TCREUR_Public/090306.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, March 6, 2009, Vol. 10, No. 46

                            Headlines

A U S T R I A

IRDNINGER LLC: Claims Registration Period Ends March 18
MARJANOVIC LLC: Claims Registration Period Ends March 20
PROTECTIVE INDUSTRIES: Claims Registration Period Ends March 19
SRT SCHWEISSROBOTRONIC: Claims Registration Period Ends April 13
YU PLANET-DRAGUTINOVIC: Claims Registration Period Ends March 19


F R A N C E

FIXED-LINK FINANCE: S&P Lowers Rating on Class C Notes to 'D'
KORREDEN SA: Moody's Downgrades Corporate Family Rating to 'Ca'


G E R M A N Y

BANK OF AMERICA: Deutsche Sued for Luring Merrill's Bankers
COLTEX DEUTSCHLAND: Claims Registration Period Ends March 30
DEPFA FUNDING: Fitch Junks Ratings on Trust Preferred Securities
DEPFA FUNDING: S&P Cuts Issue Ratings on Tier 1 Instruments to 'C'
E-TAIL GMBH: Claims Registration Period Ends April 3

FORCE 2005-1: Fitch Cuts Rating on Class C Notes to 'BB'
GREENFIELD GMBH: Claims Registration Period Ends March 30
HYPO REAL ESTATE HOLDING: JC Flowers Mulls Legal Action Over Stake
MEER EVENTS: Claims Registration Period Ends April 1
PROJEKTA GMBH: Claims Registration Period Ends April 6

TRAFEMA GMBH: Claims Registration Period Ends March 31


H U N G A R Y

BORSODCHEM NYRT: Seeks Waiver on EUR1.15 Bln Buyout Loan


I C E L A N D

HANSA: To Prove Solvency in Court Today, March 6


I R E L A N D

LANSDOWNE MORTGAGE: S&P Lowers Rating on Class B Notes to 'B'
STARLING FINANCE: Fitch Lifts Rating on EUR32 Mln Notes from 'BB'
TABERNA EUROPE: S&P Junks Ratings on Three Classes of Notes


I T A L Y

DA VINCI SYNTHETIC: Moody's Junks Rating on Class C Notes from Ba2
MELIORBANCA SPA: Fitch Upgrades Issuer Default Rating from 'BB'


K A Z A K H S T A N

JILISHNO STROITELNAYA: Creditors Must File Claims by April 3
MAG-SERVICE LLP: Creditors Must File Claims by April 3
NARYMBAI LLP: Creditors Must File Claims by April 3
NK SEMEY: Creditors Must File Claims by April 3
ORLEU 2007-NS: Creditors Must File Claims by April 3

OTAU INVEST-A: Creditors Must File Claims by April 3
PETERS LTD: Creditors Must File Claims by April 3
PRO AND MAR: Creditors Must File Claims by April 3
TEMIR METALL: Creditors Must File Claims by April 3
TOLES LLP: Creditors Must File Claims by April 3


K Y R G Y Z S T A N

GRAND TECH: Creditors Must File Claims by March 20


L A T V I A

* LATVIA: Sweden to Lend SEK10 Billion in 2010


N E T H E R L A N D S

NXP BV: S&P Lowers Long-Term Corporate Credit Rating to 'CC'


P O R T U G A L

BANCO PRIVADO: Fitch Downgrades Individual Rating to 'F'


R U S S I A

ARMAVIRSKAYA CONSTRUCTION: Court Names Insolvency Manager
EVRO-STROY-PROEKT LLC: Court Names Insolvency Manager
FORGED PRODUCTS: Creditors Must File Claims by April 28
INSTRUMENTALNOE PROIZVODSTVO: Claims Filing Deadline Set March 29
KATRIS CJSC: Creditors Must File Claims by March 29

MAMOKHINA-LES LLC: Court Names D.Shurakov as Insolvency Manager
OPIN JSC: Moody's Withdraws 'B1' Corporate Family Rating
ROS-PROM-LES LLC: Creditors Must File Claims by March 29
STEKLO-MASH-61 LLC: Creditors Must File Claims by April 28
VIMPELCOM: Telenor Appeals Court Decision in Farimex Case

YUNIVERS-GEO CJSC: Bashkortostan Bankruptcy Hearing Set June 26
ZAP-SIB-NEFTE-GAZ LLC: Creditors Must File Claims by March 29


S P A I N

FONCAIXA FTPYME: Fitch Cuts Rating on Class C Notes to 'BB'
GAT FTGENCAT: Fitch Cuts Rating on Class E Notes to 'CC'


S W E D E N

STENA AB: Moody's Affirms Corporate Family Rating at 'Ba1'


S W I T Z E R L A N D

AVIMEX JSC: Creditors Must File Proofs of Claim by March 15
BERGONOMIC JSC: Deadline to File Proofs of Claim Set March 20
DANEN LLC: Creditors Have Until March 16 to File Claims
HG PROJEKT 3000: Creditors Must File Claims by March 15
INOTECH LABOR: Creditors' Proofs of Claim Due by March 21

IQ POWER: To File for Insolvency in Zug Court
MALERATELIER JR: March 27 Set as Deadline to File Claims
SFB KUENSTLERMANAGEMENT: Creditors Must File Claims by March 17
SPITZER ELECTRONIC: Creditors Have Until March 31 to File Claims
UBS AG: Kaspar Villiger Named to Replace Peter Kurer as Chairman

UBS AG: Won't Name U.S. Clients, Cites Swiss Privacy Laws
VINARIO JSC: Creditors Must File Claims by March 9


U K R A I N E

BOOK MARKET: Court Starts Bankruptcy Supervision Procedure
ENTERPRISE ALMEGA: Creditors Must File Claims by March 19
FRUIT AND VEGETABLES: Creditors Must File Claims by March 18
GEKAR LLC: Creditors Must File Claims by March 18
INCRYSTAL LLC: Creditors Must File Claims by March 19

SVS-ALLIANCE LLC: Creditors Must File Claims by March 19

* S&P Affirms 'CCC+' Issuer Rating on City of Ivano-Frankivsk


U N I T E D   K I N G D O M

A J CONSTRUCTION: Appoints Joint Liquidators from Tenon Recovery
BERNARD L. MADOFF: UK Unit Sent US$164-Mil. to Parent in November
BRITISH AIRWAYS: Annual Loss Expected, May Not Pay Dividends
BRITISH AIRWAYS: One Thorn Remains for Iberia Merger Deal
CONCEPT AND DESIGN: Calls in Joint Liquidators from Tenon Recovery

DOLGARROG ALUMINIUM: Taps Joint Liquidators from KPMG
ELVA FUNDING: S&P Corrects Press Release on Wrong Rating Withdrawn
EUROMET ALLOYS: Appoints Joint Liquidators from Baker Tilly
GORDON RAMSAY: Says In Breach of Certain Financial Covenants
INVESTEC FINANCE: Moody's Revises Press Release; Cuts BFSR to 'D+'

ITV PLC: To Layoff 600 Jobs to Cut Cost, Bloomberg News Says
ITV PLC: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
KEYFORD CARPET: Taps Joint Liquidators from Smith & Williamson
KITSCH LEISURE: Brings in Joint Liquidators from Tenon Recovery
LANDER BE PROPERTY: Appoints Joint Liquidators from Tenon Recovery

LEHMAN BROTHERS: PwC to Ask London Court to Rule on Trust Assets
LLOYDS BANKING: Denies Reports U.K. Gov't Deal Isn't Moving
MOSAIC FASHIONS: Dune Shoes Buys Shoe Studio Out of Administration
R20: Auditors Cast Going Concern Doubt Over Liabilities
VIRGIN MEDIA: Net Loss Widens to GBP241.4 Mln in Fourth Qtr. 2008

WESTSIDE PROJECT: Appoints Liquidator from Tenon Recovery

* BOOK REVIEW: Megamergers


                         *********


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


IRDNINGER LLC: Claims Registration Period Ends March 18
-------------------------------------------------------
Creditors owed money by LLC Irdninger (FN 76637b) have until
March 18, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Gerhard Strobich
         Roseggergasse 2
         8793 Trofaiach
         Austria
         Tel: 03847-2919
         Fax: 03847-2919-4
         E-mail: ra@strobich.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on March 25, 2009, for the
examination of claims at:

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

Headquartered in Irdning, Austria, the Debtor declared bankruptcy
on Jan. 22, 2009, (Bankr. Case No. 17 S 4/09w).


MARJANOVIC LLC: Claims Registration Period Ends March 20
--------------------------------------------------------
Creditors owed money by LLC Marjanovic (FN 217283i) have until
March 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Wolfgang Pils
         Graben 19
         4020 Linz
         Austria
         Tel: 77 33 68
         Fax: 77 33 68 74
         E-mail: ra.dr.pils@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 3, 2009, for the
examination of claims at:

         Land Court of Linz (458)
         Room 522
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Jan. 20, 2009, (Bankr. Case No. 12 S 4/09i).


PROTECTIVE INDUSTRIES: Claims Registration Period Ends March 19
---------------------------------------------------------------
Creditors owed money by LLC Protective Industries & Bausanierung
(FN 297845h) have until March 19, 2009, to file written proofs of
claim to the court-appointed estate administrator:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Wien
         Austria
         Tel: 4060551
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on March 19, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Jan. 9, 2009, (Bankr. Case No. 5 S 4/09m).


SRT SCHWEISSROBOTRONIC: Claims Registration Period Ends April 13
----------------------------------------------------------------
Creditors owed money by OG SRT - Schweissrobotronic (FN 297268i)
have until April 13, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Alexandra Thomasberger
         Roemerstrasse 48
         4800 Attnang - Puchheim
         Austria
         Tel: 07674/63320
         Fax: 07674/63320-13
         E-mail: attnang@vb-lex.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on April 23, 2009, for the
examination of claims at:

         Land Court of Wells (519)
         Hall 101
         Wells
         Austria

Headquartered in Attnang – Puchheim, Austria, the Debtor declared
bankruptcy on Jan. 21, 2009, (Bankr. Case No. 20 S 8/09s).


YU PLANET-DRAGUTINOVIC: Claims Registration Period Ends March 19
----------------------------------------------------------------
Creditors owed money by KEG Yu Planet-Dragutinovic (FN 259583s)
have until March 19, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Markus Siebinger
         Krugerstrasse 17/3
         1010 Wien
         Austria
         Tel: 513 22 31
         Fax: 513 22 31 1
         E-mail: markus.siebinger@der-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on April 2, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 20, 2009, (Bankr. Case No. 5 S 117/08b).


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


FIXED-LINK FINANCE: S&P Lowers Rating on Class C Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to 'D'
from 'C' its rating on the class C notes issued by the special-
purpose vehicle Fixed-Link Finance B.V. after the noteholders took
a principal loss on redemption of these bonds.  Standard & Poor's
subsequently withdrew the ratings, as the FLF structure has been
unwound.

The C noteholders voted on Feb. 25, 2009, to collapse the
structure and pay out the remaining funds.  As a consequence, the
notes were redeemed on Feb. 27, 2009.  Accrued interest since the
last interest payment date was paid.  In addition, approximately
EUR56.59 million was applied toward redemption of the
EUR84.84 million of outstanding C notes on Feb. 27, 2009.

"This left the C noteholders with a loss of approximately 20% of
the initial amount, at the upper range of the 70%-80% recovery
estimate indicated in S&P's previous research," said Standard &
Poor's credit analyst Alexandre de Lestrange.  The FLF structure
is now totally unwound.

FLF was a special-purpose vehicle related to Anglo-French Channel
tunnel infrastructure operator Eurotunnel.  FLF's underlying
assets consisted of some of Eurotunnel's various tranches of debt.


KORREDEN SA: Moody's Downgrades Corporate Family Rating to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Korreden SA (consolidated with its subsidiaries,
"Akerys") to Ca from Caa3.  At the same time, Moody's downgraded
the rating of Akerys' EUR300 million senior secured floating-rate
notes due 2014, issued by Akerys Holdings SA (a subsidiary of
Korreden SA), to C from Ca.  The loss given default assessment is
LGD5-87.73%.

"The downgrade of the CFR reflects Moody's revision of Akerys'
Probability of Default Rating, which underpins the CFR, to Ca/LD
from Caa3," explains Lynn Valkenaar, a Vice President-Senior
Analyst in Moody's Corporate Finance Group.  "The revision of the
PDR recognizes Akerys' failure to make the interest payment on the
EUR300 million notes to the noteholders prior to March 3, 2009,
which was the expiration of the 30-day grace period provided in
the indenture."  At this juncture, Akerys' financial obligations
have not been accelerated because the noteholders have consented
to amend the indenture to extend the grace period to 90 days, thus
giving Akerys time to implement the proposed restructuring.

Moody's understands that the terms of the proposed restructuring
make it a distressed exchange and include replacing the existing
EUR300 million bonds with EUR80 million in new notes of the same
maturity.  The remainder of the noteholders' claim will be made up
of exchangeable bonds that are exchangeable into the company's
newly issued "B shares", representing 45% of the post-
restructuring capital of the company. Existing shareholders will
hold "A shares".

The last rating action was implemented on February 10, 2009, when
Korreden SA's ratings were placed on review for possible
downgrade. The rating action concludes the review.

Headquartered in Toulouse, France, Akerys is the largest player in
the buy-to-let segment of the French homebuilding market, with
7,335 housing units sold in 2007-08.  The Korreden group's main
shareholder is investment holding company Qualis SCA (not rated),
with a 78% interest.  In the financial year to 30 June 2008, the
group reported revenues of EUR790 million.


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


BANK OF AMERICA: Deutsche Sued for Luring Merrill's Bankers
-----------------------------------------------------------
Chad Bray at Dow Jones Newswires reports that Merrill Lynch & Co.
has filed a lawsuit against Deutsche Bank AG in New York State
Supreme Court for hiring former Merrill Lynch Treasurer Eric
Heaton and 11 members of the Company's financial institutions
group.

According to Dow Jones, Merrill Lynch claims that Deutsche Bank
"raided" its business.  Dow Jones relates that Merrill Lynch
alleged that Deutsche Bank improperly lured away a group of
investment bankers that "generated tens of millions of dollars in
annual revenues" and "clearly mapped out its raid many months in
advance."  Those employees gave abrupt notice of their voluntary
resignations on February 3, says the report.  "The rapid-fire
resignations of 12 Merrill Lynch employees, in New York, London
and Hong Kong, could not have occurred without premeditated and
precise coordination between Deutsche Bank and these Merrill Lynch
employees and, upon information and belief, breaches of Merrill
Lynch's contractual, fiduciary and other rights," Dow Jones quoted
Merrill Lynch as saying.

Merrill Lynch, according to Dow Jones, claims that Deutsche Bank
is legally prohibited from hiring nine of the 12 workers it took
from the Company for 30 to 90 days.  Merrill Lynch said in a
statement, "We believe these mass resignations were part of a
carefully orchestrated plot by Deutsche Bank to raid a key Merrill
Lynch business unit in violation of Merrill's trade secret and
fiduciary rights and to encourage employees with ongoing
obligations and common law duties to Merrill Lynch to breach them
and leave."

Dow Jones relates that Merrill Lynch also sued Mr. Heaton,
claiming that he and Deutsche Bank have made it clear that he
won't fully honor an obligation that he should provide six-month
notice of his resignation to Merrill Lynch.  Dow Jones, citing
Merrill Lynch, reports that Mr. Heaton is bound by a non-compete
provision, which expires on January 31, 2010.  Dow Jones quoted
Mr. Heaton as saying, "We believe he had a role in persuading and
encouraging others to leave Merrill Lynch and join Deutsche Bank
in violation of his duty of loyalty to Merrill Lynch."

         Attorney General Subpoenas Top Executives

Citing people familiar with the matter, Susanne Craig and Dan
Fitzpatrick at WSJ relates that New York state's attorney general,
Andrew Cuomo, has issued subpoenas to these top Merrill Lynch &
Co. executives who each received more than US$10 million in cash
and stock from the Company last year:

    -- Andrea Orcel, the top investment banker at Merrill Lynch:
    -- global sales and trading chief Thomas Montag; and
    -- Peter Kraus, Merrill Lynch's former chief of strategy.

According to WSJ, Messrs. Orcel and Montag are currently working
at Bank of America Corp.  Mr. Kraus is currently chief executive
of investment-management firm AllianceBernstein Holding LP, says
WSJ.  WSJ states that they were paid more than US$25 million each
in 2008.

WSJ says that Merrill Lynch paid out billions of dollars in bonus
though it posted a fourth-quarter net loss of US$15.84 billion
last year.  Mr. Cuomo, according to the report, is investigating
whether the bonuses breached security laws.  The report, citing
people familiar with the matter, says that Mr. Cuomo is concerned
that Bank of America and Merrill Lynch didn't disclose their
agreement to a bonus payout of as much as US$5.8 billion, when the
takeover deal was reached in September.  Mr. Cuomo, the report
states, is also investigating Bank of America's role in paying out
the bonuses.  Bank of America has filed a petition in the New York
state court asking for confidentiality of the pay data, according
to the report.

Bank of America chairman Kenneth Lewis has told investigators that
he had "no authority" over Merrill's bonuses, WSJ reports.

                      About Bank of America

Bank of America is one of the world's largest financial
institutions, serving individual consumers, small and middle
market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk-
management products and services.  The company provides unmatched
convenience in the United States, serving more than
59 million consumer and small business relationships with more
than 6,100 retail banking offices, nearly 18,700 ATMs and award-
winning online banking with nearly 29 million active users.
Following the acquisition of Merrill Lynch on January 1, 2009,
Bank of America is among the world's leading wealth management
companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes serving
corporations, governments, institutions and individuals around the
world.  Bank of America offers industry-leading support to more
than 4 million small business owners through a suite of
innovative, easy-to-use online products and services.  The company
serves clients in more than 40 countries.  Bank of America
Corporation stock is a component of the Dow Jones Industrial
Average and is listed on the New York Stock Exchange.

The bank needed the government's financial help in completing its
acquisition of Merrill Lynch.

Merrill Lynch & Co. Inc. -- http://www.ml.com/-- is a wealth
management, capital markets and advisory companies with offices in
40 countries and territories.  As an investment bank, it is a
leading global trader and underwriter of securities and
derivatives across a broad range of asset classes and serves as a
strategic advisor to corporations, governments, institutions and
individuals worldwide.  Merrill Lynch owns approximately half of
BlackRock, one of the world's largest publicly traded investment
management companies with more than US$1 trillion in assets under
management.  Merrill Lynch's operations are organized into two
business segments: Global Markets and Investment Banking (GMI) and
Global Wealth Management (GWM).


COLTEX DEUTSCHLAND: Claims Registration Period Ends March 30
------------------------------------------------------------
Creditors of Coltex Deutschland GmbH have until March 30, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on April 20, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Germany
         Tel: 0283297720
         Fax: 02832977229

The District Court opened bankruptcy proceedings against the
company on Feb. 20, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Coltex Deutschland GmbH
         Attn: Sharim Remon Elzas, Manager
         Siemensstrasse 31
         47533 Kleve
         Germany


DEPFA FUNDING: Fitch Junks Ratings on Trust Preferred Securities
----------------------------------------------------------------
Fitch Ratings has downgraded the trust preferred securities issued
through Depfa Funding II, III and IV and Hypo Real Estate
International Trust I to 'CC' from 'B'.  Fitch has simultaneously
removed all the securities from Rating Watch Negative and assigned
a recovery rating of 'RR5' to all the securities.

The rating action follows Depfa Bank plc's announcement that its
board of directors has decided not to pay coupons on the preferred
securities issued through Depfa Funding IV LP on the next
distribution payment date scheduled for March 21.  The board's
discretion to make such a decision is permitted under the terms
and conditions of the instrument.  The downgrade of all of Hypo
Real Estate Group's rated non-cumulative perpetual Tier 1 capital
instruments reflects the agency's expectation that the group's
weak financial condition and flexibility is highly likely to
result in a similar decision on the group's other Tier 1 capital
instruments, although no announcement by the group on those
instruments has been made yet.

The ISINs of the above securities are XS0291655727 (Depfa Funding
IV LP), XS0178243332 (Depfa Funding II LP), DE000A0E5U85 (Depfa
Funding III LP) and XS0303478118 (Hypo Real Estate International
Trust I).

The Long-term Issuer Default Rating, Short-term IDR, Individual
Rating, Support Rating and Support Rating Floor of Hypo Real
Estate Holding AG, Hypo Real Estate Bank AG, Depfa Bank plc, Depfa
Deutsche Pfandbriefbank AG, Depfa ACS Bank and Hypo Public Finance
puc are unaffected by the rating action.


DEPFA FUNDING: S&P Cuts Issue Ratings on Tier 1 Instruments to 'C'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its issue
ratings on hybrid Tier 1 instruments issued by Depfa Funding IV LP
to 'C' from 'CCC'.  At the same time, S&P lowered to 'CC' from
'CCC' the issue ratings on hybrid Tier 1 instruments issued by
Depfa Funding II LP, Depfa Funding III LP, and Hypo Real Estate
International Trust I.  S&P has not assigned public ratings to
other hybrid Tier 1 or upper Tier 2 instruments issued by the Hypo
Real Estate Group.

"This rating action follows yesterday's announcement by DEPFA BANK
PLC (BBB/Developing/A-2) that its Tier 1 issuing vehicle, Depfa
Funding IV, will not make payments on the next distribution date,
March 21, 2009," said Standard & Poor's credit analyst Stefan
Best.  "Although the bank announced that it has not made decisions
on other Tier 1 instruments, S&P has lowered the ratings on those
instruments by one notch because S&P considers it less likely than
before that the bank will make payments on them.  For the same
reason, S&P lowered the ratings on the Tier 1 instruments issued
by Hypo Real Estate International Trust I."

Nonpayment on the hybrid instruments is not unexpected,
considering the risk characteristics of these instruments and that
the group almost failed because of severe liquidity pressure and
has been supported by the German government since October 2008.
On Oct. 24, 2008, S&P lowered the counterparty credit ratings on
members of the Hypo Real Estate group to 'BBB/A-2' and cut the
ratings on hybrid Tier 1 instruments to 'CCC'.

                           Ratings List

                            Downgraded

                                        To                 From
                                        --                 ----
  DEPFA Funding IV LP
  Preferred stock*                      C                  CCC
  Depfa Funding II LP
  Preferred stock*                      CC                 CCC
  Depfa Funding III LP
  Preferred stock*                      CC                 CCC
  Hypo Real Estate International
  Trust IPreferred stock                CC                 CCC

                 * Guaranteed by DEPFA BANK PLC.


E-TAIL GMBH: Claims Registration Period Ends April 3
----------------------------------------------------
Creditors of E-Tail GmbH have until April 3, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on April 21, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 13
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511/228779-0
         Fax: 0511/228779-99

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:

         E-Tail GmbH
         Attn: Christos Rokkas, Manager
         Am Rothenberg 1
         31061 Alfeld
         Germany


FORCE 2005-1: Fitch Cuts Rating on Class C Notes to 'BB'
--------------------------------------------------------
Fitch Ratings has downgraded FORCE 2005-1 Limited Partnership's
notes, due February 2017, removed the four note classes from
Rating Watch Negative, and assigned rating Outlooks,:

  -- EUR193 million class A notes (ISIN: XS0237456156) downgraded
     to 'A' from 'AAA'; removed from RWN; assigned a Stable
     Outlook

  -- EUR17.8 million class B notes (ISIN: XS0237456313) downgraded
     to 'BBB' from 'AA'; removed from RWN; assigned a Stable
     Outlook

  -- EUR20.4 million class C notes (ISIN: XS0237456404) downgraded
     to 'BB' from 'A'; removed from RWN; assigned a Stable Outlook

  -- EUR18.5 million class D notes (ISIN: XS0237456826) downgraded
     to 'BB-' (BB minus) from 'BBB'; removed from RWN; assigned
     Stable Outlook

The transaction is a cash securitization of subordinated loan
agreements advanced to German medium-sized enterprises.

The notes were initially placed on RWN on September 19, 2008 to
reflect the potential for downgrades due to the new Global Rating
Criteria for Corporate CDOs.  The current rating actions are the
result of the updated rating criteria, but relate more
significantly to the continued negative performance of the
underlying portfolio companies and the high obligor concentration
in the pool.

The portfolio currently contains 49 obligors (initially 57
obligors).  The largest five exposures account for 4.6% of the
portfolio amount each and 22.9% on a cumulative basis.  Based on
credit enhancement and excess spread available, class D could
absorb the default of the eight largest obligors (32.7% of
portfolio), class C could absorb the ten largest obligors (38.8%),
class B the 12 largest obligors (44.9%) and class A could absorb
the default of the 13 largest obligors (47.9%).

In addition, the portfolio has experienced negative rating
migration since the last rating review in September 2008.  The
portfolio quality is being determined by a mapping approach, with
Fitch's Issuer Default Rating scale being mapped to
Industriekreditbanks's internal rating scale.  Based on this
mapped rating, eight portfolio companies have been downgraded by
between one and three notches since September 2008.  It is
noteworthy that IKB's credit assessment is mainly based on 2007
financial results and therefore Fitch expects further negative
rating migration in the coming months.

The transaction has experienced four defaults since closing in
December 2005.  In addition a further four portfolio companies
have terminated their loan agreements.  The terminated loan
agreements were repaid in full, including a make-whole amount.  As
a result of the defaults and terminations, there have been eight
principal deficiency events amounting to EUR43 million or 11.6% of
the initial portfolio balance.  As of the November 2008 payment
date, the full PD Ledger balance has been repaid through excess
spread.

As of the February 2009 payment date, one portfolio company
continues to draw on its loss participation reducing its notional
amount to be repaid at maturity.  The write-down may be reversed
if the company's performance improves during the transaction's
life.  Interest payments continue to be paid on the initial loan
amount, and the PDL will not be debited for this amount.  The draw
on the loss participation was a result of losses incurred by the
company in 2005.  While the company was profitable in 2006 and
2007, the loss participation has not yet been recovered.

Of the remaining loan agreements, three assets comprising 4.6% of
the current portfolio are under special care management, five
companies (13.7%) warrant special attention and a further 10
companies, comprising 15.7% of the portfolio, are being closely
tracked by the portfolio manager, EquiNotes Management GmbH, as
highlighted in the investor report of February 2009.  As of this
report, no companies have exercised the option of deferring
scheduled interest payments.

The largest industry with 16.8% of the portfolio is
Industrial/Manufacturing, according to Fitch classifications.

The securitized debt instruments comprising the portfolio are
deeply subordinated.  As a result, Fitch assumes no recovery in
its analysis.  For purposes of the default analysis using Fitch's
Portfolio Credit Model, the weighted average Fitch rating is
deemed 'BB', which is in line with the observed performance of the
transaction over the past four years since closing.  The majority
of the agreements feature loss participation and interest deferral
mechanisms.  As interest deferrals are permitted for a period of
one year, the transaction could be missing out on excess spread
without triggering PD events.  To account for this possibility,
Fitch has stressed the default probabilities through its PD
multiplier in its modeling.  One agreement exhibits strong equity
characteristics and has been treated as equity by Fitch for
purposes of this review.  In addition to default simulations,
Fitch has performed cash flow analysis to stress possible interest
rate and default timing patterns. The notes are most sensitive to
front-loaded default timing.

While the credit enhancement derived from both subordination and
excess spread is generous in comparison with other German SME
mezzanine transactions that Fitch rates, it was not sufficient to
justify the prior ratings of the notes.  The updated rating levels
assigned to the notes are intended to provide investors with
stable ratings.

The scheduled maturity of all classes of notes is February 2013
and the legal maturity is February 2017.


GREENFIELD GMBH: Claims Registration Period Ends March 30
---------------------------------------------------------
Creditors of Greenfield GmbH have until March 30, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 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 Aachen
         Room D 1.409
         Adalbertsteinweg 92
         52070 Aachen
         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 Henning Toennesmann
         Josef-Ruhr-Str. 30
         53879 Euskirchen
         Germany
         Tel: 02251 650810
         Fax: 022516508120

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

The Debtor can be reached at:

         Greenfield GmbH
         Attn: Armin Juessen, Manager
         Am Markt 20
         52152 Simmerath
         Germany


HYPO REAL ESTATE HOLDING: JC Flowers Mulls Legal Action Over Stake
------------------------------------------------------------------
JC Flowers may take legal action if it is unable to reach an
agreement with the German government over its stake in Hypo Real
Estate Holding AG, Katherine Griffiths at The Daily Telegraph
reports.

The Daily Telegraph relates Christopher Flowers, head of JC
Flowers, has said that he hopes a compromise could be reached with
the government.

However, a spokesman for the German finance ministry said on
Tuesday that there were no grounds for talks between the two
sides, The Daily Telegraph notes.

"The position of Mr. Flowers would lead to a situation where the
German government would not have full control over HRE,"
Reuters quoted the spokesman as saying.   The spokesman added this
would prevent Berlin from pushing through a restructuring of HRE,
Reuters discloses.

According to the Daily Telegraph, almost 25pc of HRE is currently
in the hands of JC Flowers and Grove, another private equity firm.
JC Flowers, the Daily Telegraph says, wants the state's holding to
be capped at 75pc.

On Feb. 24, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News' Aaron Kirchfeld, reported that JC Flowers said it
would prefer to remain a shareholder of HRE following a Feb. 18
approval of a draft bill allowing the German government to take
control of the property lender.

"It is not our preference to sell and to cash in.  It is our
preference to stay as a shareholder," Mr. Flowers said in a
statement obtained by Bloomberg News.

On Feb. 23, 2009, the TCR-Europe, citing BBC News, reported
Germany's finance minister, said at a press conference that HRE
was a "system relevant" bank, and the draft law was designed to
help the government stabilize it.

Bloomberg News disclosed Mr. Flowers has been holding talks with
the government on finding a solution for HRE.

According to Bloomberg News, Mr. Flowers paid EUR1.1 billion for
his stake in Hypo Real Estate and is asking for 10 euros per share
from the government.

Rescue of HRE is being pulled by two forces.  Bloomberg News said
in a Feb. 4 talks in Berlin, Chancellor Angela Merkel and Social
Democrat leader Frank-Walter Steinmeier, her challenger in Sept.
27 elections, failed to resolve differences over the lender.  The
Social Democrats favor nationalizing the bank, while Chancellor
Merkel's Christian Democrats is pushing to explore alternatives,
its budget spokesman Steffen Kampeter told Bloomberg News in a
Feb. 3 interview.

                         Government Aid

According to Bloomberg News, Hypo Real, which already received
EUR92 billion from the government, was forced to seek a bailout
after Depfa Bank Plc, its Dublin-based unit, failed to get short-
term funding in September when credit markets seized up.  Hypo
Real now needs another EUR10 billion, a Handelsblatt report
obtained by Bloomberg News said.

As reported in the Troubled Company Reporter-Europe on Jan. 23,
2009, the German Financial Markets Stabilisation Fund ("SoFFin")
extended its framework guarantee granted to Hypo Real Estate Group
by an additional EUR12 billion, bringing the aggregate guarantee
amount to EUR42 billion.

Hypo Real Estate Bank AG, part of Hypo Real Estate Group, can use
the additional guarantees to be issued by SoFFin to collateralize
debt securities to be issued, which must be due for repayment by
June 12, 2009 at the latest.

Hypo Real Estate Bank AG will pay to SoFFin a pro-rata commitment
commission of 0.1% on the undrawn portion of the framework
guarantee, and a 0.5% p.a. fee on guarantees drawn upon.

Negotiations between Hypo Real Estate and SoFFin regarding more
extensive and longer-term liquidity and capital support measures
for the Group have not yet been finalized.

Previously, SoFFin extended its EUR30 billion framework guarantee
for the Group from January 15, 2009 until April 15, 2009. Under
the extended guarantee, Hypo Real Estate Bank AG can use the
SoFFin guarantees to collateralize debt securities to be issued,
which must be due for repayment by April 15, 2009 at the latest.
Hypo Real Estate Bank AG will then pay to SoFFin a pro-rata
commitment commission of 0.1% of the undrawn portion of the
framework guarantee. The fee for guarantees drawn will be 0.5%
p.a. (previously 1.5% p.a.).

                     About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group. It is an international real estate
financing company, combining commercial real estate financing
products with investment banking. The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management. Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2008, Dominion Bond Rating Service downgraded its long-term
ratings for Hypo Real Estate Holding AG (Holding) and related
entities (together Hypo Real Estate or the Group), including the
Senior Unsecured Long-Term Debt rating for Holding, which was
downgraded to A (low) from "A". Concurrently, all ratings have
been placed Under Review with Negative Implications.

DBRS's rating action followed the announcement of Hypo Real
Estate's Q3 2008 results, the announcement of an additional EUR20
billion short-term debt guarantee and of additional information
about the Group's liquidity challenges, earnings outlook and
pending application for more comprehensive external support.

The downgrade and the Under Review Negative status reflect DBRS's
concern that Hypo Real Estate's franchise has been weakened by its
ongoing liquidity challenges. The Group's lack of access to
market funding currently restricts its ability to write new
business and requires it to seek more comprehensive support,
demonstrating the weakening of its intrinsic fundamentals, the
rating agency said.

A TCR-Europe report on Nov. 24, 2008, said Hypo Real Estate Group
incurred a consolidated pre-tax loss of EUR3.105 billion for the
third quarter of 2008 compared with a pre-tax profit of EUR237
million in the corresponding previous year period. The quarterly
loss is mainly attributable to the writeoff of goodwill
and other intangible assets attributable to the initial
consolidation of DEPFA Bank Plc (EUR2.482 billion).

On Oct. 28, 2008, the TCR-Europe reported Standard & Poor's
Ratings Services lowered its long-term counterparty credit ratings
on the seven rated entities of Hypo Real Estate (HRE) group to
'BBB' from 'BBB+', namely, Germany-based commercial real estate
lenders Hypo Real Estate Bank International AG and Hypo Real
Estate Bank AG, public-finance lenders Depfa Deutsche
Pfandbriefbank AG, Ireland-based DEPFA BANK PLC, Depfa ACS, and
Hypo Public Finance Bank, and Luxembourg-based Hypo Pfandbriefbank
Bank International S.A.

"These rating actions reflect the group's strained financial
profile, weak funding position, and concerns about the viability
of its business model," said Standard & Poor's credit analyst
Volker von Kruechten. "We expect HRE to restructure and downsize,
which may cause further pressure on earnings and capital, owing to
the difficult market environment and a deteriorating credit
cycle."


MEER EVENTS: Claims Registration Period Ends April 1
----------------------------------------------------
Creditors of Meer Events GmbH 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 10:00 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 Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         Germany

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Lange Strasse 50
         18311 Ribnitz-Damgarten
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 18, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Meer Events GmbH
         Attn: Yvonne Werner, Manager
         Luebecker St. 2
         18057 Rostock
         Germany


PROJEKTA GMBH: Claims Registration Period Ends April 6
------------------------------------------------------
Creditors of Projekta GmbH & Co. KG have until April 6, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         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:

         Patrick Wahren
         Koenigstr. 18
         70173 Stuttgart
         Germany
         Tel: 0711/22054860
         Fax: 0711/220548699
         E-mail: patrick.wahren@schneidergeiwitz.de
         Website: www.schneidergeiwitz.de

The District Court opened bankruptcy proceedings against the
company on Feb. 25, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Projekta GmbH & Co. KG
         Marktplatz 26
         73430 Aalen
         Germany

         Attn: Juergen Marquardt, Manager
         Marktplatz 6
         73525 Schwabisch Gmuend
         Germany


TRAFEMA GMBH: Claims Registration Period Ends March 31
------------------------------------------------------
Creditors of Trafema GmbH have until March 31, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 21, 20009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Wolf R. von der Fecht
         Rheinort 1
         40213 Duesseldorf
         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:

         Trafema GmbH
         Clarissenstrasse 63
         40549 Duesseldorf
         Germany

         Attn: Christian Paul Stobbe, Manager
         Liebfrauenstrasse 39
         40591 Duesseldorf
         Germany


=============
H U N G A R Y
=============


BORSODCHEM NYRT: Seeks Waiver on EUR1.15 Bln Buyout Loan
--------------------------------------------------------
BorsodChem Nyrt. is seeking a waiver on its EUR1.15 billion
(US$1.44 billion) buyout loan to avert a potential covenant
breach, Tessa Walsha and Zaid Espana of Reuters report citing two
bankers close to the deal.

The report recalls private equity firms, Vienna Capital Partners
and Permira, used the loan to finance its acquisition of
BorsodChem in 2006.  The loan, the report relates, was arranged
by Lehman Brothers, Royal Bank of Scotland and HVB, now UniCredit.

BorsodChem is underperforming against its business plan, the
report states.

"It's underperforming and there is a waiver.  There is an issue
around the covenants that is reasonably serious - they have not
breached them, but are likely to", the report quoted one senior
banker as saying.

The report recounts the drop in the value of the company's loan in
the European secondary market accelerated in February as investors
priced in the news.

BorsodChem's mezzanine tranche, junior debt with subordinated
claims over the company's assets, is viewed as nearly worthless at
close to zero, indicating potentially heavy losses for junior
lenders, the report discloses citing Thomson Reuters LPC data.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. (fka
BorsodChem Rt) -- http://www.borsodchem.hu/-- produces
chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC
resins, and additives for the plastic and rubber industries.
The Company exports its products mainly to Western Europe.


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


HANSA: To Prove Solvency in Court Today, March 6
------------------------------------------------
Hansa, the holding company of West Ham United plc, will today
prove its solvency before a court in Iceland, Jeremy Wilson at The
Daily Telegraph reports.

Hansa, the report relates, will argue that the value of its
assets, of which West Ham is a key component, is above the claims
of the creditors.

According to the report, Bjorgolfur Gudmundsson, the West Ham
owner, will ask for an extension from the court of three months
and has prepared a series of reports detailing plans to
restructure the companies.

The court is not expected to make any decision over Hansa until
next week, the report notes.

                     West Ham Takeover Talks

West Ham, the report discloses, has held talks with more than five
potential buyers.  However, the report says the club has not yet
received an acceptable offer, while no group has reached the stage
of due diligence.

The report states that although Mr. Gudmundsson was significantly
affected by the economic crisis in Iceland, the club is
financially "firewalled" and is true to their pledge during the
January transfer window of not selling players in order to finance
any Hansa debts.

On Jan. 7, 2009, the Troubled Company Reporter-Europe, citing The
Daily Telegraph's William Gray, reported that court officials in
the Icelandic capital of Reykjavik set a March 6 deadline for
Hansa to show they can repay creditors.

The report stated that if Mr. Gudmundsson failed to comply with
the March 6 deadline Hansa will be declared insolvent and its
assets, including West Ham, will be taken over.

Mr. Gudmundsson, the report disclosed, was eyeing to sell West Ham
to repay debts of more than GBP50 million resulting from the
collapse of Icelandic bank Landsbanki in which he had a 41 per
cent stake.

Mr. Gudmundsson, who bought West Ham for GBP87 million in 2006,
was hoping to sell the club for around three times that amount,
the report noted.

As reported in the TCR-Europe on Nov. 26, 2008, Hansa vice-
chairman Asgeir Fridgeirsson, said the company had "started the
process of administration".  However, he maintained there would be
no day-to-day impact on the club.

"It is not affecting the operation of West Ham, there is no debt
within West Ham from Hansa or vice-versa," Mr. Fridgeirsson  was
quoted by the report as saying.  "He did not put any debts on to
the club to pay off any debts related to the acquisition of the
club.  The entity is not affected by this."

The club's owner, Mr. Gudmundsson, lost an estimated GBP230
million following the nationalization of Landsbanki, the report
disclosed.


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


LANSDOWNE MORTGAGE: S&P Lowers Rating on Class B Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative the ratings on the subordinated class B1 and
B2 notes issued by Lansdowne Mortgage Securities No. 1 PLC.  At
the same time, S&P lowered the ratings on the class M1, M2, and B
notes issued by Lansdowne Mortgage Securities No. 2 PLC and
affirmed the ratings on all the other notes issued in these deals.

The rating actions follow a full credit and cash flow analysis of
the most recent loan-level information, particularly taking into
account the current and expected performance in the near term.
S&P's rating actions follow deterioration in portfolio performance
in each transaction and the current decline in house prices in
Ireland, which have fallen (from a peak in early
2007 to January 2009), 19.42% in Dublin and 16.76% elsewhere.

Despite experiencing only small losses (0.01% in both LMS1 and
LMS2), S&P has seen an increasing trend in 90+ day delinquencies.
As of the January 2009 investor reports, delinquencies in this
category are currently 19.50% in LMS1 and 23.02% in LMS2.
Properties in repossession for this period are 1.45% and 1.10% in
LMS1 and LMS2, respectively.

                           Ratings List

                         Ratings Lowered

           Lansdowne Mortgage Securities No. 2 PLC
   EUR525 Million Mortgage-Backed Fixed and Floating-Rate Notes

                                   Rating
                                   ------
                 Class       To              From
                 -----       --              ----
                 M1          A               AA
                 M2          BBB             A+
                 B           B               BBB

      Ratings Lowered and Removed From Creditwatch Negative

           Lansdowne Mortgage Securities No. 1 PLC
  EUR370 Million Mortgage-Backed Fixed and Floating-Rate Notes

                                   Rating
                                   ------
                 Class       To              From
                 -----       --              ----
                 B1          BB+           BBB/Watch Neg
                 B2          B+            BB+/Watch Neg

                         Ratings Affirmed

             Lansdowne Mortgage Securities No. 1 PLC
   EUR370 Million Mortgage-Backed Fixed and Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        A2          AAA
                        M1          AA+
                        M2          A+

             Lansdowne Mortgage Securities No. 2 PLC
   EUR525 Million Mortgage-Backed Fixed and Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        A2          AAA


STARLING FINANCE: Fitch Lifts Rating on EUR32 Mln Notes from 'BB'
-----------------------------------------------------------------
Fitch Ratings has upgraded Starling Finance Plc 2005-06's EUR32
million floating-rate portfolio credit-linked notes, due December
2012, (ISIN XS0235251864) to 'BBB' from 'BB' and revised the
rating Outlook to Stable from Negative.

The rating action reflects the restructuring of the transaction
which became effective in December 2008 and has only now been
provided to Fitch.  Four assets, which had been subject to credit
events, have been removed from the portfolio, and the credit
enhancement available to the notes has been increased to 7.76%
from 4.15%.  Following the restructuring, the new credit
enhancement level is sufficient to justify an upgrade of the notes
to 'BBB'.

Starling Finance Plc, a multi-issuer vehicle arranged by Citigroup
Global Markets Limited, issued a single class of notes in the
amount of EUR35 million.  After a partial unwind of EUR3 million
in May 2007, the amount of notes outstanding is EUR32 million.
The credit performance of the notes is now linked to the credit
performance of a reference portfolio of 117 entities, through a
portfolio credit default swap.

The current portfolio has a weighted average rating of 'BBB-' (BBB
minus).  A total 14.6% of the portfolio is rated sub-investment
grade, with 8.6% in the 'BB' category, 2.6% in the 'B' category
and 3.4% in the 'CCC' or below categories.  A total 7% of the
portfolio is on Rating Watch Negative and 20% of the portfolio has
a Negative Outlook.  The three largest industry sectors represent
39.1% of the portfolio, made up of 24.1% in banking and finance,
9% in telecommunications and 6% in pharmaceuticals.


TABERNA EUROPE: S&P Junks Ratings on Three Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and lowered its credit ratings on the class A-2, B, C, D,
and E notes issued by Taberna Europe CDO I PLC.  At the same time
S&P removed from CreditWatch negative and affirmed the class A-1
notes.

On July 18, 2008, S&P placed all rated notes in this transaction
on CreditWatch negative in anticipation of the impact of expected
changes made to the assumptions used for rating collateralized
debt obligations backed by hybrid securities.

The rating actions reflect S&P's revised assumptions related to
CDOs of hybrid securities and S&P's view that the credit quality
of the underlying portfolio has deteriorated.

As a result of the revised assumptions and S&P's opinion of the
credit quality of the portfolio, S&P's analysis shows an increase
in the scenario default rates for this transaction.  At the same
time, in S&P's cash flow analysis of the transaction, the same
factors have resulted in a decrease in break-even default rates
for the tranches in the CDO.  In S&P's opinion, the increase in
SDRs and decrease in BDRs are no longer commensurate with the
ratings previously assigned.

Taberna Europe CDO I is a managed CDO collateralized by a
portfolio consisting of corporate loans and bonds, including
hybrid securities and several dated and undated callable
obligations, and with limited exposure to CMBS and financial
institutions.

S&P will monitor the CDO's performance and run further cash flow
analysis over the CDOs tenure.  S&P will also monitor whether or
not the issuers in the underlying portfolio choose to call their
debt.  In certain circumstances S&P may impose additional stresses
to the transaction to test the sensitivity of the ratings to any
prepayment risks.

                           Ratings List

                    Taberna Europe CDO I PLC
                EUR600 Million Floating-Rate Notes

      Ratings Removed from Creditwatch Negative and Lowered

            Class       To             From
            -----       --             ----
            A-2         BBB            AAA/Watch Neg
            B           B              AA/Watch Neg
            C           CCC+           A/Watch Neg
            D           CCC-           BBB/Watch Neg
            E           CCC-           BB/Watch Neg

      Ratings Removed from Creditwatch Negative and Affirmed

            Class       To             From
            -----       --             ----
            A-1         AAA            AAA/Watch Neg


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


DA VINCI SYNTHETIC: Moody's Junks Rating on Class C Notes from Ba2
------------------------------------------------------------------
Moody's Investors Service has downgraded and placed on review for
possible downgrade these classes of asset-backed notes issued by
Da Vinci Synthetic plc:

  -- EUR25,900,000 (current balance) Class A notes, Downgraded to
     Baa3 from A2 and Placed Under Review for Possible Downgrade.

  -- EUR20,800,000 (current balance) Class B notes, downgraded to
     Ba3 from Baa2 and Placed Under Review for Possible Downgrade.

  -- EUR15,600,000 (current balance) Class C notes, downgraded to
     Caa1 from Ba2 and Placed Under Review for Possible Downgrade.

The rating action has been prompted by (i) the pressure on the
value of the aircraft that collateralize the reference obligations
of the pool and more specifically the declining value of the
regional aircraft, which represent 20.82% of the transaction; and
(ii) the increasing credit risk on the airlines, as shown by the
credit event called on January 28, 2009 following the filing for
bankruptcy of Alitalia on August 2008 (representing 14% of the
total reference entity exposure).  Alitalia financings are only
collateralized by small regional aircraft.

The ratings have been placed on review for possible downgrade
while Moody's continues its assessment of the different aircraft
value.

Moody's notes that as of January 2009, the total amount of
reference obligations was equivalent to US$464.08 million.
Exposure to Alitalia represents 14.65% of the total amount of
reference obligations and is exclusively collateralized by
regional aircraft (EMB 145).  Overall, the total exposure to
regional aircraft is 20.82% of the total reference obligation
amount. Regional aircraft value is under high pressure because of
the shift in demand due to the general economic weakness, the fuel
efficiency and the weak demand for these aircraft.  Moreover,
narrow-body and wide-body aircrafts of relatively old vintages
collateralize 18.50% of the pool.  These types of aircraft are
also facing value pressure as they are the least fuel-efficient
and most maintenance-intensive.  Additionally, the increasing
number of aircrafts in storage is pushing the overall aircrafts
value down.  Finally, the rating agency notes the increasing
credit risk on the airlines due to the economic downturn.  Moody's
expects to conclude the rating review after further review of the
underlying values of the aircrafts.

Da Vinci Synthetic plc is the second synthetic securitization of
aircraft financing and aviation industry loans originated by
Intesa Sanpaolo S.p.A (rated Aa2/Prime-1).  It also represents the
re-securitization of the majority of the Leonardo Synthetic plc
portfolio with the addition of three new loans.  The Originator's
objective in this transaction is to benefit from credit risk
protection on a revolving pool of aircraft financing, secured by
aircraft collateral mainly by means of financial lease.  The risk
transfer is achieved through a credit default swap between Merrill
Lynch International and Intesa and part of the risk is transferred
by Merrill Lynch International via the issuance of several classes
of credit-linked notes and unfunded Credit Default Swaps between
Merrill Lynch and the swap counterparty.

The net proceeds from the issuance of the credit-linked Notes are
deposited in a euro-denominated deposit account, bearing interest
at the rate of three-month EURIBOR in the name of the Issuer with
Intesa (London Branch) as the deposit bank.  This deposit account
is subject to downgrade triggers, so that upon loss of Prime-1,
Intesa (London Branch) will need to procure a replacement
counterparty or find a Prime-1 rated guarantor of its obligations
under the deposit account agreement.

The average life of the outstanding portfolio is 4.9 years, with
the longest maturity of the underlying financing being November
2018.  As of January 2009, the reference pool comprised 20
different obligors with the highest obligor concentration 19.38%.

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.


MELIORBANCA SPA: Fitch Upgrades Issuer Default Rating from 'BB'
---------------------------------------------------------------
Fitch Ratings has upgraded Italy-based Meliorbanca SpA's Long-term
Issuer Default Rating to 'BBB+' from 'BB', Short-term IDR to 'F2'
from 'B', Support Rating to '2' from '5' and removed the ratings
from Rating Watch Positive.  The Long-term IDR has been assigned a
Stable Outlook.  At the same time, Melior's sovereign-based
Support Rating Floor of "No Floor" has been withdrawn and its
Individual Rating has been affirmed at 'D'.  Meliorbanca's
outstanding senior notes were upgraded to Long-term 'BBB+' from
'BB' and removed from RWP.  The ratings for the bank's EMTN
programme were upgraded to Long-term 'BBB+' from 'BB' and removed
from RWP for senior notes, to Long-term 'BBB' from 'BB-'(BB Minus)
and removed from RWP for Lower Tier 2 subordinated notes, to Long-
term 'BBB-' (BBB minus) from 'B+' and removed from RWP for Upper
Tier 2 subordinated notes and Tier 3 subordinated notes.

The rating action follows the successful completion of the Banca
Popolare dell'Emilia Romagna's (BPER, rated A-(A minus)/Stable/F2/
B/C/3) bid.  BPER has been Melior's largest minority shareholder
since 1998.  On June 23, 2008, BPER launched a bid for the 71.2%
of Melior's shares it did not own.  On the completion of the bid,
BPER's ownership increased to 98.142% of Melior's capital.  The
remaining minorities (1.858%) will be bought-out on March 6 and
the de-listing of the bank will subsequently follow.

Melior will be restructured and integrated within BPER's
organization, risk management systems and IT platforms.  The bank
will remain a separate legal entity and continue to conduct
business under its existing brand name.  Melior will focus on
providing corporate lending, advisory and private equity services
to SMEs as well as private banking.  Melior's assets and
activities, which BPER's considers non-core, will be progressively
sold off.

Melior is small niche bank based in Milan.  It is active in four
diverse businesses: private banking, investment banking, corporate
lending and consumer lending.

As of end-September 2008, BPER was Italy's seventh-largest bank,
and the third largest co-operative bank, with a 2%-3% domestic
market share of deposits and loans.  BPER's customer base is
largely retail and SMEs.


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


JILISHNO STROITELNAYA: Creditors Must File Claims by April 3
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Almatinskaya Jilishno-Stroitelnaya Corporatsiya
insolvent.

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

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


MAG-SERVICE LLP: Creditors Must File Claims by April 3
------------------------------------------------------
LLP Mag-Service has declared insolvency.  Creditors have until
April 3, 2009, to submit written proofs of claim to:

           Abylai Han ave. 58a
           Almaty
           Kazakhstan


NARYMBAI LLP: Creditors Must File Claims by April 3
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Narymbai insolvent.

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

          Auelbekov St. 139a-228
          Kokshetau
          Akmola
          Kazakhstan

The Court is located at:

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


NK SEMEY: Creditors Must File Claims by April 3
-----------------------------------------------
LLP NK Semey Prestige has declared insolvency.  Creditors have
until April 3, 2009, to submit written proofs of claim to:

         Shakarim ave. 15-152
         Semey
         East Kazakhstan
         Kazakhstan


ORLEU 2007-NS: Creditors Must File Claims by April 3
----------------------------------------------------
LLP Orleu 2007-NS has declared insolvency.  Creditors have until
April 3, 2009, to submit written proofs of claim to:

           Respublika ave. 5-87
           Almaty district
           Astana
           Kazakhstan


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

           Chaibolsan St. 23
           Almaty
           Kazakhstan


PETERS LTD: Creditors Must File Claims by April 3
-------------------------------------------------
LLP Company Peters Ltd. has declared insolvency.  Creditors have
until April 3, 2009, to submit written proofs of claim to:

         Micro district 1, 58-37
         Almaty
         Kazakhstan


PRO AND MAR: Creditors Must File Claims by April 3
--------------------------------------------------
LLP Pro and Mar Astana has declared insolvency.  Creditors have
until April 3, 2009, to submit written proofs of claim to:

           Sofievskoye high way 12
           Almaty district
           Astana
           Kazakhstan


TEMIR METALL: Creditors Must File Claims by April 3
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Company Temir Metall 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


TOLES LLP: Creditors Must File Claims by April 3
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Toles 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


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


GRAND TECH: Creditors Must File Claims by March 20
--------------------------------------------------
LLC Construction Company Grand Tech Stroy has declared insolvency.
Creditors have until March 20, 2009, to submit written proofs of
claim to:

         Abdrahmanov St. 170a
         Bishkek
         Kyrgyzstan


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


* LATVIA: Sweden to Lend SEK10 Billion in 2010
----------------------------------------------
Sweden will lend Latvia SEK10 billion (US$1.1 billion) next year
as part of Latvia's bailout, Bloomberg News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 23, 2009, the Council of the European Union approved a EUR3.1
billion loan for Latvia.

The loans are part of the EUR7.5 billion package of assistance to
support Latvia's balance of payments in the medium term.  The
package also includes EUR1.7 billion from the International
Monetary Fund as well as contributions from the World Bank, the
European Bank for Reconstruction and Development and other
European countries: Czech Republic, Denmark, Estonia, Norway,
Poland, Sweden and Finland, according to the TCR-AP report.

The assistance will help Latvia cope with pressure on its capital
and financial markets, which results from a deterioration in
market sentiment and concerns about the health of its economy,
given the imbalances related to its external debt, weakening
public finances and high rates of cost and price inflation.  The
Latvian banking sector has experienced serious liquidity and
confidence problems, and the level of foreign currency reserves
has decreased as the central bank intervened to preserve the
currency peg, the report said.


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


NXP BV: S&P Lowers Long-Term Corporate Credit Rating to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term corporate credit rating on Dutch semiconductor manufacturer
NXP B.V. to 'CC' from 'CCC'.  S&P also lowered the issue ratings
on the company's senior first-priority secured bank loan rating to
'CCC+' from 'B', senior secured notes to 'CC' from 'CCC', and
senior unsecured notes to 'C' from 'CCC-', as a result of S&P's
downgrade of NXP.  At the same time, S&P placed all ratings on
CreditWatch with negative implications.

The recovery ratings on the abovementioned debt issues are
unchanged, respectively at '1+', '4', and '5', indicating S&P's
expectations for full (100%) recovery, average (30%-50%) recovery,
and modest (10%-30%) recovery in the event of a payment default.

"These rating actions follow NXP's announcement that it is
inviting holders of its senior unsecured notes -- and, on a
second-priority basis, holders of its senior secured notes -- to
exchange their notes for new euro- and dollar-denominated secured
notes," said Standard & Poor's credit analyst Patrice Cochelin.
"This is an exchange offer that, under S&P's criteria, is
tantamount to default, given that acceptance of the new notes
would represent a substantial discount to the par amount of the
outstanding issues."

The new notes would have up to EUR250 million in nominal value,
mature in 2013, and carry a 10% coupon.

On completion of the transaction, S&P would lower the ratings on
the unsecured notes -- and possibly, depending on acceptance, on
the senior secured notes -- to 'D' (default).  S&P would also
lower the corporate credit rating to 'SD' (selective default) on
the assumption that the company continues to honor its other debt
obligations.  As soon as is practical thereafter, S&P would
reassess NXP's capital structure, including debt recovery
prospects, and assign new ratings based on the amount of notes the
company successfully tendered and following S&P's review of the
revised liability structure.

S&P expects to resolve the Creditwatch in April 2009, after
reviewing the results of the exchange offer.

"Assuming the exchange offer succeeds and once transactions have
been completed, S&P could raise the corporate credit rating to
'CCC+'.  This outcome is very preliminary, however, given the
rapid and significant events affecting S&P's assessment of the
company's business and financial risk profiles," said Mr.
Cochelin.

S&P believes the exchange offer could alleviate a portion of NXP's
current debt burden (about 25% of its gross debt, according to
S&P's calculations, based on the unsecured debt offer and assuming
full acceptance) and related interest expense.

However, S&P estimate that NXP should continue to carry very high
gross debt of slightly below US$5 billion, based on gross debt as
of Dec. 31, 2008, and including the subsequent US$200 million draw
on the company's revolving credit facility announced in February
2009.  Because S&P expects to continue to assess NXP's post-
exchange leverage as high, and assuming continued negative free
operating cash flow in 2009 despite the lower interest burden, S&P
anticipates that refinancing risks of 2012 and 2013 maturities
could remain a rating constraint.  Over the near term, these risks
are partially offset by S&P's assessment of NXP's adequate
liquidity and S&P's expectations of modest, if any, principal debt
repayment until 2012.


===============
P O R T U G A L
===============


BANCO PRIVADO: Fitch Downgrades Individual Rating to 'F'
--------------------------------------------------------
Fitch Ratings has downgraded Portugal-based Banco Privado
Portugues' Long-term Issuer Default Rating to 'B-' (B minus) from
'BBB' and downgraded its Short-term IDR to 'B' from 'F3', both of
which remain on Rating Watch Negative.  Fitch has downgraded the
bank's Individual Rating to 'F' from 'C' and removed the rating
from RWN.  The agency has also affirmed BPP's Support Rating of
'5' and Support Rating Floor of 'No Floor'.  Fitch has
simultaneously withdrawn all the ratings and will no longer
provide ratings or analytical coverage of BPP.

In December 2008, the Bank of Portugal arranged temporary funding
for BPP through a group of leading Portuguese banks guaranteed by
the Portuguese authorities and secured over BPP's assets.  The BoP
recently announced that it has agreed to a further extension of
the suspension of BPP's payments to asset management clients in
the absence of a solution to the bank's liquidity problems.  This
provides evidence that BPP continues to face serious liquidity
issues and raises uncertainty about its ability to meet its
obligations.  Fitch believes that the difficult liquidity
situation and the ongoing investigations of the Portuguese
authorities will bring about a sustained deterioration in
profitability and an erosion of BPP's business with substantial
operational and reputational damage.  In addition, Fitch believes
that the bank would have failed, if temporary funding had not been
arranged by the BoP.

Fitch's decision to withdraw the ratings assigned to BPP reflects
the lack of information on the bank's financial and liquidity
positions.  BPP has no outstanding debt issues rated by Fitch.


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


ARMAVIRSKAYA CONSTRUCTION: Court Names Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Krasnodarskiy appointed V. Kudlay as
Insolvency Manager for LLC Armavirskaya Construction Company (TIN
2302047680).  The case is docketed under Case No. A-32–25793/08–
38/1501B.  He can be reached at:

         Chernyshevskogo St. 66
         Tikhoretsk
         352100 Krasnodarskiy
         Russia


EVRO-STROY-PROEKT LLC: Court Names Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Chelyabinskaya appointed M. Belozertsev
as Insolvency Manager for LLC Evro-Stroy-Proekt (TIN 7453157098,
PSRN 1067453019171) (Construction).  The case is docketed under
Case No. A76–7452/2008–55-124.  He can be reached at:

         Office 4
         Lunacharskogo St. 6
         456318 Miass
         Russia
         Tel: 8 (3513) 53-78-77.

The Debtor can be reached at:

         LLC Evro-Stroy-Proekt
         Prospect Lenina 87/110
         Chelyabinsk
         Russia


FORGED PRODUCTS: Creditors Must File Claims by April 28
-------------------------------------------------------
Creditors of LLC Forged Products Plant (TIN 4632069156) have until
April 28, 2009, to submit proofs of claims to:

         P. Pozdnyakov
         Insolvency Manager
         Post User Box 16
         394038 Voronezh
         Russia

The Arbitration Court of Kurskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35–3507/08 S24.

The Debtor can be reached at:

         LLC Forged Products Plant
         Tretya Agregatnaya St. 23
         305022 Kursk
         Russia


INSTRUMENTALNOE PROIZVODSTVO: Claims Filing Deadline Set March 29
-----------------------------------------------------------------
Creditors of LLC Instrumentalnoe Proizvodstvo (TIN 4632063154)
(Tooling Production) have until March 29, 2009, to submit proofs
of claims to:

         L. Kolmogorova
         Temporary Insolvency Manager
         Office 203A
         Lenina St. 77B
         Kursk
         Russia

The Arbitration Court of Kurskaya will convene at 10:00 a.m. on
July 1, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A35–8780/08-S7.

The Debtor can be reached at:

         LLC Instrumentalnoe Proizvodstvo
         3-ya Agregatnaya St. 23Zh
         Kursk
         Russia


KATRIS CJSC: Creditors Must File Claims by March 29
---------------------------------------------------
Creditors of CJSC Katris (TIN 7727029213, PSRN 1027700180749)
(Construction Plastics Articles Production) have until March 29,
2009, to submit proofs of claims to:

         A. Demitrov
         Insolvency Manager
         Building 2
         Talalikhina St. 1
         109029 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–82647/08–124-246B.

The Debtor can be reached at:

         CJSC Katris
         Building 4
         Krzhizhanovskogo St. 24/35
         117218 Moscow
         Russia


MAMOKHINA-LES LLC: Court Names D.Shurakov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Arkhangelskaya appointed D. Shurakov as
Insolvency Manager for LLC Mamonikha-Les (TIN 2919005520, PSRN
1032902030545) (Lumbering).  The case is docketed under Case No.
A05–7070/2008.  He can be reached at:

         Office 2
         Building 2
         Prospect Lomonosova 92
         163061 Arkhangelsk
         Russia

The Debtor can be reached at:

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


OPIN JSC: Moody's Withdraws 'B1' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has withdrawn all the ratings assigned
to JSC OPIN.  At the same time, Moody's Interfax Rating Agency,
which is majority-owned by Moody's, has withdrawn OPIN's A2.ru
national scale rating.  OPIN does not have any outstanding notes
rated by Moody's.

These ratings were withdrawn:

  -- B1 corporate family rating with negative outlook

  -- A2.ru NSR with negative outlook

Moody's has withdrawn OPIN's ratings for business reasons.

The last rating action on OPIN was implemented on October 16,
2008, when Moody's changed the outlooks for the B1 CFR and the
A2.ru NSR to negative from stable.

OPIN, based in Moscow, Russia, is a publicly quoted property
development and investment company with a focus on elite and
business class residential gated communities and Class A offices
located largely in the centre of Moscow and its surrounding
regions.  At June 30, 2008, the company recorded H1 revenues of
US$151 million and total assets of US$4.8 billion.


ROS-PROM-LES LLC: Creditors Must File Claims by March 29
--------------------------------------------------------
Creditors of LLC Ros-Prom-Les (Lumbering) have until March 29,
2009, to submit proofs of claims to:

         Yu. Volik
         Insolvency Manager
         Krasnaya St. 113/38
         Krasnodar
         Russia

The Arbitration Court of Krasnodarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32–24010/2008–44/1434B.

The Debtor can be reached at:

         LLC Ros-Prom-Les
         Belichenko St. 40
         Il’skiy
         Severskiy
         353230 Krasnodarskiy
         Russia


STEKLO-MASH-61 LLC: Creditors Must File Claims by April 28
----------------------------------------------------------
Creditors of LLC Steklo-Mash-61 (TIN 5034050023, PSRN
1055007116207) (Industrial Equipment Production) have until
April 28, 2009, to submit proofs of claims to:

         S. Zhidov
         Insolvency Manager
         Sovetskaya St. 4
         440026 Penza
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41–12508/08.

The Court is located at:

         The Arbitration Court of Moskovskaya
         Prospect Akademika Sakharova 18
         107996 Moscow
         Russia


VIMPELCOM: Telenor Appeals Court Decision in Farimex Case
---------------------------------------------------------
Telenor on Wednesday, March 4, 2009, filed a cassation appeal of
the decision of the Eighth Appellate Arbitrazh Court in Omsk
ordering Telenor to pay US$1.7 billion in connection with the
claim made by Farimex Products, Inc.  Telenor's appeal will be
heard by the Federal Arbitrazh Court for the West Siberian
District, located in Tyumen.  Farimex has alleged that Telenor
caused losses to VimpelCom by delaying VimpelCom's acquisition of
loss-making Ukrainian mobile operator, Ukrainian Radio Systems
(URS), and has demanded the payment to be made.

"The Omsk Court's decision contains grave substantive and
procedural errors, and we have no intention of paying any claimed
damages based on this ruling," said Jan Edvard Thygesen, Executive
Vice President and Head of Telenor's Central and Eastern European
operations.  "This decision is inconsistent with Russian law, and
should be reversed.  We are confident of our position and believe
Russia's higher courts will acknowledge the gross violations of
law in the decision and the risk of permitting a dangerous
precedent to stand, and, following an unbiased and impartial
review, will reverse the decision and dismiss Farimex's claim."

In its suit, Farimex alleged that Telenor-nominated members of
VimpelCom's Board of Directors delayed VimpelCom's 2005
acquisition of URS.  Telenor says its Board members opposed the
acquisition because URS was over-valued and had no credible
business plan, and because there was a lack of transparency in the
deal, including no information regarding the identity of the
beneficial owners of the sellers of URS.  To date, the identity of
the beneficial owners of the sellers of URS has not been
disclosed.

At the time of the proposed acquisition, there was a high level of
penetration in the Ukrainian market.  Based on the multiples used
to value comparable assets, URS's US$231.3 million purchase price
was too high.  This information was openly available to all
shareholders at the time of decision by the EGM September 14,
2005. URS was acquired in November 2005.  Currently, despite
investments made by VimpelCom in excess of US$600 million, URS
continues to make losses and, as of December 31, 2008, had only a
4 % market share (source: AC&M Consulting).

"We have received the Court's written decision ordering us to pay
US$1,728,297,207 to VimpelCom," said Mr. Thygesen.  "We have filed
our appeal and will file whatever other documents are necessary to
prevent Alfa Group or Farimex, using this illegal decision, from
stealing our VimpelCom shares and undermining foreign investments
in Russia."

"The recent decision of the appellate court in Omsk sets a
dangerous precedent, which undermines the foundations of Russian
civil law.  It is inconceivable to me that this precedent would be
allowed to remain by the Supreme Arbitrazh Court.  The Russian
state has made a public commitment to the anti-corruption agenda.
This case will be a litmus test for the world to see," said
Dimitry Afanasiev, a partner in the law firm, Egorov, Puginsky,
Afanasiev & Partners.

                       About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- consists of telecommunications
operators providing voice and data services through a range of
wireless, fixed and broadband technologies.  The Group includes
companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan,
Tajikistan, Georgia and Armeniaas well as Vietnam and Cambodia, in
territories with a total population of about 340 million.  The
Group companies provide services under the "Beeline" brand.
VimpelCom was the first Russian company to list its shares on the
New York Stock Exchange ("NYSE").  VimpelCom's ADSs are listed on
the NYSE under the symbol "VIP".

                        *     *     *

OJSC Vimpel Communications continues to carry Ba2 long-term
corporate family rating, Ba2 senior unsecured debt rating and Ba2
probability of default rating from Moody's with positive outlook.

Vimpelcom still carries BB+ long-term foreign and local issuer
credit ratings from Standard & Poor's with negative outlook.


YUNIVERS-GEO CJSC: Bashkortostan Bankruptcy Hearing Set June 26
---------------------------------------------------------------
The Arbitration Court of Bashkortostan will convene on June 26,
2009, to hear bankruptcy supervision procedure on CJSC Yunivers-
Geo (TIN 0276048218) (Drilling and Explosive Works).  The case is
docketed under Case No. A07–20554/2008.

The Temporary Insolvency Manager is:

         A. Fazlyyev
         Post User Box 220
         450080 Ufa
         Bashkortostan
         Russia


ZAP-SIB-NEFTE-GAZ LLC: Creditors Must File Claims by March 29
-------------------------------------------------------------
Creditors of LLC Zap-Sib-Nefte-Gaz (TIN 7720247300, PSRN
1068903011176) (Petroleum Products) have until March  29, 2009, to
submit proofs of claims to:

         V. Sergeyev
         Temporary Insolvency Manager
         Mel’nikayte St. 106/253
         Tumen
         Russia

The Arbitration Court of Yamalo-Nenetskiy will convene at
10:00 a.m. on June 5, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A81–4994/2008.

The Debtor can be reached at:

         LLC Zap-Sib-Nefte-Gaz
         Zvereva  St. 8/1
         629730 Nadym
         Yamalo-Nenetskiy
         Russia


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


FONCAIXA FTPYME: Fitch Cuts Rating on Class C Notes to 'BB'
-----------------------------------------------------------
Fitch Ratings has taken various rating actions on two Spanish
small- and medium-sized enterprise collateralized debt
obligations, Foncaixa FTPYME 1, Fondo de Titulizacion de Activos
and Foncaixa FTGENCAT 3, Fondo de Titulizacion de Activos.  The
rating actions were prompted by an increase in delinquent loans in
the transactions and concerns about Spain's deteriorating
macroeconomic environment.  The rating actions, the transactions'
main portfolio parameters and rating action rationales are:

Foncaixa FTPYME 1:

  -- Class A3G (ISIN ES0337803029) affirmed at 'AAA'; assigned a
     Stable Outlook

  -- Class A3S (ISIN ES0337803037) affirmed at 'AAA'; assigned a
     Stable Outlook

  -- Class B (ISIN ES0337803045) affirmed at 'A+'; assigned a
     Stable Outlook

  -- Class C (ISIN ES0337803052) downgraded to 'BB' from 'BBB';
     assigned a Negative Outlook

Fitch's analysis of the delinquency pipeline and an updated
default forecast for the current portfolio indicated that the
credit protection for class C was no longer adequate to support
the prior rating, which is why class C was downgraded to below
investment grade and assigned a Negative Outlook.  Classes A3G,
A3S and B have been affirmed with Stable Outlooks, reflecting the
increase in credit enhancement due to the transaction's
deleveraging.  The class A3G notes benefit from a guarantee by the
Kingdom of Spain ('AAA'/Stable/'F1+').

The transaction closed in 2003 and has benefited significantly
from de-leveraging.  As of January 31, 2009, the outstanding
portfolio stood at 20% of the initial portfolio balance, which has
led to significant increases in credit enhancement on the notes.
90+ day delinquencies stood at 1.9% of the outstanding portfolio.
The portfolio is concentrated in real estate and related sectors
with the current exposure at 33.4%, and the largest geographical
region is Catalonia at 19%.  The reserve fund of EUR4.5 million
provides 3.6% of credit enhancement.

Foncaixa FTGENCAT 3:

  -- Class A(G) (ISIN ES0337937017) downgraded to 'AA' from 'AAA';
     assigned a Negative Outlook

  -- Class B (ISIN ES0337937025) downgraded to 'A' from 'AA';
     assigned a Negative Outlook

  -- Class C (ISIN ES0337937033) downgraded to 'BB' from 'BBB+';
     assigned a Negative Outlook

  -- Class D (ISIN ES0337937041) downgraded to 'B' from 'BB+';
     assigned a Negative Outlook

  -- Class E (ISIN ES0337937058) downgraded to 'CC' from 'CCC-'
     (CCC minus)

Fitch's analysis of the delinquency pipeline and an updated
default forecast for the current portfolio indicated that the
credit protection for classes A(G), B, C, D and E was no longer
adequate to support the prior ratings, which is why the classes
were downgraded and classes A(G), B, C and D were assigned
Negative Outlooks.  The class A(G) notes benefit from a guarantee
by the Autonomous Community of Catalonia (Generalitat de
Catalunya, rated 'A+'/Stable/'F1').

The transaction closed in 2005 and as of January 31, 2009, the
outstanding portfolio was 49.6% of the initial portfolio balance.
90+ day delinquencies stood at 1.3% of the outstanding portfolio.
The portfolio is concentrated in real estate and related sectors
with the current exposure at 43.3%, and the largest geographical
region is Barcelona at 66.5%.  The reserve fund of EUR6.5m
provides 2% of credit enhancement.

The reviews and the corresponding rating actions are part of an
ongoing review of all outstanding rated Spanish SME CDOs.  Spanish
macroeconomic conditions have deteriorated sharply in recent
quarters and there has been a notable increase in delinquencies
across SME CDO transactions.  Fitch expects further deterioration
due to the economic downturn and ongoing correction in the real
estate and related sectors, which is expected to accelerate over
the near-term.  However, many originators have begun to reinforce
collection efforts by adding staff and employing more proactive
collection strategies.  Given Fitch's expectation for further
credit deterioration in the SME segment, the agency continues to
review rated transactions to ensure the credit protection in place
is sufficient to maintain existing ratings.

In the analysis undertaken, assumptions on probability of default
and loss severity were made with regards to current delinquencies
as well as the performing portfolio.  With respect to default
probability, the base assumption on the current performing portion
of the portfolio was revised upward to reflect the non-investment
grade nature of underlying borrowers and to consider how the
portfolio or loans could perform through-the cycle.  This resulted
in an increase in the base default probability to approximately
10-15%, which was then adjusted to reflect the remaining weighted
average life of the portfolio.  The base case PD was further
adjusted to account for the existing portfolio delinquency
pipeline, with loans that have been in arrears for longer being
assigned progressively higher default probabilities (up to 100%
for loans greater than six months in arrears).  On the recovery
side, Fitch assumed the 'BB' recovery from the initial rating
analysis.  These updated PD and recovery assumptions were used to
determine an updated loss expectation and then compared against
existing subordination available for each tranche, with minimum
coverage ratios of the updated expected loss driving the rating
actions noted above.  Seasoning, excess spread, as well as
industry and borrower concentration risk also factored into
Fitch's credit view.

The transactions are cash flow securitizations of Spanish SME
loans granted by Caja de Ahorros y Pensiones de Barcelona (la
Caixa, rated 'AA-' (AA minus)/Stable/'F1+').  The issuers are
legally represented and managed by GestiCaixa SGFT, SA, a special-
purpose management company with limited liability incorporated
under the laws of Spain.


GAT FTGENCAT: Fitch Cuts Rating on Class E Notes to 'CC'
--------------------------------------------------------
Fitch Ratings has downgraded the ratings of two classes and
affirmed three classes of GAT FTGENCAT 2006, Fondo de Titulizacion
de Activos's notes and simultaneously assigned Negative Outlooks:

  -- Class A2G (ISIN ES0341097014) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class B (ISIN ES0341097022) affirmed at 'AA+'; assigned a
     Negative Outlook

  -- Class C (ISIN ES0341097030) affirmed at 'A'; assigned a
     Negative Outlook

  -- Class D (ISIN ES0341097048) downgraded to 'B' from 'BBB-'
     (BBB minus); assigned a Negative Outlook

  -- Class E (ISIN ES0341097055) downgraded to 'CC' from 'CCC'

After taking Spain's economic downturn and the ongoing correction
in the real estate and construction sectors into account, Fitch's
analysis of the delinquency pipeline and an updated default
forecast indicated that the credit protection for classes D and E
was no longer adequate to support the prior ratings.  As such,
these classes have been downgraded and class D was assigned a
Negative Outlook.  The Negative Outlooks assigned to classes A2G,
B and C reflect the transaction's exposure to the delinquency
pipeline and Fitch's expectation of significant further credit
deterioration over the next two years.  The Class A2G notes
benefit from a guarantee by the Autonomous Community of Catalonia
(Generalitat de Catalunya, rated 'A+'/Stable/'F1').  The review
and the corresponding rating actions are part of an ongoing review
of all outstanding rated Spanish small- and medium-sized
enterprise collateralized debt obligation transactions.

As of December 31, 2008, 90+ day delinquencies stood at 2.9% of
the outstanding portfolio.  The reserve fund of EUR9.1 million was
below the minimum level of EUR9.5 million and provides 3.7% of
credit enhancement.  The transaction closed in 2006 and the
outstanding portfolio was 55.1% of the initial portfolio balance,
which has led to an increase in the credit enhancement on the
notes.  The largest geographical region is Catalonia at 64.7%.

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

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

The transaction is a cash flow securitization of loans to Spanish
SMEs granted by Caixa d'Estalvis de Catalunya ('A'/Negative/'F1').
The issuer is legally represented and managed by Gestion de
Activos Titulizados SGFT, SA, a limited liability, special-purpose
management company incorporated under Spanish law.


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


STENA AB: Moody's Affirms Corporate Family Rating at 'Ba1'
----------------------------------------------------------
Moody's Investors Service has affirmed Stena's Ba1 Corporate
Family Rating and Ba2 senior unsecured rating, but changed the
outlook on its ratings to negative from stable.

"The change of outlook reflects Moody's concerns about a possible
deterioration of Stena's business profile in the next future,
under the pressure of the current economic environment, that has
dramatically changed over the last five months, exerting a
negative pressure on some of the Swedish group's business lines",
explained Marco Vetulli, Vice President in Moody's and lead
analyst for the Company, commenting the rating agency's decision.

Moody's said that there are two main factors of concern currently
pending on Stena's risk profile.  First, the deterioration of the
financial markets negatively reverberated on the value of the
securities portfolio owned by Stena, thereby reducing the
company's financial flexibility although the rating agency
recognizes that the Stena's liquidity position on consolidated
basis in the next 12 months remains very strong.

Second, the difficult economic environment could challenge the
company to maintain credit metrics commensurate with its rating
category, as, in particular, the Ferry activities have been
impacted by the economic downturn more seriously than expected,
and 2009 expectations for Tanker market are weaker than 2008.
Moody's had previously indicated that Moody's anticipate the
company to maintain its operating profile and improve its credit
metrics on sustainable basis, with, by the end of FY 2009, an EBIT
interest coverage over 2 times and debt to EBITDA below 5 times at
consolidated level while debt to EBITDA is expected to be below
4.5 times at the restricted group level.

The last rating action was implemented on August 7, 2008, when
Moody's upgraded Stena's CFR to Ba1 from Ba2 and its senior
Unsecured rating to Ba2 from Ba3.

Headquartered in Gothenburg, Sweden, Stena AB is one of the
largest entities within the "Stena Sphere" of companies, fully
controlled by the Olsson Family.  Stena AB is a holding company
engaged in different business divisions including Ferry
operations, Shipping, Offshore Drilling, Real estate and Other
investment activities.  In FY2007, it recorded revenues around
SEK22 billion.


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


AVIMEX JSC: Creditors Must File Proofs of Claim by March 15
-----------------------------------------------------------
Creditors owed money by JSC Avimex are requested to file their
proofs of claim by March 15, 2009, to:

         JSC Sihlta Treuhand und Revision
         Fritz Meier
         Mail Box: 1227
         8801 Thalwil
         Switzerland

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


BERGONOMIC JSC: Deadline to File Proofs of Claim Set March 20
-------------------------------------------------------------
Creditors owed money by JSC Bergonomic are requested to file their
proofs of claim by March 20, 2009, to:

         Dr. Monique Vanoli
         Liquidator
         Haltenstrasse 20
         8912 Obfelden
         Switzerland

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


DANEN LLC: Creditors Have Until March 16 to File Claims
-------------------------------------------------------
Creditors owed money by LLC Danen are requested to file their
proofs of claim by March 16, 2009, to:

         Daniel Engelhart
         Liquidator
         Pilatusweg 5
         6374 Buochs
         Switzerland

The company is currently undergoing liquidation in Buochs NW.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 2, 2009.


HG PROJEKT 3000: Creditors Must File Claims by March 15
-------------------------------------------------------
Creditors owed money by LLC HG Projekt 3000 are requested to file
their proofs of claim by March 15, 2009, to:

         JSC Sihlta Treuhand und Revision
         Fritz Meier
         Mail Box: 1227
         8801 Thalwil
         Switzerland

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


INOTECH LABOR: Creditors' Proofs of Claim Due by March 21
---------------------------------------------------------
Creditors owed money by JSC Inotech Labor are requested to file
their proofs of claim by March 21, 2009, to:

         Malzgasse 15
         4052 Basel
         Switzerland

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


IQ POWER: To File for Insolvency in Zug Court
---------------------------------------------
iQ Power AG is to file for insolvency at the court in Zug after
final negotiations with Trafalgar Capital over financing broke
down on Tuesday night.

Headquartered in Zug, Switzerland iQ Power AG --
http://www.iqpower.com–- is engaged in the provision of
electrical energy management solutions for the automotive and
other industries.  The Company's portfolio includes hardware and
software products, engineering services and technology licenses.
iQ Power's solutions include diagnostic car battery systems, such
as the MagiQ family of batteries, as well as sensors for analyzing
on-board electrical and power systems, and software systems that
offer solutions for battery management and smart energy
management.  Its engineering services focus on concept and systems
architecture development, software development and simulation,
mathematic models and functional models and prototypes.  iQ Power
also markets its technologies under license to other companies.
The Company owns two subsidiaries, iQ Power Deutschland GmbH and
iQ Power Licensing AG, as well as a 40% stake in iQ Power Asia
Inc, a joint venture in Korea.


MALERATELIER JR: March 27 Set as Deadline to File Claims
--------------------------------------------------------
Creditors owed money by LLC Maleratelier JR are requested to file
their proofs of claim by March 27, 2009, to:

         Oberer Schmittenweg 27
         4914 Roggwil
         Switzerland

The company is currently undergoing liquidation in Roggwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 22, 2008.


SFB KUENSTLERMANAGEMENT: Creditors Must File Claims by March 17
---------------------------------------------------------------
Creditors owed money by LLC SFB Kuenstlermanagement are requested
to file their proofs of claim by March 17, 2009, to:

         Binderstrasse 60
         8702 Zollikon
         Switzerland

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


SPITZER ELECTRONIC: Creditors Have Until March 31 to File Claims
----------------------------------------------------------------
Creditors owed money by JSC Spitzer Electronic are requested to
file their proofs of claim by March 31, 2009, to:

         Thomas Tschani
         Unterer Rebbergweg 72
         4153 Reinach
         Switzerland

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


UBS AG: Kaspar Villiger Named to Replace Peter Kurer as Chairman
----------------------------------------------------------------
UBS AG's Board of Directors has nominated Kaspar Villiger as a
candidate for the role of Chairman, the company said in a
statement Wednesday.

Peter Kurer, who Mr. Villiger will replace, has decided not to
stand for re-election at the company's annual general meeting on
April 15, 2009.  Mr. Kurer held the position for one year.

From 1989 to 2003, Mr. Villiger was a member of the Swiss Federal
Council, and in the last 8 years, as Finance Minister.

If elected, Mr. Villiger will step down from board positions at
Swiss Reinsurance Co, Nestle SA and Neue Zuercher Zeitung,
Bloomberg News says.

Mr. Villiger's nomination comes a week after UBS appointed Oswald
J. Gruebel as chief executive officer.

Mr. Gruebel, who was Co-CEO and CEO of Credit Suisse Group AG from
2003 until spring 2007, succeeds Marcel Rohner who has resigned.

Mr. Rohner is leaving after UBS last month admitted it made
"mistakes" by helping clients evade U.S. taxes between 2000 and
2007, Bloomberg News relates.

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2009, the U.S. government filed a lawsuit in Miami against UBS.

The lawsuit asked the court to order the international bank to
disclose to the Internal Revenue Service (IRS) the identities of
the bank's U.S. customers with secret Swiss accounts.  According
to the lawsuit, as many as 52,000 U.S. customers hid their UBS
accounts from the government in violation of the tax laws.

On February 26, UBS said its Board of Directors appointed Mr.
Gruebel as a further step to restore stakeholder confidence and to
pave the way back to success.

Mr. Gruebel, according to Bloomberg News, returned Credit Suisse
to profitability in 2003 and has been retired for two years.

UBS had three CEOs in less than two years, Bloomberg News says.

                         Net Loss Widens

As reported in the Troubled Company Reporter-Europe on Feb. 11,
2009, UBS's net loss for full-year 2008 widened to CHF19,697
million from of CHF5,247 million in the prior year.

Net losses from continuing operations totaled CHF19,327 million,
compared with losses of CHF5,111 million in the prior year.

UBS attributed the losses to negative revenues in its fixed
income, currencies and commodities (FICC) area.

For the 2008 fourth quarter, UBS incurred a net loss of CHF8,100
million, down from a net profit of CHF296 million.

Net loss from continuing operations was CHF7,997 million compared
with a profit of CHF433 million.

The Investment Bank recorded a pre-tax loss of CHF7,483 million,
compared with a pre-tax loss of CHF2,748 million in the prior
quarter.  This result was primarily due to trading losses, losses
on exposures to monolines and impairment charges taken against
leveraged finance commitments.  An own credit charge of CHF1,616
million was recorded by the Investment Bank in fourth quarter
2008, mainly due to redemptions and repurchases of UBS debt during
this period.

                         More Job Cuts

UBS said it will further reduce its headcount to 15,000 by the end
of the year.

UBS's personnel numbers reduced to 77,783 on December 31, 2008,
down by 1,782 from September 30, 2008, with most staff reductions
at its investment banking unit.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


UBS AG: Won't Name U.S. Clients, Cites Swiss Privacy Laws
---------------------------------------------------------
UBS AG refused to disclose the names of its American clients
suspected by U.S. authorities of using secret Swiss bank accounts
to dodge U.S. Taxes, Reuters reports.

According to Reuters, Mark Branson, chief financial officer of UBS
Global Wealth Management and Swiss Bank, said at a Senate hearing
that the bank regrets breaking U.S. tax laws, but it does not
intend to hand over the client names being sought in a U.S.
Internal Revenue Service lawsuit.

"UBS has now complied ... to the fullest extent possible without
subjecting its employees to criminal prosecution in Switzerland,"
the news agency quoted Mr. Branson as saying.

Reuters relates Mr. Branson called for a diplomatic resolution,
rather than protracted court proceedings, over the IRS efforts to
get data from UBS arguing the information sought is protected by
Swiss financial privacy laws.

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2009, the U.S. government filed a lawsuit in Miami against UBS.

The lawsuit asked the court to order the international bank to
disclose to the Internal Revenue Service (IRS) the identities of
the bank's U.S. customers with secret Swiss accounts.

According to the lawsuit, as many as 52,000 U.S. customers hid
their UBS accounts from the government in violation of the tax
laws.

At the Senate hearing, Mr. Branson confirmed there were about
47,000 accounts that UBS had for U.S. Clients, ABC News relates.

The government alleges in the lawsuit that of those 52,000 secret
accounts, about 20,000 contained securities and about 32,000
contained cash.  According to a UBS document filed with the
lawsuit, as of the mid-2000s, those secret accounts held about
US$14.8 billion in assets.  Court documents allege that U.S.
citizens failed to report and pay U.S. income taxes on income
earned in those secret accounts.

According to the lawsuit, Swiss-based bankers actively marketed
UBS's services to wealthy U.S. customers within the United States.
UBS documents filed with the lawsuit show that UBS bankers came to
the United States to meet with U.S. clients nearly 4,000 times per
year, in violation of U.S. law.  According to court documents, the
government alleges that UBS trained its bankers to avoid detection
by U.S. authorities.  Court documents further assert that many
U.S. contacts occurred through UBS-sponsored sporting and cultural
events, designed to appeal to extremely wealthy Americans.

The lawsuit alleges that UBS engaged in cross-border securities
transactions in the United States that it knew violated U.S.
security laws.  The lawsuit also alleges that UBS helped hundreds
of U.S. taxpayers set up dummy offshore companies, to make it
easier for those taxpayers to avoid their reporting obligations
under U.S. tax laws.

UBS later entered into a deferred prosecution agreement with the
Department of Justice pursuant to which UBS will pay US$180
million in disgorgement, as well as US$400 million in tax-related
payments.

Also last month, the U.S. Securities and Exchange Commission filed
an enforcement action against UBS charging the firm with acting as
an unregistered broker-dealer and investment adviser.

The SEC's complaint, filed in the U.S. District Court for the
District of Columbia, alleges that UBS's conduct facilitated the
ability of certain U.S. clients to maintain undisclosed accounts
in Switzerland and other foreign countries, which enabled those
clients to avoid paying taxes related to the assets in those
accounts.

UBS agreed to settle the SEC's charges by consenting to the
issuance of a final judgment that permanently enjoins UBS and
orders it to disgorge US$200 million.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


VINARIO JSC: Creditors Must File Claims by March 9
--------------------------------------------------
Creditors owed money by JSC Vinario are requested to file their
proofs of claim by March 9, 2009, to:

         Guido Rota
         Hauptstrasse 3
         8467 Truttikon
         Switzerland

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


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


BOOK MARKET: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Ukrainian Book Market (EDRPOU 30404881).

The Temporary Insolvency Manager is:

         O. Dashko
         Office 174
         Heroes of Stalingrad Avenue 59
         04213 Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrainian Book Market
         Office 13
         Otradny Avenue 6/1
         01001 Kiev
         Ukraine


ENTERPRISE ALMEGA: Creditors Must File Claims by March 19
---------------------------------------------------------
Creditors of Common Enterprise Almega (EDRPOU 32056227) have until
March 19, 2009, to submit proofs of claim to:

         A. Bezabchuk
         Insolvency Manager
         Post Office Box 14
         54056 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/47/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya St. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         Common Enterprise Almega
         Office 3
         Tereshkova St. 50
         Nikolayev
         Ukraine


FRUIT AND VEGETABLES: Creditors Must File Claims by March 18
------------------------------------------------------------
Creditors of OJSC Fruit and Vegetables (EDRPOU 22469818) have
until March 18, 2009, to submit proofs of claim to Insolvency
Manager M. Niagov.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/389-08-5576.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65019 Odessa
         Ukraine

The Debtor can be reached at:

         OJSC Fruit and Vegetables
         Ac. Filatov St. 55
         65078 Odessa
         Ukraine


GEKAR LLC: Creditors Must File Claims by March 18
-------------------------------------------------
Creditors of LLC Gekar (EDRPOU 24781433) have until March 18,
2009, to submit proofs of claim to:

         A. Sorokin
         Insolvency Manager
         Post office Box 179
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/384/08.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya St. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Gekar
         9th Line St. 72
         Nikolayev
         Ukraine


INCRYSTAL LLC: Creditors Must File Claims by March 19
-----------------------------------------------------
Creditors of LLC Incrystal (EDRPOU 35786456) have until
March 19, 2009, to submit proofs of claim to:

         A. Bezabchuk
         Insolvency Manager
         Post office Box 14
         54056 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/43/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya St. 22-a
          54009 Nikolayev
          Ukraine

The Debtor can be reached at:

         LLC Incrystal
         Office 3
         Dunayev St. 50
         Nikolayev
         Ukraine


SVS-ALLIANCE LLC: Creditors Must File Claims by March 19
--------------------------------------------------------
Creditors of LLC SVS-Alliance (EDRPOU 33368328) have until
March 19, 2009, to submit proofs of claim to:

         V. Solomakha
         Insolvency Manager
         Post Office Box 14
         54056 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/44/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya St. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC SVS-Alliance
         Spasskaya St. 1
         Nikolayev
         Ukraine


* S&P Affirms 'CCC+' Issuer Rating on City of Ivano-Frankivsk
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'CCC+' long-term issuer credit and 'uaBB' Ukraine national scale
ratings on the City of Ivano-Frankivsk.  The outlook remains
negative.

"The ratings reflect our opinion that the city highly depends on
central government policies, and therefore on uncertain
intergovernmental grants to the city," said Standard & Poor's
credit analyst Karen Vartapetov.

This is underscored by the central government's difficult
financial position.  The ratings incorporate an expected weakening
of the local economy in 2009, as well as the sizable payment
arrears of municipal utilities.  These weaknesses are offset by
the city's very low debt and constraints on future borrowings.

Ukraine's central government's control severely restricts
Ivano-Frankivsk's financial flexibility.  Importantly, in the
current economic turmoil, S&P is concerned about the amount and
timeliness of intergovernmental grants.

Ivano-Frankivsk had a cash position of 3% of operating
expenditures as of Feb. 1, 2009.  This by far exceeds debt service
of 0.1% of operating expenditures in 2009, with the first
principal payment in 2011.

The negative outlook mirrors that on the sovereign and
incorporates S&P's expectation of a downturn in Ivano-Frankivsk's
economy.  S&P believes the downturn will result in weaker budget
revenues, and, therefore, some deterioration of financial
performance in 2009-2011.  The outlook also reflects possible
accumulation of payables by the city's utilities.

Further negative rating actions on Ukraine will likely result in
similar actions on the city.

"All other things being equal, the ratings could come under
pressure if the city's budget revenues display a sharp drop due to
weaker taxes and/or state grants," said Mr. Vartapetov.
"Similarly, a downgrade could be caused by a sizable expansion of
direct debt and debt service, or the growth of the government-
related entities' payables over the expected margins."

An outlook revision to stable would depend on a similar action on
Ukraine, and would also be subject to the city's ability to
deliver comfortable budgetary performance in the medium term.


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


A J CONSTRUCTION: Appoints Joint Liquidators from Tenon Recovery
----------------------------------------------------------------
Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery
were appointed joint liquidators of A J Construction Ltd. on
Feb. 9, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Europarc Innovation Centre
         Innovation Way
         Grimsby
         DN37 9TT
         England


BERNARD L. MADOFF: UK Unit Sent US$164-Mil. to Parent in November
-----------------------------------------------------------------
Madoff Securities International Ltd., Bernard L. Madoff's London-
based proprietary trading unit, transferred US$164 million to its
New York-based parent in November, David Glovin and Edvard
Pettersson at Bloomberg reports, citing the receiver.

Lee Richards, a court-appointed receiver of Madoff's firm, didn't
say why the trading unit made two transfers totaling US$164
million to Bernard L. Madoff Investment Securities LLC.  He said
the transfer has "greatly reduced the assets held by" Madoff
Securities International.

Bloomberg relates that Mr. Richards took control of Madoff's firm
in December, after the money manager was arrested by the FBI and
sued by regulators for what they said was a US$50 billion fraud.

In a report submitted to U.S. District Judge Louis Stanton in New
York, the receiver said he was unable to identify the assets held
by Madoff's London operation, as the judge had requested.  The
only significant transaction identified in the report is the
US$164 million transfer, Mr. Richards adds.

According to the report, Mr. Richards also asked the judge to
terminate the receivership because his role has been assumed by
federal prosecutors, a U.S. bankruptcy trustee and the U.K.
liquidators.  He said the U.K. liquidators have refused to provide
him with documents he needs to complete his job and adds, "It is
plain that the receiver cannot discharge his courtordered duties
and there is no reason for the receiver to continue this
assignment".

In his report Mr. Richards further disclosed that Madoff
Securities International and a dormant entity, Madoff Ltd.,
"appear" to be the only non-U.S. Madoff-related companies.  He
said that Madoff Securities International had no clients and
served only as a proprietary trading business and that the U.K.
liquidators may learn of other assets after the prime broker for
Madoff Securities International winds down open trades and
provides a full accounting of its transactions.

In addition to Madoff Securities International accounts at its
prime broker, the firm "holds accounts at other financial
institutions, although we do not know whether any funds remain in
those accounts.  The information we have received has been
extremely limited" Bloomberg quoted Mr. Richards as saying.  He
interviewed 68 Madoff employees as part of his investigation and
identified other organizations including Cohmad Securities, a
broker dealer that operated out of Madoff's offices in Manhattan.

Separately, Irving Picard, which has been appointed liquidation
trustee for BLMIS, is seeking to liquidate Madoff's brokerage,
find assets and distribute them to Madoff's customers.  So far,
Mr. Picard and attorneys from the law firm Baker Hostetler LLP
have found about US$950 million in cash and securities.

                    About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Bernard L. Madoff and
his investment firm, Bernard L. Madoff Investment Securities LLC,
with securities fraud for a multi-billion dollar Ponzi scheme that
he perpetrated on advisory clients of his firm.  The estimated
losses from Madoff's fraud were allegedly at least US$50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
District Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.


BRITISH AIRWAYS: Annual Loss Expected, May Not Pay Dividends
------------------------------------------------------------
British Airways Plc expects operating loss for the 12 months
through next March to be broadly similar to the GBP150 million
(US$213 million) deficit forecast for the current fiscal year,
Bloomberg News reports.

Revenue will probably slump 5 percent next year to 3.5 percent,
compared to the 4 percent predicted last month, Bloomberg News
relates citing the company in a presentation to investors
Thursday.

BA aims to shave GBP220 million from non-fuel costs through
management job cuts and other savings, including freezing basic
salaries, according to Bloomberg News.

                        Dividend Payment

In a separate report, Bloomberg News says BA may not pay dividends
this year as its pension deficit of GBP1.5 billion exceeds its
market valuation of about GBP1.45 billion.  The carrier handed out
5 pence a share, or GBP58 million, in 2008, the report recalls.

According to the report, U.K. companies can't cut back on their
employee retirement funds while still paying dividends under new
rules.

The carrier is projected to omit the dividend according to 15 of
20 analysts surveyed by Bloomberg.

"It's perfectly right that companies should not pay dividends at
the expense of their pension funds," the report quoted BA Chief
Financial Officer Keith Williams as saying during an investor
meeting in London yesterday.

                       Moody's Cuts Rating

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2009, Moody's lowered the Corporate Family Rating of British
Airways to Ba1, and assigned a Probability of Default Rating of
Ba1; the senior unsecured and subordinate ratings have been
lowered to Ba2 and Ba3, respectively.  The ratings remain under
review for possible downgrade.

Moody's said the rating action reflects the expectation that
metrics at the end of the current fiscal year (to March 2009) will
be outside the range which the rating agency had previously
indicated for the Baa3 rating category, notably with gross
leverage remaining below 4x.

Moody's expects that in light of the company's latest trading
update, in which it anticipates an operating loss of about GBP150
million this year, as well as the recent increase in indebtedness,
gross debt/EBITDA will exceed 6x by year-end.  Moody's recognizes,
however, that a substantial portion of the increase in debt is
attributable to the more recent weakening of Sterling versus the
dollar, whose impact may not be fully reflected in the income
statement for the full year.  Moody's also believes that in light
of stepped up capex planned in FY2010 and the continued weak
outlook for the industry as a whole, the company will be
challenged to improve its credit metrics materially in the near
term.

The one-notch difference meanwhile between the Corporate Family
Rating and the Ba2 senior unsecured rating and the rating of the
GBP250 million notes due 2016 (LGD5, 70%) continues to reflect the
effective subordinated position of unsecured bondholders behind a
material amount of secured debt, primarily bank loans, capital
leases and hire purchase agreements, Moody's said.

The EUR300 million preferred stock issued by British Airways
Finance (Jersey) L.P.  And guaranteed by British Airways Plc. are
rated Ba3 (LGD6, 94%) to reflect their subordination to other
liabilities within the capital structure, according to the rating
agency.

The review for possible downgrade reflects the view that metrics
at FYE09 will be weak for the current rating, amidst an operating
environment that continues to be very challenging, Moody's said.

                     About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) –- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services.  The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services.  The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008.  During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers.  It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide.  At March 31, 2008, it had 245
aircraft in service.  In July 2008, British Airways plc completed
the purchase of French airline L'Avion.


BRITISH AIRWAYS: One Thorn Remains for Iberia Merger Deal
---------------------------------------------------------
The Times's David Robertson reports British Airways Plc said it
has one remaining unsolved issue with regards to its proposed
merger with Spain's Iberia Lineas Aereas de Espana SA.

Citing BA Chief Executive Officer Willie Walsh, the report says
both airlines have not yet agreed on how the merged parent company
would control the two airlines.

According to The Times, BA and Iberia plan to create a single
parent company, Topco, that would own the two airlines, allowing
the carriers to operate largely independently and retain their
brands.

"The single area of difficulty between us relates to governance
and specifically the financial control that Topco can exercise
over the two operating companies.  The only way you can guarantee
the synergies is if Topco can exercise financial control," The
Times quoted Mr. Walsh as saying.

Concerns including pension deficit, share of ownership and
chairman and chief executive roles have been agreed in principle,
the report relates citing Mr. Walsh.

An estimated GBP400 million of synergies have also been
identified, the report notes.

Mr. Walsh is expected to remain as chief executive of the combined
group while Fernando Conte, the head of Iberia, is likely to step
up to become chairman, the report discloses.

                     About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) –- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services.  The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services.  The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008.  During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers.  It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide.  At March 31, 2008, it had 245
aircraft in service.  In July 2008, British Airways plc completed
the purchase of French airline L'Avion.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2009, Moody's lowered the Corporate Family Rating of British
Airways to Ba1, and assigned a Probability of Default Rating of
Ba1; the senior unsecured and subordinate ratings have been
lowered to Ba2 and Ba3, respectively.  The ratings remain under
review for possible downgrade.


CONCEPT AND DESIGN: Calls in Joint Liquidators from Tenon Recovery
------------------------------------------------------------------
J. K. Rolls and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Concept and Design Furniture Ltd. on Feb. 9,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Concept and Design Furniture Ltd.
         Sherlock House
         73 Baker Street
         London
         England


DOLGARROG ALUMINIUM: Taps Joint Liquidators from KPMG
-----------------------------------------------------
Paul Andrew Flint, Brian Green and Myles Antony Halley of KPMG LLP
were appointed joint liquidators of Dolgarrog Aluminium Ltd. on
Feb. 12, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through KPMG LLP at:

         8 Princes Parade
         Liverpool
         L3 1QH
         England


ELVA FUNDING: S&P Corrects Press Release on Wrong Rating Withdrawn
------------------------------------------------------------------
In a media release Standard & Poor's Ratings Services published
earlier, S&P withdrew the rating on the wrong class of notes due
to an administrative error.  S&P is taking this opportunity to
reinstate the rating on the class A3 notes and correctly withdraw
the rating on the class B3 notes.  A corrected version follows.

Standard & Poor's Ratings Services withdrew its credit ratings on
some of the notes issued by Elva Funding PLC, following early
redemption of those notes in each case.

                           Ratings List

                        Ratings Withdrawn

                         Elva Funding PLC
     EUR165 Million, US$40 Million, and JPY2.2 Billion Secured
   Credit-Linked Floating-Rate Notes Series 2007-2 (Euclid CDO)

                             Rating
                             ------
           Class       To            From
           -----       --            ----
           A2          NR             CCC/Watch Neg
           B3          NR             CCC-
           B4          NR             CCC-

                         Elva Funding PLC
       EUR100 Million and JPY1.1 Billion Secured Credit-Linked
             Floating-Rate Notes Series 2007-3 (Euclid CDO)

                                    Rating
                                    ------
                  Class       To            From
                  -----       --            ----
                  D           NR             CCC-

                         Elva Funding PLC
     EUR10 Million , US$30 Million and JPY1.0 Billion Secured
         Floating-Rate Credit-Linked Notes Series 2007-7

                               Rating
                               ------
             Class        To            From
             -----        --            ----
             A2           NR             B/Watch Neg

                         Rating Reinstated

                         Elva Funding PLC
      EUR165 Million, US$40 Million, and JPY2.2 Billion Secured
    Credit-Linked Floating-Rate Notes Series 2007-2 (Euclid CDO)

                                    Rating
                                    ------
                  Class        To            From
                  -----        --            ----
                  A3           CCC-             NR


EUROMET ALLOYS: Appoints Joint Liquidators from Baker Tilly
-----------------------------------------------------------
Graham Paul Bushby and Guy Edward Brooke Mander of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators of
Euromet Alloys Ltd. on Feb. 10, 2009, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Euromet Alloys Ltd.
         Estate House
         Evesham Street
         Redditch
         Worcestershire
         B97 4HP
         England


GORDON RAMSAY: Says In Breach of Certain Financial Covenants
------------------------------------------------------------
Jack Malvern at The Times reports that Gordon Ramsay Holdings
Ltd., celebrity chef Gordon Ramsay's restaurant group, said in its
recent financial statement that it has commenced renewal
negotiations with its bank over a multimillion-pound loan after
breaching some of the financial covenants within the facility.

However, The Times notes it is unclear whether the breaches were
limited to 2007 or if negotiations are continuing.

The Times recalls in May, Royal Bank of Scotland provided Gordon
Ramsay Holdings, which acts for 11 of the chef's restaurants
including ventures at Claridge's and the Berkeley Hotel,
both in Central London, a group overdraft and loan facility of
GBP10.5 million, secured against the company's present
and future assets.

According to The Times, Mr. Ramsay and his father-in-law, Chris
Hutcheson, a director of the company, were warned in the
directors' report, filed eight months late, that "current economic
conditions create uncertainty over the availabilty of bank finance
in the foreseeable future".

However, Jeffreys Henry, the company's auditors, noted discussions
between the company, which was fined GBP1,500 for failing to file
accounts on time, and its bankers were "progressing positively",
The Times relates.

Citing Gordon Ramsay Holding's latest accounts, The Times
discloses the company's turnover increased GBP3.5 million to
GBP41.6 million in 2007, while its operating profit increased
GBP2.3 million to GBP3.3 million.

The Times recounts last year Companies House took steps to
prosecute the company because its 2006 return was more than a year
overdue.


INVESTEC FINANCE: Moody's Revises Press Release; Cuts BFSR to 'D+'
------------------------------------------------------------------
Correction to the ratings of Investec Finance plc.  Revised press
release follows.

Moody's Investors Service announced that it has downgraded the
long-term deposit rating of Investec Bank plc to Baa3 from Baa1
and the Bank Financial Strength Rating to D+ (mapping to a
Baseline Credit Assessment of Baa3) from C-.  The long-term rating
are placed on a stable outlook and the BFSR remains on negative
outlook.  At the same time Moody's downgraded the short-term
rating of IBUK to Prime-3 from Prime-2.  The debt ratings on
Investec Finance Plc, which is guaranteed by Investec Bank plc,
were also lowered accordingly.

At the same time Moody's downgraded the long- and short term
issuer ratings of Investec plc to Ba1 with a negative outlook and
Non Prime from Baa2 and Prime-2 respectively.  Preferred stock
issued by Investec Tier 1 (UK) LP was downgraded to B1 from Ba1
with a negative outlook.

The rating action was underpinned by Moody's estimation that the
current trends in the operating environment put significant
pressure on the financial fundamentals of the group.

The volatility in IBUK's performance was particularly reflected in
the increase in non-performing assets in the private banking
division and pressure on overall profitability.  "We are concerned
that compared with the previous years there is a lower capacity
for internal capital creation" says Irakli Pipia, lead analyst for
the bank.  Moody's note, however, that IBUK's existing capital
adequacy ratios remain relatively healthy and stability of funding
is maintained by their deposit-taking foothold in private banking.
Moody's also note that IBUK was included in the list of eligible
institutions for the issuance of the UK government guaranteed
short to medium-term instruments.  This eligibility is likely to
reduce to some extent the pressure from refinancing IBUK's
maturing wholesale liabilities.

In the case of Investec plc, IBUK's parent company, Moody's note
that there is a significant degree of exposure to its specialist
lender Kensington in the total amount of GBP519 million (including
warehousing lines and the securitized book) and the potential for
asset quality deterioration is higher.  Although currently
Kensington remains a profit-making subsidiary, in case of
dissolution, it will lead to a likely negative impact of goodwill
impairment.  Moody's also note that there is a medium-term risk of
refinancing external warehousing lines extended to Kensington in
the amount of approximately GBP1.5 billion.

Moody's assigned a stable outlook to the IBUK's long-term rating
of Baa3 which reflects Moody's view that as a UK deposit-taking
institution under the current extraordinary market conditions
IBUK's creditworthiness will be sustained at the minimum level of
the investment rating category by the UK authorities.  In other
words, in case of further downgrade of the BFSR there can be a
notch uplift from the systemic support can be factored in.
However, Moody's do not consider IBUK's franchise systemically
important in the UK in order to benefit it from an rating uplift
that Moody's factor in for the large retail banks in UK.

Moody's assigned a stable outlook to IBUK's long-term rating of
Baa3, reflecting Moody's expectation that the degree of support
available to eligible institutions in UK should provide some
stability to IBUK's long-term ratings at the current level.

Moody's still maintains a negative outlook on the BFSR of IBUK and
long-term ratings of Investec plc which reflects Moody's concerns
that the group's revenue mix and asset quality are still exposed
to the continuing deterioration in the operating environment and
falling prices in commercial and high-end residential property
markets in the UK and Europe.

Downgrades:

Issuer: Investec Bank (UK) Ltd

  -- Bank Financial Strength Rating, Downgraded to D+ from C-

  -- Deposit Rating, Downgraded to P-3 from P-2

  -- Senior Unsecured Deposit Rating, Downgraded to Baa3 from Baa1

Issuer: Investec Finance plc

* Backed Long-term Senior Unsecured -- to Baa3 from Baa1

* Backed subordinate -- to Ba1 from Baa2

* Backed junior subordinate -- to Ba2 from Baa2 as before

  -- Multiple Seniority Medium-Term Note Program, Downgraded to a
     range of Ba1 to P-3 from a range of Baa2 to P-2

  -- Senior Unsecured Commercial Paper, Downgraded to P-3 from P-2

Issuer: Investec PLC

  -- Issuer Rating, Downgraded to a range of Ba1 to NP from a
     range of Baa2 to P-2

Issuer: Investec Tier 1 (UK) LP

  -- Preferred Stock Preferred Stock, Downgraded to B1 from Ba1

Outlook Actions:

Issuer: Investec Bank (UK) Ltd

  -- Outlook, Changed To Stable(m) From Negative(m)

Issuer: Investec Finance plc

  -- Outlook, Changed To Stable(m) From Negative(m)

The last rating action for Investec Plc and its subsidiaries,
including IBUK, was on December 20, 2007 when the long-term
ratings were downgraded, concluding the review for possible
downgrade of the ratings of Investec Plc and Investec Bank (UK)
Ltd initiated in May 2007 following Investec Plc's acquisition of
the specialist mortgage lender Kensington.

Investec Plc, headquartered in London, had total assets of GBP18.5
billion and shareholders' equity of GBP1.36 billion as at
September 30, 2008.  Investec Bank (UK) Ltd, headquartered in
London, had total assets of GBP12.5 billion and shareholders'
equity of GBP963 million as at September 30, 2008.


ITV PLC: To Layoff 600 Jobs to Cut Cost, Bloomberg News Says
------------------------------------------------------------
ITV Plc will cut a further 600 jobs, after incurring a net loss of
GBP2.56 billion in 2008, Simon Thiel writes for Bloomberg News.

According to the report, the company will also adopt other
measures to cut costs including:

   -- suspending its final dividend;
   -- lowering annual costs by GBP245 million in 2011; and
   -- seeking to sell the Friends Reunited Web site.

"Current conditions in the advertising market are the most
challenging I have experienced in over 30 years in U.K.
Broadcasting.  The Board therefore recognizes that the 2012
revenue targets set in 2007 are no longer appropriate and we are
focusing on our core business as a producer-broadcaster, on
reducing our costs and on cash generation," Executive Chairman
Michael Grade was quoted by Bloomberg News as saying.

                          About ITV plc

ITV plc -- http://www.itvplc.com/–- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                          *     *     *

As reported in the TCR-Europe on Jan. 29, 2009, Standard & Poor's
Ratings Services placed its 'BB+' long-term corporate credit and
senior unsecured debt ratings on U.K. private TV broadcaster ITV
PLC on CreditWatch with negative implications.

At the same time, S&P affirmed its 'B' short-term corporate credit
rating on ITV.  The '4' recovery rating on all of the group's
outstanding bonds is unchanged.   The '4' recovery rating
indicates S&P's expectation of average (30%-50%) recovery for
unsecured creditors in the event of a payment default.


ITV PLC: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
------------------------------------------------------------
Fitch Ratings has downgraded ITV plc's Long-term Issuer Default
Rating to 'BB-' (BB minus) from 'BB+', and revised the rating
Outlook to Negative from Stable.  The agency has also downgraded
ITV's senior unsecured rating to 'BB-' (BB minus) from 'BB+'.

The downgrade and Outlook revision reflect the release of ITV's
FY08 results today, which showed the company's revenues fell 2.5%
y-o-y, driven by a UK TV advertising market decline of 5%.  Pre-
exceptional EBITA declined GBP100 million to GBP211 million.

"The rating action is a direct result of further signs of a
worsening advertising market in the last three months, and a lack
of visibility over the scale of the drop to expect in 2009," says
Alex Griffiths, Senior Director in Fitch's TMT group in London.
"While ITV is taking steps to mitigate these declines, including a
significant cost reduction programme, a dividend cut, and planned
asset sales, these steps are not without risks and could be
outweighed by a further deterioration in the advertising market."

Expectations that leverage, measured as net debt/EBITDA, could
remain above 5.0x on an ongoing basis would likely cause a further
rating downgrade.  This compares to a ratio at FY08 of 3.7x.  In
Fitch's modeling, which includes a prudent haircut to potential
cost savings and no disposal proceeds, leverage of over 5.0x would
be typically accompanied by a decline in advertising revenues of
over 15% in 2009, with a further 2% in 2010.  A 15% decline in UK
TV advertising in one year would be unprecedented, but based on
month-on-month data in late 2008 and early 2009, is not considered
unrealistic.

If ad market visibility improves, disposals are realized on time,
and the full planned cost savings disclosed by management are
realized, there remains the potential for relatively rapid
stabilization, and upwards migration of ITV's ratings in due
course.

In the long term, ITV should benefit from the continuing
turnaround in its underlying performance.  In 2008 the share of
viewing of its family of channels increased for the second year
running after years of steep decline, reflecting the strength of
its multichannels and slowing increases in multichannel
penetration.  Regulatory issues appear to be abating, with initial
indications from Ofcom's Public Sector Broadcasting review and the
Competition Commission's review of the Contract Rights Renewal
mechanism positive, although the CRR review recommended a
loosening rather than the abolition of regulation.

Fitch estimates leverage has the potential to rise rapidly if
EBITDA declines further.  The agency estimates that each 5% fall
in the advertising market will result in a corresponding GBP75
million reduction in EBITDA, which as of December 31, 2008 was
approximately GBP247 million, down from GBP346 million a year
earlier.

Following its March 2009 maturity of GBP250 million, the group's
next maturity is a EUR500 million bond due October 2011.  This
compares to unrestricted cash (net of the 09 maturity) at
December 31, 2008 of GBP196 million and undrawn, covenant free
facilities of GBP200 million which expire in 2013 (Fitch discounts
the group's undrawn GBP450 million facility due to ITV's proximity
to the agreement's 3.75x leverage covenant and its maturity in
2011).  While in most of Fitch's modeled scenarios, ITV is able to
repay the 2011 maturity out of existing resources, there is the
potential in certain circumstances for a liquidity gap in 2011.
ITV has begun to address this and announced a new GBP50 million
10-year, covenant free loan, which can be increased at the
discretion of the lender to GBP200 million.


KEYFORD CARPET: Taps Joint Liquidators from Smith & Williamson
---------------------------------------------------------------
Mark G. Boughey and Peter William Engel of Smith & Williamson
Restructuring & Recovery Services were appointed joint liquidators
of Keyford Carpet Mills Ltd. on Feb. 12, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Smith & Williamson
Restructuring & Recovery Services at:

         Portwall Place
         Portwall Lane
         Bristol
         BS1 6NA
         England


KITSCH LEISURE: Brings in Joint Liquidators from Tenon Recovery
---------------------------------------------------------------
Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery
were appointed joint liquidators of Kitsch Leisure Ltd. on
Feb. 13, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Lowgate House
         Lowgate
         Hull
         HU1 1EL
         England


LANDER BE PROPERTY: Appoints Joint Liquidators from Tenon Recovery
------------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Lander Be Property Investments Ltd.
on Feb. 13, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

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


LEHMAN BROTHERS: PwC to Ask London Court to Rule on Trust Assets
----------------------------------------------------------------
The administrator of Lehman Brothers Holdings Inc.'s European
unit, PricewaterhouseCoopers LLP, said it plans to seek a court-
approved agreement between the investment bank and some of its
creditors.

According to James Lumley of Bloomberg, the administrators asked a
judge at the Royal Courts of Justice in London for a hearing to
propose a so-called scheme of arrangement.  The court will be
asked to rule on how "trust property" should be returned to
creditors.  Darren Fox, a partner at London law firm Simmons &
Simmons, defined trust property as assets such as "cash or
securities that Lehman clients have a proprietary interest in" and
that didn't belong to Lehman Brothers International (Europe) when
it went into administration.

The hearing is scheduled for March 16 and Lehman creditors are
invited to attend.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers led in the global financial
markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offered a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).  Several other affiliates followed
thereafter.

Lehman Brothers Finance AG, also known as Lehman Brothers Finance
SA, filed a petition under Chapter 15 of the U.S. Bankruptcy Code
in the U.S. Bankruptcy Court in Manhattan on February 10, 2009.
Lehman Brothers Finance, a subsidiary of Lehman Brothers Inc.,
listed estimated assets of more than US$1 billion and estimated
liabilities of more than US$1 billion.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL).  James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

           International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units of Lehman Brothers Holdings, Inc., which has filed for
bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


LLOYDS BANKING: Denies Reports U.K. Gov't Deal Isn't Moving
-----------------------------------------------------------
Lloyds Banking Group Plc denied reports that a deal with the U.K.
Government for asset protection scheme is at risk of falling
apart, The Financial Times reports.

According to FT, Lloyds said talks on the deal were "advanced and
going well."

The FT relates Treasury officials attributed the delay in reaching
a deal to the complexity of the negotiations.

Citing people close to the talks, the FT says the interdependence
of the various attributes of the agreement -- the fee, the
proportion of the initial loss accepted by the bank, and the
amount of new lending Lloyds commits to -- makes it harder to pin
down a deal.

The Wall Street Journal relates Lloyds, which is already 43%-owned
by the U.K. government after last fall's bank bailouts, is trying
to avoid a situation in which the government's stake would go
above 50%.

According to the Journal, Lloyds is looking at insuring GBP250
billion, or about US$350 billion, in assets.  But the terms are
likely to be harsher than those announced for The Royal Bank of
Scotland Group PLC last week, because the government sees Lloyds
as less in need of help, the Journal says citing people close to
the talks.

Meanwhile, Telegraph.co.uk's Ben Harrington reports that gossip
was doing the rounds on Tuesday that Lloyds is looking to demerge
and float all of its private equity interests to restore the
health of its balance sheet.

According to Telegraph, sources said Lloyds is now examining a
merger of Lloyds Development Capital, its private equity unit,
with HBOS Plc's integrated finance unit.  Once the divisions are
merged, they could then be floated, the report notes.

                              Losses

HBOS Plc, the ailing lender which Lloyds TSB Group PLC agreed to
buy last year for about GBP7.7 billion in a government brokered
deal, incurred a loss of GBP7.58 billion after taxes, compared
with a net profit of GBP3.97 billion a year earlier.

The loss was driven largely by souring property-related
investments in HBOS's corporate-lending division, the Journal
relates.

Meanwhile, Lloyds TSB Group PLC, which became Lloyds Banking Group
PLC after purchase of HBOS, posted a profit of GBP819 million,
down 75% from a year earlier.

The decrease in profit was attributed to market dislocation and
bad loans, the Journal says.

                  About Lloyds Banking Group PLC

Lloyds Banking Group Plc (LON:LLOY) –-
http://www.lloydsbankinggroup.com/-- formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007.  Cheltenham & Gloucester plc (C&G) is the
Company's specialist mortgage arranger.  Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account.  International business is conducted mainly in the United
States and continental Europe.  Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.


MOSAIC FASHIONS: Dune Shoes Buys Shoe Studio Out of Administration
------------------------------------------------------------------
Marcus Leroux at Times Online reports that Dune Shoes has bought
Shoe Studio, a unit of Mosaic Fashions, out of administration for
an undisclosed sum.

According to Times Online, the sale has saved 1,570 jobs at more
than 300 concessions but its 11 stand-alone stores are to be
closed, with the loss of 90 jobs.

                   Buyer Sought for Principles

Times Online notes administrators meanwhile are still seeking a
buyer for Principles, another unit of Mosaic Fashions.

Reuters relates Deloitte said on Monday it had received
expressions of interest for the business.

Times Online discloses Debenhams, Sir Philip Green’s Arcadia and
Peter Davies, who used to run Principles as chief executive of
Rubicon, are among the front runners for the business or its
assets.

However, Mr. Davies, as cited by Drapers, said it was now unclear
whether he would succeed in putting an appropriate bid together in
time to buy the chain from administrators Deloitte because of
competition from other parties and Deloitte’s need to complete a
deal as quickly as possible.

"I was trying to buy it [Principles] and I am still trying to buy
it.  But the timing of the administration may have screwed my
chances," Drapers quoted Mr. Davies as saying.  "As a private
punter it takes time to put a logical offer in place and to
rebuild into the future.  I would say it would normally take two
weeks to do that."

Drapers recalls Principles was first put up for sale last month by
Mosaic.  However, Mosaic collapsed into administration this week
before a deal could be completed, Drapers states.

As reported in the Troubled Company-Reporter Europe, on March 2,
2009, Neville Kahn, Lee Manning and Phil Bowers of Deloitte, the
business advisory firm, were appointed Joint Administrators over
Mosaic Fashions Limited, Mosaic Fashions Finance Limited and a
number of other Group companies, including:

    * Warehouse Fashion Limited
    * Oasis Stores Limited
    * Coast Stores Limited
    * Karen Millen Limited
    * Anoushka G Fashions Limited
    * Principles Retail Limited
    * The Shoe Studio Group

Phil Bowers, Joint Administrator, said: "As part of the
restructuring of the group we have concluded an immediate sale of
the UK business and assets of Warehouse, Oasis, Coast, Karen
Millen, Anoushka G and the overseas shares of Karen Millen to
Aurora Fashions, a new company jointly owned by Kaupthing bank and
former management of Mosaic.  This sale secures the future of
these brands and provides funding going forward.  The
restructuring means 8,700 jobs in these businesses have been
rescued by Aurora Fashions, who will continue to trade in 647
concessions and 268 stores across the UK."

It is the Administrators' intention to trade the remaining two
entities, Principles and The Shoe Studio.  The Group had
previously engaged advisors to sell these entities and the
Administrators are already in discussions with various parties
interested in purchasing the assets.  The Principles brand employs
over 2,300 staff and trades from over 400 outlets of which 94 are
single stores and the remainder concession outlets.  The Shoe
Studio brand employs 1,870 staff and trades from 13 single stores
and 270 concessions and has the largest geographical footprint of
any UK Shoe retailer.  The Company also trades from its own
branded website.


R20: Auditors Cast Going Concern Doubt Over Liabilities
-------------------------------------------------------
Tim Webb at guardian.co.uk reports that accountacy firm Baker
Tilly cast doubt on the ability of R20, Robert Tchenguiz's
Mayfair-based investment vehicle, to continue as a going concern,
citing the company's liabilities.

The report relates Baker Tilly said that as of May 2007 the
company's liabilities, which predate and do not include the GBP27
million loss it incurred from interest rate swaps and other
financial instrument, exceed its assets by GBP2.5 million.

According to the report, Tim Smalley, a director of R20, said the
company's "principal liabilities" were held against Mr.
Tchenguiz's other businesses.

"The company owes more than it is owed.  But I would not read too
much into the accounts.  It represents only a very small part of
his business interests," the report quoted Mr. Smalley as saying.

Mr. Smalley, as cited by the report, said Mr. Tchenguiz's offshore
trusts would continue to fund R20, which mainly makes investments
in private equity and property.  The report discloses Mr. Smalley
noted Baker Tilly cast doubt on the company as a going concern
only in case such funding support was withdrawn in the future.

Mr. Smalley however believes there are sufficient funds available
for R20, the report adds.


VIRGIN MEDIA: Net Loss Widens to GBP241.4 Mln in Fourth Qtr. 2008
-----------------------------------------------------------------
Virgin Media Inc. released financial results for the fourth
quarter ended December 31, 2008.

Virgin reported a net loss of GBP241.4 million for the fourth
quarter ended December 31, 2008, compared with a net loss of
GBP163.2 million for the same period in 2007.  The sequential
decrease was due mainly to the non-cash goodwill and other
intangible asset impairments charge of GBP54.8 million relating to
the impairment review of the company's Sit-up business, and
foreign currency losses, partially offset by gains on derivative
instruments.

Total revenue in the fourth quarter was GBP1 billion compared to
GBP1.1 billion for the same period in the prior year.  The
sequential increase was due to increased Content and Cable
revenue, partially offset by reduced Mobile revenue.

Operating loss in the fourth quarter was GBP50.2 million compared
to GBP17.8 million for the same period a year ago with the
sequential decrease reflecting the goodwill and intangible asset
impairments charge relating to the company's Sit-up business,
increased depreciation and GBP19.8 million of restructuring and
other charges.

As of December 31, 2008, long term debt (net of GBP41 million
current portion) was GBP6.3 billion.  This consisted of GBP4.2
billion outstanding under the company's Senior Credit Facility,
GBP1.3 billion of Senior Notes, GBP684 million of Convertible
Senior Notes and GBP138 million of capital leases and other
indebtedness.  Cash and cash equivalents were GBP182 million.

Long term debt (net of GBP41 million current portion) increased by
GBP107 million during the quarter mainly due to unfavorable
foreign currency movements of GBP410 million, partially offset by
a prepayment of the Senior Credit Facility of GBP300 million made
in December 2008.

At December 31, 2008, the company's condensed consolidated balance
sheet showed GBP9.9 billion in total assets and GBP8 billion
in total liabilities, resulting in a GBP1.9 billion total
shareholders' equity.  

Neil Berkett, Chief Executive Officer of Virgin Media, said: "We
finished 2008 with another quarter of sound operational and
financial performance. We have achieved further growth in ARPU and
improvement in churn, while generating strong Free Cash Flow for
the year.

"During the quarter, we built upon the foundations we put in place
to deliver a differentiated and highly competitive consumer
proposition in 2009.  Record numbers of customers are now using
Virgin Media's services, despite the current economic environment.
We are successfully giving people more reasons to choose us and
they are buying more products from us than ever before, with 56%
of our customers now buying three services or more.

"Since its launch in December the consumer response to our next
generation 50Mb broadband service has been encouraging and helped
reinforce our position as the UK's leading residential broadband
provider.  We have also extended our lead in the video-on-demand
and catch-up TV markets, which we believe to be valuable services
in retaining customers and attracting prospects to Virgin Media.
Over the course of 2008 we received more than half a billion views
as on-demand TV came of age.

"A GBP300 million repayment of our debt in the quarter, along with
the amendment of our senior credit facility in November 2008, and
our operational improvements mean Virgin Media today is a strong
business with a stable foundation.  In 2009, we intend to continue
working to build stockholder value by maintaining a relentless
focus on operational efficiency and delivering a range of superior
services."

                    About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on October 17,
2008, Fitch Ratings affirmed Virgin Media Inc.'s Long-term Issuer
Default Rating at 'BB-' with a Stable Outlook and Short-term IDR
at 'B', following its announcement that it is seeking amendments
to its senior secured facilities.

At the same time, Standard & Poor's Ratings Services said that its
ratings and outlook on U.K.-based telecommunications provider
Virgin Media Inc. (VMI) and related entities (B+/Positive/--) are
unchanged by the company's announcement that it has requested
various amendments to the senior facilities agreement.


WESTSIDE PROJECT: Appoints Liquidator from Tenon Recovery
---------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
Westside Project Management Ltd. on Feb. 16, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         6th Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


* BOOK REVIEW: Megamergers
--------------------------
Author: Kenneth M. Davidson
Publisher: Beard Books
Hardcover: 427 pages
Listprice: US$34.95
Review by Henry Berry

Megamergers are nothing new to the business world.  One of the
first occurred in 1901, when Carnegie Steel merged with several
rival steel corporations, resulting in the billion-dollar United
States Steel.  Since then, megamergers have been a part of
American business.  However, the author notes that megamergers
have historically "occurred sporadically and been understandable"
on face value.  By contrast, in recent decades there has been a
"current wave of large mergers [that] is unprecedented."

In Megamergers - Corporate America's Billion-Dollar Takeovers,
Davidson looks at the unprecedented number of megamergers
occurring today and considers whether this signals a change in the
thinking of U.S. business leaders.  Legislators, corporate
executives, mergers specialists, and anyone else involved in, or
affected by, megamergers will find this book enlightening.

An announcement of a merger is usually accompanied with the
pronouncements that it will result in greater synergies,
operational efficiencies, and improved servicing of markets.
Davidson questions whether this has, in fact, been the case.  He
analyzes the subsequent financial performance of the corporate
behemoths produced by these megamergers and concludes that the
majority of them were not justifiable nor, ultimately, productive.

Davidson is an admitted skeptic about the value of mergers to the
overall economy and to employees, stockholders, and consumers.  He
is critical of the overly optimistic rationales prevalent in
today's business climate that lead many businesspersons into
mergers.  For the most part, though, he keeps his biases in check.
He rejects many of the common criticisms of mergers.  For example,
he finds unpersuasive the argument that mergers should be rejected
on the ground that they undermine market competitiveness.  Nor,
does he say, is it worthwhile to revisit the ongoing debate over
whether "risk arbitrageurs are good guys or bad guys."

The author states that his "first intention [is] to paint a
picture of what is happening [to] clarify the issues involved and
areas of dispute."  He offers a balanced examination of the
megamerger phenomenon, particularly as it pertains to the energy
and financial services industries.  He goes beyond seeing
megamergers only as phenomena of contemporary corporate culture,
and his analyses go beyond mere statistics. Megamergers have their
roots not only in business ambitions and current trends, but also
in human nature.  Recognizing this, the author also addresses the
psychology underlying megamergers.  As noted in the section "The
Acquisition Imperative," mergers present a temptation to the
decision-making executives of successful companies "look[ing]
beyond their product and consider[ing] the disposal of excess
profits."  Davidson explains why a merger appears to many
executives to be a better option than distributing profits to
shareholders, starting new businesses, or investing in securities.

The informed perspective Davidson offers in this book, first
published in 2003, is just as relevant today.  It is a book that
brings new wisdom to old ways of thinking about megamergers.

An attorney for the U. S. Federal Trade Commission for 25 years,
Kenneth M. Davidson has also been a corporate attorney and a
visiting law professor.

                            *********

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 * * *