TCREUR_Public/090227.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

           Friday, February 27, 2009, Vol. 10, No. 41

                            Headlines

A U S T R I A

DIE 3 LLC: Claims Registration Period Ends March 17
LEIFIX LLC: Claims Registration Period Ends March 16
NEW 10 LLC: Claims Registration Period Ends March 16
QASAR LLC: Claims Registration Period Ends March 17
SBU LLC: Claims Registration Period Ends March 16

SH IMMOBILIEN: Claims Registration Period Ends March 17
SHARI.T LLC: Claims Registration Period Ends March 17
WALCHER ELEKTROTECHNIK: Claims Registration Period Ends March 16


F R A N C E

ALCATEL-LUCENT: Appoints New Managing Director for Malaysia


G E R M A N Y

AEREAL BANK: Fitch Downgrades Tier 1 Capital Rating to 'BB'
BTG VERWALTUNGS: Claims Registration Period Ends March 24
BURGER & MORE: Claims Registration Period Ends March 15
GENERAL MOTORS: Workers in Europe Protest Against Job Cuts
JUMBO MOEBEL: Claims Registration Period Ends March 27

MDHD GMBH: Claims Registration Period Ends March 19
PHONE ENTERPRISE: Claims Registration Period Ends March 17


H U N G A R Y

OTP BANK: Risks Capital Shortfall if Ukraine Defaults, BofA Says


I T A L Y

MELIORBANCA SPA: Moody's Cuts Financial Strength Rating to 'D'


K A Z A K H S T A N

ALLIANCE DPR: Fitch Cuts Ratings on 2006-B & 2007-A Notes to 'BB'
ASPARA ASTYK: Creditors Must File Claims by April 10
FORUM OIL: Creditors Must File Claims by April 10
JEZKAZGAN JOLDARY: Creditors Must File Claims by April 10
MILK & HONEY: Creditors Must File Claims by April 10

STROY DOM SERVICE: Creditors Must File Claims by April 10
SOUT SERVICE: Creditors Must File Claims by April 10
TOXTA LLP: Creditors Must File Claims by April 10
UST-KAMENOGORSKY MEBELNY: Creditors Must File Claims by April 10


K Y R G Y Z S T A N

KYRGYZ GELYI: Creditors Must File Claims by March 20


N E T H E R L A N D S

LYONDELLBASELL AF: U.S. Court Grants Preliminary Injunction


R U S S I A

BELORA LLC: Creditors Must File Claims by April 22
BASH-MED'-STROY LLC: Creditors Must File Claims by April 22
BTA BANK: Moody's Puts Neg. Outlook on 'E+' BFSR on Weak Liquidity
FIBERGLASS PLANT OJSC: Creditors Must File Claims by March 23
GLAV-STROY-PROEKT OJSC: Creditors Must File Claims by March 23

KOMI-RESURS-LES LLC: Creditors Must File Claims by March 23
KORPORATSIYA STROY: Creditors Must File Claims by April 22
LES-EXPORT LLC: Court Names A. Saranin as Insolvency Manager
PROM-TEKH-ALYANS LLC: Creditors Must File Claims by April 22
RAIL LEASING: Fitch Cuts Long-Term Issuer Default Rating to 'C'

REAL-T LLC: Creditors Must File Claims by March 23
TRUST A 5: Creditors Must File Claims by March 23

* TOMSK OBLAST: S&P Downgrades Long-Term Issuer Rating to 'B-'


S P A I N

CONSUMO BANCAJA: Fitch Junks Rating on EUR12.9 Mln Class D Notes
FTPYME TDA: Moody's Reviews 'Ca'-Rated Notes for Possible Cut


S W I T Z E R L A N D

ANIMALUX LLC: Creditors Must File Proofs of Claim by March 12
AVERCON LLC: Deadline to File Proofs of Claim Set March 11
CLICKINFINITY.COM JSC: March 12 Set as Deadline to File Claims
EXHA JSC: Creditors Must File Claims by March 11
FINGRU JSC: Creditors' Proofs of Claim Due by March 11

PHOTONLIFE JSC: March 10 Set as Deadline to File Claims
YACHT & BOOTSSERVICE: Creditors Must File Claims by March 11


U K R A I N E

ENERGY MECHANIZATION: Creditors Must File Claims by March 11
LAVAL LTD: Creditors Must File Claims by March 8
MARSANA-LTD LLC: Creditors Must File Claims by March 8
SANTRADE-GROUP LLC: Creditors Must File Claims by March 11
SICH-1 LLC: Creditors Must File Claims by March 8

UKRINTERTECH LLC: Creditors Must File Claims by March 11
VASILINKA LLC: Creditors Must File Claims by March 8
VINNITSA COOPERATION: Creditors Must File Claims by March 8
ZETA LLC: Creditors Must File Claims by March 8

* Moody's Reviews Ratings on 22 Ukrainian Banks for Possible Cuts
* S&P Junks Counterparty Ratings on Three Ukrainian Banks
* S&P Junks Issuer Credit Ratings on Seven Ukrainian Cities


U N I T E D   K I N G D O M

ATRIUM EUROPEAN: Fitch Lowers Senior Unsecured Rating to 'BB-'
BARRATT DEVELOPMENTS: Reports GBP592.4 Mln Half-Year Loss
CANNON CARE: Appoints Joint Administrators from BDO Stoy
CASTLE KITCHENS: Names Joint Administrators from Tenon Recovery
FAB UK: Fitch Cuts Ratings on Four Classes of Notes to Low-B

LONDON AND LEASIDE: Taps Joint Administrators from BDO Stoy
MANSION HOUSE: Appoints Joint Administrators from Tenon Recovery
MONTEROS LTD: Names Joint Administrators from Tenon Recovery
REDROW PLC: Posts GBP33.3 Million Half-Year Loss
ROYAL BANK: Mulls Asset Sale and Job Cuts on GBP24 Bln Loss

ROYAL BANK: Seeking GBP13 Bln Fresh Capital From H.M. Treasury
ROYAL BANK: Names Nathan Bostock as Restructuring and Risk Head
ROYAL BANK: Seeks Legal Advice on Ex-CEO's Pension Fund
SERIOUS FOOD: Taps Joint Administrators from PwC
TAYLOR WIMPEY: 2019 Eurobond Holders Could Join Debt Restructuring

TITAN EUROPE: S&P Lowers Rating on Class F Notes to 'D'

* BOOK REVIEW: Performance Evaluation of Hedge Funds


                         *********


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A U S T R I A
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DIE 3 LLC: Claims Registration Period Ends March 17
---------------------------------------------------
Creditors owed money by LLC Die 3 (FN 258136m) have until
March 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Gerwald Schmidberger
         Stelzhamerstrasse 11
         4400 Steyr
         Austria
         Tel: 07252/52408, 52409
         Fax: DW 20
         E-mail: office@sks-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:30 a.m. on March 31, 2009, for the
examination of claims at:

         Land Court of Steyr (499)
         Hall 7
         Second Floor
         Austria

Headquartered in Wolfern, Austria, the Debtor declared bankruptcy
on Jan. 23, 2009, (Bankr. Case No. 14 S 5/09x).


LEIFIX LLC: Claims Registration Period Ends March 16
----------------------------------------------------
Creditors owed money by LLC Leifix (FN 186601p) have until
March 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on March 30, 2009, for the
examination of claims at:

         Land Court of Vienna (007)
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 27, 2009, (Bankr. Case No. 3 S 14/09t).


NEW 10 LLC: Claims Registration Period Ends March 16
----------------------------------------------------
Creditors owed money by LLC New 10 (FN 190929d) have until
March 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Axel Reckenzaun
         Annenstr. 10/1
         8010 Graz
         Austria
         Tel: 0316/713353
         Fax: 0316/713353-30
         E-mail: office@boehm-reckenzaun.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 31, 2009, for the
examination of claims at:

         Graz Land Court by Civil cases (638)
         Room 205
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Jan. 27, 2009, (Bankr. Case No. 40 S 4/09z).


QASAR LLC: Claims Registration Period Ends March 17
---------------------------------------------------
Creditors owed money by LLC Qasar (FN 268333h) have until
March 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Andrea Simma
         Favoritenstrasse 22/12a
         1040 Wien
         Austria
         Tel: 504 64 08
         Fax: 504 64 08 22
         E-mail: simma@mitrecht.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on March 31, 2009, for the
examination of claims at:

         Land Court of Vienna (007)
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 23, 2009, (Bankr. Case No. 6 S 4/09v).


SBU LLC: Claims Registration Period Ends March 16
-------------------------------------------------
Creditors owed money by LLC SBU (FN 276246w) have until March 16,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Wilhelm Hausler
         Neunkirchner Strasse 17
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23 2 21
         Fax: 02622/23221-22
         E-mail: wilhelm.haeusler@rechtsexperte.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 26, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt (239)
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Jan. 28, 2009, (Bankr. Case No. 10 S 8/09v).


SH IMMOBILIEN: Claims Registration Period Ends March 17
-------------------------------------------------------
Creditors owed money by LLC SH Immobilien (FN 235014i) have until
March 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Christian Bachmann
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 a.m. on March 31, 2009, for the
examination of claims at:

         Land Court of Vienna (007)
         Room 1701
         Vienna
         Austria

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


SHARI.T LLC: Claims Registration Period Ends March 17
-----------------------------------------------------
Creditors owed money by LLC Shari.T (FN 310560g) have until
March 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Gerhard Stauder
         Siebensterngasse 42
         1070 Vienna
         Austria
         Tel: 523 47 91
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on March 31, 2009, for the
examination of claims at:

         Land Court of Vienna (007)
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 26, 2009, (Bankr. Case No. 6 S 5/09s).


WALCHER ELEKTROTECHNIK: Claims Registration Period Ends March 16
---------------------------------------------------------------
Creditors owed money by LLC Walcher Elektrotechnik (FN 61563i)
have until March 16, 2009, to file written proofs of claim to the
court-appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on March 31, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 205
         Graz
         Austria

Headquartered in Fladnitz an der Teichalm, Austria, the Debtor
declared bankruptcy on Jan. 26, 2009, (Bankr. Case No. 40 S
3/09b).


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F R A N C E
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ALCATEL-LUCENT: Appoints New Managing Director for Malaysia
-----------------------------------------------------------
Alcatel-Lucent has appointed Patrick Veron as managing director
and country senior officer for the company's operations in
Malaysia.

In this capacity, the company said Mr. Veron assumes overall
responsibility for managing the day-to-day operations, as well as
taking the lead on strategic business directions for Alcatel-
Lucent in Malaysia.

Mr. Veron's previous appointment was as Chief Executive Officer of
the C-Dot Alcatel-Lucent Research Centre (CARC), a joint-venture
between Alcatel-Lucent and the Centre for Development of
Telematics (C-DOT), the Indian Government's telecom technology
development centre.

                      About Alcatel-Lucent SA

France-based Alcatel-Lucent SA (Euronext Paris and NYSE: ALU) --
http://www.alcatel-lucent.com/-- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 17,
2008, Standard & Poor's Ratings Services placed its 'BB-' long-
term corporate credit rating on French telecom equipment and
services supplier Alcatel Lucent on CreditWatch with negative
implications.

S&P also placed the 'BB-' long-term corporate credit rating on
subsidiary Lucent Technologies Inc. and all issue ratings on both
companies on CreditWatch with negative implications.

At the same time, S&P affirmed the respective 'B' and 'B-1' short-
term ratings on Alcatel Lucent and Lucent Technologies.


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G E R M A N Y
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AEREAL BANK: Fitch Downgrades Tier 1 Capital Rating to 'BB'
-----------------------------------------------------------
Fitch Ratings has upgraded Aareal Bank AG's (Aareal) Support
Rating to '1' from '3' and revised its Support Rating Floor to
'A-' (A minus) from 'BB'.  The agency has affirmed the bank's
Long-term Issuer Default Rating at 'A-' (A minus) with a Stable
Outlook.  The Short-term IDR has been upgraded to 'F1' from 'F2'.

The agency has simultaneously downgraded the Individual Rating to
'C/D' from 'C'.  At the same time, the rating of Aareal's Tier 1
capital issued through its Delaware LLC vehicle has been
downgraded to 'BB' from 'BBB+' and placed on RWN.  The rating of
Aareal's Tier 1 capital issued through its Capital Funding GmbH
vehicle has been downgraded to 'BB-' (BB minus) from 'BBB+' and
placed on RWN.

Aareal's Long-term IDR was affirmed at its revised Support Rating
Floor following the bank's announcement that it will receive
support measures under the German Financial Stabilization Fund
(SoFFin) in the form of a EUR525 million silent participation and
EUR4 billion in funding guarantees.  The upgrade of the bank's
Support Rating and revision of its Support Rating Floor reflect
Fitch's expectation that further support, if required, would be
forthcoming from the SoFFin as long as financial markets remain
difficult.  Fitch upgraded Aareal's Short-term IDR to reflect the
bank's funding guarantees through the SoFFin, which will enhance,
in the agency's view, the bank's liquidity profile.

The downgrade of Aareal's Individual Rating reflects Fitch's
expectation that the asset quality of the bank's international
commercial real estate portfolio, of which a considerable share
was written at the peak of the cycle, will weaken as the market
environment continues to deteriorate and as rising loan loss
provisions will put pressure on the bank's profit generation
capacity.  Fitch notes that Aareal's asset quality and operating
performance have been reasonable so far, but are likely to suffer
in the present economic climate.  Fitch viewed positively the
creation of portfolio provisions in FY08 amounting to EUR34
million, which should help mitigate the impact of a potential
deterioration of asset quality.  In addition, Fitch expects
Aareal's consulting/ services segment to remain a stable profit
contributor.

The downgrade of Aareal's hybrid capital instruments reflects
Fitch's view that the bank's coupon-servicing capacity might
weaken in a scenario where Aareal's loss absorbing capacity is
reduced through depressed earnings and rising loan loss
provisions.  This scenario in turn increases the potential
deferral risk.

Fitch considers the bank's decision to make use of support
measures under the SoFFin as a forward looking measure, as it will
strengthen the bank's capitalization and provide stability to its
financial profile.  The bank will receive EUR525 million in
capital in the form of a silent participation with a coupon of 9%.
The silent participation will improve the bank's Tier 1 ratio to
around 10% from 8% at FYE08, which Fitch considers as adequate,
providing an additional buffer for absorbing potential credit
losses.

Aareal will also benefit from EUR4 billion of funding guarantees,
which the bank can draw down until end-December 2009 with
maturities of up to 36 months.  In light of the bank's
conservative funding profile Fitch expects that drawdowns under
the guarantee will be more opportunistic.

According to preliminary figures, Aareal will report an operating
profit of EUR117 million, which is about in line with its FY07
results when excluding one-off gains the bank realized in FY07.

Aareal operates as a property-financing group and is active in
Europe, North America and Asia.  It combines property lending with
property-related services and consultancy.

The ratings of the bank's public sector and mortgage Pfandbriefe
remain unaffected by the rating action.

As stated in a October 17, 2008 comment, Fitch is currently
revising its liquidity assumptions for covered bonds which might
adversely affect any of its covered bond ratings, including those
for Aareal's Pfandbriefe.  Fitch will publish shortly its general
conclusions in an exposure draft report.  Fitch will specify in
the report the timeframe for implementing the revised assumptions
into its individual ratings, after taking into account any further
risk mitigation issuers may adopt during this period.


BTG VERWALTUNGS: Claims Registration Period Ends March 24
---------------------------------------------------------
Creditors of BTG Verwaltungs have until March 24, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         21465 Reinbek
         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:

         Juergen Holst
         Flughafenstr. 52 B
         22335 Hamburg
         Germany

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

The Debtor can be reached at:

         BTG Verwaltungs
         Attn: L. Klaus Dieter Becker, Manager
         Hauptstr. 20
         23847 Rethwisch
         Switzerland


BURGER & MORE: Claims Registration Period Ends March 15
-------------------------------------------------------
Creditors of Burger & More GmbH have until March 15, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on April 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         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:

         Bruno Fraas
         Heinestr. 7 b
         97070 Wuerzburg
         Germany
         Tel: 0931/359800

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

The Debtor can be reached at:

         Burger & More GmbH
         Attn: Gunder Zimmermann, Manager
         Schweinfurt I
         Matthaus-Stablein-Str. 2
         97424 Schweinfurt
         Germany


GENERAL MOTORS: Workers in Europe Protest Against Job Cuts
----------------------------------------------------------
Bloomberg News reports General Motors Corp. faced mass protests by
European labor unions yesterday, Feb. 26, as thousands of workers
from its Opel, Vauxhall and Saab divisions gathered to rebuff any
moves to eliminate jobs and close plants.

The report recalls GM intends to eliminate 47,000 jobs worldwide,
including 26,000 outside the U.S.

"This is a crisis that can only be solved by means of joint
action, not closures or layoffs," Rainer Einenkel, the works
council chief at Opel's plant in Bochum, told Bloomberg News in a
phone interview.

Labor unions are also demanding that Opel, Luton and Vauxhall be
allowed to break away from their U.S. parent to seek new partners
and investors as a way to sustain European operations, Bloomberg
News cited Head of Opel's works council Klaus Franz as saying.

"We demand loan guarantees, stakes taken by European governments,
an opening up to new partners and investors and the introduction
of new corporate rules and management structures," the news agency
quoted a pamphlet posted online by IG Metall labor union's branch
in the state of Hesse.

Meanwhile, Bloomberg News reports the Adam Opel GmbH unit's
supervisory board will meet today to develop a business plan that
state and federal authorities in Germany will use as the basis for
deciding on aid.

                      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.


JUMBO MOEBEL: Claims Registration Period Ends March 27
------------------------------------------------------
Creditors of Jumbo Moebel-SB GmbH have until March 27, 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 May 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Insolvency Tribunal
         Hall 2.011
         Fuerstenstr. 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Peter Naarmann
         Dresdner Str. 86
         09130 Chemnitz
         Germany
         Tel: 0371 444390
         Fax: 0371 4443911
         E-mail: info-ch@mne-insolvenzbuero.de

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

The Debtor can be reached at:

         Jumbo Moebel-SB GmbH
         Attn: Michael Rulle, Manager
         Wittgensdorfer Hoehe 2
         09228 Chemnitz OT Wittgensdorf
         Germany


MDHD GMBH: Claims Registration Period Ends March 19
---------------------------------------------------
Creditors of MDHD GmbH have until March 19, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         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. Achim Ahrendt
         Lange Strasse 1a
         Haus der Schiffahrt
         18055 Rostock
         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:

         MDHD GmbH
         Attn: Michael Munzert, Manager
         Strandstrasse 85
         18055 Rostock
         Germany


PHONE ENTERPRISE: Claims Registration Period Ends March 17
----------------------------------------------------------
Creditors of Phone Enterprise GmbH have until March 17, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 21, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         Gerichtsplatz 2
         Cottbus
         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:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 16, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Phone Enterprise GmbH
         Gerhart-Hauptmann-Strasse 15/Sued 6
         03044 Cottbus
         Germany

         Attn: Joerg Tittel, Manager
         Elisabeth-Wolf-Strasse 55
         03042 Cottbus
         Germany


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H U N G A R Y
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OTP BANK: Risks Capital Shortfall if Ukraine Defaults, BofA Says
----------------------------------------------------------------
OTP Bank Nyrt may face a capital shortfall of as much as EUR1.2
billion (US$1.5 billion) over two years, Bloomberg News reports
citing Bank of America Corp.

"We don't believe OTP currently has sufficient capital to
withstand recessionary" non-performing loans, Bank of America
analysts including Cristina Marzea wrote in a report obtained by
the news agency.

As Eastern Europe's economies are being battered by the global
financial crisis,
a default in Ukraine may push OTP's capital need beyond the
current estimate, the analysts said as cited by Bloomberg News.

Ukraine, one of OTP's key markets, was forced to seek
international aid to avert defaults, Bloomberg News says.

"Our capital short-fall scenario may prove too optimistic if
Ukraine defaults," the Bank of America analysts said in the report
cited by Bloomberg News.  "In such a scenario, given the group's
total exposure of HUF659 billion (US$2.8 billion)" in equity and
subsidiary funding "the group can't take a sizable writedown on
its exposure."

Bloomberg News relates OTP plans to inject US$150 million into its
Ukrainian unit through a US$50 million subordinated loan and a
US$100 million fund to increase the unit's share capital.

                         Net Profit Drop

OTP's fourth-quarter net profit fell 97 percent to HUF1.71 billion
(US$7.29 million) from HUF51.60 billion in the same period a year
earlier on a sharp rise in risk provisioning, a major goodwill
write-down and lower fee and commission income, Reuters reported
Feb. 13 citing a company statement.

According to Reuters, OTP had a HUF34.8 billion goodwill write-
down on its Ukrainian and Serbian subsidiaries, which the company
said reflected its cautious outlook.

OTP also set aside HUF62.2 billion in provisions in the fourth
quarter, more than three and a half times as much as in the third
quarter, Reuters said.

The bank's nonperforming loans rose to 5.4 percent from 4.2
percent a year earlier.

                        Stock Repurchase

Reuters reports OTP Bank said it bought back 750,000 of its own
shares at a price of HUF1,502 (US$6.46) per share on Wednesday as
part of an ongoing stock repurchase programme.

According to Reuters, OTP stepped up the program last Friday and
purchased more than 2 million shares over the past four trading
sessions, increasing treasury stock to 7.79 percent of all shares.

                      About OTP Bank Nyrt

Based in Budapest, Hungary, OTP Bank Nyrt (BDP:OTP) ---
https://www.otpbank.hu/ --- provides traditional banking
operations in three segments: retail, corporate and private
banking.  Its retail banking segment is involved in account
management, bankcards and electronic services through telephone,
mobile phone and Internet.  The corporate banking segment is
engaged in services such as account and transactions management
for private entrepreneurs, as well as public organizations, owner
occupied blocks, home co-operatives and other organizations.  The
private banking segment offers, through OTP Bank branches,
Hungarian Forint and foreign currencies account management,
investment and fund management and loan facilities. The bank
operates through approximately 1000 branches, agent networks and
electronic channels in Hungary, Bulgaria, Croatia, Romania, Serbia
and Slovakia.


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I T A L Y
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MELIORBANCA SPA: Moody's Cuts Financial Strength Rating to 'D'
--------------------------------------------------------------
Moody's Investors Service confirmed the Baa3/Prime-3 long- and
short-term deposit ratings of Meliorbanca, and downgraded the bank
financial strength rating to D from D+.  This rating action
concluded the review for possible downgrade initiated in January
2008, and followed the completion of the acquisition of
Meliorbanca by Banca Popolare dell'Emilia Romagna.  Moody's said
that the BFSR of D maps to a Baseline Credit Assessment of Ba2,
while under Moody's Joint Default Analysis methodology the Baa3
long-term deposit rating benefits from two notches of uplift from
the BCA due to the very high expectation of parental support from
BPER.  The outlook on all ratings is stable.

BPER announced its offer to acquire Meliorbanca in June 2008, and
on February 24, 2009 the offer period concluded with BPER now
controlling 98.1% of Meliorbanca.  Following the acquisition, BPER
plans to focus Meliorbanca on providing specialized corporate
banking services to the clients of the BPER group, and on private
banking.  An important aspect of this plan is also to implement
significant cost cutting measures, to position operating costs at
a level compatible with Meliorbanca's ongoing business activities.
A detailed business plan is not however available at present.

Moody's said that the downgrade of Meliorbanca's BFSR to D
reflects the bank's current weak franchise and financial
fundamentals, while also taking into account the potential
benefits resulting from its acquisition by BPER.  Meliorbanca
currently focuses on a wider range of activities than those it
will carry on going forward, also including investment banking,
mortgage servicing and consumer lending.  The latter two
activities are being discontinued, with the mortgage servicing in
particular having been dependent on wholesale funding and
securitization.  During 2008 Meliorbanca has become loss-making
reflecting declining revenues from investment banking, losses and
provisions on the mortgage lending portfolio, and the bank's high
cost base.

Moody's said that the acquisition of the bank by BPER however
resolves Meliorbanca's main strategic challenges, positioning it
with a clear role within Italy's seventh largest commercial
banking group.  Meliorbanca will gain full access to BPER's
customer base and distribution network, as well as to resources in
areas such as risk management and IT.  BPER has already been
supporting Meliorbanca operationally and by providing funding in
recent years.  The rating agency said that this existing and
ongoing support are important factors underlying Meliorbanca's D
BFSR and its stable outlook.  The rating agency said that there
was potential for Meliorbanca's business and financial fundamental
to improve following its acquisition, but that this could take
some time to materialize, being dependent on the successful
integration into the BPER group and the publication and successful
delivery of a business plan for the bank.

BPER has been Meliorbanca's largest shareholder for several years,
in a shareholder pact including some other Italian co-operative
banks.  BPER has now moved to take full control of Meliorbanca,
bringing it fully into its group, and is planning to position it
as a provider of key services in corporate and private banking.
As a result Moody's said that it sees a very high probability of
parental support for Meliorbanca, resulting in the two notch
uplift for its long-term deposit rating to Baa3 from Ba2.  The
rating agency said that any evidence over time that (i) this
commitment was reducing, (ii) of any major restructuring of
Meliorbanca which significantly weakens its stand alone business
and financial fundamentals or (iii) evidence that BPER's plans to
develop successfully Meliorbanca's franchise are not working,
could negatively affect Meliorbanca's BFSR and deposit ratings.

These ratings were confirmed:

  -- Meliorbanca SpA: long-term deposits at Baa3; short-term
     deposits at Prime-3

This rating was downgraded:

  -- Meliorbanca SpA: bank financial strength rating to D from D+

The last rating action on Meliorbanca was in January 2008, when
the bank's ratings were placed on review for possible downgrade.

Meliorbanca is headquartered in Milan, Italy.  At September 30,
2008 it had total assets of EUR3.6 billion.


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K A Z A K H S T A N
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ALLIANCE DPR: Fitch Cuts Ratings on 2006-B & 2007-A Notes to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded the 2006-B and 2007-A notes issued by
Alliance DPR Company SA, while maintaining them on Rating Watch
Negative, and affirmed the rating of the 2006-A notes with a
Stable Outlook.  The rating actions are:

  -- Series 2006-A US$100 million notes affirmed at 'AAA'; Outlook
     Stable

  -- Series 2006-B US$67.9 million notes downgraded to 'BB' from
     'BBB-' (BBB minus); RWN

  -- Series 2007-A US$75 million notes downgraded to 'BB' from
     'BBB-' (BBB minus); RWN

The transaction is a securitization of present and future
diversified payment rights originated by Alliance Bank JSC
('B'/RWN), a private commercial bank headquartered in Almaty,
Kazakhstan.

Fitch's decision to downgrade the 2006-B and 2007-A notes follows
the change in the going concern assessment of Alliance Bank JSC to
which the transaction has ultimate recourse.   The agency
downgraded the bank's Long-term Issuer Default Rating to 'B'/RWN
from 'BB-' (BB minus) with a Negative Outlook on February 19,
2009.

The agency maintained the 2006-B and 2007-A notes on RWN due to
concerns over the decline in collections since February 2008,
which have resulted in a drop in Alliance's monthly and quarterly
debt service coverage ratios.  The transaction's DSCR declined to
9x in November 2008 from 76x in February 2008.  Monthly DSCR then
increased in December 2008 to 17.8x as a result of the impact of
high volumes of year-end contract payments, before dropping again
in January 2009 to 11.9x.

Although Fitch believes that current collection flows should
remain sufficient to repay the outstanding notes under their
original terms, in the event of a fall in the monthly or quarterly
DSCR beneath the transaction's early amortization triggers of 7x
and 9x respectively, there is a possibility that collections could
fall to lower-than-anticipated levels in coming months.

The fall in the quarterly DSCR below 15x in November 2008
triggered Alliance Bank to fund a coverage reserve account to 20%
of the current outstanding notes' value.  This amount, equal to
US$49.2 million, is immediately available to pay back some of the
outstanding notes in the event of an early amortization of the
transaction, and will remain in the CRA for as long as the
quarterly DSCR remains below 15x.

The Series 2006-A notes benefit from a guarantee and reimbursement
agreement, under the terms of which the Asian Development Bank
('AAA'/Stable) guarantees the full payment of interest and
principal.


ASPARA ASTYK: Creditors Must File Claims by April 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Aspara Astyk insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

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


FORUM OIL: Creditors Must File Claims by April 10
-------------------------------------------------
LLP Forum Oil Trans System Group has declared insolvency.
Creditors have until April 10, 2009, to submit written proofs of
claim to:

           Balzak Str. 2-31
           Almaty
           Kazakhstan


JEZKAZGAN JOLDARY: Creditors Must File Claims by April 10
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared JSC Jezkazgan Joldary insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

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


MILK & HONEY: Creditors Must File Claims by April 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared CJSC Milk & Honey insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

         Micro District "Taugul-2", 3a
         Almaty
         Kazakhstan

The Court is located at:

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


STROY DOM SERVICE: Creditors Must File Claims by April 10
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Stroy Dom Service insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

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


SOUT SERVICE: Creditors Must File Claims by April 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Sout Service insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


TOXTA LLP: Creditors Must File Claims by April 10
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Toxta insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

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


UST-KAMENOGORSKY MEBELNY: Creditors Must File Claims by April 10
----------------------------------------------------------------
JSC Company Ust-Kamenogorsky Mebelny Combinate has declared
insolvency.  Creditors have until April 10, 2009, to submit
written proofs of claim to:

          Bajov Str. 99
          Ust-Kamenogorsk
          East Kazakhstan
          Kazakhstan


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K Y R G Y Z S T A N
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KYRGYZ GELYI: Creditors Must File Claims by March 20
----------------------------------------------------
LLC Kyrgyz Gelyi has declared insolvency.  Creditors have until
March 20, 2009, to submit written proofs of claim to:

         LLC Kyrgyz Gelyi
         Bishkek
         Micro District 11, 2-18
         Kyrgyzstan
         Tel: (+996 312) 56-34-99


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N E T H E R L A N D S
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LYONDELLBASELL AF: U.S. Court Grants Preliminary Injunction
-----------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has granted the preliminary injunction sought by Lyondell
Chemical Company preventing certain creditors from proceeding
against its parent company, LyondellBasell Industries AF S.C.A.

LyondellBasell is now able to move forward with the reorganization
of its worldwide businesses without the threat of having assets
eroded by certain claims against entities outside of bankruptcy
protection.  The injunction is effective for 60 days and provides
LyondellBasell with time to evaluate all available options for
protecting its worldwide businesses.

The injunction prevents various creditors from enforcing pre-
petition guarantees that were issued by LyondellBasell Industries
AF S.C.A. for obligations of entities included in Chapter 11
protection.  The injunction also prevents holders of record and
beneficial owners of the 8 3/8% Senior Notes due 2015 issued by
LyondellBasell Industries AF S.C.A. from, among other things,
taking any action to accelerate the maturity of these notes.

The injunction was granted yesterday, Feb. 26, following a hearing
on Monday before the Honorable Robert E. Gerber, United States
Bankruptcy Judge, at the United States Bankruptcy Court for the
Southern District of New York.  The court had previously issued a
temporary restraining order on Feb. 6, which was subsequently
extended on Feb. 13 and then again on Feb. 23.

LyondellBasell Industries' U.S. operations and one of its European
holding companies voluntarily filed to reorganize under Chapter 11
of the U.S. Bankruptcy Code on Jan. 6, 2009 in order to facilitate
a restructuring of its debts. Lyondell Chemical Company is one of
the 79 LyondellBasell entities included in this filing.  Lyondell
and certain of its subsidiaries and affiliates continue to operate
and manage their businesses as they proceed with restructuring and
reorganization efforts.

A copy of the relevant documents associated with this case may be
found on the internet at:
http://chapter11.epiqsystems.com/lyondellbasellindustriesor from
LyondellBasell's web site at www.lyondellbasell.com.  The case
number for the bankruptcy action is 09-10023.

Reuters relates that in his order regarding the injunction Judge
Gerber wrote: "An involuntary foreign insolvency proceeding of
LBIAF would result in substantial risk of damage to the business,
property and world-wide operations of the Debtors."

Judge Gerber, Reuters discloses, also noted that the parent
company "has only limited liquid assets, which are insufficient
either to fund a defense against or to satisfy" obligations due
the 2015 noteholders.

                       DIP Financing

Judge Gerber adjourned the hearing on Lyondell's US$8 billion
"debtor-in-possession," or DIP financing, without reaching a
decision, according to Reuters.  Lyondell is seeking approval of
the loan, which will fund its operations while it reorganizes,
Reuter says.

Lyondell, as cited by Reuters, said that if creditors were able to
sue its European unit, that unit could be forced into involuntary
bankruptcy, leading to a default on its DIP, the largest in U.S.
history, and wrecking its U.S. reorganization.

                Bond Interest Payment Default

A TCR-Europe report on Feb. 19, 2009, citing Reuters' Tom Freke
and Jane Baird, said according to a spokesman for LyondellBasell,
the company failed to make scheduled bond interest payments on
Feb. 15.

The spokesman told Reuters that the company has a 30-day grace
period to pay the coupon before it falls into default.

As reported in the TCR-Europe on Feb. 18, 2009, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating on
the Netherlands-based petrochemicals producer to 'D' from 'SD'.
It also lowered the subordinated debt ratings on the US$615
million and EUR500 million European bonds due 2015 issued by the
company to 'D' from 'C'.

"The rating action follows LyondellBasell's payment default on
coupons of the two bonds on Feb. 15, 2009," said Standard & Poor's
credit analyst Tobias Mock.  "Although there is a grace period of
30 days, S&P do not consider it likely that the company will pay
the coupons within this period."

S&P said the issue rating on Basell Finance Co. B.V.'s US$300
million notes due 2027 remains at 'C' because no payment default
has occurred on them.  However, S&P considers it unlikely that
Basell Finance will make the March 15 payment.

Reuters noted according to debt traders, mid-March, the end of
the grace period for the payments, would be the key deadline in
determining whether the European business defaults on its debt.
This could also trigger payment under the European credit default
swap contracts, Reuters added citing the debt traders.

In a court filing, Reuter disclosed the company warned "A subset
of the 2015 Defendants is working in concert to ... force an
acceleration of the 2015 notes in part or in whole for the purpose
of triggering certain credit default swaps tied to the 2015
notes."

According to Reuters, LyondellBasell is keen to keep its European
operations from defaulting as a bankruptcy filing in Europe is
more likely to lead to a liquidation.

The company, as cited by Reuters, said in its court filing "The
potential loss of control to a foreign liquidator would be
disastrous to the debtors' reorganization efforts."

                       About LyondellBasell

LyondellBasell Industries -- http://www.lyondellbasell.com/-- is
a refiner of crude oil; a significant producer of gasoline
blending components; a global manufacturer of chemicals and
polymers, including polyolefins and advanced polyolefins; and the
leading developer and licensor of technologies for the production
of polymers.

Following the acquisition of Lyondell in 2007, LyondellBasell
became the world's largest independent producer of polypropylene
and advanced polyolefins products, a leading supplier of
polyethylene, and a global leader in the development and licensing
of polypropylene and polyethylene processes and related catalyst
sales.  The group is estimated to generate 2007 revenues of US$44
billion and EBITDA of US$4.1 billion reflecting strong performance
of Lyondell and Basell businesses at the top of the cycle.

LyondellBasell is saddled with debt as part of its US$12.7 billion
merger in 2007.  As reported by the Troubled Company Reporter, the
company has brought on board Kevin M. McShea of AlixPartners, LLP
as Chief Restructuring Officer of LyondellBasell and its
subsidiaries.  The company also has hired advisers, including
Evercore and New York law firm Cadwalader, Wickersham & Taft LLP,
to advise it on its restructuring efforts.

Lyondell disclosed in its latest quarterly results that it has
US$27.12 billion in assets and US$228 million stockholders'
deficit as of Sept. 30, 2008.  It incurred a US$232 million net
loss in the three months ended Sept. 30, 2008, compared to a
US$206 million net profit during the same period in 2007.

Headquartered in Houston, Texas, Equistar Chemicals LP, is a
wholly owned subsidiary of Lyondell Chemical Company, which
produces ethylene, propylene and polyethylene in North America and
ethylene oxide, ethylene glycol, high value-added specialty
polymers and polymeric powder.  For three months ended Sept. 30,
2008, Equistar Chemicals posted net loss of US$271 million
compared to net income of US$22 million for the same period in the
previous year.  At Sept. 30, 2008, Equistar Chemicals' balance
sheet showed total assets of US$9.0 billion and total liabilities
of US$19.0 billion, resulting in a partners' deficit of US$9.9
billion.


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R U S S I A
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BELORA LLC: Creditors Must File Claims by April 22
--------------------------------------------------
Creditors of LLC Belora (TIN 2303022342, PSRN 1042301303703)
(Wood processing) have until April 22, 2009, to submit proofs of
claims to:

         A. Rodionov
         Insolvency Manager
         Armavirskaya St. 37
         Yeysk
         353680 Krasnodarskiy
         Russia

The Arbitration Court of Krasnodarskiy will convene at 2:30 p.m.
on Aug. 18, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A-32=964198/2007=9627/156-B.

The Debtor can be reached at:

         LLC Belora
         Maykopskoe Shosse 10
         Belorechensk
         Russia


BASH-MED'-STROY LLC: Creditors Must File Claims by April 22
-----------------------------------------------------------
Creditors of LLC Bash-Med'-Stroy (TIN 0267011758) (Construction)
have until April 22, 2009, to submit proofs of claims to:

         R. Amerkhanov
         Insolvency Manager
         Stroiteley St. 4/24
         Sibay
         453838 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07=968926/2008-G-GRA.

The Debtor can be reached at:

         LLC Bash-Med'-Stroy
         Sel'khoztekhnika St.12
         Sibay
         Bashkortostan
         Russia


BTA BANK: Moody's Puts Neg. Outlook on 'E+' BFSR on Weak Liquidity
------------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local and
foreign currency deposit ratings of BTA Bank (Russia) to B3 from
B1; the bank's foreign currency senior unsecured debt rating was
also downgraded to B3 from B1.  The outlook on the bank's debt and
deposit ratings, as well as on its E+ bank financial strength
rating, is negative.  The bank's Not-Prime short-term local and
foreign currency deposit ratings were affirmed.  Concurrently,
Moody's Interfax Rating Agency downgraded the National Scale
Rating of BTA Bank (Russia) to Baa3.ru from A1.ru.  The National
Scale Rating carries no specific outlook. Moscow-based Moody's
Interfax is majority-owned by Moody's, a leading global rating
agency.

"The rating action incorporates two aspects: (i) the removal of
the effect of parental support to BTA Bank (Russia) from BTA Bank
(Kazakhstan), which has led to a downgrade of the ratings of BTA
Bank (Russia) to the level of the bank's Baseline Credit
Assessment; and (ii) Moody's perception of increased risks
inherent to the current business model of BTA Bank (Russia), which
triggered the lowering of the bank's BCA to B3 from B2 and
assigning negative outlook on all of the bank's global scale
ratings," says Olga Ulyanova, a Moscow-based Moody's Assistant
Vice President -- Analyst, and lead analyst for BTA Bank (Russia).

Moody's refers to its recent collective rating action on a number
of Kazakh banks whereby the ratings of BTA Bank (Kazakhstan) were
downgraded to B1/Not Prime/E+ from Ba1/Not Prime/D-, with negative
outlook assigned to the bank's deposit ratings.  On February 24,
2009, Moody's issued a separate press release of these rating
actions.  As reflected in the downgrade of the ratings of BTA Bank
(Kazakhstan), the financial flexibility of this bank to render
parental support to its subsidiaries has reduced substantially.
Moody's also notes that BTA Bank (Kazakhstan), which previously
was considered by the rating agency as a support provider to BTA
Bank (Russia), maintains 22.26% direct stake in the latter, while
the 75.1% stake in BTA Bank (Kazakhstan) was recently taken over
by the government of Kazakhstan.

The negative rating actions on the stand-alone ratings of BTA Bank
(Russia) were triggered by the weak liquidity profile of BTA Bank
(Russia), whereby approximately 60% of its non-equity funding is
attributable to interbank borrowings and loans from the Central
Bank of Russia that are of predominantly short- or medium-term
nature (with maturity of up to 180 days).  The asset quality of
BTA Bank (Russia) also raises concerns: against the background of
high concentrations in the bank's loan book a number of sizeable
corporate loans are already non-performing and a further
deteriorating trend is likely, thus mirroring the overall negative
developments in the Russian economic environment, and especially
those in the real estate and construction segments to which BTA
Bank (Russia) has material exposure.

Moody's notes the relatively good capital cushion of BTA Bank
(Russia), with total shareholders' equity-to-assets ratio of 17%
at June 30, 2008, which was further strengthened by a
RUB7.2 billion capital increase in September 2008.  This provides
a buffer to absorb potential losses in the foreseeable future;
however, Moody's cautions that the bank's economic capitalization
may actually be lower as the level of its related-party business
may be understated, given the lack of transparency of its
shareholder structure.

Moody's recent rating action on BTA Bank (Russia) was on November
26, 2008 when the rating agency affirmed the bank's B1/N-
P/E+/A1.ru ratings with stable outlook on all of its global scale
ratings.

Headquartered in Moscow, BTA Bank (Russia) reported total IFRS
assets of US$1.8 billion and total shareholders' equity of
US$307 million at H1 2008.  Over the same period, net profits
amounted to US$26 million.


FIBERGLASS PLANT OJSC: Creditors Must File Claims by March 23
-------------------------------------------------------------
Creditors of OJSC Fiberglass Plant have until March 23, 2009, to
submit proofs of claims to:

         M. Baymurzayev
         Temporary Insolvency Manager
         Gagarina St. 56/88
         Makhachkala
         Dagestan
         Russia

The Arbitration Court of Dagestan commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A15=961937/08.

The Debtor can be reached at:

         OJSC Fiberglass Plant
         Beybulatova St. 27
         Makhachala
         Dagestan
         Russia


GLAV-STROY-PROEKT OJSC: Creditors Must File Claims by March 23
--------------------------------------------------------------
Creditors of OJSC Glav-Stroy-Proekt (TIN 5190122892)
(Construction) have until March 23, 2009, to submit proofs of
claims to:

         R. Mokrushev
         Insolvency Manager
         Post User Box 1
         Solnechnuy
         172739 Tverskaya
         Russia

The Arbitration Court of Murmaskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42=966079/200.

The Debtor can be reached at:

         OJSC Glav-Stroy-Proekt
         Chelyuskintsev St. 24/26
         183038 Murmansk
         Russia


KOMI-RESURS-LES LLC: Creditors Must File Claims by March 23
-----------------------------------------------------------
Creditors of LLC Komi-Resurs-Les (Forestry) have until March 23,
2009, to submit proofs of claims to:

         D. Chirkov
         Temporary Insolvency Manager
         Office 22
         Oktyabrskiy Prospect 69
         Syktyvkar
         167001 Komi
         Russia

The Arbitration Court of Komi will convene on Sept. 2, 2009, to
hear bankruptcy supervision procedure.  The case is docketed under
Case No. A29=9611138/2008.

The Debtor can be reached at:

         LLC Komi-Resurs-Les
         Markova St. 29a
         Syktyvkar
         Russia


KORPORATSIYA STROY: Creditors Must File Claims by April 22
----------------------------------------------------------
Creditors of LLC Korporatsiya Stroy-Invest (TIN 5752044596)
(Construction) have until April 22, 2009, to submit proofs of
claims to:

         V. Solomatin
         Insolvency Manager
         Mopra St. 20
         302026 Orel
         Russia
         Tel: (4862)45-13-38

The Arbitration Court of Orlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A48=963218/2008.

The Debtor can be reached at:

         LLC Korporatsiya Stroy-Invest
         Kromskoy Proezd 2
         302034 Orel
         Russia


LES-EXPORT LLC: Court Names A. Saranin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Tomskaya appointed A. Saranin as
Insolvency Manager for LLC Les-Export (Lumbering).  The case is
docketed under Case No. A67=963760/08.  He can be reached at:

         Post User Box 3020
         634003 Tomsk
         Russia

The Debtor can be reached at:

         LLC Les-Export
         Tovarnaya St. 1a
         Asino
         Asinovskiy
         636840 Tomsaya
         Russia


PROM-TEKH-ALYANS LLC: Creditors Must File Claims by April 22
------------------------------------------------------------
Creditors of LLC Prom-Tech-Alyans (TIN 4029034955; PSRN
1074029000055) (Mechanical Equipment Production) have until
April 22, 2009, to submit proofs of claims to:

         A. Lukin
         Insolvency Manager
         Post User Box 12
         Postal Office
         248000 Kaluga
         Russia

The Arbitration Court of Kaluzhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A23=961911/08B-7=9691.

The Debtor can be reached at:

         LLC Prom-Tech-Alyans
         Grabtsevskoe shosse 33
         Kaluga
         Russia


RAIL LEASING: Fitch Cuts Long-Term Issuer Default Rating to 'C'
---------------------------------------------------------------
Fitch Ratings has downgraded Russia-based Rail Leasing's Long-term
Issuer Default Rating to 'C' from 'CC'.

The downgrade of the Long-term IDR reflects Fitch's view that the
company's capacity for meeting its financial obligations is
severely impaired because of Russia's weakening economic
fundamentals and the associated sharp decline in rail freight
levels and rolling stock prices.  As a result of several defaults
in the company's highly concentrated lease portfolio, RL needed to
renegotiate a significant part of received loans, mainly in late
2008.  Fitch believes that it will be difficult for the company to
comply even with new terms in the current difficult operating
environment.

Rail Leasing was established in 2004 under its original name VKM
Leasing. The company specializes in the finance leasing of wagons.
The company is indirectly owned by three individuals, two of whom
are senior managers of RL.

The rating actions are:

  -- Long-term foreign currency IDR: downgraded to 'C' from
     'CC'/Negative Outlook.

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


REAL-T LLC: Creditors Must File Claims by March 23
--------------------------------------------------
Creditors of LLC Real-T (TIN 7203194876, PSRN 1077203029056)
(Construction) have until March 23, 2009, to submit proofs of
claims to:

         S. Abyshev
         Temporary Insolvency Manager
         Office 253
         Mel'nikayte St. 106
         Tumen
         Russia

The Arbitration Court of Tumen will convene at 10:30 a.m. on
May 19, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A70=969248/3=962008.

The Debtor can be reached at:

         LLC Real-T
         Building 2
         50 let Oktyabrya St. 62A
         655013 Tumen
         Russia


TRUST A 5: Creditors Must File Claims by March 23
-------------------------------------------------
Creditors of OJSC Construction Trust A 5 have until March 23,
2009, to submit proofs of claims to:

         T. Pogrebnyak
         Insolvency Manager
         Kommunisticheskaya St. 19a
         167003 Syktyvkar
         Komi
         Russia

The Arbitration Court of Komi will convene at 9:15 a.m. on
June 2, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A29=965865/2008.

The Court is located at:

         The Arbitration Court of Komi
         Ordzhonokidze St. 49a
         167982 Syktyvkar
         Komi
         Russia

The Debtor can be reached at:

         OJSC Construction Trust A 5
         Post User Box 297
         Building 1/34
         Proezd Stroiteley 4
         Ukhta
         Komi
         Russia


* TOMSK OBLAST: S&P Downgrades Long-Term Issuer Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
issuer rating on the Tomsk Oblast, located in western Siberia in
the Russian Federation (foreign currency BBB/Negative/A-3; local
currency BBB+/Negative/A-2; Russia national scale 'ruAAA'), to
'B-' from 'B+' and lowered its national scale rating to 'ruBBB'
from 'ruA+'.  The ratings remain on CreditWatch with negative
implications.

"The rating actions reflect the fact that, despite the Oblast's
continued efforts to come up with a reliable refinancing plan and
in contradiction to S&P's earlier expectations, it still has not
been able to secure the refinancing of its upcoming debt service
payments in March-May 2009, including the bank loan payment on
March 2," said Standard & Poor's credit analyst Boris Kopeykin.

The Oblast's liquidity position is very weak.  As of Feb. 25,
2009, the Oblast had just RUR281 million in free cash, whereas it
has to repay a RUR1 billion loan on March 2, 2009.  Initial plans
were to refinance this loan, but despite some indications from the
Oblast's banking partner that refinancing would be provided, a
timely receipt of the funds has still not been secured.  However,
the Oblast has an additional committed bank line for RUR450
million and expects to receive more than RUR500 million in
revenues before the due date, making the repayment without
refinancing tight but possible.

In addition, the Oblast has yet to clarify its refinancing schemes
for the remaining RUR1.5 billion of bank loans due in March-May
2009, as well as for the second debt repayment peak estimated at
more than RUR2 billion in November-December 2009, against a
backdrop of contracting revenue streams.


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S P A I N
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CONSUMO BANCAJA: Fitch Junks Rating on EUR12.9 Mln Class D Notes
----------------------------------------------------------------
Fitch Ratings has downgraded the class C notes of Consumo Bancaja
1 - Fondo de Titulizacion de Activos to 'BBB+' from 'A-' (A
minus).  The class C notes have a Negative Outlook.  The agency
has also revised the Outlook on the class B notes to Negative from
Stable due to a further deterioration in the pool performance.
Fitch has also removed the Stable Outlook from the class D notes
and assigned them a Distressed Recovery rating of 'DR3'.

  -- EUR384.5 million class A (ES0323633000) notes: affirmed at
     'AAA'; Outlook Stable

  -- EUR14.7 million class B (ES0323633018) notes: affirmed at
     'AA'; Outlook revised to Negative from Stable

  -- EUR19.2 million class C (ES0323633026) notes: downgraded to
     'BBB+' from 'A- (A minus); Outlook Negative

  -- EUR12.9 million class D (ES0323633034) notes: affirmed at
     'CCC'; Stable Outlook removed; assigned a 'DR3' rating

The rating actions follow a recent review of the transaction
performance and reflect a continued deterioration in the
underlying collateral with increasing delinquencies and defaults.
The Negative Outlook on class B and class C reflects the agency's
view with respect to the ongoing difficult economic environment in
Spain to which the transaction is exposed.

Consumo Bancaja 1 is a true-sale securitization of a pool of
consumer and auto loans originated in Spain by Caja de Ahorros de
Valencia, Castellon y Alicante ('Bancaja' or 'the seller', rated
'A-'((A minus))/'F2').  At close, the proceeds from the class A, B
and C notes had been applied to acquire the loan collateral, while
the proceeds from the class D notes had been used to fund the
reserve account to its required amount.

As of December 2008, delinquencies, defined as loans with arrears
of more than three months to 12 months, had increased to EUR17.4
million, approximately 39% higher than June 2008.  Late
delinquencies, loans with arrears of more than six months, have
also continued to deteriorate.  As these loans tend to have a high
propensity to default, this has raised concern over a potential
future increase in defaults.

Total defaults reached EUR13.3 million in December 2008,
representing approximately 1.32% of the original collateral
balance plus new purchases, while net losses have reached EUR12.5
million.  Total recoveries have been weak at around 6% of the
total defaulted amount since close.  The losses, which have been
worse than Fitch's base-case assumptions, have showed no signs of
stabilization as the number and amount of defaults has continued
to rise.

A Distressed Rating of 'DR3' rating has been assigned to the class
D notes commensurate with their prospect of estimated recoveries
in the future after taking into account the notes' profile, which
is uncollateralized, and the deal's performance.

The transaction commenced amortization in May 2008, and as of
November 2008 approximately 30% of the notes had been paid down.
Fitch will continue to monitor the transaction closely and take
any necessary rating actions as warranted based on the transaction
performance.


FTPYME TDA: Moody's Reviews 'Ca'-Rated Notes for Possible Cut
-------------------------------------------------------------
Moody's Investors Service has placed the ratings of the notes
issued by FTPYME TDA CAM 4 under review for possible downgrade:

  - EUR931.5 million Series A2 notes, Placed Under Review for
    Possible Downgrade; previously, on December 14, 2006 Assigned
    Aaa;

  - EUR66.0 million Series B notes, Placed Under Review for
    Possible Downgrade; previously, on December 14, 2006 Assigned
    A2;

  - EUR38.0 million Series C notes, Placed Under Review for
    Possible Downgrade; previously, on December 14, 2006 Assigned
    Baa3;

  - EUR29.3 million Series D notes, Placed Under Review for
    Possible Downgrade; previously, on December 14, 2006 Assigned
    Ca.

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

The rating of the EUR127.0 million Series A3(CA) notes, Aaa, is
not placed on review for possible downgrade as it benefits from
the guarantee of the Government of Spain for interest and
principal payments.  However the expected loss associated with
Series A3(CA) notes without the Spanish Government guarantee --
which was consistent with a Aaa-rating at closing of the
transaction -- may need to be adjusted during the current rating
review.

The EUR337.5 million Series A1 notes were fully redeemed in March
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 outstanding 90+ delinquencies (i.e.
delinquencies equal or greater than 90 days) were equal to 1.93%
of the current portfolio balance compared to 1.83% as of the
previous quarterly reporting date.  The cumulative defaults
(cumulative artificial write-offs) were equal to 0.73% of the
original portfolio balance compared to 0.15% as of the previous
quarterly reporting date.  As part of the review, Moody's also
consider 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 securitization transactions.
FTPYME TDA CAM 4 is a securitization of loans to small- and
medium-sized enterprises carried out by Caja de Ahorros del
Mediterraneo Banco (A2/P-1/C).  At closing, the portfolio
consisted of 14,971 loans. The loans were originated between 1991
and 2006, with a weighted average seasoning of 2.04 years and a
weighted average remaining term of 9.91 years.  The concentration
in the "building and real estate" sector according to Moody's
industry classification was approximately 60% as of closing.

As of December 2008, the number of loans in the portfolio was
equal to 9457 and the weighted average remaining term was equal to
11.9 years.  The concentration in the "building and real estate"
sector according to Moody's industry classification was
approximately 57% as of December 2008.

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


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S W I T Z E R L A N D
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ANIMALUX LLC: Creditors Must File Proofs of Claim by March 12
-------------------------------------------------------------
Creditors owed money by LLC Animalux are requested to file their
proofs of claim by March 12, 2009, to:

         Robert Roger Chevallier
         Bruderklausenhof
         5275 Etzgen
         Switzerland

The company is currently undergoing liquidation in Etzgen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 20, 2008.


AVERCON LLC: Deadline to File Proofs of Claim Set March 11
----------------------------------------------------------
Creditors owed money by LLC Avercon are requested to file their
proofs of claim by March 11, 2009, to:

         Urs Benz and
         Paul Bischel, Liquidators
         Alte Landstrasse 115
         8800 Thalwil
         Switzerland

The company is currently undergoing liquidation in Adliswil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 15, 2004.


CLICKINFINITY.COM JSC: March 12 Set as Deadline to File Claims
--------------------------------------------------------------
Creditors owed money by JSC Clickinfinity.com are requested to
file their proofs of claim by March 12, 2009, to:

         Thomas Bienz
         JSC Thomas Bienz Treuhand
         Kauffmannweg 14
         Mail Box: 2264
         6002 Luzern
         Switzerland

The company is currently undergoing liquidation in Root.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 20, 2009.


EXHA JSC: Creditors Must File Claims by March 11
------------------------------------------------
Creditors owed money by JSC Exha are requested to file their
proofs of claim by March 11, 2009, to:

         JSC Treuhand Cotting
         Channelmattstrasse 9
         3186 Dudingen
         Switzerland

The company is currently undergoing liquidation in Kerzers.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 19, 2009.


FINGRU JSC: Creditors' Proofs of Claim Due by March 11
------------------------------------------------------
Creditors owed money by JSC Fingru are requested to file their
proofs of claim by March 11, 2009, to:

         Monika Wurmli Adler
         Liquidator
         Haslenstrasse 10
         8832 Wilen
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 17, 2008.


PHOTONLIFE JSC: March 10 Set as Deadline to File Claims
-------------------------------------------------------
Creditors owed money by JSC PhotonLife are requested to file their
proofs of claim by March 10, 2009, to:

         Martin Geser
         Hohenstrasse 31
         8304 Wallisellen
         Switzerland

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


YACHT & BOOTSSERVICE: Creditors Must File Claims by March 11
------------------------------------------------------------
Creditors owed money by LLC Yacht & Bootsservice Basel are
requested to file their proofs of claim by March 11, 2009, to:

         Rene Dammann
         Liquidator
         Arlesheimerstrasse 22a
         4053 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 6, 2009.


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ENERGY MECHANIZATION: Creditors Must File Claims by March 11
------------------------------------------------------------
Creditors of OJSC Ukrainian Energy Mechanization (EDRPOU 25294592)
have until March 11, 2009, to submit proofs of claim to:


         CJSC Joint Stock Commerce Industrial and
         Investment Bank
         Insolvency Manager
         Zodchikh St. 32-V
         03194 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 B11/363-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern street 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         OJSC Ukrainian Energy Mechanization
         Slavutich
         07100 Kiev
         Ukraine


LAVAL LTD: Creditors Must File Claims by March 8
------------------------------------------------
Creditors of Production and Commerce Firm Laval Ltd. (EDRPOU
20083471) have until March 8, 2009, to submit proofs of claim to:

         Vinnitsaal Sector on Bankruptcy
         Insolvency Manager
         Hmelnitsky Highway 7
         21036 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 10/197-08.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Production and Commerce Firm Laval Ltd.
         Schmidt St. 69/110
         Vinnitsa
         Ukraine


MARSANA-LTD LLC: Creditors Must File Claims by March 8
------------------------------------------------------
Creditors of LLC Marsana-Ltd. (EDRPOU 20084795) have until
March 8, 2009, to submit proofs of claim to:

         Vinnitsaal Sector on Bankruptcy
         Insolvency Manager
         Hmelnitsky Highway 7
         21036 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 10/198-08.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Marsana-Ltd
         Schmidt St. 3/3
         Vinnitsa
         Ukraine


SANTRADE-GROUP LLC: Creditors Must File Claims by March 11
----------------------------------------------------------
Creditors of LLC Santrade-Group (EDRPOU 35057380) have until
March 11, 2009, to submit proofs of claim to:

         A. Finko
         Insolvency Manager
         Ovrazhnaya St. 29
         Donetsk
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/68-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 SANTRADE-GROUP
         Kikvidze St. 11
         01103 Kiev
         Ukraine


SICH-1 LLC: Creditors Must File Claims by March 8
-------------------------------------------------
Creditors of LLC SICH-1 (EDRPOU 24902983) have until March 8,
2009, to submit proofs of claim to:

         Vinnitsaal Sector on Bankruptcy
         Insolvency Manager
         Hmelnitsky Highway 7
         21036 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 5/7-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21036 Vinnitsa
         Ukraine


The Debtor can be reached at:

         LLC Sich-1
         D. Nechay St. 149
         Vinnitsa
         Ukraine


UKRINTERTECH LLC: Creditors Must File Claims by March 11
--------------------------------------------------------
Creditors of LLC Ukrintertech (EDRPOU 35679049) have until
March 11, 2009, to submit proofs of claim to:

         A. Finko
         Insolvency Manager
         Ovrazhnaya St. 29
         Donetsk
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/66-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 Ukrintertech
         Office 1
         Vladimirskaya St. 7
         01025 Kiev
         Ukraine


VASILINKA LLC: Creditors Must File Claims by March 8
----------------------------------------------------
Creditors of LLC Vasilinka (EDRPOU 31983460) have until March 8,
2009, to submit proofs of claim to:

         Vinnitsaal Sector on Bankruptcy
         Insolvency Manager
         Hmelnitsky Highway 7
         21036 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 5/10-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Vasilinka
         Kotsiubinsky Avenue 37
         Vinnitsa
         Ukraine


VINNITSA COOPERATION: Creditors Must File Claims by March 8
-----------------------------------------------------------
Creditors of Joint Enterprise Vinnitsa Cooperation External Trade
(EDRPOU 2009,3400) have until March 8, 2009, to submit proofs of
claim to:

         Vinnitsaal sector on bankruptcy
         Insolvency Manager
         Hmelnitsky Highway 7
         21036 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 10/192-08.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         JOINT Enterprise Vinnitsa Cooperation External Trade
         Schmidt St. 5
         Vinnitsa
         Ukraine


ZETA LLC: Creditors Must File Claims by March 8
-----------------------------------------------
Creditors of LLC Zeta (EDRPOU 23061406) have until March 8, 2009,
to submit proofs of claim to:


         Vinnitsaal Sector on Bankruptcy
         Insolvency Manager
         Hmelnitsky Highway 7
         21036 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 5/6-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Zeta
         Papanin St. 14
         Vinnitsa
         Ukraine


* Moody's Reviews Ratings on 22 Ukrainian Banks for Possible Cuts
-----------------------------------------------------------------
Moody's Investors Service has put on review for possible downgrade
the global foreign currency deposit ratings of 22 Ukrainian banks.
The foreign currency debt instruments issued by six Ukrainian
banks have also been placed on review for possible downgrade.

The rating action has been triggered by (i) the review for
possible downgrade of Ukraine's foreign currency bank deposit
ceiling of B2, and (ii) the review for possible downgrade of the
Ba3 foreign currency country ceiling for bonds.

Moody's decision to place Ukraine's foreign currency deposit
ceilings on review -- announced yesterday -- reflects concerns
about the degree to which persistent political uncertainty cast
doubts on the prospects for an orderly resolution of banking
problems, in the context of a severe economic downturn.  The
review, in a context of heightened financial volatility, will
concentrate on the policy direction of both the government and the
National Bank of Ukraine in dealing with the stresses on the
country's financial system and currency.  The review also aims to
determine whether there is scope for additional external financing
from the multilaterals, as well as on the trends extant in the
macroeconomy, and the possibilities open to the government and
central bank to stabilize the economy and prevent a further
deterioration of economic performance over the medium term.

The B2 long-term foreign currency deposit ratings of these banks
were placed on review for possible downgrade:

  - Alfa Bank Ukraine
  - Bank Finance and Credit
  - Subsidiary Bank Sberbank of Russia
  - Calyon Bank Ukraine
  - First Ukrainian International Bank
  - Forum Bank
  - ING Bank Ukraine
  - Kreditprombank
  - OTP Bank Ukraine
  - Pivdennyi Bank
  - Pravex-Bank
  - Privatbank Commercial Bank
  - Raiffeisen Bank Aval
  - Savings Bank of Ukraine
  - Swedbank Invest
  - Swedbank OJSC
  - Ukreximbank
  - Ukrsibbank
  - Ukrsotsbank
  - Dongorbank
  - Khreschatyk Bank
  - VAB Bank

Also, the Ba3 long-term foreign currency debt ratings of these
banks were placed on review for possible downgrade:

  - Alfa Bank Ukraine
  - Forum Bank
  - Privatbank Commercial Bank
  - Ukreximbank
  - Ukrsibbank
  - Ukrsotsbank

Moody's previous rating action on Alfa Bank Ukraine was on 30
December 2008 when the outlook on the global local currency (GLC)
long-term deposit and foreign currency debt rating of Ba3 was
changed to negative from stable.

Moody's previous rating action on Bank Finance and Credit was on
December 30, 2008 when the outlook on the GLC long-term deposit
and foreign currency debt rating of B1 was changed to negative
from stable.

Moody's previous rating action on Subsidiary Bank Sberbank of
Russia was on December 30, 2008 when the outlook on the GLC long-
term deposit rating and GLC debt rating of Ba2 was changed to
negative from stable.

Moody's previous rating action on Calyon Bank Ukraine was on
December 30, 2008 when the outlook on the D BFSR was changed to
negative from stable.

Moody's previous rating action on First Ukrainian International
Bank was on December 30, 2008 when the outlook on the GLC long-
term deposit rating and global foreign currency debt rating of B1
was changed to negative from stable, the bank's national scale
rating was downgraded to Aa3.ua from Aa2.ua, and local currency
debt rating was downgraded to Aa3.ua from Aa2.ua.

Moody's previous rating action on Forum Bank was on December 30,
2008 when the outlook on the GLC long-term deposit rating of Ba1
was changed to stable from positive.

Moody's previous rating action on ING Bank Ukraine was on December
30, 2008 when the outlook on the D BFSR was changed to negative
from stable.

Moody's previous rating action on Kreditprombank was on December
30, 2008 when the outlook on the GLC long-term deposit rating of
B1 was changed to negative from stable.

Moody's previous rating action on OTP Bank Ukraine was on
3December 30, 2008 when the outlook on the D BFSR was changed to
negative from stable.

Moody's previous rating action on Pivdennyi Bank was on December
30, 2008 when the outlook on the GLC and foreign long-term deposit
ratings of B2, GLC and GFC long-term debt ratings of B2 was
changed to negative from stable.

Moody's previous rating action on Pravex-Bank was on December 30,
2008 when the E+ BFSR, GLC deposit and GLC debt ratings of Ba2,
foreign currency deposit rating of B2 and NSR Aa1.ua were
affirmed.

Moody's previous rating action on Privatbank was on December 30,
2008 when the outlook on the D- BFSR was changed to negative from
stable.

Moody's previous rating action on Raiffeisen Bank Aval was
December 30, 2008 when the outlook on the D BFSR was changed to
negative from stable.

Moody's previous rating action on Savings Bank of Ukraine was on
December 30, 2008 when the E+ BFSR, GLC deposit rating of Ba1,
global foreign currency deposit rating of B2, GLC debt ratings of
Ba1/Aa1.ua and NSR of Aa1.ua were affirmed.

Moody's previous rating action on Swedbank was on December 30,
2008 when the E+ BFSR, local currency deposit rating of Ba2,
foreign currency debt rating of B2 and NSR of Aa1.ua were
affirmed.

Moody's previous rating action on Swedbank Invest was on December
30, 2008 when the outlook on the E+ BFSR, and GLC deposit and debt
rating of Ba2 was changed to negative from stable.

Moody's previous rating action on Ukreximbank was on December 30,
2008 when the outlook on the D- BFSR was changed to negative from
stable.

Moody's previous rating action on Ukrsibbank was on December 30,
2008 when the outlook on the D BFSR was changed to negative from
stable.

Moody's previous rating action on Ukrsotsbank was on December 30,
2008 when the outlook on the D BFSR was changed to negative from
stable.

Moody's previous rating action on Dongorbank was on December 30,
2008 when the outlook on the GLC and GFC long-term deposit ratings
and GLC debt rating of B2 was changed to negative from stable.

Moody's previous rating action on Khreschatyk Bank was on December
30, 2008 when the outlook on the GLC and global foreign currency
long-term deposit ratings of B2 was changed to negative from
stable

Moody's previous rating action on VAB Bank was on December 30,
2008 when the outlook on the GLC and GFC long-term deposit ratings
of B2 was changed to negative from stable and NSR was downgraded
from A1.ua to A3.ua


* S&P Junks Counterparty Ratings on Three Ukrainian Banks
---------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
and short-term counterparty credit ratings on Alfa-Bank Ukraine,
JSC KREDOBANK, and Ukrsotsbank OJSC to 'CCC+/C' from 'B/B'.  The
Ukraine national scale ratings on these three banks were lowered
to 'uaB' from 'uaBBB'.  The ratings were removed from
CreditWatch where they were placed with negative implications on
Feb. 13, 2009.

At the same time, S&P affirmed the 'CCC+' long-term and 'C' short-
term counterparty credit ratings on UNEX BANK.  The Ukraine
national scale rating on Unex was lowered to 'uaB' from 'uaB+'.
The outlook on all four banks is negative.

These rating actions follow the downgrade of Ukraine on Wednesday,
reflecting intensifying execution risks to the sovereign's Standby
Arrangement with the IMF, due to the absence of broad political
backing for necessary budgetary revisions and banking system
reform ahead of the January 2010 presidential elections.  The
worsening external environment has triggered a sharp deterioration
in Ukraine's terms of trade via depressed export prices.  During
2009, S&P believes GDP growth will fall substantially, while the
exchange rate adjusts downward on the back of capital outflows and
narrowing export receipts.

"The rating actions on the banks also reflect our concerns about
the impact of the country's deteriorating economic situation and
operating environment on the credit fundamentals of domestic
banks," said Standard & Poor's credit analyst Annette Ess.  "We
believe that these factors are having a pronounced negative
effect, weakening the banks' asset quality, tightening their
liquidity, and reducing their profitability and capitalization."

The negative outlook on banks mirrors that on the sovereign and
reflects increased pressures on the banks' asset quality,
financial performance, and liquidity.  "The ratings could be
lowered following a further downward revision of the sovereign
foreign currency rating, or in the event of further evidence
of distress in the banking system leading to a material
deterioration of the banks' asset quality, capitalization, or
liquidity," said Ms. Ess.

Parent support could mitigate the pressure on the banks' stand-
alone credit profiles.  However, the banks' ability to honor their
obligations on time and in accordance with their terms could, in
S&P's view, be constrained by government intervention in the form
of deposit and debt freezes.  Under current conditions, S&P does
not foresee the ratings on these banks being higher than the
sovereign foreign currency ratings on Ukraine.  Therefore, any
future downgrade of Ukraine could negatively affect the ratings on
the banks.


* S&P Junks Issuer Credit Ratings on Seven Ukrainian Cities
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term issuer credit ratings on the Ukrainian cities of Kyiv,
Lviv, Dnipropetrovsk, Ivano-Frankivsk, Lugansk, Odessa, and the
Autonomous Republic of Crimea to 'CCC+' from 'B' and removed
them from CreditWatch following the downgrade of the sovereign
rating on Ukraine.  The outlooks on all seven local and regional
governments, which were negative before the CreditWatch placement,
remain negative. The ratings had been placed on CreditWatch with
negative implications on Feb. 16, 2009.

At the same time, the Ukraine national scale ratings were lowered
and removed from CreditWatch with negative implications: on Lviv,
Dnipropetrovsk, Odessa, and the Autonomous Republic of Crimea to
'uaBB' from 'uaA-'; on Lugansk to 'uaBB' from 'uaBBB'; and on
Ivano-Frankivsk to 'uaBB' from 'uaBBB+'.

"All seven LRGs are in the same rating category, constrained by
their very high dependence on sovereign decisions regarding their
revenue and expenditure responsibilities and their exposure to
central budget transfers," said Standard & Poor's credit analyst
Boris Kopeykin.  "However, zero to only modest debt-service
payments scheduled for 2009-2010 bolster their creditworthiness."

Future rating actions on Ukraine could lead us to introduce some
differentiation in S&P's future rating actions on Ukrainian LRGs
to reflect their various credit features.


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ATRIUM EUROPEAN: Fitch Lowers Senior Unsecured Rating to 'BB-'
--------------------------------------------------------------
Fitch Ratings has downgraded property company Atrium European Real
Estate Ltd's senior unsecured rating and Long-term Issuer Default
Rating to 'BB-' (BB minus) from 'BB+' respectively.  The Rating
Outlook on the Long-term IDR is Negative.  The Short-term IDR has
been affirmed at 'B'.

The downgrade reflects Fitch's concern that the deteriorating
economic environment in Central and Eastern Europe will lead to
greater negative pressure on Atrium's tenant portfolio and
ultimately its rental income.  Fitch believes there is now an
increased risk of tenant defaults and a greater need to offer
lease incentives to existing tenants because of worsening economic
conditions.  This concern is exacerbated by the fact that a
majority of Atrium's tenants earn revenue in local currencies but
pay rent in euros or US dollars, which has become increasingly
difficult as the depreciation of CEE currencies has accelerated in
recent months.  In addition, there has been a significant
curtailment of the development program as a result of projects
becoming economically unviable.  This means that rental income
from the development portfolio is now less than Fitch initially
anticipated.  The agency believes that Atrium's Fitch-adjusted
EBIT/net interest cover ratio could now deteriorate over the next
two-to-three years.  The agency also notes that interest rates
have fallen significantly in recent months and that this will lead
to a marked decrease in interest income given the company's high
cash balance.  This negative carry could be another factor which
causes Atrium's NIC ratio to come under pressure.  However,
Atrium's NIC ratio may improve somewhat if it chooses to buy back
either its 2006 bonds or convertible bonds.

The Negative Outlook is mainly driven by the challenging
conditions affecting commercial property companies in CEE and the
possibility that this could result in even greater pressure on
Atrium's tenant portfolio than currently anticipated.  Fitch will
continue to monitor Atrium closely for signs of further negative
pressure on rental income during 2009 and 2010.

However, Atrium's ratings are supported at their current level by
the company's liquidity position, with cash of EUR1.4 billion as
of September 30, 2008 able to support committed development
spending of EUR426 million, and significant covenant headroom.  As
of September 30, 2008, Atrium's loan to value ratio stood at 4.6%,
well within the covenant level of 60%, and its property portfolio
was valued at EUR2.78 billion.  This marks a decrease of 5% from
the EUR2.93 billion valuation as of June 30, 2008.  Atrium also
benefits from little refinancing risk in the medium term with its
next debt maturity, of EUR54 million, in 2011 and a maturity of
EUR554 million in 2013 when bonds mature.


BARRATT DEVELOPMENTS: Reports GBP592.4 Mln Half-Year Loss
---------------------------------------------------------
Barratt Developments Plc incurred a pre-tax loss of GBP592.4
million in the second half of 2008 after a GBP494.9 million
impairment charge on the value of its land bank, BBC News reports.
The homebuilder had a GBP192.4 million profit in the same period a
year earlier, the report says.

Mathieu Robbins at The Independent relates Barratt said the
housing market remains "intensely difficult" with little forward
visibility, constrained by lack of mortgage availability, consumer
confidence and falling prices.

Barratt, according to BBC News, noted average selling prices of
homes dropped by almost 10% to GBP160,700 over the period.

Since the peak of the housing market in June 2007, average house
prices had fallen by about 27%, Barratt said as cited by BBC News.

BBC News recalls Barratt laid off about 29% of its staff or 1,900
jobs between July and September last year.

Barratt Developments Plc (LON:BDEV) ---
http://www.barrattdevelopments.co/--- is a United Kingdom-based
company engaged in housebuilding and commercial development. The
subsidiaries of the Company include BDW Trading Limited, KingsOak
Homes Limited, Barratt Commercial Limited, Barratt North Scotland
Limited, Wilson Bowden Limited, David Wilson Homes Limited and
Ward Homes Limited, all of which are engaged in housebuilding and
development, and Wilson Bowden Developments Limited, which is
involved in commercial development.  The Company offers a product
range from first-time buyer homes to luxury apartments and family
homes.  It operates throughout Great Britain, and as of June 30,
2008, it was selling from 585 sites spread over 32 divisions.  It
has built 2,833 homes for the housing association partners.  As of
June 30, 2008, the Company's overall housebuilding operation
delivered 18,588 completions.


CANNON CARE: Appoints Joint Administrators from BDO Stoy
--------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Cannon Care Homes 3 Ltd. on
Feb. 13, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


CASTLE KITCHENS: Names Joint Administrators from Tenon Recovery
---------------------------------------------------------------
J. K. Rolls and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Castle Kitchens Ltd. on Feb. 16, 2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


FAB UK: Fitch Cuts Ratings on Four Classes of Notes to Low-B
------------------------------------------------------------
Fitch Ratings has downgraded seven classes of FAB UK 2004-1 B.V.'s
notes, removed the seven notes from Rating Watch Negative, and
assigned Outlooks to the notes:

  -- GBP157,500,00 class A-1E floating-rate notes due 2045 (ISIN:
     XS0187962104): downgraded to 'BBB' from 'AAA'; removed from
     RWN; assigned a Stable Outlook

  -- GBP7,500,000 class A-1F zero coupon notes due 2045 (ISIN:
     XS0187962369): downgraded to 'BBB' from 'AAA'; removed from
     RWN; assigned a Stable Outlook

  -- GBP10,000,000 class A-2E floating-rate notes due 2045 (ISIN:
     XS0187962799): downgraded to 'BB' from 'AAA'; removed from
     RWN; assigned a Stable Outlook

  -- GBP8,800,000 class A-3E floating-rate notes due 2045 (ISIN:
     XS0187962872): downgraded to 'B' from 'AA' ; removed from
     RWN; assigned a Negative Outlook

  -- GBP4,700,000 class A-3F fixed-rate notes due 2045 (ISIN:
     XS0187963094): downgraded to 'B' from 'AA' ; removed from
     RWN; assigned a Negative Outlook

  -- GBP6,076,406 class S1 combination notes due 2045 (ISIN:
     XS0187963334): downgraded to 'BBB' from 'AAA'; removed from
     RWN; assigned a Stable Outlook

  -- GBP4,338,716 class S2 combination notes due 2045 (ISIN:
     XS0187963508): downgraded to 'B' from 'AA' ; removed from
     RWN; assigned a Negative Outlook

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008, as
well as credit deterioration to the collateral pool that has
occurred since the last review.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio has particularly affected the
junior tranches.

As per the trustee report dated December 31, 2008, all coverage
tests are passing.  The portfolio contains 85 assets from 71
obligors, with the largest exposure accounting for approximately
3% of the outstanding portfolio amount, and the three largest
obligors accounting for 9% of the outstanding portfolio amount.
The largest single industry is RMBS with 50% of the portfolio
volume.  The two largest vintages are 2006 and 2004 making up 27%
and 26% of the portfolio respectively, while the three largest
country concentrations are the United Kingdom, the USA and the
Netherlands making up 86%, 8% and 3% of the portfolio
respectively.

In conducting its analysis, Fitch makes a three notch downward
adjustment for any names on RWN for default analysis under its
Portfolio Credit Model.  On an adjusted basis approximately 27% of
the assets are now treated as sub-investment grade.  The weighted
average portfolio quality is 'BB+' and 12% of the portfolio is on
RWN.  Four assets making up 6% of the portfolio are currently
rated 'CCC+' and below on an unadjusted basis.  Three of these
assets are US SF CDOs and are expected to produce a limited
interest cash flow before defaulting with no principal recovery.

While the downgrade of the class A1, A2 and S1 combination notes
is driven by Fitch's revised criteria, the downgrade of class A3
and S2 combination notes is linked to the transaction's actual
performance.  In February 2008 when the junior notes were placed
on RWN, there were no 'CCC+' and below assets and only 15% of the
portfolio was sub-investment grade compared with four 'CCC+' and
below assets and 27% sub-investment grade assets now.  Although
the manager's strategy has increased the par coverage levels,
given the current macroeconomic climate, Fitch expects further
negative portfolio migration which could result in a higher
percentage of 'CCC'-rated assets.  Fitch notes that there is
limited timeframe to increase par coverage levels further as the
reinvestment period ends in four months.  Furthermore, due to the
way class A3 notes are structured, the notes will not receive
interest from principal proceeds until class A1 and A2 are
redeemed in full.  While this protects the A1 and A2 notes, it
also increases the likelihood that the A3 notes will suffer
interest shortfalls.  In Fitch's view, whilst not imminent, the
full recovery of the class A3 notes in a stressed environment is
unlikely.

FAB UK 2004-1 B.V. is a securitization of mainly European
structured finance assets with a total note issuance of GBP204.5
million invested in a target portfolio of GBP200 million.  The
portfolio is actively managed by Gulf International Bank (UK)
Limited (GIB, rated 'CAM2-' ((CAM2 minus)) on Fitch's CDO Asset
Manager Rating scale).


LONDON AND LEASIDE: Taps Joint Administrators from BDO Stoy
-----------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of London And Leaside Developments
Ltd. on Feb. 12, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


MANSION HOUSE: Appoints Joint Administrators from Tenon Recovery
----------------------------------------------------------------
Joanne Kim Rolls and Steven John Parker of Tenon Recovery were
appointed joint administrators of Mansion House Caterers Ltd. on
Feb. 16, 2009.

The company can be reached at:

         Mansion House Caterers Ltd.
         The Mansion House
         Broome Park
         Canterbury Road
         Barham
         Canterbury
         Kent
         CT4 6QX
         England


MONTEROS LTD: Names Joint Administrators from Tenon Recovery
------------------------------------------------------------
Andrew Appleyard and Nicholas Lee of Tenon Recovery were appointed
joint administrators of Monteros Ltd. on Feb. 16, 2009.

The company can be reached at:

         Monteros Ltd.
         7 Mellor Road
         Leicester
         LE23 6HN
         England


REDROW PLC: Posts GBP33.3 Million Half-Year Loss
------------------------------------------------
Redrow Plc incurred a GBP33.3 million (US$48 million) net loss for
the six months through December compared with a profit of GBP23.3
million in the same period a year earlier, Bloomberg News reports
citing a company statement.

The loss, MarketWatch relates, included a net GBP18 million of
one-off charges.

Sales slumped 58 percent to GBP149.5 million and Redrow wrote down
the value of its land bank and work in progress by GBP23.7 million
pounds, Bloomberg News says.

"As we move through 2009, I'd expect the steady transaction levels
to provide more consistent pricing," Chief Executive Officer Neil
Fitzsimmons told Bloomberg News in an interview.  "Right now we're
just focused on improving our debt position and balance sheet."

Bloomberg News recalls Redrow last year closed two offices and
slashed 650 jobs, or 50 percent of the workforce, and scrapped its
fiscal first-half dividend.  Redrow now has around 740 employees,
MarketWatch says.

Redrow plc (LON:RDW) --- http://www.redrow.co.uk/--- is United
Kingdom-based Company engaged in residential and commercial
property development.  It operates in two business segments: home,
and mixed use and regeneration.  The Company's products portfolio
in its home segment include Signature, which features one-bedroom
apartments to five-bedroom luxury houses; In the City, which
offers high specification apartment living, and Debut, which
ranges from one-bedroom apartments to two-storey homes.  In the
mixed use and regeneration segment, the Company undertakes
projects that combine two or more types of development, such
residential, commercial (retail, office), leisure and/or
industrial, and provides concerted social, economic and physical
solutions for community benefits.  During the fiscal year ended
June 30, 2007, the Company's land bank with planning comprised
17,700 plots, and it had a forward land bank of 24,400 plots.


ROYAL BANK: Mulls Asset Sale and Job Cuts on GBP24 Bln Loss
-----------------------------------------------------------
The Royal Bank of Scotland Group plc incurred a GBP24.0 billion
full year net loss from a net income of GBP6.8 billion in 2007,
the bank's results for the full year ending Dec. 31, 2008 show.

Total income for 2008 decreased 20% to GBP26.8 billion from
GBP33.5 billion in 2007.

Credit impairment losses excluding reclassified assets increased
to GBP6.9 billion in 2008, compared with GBP2.1 billion in 2007.

Losses for 2008 relating to credit market exposures totalled
GBP7.7 billion, net of hedging gains of GBP1.6 billion.

After reviewing the carrying value of goodwill and other purchased
intangible assets, RBS has recorded an impairment charge of
GBP16.1 billion net of a tax credit of GBP715 million.

Of this charge, GBP7.6 billion relates to part of the goodwill in
respect of the acquisition of ABN AMRO Holding N.V., while other
significant impairments have been recorded on part of the
Citizens/Charter One goodwill of GBP4.3 billion, part of the
NatWest goodwill of GBP2.7 billion and other goodwill of GBP720
million.

Other intangible asset impairments of GBP1.3 billion principally
relate to the write-down in the value of customer relationships
recognised on the acquisition of ABN AMRO.

RBS's balance sheet as of Dec. 31, 2008 showed total assets of
GBP2.2 trillion, total liabilities of GBP2.1 trillion and total
equity GBP64.3 billion.

                       Restructuring Plan

To correct factors that made its business particularly vulnerable
to the downturn, RBS plans to create a "non-core" division during
the second quarter, separately managed, but within the existing
legal structures of the Group and matrix-managed to donating
divisions where necessary.

This division will have approximately GBP240 billion of third
party assets, GBP145 billion of derivative balances and GBP155
billion of risk-weighted assets, RBS said.

As part of this effort, RBS said it is intended that the Group's
representation in approximately 36 of the 54 countries where it
operates will be significantly reduced or sold.

The income, expenses, impairments and credit market and other
trading asset write-downs associated with the non-core division in
2008 were approximately GBP3.9 billion, GBP1.1 billion, GBP3.2
billion and GBP9.2 billion respectively.

In addition, RBS said the Group aims of achieving run-rate
reductions by 2011 of greater than GBP2.5 billion (16% of 2008
cost base) at constant exchange rates, a process which will
involve reductions in employment.

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 Times recalled RBS already axed 13,000 jobs internationally
since last April, including 3,000 in its investment-banking
business.

Bloomberg News relates the bank this month said it plans to cut
2,300 jobs in Britain, in addition to about 2,700 jobs at its
global banking and markets unit.

                            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.


ROYAL BANK: Seeking GBP13 Bln Fresh Capital From H.M. Treasury
--------------------------------------------------------------
The Royal Bank of Scotland Group plc said it intends to
participate in H.M. Treasury's Asset Protection Scheme, in
conjunction with an additional GBP13 billion capital raising.

In a statement Thursday, RBS said on or after the implementation
of the Scheme, the Treasury will subscribe for GBP13 billion of B
Shares which will constitute Core Tier 1 capital.  The Treasury
will also commit to subscribe for an additional GBP6 billion of B
Shares at RBS' option.

RBS said it intends to participate in the Scheme in respect of
assets with a par value of GBP325 billion and a carrying value net
of impairments and write-downs of GBP302 billion.

According to the statement, the agreement would see RBS bear the
first loss amount relating to the assets in the Scheme up to
GBP19.5 billion.  Losses arising in respect of the assets after
the first loss would be borne 90% by the Treasury and 10% by RBS.
The Scheme will apply to losses incurred on assets on or after 1
January 2009.

If it enters into the Scheme, RBS will pay a participation fee of
GBP6.5 billion to the Treasury.  This would be funded through the
issuance of B Shares, which will constitute Core Tier 1 capital.
In addition, RBS will, over a period to be agreed, agree not to
claim certain UK tax losses or allowances.

"Participation in this Scheme would assist us in reducing risk for
shareholders whilst providing greater support for UK customers via
increased lending. It would provide increased certainty to the
market by limiting potential losses on a significant proportion of
our balance sheet," RBS Chief Executive Stephen Hester said.

                             Assets

The assets would be drawn from RBS' and certain of its affiliates'
portfolios of corporate and leveraged loans, commercial and
residential property loans, structured credit assets and such
other assets as the Treasury and RBS agree are to be included in
the Scheme.  It is also envisaged that the Scheme may include
structured synthetic assets and counterparty risk exposures
associated with certain derivatives transactions with monoline
insurers and credit derivative product companies.  RBS expects
that the Scheme will protect: GBP225 billion of third party
assets, GBP44 billion of undrawn commitments, and GBP33 billion in
other counterparty risk exposures.

                             Lending

By participating in the Scheme, RBS said it would be able to free
up its lending capacity.  Consequently, RBS would increase its
lending to UK homeowners and businesses who meet RBS' ordinary
course credit and pricing criteria on RBS' normal commercial terms
by GBP25 billion over the next 12 months.

Where there is demand, the increased lending will be split GBP9
billion to mortgage lending and the remaining GBP16 billion to
business lending.  A further GBP25 billion increase is targeted in
2010.

                         Capital Ratios

The Scheme and associated capital raising is expected to improve
the capital ratios at the RBS consolidated group level by:

    (i) substituting government risk weighting for
        that of the relevant assets; and

   (ii) the subscription for the B Shares by
        Treasury (being both the B Shares issued
        in respect of funding the fee for the Scheme
        and the additional GBP13 billion of B Shares
        to be issued on or after the implementation
        of the Scheme) Based on total covered assets
        of GBP325 billion, RWA would reduce by
        approximately GBP144 billion.

In addition, RBS will continue to look at various market based
and/or internal capital management opportunities to generate and
further strengthen Core Tier 1 Capital.

                            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.


ROYAL BANK: Names Nathan Bostock as Restructuring and Risk Head
---------------------------------------------------------------
The Royal Bank of Scotland Group plc has appointed Nathan Bostock
as head of restructuring and risk.

Starting in June, Mr. Bostock will report to Stephen Hester, Group
Chief Executive.

The role will carry responsibility for the newly created Non-Core
Division of RBS, those assets potentially covered in the newly
announced Asset Protection Scheme (largely overlapping) and for
the Risk and Legal functions within RBS.

Mr. Bostock is currently Chief Financial Officer of Abbey National
and Alliance & Leicester.  He started his career with Coopers and
Lybrand before working in Financial Markets at the Chase Manhattan
Bank and RBS.  Following this, his roles have included Director,
Group Risk for RBS (until 2001), Head of Wholesale Markets at
Abbey, Head of the Portfolio Business Unit (the non-core business
division created at Abbey in 2002) and from 2004 Chief Financial
Officer.  More recently he has also been the Executive Director
responsible for Products and Marketing, Human Resources, Cards and
Insurance.

"We are very pleased to have attracted Nathan to join RBS in what
is a crucial role for us going forward.  He will work closely with
new colleagues here in managing down our risk positions through
oversight of both our Risk function and the new Non-Core Division
that we have created.  Nathan's experience bears well on these
tasks," Mr. Hester said.

Meanwhile, Gordon Pell, currently Head of Regional Markets, has
assumed the title of Deputy Chief Executive.  In addition to his
Group role, Mr. Pell will retain particular responsibility for the
UK Retail, Wealth and Ulster Bank businesses.

Mr. Pell has "agreed to postpone his scheduled retirement to 2010.
We benefit greatly from his experience and I am pleased to
recognise that with his changed role as Deputy Chief Executive,"
Mr. Hester said.

                            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.


ROYAL BANK: Seeks Legal Advice on Ex-CEO's Pension Fund
-------------------------------------------------------
Bloomberg News reports The Royal Bank of Scotland Group Plc is
taking legal advice on former Chief Executive Officer Fred
Goodwin's GBP650,000 (US$924,000) annual pension.

Reuters relates RBS confirmed reports on Wednesday that Mr.
Goodwin was already drawing the pension from his GBP16 million
retirement pot.

"RBS is taking further legal advice in respect of certain aspects
of Sir Fred Goodwin's contractual arrangements," and continues to
discuss the position with the U.K. Financial Investments Ltd., RBS
spokesman Neil Moorhouse said as cited by Bloomberg News.

According to the report, the Treasury, through its bank holding
company U.K. Financial Investments, said in a Feb. 25 statement it
has been "vigorously pursuing" with the new chairman of RBS how it
can claw back "some or all of this pension."  The bank has agreed
to review Mr. Goodwin's entitlement and whether there is a legal
basis to challenge it, the Treasury said in the statement obtained
by the news agency.

                            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.


SERIOUS FOOD: Taps Joint Administrators from PwC
------------------------------------------------
Robert Nicholas Lewis and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators of
Serious Food (Distribution) Ltd. on Feb. 17, 2009.

The company can be reached at:

         Serious Food (Distribution) Ltd.
         Sun House
         Llantrisant Business Park
         Llantrisant
         CF72 8LF
         England


TAYLOR WIMPEY: 2019 Eurobond Holders Could Join Debt Restructuring
------------------------------------------------------------------
Holders of Taylor Wimpey plc's eurobonds due 2019 could soon be
joining holders of the company's bank debt, private placement
notes and eurobonds due in 2012 in approving the restructuring of
the homebuilder's debts, Anousha Sakoui at The Financial Times
reports citing people close to the process.

According to the report, Taylor Wimpey told lenders in a Feb. 23
meeting that it will seek to make holders of its eurobonds due
2019 part of its debt renegotiations.

The report relates based on the homebuilder's proposed
restructuring of its GBP1.55 billion debt, all of its four
creditor groups will be offered similar benefits in exchange for
rescheduling debt repayments and resetting covenants.

Taylor Wimpey's proposals for the debt renegotiation also involve
increasing the interest paid on its debt, rescheduling debt
maturities to 2012 and offering creditors warrants worth in total
under 10 per cent of the company, the FT states.

The FT discloses Taylor Wimpey's banks have been asked to approve
the terms of the proposals by March 5.

The company has to have put the proposals to its bondholders by
March 10 for a vote to meet the timetable necessary for it to get
round a planned testing of debt covenants, which have been
deferred to March 31, the FT says.

As reported in the Troubled Company Reporter-Europe, on December
24, the company announced it reached agreement with its lenders to
defer the testing date of certain of its financial covenants.  As
a result of the deferral, the company will not be required to test
its covenants based on the 2008 year end figures or be required to
report on the company's compliance with them until March 31, 2009.

The group has total debt facilities available of GBP2.7 billion.

Group net debt on December 31, 2008 was c. GBP1.55 billion, a
reduction of well over GBP300 million since June 30, 2008 before
taking into account an adverse movement of almost GBP200 million
due to foreign exchange movements.

                       About Taylor Wimpey

Based in the United Kingdom, Taylor Wimpey plc (LON:TW) --
http://www.taylorwimpey.com/-- is a homebuilding company with
operations in the United Kingdom, North America, Spain and
Gibraltar.  The Company has 34 regional businesses and five
smaller satellite operations.  It operates two core brands: Bryant
Homes and George Wimpey.  The George Wimpey brand incorporates
modern design and contemporary living into each home and offers
customers a range of options to personalize their home.  Its
Gibraltar business operates in the luxury apartment market.  The
Company operates in five divisions: Housing United Kingdom,
Housing North America, Housing Spain and Gibraltar, Construction
and Corporate.  On July 3, 2007, George Wimpey PLC merged with
Taylor Woodrow plc to create Taylor Wimpey plc. In September 2008,
the Company announced the sale of the United Kingdom business of
Taylor Woodrow Construction to VINCI PLC.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 21,
2008, Fitch Ratings downgraded Taylor Wimpey plc's Long-term
Issuer Default rating and senior unsecured ratings to 'CCC' from
'B' and Short-term IDR to 'C' from 'B'.  All ratings are being
maintained on Rating Watch Negative.  Fitch simultaneously
affirmed the 'RR4' Recovery Rating on TW's senior unsecured debt
instruments.

According to Fitch, the rating downgrades reflect the heightened
default risk facing TW as its next covenant testing date
approaches (deferred until March 31, 2009).  Due to the ongoing
weakness in the UK housing market, TW is likely to breach interest
coverage covenants when next tested, the rating agency said.


TITAN EUROPE: S&P Lowers Rating on Class F Notes to 'D'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' and
removed from CreditWatch negative its credit rating on the class F
notes issued by Titan Europe 2007-3 Ltd.  This follows a shortfall
in interest due under these notes on the January interest payment
date, and because S&P expects there will be a principal loss on
this class.

The issuer has paid in full all amounts due on the other classes
of notes.  Consequently, the ratings on these classes are
currently unaffected by the rating action.

The commercial mortgage-backed securities notes are backed by 19
loans secured against commercial properties spread throughout the
U.K.  The Auric, Metro, and Holmerwood Chesterfield loans are
currently in special servicing.

The transaction experienced its first interest shortfall on the
October interest payment date when special servicing fees and
additional expenses caused a shortfall in interest due to the
class G notes.

Since the October 2008 interest payment date, the special servicer
requested updated property valuations relating to the Holmerwood
Chesterfield and Metro loans.

Lower property valuations triggered appraisal reduction mechanisms
and the special servicer reduced servicing advances accordingly.
This increased further the interest shortfalls and as a
consequence the class F notes received only 14.6% of the interest
due on the January interest payment date.

Appraisal reduction is likely to continue to limit servicing
advances that may be required in the future.

                           Ratings List

                     Titan Europe 2007-3 Ltd.
GBP778.82 Million Commercial Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                              Rating
                              ------
        Class         To                   From
        -----         --                   ----
        F              D                   CCC-/Watch Neg


* BOOK REVIEW: Performance Evaluation of Hedge Funds
----------------------------------------------------
Edited by Greg N. Gregoriou, Fabrice Rouah, and Komlan Sedzro
Publisher: Beard Books
Hardcover: 203 pages
Listprice: US$59.95
Review by Henry Berry

Hedge funds can be traced back to 1949 when Alfred Winslow Jones
formed the first one to "hedge" his investments in the stock
market by betting that some stocks would go up and others down.
However, it has only been within the past decade that hedge funds
have exploded in growth.  The rise of global markets and the
uncertainties that have arisen from the valuation of different
currencies have given a boost to hedge funds.  In 1998, there were
approximately 3,500 hedge funds, managing capital of about US$150
billion.  By mid-2006, 9,000 hedge funds were managing
US$1.2 trillion in assets.

Despite their growing prominence in the investment community,
hedge funds are only vaguely understood by most people.
Performance Evaluation of Hedge Funds addresses this shortcoming.
The book describes the structure, workings, purpose, and goals of
hedge funds.  While hedge funds are loosely defined as "funds with
no rules," the editors define these funds more usefully as
"privately pooled investments, usually structured as a partnership
between the fund managers and the investors."  The authors then
expand upon this definition by explaining what sorts of
investments hedge funds are, the work of the managers, and the
reasons investors join a hedge fund and what they are looking for
in doing so.

For example, hedge funds are characterized as an "important avenue
for investors opting to diversify their traditional portfolios and
better control risk" -- an apt characterization considering their
tremendous growth over the last decade.  The qualifications to
join a hedge fund generally include a net worth in excess of US$1
million; thus, funds are for high net-worth individuals and
institutional investors such as foundations, life insurance
companies, endowments, and investment banks.  However, there are
many individuals with net worths below US$1 million that take part
in hedge funds by pooling funds in financial entities that are
then eligible for a hedge fund.

This book discusses why hedge funds have become "notorious as
speculating vehicles," in part because of highly publicized
incidents, both pro and con.  For example, George Soros made
US$1 billion in 1992 by betting against the British pound.
Conversely, the hedge fund Long-Term Capital Management (LTCP)
imploded in 1998, with losses totalling US$4.6 billion.
Nonetheless, these are the exceptions rather than the rule, and
the editors offer statistics, studies, and other research showing
that the "volatility of hedge funds is closer to that of bonds
than mutual funds or equities."

After clarifying what hedge funds are and are not, the book
explains how to analyze hedge fund performance and select a
successful hedge fund.  It is here that the book has its greatest
utility, and the text is supplemented with graphs, tables, and
formulas.

The analysis makes one thing clear: for some investors, hedge
funds are an investment worth considering.  Most have a
demonstrable record of investment performance and the risk is low,
contrary to common perception. Investors who have the necessary
capital to invest in a hedge fund or readers who aspire to join
that select club will want to absorb the research, information,
analyses, commentary, and guidance of this unique book.

Greg N. Gregoriou teaches at U. S. and Canadian universities and
does research for large corporations.  Fabrice Rouah also teaches
at the university level and does financial research.  Komlan
Sedzro is a professor of finance at the University of Quebec and
an advisor to the Montreal Derivatives Exchange.

                              *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *