TCREUR_Public/090305.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

            Thursday, March 5, 2009, Vol. 10, No. 45

                            Headlines

A U S T R I A

ART + WELLNESS: Claims Registration Period Ends March 17
DIBLDRUCK & RDW: Claims Registration Period Ends March 17
LOCATION COMPANY: Claims Registration Period Ends March 16
MOEBEL ALMHOFER: Claims Registration Period Ends March 17
SCHLOSSEREI SISTEC: Claims Registration Period Ends March 17


F R A N C E

ALCATEL LUCENT: S&P Cuts Long-Term Corporate Credit Rating to 'B+'
GECINA SA: S&P Puts 'BB+' Ratings on Negative CreditWatch
PERENCO: Ecuador to Freeze Income Over EUR350 Mln Late Taxes
RHODIA SA: Fitch Affirms Long-Term Issuer Default Rating at 'BB-'


G E R M A N Y

AKTIV BAU: Claims Registration Period Ends April 1
COGNIS: Fitch Revises Rating on High-Yield Notes to 'CCC+'/'RR6'
DORNIER AVIATION: Court Okays Final Settlement With Hainan
DSL BAHNDIENSTE: Claims Registration Period Ends March 27
GENERAL MOTORS: Germany to Hold Talks w/ US Over Opel This Month

H & K ALLFINANZ: Claims Registration Period Ends April 8
KABEL DEUTSCHLAND: S&P Gives Positive Outlook; Affirms 'B+' Rating
KAPLAN BAU: Claims Registration Period Ends March 24
MVF REICO: Claims Registration Period Ends April 7
POHLAND: Files for Insolvency; 343 Jobs at Risk

SEEHAUS BAU: Claims Registration Period Ends March 23
WEINBOERSE HOLDING: Claims Registration Period Ends April 27


I C E L A N D

LANDSBANKI ISLANDS: Inks Settlement Deal with Straumur-Burdaras


I R E L A N D

DEKANIA EUROPE: S&P Retains Negative Watch on Two 'BB'-Rated Notes
EUROCASTLE CDO II: Fitch Junks Rating on EUR3 Mln Class E Notes
EUROCASTLE CDO III: Fitch Junks Ratings on Class D and E Notes
MF CAPITAL: S&P Cuts Rating on EUR32.5 Mln Notes to 'CCC+'
WALSH MAGUIRE: High Court Appoints Liquidator

WATERFORD WEDGWOOD: Asset Sale Prompts S&P to Withdraw 'D' Ratings
WATERFORD WEDGWOOD: Fitch Revises Rating on Sr. Loan to 'CC'/'RR3'


I T A L Y

CHRYSLER LLC: Fiat Deal Moving Forward, CEO Says
TELECOM ITALIA: Says It Can Manage Debt, Won't Need Fresh Funds


K A Z A K H S T A N

ALTYN BASTAU: Creditors Must File Claims by April 3
AUCTION CENTRE: Creditors Must File Claims by April 3
BAITILES LLP: Creditors Must File Claims by April 3
DIHAN-2 LLP: Creditors Must File Claims by April 3
IMMO-INVEST LLP: Creditors Must File Claims by April 3

INFINITY ELECTRONICS: Creditors Must File Claims by April 3
INVEST MEGA: Creditors Must File Claims by April 3
JAYILMA LLP: Creditors Must File Claims by April 3
SHIK STROY: Creditors Must File Claims by April 3
TEMIR TAS LTD LLP: Creditors Must File Claims by April 3


K Y R G Y Z S T A N

DESIGN DESCORT: Creditors Must File Claims by March 20


L A T V I A

* LATVIA: CD Swaps at All-Time High on Higher Jobless Figure


L U X E M B O U R G

BERNARD L. MADOFF: UBS AG Wins Ruling in Luxembourg Lawsuit
WIND HELLAS: Fitch Revises Rating on 2015 Notes to 'CC'/'RR6'


N E T H E R L A N D S

EMF-NL PRIME 2008: S&P Lowers Rating on Class D Notes to 'BB'
EMF-NL 2008-2: S&P Cuts Rating on Class D Notes to 'BB'
KHAMSIN CREDIT: S&P Withdraws 'CCC-' Rating on Class B Notes
NXP B.V.: Commences Private Debt Exchange Offers
NXP SEMICONDUCTORS: Fourth Quarter Sales Down 25.6% to US$979 Mln

NXP SEMICONDUCTORS: Moody's Cuts Corporate Credit Rating to 'Caa2'


R U S S I A

ALAPAYEVSKIY MACHINE: Creditors Must File Claims by March 22
BOOKBERRY: Seeks Bankruptcy Protection
KRONSHTADTSKIY MORSKOY: Creditors Must File Claims by April 22
KUB-LES LLC: Krasnodarskiy Bankruptcy Hearing Set May 5
LYALYA LES OJSC: Creditors Must File Claims by April 22

MACHINE-BUILDNING PLANT: Creditors Must File Claims by March 22
MEZHDURECHYE LES LLC: Creditors Must File Claims by April 21
PROEKT AKTIV: Rostovskaya Bankruptcy Hearing Set June 2
SEVERNAYA KAZNA: Moody's Withdraws 'E' Financial Strength Rating
SILOVYE MACHINY CJSC: Creditors Must File Claims by March 22

URAL-STROY-FASAD LLC: Creditors Must File Claims by April 22
VAKH-LES LLC: Creditors Must File Claims by March 22


S P A I N

CAIXA PENEDES: Moody's Junks Ratings on Two Classes of Notes
SOL MELIA: Moody's Reviews 'Ba1' Rating for Possible Downgrade


S W E D E N

GENERAL MOTORS: To Pay Saab Automobile Bills to Suppliers
GENERAL MOTORS: Saab Works With Deutsche Bank, Seeks Buyers


S W I T Z E R L A N D

CLARIANT AG: Reduced Cash Flows Cue Moody's to Cut Rating to 'Ba'


U K R A I N E

AGROTON LLC: Creditors Must File Claims by March 18
AZOVSTAL JSC: S&P Withdraws 'CCC+' Foreign Currency Credit Rating
BELOGORYE PETROLEUM: Creditors Must File Claims by March 15
DOVIRA AGRICULTURAL: Court Starts Bankruptcy Procedure
FOOD CONTRACT: Creditors Must File Claims by March 15

KOLOS LLC: Court Starts Bankruptcy Supervision Procedure
NAFTOGAZ OJSC: Fitch Puts 'B-' Issuer Ratings on Negative Watch
SHLIAKHOVIK LLC: Creditors Must File Claims by March 15
SITKOVTSY LLC: Court Starts Bankruptcy Supervision Procedure
SKADOVSK MOTORCAR: Creditors Must File Claims by March 18

WORLD IMPEKS: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ACTIVE SIGNS: Enters Into Administration; 70 Jobs Affected
CASTLEMORE SECURITIES: Taps Joint Administrators from PwC
BARWOOD DEVELOPMENTS: Appoints Administrators from Ernst & Young
BTL HOLDINGS: Brings in Joint Administrators from Baker Tilly
CATTLES PLC: Suspends Three Executives; Uncovers Acct'ng. Problems

CATTLES PLC: Fitch Retains 'B' Issuer Default Ratings
CITY INDEX: In Breach of Covenants Despite GBP70MM Cash Injection
CITY RETREATS: Administrators Seek Buyer for Ellington Hotel
CONTACT IT SERVICES: Taps Joint Administrators from Baker Tilly
CONTACT RECRUITMENT: Appoints Administrators from Baker Tilly

EUROSAIL 2006-1: S&P Junks Ratings on Three Classes of Notes
GKN HOLDINGS: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
GREEN PARK: Calls in Joint Administrators from Tenon Recovery
HSBC HOLDINGS: May Use Part of Fund Raising for Asian Buyout
LIGHTZONE LTD: Taps Joint Administrators from PKF

LINPAC PACKAGING: In Talks with Lenders Over Debt Restructuring
OMAR HOMES: Goes Into Administration; 160 Jobs Affected
PCS LTD: Goes Into Voluntary Liquidation
QED TECHNOLOGY: Appoints Administrators from Tenon Recovery
ROYAL BANK: Sells US$4.2 Bln Gov't Guaranteed Floating-Rate Notes

ROYAL BANK: UKFI Asks Bank to Explain Ex-CEO's Pension
ROYAL BANK: Mulls Sale of Central & Eastern European Assets
TEMPLE QUAY: Taps Joint Administrators from Tenon Recovery

* UK: Companies Failed to Heed Warning Signs, Pwc Poll Finds
* EUROPE: Passenger Demand Down 5.7% in January 2009, IATA Says
* Fitch Says Debt Buybacks Below Par Not Always a Distressed Debt
* Fitch Reports Updates on its Rating Definitions

* Upcoming Meetings, Conferences and Seminars


                         *********


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


ART + WELLNESS: Claims Registration Period Ends March 17
--------------------------------------------------------
Creditors owed money by LLC ART + Wellness (FN 291169s) have until
March 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Klaus Haberler
         Triester Strasse 34
         2620 Neunkirchen
         Austria
         Tel: 02635/69 555
         Fax: 02635/69 555-5
         E-mail: info@dr-lechner.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:

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

Headquartered in Gloggnitz, Austria, the Debtor declared
bankruptcy on Jan. 14, 2009, (Bankr. Case No. 11 S 3/09s).


DIBLDRUCK & RDW: Claims Registration Period Ends March 17
---------------------------------------------------------
Creditors owed money by LLC Dibldruck & Rdw & Co Kg (FN 2780p)
have until March 17, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Erich Allinger
         Hauptplatz 11
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23228 Serie
         Fax: 02622/23228-26
         E-mail: e.allinger@schober.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 31, 2009, for the
examination of claims at:

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

Headquartered in Weikersdorf am Steinfelde, Austria, the Debtor
declared bankruptcy on Jan. 12, 2009, (Bankr. Case No. 11 S
2/09v).


LOCATION COMPANY: Claims Registration Period Ends March 16
----------------------------------------------------------
Creditors owed money by LLC Location Company (FN 284240a) have
until March 16, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Herbert Hochegger
         Brucknerstrasse 4/5
         1040 Wien
         Austria
         Tel: 01/505 78 61
         Fax: 01/505 78 61 9
         E-mail: office@hoch.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 30, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 22, 2009, (Bankr. Case No. 3 S 13/09w).


MOEBEL ALMHOFER: Claims Registration Period Ends March 17
---------------------------------------------------------
Creditors owed money by LLC Moebel Almhofer (FN 117910y) have
until March 17, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Norbert Mooseder
         Stelzhamerstrasse 1
         4400 Steyr
         Austria
         Tel: 07252/42 4 24
         Fax: DW 24
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on March 31, 2009, for the
examination of claims at:

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

Headquartered in Kirchdorf an der Krems, Austria, the Debtor
declared bankruptcy on Jan. 13, 2009, (Bankr. Case No. 14 S
2/09f).


SCHLOSSEREI SISTEC: Claims Registration Period Ends March 17
------------------------------------------------------------
Creditors owed money by LLC Schlosserei SISTEC (FN 280719y) have
until March 17, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Ernst Lehenbauer
         Hauptplatz 21
         4470 Enns
         Austria
         Tel: 07223/810 10
         Fax: DW 20
         E-mail: ra.lehenbauer@attglobal.net

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 a.m. on March 31, 2009, for the
examination of claims at:

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

Headquartered in Steyr, Austria, the Debtor declared bankruptcy on
Jan. 21, 2009, (Bankr. Case No. 14 S 4/09z).


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


ALCATEL LUCENT: S&P Cuts Long-Term Corporate Credit Rating to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'B+' from 'BB-' its long-term corporate credit ratings and senior
unsecured ratings on France-based telecom equipment and services
supplier Alcatel Lucent and its subsidiary Alcatel-Lucent USA Inc.
(formerly Lucent Technologies Inc.).  The 'B' short-term rating on
Alcatel Lucent has been affirmed.  The outlook is negative.

The ratings on Alcatel-Lucent USA's US$1.0 billion trust preferred
securities were also lowered by one notch, to 'CCC+', which is
three notches below the corporate credit rating.

All ratings were removed from CreditWatch where they were placed
on Dec. 12, 2008, with negative implications.  The 'B-1' rating on
Alcatel Lucent USA Inc. was withdrawn.

The recovery ratings are unchanged: Alcatel Lucent's senior
unsecured debt has a '3' recovery rating, indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default, while Alcatel-Lucent USA Inc.'s convertible bonds
have a '4' recovery rating, indicating S&P's expectation of
average (30%-50%) recovery in the event of a payment default.

On Dec. 31, 2008, Alcatel Lucent had gross on-balance-sheet debt
of EUR5.7 billion, including the equity component of convertible
bonds.

"The downgrade primarily reflects our expectation that a decline
in demand for telecom equipment in 2009 should cause further
revenue falls and post-restructuring operating losses for Alcatel
Lucent in 2009," said Standard & Poor's credit analyst Patrice
Cochelin.  According to S&P's estimates, Alcatel Lucent's cash
losses, along with EUR1.0 billion in debt maturities for 2009, are
likely to at least match the EUR1.56 billion of proceeds that
Alcatel Lucent expects to receive from a sale, during second-
quarter 2009, of a 20.8% stake in defense group Thales S.A.
(A-/Stable/A-2).

For the year 2008 and in fourth-quarter 2008, the company reported
a 5% revenue decline, year on year, including a double-digit
decline in the core Carrier segment (68% of 2008 revenues).  The
operating margin for 2008 was 3%, slightly up from about 1 % in
2007 including about 6% in the seasonally strong fourth-quarter
2008, broadly flat with fourth-quarter 2007.  Free operating
cash flow after gross capital expenditures and backing out changes
in sold receivables was a somewhat lower cash burn of about
negative EUR647 million in 2008, compared with negative EUR765
million in 2007, according to S&P's calculations.  The bulk of the
year-on-year improvement was attributable to fourth-quarter 2008,
when FOCF was positive, at EUR204 million, compared with a
positive EUR104 million in fourth-quarter 2007.  Cash
restructuring of EUR172 million in fourth-quarter 2008 was EUR48
million lower than in fourth-quarter 2007.  As a consequence of
low profits and high restructuring costs, S&P believes that
Alcatel Lucent is likely to record another year of highly negative
free cash flow in 2009, given the deteriorating trading
conditions.

"The negative outlook primarily reflects our expectation that
Alcatel Lucent will maintain a high cash burn over 2009, and the
possibility of a further downgrade during 2009 if our expectations
for a recovery starting in late 2009 receded or if the
restructuring plan failed to limit operating margin pressures,"
said Mr. Cochelin.  Failure to sell the stake in Thales would
probably result in a downgrade, possibly by several notches.

On the other hand, demonstration that the company can limit its
cash burn while withstanding the current economic downturn would
support an outlook revision to stable.  Improved access to
consolidated cash balances by parent company and debt-issuing
entities could also help support rating stability.


GECINA SA: S&P Puts 'BB+' Ratings on Negative CreditWatch
---------------------------------------------------------
Standard & Poor's Ratings Services said it has placed its 'BB+'
long-term credit corporate and issue ratings on French property
company Gecina on CreditWatch with negative implications.  At the
same time, S&P affirmed the 'B' short-term rating.

"The CreditWatch placement primarily reflects our negative
perception of Gecina's corporate governance," said Standard &
Poor's credit analyst Pierre Georges.  "We believe the recently
announced move to acquire a 49% stake in BAMI and the longstanding
uncertainties surrounding Gecina's separation agreement with
Metrovacesa S.A.--and the way these transactions could shape
Gecina's future corporate strategy and shareholding structure--are
likely to hamper investor confidence in the company."

Ultimately, there could be negative repercussions on Gecina's
financial flexibility and potentially on its refinancing plans.

The proposed purchase of the shareholding in BAMI, a Spanish
property company partly owned by Gecina's main shareholders Mr.
Rivero and Soler, weighs negatively on S&P's assessment of the
group's corporate governance, despite S&P's expectations that the
deal would have only a marginal impact on Gecina's portfolio and
its credit metrics.  Uncertainties about Gecina's future
shareholding structure and the possible repercussions on its
credit risk profile also pressure the ratings.  In addition, given
the complexity of the considerably longer-than-expected separation
process with Metrovacesa, these two transactions could outweigh
the already negative impact of the depressed financial market
environment on Gecina's financial flexibility, especially with
regards to access to and diversification and cost of financing
sources.

"We expect to resolve the CreditWatch once S&P has more
information about Gecina's refinancing and asset disposal plans,
as well as on the BAMI and Metrovacesa transactions," said Mr.
Georges.

S&P could lower the ratings if these transactions have negative
effects on the group's credit profile, if the group does not
successfully implement its disposal program, or if S&P has
evidence of limited ability to raise additional debt.
Alternatively, S&P could affirm the ratings if the group
effectively manages to strengthen its liquidity position, secure
the refinancing of its 2010 financial commitments, and improve
investor confidence.


PERENCO: Ecuador to Freeze Income Over EUR350 Mln Late Taxes
------------------------------------------------------------
Ecuador will freeze the income of 720,000 barrels of oil produced
by Perenco after the French oil company failed to settle EUR350
million in late taxes, Alonso Soto at Reuters reports citing
Petrecuador chief Luis Jaramillo.

Perenco, Reuters relates, failed to repay its debt due on Monday.

Reuters notes under Ecuadorean law, the state could temporarily
seize assets or freeze accounts of a company to force payment.

Xinhua recalls Derlis Palacios, Ecuador's oil minister, said
Monday that he met with Perenco executives but "unfortunately we
did not reach concrete agreements and the company did not give a
proposal to pay its multimillion debt."

In an earlier report, Reuters disclosed Mr. Palacios said Perenco
could opt for a settlement similar to Repsol under which the
Spanish oil company agreed to pay more than US$500 million in late
taxes for five years.  However, the oil minister said one of
Perenco's partners opposed any agreement.

Perenco –- http://www.perenco.com/–- is an exploration and
production company dedicated to developing oil and natural gas
potential.


RHODIA SA: Fitch Affirms Long-Term Issuer Default Rating at 'BB-'
-----------------------------------------------------------------
Fitch Ratings has affirmed France-based chemicals company Rhodia
SA's Long-term Issuer Default rating at 'BB-' (BB minus) and
simultaneously revised the Outlook on the Long-term IDR to
Negative from Positive.  At the same time, the agency has affirmed
the company's Senior notes and Convertible bonds at 'BB-'(BB
minus).

The revision of the outlook to Negative from Positive reflects
Fitch's expectation that the sharp downturn in the global economy
will negatively impact Rhodia's earnings and cash flow generation
in 2009, which is likely to put downward pressure on ratings.
Despite management's declared priority on improving free cash flow
generation, which includes capacity and general cost reduction
measures as well as the discontinuation of the group's dividend
policy in 2009, Fitch is concerned as to whether the group will be
able to deal with the experienced drop in demand for its products
since Q408.

The company's ratings could face downward pressure in the event of
2009 financial metrics being substantially weaker than current
ratios, especially in relation to cash flow cover.  Conversely,
Fitch would consider stabilising the ratings if Rhodia succeeded
to generate positive free cash flow and maintain reasonable
headroom under its financial covenants.

Rhodia's diversified business profile mitigated the impact from
the worsening economic conditions in Q408 which saw the group
suffer from a volume decrease at its divisions Polyamide (-31%)
and Silcea (-23%) driven by the exposure to auto, electronics,
housing and textile end markets.  This was partly offset by
increased profit generation at Rhodia's four other divisions -
Novecare, Acetow, Eco Services and in particular its Energy
services division which trades the group's generated Carbon
Emission Rights.  While 55% of Rhodia's expected production in
2009 is hedged at EUR15.5 per ton, Fitch notes the historic price
volatility of CERs and questions the division's demand
sustainability and future level of revenue contribution given
expected lower CO2 emission during the current economic downturn.

Rhodia's financial profile is characterized by a back-ended
maturity profile, moderate leverage and good liquidity.  At FYE08
Rhodia had total debt of EUR1.8 billion, of which EUR1,048 million
are senior floating rate notes due in 2013 and EUR509 million
convertible bonds due in 2014.  Net leverage was 2x and liquidity
comprised of cash and liquid assets on balance sheet of EUR520
million as well as 90% available under a EUR600 million revolving
credit facility.

Rhodia is a diversified chemicals company based in France, which
achieved net sales of approximately EUR4.8 billion in 2008 and a
recurring EBITDA of EUR664 million.  Its products are sold to a
broad spectrum of consumer and industrial markets including
automotive, electronics, flavors and fragrances, health, personal
and home care markets and consumer goods.  Rhodia employs around
14,500 people worldwide and is listed on the Euronext Paris.


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


AKTIV BAU: Claims Registration Period Ends April 1
--------------------------------------------------
Creditors of Aktiv Bau Chemnitz GmbH Wohn und Gewerbebau
Immobilienverwaltung have until April 1, 2009, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on 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 Chemnitz
         Insolvency Tribunal
         Hall 3.011
         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:

         Kai Dellit
         Michaelstr. 71
         09116 Chemnitz
         Germany
         Tel: 0371/381770
         Fax: 0371/3817730
         E-mail: chemnitz@hww-kanzlei.de

The District Court opened bankruptcy proceedings against the
company on Feb. 19, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Aktiv Bau Chemnitz GmbH
         Wohn und Gewerbebau Immobilienverwaltung
         Attn: M. Huettinger, Manager
         Frankenberger St. 221
         09131 Chemnitz
         Germany


COGNIS: Fitch Revises Rating on High-Yield Notes to 'CCC+'/'RR6'
----------------------------------------------------------------
Further to the publication of updated definitions for its rating
scales, Fitch Ratings has revised some existing debt instrument
ratings in the 'CCC', 'CC', and 'C' categories for three EMEA
corporates.

A full list of the three corporates and their affected debt
instrument ratings, detailed as rating revisions, follows:

Cognis GmbH
  -- Long-term Issuer Default Rating 'B'; Negative Outlook

  -- EUR1.63 billion senior secured floating-rate notes and loans:
     'B+'/'RR3'

  -- EUR250 million super senior secured revolving credit
     facility: 'BB'/'RR1'

  -- EUR345 million high-yield notes: revised to 'CCC'/'RR6' from
     'CCC+'/'RR6'

  -- Cognis Holding GmbH's EUR421 million PIK notes: revised to
     'CC'/'RR6' from 'CCC'/'RR6'

Waterford Wedgwood plc

  -- Long-term IDR 'D'

  -- Short-term IDR 'D'

  -- US$60 million senior secured term loan: revised to
     'CC'/'RR3'/Rating Watch Negative (RWN) from 'CCC'/'RR3'/RWN

  -- EUR166 million mezzanine notes due 2010: 'C'/'RR6'

WIND Hellas Telecommunications S.A.

  -- Long-term IDR 'B-' (B minus); Stable Outlook

  -- Short-term IDR 'B'

  -- Hellas Telecommunications (Luxembourg) V senior revolving
     credit facility and Hellas Telecommunications (Luxembourg) V
     senior secured floating rate notes due 2012: 'B'/'RR3'

  -- Hellas Telecommunications (Luxembourg) III senior notes due
     2013: revised to 'CCC'/'RR5' from 'CCC+'/'RR5'

  -- Hellas Telecommunications (Luxembourg) II subordinated
     floating-rate notes due 2015: revised to 'CC'/'RR6' from
     'CCC'/'RR6'


DORNIER AVIATION: Court Okays Final Settlement With Hainan
----------------------------------------------------------
Wiley Rein partner H. Jason Gold, the court-authorized liquidating
trustee for the bankruptcy estate of Dornier Aviation (North
America), Inc. (DANA), said that the bankruptcy court has approved
a full and final settlement of all litigation and disputes with
Hainan Airlines, a major international airline based in China.

Hainan has paid the trustee US$14,950,000 in consideration of the
settlement and Mr. Gold is now moving to dismiss all legal actions
filed against Hainan.  The trustee had brought suit back in
December 2003 and final judgment was obtained in August of last
year to recover unpaid accounts.  U.S. Bankruptcy Judge Steven S.
Mitchell presided over the case and approved the settlement.

"We are pleased to have reached this compromise and settlement
with Hainan.  The funds recently paid will now allow us to pay in
full the claims asserted by the creditors of the bankrupt company
Dornier Aviation of North America, including numerous individuals
and American companies, large and small," said Mr. Gold.

Mr. Gold is head of Wiley Rein's Bankruptcy & Financial
Restructuring Practice.  The firm served as Mr. Gold's counsel in
the DANA/Hainan Airlines litigation.

Dornier Aviation (North America) is a U.S. subsidiary of German
aircraft manufacturer Fairchild Dornier GMBH.  Some of the
Company's former employees filed an involuntary Chapter 7
bankruptcy petition on April 25, 2002 (Bankr. E.D.Va. Case No. 05-
1930).  The case was subsequently converted to a Chapter 11
reorganization.  The Debtor failed to reorganize and a liquidation
plan was proposed and confirmed in 2003.


DSL BAHNDIENSTE: Claims Registration Period Ends March 27
---------------------------------------------------------
Creditors of DSL Bahndienste 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 8:30 a.m. on April 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         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. Winfrid Andres
         Stefanstrasse 2
         44135 Dortmund
         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:

         DSL Bahndienste GmbH
         Sckellstr. 24
         44141 Dortmund
         Germany

         Attn: Sabine Busche, Manager
         Postweg 14
         44329 Dortmund
         Germany


GENERAL MOTORS: Germany to Hold Talks w/ US Over Opel This Month
----------------------------------------------------------------
Bertrand Benoit at The Financial Times reports that the German
government will hold talks with the US this month on the future of
Adam Opel GmbH, the German unit of General Motors Corp.

The FT relates Karl-Theodor zu Guttenberg, German economics
minister, said he would consult his US counterpart and GM
representatives when he visits the US later this month.

On Monday, the FT recalls Opel's management presented proposals
for a restructuring,  which Berlin has made a condition of any
state assistance to Opel.  Deutsche Welle discloses that according
to German Chancellor Angela Merkel, before a decision on a bail-
out could be taken it needs to be ascertained whether a company's
troubles are triggered by the global financial crisis and whether
it can continue to operate strongly in the long-term.

Mr. Guttenberg, as cited by FT, said Berlin would carefully review
the proposals in the coming weeks.

                      Restructuring Proposals

Citing GM Europe head Carl-Peter Forster, The Daily Telegraph's
Jamie Dunkley and James Quinn report that the proposals will see
up to half of Vauxhall and Opel being acquired by outside
investors.  GM will retain the remainder, The Daily Telegraph
notes.

The Daily Telegraph relates that Mr. Forster on Friday said under
the restructuring proposals, the new entity will also seek EUR3.3
billion (GBP2.9 billion) in aid from European governments and
receive a EUR3 billion injection from GM.  The company will also
look to make EUR1.2 billion worth of cost cuts as it lowers
capacity, The Daily Telegraph adds.

The Guardian says according to Opel head Hans Demant, Opel, which
employs 26,000 people in Germany, would "largely detach" itself
from GM and reorganize as a joint-stock company to lure investors
and state backing to save it from insolvency.  However, Mr.
Forster noted that the German unit would become "significantly
more independent" as a self-standing European company, but would
retain close links with GM, The Guardian recounts.

Bloomberg News discloses that in a Bloomberg Television interview
on Tuesday Mr. Demant said GM ownership of Opel is "absolutely
necessary because we do need our mother in the background to
provide for and help us with technology development."  GM Vice
Chairman Robert Lutz in a Bloomberg Television interview from
Geneva on Monday noted that GM prefers to maintain "operational
and technical control" of Opel, Bloomberg News adds.

BBC News recalls GM chief operating officer Fritz Henderson has
warned the European divisions of the U.S. automaker could collapse
within weeks without European governments' help.  Mr. Henderson
said governments should step in immediately to ensure GM Europe
does not run out of money by April or May, BBC states.

                      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 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.


H & K ALLFINANZ: Claims Registration Period Ends April 8
--------------------------------------------------------
Creditors of H & K Allfinanz Marketing GmbH have until April 8,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 6, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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:

         Dirk Decker
         Julius-Vosseler-Strasse 42
         22527 Hamburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 23, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         H & K Allfinanz Marketing GmbH
         Attn: Raymond Larsen Klamandt, Manager
         Durchschnitt 13
         20146 Hamburg
         Germany


KABEL DEUTSCHLAND: S&P Gives Positive Outlook; Affirms 'B+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on German cable TV operator Kabel Deutschland GmbH to
positive from stable.  The 'B+' long-term corporate credit rating
was affirmed.

At the same time, S&P raised the issue ratings on the EUR610
million and EUR250 million senior unsecured notes due July 2014
issued by KDG to 'B' from 'B-'.  The recovery ratings were revised
to '5' from '6', indicating S&P's expectation of modest (10%-30%)
recovery for unsecured creditors in the event of a payment
default.

"The outlook revision acknowledges KDG's improved free operating
cash flow generation of EUR69 million in the 12 months to Dec. 31,
2008, and S&P's expectations of continued moderate EBITDA and FOCF
growth prospects in the near term, with a positive impact on
credit measures," said Standard & Poor's credit analyst Matthias
Raab.

In S&P's opinion, EBITDA and FOCF growth are supported by further
moderate revenue and EBITDA growth potential from the uptake of
high-speed Internet and telephony services (together with CATV,
called "triple play").

Given some utility-like characteristics of the CATV business, the
company's performance has the potential to be resilient, even if
these growth trends soften in the current consumer environment.

The ratings are supported by KDG's medium-term capital structure,
with no amortizations before March 2012.

Furthermore, based on S&P's projections, S&P expects KDG to have
adequate headroom under its amended senior net debt-to-EBITDA
maintenance covenant over the next two years.

In the nine months to Dec. 31, 2008, KDG's EBITDA (before
restructuring costs and share-based compensation expenses)
increased by 28% year on year to EUR427 million, primarily due to
significant triple-play subscriber growth and the consolidation of
1.1 million CATV subscribers that were acquired from Orion Cable
on April 30, 2008.  Nevertheless, KDG was still highly leveraged
on Dec. 31, 2008, with adjusted gross debt to annualized third-
quarter EBITDA at 6.7x (5.4x unadjusted, but including the
payment-in-kind loan from KDG's parent company) and adjusted funds
from operations to debt of 11%.

The positive outlook reflects the potential for an upgrade in the
first half of 2010, based on S&P's expectations that KDG is likely
to reduce leverage, due to moderate EBITDA growth potential from
the uptake of triple-play services and meaningful free cash flow
generation from its CATV business.

"We would consider an upgrade if KDG continues to improve its FOCF
generation and operating performance, despite deteriorating
economic conditions," said Mr. Raab.  "At the same time, all other
things being equal, KDG would need to maintain adequate
maintenance-covenant headroom of more than 20% and have a ratio of
adjusted funds from operations to debt of about 15%."


KAPLAN BAU: Claims Registration Period Ends March 24
----------------------------------------------------
Creditors of Kaplan Bau GmbH 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 10:00 a.m. on May 13, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen am Rhein
         Meeting Hall XIII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         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:

         Marc Schmidt-Thieme
         Soldnerstr. 2
         68219 Mannheim
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 24, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Kaplan Bau GmbH
         Attn: Serdal Yusein Sali, Manager
         Berliner St. 20
         67059 Ludwigshafen
         Germany


MVF REICO: Claims Registration Period Ends April 7
--------------------------------------------------
Creditors of MVF Reico GmbH have until April 7, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on 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 Halle (Saal)
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Ulrich Luppe
         Hansering 9/10
         06108 Halle
         Germany
         Tel: 0345/614070
         Fax: 0345/6140710

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:

         MVF REICO GmbH
         Attn: Andreas Reisewitz, Manager
         Zum Muehlberg 6
         06188 Landsberg OT Kockwitz
         Germany


POHLAND: Files for Insolvency; 343 Jobs at Risk
-----------------------------------------------
Alexander Huebner at Reuters reports that Pohland, a men's
clothing retailer in Germany, has filed for insolvency after its
banks canceled outstanding credit lines, putting 343 jobs at risk.

The report recalls last month, owner Aurelius said the company's
financing was no longer secured after sales had dropped in recent
months.  The company, which has 12 outlets, generated sales of
EUR44.5 million (US$56.28 million) last year, the report
discloses.  The report notes the company added four outlets
last year.

According to the report, the business will continue operating
while its management works on a restructuring plan.


SEEHAUS BAU: Claims Registration Period Ends March 23
-----------------------------------------------------
Creditors of Seehaus Bau GmbH have until March 23, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:31 a.m. on April 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jensen & Emmerich
         Lise-Meitner-Str. 1
         24941 Flensburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 23, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Seehaus Bau GmbH
         Ruhnmark 11
         24975 Maasbuell
         Germany

         Attn: Arne Carsten Christensen, Manager
         Sonder Ringvey 18
         DK-9300 Saeby
         Germany


WEINBOERSE HOLDING: Claims Registration Period Ends April 27
------------------------------------------------------------
Creditors of Weinboerse Holding GmbH have until April 27, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         Nordwall 131
         47798 Krefeld
         Germany

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

The insolvency manager can be reached at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 15, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Weinboerse Holding GmbH
         Suedwall 20-22
         47798 Krefeld
         Germany

         Attn: Ralf Theuvsen, Manager
         Steinheide 53
         47918 Toenisvorst
         Germany


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


LANDSBANKI ISLANDS: Inks Settlement Deal with Straumur-Burdaras
---------------------------------------------------------------
Landsbanki Islands hf and Straumur-Burdaras Investment Bank hf on
Tuesday, March 3, 2009, reached a settlement agreement on their
claims against each other, including money market lines, loans,
derivative positions, bonds and guarantees.

After netting off the respective claims, the net exposure of
Landsbanki to Straumur has been settled with a transfer of assets
from Straumur to Landsbanki.  This agreement has no material
impact on Straumur's income statement and no effect on its cash
position.  However, the agreement reduces Straumur's gross assets
by approximately EUR200 million and improves its CAD ratio by
nearly 2%.  This agreement is consistent with Straumur's medium-
term strategy for reducing its balance sheet and overall risk
levels.

                        About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is/-- is a financial institution.  The Bank
filed for Chapter 15 protection on Dec. 9, 2008 (Bankr. S.D. N.Y.
Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison & Foerster
LLP, represents the Debtor.  When it filed for protection from its
creditors, it listed assets and debts of more than US$1 billion
each.


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


DEKANIA EUROPE: S&P Retains Negative Watch on Two 'BB'-Rated Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services kept on CreditWatch negative
its credit ratings on certain notes in Dekania Europe CDO I PLC,
Dekania Europe CDO II PLC, and Dekania Europe CDO III PLC pending
a specific asset/securities review.

These collateralized debt obligation transactions are backed by
hybrid securities issued by European financial institutions and
insurance companies.  S&P placed the ratings on the affected
tranches on CreditWatch negative on July 18, 2008 to reflect
changes being made to the assumptions S&P uses for rating CDOs
backed by these types of assets.

S&P's assumptions for rating this type of CDO include the
methodology and parameters used to derive the probability of
default/deferral, default timings, expected recovery levels, the
timing of recoveries, and correlation risks.  S&P published its
revised criteria on Nov. 21, 2008 and are now applying the revised
methodology to these transactions.

However, S&P recently received asset-specific information provided
by the transactions' managers that S&P believes will enhance the
analysis already undertaken.  This has led to the extension of the
CreditWatch placements.

On the basis of the application of the revised criteria and S&P's
analysis of the asset-specific data, S&P will resolve the
CreditWatch placements, on a case-by-case basis.

                           Ratings List

            Ratings Remaining On CreditWatch Negative

                    Dekania Europe CDO I PLC
           EUR274 Million Fixed- and Floating-Rate Notes

             Class                    Ratings
             -----                    -------
             A2                       AAA/Watch Neg
             A3                       AAA/Watch Neg
             B1                       AA/Watch Neg
             B2                       AA/Watch Neg
             C                        A/Watch Neg
             D                        BBB-/Watch Neg
             Combo P                  A/Watch Neg
             Combo Q                  BBB/Watch Neg
             Combo R                  BBB-/Watch Neg

                    Dekania Europe CDO II PLC
           EUR300 Million Fixed- and Floating-Rate Notes

             Class                    Ratings
             -----                    -------
             C                        A-/Watch Neg
             D1                       BBB/Watch Neg
             D2                       BBB/Watch Neg
             E                        BB/Watch Neg
             Combo P                  BB/Watch Neg
             Combo Q                  BBB+/Watch Neg
             Combo R                  BBB/Watch Neg

                    Dekania Europe CDO III PLC
                 EUR300 Million Floating-Rate Notes

             Class                    Ratings
             -----                    -------
             C                        A/Watch Neg
             D                        BBB-/Watch Neg


EUROCASTLE CDO II: Fitch Junks Rating on EUR3 Mln Class E Notes
---------------------------------------------------------------
Fitch Ratings has downgraded six classes of Eurocastle CDO II
PLC's notes, removed the six notes from Rating Watch Negative, and
assigned rating Outlooks as detailed below.

  -- EUR204 million class A-1 (XS0215942375) downgraded to 'BBB'
     from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR33.3 million class A-2 (XS0215942888) downgraded to 'BB'
     from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR28.5 million class B (XS0215942961) downgraded to 'B' from
     'AA'; removed from RWN; assigned a Stable Outlook

  -- EUR8.25 million class C (XS0215943183) downgraded to 'B' from
     'A'; removed from RWN; assigned a Stable Outlook

  -- EUR9.75 million class D (XS0215943266) notes downgraded to
     'B-' (B minus) from 'BBB'; removed from RWN; assigned a
     Negative Outlook

  -- EUR3 million class E (XS0215943340) notes downgraded to 'CCC'
     from 'BB'; removed from RWN

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 since the
previous 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 and the inclusion of a significant
amount of UK non-conforming residential mortgage-backed securities
has particularly affected the junior tranches.

As per the trustee report dated December 11, 2008, the portfolio
contained 60 performing assets from 53 obligors, with the largest
exposure accounting for approximately 4.24% of the outstanding
portfolio amount, and the three largest obligors accounting for
11.59% of the outstanding portfolio amount.  According to Fitch
classifications, the largest single industry is CMBS representing
55% of the portfolio volume, followed by RMBS with 25%.
Approximately, half of the RMBS assets fall into the non-
conforming category with the other half classified as prime RMBS.
The non-conforming RMBS originate from 2004 (making up 4% of the
portfolio), 2005 (8%) and 2006 (1%).  The entirely portfolio is
located in the UK.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any names on Rating Watch Negative for default
analysis under its Portfolio Credit Model.  On an adjusted basis
approximately 32% of the assets are treated as sub-investment
grade.  The weighted average portfolio quality is 'BBB-' (BBB
minus)/'BB+' and 21% of the portfolio assets are on RWN.

While the downgrade of the class A1, A2, and B notes is driven by
Fitch's revised criteria, the downgrade of the class C, D and E
notes is also linked to performance concerns about the underlying
asset pool.  In particular given the predominance of UK CMBS
assets in the pool and the high percentage of assets that are
currently on rating watch, Fitch expects further negative
portfolio migration which could result in a higher percentage of
assets that are subject to cuts in the overcollateralisation ratio
calculation.  This in turn could result in the junior notes
failing the OC test.  In this case interest will be diverted away
from the junior notes to amortize the senior notes.  The class E
notes have been downgraded to 'CCC' as this class is most
vulnerable to future rating migration.

Eurocastle CDO II plc is a limited liability company incorporated
under the laws of Ireland.  The proceeds from the note issuance
were used to purchase a portfolio of structured finance
securities, including primarily residential and commercial
mortgage-backed securities and to a lesser extent, collateralized
debt obligations, asset-backed securities and whole business-
backed securities.  The portfolio is actively managed by the
Fortress Investment Group LLC.


EUROCASTLE CDO III: Fitch Junks Ratings on Class D and E Notes
--------------------------------------------------------------
Fitch Ratings has downgraded six classes of Eurocastle CDO III
PLC's notes, removed the six notes from Rating Watch Negative, and
assigned rating Outlooks as detailed below.

  -- EUR525 million class A-1 (XS021593840) notes downgraded to
     'BBB' from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR82.5 million class A-2 (XS0215938779) notes downgraded to
     'BB' from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR63.75 million class B (XS0215939231) notes downgraded to
     'B' from 'AA'; removed from RWN; assigned a Stable Outlook

  -- EUR22.5 million class C (XS021593914) notes downgraded to
     'B-' (B minus) from 'A'; removed from RWN; assigned a Stable
     Outlook

  -- EUR18.75 million class D (XS0215939744) notes downgraded to
     'CCC' from 'BBB'; removed from RWN

  -- EUR5,625 million class E (XS0215940080) notes downgraded to
     'CCC' from 'BB'; removed from RWN

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 since the
previous 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 and the inclusion of a notable
amount of UK non-conforming residential mortgage-backed securities
has particularly affected the junior tranches.

As per the trustee report dated December 11, 2008, the portfolio
contained 121 performing assets from 101 obligors and one
defaulted obligation, with the largest exposure accounting for
approximately 4% of the outstanding portfolio amount, and the
three largest obligors accounting for 10% of the outstanding
portfolio amount.  According to Fitch classifications, the largest
single industry is CMBS with 36% of the portfolio volume followed
by RMBS with 32 %.  Of the RMBS, 13% fall into the non-conforming
category and 19% are classified as prime RMBS.  The non-conforming
RMBS originate mainly from 2005 (making up 6% of the portfolio)
and 2006 (5%).  The three largest country concentrations are the
UK, Italy and Germany making up 24%, 23% and 16% of the portfolio
respectively.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any names on Rating Watch Negative for default
analysis under its Portfolio Credit Model.  On an adjusted basis
approximately 34% of the assets are treated as sub-investment
grade.  The weighted average portfolio quality is 'BB+' and 18% of
the portfolio is on RWN.

While the downgrade of the class A1 and A2 notes is driven by
Fitch's revised criteria, the downgrade of the class B, C, D and E
notes is also linked to performance concerns about the underlying
asset pool, in particular regarding a German CMBS transaction of
which the largest loan is currently in default.  In addition the
pool features Spanish CDO and RMBS exposures as well as UK CMBS
and UK non-conforming RMBS transactions.  Given the high
percentage of assets that are currently on rating watch, Fitch
expects further negative portfolio migration which could result in
a higher percentage of assets that are subject to cuts in the
overcollateralisation ratio calculation.  This in turn could
result in the junior notes failing the OC test.  In this case
interest will be diverted away from the junior notes to amortize
the senior notes.

The class D and E notes have both been downgraded to 'CCC' as
these classes are most vulnerable to future rating migration.  The
class E notes, representing only 1% of the capital structure, do
not provide significant protection to class D to justify a rating
above the 'CCC' category for the latter class.

Eurocastle CDO III plc is a limited liability company incorporated
under the laws of Ireland.  The proceeds from the note issuance
were used to purchase a portfolio of structured finance
securities, including primarily residential and commercial
mortgage-backed securities and to a lesser extent, collateralized
debt obligations, asset-backed securities and whole business-
backed securities.  The portfolio is actively managed by the
Fortress Investment Group LLC.


MF CAPITAL: S&P Cuts Rating on EUR32.5 Mln Notes to 'CCC+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
five European synthetic collateralized debt obligation tranches:
Four tranches of Aria CDO I and one of MF Capital II Ltd.

At the same time, S&P placed the four Aria CDO I tranches on
CreditWatch negative and removed the MF Capital II Ltd. tranche
from CreditWatch negative.

S&P has taken these actions to reflect rating changes to the
underlying collateral in these transactions.

                           Ratings List

        Rating Lowered and Placed on Creditwatch Negative

                         Aria CDO I
         EUR31.5 Million, CHF58.4 Million, GBP0.4 Million,
           and US$17.4 Million Floating-Rate Secured Notes
            (Issued by Aria CDO I (Cayman Islands) Ltd.)

                                      Rating
                                      ------
           Series        To                         From
           ------        --                         ----
           4             A+/Watch Neg               AA
           5             A+/Watch Neg               AA
           6             A+/Watch Neg               AA
           7             A+/Watch Neg               AA

      Rating Lowered and Removed from Creditwatch Negative

                        MF Capital II Ltd.
                EUR32.5 Million Promissory Notes

                            Rating
                            ------
              To                         From
              --                         ----
              CCC+                       B/Watch Neg


WALSH MAGUIRE: High Court Appoints Liquidator
---------------------------------------------
RTE Business reports that Walsh Maguire and Company has gone into
liquidation after running into liquidity and bad debt issues.

The report relates the High Court on Monday appointed Kieran
Wallace of KPMG as liquidator of the company, which employs 55
people directly and about 400 through sub-contractors.

The company, as cited by the report, said it had been forced to
cease trading as it has been unable to gain access to temporary
finance to ease short term cash flow difficulties.  It added
efforts to secure investment or merger options both at home and
abroad have also failed, the report notes.

However, the company said it is 'firmly committed' to meeting its
obligations to complete the 12 projects it is currently working
on, the report discloses.  The report states about one third of
the direct employees will continue to be employed until current
projects, which are valued at over EUR35 million, are finished.

Established in 1982, Walsh Maguire is a building and civil
engineering company.


WATERFORD WEDGWOOD: Asset Sale Prompts S&P to Withdraw 'D' Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'D' long-
term corporate credit rating on Ireland-based luxury table- and
dinner-ware manufacturer Waterford Wedgwood PLC.  The 'D' issue
rating on its EUR166 million subordinated mezzanine notes due
2010, and their recovery rating of '6' were also withdrawn.

This action followed the announcement of the sale of major
operating assets of the group to the New York-based fund
management firm KPS Capital Partners.  As a result of these far-
reaching changes in the ownership structure of the group, S&P has
been unable to receive a consistent stream of information, which
would allow us to either maintain or amend S&P's ratings.

On Jan. 5, 2009, Standard & Poor's lowered its long-term corporate
credit rating on the group to 'D', from 'SD', following the
announcement of the appointment of Deloitte LLP partners as
receivers and administrators to Waterford Wedgwood PLC and a
number of its operating subsidiaries.  The rating on EUR166
million subordinated mezzanine notes, due 2010, had already been
lowered to 'D' on Dec. 1, 2008, on the nonpayment of the coupon on
these notes.  The recovery rating on the subordinated notes was
'6', indicating Standard & Poor's expectation of negligible (0%-
10%) recovery.


WATERFORD WEDGWOOD: Fitch Revises Rating on Sr. Loan to 'CC'/'RR3'
------------------------------------------------------------------
Further to the publication of updated definitions for its rating
scales, Fitch Ratings has revised some existing debt instrument
ratings in the 'CCC', 'CC', and 'C' categories for three EMEA
corporates.

A full list of the three corporates and their affected debt
instrument ratings, detailed as rating revisions, follows:

Cognis GmbH
  -- Long-term Issuer Default Rating 'B'; Negative Outlook

  -- EUR1.63 billion senior secured floating-rate notes and loans:
     'B+'/'RR3'

  -- EUR250 million super senior secured revolving credit
     facility: 'BB'/'RR1'

  -- EUR345 million high-yield notes: revised to 'CCC'/'RR6' from
     'CCC+'/'RR6'

  -- Cognis Holding GmbH's EUR421 million PIK notes: revised to
     'CC'/'RR6' from 'CCC'/'RR6'

Waterford Wedgwood plc

  -- Long-term IDR 'D'

  -- Short-term IDR 'D'

  -- US$60 million senior secured term loan: revised to
     'CC'/'RR3'/Rating Watch Negative (RWN) from 'CCC'/'RR3'/RWN

  -- EUR166 million mezzanine notes due 2010: 'C'/'RR6'

WIND Hellas Telecommunications S.A.

  -- Long-term IDR 'B-' (B minus); Stable Outlook

  -- Short-term IDR 'B'

  -- Hellas Telecommunications (Luxembourg) V senior revolving
     credit facility and Hellas Telecommunications (Luxembourg) V
     senior secured floating rate notes due 2012: 'B'/'RR3'

  -- Hellas Telecommunications (Luxembourg) III senior notes due
     2013: revised to 'CCC'/'RR5' from 'CCC+'/'RR5'

  -- Hellas Telecommunications (Luxembourg) II subordinated
     floating-rate notes due 2015: revised to 'CC'/'RR6' from
     'CCC'/'RR6'


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


CHRYSLER LLC: Fiat Deal Moving Forward, CEO Says
------------------------------------------------
Marco Bertacche at Bloomberg News reports Chrysler LLC said its
planned partnership with Fiat SpA is going ahead and that
executives from the Italian company helped draw up the viability
strategy that the U.S. manufacturer submitted to the U.S.
Government.

As reported by the Troubled Company Reporter on Jan. 21, 2009,
Fiat is in talks with Chrysler about acquiring a stake in the U.S.
car maker and forming a partnership to let the Italian auto maker
build and sell its small cars in the U.S.  Fiat is likely to take
a 35% stake in Chrysler by the middle of the year.

Chrysler and Fiat are currently looking over each other's books
and terms of the deal are being discussed with governments and
unions, the news agency cited Jim Press, the U.S. company's
president, as saying in a March 3 Geneva International Motor Show.

The next stage of talks will follow after March 31, the report
says.

Meanwhile, Jerrold Colten at Bloomberg News reports Fiat Chief
Executive Officer Sergio Marchionne told reporters in Geneva that
the Italian company is "fine" after having secured a EUR1 billion
credit line and denied that he's considering a capital increase.

                        About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital Management
LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles
and products.  The company has dealers worldwide, including
Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil,
Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2008,
Dominion Bond Rating Service downgraded the ratings of Chrysler
LLC, including Chrysler's Issuer Rating to CC from CCC (high).
Chrysler's First Lien Secured Credit Facility and Second Lien
Secured Credit Facility have also been downgraded to CCC and CC
(low) respectively.  All trends are Negative.  The ratings action
reflects Chrysler's challenge to maintain sufficient liquidity
balances amid severe industry conditions that have deteriorated
alarmingly over the past few months and are not expected to
improve in the near term.  With this ratings action, Chrysler is
removed from Under Review with Negative Implications, where it was
placed on Nov. 7, 2008.

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.


TELECOM ITALIA: Says It Can Manage Debt, Won't Need Fresh Funds
---------------------------------------------------------------
Telecom Italia S.p.A. denied a press report that it might need to
tap shareholders for cash to pay for its investment plans, The
Financial Times reports.

The company has ample ability to finance its debt and does not
need a capital injection from investors, Chief Executive Officer
Franco Bernabč was cited by the news agency as saying.

The report relates Mr. Bernabč said Telecom Italia's EUR34 billion
(US$42.8 billion) of net debt was sustainable noting that the
company had already refinanced 25 per cent of its debt so far this
year.

"We have no problem whatsoever in funding our debt," Mr. Bernabč
said, adding that the company had also been able to cut its debt
by EUR1.7 billion in 2008 as a consequence of "a very strong
decline in costs".

Telecom Italia S.p.A. (NYSE:TI) --- http://www.telecomitalia.it/
--- is an Italy-based telecommunications group that operates in
the communications sector, in the television sector using both
analog and digital terrestrial technology, and in the office
products sector.  The Company is engaged principally in the
communications sector and, particularly, in telephone and data
services on fixed lines, for final retail customers and wholesale
providers, in the development of fiber optic networks for
wholesale customers, in Internet services, in domestic and
international mobile telecommunications (especially in Brazil), in
the television sector using both analog and digital terrestrial
technology and in the office products sector.  The Company
operates mainly in Europe, the Mediterranean Basin and in South
America.  In August 2008, ILIAD SA announced that it had finalized
the acquisition of Alice France, the broadband operations of the
Company.


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


ALTYN BASTAU: Creditors Must File Claims by April 3
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Altyn Bastau insolvent.

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

          Kenesary St. 46-38
          Astana
          Kazakhstan

The Court is located at:

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


AUCTION CENTRE: Creditors Must File Claims by April 3
-----------------------------------------------------
LLP Auction Centre has declared insolvency.  Creditors have until
April 3, 2009, to submit written proofs of claim to:

         Jangeldin Street
         Shymkent
         South Kazakhstan
         Kazakhstan


BAITILES LLP: Creditors Must File Claims by April 3
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Baitiles insolvent.

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

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


DIHAN-2 LLP: Creditors Must File Claims by April 3
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Dihan-2 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi St. 29
         120014 Kyzylorda
         Kyzylorda
         Kazakhstan


IMMO-INVEST LLP: Creditors Must File Claims by April 3
------------------------------------------------------
LLP Immo-Invest has declared insolvency.  Creditors have until
April 3, 2009, to submit written proofs of claim to:

         Tole Bi St. 189v
         Almaty
         Kazakhstan


INFINITY ELECTRONICS: Creditors Must File Claims by April 3
-----------------------------------------------------------
LLP Infinity Electronics has declared insolvency.  Creditors have
until April 3, 2009, to submit written proofs of claim to:

         Kabanabai Batyr St. 188a
         Almaty
         Kazakhstan


INVEST MEGA: Creditors Must File Claims by April 3
--------------------------------------------------
LLP Invest Mega Group has declared insolvency.  Creditors have
until April 3, 2009, to submit written proofs of claim to:

         Kabanbai Batyr ave. 11
         Astana
         Kazakhstan


JAYILMA LLP: Creditors Must File Claims by April 3
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Jayilma insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi St. 29
         120014 Kyzylorda
         Kyzylorda
         Kazakhstan


SHIK STROY: Creditors Must File Claims by April 3
-------------------------------------------------
LLP Company Shik Stroy insolvent.  Creditors have until April 3,
2009, to submit written proofs of claim to:

         Furmanov St. 235-47
         Almaty
         Kazakhstan


TEMIR TAS LTD LLP: Creditors Must File Claims by April 3
--------------------------------------------------------
LLP Temir Tas Ltd. has declared insolvency.  Creditors have until
April 3, 2009, to submit written proofs of claim to:

         Micro district 23, 2-62
         Karaganda
         Kazakhstan


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


DESIGN DESCORT: Creditors Must File Claims by March 20
------------------------------------------------------
LLC Firm on Construction and Design Descort has declared
insolvency.  Creditors have until March 20, 2009, to submit
written proofs of claim to:

         Isanov St. 147-26
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 55-94-45


===========
L A T V I A
===========


* LATVIA: CD Swaps at All-Time High on Higher Jobless Figure
------------------------------------------------------------
Credit-default swaps linked to Latvia increased nine basis points
to an all-time high of 1,109 basis points after the country's
unemployment climbed to the highest in almost nine years,
Bloomberg News reports citing data from CMA Datavision in London.

According to the report, the cost to protect against a default by
Latvia is above the 1,000 level, breached last week, that
investors consider distressed, and is about 270 basis points above
contracts linked to Lithuania.

The report relates Baiba Pasevica, the director of the National
Employment Office, said Latvia's registered unemployed increased
to 9.5 percent of the 2.3 million population by the end of
February, from 8.3 percent in January.  The report recalls Latvia
sought a EUR7.5 billion (US$9.5 billion) International Monetary
Fund bailout last year.

The country's economy contracted 10.5 percent in the fourth
quarter and the government collapsed last month prompting Standard
& Poor's to lower the country's credit rating to non-investment
grade with a negative outlook, Bloomberg News says.


===================
L U X E M B O U R G
===================


BERNARD L. MADOFF: UBS AG Wins Ruling in Luxembourg Lawsuit
-----------------------------------------------------------
According to Bloomberg's Elizabeth Amon, UBS AG won a ruling in a
Luxembourg lawsuit filed by Banca Intermobiliare SpA seeking to
force the release of EUR5.1 million (US$6.5 million) from an
account belonging to a fund that had invested with Bernard Madoff.

A Luxembourg court, Bloomberg relates, said BIM's claims were
unfounded in an emergency ruling Feb. 27.  BIM asserted that UBS
had a duty to pay it after sending the Italian bank a confirmation
for a redemption request from the British Virgin Islands-based
Groupement Financier fund made before Madoff was arrested Dec. 11.

Luxembourg's financial regulator on Feb. 25 faulted UBS for
inadequate due diligence in its role as a custodian bank for the
Madoff-linked LuxAlpha Sicav-American Selection fund.  While the
decision was the first to deal with UBS as an account holder
rather than as custodian, it may show that the regulator's
statement has "limited" influence on the courts, Ms. Amon said.

Meanwhile, according to Bloomberg, a London judge gave the
liquidators of Bernard Madoff's U.K. and U.S. firms an order
making it easier for them to share information.  Justice Kim
Lewison at the High Court in London ruled Feb. 27 that it was in
the public interest for the liquidators to share information
including personal data.  Lexia Hilliard and Robin Dicker, lawyers
for the U.K. and U.S. liquidators respectively, told the judge
that, while they could share information without the order, it
would help them to stay within strict European Union data
protection laws.


WIND HELLAS: Fitch Revises Rating on 2015 Notes to 'CC'/'RR6'
-------------------------------------------------------------
Further to the publication of updated definitions for its rating
scales, Fitch Ratings has revised some existing debt instrument
ratings in the 'CCC', 'CC', and 'C' categories for three EMEA
corporates.

A full list of the three corporates and their affected debt
instrument ratings, detailed as rating revisions, follows:

Cognis GmbH
  -- Long-term Issuer Default Rating 'B'; Negative Outlook

  -- EUR1.63 billion senior secured floating-rate notes and loans:
     'B+'/'RR3'

  -- EUR250 million super senior secured revolving credit
     facility: 'BB'/'RR1'

  -- EUR345 million high-yield notes: revised to 'CCC'/'RR6' from
     'CCC+'/'RR6'

  -- Cognis Holding GmbH's EUR421 million PIK notes: revised to
     'CC'/'RR6' from 'CCC'/'RR6'

Waterford Wedgwood plc

  -- Long-term IDR 'D'

  -- Short-term IDR 'D'

  -- US$60 million senior secured term loan: revised to
     'CC'/'RR3'/Rating Watch Negative (RWN) from 'CCC'/'RR3'/RWN

  -- EUR166 million mezzanine notes due 2010: 'C'/'RR6'

WIND Hellas Telecommunications S.A.

  -- Long-term IDR 'B-' (B minus); Stable Outlook

  -- Short-term IDR 'B'

  -- Hellas Telecommunications (Luxembourg) V senior revolving
     credit facility and Hellas Telecommunications (Luxembourg) V
     senior secured floating rate notes due 2012: 'B'/'RR3'

  -- Hellas Telecommunications (Luxembourg) III senior notes due
     2013: revised to 'CCC'/'RR5' from 'CCC+'/'RR5'

  -- Hellas Telecommunications (Luxembourg) II subordinated
     floating-rate notes due 2015: revised to 'CC'/'RR6' from
     'CCC'/'RR6'


=====================
N E T H E R L A N D S
=====================


EMF-NL PRIME 2008: S&P Lowers Rating on Class D Notes to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
certain notes issued by EMF-NL Prime 2008-A B.V., EMF-NL 2008-1
B.V., and EMF-NL 2008-2 B.V.  At the same time, S&P affirmed its
ratings on the transactions' remaining notes and removed all notes
from CreditWatch negative.

Lehman Brothers entities provided various interest rate and bullet
cap swaps and liquidity facilities to each of these issuers.
Following the downgrade of Lehman Brothers Holding Inc. (as
guarantor to the swap provider, Lehman Brothers Special Financing
Inc.) and Lehman Brothers Bankhaus AG, London branch (as liquidity
provider) to 'D', S&P placed each rating in these transactions on
CreditWatch negative.

S&P placed the ratings on CreditWatch negative due to the
supporting counterparty's rating not being commensurate with S&P's
counterparty support criteria.

On Jan. 20, 2009, Lehman Brothers Special Financing's swap
obligations in these three Dutch RMBS transactions were assumed by
Credit Suisse International (A+/Stable/A-1).  S&P were informed of
the costs associated with the replacement of the swap in each
transaction and conducted an analysis to determine any impact on
the ratings.  This analysis determined that there was no adverse
effect on the ratings as a result of the swap replacements.

S&P noted in its analysis that these transactions had not yet
replaced Lehman Brothers Bankhaus AG as liquidity facility
provider and as such all ratings remained on CreditWatch negative.

S&P believes that the liquidity provider will not be replaced in
the near term and as such S&P has analyzed the transactions on the
assumption that each transaction does not benefit from a liquidity
facility.

This analysis resulted in certain classes of notes being
downgraded and the remaining classes being affirmed.  S&P has
removed from CreditWatch negative S&P's ratings on all classes.

                           Ratings List

      Ratings Lowered and Removed from Creditwatch Negative

                     EMF-NL Prime 2008-A B.V.
       EUR200 Million Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
         Class         To                   From
         -----         --                   ----
         A2            AA+                  AAA/Watch Neg
         A3            AA+                  AAA/Watch Neg
         B             AA-                  AA/Watch Neg
         C             A-                   A/Watch Neg
         D             BB                   BBB/Watch Neg

                        EMF-NL 2008-1 B.V.
        EUR265 Million Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
         Class         To                   From
         -----         --                   ----
         A2            AA+                  AAA/Watch Neg
         A3            AA+                  AAA/Watch Neg

                        EMF-NL 2008-2 B.V.
        EUR285 Million Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
         Class           To                 From
         -----           --                 ----
         A1              AA+                AAA/Watch Neg
         A2              AA                 AAA/Watch Neg
         B               A                  AA/Watch Neg
         C               BBB                A/Watch Neg
         D               BB                 BBB/Watch Neg

      Ratings Affirmed and Removed from Creditwatch Negative

                     EMF-NL Prime 2008-A B.V.
       EUR200 Million Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
         Class         To                From
         -----         --                ----
         A1            AAA               AAA/Watch Neg

                        EMF-NL 2008-1 B.V.
        EUR265 Million Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
         Class         To                   From
         -----         --                   ----
         A1            AAA                  AAA/Watch Neg


EMF-NL 2008-2: S&P Cuts Rating on Class D Notes to 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
certain notes issued by EMF-NL Prime 2008-A B.V., EMF-NL 2008-1
B.V., and EMF-NL 2008-2 B.V.  At the same time, S&P affirmed its
ratings on the transactions' remaining notes and removed all notes
from CreditWatch negative.

Lehman Brothers entities provided various interest rate and bullet
cap swaps and liquidity facilities to each of these issuers.
Following the downgrade of Lehman Brothers Holding Inc. (as
guarantor to the swap provider, Lehman Brothers Special Financing
Inc.) and Lehman Brothers Bankhaus AG, London branch (as liquidity
provider) to 'D', S&P placed each rating in these transactions on
CreditWatch negative.

S&P placed the ratings on CreditWatch negative due to the
supporting counterparty's rating not being commensurate with S&P's
counterparty support criteria.

On Jan. 20, 2009, Lehman Brothers Special Financing's swap
obligations in these three Dutch RMBS transactions were assumed by
Credit Suisse International (A+/Stable/A-1).  S&P were informed of
the costs associated with the replacement of the swap in each
transaction and conducted an analysis to determine any impact on
the ratings.  This analysis determined that there was no adverse
effect on the ratings as a result of the swap replacements.

S&P noted in its analysis that these transactions had not yet
replaced Lehman Brothers Bankhaus AG as liquidity facility
provider and as such all ratings remained on CreditWatch negative.

S&P believes that the liquidity provider will not be replaced in
the near term and as such S&P has analyzed the transactions on the
assumption that each transaction does not benefit from a liquidity
facility.

This analysis resulted in certain classes of notes being
downgraded and the remaining classes being affirmed.  S&P has
removed from CreditWatch negative S&P's ratings on all classes.

                           Ratings List

      Ratings Lowered and Removed from Creditwatch Negative

                     EMF-NL Prime 2008-A B.V.
       EUR200 Million Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
         Class         To                   From
         -----         --                   ----
         A2            AA+                  AAA/Watch Neg
         A3            AA+                  AAA/Watch Neg
         B             AA-                  AA/Watch Neg
         C             A-                   A/Watch Neg
         D             BB                   BBB/Watch Neg

                        EMF-NL 2008-1 B.V.
        EUR265 Million Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
         Class         To                   From
         -----         --                   ----
         A2            AA+                  AAA/Watch Neg
         A3            AA+                  AAA/Watch Neg

                        EMF-NL 2008-2 B.V.
        EUR285 Million Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
         Class           To                 From
         -----           --                 ----
         A1              AA+                AAA/Watch Neg
         A2              AA                 AAA/Watch Neg
         B               A                  AA/Watch Neg
         C               BBB                A/Watch Neg
         D               BB                 BBB/Watch Neg

      Ratings Affirmed and Removed from Creditwatch Negative

                     EMF-NL Prime 2008-A B.V.
       EUR200 Million Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
         Class         To                From
         -----         --                ----
         A1            AAA               AAA/Watch Neg

                        EMF-NL 2008-1 B.V.
        EUR265 Million Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
         Class         To                   From
         -----         --                   ----
         A1            AAA                  AAA/Watch Neg


KHAMSIN CREDIT: S&P Withdraws 'CCC-' Rating on Class B Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' credit
rating on the Silver Square 2006-12 class B credit-linked notes
series 13 issued by Khamsin Credit Products (Netherlands) II B.V.
This rating withdrawal follows early redemption of the notes in
this deal.


NXP B.V.: Commences Private Debt Exchange Offers
------------------------------------------------
NXP B.V. on Tuesday, March 3, commenced two separate private
offers to exchange (i) in one Exchange Offer any and all of the
properly tendered and accepted existing notes that have an
acceptance priority of 1 and (ii) in a separate Exchange Offer any
and all of the properly tendered and accepted existing notes that
have an acceptance priority of 2, in each case, for new U.S.
dollar-denominated 10% super priority notes due 2013 and new euro-
denominated 10% super priority notes due 2013 upon the terms and
subject to the conditions set forth in the confidential offering
memorandum relating to the Exchange Offers and the accompanying
letter of transmittal.  The New Super Priority Notes will be
issued by NXP B.V. and NXP Funding LLC, a wholly owned subsidiary
of the Company that has been organized as a limited liability
company in Delaware as a special purpose finance subsidiary to
facilitate the offerings of the New Super Priority Notes.

The purpose of the Exchange Offers is to reduce the Issuers'
overall indebtedness and related interest expense.

The Exchange Offers will expire at 11:59 p.m., New York City time,
on March 30, 2009, unless extended or earlier terminated.
Eligible holders of Existing Notes that properly tender and do not
validly withdraw their Existing Notes by 5:00 p.m., New York City
time, on March 16, 2009, unless extended, and whose Existing Notes
are accepted for exchange, will receive the applicable total
consideration.   Eligible holders of Existing Notes who properly
tender their Existing Notes after the Early Tender Date and prior
to or on the Expiration Date, and whose Existing Notes are
accepted for exchange, will receive the applicable exchange
consideration.  In addition, on the settlement date, accrued
interest up to, but not including, the settlement date, if any,
will be paid in cash on all properly tendered and accepted
Existing Notes.  The Issuers may extend, terminate or withdraw
either Exchange Offer without extending, terminating or
withdrawing the other Exchange Offer.

Headquartered in Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- creates semiconductors, system solutions
and software that deliver better sensory experiences in TVs,
set-top boxes, identification applications, mobile phones, cars
and a wide range of other electronic devices.  The company has
31,000 employees working in more than 20 countries and posted
sales of US$6.3 billion (including the Mobile & Personal
business) in 2007.

                       *     *     *

As reported in the TCR-Europe on March 2, 2009, Standard & Poor's
Ratings Services said that it had revised its recovery ratings on
the senior secured notes co-issued by NXP B.V. (CCC/Negative/--)
and NXP Funding LLC to '4' from '3'.  A '4' recovery rating
indicates Standard & Poor's expectation of average (30%-50%)
recovery in the event of a payment default.  The issue rating on
these notes remains unchanged at 'CCC', in line with the
corporate credit rating on NXP B.V.

The issue ratings and recovery ratings on all other debt,
including the secured revolver and unsecured notes, remain
unchanged.


NXP SEMICONDUCTORS: Fourth Quarter Sales Down 25.6% to US$979 Mln
-----------------------------------------------------------------
NXP Semiconductors published 2008 fourth quarter results on
Tuesday, March 3.

NXP Semiconductors' fourth quarter sales were US$979 million, a
comparable decrease of 21.9% over the third quarter of 2008 and a
comparable decrease of 25.6% over the fourth quarter of 2007,
reflecting difficult and deteriorating market conditions towards
the end of 2008.  Adjusted EBITDA in the fourth quarter was US$41
million.  Adjusted EBITA showed a loss of US$84 million this
quarter compared to a profit of US$148 million in the same period
last year and a profit of US$15 million in the previous quarter.

Considerable advances were made in the fourth quarter towards the
execution of the redesign plans announced during the third quarter
of 2008 on September 12.

The cash position was US$1,796 million at the end of the fourth
quarter, which includes US$400 million drawn down from NXP's
revolving credit facility.  The Q4 cash position compares with
US$1,535 million at the end of Q3 2008.

                        Outlook

NXP said "Our ability to give guidance on our expected first
quarter revenues is limited, due to the unusual conditions
prevailing in the semiconductor industry.  However based on
overall consumer sentiment, recent order book development, and
expected future trading levels, we now foresee a 30% to 40%
sequential sales decline in the first quarter on a business and
currency comparable basis.

"Visibility of sales for the year ahead is even more limited. In
particular, we are unable to determine when the current severe
downturn in the semiconductor industry will abate.  However, our
current expectation is that our 2009 revenues will be lower than
our 2008 revenues, and the size of this decline could be
significant.  A decline, combined with the large cash cost of our
Redesign Program, would lead to reduced liquidity at the end of
2009."

Headquartered in Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- creates semiconductors, system solutions
and software that deliver better sensory experiences in TVs,
set-top boxes, identification applications, mobile phones, cars
and a wide range of other electronic devices.  The company has
31,000 employees working in more than 20 countries and posted
sales of US$6.3 billion (including the Mobile & Personal
business) in 2007.

                       *     *     *


As reported in the TCR-Europe on March 2, 2009, Standard & Poor's
Ratings Services said that it had revised its recovery ratings on
the senior secured notes co-issued by NXP B.V. (CCC/Negative/--)
and NXP Funding LLC to '4' from '3'.  A '4' recovery rating
indicates Standard & Poor's expectation of average (30%-50%)
recovery in the event of a payment default.  The issue rating on
these notes remains unchanged at 'CCC', in line with the
corporate credit rating on NXP B.V.

The issue ratings and recovery ratings on all other debt,
including the secured revolver and unsecured notes, remain
unchanged.


NXP SEMICONDUCTORS: Moody's Cuts Corporate Credit Rating to 'Caa2'
------------------------------------------------------------------
Moody's Investors Service downgraded NXP Semiconductors' corporate
family rating to Caa2 from Caa1 and the ratings for its senior
secured notes to Caa2 from Caa1 and senior unsecured notes to C
from Caa3.  Simultaneously, Moody's downgraded the probability of
default rating to Ca from Caa1.  The rating outlook remains
negative.

The downgrade of the PDR to Ca reflects Moody's view that NXP's
recent debt exchange offer is a distressed exchange.  It also
reflects the high likelihood of the transaction closing in the
agency view.  While no payment default has occurred and there are
no debt maturities until September 2012, in Moody's opinion the
successful closing of the transaction, which is designed to reduce
debt and interest expense, would represent the occurrence of a
deemed default.

The downgrade of the Corporate Family Rating to Caa2 reflects the
expected recovery rate and probability of default after the
closure of the exchange offer and the new capital structure with
lower debt loading, if successfully implemented.  The outlook is
negative in view of uncertainty regarding (i) the level of
acceptance of the exchange offer and (ii) in view of the limited
sales visibility for 2009.  The Caa2 Rating of senior secured
notes could fall below the Corporate Family Rating upon a
successful completion of the exchange offer depending on the level
of acceptance, because these instruments will rank behind the new
super priority notes and the revolver.  The C Rating of the senior
unsecured notes mirrors the recovery rate of 15% / 17% as proposed
by the exchange offer.

Under the proposed exchange scenarios, up to EUR250 million of new
super priority notes will be offered to exchange pro rata among
approximately US$2 billion of senior unsecured notes, possibly
followed by pro rata exchange among senior secured notes.  If
successful, the exchange will result in a swap of unsecured debt
at a substantial discount to face value for the new super priority
notes maturing in July 2013.  Existing unsecured noteholders that
elect to participate in the exchange transaction would accept
principal reductions of 83%-85%, depending on whether the exchange
offer is accepted prior to the early tender date or after the
early tender date.  Moody's views this transaction as a means of
shrinking an unsustainable debt capital structure (NXP has roughly
US$6 billion of long-term notes) and reducing interest expense by
approximately US$148 million per year.  The company's interest
burden absent the exchange offer may become a source of
significant financial stress.  Combined with expectations of high
restructuring cost and earnings weakness in the remaining core
businesses, Moody's anticipates the company's EBITDA and operating
cash flow will be meaningfully reduced in the future.
Collectively, these features cause the transaction to be viewed as
analogous to a partial restructuring, which is deemed to represent
a default by Moody's and incorporated in the Ca PDR.

During the exchange offer process, the Ca PDR will prevail. Upon
closing of the exchange, the PDR will be repositioned to Caa2/LD
to reflect the limited default that will have occurred.  This
incorporates Moody's current belief that the going-forward PDR
will likely end up at the Caa2 level shortly after transaction
closing. The "/LD" suffix will be removed after three business
days.

In the event that some debt issues are retired in their entirety
upon transaction closing, the relevant ratings for the same would
be withdrawn.

Downgrades:

Issuer: NXP B.V.

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

  -- Corporate Family Rating, Downgraded to Caa2 from Caa1

  -- Senior Secured Regular Bond/Debenture, Downgraded to Caa2,
     LGD4, 61% from Caa1, LGD3, 43%

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to C,
     LGD6, 100% from Caa3, LGD5, 88%

NXP's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as i) the
business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of NXP's core industry and NXP's ratings are believed to
be comparable to those of other issuers of similar credit risk.

The last rating action for NXP has been on November 21, 2008, when
Moody's downgraded NXP's corporate family rating to Caa1 from B3,
its senior secured notes to Caa1 from B3 and senior unsecured
notes to Caa3 from Caa2.

NXP Semiconductors, headquartered in Eindhoven, Netherlands, is a
leading semiconductor company, focusing on the designs and
manufacture of semiconductors for general applications, power
management (Multi-Market) and application-specific integrated
circuits for the home electronics, automotive and identification
technology application markets.  NXP posted sales of US$5.4
billion (including the Mobile & Personal business until the
beginning of August 2008) in fiscal year 2008.


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


ALAPAYEVSKIY MACHINE: Creditors Must File Claims by March 22
------------------------------------------------------------
Creditors of LLC Alapayevskiy Machine-Building Plant (TIN
6671193030) have until March 22, 2009, to submit proofs of claims
to:

         G. Pervukhin
         Temporary Insolvency Manager
         Belinskogo St. 34/328
         Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A60-
40276/2008-S11.

The Court is located at:

         The Arbitration Court of Sverdlovskaya
         Lenina St. 34
         Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Alapayevskiy Machine-Building Plant
         Korobkina St. 14
         Alapayevsk
         Sverdlovskaya
         Russia


BOOKBERRY: Seeks Bankruptcy Protection
--------------------------------------
Russian bookstore chain Bookberry has filed for bankruptcy after
running up debts of RUR50 million (US$1.38 million) to suppliers,
Bloomberg News reports.

Bookberry, owned by billionaire Oleg Deripaska's Russian-Asian
Investment Co., filed for bankruptcy in Moscow's Arbitration
Court, the report says citing a company spokeswoman.

The chain, which has 13 stores, generated monthly revenue of as
much as RUR50 million, Bloomberg News relates citing newspaper
Kommersant.


KRONSHTADTSKIY MORSKOY: Creditors Must File Claims by April 22
--------------------------------------------------------------
Creditors of OJSC Kronshtadtskiy Morskoy Ordena Lenina Zavod
(TIN 7843305591, RVC 784301001) (Navy Yard) have until April 22,
2009, to submit proofs of claims to:

         P. Panasenko
         Insolvency Manager
         Petrovskaya St. 2
         Kronshtadt
         197762 Saint-Peterburg
         Russia

The Arbitration Court of Saint-Peterburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56–41129/2008.


KUB-LES LLC: Krasnodarskiy Bankruptcy Hearing Set May 5
-------------------------------------------------------
The Arbitration Court of Krasnodarskiy will convene at
11:00 a.m. on May 5, 2009, to hear bankruptcy proceedings on LLC
Kub-Les (TN 2306018143, PSRN 1022301119940) (Forestry).  The case
is docketed under Case No. A-32–17555/08–44/1166B.

The Insolvency Manager is:

         O. Denisov
         Post user Box 90
         353440 Anapa
         Russia

The Debtor can be reached at:

         LLC Kub-Les
         Krasnoflotskaya St. 1
         353691 Yeysk
         Russia


LYALYA LES OJSC: Creditors Must File Claims by April 22
-------------------------------------------------------
Creditors of OJSC Lyalya Les (Forestry) have until April 22, 2009,
to submit proofs of claims to:

         O. Kuznetsova
         Insolvency Manager
         Post User Box 717
         620000 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-7668/2007-S11.

The Debtor can be reached at:

         OJSC Lyalya Les
         Kirova St. 2
         Novaya Lyalya
         624400 Sverdlovskaya
         Russia


MACHINE-BUILDNING PLANT: Creditors Must File Claims by March 22
---------------------------------------------------------------
Creditors of LLC Machine-Building Plant (TIN 2322024553) have
until March 22, 2009, to submit proofs of claims to:

         D. Gogolenko
         Insolvency Manager
         Post User Box 3200
         350911 Krasnodar
         Russia

The Arbitration Court of Krasnodarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A32–26722/2008–14/1529B.

The Debtor can be reached at:

         LLC Machine-Building Plant
         Industrialnaya St. 17
         Tuapse
         352800 Krasnodarskiy
         Russia


MEZHDURECHYE LES LLC: Creditors Must File Claims by April 21
------------------------------------------------------------
Creditors of LLC Mezhdurechye Les (TIN 3513002224, PSRN
1023501452897) (Lumbering) have until April 21, 2009, to submit
proofs of claims to:

         D. Morozov
         Insolvency Manager
         Post User Box 31
         160012 Vologda
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13–4135/2007.

The Debtor can be reached at:

         LLC Mezhdurechye Les
         Naberezhnaya St. 14
         Tupovets
         Mezhdurechenskiy
         Vologodskaya
         Russia


PROEKT AKTIV: Rostovskaya Bankruptcy Hearing Set June 2
-------------------------------------------------------
The Arbitration Court of Rostovskaya will convene at 10:10 a.m. on
June 2, 2009, to hear bankruptcy supervision procedure on LLC
Stroy-Proekt-Aktiv (TIN 6163072394) (Construction).  The case is
docketed under Case No. A53–25296/2008.

The Temporary Insolvency Manager is:

         P. Kutelev
         Post User Box 3392
         344092 Rostov-on-Don
         Russia

The Debtor can be reached at:

         LLC Stroy-Proekt-Aktiv
         Krasnoarmeyskaya St. 262
         344000 Rostov-on-Don
         Russia


SEVERNAYA KAZNA: Moody's Withdraws 'E' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of Bank
Severnaya Kazna: bank financial strength rating of E and the
bank's long-term and short-term foreign currency deposit ratings
of B2/Not Prime.  Concurrently, Moody's Interfax Rating Agency
withdrew Severnaya Kazna's long-term national scale rating of
A3.ru. Moscow-based Moody's Interfax is majority owned by Moody's,
a leading global rating agency.

Moody's has withdrawn these ratings for business reasons following
the official request from the bank.

Moody's notes that, as of the date of the ratings withdrawal,
Severnaya Kazna had no senior unsecured, subordinate or structured
finance obligations rated by Moody's.  Severnaya Kazna's domestic
rouble-denominated bonds maturing in October 2009 and August 2011
(first and second issues, respectively) were not rated by Moody's.

Moody's previous rating action on Severnaya Kazna was on February
12, 2009 when the rating agency upgraded the bank's ratings to B2/
Not Prime/E/A3.ru from Caa2/Not Prime/E/B2.ru, and assigned a
positive outlook on the bank's deposit ratings.  This previous
rating action was driven by Moody's assessment of a high
probability of parental support to Severnaya Kazna from its new
shareholder -- Alfa-Bank (rated Ba1/Not prime/D) now controlling
85.021% stake in Severnaya Kazna.  The expectation of the rating
agency that following Severnaya Kazna's rehabilitation plan Alfa-
Bank assumes the final responsibility for all of Severnaya Kazna's
senior unsecured obligations resulted in positive outlook on
supported deposit ratings of Severnaya Kazna.

Domiciled in Yekaterinburg, Russia, Severnaya Kazna reported total
IFRS assets of US$1.518 billion, total shareholders' equity of
US$145 million and a net income of US$18 million as at December
31, 2007.


SILOVYE MACHINY CJSC: Creditors Must File Claims by March 22
------------------------------------------------------------
Creditors of CJSC Silovye Mashiny (TIN 8620013477, PSRN
1028601866358) (Equipment Production) have until March 22, 2009,
to submit proofs of claims to:

         A. Rodin
         Insolvency Manager
         Gagarina St. 65
         628002 Khanty-Mansiysk
         Russia

The Arbitration Court of Khanty-Mansiysk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A75-83/2009,.

The Debtor can be reached at:

         CJSC Silovye Mashiny
         Promzona NV GRES
         Izluchnik
         Nizhnevartovskiy
         628634 Khanty-Mansiysk
         Russia


URAL-STROY-FASAD LLC: Creditors Must File Claims by April 22
------------------------------------------------------------
Creditors of LLC Ural-Stroy-Fasad (TIN 6673104808) (Construction
Materials Plant) have until April 22, 2009, to submit proofs of
claims to:

         A. Kirpishchikov
         Insolvency Manager
         Post User Box 249
         620014 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-25041/08.

The Debtor can be reached at:

         LLC Ural-Stroy-Fasad
         Kislorodnaya St. 8a
         620041 Yekaterinburg
         Russia


VAKH-LES LLC: Creditors Must File Claims by March 22
----------------------------------------------------
Creditors of LLC Vakh-Les (TIN 8620003694) (Lumbering) have until
March 22, 2009, to submit proofs of claims to:

         V. Konovalov
         Temporary Insolvency Manager
         Post User Box 7664
         Central Postal Office
         644099 Omsk
         Russia

The Arbitration Court of Khanty-Mansiysk will convene at
9:00 a.m. on April 13, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A75–4549/2008.

The Debtor can be reached at:

         LLC Vakh-Les
         Pug Yug
         Nizhnevartovskiy
         628463 Khanty-Mansiysk
         Russia


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


CAIXA PENEDES: Moody's Junks Ratings on Two Classes of Notes
------------------------------------------------------------
Moody's Investors Service has downgraded the long-term credit
ratings of these notes issued by Caixa Penedes PYMES 1 TdA, FTA:

  -- EUR726.0 million Series A notes, Downgraded to A2 from Aaa;
     previously, on January 27, 2009 Placed Under Review for
     Possible Downgrade;

  -- EUR44.6 million Series B notes, Downgraded to Caa1 from A3;
     previously, on January 27, 2009 Placed Under Review for
     Possible Downgrade; and

  -- EUR19.4 million Series C notes, Downgraded to Ca from Baa3;
     previously, on January 27, 2009 Placed Under Review for
     Possible Downgrade.

Moody's initially assigned definitive ratings in June 2007.
The rating action has been prompted by a higher-than-expected
level of delinquencies.  As of January 2009, the cumulative 90+
delinquencies (i.e. delinquencies equal or greater than 90 days)
were equal to 3.98% of the original portfolio balance, compared to
2.65% as of the previous quarterly reporting date.  As part of the
review, Moody's has considered the exposure of the transaction to
the real estate sector (either through security in the form of a
mortgage or debtors operating in the real estate sector).  The
deterioration of the Spanish economy has been reflected in the
negative sector outlook Moody's published on the Spanish SMEs
securitisation transactions.

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the single B-range for the debtors operating in the real estate
sector and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted average
life of the portfolio to equal five years.  As a consequence,
these revised assumptions have translated into an increase of the
cumulative mean default assumption for this transaction to 13% as
a percentage of the current portfolio balance (corresponding to
13.86% of original portfolio balance), with a coefficient of
variation of 45%.  Moody's original mean default assumption was
2.9% (as a percentage of original balance), with a coefficient of
variation of 68%.  The recovery rate assumption is unchanged at
60%.  The revised CPR assumption is 5%, compared to an original
CPR assumption of 20%.

In summary, the marginally increased credit enhancement available
in the structure due to the amortization of the portfolio (as of
December 2008, the pool factor was equal to 76%) was not
sufficient to offset the impact of worse than expected performance
and revised performance assumptions on the Class A, B and C Notes
rating.  According to Moody's revised assumptions, the reserve
fund is expected to be drawn within the next interest periods.

Caixa Penedes PYMES 1 TdA, FTA is a securitization fund which
purchased a pool of loans granted by Caixa Penedes to Spanish
SMEs.  At closing, the portfolio consisted of loans granted to
5,478 debtors.  The loans were originated between 1991 and 2006,
with a weighted average seasoning of 2.5 years and a weighted
average remaining term of 13.7 years.  Geographically the pool was
concentrated in Catalonia (92.39%).  The concentration in the
"building and real estate" sector according to Moody's industry
classification was approximately 50% as of closing.

As of December 2008, the number of debtors in the portfolio was
equal to 4,762 and the weighted average remaining term was equal
to 13.2 years.  The concentration in the "building and real
estate" sector was approximately 54% as of December 2008.

Moody's has also considered the potentially increased commingling
risk following the withdrawal of the ratings of Caixa Penedes on
January 30, 2009.

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


SOL MELIA: Moody's Reviews 'Ba1' Rating for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the Ba1 corporate family
rating and the probability of default rating of Sol Melia under
review for possible downgrade.  The rating action follows the
company's FY2008 results announcement on February 27, 2009.

"The rating action reflects Sol Melia's higher-than-anticipated
leverage at the end of FY2008, which, at close to 6 times
according to Moody's preliminary calculations, is significantly
above the target levels for the Ba1 rating category," explains
Marika Makela, Assistant Vice President-Analyst in Moody's
Corporate Finance Group.  Moody's had previously stated that
negative pressure on the rating could evolve if debt to EBITDA
approached 5x.  Furthermore, Moody's notes the uncertain outlook
guidance given for the beginning of 2009 and cautions that the
economic conditions may put further pressure on the company's
operating performance.  Therefore, given the junction of the hotel
cycle and the likely further deterioration, it may take some time
before credit metrics materially improve.

"Moreover, while Sol Melia was compliant with its financial
covenants at the end of FY2008, Moody's understands that the
headroom under its interest cover and leverage covenants was
limited," cautions Ms. Makela.

More positively, Moody's notes that the rating continues to
reflect Sol Melia's good market position and brand in Spain, asset
coverage provided by its owned property assets and the company's
so far conservative financial policies.

Moody's rating review will focus on (i) assessing the measures
that could be implemented to sustain operating performance in the
current economic conditions and to improve credit metrics, (ii) to
what extent such measures could mitigate the risks of a potential
breach of financial covenants, and (iii) Sol Melia's overall
liquidity situation.

The last rating action was implemented on November 12, 2008, when
Moody's downgraded the CFR to Ba1 with a negative outlook.

Headquartered in Palma, Mallorca, Sol Melia is the 12th-largest
hotel operator in the world in terms of number of rooms and is
represented across the luxury, upscale and mid-scale segments of
the hotel market.  Sol Melia operates both city hotels and
resorts, and has been developing its timeshare business through
its Sol Melia Vacation Club brand.  Sol Melia generated revenues
of EUR1.3 billion at FYE2008.


===========
S W E D E N
===========


GENERAL MOTORS: To Pay Saab Automobile Bills to Suppliers
---------------------------------------------------------
General Motors Corp. will pay the bills that its Swedish unit,
Saab Automobile, owes suppliers in order to ensure production runs
smoothly, Dagens Industri reported, citing GM's head of
procurement, Bo Andersson.

According to Bloomberg, DI said that the payments will secure the
existence of about 1,100 suppliers who depend on Saab.

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.

GM's common stock was considered the stock market's bellwether for
many years, hence the saying "What's good for GM is good for
America."

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

                       *     *     *

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

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

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

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


GENERAL MOTORS: Saab Works With Deutsche Bank, Seeks Buyers
-----------------------------------------------------------
Jan Ake Jonsson, managing director of General Motors Corp.'s Saab
unit, said that the company is working with Deutsche Bank as the
firm plans to accelerate talks this week with possible buyers,
John D. Stoll at The Wall Street Journal reports.

Citing Mr. Jonsson, WSJ relates that Saab has started negotiations
with potential investors and a deal could be completed by 2010.

WSJ notes that GM has offered to give Saab about US$400 million
and plants and machinery for its new models, saying that Saab
still needs outside funding to survive.  According to the report,
Saab needs the Swedish government to make additional loan
commitments so that it can become independent.

Mr. Jonsson, according to WSJ, said that to survive the deep
downturn in global auto sales, Saab needs EUR500 million from the
Swedish government.  Without financial help from the government,
the company could run out of money, WSJ states, citing Mr.
Jonsson.  The report says that GM and Saab already asked the
Swedish government for financial aid but were turned down.  Still
Mr. Jonsson is confident that Saab can attract government support
due to the company's importance to Sweden's economy, according to
the report.  The report states that Saab and its suppliers employ
about 15,000 people in Sweden.

WSJ states that under Swedish law, Saab needs to be reorganized by
May 20, but it can file for delays of up to a year.  The report
says that Saab recently sought to reorganize under court
protection in Sweden.

Mr. Jonsson said that Saab is committed to reaching profitability
by 2011, WSJ relates.

            GM Rehires 30 People for Tonawanda Plant

Thomas Hartley at Business First of Buffalo reports that about 30
previously laid-off hourly employees at GM's Tonawanda engine
plant were called to go back to the plant on Monday.

"The 30, who are some of the 465 (at GM) who were on indefinite
layoff, were brought back to run a line.  But because there is so
much uncertainty, it looks like they'll be back for only one
week," Business First says quoted United Auto Workers union
assistant director Scott Adams as saying.  Mr. Adams said that
production schedules are quickly changing due to depressed new
vehicle sales, Business First states.

                      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.

GM's common stock was considered the stock market's bellwether for
many years, hence the saying "What's good for GM is good for
America."

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.


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


CLARIANT AG: Reduced Cash Flows Cue Moody's to Cut Rating to 'Ba'
-----------------------------------------------------------------
Moody's Investors Service has downgraded ratings of Clariant AG by
one notch to Ba1 given its reduced cash flow expectations at the
time when the company faces the need to fund additional
restructuring measures necessary to improve its profitability.
Moody's assigned a corporate family rating at Ba1 and withdrew the
issuer rating.  The outlook is stable.

The Ba1 rating reflects Moody's assessment of the current
profitability trends for the key segments of the company's
portfolio in view of the company's stated goal of improving its
margins to achieve the average return on capital reported by its
chemicals peer group, as well as with reference to its cost of
capital.  The rating agency views positively the recently detailed
restructuring measures that focus on the improvement in cash flow
generation (through the renewed focus on the reduction in working
capital requirements), a substantial reduction in personnel costs,
as well as a further decrease in the complexity of the operations.
Moody's notes, however, that the company maintains its resolve to
fund such restructuring through the internally generated cash flow
that, in Moody's opinion, will depend on a timely recovery in the
operating performance and profitability in the second half of the
year.  Therefore the Ba1 provides some headroom for volatility in
profitability in light of limited visibility and timing of a
potential recovery.

Moody's also notes that at the end of 2008, Clariant enjoyed a
relatively strong balance sheet with year end leverage reported
close to 3 times on a fully adjusted net debt basis.  Against the
backdrop of the slowing economy in 2009, Moody's expects some
weakening in the leverage metrics to reflect deterioration in
trading activity and cash flow generation that affected the
company's 2008 results only to a limited extend, as well as
potential need to cover additional restructuring costs.

The stable outlook on the Ba1 ratings reflects headroom at this
level to accommodate some weakening in the operating performance
over the medium term, as well as its potential impact on the
availability of liquidity looking forward.

Clariant's liquidity position is supported by CHF270 million in
unrestricted cash balances at the end of 2008 as well as CHF750
million WC facility (that has one financial covenant).  In 2008,
the company has refinanced its maturities and has limited
refinancing needs until 2011.  The Ba1 / LGD4 (50) ratings on the
company's 2012 and 2013 notes remain at the level of the corporate
family rating, while Moody's notes that Clariant maintains some
CHF268 million in senior unsecured loans raised by its
subsidiaries to fund local operations.

Moody's last rating action on Clariant was on January 30, 2009
when the rating agency placed the ratings of the company under
review for possible downgrade.

Headquartered in Muttenz, Switzerland, Clariant AG is a leading
international specialty chemicals group.  In the fiscal year ended
in December 2008, Clariant reported net revenues of CHF8.1
billion.


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


AGROTON LLC: Creditors Must File Claims by March 18
---------------------------------------------------
Creditors of LLC Trading House Agroton (EDRPOU 35689869) have
until March 18, 2009, to submit proofs of claim to:

         Office 1
         Baseynaya St. 13
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.

The Court is located at:

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


AZOVSTAL JSC: S&P Withdraws 'CCC+' Foreign Currency Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'CCC+' long-term foreign currency corporate credit rating and 'B-'
long-term local currency credit rating on Ukrainian steel producer
JSC Azovstal Iron and Steel Works at the company's request.  The
'CCC' issue rating on the US$175 million loan participation notes
due 2011 issued by Azovstal Capital B.V. and the '5' recovery
rating are also withdrawn.

"Azovstal is no longer subject to ratings surveillance by Standard
& Poor's," said Standard & Poor's credit analyst Andrey Nikolaev.


BELOGORYE PETROLEUM: Creditors Must File Claims by March 15
-----------------------------------------------------------
Creditors of LLC Belogorye Petroleum Product (EDRPOU 21755754)
have until March 15, 2009, to submit proofs of claim to:

         LLC Trading House Continium-Galichina
         Insolvency Manager
         Kremenetskaya St. 38
         Lutsk
         43010 Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/175-b.

The Court is located at:

         The Economic Court of Volin
         Volia Avenue 54
         Lutsk
         Volin
         Ukraine

The Debtor can be reached at:

         LLC Belogorye Petroleum Product
         Koniakin St. 37/43
         Lutsk
         43000 Volin
         Ukraine


DOVIRA AGRICULTURAL: Court Starts Bankruptcy Procedure
------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy supervision
procedure on Agricultural LLC Dovira (EDRPOU 20101499).

The Temporary Insolvency Manager is:

         S. Malakhov
         Keletskaya St. 126/137
         34560 Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Dovira
         Nizhniaya Kropivnia
         Nemirov
         22881 Vinnitsa
         Ukraine


FOOD CONTRACT: Creditors Must File Claims by March 15
----------------------------------------------------
Creditors of LLC Food Contract (EDRPOU 30274960) have until
March 15, 2009, to submit proofs of claim to:

         N. Sledzenaya
         Insolvency Manager
         Novovoznesenskaya St. 103
         79056 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 33/251.

The Court is located at:

         The Economic Court of Lvov
         Lichakovskaya St. 128
         79014 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Food Contract
         Office 88
         Lisinitskaya St. 13
         79032 Lvov
         Ukraine


KOLOS LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Hmelnitsky commenced bankruptcy supervision
procedure on LLC Kolos (EDRPOU 21312850).

The Temporary Insolvency Manager is:

         A. Chernetskaya
         Office 111
         Sobornaya St. 57
         Hmelnitsky
         Ukraine

The Court is located at:

         The Economic Court of Hmelnitsky
         Independency square 1
         29000 Hmelnitsky
         Ukraine

The Debtor can be reached at:

         LLC Kolos
         Stavische
         Dunayevetsky
         32431 Hmelnitsky
         Ukraine


NAFTOGAZ OJSC: Fitch Puts 'B-' Issuer Ratings on Negative Watch
---------------------------------------------------------------
Fitch Ratings has placed OJSC Naftogaz of Ukraine's Long-term
local and foreign currency Issuer Default Ratings of 'B -' (B
minus) on Rating Watch Negative.

The RWN reflects Fitch's near-term concerns regarding a
combination of factors: an inadequate level of state subsidies for
Naftogaz, accumulating payment arrears from communal heating
enterprises, a decline in the industrial supply segment, the
availability of foreign exchange to pay future dollar maturities,
and uncertainty over the outcome of current IMF negotiations with
Ukraine ('B'/Negative).  If these factors are not addressed in the
coming months, the company's ability to meet sizeable debt
maturities in H209 may be jeopardized.  The RWN does not reflect
concerns about Naftogaz's ability to pay imminent maturities
(Eurobond noteholders on 3 March and Gazprom on 7 March).

The senior unsecured rating of 'B' on the company's US$500 million
Eurobond maturing in September 2009 has also been placed on RWN.
The bond's Recovery Rating is 'RR4'.  Fitch is currently reviewing
the strength of the Ukrainian government guarantee for Naftogaz's
foreign-held debt, which has so far resulted in an alignment of
the senior unsecured rating with that of the sovereign.  The
impact of ongoing domestic economic volatility and the outcome of
current IMF negotiations may affect Fitch's prospective
determination of both the government's capacity and willingness to
stand behind the guarantee.

Recovery Ratings in certain emerging markets such as Ukraine are
currently capped by Fitch at 'RR4' due to factors such as
uncertainties surrounding these countries' legal regimes being
supportive of creditor rights. 'RR4' reflects an expectation by
Fitch of average recovery (31%-50%) in the event of default.


SHLIAKHOVIK LLC: Creditors Must File Claims by March 15
-------------------------------------------------------
Creditors of LLC Shliakhovik (EDRPOU 32076437) have until
March 15, 2009, to submit proofs of claim to:

         A. Mikitiuk
         Insolvency Manager
         Schors St. 7
         Kamen
         Rozhniatovsky
         77600 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-21/47.

The Court is located at:
         The Economic Court of Ivano-Frankovsk
         Shevchenko St. 16
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Shliakhovik
         Shevchenko St. 99
         Bogorodchany
         77701 Ivano-Frankovsk
         Ukraine


SITKOVTSY LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy supervision
procedure on LLC Sitkovtsy (EDRPOU 33845116).

The Temporary Insolvency Manager is:

         S. Malakhov
         Keletskaya St. 126/137
         34560 Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
          Hmelnitsky highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Sitkovtsy
         Mandrolko St. 19
         Sitkovtsy
         Nemirov
         Vinnitsa
         Ukraine


SKADOVSK MOTORCAR: Creditors Must File Claims by March 18
---------------------------------------------------------
Creditors of OJSC Skadovsk Motorcar Enterprise-16544 (EDRPOU
03119109) have until March 18, 2009, to submit proofs of claim to:

         O. Tsirkunov
         Insolvency Manager
         Office 4
         Gogol St. 11
         73000 Herson

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/146-B-07.

The Court is located at:

         The Economic Court of Herson
         Gorky St. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         OJSC Skadovsk Motorcar Enterprise-16544
         Kirov St. 80
         Skadovsk
         Herson
         Ukraine


WORLD IMPEKS: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Herson commenced bankruptcy supervision
procedure on LLC World Impeks (EDRPOU 32368243).

The Temporary Insolvency Manager is:
         I. Belousov
         Office 7
         Voyenny proyezd 6
         73000 Herson
         Ukraine

The Court is located at:

         The Economic Court of Herson
         Gorky St. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         LLC World Impeks
         Chapayev St. 121
         Skadovsk
         75700 Herson
         Ukraine


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


ACTIVE SIGNS: Enters Into Administration; 70 Jobs Affected
----------------------------------------------------------
Active Signs Limited, the Kent based sign design, manufacture and
installation company, entered into administration on February 26,
2009 with the appointment of joint administrators, Mark Newman and
Vince Green, directors at Vantis Business Recovery Services (BRS),
a division of Vantis, the UK accounting, tax and business advisory
group.

Limited trading continues, although 70 redundancies have
regrettably been made.

Commenting on the administration, Mark Newman said: "The business
was sadly forced into administration due primarily to a lack of
working capital.  We are working closely with the management team
to assess the opportunities to rescue all parts of the business."


CASTLEMORE SECURITIES: Taps Joint Administrators from PwC
---------------------------------------------------------
Mark Batten and Matthew Hammond of PricewaterhouseCoopers LLP were
appointed joint administrators of Castlemore Securities Limited,
Castlemore (Temple Quay 4) Limited, Britten Investments Limited,
Spring Residential Limited, Spring (Sutton Coldfield) Limited on
February 27, 2009.

Mark Batten and Matthew Hammond were also appointed joint
administrators of Castlemore (West Bar) Limited, Castlemore
(Temple Quay 6) Limited, Castlemore (Temple Quay 2) Limited,
Castlemore (Temple Quay 9) Limited and Castlemore (Temple Quay 8)
Limited on March 2, 2009.

Castlemore Securities is a property investment and development
company with interests across the UK.

Mark Batten, partner at PricewaterhouseCoopers LLP and joint
administrator, said: "Castlemore Securities is a business with
significant property assets and it is currently our intention to
continue to trade parts of the business as we seek a buyer. T he
administration is a result of the well-documented challenges
facing the property market which has lead to the company suffering
cash flow difficulties."

"We are assessing each of the developments over which we are
appointed to achieve the best result for creditors in light of the
current trading and market conditions."


BARWOOD DEVELOPMENTS: Appoints Administrators from Ernst & Young
----------------------------------------------------------------
Ian Best and Diana Frangou of Ernst & Young LLP were appointed
joint administrators of Barwood Developments (Leeds) Ltd. on
Feb. 20, 2009.

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

         No. 1 Colmore Square
         Birmingham
         B4 6HQ
         England


BTL HOLDINGS: Brings in Joint Administrators from Baker Tilly
------------------------------------------------------------
Mark Wilson and Matthew Richard Meadley Wild of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of BTL Holdings Ltd. on Feb. 20, 2009.

The company can be reached at:

        BTL Holdings Ltd.
         77 Cornhill London
         London
         EC3V 3QQ
         England


CATTLES PLC: Suspends Three Executives; Uncovers Acct'ng. Problems
------------------------------------------------------------------
BBC News reports Cattles plc is suspending three senior managers
after it found out that there has been a failure of international
controls at the company.

The company, as cited by BBC, said it had uncovered problems in
the ways it accounts for bad loans.

BBC relates the company said it had suspended managing director
John Blake, a finance director, Peter Miller, and operations
director Mick Belcher.

                        Bad Loans Review

On Feb. 26, 2009, citing The Daily Telegraph's Jonathan Sibun, the
Troubled Company Reporter-Europe reported that Cattles called in
accountancy firm Deloitte to help management review its provisions
against bad loans.  It suspended lending to new customers in
Welcome Finance on Feb. 23 in order to preserve cash.

The report recalled Cattles on Feb. 20 issued a profit warning,
sending its shares down 74pc to 3-1/2p.  The company, the report
disclosed, admitted it does not know how many bad loans it has on
its books.  The company also delayed releasing its full-year
results, previously scheduled on Feb. 26, the report added.  It is
understood that Cattles' auditor, PricewaterhouseCoopers, wanted
greater clarity on the extent of impairments before the results
were published.

According to the report, the review is likely to take a few weeks,
with the full-year results published afterwards.

However, BBC notes finance director James Corr, who had postponed
his retirement to oversee the review, could not fulfill his duties
because of ill health.

                        About Cattles plc

Cattles plc -- http://www.cattles.co.uk/-- provides financial
services to consumers and businesses.  The company has three
principal businesses, these being Welcome Financial Services, The
Lewis Group and Cattles Invoice Finance.

                          *     *     *

As reported in the TCR-Europe Feb. 24, 2009, Fitch Ratings
downgraded Cattles PLC's Long-term Issuer Default Rating to 'B'
from 'B+' and downgraded its senior unsecured debt to 'B' from
'BB-' (BB minus).  Both ratings remain on Rating Watch Negative.

The downgrades follow Cattles' announcement that it has delayed
the publication of its 2008 financial results, pending a review of
the adequacy of its impairment charges.  This development is a
concern and could weaken the company's position at a time when it
is engaged in refinancing discussions with various banks relating
to a GBP500 million syndicated loan that matures in July 2009 and
a GBP135 million bilateral bank line due in December.


CATTLES PLC: Fitch Retains 'B' Issuer Default Ratings
-----------------------------------------------------
Fitch Ratings says that the Issuer Default Ratings and senior debt
of Cattles plc remain rated at 'B', respectively, and on Rating
Watch Negative.  Cattles senior unsecured bonds have Recovery
Ratings of 'RR4'

Cattles announced that its Board believes there was a breakdown in
internal controls which has resulted in the group's impairment
policies being applied incorrectly.  The group anticipates being
required to enter discussions with its banks and bondholders and
noteholders.  The announcement means the likelihood of a
downgrade, potentially of more than one notch, has materially
increased.

Fitch expects to be better placed to resolve the RWN once the
scale of the additional impairment provisioning, the extent of the
breakdown of internal controls and the scope of the discussions
Cattles faces with its creditors become clearer.  This is likely
to be within the coming weeks.  Discussions with creditors could
be complex.  Potential outcomes range from creditors amending
covenants to more substantial debt restructuring.  Under Fitch's
criteria, the proposal of some form of exchange offer or other
material reduction in terms would be likely to result in a
downgrade of Cattles' Long-term IDR to 'C'.  Actual distressed
debt exchanges are considered defaults.

Cattles is listed in London.  Its main business is the provision
of loan products, collected via direct debit, to individuals who
find it difficult to obtain mainstream bank credit.


CITY INDEX: In Breach of Covenants Despite GBP70MM Cash Injection
-----------------------------------------------------------------
Richard Fletcher at The Daily Telegraph reports that Michael
Spencer, the Conservative party treasurer, has been forced to
inject GBP70 million of his personal fortune into City Index after
traders defaulted on tens of millions of pounds worth of
trades.

Citing accounts filed at Companies House late last week, the
report relates clients of the spread betting business, owned by
Mr. Spencer's private vehicle IPGL Limited, were unable to cover
GBP43 million of losses after share prices collapsed.

                             Losses

The report recalls City Index lost a further GBP7.2 million in the
year to March 31, 2008 after US-based Sentinel Management Group
collapsed into Chapter 11 bankruptcy in August 2007.  City Index,
the report discloses, deposited GBP28 million with Sentinel.  The
report notes that although City Index has recovered some of the
money, GBP7.2 million remains outstanding, according to the
accounts.

City Index, the report states, made a GBP30 million loss in the
year to March 31, compared with a GBP1 million profit the year
before, while trading and commission income rose to GBP78 million,
up from GBP50 million.

                         Cash Injection

IPGL, Mr. Spencer's investment vehicle, injected GBP30.2 million
of cash into City Index during the period, the report recounts.
Since the year end IPGL has also provided the business with two
subordinated loans totaling GBP40 million, the report adds.

However, the report says that despite the GBP70 million injection
City Index is in breach of its banking covenants, according to the
accounts.

Martin Belsham, who was appointed chief executive of City Index by
Mr. Spencer in January, as cited by the report, said "Negotiations
with the banks are continuing."

"It will be concluded.  We are down to the fine print," the report
quoted Mr. Belsham as saying.


CITY RETREATS: Administrators Seek Buyer for Ellington Hotel
------------------------------------------------------------
Emma Eversham at bighospitality.co.uk reports that MCR,
administrators of City Retreats Management, is seeking a buyer for
the company's 35-bedroom hotel The Ellington.

City Retreats Management, the report relates, went into
administration on Feb. 23, and City Retreats Commercial, the
operator of the Leeds based Floridita Nightclub, was also placed
into administration on the same day.

David Whitehouse and Steven Muncaster of MCR were appointed joint
administrators.

MCR, as cited by the report, said the hotel would remain open
while the administrators sought a buyer.

Pantin Hotels will continue to manage the hotel throughout the
process, the report notes.


CONTACT IT SERVICES: Taps Joint Administrators from Baker Tilly
---------------------------------------------------------------
Mark Wilson and Matthew Richard Meadley Wild of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Contact It Services Ltd. on Feb. 20, 2009.

The company can be reached at:

        Contact It Services Ltd.
         77 Cornhill London
         London
         EC3V 3QQ
         England


CONTACT RECRUITMENT: Appoints Administrators from Baker Tilly
-------------------------------------------------------------
Mark Wilson and Matthew Richard Meadley Wild of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Contact Recruitment Ltd. on Feb. 20, 2009.

The company can be reached at:

         Contact Recruitment Ltd.
         77 Cornhill London
         London
         EC3V 3QQ
         England


EUROSAIL 2006-1: S&P Junks Ratings on Three Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A2c, B1a,
B1c, C1a, and C1c notes issued by Eurosail 2006-1 PLC.  S&P has
also lowered the ratings on the class D1a, D1c, and E notes.

The rating actions are due to two factors:

  -- The effect of a failure to replace a liquidity facility,
     previously provided by the London Branch of Lehman Brothers
     Bankhaus A.G., as required by the transaction documentation.
     S&P lowered the provider's rating to 'D' following Lehman
     Brothers Holdings Inc.'s filing for Chapter 11 bankruptcy
     protection on Sept. 15, 2008; and

  -- Deteriorating collateral performance and S&P's expectation of
     increasing losses.

On Sept. 17, 2008, S&P placed all the notes in this deal on
CreditWatch negative, following the lowering to 'D' of the rating
on Lehman Brothers Holdings.

The ratings on the class D1a, D1c, and E notes were subsequently
lowered and removed from CreditWatch negative on Dec. 12, 2008,
due to underlying transaction performance.  S&P's analysis at that
time assumed that the liquidity facility would be replaced in the
near term.

S&P now believes that the prospects of replacing the liquidity
facility are remote.  Without the availability of a liquidity
facility, the class A2c, B1a, B1c, C1a, and C1c notes no longer
withstand S&P's respective rating stresses at their current
levels.  Therefore, S&P has lowered the ratings to the level at
which they pass.

The downgrades on the class D1a, D1c, and E notes are due mainly
to the deal's further deterioration in performance and falling
U.K. house prices leading to assumptions of significantly
increased losses and loss severities.

On the December 2008 interest payment date, the transaction drew
GBP530,191 from its reserve fund (14.4% of the fund's quarter
opening balance).  This draw was mainly due to increased losses of
GBP1,934,048 in the quarter, compared with GBP1,023,065 on the
September 2008 IPD.

As of December 2008, repossessions increased to 7.2% of the
outstanding principal balance from 5.4% in September 2008.  With
U.K. house prices continuing to fall and depressed sale prices of
repossessions, S&P expects to see further losses and reserve fund
draws in the coming quarters.

                           Ratings List

                       Eurosail 2006-1 PLC
  GBP462.978 Million, EUR60.7 Million, and US$437.5 Million
       (Plus an Overissuance of GBP11.025 Million)
             Mortgage-Backed Floating-Rate
                               Notes

       Class                  Rating
       -----                  ------
                  To                         From
                  --                         ----

      Ratings Lowered and Removed from CreditWatch Negative

       A2c        AA                         AAA/Watch Neg
       B1a        BBB                        AA/Watch Neg
       B1c        BBB                        AA/Watch Neg
       C1a        BB                         A/Watch Neg
       C1c        BB                         A/Watch Neg

                          Ratings Lowered

       D1a        CCC                        BB
       D1c        CCC                        BB
       E          CCC                        B


GKN HOLDINGS: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has downgraded UK-based GKN Holdings plc.'s Long-
term Issuer Default Rating and senior unsecured ratings to 'BB+'
from 'BBB-' (BBB minus).  The downgrade reflects the deterioration
of the group's financial profile in 2008 and Fitch's expectations
that it will continue to worsen materially in 2009, to levels not
commensurate with an investment grade rating.  The Outlook on the
Long-term IDR is Negative.  The agency has simultaneously
downgraded GKN's Short-term IDR 'B' from 'F3'.

The group's trading profit margin before restructuring, impairment
and other non-operating charges dropped to 4.6% in FY08 compared
to 7.2% in FY07, affected by the sharp decline in vehicle
production in H208, which was not offset by the solid performance
of the group's non-automotive business.  H208 trading profit fell
to GBP55 million from GBP146 million in H108, which translates
into a margin of 2.6% and 6.4%, respectively.  In addition, GKN
posted negative free cash flow (according to Fitch's definition)
of GBP46 million at FYE08.  As a result, the group's lease
adjusted net leverage rose considerably to an estimated 2.4x at
FYE08 from 1.7x at FYE07.  Fitch expects a further material
increase in the group's leverage against the ongoing backdrop of a
negative outlook for global automotive markets, and also a
weakening demand for the group's off-highway and aerospace
activities.

Fitch recognizes GKN's launch of a significant restructuring and
cost cutting plan to be completed by July 2010, which is expected
to reduce full year operating costs by approximately GBP190
million.  The group expects that the measures involve GBP140
million cash costs and GBP150 million of non-cash asset
impairments.  Fitch believes that GKN's track record in
restructuring its automotive operations by switching capacity from
high-cost and low-growth economies towards emerging markets will
help to align operations more closely with lower demand.  Together
with reduced capex spending, and the suspension of dividends,
Fitch believes this should allow GKN to better cope with tougher
market conditions.

However, Fitch also cautions that the heightened risk of a severe
and protracted global recession could jeopardize the group's
restructuring and cost cutting plan for materially improving free
cash flow and therefore further weaken GKN's financial profile.
The global economic downturn is likely to affect the group's so
far well-performing civil aerospace and off-highway operations.
These factors are reflected in the Negative Outlook.  Pressure on
the ratings will substantially increase if the group continues to
generate negative free cash flow and/or posts an increase of lease
adjusted net leverage to levels exceeding 3x with low visibility
of a sustained reduction.

Fitch believes GKN's financial flexibility is adequate.  In
addition to cash and cash equivalents of GBP114 million at FYE08,
the group stated that it had financial headroom from committed
undrawn bank facilities of GBP402 million.  It has also procured
new revolving credit facilities of GBP180 million related to the
acquisition of the Filton wing component and sub-assembly
manufacturing facility from European Aeronautic Defence and Space
Company N.V. (EADS, 'BBB+'/Stable/'F2')/Airbus SAS for GBP136
million.  Fitch notes that the group's net debt markedly increased
to GBP708 million at FYE08 from GBP506 million, impacted by the
settlement of balance sheet hedges with a net cost of GBP221
million.  At FYE08, only 12% (GBP97 million) of total debt was
short-term.  Apart from a GBP350 million revolving borrowing
facility, which expires in July 2010 the group has no significant
maturities before 2012, when a GBP325 million bond becomes due.
Fitch also notes that the group's reported deficit of its funded
post-employment obligations materially increased to GBP435 million
at FYE08 from GBP33 million at FY07.  The agency will continue to
closely monitor any material funding requirements, which could
further weaken the group's financial profile.

The ratings continue to be supported by GKN's strong market
position, particularly in driveline technology products including
constant velocity joints and torque management devices.  The
group's end-market diversification into the aerospace and off-
highway sectors also help to somewhat mitigate the significant
challenges facing the automotive industry.


GREEN PARK: Calls in Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Steven Philip Ross and Robert Christopher Keyes of Tenon Recovery
were appointed joint administrators of Green Park Ventures Ltd. on
Feb. 11, 2009.

The company can be reached through Tenon Recovery at:

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


HSBC HOLDINGS: May Use Part of Fund Raising for Asian Buyout
------------------------------------------------------------
Bloomberg News reports HSBC Holdings Plc may use part of the
GBP12.5 billion (US$17.7 billion) it is raising in a rights
offering to fund acquisitions in Asia and other emerging markets.

The bank will pursue "opportunities" for growth, including
takeovers, the news agency cited Chairman Stephen Green as saying
during a press conference in London on Monday.  "They are more
likely to be bolt-on or incremental acquisitions" in emerging
markets, Mr. Green said.

According to the report, HSBC may be interested in Royal Bank of
Scotland Group Plc's assets in Asia.

RBS plans to abandon or sell retail and commercial banking
operations in 13 Asian countries, including the Philippines and
Vietnam, the report says.

"Organically, we can grow as our competitors withdraw, we can put
our capacity to work so that means you don't have to be quick to
buy something to do that," Sandy Flockhart, HSBC's chief executive
officer for Asia-Pacific, told Bloomberg News in an interview in
Hong Kong.  The company is still open to making purchases in
markets such as China and South Korea, Mr. Flockhart said as cited
by the report.

                          New Capital

As reported in the Troubled Company Reporter-Europe on March 3,
2009, The New York Times said HSBC was seeking to raise GBP12.5
billion, or about US$18 billion, in a rights issue of shares.

According to The Times, HSBC is offering investors five new shares
at 254 pence, or US$2.08 each, for every 12 they own already,
marking a substantial discount to the 491 pence at which the
shares closed Friday last week.

The move comes after HSBC said its 2008 net income fell to US$5.73
billion from US$19.1 billion the previous year, prompting the bank
to cut its 2008 dividend by 29 percent to 64 cents a share and
halt 2008 bonuses for its executive directors.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading a
group of banks that have underwritten the share sale, guaranteeing
they will buy any shares investors may not order, according to
Bloomberg News.

Bloomberg News said HSBC reported a pretax loss of US$15.5 billion
from North American operations, compared with a profit of US$91
million in 2007.  In Europe, the news agency said HSBC's pretax
profit rose to US$10.9 billion from US$8.6 billion.  Profit from
Hong Kong fell to US$5.46 billion from US$7.34 billion, while
earnings from the rest of Asia rose to US$6.47 billion from
US$6.01 billion, Bloomberg News said.

In 2003, The Times and Bloomberg News recalled, the bank became
the first European lender to post subprime losses after it paid
US$15.5 billion for U.S.-based Household International, now named
HSBC Finance, and has since had to inject billions of dollars into
the unit to keep it afloat after the subprime market soured.

Bloomberg News and The Times related HSBC said it would shut down
the U.S. unit's HFC and Beneficial arms in five to seven years and
cut 6,100 jobs.

HSBC's U.S. retail bank and credit card businesses won't be
affected by the shut down and job cut.

                 "Worsening Capital Shortfall"

As reported in the Troubled Company Reporter-Europe on Jan. 21,
2009, shareholder Knight Vinke Asset Management LLC said HSBC has
a substantial and worsening capital
shortfall.

Knight Vinke noted recent research reports issued by Morgan
Stanley and Goldman Sachs regarding HSBC's need for a very
substantial rights' issue, which "could be the largest rights'
issue ever made in the United Kingdom."

Bloomberg News said Goldman Sachs Group Inc. and CLSA Asia-Pacific
Markets earlier predicted HSBC will be forced to sell shares for
the first time since the financial crisis began in 2007.

According to Bloomberg News, Goldman analysts said Jan. 16 HSBC
may post a US$1.5 billion loss, raise US$17 billion in a share
issue, and pay no dividend in 2009,
citing a deteriorating U.S. economy and falling property prices.

As it predicted in early 2007, Knight Vinke said Household
International, HSBC's sub-prime lending business in the United
States, has turned out to be an unmitigated disaster.

"This is a depreciating business, the fair value of whose assets
is US$20 billion less than its liabilities (by HSBC's own
admission)," the long term HSBC shareholder said in a January 18
statement.

Eric Knight, CEO of Knight Vinke, pointed out that if Household is
not restructured, shareholders will bear all of the pain because
Household's debt is not guaranteed by HSBC.

"HSBC should stop pretending that a restructuring of Household is
inconceivable: all major banks with similar problems are now
thinking what was previously unthinkable," Mr. Knight said.

Knight Vinke also noted that HSBC's capital structure is much
weaker than would be suggested by the Tier 1 ratio, adding that
having a strong Tier 1 ratio is absolutely no guarantee that
additional capital will not be required.

                HSBC Denies Need for Gov't Funding

The London-based lender refuted Knight Vinke's projection saying
it is one of the world's most strongly capitalized banks.

The bank is one of the world's most "strongly capitalized" lenders
and hasn't sought capital support from the U.K. government, HSBC
said in a statement obtained by Bloomberg News.  The bank "cannot
envisage circumstances" where it would need government funding,
HSBC added.

                       Madoff Exposure

On December 15, 2008, HSBC confirmed it provided financing to a
small number of institutional clients who invested in funds with
Madoff Investment Securities LLC.

HSBC said its potential exposure under these financing
transactions is in the region of US$1 billion.

HSBC also has custody clients who have invested with Madoff,
however, it does not believe that these custodial arrangements
should be a source of exposure to the group.

                    Likely Fitch Downgrade

Fitch Ratings, according to Bloomberg News, warned it may cut
HSBC's credit rating as the global recession undermines its
finances.

Bloomberg News discloses Fitch cut its outlook on HSBC's debt to
"negative" from "stable" and said the bank's long-term issuer
default rating may be lowered over the "medium term".

HSBC's profitability in the fourth quarter was probably "weak" and
the bank is increasingly likely to need to raise funds to support
the U.S. unit, Bloomberg News cited Fitch as saying.

                          About HSBC

Headquartered in London, England, HSBC Holdings plc (NYSE:HBC) --
http://www.hsbc.com/-- is a banking and financial services
organization.  Its international network comprises over 10,000
properties in 83 countries and territories in Europe; Hong Kong;
rest of Asia-Pacific, including the Middle East and Africa; North
America and Latin America.  HSBC Holdings together with its
subsidiaries (HSBC) provides a range of financial services to more
than 128 million customers.  HSBC manages its business through two
customer Groups: Personal Financial Services and Commercial
Banking, and two global businesses: Global Banking and Markets,
and Private Banking.  Personal Financial Services incorporates the
Company's consumer finance businesses.  The largest of these is
HSBC Finance Corporation (HSBC Finance), a consumer finance
company in the United States.  On March 26, 2007, the company
acquired the remaining 50.01% of Erisa S.A. and Erisa I.A.R.D.  In
September 2008, Lehman Brothers sold its entire 2.09% stake in
Amtek Auto Ltd. to HSBC Holdings PLC.


LIGHTZONE LTD: Taps Joint Administrators from PKF
-------------------------------------------------
Stephen Paul Holgate and Philip L Armstrong of PKF (UK) LLP were
appointed joint administrators of Lightzone Ltd. on Feb. 20, 2009.

The company can be reached at:

         Lightzone Ltd.
         52 High Street
         Pinner
         Middlesex
         HA5 5PW
         England


LINPAC PACKAGING: In Talks with Lenders Over Debt Restructuring
---------------------------------------------------------------
Ben Harrington at The Daily Telegraph reports that packaging group
Linpac is in talks with lenders over a possible financial
restructuring.

According to the report, private equity firm Montagu, which bought
Linpac in June 2003 for GBP860 million, is understood to have
called in US-based restructuring firm Houlihan to help the company
draw up a new debt deal with its lenders.  The report discloses
PricewaterhouseCoopers is working on an independent business
review, while KPMG has been appointed to work on a contingency
plan.

Montagu, the report recalls, approached lenders late last year
seeking a covenant waiver as it emerged Linpac could breach its
banking covenants in 2009 after being hit by the decline in
sterling and volatile raw materials prices.

The financial restructuring, the report notes, could be completed
within months, although it is unclear whether existing
shareholders, which include some of the management and other
employees, will see their investment diluted.

Headquartered in Birmingham, LINPAC Group –-
http://www.linpac.com/–- is a GBP1.1 billion group with 9,000
employees at 90 locations worldwide.  It makes a variety of
plastic and paper products, including food containers, disposable
tableware, plastic car trim, plastic crates, and printed
containers for manufacturers of foods, beverages, and household
products.


OMAR HOMES: Goes Into Administration; 160 Jobs Affected
-------------------------------------------------------
Thetford and Brandon Times reports that Omar Homes has gone into
administration, resulting in the loss of 160 jobs.

The report relates the company, which generates an annual turnover
of about GBP45 million, filed for administration in the high court
in London on Monday just weeks after it announced that it was
seeking a major investor due to seeing a "contraction" in the
market.  Tenon Recovery has been appointed administrator, the
report discloses.

According to the report, a spokesman for Tenon said there had been
a number of serious inquiries from companies interested in taking
over the business.


PCS LTD: Goes Into Voluntary Liquidation
----------------------------------------
Torquay-based catering services company PCS (Torbay) Ltd has gone
into voluntary liquidation following a significant fall in
turnover in the final months of 2008.  Ian Walker and Gilbert
Lemon at the Exeter office of insolvency and business recovery
specialists Begbies Traynor have been appointed as joint
Liquidators.

PCS was founded in 1992 and supplied cleaning and catering
products to the catering trade in the Torbay area.  The business
expanded rapidly and eventually supplied its services to catering
establishments in Devon, Cornwall and Dorset.  By 2007 its
turnover had grown to over GBP1.5 million, in spite of a loss of
business in north Devon during that time.

Unfortunately, the catastrophic downturn experienced regionally in
the leisure industry in November and December 2008 resulted in a
drop of over 50% of PCS's turnover compared with the same period
in 2007.  Many of its customers were themselves becoming
insolvent, and poor internal administration systems had failed to
give Directors the accurate and up to date financial information
they would have needed to be able to react speedily to the change
in circumstances.

Liquidator Ian Walker commented, "It is a great shame that the
recession has contributed to yet another failure of what was a
thriving business.  However, there are lessons to be learned by
every business from the PCS experience.  It is crucial that
Directors have rigorous and accurate accounting systems which
enable them to tell, on a daily basis if necessary, exactly what
the current financial state of their business is, in order to take
pre-emptive or remedial action in time to avert disaster."

Fourteen jobs will be lost as a result of the Liquidation.


QED TECHNOLOGY: Appoints Administrators from Tenon Recovery
-----------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of QED Technology Ltd. on Feb. 19, 2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


ROYAL BANK: Sells US$4.2 Bln Gov't Guaranteed Floating-Rate Notes
-----------------------------------------------------------------
The Royal Bank of Scotland Group Plc sold GBP3 billion (US$4.2
billion) of floating-rate notes guaranteed by the U.K., Bloomberg
News reports citing a person familiar with the deal.

Bloomberg News relates the person, who declined to be identified
because the deal isn't complete, said the 18-month notes were
priced to pay interest of 35 basis points more than the London
interbank offered rate, or Libor.

RBS spokeswoman Linda Harper declined to comment on the sale of
the notes, Bloomberg News says.

                        China Asset Sale

Reuters reports that RBS said on Wednesday it was considering
selling most of its banking businesses in China to raise cash.

According to Reuters, RBS plans to sell ABN AMRO Holding N.V.
China's retail and commercial banking businesses, but will keep
ABN AMRO's global operations.

RBS bought ABN AMRO in October 2007 through a consortium with
Fortis N.V., Fortis SA/NV and Banco Santander S.A.

RBS has hired Morgan Stanley to explore the potential Asian asset
sale, people with direct knowledge of the matter told Reuters last
month.

                           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: UKFI Asks Bank to Explain Ex-CEO's Pension
------------------------------------------------------
The Royal Bank of Scotland Group plc has yet to explain why it
decided to award more than a minimum pension to its former chief
executive officer, Mr. Fred Goodwin, Reuters and The Associated
Press report citing the head of U.K. Financial Investments Ltd.,
the agency set up last year to manage the government's GBP37
billion investment in RBS and in the newly expanded Lloyds Banking
Group.

According to the report, Mr. Goodwin's pension is currently valued
at GBP703,000, or US$986,000, a year.

The report relates John Kingman, UKFI's chief executive, said it
had not been clear until recently that part of the pension was
discretionary.

"The reason it's discretionary is that his entitlement to an
undiscounted pension from the age of 50 stemmed from a decision of
RBS that he should be treated as retiring at the request of the
employer," the report quoted Mr. Kingman as saying during a
hearing at the Treasury Committee of the House of Commons.

The agency "immediately took legal advice because this decision
does seem extraordinary and it remains unexplained," Mr. Kingman
said as cited by the report.

As reported in the Troubled Company Reporter-Europe on Feb. 27,
2009, Bloomberg News said RBS is taking legal advice on Mr.
Goodwin's annual pension.

Reuters said RBS confirmed reports Wednesday last week 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 UKFI, RBS spokesman Neil Moorhouse
said as cited by Bloomberg News.

According to the report, the Treasury, through its bank holding
company UKFI, 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.


ROYAL BANK: Mulls Sale of Central & Eastern European Assets
-----------------------------------------------------------
The Royal Bank of Scotland Group plc hired UBS AG to explore a
sale of its central and eastern European units, Bloomberg News
reports citing three people familiar with the plan.

The bank may sell units in countries including Romania and
Slovakia and may sell the divisions one-by-one to lure buyers, the
people, who declined to be identified because the sale hasn’t been
made public, were cited by the news agency as saying.

A final decision to proceed with a sale hasn't been taken so far,
the report says.

According to Bloomberg News, RBS expanded operations in East
Europe through the takeover of Dutch lender ABN Amro Holding NV in
2008.

RBS bought ABN AMRO in October 2007 through a consortium with
Fortis N.V., Fortis SA/NV and Banco Santander S.A.

                            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.


TEMPLE QUAY: Taps Joint Administrators from Tenon Recovery
----------------------------------------------------------
Colin Wilson and S. J. Parker of Tenon Recovery were appointed
joint administrators of Temple Quay Recruitment Ltd. on Feb. 20,
2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


* UK: Companies Failed to Heed Warning Signs, Pwc Poll Finds
------------------------------------------------------------
Turnaround professionals' outlook on the economy is increasingly
pessimistic, with 72.6% of those polled claiming it is now
significantly harder to turn around failing companies than when
previously polled at the end of September 2008.  The second
survey, part of a series of studies polling close to 200
turnaround directors, confirmed growing alarm that companies were
not aware of the danger signs.  Over 60% of experts suggested
management teams were reluctant to employ turnaround expertise and
some alluded to executives exhibiting a "head in the sand
mentality."

Richard Boys-Stones, partner, Business Recovery Services at
PricewaterhouseCoopers LLP, commented:  "The findings of this
survey are consistent with what we are seeing in our Advisory
practice.  Management teams are being stretched in ways that they
have never been before as a result of the most exceptionally
challenging economic and market conditions in a lifetime.
Unsurprisingly, management are having to operate outside their
comfort zones and while some are reluctant to call for help others
are just not realising the scale of the business challenge."

The gloom is further emphasized with a focus on
"inevitable" redundancies as nearly two thirds of those surveyed
suggest companies will be forced to undergo a level of job
shedding.  However some turnaround professionals argued that
strategic restructuring and innovation would lead to a more
successful outcome than simple staff cuts.

Interestingly, in this survey 28% of respondents suggested their
client had breached banking covenants.  This is a marked reduction
on the last survey, which indicated that 48% had.  A possible
inference from this is that weaker companies began to breach
earlier in the cycle and now the stronger are "keeping the wolf
from the door".  In cases of breach, turnaround professionals said
that lenders that saw revised and strengthened business plans were
less inclined to take action that would result in the business
defaulting.

Cash is still marked as the focal point of business turnaround in
the current climate with 86.7% reaffirming that securing cash flow
is the single most important action in a turnaround.  However,
despite a number of state interventions to boost bank lending, 87%
stress that raising funds for operating cash flow is now in fact
harder than at the time of the first survey (end of September
2008).  As a replacement, respondents did suggest that
entrepreneurs, high net worth individuals and asset based lenders,
are proving an alternative source of investment for companies in
need of cash.  Further to this 83.5% of specialists claimed the
recession would create opportunities for Private Equity and one
commented that PE investors were "waiting in the wings."

One view that remains little changed is the perception of
government intervention, with 61.7% agreeing that not enough has
been done to deal with the economic crisis, down slightly from
68.5% in the first survey.  When asked to comment further, the
need for a well-communicated, considered, clear, long-term vision
was the overriding view, as opposed to the current perceived knee-
jerk reactions.  In line with this the second survey showed an
exerted call for the security given by a government backed credit
insurance scheme similar to that in France.

Anne Fergusson, director, PricewaterhouseCoopers LLP, and Head of
The Turnaround Panel concluded: "There is a strong sense from our
turnaround directors that the economy is mired in a recession that
has some way to go.  When we come to report on the outcome of our
third survey it is to be hoped that remedies arising from
utilisation of turnaround directors are starting to have a
beneficial impact with some confidence returning to businesses.


* EUROPE: Passenger Demand Down 5.7% in January 2009, IATA Says
---------------------------------------------------------------
The International Air Transport Association (IATA) on Thursday,
Feb. 26, 2009, released international scheduled traffic results
for January showing a deepening year-on-year demand slump.

International passenger demand fell by 5.6% in January 2009
compared to the same month in 2008.  It is also a full percentage
point worse than the 4.6% year-on-year drop recorded in December.
The January fall in demand is the fifth consecutive month of
contraction.

The 5.6% drop in passenger demand outpaced capacity cuts of 2.0%
driving the load factor to 72.8% - 2.8% below what was recorded
for January 2008.

The alarming collapse in cargo markets in December (-22.6%)
worsened in January 2009 with a 23.2% year-on-year demand drop.
This is the eighth consecutive month of contraction for freight
traffic.

"Alarm bells are ringing everywhere.  Every region's carriers are
reporting big drops in cargo.  And, aside from the Middle East
carriers, passenger demand is falling in all regions.  The
industry is in a global crisis and we have not yet seen the
bottom," said Giovanni Bisignani, IATA's Director General and CEO.

                            Passenger

    * Asian carriers led the decline in passenger demand with an
      8.4% year-on-year drop in January.  While this is slightly
      better than the 9.7% contraction in December, this is
      positively skewed by Chinese New Year which fell at the end
      of January 2009 (and which was in February the year before).
      Capacity in the region contracted 4.3%.  With Japan, the
      region's largest market for air travel, expected to see its
      economy contract by an unprecedented 5% in 2009, the
      prospects for traffic in the region remain dismal.

    * North American carriers posted the second largest passenger
      decline at 6.2% led by a decline in Trans-Pacific travel.
      In response, carriers withdrew 2.6% of their international
      capacity, clawing back some of the expansion of 2008.

    * European carriers offset a 5.7% decline in demand with a
      3.6% decrease in capacity.  Demand decreased sharply from
      the 2.7% fall in December as European economies move into
      deep recession.

    * Latin American carriers saw a modest decline of 1.4%.  Even
      against a 0.5% increase in capacity, the region turned in
      the highest load factors at 74.9%.

    * African carriers saw the demand decline slow from an average
      4.0% in 2008 to 2.6% in January.

    * The Middle East was the only region with a positive traffic
      growth of 3.1%.  This is far below both the double-digit
      traffic growth in 2008 and the 10.8% expansion in capacity.

                            Cargo

    * Asia Pacific carriers, representing 43% of the market, led
      the cargo decline with a 28.1% year-on-year drop.  This was
      followed closely by the other major market players: European
      carriers (-23.0%) and North American carriers (-19.3%).


    * While this may appear to be relatively stabilized compared
      to the precipitous December drop, it is too soon to call a
      bottom in the air freight market.  Manufacturers are still
      shedding inventory and cutting production which is expected
      to lead to further falls in freight volumes.

"The only good news is that fuel prices remain well below last
year's level.  But the drop in demand is much more harmful.  The
industry is shrinking with revenues expected to fall by US$35
billion to US$500 billion, delivering a loss of US$2.5 billion
this year," said Mr. Bisignani.

"Airlines remain in intensive care, but while others ask for
government bailouts, our demands on Governments are much more
modest.  First, don't tax us to death in order to pay for
investments in the banking industry.  This includes the UK
government's plans to increase its multi-billion pound Air
Passenger Duty and the Dutch Government's misguided departure
tax," said Bisignani.  In 2008, even as governments delivered tax
breaks to stimulate economic growth, the airline industry took on
an additional tax burden of US$6.9 billion.

"Second, give airlines the commercial freedoms that every other
business takes for granted.  With the world's capital markets in
disarray, archaic ownership restrictions are an unnecessary burden
that must be lifted.  Today's crisis highlights the need to change
the structure of this hyper-fragmented and fragile industry," said
Mr. Bisignani, referring to IATA's Agenda for Freedom initiative.


* Fitch Says Debt Buybacks Below Par Not Always a Distressed Debt
-----------------------------------------------------------------
Fitch Ratings says buybacks of debt below par do not necessarily
constitute as distressed debt exchange unless they are coercive or
de facto involuntary.  This comment comes as the deterioration in
global credit markets since mid-2007, and in particular the
accelerating deterioration since September 2008, has resulted in
secondary market pricing of loans for all borrowers, regardless of
performance, trading significantly below par.  As a result, Fitch
has observed that several borrowers in Europe with strong
liquidity have looked for opportunities to reduce their debt
levels at below-par prices through one-on-one debt buybacks or
through general offers or reverse auctions.

Under Fitch's "Distressed Debt Exchange Criteria" report dated 7
April 2006, two requirements must both be met for a debt exchange
to be considered a DDE and hence a default: it must constitute a
material reduction in terms (such as a cash tender for less than
par) and it must be coercive or de facto involuntary.

"Provided that the debt buyback offer can be taken up at the
option of the investor, and is not being made pursuant to an
explicit threat of bankruptcy or default, and is not considered
necessary to prevent a default in the near term, Fitch would not
consider the buyback coercive or de facto involuntary," says
Michelle De Angelis, Senior Director in Fitch's European Leveraged
Finance team.  "Therefore, even if it meets Fitch's other
criterion for a DDE, in that it results in a material reduction in
terms, namely payment below par, it would not be considered a DDE
and would not constitute a default."

However, Fitch notes that even if the exchange is not considered a
DDE, there are other factors which must be taken into account in
reviewing the effects of such a buyback on an issuer's credit
quality and rating.  These include liquidity, the structure of the
buyback and whether it results in an increased tax burden for the
company, whether the debt is cancelled or remains on balance
sheet, and in the latter case, whether the non-tendering
investors' rights are protected.

Recent examples of such non-distressed buybacks in Europe include
Danish incumbent telecom operator, TDC A/S ('BB-' (BB
minus)/Positive), which bought back debt in a number of bilateral
transactions during 2008; Smurfit Kappa Group plc ('BB'/Stable),
which launched a reverse auction process on 11 February 2009; and
Wind Acquisition Finance Holdings S.A. (the parent of Wind
Telecomunicazioni SpA, 'BB-' (BB minus)/Positive), which launched
a tender offer for its payment-in-kind loan - also on 11 February
2009.


* Fitch Reports Updates on its Rating Definitions
-------------------------------------------------
Fitch Ratings has published updated definitions for its rating
scales to provide enhanced clarity with respect to the rating
targets for its primary ('AAA'-led) rating scales.

Fitch has introduced additional descriptive text for each of the
principal applications of the 'AAA' scale related to issuers and
obligations.  The broad comparability of rating targets on all
applications of the 'AAA' scale is retained, but new descriptive
text underlines the relative importance of default risk, and
provides further clarity on the additional incorporation of loss
severity applied to ratings of corporate finance obligations.

More detail has also been added at the 'C', 'RD' and 'D' levels
for the ratings of issuers, to provide greater clarity on the
ratings applicable to entities at different stages of distress,
notably incorporating the treatment of forbearance, waiver and
standstill agreements.

Fitch's newly announced Loss Severity Rating Scale for structured
finance obligations will provide a view of the relative
vulnerability to loss severity of a tranche in comparison with the
overall loss expectations for that transaction's collateral pool.
These ratings, assigned to obligations rated 'AAA' to 'B' on the
obligation scale, will be complemented by Recovery Ratings for
structured finance ratings rated 'CCC' or below.  The Recovery
Ratings will provide an ordinal ranking of potential recoveries
relative to historical ranges, comparable to Recovery Ratings
assigned to corporate and public finance obligations.

Other changes include simplification of the definition text for
Fitch's servicer and asset manager rating scales; "limitation
boxes" highlighting scale-specific analytical limitations to the
rating opinion; increased clarity and detail in the description of
speculative-grade credit ratings for corporate and public finance
bonds; inclusion of a general correspondence table, indicating the
most common relationships between Long- and Short-term rating
scales; and more detail on the application of Rating Watches,
Outlooks and rating withdrawals.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Bankruptcy Battleground West
       Beverly Wilshire, Beverly Hills, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 14-16, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Conrad Duberstein Moot Court Competition
       St. John's University School of Law, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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 * * *