 27, 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


GMT EUROPE: Goes Into Administration
------------------------------------
Staffordshire-based haulage firm GMT Europe, formerly Geoff Martin
Transport, has gone into administration, roadtransport.com
reports.

According to the report, the administration process is being
handled by Redfern Partnership.

The report recalls Intercity Enterprises acquired the business
from owner Geoff Martin in March 2007.  Andrew Smith and Brian
Miles, Intercity's owners, were installed as GMT's directors.

GMT, the report discloses, provided haulage to CAB Automotive, an
automotive manufacturer also run by Mr. Smith and Mr. Miles.


JJB SPORTS: Administrators Appointed to Lifestyle Division
----------------------------------------------------------
Richard Fleming, David Costley-Wood and Blair Nimmo from KPMG LLP
were appointed administrators to two subsidiaries of JJB Sports
plc, Original Shoe Company Limited and Qubefootwear Limited.

OSC is a retailer of branded lifestyle clothing and footwear
operating out of 64 stores across the UK, while Qube is a retailer
of fashion footwear operating out of 13 stores.

As a result of the administration, 37 of the OSC stores and eight
of the Qube stores have closed with immediate effect, resulting in
a total of 438 redundancies.  The remaining stores will continue
to trade under the management of the administrators.

It was announced that notice to appoint administrators to OSC and
Qube was filed in court on Tuesday, Feb. 10.

Richard Fleming, joint administrator and head of KPMG
Restructuring in the UK, said: "It has been well documented that
both companies have been running at a substantial loss in the wake
of extremely tough trading conditions on the high street.
Unfortunately, these losses have left us with little option but to
close 45 of the stores upon appointment.  We intend to consolidate
all stock into the remaining 32 stores, and trade these while we
seek a buyer for the remainder of the division."

Parties interested in acquiring the remaining stores and any
assets of the two subsidiaries should contact the administrators
as soon as possible.

                  About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.

On Oct. 2, 2008, the TCR-Europe reported that Deloitte & Touche
LLP raised going concern issues about JJB Sport plc's interim
report and condensed financial statements for the 26 weeks to
July 27, 2008.

Deloitte pointed to material uncertainties that may cast
significant doubt on the group's ability to continue as a going
concern.  These material uncertainties comprise:

    * ongoing availability of the original facilities given the
      actual and projected covenant breaches;

    * the ability to repay the bridging facility from asset
      sales or seasonal cash flows;

    * achieving the sale of non-core businesses and/or assets
      within the timescales and at the values projected; and

    * the achievability of forecasts and key assumptions within
      the forecasts.

Deloitte warned there is a risk that the material uncertainties as
to the group's ability to continue as a going concern may not be
resolved satisfactorily.


JESSE SHIRLEY: Sold to Hajco 377; 40 Jobs Saved
-----------------------------------------------
The administrators of Jesse Shirley & Son Limited, the Potteries-
based supplier of boneash to the fine china industry, said that
they have sold the business and assets of the company to Hajco 377
Limited, preserving 40 jobs at the firm's base in Etruria,
Staffordshire.

Hajco was founded by entrepreneur Ahmed Mohamed Elawad and,
working with fellow shareholder, Mike Shirley, the firm will
continue to trade from the Jesse Shirley & Son premises in
Etruria.  The current directors and managers will continue to run
the company with Mike Shirley as M.D.  The firm will trade under
Jesse Shirley & Son Ltd name.

Richard Philpott, joint administrator and partner at KPMG
Restructuring, said, "We are absolutely delighted to have
completed the going concern sale of Jesse Shirley & Son, saving 40
jobs in the Potteries area.  Against a difficult economic climate,
this is a particularly good result for all those connected with
the business and we would like to thank everyone for their support
over the last four weeks."

Mr. Philpott added, "I can also confirm that the administrators
remain in negotiations with interested parties in respect of the
Hudson and Middleton Limited business and hope to conclude a sale
in due course."

Richard Philpott and Allan Graham from KPMG were appointed
administrators to Jesse Shirley & Son Limited and Hudson and
Middleton Limited at the request of the company directors on
January 20, 2009.

As reported in the TCR-Europe on Jan. 22, 2009, Mr. Philpott said:
"The current climate is an extremely difficult time for the fine
china industry as a whole; however, following the administration
of Wedgwood the company has experienced a 30% decline in turnover
and suffered a bad debt of approximately GBP120,000 across the two
companies.  This, together with the tightening of trade credit,
has led to the businesses' recent cash flow difficulties and the
directors had no option but to make the decision to call in the
administrators."

The report said 36 staff were made redundant at Jesse Shirley &
Son Limited and 19 at Hudson and Middleton.


LE-AL LTD: Names Joint Administrators from Grant Thornton
---------------------------------------------------------
Leslie Ross and David Riley of Grant Thornton UK LLP were
appointed joint administrators of Le-Al (Associates) Ltd. on
Feb. 9, 2009.

The company can be reached at:

         Le-Al (Associates) Ltd.
         Zenith House
         Cromwell Road
         Bredbury
         Stockport
         Cheshire
         SK6 2RF
         England


MECOM GROUP: Sells Northwestern Norwegian Assets for NOK559.3 Mln
-----------------------------------------------------------------
Mecom Group plc, through Edda Media AS, Mecom's Norwegian
subsidiary, has entered into an agreement to sell Sunnmorsposten
AS, Romsdals Budstikke AS and the Northwestern assets of Edda
Distribusjon AS and Edda Ressurs AS to Polaris Media AS for an
enterprise value of NOK559.3 million (approximately GBP55.9
million), resulting in net cash proceeds after transaction fees
and closing adjustments of approximately GBP54.4 million.  The
disposal is expected to complete in the first half of 2009.

                    Disposal of the Businesses

Under the terms of the Sale and Purchase Agreement, Mecom has
agreed to sell the Businesses for a cash consideration of NOK675.0
million (approximately GBP67.4 million), including approximately
NOK115.7 million (approximately GBP11.6 million) relating to cash
sold with the Businesses, payable at completion.  The disposal is
conditional upon approval from Mecom's banks and shareholders, in
relation to which a circular will be sent to the shareholders in
due course, as well as Norwegian antitrust and regulatory
clearance.

The transaction includes the sale of two leading media houses on
the Northwestern coast of Norway, Sunnmorsposten AS and Romsdals
Budstikke AS.  These businesses publish the Sunnmorsposten and the
Romsdals Budstikke daily newspapers with a daily circulation of
32,667 copies and 18,167 copies, respectively.  Both newspapers
are strong brands and have been operating in the region for more
than 120 years.  In addition to these titles, Sunnmorsposten AS
and Romsdals Budstikke AS produce seven wholly owned local
newspapers and three partly owned local newspapers, which are
produced between one and three times a week.  All the newspaper
titles have their own companion websites, of which www.smp.no has
85,000 weekly unique users and www.rbnett.no has 50,000 weekly
unique users.

The transaction also includes the Northwestern Norway printing and
distribution assets and activities of Edda Ressurs AS and Edda
Distribusjon AS respectively.  The printing operations print all
the titles of Sunnmorsposten AS and Romsdals Budstikke AS in
addition to other third parties titles.  The distribution network
serves the titles held in Sunnmorsposten AS and Romsdals Budstikke
AS and distributes third party titles in the region.

As at December 31, 2007, the Businesses had gross assets of
NOK824.9 million (approximately GBP82.4 million) and, in the
financial year ended December 31, 2007, contributed NOK58.8
million (approximately GBP5.9 million) to the Group's overall
profit before taxation (before exceptionals and amortization of
acquired intangibles).

                         Use of Proceeds

The disposal, following on from the sale of Mecom's German
operations, is part of the Group's strategy to strengthen its
balance sheet and ensure Mecom, with its remaining Dutch, Danish,
Norwegian and Polish businesses, is in a stronger position to
operate successfully in the currentmarket conditions.  As a
result, the proceeds from this disposal will be used to reduce
Group borrowings by approximately GBP54.4 million.

Commenting on the disposal, David Montgomery, Chief Executive of
Mecom, said: "We are pleased with the agreement we have signed
with Polaris in relation to our operations in Northwestern Norway
and believe, as with the sale of the Mecom's German operations,
that we have delivered value to shareholders by strengthening
Mecom's balance sheet in the current market.  As previously
stated, the Board is confident that the continued strategy of
reducing debt and focusing on our core assets greatly improves the
position and prospects of the Group . We would like to thank the
management and employees in Northwestern Norway for their hard
work and wish them well for the future.

                          Covenant Test

The Daily Telegraph relates Mecom sold its Norwegian newspaper
assets ahead of a crucial covenant test at the end of the month
and in the wake of an attempted boardroom coup.

As reported in the TCR-Europe on Jan. 2, 2009, Mecom's banks
agreed to defer its covenant test date from December 31, 2008 to
February 28, 2009.  Mecom agreed an initial fee of approximately
EUR2.5 million and an increase in the core lending margin of
approximately 175 basis points.

                   Disposal of German Businesss

As reported in the TCR-Europe on Jan. 15, 2009, citing The
Financial Times, Mecom sold its titles in Germany to Cologne-based
M. DuMont Schauberg for EUR152 million (US$204 million).

M. DuMont Schauberg bought the Berliner Zeitung, Hamburger
Morgenpost and several other titles from Mecom, the FT recalled.

The titles being sold contributed about EUR20 million of Mecom's
estimated EUR163 million of earnings before interest, tax,
depreciation and amortization last year, the FT said.

Simon Davies, a media analyst at RBS, as cited by the FT, said if
Mecom realized a net GBP125 million (US$185 million) from the sale
of the German business, its net debt/ebitda ratio would fall to
just under the 3.5 times necessary to honor its bank covenants,
which will be applied at the end of February.

                          Covenant Breach

On Jan. 15, 2009, the TCR-Europe reported that according to
The Financial Times, Mecom, which has a net debt of about
EUR650 million, is still at risk of breaching its covenants at the
end of June.   In a Dec. 22 report, The Daily Telegraph stated
Mecom's debt pile GBP571 million in November - dwarfs its market
capitalization of GBP17.3 million.

                       Overhaul of Advisers

David Montgomery, Mecom's executive chairman, has appointed debt
advisory firm MPC Partners to lead debt restructuring talks, the
Daily Telegrpah discloses.

Mr. Montgomery has also replaced Numis Securities with Cenkos as
joint broker and swapped law firm Freshfields for Allen & Overy,
the Daily Telegraph notes.

                      About Mecom Group plc

Headquartered in London, Mecom Group plc -- http://www.mecom.co.uk
-- is engaged in the acquisition and operation of newspaper
publishing and content businesses in Europe.  The company owns
over 300 titles in its five divisions, with operations in the
Netherlands, Denmark, Norway, Germany and Poland, together
publishing approximately 30 million copies a week.


MISTVALLEY LTD: Taps Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Timothy John Edward Dolder and Colin David Wilson of Tenon
Recovery were appointed joint administrators of Mistvalley Ltd. on
Feb. 4, 2009.

The company can be reached at:

         Mistvalley Ltd.
         CBX II
         West Wing
         382-390 Midsummer Boulevard
         Milton Keynes
         MK9 2RG
         England


ROYAL BANK: Former QC Takes Legal Action Over Rights Issue
----------------------------------------------------------
BBC News reports that Ian Hamilton, a former QC, has raised a
civil court case against Royal Bank of Scotland at Oban Sheriff
Court's small claims court.

Mr. Hamilton, 83, claimed RBS was already insolvent when it
launched a GBP12 billion rights issue in April last year, the
report relates.

The bank was "negligent in representing themselves as solvent at
all material times when in fact they were insolvent," the report
quoted Mr. Hamilton as saying.

The report recalls Mr. Hamilton bought 640 shares at GBP2 per
share in April's rights issue.  According to the report, the
shares are now valued at less than 20p.

The report discloses laywers for RBS want the case to be held in a
higher court as it is an action of "exception complexity".

The report states according to solicitor advocate Joyce Cullen,
representing RBS, the action would include "detailed pleadings"
and there was no provision for this in the small claims court.
She noted the bank was denying all the claims made by Mr.
Hamilton, the report adds.

However, Mr. Hamilton insisted the case should remain in the small
claims court, the report notes.  Mr. Hamilton said he will abandon
the case if it is moved to the higher court, such as the sheriff
court, where it was likely to take some time to be heard, the
report recounts.

Mr. Hamilton, as cited by the report, said he was "sheltering
under the rule" that in the small claims court expenses were
limited to GBP150.

The court also heard the former QC was opposing the motion to move
the case because of his age and frailty, the report says.


STYLO PLC: 150 Stores & 165 Concession Outlets Sold to Mg't. Team
-----------------------------------------------------------------
Stylo plc's 160 stores and 165 concession outlets have been sold
to the existing management team, led by Michael Ziff.  The sale
will safeguard 3,000 jobs.

Neville Kahn, Deloitte partner and joint administrator commented:
"Given the difficult trading environment, we are pleased to have
achieved a deal which will save 160 Stylo stores and 165
concession outlets across the UK and Ireland, thereby safeguarding
3,000 jobs.  Due to difficult short term financial difficulties
and the long term sector outlook, however, the store portfolio was
deemed to be too large, and unable to generate sufficient profits
to cover its cost base.  As a result, the remaining 220 stores
will be closed imminently, with the regrettable loss of 2,500
jobs.

"We will be working closely with the Redundancy Payments Office
and Job Centre Plus to provide support for all staff, which will
include a fast track process for paying redundancy entitlements.
We are extremely grateful to the staff and management for their
support throughout this difficult period.

"While the core focus of the administrators was on the delivery of
the CVA, we were aware that there was significant risk that it
would not be approved.  In order to plan for a failure of the CVA,
since our appointment we have also run a formal sale process to
identify buyers for all or part of the business.  The deal that
was achieved as a result of this process means that the Barratts
and Priceless brands will continue on the High Street."

                Company Voluntary Arrangement

As reported in the TCR-Europe on Feb. 17, 2009, citing The Daily
Telegraph, Stylo slipped into into administration after creditors
and landlords rejected Thursday a proposal to place its trading
subsidiaries, Barratts Shoes and Priceless Shoes, into a company
voluntary arrangement (CVA).

The CVAs under which creditors and landlords are asked to change
the terms of their contracts would have given Stylo the
opportunity to continue trading and potentially turn itself
around, The Daily Telegraph disclosed.

The rejection of the CVA proposal has put 5,400 jobs at risk, The
Daily Telegraph noted.  The Daily Telegraph added a "rapid sale"
of assets was also likely.

Daniel Butters, Deloitte partner and joint administrator, said "As
a consequence we will now seek to achieve a sale as a going
concern to preserve as many jobs as possible.  We are in focused
talks with interested parties in an effort to deliver a swift
solution."

The Daily Telegraph stated the landlords were concerned the scheme
would leave them with hundreds of empty properties across the UK
and set a dangerous precedent.

Citing City sources, The Times revealed Hammerson, which owns five
properties occupied by Stylo, had led opposition to the move.

According to The Sunday Times, creditors have been warned they
could get between nothing and 10p in the pound now that the CVA
has been rejected.

As reported in the TCR-Europe on Jan. 28, 2009, Daniel Butters,
Neville Kahn, and Lee Manning of Deloitte LLP, the business
advisory firm, were appointed joint administrators of Barratts
Shoes and Priceless Shoes, the trading subsidiaries of Stylo,
the high street shoe retailer.

The statutory entities in administration were:

   -- Stylo Barratt Shoes Limited,
   -- Stylo Barratt Properties Limited,
   -- Priceless Shoes Properties Limited,
   -- Barratts Shoes Properties Limited, and
   -- Comfort Shoes Limited.

Daniel Butters, Deloitte Partner and Joint Administrator,
said, "Stylo has faced a downturn in trading as a result of
the current difficult economic and market conditions."

                      Shares Suspended

On Jan. 22, 2009, the Board of Stylo confirmed that it was
exploring strategic options for the business.  The company
requested that trading in its shares on the Alternative Investment
Market of the London Stock Exchange be suspended pending
clarification of these options.

                          About Stylo Plc

Stylo Plc -- http://www.stylo.co.uk/-- operates 400 high street
shoe stores in the UK under the Barratts and Priceless brands,
employing 5,450 staff in total.  It also has a headquarters in
Bradford, Yorkshire.


* BOND PRICING: For the Week Feb. 16 to Feb. 20, 2009
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Oester Volksbk    6.600    05/06/23 EUR   106.52
                          4.000    12/14/23 EUR    80.75
                          4.260    03/22/24 EUR    83.02
BA Creditanstalt    5.210    12/21/22 EUR    92.69
Bank Austria AG        5.800    12/27/21 EUR    99.77

BELGIUM
-------
Barry Calle SVCS         6.000    07/13/17 EUR    74.57

CYPRUS
------
Abh Financial Lt          8.200    06/25/12 USD    69.74
Alfa MTN Invest           9.250    06/24/13 USD    72.14

FRANCE
------
Alcatel SA                4.750    01/01/11     EUR      13.00
                          6.380    04/07/14 EUR    62.03
BNP Paribas               0.250    12/20/14 USD    70.68
Calyon                    5.050    11/02/22 EUR    96.57
                          6.000    06/18/47     EUR      49.56
Credit Agricole    5.050    07/26/22 EUR    96.19
Credit Agricole         5.070    08/10/22 EUR    96.26
Soc Air France            2.750    04/01/20 EUR    18.64
Wavecom SA                1.750    01/01/14     EUR      30.60

GERMANY
-------
Aareal Bank AG    6.570    05/04/26 EUR   103.11

GREECE
------
Antenna TV SA         7.250    02/15/15 EUR    52.63

HUNGARY
-------
Agrokor                7.000    11/23/11 EUR    70.73

IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      68.20
                          5.630    11/29/30 GBP    64.57
Alfa Bank               8.630    12/09/15 USD    51.50
Ardagh Glass              7.130    06/15/17 EUR    70.13
Banesto Finance Plc       6.120    11/07/37 EUR     6.12
Bank of Ireland           4.630    02/27/19 EUR    74.07

ITALY
-----
Banca Italease            3.000 06/30/11 EUR    73.25
                          3.000 09/30/11 EUR      70.63
LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13 USD    65.02
Ak Bars Bank              9.250    06/20/11 USD    72.43
Alrosa Finance            8.880    11/17/14 USD    67.44
Bank of Moscow            7.340    05/13/13 USD    67.51
                          7.500    11/25/15 USD    53.16
                          6.810    05/10/17 USD    45.03
Beverage Pack             8.000    12/15/16 EUR    70.38
                          9.500    06/15/17 EUR    43.91

NETHERLANDS
-----------
ABN Amro Bank NV    4.400    04/28/27 EUR    88.84
Achmea Hypobk      4.300    04/03/24 EUR    73.77
Achmea Hypobk    4.000    12/27/24 EUR    70.13
Aegon NV                  6.130    12/15/31 GBP    71.50
Air Berlin Finance BV     1.500    04/11/27 EUR    35.10
Alfa Bk Ukraine    9.750    12/22/09 USD    57.96
ALB Finance BV            9.000    11/22/10     USD      29.96
                          9.750    02/14/11 GBP    23.75
                          7.880    02/01/12 EUR    24.63
                          9.250    09/25/13 USD    29.81
ASML Holding NV           5.750    06/13/17     EUR      67.89
ASM Intl NV               4.250    12/06/11 USD    70.96
Astana Finance            7.880    06/08/10     EUR      46.50
                          9.000    11/16/11 USD    99.53
ATF Capital BV            9.250    02/21/14     USD      56.16
BK Ned Gemeenten      0.500    06/27/18 CAD    70.66
                          0.500    02/24/25 CAD    48.25
Centercrdt Intl           8.000    02/02/11     USD      51.60
                          8.630    01/30/14 USD    35.72
Hit Finance BV         4.880    10/27/21 EUR    72.96
JSC Bank Georgia          9.000    02/08/12 USD    38.38

SPAIN
-----
Abertis                   5.990    05/14/38 EUR    72.63
Abertis Infra    4.380    03/30/20 EUR    77.25
Ayt Cedulas Caja         3.750    06/30/25 EUR    76.92
Banco Bilbao Viz         5.750    07/20/17 USD   111.58
                        6.200    07/04/23 EUR    88.15
Comunidad Aragon    4.820    10/10/22 EUR   102.15
Junta Andalucia    5.000    07/13/22 EUR   110.28

UNITED KINGDOM
--------------
Alfa-Bank CJSC         9.250    07/26/10 USD   101.00
Amlin Plc               6.500    12/19/26 GBP    65.74
Anglian Water
  Finance Plc             2.400    04/20/35     GBP      46.97
Ashtead Holdings          8.630    08/01/15 USD    61.13
Aspire Defence            4.670    03/31/40 GBP    61.99
Aviva Plc            5.250    10/02/23 EUR    55.87
                          6.880    05/22/38 EUR    51.51
                          6.880    05/20/58     GBP      73.61
Azovstal               9.130    02/28/11 USD    33.81
Bank of India             6.630    09/22/21 USD    75.00
Barcklays Bk Plc          9.750    09/30/09     GBP      70.19
                          5.500    06/19/23 EUR    83.10
Beazley Group             7.250    10/17/26 GBP    71.83
Bradford&Bin Bld          5.500    01/15/18 GBP    19.94
                          5.750    12/12/22 GBP    24.92
                          6.630    06/16/23 GBP    24.91
                          4.910    02/01/47 EUR    60.53
BL Super Finance          4.480    10/04/25 GBP    73.82
Britannia Bldg            5.750    12/02/24 GBP    67.40
                          5.880    03/28/33 GBP    62.36
British Airways Plc       8.750    08/23/16 GBP    76.50
Brit Insurance            6.630    12/09/30 GBP    52.52
British Land Co    5.010    09/24/35 GBP    73.02
                          5.260    09/24/35 GBP    69.64
British Tel Plc           5.750    12/07/28 GBP    73.95
                          6.380    06/23/37 GBP    77.48
Broadgate Finance Plc     4.850    04/05/31 GBP    73.22
                          5.000    10/05/31     GBP      67.17
                          5.100    04/05/33 GBP    58.82
                          4.820    07/05/33     GBP      71.26
CGNU Plc                  6.130    11/16/26 GBP    65.73
Heating Finance           7.880    03/31/14 GBP    45.38

                            *********

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 * * *