TCREUR_Public/090313.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, March 13, 2009, Vol. 10, No. 51

                            Headlines

A U S T R I A

GWT LLC: Claims Registration Period Ends April 1
NCI TRADE: Claims Registration Period Ends April 1
THOMAS APOLT: Claims Registration Period Ends April 2


B E L G I U M

FORTIS NV: BNP Mulls New Name for Bank if Buyout Pushes Through
FORTIS SA/NV: Moody's Puts IFSR Under Review for Possible Cut


E S T O N I A

* ESTONIA: Economy Shrinks Annual 9.7% in 4th Qtr


G E R M A N Y

1330 MEZZ I: Sale of Interest in NY Office Bldg. Set for April 22
COMBI DIENSTLEISTUNGEN: Claims Registration Period Ends April 27
EFFECTWERK AGENTUR: Claims Registration Period Ends March 30
GENERAL MOTORS: Private-Equity Firms Not Interested in Opel
GROSS BAUSERVICE: Claims Registration Period Ends April 22

JOWA PUTZUNTERNEHMEN: Claims Registration Period Ends May 11
KLOECKNER & CO: Moody's Changes Outlook on Ba2 Rating to Negative
PLASTAL HOLDING: Files for Insolvency; 2,200 Jobs at Risk
PROVIDE-VR 2002-1: Moody's Cuts Rating to Class E Notes to 'C'

* GERMANY: Draws Up Alternative to Bank Seizure, Bloomberg Says


G R E E C E

COMMERCIAL VALUE: Fitch Withdraws 'B+' Insurer Strength Rating
DANAOS CORP: Breaches Terms of US$299 Million Loan
OCEANFREIGHT INC: Posts US$11.6 Mln 4Q Loss on Derivative Losses


H U N G A R Y

* HUNGARY: Economy Contracts the Second Time in 4th Qtr


I C E L A N D

BAUGUR GROUP: Moratorium Not Extended; Opts for Bankruptcy

* ICELAND: AMC to Restructure State-Held Assets, Reuters Says


I R E L A N D

LUNAR FUNDING: S&P Downgrades Rating on US$11 Mil. Notes to 'D'
OMEGA CAPITAL: S&P Cuts Ratings on 10 Classes of Notes to 'D'


K A Z A K H S T A N

AMIL LLP: Creditors Must File Claims by April 17
ASYL MURA: Creditors Must File Claims by April 17
ATYRAU-GAZO-ENERGO-COMPLEX LLP: Claims Filing Ends April 17
CORM LLP: Creditors Must File Claims by April 17
DAUIR LLP: Creditors Must File Claims by April 17

DAULET LLP: Creditors Must File Claims by April 17
DISK-PV LLP: Creditors Must File Claims by April 17
NUR-B LLP: Creditors Must File Claims by April 17
TOPAZ LLP: Creditors Must File Claims by April 17


K Y R G Y Z S T A N

TORG-PLUS OJSC: Creditors Must File Claims by March 27


L A T V I A

PAREX BANKA: Seeks Refinancing of US$775 Mln Loan, FT Says


P O L A N D

KREDYT BANK: Moody's Withdraws 'D' Bank Financial Strength Rating


R U S S I A

ARKHANGELSK FISH: Creditors Must File Claims by April 5
DIRIK LLC: Creditors Must File Claims by May 6
ENTERPRISE A 6: Creditors Must File Claims by May 6
GAZ OAO: Troika Withdraws Rating on Likely Bankruptcy
GRAD-STROY LLC: Creditors Must File Claims by April 5

KHORLOVSKIY CHEMICAL: Creditors Must File Claims by May 6
NOVOZYBKOV MEAT: Creditors Must File Claims by May 6
OSKOLSKIY CANNING: Creditors Must File Claims by April 5
SHELEKHOVSKIY BAKERY: Creditors Must File Claims by May 6
STANDARD ZAO: Fitch Puts 'D/E' Individual Rating on Watch Evolving

STROY-BAZIS LLC: Creditors Must File Claims by April 5
ZHELEZOBETON LLC: Chuvashia Bankruptcy Hearing Set May 14


S P A I N

UCI SERIES: Fitch Junks Ratings on Five Tranches


S W E D E N

GENERAL MOTORS: SAAB Unit Draws Interest from Rivals
GENERAL MOTORS: Scania Has Veto Power on SAAB Sale


S W I T Z E R L A N D

HEARTBALANCE JSC: Creditors Must File Claims by March 23
IMMOBILIENGESELLSCHAFT SAXIFRAGA: Claims Filing Ends March 23
ODYSSEY COMMUNICATIONS: Claims Filing Period Ends March 23
SPLEISS LEU: Proof of Claim Filing Deadline is March 23
STEINEMANN JSC: Creditors' Proofs of Claim Due by March 23


U K R A I N E

CHEMICAL PACK: Creditors Must File Claims by March 25
DNISTER AGRICULTURAL: Creditors Must File Claims by March 22
GESETZ LLC: Creditors Must File Claims by March 22
NAFTOGAZ NJSC: Moody's Reviews 'B1' Rating for Possible Downgrade
NOVA PACK: Creditors Must File Claims by March 22

PULSE LLC: Court Starts Bankruptcy Supervision Procedure
VSEUKRAINSKY AKSIONERNY: Fitch Affirms 'CCC' Issuer Default Rating
UNIVERSALNA: Moody's Cuts Insurer Strength Rating to 'Caa1'
VSEUKRAINSKY AKSIONERNY: Fitch Affirms 'CCC' Issuer Default Rating


U N I T E D   K I N G D O M

ALBA 2006-1: S&P Cuts Rating on Class F of Notes to 'B-'
BERNARD MADOFF: Liquidation Recognized as Foreign Main Proceeding
BERNARD L. MADOFF: Used London Unit in Alleged Fraud, Says Gov't
BLUESTREAM AVIATION: Appoints Administrators from Grant Thornton
CATTLES PLC: Projected Pact Breach Cues Fitch's Junk Rating

JJB SPORTS: In Final Talks to Sell Fitness Clubs Business
P A COMMUNICATIONS: Calls in Administrators from Tenon Recovery
NORLEC ENGINEERING: Assets Put Up for Sale
OBSERVER STANDARD: Administrators Put Assets for Sale
PEMBROKE PROPERTIES: Taps Administrators from Grant Thornton

R G S ATTENBOROUGH: Taps Administrators from Smith & Williamson
ROYAL BANK: Moody's Lowers Ratings on Preference Shares to Low-B
SHOTZ HEALTH: Brings in Administrators from Smith & Williamson
TURNBRIDGE ENGINEERING: Taps Joint Administrators from PKF

* UK: EHYA Wants Insolvency Laws Re-Examined
* Moody's Downgrades Ratings on 90 Notes by 27 CDO Transactions

* BOOK REVIEW: Beyond the Quick Fix


                         *********


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


GWT LLC: Claims Registration Period Ends April 1
------------------------------------------------
Creditors owed money by LLC GWT (FN 139394t) have until April 1,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Wien
         Austria
         Tel: 877 33 30 Serie
         Fax: 877 33 30 33
         E-mail: office@ra-stampfer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 15, 2009, for the
examination of claims at:

         Land Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 3, 2009, (Bankr. Case No. 4 S 12/09f).


NCI TRADE: Claims Registration Period Ends April 1
--------------------------------------------------
Creditors owed money by LLC NCI Trade (FN 302862k) have until
April 1, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Wien
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on April 15, 2009, for the
examination of claims at:

         Land Court of Vienna (007)
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 9, 2009, (Bankr. Case No. 38 S 5/09a).


THOMAS APOLT: Claims Registration Period Ends April 2
-----------------------------------------------------
Creditors owed money by KEG Thomas Apolt (FN 268231h) have until
April 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Johanna Abel-Winkler
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 16, 2009, for the
examination of claims at:

         Land Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 3, 2009, (Bankr. Case No. 5 S 13/09k).


=============
B E L G I U M
=============


FORTIS NV: BNP Mulls New Name for Bank if Buyout Pushes Through
---------------------------------------------------------------
Reuters reports BNP Paribas SA Chairman Michel Pebereau said the
company will "probably not" keep the Fortis brand as it stands if
it succeeds in acquiring the Belgian banking group.

"It is a recent name and indeed poses a certain number of problems
to shareholders which it may have disappointed.  We will see with
our Belgian friends how BNP Paribas' activities in Belgium are
going to develop," the news agency quoted Mr. Pebereau as saying.

He later clarified in an emailed statement obtained by Reuters
that the group would name the business as BNP Paribas Fortis.

                   Revised Carve-Up Agreement

As reported in the Troubled Company Reporter-Europe on March 10,
2009, Fortis holding has agreed with BNP Paribas and the Belgian
State to revise, for the second time, terms of a plan to break up
its business.

In the first amendment to the agreement, reported in the Troubled
Company Reporter-Europe on Feb. 3, 2009, BNP Paribas agreed to
take a 10% stake, as opposed to 100%, in Fortis's insurance unit,
Fortis Insurance Belgium, for a price of EUR550 million.

Philip Blenkinsop at Reuters said the revisions will allow Fortis
holding to continue as an insurance company and will lower its
exposure to a pool of toxic assets.

The proposed new agreement will be subject to the approval of
shareholders at the shareholders' meetings of Fortis SA/NV in
Brussels and Fortis N.V. in Utrecht in April 2009.

Commenting on the proposed new agreement CEO Karel De Boeck said:
"After many days of negotiation, we are pleased to have been able
to agree with both BNP Paribas and the Belgian State on revised
terms of our agreement with BNP Paribas and the Belgian State.  We
believe with a new agreement on the table, subject to
shareholders' approval, it is now the right time to look forward
and to seize the opportunity we have to build for the future.  We
have the nucleus of a new start for Fortis holding a sizable
domestic and international insurance franchise that provides us
with a platform for growth and future value creation.  At the same
time, the new agreement allows us to reduce our investment in the
SPV."

                   Fortis Insurance Belgium

Fortis holding will sell 25% of the shares in Fortis Insurance
Belgium (FIB) to Fortis Bank for a total consideration of EUR
1,375 million, thereby valuing 100% of FIB at EUR5.5 billion.

The agreement cannot be unilaterally terminated before the end of
2020 by any of the parties.

Fortis holding and BNP Paribas have further agreed to explore
broader cooperation with respect to insurance activities, whereby
Fortis holding will become BNP Paribas' preferred commercial
partner for non-life insurance products.  The parties will
together focus on developing certain non-life insurance activities
outside of France, Belgium, Turkey and certain other markets where
existing agreements with third parties prevent such cooperation.

BNP Paribas and Fortis holding will also enter into a
shareholders' agreement which will give Fortis Bank a
representation on the Board of Directors of Fortis Insurance
Belgium in line with the level of its shareholding.

                              SPV

The SPV will purchase about EUR2.0 billion of additional lines
from the structured credits portfolio of Fortis Bank, of which
about EUR1.0 billion will be in replacement of redemptions that
occurred since August 31, 2008, on the original portfolio.  These
additional lines will be selected in mutual agreement between
parties from the remaining portfolio of Fortis Bank.

As a result, the conventional purchase price is therefore expected
to increase from EUR10.4 billion to about EUR11.4 billion (at
currency rates of August 31, 2008).

Under the terms of the proposed new agreement, Fortis holding's
funding obligation in respect of, and maximum exposure to, the SPV
will be limited to EUR760 million, corresponding to 45% on a total
equity of EUR1.7 billion.

The financing by Fortis holding will consist of equity only.  The
other parties will provide EUR740 million (SFPI/FPIM) and EUR200
million (BNP Paribas) in equity.

The remainder of the SPV funding will be provided by way of debt
financing by BNP Paribas and by Fortis Bank, partially guaranteed
by the Belgian State.

Fortis holding will also have the benefit of a loan of about
EUR1.0 billion from Fortis Bank to fund, among others, its
commitments towards the SPV.

                            CASHES

In line with the previous agreement, Fortis holding will no longer
be required to make an upfront payment of EUR2.35 billion related
to the settlement of the CASHES instrument.  Furthermore, the
interest payment mechanism between Fortis holding and Fortis Bank
based on the evolution of the Relative Performance Note
("RPN")remains unchanged.

                          Call Option

Fortis holding will continue to have the benefit of a call option
granted by the SFPI/FPIM linked to the BNP Paribas shares to be
acquired by the SFPI/FPIM.

This cash settled option will entitle Fortis holding to the
difference between the stock price of the BNP Paribas shares at
the time of the exercise of the option and EUR68.

Under the new agreement, Fortis holding has been granted certain
anti-dilution rights which aim at preserving the value of the
option.  However, such anti-dilution mechanism will not apply to a
BNP Paribas capital increase without preferential subscription
rights or to other cases where the SFPI/FPIM would be diluted
without compensation.

                  Estimated Pro Forma Net Cash
                      and Net Asset Value

The unaudited pro forma net equity attributable to shareholders of
Fortis holding at September 30, 2008, assuming approval by the
shareholders of the new agreement, would amount to EUR7.0 billion.
This represents an increase of EUR510 million compared to the
previous agreement, representing the capital gain on the sale of
an additional 15% in Fortis Insurance Belgium.

The unaudited pro forma net cash position as per September 30,
2008, assuming approval by the shareholders of the new agreement,
would increase to EUR3.4 billion.  The net cash position is
impacted positively by the additional payment of EUR825 million
for 15% of Fortis Insurance Belgium and by the lower investment
(EUR240 million) in the SPV.  This estimate does not take into
account potential future payments related to the RPN mechanism
related to the CASHES, nor the potential value of the option on
the BNP Paribas shares.

                         Court Ruling

As reported in the Troubled Company Reporter-Europe, the Brussels
Court of Appeals, in January, blocked an agreement for BNP Paribas
to buy all of Fortis's insurance unit because it wasn't approved
by Fortis shareholders.

On December 12, the Brussels Court of Appeal ruled in favor of a
group of shareholders seeking to block the carve-up of Fortis by a
trio of governments and the sale of assets to France's BNP
Paribas.

In September, Belgium, along with the Netherlands, and Luxembourg,
agreed to inject EUR11.2 billion into Fortis after its shares
slumped amid concerns about the company's solvency.  The deals
left Fortis with only its international insurance business, a 66%
stake in a EUR10.4 billion portfolio of structured credit products
and financial assets and liabilities of various financing
vehicles.

The bank's deal then with Belgium involved subsequent transfer of
75% of the Belgian state's 100% interest in Fortis to BNP Paribas.
Under that original deal, BNP Paribas will also acquire 100% of
Fortis Insurance Belgium for a total consideration of EUR5.73
billion in cash.

The Brussels Court ordered a shareholder vote before Feb. 12 for
the transaction to proceed and said the government would have to
pay a fine of EUR5 billion to shareholders if it sold Fortis
before the vote.

The Court also appointed a panel of experts to review the proposed
dismantling of Fortis.

Following the Brussels Court ruling, Fortis said it incurred a net
loss of EUR295 million which reduced its pro forma net cash
position on September 30, 2008 from EUR2.1 billion to EUR1.8
billion and pro forma shareholders' equity from EUR6.7 billion to
EUR6.4 billion.

                     About Fortis holding

Fortis holding (Fortis SA/NV and Fortis N.V.) consists of (1)
Fortis Insurance Belgium (2) Fortis Insurance International, and
(3) financial assets and liabilities of various financing
vehicles.  The international insurance activities (Fortis
Insurance International) are located in the UK, France, Hong Kong,
Luxembourg (Non-Life), Germany, Turkey, Russia, Ukraine and in
joint ventures in Luxembourg (Life), Portugal, China, Malaysia,
India and Thailand.  Fortis holding is not involved in banking
activities.

                       About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                         *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


FORTIS SA/NV: Moody's Puts IFSR Under Review for Possible Cut
-------------------------------------------------------------
Moody's Investors Service says that the Baa2 long term issuer
ratings of Fortis SA/NV and Fortis N.V., as well as the A2
insurance financial strength rating of Fortis Insurance Belgium,
remain under review for possible downgrade, following the
announcement that a new agreement has been made between Fortis,
BNP Paribas and the Belgian State.

According to this new agreement, BNP Paribas would buy 75% of
Fortis Bank SA/NV from the Belgian State and Fortis Bank would
acquire 25% of Fortis Insurance Belgium from the Fortis Group.
The distribution agreement between Fortis Insurance Belgium and
Fortis Bank SA/NV would also be maintained until 2020 and the new
agreement also includes further cooperation in non-life insurance
between Fortis and BNP Paribas outside Belgium.  Furthermore,
Fortis' investment in the structured assets SPV would be limited
to EUR760 million, and this investment would be funded thanks to a
EUR1 billion loan from Fortis Bank SA/NV.  This transaction will
be subject to the vote of Fortis' shareholders, which Moody's
understands will take place in April.

Moody's notes that, if completed, this transaction would clarify
the Group's strategy, with a clear focus on insurance operations
through Fortis Insurance Belgium and Fortis Insurance
International, while the commercial collaboration between Fortis'
insurance operations and BNP Paribas could bring more stability to
the Group's franchise.  Moody's also acknowledges that the
proforma balance sheet of the Group would improve, with a proforma
equity position as of September 30, 2008 of EUR7 billion and a
cash position of around EUR6 billion, covering EUR2.5 billion of
senior debt and the EUR1 billion debt to Fortis Bank SA/NV.  The
hybrid debts issued by Fortis Hybrid Financing (NITSH I, NITSH II
and the Hybrones) will continue to be economically matched by
loans to operating entities.

Nonetheless, Moody's also notes that the Group will keep off-
balance sheet commitments towards its previously owned entities,
either through the Relative Performance Notes in relation to the
CASHES or through its co-obligation in debts issued by Fortis Bank
Nederland (Holding), Fortis Insurance Netherlands and Fortis Bank
SA/NV.

Furthermore, until the proposed transaction is accepted by the
shareholders, the legal uncertainties remain high, as the sale of
Fortis Bank SA/NV to the Belgian State and the subsequent sale of
the Bank to BNP Paribas together with a partial sale of Fortis
Insurance Belgium to the French banking Group has been rejected by
a previous Shareholders Assembly in February 2009.

Moody's added that the impact of volatile financial markets in
2008 and early 2009 on Fortis Insurance Belgium's results and
capitalization remain uncertain.  Moreover, the successive
announcements related to the potential change of ownership of
Fortis Insurance Belgium may have had impacts on the franchise of
the company that are challenging to assess at this stage.

Moody's review for possible downgrade on Fortis Insurance Belgium
will therefore focus on the extent to which a) the new agreement
is completed b) the uncertainties of the last months have damaged
the franchise of Fortis Insurance Belgium and the financial
situation of the company.  Moody's expects to conclude its review
after the shareholders' vote on the transaction and after the
annual results of Fortis Insurance Belgium are disclosed.

The review for possible downgrade of Fortis SA/NV and Fortis N.V.
will be concluded with the review of Fortis Insurance Belgium's
rating, and Moody's expects the ratings of Fortis Holding
companies to reflect the financial strength of the Group's
operating insurance companies as well as the subordination of the
holding company creditors.  Nonetheless, the review will also
focus on the specific resources and obligations of the holding
companies (including the off-balance sheet items) and will
consider whether additional notching is required to reflect the
holding companies' financial position.

The review for possible downgrade for the P-2 short-term rating of
the Group will focus on the liquidity position of the Group in
light of the recent initiatives launched by the Group to repay its
senior obligations.

Commented on the hybrid debts issued by the Group (NITSH I, NITSH
II, the Hybrones and FRESH, all currently rated Ba1, under review
for possible downgrade), Moody's said that it continues to review
the likelihood of the mandatory deferral triggers to be breached
and whether any additional notching is necessary for these junior
instruments.  It will also review the possibility for the Group to
use its Alternative Coupon Satisfaction Mechanism in case of
breach of these triggers and the ability of Fortis Insurance
Belgium and Fortis Bank SA/NV to serve the coupons on the debts
which match certain notes issued by the holding companies.

Headquartered in Brussels, Belgium and in Utrecht, the
Netherlands, Fortis Group had total assets of EUR974.3 billion and
reported shareholders' equity (including minority interest) of
EUR30.4 billion as of June 30, 2008.


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E S T O N I A
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* ESTONIA: Economy Shrinks Annual 9.7% in 4th Qtr
-------------------------------------------------
Estonia's economy contracted an annual 9.7 percent in the fourth
quarter, higher than preliminary estimate of 9.4 percent released
on Feb. 13, Bloomberg News reports citing the country's statistics
office, Statistikaamet.

Gross domestic product shrank a seasonally adjusted 4.3 percent
from the third quarter, according to the report.

The report relates the statistics office said Estonia's US$21.3
billion economy shrank 3.6 percent in 2008 following an average
annual growth of 8.2 percent in 2000 to 2007.

Estonia must cut 2009 budget spending by at least 5 billion krooni
to be able to meet euro entry terms this year or the Baltic
country will be left with a choice between unilateral euro
adoption and a devaluation of its kroon, former finance minister
Taavi Veskimagi said in a March 11 e-mail obtained by Bloomberg
News.

Meanwhile, the report says the country's registered unemployment
rate rose to 7.4 percent last week, the highest since the Labor
Market Board started providing the data in 1993, from 7.1 percent
at the end of February and 6 percent in January.


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G E R M A N Y
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1330 MEZZ I: Sale of Interest in NY Office Bldg. Set for April 22
-----------------------------------------------------------------
1330 Otera Capital LLC, as secured party and assignee of German
American Capital Corporation, the original lender, discloses that
100% of the memberships interests of 1330 Mezz I LLC, a Delaware
limited liability company, in 1330 Acquisition Co. LLC will be
offered for sale at a public auction and sold to the highest
qualified bidder on April 22, 2009, at 1:00 p.m. at the law
offices of Allen & Overy LLP, 1221 Avenue of the Americas, 21st
Floor, New York, NY 10020.

The principal asset of 1330 Acquisition Co. is an office building
located at 1330 Avenue of the Americas, New York, NY.

The sale is held to enforce the rights of the secured party under
that certain first mezzanine loan and security agreement dated as
of December 28, 20006, executed by 1330 Mezz I LLC.  The secured
party reserves the right to reject all bids and terminate or
adjourn the sale to another time, without further publication.

Interested parties who would like additional information regarding
the collateral, the requirements to be a "qualified bidder" or the
terms of the sale should visit the Web site
www.eastdilsecured.com/notices/1330AoA.pdf or contact Adam Spies
of Eastdil Secured, LLC at (212) 315-7200 or at 40 West 57th
Street, 22nd Floor, New York, NY 10019.


COMBI DIENSTLEISTUNGEN: Claims Registration Period Ends April 27
----------------------------------------------------------------
Creditors of Combi Dienstleistungen GmbH have until April 27,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 27, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Joachim Buettner
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The court opened bankruptcy proceedings against the company on
March 9, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Combi Dienstleistungen GmbH
         Attn: Muenip Akbana, Manager
         Hanhoopsfeld 10 f
         21079 Hamburg
         Germany


EFFECTWERK AGENTUR: Claims Registration Period Ends March 30
------------------------------------------------------------
Creditors of EffectWerk Agentur fuer Eventmarketing GmbH have
until March 30, 2009, to register their claims with court-
appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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:

         Volkswirt Jens Hamdorf
         Hallerstrasse 76
         20146 Hamburg
         Germany

The court opened bankruptcy proceedings against the company on
March 9, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         EffectWerk Agentur fuer Eventmarketing GmbH
         Stoerkamp 35
         22851 Norderstedt
         Germany

         Attn: Andre Franke, Manager
         Foersterweg / Home Inn 119
         22525 Hamburg
         Germany


GENERAL MOTORS: Private-Equity Firms Not Interested in Opel
-----------------------------------------------------------
International private-equity companies are not interested in
buying carmaker Adam Opel GmbH, Bloomberg said, citing a report by
newspaper Die Welt.

According to Die Welt, Cerberus Capital Management LP, which
Chrysler Corp., has no interest in acquiring General Motors
Corp.'s Germany based unit.  Die Welt cited unidentified officials
from several large buyout firms in its report.

Amidst the worst financial crisis since the 1930s, some private
equity firms are focusing keeping their buyouts afloat.  According
to Blomberg, after spending a record US$1.2 trillion on
acquisitions during 2006 and 2007, LBO firms are now focused on
deal-saving, not dealmaking.  Bloomberg said that Bain Capital
LLC, which has made more than US$100 billion of investments since
its founding in 1984, has hired restructuring specialists
AlixPartners LLP and Miller Buckfire & Co. to help salvage its
US$3.2 billion 2007 takeover of Tampa, Florida-based OSI
Restaurant Partners Inc, which is struggling with declining
revenue and a 30-fold increase in losses.  Apollo Management LP
and Blackstone Group LP are employing an arsenal of tools,
including debt exchanges and equity infusions, to rescue leveraged
buyouts, such as Freescale Semiconductor Inc. and Realogy Corp.

                 Germany Support for Opel

Meanwhile, German Chancellor Angela Merkel intends to make
financial support for Opel dependent on decisions by its U.S.
parent, Bloomberg said, citing newspaper Bild Zeitung.  Mr.
Merkel, according to Bild Zeitung, said that in order to grant any
aid, it is necessary to know plans for GM, how independently Opel
will be allowed to operate and the future of Opel's patents.

Mr. Merkel, the newspaper reported, said the country would support
Opel and other struggling companies, only if a bailout would
secure a future and wouldn't be wasted by a company's failure in
the markets.

                      About General Motors

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

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

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

                       Going Concern Doubt

As reported by the Troubled Company Reporter on March 6, 2009,
Deloitte & Touche LLP, which General Motors Corp.'s Audit
Committee retained to audit the company's consolidated financial
statements and the effectiveness of internal controls, as of and
for the year ended December 31, 2008, said that there is
substantial doubt about the company's ability to continue as a
going concern.  Deloitte said the company's recurring losses from
operations, stockholders' deficit and failure to generate
sufficient cash flow to meet the company's obligations and sustain
the its operations raise substantial doubt about the its ability
to continue as a going concern.

For the year ended December 31, 2008, GM posted a net loss of
US$30,860,000,000.  As of December 31, 2008, GM reported
US$91,047,000,000 in total assets, US$176,387,000,000 in total
liabilities, and US$86,154,000,000 in stockholders' deficit.

                          *     *     *

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.


GROSS BAUSERVICE: Claims Registration Period Ends April 22
----------------------------------------------------------
Creditors of Gross Bauservice GmbH mit Sitz in Boizenburg have
until April 22, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         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:

         Franz Miedeck
         Mozart St. 2
         19053 Schwerin
         Germany
         Tel: 0385/5509951

The court opened bankruptcy proceedings against the company on
March 4, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gross Bauservice GmbH mit Sitz in Boizenburg
         Attn: Guido Gross, Manager
         Boizenburg
         Germany


JOWA PUTZUNTERNEHMEN: Claims Registration Period Ends May 11
------------------------------------------------------------
Creditors of Jowa Putzunternehmen Gmbh have until May 11, 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 June 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         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. Heiner Buss
         Hauptstr. 169
         26639 Wiesmoor
         Germany
         Tel: 04944/1033
         Fax: 04944/912035

The court opened bankruptcy proceedings against the company on
March 10, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Jowa Putzunternehmen Gmbh
         Attn: Walter Hillers, Manager
         Roter Weg 14
         26835 Neukamperfehn
         Germany


KLOECKNER & CO: Moody's Changes Outlook on Ba2 Rating to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook for Kloeckner's
Ba2 corporate family rating to negative from stable.

The rating action was prompted by collapsing demand for steel and
steel prices, which is expected to have negative effects on
Kloeckner's leverage metrics going forward and could materially
reduce headroom under financial covenants in 2009 under some
negative economic scenarios.

Moody's assumes that the company's leverage ratios will
deteriorate significantly during the course of the current year
especially due to a reduction of its EBITDA figure, and despite a
successful reduction in net debt.

The negative outlook incorporates the heightened challenge for
Kloeckner to remain in compliance with financial covenants under
its senior credit facilities especially in the second half of 2009
due to the expected deterioration of the EBITDA figure.  At the
same time Moody's notes that the company has already successfully
taken measures to improve the headroom under its covenant test for
the next nine months.

In addition, should the adverse environment in Kloeckner's
business persist for the next couple of months with no visibility
of an improvement, its leverage ratio will remain subdued and will
not be commensurate with the currently assigned rating any more.

The Ba2 rating takes into account the expectation that, after a
severe deterioration in 2009, due to a substantial reduction in
net debt, the company's leverage will improve over time again to
levels more in line with the Ba2 rating category, e.g. to an
adjusted debt/EBITDA ratio below 3.5x and a retained cash flow/net
debt ratio above the high teens.

On the positive side, Moody's notes the company's short term
liquidity position for the next 12 months with very limited debt
maturities, low ongoing capex requirements, and a high level of
available revolving credit facilities.  These facilities, however,
are exposed to financial covenant tests with limited headroom,
which poses a degree of risk to Kloeckner's short term liquidity.

Outlook Actions:

Issuer: Kloeckner & Co. SE.

  -- Outlook, Changed To Negative From Stable

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

Moody's last rating action on Kloeckner was to upgrade the
company's corporate family rating to Ba2 from Ba3 and to change
the outlook from positive to stable on April 23, 2007.

Headquartered in Duisburg, Germany, Kloeckner & Co. SE is one of
the leading independent steel and metal distributors in the
European and North American markets. For the financial year ended
2008, the company reported sales of EUR6.7 billion and operating
EBITDA of EUR415 million.


PLASTAL HOLDING: Files for Insolvency; 2,200 Jobs at Risk
---------------------------------------------------------
Plastal Holding GmbH, the German unit of Sweden-based Plastal
Holding AB, has filed for insolvency, putting 2,200 jobs at risk,
Plastics Information Europe reports.

The report relates six operating units and a number of development
centers are affected by the insolvency.

However, the report notes according to Plastal's national managing
director, Gerd Hammerschmidt production will continue as usual and
employees will continue to be paid, at least until May 2009.

As reported in the Troubled Company Reporter-Europe on March 11,
2009, the Board of Directors of Plastal Holding AB 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.

                     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 centers in ten
countries across Europe and in China.


PROVIDE-VR 2002-1: Moody's Cuts Rating to Class E Notes to 'C'
--------------------------------------------------------------
Moody's Investors Service has downgraded these Classes of Notes
issued by Provide-VR 2002-1 plc:

  - EUR23,000,000 Class D Floating Rate Credit Linked Notes,
    downgraded to Caa3 from B2;

  - EUR3,300,000 Class E Floating Rate Credit Linked Notes,
    downgraded to C from Caa2.

The most recent rating action on Class D Notes was on February 27,
2008 when the notes were downgraded to B2 from Ba1, while the most
recent rating action on Class E Notes was on January 30, 2008 when
the notes were downgraded to Caa2 from Ba2.

The rating action was prompted by a worse-than-initially-expected
performance of the underlying portfolio.  The performance analysis
primarily considered (1) the level of outstanding defaulted loans
reported as of February 2009 totalling at EUR13.7 million; and (2)
the average recovery rate reported for already worked-out
reference claims of 33.2%.  One of the reasons for the relatively
low recovery rate experienced so far is the fact that the
securitized portfolio mainly consists of second lien mortgage
loans (i.e. loan parts above 60 per cent loan-to-lending-value).

Moody's considered in its analysis that EUR3.7 million of reported
defaults are re-performing and are currently not in arrears.  In
addition, the amount of outstanding defaults has shown a
decreasing trend since early 2007, as the amount of loans that
have been worked out during this period exceeded the amount of new
defaults.  Nevertheless, both performance indicators suggest that
additional losses will materialize going forward at levels higher
than Moody's initially expected.

As the cumulative recovery rate for worked-out reference claims
has further stabilized at the current level during the last year,
Moody's decided to use the so far experienced recovery rate as a
best estimate for the expected future recovery rate for the
monitoring of this transaction.  Taking into account the current
amount of outstanding defaults and an updated roll-rate analysis
for the non-defaulted portion of the portfolio, Moody's expects
additional future losses to exceed EUR11 million.  Together with
the already realized amount of loss (equal to EUR8.9 million as of
February 2009), this results in Moody's expectation that total
losses over the term of the transaction will exceed EUR20 million.

If losses equal to Moody's expected future loss assumption should
materialize, this would mean a total loss of principal for Class E
Notes and a significant loss of principal for Class D Notes, which
are currently supported by about EUR6.7 million of subordination.
The increased certainty of these losses to occur together with the
expectation that losses will be allocated to the rated notes and
therefore reduce the interest to be received by noteholders in the
medium term leads to expected net present value losses for the
notes that are in line with the new rating levels assigned.

As part of the analysis Moody's has also conducted a sensitivity
analysis in respect of the outstanding ratings of the higher
ranking notes.  Based on this analysis, Moody's expects the
ratings of classes A+ to C to be stable even in scenarios that
deviate from Moody's current base case scenario because for these
notes the benefit for increased relative subordination due to the
sequential amortization of the transaction currently outweighs the
reduction in absolute subordination due to loss allocations.  In
addition, the relative thickness of Class D, which currently
represents about 8.1% of the total transaction size, provides
protection for the higher ranking tranches.  This is also the main
reason for the relatively big rating gap between Class C and Class
D. Based on the results of the sensitivity analysis, Moody's
expects that the A2 rating of Class C will remain stable in
scenarios of life-time transaction losses up to EUR25 million.

The Class F Notes, which constitutes the first loss piece in this
transaction, have an outstanding balance of EUR3.4 million as of
February 2009.  In the recent reporting period EUR0.55 million of
losses were allocated to this Class of Notes, so that a total of
EUR8.9 million of losses have been allocated to Class F since
closing.  The Class E Notes have an outstanding balance of EUR3.3
million, while Class D Notes have an outstanding balance of EUR23
million.

Provide-VR 2002-1 is a transaction by DG HYP (95.21 per cent of
the initial portfolio), which - together with five co-operative
banks (4.79 per cent of the initial portfolio) - transferred the
credit risk of approximately 20,876 residential mortgage loans to
investors.  At closing the total portfolio amounted to EUR623.3
million (EUR285.9 million current portfolio balance) and had a
weighted average loan-to-market-value of 74 per cent.  The
portfolio has an above average concentration in the Northern
Laender of Germany.

The realized loss definition includes principal and external work-
out costs.  Accrued interest is excluded from the realized loss
definition of the transaction. Losses are being allocated in a
reverse sequential order, first to the unrated Class F Notes.  The
portfolio is static and the credit linked notes amortize
sequentially, starting with the Class A+ Notes, which rank pro-
rata with the Senior Credit Default Swap.

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


* GERMANY: Draws Up Alternative to Bank Seizure, Bloomberg Says
---------------------------------------------------------------
The German government is considering an alternative to seizing
bank assets, Bloomberg News' Brian Parkin reports citing Karl-
Theodor zu Guttenberg, the country's economic minister.

Bloomberg News relates Minister Guttenberg told reporters in
Berlin on Tuesday that the economy and justice ministries are
working on a "restructuring model that avoids the seizure of bank
assets as a last resort."

Minister Guttenberg, as cited by Bloomberg News, said the model,
which is being drafted as legislation, involves "an extension of
insolvency law."  Bloomberg News discloses a Handelsblatt
newspaper report on Tuesday, citing unnamed officials, said it
would involve suspending shareholders' rights at troubled banks
for short periods allowing lenders to restructure.

Minister Guttenberg noted the restructuring model will be ready in
a few days, Bloomberg News recounts.

                            Draft Law

On Feb. 23, 2009, the Troubled Company Reporter-Europe reported
that according to BBC News, the German cabinet agreed on a draft
law that will allow the country to temporarily nationalize
troubled banks through the seizure of their shares.

However, the German government stressed that it will only resort
to nationalization if it sees a threat to the country's financial
system, BBC recalled.

The draft law still has to be approved by the German parliament,
BBC noted.

BBC stated the law could pave the way for the government take over
of Hypo Real Estate.  Peer Steinbrueck, Germany's finance
minister, as cited by BBC, said that Hypo Real Estate was a
"system relevant" bank, and the draft law was designed to
help the government stabilize it.

           Seizure of Private Assets Debated

According to The Daily Telegraph's Rowena Mason, German
politicians fiercely debated whether seizure of private assets
should be permitted as the practice of "Enteignung" is
associated with the Nazi expropriation of Jewish property.


===========
G R E E C E
===========


COMMERCIAL VALUE: Fitch Withdraws 'B+' Insurer Strength Rating
--------------------------------------------------------------
Fitch Ratings has withdrawn Commercial Value AAE's Insurer
Financial Strength Rating of 'B+' as the available information is
insufficient to maintain the rating or to resolve the Rating Watch
Negative.

This rating has thus been withdrawn:

  -- IFS 'B+'; Rating Watch Negative

Fitch will no longer provide ratings or analytical coverage on CV.

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

The rating watch was subsequently maintained on February 23, 2009.
The resolution of the watch was pending a decision from PISC
regarding the replacement of certain CV assets with real estate
assets of a minimum value of EUR20 million, and the publication of
CV's 2008 audited financial statements.

The withdrawal of CV's IFS Rating has occurred without resolution
of the rating watch as certain issues relating to PISC's decision
on CV's replacement assets and receipt of 2008 audited financial
results remain outstanding.  These pending issues, together with
difficulties raised by the competitive operating environment in
the Greek insurance market, the limited ability to refinance in
the current financial climate, and the general economic downturn
in Greece, coupled with Fitch's expectation that CV's full year
2008 results are likely to be weak, continue to place negative
pressure on the rating.  Fitch considers it likely that the rating
would be downgraded by one or more notches had rating coverage
been maintained.


DANAOS CORP: Breaches Terms of US$299 Million Loan
--------------------------------------------------
Danaos Corporation said Wednesday it breached covenants of a
US$299.0 million credit facility it obtained from Deutsche
Schiffsbank, Credit Suisse, and Emporiki Bank on February 2, 2009,
in relation to pre and post-delivery financing for five new-
building vessels.

The five vessels -- the HN 1698, the HN N-220, the HN N-223, the
HN N-215 and the HN Z0001 -- are currently under construction and
are scheduled to be gradually delivered to Danaos from the first
quarter of 2009 until the end of the second quarter of 2010, the
company said.

The company meanwhile said it is currently in discussions to
arrange additional financing for the unfunded part of its new
building fleet.

Danaos attributed the breach to the recent drop in vessel values,
as well as the unprecedented drop in interest rates which has
resulted in negative valuation on its interest rate swaps.

"We have either received waivers or are in discussions with the
lead arrangers under our credit facilities to receive waivers
covering breaches of any financial covenants, including those
relating to vessel value and minimum net worth, during 2008 and
2009, however, certain of these agreements have not yet been
reduced to writing and remain subject to the requisite approval of
the applicable lending syndicate," the company said in a March 11
statement.

The company noted that to the extent it is unable to finalize
formalization of its waivers and amendments prior to the issuance
of its audited financial statements, any long-term debt for which
it has been unable to secure waivers and, where applicable,
amended covenants, will be required to be classified as current,
reflecting its lenders' ability to call that debt at any time at
their option.

                        Lower Net Income

The company's net income for the fourth quarter ended December 31,
2008, decreased by more than 50% to US$23.6 million from US$44.6
million in the same period in 2007.

Net income for the full year ended December 31, 2008 also
decreased by almost 50% to US$115.2 million from US$215.3 million
in 2007.

                   Dividend Payment Suspension

Danaos said it is suspending dividend payments until such time the
company determines that economic conditions allow cash dividend
payments to be resumed.

                    About Danaos Corporation

Athens, Greece-based Danaos Corporation (NYSE: DAC)
--  http://www.danaos.com/-- is an international owner of
containerships, chartering its vessels to many of the world's
largest liner companies.  It has a current fleet of 39
containerships aggregating 157,427 TEUs.  The company has a
contracted fleet of 30 additional containerships aggregating
226,456 TEU with scheduled deliveries up to 2011.


OCEANFREIGHT INC: Posts US$11.6 Mln 4Q Loss on Derivative Losses
----------------------------------------------------------------
OceanFreight Inc. incurred a net loss of US$11.6 million for the
fourth quarter of ended December 31, 2008 from a net income of
US$6.4 million in the same period in 2007.  The company attributed
the fourth quarter loss to a non-cash loss of US$17.3 million
associated with the valuation of the company's interest rate
swaps.

For the current quarter, gross revenues amounted to US$38.9
million while operating income was US$11.1 million.

An average of 12.7 vessels were owned and operated during the
fourth quarter of 2008, earning an average Time Charter
Equivalent, or TCE rate, of US$32,815 per day.

For the year ended December 31, 2008, the company reported net
income of US$27.7 million, up from US$8.2 million in 2007.

For the current year, gross revenue amounted to US$157.4 million
while operating income was US$60.7 million.

An average of 11.4 vessels were owned and operated during the year
ended December 31, 2008, earning an average TCE rate of US$34,705
per day.

Commenting on the results, Anthony Kandylidis, the company's
President and Chief Executive Officer, said: "We are satisfied
with our 4th Quarter and Year End 2008 financial results, which
once again underline our operational efficiency.  OceanFreight is
now well prepared to face the future.  We have successfully
amended our senior debt facility with Nordea to avoid any loan
covenant breaches, we have secured our cash flow from a
diversified client and sector base and we have demonstrated that
despite the challenging times we can successfully tap both the
commercial bank market to raise additional debt and the U.S.
capital markets to raise fresh equity."

                  Nordea Bank Relaxes Loan Covenant

As reported in the Troubled Company Reporter on Jan. 14, 2009,
OceanFreight  entered into an amendatory agreement to its US$325
million senior secured credit facility with Nordea Bank Norge ASA,
as Administrative Agent, under which the lenders have agreed to an
amendment and waiver of the collateral maintenance
coverage ratio covenant contained in the agreement.

Anthony Kandylidis, Chief Executive Officer of OceanFreight,
commented, "Our proactive approach with our bankers has allowed us
to enter into this amendment to our loan agreement and achieve a
lower collateral maintenance coverage ratio in light of the recent
decline in vessel values, particularly in the dry bulk sector.
Given the challenging financial and shipping landscape, this
agreement places one uncertainty behind us and positions us to
capitalize on opportunities as they may arise in the future."

                         Capitalization

On December 31, 2008, debt (debt, net of deferred financing fees)
to total capitalization (debt and stockholders' equity) was 57.4%
and net debt (debt less cash, cash equivalents and restricted
cash) to total capitalization was 52.3%.

As of December 31, 2008, the company had a total liquidity of
approximately US$29.6 million.

                       Financing Activities

As of Mar. 11, 2009, the company has raised approximately US$6.2
million in gross proceeds under the Standby Equity Purchase
Agreement or SEPA with YA Global Advisors.  The total current
number of shares outstanding is 21,694,493 million.

                       Management Changes

Mr. Michael Gregos has resigned from the position of Chief
Operating Officer to pursue other business interests.  The Company
has appointed a new Vice President, Mr. Demetris Nenes, who will
be in charge of Business Development.

Mr. Nenes began his career working at OMI's vetting department.
During his career at OMI he moved in the commercial side of the
business being involved in FFA Trading and Sales and Purchase.
After the sale of OMI, Mr. Nenes joined Ospraie's shipping team
headed by Mr. Robert Bugbee, ex President and COO of OMI.  Mr.
Nenes holds a diploma in Naval Architecture from the National
Technical University of Athens and a Master's Degree in Business
Administration from the University of Connecticut.

                     About OceanFreight Inc.

Athens, Greece-domiciled OceanFreight Inc (NASDAQ: OCNF)
-- http://www.oceanfreightinc.com-- was incorporated in 2006 to
acquire high quality secondhand vessels and deploy them on medium
and long term charters.  The company began operations with the
delivery of its first vessel in June 2007 and currently owns and
operates a fleet of 13 vessels, consisting of one Capesize drybulk
carrier, eight Panamax drybulk carriers, one Suezmax tanker and
three Aframax tankers with a total carrying capacity of 1,170,633
dwt.


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


* HUNGARY: Economy Contracts the Second Time in 4th Qtr
-------------------------------------------------------
Hungary's economy contracted an annual 2.3 percent in the fourth
quarter, higher than the 2 percent estimate released on Feb. 13,
Bloomberg News reports citing the country's statistics office in
Budapest.

The report says Hungary's economy contracted 1.2 percent from the
third quarter, the second consecutive decline, confirming that the
country slipped into a recession.

The central bank expects the economy to contract as much as 3.5
percent this year, the report relates.

The report recalls Hungary's economy fell into a recession for the
first time in 14 years in the first half of 2007 after Gyurcsany
raised taxes and reduced subsidies to rein in a record budget
deficit that peaked at 9.2 percent of GDP in 2006.


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


BAUGUR GROUP: Moratorium Not Extended; Opts for Bankruptcy
----------------------------------------------------------
Baugur Group Hf has decided to file for bankruptcy after the
District Court of Reykjavik on Wednesday, March 11, refused to
extend the company's moratorium process.

Bloomberg News' Andrew Cleary and Sarah Shannon report Judge
Arngrimur Isberg denied an extension of the moratorium process as
"the debts of Baugur are very high".

Bloomberg News relates the court said debt at Baugur exceeds the
value of its assets by ISK148 billion (US$1.3 billion)

"The plaintiff's plans are not viable, and therefore not likely to
result in a new structure of its finances.  As a result, an
extended moratorium will not serve its purpose," Bloomberg News
quoted Judge Isberg as saying.

However, in a March 11 statement Kristin Johannesdottir, chairman
of Baugur, said "the company fulfills all the conditions for the
extension and that the restructuring plan was viable".

According to Bloomberg News, the ruling left Baugur vulnerable to
insolvency proceedings initiated by creditors, including Glitnir
Banki hf and Islandsbanki hf.

As reported in the Troubled Company Reporter-Europe on Feb. 23,
2009, on Feb. 11, 2009, the court approved Baugur's petition to
enter into a moratorium.  The court granted a moratorium until
March 4, 2009.  The moratorium process allowed Baugur a
period of review with temporary suspension of payment.

As reported by the TCR-Europe on Feb. 6, 2009, Baugur's board
resolved to apply for a moratorium in order to protect the group's
assets as well as the interests of all creditors following a
decision by Landsbanki to discontinue discussions regarding a
potential restructuring of the group.

                       About Baugur Group

Baugur Group -- http://baugur.com/-- is an international
investment company in the retail and fashion sectors in the UK,
the USA and Scandinavia.  Companies related to Baugur employ some
53,000 people worldwide in over 3,700 stores with a total turnover
of GBP5.0 billion.

Among Baugur's principal investments are the supermarket chain
Iceland, the toy retailer Hamleys, the jewellery chain Goldsmiths,
fashion chains Whistles and Jane Norman, fashion company Mosaic
Fashions, renowned UK department store chain, House of Fraser, the
famous Danish department store chain Magasin du Nord and Illum,
one of Denmark's largest department stores.


* ICELAND: AMC to Restructure State-Held Assets, Reuters Says
-------------------------------------------------------------
Ron Askew at Reuters reports that Iceland's interim government on
Wednesday said that the Asset Management Company would restructure
assets taken over by the state in the wake of the financial
crisis.

Reuters relates the Icelandic state's government said AMC would
restructure commercial undertakings of "national significance".
However, Reuters notes it was unclear how many companies would be
involved.

According to Reuters, the AMC will only operate for five years
during which it will attempt to sell the assets it manages.


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


LUNAR FUNDING: S&P Downgrades Rating on US$11 Mil. Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'AAA' and
then withdrew its rating on the US$11 million asset-backed notes
series 2007-50 issued by Lunar Funding V PLC and rated by us on
July 18, 2007.

The Lunar Funding notes were issued as part of a synthetic
collateralized debt obligation repack transaction which referenced
class A2 notes (the "Visage notes") issued as part of another CDO
transaction called Visage CDO II Ltd. and rated by us on Jan. 19,
2007.  According to S&P's criteria, the rating on the Lunar
Funding notes should be linked to the rating on the Visage notes,
with changes to the rating on the Visage notes being reflected in
the rating on the Lunar Funding notes.

Due to a clerical error the rating on the Lunar Funding notes has
not been linked to the rating on the Visage notes.  Consequently,
rating actions S&P took on the Visage notes were not reflected in
the rating on the Lunar Funding notes.  The rating action on the
Lunar Funding notes results from the discovery of the error and
reflects the default and subsequent withdrawal of the rating on
the Visage notes on Aug. 20, 2008.

The rating history for the Visage notes is:

  -- Jan. 19, 2007: 'AAA' rating assigned

  -- Nov. 28, 2007: 'AAA' rating placed on CreditWatch negative

  -- Jan. 7, 2008: 'AAA' rating lowered to 'CCC-' and kept on
     CreditWatch negative

  -- Jan. 29, 2008: 'CCC-' rating lowered to 'D' and removed from
     CreditWatch negative

  -- Aug. 20, 2008: Rating withdrawn


OMEGA CAPITAL: S&P Cuts Ratings on 10 Classes of Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' from
'CCC-/Watch Neg' on 10 classes of Series 49 multi-currency
collateralized debt obligations secured notes issued by Omega
Capital Investments PLC.  The outstanding ratings on all 10
classes of notes together with the rating on the class B-10 notes
were subsequently withdrawn at the request of the issuer following
a cancellation of the notes.

The downgrades on the 10 classes of notes reflect the principal
losses experienced by the noteholders of the respective classes.
The portfolio supporting these classes suffered several credit
events, which resulted in an aggregate loss that exceeded the
available subordination for these classes and reduced the funds
available to cover the principal amount of the notes.  However,
there was no loss incurred by the class B-10 notes as the
available subordination for this class in the portfolio exceeded
the aggregate loss incurred due to credit events.  The rating on
the class B-10 notes was CCC-/Watch Neg immediately prior to the
rating withdrawal.

The rating actions taken on the affected transactions are:

                         Ratings Lowered

            Omega Capital Investments PLC Series 49

                           Rating To     Rating From
                           ---------     -----------
        Class A-5          D             CCC-pNRi/Watch Neg
        Class BJ-5         D             CCC-/Watch Neg
        Class C-5          D             CCC-/Watch Neg
        Class CJ-5         D             CCC-/Watch Neg
        Class D-5          D             CCC-/Watch Neg
        Class BJ-7         D             CCC-/Watch Neg
        Class C-7          D             CCC-/Watch Neg
        Class D-7          D             CCC-/Watch Neg
        Class E-7          D             CCC-/Watch Neg
        Class D-10         D             CCC-/Watch Neg

                        Ratings Withdrawn
             Omega Capital Investments PLC Series 49

                           Rating To     Rating From
                           ---------     -----------
        Class A-5          NR            D
        Class BJ-5         NR            D
        Class C-5          NR            D
        Class CJ-5         NR            D
        Class D-5          NR            D
        Class BJ-7         NR            D
        Class C-7          NR            D
        Class D-7          NR            D
        Class E-7          NR            D
        Class B-10         NR            CCC-/Watch Neg
        Class D-10         NR            D


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


AMIL LLP: Creditors Must File Claims by April 17
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Amil insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

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


ASYL MURA: Creditors Must File Claims by April 17
-------------------------------------------------
JSC Joint-Stock Investment Fund of Risk Invest Asyl Mura has
declared insolvency.  Creditors have until April 17, 2009, to
submit written proofs of claim to:

         Husainov St. 225-321
         Almaty
         Kazakhstan


ATYRAU-GAZO-ENERGO-COMPLEX LLP: Claims Filing Ends April 17
-----------------------------------------------------------
LLP Atyrau-Gazo-Energo-Complex insolvent.  Creditors have until
April 17, 2009, to submit written proofs of claim to:

         Birlik
         Atyrau
         Kazakhstan


CORM LLP: Creditors Must File Claims by April 17
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agro Prod Corm insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Gogol St. 177a
         Kostanai
         Kostanai
         Kazakhstan

The Court is located at:

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


DAUIR LLP: Creditors Must File Claims by April 17
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Dauir insolvent.

Creditors have until March 27, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpayev St. 16
         Aktobe
         Aktube
         Kazakhstan


DAULET LLP: Creditors Must File Claims by April 17
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Daulet insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk St. 53
         Taldykorgan
         Almaty
         Kazakhstan


DISK-PV LLP: Creditors Must File Claims by April 17
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Disk-PV insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

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


NUR-B LLP: Creditors Must File Claims by April 17
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Grain and Manufacturing Company Nur-B insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Gogol St. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


TOPAZ LLP: Creditors Must File Claims by April 17
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Topaz insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

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


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


TORG-PLUS OJSC: Creditors Must File Claims by March 27
------------------------------------------------------
Creditors of OJSC Kyrgyz Him Torg-Plus (INN 02007200110017) have
until March 27, 2009, to submit proofs of claim to:

         Promzona
         Tokmok
         Chui
         Kyrgyzstan
         Tel: (+996 3138) 5-26-18


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


PAREX BANKA: Seeks Refinancing of US$775 Mln Loan, FT Says
----------------------------------------------------------
Parex Banka AS is hoping to refinance its US$775 million
syndicated loan by the end of the month, The Financial Times
reports citing the bank's chief executive, Nils Melngailis.

"The refinancing of Parex is our first priority," Mr. Melngailis
told the news agency.

The report says the bank is trying to persuade its 60 creditor
banks to reschedule the loan over three years.

Parex had a US$275 million debt due last month and a further
US$500 million repayable in June, the report discloses.

The report recalls depositors lost confidence in Parex late last
year because it lacked a strong foreign parent, unlike the
Swedish-owned banks which dominate the rest of Latvian banking.
The government intervened and bought an 85 per cent shareholding
from the bank's two founders - Valery Kargin and Viktor
Krasovitsky - for two lats (US$3), the report says.

                       About Parex Banka

Founded in May 1992, JSC Parex Banka a.k.a Parex Banka AS --
http://www.parexgroup.com/-- is a commercial bank with assets
exceeding 4.46 billion.   It offers its clients integrated
services in areas such as lending, payment cards, leasing, asset
management and securities trading.  It has more than 70 branches,
customer service centers and settlement group, or nearly all
regions of Latvia and the major cities.  Currently, bank branches
and customer service centers in Latvia employs more than 2,600
people.

                         *     *     *

As reported in the TCR-Europe on Dec. 9, 2008, Moody's Investors
Service downgraded the bank financial strength rating of Parex
Bank to E from E+.  The outlook on this rating is now stable.
Moody's also downgraded the bank's local and foreign

As reported in the TCR-Europe on Dec. 5, 2008, Fitch Ratings
downgraded Latvia-based Parex Banka's Long-term Issuer Default
Rating to 'RD' from 'BB', Short-term IDR to 'RD' from 'B', and
Support rating to '5' from '3'.  Parex's Support Rating Floor was
changed to 'No Floor' from 'BB' and Individual rating was affirmed
at 'F'.  In addition, Fitch downgraded the senior unsecured
ratings to 'CC' from 'BB' and assigned Recovery Rating 'RR4'.
Fitch removed Long-term IDR and senior unsecured ratings from
Rating Watch Negative.


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


KREDYT BANK: Moody's Withdraws 'D' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Kredyt Bank
S.A. for business reasons.  This action does not reflect a change
in the company's creditworthiness.  Kredyt Bank had no rated debt
outstanding at the time of the withdrawal.

These ratings were withdrawn:

Kredyt Bank S.A.:

  -- Local currency deposit ratings: A2/P-1 (negative outlook)
  -- Foreign currency deposit ratings: A2/P-1 (negative outlook)
  -- Bank financial strength rating: D (stable outlook)

Moody's last rating action on Kredyt Bank was on January 26, 2009,
when the foreign and local currency long-term deposit ratings were
affirmed at A2 and the outlook on these ratings changed to
negative from stable following the downgrade of the parent bank
KBC's bank financial strength rating to C+ from B-.  Kredyt Bank's
other ratings were not affected.

Kredyt Bank is based in Warsaw, Poland, with total assets of
EUR9.4 billion as of December 31, 2008 according to IFRS.


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


ARKHANGELSK FISH: Creditors Must File Claims by April 5
-------------------------------------------------------
Creditors of CJSC Arkhangelsk Fish-Processing Plant have until
April 5, 2009, to submit proofs of claims to:

         V. Mosharev
         Temporary Insolvency Manager
         Apt. 1
         Vyucheyskogo St. 28
         163060 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No.A05-
14588/2008.

The Debtor can be reached at:

         CJSC Arkhangelsk Fish-Processing Plant
         Revolutsii St. 4
         Arkhangelsk
         Russia


DIRIK LLC: Creditors Must File Claims by May 6
----------------------------------------------
Creditors of LLC Dirik (TIN 7816384876) (Ferro-Concrete
Structures Production) have until May 6, 2009, to submit proofs of
claims to:

         D. Glushkov
         Insolvency Manager
         Building 1
         1-ya Khabarovskaya St. 7
         660041 Krasnoyarsk
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A5618168/2008.

The Debtor can be reached at:

         LLC Dirik
         Budapeshtskaya St. 97a
         192283 Saint-Petersburg
         Russia


ENTERPRISE A 6: Creditors Must File Claims by May 6
---------------------------------------------------
Creditors of LLC Construction Enterprise A 6 (TIN 0277079515,
PSRN 1060277254551) have until May 6, 2009, to submit proofs of
claims to:

         R. Urazbakhtina
         Insolvency Manager
         Office 511
         Ryazanskaya St. 10
         450071 Ufa
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A0713474/2008.

The Debtor can be reached at:

         LLC Construction Enterprise A 6
         M. Gorkogo Str 69a
         Ufa-112
         Russia


GAZ OAO: Troika Withdraws Rating on Likely Bankruptcy
-----------------------------------------------------
Paul Abelsky at Bloomberg reports Troika Dialog withdrew its
rating on OAO GAZ citing possible bankruptcy.

According to the report, Troika analysts Gennady Sukhanov and
Mikhail Ganelin said in a note to investors GAZ "is now
experiencing its worst liquidity crunch in over a decade, which
could result in its insolvency."

The Nizhny Novgorod-based vehicle maker owned by Russian
billionaire Oleg Deripaska has US$1.24 billion in mainly short-
term debt and should cut investment to zero and sell its stakes in
Britain's LDV Group and Italy's VM Motori SpA to meet its
obligations, Troika said as cited by the news agency.

Bloomberg News relates according to the analysts, GAZ defaulted on
its ruble bonds and is currently in talks with lenders and
bondholders on extending the maturity of its debt by five years.


GRAD-STROY LLC: Creditors Must File Claims by April 5
-----------------------------------------------------
Creditors of LLC Grad-Stroy (Construction) have until April 5,
2009, to submit proofs of claims to:

         A. Aleksandrov
         Temporary Insolvency Manager
         Rakhmaninova St. 1
         Penza
         Russia

The Arbitration Court of Ryazanskaya will convene on March 17,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A543428/2008 S20.

The Debtor can be reached at:

         LLC Grad-Stroy
         Lenina St. 27
         Ryazan'
         Russia


KHORLOVSKIY CHEMICAL: Creditors Must File Claims by May 6
---------------------------------------------------------
Creditors of OJSC Khorlovskiy Chemical Plant (TIN 5005027622,
RVC 500501001) have until May 6, 2009, to submit proofs of claims
to:

         A. Volodin
         Insolvency Manager
         Post User Box 7
         Nikolskoe-Arkhangelskoe
         Balashikhinskiy
         143956 Moskovskaya
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A4113475/08.

The Debtor can be reached at:

         OJSC Khorlovskiy Chemical Plant
         Sovetskaya St. 108
         Khorlovo
         Voskresenskiy
         140235 Moskovskaya
         Russia


NOVOZYBKOV MEAT: Creditors Must File Claims by May 6
----------------------------------------------------
Creditors of OJSC Novozybkov Meat and Poultry Processing Plant
(TIN 3222001843) have until May 6, 2009, to submit proofs of
claims to:

         I. Gulakov
         Insolvency Manager
         Post User Box 29
         Protvino
         Moskovskaya
         Russia

The Arbitration Court of Bryanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A0911216/200826.

The Debtor can be reached at:

         OJSC Novozybkov Meat and Poultry Processing Plant
         Krasnaya St. 114
         Novozybkov
         243020 Bryanskaya
         Russia


OSKOLSKIY CANNING: Creditors Must File Claims by April 5
--------------------------------------------------------
Creditors of CJSC Oskolskiy Canning Plant (TIN 3114007291, PSRN
1033102001151, RVC 311401001) have until April 5, 2009, to submit
proofs of claims to:

         A. Zapryagayev
         Temporary Insolvency Manager
         Post user Box 36
         Voroshilova St. 35
         394055 Voronezh
         Russia

The Arbitration Court of Belgorodskaya will convene at 9:00 a.m.
on May 14, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. 54/2009,2B.

The Debtor can be reached at:

         CJSC Oskolskiy Canning Plant
         Grazhdanskaya St. 26
         309640 Novy Oskol
         Russia


SHELEKHOVSKIY BAKERY: Creditors Must File Claims by May 6
---------------------------------------------------------
Creditors of OJSC Shelekhovskiy Bakery Plant (TIN 3821003938,
PSRN 1023802254431) have until May 5, 2009, to submit proofs of
claims to:

         A. Melnik
         Insolvency Manager
         Post User Box 277
         664007 Irkutsk-7
         Russia

The Arbitration Court of Irkutskaya will convene on July 22, 2009,
to hear bankruptcy proceedings.  The case is docketed under Case
No. A1918024/0860.

The Debtor can be reached at:

         OJSC Shelekhovskiy Bakery Plant
         Kultukskiy Trakt
         Shelekhov
         666035 Irkutskaya
         Russia


STANDARD ZAO: Fitch Puts 'D/E' Individual Rating on Watch Evolving
------------------------------------------------------------------
Fitch Ratings has placed Russia-based ZAO Standard Bank's Long-
term Issuer Default Rating of 'BBB+' on Rating Watch Negative.

The rating action follows the March 6, 2009 announcement of the
planned transaction between Standard Bank Group Limited (Standard
Bank Group) and Troika Dialog Group Limited (Troika).  Standard
Bank Group plans to acquire a 33.3% stake in Troika in exchange
for US$200 million (a convertible loan of that amount would be
converted into equity upon closure of the transaction) and a 100%
stake in SB Russia, which would become a subsidiary of Troika.
The deal is expected to be legally completed by June 2009, and is
subject to regulatory approvals by both the South African and
Russian authorities.

"This deal will end direct control of Standard Bank Group over ZAO
Standard Bank and thus, in Fitch's view, probably significantly
diminish the former's propensity to support the Russian bank,"
says Vladimir Markelov, Director at Fitch's Financial Institutions
Group in Moscow.

At the same time, Fitch understands that Standard Bank Group's
full support for SB Russia should remain in place until the legal
completion of the transaction, and that some operational and
funding support should be available for a twelve month period
after the closure of the deal (post conversion date).

Fitch expects to resolve the RWN upon completion of the
transaction, and this will likely result in a downgrade of SB
Russia's Long-term IDR to sub-investment grade.  SB Russia's
ratings after completion will depend on Fitch's view of the credit
profile of its new parent, Troika, the standalone financial
profile of the bank, and the availability of any continued support
from Standard Bank Group.  SB Russia's Individual Rating of 'D/E',
which Fitch has placed on Rating Watch Evolving, currently
reflects its relatively small size, high concentrations on both
sides of its balance sheet and the significant operational risk
related to the bank's derivatives trading.  However, the rating
also considers the bank's sound credit quality to date and
relatively advanced risk management by local market standards.

The rating actions are:

  -- Long-term IDR: 'BBB+'; placed on Rating Watch Negative
  -- Short-term IDR: 'F2'; placed on RWN
  -- Support Rating: '2'; placed on RWN
  -- National Long-term Rating: 'AAA(rus)'; placed on RWN
  -- Individual Rating: 'D/E'; placed on Rating Watch Evolving

SB Russia's operations are concentrated on providing global
market, investment banking and corporate services to Russian
corporates and banks.  It was established in 2003 and ranked among
the largest 120 Russian banks at end-2008 with assets of RUB30,262
million (US$1,030 million).  Standard Bank Group's main operating
subsidiary is the Standard Bank of South Africa Limited ('A-'((A
minus))/Negative).  Troika is one of the two largest independent
investment banks in Russia.


STROY-BAZIS LLC: Creditors Must File Claims by April 5
------------------------------------------------------
Creditors of LLC Stroy-Bazis (TIN 3528122972, PSRN
1073528004384) (Construction) have until April 5, 2009, to submit
proofs of claims to:

         N. Kulikova
         Temporary Insolvency Manager
         Office 19
         Chernushevskogo St. 30
         160014 Vologda
         Russia

The Arbitration Court of Vologodskaya will convene at 10:30 a.m.
on June 25, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A1312070/2008.

The Court is located at:

         The Arbitration Court of Vologodskaya
         Hall 4
         Gertsena St. 1a
         Vologda
         Russia

The Debtor can be reached at:

         LLC Stroy-Bazis
         Gogolya St. 47
         Cherepovets
         Vologodskaya
         Russia


ZHELEZOBETON LLC: Chuvashia Bankruptcy Hearing Set May 14
---------------------------------------------------------
The Arbitration Court of Chuvashia will convene at 10:00 a.m. on
May 14, 2009, to hear bankruptcy supervision procedure on LLC
Zhelezobeton (TIN 2124025146, PSRN 1062124022366) (Construction
Materials Production).  The case is docketed under Case No. A79
10410/2008.

The Temporary Insolvency Manager is:

         A. Nikitin
         1-ya Yuzhnaya St. 50
         Cheboksary
         428012 Chuvashia
         Russia

The Debtor can be reached at:

         LLC Zhelezobeton
         Promushlennaya St. 83
         Novocheboksarsk
         429950 Chuvashia
         Russia


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


UCI SERIES: Fitch Junks Ratings on Five Tranches
------------------------------------------------
Fitch Ratings has downgraded 18 tranches and assigned five
Recovery Ratings to four RMBS transactions from the Fondo de
Titulizacion de Activos UCI series.  Thirteen tranches are
currently on Outlook Negative.

The negative rating actions taken on the four UCI transactions
reflect Fitch's ongoing concern about the performance of the
deals, which substantially deviates from the agency's initial
expectations, particularly for loans in arrears by more than three
months.  The performance of the four UCI pools reflect the higher
risk profile of the underlying collateral, which includes more
aggressively underwritten loans with greater risk layers (i.e.
younger households with limited employment history, flexibility
products, and broker originations).  In the more challenging
macroeconomic environment and housing market, these portfolios
have significantly underperformed relative to rest of the Spanish
mortgage market and are expected to remain under pressure over the
medium term.

Founded in 1988 and equally owned by Banco Santander (rated
'AA'/Rating Watch Negative/'F1+') and BNP Paribas (rated
'AA'/Outlook Negative/'F1+'), UCI is the largest mortgage
specialty lender operating in Spain.  The company's origination
strategy has targeted younger households with a limited employment
history and other clients that are usually not well served by
traditional banks.  Loans are mainly marketed through a network of
approximately 12,000 real estate professionals and intermediaries.

As of the last payment date, the three most recent transactions,
UCI 15, 16 and 17 drew on their reserve funds, as a result of
provisioning for defaulted loans which are defined as loans in
arrears by more than 18 months.  As of the December 2008 IPD,
reserve fund draws amounted to 3.63%, 12.96% and 6.69% of the
target amounts of UCI 15, 16 and 17 respectively.  Fitch expects
significant further reserve fund draws in all four transactions
due to the large pipeline of late stage arrears that will need to
be provisioned for in the upcoming PDs.

According to the latest investor reports, loans in arrears by more
than three months continued to increase across all four
transactions ranging from 9.09% in UCI 14 to 11.3% in UCI 16.
These are some of the highest levels seen in any Spanish RMBS
transaction.  According to a loan-by-loan analysis of the four
pools, the agency found that the four portfolios all contain a
high volume of loans that are in the 15-to-18 months arrears
bucket, indicating that the volume of provisions to date are
likely to continue at the current pace.

The four transactions contain a high percentage of loans linked to
the IRPH/IRPC rates, while notes issued by UCI are linked to three
month Euribor.  The first three transactions transferred the risk
of the basis rate mismatch to the noteholders.  However the issuer
of the fourth deal, UCI 17, entered into a basis rate swap at
close.  ECB rate cuts in the past few months have led to a
mismatch of over 200bps between the IPRH or IPRC rates and three
month Euribor.  At present, the three un-hedged transactions, UCI
14, 15 and 16 benefit from this mismatch, increasing the levels of
gross excess spread in the deals.  Despite this, the volume of
arrears means there is a significant cost of carry, which combined
with the level of newly defaulted loans expected each period mean
that excess spread will continue to be squeezed resulting in
reserve fund draws.

Fitch also has concerns about the speed of repossession and sale
of properties by the servicer given the deteriorating Spanish
housing market.  Fitch's house price expectations for Spain are
for a 20% peak to trough decline, and therefore delays in the
repossession and sale of properties are likely to result in lower
recovery levels than may be achieved if properties are disposed of
more quickly.

The rating actions are:

Fondo de Titulizacion de Activos UCI 14:

  -- Class A (ISIN ES0338341003) downgraded to 'AA' from 'AAA';
     Outlook revised to Negative from Stable

  -- Class B (ISIN ES0338341011) downgraded to 'BBB' from 'A+';
     Outlook Negative

  -- Class C (ISIN ES0338341029) downgraded to 'BB-' (BB minus)
     from 'BBB-' (BBB minus); Outlook Negative

Fondo de Titulizacion de Activos UCI 15:

  -- Class A (ISIN ES0380957003) downgraded to 'AA' from 'AAA';
     Outlook revised to Negative from Stable

  -- Class B (ISIN ES0380957011) downgraded to 'BBB' from 'A+';
     Outlook Negative

  -- Class C (ISIN ES0380957029) downgraded to 'BB-' (BB minus)
     from 'BBB-' (BBB minus); Outlook Negative

  -- Class D (ISIN ES0380957037) downgraded to 'CC' from 'CCC-'
     (CCC minus); assigned a 'RR5' Recovery Rating

Fondo de Titulizacion de Activos UCI 16:

  -- Class A1 (ISIN ES0338186002) downgraded to 'AA-' (AA minus)
     from 'AAA'; Outlook revised to Negative from Stable

  -- Class A2 (ISIN ES0338186010) downgraded to 'AA-' (AA minus)
     from 'AAA'; Outlook revised to Negative from Stable

  -- Class B (ISIN ES0338186028) downgraded to 'BB+' from 'A-' (A
     minus); Outlook Negative

  -- Class C (ISIN ES0338186036) downgraded to 'B' from 'BB+';
     Outlook Negative

  -- Class D (ISIN ES0338186044) downgraded to 'CCC' from 'BB-'
     (BB minus); assigned a 'RR3' Recovery Rating

  -- Class E (ISIN ES0338186051) downgraded to 'CC' from 'CCC';
     assigned a 'RR5' Recovery Rating

Fondo de Titulizacion de Activos UCI 17:

  -- Class A1 (ISIN ES0337985008) downgraded to 'AA-' (AA minus)
     from 'AAA'; Outlook revised to Negative from Stable

  -- Class A2 (ISIN ES0337985016) downgraded to 'AA-' (AA minus)
     from 'AAA'; Outlook revised to Negative from Stable

  -- Class B (ISIN ES0337985024) downgraded to 'BB' from 'A-' (A
     minus); Outlook Negative

  -- Class C (ISIN ES0337985032) downgraded to 'CCC' from 'BB+';
     assigned a 'RR3' Recovery Rating

  -- Class D (ISIN ES0337985040) downgraded to 'CC' from 'CCC';
     assigned a 'RR5' Recovery Rating

Fitch will continue to monitor the performance of the transaction,
which might result in further rating actions, if deemed necessary.
More details on the performance of the four transactions will be
covered in a Special Report.  Further commentary and performance
data on these transactions are available on the agency's
subscription website, www.fitchresearch.com.

The rating of the class D note of UCI 15 will be posted on Fitch's
website for the first time.  Fitch has rated the note since
closing, when it was assigned a 'CCC-'(CCC minus) rating with a
Stable Outlook, but had not subsequently published the note's
rating on its website until today.


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


GENERAL MOTORS: SAAB Unit Draws Interest from Rivals
----------------------------------------------------
Saab Automobile, the Swedish carmaker that filed for bankruptcy
protection last month, said it has drawn interest from rivals as
well as investment companies as it seeks a new owner, Andreas
Cremer of Bloomberg reports.

Chief Executive Officer Jan-Aake Jonsson, as cited by the report,
said in an interview, "We're now very actively searching.  The key
for us is to find someone who is financially strong.  We're
talking about a long-term ownership and commitment".

Bloomberg's Benedikt Kammel relates that Saab sought court
protection on Feb. 20 after General Motors Corp. said it will cut
ties with SAAB following years of losses.  Saab has retained
Deutsche Bank AG as adviser and is also talking to the Swedish
government to get financial aid and may extend a court-supervised
reorganization beyond the initial three months at the end of May,
CEO Jonsson said.

"I really can't see anybody coming up with a reason to pump money
into Saab.  GM couldn't turn it round during the best of times,
and now we're in the worst automotive crisis since World War II",
said Peter Schmidt, managing director at Warwick, England-based
consulting firm Automotive Industry Data.

The source relates that GM bought half of Saab almost two decades
ago and took full control in 2000.  Saab has racked up losses
almost every year since and predicts a 3 billion-kronor (US$326
million) deficit for 2009.  Saab sold fewer than 100,000 cars last
year and registrations in its home market fell 53 percent last
month.

Philippe Houchois, a London-based analyst with UBS, said it's
highly unlikely that another automaker could make a business case
for buying the Swedish company.  According to Bloomberg,
Mr. Houchois is quoted saying, "Saab has half-a-percent market
share in Europe, which is absolutely pointless.  The volume isn't
there, you have a brand that's not very attractive and there are
significant investment costs if you want to extract synergies.
The market would take it very, very negatively".  He added that
it's more likely that a private-equity firm will try to buy Saab
for nothing, along with government aid, and then hold on to the
company until the auto-market picks up before attempting to sell
the business.

CEO Jonsson, as cited by the report, said Saab hadn't struggled to
attract enquiries, while declining to identify any interested
parties and added, "Those companies approached us, we weren't out
there soliciting. It's too early to say exactly how this whole
process is going to turn out or what's more likely and what's less
likely."

                      About General Motors

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

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

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

                       Going Concern Doubt

As reported by the Troubled Company Reporter on March 6, 2009,
Deloitte & Touche LLP, which General Motors Corp.'s Audit
Committee retained to audit the company's consolidated financial
statements and the effectiveness of internal controls, as of and
for the year ended December 31, 2008, said that there is
substantial doubt about the company's ability to continue as a
going concern.  Deloitte said the company's recurring losses from
operations, stockholders' deficit and failure to generate
sufficient cash flow to meet the company's obligations and sustain
the its operations raise substantial doubt about the its ability
to continue as a going concern.

For the year ended December 31, 2008, GM posted a net loss of
US$30,860,000,000.  As of December 31, 2008, GM reported
US$91,047,000,000 in total assets, US$176,387,000,000 in total
liabilities, and US$86,154,000,000 in stockholders' deficit.

                          *     *     *

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

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

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

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


GENERAL MOTORS: Scania Has Veto Power on SAAB Sale
--------------------------------------------------
Jakob Lindstroem of Bloomberg reports that Saab AB and Scania AB
have the power to veto the sale of the Saab brand if Saab
Automobile is sold according to a contract signed in 1996, Dagens
Industri reported, citing Anders Blom, head of brand management at
Saab AB.

Saab AB owns General Motors Corp.'s Saab brand together with
Scania, Sweden's second-biggest truckmaker, and GM.  The Saab
brand is valued at 10 billion kronor (US$1.1 billion), the
Stockholm-based newspaper reported, quoting Christian Ihre at
brand consultant Lynxeye.  Linkoeping, Sweden-based Saab AB, the
builder of the Gripen fighter plane, is a separate company from
GM's Saab Automobile, which filed for bankruptcy protection last
month.

Meanwhile, Bloomberg's Andreas Cremer relates that Saab Automobile
Chief Executive Officer Jan-Aake Jonsson in an interview at the
Geneva Car Show said the Swedish carmaker may seek to extend a
reorganization period beyond the initial three months and will aim
to establish a "clear direction" for the company by the end of
May.

                      About General Motors

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

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

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

                       Going Concern Doubt

As reported by the Troubled Company Reporter on March 6, 2009,
Deloitte & Touche LLP, which General Motors Corp.'s Audit
Committee retained to audit the company's consolidated financial
statements and the effectiveness of internal controls, as of and
for the year ended December 31, 2008, said that there is
substantial doubt about the company's ability to continue as a
going concern.  Deloitte said the company's recurring losses from
operations, stockholders' deficit and failure to generate
sufficient cash flow to meet the company's obligations and sustain
the its operations raise substantial doubt about the its ability
to continue as a going concern.

For the year ended December 31, 2008, GM posted a net loss of
US$30,860,000,000.  As of December 31, 2008, GM reported
US$91,047,000,000 in total assets, US$176,387,000,000 in total
liabilities, and US$86,154,000,000 in stockholders' deficit.

                          *     *     *

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

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

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

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


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


HEARTBALANCE JSC: Creditors Must File Claims by March 23
--------------------------------------------------------
Creditors owed money by JSC HeartBalance are requested to file
their proofs of claim by March 23, 2009, to:

         Dychweg 14
         4144 Arlesheim
         Switzerland

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


IMMOBILIENGESELLSCHAFT SAXIFRAGA: Claims Filing Ends March 23
-------------------------------------------------------------
Creditors owed money by JSC Immobiliengesellschaft Saxifraga are
requested to file their proofs of claim by March 23, 2009, to:

         Zinsli & Nater & Ganzoni
         Via Maistra 5
         7500 St. Moritz
         Switzerland

The company is currently undergoing liquidation in St. Moritz.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 30, 2008.


ODYSSEY COMMUNICATIONS: Claims Filing Period Ends March 23
----------------------------------------------------------
Creditors owed money by JSC Odyssey Communications Holding are
requested to file their proofs of claim by March 23, 2009, to:

         JSC Scowden & Partners
         Rue Pictet-de-Rochemont 8
         1208 Geneve
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 25, 2008.


SPLEISS LEU: Proof of Claim Filing Deadline is March 23
-------------------------------------------------------
Creditors owed money by JSC Spleiss Leu Partner are requested to
file their proofs of claim by March 23, 2009, to:

         Max Wildberger
         Liquidator
         JSC Mader + Baumgartner Treuhand
         Mail Box: 186
         8212 Neuhausen a/Rhf. 2
         Switzerland

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


STEINEMANN JSC: Creditors' Proofs of Claim Due by March 23
----------------------------------------------------------
Creditors owed money by JSC Steinemann are requested to file their
proofs of claim by March 23, 2009, to:

         Bernhard Steinemann
         Lerchenweg 13
         6343 Rotkreuz
         Switzerland

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


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


CHEMICAL PACK: Creditors Must File Claims by March 25
-----------------------------------------------------
Creditors of LLC Chemical Pack (EDRPOU 23728684) have until
March 25, 2009, to submit proofs of claim to:

         LLC Azinvest
         Insolvency Manager
         Izium St. 7
         03039 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 49/76-?.

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 Chemical Pack
         L. Ukrainka Boulevard 34
         01133 Kiev
         Ukraine


DNISTER AGRICULTURAL: Creditors Must File Claims by March 22
------------------------------------------------------------
Creditors of Agricultural LLC Dnister (EDRPOU 20095221) have until
March 22, 2009, to submit proofs of claim to:

         V. Bolkhovitin
         Insolvency Manager
         Office 412
         Hmelnitsky Highway St. 2
         21036 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 10/208-08.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway St. 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Dnister
         Bernashevka
         Mogilev-Podolsky District
         24032 Vinnitsa
         Ukraine


GESETZ LLC: Creditors Must File Claims by March 22
---------------------------------------------------
Creditors of LLC Gesetz (EDRPOU 34618844) have until March 22,
2009, to submit proofs of claim to:

         LLC Financial Initiative
         Insolvency Manager
         Post Office Box 72
         01115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/52-?.

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 Gesetz
         Melnikov St. 12
         04050 Kiev
         Ukraine


NAFTOGAZ NJSC: Moody's Reviews 'B1' Rating for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service placed the B1 foreign currency corporate
family and debt ratings of NJSC Naftogaz of Ukraine - for which
there had been a negative outlook assigned - on review for
possible downgrade.

This rating action follows the decision of Moody's Sovereign Risk
Group to place on review for possible downgrade Ukraine's
sovereign rating, an action that occurred earlier this month.
This rating action reflects Moody's heightened concerns that
Naftogaz may be increasing its reliance on direct state support at
a time when heightened political tensions and worsening economic
conditions may make it more difficult for the state to provide
timely support.

As a result, Moody's review will focus on the impact of these
factors on Naftogaz's stand-alone profile as reflected in Moody's
Baseline Credit Assessment -- currently 17 (on scale of 1-21) --
equivalent to a Caa1 credit rating.  Naftogaz's rating also
incorporates assumptions concerning government Support and
Dependence that play a critical role in Naftogaz's rating under
Moody's GRI Methodology.

Moody's previous rating action on Naftogaz took place on
October 21, 2008, when the outlook on Naftogaz's ratings was
changed to Negative from Developing, reflecting the change of the
outlook on the sovereign rating of Ukraine as well as concerns
over a further possible weakening of the BCA.

Naftogaz, headquartered in Kiev, Ukraine, is an integrated
hydrocarbon company with operations in oil and gas exploration and
production, domestic and international transportation, storage and
supply.  In 2007 the company generated revenue of UAH30.4 billion
and operating profit of UAH4.5 billion, while arriving at a break
even profitability at net profit level.


NOVA PACK: Creditors Must File Claims by March 22
-------------------------------------------------
Creditors of LLC NOVA PACK (EDRPOU 30782111) have until March 22,
2009, to submit proofs of claim to:

         N. Vedinevskaya
         Insolvency Manager
         Office 103
         Zapadnaya St. 11
         03058 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 23/494-?.

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 Nova Pack
         Office 131
         L. Ukrainka boulevard 9
         Kiev
         Ukraine


PULSE LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Small Enterprise Pulse (EDRPOU 14001894).

The Temporary Insolvency Manager is:

         D. Maltsev
         Office 19
         Nikolsko-Slobodskaya St. 6-a
         02002 Kiev
         Ukraine

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 Innovative And Introduction Center Intellect
         Office 108
         Strokach St. 3
         03148 Kiev
         Ukraine


VSEUKRAINSKY AKSIONERNY: Fitch Affirms 'CCC' Issuer Default Rating
------------------------------------------------------------------
(Fitch Ratings-London/Moscow-11 March 2009)
Fitch Ratings has affirmed Ukraine-based Vseukrainsky Aksionerny
Bank's ratings and simultaneously withdrawn them.  Fitch will no
longer provide ratings or analytical coverage on this issuer.

Rating actions:

  -- Long-term IDR: affirmed at 'CCC', Outlook Negative and
     withdrawn

  -- Senior unsecured debt: affirmed at 'CCC'/Recovery Rating
     'RR4' and withdrawn

  -- Short-term IDR: affirmed at 'C' and withdrawn

  -- Individual rating: affirmed at 'E' and withdrawn

  -- Support rating: affirmed at '5' and withdrawn

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

  -- National Long-term rating: affirmed at 'BB-(BB minus)(ukr)',
     Outlook Negative and withdrawn


UNIVERSALNA: Moody's Cuts Insurer Strength Rating to 'Caa1'
-----------------------------------------------------------
Moody's Investors Service has downgraded its insurance financial
strength rating on Insurance Company Universalna to Caa1 and
subsequently withdrawn the rating.  The downgrade reflects
concerns over the deteriorating business environment for insurers
in the Ukraine as well as the continued poor operating performance
of Universalna, in Moody's opinion.  The rating withdrawal is for
business reasons.

This rating was downgraded and has been withdrawn:

  * Insurance Company Universalna -- insurance financial strength
    rating to Caa1 from B3.

The last rating action was on February 14, 2008 when the ratings
of Insurance Company Universalna were assigned at B3.


VSEUKRAINSKY AKSIONERNY: Fitch Affirms 'CCC' Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Vseukrainsky Aksionerny
Bank's ratings and simultaneously withdrawn them.  Fitch will no
longer provide ratings or analytical coverage on this issuer.

Rating actions:

  -- Long-term IDR: affirmed at 'CCC', Outlook Negative and
     withdrawn

  -- Senior unsecured debt: affirmed at 'CCC'/Recovery Rating
     'RR4' and withdrawn

  -- Short-term IDR: affirmed at 'C' and withdrawn

  -- Individual rating: affirmed at 'E' and withdrawn

  -- Support rating: affirmed at '5' and withdrawn

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

  -- National Long-term rating: affirmed at 'BB-(BB minus)(ukr)',
     Outlook Negative and withdrawn


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


ALBA 2006-1: S&P Cuts Rating on Class F of Notes to 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes of notes issued by ALBA 2006-1 PLC and ALBA 2006-2 PLC.
At the same time, S&P placed six classes on CreditWatch negative
and affirmed the MERCs.

The rating actions follow deteriorating collateral performance and
S&P's expectation of losses on the loans that ultimately default.
This results in reduced levels of credit support available for
certain classes that would be insufficient to maintain the current
ratings on those notes.  The fall in U.K. house prices and the
effect of depressed sale prices on repossessions have already led
to significantly increased losses over the past two quarters,
causing draws on the reserve funds in both transactions.

Repossessions in ALBA 2006-1 increased to 3.92% of the outstanding
balance of the portfolio in February 2009 from 2.05% in August
2008.  The reserve fund is now 71.9% of the required amount.
Losses in ALBA 2006-2 were GBP2,436,648 in December 2008, reducing
the balance of the reserve fund to 50.7% of the required amount.
The average loss severity rates are 27.2% for ALBA 2006-1 and
30.8% for ALBA 2006-2.

S&P expects to see further falls in house prices in the coming
months.  S&P will resolve the CreditWatch placements in due
course, depending on the extent and effect of these falls together
with delinquency and default trends in the transactions.

As part of this review, S&P also performed a credit analysis for
ALBA 2005-1 PLC.  At this time, S&P believes no rating action is
warranted on the notes.  The transaction is currently paying pro
rata, the reserve fund is at the required amount, and the pool
factor is approximately 35%.

                           Ratings List

                         ALBA 2006-1 PLC
  GBP556.25 Million Mortgage-Backed Floating-Rate Notes Due 2037

       Ratings Lowered and Placed on CreditWatch Negative

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

                          Rating Lowered

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              E          B                     BB

                         Rating Affirmed

                        Class      Rating
                        -----      ------
                        MERCs      AAA

                          ALBA 2006-2 PLC
      GBP466.641 Million and EUR110 Million Mortgage-Backed
                       Floating-Rate Notes

        Ratings Lowered and Placed on CreditWatch Negative

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

               Rating Placed on CreditWatch Negative

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

                          Rating Lowered

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              F          B-                    BB

                         Rating Affirmed

                        Class      Rating
                        -----      ------
                        MERCs      AAA


BERNARD MADOFF: Liquidation Recognized as Foreign Main Proceeding
-----------------------------------------------------------------
On February 27, 2009, the High Court of Justice Chancery Division
Companies Court ordered that the liquidation proceeding of Bernard
L. Madoff Investment Securities LLC pursuant to the US Securities
Investor Protection Act of 1970 (15 U.S.C.) pending in the United
States of America (and pursuant to which Irving H. Picard has been
appointed trustee for the liquidation of the business of the
debtor) be recognized as a foreign main proceeding in accordance
with the UNCITRAL Model Law on Cross-Border Insolvency as set out
in Schedule 1 to the Cross-Border Insolvency Regulations 2006.

The debtor can be reached at:

         Bernard L. Madoff Investment Securities LLC
         885 Third Avenue
         18th Floor
         New York
         New York 10022
         United States of America

The foreign representative is:

         Irving H. Picard
         c/o Lovells LLP
         Atlantic House
         Holborn
         Viaduct
         London EC1A 2FG


BERNARD L. MADOFF: Used London Unit in Alleged Fraud, Says Gov't
----------------------------------------------------------------
Tom Lauricella, Cassell Bryan-Low, and Jeanne Whalen at The Wall
Street Journal report that the U.S. government alleged that
Bernard Madoff used his London operation, Madoff Securities
International Ltd., to launder client money.

Citing authorities, WSJ relates that Mr. Madoff carried out the
alleged fraud by transferring client money to Madoff Securities
from his investment-advisory business in New York, and then back
to the U.S. to support the U.S. trading operation of Bernard L.
Madoff Investment Securities LLC.  According to WSJ, the
authorities claimed that starting as early as 2002, Mr. Madoff
"caused more than US$250 million" of advisory client money to be
directed through wire transfers to accounts held by the London
operation.  The authorities, says WSJ, alleged that Mr. Madoff
also used the money for his personal benefit and for family
members and associates.  The government said that the transactions
gave the appearance that Mr. Madoff was trading in Europe for his
clients, a claim he often made when questioned about his stock
trading, WSJ states.

WSJ notes that Madoff Securities had been a little-known outpost
of his New York trading group for years.  WSJ relates that Madoff
Securities started operations in 1983 as a separate legal entity
from Mr. Madoff's U.S. operation.  It was located in a townhouse
in the tony Mayfair district, which is home to offices of many
private banks and asset managers, according to WSJ.  The London
operation's directors and shareholders included family members and
associates of Mr. Madoff, the report states, citing the
government.

According to public documents, little trading appeared to be
taking place in Madoff Securities until the end of the 1990s.  WSJ
relates that Mr. Madoff then started to add staff, hire traders,
and expand the operation.  Public documents say that Mr. Madoff
lent the business US$62.5 million in November 2000.  In 2002, Mr.
Madoff added a camera in the firm's London office so he could
watch from his office computer whether the workers in the London
office were taking long lunches, WSJ relates, citing former Madoff
technology worker Nader Ibrahim.  According to WSJ, former workers
said that a dozen traders or so were on the first floor of the
townhouse before Mr. Madoff's alleged scheme collapsed last year.

WSJ states that nonfamily members with shares in Madoff Securities
include:

    -- Maurice J. Cohn -- who, along with Mr. Madoff, was a
       shareholder in Cohmad Securities, which played a role in
       directing investors to Mr. Madoff's advisory business;
       and

    -- Paul Konigsberg, a New York City accountant and a friend
       of the Madoffs who audited the Madoff Family Foundation
       tax returns.  Charles Stillman, Mr. Konigsberg's lawyer,
       said that his client received the nonvoting shares when
       he did work for the London operation 25 years ago when it
       was first opening, didn't have any "meaningful business
       role" in the London operation, and didn't receive
       dividends or compensation.

According to WSJ, Madoff Securities' directors include:

    -- Mr. Madoff;
    -- Mr. Madoff's son, Mark;
    -- Mr. Madoff's son, Andrew;
    -- Peter Madoff; and
    -- five others.

WSJ quoted Martin Flumenbaum, an attorney representing Mark and
Andrew Madoff, as saying, "Mark and Andrew Madoff were not
involved in the financial operations of Madoff Securities
International, which was a legitimate proprietary trading
business.  They were outside directors with de minimis ownership
interests.  They had no knowledge that their father committed any
fraud, including allegedly laundering fraudulently obtained funds
through the London entity."

WSJ says that the directors received in 1998 payments totaling
GBP688,570, while the operation reported profits of about
GBP1.03 million.  WSJ notes that in 2007, the directors received
payments of GBP1.09 million, with the highest-paid director
getting GBP301,437.

WSJ reports that Madoff Securities' primary business was trading
stocks using its own capital.  Citing a former Madoff Securities
employee, WSJ states that the amounts managed by each trader were
relatively modest, in the tens of millions of dollars.  The
traders said that there was only minimal contact with the U.S.
trading operation, according to the report.

No one in Mr. Madoff's family or associates has been charged with
wrongdoing, and there is no allegation that people involved in the
London operation were aware of any illicit dealings, WSJ relates.

According to WSJ, authorities in the U.K. said that they are
looking for evidence of money laundering involving Madoff
Securities, as they seek to build a case against Mr. Madoff.

                    About Bernard L. Madoff

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

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

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

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

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.


BLUESTREAM AVIATION: Appoints Administrators from Grant Thornton
----------------------------------------------------------------
Nicholas Wood and Andrew Hosking of Grant Thornton UK LLP were
appointed joint administrators of Bluestream Aviation Ltd. on
Feb. 26, 2009.

The company can be reached at:

         Bluestream Aviation Ltd.
         C/o Richard Place Palmer
         52a Carfax
         Horsham
         West Sussex
         RH12 1EQ
         England


CATTLES PLC: Projected Pact Breach Cues Fitch's Junk Rating
-----------------------------------------------------------
Fitch Ratings has downgraded Cattles plc's Long-term Issuer
Default Rating to 'CC' from 'B'.  Fitch has also downgraded
Cattles' senior unsecured bonds to 'C' from 'B' and changed their
Recovery ratings to 'RR5' from 'RR4'.  Cattles' Short-term IDR has
been downgraded to 'C' from 'B'.  The IDRs and senior debt ratings
have been removed from Rating Watch Negative.

Cattles confirmed that it believes the company to be in breach of
its borrowing covenants and that it is seeking waivers from its
creditors.  Given Cattles' unfavorable profile as a wholesale-
funded lender to individuals who are unable to access mainstream
bank credit and the recently uncovered breakdown in controls
around impairment provisioning, there is a heightened risk that
the company may be unable to reach a satisfactory conclusion with
its creditors.  Alternatively, it may be forced into some form of
standstill agreement or a coercive debt exchange.  Entering a
standstill agreement or the proposal of some form of exchange
offer or other material reduction in terms would result in a
downgrade of Cattles' Long-term IDR to 'C'.  Actual coercive debt
exchanges are considered defaults.

Cattles acts as the central treasury for the group.  It on-lends
the proceeds of its bank loans, US private placement notes and
public bonds (GBP750 million) to its subsidiaries, the main one
being Welcome Financial Services, for on-lending out to the
group's customers.  Banks and bondholders of Cattles rank equally
with each other and the company has no secured borrowings.
However, banks and USPP note holders, but not public bondholders,
benefit from upstream guarantees from certain of Cattles'
subsidiaries.  This means that they would receive superior
recoveries to public bondholders if an insolvency event were to
occur.  The 'RR5' Recovery Ratings on Cattles' public bonds
reflect an expectation of recoveries in the 11%-30% range in the
event of a default.  The Recovery Ratings have been revised to
'RR5' from 'RR4' to reflect deteriorating recovery prospects on
Cattles' assets in the event of default, given the weakening
economic outlook in the UK and the significant challenges that a
collections process or portfolio sales would entail in such
circumstances.

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


JJB SPORTS: In Final Talks to Sell Fitness Clubs Business
---------------------------------------------------------
Scott Reid at The Scotsman reports that JJB Sports plc has entered
the final stages of talks to dispose its fitness clubs business.

On March 9, JJB, which aims to raise cash through selling the
fitness club business, confirmed that it has received a number of
offers in the second round of the disposal process.  JJB said the
board is currently considering the terms of the offers with its
advisers and its lending banks.

According to the report, the highest offer the fitness club
business has reached was GBP41 million, far lower than the GBP70
million to GBP100 million thought to have been hoped for
initially.

JJB, the report discloses, is understood to have received interest
from a range of parties, including company founder Dave Whelan and
rivals Fitness First and LA Fitness.  Rutland Partners is also
thought to have joined the bidding race, although the private
equity firm declined to comment on the speculation, the report
relates.

The report notes JJB's current agreement with its banks expires on
March 16 and is conditional on it making progress on the disposal
of the fitness clubs.  HBOS, now part of Lloyds Banking Group,
Barclays and Kaupthing are said to be owed some GBP60 million by
JJB, the report states.

However, JJB on Monday said it continues constructive dialogue
with its lending banks and is operating with their support under
the terms of the current standstill agreement.

                  Standstill Agreement Extended

As reported in the Troubled Company Reporter-Europe on Feb. 17,
2009, JJB's lenders agreed to extend the standstill arrangements
to March 16, 2009, subject to the lenders remaining satisfied with
the progress of the company's proposed disposal of its fitness
clubs business.

In connection with the extension, JJB agreed to pay the lenders a
fee of GBP166,500 that will be offset against previously agreed
fees.  The balance of the fees, approximately GBP8 million, is
scheduled to be paid in March and April 2009.

                         About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.

On Oct. 2, 2008, the TCR-Europe reported that Deloitte & Touche
LLP raised going concern issues about JJB Sport plc's interim
report and condensed financial statements for the 26 weeks to
July 27, 2008.

Deloitte pointed to material uncertainties that may cast
significant doubt on the group's ability to continue as a going
concern.  These material uncertainties comprise:

    * ongoing availability of the original facilities given the
      actual and projected covenant breaches;

    * the ability to repay the bridging facility from asset
      sales or seasonal cash flows;

    * achieving the sale of non-core businesses and/or assets
      within the timescales and at the values projected; and

    * the achievability of forecasts and key assumptions within
      the forecasts.

Deloitte warned there is a risk that the material uncertainties as
to the group's ability to continue as a going concern may not be
resolved satisfactorily.


P A COMMUNICATIONS: Calls in Administrators from Tenon Recovery
---------------------------------------------------------------
Thomas Dixon and Christopher Benjamin Barrett of Tenon Recovery
were appointed joint administrators of P A Communications (2000)
Ltd. on Feb. 24, 2009.

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


NORLEC ENGINEERING: Assets Put Up for Sale
------------------------------------------
Norlec Engineering Limited's business and assets have been
put up for sale.

Principal features of the assets for sale include:

   -- sheet metal fabrication company in Preston,
   -- turnover GBP4-5 million,
   -- established customer base, and
   -- 55,000 sq ft leasehold property.

For futher information, contact:

         Les Ross or David Riley
         Grant Thornton UK LLP
         4 Hardman Square
         Spinningfields
         Manchester M3 3EB
         Tel: 0161 953 6900
         Email: gwyneth.paul@gtuk.com


OBSERVER STANDARD: Administrators Put Assets for Sale
-----------------------------------------------------
Observer Standard Newspapers Limited's joint administrators, John
Whitfied and Neil Tombs, are offering for sale the company's
business and assets.

Observer is a Worcestershire-based publisher of weekly free
newspapers in the Midlands.

Principal features of the assets for sale include:

   -- group turnover of c.GBP9 million

   -- a number of titles covering areas to the south
      and east of Birmingham

   -- freehold office premises in Redditch of 6,800 sq ft and
      9 leasehold premises

   -- c.150 employees

   -- distribution of over 0.5 million copies per week, and

   -- close links with key advertising customers.

For futher information, contact:

         Kerry Stewart
         Grant Thornton UK LLP
         Enterprise House
         115 Edmund Street
         Birmingham, B3 2HJ
         Tel: 0121 212 4000
         Email: kerry.l.stewart@gtuk.com


PEMBROKE PROPERTIES: Taps Administrators from Grant Thornton
------------------------------------------------------------
Leslie Ross and David Riley of Grant Thornton UK LLP were
appointed joint administrators of Pembroke Properties Ltd. on
Feb. 24, 2009.

The company can be reached at:

         Pembroke Properties Ltd.
         Pembroke House
         3 Altrincham Road
         Wilmslow
         Cheshire
         SK9 5ND
         England


R G S ATTENBOROUGH: Taps Administrators from Smith & Williamson
---------------------------------------------------------------
Henry Anthony Shinners and Anthony Cliff Spicer of Smith &
Williamson Limited were appointed joint administrators of R.G.S.
Attenborough (Tools) Ltd. on Feb. 27, 2009.

The company can be reached at:

         R.G.S. Attenborough (Tools) Ltd.
         1 Tannery Road Industrial Estate
         Tannery Road
         High Wycombe
         Buckinghamshire
         HP13 7EQ
         England


ROYAL BANK: Moody's Lowers Ratings on Preference Shares to Low-B
----------------------------------------------------------------
Moody's Investors Service downgraded these non-cumulative
preference shares issued by Royal Bank of Scotland Group:

  - Royal Bank of Scotland Group plc non-cumulative preference
    shares from A3 to Ba2

  - RBS Capital Trust non-cumulative trust preferred securities
    from A3 to Ba2

  - National Westminster Bank plc 9% non-cumulative preference
    shares from A2 to Ba1

The outlook for all the instruments remains negative, in line with
the negative outlook on the A1 and Aa3 senior debt rating of RBSG
and National Westminster Bank plc.

This rating action completes the review of the bank's non-
cumulative preference shares initiated on January 20, 2009, where
Moody's indicated that instruments which gain voting rights in
certain circumstances would be likely to drop to non-investment
grade.  The downgrades reflect the fact that whereas the
nationalization of these instruments is not Moody's central
scenario, the potential loss to investors in such a situation
would be very high.  Furthermore, Moody's also are concerned that
the possibility of a distressed exchange -- whereby the bank would
stop making coupon payments and offer to exchange these
instruments into equity so that hybrid investors would share the
risk of recapitalizing the bank with taxpayers -- is an additional
risk factor, especially for non-cumulative instruments.

Moody's considers that the announcement by RBS of its
participation in the UK Government's Asset Protection Scheme on
February 26 and the issuance of B-shares to the government,
confirms Moody's core assumption that the UK government aims to
avoid full nationalization of RBS.  In addition, Moody's consider
that the larger than expected scope of the APS will provide
protection for holders of debt and hybrid instruments.

Nevertheless, having raised its potential economic interest in RBS
to 95%, Moody's believe that the UK government will not be able to
avoid full nationalization in the case that assistance beyond the
current measures is required in the future.  The Treasury has not
provided guidance on its approach to potential losses for hybrid
debt holders in case of 100% government ownership, but ultimately
Moody's would expect to see a very high level of loss for holders
of non-cumulative preference shares as in the case of the
nationalization of Northern Rock.

Given the potentially higher transition risk and expected loss for
these capital instruments, Moody's have downgraded all non-
cumulative preference shares to non-investment grade.  This rating
action includes those that have explicit voting rights in certain
circumstances and those that can get voting rights through a
substitution for non-cumulative preference shares.  The RBSG
instruments are notched down from the A1 senior unsecured rating
of RBSG, and the National Westminster Bank instrument is notched
down from the Aa3 senior unsecured rating of National Westminster
Bank, however due to the risks highlighted above, the notching
goes beyond what is captured in Moody's current guidelines for
hybrid instruments.

RBS plc's C- BFSR remains under review for further possible
downgrade, and the review will be completed in the coming weeks
following a full review of RBS' participation in the UK
government's Asset Protection Scheme, which was announced on
February 26.

The junior subordinated debt (rated at A1 for RBS plc, and A2 for
RBSG), and hybrid issuance other than non-cumulative preference
shares (A3 for RBSG) also remains on review for further downgrade
pending the completion of the review of the BFSR, due to the
likely widening of notching should the BFSR go down further.

The last rating action on RBS was on January 20, 2009 when the
senior debt ratings were downgraded from Aa1 to Aa3 (negative
outlook).

Based in Edinburgh, RBS reported total proforma assets of GBP
2,219 billion as of 31 December 2008.


SHOTZ HEALTH: Brings in Administrators from Smith & Williamson
--------------------------------------------------------------
James Douglas Ernle Money and Stephen Robert Cork of Smith &
Williamson Limited were appointed joint administrators of Shotz
Health Plc on Feb. 26, 2009.

The company can be reached at:

         Shotz Health Plc
         585A Fulham Road
         Fulham
         London
         SW6 5UA
         England


TURNBRIDGE ENGINEERING: Taps Joint Administrators from PKF
----------------------------------------------------------
Charles William Anthony Escott and Ian Christopher Schofield of
PKF (UK) LLP were appointed joint administrators of Turnbridge
Engineering Company Ltd. on Feb. 23, 2009.

The company can be reached at:

         Turnbridge Engineering Company Ltd.
         Hanworth Court
         Hanworth Road
         Low Moor
         Bradford
         BD12 0SG
         England


* UK: EHYA Wants Insolvency Laws Re-Examined
--------------------------------------------
The European High Yield Association is calling on the British
government to re-examine its insolvency laws, Tom Freke at Reuters
reported Friday last week.

The EHYA, Reuters recalled, claimed the current system makes it
more likely companies will go bust.  Reuters disclosed according
to the EHYA, UK rules have not kept up with an explosion of
investors and capital structures, and make restructuring tough
because creditors have to accept a deal unanimously.

"There was a broad consensus that the insolvency and restructuring
regime needs to change," Reuters quoted Andrew Wilkinson, co-chair
of the EHYA's insolvency committee, as saying.  "That is a
tremendous step forward and we hope on the back of that the
government decides to launch a consultation paper."

However, the Insolvency Service, as cited by Reuters, said there
are no plans for changes to the UK's laws.  Reuters added a
spokesman for the government maintained "the UK insolvency
framework is sufficiently robust to cope with the current economic
circumstances."

The spokesman noted that while there isn't a consensus on what
should be changed in the framework, the government continues to
discuss the framework with the insolvency profession and other
stakeholders to see whether there are any areas where it can be
further strengthened, Reuters recounted.


* Moody's Downgrades Ratings on 90 Notes by 27 CDO Transactions
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of 90 Notes
issued by 27 collateralized debt obligation transactions which
have significant exposure to asset-backed securities.  Moody's
also confirmed the ratings of 48 Notes.

The rating actions are a response to credit deterioration in the
underlying portfolio due to: expectations of increased losses in
the underlying RMBS and ABS assets, and to updates in the key
assumptions Moody's makes when rating these transactions.

The rating actions listed below reflect Moody's revised loss
projections for RMBS securities and Moody's updated key
assumptions for rating structured finance CDOs.

Moody's explained that the rating actions take into account the
application of revised and updated key modelling parameter
assumptions that Moody's uses to rate and monitor ratings of SF
CDOs.  The revisions affect the three key parameters in Moody's
model for rating SF CDOs: asset correlation, default probability
and recovery rate.

Moody's also said that the rating actions take into account the
updated key modelling parameter assumptions that Moody's uses to
rate and monitor ratings of collateralized loan obligations, to
the extent that CLOs tranches are present in these CDO
transactions.  The CLO revisions affect default probability and
diversity score, which are key parameters in Moody's model for
rating CLOs.

Moody's initially analyzed and continues to monitor these
transactions using primarily the methodology and its supplements
for CDOs as described in Moody's Special Reports below, as well as
the revised parameters mentioned above:

  -- Moody's Approach to Rating SF CDOs (March 2009)

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

  -- Moody's updates key assumptions for rating CLOs (February
     2009)

The rating actions are:

Argon Capital PLC

  -- Series 2 - Baltic Star Class A+2, Downgraded to Aa3;
     previously on 18 November 2002 Assigned Aaa

  -- Series 2 - Baltic Star Class C, Downgraded to Ba1; previously
     on 1 October 2004 Upgraded to Aaa

  -- Series 21 Series 21 EUR13,020,000 Class A+1 Limited Recourse
     Secured Credit-Linked Fixed Rate Notes due 2043, Confirmed at
     Aa3; previously on 22 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 21 EUR2,790,000 Class A+3 Limited Recourse Secured
     Credit-Linked Floating Rate Notes due 2043, Confirmed at Aa3;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

Bruckner CDO I B.V.

  -- Class A-1 Secured Floating Rate Notes, Confirmed at Aa2;
     previously on 22 December 2008 Downgraded to Aa2 and Placed
     Under Review for Possible Downgrade

  -- Class A2-1 Secured Floating Rate Notes, Confirmed at Aa3;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- Class A2-2 Secured Fixed Rate Notes, Confirmed at Aa3;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- Class B Secured Floating Rate Notes, Downgraded to A2;
     previously on 22 December 2008 Downgraded to A1 and Placed
     Under Review for Possible Downgrade

  -- Class C-1 Deferrable Interest Secured Floating Rate Notes,
     Downgraded to Baa3; previously on 22 December 2008 Downgraded
     to A3 and Placed Under Review for Possible Downgrade

  -- Class C-2 Deferrable Interest Secured Fixed Rate Notes,
     Downgraded to Baa3; previously on 22 December 2008 Downgraded
     to A3 and Placed Under Review for Possible Downgrade

  -- Class D-1 Deferrable Interest Secured Floating Rate Notes,
     Confirmed at B2; previously on 22 December 2008 Downgraded to
     B2 and Placed Under Review for Possible Downgrade

  -- Class D-2 Deferrable Interest Secured Fixed Rate Notes,
     Confirmed at B2; previously on 22 December 2008 Downgraded to
     B2 and Placed Under Review for Possible Downgrade

  -- Class Q Combination Notes, Downgraded to B2; previously on 22
     December 2008 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade

  -- Class R Combination Notes, Confirmed at Caa2; previously on
     22 December 2008 Downgraded to Caa2 and Placed Under Review
     for Possible Downgrade

  -- Class S Combination Notes, Downgraded to B1; previously on 22
     December 2008 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade

Cheyne CLO Investments I Limited

  -- Supersenior Financial Guarantee, Downgraded to A2; previously
     on 19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Class A, Downgraded to Ba1; previously on 19 December 2008
     Downgraded to A1 and Placed Under Review for Possible
     Downgrade

  -- Class B, Downgraded to B1; previously on 19 December 2008
     Downgraded to A2 and Placed Under Review for Possible
     Downgrade

  -- Class C, Downgraded to B3; previously on 19 December 2008
     Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

  -- Class D, Downgraded to Caa1; previously on 19 December 2008
     Downgraded to Ba2 and Placed Under Review for Possible
     Downgrade

  -- Class E, Downgraded to Caa3; previously on 19 December 2008
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade

Claris Limited

  -- Series 20/2004 (Millesime), Confirmed at Aa3; previously on
     22 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Series 21/2004 (Millesime), Confirmed at A2; previously on 22
     December 2008 Downgraded to A2 and Placed Under Review for
     Possible Downgrade

  -- Series 22/2004 (Millesime), Confirmed at Baa2; previously on
     22 December 2008 Downgraded to Baa2 and Placed Under Review
     for Possible Downgrade

  -- Series 23/2004 (Millesime), Confirmed at Baa2; previously on
     22 December 2008 Downgraded to Baa2 and Placed Under Review
     for Possible Downgrade

  -- Series 83 Sonoma Valley 2006-2 EUR8,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 84 Sonoma Valley 2006-2 US$7,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 86 Sonoma Valley 2006-2 US$40,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 88/2007 (Millesime 2007-2 Portfolio), Downgraded to
     Baa3; previously on 19 December 2008 Downgraded to Baa2 and
     Placed Under Review for Possible Downgrade

  -- Series 89/2007 (Millesime 2007-2 Portfolio), Downgraded to
     A1; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 90/2007 EUR25,000,000 Sonoma Valley 2007-2 Synthetic
     CDO of CMBS Variable Notes due 2046, Confirmed at A3;
     previously on 19 December 2008 Downgraded to A3 and Placed
     Under Review for Possible Downgrade

  -- Series 95/2007 Tranche 1 EUR15,000,000 Sonoma Valley 2007-2
     Synthetic CDO of CMBS Variable Notes due 2046, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 95/2007 Tranche II EUR40,000,000 Sonoma Valley 2007-2
     Synthetic CDO of CMBS Variable Notes due 2046, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 104/2007 Tranche EUR10,000,000 Sonoma Valley 2007-3
     Synthetic CDO of CMBS Variable Notes due 2049-1, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 105/2007 Tranche 1 US$31,500,000 Sonoma Valley 2007-3
     Synthetic CDO of CMBS Variable Notes due 2049-2, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 106/2007 Tranche 1 US$15,000,000 Sonoma Valley 2007-3
     Synthetic CDO of CMBS Variable Notes due 2049-3, Downgraded
     to A2; previously on 19 December 2008 Downgraded to A1 and
     Placed Under Review for Possible Downgrade

  -- Series 108/2007 (Millesime 2007-3) -Tranche 1- JPY
     1,000,000,000, Downgraded to Baa3; previously on 19 December
     2008 Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

  -- Series 109/2007 (Millesime 2007-3) - Tranche 1- JPY
     2,300,000,000, Downgraded to Baa3; previously on 19 December
     2008 Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

  -- Series 110/2007 (Millesime 2007-3) -Tranche 1-EUR13,000,000,
     Downgraded to A2; previously on 19 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

  -- Series 111/2007 Sierra Valley 2007-1, Downgraded to Ba1;
     previously on 19 December 2008 Downgraded to Baa2 and Placed
     Under Review for Possible Downgrade

  -- Series 112/2007 Sierra Valley 2007-1, Downgraded to Baa3;
     previously on 19 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- Series 113/2007 Sierra Valley 2007-1, Downgraded to A3;
     previously on 19 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

Claris IV Limited

  -- Series 72 Sonoma Valley 2006-1 US$25,000,000, Confirmed at
     A3; previously on 19 December 2008 Downgraded to A3 and
     Placed Under Review for Possible Downgrade

  -- Series 73 Sonoma Valley 2006-1 US$5,000,000, Confirmed at
     A3; previously on 19 December 2008 Downgraded to A3 and
     Placed Under Review for Possible Downgrade

  -- Series 74 Sonoma Valley 2006-1 US$23,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 75 Sonoma Valley 2006-1 US$61,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 80 Sonoma Valley 2006-1 US$35,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

Cloverie Plc

  -- Series 2005-07 (US Onyx) US$25,000,000 Class C Secured
     Floating Rate, Downgraded to Ba2; previously on 19 December
     2008 Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

Dublin Oak Ltd.

  -- US$2,700,000,000 Super Senior Swap, Confirmed at Aa3;
     previously on 19 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- US$207,000,000 Class A Credit-Linked Notes due 2086,
     Confirmed at Baa2; previously on 19 December 2008 Downgraded
     to Baa2 and remains on Review for Possible Downgrade

  -- US$90,000,000 Class B Credit-Linked Notes due 2086,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Ba1 and remains on Review for Possible Downgrade

Eirles Two Limited

  -- Series 153 US$32,000,000 Floating and Variable Rate Secured
     Notes due 2038, Confirmed at Aa3; previously on 22 December
     2008 Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Series 156 US$8,000,000 Floating and Variable Rate Secured
     Notes due 2038, Downgraded to Baa3; previously on 22 December
     2008 Downgraded to Baa1 and Placed Under Review for Possible
     Downgrade

  -- Series 176 US$17,000,000 Floating Rate Portfolio Credit
     Linked Secured Notes due 2040, Downgraded to A3; previously
     on 19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Series 176 US$20,000,000 Floating Rate Portfolio Credit   --
     Linked Secured Notes due 2040, Downgraded to A3; previously
     on 19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

ELM B.V.

  -- Series 118 LABS 2007-3 Variable Coupon Leveraged Asset Backed
     Securities 2007-3 due 2027, Confirmed at Aa3; previously on
     19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

F.A.B. CBO 2002-1 B.V.

  -- Class A-1 Floating Rate Notes, Downgraded to A1; previously
     on 15 April 2002 Assigned Aaa

  -- Class A-2 Floating Rate Notes, Downgraded to Ba3; previously
     on 15 April 2002 Assigned Aa2

  -- Class B Floating Rate Notes, Downgraded to Ca; previously on
     15 April 2002 Assigned Baa2

FAB CBO 2003-1 B.V.

  -- Class A-1E Floating Rate Notes, Downgraded to Aa3; previously
     on 22 December 2008 Downgraded to Aa2 and Placed Under Review
     for Possible Downgrade

  -- Class A-1F Zero Coupon Notes, Downgraded to Aa3; previously
     on 22 December 2008 Downgraded to Aa2 and Placed Under Review
     for Possible Downgrade

  -- Class A-2aE Floating Rate Notes, Downgraded to Baa2;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- Class A-2bE Floating Rate Notes, Downgraded to Baa2;
     previously on 30 January 2009 Assigned Aa3 and Placed Under
     Review for Possible Downgrade

  -- Class A-2F Fixed Rate Notes, Downgraded to Baa2; previously
     on 22 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Class A-3E Floating Rate Notes, Downgraded to B1; previously
     on 22 December 2008 Downgraded to A2 and Placed Under Review
     for Possible Downgrade

  -- Class A-3F Fixed Rate Notes, Downgraded to B1; previously on
     22 December 2008 Downgraded to A2 and Placed Under Review for
     Possible Downgrade

  -- Class BE Floating Rate Notes, Downgraded to Caa2; previously
     on 22 December 2008 Downgraded to Baa2 and Placed Under
     Review for Possible Downgrade

  -- Class BF Fixed Rate Notes, Downgraded to Caa2; previously on
     22 December 2008 Downgraded to Baa2 and Placed Under Review
     for Possible Downgrade

  -- Class S1 Combination Notes, Confirmed at Aa3; previously on
     22 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Class S2 Combination Notes, Downgraded to Baa1; previously on
     22 December 2008 Downgraded to A1 and Placed Under Review for
     Possible Downgrade

  -- Class S3 Combination Notes, Confirmed at A1; previously on 22
     December 2008 Downgraded to A1 and Placed Under Review for
     Possible Downgrade

FAB CBO 2005-1 B.V.

  -- Class A1 Floating Rate Notes, Confirmed at Aa3; previously on
     19 December 2008 Downgraded to Aa3 and remains on Review for
     Possible Downgrade

  -- Class A2 Floating Rate Notes, Downgraded to Caa3; previously
     on 19 December 2008 Downgraded to Ba2 and remains on Review
     for Possible Downgrade

  -- Class B Floating Rate Notes, Downgraded to Ca; previously on
     25 November 2008 Downgraded to Caa3 and Placed Under Review
     for Possible Downgrade

High Tide CDO I S.A.

  -- Class A Senior Secured Floating Rate Notes, Downgraded to
     Ba2; previously on 22 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Class B Senior Secured Floating Rate Notes, Downgraded to
     Caa3; previously on 22 December 2008 Downgraded to A1 and
     Placed Under Review for Possible Downgrade

  -- Class C Senior Secured Floating Rate Notes, Downgraded to Ca;
     previously on 22 December 2008 Downgraded to Baa3 and Placed
     Under Review for Possible Downgrade

Lagonda CDO

  -- EUR135,000,000 Lagonda CDO CDS Super Senior Tranche,
     Confirmed atAa3; previously on 19 December 2008 Downgraded to
     Aa3 and Placed Under Review for Possible Downgrade

  -- EUR30,000,000 Lagonda CDO CDS, Downgraded to A1; previously
     on 19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Series 77 (Lagonda) EUR10,200,000 Limited Recourse Secured
     Variable Rate Credit-Linked Notes due 2047, Confirmed at
     Baa2; previously on 19 December 2008 Downgraded to Baa2 and
     Placed Under Review for Possible Downgrade

Lunar Funding III Limited

  -- Series 17 Credit-Linked Secured Asset-Backed Notes due 2015,
     Downgraded to Baa1; previously on 619 June 2001 Assigned Aa3

Lunar Funding V plc

  -- Series 2 US$50,000,000 Secured Asset-Backed Floating Rate
     Notes due 2041(Menton CDO I Class A), Downgraded to Caa3;
     previously on 22 December 2008 Downgraded to A1 and remains
     on Review for Possible Downgrade

  -- Series 3 US$40,000,000 Secured Asset-Backed Floating Rate
     Notes due 2041 (Menton CDO I Class B), Downgraded to Ca;
     previously on 22 December 2008 Downgraded to B1 and remains
     on Review for Possible Downgrade

  -- Series 4 US$40,000,000 Secured Asset-Backed Floating Rate
     Notes due 2041 (Menton CDO I Class C), Downgraded to Ca;
     previously on 22 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

New Bond Street CDO 1 plc

  -- US$2,500,000 Class X Floating Rate Notes due 2015, Confirmed
     at Aaa; previously on 19 December 2008 Aaa Placed Under
     Review for Possible Downgrade

  -- US$700,000,000 Class A1 Floating Rate Delayed Draw Notes due
     2066, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Baa3 and remains on Review for Possible
     Downgrade

  -- US$100,000,000 Class A2 Floating Rate Notes due 2066,
     Downgraded to Ca; previously on 10 October 2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

New Bond Street CDO 2 Limited

  -- US$100,000,000 Class A Floating Rate Notes due 2067-1,
     Downgraded to Ca; previously on 10 October 2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

Panther CDO III B.V.

  -- Class A Senior Secured Floating Rate Notes due December 2080,
     Downgraded to B2; previously on 19 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

  -- Class B Senior Secured Deferrable Floating Rate Notes due
     December 2080, Downgraded to Ca; previously on 19 December
     2008 Downgraded to A2 and Placed Under Review for Possible
     Downgrade

  -- Class C1 Senior Secured Deferrable Floating Rate Notes due
     December 2080, Downgraded to Ca; previously on 19 December
     2008 Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

  -- Class C2 Senior Secured Deferrable Fixed Rate Notes due
     December 2080, Downgraded to Ca; previously on 19 December
     2008 Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

  -- Class P Combination Notes due December 2080, Downgraded to
     Ca; previously on 19 December 2008 Downgraded to B2 and
     Placed Under Review for Possible Downgrade

Renoir CDO B.V.

  -- Class A Floating Rate Notes, Confirmed at Aa3; previously on
     19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Class B Deferrable Floating rate Notes, Downgraded to Baa3;
     previously on 19 December 2008 Downgraded to A1 and Placed
     Under Review for Possible Downgrade

  -- Class C Deferrable Floating Rate Notes, Downgraded to B2;
     previously on 19 December 2008 Downgraded to Baa1 and Placed
     Under Review for Possible Downgrade

  -- Class D-1 Deferrable Fixed Rate Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Ba3 and Placed
     Under Review for Possible Downgrade

  -- Class D-2 Deferrable Floating Rate Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Ba3 and Placed
     Under Review for Possible Downgrade

  -- Combination Notes, Downgraded to Ca; previously on 19
     December 2008 Downgraded to B2 and Placed Under Review for
     Possible Downgrade

Rhodium 1 B.V.

  -- Class A, Confirmed at Aa2; previously on 22 December 2008
     Downgraded to Aa2 and Placed Under Review for Possible
     Downgrade

  -- Class B, Downgraded to A1; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Class C, Downgraded to Baa2; previously on 22 December 2008
     Downgraded to A2 and Placed Under Review for Possible
     Downgrade

  -- Class D, Downgraded to B3; previously on 22 December 2008
     Downgraded to Ba2 and Placed Under Review for Possible
     Downgrade

SAGA Investment Series Limited

  -- Credit Derivative Transaction between Mizuho International
     plc and Cradle Limited

  -- Super Senior Swap, Downgraded to B2; previously on 22
     December 2008 Downgraded to Aa3 and Placed Under Review for
     Possible Downgrade

  -- JPY700,000,000 Class A1 Secured Fixed/Floating Rate Credit-
     Linked Notes due 2011, Downgraded to Ca; previously on 22
     December 2008 Downgraded to Caa2 and remains on Review for
     Possible Downgrade

  -- JPY2,300,000,000 Class A2 Secured Floating Rate Credit-
     Linked Notes due 2011, Downgraded to Ca; previously on 22
     December 2008 Downgraded to Caa2 and remains on Review for
     Possible Downgrade

  -- EUR7,500,000 Class A3 Secured Floating Rate Credit-Linked
     Notes due 2011, Downgraded to Ca; previously on 22 December
     2008 Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- JPY4,000,000,000 Class B Secured Fixed Rate Credit-Linked
     Notes due 2011, Downgraded to Ca; previously on 22 December
     2008 Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Sheffield CDO, Ltd.

  -- Class S Senior Secured Floating Rate Notes due 2041,
     Confirmed at Aaa; previously on 19 December 2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Class A-1 Senior Secured Floating Rate Notes due 2041,
     Downgraded to Baa2; previously on 19 December 2008 Downgraded
     to Aa2 and Placed Under Review for Possible Downgrade

  -- Class A-1D Delayed Draw Senior Secured Floating Rate Note due
     2041, Downgraded to Baa2; previously on 19 December 2008
     Downgraded to Aa2 and Placed Under Review for Possible
     Downgrade

  -- Class A-2 Senior Secured Floating Rate Notes due 2041,
     Downgraded to B1; previously on 19 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

  -- Class B Senior Secured Floating Rate Notes due 2041,
     Downgraded to Caa1; previously on 19 December 2008 Downgraded
     to A2 and Placed Under Review for Possible Downgrade

  -- Class C Deferrable Interest Secured Floating Rate Notes due
     2041, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Baa2 and remains on Review for Possible
     Downgrade

  -- Class D Deferrable Interest Secured Floating Rate Notes due
     2041, Downgraded to C; previously on 19 December 2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class T Combination Notes due 2041, Downgraded to Caa2;
     previously on 19 December 2008 Downgraded to Baa2 and remains
     on Review for Possible Downgrade

Stanton ABS I p.l.c.

  -- EUR232,000,000 Class A-1 Notes due 2096, Downgraded to Aa3;
     previously on 19 December 2008 Downgraded to Aa2 and Placed
     Under Review for Possible Downgrade

  -- EUR23,000,000 Class A-2 Notes due 2096, Downgraded to Baa3;
     previously on 19 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- EUR12,500,000 Class A-3 Notes due 2096, Downgraded to Ba3;
     previously on 19 December 2008 Downgraded to A1 and Placed
     Under Review for Possible Downgrade

  -- EUR12,500,000 Class A-4 Deferrable Interest Notes due 2096,
     Downgraded to Caa2; previously on 19 December 2008 Downgraded
     to Baa2 and Placed Under Review for Possible Downgrade

  -- EUR12,000,000 Class B-1 Deferrable Interest Notes due 2096,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Ba3 and Placed Under Review for Possible Downgrade

Stanton MBS I p.l.c.

  -- Class A1 Senior Secured Floating Rate Delayed Draw Notes due
     2054, Confirmed at Aa3; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Class A1 Senior Secured Floating Rate Revolving Notes due
     2054, Confirmed at Aa3; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Class A1 Senior Secured Floating Rate Term Notes due 2054,
     Confirmed at Aa3; previously on 22 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

Triplas Synthetic CDO S.A.

  -- Class A, Confirmed at Aa3; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Class B, Confirmed at A2; previously on 22 December 2008
     Downgraded to A2 and Placed Under Review for Possible
     Downgrade

  -- Class C, Confirmed at Baa1; previously on 22 December 2008
     Downgraded to Baa1 and Placed Under Review for Possible
     Downgrade

Zoo ABS II B.V.

  -- Class X Senior Secured Floating Rate Notes due 2015,
     Confirmed at Aaa; previously on 19 December 2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Class A-1 Senior Secured Floating Rate Notes due 2096,
     Confirmed at Aa2; previously on 19 December 2008 Downgraded
     to Aa2 and Placed Under Review for Possible Downgrade

  -- Class A-1D Delayed Draw Senior Secured Floating Rate Notes
     due 2096, Confirmed at Aa2; previously on 19 December 2008
     Downgraded to Aa2 and Placed Under Review for Possible
     Downgrade

  -- Class A-2 Senior Secured Floating Rate Notes due 2096,
     Downgraded to Baa2; previously on 19 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

  -- Class B Senior Secured Floating Rate Notes due 2096,
     Downgraded to Ba3; previously on 19 December 2008 Downgraded
     to A1 and Placed Under Review for Possible Downgrade

  -- Class C Deferrable Interest Secured Floating Rate Notes due
     2096, Downgraded to B3; previously on 19 December 2008
     Downgraded to Baa1 and Placed Under Review for Possible
     Downgrade

  -- Class D Deferrable Interest Secured Floating Rate Notes due
     2096, Downgraded to Caa2; previously on 19 December 2008
     Downgraded to Ba2 and Placed Under Review for Possible
     Downgrade

  -- Class E Deferrable Interest Secured Floating Rate Notes due
     2096, Downgraded to Caa2; previously on 19 December 2008
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade

  -- Class P Combination Notes due 2096, Confirmed at Ba1;
     previously on 19 December 2008 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade

  -- Class Q Combination Notes due 2096, Downgraded to Ba2;
     previously on 19 December 2008 Downgraded to Baa3 and Placed
     Under Review for Possible Downgrade

  -- Class R Combination Notes due 2096, Downgraded to Baa3;
     previously on 19 December 2008 Downgraded to A3 and Placed
     Under Review for Possible Downgrade


* BOOK REVIEW: Beyond the Quick Fix
-----------------------------------
Author: Ralph H. Kilmann
Publisher: Beard Books
Hardcover: 320 pages
Listprice: US$34.95
Review by Henry Berry

Every few years, a new approach is offered for unleashing the full
potential of organized efforts.  These are the quick fixes to
which the title of this book refers.  The jargon of the quick fix
is familiar to any businessperson: decentralization, human
resources, restructuring, mission statement, corporate strategy,
corporate culture, and so on.  These terms are all limited in
scope or objective, and some are even irrelevant or misconceived
with regard to the overall well-being and purpose of a
corporation.

With his extensive experience as a corporate consultant, author of
numerous articles, and professor in business studies, Kilmann
recognizes that each new idea for optimum performance and results
is germane to some area of a corporation.  However, he also
recognizes that each new idea inevitably falls short in bringing
positive change -- that is, a change that is spread throughout the
corporation and is lasting.  At best, when a corporation relies on
an alluring, and sometimes little more than fashionable, idea, it
is a wasteful distraction.  At worst, it can skew a corporate
organization and its operations, thereby allowing the
corporation's true problems or weaknesses to grow until they
become ruinous.  As the author puts it, "Essentially, it is not
the single approach of culture, strategy, or restructuring that is
inherently ineffective. Rather, each is ineffective only if it is
applied by itself -- as a 'quick fix'."

Kilmann tells corporate leaders how to break the cycle of
embracing a quick fix, discarding it after it proves ineffective,
and then turning to a newer and ostensibly better quick fix that
soon proves to be equally ineffective.  For a corporation to break
this self-defeating cycle, the author offers a five-track program.
The five tracks, or elements, of this program are corporate
culture, management skills, team-building, strategy-structure, and
reward system.  These elements are interrelated.  The virtue of
Kilmann's multidimensional five-track program is that it addresses
a corporation in its entirety, not simply parts of it.

Kilmann's five tracks offer structural and operational aspects of
a corporation that executives and managers will find familiar in
their day-to-day leadership and strategic thinking.  Thus, the
author does not introduce any unfamiliar or radical perspectives
or ideas, but rather advises readers on how to get all parts of a
corporation involved in productive change by integrating the five
tracks into "a carefully designed sequence of action: one by one,
each track sets the stage for the next track."  Kilmann does more,
though, than bring all significant features of a modern
corporation together in a five-track program and demonstrate the
interrelation of its elements.  His singularly pertinent and
useful contribution is providing a sequence of steps to be
implemented with respect to each track so that a corporation
progresses toward its goals in an integrated way.

Beyond the Quick Fix is a manual for implementing and evaluating
the progress of a five-track program for corporate success.  The
book should be read by any corporate leader desiring to bring
change to his or her organization.

Ralph H. Kilmann has been connected with the University of
Pittsburgh for 30 years.  For a time, he was its George H. Love
Professor of Organization and Management at its Katz Graduate
School of Business.  Additionally, he is president of a firm
specializing in quantum transformations.

                            *********

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 * * *