TCREUR_Public/090311.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, March 11, 2009, Vol. 10, No. 49

                            Headlines

B U L G A R I A

KREMIKOVTZI AD: Workers Protest Over Lay-Offs and Unpaid Salaries


C Z E C H   R E P U B L I C

MORAVIA ENERGO: Declared Bankrupt by Ostrava Regional Court

* CZECH REPUBLIC: Gov't Approves Amendment on Insolvency Law


F R A N C E

ROSETTA I: Moody's Cuts Ratings on Three Classes of Notes to 'B1'


G E R M A N Y

ARTEFAX PROJEKTENTWICKLUNG: Claims Registration Ends April 8
BLACK & BLUE: Claims Registration Period Ends April 9
GENERAL MOTORS: German Unit Not Preparing for Insolvency
GEWO VERTRIEBS: Claims Registration Period Ends April 16
GREEN PURITY: Claims Registration Period Ends April 6

VEOVIA GMBH: Claims Registration Period Ends April 20


H U N G A R Y

MAGYAR TELECOM: Moody's Gives Neg. Outlook; Affirms 'B1' Rating


I C E L A N D

STRAUMUR-BURDARAS: Collapses, Iceland Gov't Takes Over
STRAUMUR-BURDARAS: Fitch Cuts Issuer Default Ratings to 'D'


I R E L A N D

MCENANEY CONSTRUCTION: Seeks Fresh Capital Injections
STARTS PLC: Moody's Cuts Rating on US$30 Mil. Notes to 'Ba3'
TITAN EUROPE: Fitch Junks Ratings on Three Tranches


I T A L Y

BANCA ITALEASE: To Spinoff Company Into Three
TISCALI SPA: Ends Talks with BSkyB Over Sale of UK Assets


K A Z A K H S T A N

BEK-TAS-1 LLP: Creditors Must File Claims by April 10
BIRLIK LLP: Creditors Must File Claims by April 10
CHAD RB: Creditors Must File Claims by April 10
CUSTOM CONSULTLLP: Creditors Must File Claims by April 10
DOST INSAAT: Creditors Must File Claims by April 10

LION LD: Creditors Must File Claims by April 10
SF BKS LLP: Creditors Must File Claims by April 10
SUPER SMILE: Creditors Must File Claims by April 10
TORES LTD: Creditors Must File Claims by April 10
VODNIK LLP: Creditors Must File Claims by April 10


K Y R G Y Z S T A N

INVEST-RADUGA LLC: Creditors Must File Claims by March 20


L A T V I A

* LATVIA: May Go Bankrupt if IMF Loan is Delayed


P O L A N D

POLSKI KONCERN: Asks Court to Oversee Debt Restructuring


R U S S I A

ALEKS-DI CJSC: Creditors Must File Claims by March 29
BARNAUL FOUNDRY: Creditors Must File Claims by April 28
BAYKAL'SKIY LES LLC: Creditors Must File Claims by April 28
IRKUT-INVEST LLC: Irkutsk Bankruptcy Hearing Set July 30
OM-STROY-2001 LLC: Creditors Must File Claims by March 29

PROM-TARA-1 LLC: Creditors Must File Claims by April 28
RIKO-STROY LLC: Creditors Must File Claims by April 28
RUBTSOVSK MACHINE: Under Bankruptcy Procedure
TEPLOIZOLYAZIYA OJSC: Bankruptcy Hearing Set May 13
VEK-STROY LLC: Creditors Must File Claims by April 28


S E R B I A   &   M O N T E N E G R O

ATLASMONT BANKA: Moody's Assigns 'E+' Financial Strength Rating


S L O V E N I A

* SLOVENIA: May Go Into Recession as Mfg, Exports Slump


S P A I N

SANTANDER FINANCIACION: Fitch Junks Rating on Class E Tranche


S W E D E N

PLASTAL HOLDING: Files for Bankruptcy


S W I T Z E R L A N D

BERGGASTHAUS ALPENBLICK: Creditors Must File Claims by April 14
D A L LLC: Deadline to File Proofs of Claim Set April 18
ISB MANAGEMENT: Creditors Have Until March 31 to File Claims
PIZ AROSER: Proofs of Claim Filing Deadline is March 31
RETROS LLC: Creditors' Proofs of Claim Due by April 14

WINZELER JSC: May 20 Set as Deadline to File Claims


U K R A I N E

ALTER-COMP-GROUP LLC: Creditors Must File Claims by March 21
DONSNAB LLC: Creditors Must File Claims by March 21
KHARKOV EXPERIMENTAL: Creditors Must File Claims by March 21
KREPENSKOYE LLC: Court Starts Bankruptcy Supervision Procedure
POLEMIN CJSC: Creditors Must File Claims by March 21

PRIME CAPITAL: Creditors Must File Claims by March 22
SPECTR PLUS: Creditors Must File Claims by March 21


U N I T E D   K I N G D O M

ALFRED SARGENT: Appoints Administrators from Tenon Recovery
BHM CONSTRUCTION: Creditors to Vote on CVA Deal on March 19
CATTLES PLC: Suspends 3 More Execs, Warns Covenant Breach & Loss
CHASE DE VERE: Goes Into Administration
COBALT CAPITAL: Goes Into Administration

EXCHANGE INSURANCE: Goes Into Administration
FORE-WOOD LTD: Calls in Joint Administrators from BDO Stoy
ITV PLC: Overhauls Directors' Bonus Scheme
LIGHTWATER PLAYING: Taps Joint Administrators from Baker Tilly
LLOYDS BANKING: Fitch Cuts Individual Rating to 'E' from 'C/D'

MECOM GROUP: Shares Plunge 16% Following Debt Breach Warning
PRISTINE DRY: Names Joint Administrators from Tenon Recovery
REXAM PLC: Moody's Affirms 'Ba2' Subordinated Debt Ratings
SPERLING RETAIL: Taps Joint Administrators from Grant Thornton
TIPES LTD: Appoints Joint Administrators from Smith & Williamson

VISIOCORP PLC: Moody's Withdraws 'Ca' Corporate Family Rating

* UK: Begbies Warns Surge in Commercial Property Insolvencies


                         *********


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Workers Protest Over Lay-Offs and Unpaid Salaries
-----------------------------------------------------------------
Tsvetelia Ilieva at Reuters reports that about 1,500 Kremikovtzi
workers protested on Monday over planned lay-offs and unpaid
salaries.

Reuters relates that according to the workers, who have not
received their salaries for the past three months, managers plan
to cut some 2,000 jobs.

The workers, Reuters discloses, are calling on the government to
find a buyer for the plant, which has sharply reduced its
operations since August when a court declared it insolvent over
its huge debt.

The workers, Reuters says, demanded compensation of 30 times
monthly salary if the plant was shut down.

However, the economy ministry, as cited by Reuters, said it was
still in acquisition talks with Brazilian steelmaker CSN and could
not discuss any other issues until talks were completed.

                          Declaration

Focus News Agency meanwhile reports the protesting workers will
submit a declaration addressed to Prime Minister Sergey Stanishev.

The declaration, Focus News Agency notes, says that Kremikovtzi is
on the threshold of liquidation and calls for an emergency meeting
between the Prime Minister and president of CSN.

                        About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer in
Bulgaria that reported BGN896 million in revenues in 2006.  It
explores and produces iron and ore fields.

As reported in the TCR-Europe on Aug. 8, 2008, the Sofia City
Court commenced insolvency proceedings against Kremikovtzi AD
after declaring it bankrupt.  The court appointed a temporary
bankruptcy administrator for the steelmaker.

The court also ruled that Kremikovtzi's insolvency started on
Dec. 31, 2005.  As of Dec. 31, 2007, the company had BGN1.63
billion (US$1.3 billion) in total debts.


===========================
C Z E C H   R E P U B L I C
===========================


MORAVIA ENERGO: Declared Bankrupt by Ostrava Regional Court
-----------------------------------------------------------
CTK reports that the regional court in Ostrava, northern, Moravia,
has declared Czech electricity trader Moravia Energo bankrupt.

The report relates insolvency proceedings were launched on
Tuesday.  The court appointed Lenka Vidovicova as insolvency
administrator, the report discloses.

According to the report, the court ordered review proceedings.
Creditors have 30 days from March 5 to register their claims, the
report states.  The report notes a meeting of creditors will take
place on April 30.

Citing some sources, the report says Komercni banka is owed up to
CZK1 billion by Moravia Energo, making it one of the company's
largest creditors.  Other banks that financed Moravia Energo's
operation were UniCredit Bank and Raiffeisenbank, the report adds.

The report recalls power producer CEZ cut supplies of electricity
to Moravia Energo two weeks ago after the company, which generated
CZK4.7 billion sales last year, failed to pay for daily power
supplies.

The management, as cited by the report, said banks were not
willing to finance contracts this year and next year, and the
company filed for insolvency.

The report recounts in a statement for CTK this week Moravia
Energo said it was ready to launch reorganization at the company
and find work for 22 people it now employs.


* CZECH REPUBLIC: Gov't Approves Amendment on Insolvency Law
------------------------------------------------------------
CTK reports that the Czech government on Thursday approved an
amendment to the law on insolvency.

The report relates Labour Minister Petr Necas said "The amendment
will in particular facilitate restructuring of insolvent
companies.  It is aimed at saving jobs and maintaining viable
parts of companies.  Protection of employees against insolvency of
employers is part of it."

According to the report, a group of experts including Supreme
Court judges has prepared changes in the current rules.

The report recalls Justice Minister Jiri Pospisil earlier said
"Their aim is to set conditions which would more than before help
companies survive and get reorganized, allow removal of their
debts and not lead to their liquidation and sale in parts."

Minister Necas noted the government will try to achieve that the
Chamber of Deputies discusses the amendment as fast as possible
and that the legislation is approved by both chambers of
Parliament next month, the report states.

The amendment will see glass workers of bankrupt Bohemia Crystalex
Trading receiving retroactive payment of three monthly wages owed
to them, the report says citing Minister Necas.


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


ROSETTA I: Moody's Cuts Ratings on Three Classes of Notes to 'B1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by Rosetta I S.A.

The transaction underlying portfolio comprises 36 subordinated
bonds issued by 27 European banking groups.  All of these assets
qualify as tier 1 or upper tier 2 debt for regulatory purposes,
and as such, have certain characteristics typically associated
with preferred stocks.  A majority of the assets are perpetual,
with a call and step-up feature, and the redemption of all of the
assets is subject to regulatory approval.

These rating actions are based on these factors:

  -- The current unfavorable market environment for financial
     institutions, evidenced by the Negative Moody's Banking
     System Outlook of most European countries;

  -- The recent evidence that bank subordinated debts may not
     always benefit from governments' financial support, which led
     Moody's Global Banking Group to announce a revision of its
     rating approach for banks' hybrid debts;

  -- The current level of market spreads, which in certain
     circumstances might make it uneconomical for financial
     institutions to call their perpetual debts.  This is likely

     to lead  Moody's to revise its CDO modelling assumptions in
     terms of call probability for perpetual debts issued by
     financial institutions; and

  -- The recent evidence that participants in the financial sector
     seem to be heavily correlated, which led Moody's to update
     its correlation assumptions in the financial sector.

Moody's rates CDO of perpetual debts through these steps:

  -- Moody's assesses the probability of non-call of these debts.
     Since Rosetta I S.A. is structured so that exposures will be
     liquidated if (i) they are not called on the first payment
     date after the end of the non-call period and remain uncalled
     for 27 consecutive weeks,and (ii) they defer, a probability
     of impairment is computed for each asset, which results from
     the probability of non-call, that of default and that of
     deferral of the relevant asset;

  -- A liquidation value is then estimated in each of the
     following cases: non-call, deferral and default.  An average
     recovery rate assumption is then inferred for each underlying
     obligation, pondered by the relevant probabilities;

  -- Taking into account this probability of impairment and
     recovery assumption, the deal is then modeled with CDOROM and
     the output binary file with complete Monte-Carlo scenarios
     information is used in a cash-flow model to apply the
     transaction priorities of payments and infer the Notes
     ratings.

Note that Moody's is currently reviewing call-probability
assumptions used for callable perpetual debt issued by financial
entities and, if necessary, will take further action on
transactions exposed to market value risk in relation to non-call
events of such issuers when this review has been finalized.

These reports may be referred to in relation to the use of CDOROM
in rating CDOs of perpetual debts:

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

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

The ratings actions are:

(1) EUR84,500,000 Class A Floating Rate Notes due 2013

  -- Current rating: A1 under review for possible downgrade

  -- Prior rating action: 5 January 2009, placed the Aaa under
     review for possible downgrade

(2) EUR23,000,000 Class B Floating Rate Notes due 2013,

  -- Current rating: Baa1 under review for possible downgrade

  -- Prior rating action: 5 January 2009, placed the Aa2 under
     review for possible downgrade

(3) EUR21,000,000 Class C-1 Floating Rate Notes due 2013,

  -- Current rating: B1 under review for possible downgrade

  -- Prior rating action: 5 January 2009, placed the Baa2 under
     review for possible downgrade

(4) EUR20,000,000 Class C-2 Fixed Rate Notes due 2013,

  -- Current rating: B1 under review for possible downgrade

  -- Prior rating action: 5 January 2009, placed the Baa2 under
     review for possible downgrade

(5) EUR5,000,000 Class C-3 Fixed Rate Notes due 2013.

  -- Current rating: B1 under review for possible downgrade

  -- Prior rating action: 5 January 2009, placed the Baa2 under
     review for possible downgrade


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


ARTEFAX PROJEKTENTWICKLUNG: Claims Registration Ends April 8
------------------------------------------------------------
Creditors of Artefax Projektentwicklung and Immobilien-Vertriebs
Gmb have until April 8, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 6, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         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:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin
         Germany

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:

         Artefax Projektentwicklung and
         Immobilien-Vertriebs GmbH
         Weissdornallee 20
         14624 Dallgow-Doeberitz
         Germany

         Attn: Reinhard Kraatz, Manager
         Marie-Curie-Str. 30
         14624 Dallgow-Doeberitz
         Germany


BLACK & BLUE: Claims Registration Period Ends April 9
-----------------------------------------------------
Creditors of Black & Blue GmbH have until April 9, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 23, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Hall 087
         Station Route 24
         67655 Kaiserslautern
         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:

         Paul Wieschemann
         Flickerstal 2
         67657 Kaiserslautern
         Germany
         Tel: 0631/341950
         Fax: 0631/470269

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:

         Black & Blue GmbH
         Attn: Dr. Massimo Mare, Manager
         Gartenstr. 47
         65232 Taunusstein
         Germany


GENERAL MOTORS: German Unit Not Preparing for Insolvency
--------------------------------------------------------
General Motors Corp. has denied a report in German newspaper Die
Welt that its German unit Adam Opel GmbH was preparing for
insolvency, Angelika Gruber writes for Reuters.

"This scenario is currently not on the agenda," a GM Europe
spokesman told Reuters on Sunday.

Reuters recalls Die Welt reported on Saturday that GM hired three
law firms with renowned insolvency experts.  Reuters relates the
paper said GM Europe would be advised by Baker & McKenzie as well
as Clifford Chance, while the management of Opel had hired
Heidelberg-based firm Wellensiek.

However, the GM Europe spokesman, as cited by Reuters, said the
company had hired the firms to assess the effect of potential
restructuring measures.

                      About Adam Opel GmbH

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

                      About General Motors

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

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

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

                          *     *     *

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

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

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

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


GEWO VERTRIEBS: Claims Registration Period Ends April 16
--------------------------------------------------------
Creditors of GeWo Vertriebs GmbH have until April 16, 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 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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 Goetze
         Bahnhofstr. 3
         99084 Erfurt
         Germany

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

The Debtor can be reached at:

         GeWo Vertriebs GmbH
         Attn: Reiner Kreft and
               Hermann Kiem, Managers
         Steinstrasse 5
         99885 Ohrdruf
         Germany


GREEN PURITY: Claims Registration Period Ends April 6
-----------------------------------------------------
Creditors of Green Purity GmbH 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 10:30 a.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 Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: (0 40) 8 99 56 – 0
         Fax: (0 40) 8 99 56 – 41

The District Court opened bankruptcy proceedings against the
company on Feb. 26, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Green Purity GmbH
         Attn: Rauch Rolf, Manager
         Beinhornstrasse 9
         29693 Hodenhagen
         Germany


VEOVIA GMBH: Claims Registration Period Ends April 20
-----------------------------------------------------
Creditors of Veovia GmbH have until April 20, 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 11, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         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. Susanne Riedemann
         Neuer Wall 25/Schleusenbruecke 1
         20354 Hamburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 26, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Veovia GmbH
         Spargelhof 2-4
         Attn: Jens Cichetzki, Manager
         23554 Luebeck
         Germany


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


MAGYAR TELECOM: Moody's Gives Neg. Outlook; Affirms 'B1' Rating
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Magyar Telecom B.V. to negative from stable.  Magyar Telecom is
a wholly-owned subsidiary of Invitel Holdings A/S.  The rating of
Ba1 on the senior secured facility has been withdrawn while the
corporate family rating of B1 and the ratings on the existing
bonds have been affirmed.

The change in the rating outlook reflects challenges associated
with a weak economic environment in Hungary and, as a consequence,
a continued pressure on the company's revenue as well as limited
covenant headroom under the newly arranged senior secured
facility.  In Q3 2008, revenue declined by 6% in Hungarian Forint
year-on-year.  At the same time, revenue growth from the Internet
services has slowed; e.g. revenue from Mass Market Internet grew
by 2% in Q3 2008 versus Q3 2007.  Although Moody's notes that the
company was able to grow its EBITDA and EBITDA margin year-on-
year, the rating agency is concerned about the company's future
operating and financial trends, particularly in light of
challenging economic conditions.

Furthermore, the company has limited covenant headroom under its
newly negotiated bank facility.  The company has a significant
exposure to foreign exchange risk as the majority of its debt is
denominated in EUR whilst the majority of its revenue
(approximately 75%) is generated in HUF.  The company recently
completed refinancing of its senior secured and EUR100 million
bridge facilities.  Moody's notes that the company has limited
headroom under some of its covenants under the new facility on the
back of a weak exchange rate and potential of further depreciation
of the Hungarian forint against EUR.  Although at this stage
Moody's believes that there is a relatively low probability of the
company breaching its covenants, the limited covenant headroom
does increase financial risk.  Moody's will monitor the company's
compliance with the covenants and the headroom.  In the event
headroom should diminish further, downward pressure on the rating
is likely.

Furthermore, Moody's notes that there are still some uncertainties
regarding the company's shareholding structure in the near to
medium term.  Magyar Telecom terminated its strategic review
initiated in 2008.  However, Moody's believes that the company
remains a non-core asset of its majority shareholder, TDC A/S,
which is likely to seek to sell the company when the opportunity
arises.

The last rating action was on March 14, 2008 when the corporate
family rating was confirmed at B1 with a stable outlook.

Headquartered in Budaors, Hungary, Magyar Telecom is the second
largest fixed-line telecommunications provider in Hungary.


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


STRAUMUR-BURDARAS: Collapses, Iceland Gov't Takes Over
------------------------------------------------------
Straumur-Burdaras Fjarfestingabanki hf a.k.a Straumur-Burdaras
Investment Bank hf has collapsed after running out of liquidity,
forcing the Icelandic government to take over the lender, various
reports say.

Bloomberg News relates the Icelandic Financial Supervisory
Authority suspended the bank's board and named a committee that
will take over management.

According to The Associated Press, the bank's board -- including
chairman, Bjorgolfur Thor Bjorgolfsson -- has been replaced by a
team of public accountants and solicitors from
PriceWaterhouseCoopers.

The Straumur board presented the Icelandic government with a range
of options over the weekend to save it from collapse, but
officials took the "most drastic" route of state control,
Telegraph.co.uk relates citing sources.

IFSA is in the process of closing the business, according to BBC
News.

The bank's chief executive, William Fall, who joined in 2007,
resigned from his position with immediate effect.

"In spite of its strong capital position and the support of
funding banks, Straumur Burdaras Investment Bank believes that its
liquidity position is no longer enough to sustain its activities,"
the bank said in a statement obtained by BBC News.

Straumur incurred a EUR780.6 million loss in 2008 on revenue of
EUR85.8 million.  Loss in the fourth-quarter was EUR576.4 million.

Straumur is the last of Iceland's four largest banks to be
nationalized.  October last year, Iceland seized Kaupthing Bank
hf, Landsbanki Islands hf and Glitnir Banki hf after their
collapse.

Straumur-Burdaras Fjarfestingabanki hf a.k.a Straumur-Burdaras
Investment Bank hf --- http://www.straumur.net/--- is an Iceland-
based investment bank.  It provides such services as debt
financing, corporate advisory and capital market services.  The
Bank's Corporate Finance team identifies, structures and executes
public and private market transactions, while the Debt Finance
team originates and underwrites the required debt financing.  In
addition, it acts as a co-investor in selected projects.  The
Capital Markets team provides securities brokerage services for
companies, institutional investors, mutual funds, and high-net-
worth individuals.  Capital Markets also manages new share
offerings and bond issuance for companies and institutions.  The
Bank operates primarily in Northern and Central Europe, in such
countries as Iceland, Denmark, Sweden, Finland, the Czech
Republic, Poland, Slovakia, Romania and the United Kingdom.  It
has eight wholly owned subsidiaries in Iceland, Luxembourg, the
Netherlands and Finland.


STRAUMUR-BURDARAS: Fitch Cuts Issuer Default Ratings to 'D'
-----------------------------------------------------------
Fitch Ratings has downgraded Straumur-Burdaras Investment Bank's
Long-term Issuer Default rating  to 'D' from 'B' and Short-term
IDR to 'D' from 'B' and removed them from Rating Watch Negative.
This follows the announcement that Straumur has been placed under
the control of the Icelandic Financial Supervisory Authorities.
Please see below for further rating actions.

Straumur's funding and liquidity positions have been under severe
pressure over the past months due to continued difficult markets,
and this morning's announcement by the FSA stated that the bank
could not ensure sufficient funds to meet its obligations.  The
Icelandic FSA has appointed a Resolution Committee, which will
take over all authority of Straumur's board; the bank is therefore
subject to similar arrangements as the three large Icelandic banks
that have been placed under the control of the authorities.

In Fitch's view, support from the Icelandic authorities cannot be
relied upon for timely payment of the bank's obligations as they
fall due.

Rating actions taken:

  -- Long-term IDR: downgraded to 'D' from 'B'; Rating Watch
     Negative removed

  -- Short-term IDR: downgraded to 'D' from 'B'; Rating Watch
     Negative removed

  -- Support rating: affirmed at '5'

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

  -- Individual rating: downgraded to 'F' from 'D/E'; Rating Watch
     Negative removed

  -- Senior debt: downgraded to 'CC' from 'B'; Rating Watch
     Negative removed; Recovery Rating at 'RR4'

  -- Subordinated debt: downgraded to 'C' from 'CCC+'; Rating
     Watch Negative removed; Recovery Rating at 'RR6'.


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


MCENANEY CONSTRUCTION: Seeks Fresh Capital Injections
-----------------------------------------------------
Ian Kehoe at The Sunday Business Post reports that McEnaney
Construction, the company behind the EUR200 million M1 Euro Park
development in Co Louth, Ireland, is seeking fresh capital
injections to overcome cashflow difficulties.

According to the report, the company, which emerged from a
examinership a year ago, is now looking for an outside investor to
inject capital into the business in return for an equity
shareholding.

The report relates the company is also attempting to sell a number
of investment sites, as well as elements of its commercial and
residential property portfolio.

The company however believes it can overcome its difficulties, and
has retained advisers to help it to source capital and offload
investments, the report notes.

McEnaney Construction had work in progress valued at EUR27.7
million and building sites valued at EUR39.7 million at the end of
April 2007, the report discloses citing the company's most recent
accounts.

The company, the report recalls, sought protection from its
creditors in December 2007, after running into cashflow problems
following the decline in construction sector.  At the time, the
company owed Ulster Bank and Irish Nationwide EUR30 million each,
while IIB was owed EUR5 million, the report states.


STARTS PLC: Moody's Cuts Rating on US$30 Mil. Notes to 'Ba3'
------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of one class of notes issued by Starts (Ireland) Plc.

Moody's explained that the rating action taken is the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs and (ii) the deterioration in the credit
quality of the transaction's reference portfolio.  The revisions
affect key parameters in Moody's model for rating Corporate
Synthetic CDOs: default probability, asset correlation, and other
credit indicators such as ratings reviews and outlooks.  Moody's
announced the changes to these assumptions in a press release
titled "Moody's Updates its Key Assumptions for Rating Corporate
Synthetic CDOs," published on January 15, 2009.

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

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

The rating action is:

Starts (Ireland) Plc:

(1) Series 2005-28 US$30,000,000 TIGERS Principal-Rated Index-
Linked CDO Notes

  -- Current rating: Ba3

  -- Prior Rating: Baa1

  -- Prior Rating Date: 24 December 2008, downgraded to Baa1 from
     A3


TITAN EUROPE: Fitch Junks Ratings on Three Tranches
---------------------------------------------------
Fitch Ratings has downgraded six tranches of Titan Europe 2007-2
Limited and affirmed the transaction's three senior tranches.  The
affirmations relate to the class A1 and A2 commercial mortgage
backed floating rate notes, due 2017, and the variable rate class
X notes.  All the other FRN were downgraded.  In addition, class E
has been removed from Rating Watch Negative.  The Outlooks on
classes A2 and B have been revised to Negative from Stable, and
Recovery Ratings have been assigned to the classes E, F and G:

  -- EUR816.89 million class A1 (XS0302915060) affirmed at 'AAA';
     Outlook Stable

  -- EUR5,000 class X (XS0303036445) affirmed at 'AAA'; Outlook
     Stable

  -- EUR228.38 million class A2 (XS0302916381) affirmed at 'AAA';
     Outlook revised to Negative from Stable

  -- EUR154.7 million class B (XS0302917272) downgraded to 'A'
     from 'AA'; Outlook revised to Negative from Stable

  -- EUR115.51 million class C (XS0302917512) downgraded to 'BBB'
     from 'A'; Outlook Negative

  -- EUR86.28 million class D (XS0302917868) downgraded to 'BB'
     from 'BBB'; Outlook Negative

  -- EUR37.97 million class E (XS0302919138) downgraded to 'CCC'
     from 'BBB-' (BBB minus); removed from RWN; assigned 'RR3'

  -- EUR21.33 million class F (XS0302919641) downgraded to 'CCC'
     from 'B'; assigned 'RR5'

  -- EUR11.26 million class G (XS0302920730) downgraded to 'CCC'
     from 'B-' (B minus); assigned 'RR5'

Only the MPC and Portier portfolios have been revalued since
closing, resulting in market value declines of 20.7% and 19.7%,
respectively.  Fitch estimates that the collateral of the
remaining loans is also likely to have been similarly affected by
the ongoing yield widening across European markets.  Except for
the MPC Portfolio and the Urbis and Portier loans (which jointly
account for 56% of the current portfolio), the remaining loans are
all in compliance with their respective coverage ratio triggers
and covenants.  The Ton loan was removed from the servicer's
watchlist in January 2009 following the resolution of borrower
reporting issues.  In addition, a dispute between the servicer and
the borrower of the Six Hotels loan regarding the use of the
capital expenditure facility was resolved prior to the October
2008 IPD, and the loan was subsequently also removed from the
servicer's watchlist.

The MPC Portfolio was scheduled to mature in January 2009,
however, the borrower used its first (out of three) one-year
extension option.  Since the loan agreement does not include loan-
to-value or interest coverage ratio default covenants, the loan
remains current despite A-note and whole loan LTVs of 101% and
121%, respectively, and an ongoing cash-trap event.  Fitch
believes that, given the loan's poor performance and high
leverage, it is unlikely to be fully redeemed by final legal
maturity and the expected loss on the loan is the main driver of
the downgrades of the notes.

The second-largest loan, Project Christie, is scheduled to mature
in April 2009.  Since this loan can also be extended up to three
times by one year, Fitch expects the borrower to exercise its
first extension option in April.  In addition, the Portier loan
defaulted when the borrowers' parent, Level One Group, became
insolvent.  The commencement of insolvency proceedings constituted
a loan event of default under the Portier credit agreement, and
the loan was subsequently transferred into special servicing.  All
cash flow is applied to first make interest payments on the A-note
and then to fully amortize it.

The ratings may be affected by further deterioration of the
respective European property markets.  Any significant decline in
loan performance, especially of the already underperforming MPC
Portfolio, may also result in further negative rating action.

Fitch will continue to monitor the performance of the transaction.


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


BANCA ITALEASE: To Spinoff Company Into Three
---------------------------------------------
Banca Italease SpA will be split into three new companies,
Bloomberg News reports citing daily Il Sole 24.

The plan includes the spinoff of assets worth EUR6 billion (US$7.6
billion) into a new company while another unit will hold all non-
performing loans, the Italian newspaper said as cited by Bloomberg
News.

Reuters meanwhile reports that according to the Italian Stock
Exchange, shares in Banco Popolare Societa Cooperativa and its
affiliate Banca Italease have been temporarily suspended pending a
statement.

As reported yesterday in the Troubled Company Reporter-Europe,
Reuters said Banca Italease's leading shareholders are in talks
about possible delisting of the company.

According to Reuters, Banco Popolare has been seeking a solution
for its 30 percent-owned affiliate since the collapse last year of
an attempt to find a strategic partner.

"There are contacts under way between the (controlling) pact
shareholders.  At present no decision has been taken on the future
of the leasing company," the bank said in a statement obtained by
Reuters.

A UBS research report obtained by Reuters said the takeover of
Italease would drive Banco Popolare's Core Tier 1 capital ratio
down to about 5.5 percent.

"The bank then would need at least EUR1.5 billion additional
capital before any potential clean-up," the UBS research report
cited by Reuters said.

Reuters relates an analyst with a Milan bank meanwhile said
Italease would be unable to issue state-backed bonds to boost its
capital on a stand-alone basis because it did not meet government
conditions.

Reuters recalls Italease posted a nine-month net loss of EUR222
million as it restructured after huge losses from derivatives
investments in 2007.

Banca Italease SpA (BIT:BIL) -- http://www.italease.it/-- is an
Italy-based banking company.  Banca Italease provides retail
leasing services through: Italease Secondacasa, offering real
estate leasing; Tiarredo, providing furniture leasing; Tiarredo
Arte, specializing in art leasing; Tiguido, offering car and
motorcycle leasing, and Tivaro, providing boat leasing.  Banca
Italease also offers corporate leasing through its subsidiaries:
LeasinGomme, Real Estate Leasing, Industrial Leasing, Public
Sector Leasing and Corporate Car Leasing.  Other areas of
Company’s operations are: subsidized leasing, medium and long-term
lending, insurance products, factoring, long-term car leasing, and
Interest Rate Swap (IRS) contracts.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 5,
2008, Fitch Ratings affirmed Banca Italease's Individual rating at
'D/E' and kept the Long-term 'BB' rating of the bank's EUR150
million trust preferred securities on Rating Watch Negative.

As of March 9, 2009, Banca Italease continues to carry Moody's
Ba1/Not-Prime/D-ratings on its long- and short-term deposit
ratings as well as bank financial strength (BFSR), respectively.
All ratings have a stable outlook.


TISCALI SPA: Ends Talks with BSkyB Over Sale of UK Assets
---------------------------------------------------------
Tiscali SpA has ended talks with BSkyB over the sale of its UK
assets, citing worsening market environment, BBC News reports.

"Due to the worsening of the market environment in which the
potential buyer also operates, the board of directors has
acknowledged that it is de facto impossible to proceed," BBC
quoted Tiscali as saying.

BBC relates Tiscali said it would miss an interest payment on its
debt as a result.  The news sent shares in the company down 40% in
Milan before trading was subsequently suspended, BBC adds.

Tiscali, BBC discloses, has about EUR500 million (US$629 million;
GBP453 million) of outstanding debt.  Its next interest payments,
for EUR11 million, are due on March 11 and March 13, BBC notes.

The company has asked for its interest payments to be suspended
for a period while it restructures its debt, BBC recalls.

On Nov. 7, 2008, the Troubled Company Reporter-Europe reported
that BBC News, citing The Sunday Times, said BSkyB had proposed an
indicative offer of GBP450 million for the UK business.

The Daily Telegraph stated if the acquisition pushes through,
BSkyB, which has 1.79 million broadband customers, could become
the third biggest player in the market behind BT and Virgin
Media.

Tiscali put itself up for sale last year following a strategic
review of its business, BBC noted.

                        About Tiscali SpA

Headquartered in Cagliari, Italy, Tiscali SpA (BIT:TIS) --
http://www.tiscali.com/-- is an Internet communications company
providing broadband and narrowband access for consumer and
business applications, as well as communications services and
content.  The company's portfolio includes Internet access in the
form of dial-up, broadband, satellite and leased lines, and
hosting services, such as co-location, shared hosting and managed
hosting.  Tiscali also offers streaming media, telephony and such
services as virtual private networks (VPN), allowing companies to
communicate with remote branches.  Its consumer products and
services include Internet access, voice, media, Internet Protocol
Television (IPTV) and value-added services, such as e-mail, Net
calendar, Net fax, Net phone, mail, instant messaging and Web
hosting.  It is operational in Europe through its subsidiaries and
joint ventures.  As of June 30, 2008, Tiscali had approximately
3.2 million active users in Italy and the United Kingdom.


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


BEK-TAS-1 LLP: Creditors Must File Claims by April 10
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Bek-Tas-1 insolvent.

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

         Rabochaya Str. 55-1
         Borovskoye
         Mendykarinski district
         Kostanai
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


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

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

         Pobeda Ave. 5
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-38-46

The Court is located at:

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


CHAD RB: Creditors Must File Claims by April 10
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Chad RB insolvent.  Creditors have until April 10,
2009, to submit written proofs of claim to:

         Kenesary Str. 46-38
         Astana
         Kazakhstan

The Court is located at:

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


CUSTOM CONSULTLLP: Creditors Must File Claims by April 10
---------------------------------------------------------
LLP Custom Consult has declared insolvency.  Creditors have until
April 10, 2009, to submit written proofs of claim to:

          Tole bi Str. 23a
          Almaty
          Kazakhstan


DOST INSAAT: Creditors Must File Claims by April 10
---------------------------------------------------
LLP Dost Insaat has declared insolvency.  Creditors have until
April 10, 2009, to submit written proofs of claim to:

         Gogol Str. 86
         Almaty
         Kazakhstan


LION LD: Creditors Must File Claims by April 10
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Lion LD insolvent.

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

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Court is located at:

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


SF BKS LLP: Creditors Must File Claims by April 10
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP SF BKS insolvent.

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

         Abai Ave. 36
         Astana
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan


SUPER SMILE: Creditors Must File Claims by April 10
---------------------------------------------------
LLP Super Smile Group has declared insolvency.  Creditors have
until April 10, 2009, to submit written proofs of claim to:

          Depovskaya Str. 79
          Almaty
          Kazakhstan


TORES LTD: Creditors Must File Claims by April 10
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tores Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


VODNIK LLP: Creditors Must File Claims by April 10
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Vodnik insolvent.

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

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Court is located at:

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


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


INVEST-RADUGA LLC: Creditors Must File Claims by March 20
---------------------------------------------------------
LLC Invest-Raduga has declared insolvency.  Creditors have until
March 20, 2009, to submit written proofs of claim to:

         LLC Invest-Raduga
         Erkindik ave. 35
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 90-61-55
              (+996 312) 53-14-46


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


* LATVIA: May Go Bankrupt if IMF Loan is Delayed
------------------------------------------------
Bloomberg News reports Latvia's premier-designate, Valdis
Dombrovskis, warned the country faces "bankruptcy" in three months
if it fails to deliver budget cuts required by the International
Monetary Fund and the next installment of its bailout is delayed.

The report recalls Latvia was granted a EUR7.5 billion (US$9.5
billion) bailout last quarter after the economy shrank 10.5
percent and the state seized its second biggest bank.

According to the report, the government fell on Feb. 20 after
agreeing to budget cuts needed to keep the deficit below 5 percent
of gross domestic product.

However, the report says Mr. Dombrovskis now wants the IMF to
approve a deficit of 8 percent of GDP to avoid crippling the
economy.

Latvia must cut the budget to meet terms of the bailout or get a
bigger loan from the IMF- led group and European Commission or it
will run out of money, the report states.

The report discloses on Feb. 24, Standard & Poor's cut Latvia's
credit rating to junk, lowering the country to BB+ from BBB-.


===========
P O L A N D
===========


POLSKI KONCERN: Asks Court to Oversee Debt Restructuring
--------------------------------------------------------
Polski Koncern Miesny Duda SA asked a court to oversee the
restructuring of its liabilities after it lost money on currency
options, Maciej Martewicz at Bloomberg News reports.

Duda gave no other details about the court procedure in its
regulatory filing, the report says.

The report recalls earlier this month, the company said in the
fourth-quarter statement it may face trouble paying back its debt
after it reported PLN34.2 million (US$9.2 million) losses on
currency derivatives.

Warsaw, Poland-based Polski Koncern Miesny DUDA SA (WAR:DUD)
-- http://www.zmduda.pl/-- is in the meat processing industry.
The Company focuses on the red meat production.  Its main line of
business is purchasing and slaughtering of pigs and cattle, as
well as butchery services.  Apart from sides of pork and quarters
of beef, the range of products includes cuts of pork and beef,
culinary meat, pluck and fats.  As a complement to its production
and trading activities, the Company offers services with regard to
the freezing, storage and transport of foodstuffs that require
specialist refrigeration facilities.  PKM DUDA is a parent company
within a group comprising approximately 30 companies in Poland,
Ukraine and Germany.


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


ALEKS-DI CJSC: Creditors Must File Claims by March 29
-----------------------------------------------------
Creditors of CJSC Aleks-Di (Construction) have until March 29,
2009, to submit proofs of claims to:

         O. Yershov
         Temporary Insolvency Manager
         Apt. 4
         Building 1
         B. Kornilova St. 7
         603106 Nizhny Novgorod
         Russia

The Arbitration Court of Moskovskaya will convene at 10.10 a.m. on
June 11, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A41–1108/09.

The Debtor can be reached at:

         CJSC Aleks-Di
         Bolshaya Pokrovskaya St. 35
         Pavlovskiy Posad
         Moskovskaya
         Russia


BARNAUL FOUNDRY: Creditors Must File Claims by April 28
-------------------------------------------------------
Creditors of CJSC Barnaul Foundry (TIN 2224101658, PSRN
1062224062669) have until April 28, 2009, to submit proofs of
claims to:

         Yu. Shelyagin
         Insolvency Manager
         Post User Box 646
         656031 Barnaul
         Russia

The Arbitration Court of Altayskiy will convene at 09:30 a.m. on
July 27, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A03–7623\08B.

The Debtor can be reached at:

         CJSC Barnaul Foundry
         Kulagina St. 28
         656002 Barnaul
         Russia


BAYKAL'SKIY LES LLC: Creditors Must File Claims by April 28
-----------------------------------------------------------
Creditors of LLC Baykal'sliy Les (TIN 7536072507, PSRN
1067536046753) (Forestry) have until April 28, 2009, to submit
proofs of claims to:

         M. Bykov
         Insolvency Manager
         Post User Box 37
         664053 Irkutsk
         Russia

The Arbitration Court of Chitinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A78–881/2008 B-26.


IRKUT-INVEST LLC: Irkutsk Bankruptcy Hearing Set July 30
--------------------------------------------------------
The Arbitration Court of Irkutsk will convene at 10:30 a.m. on
July 30, 2009, to hear bankruptcy proceedings on LLC Irkut-Invest
(TIN 3812082348, PSRN 1053812038587).  The case is docketed under
Case No. A 19–503/09–49.

The Insolvency Manager is:

         I. Kolotilin
         Post User Box 74
         664046 Irkutsk
         Russia


The Debtor can be reached at:

         LLC Irkut-Invest
         Gidrostroiteley St. 15
         Irkutsk
         Russia


OM-STROY-2001 LLC: Creditors Must File Claims by March 29
---------------------------------------------------------
Creditors of LLC Om-Stroy-2001 (TIN 5503072032) (Construction)
have until March 29, 2009, to submit proofs of claims to:

         N. Utochenko
         Temporary Insolvency Manager
         Apt. 136
         Prospect Mira 106a
         Russia

The Arbitration Court of Omskaya will convene on July 27, 2009, to
hear bankruptcy supervision procedure.  The case is docketed under
Case No. A46–19190/2008.

The Debtor can be reached at:

         LLC Om-Stroy-2001
         24 –ya Severnaya St. 172
         644116 Omsk
         Russia


PROM-TARA-1 LLC: Creditors Must File Claims by April 28
-------------------------------------------------------
Creditors of LLC Prom-Tara-1 (PSRN 1044800184329) (Rolled-up
Stock Production) have until April 28, 2009, to submit proofs of
claims to:

         Ye. Pletnev
         Insolvency Manager
         Office 700
         Svobody St. 14
         394018 Voronezh
         Russia

The Arbitration Court of Lipetskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36–4298/2008.

The Debtor can be reached at:

         LLC Prom-Tara-1
         Zheleznyakov St. 8a
         Lipetsk
         Russia


RIKO-STROY LLC: Creditors Must File Claims by April 28
------------------------------------------------------
Creditors of LLC Riko-Stroy (Construction) have until April 28,
2009, to submit proofs of claims to:

         N. Usanin
         Insolvency Manager
         Neftyanikov St. 4/8
         Chernushka
         617800 Permskiy
         Russia

The Arbitration Court of Permskiy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50–9303/2008-B7.

The Debtor can be reached at:

         LLC Riko-Stroy
         Uinskaya St. 9
         Perm'
         Russia


RUBTSOVSK MACHINE: Under Bankruptcy Procedure
---------------------------------------------
The Arbitration Court of Altayskiy has commenced external
management bankruptcy procedure on OJSC Rubtsovsk Machine-Building
Plant (TIN 2209004000, PSRN 1022200804504).  The Case is docketed
under No. A03–6894/2008-B.

The External Insolvency Manager is:

         Yu. Rezimov
         Kirova St. 118
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         OJSC Rubtsovsk Machine-Building Plant
         Lenina Prospect 204
         Rubtsovsk
         658225 Altayskiy
         Russia


TEPLOIZOLYAZIYA OJSC: Bankruptcy Hearing Set May 13
---------------------------------------------------
The Arbitration Court of Belgorodskaya will convene at
11:00 a.m. on May 13, 2009, to hear bankruptcy supervision
procedure on OJSC Teploizolyaziya (Heat-Insulating Materials
Production).  The case is docketed under Case No.A08–9032/2008–
24B.

The Temporary Insolvency Manager is:

         Yu. Dobrovolskiy
         2-ya Zavodskaya St. 6
         Stroitel'
         309070 Belgorodskaya
         Russia
         Tel: 8 4722–75–44–63

The Debtor can be reached at:

         OJSC Teploizolyaziya
         2-ya Zavodskaya St. 6
         Stroitel'
         309070 Belgorodskaya
         Russia


VEK-STROY LLC: Creditors Must File Claims by April 28
-----------------------------------------------------
Creditors of LLC Vek-Stroy (TIN 2309085451, PSRN1032304945419)
(Construction) have until April 28, 2009, to submit proofs of
claims to:

         Ye. Bocharov
         Insolvency Manager
         Post User Box 2897
         350004 Krasnodar
         Russia

The Arbitration Court of Krasnodarskiy will convene at 4:00 p.m.
on July 9, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A-32–14610/2008–1/1012B-2009,–14.

The Debtor can be reached at:

         LLC Vek-Stroy
         Sedina St. 6
         350063 Krasnodar
         Russia


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


ATLASMONT BANKA: Moody's Assigns 'E+' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has assigned B1/Not-Prime foreign
currency deposit ratings and an E+ Bank Financial Strength Rating
to Atlasmont Banka a.d. Podgorica.  All ratings carry a stable
outlook.

Atlasmont's E+ BFSR translates into a Baseline Credit Assessment
of B2 and reflects its adequate historic financial fundamentals,
with a capitalization ratio of 14.3% as of September 2008,
adequate liquidity and a profitable income statement for each of
the past six years.  Deteriorating macroeconomic conditions have,
however, created additional challenges for Atlasmont -- especially
with regard to funding, asset quality and earnings -- which will
be closely monitored going forward.  The rating also reflects the
relatively high credit concentrations, the bank's still developing
risk management systems and corporate governance culture, and its
narrow franchise.  However, despite its small size and declining
market share, Atlasmont maintains a nationwide branch network and
a 5% market share, with management having the opportunity to
consolidate its market position after foreign-owned banks halted
their aggressive balance sheet growth.

The bank's long-term foreign currency deposit rating is B1, which
incorporates a one-notch uplift from the B2 BCA and is based on
Moody's assessment that there is a moderate probability that the
Montenegrin authorities would support Atlasmont in a period of
financial distress.

Headquartered in Podgorica, Montenegro, Atlasmont Banka a.d.
Podgorica had total assets of EUR164.9 million as of September
2008.


===============
S L O V E N I A
===============


* SLOVENIA: May Go Into Recession as Mfg, Exports Slump
-------------------------------------------------------
Slovenia's economy is heading for a recession after manufacturing
and exports suffered "more than the European average," Bloomberg
News reports citing Finance Minister France Krizanic.

Manufacturing declined 11 percent in the fourth quarter and
exports dropped 9.4 percent, the report says citing data from the
government's forecasting institute.

Gross domestic product shrank 0.8 percent in the fourth quarter
last year, the first contraction since 1993, data released by the
country's finance ministry showed, as cited by the report.

The report relates the government of Prime Minister Borut Pahor
introduced a EUR12 billion (US$15.2 billion) bank guarantee plan,
subsidies for shorter work-time and the sale of government bonds
to restart bank lending.


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


SANTANDER FINANCIACION: Fitch Junks Rating on Class E Tranche
-------------------------------------------------------------
Fitch Ratings has placed two tranches of FTA Santander
Financiacion 2 (Santander Financiacion 2) on Rating Watch Negative
and downgraded the remaining four tranches.

Rating actions taken:

  -- EUR593.79 million class A (ISIN ES0337945002) FRN: 'AAA';
     placed on Rating Watch Negative

  -- EUR58 million class B (ISIN ES0337945010 FRN: 'AA'; placed on
     Rating Watch Negative

  -- EUR44.9 million class C (ISIN ES0337945028) FRN: downgraded
     to 'A-' (A minus) from 'A'; Outlook Negative

  -- EUR29 million class D (ISIN ES0337945036) FRN: downgraded to
     'BB' from 'BBB'; Outlook Negative

  -- EUR63.8 million class E (ISIN ES0337945036) FRN: downgraded
     to 'CCC' from 'BB'; assigned Distressed Rating 'DR3'

  -- EUR21.8 million class F (ISIN ES0337945051) FRN: downgraded
     to 'CC' from 'CCC'; assigned Distressed Rating 'DR6'

Santander Financiacion 2 is a securitization of consumer and auto
loans, granted to individuals companies, originated by Banco
Santander (Santander, seller and servicer), in Spain.

The rating action on the class C, D, E and F notes was a result of
the deterioration in the performance of the underlying
receivables.  As at end-February 2009, the cumulative net default
ratio stood at 2%, against a base case of 0.71% for the same point
of seasoning.  Since closing, the Fitch delinquency ratio (from 90
days to 360 days in arrears) has been increasing and peaked at
10.58% at the end of February 2009.  The long-term buckets from 90
to 178 days and from 179 to 360 days in arrears were at high
levels at the end of February 2009 (2.82% and 7.76%,
respectively).

Moreover, the Fitch excess spread reported for the last payment
period (February 2009) was negative for the first time (-7.65%),
due to a reserve fund shortfall of EUR17.03 million.  The reserve
fund fell during the last payment period from the target amount of
EUR21.8 million to EUR4.77 million, leading to a shortfall of
EUR17.03 million.

The rating agency placed the class A and B notes on Rating Watch
Negative, pending further information relating to the
delinquencies and net default performance.


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


PLASTAL HOLDING: Files for Bankruptcy
-------------------------------------
The Board of Directors of Plastal Holding AB, a supplier of
plastic components to the automotive industry, on Friday, March 9,
decided to file for bankruptcy at the Moelndal district court,
Sweden.  The company has suffered a severe liquidity crisis due to
the sharp downturn in the automotive industry and the distressed
financial markets.

"This is a very difficult and sad day for all of us at the Plastal
group.  We have turned over every possible stone in our attempt to
avoid this situation, but today our last efforts failed. The
parent company is insolvent and must therefore file for
bankruptcy," Roar Isaksen, President and CEO of Plastal Holding
AB, said.

Mr. Isaken continued: "The Plastal group is an integrated group of
companies and I believe that it is unavoidable that other legal
entities within the Plastal group will have to file for bankruptcy
in their jurisdiction.  This is a decision that the Board of
Directors in each country will have to make."

In the prevailing situation:

    * A bankruptcy trustee will be appointed for each Plastal
      group company that files for bankruptcy – the trustees will
      notify each business operation of relevant developments

    * For Swedish Plastal group companies, all deliveries into the
      plants will be suspended.  However, deliveries to customers
      may continue provided that the customers assume the cost of
      the freight

    * Plastal employees will be notified of the details concerning
      their specific local conditions

The Plastal group has been severely impacted by the crisis in the
automotive industry.  In its role as a supplier, Plastal is
directly affected by reductions in its customers' production
volumes.  Plastal and its suppliers have also been negatively
affected by the malfunctioning credit market, which has made it
impossible to finance customer debt.  The deteriorating market
conditions have affected suppliers all over Europe.

A substantial capital infusion by the main owner, Nordic Capital
Fund V, was made in January.  Since then, key markets have
declined dramatically and projected market volumes for the first
two months 2009 are 40% lower than volumes for the first two
months 2008.

Plastal's management and Board of Directors have exhausted all
possible options to avoid bankruptcy.  A comprehensive internal
cost savings program has been implemented, and management has
engaged in close dialogue with customers and suppliers in attempts
to identify common solutions.  Management has also attempted to
divest non-core operations and sought emergency loans from the
Swedish Government.  Due to the deteriorating market conditions
and time constraints, the combined efforts of these measures have
been insufficient.

"This is of course a very difficult situation for all of us within
the Plastal group.  Furthermore, our company is a key supplier to
the European automotive industry and this will also create large
problems for our customers and suppliers.  However, I am hopeful
that the bankruptcy process will lead to future solutions for our
businesses, valued customers and excellent employees," Mr. Isaksen
said.

"The drop in demand has been both unexpectedly sudden and large
towards the end of last year and continued in the beginning of
this year.  The consequences have been more severe than anyone
could have predicted.  The current market conditions continue to
be extremely uncertain and it has therefore not been possible to
find a sufficient long term solution for Plastal," Curt
Germundsson, Chairman of the Board of Plastal Holding AB, said.

                  About the Plastal Group

Plastal –- http://www.plastal.com/–- is a supplier of engineered
plastics to the automotive industry.  Plastal has strong market
positions in the premium segment of the car market and the light
and heavy truck markets.  Plastal manufacture and surface-treat
interior and exterior plastic components, assuming responsibility
for both system and function.  The main product area is bumper
systems, which the company develops, manufacture and deliver in
sequence to many of the world's most demanding vehicle
manufacturers.

Plastal had sales of about EUR1,300 million in 2008.  The group
has over 6,000 employees, of which 500 are based in Sweden, at
30 production facilities and four engineering centres in ten
countries across Europe and in China.


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


BERGGASTHAUS ALPENBLICK: Creditors Must File Claims by April 14
---------------------------------------------------------------
Creditors owed money by LLC Berggasthaus Alpenblick are requested
to file their proofs of claim by April 14, 2009, to:

         Gabriella Peitsch
         Scherzerstrasse 5
         5116 Schinznach Bad
         Switzerland

The company is currently undergoing liquidation in Gurtnellen UR.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 16, 2008.


D A L LLC: Deadline to File Proofs of Claim Set April 18
--------------------------------------------------------
Creditors owed money by LLC D.A.L. are requested to file their
proofs of claim by April 18, 2009, to:

         The Miodrag Rancic
         Liquidator
         Lindenweg 31
         6033 Buchrain
         Switzerland

The company is currently undergoing liquidation in Horgen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 13, 2008.


ISB MANAGEMENT: Creditors Have Until March 31 to File Claims
------------------------------------------------------------
Creditors owed money by JSC ISB Management are requested to file
their proofs of claim by March 31, 2009, to:

         JSC Qino Trust
         Zugerstrasse 76 b
         6340 Baar
         Switzerland

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


PIZ AROSER: Proofs of Claim Filing Deadline is March 31
-------------------------------------------------------
Creditors owed money by JSC Piz Aroser Immobilien are requested to
file their proofs of claim by March 31, 2009, to:

         Dr. H. J. Zinsli
         Maistra 5
         7500 St. Moritz
         Switzerland

The company is currently undergoing liquidation in Arosa.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 1, 2008.


RETROS LLC: Creditors' Proofs of Claim Due by April 14
------------------------------------------------------
Creditors owed money by LLC Retros are requested to file their
proofs of claim by April 14, 2009, to:

         Freddy Kaess
         Liquidator
         Haselstrasse 11
         4103 Bottmingen
         Switzerland

The company is currently undergoing liquidation in Allschwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 16, 2008.


WINZELER JSC: May 20 Set as Deadline to File Claims
---------------------------------------------------
Creditors owed money by JSC Winzeler are requested to file their
proofs of claim by May 20, 2009, to:

         Im Moos 14
         8902 Urdorf
         Switzerland

The company is currently undergoing liquidation in Urdorf.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 24, 2008.


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


ALTER-COMP-GROUP LLC: Creditors Must File Claims by March 21
------------------------------------------------------------
Creditors of LLC Alter-Comp-Group (EDRPOU 35081921) have until
March 21, 2009, to submit proofs of claim to:

         N. Tischenko
         Insolvency Manager
         Office 31
         Stelmakh St. 12
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 29/30-?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alter-Comp-Group
         Office 34
         Pobeda Ave. 136
         03115 Kiev
         Ukraine


DONSNAB LLC: Creditors Must File Claims by March 21
----------------------------------------------------
Creditors of LLC Donsnab (EDRPOU 32227514) have until March 21,
2009, to submit proofs of claim to:

         O. Liaskovets
         Insolvency Manager
         Post Office Box 3398
         69006 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 16/321/08.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian street 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Donsnab
         Tchekistov St. 39/47
         Zaporozhye
         Ukraine


KHARKOV EXPERIMENTAL: Creditors Must File Claims by March 21
------------------------------------------------------------
Creditors of OJSC Kharkov Experimental Plant (EDRPOU 03052210)
have until March 21, 2009, to submit proofs of claim to:

         E. Sevostianov
         Insolvency Manager
         Office 78
         Tukhachevsky St. 7
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B-24/193-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         OJSC Kharkov Experimental Plant
         Plastichny lane 9
         61177 Kharkov
         Ukraine


KREPENSKOYE LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Lugansk commenced bankruptcy supervision
procedure on Krepenskoye LLC (EDRPOU 03739533).

The Temporary Insolvency Manager is:

         H. Bugulian
         Shevchenko q. 17/18
         Lugansk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         Krepenskoye LLC
         Yubileynaya St. 1
         Karpovo-Krepenskoye
         Sverdlovsk district
         Lugansk
         Ukraine


POLEMIN CJSC: Creditors Must File Claims by March 21
----------------------------------------------------
Creditors of CJSC Insurance Company Polemin have until March 21,
2009, to submit proofs of claim to:

         A. Svintsitsky
         Insolvency Manager
         Office 1
         Moscow St. 39
         01015 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 44/112-?.

The Court is located at:

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


PRIME CAPITAL: Creditors Must File Claims by March 22
-----------------------------------------------------
Creditors of LLC Prime Capital (EDRPOU 36124426) have until
March 22, 2009, to submit proofs of claim to:

         LLC Special Technics
         Insolvency Manager
         Kerch St. 7/7
         03151 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 44/47-?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Prime Capital
         Pavlovskaya St. 8
         01054 Kiev
         Ukraine


SPECTR PLUS: Creditors Must File Claims by March 21
---------------------------------------------------
Creditors of LLC Television and Radiocompany Spectr Plus (EDRPOU
24512182) have until March 21, 2009, to submit proofs of claim to:

         M. Kosinevsky
         Insolvency Manager
         Office 40
         12th. of April St. 22
         61089 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B-24/210-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine


The Debtor can be reached at:

         LLC Television and Radiocompany Spectr Plus
         Rogan St. 151
         61172 Kharkov
         Ukraine


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


ALFRED SARGENT: Appoints Administrators from Tenon Recovery
-----------------------------------------------------------
Patrick B. Ellward and Dilip K. Dattani of Tenon Recovery were
appointed joint administrators of Alfred Sargent & Sons Ltd. on
Feb. 24, 2009.

The company can be reached through Tenon Recovery at:

         The Poynt
         45 Wollaton Street
         Nottingham
         NG1 5FW
         England


BHM CONSTRUCTION: Creditors to Vote on CVA Deal on March 19
-----------------------------------------------------------
John Leitch at Contract Journal reports that Bedford-based BHM
Construction (Clifton) has proposed entering into a Company
Voluntary Arrangement (CVA) after running into cash flow
difficulties.

The report relates under the CVA proposal, the company would pay
over GBP120,000 a month for 35 months, resulting in a total
contribution of GBP4.2 million.  The joint supervisors brought in
by accountancy firm Moore Stephens would collect GBP235,000 as
fees, the report notes.

The report states subcontractors and trade creditors will meet on
March 19 to vote on the CVA proposal, which is expected to give
unsecured creditors the prospect of 45p-in-the pound.  The report
notes 75% of the creditors need to agree on the proposal for it to
push through.  According to the report, if the proposal is
rejected, the company will opt for liquidation under which assets
will generate just 12p-in-the-pound.

The report discloses BMH's statement of affairs as at February 16,
2009 shows book value figures of:

    * GBP2.1 million trade debtors (but realization value if a
      forced sale took the company into liquidation: GBP520,000)

    * GBP2.0 million retentions (liquidation value: zero)

    * GBP2.8 million recoverable on contracts and work-in-progress
      (liquidation value: GBP690,000)

The report notes the book value of the sum available to unsecured
creditors is GBP8.8 million in total but if a forced sale put the
company down that sum would be re-written as GBP1.6 million and
BMH's 'overall deficiency' would jump from GBP3.7 million to
GBP11.2 million.

The report recalls in 2008 BHM, which recorded a 2007 turnover of
GBP44 million, ran into cash flow problems after being hit by the
credit crunch.

"The directors sought additional finance from its bankers but
these negotiations became protracted and have not been concluded
satisfactorily," the report quoted BHM as saying.  "In the second
half of 2008 substantial projects were shelved indefinitely and
this has had a serious affect on turnover and cash flow."

Creditors, the report adds, have been told that the 14 contracts
currently in progress include:

    * GBP12 million project – a new-build mixed-use development of
      123 residential units in Enfield for Kitewood Estates

    * GBP11 million project – a new-build 107-unit residential
      scheme in Luton for Paradigm housing Group

    * GBP8 million project – a mixed-use development of basement
      parking, residential units and doctor’s surgery at Hoddesdon
      for Fawkon Centre


CATTLES PLC: Suspends 3 More Execs, Warns Covenant Breach & Loss
----------------------------------------------------------------
Cattles Plc has suspended three executives in addition to the
three senior managers it suspended last week.

According to Bloomberg News, Cattles suspended Finance Director
James Corr, Chief Operating Officer Ian Cummine and Compliance and
Risk Director Adrian Cummings  saying it will post a "significant"
loss for 2008 and restate its 2007 earnings.

As reported in the Troubled Company Reporter-Europe on Mar. 5,
2009, BBC News said Cattles suspended managing director John
Blake, finance director Peter Miller and operations director Mick
Belcher after it found out that there has been a failure of
internal controls at the company.

                         Covenant Breach

Bloomberg News relates Cattles said it is probably "in breach of
covenants under its borrowing arrangements" and will see waivers
from its debt providers.

Cattles delayed the announcement of its 2008 earnings on Feb. 20,
saying it was reviewing its provisions for loan losses, the report
notes.

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

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

According to The Daily Telegraph, Cattles on Feb. 20 issued a
profit warning,
sending its shares down 74pc to 3-1/2p.  The company, the report
disclosed, admitted it does not know how many bad loans it has on
its books.

                        About Cattles plc

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

                          *     *     *

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

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


CHASE DE VERE: Goes Into Administration
---------------------------------------
Times Online reports that Chase De Vere Mortgage Management has
gone into administration as a result of the sharp decline in the
availability of home loans.

Chase De Vere Mortgage Management, Times Online relates, ceased
trading on Friday after operating for 27 years.

Times Online discloses Simon Tyler, who was managing director of
Chase De Vere Mortgage Management, plans to file permission with
the FSA for a new brokerage called Tyler Mortgage Management.  Mr.
Tyler, Mortgage Solutions states, has purchased a number of the
mortgage broker's assets from the administrators.

Mr. Tyler, as cited by the report, said "We've been cutting costs
over the last ten months, but turnover in the last three months
has been appalling."

Morgage Solutions notes according to Mr. Tyler, the mortgage
broker had been searching for investment for the last six months
but could not secure funding to keep the business afloat.

Headquartered in London, Chase De Vere Mortgage Management
–- http://www.cdvmm.com/–- is the trading name of Chase De Vere
Financial Limited, a privately held company offering advice in the
mortgage market.


COBALT CAPITAL: Goes Into Administration
----------------------------------------
Times Online's James Charles reports that London-based mortgage
broker Cobalt Capital has gone into administration as a result of
the sharp decline in the availability of home loans.

Cobal Capital, the report relates, ceased trading on Monday,
blaming "appalling" market conditions in the mortgage market.

Andrew Montlake, associate partner at Cobalt Capital, which been
dogged by rumors of infighting in recent weeks, as cited by the
report, said: "The conditions are dire in the market.  The main
problem is the demand is there from clients but there is no supply
of mortgages, which is why brokers are having issues."


EXCHANGE INSURANCE: Goes Into Administration
--------------------------------------------
Philip Stafford at The Financial Times reports that Exchange
Insurance Company has gone into administration after being hit by
the falling property market.

The FT relates administrators Begbies Traynor indicated Exchange
had suffered from a rapid increase of claims.  It had about 1,239
live bonds secured against properties across 96 developers, with a
maximum exposure - the amount if all bonds were claimed - of GBP25
million-GBP30 million, the FT states citing the administrators.

BBC News discloses Exchange said on its website that it would not
grant any extensions on its bonds while in administration.  The
insurer, as cited by BBC, said if it recapitalized, its bonds
would remain valid.  It  added that if the company is liquidated,
any developer making claims on the bonds will rank as unsecured
creditors, meaning they are last in line for repayment, BBC
recounts.

According to the FT, Neil Mather, joint administrator and partner
at Begbies Traynor, the corporate insolvency group, said "The
directors hope that a refinancing of the business will be
possible."

"The protection of administration has been sought while the new
investor awaits clearance for its proposals from the Financial
Services Authority," the FT quoted Mr. Mather as saying.

Begbies however was hopeful of a sale if a refinancing was not
possible, noting it had already been in contact with interested
parties, the FT says.  A sale could be announced as early as this
week, the FT adds.

The Exchange Insurance Company Limited ("ExCo")  --
-- http://www.exchangebond.com/-- is a European specialist
general insurer authorized and regulated by the Financial Services
Authority (FSA), with headquarters in the City of London. ExCo
also maintains an administrative operations centre in Essex and an
administrative office in Dublin.

                           *     *     *

As reported in the Troubled Company Reporter, A.M. Best Co.
downgraded on February 27, 2009, the financial strength rating to
C (Weak) from B (Fair) and the issuer credit rating to "ccc" from
"bb" of The Exchange Insurance Company  Limited (Exchange) (United
Kingdom).  The ratings remain under review, but the implications
of the review have been revised to negative from developing.


FORE-WOOD LTD: Calls in Joint Administrators from BDO Stoy
----------------------------------------------------------
Geoffrey Stuart Kinlan and David Harry Gilbert of BDO Stoy Hayward
LLP were appointed joint administrators of Fore-Wood Ltd. on
Feb. 17, 2009.

The company can be reached through BDO Stoy Hayward at:

         55 Baker Street
         London
         W1U 7EU
         England


ITV PLC: Overhauls Directors' Bonus Scheme
------------------------------------------
Yvette Essen at The Daily Telegraph reports that ITV plc has
overhauled its directors' bonus scheme.

ITV, the report relates, has created a new incentive plan to
reward 130 senior managers.  According to the report, bonuses in
2009 are likely to be made as awards of shares.

The report states it is estimated the change of scheme could lead
to four executive directors, including chairman Michael Grade,
receiving a new share award worth up to GBP2 million.

The report discloses under the plan, Mr. Grade, who was paid
GBP934,000 in salary and benefits, plus a GBP235,000 performance
bonus, which is due in shares, in 2008, would be eligible for an
award of up to 100pc of salary, although the maximum award level
has been reduced from 150pc of salary.  However, executive
directors will not be awarded any increase in basic pay, the
report notes.

                          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 Troubled Company Reporter-Europe on March 9,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K. private
TV broadcaster ITV PLC to 'BB-' from 'BB+'.  The outlook is
stable.

Simultaneously, the ratings were removed from CreditWatch where
they had been placed with negative implications on Jan. 27, 2009.

At the same time, S&P affirmed its 'B' short-term corporate credit
rating on ITV.  The '4' recovery rating on all of ITV'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.

On March 9, 2009, the TCR-Europe reported that Moody's Investors
Service downgraded ITV plc's senior unsecured ratings, Corporate
Family Rating and Probability of Default rating, to Ba2 (from
Ba1).  The rating outlook for ITV is negative.


LIGHTWATER PLAYING: Taps Joint Administrators from Baker Tilly
---------------------------------------------------------------
Matthew Richard Meadley Wild and Geoffrey Lambert Carton-Kelly of
Baker Tilly Restructuring and Recovery LLP were appointed joint
administrators of The Lightwater Playing Field Association Ltd. on
Feb. 17, 20009.

The company can be reached through Baker Tilly Restructuring and
Recovery LLP at:

         The Clock House
         140 London Road
         Guildford
         Surrey
         GU1 1UW
         England


LLOYDS BANKING: Fitch Cuts Individual Rating to 'E' from 'C/D'
--------------------------------------------------------------
Fitch Ratings has affirmed the Lloyds Banking Group plc and its
subsidiaries, Lloyds TSB Bank plc, HBOS plc and Bank of Scotland
plc, at Long-term Issuer Default 'AA-' (AA minus) and Short-term
IDR 'F1+' respectively.  This action follows the announcement of
LBG's participation in the UK government's asset protection scheme
and the conversion of GBP4 billion preference shares issued to H.M
Treasury in October 2008 into ordinary equity.  The IDR
affirmations reflect Fitch's view that while significant near-term
challenges remain, the risks are mitigated by continued very
strong support for LBG from the UK authorities.  The IDR Outlooks
remain Stable.

Fitch has also downgraded LBG's, LTSB's and BOS's Individual
ratings to 'E' from 'C/D', 'B/C' and 'C/D' respectively and
removed them from Rating Watch Negative, reflecting the
significant deterioration in certain asset portfolios over recent
months that has necessitated the additional support measures
announced over the weekend.  The acquisition of HBOS plc by Lloyds
TSB Group plc, which was announced in September 2008, may prove
over the longer-term to generate material strategic benefits for
the smaller acquirer, but in Fitch's opinion the short-term
consequences have been severe.  Following the preference share
conversion, LBG will be 65%-owned by the UK government (assuming
no take-up by existing shareholders) and this figure would rise to
77% assuming the government exercised an option to convert the
GBP15.6 billion 'B' shares issued to the UK government as the fee
for participation in the APS.  Of the GBP260 billion assets and
exposures that will be transferred into the APS, 83% were HBOS
originations and reflected HBOS's huge exposure to elements of the
UK economy that have deteriorated rapidly, such as the property
investment, development, house building and leveraged buyout
sectors as well as parts of its retail mortgage portfolio.

The future direction of the group's Individual ratings will depend
on the pace and severity of continued operating environment
pressure, together with the group's success in transitioning the
former HBOS businesses to a lower risk footing as well as
reshaping the enlarged group's liability base to reduce its
vulnerability to short-term funding markets in a 'post-guarantee'
funding environment.  Upon completion of the APS transaction LBG's
core Tier 1 capital ratio will increase sharply to around 14.5%,
leaving it well-equipped to meet the mortgage and small business
lending targets agreed with the UK government.

Fitch has downgraded the preference shares issued by LBG, LTSB and
BOS to 'BB-' (BB minus) from 'BB', and has also downgraded upper
tier 2 subordinated debt instruments issued by group entities to
'BB' from 'A+'.  These downgrades reflect the agency's view that
deferral risk has increased significantly for banks that are in
receipt of substantial public funds.  This risk is heightened by
the recognition that there is significant capital and financial
flexibility to be retained by deferring on such instruments and
that the replacement of government preference shares with common
equity may result in a significantly elevated risk that market
investors in the group's hybrid capital could be expected to share
this burden with the UK taxpayer.  All rated preference shares and
upper tier 2 instruments remain on Rating Watch Negative to
reflect this continued uncertainty.  The upper tier 2 instruments
have been rated one notch higher than preference shares at 'BB' to
reflect their higher recovery prospects.

The rating action has no impact on the rating of the residential
mortgage covered bonds issued by LTSB, BOS and Bank of Scotland
Intelligent Finance, all of which are rated 'AAA'.

Rating actions taken:

Lloyds Banking Group plc

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Outlook Stable

  -- Short-term IDR: affirmed at 'F1+'

  -- Senior unsecured debt: affirmed at 'AA-' (AA minus)

  -- Subordinated debt: affirmed at 'A+'

  -- Preference shares: downgraded to 'BB-' (BB minus) from 'BB';
     remains on Rating Watch Negative

  -- Individual rating: downgraded to 'E' from 'C/D'; removed from
     Rating Watch Negative

  -- Support rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'AA-' (AA minus)

Lloyds TSB Bank plc

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Outlook Stable

  -- Short-term IDR and debt: affirmed at 'F1+'

  -- Commercial paper: affirmed at 'F1+'

  -- Guaranteed debt: affirmed at 'AAA'

  -- Senior unsecured debt: affirmed at 'AA-' (AA minus)

  -- Subordinated debt: affirmed at 'A+'

  -- Upper tier 2 debt: downgraded to 'BB' from 'A+'; placed on
     Rating Watch Negative

  -- Preference shares: downgraded to 'BB-' (BB minus) from 'BB';
     remains on Rating Watch Negative

  -- Individual rating: downgraded to 'E' from 'B/C'; removed from
     Rating Watch Negative

  -- Support rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'AA-' (AA minus).

HBOS plc:

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Outlook Stable

  -- Short-term IDR and debt: affirmed at 'F1+'

  -- Senior unsecured debt: affirmed at 'AA-' (AA minus)

  -- Subordinated debt: affirmed at 'A+'

  -- Upper tier 2 debt: downgraded to 'BB' from 'A+'; placed on
     Rating Watch Negative

  -- Support rating: affirmed at '1'

Bank of Scotland plc:

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Outlook Stable

  -- Short-term IDR and debt: affirmed at 'F1+'

  -- Commercial paper: affirmed at 'F1+'

  -- Guaranteed debt: affirmed at 'AAA'

  -- Senior unsecured debt: affirmed at 'AA-' (AA minus)

  -- Subordinated debt: affirmed at 'A+'

  -- Upper tier 2 debt: downgraded to 'BB' from 'A+'; placed on
     Rating Watch Negative

  -- Preference shares: downgraded to 'BB-' (BB minus) from 'BB';
     remains on Rating Watch Negative

  -- Individual rating: downgraded to 'E' from 'C/D'; removed from
     Rating Watch Negative

  -- Support rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'AA-' (AA minus).


MECOM GROUP: Shares Plunge 16% Following Debt Breach Warning
------------------------------------------------------------
Rowena Mason at The Daily Telegraph reports that Mecom Group plc's
shares fell by 16% on Friday, March 6, after a newspaper group
warned it could breach a covenant by the end of the month if it
fails to sell its German and Norwegian titles.

According to the report, the group closed down 0.6 – or 16pc – at
3.2p.

               Proposed Disposals of Mecom Germany
                     and Mecom North Norway

On January 13, 2009, the the group announced that (through the
German Seller) it had conditionally agreed to sell Mecom Germany
to Eden Holding (a subsidiary of M. DuMont Schauberg) for a total
consideration of EUR152.0 million (GBP136.0 million), subject to
the terms and conditions of the German Disposal Agreement.

On February 18, 2009, the group also announced that (through the
Norwegian Seller) it had conditionally agreed to sell Mecom North
Norway to Polaris Media for a total consideration of NOK675.0
million (GBP66.3 million), subject to the terms and conditions of
the Norwegian Disposal Agreement.

Completion of each of the disposals is conditional upon
shareholders' approval by way of separate resolutions, in
accordance with the Listing Rules, due to the size of Mecom
Germany and Mecom North Norway respectively relative to that of
the group.  For the avoidance of doubt, the Disposals are not
inter-conditional.  Shareholders' approval will be sought at a
General Meeting to be held on March 23, 2009 at 10:30 a.m.

           Background to and Reasons for the Disposals

On August 20, 2008, the group announced at its interim results
that it had delivered a stable first half performance and that,
assuming no significant adverse change in the markets in which it
operates, a similar second half performance was expected.

On October 23, 2008, the group issued a trading statement in which
it stated that a recent worsening in the economic outlook in all
of its geographies had led to deterioration in the advertising
market outlook for the remainder of 2008 and that, while actions
had been taken to mitigate revenue decline, management believed
that full year EBITDA would fall approximately 10 per cent below
market expectations.

On December 22, 2008, the group announced that it was continuing
to focus on managing its affairs to ensure ongoing compliance with
its banking facilities.  The group announced that it had entered
into constructive discussions with its lending banks with a view
to agreeing certain amendments to its debt facilities so as to
provide long term financial stability to the group, and that the
banks had agreed to defer the next covenant test date from
December 31, 2008 to February 28, 2009 to facilitate these
discussions.  In addition, the group stated that, in the light of
the continuing adverse market conditions, it needed to reduce
leverage and it was confident of reaching an agreement on a long
term solution, including disposals, in the first quarter of 2009.

                     Covenant Test Deferred

On February 27, 2009, the group announced that it had agreed a
further deferral of the December 31, 2008 covenant test date to
March 31, 2009.  The grant of the further deferral is subject to
the directors giving a unanimous and unqualified recommendation to
shareholders to vote in favor of the German disposal and to
shareholders approving the German disposal.

The current terms of the Facilities Agreement require that, in
respect of the current testing period, the ratio of the group's
EBITDA to interest payable should be not less than 3.5:1 and the
ratio of the group's borrowings to EBITDA should not exceed 3.5:1.
In the absence of an agreement to amend these terms, which the
group is currently discussing with its lending banks, the
directors believe that the group would be in breach of such terms
at March 31, 2009.

On April 13, 2007, the group entered into the VSS Loan Agreement
in connection with the acquisition of Mecom Germany.  The terms of
the VSS Loan Agreement provide that the group must repay
approximately GBP30.6 million to VSS on April 12, 2009.

                 Potential Breach of Covenant

While the directors are confident that the group will be able to
reach agreement with its lending banks and with VSS, in the
absence of such agreement, it would, at March 31, 2009, be in
breach of the covenants under the Facilities Agreement and would
be unable to repay the amount due under the VSS Loan Agreement.
In such circumstances the Continuing Group would have a total
funding shortfall (comprising refinancing of the group's
Facilities Agreement, the VSS Loan Agreement and ongoing cash
flows under a sensitized case of the group's trading and working
capital position) of approximately EUR678.1 million (GBP606.6
million) for the 12 months from the date of this document.

The directors believe that the disposals are in line with the
group's intention to strengthen its balance sheet and ensure that
the group, with its remaining Dutch, Danish, Norwegian and Polish
businesses, is in a stronger position to operate successfully in
the current market conditions.

The directors also believe the terms of the disposals deliver
value to shareholders by using the proceeds from the disposals to
reduce significantly group borrowings, and are confident that the
strategy of reducing debt and focusing on Mecom's remaining assets
will greatly improve the position and prospects of the group.

                      About Mecom Group plc

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


PRISTINE DRY: Names Joint Administrators from Tenon Recovery
------------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Pristine Dry Cleaners Ltd. on
Feb. 23, 2009.

The company can be reached at:

         Pristine Dry Cleaners Ltd.
         54 South Western Crescent
         Parkstone
         Poole
         Dorset
         BH14 8RR
         England


REXAM PLC: Moody's Affirms 'Ba2' Subordinated Debt Ratings
----------------------------------------------------------
Moody's Investors Service has affirmed Rexam's Baa3 senior
unsecured and Ba2 subordinated debt ratings but changed the
outlook to negative from stable.

Rainer Neidnig, lead analyst at Moody's for Rexam, said: "The
rating action reflects primarily weaker than expected leverage
ratios by the end of 2008.  Moreover, the negative outlook
considers the overall difficult economic environment which might
make it challenging for Rexam to markedly reduce leverage near-
term".  Neidnig went on: "At the same time the rating affirmation
reflects Moody's view that Rexam's operating performance should
remain relatively resilient in the current recessionary
environment."

Based on Rexam's preliminary results Moody's calculates a
normalized Debt/EBITDA ratio of about 3.4x while the rating agency
would have expected Debt/EBITDA of 3x or lower for a stable
positioning in the Baa3 rating category (normalizations were made
to eliminate distorting translation effects from the significant
weakening of the Sterling at the end of 2008).  Although Moody's
would expect Rexam to achieve a relatively resilient performance
in the current economic downturn, Moody's would not expect a
significant deleverage over 2009 and consider a downgrade should
Rexam's leverage not reduce from the level reached at the end of
2009.  Moreover, negative rating pressure could arise, should
Rexam not manage to achieve at least break-even Free Cash Flow in
2009 on the back of substantially reduced capex and lower working
capital consumption.  In turn, Moody's would consider to stabilize
the outlook again upon material positive Free Cash Flow generation
in 2009 and evidence of leverage reducing to levels below 3x Debt/
EBITDA.

The affirmation of Rexam's Baa3 rating considers in particular
Rexam's relatively defensive business profile, the company's track
record in adjusting operations to changes in the operating
environment, significant flexibility in capital expenditures and
dividend payout decisions as well as management's stated
commitment to an investment grade rating.

Moody's views Rexam's liquidity profile as adequate given its
significant headroom under committed credit facilities.  As per
year end 2008, Rexam had headroom of GBP0.7 billion under its
financing arrangements and secured another GBP480 million in
committed bilateral credit facilities in early 2009.  These
facilities should, in Moody's view, well cover the upcoming bond
maturity of GBP370 million in March 2009 as well as funding needs
from operations over the next 12 months.  However, Moody's
cautions in this context that Rexam's financing arrangement
contain conditionality language in form of a 3.5x Net Debt/EBITDA
covenant (as per year end 2008 the relevant ratio was 2.7x
according to the respective leverage definition).

Outlook Actions:

Issuer: REXAM PLC

  -- Outlook, Changed To Negative From Stable

Moody's last rating action on Rexam was to affirm the Baa3 senior
unsecured debt ratings with a stable outlook on July 4, 2007.

Rexam is the world's leading beverage can producer.  It holds the
top market position in Europe and South America and is the number
three producer in North America.  Rexam is also active in rigid
plastic packaging, which generated approximately 30% of group
revenues.  Its customer base is from the pharmaceutical, home and
personal care, cosmetics and food industries.  Rexam's rigid
packaging solutions -- a still highly fragmented market -- include
products such as spray samplers, lipstick and mascara cases, and
high barrier plastic food containers. In 2008, Rexam generated
revenues of GBP4.6 billion.


SPERLING RETAIL: Taps Joint Administrators from Grant Thornton
---------------------------------------------------------------
Ian Carr and John Whitfield of Grant Thornton UK LLP were
appointed joint administrators of Sperling Retail Solutions Ltd.
on Feb. 24, 2009.

The company can be reached at:

         Sperling Retail Solutions Ltd.
         6 Manor Road
         Haverhill
         Suffolk
         CB9 0EP
         England


TIPES LTD: Appoints Joint Administrators from Smith & Williamson
----------------------------------------------------------------
Stephen John Adshead and Gregory Andrew Palfrey of Smith &
Williamson Limited were appointed joint administrators of Tipes
Ltd. on Feb. 23, 2009.

The company can be reached at:

         Tipes Ltd.
         302 London Road
         Ipswich
         Suffolk
         IP2 0AJ
         England


VISIOCORP PLC: Moody's Withdraws 'Ca' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca Corporate Family
Rating of Visiocorp plc.

The rating is being withdrawn under Moody's Guidelines for the
Withdrawal of Ratings in situations associated with Bankruptcies,
Reorganisations and Liquidations.

Outlook Actions:

Issuer: Visiocorp plc

  -- Outlook, Changed To Rating Withdrawn From Stable

Withdrawals:

Issuer: Visiocorp plc

  -- Corporate Family Rating, Withdrawn, previously rated Ca

Moody's last rating action on Visiocorp was a confirmation of the
Ca corporate family rating on August 7, 2008.

Headquartered in the United Kingdom, Visiocorp is a automotive
supplier of interior and exterior mirrors.


* UK: Begbies Warns Surge in Commercial Property Insolvencies
-------------------------------------------------------------
As leading UK property groups rush to raise new cash through large
rights issues, the whole sector is seeing rapidly increasing
pressure from falling asset values, potential tenant defaults and
the lack of liquidity in the banking sector, warns Begbies
Traynor, the UK's leading business rescue, recovery and
restructuring specialists.

                        Red Flag

Begbies Traynor's Red Flag early warning system shows 304 property
companies currently facing critical financial problems, many of
which are at severe risk of an ultimate insolvency.  This
represents a considerable escalation from 185 companies with
critical problems in the third quarter of 2008 and 221 in the
fourth quarter.  These latest troubled companies are not major
groups, but mainly middle and lower market players with total
asset values in their last published accounts of GBP1.1 billion,
an average of GBP3.6 million per distressed company.

Nick Hood, Senior London Partner at Begbies Traynor, commented:

"We're seeing a build up of problems in the commercial property
sector, as the real economy in which their tenants operate
continues to unravel.  The only upside has been the fall in
interest costs; however this offers little relief to landlords
dealing with escalating tenant defaults and unprecedented
difficulty in raising or preserving business funding.

"There has been a sharp rise in our caseload in the sector, as
lenders are forced to take control of commercial property right
across the UK or landlords seek protection from their creditors to
allow them time to restructure.  In the past three months alone,
171 property companies have started insolvency proceedings, and we
believe these numbers will rise sharply as we progress through
2009 and into 2010.  We estimate that the number of insolvencies
in this sector could reach between 1,200 and 1,600 in 2009.

"Companies in distress should seek professional advice and
assistance as soon as possible – lenders are willing to
renegotiate covenants and repayment schedules particularly if they
see a sensible business plan that includes a restructuring and
asset disposal program at the very least.  The next two years
should see the survival of the smartest as well as fittest."

                       Rights Issues

Meanwhile, Hammerson, British Land and Land Securities are all mid
way through significant rights issues, totaling a c.GBP2 billion
cash call on institutional investors.  Smaller quoted companies
such as Workspace have also been forced to raise significant new
cash from the markets.  And, in a further indicator of troubled
times ahead, Warner Estates has announced that it is in talks with
its bankers to address covenant breach issues, a trend which could
accelerate through the forthcoming results season as many listed
companies are expected to confirm that the fall in their asset
values has brought the gap with their loan to value ratios down to
very uncomfortable levels.

                  Falling Values in January

Last week CB Richard Ellis published bleak figures on commercial
property values, revealing that prices fell by a further 3.5% in
January, on top of a 27% fall in 2008.  While the rate of decline
may be slowing, few commentators expect the market to see any
meaningful recovery in the short or medium term.

                  Tenants in the News

As financially challenged tenants push landlords to concede lower
rents, landlords face knock-on problems with their bankers, as
basic rental cover covenants are breached.  Sir Philip Green's
efforts to lower the rental obligations of some of his Arcadia
stores tell this tale, while last month's failure of the Stylo CVA
reflects the determination of landlords to avoid setting damaging
precedents, no matter how many voids this might create.

The retail sector is not alone in needing help.  A recent major
hotel restructuring left a stubborn landlord with ten empty
properties in serious need of refurbishment or a rapid change of
use.  The huge number of pub closures and the failure of such
signature businesses as Anthony Worrall-Thompson's restaurant
chain show further distress in the troubled leisure sector.

Major property companies may be uncomfortable turning to
shareholders for help, even if they hope to use at least some of
the cash to take advantage of distressed asset purchase
opportunities.  But the issues for the huge numbers of medium-
sized and smaller property players are much more serious.

                   About Begbies Traynor

Begbies Traynor -- http://www.begbies-traynor.com/-- is a UK
business rescue, recovery and restructuring specialist, providing
a partner-led service to stakeholders in troubled businesses.

                            *********

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 * * *