TCREUR_Public/090225.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

          Wednesday, February 25, 2009, Vol. 10, No. 39

                            Headlines

A U S T R I A

DUROTON POLYMERBETON: Claims Registration Period Ends March 11
KOBU LLC: Claims Registration Period Ends March 11
MAU LLC: Claims Registration Period Ends March 11
TATSCHL-GLANZ LLC: Claims Registration Period Ends March 11


F R A N C E

AREVA SA: Needs Cash, May Seek Government's Help, WSJ Says
PERNOD RICARD: Fitch Affirms L-T Issuer Default Rating at 'BB+'


G E R M A N Y

AVD CONSULTING: Claims Registration Period Ends March 23
CONTINENTAL AG: Moody's Cuts Corporate Family Rating to 'Ba2'
DAIMLER AG: Results Negatively Impacted by Chrysler, DBRS Says
ERRSA ENERGIETECHNIK: Claims Registration Period Ends March 23
GENERAL MOTORS: German Unit Needs More Than EUR3.3 Bln in Aid

GENERAL MOTORS: Viability Plan No Immediate Impact on DBRS Rating
IL MERCATO: Claims Registration Period Ends March 10
PLATZHAUS FACILITY: Claims Registration Period Ends March 18
Q-PLUS MARKETING: Claims Registration Period Ends March 16
QIMONDA NA: Files for Chapter 11 Bankruptcy Protection

QIMONDA NA: Case Summary & 30 Largest Unsecured Creditors
QIMONDA NA: To Separate from Richmond Unit; To Sell QR Plant

* GERMANY: Approves EUR50 Billion Economic Stimulus Plan


G R E E C E

COMMERCIAL VALUE: Fitch Holds 'B+' Financial Strength Rating


H U N G A R Y

HUNGARIAN TELEPHONE: Obtains Waiver Under Senior Credit Facilities


I R E L A N D

GOLDEN DISC: High Court Appoints Examiner
THOMAS READ: High Court Orders Liquidation of Four Companies


I T A L Y

FIAT SPA: Moody's Downgrades Long-Term Ratings to 'Ba1'


K A Z A K H S T A N

ASTANA OIL: Creditors Must File Claims by April 3
DIKA MANAGEMENT: Creditors Must File Claims by April 3
EURO ASIA: Creditors Must File Claims by April 3
G KART TELECOM: Creditors Must File Claims by April 3
GLOBAL SECURITIES: Creditors Must File Claims by April 3

KAZAKH MORTGAGE: Fitch Affirms Ratings on Class C Notes at 'BB'
KVARTS JSC: Creditors Must File Claims by April 3
RUDNY SOKOLOV: Creditors Must File Claims by April 3
UJ STROY SNUB: Creditors Must File Claims by April 3
UVELIR PROM: Creditors Must File Claims by April 3


K Y R G Y Z S T A N

SKY LIGHT: Creditors Must File Claims by March 10


R O M A N I A

* ROMANIA: New Insolvency Cases to Reach 20,000 in 2009


R U S S I A

BUKET-STROY LLC: Creditors Must File Claims by March 15
CHELYABINSKIY AUTOMATIVE: Under Bankruptcy Procedure
KAMA TIMBER LLC: Creditors Must File Claims by March 15
MOSCOW STARS: Fitch Affirms Rating on Class B Notes at 'BB'
OMSK PAPER: Creditors Must File Claims by March 15

REM-STROY-TSENTR LLC: Creditors Must File Claims by April 14
SAYAN-EXPORT LLC: Creditors Must File Claims by March 15
URENSKIY PREPRODUCTION: Creditors Must File Claims by March 15
WOOD-PROCESSING PLANT: Creditors Must File Claims by March 15
ZMEINOGORSKIY DISTILLERY: Bankruptcy Hearing Set March 3

ZOLOTO SUTAMA: Court Names Temporary Insolvency Manager


S P A I N

BANCAJA 12: S&P Downgrades Rating on Class D Notes to 'BB-'
CEMEX ESPANA: Fitch Senior Unsecured Debt Obligations to 'BB'
CONSUMER SPAIN: Fitch Cuts Rating on Class E Notes to 'CC'
EMPRESAS BANESTO: S&P Cuts Ratings on Class D Notes to 'BB-'
PYME VALENCIA: Moody's Reviews 'Ba3' Rating on EUR13.6 Mil. Notes

PYMES BANESTO: Fitch Downgrades Rating on Class C Tranche to 'B'
PYMES BANESTO: S&P Downgrades Ratings Class C Notes to 'BB'


S W E D E N

CONCORDIA BUS: S&P Puts 'B-' Rating on Developing CreditWatch
GENERAL MOTORS: Rating Not Affected By Saab Filing, DBRS Says
GENERAL MOTORS: Saab Obtains Creditor Protection in Sweden


S W I T Z E R L A N D

ALPINA IT-SOLUTIONS: Creditors Must File Claims by Feb. 28
ATIU JSC: Deadline to File Proofs of Claim Set Feb. 27
BACHER & SIEGER: Creditors Have Until Feb. 27 to File Claims
FUNCTION BRANDS: Proof of Claim Filing Deadline is Feb. 27
KRYMIA JSC: Creditors' Proofs of Claim Due by Feb. 28

LUSEDA LLC: Feb. 27 Set as Deadline to File Claims
PQM SERVICES: Creditors Must File Proofs of Claim by Feb. 27
SETAC LLC: Deadline to File Proofs of Claim Set Feb. 28
TRANSLAND JSC: Creditors Have Until Feb. 28 to File Claims
ZWAHLEN ABDICHTUNGEN: Proof of Claim Filing Deadline is Feb. 28


U K R A I N E

CENTER PROJECT: Creditors Must File Claims by March 7
EKSIMPRO LLC: Creditors Must File Claims by March 7
ENERGYHOLDING K LLC: Creditors Must File Claims by March 7
ENERKOS LLC: Creditors Must File Claims by March 7
LAND-PLUS LLC: Creditors Must File Claims by March 7

LIM-UKRAINE LLC: Creditors Must File Claims by March 7
PRESTIGE-GLOBAL-PLUS LLC: Creditors Must File Claims by March 7
RUSSIA LLC: Court Starts Bankruptcy Supervision Procedure
STABILNOST LLC: Creditors Must File Claims by March 7
TREVIKS LLC: Creditors Must File Claims by March 7

* UKRAINE: Banks Refusing Credit to Farmers Get No Refinancing


U N I T E D   K I N G D O M

B J MALE: Appoints Joint Administrators from Grant Thornton
CASTLE HOLDCO 4: Completes Balance Sheet Restructuring Review
CHRISTOPHER RODGERS: Put Into Administration; 30 Jobs Affected
ENERGY BATTERIES: Names Joint Administrators from KPMG
H20 LIFESTYLE: Brings In Joint Liquidators from Tenon Recovery

LIQUID PORCELAIN: Appoints Joint Liquidators from Tenon Recovery
MCCARTHY & STONE: Reaches Debt-For-Equity Swap Deal With Banks
ROYAL BANK: To Split Company Based on GBP1 Bln Cost Cutting Plan
SPOONER VICARS: Taps Joint Liquidators from Tenon Recovery
TATA MOTORS: Jaguar Land Rover Workers to Vote on Pay Freeze

THREE WAY: Appoints Joint Liquidators from Tenon Recovery
VALE ST HUBERT: Taps Joint Administrators from PKF

* Moody's Downgrades Ratings on 169 Notes by Certain CDO Deals
* EUROPE: Economist Warns "More Severe" Banking Problem
* EUROPE: World Bank Sees Deteriorating EU10 Economy in 2009


                         *********


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DUROTON POLYMERBETON: Claims Registration Period Ends March 11
--------------------------------------------------------------
Creditors owed money by LLC Duroton Polymerbeton (FN 200437k) have
until March 11, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Wien
         Austria
         Tel: 01/212 55 00
         Fax: 01/212 55 00 5
         E-mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 25, 2009, for the
examination of claims at:

         Land Court of Korneuburg (119)
         Room 204
         Korneuburg
         Austria

Headquartered in Leopoldsdorf bei Wien, Austria, the Debtor
declared bankruptcy on Jan. 21, 2009, (Bankr. Case No. 36 S
16/09h).


KOBU LLC: Claims Registration Period Ends March 11
--------------------------------------------------
Creditors owed money by LLC Kobu (FN 266282t) have until March 11,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Stefan Jahns
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 532 17 11
         Fax: 532 17 11-11
         E-mail: kanzlei@jahns.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on March 25, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 16, 2009, (Bankr. Case No. 3 S 8/09k).


MAU LLC: Claims Registration Period Ends March 11
-------------------------------------------------
Creditors owed money by LLC Mau (FN 97800z) have until March 11,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Georg Kahlig
         Siebensterngasse 42/3
         1070 Wien
         Austria
         Tel: 523 47 91-0
         Fax: 523 47 91-33
         E-mail: kahlig.partner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on March 25, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 16, 2009, (Bankr. Case No. 3 S 9/09g).


TATSCHL-GLANZ LLC: Claims Registration Period Ends March 11
-----------------------------------------------------------
Creditors owed money by LLC Tatschl-Glanz (FN 265160t) have until
March 11, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Helmut Fetz
         Hauptplatz 11
         8700 Leoben
         Austria
         Tel: 03842-42751
         Fax: 03842-42751-40
         E-mail: office@fetz-fetz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 25, 2009, for the
examination of claims at:

         Land Court of Leoben (609)
         Hall IV
         First Floor
         Austria

Headquartered in Langenwang, Austria, the Debtor declared
bankruptcy on Jan. 15, 2009, (Bankr. Case No. 17 S 1/09d).


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AREVA SA: Needs Cash, May Seek Government's Help, WSJ Says
----------------------------------------------------------
France's Areva SA is scrambling for cash and may seek direct state
aid to finance immediate needs.

David Gauthier-Villars of The Wall Street Journal reports that
when Areva reports earnings today, Wednesday, executives are
expected to urge the French government to act quickly to help fill
a gap of as much as EUR3 billion, or about US$4 billion, in
Areva's 2009 investment budget.

According to the Journal, the company requires roughly EUR10
billion over the next four years to finance investments in uranium
mines, nuclear-fuel production plants and heavy-parts
manufacturing.

Areva also needs EUR2 billion by 2012 to buy back shares in its
nuclear-reactor unit after minority shareholder Siemens AG pulled
out, and may also have to pay a hefty penalty because of delays in
building a nuclear reactor in Finland, the Journal relates.

The news agency discloses Areva posted a net profit of EUR760
billion on revenue of EUR6.17 billion in the first half of last
year, however, the company consumes more cash than it generates
from operations.

The company, whose credit rating was placed under negative watch
by Standard & Poor's last month, obtained a EUR4.5 billion loan
last summer, according to the news agency.

The Journal reports the French government, Areva's majority owner,
is looking at a number of options, including allowing Areva to
dispose of noncore assets to free up cash or merging the company
with French heavy-engineering company Alstom SA.

An Areva union said Friday that layoffs may be necessary if
something isn't done soon, the report relates.

Meanwhile, the Journal says Areva is inviting partners to share
investment costs to meet immediate financing needs.  Areva
executives, as cited by the Journal, said the French company is in
advanced talks to sell a 2.5% stake in a EUR3 billion uranium-
enrichment plant under construction in southern France to Japan's
Kansai Electric Power Co.  Areva has already sold a 5% interest in
the facility to French energy utility GDF Suez SA, the Journal
notes.

                         About Areva SA

France-based Areva SA (EPA:CEI) --- http://www.areva.com/---
offers technological solutions for nuclear power generation and
electricity transmission and distribution.  The Company operates
four divisions, including Front-End, which combines all of the
fuel cycle operations that take place before nuclear power is
generated; Reactors & Services, which designs and builds
pressurized water reactors (PWR) and boiling water reactors (BWR),
as well as naval propulsion and research and test reactors; Back-
End, which covers operations for the treatment and recycling of
fuel after it has been used in nuclear power plants and related
operations, and Transmission & Distribution, which manufactures,
installs and maintains electricity transmission and distribution
equipment and systems.  AREVA SA holds stakes in a number of
companies, such as STMicroelectronics NV, Eramet, Safran, Suez and
REpower.  The Company is listed on the Euronext Paris Stock
Exchange.


PERNOD RICARD: Fitch Affirms L-T Issuer Default Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed French wine and spirit maker Pernod
Ricard SA's Long-term Issuer Default Rating and senior unsecured
rating at 'BB+' respectively.  The Short-term IDR has been
affirmed at 'B'.  The Long-term IDR's Outlook remains Negative.

"In affirming Pernod's 'BB+' rating, Fitch has reflected the
company's strengthened position as the number two player in the
international spirits industry and its ability, in a deteriorating
consumer environment, to defend sales volumes due to a broad
product offering across different pricing points," said Giulio
Lombardi, Senior Director in Fitch's European Retail, Leisure and
Consumer Products Group.  "The rating action also factors in
Pernod's flexibility to protect cash generation by reducing capex
and working capital absorption, and its ability to protect profit
margins by taking advantage of the current reduction in
advertising prices whilst continuing to support its brands."

An additional factor underpinning the affirmation of Pernod's
ratings is that management has reinforced its commitment to
deleverage and achieve an investment grade rating through the
announcement in October 2008 of a EUR1 billion asset disposal
program. Currently the company targets Net Debt/EBITDA of 4.5-5.0x
by FYE10 and approximately 4.0.x by FY11.  Execution risks from
management's disposal plans are mitigated by the diversification
of this process across several small, and therefore potentially
more saleable, assets.

However, the Negative Outlook reflects the risk of delays in
reducing a high leverage of over 6x (on an annualized basis) for
FY08 (to June 2008), which is not compatible with the current
'BB+' rating.  Gross debt has virtually doubled from FYE07's
EUR6 billion as a result of the acquisition of Vin & Sprit, the
maker of Absolut Vodka, for EUR5.6bn cash in July 2008.

While weaker general consumer spending should not cause a material
decline in global consumption of international spirits, Fitch
expects rates of growth for Pernod's sales and profits to be
sharply reduced over FY09, FY10 and possibly FY11, as the
beneficial trend of growing demand for premium and above-premium
products enjoyed in recent years should now be followed by one of
substitution of consumption for lower-priced premium and value
alternatives.

The ratings continue to reflect Pernod's strong business profile
in the global spirits industry, with geographically diverse
operations and a product portfolio that includes strong brands in
the major international categories of consumption, as well as its
successful integration of the Allied Domecq operations acquired in
FY06.  Finally, Pernod's success in gaining control over the US
and international distribution of Absolut Vodka shortly after the
completion of the acquisition, with a fairly low cash
disbursement, is beneficial for the prospects of this important
brand within the Pernod stable of products.


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AVD CONSULTING: Claims Registration Period Ends March 23
--------------------------------------------------------
Creditors of AVD Consulting Verwaltungs GmbH have until March 23,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 23, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         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:

         Gregor Schoene
         Haferweg 22
         D 22769 Hamburg
         Germany
         Tel: 040 / 89 71 86-0
         Fax: 040 / 89 71 86-11

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:

         AVD Consulting Verwaltungs GmbH
         Tischlerstr. 5
         21244 Buchholz
         Germany

         Attn: Dennis Henkis, Manager
         Marienburger Str. 11
         23879 Moelln
         Germany


CONTINENTAL AG: Moody's Cuts Corporate Family Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded Continental AG's
corporate family rating to Ba2 from Ba1.  The outlook on the
ratings remains negative.

Falk Frey, Senior Vice President and lead analyst at Moody's for
Continental AG ("Conti"), commented: "The rating action reflects
the anticipation of a more severe downturn in global automotive
markets than was anticipated by the agency at the end of last
year.  Moody's is of the opinion that this bleaker environment
will in all likelihood not allow Conti to remain in line with the
credit metrics required for the former Ba1 rating category".  Mr.
Frey went on: "The negative outlook reflects that the economic
conditions could still worsen which could affect Conti's operating
conditions at a time when the company still needs to generate cash
flow to deleverage".  The need to address the upcoming refinancing
debt maturity of EUR3.5 billion due in August 2010 from the VDO
acquisition debt also continues to weigh on the rating outlook.

While Conti's Q4/2008 operating results still held up relatively
well, Moody's believes that the current slump in world-wide
automotive production volumes could affect earnings markedly in
2009.  As a result Moody's see a substantial risk that 2009
leverage ratios could fall below levels incorporated into the
previous Ba1 rating (e.g. Debt/EBITDA < 4x or RCF/Net Debt > 15%).
At the same time, Moody's would expect the company's large non-OE
business (app. 30% of revenues) to be more resilient and allow for
overall positive operating results in 2009 despite adverse market
conditions.  Moreover, Moody's would expect Conti to still achieve
Free Cash Flow around break-even levels in the current year on the
back of lower capital expenditures, reduced dividends and a tight
working capital management.  In the current environment Moody's
also considers positively the strong track record of the company
in adapting operations to market changes and conducting
restructuring plans.

The 12 months liquidity of Conti remains good though Moody's
continues to caution that Conti faces a substantial refinancing
risk of EUR3.5 billion by August 2010 from the VDO acquisition
financing.  In this context Moody's views positively that Conti
and its lenders agreed on a relaxation of financial covenants
under the VDO acquisition financing arrangements in January 2009.
However, in Moody's view this headroom could tighten again over
2009 depending on the overall development of automotive markets.

Moody's further notes that the current rating reflects the view
that there is only a limited risk that the situation at Conti's
major shareholder Schaeffler - which appears to have overstretched
its financial flexibility with the acquisition of Conti shares -
could adversely affect the position of Conti's creditors to the
extent that the financing arrangements remain independent with a
solid set of bank covenants protecting the Conti lenders.  Any
concerns around that basic assumption would question the current
positioning of the rating and the rating agency will therefore
closely monitor the developments at Schaeffler.

Downgrades:

Issuer: Continental AG

  -- Probability of Default Rating, Downgraded to Ba2 from Ba1

  -- Corporate Family Rating, Downgraded to Ba2 from Ba1

  -- Senior Unsecured Medium-Term Note Program, Downgraded to a
     range of Ba2, LGD4, 50% from a range of Ba1, LGD3, 49%

Issuer: Continental Rubber of America Corporation

  -- Senior Unsecured Medium-Term Note Program, Downgraded to Ba2
     from Ba1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to a
     range of Ba2, LGD4, 50% from a range of Ba1, LGD3, 49%

Moody's last rating action on Conti was a downgrade to Ba1
(negative outlook) from Baa3 (ratings under review for possible
downgrade) on December 18, 2008.

Headquartered in Hannover, Germany, Continental AG is one of the
top automotive suppliers worldwide in the areas chassis and safety
technology, interior and infotainment and powertrain as well as
the world's fourth-largest manufacturer of passenger and
commercial vehicle tires.  In 2008 Conti generated consolidated
sales of EUR24 billion.


DAIMLER AG: Results Negatively Impacted by Chrysler, DBRS Says
--------------------------------------------------------------
DBRS notes that on Tuesday, February 17, Daimler AG announced its
fourth-quarter and full-year 2008 results.  The results for both
periods are significantly lower on a year-over-year basis.  DBRS
notes that this decline was not unexpected and reflects very weak
conditions across most major markets in the Company's Mercedes-
Benz Cars (MBC) and Daimler Trucks (DT) divisions.  Additionally,
the results also incorporate significant negative impacts
associated with Chrysler LLC (Chrysler); (Daimler continues to
hold a 19.9% equity stake in Chrysler).  Despite the weaker
operating results, the Company's financial risk profile remains
acceptable for the current A (low) long-term ratings.

The Company recorded earnings before interest and tax (EBIT) of
EUR2.7 billion for 2008, down sharply from the EUR8.7 billion in
EBIT generated in 2007.  For the fourth quarter alone, Daimler
incurred a loss of EUR1.95 billion, relative to EUR1.39 billion in
EBIT posted in the fourth quarter of 2007.  MBC, Daimler's primary
segment, incurred a loss of EUR359 million in the fourth quarter
as the global automotive markets underwent a severe downturn that
was particularly accentuated in the second half of the year.  DT,
the Company's other major business division, was able to generate
EUR86 million in EBIT in the fourth quarter, but this again was
sharply lower than the EUR512 million generated one year prior.
In addition, free cash flow was highly negative at EUR3.9 billion;
DBRS notes that is in large part attributable to high working
capital absorption, given much-reduced activity in response to the
market downturn.

Exacerbating the above are losses associated with Chrysler.  For
FY2008, Chrysler's negative impact on EBIT totaled EUR3.2 billion,
of which EUR1.4 billion was attributable to the negative at-equity
results of Chrysler, with a further EUR1.8 billion in impairments
taken on Chrysler-related assets.  (DBRS notes that Daimler
continues to be in negotiations with Cerberus Capital Management
regarding its remaining stake in Chrysler.)

DBRS notes that weak market conditions are expected to prevail in
2009 and will continue to pressure earnings over the near term.
However, Daimler does remain well positioned to withstand the
downturn.  The Company's industrial operations continue to have a
significant net cash position as of December 31, 2008.  On a
consolidated basis (including the financial services segment), the
Company continues to enjoy access to well-diversified funding
sources, notwithstanding challenging credit market conditions.
Daimler maintains a US$5 billion multi-currency revolver that
expires in 2011.  Furthermore, in October 2008, the Company also
obtained a new EUR3 billion multi-currency revolver.  DBRS also
notes that the Company has effectively addressed its 2009 capital
market obligations through three recent Eurobond issues totalling
EUR3.6 billion.

Daimler is also undertaking several measures to conserve cash over
the near to medium term.  In October 2008, the Company's share
repurchase activities (which used a significant amount of cash)
were suspended indefinitely.  Future capital expenditures and
budgets will also be subject to rigid review to help ensure a more
disciplined approach to spending cash.  As such, DBRS is of the
opinion that Daimler's strong liquidity position should remain
sufficient to avoid any negative rating actions in the near term.
However, should the protracted market declines continue unabated
and result in cash burn that is higher than DBRS's expectations,
then negative rating implications would likely result.


ERRSA ENERGIETECHNIK: Claims Registration Period Ends March 23
--------------------------------------------------------------
Creditors of ERRSA Energietechnik GmbH have until March 23, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

         Rainer M. Bahr
         Obergraben 10
         01097 Dresden
         Germany
         Web site: www.hermann-law.de

The District Court opened bankruptcy proceedings against the
company on Feb. 13, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         ERRSA Energietechnik GmbH
         Attn: Alexander Huwaldt, Manager
         Dittelsdorfer Str. 2
         02763 Zittau
         Germany


GENERAL MOTORS: German Unit Needs More Than EUR3.3 Bln in Aid
-------------------------------------------------------------
General Motors Corp's Germany-based unit, Adam Opel GmbH, needs a
lifeline of more than EUR3.3 billion (US$4.23 billion), Bloomberg
News reports citing Opel supervisory-board member Armin Schild.

Opel has already applied for EUR1.8 billion in state aid in
Germany, but now estimates this should rise to EUR2.5 billion, a
company source told Reuters  Friday.

German Chancellor Angela Merkel has said GM's Opel must present a
clear plan before Berlin could consider state aid, Reuters
relates.

Opel risks falling into bankruptcy as early as May if no bank
provides the carmaker with the necessary loans, the newspaper Bild
Zeitung said in a Feb. 21 report obtained by Bloomberg News.

The German unit is having difficulty seeking government funding as
some officials doubt its long term profitability and the risk the
funds will go directly to its parent.

Meanwhile, the AFP reports Germany's foreign affairs minister,
Frank-Walter Steinmeier, appealed for international help for Opel.

"We have to look further than our own backyard.  No car factory is
capable of surviving alone in Germany or elsewhere," AFP quoted
Minister Steinmeier as saying in a Rheinische Post report.

According to Bloomberg News, Opel employs 50,000 people across
Europe, about half of which is in Germany.

In a separate report, Reuters, citing Mr. Schild, says German
trade union IG Metall is pushing for a partial carve-out of Opel.
A complete carve-out was neither necessary nor sensible, Mr.
Schild, who represents IG Metall on Opel's supervisory board, told
Reuters.

Mr. Schild further told Reuters Opel management will present to
the board on Friday a new plan for the company's business.

Bloomberg News relates GM says it needs US$6 billion from foreign
governments and must reach an agreement to shave US$1.2 billion
from European labor costs by
March 31.

According to Bloomberg News, GM said Jan. 11 that, in addition to
talks with Germany, it=92s also in touch with governments in Spain,
where it employs more than 7,200 people, and the U.K.,
headquarters to Opel=92s Vauxhall brand, with a workforce of almost
5,000.

GM has set March 31 for deciding on all its European divisions=92
future as the carmaker seeks as much as US$16.6 billion in new
U.S. federal loans, Bloomberg News says.

GM's Swedish unit, Saab Automobile, filed for creditor protection
Friday last week after the parent said it will cut ties with the
carmaker following two decades of losses, Bloomberg News reported.

Saab Chief Executive Officer Jan Aake Jonsson said in a statement
obtained by the Troubled Company Reporter that the Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

                       About Adam Opel GmbH

Adam Opel GmbH --- http://www.opel.com/--- a wholly-owned
subsidiary of General Motors Corp for 80 years, is the core of
GM's business in Europe.  Opel's passenger cars (Astra, Zafira,
Vectra, and electric Ampera), along with its light commercial
vehicles (Combo and Movano) represent over 90% of GM's total sales
in Germany.  Opel is the third-most popular brand in Germany,
behind Volkswagen and Mercedes-Benz.  It offers International and
Diplomat Sales (IDS) to customers in international organizations,
the military, and in diplomatic service, also builds cars in
Belgium, Poland, Portugal, and Britain.

                         About SAAB AB

Saab AB is a Sweden-based technology company active within the
defense, aviation and space industries.  It operates through three
principal segments.  Defense and Security Solutions develops and
manufactures command, control and communication systems.  Systems
and Products produces and sells systems, products and components
for defense, aviation, space and civil security internationally.
Aeronautics comprises both military and civilian aeronautics
operations, including the Gripen program, which uses technology to
perform air-to-air and air-to-surface operational missions.  The
Company consists of such business units as Saab Aerotech, Saab
Communication, Saab Grintek, Saab Systems, Combitech, Saab
Surveillance Systems, Saab Avitronics, Saab Barracuda, Saab Bofors
Dynamics, Saab Space, Saab Training Systems, Saab Microwave
Systems, Saab Underwater Systems, Saab Aerosystems, Saab
Aerostructures, Saab Aircraft Leasing and Gripen International.
Saab AB is headquartered in Stockholm, Sweden.

                        About General Motors

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

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

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: Viability Plan No Immediate Impact on DBRS Rating
-----------------------------------------------------------------
Dominion Bond Rating Service notes that General Motors Corporation
submitted a revised Restructuring Plan to the United States
Department of the Treasury.  The Revised Plan has no immediate
impact on GM's current ratings, with the Issuer Rating remaining
at CC, with a Negative trend.  DBRS continues to be of the opinion
that the Company has just sufficient liquidity to maintain
operations over the near term, with the Revised Plan seeking
additional government funding relative to the US$18 billion
initially requested under the Company's previous restructuring
plan submitted on December 2, 2008.  DBRS also notes that, absent
additional funding, the Company's liquidity position could fall
below minimally required levels in the near term.

With respect to funding, the Revised Plan requests an additional
US$4.5 billion to repay GM's secured debt that matures in 2011
(previously, the Company had assumed that this debt would be
rolled over).  Furthermore, citing global automotive conditions
even more depressed than those stipulated only two months prior,
GM has also outlined a new downside scenario where the U.S.
seasonally adjusted annual rate (SAAR) in 2009 drops to
9.5 million units (from 10.5 million units).  Under this revised
downward scenario, the Company would seek an additional
US$7.5 billion.  As such, currently GM's total ask potentially
amounts to US$30 billion; DBRS notes that thus far, US$13.4
billion in U.S. Troubled Assets Relief Program funding has been
disbursed.  GM further disclosed that it is also seeking
additional support from various other governments, including
Australia, Canada and Germany; such incremental funding could
amount to as much as US$6 billion by 2010.

Regarding GM's deliverables, the Company has outlined the progress
it has made on several fronts.  With respect to brand
consolidation, GM has now specified that this would be completed
by 2011, with four core brands remaining: Chevrolet, Cadillac,
Buick and GMC.  Pontiac would be positioned as a niche brand going
forward, with HUMMER and Saab subject to either sale or
reorganization in the very near future.  Saturn is to remain open
through the life cycle of its current product portfolio, assumed
to end in 2011.  Subsequently, absent a sale or spin-off, Saturn
would be phased out.  GM also further reduced its number of U.S.
manufacturing plants by 2012 to 33 from 38; (DBRS notes that the
targeted plants have yet to be identified).

GM also indicated that it has reached a new agreement with the
United Auto Workers (UAW) to further lower labour costs to a level
that is competitive with the transplant automotive manufacturers;
however, no specifics have been provided.  Similarly, the Company
stated that negotiations with its unsecured bondholders are
progressing, with no further details being disclosed.

Finally, GM revealed that while it has further investigated
entering into formal bankruptcy proceedings, the Company remains
of the opinion that its restructuring would be best achieved
outside of such a process.  However, DBRS notes that should the
Revised Plan be ultimately approved by the U.S. government and
result in additional funding, the Company's liquidity position
would remain weak and not fundamentally changed.  For the time
being, previous rating actions related to GM sufficiently
incorporate its current credit profile.  However, the extremely
volatile market conditions do not preclude further rating actions
in the near term.


IL MERCATO: Claims Registration Period Ends March 10
----------------------------------------------------
Creditors of Il Mercato Italiano GmbH have until March 10, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 12, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Il Mercato Italiano GmbH
         Oststr. 10
         40211 Duesseldorf
         Germany

         Attn: Francesco Palmieri, Manager
         Boernestrasse 2
         40211 Duesseldorf
         Germany


PLATZHAUS FACILITY: Claims Registration Period Ends March 18
------------------------------------------------------------
Creditors of Platzhaus facility GmbH have until March 18, 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 May 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Room 232
         West Wing
         Schloss
         68149 Mannheim
         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. Alexander Hoepfner
         Feldbergstr. 45-47
         68163 Mannheim
         Germany
         Tel: 0621/8109-740

The District Court opened bankruptcy proceedings against the
company on Feb. 12, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Platzhaus facility GmbH
         Uwe Kraft, Manager
         Q 1, 14
         68161 Mannheim
         Germany


Q-PLUS MARKETING: Claims Registration Period Ends March 16
----------------------------------------------------------
Creditors of Q-Plus Marketing and Vertriebsgesellschaft mbH 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 9:07 a.m. on April 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cologne
         Room 1216
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Cologne
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 4, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Q-Plus Marketing and
         Vertriebsgesellschaft mbH
         Elisabeth-Treskow-Platz 6
         50678 Cologne
         Germany

         Attn: Olaf Sperwer, Manager
         Carl-Spitz Weg 2
         50999 Cologne
         Germany


QIMONDA NA: Files for Chapter 11 Bankruptcy Protection
------------------------------------------------------
Court documents say that Qimonda Richmond, LLC, and its affiliate,
Qimonda North America Corp., have filed for Chapter 11 bankruptcy
protection in the U.S. Bankruptcy Court for the District of
Delaware, saying that they will seek a buyer for their assets.

Emily Chasan at Reuters reports said that Qimonda North America
listed assets in excess of US$1 billion and liabilities in excess
of US$1 billion.

Qimonda Richmond said in court documents that prices for DRAM
products dropped sharply in 2007 and further declined in 2008.
According to Reuters, Qimonda Richmond had tried to diversify its
products.  Reuters states that the company shut down part of its
Richmond plant in October 2008, laying off more than 1,000
employees.

According to court documents, the Richmond facility shutdown
earlier this month because Qimonda AG was no longer buying output
from the plant and it had little access to cash and could no
longer fund ongoing operations.

Reuters relates that 500 workers were laid off this month, while
about 500 would leave in the coming days.  Qimonda Richmond said
that by the end of April 2009 it will idle the plant and run it
with a skeleton crew of up to 60 workers while it searches for a
buyer, according to Reuters.  Qimonda Richmond, the report states,
said that it has US$10.3 million in cash and expects to generate
more cash, which will be sufficient to fund its operations.  The
report says that Qimonda Richmond would consider bankruptcy
financing if it could find terms that meet its needs.

Reuters reports that Qimonda Richmond's two former workers filed
sued the company on Friday, claiming that it may have failed to
properly pay employee wages and benefits owed to them after a mass
layoff on February 4.  According to the Report, the lawsuit is
seeking class action status.

Sandston, Virginia-based Qimonda Richmond, LLC, and its affiliate,
Qimonda North America Corp., make semiconductor products.  The
companies filed for Chapter 11 bankruptcy protection on February
20, 2009 (Bankr. D. Delaware Case No. 09-10589).  Simpson Thacher
& Bartlett LLP assists the companies in their restructuring
effort.  Mark D. Collins, Esq., and Michael Joseph Merchant, Esq.,
at Richards Layton & Finger PA are the co-counsel in the firms'
bankruptcy case.  Alvarez & Marsal is the companies' restructuring
managers.  Epiq Bankruptcy Solutions LLC is the companies' claims
agent.  The companies listed more than US$1 billion in assets and
more than US$1 billion in liabilities.


QIMONDA NA: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Qimonda Richmond, LLC
       6000 Technology Boulevard
       Sandston, VA 23150

Bankruptcy Case No.: 09-10589

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                     Case No.
       ------                                     --------
Qimonda North America Corp.                        09-10590

Type of Business: The Debtors make semiconductor products.

Chapter 11 Petition Date: February 20, 2009

Court: District of Delaware (Delaware)

Judge: Mary F. Walrath

Debtors' Counsel: Simpson Thacher & Bartlett LLP

Co-Counsel: Mark D. Collins, Esq.
           collins@RLF.com
           Michael Joseph Merchant, Esq.
           merchant@rlf.com
           Richards Layton & Finger PA
           One Rodney Square
           P.O. Box 551
           Wilmington, DE 19899
           Tel: (302) 651-7700
           Fax: (302) 651-7701

Restructuring Managers: Alvarez & Marsal

Claims Agent: Epiq Bankruptcy Solutions LLC

Estimated Assets: More than US$1 billion

Estimated Debts: More than US$1 billion

The Debtor's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Applied Materials              Trade             US$9,916,367
3050 Bowers Avenue
Santa Clara, CA 95054
Tel: (800)-468-8888 x 3
Fax: (866) 265-9330

Sumco USA Corp.                Trade             US$6,483,955
5700 Granite Parkway Suite 445
Plano, TX 75024
Tel: (972) 987-1988
Fax: (972) 987-1999

TokyoElectron Limited          Trade             US$5,926,621
3-1 Akasaka 5-Chome, Minato-Ku
Tokyo-to, JAPAN
Tel: 81-3-5561-7000
Fax: 81-3-5561-7400

Siltronic                      Trade             US$4,024,0950
4010 Moorpark Avenue
San Jose, CA 95117
Tel: (408) 296-7887
Fax: (408) 554-9728

MemcElectronic                 Trade            US$3,025,412
Materials, Inc,
501 Pearl Drive
PO Box 8 S1.
Peters, MO 63376
Tel: (636-474~5559
Fax: 636474-5190

JSR Microelectronics           Trade            US$2,847,237
1280 N Mathilda Ave.
Sunnyvale, CA 94089
Tel: (919) 479-6981
Fax: (408) 543-8999


Tokyo Electron America         Trade            US$2,259,178
2400 Grove Blvd.
Austin, TX 78741
Tel: (800) 865-9650
Fax: (800) 832-1528

Air Products & Chemicals       Trade            US$2,085,243
Inc.
2005 Reservoir Rd
Baltimore, MD 21219
Tel: (410) 477-2882
Fax: (410) 477-1285

West Coast Quartz Corp.        Trade            US$1,821,596
1000 Corporate Way
Freemont, CA 94539
Tel: (510) 249-2160 x 127
Fax: (510) 6514617

Fujifilm                       Trade            US$1,432,934
80 Circuit Drive
North Kensington, RJ 02852
Tel: (401-431-2484
Fax: 401-431-0071

ASML, ASM Lithography          Trade            US$1,380,434
8555 S. River Parkway
Tempe, AZ85284
Tel: (804) 652-2380
Fax: (804) 6524782

Rohm & Haas Electronic         Trade            US$1,350,084
Materials
451 Bellevue Rd.
Newark, DE 19713
Tel: (800) 404-8775 x 2908
Fax: (302) 451-6700

Cityof Richmond                Trade            US$1,261,348
600E. BroadStreet Room 711
Richmond, VA 23219
Tel: (804) 780-5279
Fax: (804) 780-4477

Clariant Corp.                 Trade            US$1,035,525
Electronic Materials
l AZ 70 MeisterAvenue
Somerville, NJ08876
Tel: (843) 667-1251
Fax: (843) 667-1251

Lam Research                   Trade            US$896,750
135S Lasalle S1. Dept 35
Chicago, IL 60674
Tel: (888) 526-7727
Fax: (510) 572-1093

Honeywell Electronic           Trade            US$797,940
Chemicals LLC
6760W Chicago St.
Chandler, AZ 85226
Tel: (800) 279-9998
Fax: (973) 455-6154

Ebara Technologies Inc.        Trade            US$710,627
51 Main Ave.
Sacramento, CA 95838
Tel: (703) 392-4286
Fax: (916) 830-1900

Komatsu Silicon America  LLC   Trade            US$686,037
1915 NW Amberglen Pkwy
Suite 200
Beaverton, OR 97007
Tel: (717) 241-2425
Fax: (503) 844-3367

Varian Semiconductor           Trade            US$679,161
35 Dory Road
Gloucester, MA 09120
Tel: (800) 344-1111
Fax: (978) 463-5501

Chewning & Wilmer, Inc.        Trade            US$626,456
2508 Mechanicsville Trnpk.
Richmond, VA  23223
Tel: (804) 231-7373
Fax: (804) 231-1330

Cymer Inc                      Trade            US$590,189
17075 Thornmint Ct.
San Diego, CA 92127
Tel: (858) 385-6450
Fax: (858) 385-7043

Creftcorps                     Trade            US$579,278
217 W. Williamsburg Road
Sandston, VA 23150
Tel: (804) 737-9296
Fax: (804) 737-9297

Columbia Valve & Fitting       Trade           US$549,942
Inc.
7125 Thomas Edison Dr.
Ste. 225
Columbia, MD 21046-2208
Tel: (410) 290-1348
Fax: (410) 290-1114

Murata Automated Systems       Trade           US$530,267
Systems

Data2Logistics                 Trade           US$511,667

AtmiMaterials Ltd.             Trade           US$507,937
formerly ADCS

TosohSET                       Trade           US$475,806

Brewer Science Inc.            Trade           US$448,122

Heraeus Quartztech, Inc.       Trade           US$437,980

Moses Lake Industries          Trade           US$417,618

The petition was signed by Miriam Martinez, president and chief
financial officer.


QIMONDA NA: To Separate from Richmond Unit; To Sell QR Plant
------------------------------------------------------------
Qimonda North America Corp. and Qimonda Richmond LLC, U.S.
subsidiaries of German semiconductor memory product maker Qimonda
AG, said in papers submitted to the U.S. Bankruptcy Court for the
District of Delaware that they intend to locate a purchaser for
all of QR's assets and consummate a transaction.

QNA and QR filed for Chapter 11 before the Delaware bankruptcy
court on February 20.  Their parent, Qimonda AG, filed an
application with the local court in Munich, Germany, January 23,
2009, to open insolvency proceedings.  The insolvency petition was
a result of the massive drop in prices in the DRAM industry and
dramatically decreased access to financing on the capital markets,
both of which have led to the deterioration of the financial
position of Qimonda in recent months.  QAG and its affiliates
outside the United States are not "debtors" in the bankruptcy
proceedings in the United States.

QNA is the North American sales and marketing subsidiary of QAG
and all its subsidiaries -- "Global Company" -- and is also the
parent of Qimonda Richmond LLC.  QR performs part of the
manufacturing of products sold by the Global Company.

"The Debtors believe that QR's Richmond, Virginia operation is a
state-of-the-art facility and could be a valuable asset to a
strategic purchaser," says Miriam Martinez, president and chief
financial officer of QNA.  "In addition, the Debtors' other
assets, including its customer lists and equipment, are
potentially valuable properties that can be sold to a strategic
purchaser."

QNA, according to Ms. Martinez, may separate from QR and be
included in the sale or reorganization of the Global Company.

As of their bankruptcy filing, QNA has 879 employees, 790 of whom
were leased to QR.  This represents a reduction of approximately
1,989 employees since January 2008.  The employees operate
primarily at four facilities:

    -- Cary, North Carolina.  Employees at the Cary Facility
       primarily perform support functions in the human
       resources, sales, legal, finance, IT and facilities
       departments.

    -- Sandston, Virginia.  Employees at the Richmond Facility
       are involved in the manufacturing and production of the
       Debtors' products and also performs support functions.

    -- San Jose, California.  Employees at the San Jose facility
       perform sales, marketing and logistica functions.

    -- Houston, Texas.  Employees at this facility perform sales
       functions.

On February 3, 2009, the Debtors determined that, due to the QAG
insolvency, which mean QAG was not purchasing output from QR,
coupled with a lack of access to cash, the Debtors could no longer
fund ongoing operations in Richmond, Virginia.  As a result, the
Debtors unexpectedly were required to ramp down all production in
QR by completing wafer testing on existing inventory but not
manufacturing any additional units.  On that day, due to the
Debtors' inability to secure financing, approximately 500 of the
Debtors' employees were laid off with another approximately 500
employees scheduled to leave over the following 30 days.  By the
end of April 2009, the Debtors intend to reach an idle state with
a skeleton crew of 50 to 60 employees.

The Debtors plan to finance their operations going forward though
cash flow from operations.  As of the petition date, the Debtors
have approximately US$10.3 million of cash.

The Debtors' capital structure consists primarily of several lease
transactions in which QR is the lessee; QNA does not have any
debt.

                        About Qimonda AG

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

Qimonda AG, filed an application with the local court in Munich,
Germany, on January 23, 2009, to open insolvency proceedings.

QAG's U.S. units, Qimonda North America Corp. and Qimonda Richmond
LLC, filed for Chapter 11 before the Delaware bankruptcy court on
February 20 (Bankr. D. Del., Lead Case No. 09-10589).  Mark D.
Collins, Esq., at Richards Layton & Finger PA, has been tapped as
counsel.  In its bankruptcy petition, Qimonda estimated assets and
debts of more than US$1 billion.


* GERMANY: Approves EUR50 Billion Economic Stimulus Plan
--------------------------------------------------------
BBC News reports that Germany has approved a EUR50 billion (US$63
billion, GBP44 billion) stimulus package.

The plan, which was approved by the upper house parliament,
includes infrastructure investments, tax relief, reductions in
health care contributions and money for families with children,
the report relates.

"We are operating on the principle that Germany is strong and
therefore can come to terms with this difficult economic
situation," the report quoted Chancellor Angela Merkel as saying.

"With the biggest package in the history of the federal republic
of Germany, we are also living up to our international
responsibilities."

As reported in the TCR-Europe, citing BBC News, Germany, Europe's
largest economy, officially slipped into a recession in November.

BBC disclosed that according to EU figures, the country's economy
contracted by 0.5% in the third quarter and shrank 0.4% in the
second quarter.

On Feb. 18, 2009, the TCR-Europe reported that citing the
country's Federal Statistic Office, Breakingnews.ie said the
German economy shrank by 2.1% in the fourth quarter of 2008,
the biggest quarterly decline since German reunification in 1990.


=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
G R E E C E
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D


COMMERCIAL VALUE: Fitch Holds 'B+' Financial Strength Rating
------------------------------------------------------------
Fitch Ratings has maintained a Rating Watch Negative on the
Insurer Financial Strength Ratings of Commercial Value AAE, Aspis
Pronia AEGA and Aspis Pronia AEAZ.  The IFS Ratings of all three
entities are 'B+'.  Fitch originally applied the RWNs to the three
entities on August 1, 2008.

Commercial Value was placed on RWN last year following the July
29, 2008 announcement by the Private Insurance Supervisory
Committee, the Greek regulator, that CV did not have sufficient
admissible assets to cover its regulatory required capital and
that it needed to increase its capital base by EUR88.7 million by
September 15, 2008.

The regulatory decision also required the replacement of an amount
corresponding to the value of ASPIS LIV (Sweden) shares totalling
to EUR6.2 million, and the removal of the charge Eurobank EFG
Cyprus Ltd has on EUR9.25 million of CV's deposits.

The original deadline of September 15, 2008 was subsequently
extended to September 30, 2008 by the regulator and the designated
EUR93.8 million amount was deposited to a permitted account.  The
capital injection was provided by an increased shareholding from
Aspis Holdings Public Company of CV.

Regarding the further stipulations, CV has proposed to replace the
total value of the ASPIS LIV shares and the deposit at Eurobank
EFG Cyprus Ltd with real estate property of a minimum value of
EUR20 million.  PISC has yet to approve the valuation of the
building due to staffing issue.  Decisions from PISC are made by a
board of directors, appointed by Minister of Economy in Greece.
There has been a change of minister at the Ministry of Economy in
recent months, and the new Minister of Economy in Greece has yet
to appoint new members to the board.

The RWNs on Aspis Pronia AEGA and Aspis Pronia AEAZ have also been
maintained as the regulator has indicated that the Aspis companies
cannot account for their shareholdings in CV as part of their
capital available to cover solvency requirements.  The substantial
CV shareholding by the Aspis companies means that the problems
facing CV could impact the financial position of Aspis Pronia AEGA
and Aspis Pronia AEAZ.

CV, Aspis Pronia AEGA and Aspis Pronia AEAZ's ratings are facing
potential downward pressure.  This is due to the difficulties
raised by the competitive operating environment of the Greek
insurance market, the limited ability to refinance in the current
financial climate, and the general economic downturn in Greece.
Fitch also expects the full year 2008 results for all three
entities to be weak.

The RWNs will be resolved over the coming weeks, pending PISC's
decision on the proposed replacement of the assets and the
publication of the companies' 2008 audited financial results.

CV and the two Aspis Pronia companies are part of the Aspis Group
which runs insurance, banking and other operations mainly in
Greece and Cyprus.  The group also has small insurance operations
in Sweden and Albania.


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H U N G A R Y
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HUNGARIAN TELEPHONE: Obtains Waiver Under Senior Credit Facilities
------------------------------------------------------------------
Hungarian Telephone and Cable Corp. obtained a waiver under its
senior credit facilities agreement dated August 6, 2004, as
amended, permitting a corporate reorganization to effectively
change HTCC's place of incorporation from Delaware to Denmark, as
approved by HTCC's Board of Directors on November 27, 2008.

A special meeting of the stockholders of HTCC to adopt the merger
through which the corporate reorganization will be implemented is
scheduled to take place on February 24, 2009.

If the merger is adopted at the special meeting and all conditions
precedent to the merger are satisfied, HTCC currently anticipates
being in position to consummate the reorganization on or around
February 26, 2009, in accordance with the Agreement and Plan of
Merger dated November 27, 2008, unless the Board of Directors of
HTCC resolves to abandon the merger.

HTCC is in discussions with several financing sources to refinance
its senior credit facilities agreement and its EUR100 million
bridge loan agreement, dated March 3, 2008. There can be no
assurances regarding the outcome or the scope of these refinancing
discussions.

Hungarian Telephone and Cable Corp. (NYSE ALTERNEXT U.S.:HTC),
operating under the Invitel brand name, is the number one
alternative and the second largest fixed line telecommunications
and broadband Internet Services Provider in the Republic of
Hungary with more than 1 million customers in Hungary.  In
addition to delivering voice, data and Internet services in
Hungary, it is also a leading player in the Central and Eastern
European wholesale telecommunications capacity and data market.


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I R E L A N D
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GOLDEN DISC: High Court Appoints Examiner
-----------------------------------------
High Court Ms Justice Mary Finlay Geoghegan on Monday approved the
appointment of Michael McAteer of Grant Thornton as examiner to
Golden Disc after an independent accountant's reports stated that
the music retail group had a reasonable prospect of survival as a
going concern, Breakingnews.ie reports.

The report relates the court heard that the chain can survive
provided certain measures are put in place, including realizing
sales targets, reducing costs and a renegotiation with landlords
along with a scheme of arrangement for creditors.  Loss-making
stores would have to be closed, the report states.

According to the report, the company was in a cash positive
situation and could meet its obligations during the examinership
process.

As reported in the TCR-Europe on Feb. 17, 2009, citing the Irish
Times, High Court Mr Justice Roderick Murphy appointed Mr. McAtter
as interim examiner to Golden Disc on the application of Sony
Entertainment Ltd's Lyndon MacCann SC.

Golden's financial adviser said the group, which operates 20
stores around the country, including six franchise stores, was now
insolvent and had proposed a voluntary scheme of arrangement for
creditors.  The report disclosed that of the group's 20
stores, six were making losses.  It is understood eight of the
stores operated by the group are operating profitably while four
of the six franchised stores are also operating profitably, the
report added.

Golden Disc's total liabilities stood at some EUR9.5 million,
EUR1.38 million of which is owed to Baggot Sreet, Dublin-based
Sony, the report stated citing the financial adviser.

The financial adviser attributed the insolvency to significant
rent increases across several stores, especially Dublin city
center stores, the report noted.


THOMAS READ: High Court Orders Liquidation of Four Companies
------------------------------------------------------------
Breakingnews.ie reports that the High court has ordered to
liquidate four companies in the Thomas Read group after it heard
they have no reasonable prospect of survival.

The report relates following an application by Kieran McCarthy,
examiner to the group, Ms Justice Mary Finlay Geoghegan on Monday
appointed chartered accountant Anthony Weldon as liquidator to the
four companies, Eatoncroft Limited, Jestdale Limited, Kadaran
Limited and Topart Limited.

Meanwhile, survival proposals for the remaining nine companies in
the group are continuing, the report notes.  The judge, the report
discloses, extended court protection for the companies until
March 6 while the examiner finalizes the survival proposals.

                        Rescue Plan

As reported in the TCR-Europe on Dec. 9, 2008, citing the
Independent.ie, Ms Justice Mary Finlay Geoghegan approved a rescue
plan for 21 of Dublin's best known bars and restaurants operated
by the Thomas Read group after being convinced that the companies
are insolvent but have a reasonable prospect of survival in whole
or in part if a number of conditions are met.

Citing Gary McCarthy, counsel for the group, Independent.ie
stated the conditions include securing additional investment,
restructuring debts and resolving "the situation" with the group's
former managing director Mark Leavey, who initiated court
proceedings over being made redundant.

The High Court judge, Independent.ie recalled, confirmed Mr.
McCarthy as examiner to Sharmane Ltd, the parent company of the
Thomas Read group, and as examiner to 13 of the 14 companies
operating the bars.

The court heard all but three of the companies are trading
profitably, Independent.ie noted.

According to Lyndon MacCann, counsel for the examiner, the
companies would not need external finance to keep going during the
protection period.  He added the examiner had also received nine
unsolicited queries expressing interest in either the group itself
or assets within it.

The judge however adjourned the application for examinership for
the 14th company -- Floridita Ireland Ltd, which operates a bar
and restaurant in the Irish Life Centre, Abbey Street -- as the
agreed transfer of 60pc of the shareholding of that company to
Sharmane is not complete and therefore, does not yet fall within
the legal definition of a related company, Independent.ie added.

                           Debts

On Dec. 2, 2008, the TCR-Europe reported that according to RTE
Business, Guerneville Ltd petitioned the High Court to put the
Thomas Read group of companies into examinership as Sharmane was
likely or unlikely to be able to pay its debts.

The companies, which employ more than 400 people, racked up debts
of EUR26.7 million, RTE Business disclosed.

Citing Gary McCarthy of Guerneville, RTE Business stated the
Diageo Ireland, Heineken Murphy Breweries and Britvic C&C were
among the largest creditors, while the group's banker creditors
included ACC Bank, owed more than EUR15 million; Ulster Bank, owed
EUR5.6 million; AIB, owed EUR3.5 million and Anglo Irish Bank,
owed EUR597,000.


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I T A L Y
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FIAT SPA: Moody's Downgrades Long-Term Ratings to 'Ba1'
-------------------------------------------------------
Moody's Investors Service downgraded Fiat S.p.A's long term
ratings to Ba1 from Baa3 and its short term ratings to Not Prime
from Prime-3. The outlook on the ratings is negative.  At the same
time Moody's assigned a Ba1 Corporate Family Rating.  This
concludes Moody's review for downgrade initiated on January 15,
2009.

Falk Frey, Senior Vice President and the lead analyst at Moody's
for the European automotive sector, said: "The downgrade reflects
the significantly negative free cash flow in FY2008 leading to a
material deterioration in Fiat's financial flexibility with
reported net industrial debt deterioration of EUR6.3 billion to
EUR5.9 billion."

In Moody's view the markets will remain challenging in 2009 with a
significant drop in volume expected and with limited prospect of a
meaningful recovery in 2010.  Against this background Moody's is
of the opinion that operating profitability and cash flow
generation will remain very weak in the intermediate term.  As a
result the time for recovery of Fiat's credit metrics in line with
an investment grade rating is likely to take more time than can be
accommodated for such rating level without even considering more
negative economic scenarios.

The Ba1 rating nonetheless continues to recognise the strong
financial recovery in recent years, sound business profile of the
Group based on diversified businesses, with good product offering
and solid market positions in several geographic areas.  The Ba1
rating also takes into account Fiat Group Automobiles' solid
market positions in Italy and Brazil, but at the same time the
concentration highlights the reliance of Fiat on the development
of those markets where Fiat sells around two-thirds of its cars.
The agency also acknowledges that management is proactively
addressing the operating issues of the company and remains focused
on strengthening the weak liquidity profile.

Fiat's consolidated revenues increased in 2008 by 1.5% to 59.4
billion driven by a 7.4% increase in CNH revenues (+ 15.3% in US$
terms), a 3.1% increase in Components and +1.3% for Fiat Group
Automobiles.  Only Iveco reported a decline in revenues of 3.8% in
2008. Nonetheless, Fiat was also affected by the global economic
development in Q4 2008 with declining revenues by 17.2% with all
divisions down in particular Trucks (-28.6%), FGA (-19.3%) and
Components (-22.2%).  Trading profit for the Group increased by
EUR129 million in 2008 compared to 2007 to EUR3.4 billion with all
divisions contributing except Components where profits declined by
EUR107 million vs. 2007.

During 2008, the Group absorbed approx. EUR5.8 billion in cash,
attributable to higher working capital and an increase in Capital
expenditures by EUR1.3 billion. Reduced business volumes
especially in the fourth quarter 2008 resulted in rising
inventories of EUR2.1 billion (mostly trucks and Agricultural and
Construction equipment business).  Fiat expects most of this
increase to reverse in the first half of 2009 as agricultural
inventories are drawn down against a strong order book.  In
addition, dividend payout of EUR546 million and share repurchases
of EUR239 million resulted in a significant rise in Fiat's
reported Industrial Net Debt to EUR5.9 billion.

The negative outlook reflects Fiat's heavy reliance on continued
support of its core banks with regard to the renewal of the
company's short term bank lines as well as Management's ability to
swiftly release cash from working capital to shore up the Group's
overall financial position.  The negative outlook also anticipates
a severe downturn in Fiat's key markets and the challenge facing
management to adequately downscale production in line with reduced
demand.

Moody's anticipates Fiat's car and light commercial vehicle demand
declining by around 20% in the first quarter of 2009.  Moody's
ratings anticipate a sequential improvement of volumes and cash
flow generation in the subsequent quarters.  The ratings could
come under further downward pressure however, in case of evidence
that the market environment would turn worse than anticipated with
regards to volumes or prices and the company's inability to adjust
capacity measures in a timely and adequate manner resulting in
further cash absorption by the industrial operations in contrast
to the company's expectation of a positive industrial free cash
flow of more than EUR1.0 billion in 2009.

Downgrades:

Issuer: Fiat Finance & Trade Ltd.

  -- Senior Unsecured Medium-Term Note Program, Downgraded to Ba1,
     NP from Baa3, P-3

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
     from Baa3

Issuer: Fiat Finance Canada Ltd.

  -- Senior Unsecured Medium-Term Note Program, Downgraded to Ba1
     from Baa3

Issuer: Fiat Finance North America Inc.

  -- Senior Unsecured Medium-Term Note Program, Downgraded to Ba1,
     NP from Baa3, P-3

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
     from Baa3

Reinstatements:

Issuer: Fiat S.p.A.

  -- Corporate Family Rating, Reinstated to Ba1

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Fiat Finance Canada Ltd.

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Fiat Finance North America Inc.

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Fiat S.p.A.

  -- Outlook, Changed To Negative From Rating Under Review

Withdrawals:

Issuer: Fiat S.p.A.

  -- Issuer Rating, Withdrawn, previously rated Baa3


Moody's last rating action on Fiat was the review for possible
downgrade of the Baa3 long- and P-3 short term ratings on January
15, 2009.

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR59.4 billion
generated in fiscal year 2008.  The company is also a leading
European-based manufacturer of commercial vehicles and one of the
largest producers of agricultural equipment in the world.


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K A Z A K H S T A N
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ASTANA OIL: Creditors Must File Claims by April 3
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Astana Oil Company insolvent.

Creditors have until April 3, 2009, to submit written proofs of
claim to:

          Auelbekov St. 139a-228
          Kokshetau
          Akmola
          Kazakhstan

The Court is located at:

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


DIKA MANAGEMENT: Creditors Must File Claims by April 3
------------------------------------------------------
LLP Dika Management insolvent.  Creditors have until April 3,
2009, to submit written proofs of claim to:

         Micro district 9, 44-108
         Almaty
         Kazakhstan


EURO ASIA: Creditors Must File Claims by April 3
------------------------------------------------
LLP Euro Asia Development insolvent.  Creditors have until
April 3, 2009, to submit written proofs of claim to:

         Jeltoksan St. 59
         Almaty
         Kazakhstan


G KART TELECOM: Creditors Must File Claims by April 3
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP G Kart Telecom (RNN 600900536034) insolvent.

Creditors have until April 3, 2009, to submit written proofs of
claim to:

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


GLOBAL SECURITIES: Creditors Must File Claims by April 3
--------------------------------------------------------
JSC Global Securities insolvent.  Creditors have until April 3,
2009, to submit written proofs of claim to:

         Dostyk Ave. 117/6
         Almaty
         Kazakhstan


KAZAKH MORTGAGE: Fitch Affirms Ratings on Class C Notes at 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned a Rating Watch Negative to the class A
and B notes, rated 'BBB+' and 'BBB' respectively, issued by Kazakh
Mortgage Backed Securities 2007-I B.V.  The class C notes were
affirmed at 'BB' with a Stable Outlook.

The action follows the downgrade by Fitch of BTA Bank to 'B+'/RWN
from 'BB'/Outlook Negative as well as the assignment of a Rating
Watch Negative to the Republic of Kazakhstan's Long-term local
currency Issuer Default Rating of 'BBB' by Fitch on February 19,
2009.

Kazakh MBS is a securitization of mortgage loans originated by BTA
Ipoteka, a wholly-owned subsidiary of BTA Bank.

In line with Fitch's criteria, the rating and Outlook of the
senior notes are linked to the originator's rating and Outlook.
Based on the current legal and regulatory environment in
Kazakhstan, Fitch believes that the maximum achievable distance
between the rating of the senior notes and the rating of the
originator is equal to six notches.  As such, further downgrades
of the originator would trigger further negative action on the
rating of the class A notes.

Fitch highlights that a downgrade of Kazakhstan would result in
higher loss severity assumptions for the notes due to reattachment
of the default model stresses to a lower rating scenario.  Fitch
has analysed the effect of a potential single-notch downgrade of
Kazakhstan on the Kazakh MBS' notes.  The results of the analysis
showed that class A and B of notes will not be able to withstand
the higher stresses implied by a single-notch downgrade of the
sovereign.  As a result of this, Fitch has assigned a Rating Watch
Negative to the senior and mezzanine notes of Kazakh MBS.

The transaction has amortized rapidly by approximately 60% of
original balance due to high prepayment rates and the initiative
of BTA Ipoteka, to systematically repurchase loans from the
transaction.  The annualized prepayment and loan repurchase rates
have been each around 15% of the outstanding collateral balance
since closing.  Defaults borne by the transaction to date have
been negligible due to the fact to the fact that the originator
has repurchased most of the delinquent loans.  In order to follow
the performance of the closing portfolio, Fitch performs regular
analyses of the loan-by-loan performance data provided by the
originator and identifies the number of "distressed" loans.
According to Fitch estimates, cumulative 60+ days delinquencies
including repurchased and prepaid loans reached 5.6% of the
closing portfolio in January 2009, up from 4.5% as of September
2008.


KVARTS JSC: Creditors Must File Claims by April 3
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared JSC Gold Mining Enterprise Kvarts insolvent.

Creditors have until April 3, 2009, to submit written proofs of
claim to:

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


RUDNY SOKOLOV: Creditors Must File Claims by April 3
----------------------------------------------------
JSC Branch of Rudny Sokolov Stroy has declared insolvency.
Creditors have until April 3, 2009, to submit written proofs of
claim to:

          Gornyakov St. 70
          Rudny
          Kostanai
          Kazakhstan


UJ STROY SNUB: Creditors Must File Claims by April 3
----------------------------------------------------
LLP UJ STROY SNUB insolvent.  Creditors have until April 3, 2009,
to submit written proofs of claim to:

         Ujnaya St. 20
         Myrzakent
         Maktaaralsky district
         South Kazakhstan
         Kazakhstan


UVELIR PROM: Creditors Must File Claims by April 3
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared JSC Kaz Uvelir Prom insolvent.

Creditors have until April 3, 2009, to submit written proofs of
claim to:

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


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K Y R G Y Z S T A N
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SKY LIGHT: Creditors Must File Claims by March 10
-------------------------------------------------
LLC Sky Light Invest has declared insolvency.  Creditors have
until March 13, 2009, to submit written proofs of claims to:

         LLC Sky Light Invest
         Room 210
         Togolok Moldo St. 60
         Bishkek
         Kyrgyzstan


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R O M A N I A
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* ROMANIA: New Insolvency Cases to Reach 20,000 in 2009
-------------------------------------------------------
Curierul National reports that the number of new insolvency cases
in Romania will increase by 38% this year to 20,000 from 14,500 in
2008 due to the credit crisis.

Citing Arin Stanescu of law firm "Stanescu, Milos, Dumitru si
Asociatii", the report discloses that 1600 insolvency filings were
registered in January, up from 1,000 cases in the same period last
year.

"There are many viable companies which, because of the credit
crisis, will enter cessation of payment," the report quoted Mr.
Stanescu as saying.

The report relates Mr. Stanescu said that beside the need for
protective measures, the companies should think more about
reorganization and less about the bankruptcy procedure.

Mr. Stanescu, as cited by the report, said "I think banks should
meet and discuss, maybe even behind closed doors, to find
solutions.  No financial institution should rush to liquidate the
debtor company, but should help a debtor to recover."


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R U S S I A
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BUKET-STROY LLC: Creditors Must File Claims by March 15
-------------------------------------------------------
Creditors of LLC Buket-Stroy (Construction) have until March 15,
2009, to submit proofs of claims to:

         I. Alimov
         Temporary Insolvency Manager
         P.Lumumby Str. 12
         428022 Cheboksary
         Chuvashiya
         Russia

The Arbitration Court of Chuvashiya will convene at 1:30 p.m. on
May 5, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A79=9610204/2008.


CHELYABINSKIY AUTOMATIVE: Under Bankruptcy Procedure
----------------------------------------------------
The Arbitration Court of Chelyabinskaya has commenced external
management bankruptcy procedure on FSUE Chelyabinskiy Automative-
Mechanical Plant.  The Case is docketed under No.
A76=9616205/2006=9660=96158.

The External Insolvency Manager is:

         I. Zolotukhin
         Post User Box 103
         Central Postal Office
         456200 Zlatoust
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinskaya
         Vorovskogo Str. 2
         454000 Chelyabinsk
         Russia

The Debtor can be reached at:

         FSUE Chelyabinskiy Automative-Mechanical Plant
         Yaroslavskaya Str.1
         454028 Chelyabinsk
         Russia


KAMA TIMBER LLC: Creditors Must File Claims by March 15
-------------------------------------------------------
Creditors of LLC Kama-Timber (TIN 5905256047, PSRN
1075905009960) have until March 15, 2009, to submit proofs of
claims to:

         V. Pototskaya
         Temporary Insolvency Manager
         Office 65
         Svyazistov Str. 24
         614094 Perm'
         Russia

The Arbitration Court of Permskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A50=96
21009/2008.

The Debtor can be reached at:

         LLC Kama-Timber
         Promyshlennya Str. 117
         614065 Perm'
         Russia


MOSCOW STARS: Fitch Affirms Rating on Class B Notes at 'BB'
-----------------------------------------------------------
Fitch Ratings has downgraded the senior class A notes and affirmed
the mezzanine class B notes issued by Moscow Stars B.V.:

  -- Class A (ISIN XS0307297225): downgraded to 'BBB-' (BBB minus)
     from 'BBB'; Outlook Negative

  -- Class B (ISIN XS0307297811): affirmed at 'BB'; Outlook Stable

The rating action follows Fitch's recent downgrade of the
originator of the securitized mortgage loans, CB Moskommertsbank.
The agency downgraded the Bank's Long-term Issuer Default Rating
to 'B-'(B minus)/Outlook Negative on February 20, 2009 from
'B'/Outlook Negative.

In line with Fitch's criteria, the rating and Outlook of the
senior notes are linked to the originator's rating and Outlook.
The downgrade of the Bank had widened the differential between the
rating of Moscow Star's class A notes and the rating of the
originator, bringing it to a level that had exceeded the six notch
limit, as per Fitch's emerging markets criteria.  The agency has
subsequently downgraded the senior notes to a rating level
commensurate with a six notch differential.  The Outlook on the
Class A notes remains Negative, as further downgrades of the
originator would trigger further downgrades of class A notes
rating.

The transaction has so far performed in line with Fitch's
expectations.  As of January 2009, the cumulative defaults
reported by the servicer amounted to 1.22% of the initial
collateral balance while outstanding defaults had reached 0.2% of
the current outstanding principal balance.  The average annualized
prepayment ratio since inception stood at 18.5%, as calculated by
Fitch.  High prepayments have led to an increase in credit
enhancement support available to each tranche.  As of February
2009, the credit enhancement for the class A and B notes was 24.8%
and 16.4% respectively.


OMSK PAPER: Creditors Must File Claims by March 15
--------------------------------------------------
Creditors of CJSC Omsk Paper Mill (TIN 5528027779) have until
March 15, 2009, to submit proofs of claims to:

         V. Evdokevich
         Temporary Insolvency Manager
         Office 404
         Prospect K. Marksa 18/6
         644042 Omsk
         Russia

The Arbitration Court of Omskaya will convene at 10:30 a.m. on
June 9, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A46=9624480/2008.

The Debtor can be reached at:

         CJSC Omsk Paper Mill
         Tsentralnaya Str. 18a
         Omskiy
         644531 Omskaya
         Russia


REM-STROY-TSENTR LLC: Creditors Must File Claims by April 14
------------------------------------------------------------
Creditors of LLC Rem-Stroy-Tsentr (Construction) (TIN
7202144199, PSRN 1067203003702) have until March 15, 2009, to
submit proofs of claims to:

         P. Sidor
         Insolvency Manager
         Fifth Floor
         Minskaya Str. 88
         Tumen
         Russia

The Arbitration Court of Tumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A70=964025/3=962008.

The Debtor can be reached at:

         LLC Rem-Stroy-Tsentr
         Solnechnyy proezd 21-213
         Tumen
         Russia


SAYAN-EXPORT LLC: Creditors Must File Claims by March 15
--------------------------------------------------------
Creditors of LLC Sayan-Export Timber Company have until March 15,
2009, to submit proofs of claims to:

         S. Makletsov
         Temporary Insolvency Manager
         Kirova Str. 103-148
         Abakan
         Khakasiya
         Russia

The Arbitration Court of Khakasiya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A74=96
3101/2008.

The Debtor can be reached at:

         LLC Sayan-Export
         Abakan
         Khakasiya
         Russia


URENSKIY PREPRODUCTION: Creditors Must File Claims by March 15
--------------------------------------------------------------
Creditors of CJSC Urenskiy Preproduction Tractor Plant (TIN
5235004309) have until March 15, 2009, to submit proofs of claims
to:

         V. Talantov
         Temporary Insolvency Manager
         Ploshchad' Revolutsii 7a
         603002 Nizhny-Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya will convene on May 26,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A43=9632304/2008, 36=96276.

The Debtor can be reached at:

         CJSC Urenskiy Preproduction Tractor Plant
         Mekhanizatorov Str. 45
         Uren'
         606800 Nizhegorodskaya
         Russia


WOOD-PROCESSING PLANT: Creditors Must File Claims by March 15
-------------------------------------------------------------
Creditors of LLC Wood-Processing Plant have until March 15, 2009,
to submit proofs of claims to:

         A. Gor'kov
         Insolvency Manager
         Post User Box 15
         630011 Novosibirsk
         Russia
         Tel: 8-913-457-39-23

The Arbitration Court of Omskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46=9618199/2008.

The Debtor can be reached at:

         LLC Wood-Processing Plant
         Tupik Sennoy Str.3
         644027 Omsk
         Russia


ZMEINOGORSKIY DISTILLERY: Bankruptcy Hearing Set March 3
--------------------------------------------------------
The Arbitration Court of Altayskiy will convene at 12:00 p.m. on
March 3, 2009, to hear bankruptcy proceedings on OJSC
Zmeinogorskiy Distillery (TIN 2206000417, PSRN 1022200730452).
The case is docketed under Case No. A03=969331/03B.

The Insolvency Manager is:

         Ye. Gorskikh
         Post User Box 3503
         656049 Barnaul
         Russia
         Tel: 8(3852)380104.

The Court is located at:

         The Arbitration Court of Altayskiy
         Hall 415
         Prospect Lenina Str. 76
         Barnaul
         Russia

The Debtor can be reached at:

         OJSC Zmeinogorskiy Distillery
         Volkova Str. 84
         Zmeinogorsk
         Altayskiy
         Russia


ZOLOTO SUTAMA: Court Names Temporary Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Yakutiya appointed S.Shishigin as
Temporary Insolvency Manager for LLC Zoloto Sutama (Gold Mining).
The case is docketed under Case No. A58=966395/08.  He can be
reached at:

         Chernyshevskogo Str. 56/2
         677007 Yakutsk
         Russia
         Fax: (4112) 36=9663-24

The Debtor can be reached at:

         LLC Zoloto Sutama
         Prospect Geologov 77/2
         678960 Neryungi
         Yakutiya
         Russia


=3D=3D=3D=3D=3D=3D=3D=3D=3D
S P A I N
=3D=3D=3D=3D=3D=3D=3D=3D=3D


BANCAJA 12: S&P Downgrades Rating on Class D Notes to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class C and D notes
issued by Bancaja 12 Fondo de Titulizaci=F3n de Activos.  S&P also
affirmed the ratings on the class B notes.  Bancaja 12's class A
notes remain on CreditWatch negative, where they were placed on
Nov. 27.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information that S&P has received.
This analysis showed that the credit enhancement available for
Bancaja 12's class C and D notes was not sufficient to maintain
the current ratings.  This was mainly driven by further and
expected future deterioration in pool performance.

Bancaja 12 is a Spanish residential mortgage-backed securities
transaction backed by a pool of first-ranking mortgages secured
over owner-occupied residential properties in Spain, originated by
Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja).  The
transaction closed in April
2008.

Of the loans, 62.62% are concentrated in three regions, Valencia,
Catalonia, and Andalusia.  Valencia is the bank's historical
market, and Andalusia and Catalonia are among the most populated
regions in Spain.  It is unusual for a pool to be mainly
concentrated in these three regions, and this may be a factor
driving the arrears.

Loans in arrears for more than 90 days have grown substantially
since closing, and currently represent 1.82% of the pool balance.
Defaults in this transaction are defined as loans in arrears for
more than 18 months and consequently are not yet being registered.
However, given the evolution of long-term arrears, S&P expects
defaulted loans to increase significantly over the near term as
delinquent loans transition into defaults.

S&P further note that Bancaja is the interest rate swap provider
for this transaction.  The downgrades are not, however, related to
the downgrade of Bancaja to 'A-2' on Sept. 23, 2008, or the
concerns S&P has regarding counterparty risk (see related research
below).  Bancaja 12's class A notes consequently remain on
CreditWatch negative.  S&P is continuing to monitor the effect of
any steps Bancaja takes to mitigate the rating impact on these
notes following the bank's downgrade, and S&P expects to take
rating action where warranted if sufficient corrective steps are
not taken.

                          Ratings List

           Bancaja 12, Fondo de Titulizaci=F3n de Activos
        EUR2.1 Billion Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed from Creditwatch Negative

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

               Ratings Kept on Creditwatch Negative

                        Classes     Rating
                        -------     ------
                        A           AAA/Watch Neg

                         Ratings Affirmed

                        Classes     Rating
                        -------     ------
                        B           A


CEMEX ESPANA: Fitch Senior Unsecured Debt Obligations to 'BB'
-------------------------------------------------------------
Fitch Ratings has downgraded Cemex, S.A.B. de C.V. and related
entities' ratings:

Cemex

  -- Foreign currency Issuer Default Rating to 'BB' from
     'BB+';

  -- Local currency IDR to 'BB' from 'BB+';

  -- Long-term national scale rating to 'A+(mex)' from 'AA-(mex)';

  -- MXN5 billion Certificados Bursatiles program to 'A+ (mex)'
     from 'AA- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program to 'A+(mex)' from 'AA-(mex)';

  -- Senior unsecured debt obligations to 'BB' from 'BB+';

  -- Unsecured debt issued through the Certificados Bursatiles
     program to 'A+(mex)' from 'AA-(mex)'.

Cemex Espana S.A.

  -- IDR to 'BB' from 'BB+';
  -- Senior unsecured debt obligations to 'BB' from 'BB+'.

Rinker Materials Corporation

  -- US$150 million senior unsecured notes due 2025 to 'BB' from
     'BB+'.

In addition, Fitch has affirmed Cemex's ratings:

  -- Short-term national scale rating at 'F1(mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'F1(mex)'.

The Rating Outlook for all of Cemex's ratings remains Negative.

The rating downgrades reflect Fitch's expectation that Cemex's
total adjusted net debt to EBITDAR ratio will remain above 5.0
times (x) during 2009 and 4.0X during 2010.  Fitch's definition of
adjusted debt includes the perpetual debt instruments issued by
Cemex, which are treated as equity under Mexican GAAP, as well as
operating leases.  This level of leverage is due to unprecedented
downturns in three of the company's key markets: the United
States, Spain and the U.K.  The rating actions also take into
consideration an expected weakening of some of the company's
markets that performed well in 2009 such as Central and South
America, Asia and Mexico.  Together these factors could result in
Cemex generating less than US$3.4 billion of EBITDAR during 2009,
a historical low for the company and a level viewed to be below
the typical trough in the company's cash flow cycle.

Further considered in the rating actions are the challenges the
company will face as it seeks to divest approximately US$2 billion
of assets in 2008.  These sales are crucial as the company faces
debt maturities of approximately US$4.1 billion, US$3.8 billion
and US$7.8 billion during 2009, 2010 and 2011, respectively.
Obstacles the company will have to overcome as it seeks to sell
assets include: the high debt burden of several leading producers
of cement and ready mix; tight credit conditions and high cost of
capital; and the ability of the company to obtain attractive bids
given the current economy uncertainty.

The Negative Rating Outlook reflects the challenges that all
companies in the cement, ready-mix and aggregate industries will
face during 2009 and 2010, particularly those that are reliant
upon the U.S. and European markets.  While the recently passes
stimulus package in the U.S. could help spur demand in the U.S.
for the company's products, much of the impact will not be felt
during the 2009.

Fitch's ratings of Cemex continue to take into consideration the
company's strong global business position as an integrated cement
player and its ability to continue to generate free cash flow
during the worst economic downturn in recent history.  The ratings
positively factor in the Mexican government's support of Cemex due
to the size of the company and its importance to the country's
economy.

Cemex's credit ratings also take into consideration the banks
continued support of the company.  On Jan. 27, 2009, the company
reached agreement with its banks to reschedule US$2.3 billion of
short-term bilateral loans that fell due during 2009 and 2010 into
terms that will result in US$607 million maturing in 2009, US$536
million in 2010 and about US$1.2 billion in 2011.  The company was
also able to extend the maturity of US$1.7 billion of a US$3
billion obligation that was due in December 2009 until 2011.

Cemex had total adjusted debt of US$23 billion as of Dec. 31, 2008
and cash and marketable securities of US$993 million; adjusted
debt includes total debt plus perpetual debt and operating leases.
During 2008, Cemex generated US$4.6 billion of EBITDAR, resulting
in a total adjusted debt to EBITDAR ratio of about 5.0x.  During
the fourth quarter of 2008 the company's EBITDAR declined to about
US$860 million from about US$1.35 billion during the prior
quarter.  Factoring in seasonality, the numbers were still
substantially lower than those during the last quarter of 2007,
when Cemex's EBITDAR was US$1.15 billion.  The drop-off in EBITDAR
was driven by steep declines in sales volumes and the devaluation
of the Mexican peso, British pound and Euro versus the U.S.
dollar.

For 2009, Cemex projects an EBITDAR range of about US$3.7 billion
to US$3.9 billion. Through free cash flow and asset sales, the
company intends to reduce debt by US$3.6 billion.  To achieve
these goals the company has scaled back its 2009 capital expenses
to US$650 million from around US$2 billion during both 2007 and
2008.  The company has also implemented a restructuring program
aimed at achieving US$700 million of recurring synergies.

Cemex is the third-largest cement producer in the world based on
production capacity of approximately 97 million metric tons and
operates in more than 50 countries.  The company is also the
global leader in the ready mix concrete market with sales of over
80.5 million cubic meters and an important global player in the
aggregates business with sales of 222.7 million tons.  In 2008,
Cemex generated US$4.37 billion of EBITDA on US$21.8 billion of
sales revenues.


CONSUMER SPAIN: Fitch Cuts Rating on Class E Notes to 'CC'
----------------------------------------------------------
Fitch Ratings has downgraded FTA Santander Consumer Spain 07-2's
floating-rate notes:

  -- EUR728.9 million class A (ISIN ES0337943007) FRN: downgraded
     to 'A' from 'AAA'; Negative Outlook

  -- EUR27 million class B (ISIN ES0337943015) FRN: downgraded to
     'BBB+' from 'AA+'; Negative Outlook

  -- EUR17.5 million class C (ISIN ES0337943023) FRN: downgraded
     to 'BBB-' from 'A+'; removed from Rating Watch Negative;
     assigned a Negative Outlook

  -- EUR26.5 million class D (ISIN ES0337943031) FRN: downgraded
     to 'B+' from 'BBB+'; removed from Rating Watch Negative;
     assigned a Negative Outlook

  -- EUR20 million class E (ISIN ES0337943049) FRN: downgraded to
     'CC' from 'CCC'; removed from Rating Watch Negative; assigned
     'DR5'

Santander 07-2 is a securitization of auto and consumer loans
originated by Santander Consumer E.F.C., S.A. (seller and
servicer), in Spain.

The downgrades reflect the sharp deterioration in the
transaction's performance, which is significantly worse than
original base case assumptions.  As part of the transaction
review, Fitch increased the base case default probability to 7.5%
and also reduced its recovery expectations for defaulted loans
While all product segments have exhibited a weakening performance
trend over the past 12 months, the key driver behind the decline
in performance of the pool has been the consumer loan sector.
This portion of the pool is made up of loans with greater risk
attributes, including loans originated by brokers and through the
internet, and loans where the originator had limited access to
borrower information.  Since closing, these sub-segments of the
securitized pool have performed materially outside of Fitch's
initial expectations.

The rising trend in delinquencies and defaults is not only a
reflection of the pool collateral composition, as noted above, but
also a reflection of the sharp deterioration in Spanish
macroeconomic conditions.  Unemployment increased to 13.9% in
December 2008, from 8.6% in December 2007, and is expected to
increase further through 2010.  Fitch believes that the slowing
economy and the increase in unemployment will continue to push up
delinquencies and defaults over the medium term, as well as
stressing the amount and the timing of ultimate recoveries.
Recent performance data has shown weakening trends in recoveries
across Spanish consumer ABS transactions.  However, Santander
Consumer Finance has, in recent quarters, tightened up
underwriting guidelines and reinforced collection efforts.

The rating action takes into account both the recent performance
of the transaction as well as the revised Fitch base case
assumptions for defaults and recoveries.  Despite both the
transaction's de-leveraging to date and the available excess
spread, Fitch believes that the levels of credit enhancement
available to the notes are no longer sufficient to support the
initial ratings derived from the available information at closing.
As such, all the notes have been downgraded to levels reflecting
the existing levels of credit protection.

Delinquencies, defined as 90 days past due receivables, have
increased sharply since closing, standing at 2.6% in May 2008,
when they breached the 1.5% early amortization trigger for the
transaction.  In November 2008, delinquencies stood at 6.5%
compared to 4.6% for the prior quarter and are projected to
increase further in coming quarters.  Despite the transaction
benefiting from a relatively strong swap, excess spread has
dropped significantly in recent quarters as a result of mounting
defaults.  For the November reporting period, excess spread was no
longer sufficient to cover defaults and triggered a draw on the
reserve fund of EUR1.25 million.  Given the delinquency pipeline,
further draws on the reserve are expected in upcoming quarters.


EMPRESAS BANESTO: S&P Cuts Ratings on Class D Notes to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by Fondo de Titulizacion de Activos PYMES Banesto
2 and Empresas Banesto 1, Fondo de Titulizacion de Activos.

Specifically, S&P:

  -- Lowered and kept on CreditWatch negative the class C notes
     issued by PYMES Banesto 2;

  -- Placed on CreditWatch negative PYMES Banesto 2's class A1,
     A2, and B notes and Empresas Banesto 1's class C and D notes;
     and

  -- Took no action on Empresas Banesto 1's other classes of
     notes, which remain unaffected.

The collateral in these transactions comprises loans granted to
Spanish small and midsize enterprises and originated by Banco
Espa=F1ol de Cr=E9dito S.A. (Banesto; AA/Stable/A-1+).

Empresas Banesto 1

S&P has placed Empresas Banesto 1's class C and D notes on
CreditWatch negative following S&P's initial analysis of the
deal's performance, which has highlighted factors that have
increased the possibility of negative rating actions for these
junior classes.

According to the latest available investor report (December 2008),
loans in arrears for more than 90 days have increased to 1.96% of
the outstanding collateral or EUR24.3 million, up from 0.51% or
EUR7.89 million in June 2008.  In this deal, defaults are defined
as loan in arrears for more than 12 months and the first default
occurred during the last quarter.  Gross cumulative defaults
currently represent only 0.017% of the original outstanding
balance.  However, given the current economic environment, S&P
expects defaults to increase in the near to medium term.

The collateral has amortized to 62% of the original outstanding
balance.  S&P note that the top 10 obligors now represent 11.03%
and the top 20 obligors 16.70%.  These obligor concentrations are
higher than in similar Spanish SME transactions, leaving the deal
more vulnerable to single borrower defaults.  S&P will now conduct
a deeper analysis of the transaction requesting full loan-level
data.

PYMES Banesto 2

PYMES Banesto 2 closed in November 2006 and had a two-year
revolving period that ended in December 2008. During this time,
the issuer bought EUR695.5 million of new SME loans or about 70%
of the original collateral balance.  The new assets had to comply
with certain criteria, including geographical and industry
concentration limits.  According to S&P's analysis of the data
provided, since closing:

  -- Exposure to single borrowers remains negligible, with the top
     10 borrowers representing less than 3% of the total
     outstanding balance;

  -- Geographical distribution has remained stable;

  -- Exposure to the real estate and construction sector has
     increased; and

  -- S&P note that the portfolio now includes loans granted to
     developers.

S&P is currently reassessing the risk embedded in the portfolio,
focusing on risks related to obligor concentrations, in particular
real estate and construction sector exposures, and the
concentration of loans granted for development, as well as risks
related to loan prepayment profiles.

Our initial credit and cash flow analysis of the most recent
transaction information and loan-level data that S&P has received
showed that the class C notes can no longer maintain their current
rating and therefore S&P has lowered it to 'BB'.  The results also
showed that the probability of a negative rating action for all
classes of notes has increased leading to the CreditWatch
placements.  S&P's cash flow analysis assumed that the EUR75.22
million principal proceeds available to the issuer as of the
December investor report will be used to repay the class A notes
at the next payment date.

At the same time, the transaction remains exposed to potential
deterioration in the collateral performance.  Loans in arrears for
more then 90 days had increased as of December 2008 to 1.37% of
the outstanding collateral or EUR12.65 million, up from 0.87% or
EUR8.69 million in June 2008.  Gross cumulative defaults account
for around EUR3 million, representing 0.18% of the total
collateral balance including the new additions.

S&P expects to resolve the CreditWatch placements after the next
payment date when the transaction will start amortizing.

                           Ratings List

         Rating Lowered and Kept on Creditwatch Negative

         Fondo de Titulizacion de Activos PYMES Banesto 2
                EUR1 Billion Floating-Rate Notes

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

             Ratings Placed on Creditwatch Negative

         Fondo de Titulizacion de Activos PYMES Banesto 2
                EUR1 Billion Floating-Rate Notes

           Class               To                 From
           -----               --                 ----
           A1                  AAA/Watch Neg       AAA
           A2                  AAA/Watch Neg       AAA
           B                   A/Watch Neg         A

           Empresas Banesto 1, Fondo de Titulizacion de Activos
                EUR2 Billion Floating-Rate Notes

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

                       Ratings Unaffected

       Empresas Banesto 1, Fondo de Titulizacion de Activos
                 EUR2 Billion Floating-Rate Notes

                    Class               Rating
                    -----               ------
                    A1                  AAA
                    A2                  AAA
                    B                   A


PYME VALENCIA: Moody's Reviews 'Ba3' Rating on EUR13.6 Mil. Notes
-----------------------------------------------------------------
Moody's Investors Service has placed the ratings of the notes
issued by PYME VALENCIA 1, FTA under review for possible
downgrade:

  -- EUR574.8 million Series A2 notes, Placed Under Review for
     Possible Downgrade; previously, on July 26, 2007 Assigned
     Aaa;

  -- EUR47.6 million Series B notes, Placed Under Review for
     Possible Downgrade; previously, on July 26, 2007 Assigned A3;

  -- EUR34.0 million Series C notes, Placed Under Review for
     Possible Downgrade; previously, on July 26, 2007 Assigned
     Baa3.

  -- EUR13.6 million Series D notes, Placed Under Review for
     Possible Downgrade; previously, on July 26, 2007 Assigned
     Ba3.

Date of previous rating action: no previous rating action since
initial rating assignment in July 2007.

The EUR180.0 million Series A1 notes were fully redeemed in August
2008.

The rating action has been prompted by the worse-than-expected
collateral performance.  Moody's expects to conclude the rating
review after receipt of additional information and a detailed
assessment of the effects of the deteriorating performance on the
outstanding ratings.

As of December 2008, the cumulative 90+ delinquencies (i.e.
delinquencies equal or greater than 90 days) were equal to 4.37%
of the original portfolio balance compared to 2.76% as of the
previous quarterly reporting date.  The cumulative defaults were
equal to 0.13% of the original portfolio balance compared to 0.02%
as of the previous quarterly reporting date.  As part of the
review, Moody's considers also the exposure of the transaction to
the real estate sector (either through security in the form of a
mortgage or debtors operating in the real estate sector).  The
deterioration of the Spanish economy has been reflected in the
negative sector outlook Moody's published on the Spanish SMEs
securitisation transactions.

PYME VALENCIA 1, FTA is a securitisation of loans to small- and
medium-sized enterprises carried out by Banco de Valencia.  At
closing, the portfolio consisted of 3,627 loans.  The loans were
originated between 2003 and 2006, with a weighted average
seasoning of 1.73 years and a weighted average remaining term of
7.86 years.  The concentration in the "building and real estate"
sector according to Moody's industry classification was
approximately 59% as of closing.

As of December 2008, the number of loans in the portfolio was
equal to 2,452 and the weighted average remaining term was equal
to 8.8 years.  The concentration in the "building and real estate"
sector according to Moody's industry classification was
approximately 63% as of December 2008.

Moody's assigned definitive ratings in July 2007. 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.


PYMES BANESTO: Fitch Downgrades Rating on Class C Tranche to 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded the ratings of four classes of Fondo
de Titulizacion de Activos Pymes Banesto 2 and simultaneously
assigned or maintained Negative Outlooks:

  -- Class A1 (ISIN ES0372260002) downgraded to 'AA' from 'AAA';
     assigned a Negative Outlook

  -- Class A2 (ISIN ES0372260010) downgraded to 'AA' from 'AAA';
     assigned a Negative Outlook

  -- Class B (ISIN ES0372260028) downgraded to 'BBB' from 'AA-'(AA
     minus); assigned a Negative Outlook

  -- Class C (ISIN ES0372260036) downgraded to 'B' from 'BBB';
     Negative Outlook maintained

After taking Spain's economic downturn and the ongoing correction
in the real estate and construction sectors into account, Fitch's
analysis of the delinquency pipeline and an updated default
forecast indicated that the credit protection for classes A1, A2,
B and C was no longer adequate to support the prior ratings.  As
such, these classes have been downgraded and had Negative Outlooks
assigned or maintained.  This review and the corresponding rating
action is part of an ongoing review of all Spanish small- and
medium-sized enterprise collateralized debt obligation
transactions outstanding.

This transaction closed in November 2006.  Unlike most SME CDO
transactions, this transaction included a two-year revolving
period that ended in December 2008.  As such, despite its
seasoning, this transaction has not benefitted from significant
de-leveraging.  In addition, since the conclusion of the revolving
period, delinquencies have steadily increased and are expected to
rise further in subsequent quarters.  As of December 15, 2008, 90+
day delinquencies stood at 1.4% of the current portfolio.

Spanish macroeconomic conditions have deteriorated sharply in
recent quarters and there has been a notable increase in
delinquencies across SME CDO transactions.  However, many
originators have begun to reinforce collection efforts by adding
staff and employing more proactive collection strategies.  Given
Fitch's expectation for further credit deterioration in the SME
segment, the agency continues to review rated all SME CDO
transactions to ensure the credit protection in place is
sufficient to maintain existing ratings.

In the analysis undertaken, assumptions on probability of default
and loss severity were made with regards to current delinquencies
as well as the performing portfolio.  With respect to default
probability, the base assumption on the current performing portion
of the portfolio was revised upward to reflect the non-investment
grade nature of underlying borrowers and to consider how the
portfolio or loans could perform through-the cycle.  This resulted
in an increase in the base default probability to approximately
10%, which was then adjusted to reflect the remaining weighted
average life of the portfolio.  The base case PD was further
adjusted to account for the existing portfolio delinquency
pipeline, with loans that have been in arrears for longer being
assigned progressively higher default probabilities (up to 100%
for loans greater than six months in arrears).  On the recovery
side, Fitch assumed the 'BB' recovery from the initial rating
analysis.  These updated PD and recovery assumptions were used to
determine an updated loss expectation and then compared against
existing subordination available for each tranche, with minimum
coverage ratios of the updated expected loss driving the actions
noted above.  Seasoning, excess spread, as well as industry and
borrower concentration risk also factored into Fitch's credit
view.

The transaction is a cash flow securitization of loans to Spanish
SMEs granted by Banco Espanol de Credito ('AA'/Rating Watch
Negative/'F1+').  The issuer is legally represented and managed by
Santander de Titulizacion SGFT, SA, a limited liability and
special-purpose management company incorporated under Spanish law.


PYMES BANESTO: S&P Downgrades Ratings Class C Notes to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by Fondo de Titulizacion de Activos PYMES Banesto
2 and Empresas Banesto 1, Fondo de Titulizacion de Activos.

Specifically, S&P:

  -- Lowered and kept on CreditWatch negative the class C notes
     issued by PYMES Banesto 2;

  -- Placed on CreditWatch negative PYMES Banesto 2's class A1,
     A2, and B notes and Empresas Banesto 1's class C and D notes;
     and

  -- Took no action on Empresas Banesto 1's other classes of
     notes, which remain unaffected.

The collateral in these transactions comprises loans granted to
Spanish small and midsize enterprises and originated by Banco
Espa=F1ol de Cr=E9dito S.A. (Banesto; AA/Stable/A-1+).

Empresas Banesto 1

S&P has placed Empresas Banesto 1's class C and D notes on
CreditWatch negative following S&P's initial analysis of the
deal's performance, which has highlighted factors that have
increased the possibility of negative rating actions for these
junior classes.

According to the latest available investor report (December 2008),
loans in arrears for more than 90 days have increased to 1.96% of
the outstanding collateral or EUR24.3 million, up from 0.51% or
EUR7.89 million in June 2008.  In this deal, defaults are defined
as loan in arrears for more than 12 months and the first default
occurred during the last quarter.  Gross cumulative defaults
currently represent only 0.017% of the original outstanding
balance.  However, given the current economic environment, S&P
expects defaults to increase in the near to medium term.

The collateral has amortized to 62% of the original outstanding
balance.  S&P note that the top 10 obligors now represent 11.03%
and the top 20 obligors 16.70%.  These obligor concentrations are
higher than in similar Spanish SME transactions, leaving the deal
more vulnerable to single borrower defaults.  S&P will now conduct
a deeper analysis of the transaction requesting full loan-level
data.

PYMES Banesto 2

PYMES Banesto 2 closed in November 2006 and had a two-year
revolving period that ended in December 2008. During this time,
the issuer bought EUR695.5 million of new SME loans or about 70%
of the original collateral balance.  The new assets had to comply
with certain criteria, including geographical and industry
concentration limits.  According to S&P's analysis of the data
provided, since closing:

  -- Exposure to single borrowers remains negligible, with the top
     10 borrowers representing less than 3% of the total
     outstanding balance;

  -- Geographical distribution has remained stable;

  -- Exposure to the real estate and construction sector has
     increased; and

  -- S&P note that the portfolio now includes loans granted to
     developers.

S&P is currently reassessing the risk embedded in the portfolio,
focusing on risks related to obligor concentrations, in particular
real estate and construction sector exposures, and the
concentration of loans granted for development, as well as risks
related to loan prepayment profiles.

Our initial credit and cash flow analysis of the most recent
transaction information and loan-level data that S&P has received
showed that the class C notes can no longer maintain their current
rating and therefore S&P has lowered it to 'BB'.  The results also
showed that the probability of a negative rating action for all
classes of notes has increased leading to the CreditWatch
placements.  S&P's cash flow analysis assumed that the EUR75.22
million principal proceeds available to the issuer as of the
December investor report will be used to repay the class A notes
at the next payment date.

At the same time, the transaction remains exposed to potential
deterioration in the collateral performance.  Loans in arrears for
more then 90 days had increased as of December 2008 to 1.37% of
the outstanding collateral or EUR12.65 million, up from 0.87% or
EUR8.69 million in June 2008.  Gross cumulative defaults account
for around EUR3 million, representing 0.18% of the total
collateral balance including the new additions.

S&P expects to resolve the CreditWatch placements after the next
payment date when the transaction will start amortizing.

                           Ratings List

         Rating Lowered and Kept on Creditwatch Negative

         Fondo de Titulizacion de Activos PYMES Banesto 2
                EUR1 Billion Floating-Rate Notes

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

             Ratings Placed on Creditwatch Negative

         Fondo de Titulizacion de Activos PYMES Banesto 2
                EUR1 Billion Floating-Rate Notes

           Class               To                 From
           -----               --                 ----
           A1                  AAA/Watch Neg       AAA
           A2                  AAA/Watch Neg       AAA
           B                   A/Watch Neg         A

           Empresas Banesto 1, Fondo de Titulizacion de Activos
                EUR2 Billion Floating-Rate Notes

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

                       Ratings Unaffected

       Empresas Banesto 1, Fondo de Titulizacion de Activos
                 EUR2 Billion Floating-Rate Notes

                    Class               Rating
                    -----               ------
                    A1                  AAA
                    A2                  AAA
                    B                   A



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CONCORDIA BUS: S&P Puts 'B-' Rating on Developing CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its long-term
'B-' corporate credit ratings on Sweden-based bus service provider
Concordia Bus AB and its subordinate holding company Concordia Bus
Nordic Holding AB (collectively Concordia) on CreditWatch with
developing implications.  This is due to an expected announcement
by Concordia in the coming weeks concerning the refinancing of its
EUR130 million senior secured notes.

"The CreditWatch placement was prompted by the material short-term
refinancing risk arising from these notes and S&P's current
uncertainty regarding the future capital structure of the
business," said Standard & Poor's credit analyst Stuart Clements.
"In the absence of new external funding, S&P does not believe
Concordia has sufficient liquidity to repay these notes, which are
due on July 31, 2009."  S&P also believes that obtaining new
external funding from the banking or debt capital markets would be
difficult, given both markets' poor current liquidity.  However, a
successful refinancing of these notes with positive implications
for the financial profile may lead us to consider a positive
rating action.  S&P also takes into consideration the strong
correlation between Concordia's shareholders and note holders, who
are both mainly large financial investors.  Given Concordia's
improved profitability and operating performance, S&P believes it
would generally be in their interest to see Concordia remain a
going concern and believe that for this reason, as well as the
fact that cash flows have already been committed, they would
probably play a supportive role in any re-financing plans.

Concordia has put in a good operating performance for the nine
months to Nov. 30, 2008, reporting a net increase in its
contracts, increasing sales, improved market shares, better
average cost indexation, and higher operating margins.  S&P also
understands that Concordia has been benefiting from a more
benign competitive environment with more rational tender pricing
as key competitors also focus on re-building profit margins,
following the structural under-pricing of recent years.  However,
Concordia remains burdened by its heavily debt-biased capital
structure, and its improved operating profit was offset by the
first full-year effect of its requirement to pay out 16.5%
dividends on its SEK 510 million nonredeemable preference shares.

Key credit ratios for the rolling 12-months to Nov. 30, 2008,
weakened slightly.  This was due to the adverse effect on cash
flows of the preference share dividend payments, as well as higher
debt levels.  The increased debt was driven by additional finance
lease commitments, to fund buses for new contracts, and the
adverse foreign-exchange translation effect on the senior notes
from an appreciating euro against the Swedish krona.  Compared
with the same period the prior year, for the rolling 12-months to
Nov. 30, 2008, funds from operations to adjusted debt reduced to
12.1% from 15.9%, although EBITDA to interest improved slightly to
1.5x from 1.3x.

"The review will enable Standard & Poor's to evaluate the group's
anticipated refinancing plans and their impact on Concordia's
future financial risk profile, in particular its capital structure
and cash flows," said Mr. Clements.  "The group's underlying
business risk profile is considered strong for the current rating,
which remains constrained by the uncertainty surrounding the
refinancing risk of the EUR130 million notes."  A successful
refinancing of these notes with positive implications for the
financial profile may lead us to consider a positive rating
action.  Conversely, the absence of a refinancing announcement
within the next two months, or a refinancing that in S&P's opinion
results in a weakened financial risk profile may lead to the
rating being lowered.


GENERAL MOTORS: Rating Not Affected By Saab Filing, DBRS Says
-------------------------------------------------------------
Dominion Bond Rating Service notes that Saab Automobile (Saab), a
unit of General Motors Corporation, has filed for reorganization
in its native Sweden.  These developments follow previous
unsuccessful efforts by GM to have the Swedish government assume
an equity stake in Saab or provide some other form of assistance.
DBRS notes that Saab's filing has no impact on the ratings of GM.
The Saab unit has consistently incurred losses and is expected to
continue to do so over the near term. However, Saab's scale is
relatively minor, as its 2008 total sales of 93,000 units
accounted for just over 1% of GM's global vehicle sales.

Saab's reorganization filing represents an effort to ultimately
create an independent entity.  DBRS is of the opinion that this is
likely modestly beneficial to GM, as it potentially removes a
distraction from senior management of the Company and affords them
more opportunity to focus on the continuing revitalization of the
core GM brands and operations.

In 2008, Saab, according to estimates, incurred a loss of
approximately three billion Swedish kronor.  The unit employs in
the range of 4,400 people; the majority of production is sourced
in Trollhattan, Sweden.


GENERAL MOTORS: Saab Obtains Creditor Protection in Sweden
----------------------------------------------------------
Saab Automobile filed for protection from creditors after parent
General Motors Corp. said it will cut ties with the Swedish
carmaker following two decades of losses, Bloomberg News reported.

Saab Chief Executive Officer Jan Aake Jonsson said in a statement
that the Trollhaettan, Sweden-based Company filed for
reorganization with a Swedish district court to separate itself
from GM and bring resources back to Sweden.

The reorganization, slated to take three months, will place Saab
under court supervision, with the aim of creating a "fully
independent" business entity, the report said.

According to Benedikt Kammel of Bloomberg, the Swedish district
court has approved Saab's request for reorganization, putting the
Swedish carmaker under protection from creditors and under Swedish
supervision for the first time since General Motors bought the
carmaker two decades ago.

GM Europe, Bloomberg relates, said in an e-emailed statement that
Saab will promptly set up "a viable mechanism for the timely
payment of suppliers' claims toward Saab".

The Associated Press reported February 13 that Saab AB turned to a
fourth-quarter loss, mainly hurt by charges taken for project
delays, and warned it may have to cut more jobs going forward.
Saab reported a loss of SEK724 million (US$86 million), compared
with a previous profit of around SEK1 billion in the same quarter
last year.  The shortfall, according to the report, was mainly
attributed to provisions and write-downs of just over SEK1.5
billion to account for delays in major projects.

Andreas Cremer and Chris Reiter of Bloomberg said that General
Motors' decision to push its Saab unit into bankruptcy protection
puts pressure on Germany, the U.K. and Spain to come up with
funding that the U.S. company says is needed to save the rest of
its European business.  Germany-based unit Opel needs a rescue
package that may exceed EUR3.3 billion (US$4.23 billion), said its
supervisory-board member Armin Schild.  GM's Opel may be next
`domino' after Saab, absent a rescue plan, Bloomberg said.

                          About SAAB AB

Saab AB is a Sweden-based technology company active within the
defense, aviation and space industries. It operates through three
principal segments. Defense and Security Solutions develops and
manufactures command, control and communication systems. Systems
and Products produces and sells systems, products and components
for defense, aviation, space and civil security internationally.
Aeronautics comprises both military and civilian aeronautics
operations, including the Gripen program, which uses technology to
perform air-to-air and air-to-surface operational missions. The
Company consists of such business units as Saab Aerotech, Saab
Communication, Saab Grintek, Saab Systems, Combitech, Saab
Surveillance Systems, Saab Avitronics, Saab Barracuda, Saab Bofors
Dynamics, Saab Space, Saab Training Systems, Saab Microwave
Systems, Saab Underwater Systems, Saab Aerosystems, Saab
Aerostructures, Saab Aircraft Leasing and Gripen International.
Saab AB is headquartered in Stockholm, Sweden.

                       About General Motors

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

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

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

                         *     *     *

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

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

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

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


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S W I T Z E R L A N D
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ALPINA IT-SOLUTIONS: Creditors Must File Claims by Feb. 28
----------------------------------------------------------
Creditors owed money by LLC Alpina IT-Solutions are requested to
file their proofs of claim by Feb. 28, 2009, to:

         Via Maistra 17
         7524 Zuoz
         Switzerland

The company is currently undergoing liquidation in Zuoz.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 5, 2009.


ATIU JSC: Deadline to File Proofs of Claim Set Feb. 27
------------------------------------------------------
Creditors owed money by JSC Atiu are requested to file their
proofs of claim by Feb. 27, 2009, to:

         Dr. Urs Kammermann
         Liquidator
         Bellariastrasse 7
         Mail Box: 8027 Zurich
         Switzerland

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


BACHER & SIEGER: Creditors Have Until Feb. 27 to File Claims
------------------------------------------------------------
Creditors owed money by JSC Bacher & Sieger are requested to file
their proofs of claim by Feb. 27, 2009, to:

         Martin Hutte
         Liquidator
         Poststrasse 24
         6301 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 19, 2008.


FUNCTION BRANDS: Proof of Claim Filing Deadline is Feb. 27
----------------------------------------------------------
Creditors owed money by JSC Function Brands are requested to file
their proofs of claim by Feb. 27, 2009, to:

         Dr. Franz Sieberth
         Liquidator
         Wiesenrain 4
         6314 Unterageri
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 18, 2008.


KRYMIA JSC: Creditors' Proofs of Claim Due by Feb. 28
-----------------------------------------------------
Creditors owed money by JSC Krymia are requested to file their
proofs of claim by Feb. 28, 2009, to:

         Herbert C. Schlaubitz
         Liquidator
         Baarerstrasse 38
         6300 Zug
         Switzerland

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


LUSEDA LLC: Feb. 27 Set as Deadline to File Claims
--------------------------------------------------
Creditors owed money by LLC Luseda are requested to file their
proofs of claim by Feb. 27, 2009, to:

         Robert Lowenberg
         Liquidator
         Wurzenbachstrasse 14
         6006 Luzern
         Switzerland

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


PQM SERVICES: Creditors Must File Proofs of Claim by Feb. 27
------------------------------------------------------------
Creditors owed money by LLC PQM Services are requested to file
their proofs of claim by Feb. 27, 2009, to:

         Andreas Byland
         Bundesgasse 26
         3001 Bern
         Switzerland

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


SETAC LLC: Deadline to File Proofs of Claim Set Feb. 28
-------------------------------------------------------
Creditors owed money by LLC Setac are requested to file their
proofs of claim by Feb. 28, 2009, to:

         Paul Schaad
         Beaumontweg 31
         2502 Biel
         Switzerland

The company is currently undergoing liquidation in Lengnau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 26, 2008.


TRANSLAND JSC: Creditors Have Until Feb. 28 to File Claims
----------------------------------------------------------
Creditors owed money by JSC Transland are requested to file their
proofs of claim by Feb. 28, 2009, to:

         Willy Blattler
         Guggistrasse 7
         6005 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 19, 2008.


ZWAHLEN ABDICHTUNGEN: Proof of Claim Filing Deadline is Feb. 28
--------------------------------------------------------------
Creditors owed money by JSC Zwahlen Abdichtungen are requested to
file their proofs of claim by Feb. 28, 2009, to:

         Austrasse 83
         7000 Chur
         Switzerland

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 23, 2008.


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CENTER PROJECT: Creditors Must File Claims by March 7
-----------------------------------------------------
Creditors of LLC Center Project (EDRPOU 31838877) have until
March 7, 2009, to submit proofs of claim to:

         Arbitral Manager E. Gavriliuk
         Insolvency Manager
         Office 87
         Konstantinovskaya St. 63/12
         Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 24/357-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Center Project
         Tupik Tverskoy St. 5-A
         Kiev
         Ukraine


EKSIMPRO LLC: Creditors Must File Claims by March 7
---------------------------------------------------
Creditors of LLC EKSIMPRO (EDRPOU 34048307) have until March 7,
2009, to submit proofs of claim to:

         Arbitral Manager E. Gavriliuk
         Insolvency Manager
         Office 87
         Konstantinovskaya St. 63/12
         Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 28/299-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Eksimpro
         Patrice Lumumba St. 15-A
         Kiev
         Ukraine


ENERGYHOLDING K LLC: Creditors Must File Claims by March 7
----------------------------------------------------------
Creditors of LLC Company Energyholding K (EDRPOU 34047345) have
until March 7, 2009, to submit proofs of claim to:

         Arbitral Manager E. Gavriliuk
         Insolvency Manager
         Office 87
         Konstantinovskaya St. 63/12
         Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/42-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Company Energyholding K
         Patrice Lumumba St. 15-A
         Kiev
         Ukraine


ENERKOS LLC: Creditors Must File Claims by March 7
--------------------------------------------------
Creditors of LLC ENERKOS (EDRPOU 31089424) have until March 7,
2009, to submit proofs of claim to:

         Arbitral Manager E. Gavriliuk
         Insolvency Manager
         Office 87
         Konstantinovskaya St. 63/12
         Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 49/250-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Enerkos
         Frunze St. 41
         Kiev
         Ukraine


LAND-PLUS LLC: Creditors Must File Claims by March 7
----------------------------------------------------
Creditors of LLC Land-Plus (EDRPOU 35430110) have until March 7,
2009, to submit proofs of claim to:

         Private enterprise Linkrust
         Insolvency Manager
         Liatoshynsky St. 4A/289
         03191 Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 23/3-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Land-Plus
         Ribalskaya St. 13
         01011 Kiev
         Ukraine


LIM-UKRAINE LLC: Creditors Must File Claims by March 7
------------------------------------------------------
Creditors of LLC Production and Commerce Firm Lim-Ukraine (EDRPOU
30110821) have until March 7, 2009, to submit proofs of claim to
the Insolvency Manager E. Golub.

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 23/307-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Production and Commerce Firm Lim-Ukraine
         Pervomaysky St. 11
         01032 Kiev
         Ukraine


PRESTIGE-GLOBAL-PLUS LLC: Creditors Must File Claims by March 7
---------------------------------------------------------------
Creditors of LLC PRESTIGE-GLOBAL-PLUS (EDRPOU 33101322) have until
March 7, 2009, to submit proofs of claim to:

         Arbitral Manager E. Gavriliuk
         Insolvency Manager
         Office 87
         Konstantinovskaya St. 63/12
         Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 50/307.

The Court is located at:

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

The Debtor can be reached at:

         LLC Prestige-Global-Plus
         Grushevsky St. 28/2A
         Kiev
         Ukraine


RUSSIA LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Kharkov has begun bankruptcy supervision
procedure on LLC Russia (EDRPOU 30742959).

The Temporary Insolvency Manager is:

         O. Berezhnoy
         Office 1
         Tchaikovsky St. 33-b
         Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Russia
         Sadovaya St. 14
         Chernoye
         Veliky Burluk
         Kharkov
         Ukraine


STABILNOST LLC: Creditors Must File Claims by March 7
----------------------------------------------------
Creditors of LLC Whole Sale And Trading Firm Stabilnost (EDRPOU
35430130) have until March 7, 2009, to submit proofs of claim to:

         LLC Production enterprise Prikarpatye
         Insolvency Manager
         Kikvidze St. 26
         01103 Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 23/2-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Whole Sale And Trading Firm Stabilnost
         Ribalskaya St. 13
         01011 Kiev
         Ukraine


TREVIKS LLC: Creditors Must File Claims by March 7
--------------------------------------------------
Creditors of LLC TREVIKS (EDRPOU 32916133) have until March 7,
2009, to submit proofs of claim to:

         Arbitral Manager E. Gavriliuk
         Insolvency Manager
         Office 87
         Konstantinovskaya St. 63/12
         Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 24/386-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Treviks
         Grushevsky St. 28/2A
         Kiev
         Ukraine


* UKRAINE: Banks Refusing Credit to Farmers Get No Refinancing
--------------------------------------------------------------
The Cabinet of Ministers in Ukraine will not supprt refinancing of
those banks that refuse credit to farmers, Ukrainian News reported
last week, citing Prime Minister Yulia Tymoshenko.

Ukrainian News disclosed Ms. Tymoshenko in late January said that
commercial banks did not prolong UAH3.2 billion of credits for
agricultural enterprises.

"If credits are not extended, we, as the government, will not
support refinancing of any bank," Ukrainian News quoted Ms.
Tymoshenko as saying.

Ukrainian News recalled in November 2008, the prime minister said
that the National Bank of Ukraine agreed to support through
refinancing those banks that had extended credits to farmers until
June 1, 2009.


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=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D


B J MALE: Appoints Joint Administrators from Grant Thornton
-----------------------------------------------------------
Trevor O'Sullivan and Nigel Morrison of Grant Thornton UK LLP were
appointed joint administrators of B J Male Holdings Ltd. on
Feb. 11, 2009.

The company can be reached at:

         B J Male Holdings Ltd.
         Unit 4
         Ellis Square
         Manor Road
         Selsey
         Chichester
         West Sussex
         PO20 0AY
         England


CASTLE HOLDCO 4: Completes Balance Sheet Restructuring Review
-------------------------------------------------------------
Castle HoldCo 4 Ltd said in a statement on Monday, February 23,
2009, that the independent committee of the Board has, together
with its financial adviser, completed its review of a proposed
Scheme of Arrangement to restructure the Company's balance sheet.
Following this review, the Independent Committee confirms it
considers that, if implemented, the Scheme would create a stable
and sustainable capital structure for the Company to address the
significant market uncertainty currently facing it.

                    Previous Announcement

As previously announced on February 17, 2009, the Scheme would
provide Countrywide with GBP75 million of fresh equity capital and
would result in a substantial reduction of the indebtedness
outstanding to GBP175 million, including the repayment in full of
the Company's revolving credit facility and related hedging
liabilities.  The Scheme was proposed by a group of holders of
Senior Secured Notes and Senior Notes, which has agreed to support
the Scheme and to contribute the additional equity capital.  The
Company understands that the Scheme reflects the results of
discussions among members of the Noteholder Group and a limited
number of large holders of the Senior Secured Notes and Senior
Notes identified by them and that based solely on these
discussions, Noteholders representing approximately 57% of the
total outstanding Senior Secured Notes and approximately 54% of
the total outstanding Senior Notes have indicated support for the
Scheme.

The Independent Committee was formed by the Company's Board to
consider the possible implementation of the Scheme and has been
advised by Tri-Artisan Partners, an independent financial adviser.

                      Filing of Scheme

Following completion of its review of the Scheme, and given the
significant support already demonstrated for the Scheme by holders
of Senior Secured Notes and Senior Notes, the Company confirms
that it expects the Scheme to be filed with the relevant court in
March and completed during the second quarter.

                        Advisors

Slaughter and May and Tri-Artisan Partners are acting for the
Company and Halliwells LLP are acting for the Independent
Committee in connection with the Scheme.  The holders of the
Senior Secured Notes and Senior Notes are represented by
Freshfields Bruckhaus Deringer LLP, Linklaters LLP and Wachtell,
Lipton, Rosen & Katz and advised by Lazard & Co., Limited.

In addition, Lucid Issuer Services Limited has been retained by
the Noteholder Group as Information Agent in connection with the
Scheme and will be liaising with Noteholders via the clearing
systems in the coming days.  Any Noteholders wishing to contact
Lucid should contact Sunjeeve Patel in the first instance on + 44
(0) 207 704 0880 or email: castle@lucid-is.com

                   About Countrywide

Countrywide plc =96- http://www.countrywideplc.co.uk=96- provides
estate agency services, surveying, financial services, commercial
and residential lettings and residential property conveyancing in
the UK.

                 About Castle Holdco 4

Castle Holdco 4 Ltd. Is the ultimate holding company for
Countrywide plc.

                         *     *     *

As reported in the TCR-Europe on Feb. 19, 2009, Moody's Investors
Service placed on review for possible downgrade the Caa3 corporate
family rating and probability of default rating of Castle Holdco 4
Ltd., which is the ultimate holding company for Countrywide plc,
the provider of residential property services in the UK.
Concurrently, Moody's also placed on review for possible downgrade
the B2 rating of the GBP100 million revolving credit facility, the
Caa3 rating on the GBP470 million Senior Secured notes, the Ca
rating on the GBP170 million Senior Notes.

The rating action follows an announcement from the company that it
has deferred the coupon payment due on its Secured Senior Notes
while it considers, during the 30-day grace period, a proposal for
a scheme of arrangement from a group of note holders of its Senior
Secured Notes and Senior Notes.  The purpose of the scheme of
arrangement is to reduce Countrywide's indebtedness and raise
additional equity capital.


CHRISTOPHER RODGERS: Put Into Administration; 30 Jobs Affected
--------------------------------------------------------------
Natalie Holt at Mortgage Strategy reports that Christoper Rodgers
has been placed into administration, resulting in the loss of 30
jobs.

The report relates the Lancashire-based architect and suvery firm
went into administration on Feb. 13.  Grant Thornton UK has been
appointed as administrators, the report discloses.

David Riley, one of the joint administrators appointed to the
case, as cited by the report said, "There were no realistic
prospects for the firm to continue to trade.

"Unfortunately the firm were fully drawn into its banking
facilities and couldn't afford the January payroll."


ENERGY BATTERIES: Names Joint Administrators from KPMG
------------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint administrators of Energy Batteries Ltd. on
Feb. 9, 2009.

The company can be reached at:

         Energy Batteries Ltd.
         Energy Park
         Ealstrees Road
         Corby
         Northamptonshire
         NN17 4AZ
         England


H20 LIFESTYLE: Brings In Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of H20 Lifestyle (UK) Ltd. on Jan. 30,
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


LIQUID PORCELAIN: Appoints Joint Liquidators from Tenon Recovery
----------------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of The Liquid Porcelain Co. on
Jan. 29, 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


MCCARTHY & STONE: Reaches Debt-For-Equity Swap Deal With Banks
--------------------------------------------------------------
Helia Ebrahimi at the Daily Telegraph reports that McCarthy &
Stone plc agreed on a debt-for-equity swap with its senior lenders
made up of a banking syndicate that includes 60 creditors and is
led by HSBC and Lloyds Banking Group.

In a Feb. 18 report, Reuters, citing sources close to the deal,
disclosed that McCarthy & Stone's lending banks will cut debt
to GBP500 from GBP700 million, but want to take all of the equity
in the new company to help recover their investment.

The Daily Telegraph relates following the agreement between the
company and its senior lenders, lawyers have sent out lock-up
agreements to the 60 creditors which binds them to the deal.
According to the Daily Telegraph, some 75pc of senior leaders have
to vote for the scheme, which needs court approval.  The process
is expected to be completed by the end of April, the Daily
Telegraph notes.

The Daily Telegraph recalls senior lenders rejected three bids for
the company, including one led by the Reubens.  Reuters states the
proposals were turned down on the grounds that the investors would
control the equity.

Reuters recounts in 2006 a consortium led by David and Simon
Reuben and Sir Tom Hunter acquired McCarthy & Stone for GBP1.1
billion.  The GBP1.04 billion loan backing the acquisition
included GBP890 million of senior debt and GBP150 million pounds
of junior debt, split into GBP40 million of second lien and GBP110
million pounds of mezzanine, Reuters adds.

According to the Daily Telegraph, the debt-for-equity swap will
see the so-called mezzanine loans =96 made by the Reubens and Sir
Tom =96 wiped out.  The Guardian discloses junior lenders would lose
about GBP200 million of second line (charge) and mezzanine debt
holdings.  The junior lenders are threatening to take senior
lenders to court if they are offered nothing, Reuters states
citing sources close to the deal.

McCarthy & Stone, the Daily Telegraph relates, has struggled to
pay interest on more than GBP900 million of borrowings that were
used to finance its acquisition.  Reuters discloses the company,
which has been in talks since last August about renegotiating its
buyout debt, reached a standstill agreement with lenders after
missing a payment in December.  Reuters notes it was unable to
service its debt after the housing market slump.

Headquartered in Bournemout, McCarthy & Stone plc =96-
http://www.mccarthyandstone.co.uk-- McCarthy & Stone seeks land
to develop into private retirement residences.  The company buys
sites formerly used as garages, pubs, cinemas, and offices, and
then designs and constructs retirement flats throughout England
and in Scotland.


ROYAL BANK: To Split Company Based on GBP1 Bln Cost Cutting Plan
----------------------------------------------------------------
Royal Bank of Scotland Group Plc's planned GBP1 billion cost
cutting measures partly involve scaling back its investment
banking, Bloomberg News reports citing a person familiar with the
situation.

According to the news agency's source, RBS will split itself into
two units over the next three to five years, with one entity
including the U.K. and other "core" businesses and the second
holding operations that aren=92t central to the bank.

Bloomberg News relates the person, who declined to be identified
because the planning is confidential, said the bank is also
working to put about GBP200 billion of assets into a government
insurance plan designed to protect lenders from potential losses.

RBS, which last month said it may post a loss of as much as GBP28
billion for 2008, will withdraw from some countries in Asia and
discontinue some product lines, the report discloses.

Citing a report by the Sunday Telegraph, Bloomberg News says the
non-core subsidiary will hold the Asian and Australian units RBS
acquired as part of its purchase of ABN Amro NV, RBS=92s aircraft
leasing unit, and the mortgage and lending assets of Charter One
in the U.S.

                      20,000 More Job Cuts

As reported in the Troubled Company Reporter-Europe on Feb. 19,
2009, The Sunday Times said RBS intends to cut a further 10,000 to
20,000 jobs as part of its cost-cutting measures.

The Sunday Times recalled RBS already axed 13,000 jobs
internationally since last April, including 3,000 in its
investment-banking business.  It announced 2,300 British job cuts
early this month, the news agency added.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


SPOONER VICARS: Taps Joint Liquidators from Tenon Recovery
----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Spooner Vicars Ltd. on Jan. 10,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Spooner Vicars Ltd.
         Junction Lane
         Newton Le Willows
         Merseyside
         WA12 8DL
         England


TATA MOTORS: Jaguar Land Rover Workers to Vote on Pay Freeze
-----------------------------------------------------------
BBC News reports that Jaguar Land Rover, owned by India's Tata
Motors Ltd, and union leaders agreed on a one-year pay freeze and
a four-day week, in return for no compulsory job losses for two
years.

The report relates workers will vote on the deal, which will help
the company save up to GBP70 million each year, within the coming
weeks.

"We have had a number of constructive meetings with the unions to
reach this agreement," the report quoted a company spokesman as
saying.  "The unions recognize the severity of the situation and
the need to take action to achieve further cost reductions while
avoiding further redundancies."

The report recalls in January the company cut 450 jobs amid an
industry-wide fall in sales.  The company, the report notes, has
already held a a number of temporary work suspensions.

As reported in the TCR-Europe on Jan. 21, 2009, citing BBC News,
Jaguar halted work at its car plant in Castle Bromwich,
Birmingham, for another two weeks following an extended three-week
shutdown.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. On CreditWatch
with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).  At
the same time, Standard & Poor's ratings on all Tata Motors' rated
debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford  contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2008, Moody's Investors Service downgraded the corporate
family rating of Tata Motors Ltd to B1 from Ba2.  The outlook
remains negative.

"The rating change reflects the slowdown in demand seen in both
Tata Motors Ltd's domestic and overseas markets.  This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage.  Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.


THREE WAY: Appoints Joint Liquidators from Tenon Recovery
---------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Three Way Building Ltd. on Feb. 2,
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


VALE ST HUBERT: Taps Joint Administrators from PKF
--------------------------------------------------
Brian James Hamblin and Stephen Paul Holgate of PKF (UK) LLP were
appointed joint administrators of Vale St Hubert Ltd. on Feb. 10,
2009.

The company can be reached at:

         Vale St Hubert Ltd.
         Unit 8 Lauriston Park
         Pitchill
         Evesham
         Worcestershire
         WR11 8SN
         England


* Moody's Downgrades Ratings on 169 Notes by Certain CDO Deals
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of 169 notes issued by certain collateralized debt
obligation transactions referencing a portfolio of corporate
entities.

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

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for Corporate
Synthetic CDOs as described in Moody's Special Report below:

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

The rating actions are:

Arch One Finance Limited - Series 2006-3

  -- EUR5,000,000 Secured Floating Rate Notes due September 2011,
     Downgraded to Ca; previously on 02 June 2008 Downgraded to
     Caa1

Arosa Funding Limited - Series 2004-7

  -- Series 2004-7 Notes, Downgraded to Caa2; previously on 01
     March 2007 Downgraded to A3

Arosa Funding Limited - Series 2004-10

  -- Series 2004-10 Notes, Downgraded to Caa1; previously on 12
     December 2008 Downgraded to Baa1

Aphex Capital Plc - Series No: 2005-15

  -- EUR15,000,000 DESIGN Secured Portfolio Credit-Linked
     Leveraged Fixed Rate Notes due 2015, Downgraded to Aa1;
     previously on 16 November 2005 Assigned Aaa

Aphex Capital Plc - Series 2005-16

  -- Series 2005-16 EUR10,000,000 DESIGN Secured Portfolio
     Credit-Linked Fixed Rate Notes due 2012, Downgraded to Caa3;
     previously on 03 October 2008 Downgraded to B2

Betsen CDO Limited

  -- A, Downgraded to Baa2; previously on 22 December 2008
     Downgraded to Aa2

  -- B, Downgraded to Ba2; previously on 22 December 2008
     Downgraded to A2

BNP Paribas, London Branch - Bifrost 4

  -- Class A MZ 7 year, Downgraded to Aa2; previously on 31 March
     2003 Assigned Aaa

  -- Class B MZ 7 year, Downgraded to Baa1; previously on 13 June
     2006 Downgraded to Aa2

  -- Class E MZ 10 year, Downgraded to A1; previously on 31 March
     2003 Assigned Aaa

  -- Class F MZ 10 Year, Downgraded to Baa3; previously on 23
     April 2008 Downgraded to Aa3

BNP Paribas, London Branch - Bifrost 5

  -- Class B MZ 7 year, Downgraded to Aa3; previously on 06 May
     2005 Upgraded to Aaa

  -- Class E MZ 10 year, Downgraded to Aa1; previously on 31 March
     2003 Assigned Aaa

  -- Class F MZ 10 Year, Downgraded to A2; previously on 06 May
     2005 Upgraded to Aaa

BNP Paribas, London Branch - Bifrost 6

  -- Class A MZ 7 year, Downgraded to Aa3; previously on 31 March
     2003 Assigned Aaa

  -- Class B MZ 7 year, Downgraded to Baa3; previously on 28
     November 2008 Downgraded to A3

  -- Class E MZ 10 year, Downgraded to A3; previously on 28
     November 2008 Downgraded to Aa2

  -- Class F MZ 10 Year, Downgraded to Ba2; previously on 28
     November 2008 Downgraded to Baa2

BNP Paribas, London Branch - Bifrost 7

  -- Class A MZ 7 year, Downgraded to A2; previously on 31 March
     2003 Assigned Aaa

  -- Class B MZ 7 year, Downgraded to Ba2; previously on 16
     January 2009 Downgraded to A2

  -- Class E MZ 10 year, Downgraded to Baa2; previously on 16
     January 2009 Downgraded to Aa1

  -- Class F MZ 10 Year, Downgraded to B1; previously on 16
     January 2009 Downgraded to A3

BNP Paribas, London Branch - Bifrost Legolas 1

  -- Class A MZ 7 year, Downgraded to Aa3; previously on 31 March
     2003 Assigned Aaa

  -- Class B MZ 7 year, Downgraded to Baa3; previously on 28
     November 2008 Downgraded to A1

  -- Class E MZ 10 year, Downgraded to A3; previously on 31 March
     2003 Assigned Aaa

  -- Class F MZ 10 Year, Downgraded to Ba2; previously on 28
     November 2008 Downgraded to A2

BNP Paribas, London Branch - Bifrost Legolas 2

  -- Class B MZ 7 year, Downgraded to A2; previously on 06 May
     2005 Upgraded to Aaa

  -- Class E MZ 10 year, Downgraded to Aa2; previously on 31 March
     2003 Assigned Aaa

  -- Class F MZ 10 Year, Downgraded to Baa1; previously on 10
     March 2008 Upgraded to Aaa

BNP Paribas, London Branch - Bifrost Legolas 3

  -- Class A MZ 7 year, Downgraded to Aa1; previously on 06 May
     2005 Upgraded to Aaa

  -- Class B MZ 7 year, Downgraded to A3; previously on 09 August
     2006 Upgraded to Aa3

  -- Class E MZ 10 year, Downgraded to A1; previously on 06 May
     2005 Upgraded to Aaa

  -- Class F MZ 10 Year, Downgraded to Baa3; previously on 08 June
     2007 Downgraded to A1

BNP Paribas, London Branch - Bifrost Investment Plc series 11 to
20

  -- 10A 11, Downgraded to Baa1; previously on 14 October 2003
     Assigned Aaa

  -- 10A 12, Downgraded to Aa3; previously on 14 October 2003
     Assigned Aaa

  -- 10A 13, Downgraded to A1; previously on 14 October 2003
     Assigned Aaa

  -- 10A 14, Downgraded to Aa2; previously on 14 October 2003
     Assigned Aaa

  -- 10A 15, Downgraded to Aa2; previously on 14 October 2003
     Assigned Aaa

  -- 10A 16, Downgraded to Baa2; previously on 14 October 2003
     Assigned Aaa

  -- 10A 17, Downgraded to Aa3; previously on 14 October 2003
     Assigned Aaa

  -- 10A 18, Downgraded to A2; previously on 14 October 2003
     Assigned Aaa

  -- 10A 19, Downgraded to A3; previously on 14 October 2003
     Assigned Aaa

  -- 10A 20, Downgraded to Aa2; previously on 14 October 2003
     Assigned Aaa

  -- 10B 11, Downgraded to Ba3; previously on 07 February 2007
     Downgraded to Aa3

  -- 10B 12, Downgraded to Baa2; previously on 08 August 2008
     Downgraded to Aa2

  -- 10B 13, Downgraded to Baa2; previously on 07 February 2007
     Downgraded to Aa3

  -- 10B 14, Downgraded to Baa1; previously on 07 February 2007
     Upgraded to Aa1

  -- 10B 15, Downgraded to Baa1; previously on 07 February 2007
     Upgraded to Aa1

  -- 10B 16, Downgraded to B1; previously on 08 August 2008
     Downgraded to A1

  -- 10B 17, Downgraded to Baa3; previously on 23 April 2008
     Upgraded to Aa2

  -- 10B 18, Downgraded to Ba1; previously on 08 August 2008
     Downgraded to Aa3

  -- 10B 19, Downgraded to Ba3; previously on 08 August 2008
     Downgraded to A1

  -- 10B 20, Downgraded to A3; previously on 14 October 2003
     Assigned Aa2

  -- 10C 11, Downgraded to Caa2; previously on 07 February 2007
     Downgraded to Baa2

  -- 10C 12, Downgraded to Ba3; previously on 08 August 2008
     Downgraded to Baa1

  -- 10C 13, Downgraded to Ba3; previously on 07 February 2007
     Downgraded to Baa2

  -- 10C 14, Downgraded to Ba2; previously on 23 April 2008
     Downgraded to A2

  -- 10C 15, Downgraded to Ba2; previously on 29 June 2007
     Upgraded to Aa3

  -- 10C 16, Downgraded to Caa2; previously on 23 April 2008
     Downgraded to Baa2

  -- 10C 17, Downgraded to B1; previously on 23 April 2008
     Upgraded to A3

  -- 10C 18, Downgraded to B3; previously on 08 August 2008
     Downgraded to Baa1

  -- 10C 19, Downgraded to Caa2; previously on 08 August 2008
     Downgraded to Baa2

  -- 10C 20, Downgraded to Ba1; previously on 08 August 2008
     Upgraded to A2

  -- 10D 11, Downgraded to Caa3; previously on 07 February 2007
     Downgraded to Ba2

  -- 10D 12, Downgraded to Caa1; previously on 08 August 2008
     Downgraded to Ba1

  -- 10D 13, Downgraded to Caa1; previously on 07 February 2007
     Downgraded to Ba2

  -- 10D 14, Downgraded to B3; previously on 23 April 2008
     Downgraded to Baa3

  -- 10D 15, Downgraded to B2; previously on 07 February 2007
     Upgraded to Baa1

  -- 10D 16, Downgraded to Caa3; previously on 08 August 2008
     Downgraded to Ba2

  -- 10D 17, Downgraded to Caa1; previously on 16 February 2007
     Downgraded to Ba1

  -- 10D 18, Downgraded to Caa3; previously on 08 August 2008
     Downgraded to Ba1

  -- 10D 19, Downgraded to Caa3; previously on 08 August 2008
     Downgraded to Ba2

  -- 10D 20, Downgraded to Ba3; previously on 16 February 2007
     Downgraded to Baa3

  -- 7A 11, Downgraded to A2; previously on 14 October 2003
     Assigned Aaa

  -- 7A 12, Downgraded to Aa1; previously on 14 October 2003
     Assigned Aaa

  -- 7A 13, Downgraded to Aa1; previously on 14 October 2003
     Assigned Aaa

  -- 7A 14, Downgraded to Aa1; previously on 14 October 2003
     Assigned Aaa

  -- 7A 15, Downgraded to Aa1; previously on 14 October 2003
     Assigned Aaa

  -- 7A 16, Downgraded to A3; previously on 14 October 2003
     Assigned Aaa

  -- 7A 17, Downgraded to Aa1; previously on 14 October 2003
     Assigned Aaa

  -- 7A 18, Downgraded to Aa3; previously on 14 October 2003
     Assigned Aaa

  -- 7A 19, Downgraded to Aa3; previously on 14 October 2003
     Assigned Aaa

  -- 7B 11, Downgraded to Ba1; previously on 14 October 2003
     Assigned Aa2

  -- 7B 12, Downgraded to A3; previously on 29 June 2007 Upgraded
     to Aa1

  -- 7B 13, Downgraded to A2; previously on 23 April 2008 Upgraded
     to Aa2

  -- 7B 14, Downgraded to A1; previously on 07 February 2007
     Upgraded to Aaa

  -- 7B 15, Downgraded to A1; previously on 07 February 2007
     Upgraded to Aaa

  -- 7B 16, Downgraded to Ba3; previously on 08 August 2008
     Downgraded to Aa3

  -- 7B 17, Downgraded to A3; previously on 23 April 2008 Upgraded
     to Aa1

  -- 7B 18, Downgraded to Baa2; previously on 16 February 2007
     Upgraded to Aa1

  -- 7B 19, Downgraded to Baa3; previously on 14 October 2003
     Assigned Aa2

  -- 7B 20, Downgraded to Aa3; previously on 23 April 2008
     Upgraded to Aaa

  -- 7C 11, Downgraded to B3; previously on 23 April 2008 Upgraded
     to A3

  -- 7C 12, Downgraded to Ba1; previously on 19 December 2008
     Downgraded to A3

  -- 7C 13, Downgraded to Baa3; previously on 23 April 2008
     Upgraded to A3

  -- 7C 14, Downgraded to Baa3; previously on 07 February 2007
     Upgraded to Aa3

  -- 7C 15, Downgraded to Baa2; previously on 29 June 2007
     Upgraded to Aa2

  -- 7C 16, Downgraded to Caa2; previously on 23 April 2008
     Downgraded to Baa1

  -- 7C 17, Downgraded to Ba1; previously on 19 December 2008
     Downgraded to A3

  -- 7C 18, Downgraded to Ba3; previously on 16 February 2007
     Upgraded to A1

  -- 7C 19, Downgraded to B3; previously on 08 August 2008
     Downgraded to Baa1

  -- 7C 20, Downgraded to A3; previously on 23 April 2008 Upgraded
     to Aa3

  -- 7D 11, Downgraded to Caa3; previously on 23 April 2008
     Upgraded to Baa3

  -- 7D 12, Downgraded to B1; previously on 07 February 2007
     Downgraded to Baa3

  -- 7D 13, Downgraded to Ba3; previously on 07 February 2007
     Downgraded to Ba1

  -- 7D 14, Downgraded to Ba3; previously on 29 June 2007 Upgraded
     to A3

  -- 7D 15, Downgraded to Ba2; previously on 29 June 2007 Upgraded
     to A2

  -- 7D 16, Downgraded to Caa3; previously on 23 April 2008
     Downgraded to Ba1

  -- 7D 17, Downgraded to B2; previously on 23 April 2008 Upgraded
     to Baa2

  -- 7D 18, Downgraded to Caa1; previously on 23 April 2008
     Downgraded to Baa2

  -- 7D 19, Downgraded to Caa3; previously on 08 August 2008
     Downgraded to Ba1

  -- 7D 20, Downgraded to Baa3; previously on 23 April 2008
     Upgraded to Baa1


Citigroup Global Markets Limited - Cayenne Court 2004-1

  -- Credit Default Swap - Cayenne 2004-1, Downgraded to Ba1;
     previously on 19 March 2004 Assigned Aa2

Citigroup Global Markets Limited - St Catherine 2004-1

  -- Credit Default Swap - St Catherine 2004-1 CDO^2, Downgraded
     to Ba2; previously on 19 March 2004 Assigned Aa2

Classic Finance B.V. Series 2004-1

  -- EUR125,000,000 Class A Secured Floating Rate Notes, Series
     2004-1A, Downgraded to Ba2; previously on 19 November 2008
     Downgraded to Baa1

  -- EUR25,000,000 Class B Secured Floating Rate Notes, Series
     2004-1B, Downgraded to B1; previously on 19 November 2008
     Downgraded to Baa2

Corsair Finance (Ireland) No. 2 Limited - Series 12

  -- EUR125,000,000 Senior Secured Floating Rate Note due 25
     September 2009, Downgraded to A3; previously on 04 November
     2004 Assigned Aa1

  -- EUR6,600,000 Subordinated Secured Floating Rate Notes due 25
     September 2009, Downgraded to A3; previously on 11 March 2008
     Upgraded to Aa1

Corsair (Jersey) No. 3 Limited Series 13

  -- Corsair (Jersey) No. 3 Limited - Series 13, Downgraded to Ca;
     previously on 20 November 2008 Downgraded to B3

  -- Corsair Finance (Ireland) No. 2 Limited - Series 13

  -- Series 13 Floating Rate Secured Portfolio Credit -Linked
     Notes, Downgraded to A1; previously on 10 May 2007 Upgraded
     to Aaa

Corsair (Jersey) No. 4 Limited - Series 2

  -- Series 2 US$150,000,000 Floating Rate Step-down Secured
     Portfolio Credit-linked Notes due 2021, Downgraded to Ba2;
     previously on 30 July 2008 Downgraded to A3

Eirles Two Limited - Series 228

  -- Series 228 Floating Rate Portfolio Credit Linked Secured
     Notes, Downgraded to Baa2; previously on 01 March 2006
     Assigned Aaa

Emilius Company Limited

  -- Credit Linked Notes Due 3 December 2011, Downgraded to B2;
     previously on 29 September 2008 Downgraded to Baa2

Heather Finance Limited Series 2002-2

  -- Series 2002-2 Secured Credit-Linked Floating Rate Notes due
     2009, Downgraded to A1; previously on 15 August 2007 Upgraded
     to Aaa

Heather Finance Limited Series 2002-3

  -- Series 2002-3 Secured Credit-Linked Floating Rate Notes,
     Downgraded to Baa3; previously on 15 August 2007 Upgraded to
     A2

Heather Finance Limited Series 2002-7

  -- Series 2002-7 Secured Credit-Linked Floating Rate Notes due
     2009, Downgraded to A1; previously on 15 August 2007 Upgraded
     to Aaa

Heather Finance Limited Series 2004-5

  -- Class A, Downgraded to B3; previously on 28 November 2008
     Downgraded to Aa3

  -- Class B, Downgraded to B2; previously on 28 November 2008
     Downgraded to Aa3

Heather Finance Limited - Series 2004-6

  -- Series 2004-6 Secured Credit-Linked Floating Rate Notes,
     Downgraded to Ca; previously on 26 September 2007 Downgraded
     to Ba2

Heather Finance Limited Series 2004-12

  -- Class A1 Secured Credit-Linked Fixed Rate Note, Downgraded to
     Baa3; previously on 13 July 2004 Assigned Aaa

  -- Class A2 Secured Credit-Linked Floating Rate Notes,
     Downgraded to Baa3; previously on 13 July 2004 Assigned Aaa

HSBC Bank plc/USA Five Leveraged Super Senior CDS maturing 20th
September 2010

  -- US$10,000,000 HSBC Bank plc Swap with K2 Corporation number
     100278, Downgraded to A3; previously on 25 August 2005
     Assigned Aaa

  -- US$20,000,000 HSBC Bank plc Swap with K2 Corporation 100277,
     Downgraded to A3; previously on 25 August 2005 Assigned Aaa

  -- US$20,000,000 HSBC Bank plc Swap with K2 Corporation number
     98681, Downgraded to A3; previously on 25 August 2005
     Assigned Aaa

  -- US$20,000,000 HSBC Bank USA Swap with Desjardins Financial
     Security Life Assurance Co number 94738, Downgraded to A3;
     previously on 25 August 2005 Assigned Aaa

  -- US$50,000,000 HSBC Bank plc Swap with K2 Corporation number
     98377, Downgraded to A3; previously on 25 August 2005
     Assigned Aaa

iBond Securities PLC: iBoxx Series 4A / 4B / 4C

  -- Series 4A - iBoxx 100 CLN, Downgraded to B3; previously on 25
     April 2008 Downgraded to Baa3

  -- Series 4B - iBoxx Corp CLN, Downgraded to Caa1; previously on
     12 August 2008 Downgraded to Ba1

  -- Series 4C iBoxx Diversified CLN, Downgraded to Ba1;
     previously on 01 March 2007 Downgraded to Baa3

Ixis Structured Products Limited - Champommi CDO

  -- Class A2, Downgraded to Ba2; previously on 04 November 2008
     Downgraded to Ba1

IXIS Corporate & Investment Bank, Series 2430 Tranche N=B01
(Raphael)

  -- Series 2430 Tranche N=B01 (Raphael), Downgraded to Ba2;
     previously on 28 September 2006 Assigned Aaa

Kalmar Structured Finance A/S Secured Notes II due 2010

  -- Class A Secured Fixed Rate Notes due 2010, Downgraded to Ba3;
     previously on 23 October 2008 Downgraded to Baa1

  -- Class B1 Secured Floating Rate Notes due 2010, Downgraded to
     B3; previously on 23 October 2008 Downgraded to Ba1

  -- Class B2 Secured Floating Rate Notes due 2010, Downgraded to
     B3; previously on 23 October 2008 Downgraded to Ba1

  -- Class C Secured Floating Rate Notes due 2010, Downgraded to
     Caa3; previously on 23 October 2008 Downgraded to B2

Kalmar Structured Finance A/S - Secured Notes III

  -- Class A1 Secured Notes III due 2011, Downgraded to Ba3;
     previously on 17 November 2008 Downgraded to Baa1

  -- Class A2 Secured Notes III due 2011, Downgraded to Ba3;
     previously on 17 November 2008 Downgraded to Baa1

  -- Class B1 Secured Notes III due 2011, Downgraded to Caa1;
     previously on 17 November 2008 Downgraded to Ba2

  -- Class B2 Secured Notes III due 2011, Downgraded to Caa1;
     previously on 17 November 2008 Downgraded to Ba2

  -- Class C Secured Notes III due 2011, Downgraded to Caa3;
     previously on 17 November 2008 Downgraded to Caa1

Kalmar Structured Finance A/S - Principal Rated Credit-Linked
Notes IV due 2013

  -- Principal Rated Credit-Linked Notes IV due 2013, Downgraded
     to Ca; previously on 02 April 2008 Downgraded to Baa3

Magnolia Finance IV Plc series 2007-01

  -- Series 2007-01 Credit Linked Notes due September 2012,
     Downgraded to B1; previously on 11 September 2007 Assigned
     Aaa

Merrill Lynch International Credit Default Swaps (Shamrock)

  -- EUR50,000,000 Shamrock Class 1 (Reference N=B0 06ML19662A),
     Downgraded to A2; previously on 29 September 2008 Downgraded
     to Aa1

Mondriaan Limited - Series 1

  -- Series 1 Limited Recourse Secured Credit-Linked Notes due
     2010, Downgraded to Aa1; previously on 21 December 2005
     Assigned Aaa

SEA CDO Limited 2004-3 "Grande II"

  -- Secured Floating Rate "Grande II" Notes due 2014, Downgraded
     to B1; previously on 07 April 2008 Downgraded to Aa3

SEA CDO LIMITED Series 2004-4 to 6 "Grande III", "Grande IV" &
"Grande V"

  -- SEA CDO 2004-4 DKK90,000,000 Secured Floating Rate Notes due
     25 September 2009, Downgraded to A3; previously on 11 August
     2004 Assigned Aaa

  -- SEA CDO 2004-5 SGD20,000,000 Secured Floating Rate Tranche A
     Notes due 25 September 2009, Downgraded to A3; previously on
     11 August 2004 Assigned Aaa

  -- SEA CDO 2004-5 SGD20,000,000 Secured Floating Rate Tranche B
     Notes due 25 September 2009, Downgraded to Baa2; previously
     on 11 August 2004 Assigned Aa1

  -- SEA CDO 2004-6 US$20,000,000 Secured Floating Rate Notes due
     25 September 2009, Downgraded to A3; previously on 11 August
     2004 Assigned Aaa

Skylark Limited Series 2004-10 Tannebaum

  -- Class A Series 2004-10A, Downgraded to Aa1; previously on 15
     September 2004 Assigned Aaa

  -- Class B Series 2004-10B, Downgraded to A3; previously on 15
     September 2004 Assigned Aa2

Skylark Limited Series 2004-4 (US$ Rhodes)

  -- US$50,000,000 Class A1 "Rhodes" Secured Floating Rate Credit
     Linked Notes, Downgraded to Baa2; previously on 17 April 2008
     Downgraded to Aa1

STARTS (Cayman) Limited Series 2005-3 EUR30,000,000 Leveraged
Super Senior

  -- STARTS (Cayman) Limited Series 2005-3 EUR30,000,000
     Leveraged Super Senior Credit-Linked Notes due 2012,
     Downgraded to Baa3; previously on 17 April 2008 Downgraded to
     Aa1

STARTS (Cayman) Limited Series 2005-4

  -- Series 2005-4 US$20,000,000 Leveraged Super Senior Credit-
     Linked Notes due 2010, Downgraded to Ba2; previously on 18
     December 2008 Downgraded to A2

STARTS (Cayman) Limited Series 2005-6

  -- Series 2005-6 US$25,000,000 Leveraged Super Senior Credit-
     Linked Notes due 2010, Downgraded to Ba3; previously on 17
     April 2008 Downgraded to Aa2

Starts (Ireland) plc Series 2005-22 - Leveraged TIGERS 2005-VIII

STARTS (Ireland) plc Series 2005-22 US$20,000,000 Leveraged Super

  -- Senior Credit-Linked Notes due 2012, Downgraded to Baa3;
     previously on 16 September 2005 Assigned Aaa

Starts (Ireland) plc Series 2005-23 - Leveraged TIGERS 2005-VIII

  -- STARTS (Ireland) plc Series 2005-23 EUR30,000,000 Leveraged
     Super Senior Credit-Linked Notes due 2012, Downgraded to Ba1;
     previously on 17 April 2008 Downgraded to Aa2

Starts (Ireland) plc Series 2005-25 - Leveraged TIGERS 2005-VIII

  -- STARTS (Ireland) plc Series 2005-25 US$15,000,000 Leveraged
     Super Senior Credit-Linked Notes due 2010, Downgraded to Ba1;
     previously on 13 October 2005 Assigned Aaa

XELO IV plc - Series 2006 (PAVON I)

  -- Xelo IV - Series 2006 (Pavon I), Downgraded to Ca; previously
     on 03 October 2008 Downgraded to Ba2


* EUROPE: Economist Warns "More Severe" Banking Problem
-------------------------------------------------------
Losses in Europe's emerging markets and the global financial
crisis are increasing the risks the region's banking system is
facing, Bloomberg News reports citing
New York University economist Nouriel Roubini.

The report relates the continent=92s largest financial companies
have reported US$316 billion in writedowns and credit-related
losses since the collapse of the U.S. subprime mortgage market in
2007 spread to other asset classes and continents.

Citing Bloomberg data, the report adds the market turmoil has
forced European lenders to raise US$370 billion in fresh capital
and government-led bailouts from London to Zurich to Berlin.

"The banking problem in Europe is becoming more severe," the
report quoted Mr. Roubini as saying during a Bloomberg Television
interview.  "You have a series of countries that are really in
trouble," he said, citing Latvia, Estonia, Lithuania, Hungary,
Belarus and Ukraine.


* EUROPE: World Bank Sees Deteriorating EU10 Economy in 2009
------------------------------------------------------------
The World Bank urged European countries to protect the hard-earned
gains in boosting economic growth and fighting poverty that were
made in Eastern Europe during the past two decades, gains that now
are at risk during the global economic downturn.

"Eastern Europe is being hit especially hard in these trying
times," said Indermit Gill, World Bank Europe and Central Asia
Chief Economist, who made his comments at a launch of the latest
World Bank EU10 Regular Economic Report in Warsaw, Poland.

"In choosing EU membership, the EU10 countries committed
themselves to openness and integration into the global economy.
This path has paid dividends=97spurring economic growth and reducing
poverty.  If the world turns protectionist, developing countries
will find it difficult to protect these hard-won gains.  Fiscal
stimulus programs in industrialized countries should be used to
encourage production in ways that are broadly efficient, not
narrowly nationalistic.  During times of economic crisis, growing
protectionism may be the greatest danger to economic recovery."

The prospects for economic growth in the EU10 countries in 2009
continue to weaken=97says the EU10 Regular Economic Report of the
World Bank.  The prospects for global recovery, for private
capital flows, and for growth in the EU10 continue to deteriorate.
Forecasts are subject to very high degrees of uncertainty, mostly
on the downside.  The EU10 economies face the challenges of a
dearth of international liquidity, exposure to vulnerable banks,
and collapsing export markets.  The impact will now be felt
strongly in the real economy as defaults spread and foreclosures
creep up, and as unemployment rises sharply.

The EU10 Regular Economic Report's Special Topic: Reshaping
Economic Geography concludes that the ongoing crisis should spur
deeper European integration, rather than a return to the
nationalism of the past.  Taking a long-term view informed by the
World Bank=92s flagship World Development Report 2009, it recommends
continued efforts to:

   --- Make economic borders 'thinner' =96 EU15 governments
       should resist temptations for protectionist policies
       that make their borders 'thicker' as they design
       economic stimulus programs;

   --- Welcome rising economic density =96 spatial concentration
       is an integral element of strategies for growth and
       competitiveness;

   --- Deepen institutional convergence =96 EU10 countries
       should continue efforts to harmonize financial
       and employment regulations, foster a sound
       macroeconomic environment, simplify customs
       regulations and rules of origin, and improve
       domestic governance.

"With the recent past in mind, it seems probable that 2009 will be
a difficult year," said Erika Jorgensen, World Bank Europe and
Central Asia Economic Adviser and the author of the Report.  "The
global integration of finance, production, and labor was a good
thing, although now, looking back, it is easier to see the
dangerous buildup of vulnerabilities that came from, for example,
mortgages in foreign currency with floating interest rates.  With
little or no room for fiscal stimulus, governments will need to
focus on other measures to stabilize the financial sector and on
better quality of spending to deliver core services and provide
safety nets to the most vulnerable."

The EU10 Regular Economic Report analyses stages of the crisis
faced by different EU10 countries in four major areas:

   1) External financing risks in the banking sector;

   2) Interbank markets and spillover from the global crisis;

   3) Domestic credit developments;

   4) Fiscal policy as a stabilization mechanism.

As the international economic crisis continues to unfold,
spreading from financial markets into the real economy, the EU10
economies find themselves especially vulnerable.  External demand
has collapsed, driven by recession in the region's main trading
partners.  Foreign capital inflows to the EU10 states have dropped
off, especially intrabank lending and foreign borrowing by
companies.  A credit crunch within the EU10 has further undermined
production, as banks weather a crisis of confidence of lending to
each other and to the private sector.

"Compared with emerging markets in East Asia and Latin America, EU
new member states entered the crisis weak=97with high public debt
ratios, low foreign exchange reserves, rigid exchange rate
regimes, and banks that depended more on foreign savings than
domestic deposits," said Mr. Gill.

The successful EU10 integration with the EU and globally, although
differentiated across the 10 countries, has brought major
benefits, including rapid convergence in incomes, improvements in
living standards, and a sharp decline in poverty rates. But the
easy flow of credit that made this possible was mirrored in rising
private sector debt, growing exposure to foreign exchange risks,
and easily-financed large current account deficits.  The
unprecedented series of external shocks have now revealed the
financial sector in the EU10 as even more volatile than those in
more advanced economies, while the extreme export dependence of
some of the EU10, while supportive of high growth in the past, is
now pulling the economies downward.

"Among the EU new member states, Poland is in better fiscal and
financial shape," said Thomas Laursen, World Bank Country Manager
for Poland and the Baltic Countries.  "Poland is affected by the
ongoing crisis through the impact of falling external demand on
Polish exports, a slowdown of credit activity, and lower FDI
inflows.  Nonetheless, compared with the rest of the region,
Poland demonstrates more balanced growth and, with private
consumption as the main driver, a positive GDP growth of up to 2
percent in 2009 is within reach.  The Government remains committed
to fiscal discipline, while exploring ways to cushion the effects
of the crisis on the poor."

The EU10 countries include: Bulgaria, the Czech Republic, Estonia,
Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and
Slovenia.

                            *********

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
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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 * * *