TCREUR_Public/090320.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 20, 2009, Vol. 10, No. 56

                            Headlines

A U S T R I A

BLUE AIR: Claims Registration Period Ends April 6
COOLCAR LLC: Claims Registration Period Ends April 6
LETA PROJEKTBAU: Claims Registration Period Ends April 6
MELBROSIN LLC: Claims Registration Period Ends April 3


F I N L A N D

STORA ENSO: Sees Poor 1st Qtr '09 Result, Delays Brazil Project


G E R M A N Y

AQUILEX ROHRLEITUNGSBAU: Claims Registration Period Ends April 21
DA CAPO GMBH: Claims Registration Period Ends May 4
FD ENERGY SYSTEMS: Claims Registration Period Ends April 15
FEINMECHANIKBAU FMB: Claims Registration Period Ends April 24
FRANKFURT GRUNDBESITZ: Claims Registration Period Ends April 20

HYPO REAL ESTATE HOLDING: Germany Extends Guarantee on Notes
HYPO REAL ESTATE HOLDING: Lawmakers to Approve Rescue Plan Today
LEHMAN BROTHERS: German Unit's Creditor Claims Total EUR38.2 Bln
QIMONDA AG: Deadline to Find Investors Moved; Liquidation Looming
WS VERWALTUNGS: Claims Registration Period Ends April 8


I C E L A N D

GLITNIR BANK: To Assume Ownership of Sweden's Moderna Finance


I R E L A N D

DALI CAPITAL: S&P Removes Low-B Ratings on 2 Notes from WatchNeg.


I T A L Y

IMM.RE-VALADIER: Piazza Verdi Office Building Up for Sale
PIAGGIO & C: S&P Changes Outlook to Negative; Affirms 'BB' Rating
UNICREDIT SPA: 4th Qtr Income Fell 57%, May Seek Gov't Aid


K A Z A K H S T A N

ABS CITY: Creditors Must File Claims by April 24
AGRO SERVICE: Creditors Must File Claims by April 24
ALLIANCE KAIRAT: Creditors Must File Claims by April 24
HULET PAKARD: Creditors Must File Claims by April 24
IZUMRUD GK: Creditors Must File Claims by April 24

KFH RADUGA: Creditors Must File Claims by April 24
MEDICAL INTERNATIONAL: Creditors Must File Claims by April 24
TATULYK LLP: Creditors Must File Claims by April 24
TECHNO BLOCK: Creditors Must File Claims by April 24
ZAKON MART: Creditors Must File Claims by April 24


K Y R G Y Z S T A N

HAKIKAT CJSC: Creditors Must File Claims by April 3
NAMANGAN VINO: Creditors Must File Claims by April 3


L U X E M B O U R G

ARCELORMITTAL: Mulls Closing Two Coal Mines in Russia
BERNARD L. MADOFF: Luxembourg Minister Calls for Amicable Solution
KAUPTHING BANK: Luxembourg Seeks Review of Restructuring Plan


R O M A N I A

BANCA COMERCIALA: Standard & Poor's Affirms 'BB+/Negative' Rating


R U S S I A

CHULBONSKIY ORE: Buryatia Bankruptcy Hearing Set May 13
EPROM LLC: Creditors Must File Claims by April 5
EVRO-LUKS LLC: Creditors Must File Claims by May 6
FORD MOTOR: Says Sales in Russia May Drop 50%
KATRAN LLC: Creditors Must File Claims by May 6

LESOZAVOD LLC: Creditors Must File Claims by May 6
NADYM-SPETS-TRANS-STROY LLC: Creditors Must File Claims by May 6
NIZHNEKAMSKNEFTEKHIM OAO: Fitch Downgrades Long-Term IDR to 'B'
PRAGMA LLC: Chita Bankruptcy Hearing Set May 20
REINFORCED CONCRETE: Kemerovskaya Bankruptcy Hearing Set June 22

SESTANTE FINANCE: Fitch Cuts Ratings on Six Tranches to Low-B
SEVER-STROY-KOMPLEKS LLC: Court Names Insolvency Manager
STEKLO-MASH-52 LLC: Creditors Must File Claims by May 6
UC RUSAL: May Pay Foreign Lenders With Shares, Minister Says

* S&P Cuts LT Issuer Rating on Balashikha City District to 'B-'


S P A I N

MADRID RMBS: Fitch Junks Ratings on Six Tranches
RURALPYME 2: Moody's Reviews 'Ca' Rating on D Notes for Downgrade
SANTANDER EMPRESAS: Moody's Reviews Ba1-Rated Notes for Downgrade
SANTANDER EMPRESAS: Moody's Reviews Ba2-Rated Notes for Downgrade


S W I T Z E R L A N D

BURKI BAU: Creditors Must File Proofs of Claim by March 27
EDC EVENTMANAGEMENT: Deadline to File Claims Set March 31
EMOSTRAT LLC: Creditors Have Until May 8 to File Claims
GATEWAY FINANCIAL: Creditors Must File Claims by March 31
SFP BASLE: Creditors' Proofs of Claim Due by March 31

STUDIO ROSENGARTEN: March 25 Set as Deadline to File Claims
SV LOGISTIK: Creditors Must File Proofs of Claim by April 22
UBS AG: Proposes Creation of Capital at April's AGM
WACO BAUNORMTEILE: Deadline to File Proofs of Claim Set March 24


U K R A I N E


AFAMIYA LTD: Creditors Must File Claims by April 2
ANCER LLC: Creditors Must File Claims by April 2
ATLAS-S LLC: Creditors Must File Claims by April 2
ECOLOGICAL SYSTEMS: Creditors Must File Claims by April 2
EUROSERVICE UKRAINE: Court Starts Bankruptcy Procedure

INVESTMENT HOLDING: Court Starts Bankruptcy Procedure
NATIONAL MOTORCAR: Creditors Must File Claims by April 2
PLATA TRADING: Creditors Must File Claims by April 2
PROMINVESTBANK: Ukraine's Central Bank Lifts Receivership
SOYUZ TRADE: Creditors Must File Claims by April 2

TRANSPORT STROY: Creditors Must File Claims by April 2
UKRAINE REAL: Creditors Must File Claims by April 2


U N I T E D   K I N G D O M

APOLLO 2000: In Administration; KPMG Appointed
ARROW DISTRIBUTORS: In Administration; KPMg Appointed
BRADFORD & BINGLEY: S&P Lifts to A-1 Counterparty Rating from SD
CORNHILL CONSTRUCTION: Goes Into Administration
DIAMONDS & PEARLS: Business Sold; 300 Jobs, 73 Stores Secured

FRIENDS PROVIDENT: 2008 Net Loss Increases to GBP541 Million
G.S. STEEL: Creditors' Meeeting Slated for March 26
GLOBE PUB: Fitch Cuts Rating on Class B1 Notes to 'B-'
HBOS PLC: S&P Cuts Ratings on 4 Perpetual Hybrid Instruments to BB
JJB SPORTS: 10 More OSC and Qube Stores Closed; 121 Jobs Affected

LOCAL CONTRACT: In Administration; PwC Appointed
MARSTON'S ISSUER: Fitch Cuts Rating on Class B Notes to 'BB+'
RAYNE SHOES: Taps Joint Administrators from Deloitte
RED DESIGN: Appoints Joint Administrators from Grant Thornton
ROYAL BANK: Netherlands' Mn Services Joins Class Action Suit

RUBICON RETAIL: Calls in Joint Administrators from Deloitte
SIERRA HOLDINGS: Taps Joint Administrators from Deloitte
SIG PLC: To Raise GBP341.3 Million from Placing and Open Offer
SONORA HOLDINGS: Appoints Joint Administrators from Deloitte
SPIRIT ISSUER: Fitch Cuts Ratings on 5 Classes of Notes to 'BB+'

UNIQUE PUB: Fitch Lowers Rating on Class N Notes to 'BB+'
WIDNEY PRESSINGS: Administrators Put Business for Sale
WIDNEY (UK): Administrators Put Business for Sale


U Z B E K I S T A N

MICROCREDITBANK: Fitch Assigns 'D/E' Individual Rating

* BOOK REVIEW: Performance Evaluation of Hedge Funds


                         *********


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


BLUE AIR: Claims Registration Period Ends April 6
-------------------------------------------------
Creditors owed money by Blue Air Consulting - Your Future
(Architecture) limited & Co KG (FN 228568f) have until April 6,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Martin Koroschetz
         Maria-Theresien-Strasse 9/4
         1090 Vienna
         Austria
         Tel: 022522512510
         Fax: 022522512515
         E-mail: dr.koroschetz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 20, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 13, 2009, (Bankr. Case No. 28 S 17/09t).


COOLCAR LLC: Claims Registration Period Ends April 6
----------------------------------------------------
Creditors owed money by LLC Coolcar (FN 253027z) have until
April 6, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 20, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 11, 2009, (Bankr. Case No. 2 S 17/09a).


LETA PROJEKTBAU: Claims Registration Period Ends April 6
--------------------------------------------------------
Creditors owed money by LLC Leta Projektbau (FN 308605g) have
until April 6, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Herbert Hochegger
         Brucknerstrasse 4/5
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: eder@rechtsanwaelte.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 20, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 13, 2009, (Bankr. Case No. 3 S 19/09b).


MELBROSIN LLC: Claims Registration Period Ends April 3
------------------------------------------------------
Creditors owed money by LLC Melbrosin (FN 293540b) have until
April 3, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on April 17, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 11, 2009, (Bankr. Case No. 28 S 12/09g).


=============
F I N L A N D
=============


STORA ENSO: Sees Poor 1st Qtr '09 Result, Delays Brazil Project
---------------------------------------------------------------
Stora Enso Oyj expects its operating result excluding non-
recurring items (NRI) and fair valuations for the first quarter of
2009 to be clearly down on the fourth quarter of 2008 due to
customer destocking and underlying weakness in demand,
especially for wood products and fine paper, the company said in a
statement Wednesday.  Stora Enso's operating profit excluding NRI
and fair valuations was EUR28.4 million in the fourth quarter of
2008.

Stora Enso said it remains committed to preserving cash flow
through large production curtailments, stringent working capital
management and other means, even though curtailments (forecast to
total about 20% of paper and board production capacity in the
first quarter) have a negative impact on earnings.  The Group has
also decided to reduce the target capital expenditure for the full
year 2009 from EUR500 million to EUR400 million.

In addition, Stora Enso and its partner Aracruz Celulose SA have
decided to delay the Veracel II project in Brazil by at least a
year and to reduce 2009 capital expenditure by the joint venture
on land purchases, plantations and the feasibility study due to
the current and near-term outlook for markets.

When announcing its full year 2008 financial results, Stora Enso
said the operating environment during at least the early part of
2009 would be as challenging as at the end of 2008.  In Europe,
the company said market demand is expected to remain weak and
clearly less than a year earlier for all of the Group's products
throughout at least the first half of 2009 due to the current
economic downturn.

As reported in the Troubled Company Reporter-Europe on March 2,
2009, Standard & Poor's Ratings Services revised its outlook on
Stora Enso Oyj to negative from stable.  At the same time, the
'BB+' long-term and 'B' short-term issuer credit and debt ratings
were affirmed.

Based in Helsinki, Finland, Stora Enso Oyj (HEL:STERV) --
http://www.storaenso.com/-- is a global paper, packaging and
forest products company producing newsprint and book paper,
magazine paper, fine paper, consumer board, industrial packaging
and wood products.  During the year ended December 31, 2008, the
annual production for the Company was 12.7 million tons of paper
and board, 1.5 billion square meters of corrugated packaging and
6.9 million cubic meters of sawn wood products, including 3.2
million cubic meters of products.  The customers for the Company
include publishers, printing houses and paper merchants, as well
as the packaging, joinery and construction industries.  In August
2007, the Company completed the acquisition of 28% shares in Stora
Enso Poland SA.  In 2008, the Company completed the disposal of
Papyrus Merchant business area.


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


AQUILEX ROHRLEITUNGSBAU: Claims Registration Period Ends April 21
-----------------------------------------------------------------
Creditors of Aquilex Rohrleitungsbau GmbH have until April 21,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Jan Gartner
         Am Schiesshaus 1 – 3
         01067 Dresden
         Germany
         Website: www.worako.de

The court opened bankruptcy proceedings against the company on
March 17, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Aquilex Rohrleitungsbau GmbH
         Attn: Ina Winkler, Manager
         Sternstrasse 28
         01139 Dresden
         Germany


DA CAPO GMBH: Claims Registration Period Ends May 4
---------------------------------------------------
Creditors of Da Capo GmbH have until May 4, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The court opened bankruptcy proceedings against the company on
March 16, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Da Capo GmbH
         Saarlandstrasse 120
         44139 Dortmund
         Germany

         Attn: Sascha Bayrami Alvandi, Manager
         Saarlandstrasse 124
         44139 Dortmund
         Germany


FD ENERGY SYSTEMS: Claims Registration Period Ends April 15
-----------------------------------------------------------
Creditors of FD Energy Systems GmbH have until April 15, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on April 30, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 8/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Matthias Dieckmann
         Obere Hauptstrasse 10
         85354 Freising
         Germany
         Tel: 08161/4901690
         Fax: 08161/49016999

The court opened bankruptcy proceedings against the company on
March 16, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         FD Energy Systems GmbH
         Attn: Alfons Himmelstoss, Manager
         Sommerstrasse 26
         85354 Freising
         Germany


FEINMECHANIKBAU FMB: Claims Registration Period Ends April 24
-------------------------------------------------------------
Creditors of Feinmechanikbau FMB GmbH have until April 24, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         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:

         Harry Kressl
         Uhlandstrasse 57-61
         74072 Heilbronn
         Germany
         Tel: 07131/965415

The court opened bankruptcy proceedings against the company on
March 17, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Feinmechanikbau FMB GmbH
         Attn: Francois Lamyi-Arani, Manager
         Rittwiese 14
         74842 Billigheim
         Germany


FRANKFURT GRUNDBESITZ: Claims Registration Period Ends April 20
---------------------------------------------------------------
Creditors of Frankfurt Grundbesitz GmbH have until April 20, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on May 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall 1
         Holzmarkt 2
         79098 Freiburg i.Br.
         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:

         Peter Juerges
         Damenstr. 21
         79183 Waldkirch
         Germany
         Tel: 07681/4745116
         Fax: 07681/4745129

The court opened bankruptcy proceedings against the company on
March 16, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Frankfurt Grundbesitz GmbH
         Attn: Ernst Ganter, Manager
         Kaiser Joseph St. 284
         79098 Freiburg
         Germany


HYPO REAL ESTATE HOLDING: Germany Extends Guarantee on Notes
------------------------------------------------------------
The German government has extended its guarantee for notes issued
by Hypo Real Estate Group for nine months until December 31, 2009,
Hypo Real Estate Holding AG, the holding company for the Group,
said in a statement Tuesday.

The overall facility was actually set up to run until December 31,
2009 from the beginning, but was set for an initial expiration
date on March 31, 2009, in line with applicable EU law, according
to the statement.

The statement said the guarantee collateralizes EUR15 billion in
notes issued by Hypo Real Estate Bank AG which were subscribed by
a consortium of German banks and insurance companies.  The
guaranteed notes form part of the EUR50 billion liquidity facility
which has been provided by the consortium and Deutsche Bundesbank
since November 13, 2008.

The extension of the term of the guarantee has also automatically
extended the term of an additional EUR15 billion in notes which
were also subscribed by the consortium, the statement said.

The German Federal Ministry of Finance has indicated that it is
prepared, in principle, to also extend the term of the guarantee
covering the remaining EUR20 billion of the liquidity facility.

A final decision, and the signing of agreements, is expected
within the next days.

"Our thanks go to the German government for the trust placed in
our bank, as demonstrated by the extension of the credit facility.
At the same time, we take this as a positive signal for the
negotiations with the German Financial Markets Stabilisation Fund
("SoFFin") regarding long-term capital and liquidity support,
which are at an advanced stage," Dr. Axel Wieandt, CEO of Hypo
Real Estate Group, said.

The Wall Street Journal says Hypo Real already received EUR102
billion in bank and state loans and state guarantees.

According to Bloomberg News, Hypo Real was forced to seek a
bailout after Depfa Bank Plc, its Dublin-based unit, failed to get
short-term funding in September when credit markets seized up.

                     About Hypo Real Estate

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

                          *     *     *

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

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

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

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

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

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


HYPO REAL ESTATE HOLDING: Lawmakers to Approve Rescue Plan Today
----------------------------------------------------------------
The Financial Times reports the German parliament is expected to
approve today, March 20, a bill allowing expropriation of
shareholders in Hypo Real Estate Holding AG.

According to the FT, the measures, modifying aspects of a bailout
scheme set up by Berlin last year, have been urged by the
government so it can restructure the company without challenges
from outside shareholders.

Dow Jones Newswires relates earlier Wednesday, the finance
committee of Germany's lower house of parliament approved the
draft of a bill aimed at facilitating the rescue of Hypo Real.

The bill, which was approved by Chancellor Angela Merkel on Feb.
18, includes a provision for the temporary nationalization of
troubled banks in order to ensure the stability of the financial
market, but only as a last resort, Dow Jones Newswires says.

The German government may expropriate Hypo Real's shares of by the
second week of April, Bloomberg News says citing a Handelsblatt
report.

The FT discloses Hypo Real's largest shareholder, U.S.-based
investment firm J.C. Flowers & Co., opposes the expropriation and
wants the government instead to take a stake of 75 per cent in the
lender via a capital raising.  J.C. Flowers holds a 24 percent
stake in Hypo Real, which it bought last year in a EUR1.1 billion
deal.

"JC Flowers is disappointed that the government continues on the
path to expropriation and nationalization given that we have
provided a clear alternative that secures the future of HRE and
better protects the German taxpayer and the rights of all
shareholders," the FT quoted the private equity group as saying
after lawmakers in parliament's finance committee approved the
draft law.

The private equity firm however remains "committed to a
constructive dialogue," a German spokesman for Flowers told Dow
Jones Newswires.

The Wall Street Journal says Hypo Real already received EUR102
billion in bank and state loans and state guarantees.

According to Bloomberg News, Hypo Real was forced to seek a
bailout after Depfa Bank Plc, its Dublin-based unit, failed to get
short-term funding in September when credit markets seized up.

                    About Hypo Real Estate

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

                         *     *     *

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

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

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

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

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

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


LEHMAN BROTHERS: German Unit's Creditor Claims Total EUR38.2 Bln
----------------------------------------------------------------
Dow Jones reports that Lehman Brothers Bankhaus AG i.Ins, the
German unit of Lehman Brothers Holdings Inc., on Tuesday said that
457 creditors have filed claims totaling around EUR38.2 billion.

However, the bank noted that around EUR5 billion of these claims
have been doubly registered, Dow Jones says.

Citing the bank's insolvency administrator, Dow Jones discloses
creditors will likely receive more than 10% of the value of their
claims, although the bank stressed neither the quota nor the
length of the insolvency proceedings can be accurately forecast at
this time.

Dow Jones relates according to the administrator, the bank has
assets of around EUR1.8 billion at the Deutsche Bundesbank and
other financial institutions.  Dow Jones states majority of the
bank's assets comprise securities, credit claims and claims from
derivatives activities.  However, the bank said recoverability of
the assets and exact valuation remain unclear, Dow Jones notes.

                      Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com-- was the fourth largest investment bank in
the United States, offering a full array of financial services in
equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed US$639 billion in
assets and US$613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. history.  Several affiliates
filed bankruptcy petitions thereafter.

On Sept. 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than US$1 billion.

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

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on Sept. 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units have combined liabilities of JPY4 trillion -- US$38
billion.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                            Asset Sales

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

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


QIMONDA AG: Deadline to Find Investors Moved; Liquidation Looming
-----------------------------------------------------------------
Court documents say that Qimonda AG has extended its March 31
deadline to find investors.  The new deadline wasn't disclosed.

Emily C. Dooley at Richmond Times-Dispatch relates that Qimonda
will ramp down production at its Dresden, Germany, facility while
the search for investors continues.

Times-Dispatch quoted Michael Jaffe, a preliminary insolvency
administrator assigned to oversee Qimonda's operations, as saying,
"Various investors have signaled their interest, but as yet there
are no binding offers on the table."

Mark Lee Wai Yee and Frances Robinson at Bloomberg News relate
that Inspur International Ltd. said that it isn't interested in
acquiring a stake in Qimonda.  Inspur Group Co., Inspur
International's parent, ended negotiations to acquire a stake in
Qimonda, Bloobmerg states, citing Inspur International
spokesperson Liu Xueheng.  The report says that the talks ended
after Qimonda's insolvency filing.  According to the report,
insolvency proceedings will start on April 1.

The Financial Times states that under a plan drafted by Mr. Jaffe,
Inspur International would acquire 50% of Qimonda to help the
Company exit bankruptcy, creditors would have 15%, and Portugal
and the German state of Saxony would take the remainder.

Qimonda faces liquidation if it fails to find investors, Times-
Dispatch states, citing Mr. Jaffe.

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business --  approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.


WS VERWALTUNGS: Claims Registration Period Ends April 8
-------------------------------------------------------
Creditors of WS Verwaltungs GmbH have until April 8, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 30, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Villingen-Schwenningen
         Hall 2
         Niedere Str. 94
         78050 Villingen-Schwenningen
         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:

         Karsten Sauter
         Berner Feld 74
         78628 Rottweil
         Germany
         Tel: 0 74 1 / 1 75 40 – 0

The court opened bankruptcy proceedings against the company on
March 13, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         WS Verwaltungs GmbH
         Attn: Martina Schuessele, Manager
         Bri-gachstr. 10
         78048 Villingen-Schwenningen
         Germany


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


GLITNIR BANK: To Assume Ownership of Sweden's Moderna Finance
-------------------------------------------------------------
Glitnir Bank hf. has entered into an agreement with Milestone ehf.
whereby Glitnir Bank assumes ownership of Moderna Finance AB from
Milestone ehf.  The agreement is conditioned upon receipt of
necessary regulatory approval from amongst others the Swedish
Financial Supervisory Authority.

According to the press release from Glitnir Bank, the transfer of
ownership will not change the current strategy of Moderna Finance
and its subsidiaries.  The initiated sales process of Moderna
Finance's assets outside of Iceland will continue.

                     About Moderna Finance

Moderna Finance AB –- http://www.modernafinance.se/-- is a Nordic
financial group operating within the fields of insurance, banking
and asset management.  Moderna Finance operates its business in
the Nordic region and the Benelux countries through well known
local brands with its head office in Stockholm.

                        About Glitnir Bank

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

As reported in the Troubled Company Reporter-Europe on Jan. 8,
2009, Bloomberg News said that Judge Stuart Bernstein of the U.S.
Bankruptcy Court for the Southern District Court of New York
granted Glitnir banki hf permission to enter Chapter 15 of the
U.S. bankruptcy code on January 6, 2009.

Glitnir, Bloomberg disclosed, listed both debt and assets of more
than US$1 billion in its Chapter 15 petition.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2009, Moody's Investors Service downgraded the long-term deposit
rating of Glitnir banki hf to C from Caa1 and the senior debt
ratings to C from Caa2.  The bank's E bank financial strength
rating and Not Prime short-term local and foreign currency deposit
ratings were affirmed.  The outlook on all the ratings is stable.
This rating action concludes the review for possible downgrade on
Glitnir's long-term ratings.


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


DALI CAPITAL: S&P Removes Low-B Ratings on 2 Notes from WatchNeg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and affirmed its credit ratings on the class B and C
notes issued by Dali Capital PLC and the class B notes issued by
Rumba S.A. At the same time, S&P has affirmed the class A notes in
both transactions.

S&P placed the notes on CreditWatch negative on Dec. 9, 2008,
following the lowering of S&P's foreign currency rating on the
Russian Federation to BBB/Negative/A-3 from BBB+/Negative/A-2, and
the lowering of Russia's transfer and convertibility assessment to
'BBB' from 'BBB+'.

The rating actions follow a full credit and cash flow analysis of
the most recent information available.  This analysis focused on
S&P's review of the collateral performance and took into
consideration an assessment of the risk related to a weakening of
economic fundamentals within the Russian Federation.  The review
led us to affirm S&P's ratings on the notes in both transactions.

Performance data shows that starting from Q4 2008, delinquency
levels in the transactions have increased significantly, albeit
from a low level.  As of the latest reporting period, 90+ day
delinquencies were 1.46% for Rumba and 1.26% for Dali Capital, up
from 0.31% and 0.50%, respectively, in September 2008.

The increase in shorter term (less than 90 days) arrears suggests
that there could be a further increase in severe delinquencies.
The ongoing increase in arrears is, in S&P's opinion, driven by
Russia's general economic deterioration, namely increasing
unemployment levels and pressure on wages.  It should be noted
that the mortgage loans included in the collateral pools backing
these transactions are not exposed to payment shocks as they all
have fixed interest rates and are ruble-denominated.

S&P's review, which focused on considerations of asset risk,
showed that the ratings should generally remain stable if severe
arrears do not reach double-digit levels and the economic
environment does not worsen.  The transactions remain supported by
ample excess spread levels and, in the case of Dali Capital, a
substantial deleveraging.

Both transactions feature a nonamortizing cash reserve and Dali
Capital has a liquidity facility to cover income shortfalls on
senior expenses and interest on the rated notes.  Over
collateralization provides liquidity for the Rumba transaction.

                           Ratings List

     Ratings Removed from CreditWatch Negative and Affirmed

                         Dali Capital PLC
   EUR140.9 Million and RUR864 Million Mortgage-Backed Fixed- and
     Floating-Rate Notes Series 2006-30, 2006-31, and 2006-32
      (Gazprombank Mortgage-Backed Securities Series 2006-1)

                                 Rating
                                 ------
          Class            To               From
          -----            --               ----
          B 2006-31        BB               BB/Watch Neg
          C 2006-32        B                B/Watch Neg

                            RUMBA S.A.
        RUR6.05 Billion Mortgaged-Backed Fixed-Rate Notes

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

                        Ratings Affirmed

                         Dali Capital PLC
EUR140.9 Million and RUR864 Million Mortgage-Backed Fixed- and
Floating-Rate Notes Series 2006-30, 2006-31, and 2006-32
(Gazprombank Mortgage-Backed Securities Series 2006-1)

                      Class            Rating
                      -----            ------
                      A 2006-30        BBB

                            RUMBA S.A.
        RUR6.05 Billion Mortgaged-Backed Fixed-Rate Notes

                      Class            Rating
                      -----            ------
                      A                BBB


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


IMM.RE-VALADIER: Piazza Verdi Office Building Up for Sale
---------------------------------------------------------
IMM.Re-Valadier's office building at Piazza Verdi 6/A is subject
for sale without auction.

The property has a total surface area of 15,000 square meters
including a parking area and terrace on the ninth floor.  The
building is currently leased to the Italian Antitrust Authority.
Reserve price for the property is EUR121.603.400,00.

Hearing for the bid adjudication and any bidding among bidders is
set for May 6, 2009, at 1:00 pm at the Bankruptcy Registry of the
Court of Rome in Viale Giulio Cesare 54/b.

Deadline for submission of bids is 1:00 p.m. on May 5, 2009.

For more information, contact official receiver Aldo Ruggiero or
trustee in bankruptcy Francesco Minnetti at +39 06.4807021 or see
www.auctionportal.it


PIAGGIO & C: S&P Changes Outlook to Negative; Affirms 'BB' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook to negative from stable on Piaggio & C. SpA, an Italian
manufacturer of scooters, motorcycles, and light transportation
vehicles.  At the same time, the 'BB' long-term corporate was
affirmed, as was the 'BB' rating on the senior unsecured notes
issued by financing vehicle Piaggio Finance S.A.  The recovery
rating on the notes is unchanged at '3', indicating Standard &
Poor's expectation of meaningful (50%-70%) recovery in the event
of a payment default.

"The outlook revision follows the sharp deterioration of
conditions in the group's end markets," said Standard & Poor's
credit analyst Andres Albricci.

The corporate credit rating reflects the cyclical, seasonal, and
competitive nature of the group's end markets.  Nevertheless,
Piaggio's leading positions in Europe, strong dealer network, and
increasing product and geographic diversification (including
India) are positive rating factors.

Piaggio's 2008 operating performance, in S&P's view, reflected
weakening demand in almost all markets of operation.  Total sales
fell by about 7.2% year on year, mainly owing to the scooter and
motorcycle business, while revenues from the commercial vehicles
division increased by 2.4%.

Profitability also declined in 2008.  Piaggio's reported EBITDA
decreased by about EUR37 million, to EUR189 million, leading us to
estimate an adjusted EBITDA margin (including capitalized costs)
of 9.1%, down from 10.8% in 2007.  Free operating cash flow (FOCF)
generation shrunk significantly in 2008, though remaining positive
at about EUR21 million, down from EUR77 million in 2007.  S&P
estimates that fully adjusted funds from operations to debt was
16.7% at end-December 2008.

"We believe that conditions in Piaggio's end markets will remain
tough in 2009," said Mr. Albricci.  Consequently, S&P expects the
group's key credit ratios to fall this year below levels
consistent with the current rating."

However, if S&P believed that Piaggio were able, all other things
being equal, to achieve and maintain FFO to debt of about 20%
beyond 2009, S&P would likely maintain the rating at its current
level.  Given the state of the group's end markets, S&P will
closely monitor Piaggio's operating performance in 2009.

"We could lower the rating if S&P feel that cash generation in the
first half of the year is extremely weak or if S&P see clear signs
that the recessionary phase will last beyond 2009," said Mr.
Albricci.  "A downgrade is also possible if S&P believes that
conditions in Piaggio's markets have deteriorated further than S&P
expected, significantly affecting the group's ability to generate
FOCF."

Standard & Poor's does not factor into the rating any major
shareholder distribution -- other than the one already proposed
for 2009 -- either in the form of dividends or share buybacks.
Moreover, S&P expects the group to manage its working-capital
position carefully.

S&P considers any positive rating action unlikely in the short to
medium term.


UNICREDIT SPA: 4th Qtr Income Fell 57%, May Seek Gov't Aid
----------------------------------------------------------
Alessandra Migliaccio at Bloomberg News reports UniCredit SpA's
net income in the fourth-quarter fell 57 percent to EUR505 million
from EUR1.17 billion in the same period a year earlier.

Full-year profit meanwhile fell 38 percent to EUR4 billion, in
line with the bank's new target, which had been revised down in
December from EUR5.2 billion, the report says.

The company said it may also seek as much as EUR4 billion (US$5.2
billion) in government aid joining major banks from around the
world by taking government money to further shore up finances,
Bloomberg News relates.

The report recalls Chief Executive Officer Alessandro Profumo has
slashed costs, cut jobs and cancelled the bank's cash dividend to
conserve EUR3.6 billion of capital, and raised another EUR3
billion from investors to strengthen the bank’s finances amid the
credit crunch.

Separately, Oliver Suess at Bloomberg News reports UniCredit's
German banking unit,
HVB Group, incurred a loss of EUR671 million (US$874 million) last
year from a profit of EUR2.05 billion a year earlier because of
writedowns on investments and higher provisions for risky loans.

Based in Milan, Italy, UniCredit SpA (BIT:UCG) --
http://www.unicreditgroup.eu/--  is a holding company of an
Italian banking group.  The Group is divided into eight divisions:
Asset Management, Retail, Central Eastern Europe, Poland’s
Markets, Corporate, Markets and Investment Banking, Private
Banking and Household Banking.  Through its network of companies,
the Group provides a range of products and services that include
traditional banking products, bancassurance, loans, leasing and
investment products, which it offers to individuals and
households, as well as professionals, small and medium companies
and corporations.  The Group owns local banks in a number of
central-eastern European countries (CEECs), including Poland,
Bulgaria, Croatia, Turkey, Slovakia, Romania and the Czech
Republic.  Unicredit SpA is also present through offices and
representatives worldwide in Europe, Asia and the United States.
In the fiscal year ended December 31, 2007, UniCredit acquired
Capitalia Group.


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


ABS CITY: Creditors Must File Claims by April 24
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP ABS City insolvent.

Creditors have until April 24, 2009, to submit written proofs of
claim to:

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


AGRO SERVICE: Creditors Must File Claims by April 24
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agro Service Company insolvent.

Creditors have until April 24, 2009, to submit written proofs of
claim to:

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


ALLIANCE KAIRAT: Creditors Must File Claims by April 24
-------------------------------------------------------
LLP Alliance Kairat has declared insolvency.  Creditors have until
April 24, 2009, to submit written proofs of claim to:

         Euroasia Ave. 40-53
         Uralsk
         West Kazakhstan
         Kazakhstan


HULET PAKARD: Creditors Must File Claims by April 24
----------------------------------------------------
LLP Branch of Hulet Pakard International Trade BV has declared
insolvency.  Creditors have until April 24, 2009, to submit
written proofs of claim to:

         Abylai Han Ave. 135
         Almaty
         Kazakhstan
         Tel: 8 (7272) 55-35-50


IZUMRUD GK: Creditors Must File Claims by April 24
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Izumrud GK insolvent.

Creditors have until April 24, 2009, to submit written proofs of
claim to:

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


KFH RADUGA: Creditors Must File Claims by April 24
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP KFH Raduga insolvent.

Creditors have until April 24, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


MEDICAL INTERNATIONAL: Creditors Must File Claims by April 24
-------------------------------------------------------------
LLP Medical International Group has declared insolvency.
Creditors have until April 24, 2009, to submit written proofs of
claim to:

         Dostyk Ave. 48a
         Almaty
         Kazakhstan


TATULYK LLP: Creditors Must File Claims by April 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Tatulyk insolvent.

Creditors have until April 24, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of former kindergarten 51
         Micro district 27
         Aktau
         Mangistau
         Kazakhstan


TECHNO BLOCK: Creditors Must File Claims by April 24
----------------------------------------------------
LLP Techno Block has declared insolvency.  Creditors have until
April 24, 2009, to submit written proofs of claim to:

         Pisarev Str. 23
         Shymkent
         South Kazakhstan
         Kazakhstan


ZAKON MART: Creditors Must File Claims by April 24
--------------------------------------------------
LLP Zakon Mart Ltd. has declared insolvency.  Creditors have until
April 24, 2009, to submit written proofs of claim to:

         Kasteyev Str. 18
         Almaty
         Kazakhstan


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


HAKIKAT CJSC: Creditors Must File Claims by April 3
---------------------------------------------------
Creditors of Joint Kyrgyz-Kazakh CJSC Hakikat (INN 00503199710056)
have until April 3, 2009, to submit proofs of claim to:

         Orozbekov St. 176
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 67-27-24


NAMANGAN VINO: Creditors Must File Claims by April 3
----------------------------------------------------
Creditors of Branch of OJSC Namangan Vino have until April 3,
2009, to submit proofs of claim to:

         Zapadnaya St. 13
         Novopokrovka
         Chui
         Kyrgyzstan
         Tel: (+996 312) 60-94-77


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


ARCELORMITTAL: Mulls Closing Two Coal Mines in Russia
-----------------------------------------------------
Maria Kolesnikova at Bloomberg News reports a union said
ArcelorMittal plans to close two of three Russian coal mines it
bought last year from competitor OAO Severstal for US$720 million.

Yuri Kaufman, chief of the Federation of Kuzbass Trade Unions,
said in a statement obtained by Bloomberg News that managers
advised labor groups on March 2 of the plan to shut the
Pervomayskaya and Anzherskoye mines.

Luxembourg-based ArcelorMittal (NYSE:MT) --
http://www.arcelormittal.com/-- has steel-making operations in 20
countries on four continents, including 66 integrated, mini-mill
and integrated mini-mill steel-making facilities.  ArcelorMittal
operates its business in six operating segments: Flat Carbon
Americas; Flat Carbon Europe; Long Carbon Americas and Europe;
Asia, Africa and Commonwealth of Independent States (CIS) (AACIS);
Stainless Steel; and Arcelor Mittal Steel Solutions and Services.
ArcelorMittal's steel-making operations have a high degree of
geographic diversification.  Approximately 36% of its steel is
produced in the Americas, approximately 49% is produced in Europe
and approximately 15% is produced in other countries, such as
Kazakhstan, South Africa and Ukraine.  ArcelorMittal produces a
range of finished, semi-finished carbon steel products and
stainless steel products.


BERNARD L. MADOFF: Luxembourg Minister Calls for Amicable Solution
------------------------------------------------------------------
Tom Cahill at Bloomberg News reports Luxembourg Treasury Minister
Luc Frieden said he is pushing for out-of-court settlements to
resolve "dozens" of lawsuits related to banks and investment
funds' exposure to Bernard L. Madoff's Ponzi scheme.

Minister Frieden, as cited by the report, said he was meeting with
different sides to encourage them to settle their differences
outside of courtrooms, and appealed to their sense of
responsibility.

"I urge an extra-judicial settlement in these cases," the report
quoted Minister Frieden as saying.

According to the report, a total of 17 Luxembourg funds were
forced to suspend redemptions after investing directly or
indirectly with Mr. Madoff's firm and at least 15 suits related to
the fraud have been filed in the country by investors seeking to
force redemptions or obtain documents for use in future claims.

                     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.


KAUPTHING BANK: Luxembourg Seeks Review of Restructuring Plan
-------------------------------------------------------------
Hans Peters at Reuters reports that the Luxembourg government will
ask banks and a Middle Eastern investor group to review the terms
of a restructuring plan for Kaupthing Luxembourg S.A.

"We will ask the banks, but also the investors group to review the
terms of the agreement.  Maybe they can offer a little bit more
that can satisfy the banks.  But the Luxembourg government will
not do more than it has stated so far," Luxembourg Treasury
Minister Luc Frieden told the Reuters Funds Summit.

The Troubled Company Reporter-Europe, citing Reuters, reported on
March 18, 2009, that Kaupthing Luxembourg's interbank creditors
rejected the plan.

Reuters says the planned restructuring needs to be cleared by
April 8, the date on which a court would order the liquidation of
the bank.

                        Restructuring Plan

As reported in the Troubled Company Reporter-Europe on March 12,
2009, Reuters, citing a restructuring plan drawn up by
administrators, said Kaupthing Luxembourg will shed certain assets
and loans before being taken over.

Luxembourg's official journal said the Luxembourg unit, set to be
bought by a group of Middle Eastern investors, will split into two
entities, Reuters disclosed.

According to Reuters, under the restructuring plan, the first, New
Bank, will carry on the banking activities, retain the staff and
hold at least EUR350 million in cash, while the other, the
Securitisation Company, will pool private banking and corporate
loans, claims related to litigation and certain receivables.

The plan is subject to the vote of certain creditors and court
approval, Reuters noted.

                         Takeover Deal

Citing Reuters' Michele Sinner and Dale Hudson, the Troubled
Company Reporter-Europe reported on Dec. 26, 2008, that
Luxembourg's budget minister Luc Frieden signed a declaration of
intent for the sale of Kaupthing's Luxembourg unit to a group of
investors from Arab countries.

Reuters stated according to the Luxembourg government, the
agreement needs acceptance from the Belgian state and creditor
banks.  The government said that together with Belgium and the
creditor banks, it would provide credit to Kaupthing Luxembourg,
enabling the unit to keep functioning and reimburse depositors.

Belgian accounts are held by the Luxembourg unit of Kaupthing and
their money was frozen in November by Luxembourg's financial
regulator after the Icelandic parent company was taken over by the
Icelandic state, Reuters recalled.

Potential buyers for the Belgian customers included online lender
Keytrade Bank, German bank Landesbank Nord and the Libyan
Investment Autority fund, Reuters disclosed citing Luxembourg
daily Tageblatt.

                     Depositor Compensation

Reuters relates Mr. Frieden, however, said it was premature to
discuss compensation for depositors, which have provisionally been
offered guarantees up to EUR20,000 per person.

"For the time being we don't have to answer that question.  For
now we are looking at a solution whereby the bank survives.  If
the bank survives, the clients retain all their money," Reuters
quoted Mr. Frieden as saying.  "If we would go up to 100,000 euros
per person, which we have not yet decided, almost all the clients
would receive their money."

                      About Kaupthing Bank

Headquartered in Reykjavik, Iceland, Kaupthing Bank hf. --
http://www.kaupthing.com-- is engaged in the provision of
financial services, such as private banking, asset management,
pension services, brokerage services, investment banking, as well
as corporate and retail banking.  The Bank's offer is targeted at
companies, institutional investors and individuals.  The Bank is
operational in thirteen countries, including Luxembourg,
Switzerland, the Nordic countries, the United Kingdom and the
United States.  The main subsidiaries include Kaupthing Singer &
Friedlander and FIH Erhvervsbank.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.

Citing a court filing by Olafur Gardarsson, Reuters disclosed
Kaupthing has about US$14.8 billion of principal assets, including
US$222 million located in the United States, and US$26
billion of principal indebtedness.


=============
R O M A N I A
=============


BANCA COMERCIALA: Standard & Poor's Affirms 'BB+/Negative' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'A' long-
term and 'A-1' short-term counterparty credit ratings on Austria-
based Erste Group Bank AG.  The outlook is negative.

S&P also affirmed the ratings on Erste Bank's subsidiaries,
Romania-based Banca Comerciala Romana (BB+/Negative/--), Czech
Republic-based Ceska Sporitelna a.s. (A/Negative/A-1), and the
Slovak Republic's Slovenska Sporitelna (Unsolicited public
information rating 'A-pi'), despite pressure on their stand-alone
credit profiles.

"The rating affirmation reflects our view of Erste Bank as a
highly systemically important institution to Austria and the
funding and EUR1.9 billion non-voting capital support Erste Bank
will receive from the Austrian government," said Standard & Poor's
credit analyst Markus Schmaus.  "We believe that the government
would continue to provide support to Erste Bank in case of need."

Consequently, S&P now considers Erste Bank a government-related
entity, according to S&P's definition of entities that are
potentially affected by government intervention during periods of
stress.

Although S&P considers government support temporary, it largely
mitigates S&P's more cautious view on the future development of
Erste Bank's stand-alone credit profile in light of the pressure
S&P expects on the bank's earnings from increasing credit risk,
particularly in Central and Eastern Europe.  Therefore, the long-
term ratings on Erste Bank now include two notches of support
above S&P's assessment of the bank's prospective stand-alone
credit strength.

The affirmations also reflect increasing macroeconomic risks from
the global recession, which might materially affect the financial
profile and business prospects of Erste Bank's major operations in
the CEE region as well as in its home country.  Specifically, the
large operations in Romania and Hungary may put pressure on Erste
Bank if the operating environment were to deteriorate further.

Erste Bank's capitalization has been the primary negative rating
factor over the past few years.  By the intended issuance of
EUR2.7 billion in participation capital, up to EUR1.9 billion of
which will be subscribed by the Austrian government, S&P expects
its Tier 1 ratio to increase to about 10% from 7.2% as of Dec. 31,
2008.

S&P believes the announced transaction will be executed in the
second quarter of 2009.  The current capital measures, however,
might not be sufficient to absorb rising risk costs if credit
quality were to deteriorate more than S&P currently anticipate.
In addition to the issuance of new capital, the Republic of
Austria (AAA/Stable/A-1+) is providing Erste Bank with the option
to issue up to EUR6 billion in guaranteed debt, of which
EUR2.5 billion (rated 'AAA') has been issued to date.

The ratings on Erste Bank are based on the group's prominent
market position in Austria and relatively mature CEE countries
such as Slovakia and the Czech Republic.

"The outlook is negative because of our view that Erste Bank will
face a challenging operating environment in its key markets, which
might lead to rising credit losses that could materially weaken
its financial profile if the recession turns out to be deeper and
longer than S&P currently anticipate," said Mr. Schmaus.  "It also
reflects uncertainties about Erste Bank's medium-term prospects to
maintain the current ratings on a stand-alone basis by the time
government support, which S&P considers temporary, is phased out."

S&P would consider a downgrade, in particular, if S&P considered
the government less willing to provide support, or if losses
appear likely to erode the bank's capital base or impair its
business model, notwithstanding S&P's expectation of the
likelihood of further support.  In this event, external support
may not, in S&P's view, be sufficient to continue to justify the
current ratings.

S&P currently considers an upgrade unlikely, due to the weak
outlook for the Austrian and Eastern European economies.


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


CHULBONSKIY ORE: Buryatia Bankruptcy Hearing Set May 13
-------------------------------------------------------
The Arbitration Court of Buryatia will convene at 2:15 p.m. on
May 13, 2009, to hear bankruptcy supervision procedure on LLC
Chulbonskiy Ore-Dressing and Processing Enterprise (TIN
0317004188, PSRN 1020300794920).  The case is docketed under
Case No. A10–4147/08.

The Temporary Insolvency Manager is:

         S. Narygin
         Solnechnaya St. 7a/300
         670031 Ulan-Ude
         Buryatia
         Russia
         Tel: 8-(3012) 23-34-07

The Debtor can be reached at:

         LLC Chulbonskiy Ore-Dressing and
         Processing Enterprise
         Kooperativnaya St. 57
         Nizhneangarsk
         Severobaykalskiy
         Buryatia
         Russia


EPROM LLC: Creditors Must File Claims by April 5
------------------------------------------------
Creditors of LLC Eprom (Furniture Factory) have until April 5,
2009, to submit proofs of claims to:

         A. Ivannikov
         Insolvency Manager
         Ploshchad' Oktyabrskaya 1
         603005 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43–357/2009,–33–8.

The Debtor can be reached at:

         LLC Eprom
         Cherepichny
         Nizhny Novgorod
         Russia


EVRO-LUKS LLC: Creditors Must File Claims by May 6
--------------------------------------------------
Creditors of LLC Evro-Luks (Cargo Transportation) have until
May 6, 2009, to submit proofs of claims to:

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

The Arbitration Court of Tambovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A64–3214/08–18.

The Debtor can be reached at:

         LLC Evro-Luks
         Apt. 4
         Polyarnaya St. 22
         Moscow
         Russia


FORD MOTOR: Says Sales in Russia May Drop 50%
---------------------------------------------
Paul Abelsky and Maria Ermakova at Bloomberg News report Ford
Motor Co. cut its industry forecast for Russia, saying sales may
plummet as much as 50 percent this year.

"All the indications are that even now demand is continuing to
soften," Nigel Brackenbury, Ford's managing director for Russia,
told Bloomberg News in a telephone interview from Moscow.  "There
is substantial inventory in the market place that was built in
2008."

Mr. Brackenbury, as cited by the news agency, said his internal
forecast last month was for registrations to fall by a third,
however, deteriorating market conditions, such as slowing sales,
fewer visits to dealers and a lower volume of phone calls,
convinced him to cut his estimate.

Ford stopped production at its St. Petersburg plant for one month
from mid-December to mid-January, the report recalls.

According to Bloomberg News, Russian car sales in the first two
months of 2009 dropped 36 percent to 252,314 vehicles as the ruble
depreciated and interest rates rose.  Russia’s Economy Ministry
predicts the economy will contract 2.2 percent in 2009, the report
says.

As reported in the Troubled Company Reporter on March 17, 2009,
Christoph Rauwald at The Wall Street Journal reported that Ford's
European division is cutting production capacity due to weakening
demand.

WSJ said the cuts will mainly affect Ford's operations in:

      -- Spain, wherein Ford's Valencia plant will move to two
         shifts from three on May 1;

      -- Germany, wherein the Saarlouis factory will stick to
         shorter working hours.  Ford chose Saarlouis as the lead
         plant for all derivatives of the next-generation Focus.
         Ford will end the production of the Kuga and C-MAX
         models at the facility and won't replace them with other
         models; and

      -- Rome, wherein the engine plant in Cologne will share the
         production of a new, small-displacement EcoBoost
         gasoline engine with the Craiova manufacturing facility.

Ford of Europe CEO John Fleming said in a statement, "We will do
whatever it takes to ensure the continuing viability of our
business, and further actions can be expected."  According to WSJ,
Ford Motor could take more steps to lower costs and foster
profitability.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported by the Troubled Company Reporter on March 6, 2009,
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Ford Motor Co. to 'CC' from 'CCC+'.  S&P also
lowered the issue-level ratings on the company's senior secured
term loan, senior unsecured debt, and subordinated debt, while
leaving the issue-level rating on Ford's senior secured revolving
credit facility unchanged.  In addition, the counterparty credit
ratings and issue-level ratings on Ford Motor Credit Co. (Ford
Credit) and FCE Bank PLC remain unchanged.  The outlooks on Ford
and Ford Credit are negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


KATRAN LLC: Creditors Must File Claims by May 6
-----------------------------------------------
Creditors of LLC Katran (TIN 1203003351) (Electrical Equipment)
have until May 6, 2009, to submit proofs of claims to:

         E. Yeremeyev
         Insolvency Manager
         Office 13
         Betankura St. 2
         603086 Nizhny Novgorod
         Russia
         Tel: (831) 220-82-89
              (831) 220-82-90

The Arbitration Court of Mari El commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A38–2043/2008.

The Debtor can be reached at:

         LLC Katran
         Komsomolskaya St.8
         Zvenogovo
         Mari El
         Russia


LESOZAVOD LLC: Creditors Must File Claims by May 6
--------------------------------------------------
Creditors of LLC Lesozavod (TIN 5916016424, PSRN 1065916003295)
(Timber Mill) have until May 6, 2009, to submit proofs of claims
to:

         V. Popov
         Insolvency Manager
         Post User Box 719
         614025 Perm
         Russia
         Tel: (342) 268–05-56.

The Arbitration Court of Permskiy will convene on Aug. 14, 2009,
to hear bankruptcy proceedings.  The case is docketed under Case
No. A50–10044/2008-B7.

The Debtor can be reached at:

         LLC Lesozavod
         Sosnovaya gorka St. 12
         617060 Krasnokamsk
         Russia


NADYM-SPETS-TRANS-STROY LLC: Creditors Must File Claims by May 6
----------------------------------------------------------------
Creditors of LLC Nadym-Spets-Trans-Stroy (TIN 8903021380)
(Construction) have until May 6, 2009, to submit proofs of claims
to:

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

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A81–2679/2008.

The Debtor can be reached at:

         LLC Nadym-Spets-Trans-Stroy
         Panel C
         Airport
         Nadym
         629730 Yamalo-Nenetskiy
         Russia


NIZHNEKAMSKNEFTEKHIM OAO: Fitch Downgrades Long-Term IDR to 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded Tatarstan-based chemical producer OAO
Nizhnekamskneftekhim's Long-term Issuer Default Rating to 'B' from
'B+'; The senior unsecured rating of its US$200 million loan
participation notes was also downgraded to 'B' from 'B+' and the
National Long-term Rating to 'BBB-' (BBB minus)(rus)' from
'A(rus)'.  All three ratings have been placed on Rating Watch
Negative.  The Short-term IDR was affirmed at 'B'.  The Recovery
Rating on the notes is 'RR4'.

The rating actions reflect the fact that NKNK is confronting a
severe downturn in the chemical sector with weaker credit metrics
than previously anticipated by Fitch.  The agency expects the
company's operating performance and credit profile to be
materially impacted by a sharp fall in key chemical end-markets
(construction, automotive, industrials etc.) in FY09, which in
turn could pose liquidity challenges in the near term.

Fitch forecasts FY08 EBITDA margin to have fallen below FY07 and
FY06 levels (11.6% and 11.9% respectively), due to cost inflation
in Russia in 9M08, severe contraction in demand/prices and
significant customer de-stocking in Q408.  The agency had
previously expected EBITDA margin to increase year-on-year as a
result of an improved portfolio mix and cost efficiencies realized
through NKNK's 2006-2010 investment program.  Fitch also estimates
that net debt/EBITDA has risen above 2.0x in FY08 from 1.9x in
FY07, compared to previous forecast of de-leveraging below 1.5x.
Capacity utilization rates appear to have recovered in early FY09
as NKNK benefits from a weak RUB and captures demand previously
met by imports.  However, Fitch expects significantly lower
selling prices year-on-year and the slump in the group's export
markets to translate into a material deterioration in operating
earnings and credit metrics in FY09.

Lower raw material costs and substantially lower investment levels
should partly offset the weaker operating cash flow generation in
FY09.  Nevertheless, Fitch has concerns about the company's debt
repayment capacity over the next 12 months and about its ability
to maintain leverage below the covenanted levels in its various
debt facilities.

Fitch will closely monitor the company's operational and financial
performance, liquidity and debt repayment capacity.  It expects to
resolve the RWN once it has discussed with management the
company's strategy and forecasts.


PRAGMA LLC: Chita Bankruptcy Hearing Set May 20
-----------------------------------------------
The Arbitration Court of Chitinskaya will convene at 2:30 p.m. on
May 20, 2009, to hear bankruptcy supervision procedure on LLC
Pragma (TIN 7528004408, PSRN 1027500988020) (Fabricated Metal
Products).  The case is docketed under Case No. A78–3071/2008.

The Temporary Insolvency Manager is:

         S. Karpova
         Post User Box 734
         Central Postal Office
         672000 Chita
         Russia

The Debtor can be reached at:

         LLC Pragma
         1-ya Promyshlennaya zona St. 8
         673450 Baley
         Russia


REINFORCED CONCRETE: Kemerovskaya Bankruptcy Hearing Set June 22
----------------------------------------------------------------
The Arbitration Court of Kemerovskaya will convene on June 22,
2009, to hear bankruptcy supervision procedure on LLC Reinforced
Concrete Structures Plant.  The case is docketed under Case No.
A27–523/2009,–4.

The Temporary Insolvency Manager is:

         M. Kuznetsov
         Post User Box 2202
         Novokuznetsk
         654011 Kemerovskaya
         Russia

The Debtor can be reached at:

         LLC Reinforced Concrete Structures Plant
         Proektnaya St. 1
         Prokopyevsk
         Kemerovskaya
         Russia


SESTANTE FINANCE: Fitch Cuts Ratings on Six Tranches to Low-B
-------------------------------------------------------------
Fitch Ratings has downgraded eight tranches from three Sestante
Finance series Italian RMBS transactions.  The downgrades were to
the class C1 and C2 notes of Sestante Finance 2 S.r.l., and to the
class B, C1 and C2 notes of Sestante Finance 3 S.r.l. and Sestante
Finance 4 S.r.l. transactions.  All other tranches have been
affirmed as have all classes from Sestante Finance S.r.l.

The downgrades are a result of the continued deterioration in the
performance of the underlying pools.  Loans in arrears by more
than three months have increased to 3.62%, 3.39% and 4.11% for
Sestante 2, 3 and 4, respectively in December 2008 from; 3.27%,
3.10% and 3.44% in September 2008.

Defaulted loans, defined as loans in arrears by more than 12
months, have also increased in all four transactions.  In common
with most Italian RMBS transactions the Sestante series use a
provisioning mechanism to write off defaulted loans using
available revenue funds.  Sestante 2, 3 and 4 have seen
significant increases in cumulative defaults to 2.52%, 1.82% and
2.50% respectively as of the latest payment date in December 2008.
The rising levels of defaulted loans have resulted in the reserve
funds being drawn for Sestante 2, 3 and 4 as there has not been
sufficient excess spread to write off the volume of defaulted
loans.  Fitch expects to see further draws from all three
transactions as the pipeline of loans in arrears is high and, to
date, the roll-rate of loans more then nine months in arrears to
default has been high.

It is important to note that the Class C2 notes in Sestante 2, 3
and 4 are paid principal and interest senior to the reserve fund
in the revenue waterfall.  These notes are subject to an
amortization schedule and will continue to receive scheduled
principal payments unless the reserve fund is fully depleted.  The
downgrades on these notes reflect the agency's expectation that
the reserve funds in these transactions will continue to be under
stress on upcoming payment dates.

In comparison Sestante 1 is also seeing performance deteriorate,
although to a lesser extent.  The transaction is also more
seasoned and has therefore seen a more substantial increase in
credit enhancement that helps provide protection to noteholders.
The reserve fund is above its target level, due to a performance
trigger where, if the annualized prepayment rate exceeds 8%, the
structure will trap excess spread in its cash reserve fund.
However, it has drawn on its reserve fund by EUR611,400 in the
last quarter taking it down to EUR21.6 million from EUR22.2
million.  The increased credit enhancement levels, along with
limited drawings on the reserve fund, have resulted in sufficient
credit support for Sestante 1's performance, leading to the
affirmation.

Rating actions are:

Sestante Finance S.r.l:

  -- Class A1 (ISIN IT0003604789): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN IT0003604813): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN IT0003604839): affirmed at 'A+'; Outlook
     revised to Stable from Positive

  -- Class C (ISIN IT0003604854): affirmed at 'BBB+'; Outlook
     revised to Stable from Positive

Sestante Finance 2 S.r.l:

  -- Class A (ISIN IT0003760136): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN IT0003760193): affirmed at 'A+'; Outlook
     revised to Negative from Stable

  -- Class C1 (ISIN IT0003760227): downgraded to 'BB+' from 'BBB';
     Outlook Negative

  -- Class C2 (ISIN IT0003760243): downgraded to 'BB+' from 'BBB';
     Outlook revised to Negative from Stable

Sestante Finance S.r.l - 3:

  -- Class A (ISIN IT0003937452): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN IT0003937486): downgraded to 'A+' from 'AA-'
      (AA minus); Outlook revised to Negative from Stable

  -- Class C1 (ISIN IT0003937510): downgraded to 'BB' from 'BBB+';
     Outlook Negative

  -- Class C2 (ISIN IT0003937569): downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

Sestante Finance S.r.l - 4:

  -- Class A1 (ISIN IT0004158124): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN IT0004158157): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN IT0004158165): downgraded to 'A' from 'AA-' (AA
     minus); Outlook Negative

  -- Class C1 (ISIN IT0004158249): downgraded to 'BB-' (BB minus)
     from 'BBB+'; Outlook Negative

  -- Class C2 (ISIN IT0004158264): downgraded to 'BB-' (BB minus)
     from 'BBB'; Outlook revised to Negative from Stable


SEVER-STROY-KOMPLEKS LLC: Court Names Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Omskaya appointed I. Katyrov as
Insolvency Manager for LLC Sever-Stroy-Kompleks (TIN 5507052622)
(Construction).  The case is docketed under Case No. A46–
16440/2008.  He can be reached at:

         Prospect K.Marksa 4/237
         644024 Omsk
         Russia
         Tel: 310–527

The Debtor can be reached at:

         LLC Sever-Stroy-Kompleks
         Semirechenskaya St. 130
         Omsk
         Russia


STEKLO-MASH-52 LLC: Creditors Must File Claims by May 6
-------------------------------------------------------
Creditors of LLC Steklo-Mash-52 (Glass-Manufacturing Plant) have
until May 6, 2009, to submit proofs of claims to:

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

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41–10488/08.

The Debtor can be reached at:

         LLC Steklo-Mash-52
         Moiseyenko St. 11
         Orekhovo-Zuyevo
         Moskovskaya
         Russia


UC RUSAL: May Pay Foreign Lenders With Shares, Minister Says
------------------------------------------------------------
Despite being on a list of more than 300 "strategic" companies
that Russia considers vital to the economy, United Co. Rusal won't
be bailed out by the government, Bloomberg News reports citing
First Deputy Prime Minister Igor Shuvalov.  Rusal is currently
burdened by huge loans to both domestic and international lenders.

According to the report, Mr. Shuvalov said he's held "unofficial"
talks with  Rusal's creditors to make clear that the government
isn't considering buying a stake in the company or restructuring
the company's debt.

However, Mr. Shuvalov, as cited by the report, said the government
may allow Rusal to pay foreign creditors in shares.

"The current process says foreign shareholders will need to apply
for approval from the government, and we will consider such
requests immediately," the report quoted
Mr. Shuvalov as saying.

                    2-Month Debt Reprieve

As reported in the Troubled Company Reporter-Europe on March 10,
2009, RUSAL said it has signed a standstill agreement in relation
to the restructuring of its debt to the international lending
banks.  The standstill will be effective for a period of two
months with the possibility of extension for a further month and
will provide RUSAL with additional liquidity.

The standstill agreement covers more than 30 transactions,
including syndicated and bi-lateral loan agreements, bank
guarantees and letters of credit, which involve more than 70
banks, according to the statement.

The agreement obtained support from majority of RUSAL's
international lending banks and Russian lenders as well, the
company's statement said.

At present, RUSAL's debt is US$14 billion, including US$7.4
billion owed to its international banks.

Credit Suisse Group, BNP Paribas SA, Merrill Lynch & Co., ABN Amro
Holding NV, Citigroup Inc., Natixis, Commerzbank AG, ING Groep NV
and Calyon are among Rusal’s creditors, according to data compiled
by Bloomberg.

In December 2008, RUSAL initiated a dialogue with its
international lending banks who formed a coordinating committee to
continue discussions with the Company and its advisers about
potential amendments of the Company's credit facilities in view of
the situation in the aluminum market.

The agreement follows RUSAL's recent comprehensive program
designed to reduce costs, optimize the production process, cut
production costs and increase the overall efficiency of the
business.

"We are pleased that our lenders have endorsed our pro-active
steps to address the exceptional trading conditions and the
current global economic crisis.  The agreement highlights the
long-term support that exists for RUSAL amongst the international
banks and the Russian financial community and demonstrates the
constructive nature of the ongoing negotiations between RUSAL and
its lenders," said Oleg Deripaska, the CEO of RUSAL.

                       About UC RUSAL

Headquartered in Moscow, Russia, United Company RUSAL --
http://www.rusal.com/-- is an aluminum producer.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


* S&P Cuts LT Issuer Rating on Balashikha City District to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term issuer credit and Russia national scale ratings on
Balashikha City District to 'B-/ruBBB-' from 'B/ruA-' and placed
them on CreditWatch with negative implications.  At the same time,
S&P withdrew the senior unsecured debt ratings because the city
district did not issue the debt.  Balashikha city district is
located in Moscow Oblast in the Russian Federation (foreign
currency BBB/Negative/A-3; local currency BBB+/Negative/A-2;
Russia national scale 'ruAAA').

"The downgrade reflects higher risks posed by the city district's
weak liquidity in Russia's currently fragile credit environment
and its lower prioritization of debt repayment," said Standard &
Poor's credit analyst Karen Vartapetov.

The CreditWatch placement reflects Balashikha's higher-than-
initially-expected risks of not meeting the deadline for bank loan
repayments due by March 31, 2009.  Uncertainties in completing all
necessary formal procedures for the loan extension on time and a
lack of alternative options are the main reasons for the possible
delay.

Balashikha's management is currently negotiating with a branch of
a government-owned bank in Moscow Oblast to extend the loan.  S&P
understands that an informal agreement has been reached, and S&P
believes the term of the loan will likely be extended.  However,
the formal application procedure (which implies the preparation of
the necessary documentation required by the bank) has yet to be
completed, highlighting S&P's concerns about the accuracy and
timeliness of Balashikha's efforts to settle the payment.

S&P's concern is deepened by the absence of an alternative debt
refinancing scheme, as the city district has no other credit lines
available.  S&P also factors in the city district's credit
culture, with debt repayments often not considered as a priority,
as well as its lack of preparation for this debt repayment, which
has made the city district highly dependent on a state bank.

As of March 12, 2009, the city district had slightly more than
Russian ruble 100 million ($2.8 million) in cash reserves, most of
which were earmarked grants from Moscow Oblast.

S&P will resolve the negative CreditWatch placement, which
indicates that the ratings could be further lowed in the near
future, when the debt payment deadline passes.

S&P could lower the ratings and leave them on CreditWatch with
negative implications, if the city does not provide the bank with
the full set of documents needed for the timely extension of the
loan agreement and/or present an alternative debt repayment
schedule well before the loan repayment is due.

If the city district misses the payment deadline, S&P could lower
the rating to 'SD'.

"Even if the city district settles the payment on time, S&P will
be able to resolve the CreditWatch placement only after S&P
obtains more visibility on the 2009 adjusted budget and on
management's policies, cash, and borrowing plans (given the
expected sharp decline in revenues)," said Mr. Vartapetov.


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


MADRID RMBS: Fitch Junks Ratings on Six Tranches
------------------------------------------------
Fitch Ratings has downgraded 18 tranches and affirmed two tranches
of the Madrid RMBS I, II and III transactions following a
performance review.  The collateral was originated by Caja de
Ahorros y Monte de Piedad de Madrid.  The rating actions are:

Madrid RMBS I

  -- Class A1 (ISIN ES0359091008): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN ES0359091016): downgraded to 'AA' from 'AAA';
     Outlook changed to Negative from Stable

  -- Class B (ISIN ES0359091024): downgraded to 'A+' from 'AA';
     Outlook changed to Negative from Stable

  -- Class C (ISIN ES0359091032): downgraded to 'BB+' from 'A';
     Outlook changed to Negative from Stable

  -- Class D (ISIN ES0359091040): downgraded to 'CCC' from 'BBB';
     assigned a 'RR3' Recovery Rating

  -- Class E (ISIN ES0359091057): downgraded to 'CC' from 'BB';
     assigned a 'RR6' Recovery Rating

Madrid RMBS II

  -- Class A1 (ISIN ES0359092006): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN ES0359092014): downgraded to 'AA-' (AA minus)
     from 'AAA'; Outlook changed to Negative from Stable

  -- Class A3 (ISIN ES0359092022): downgraded to 'AA-' (AA minus)
     from 'AAA'; Outlook changed to Negative from Stable

  -- Class B (ISIN ES0359092030): downgraded to 'A-' (A minus)
     from 'AA'; Outlook changed to Negative from Stable

  -- Class C (ISIN ES0359092048): downgraded to 'BB' from 'A-' (A
     minus); Outlook Negative

  -- Class D (ISIN ES0359092055): downgraded to 'CCC' from 'BBB-'
      (BBB minus); assigned a 'RR4' Recovery Rating

  -- Class E (ISIN ES0359092063) downgraded to 'CC' from 'BB-' (BB
     minus); assigned a 'RR6' Recovery Rating

Madrid RMBS III

  -- Class A1 (ISIN ES0359093004): downgraded to 'AA-' (AA minus)
     from 'AAA'; Outlook changed to Negative from Stable

  -- Class A2 (ISIN ES0359093012): downgraded to 'A+' from 'AAA';
     Outlook changed to Negative from Stable

  -- Class A3 (ISIN ES0359093020): downgraded to 'A+' from 'AAA';
     Outlook changed to Negative from Stable

  -- Class B (ISIN ES0359093038): downgraded to 'BBB' from 'AA';
     Outlook changed to Negative from Stable

  -- Class C (ISIN ES0359093046): downgraded to 'B' from 'A';
     Outlook Negative.

  -- Class D (ISIN ES0359093053): downgraded to 'CCC' from 'BBB-'
      (BBB minus); assigned a 'RR5' Recovery Rating.

  -- Class E (ISIN ES0 ES0359093061) downgraded to 'CC' from 'BB-'
     (BB minus); assigned a 'RR6' Recovery Rating

The downgrades of all but two tranches of the three transactions
reflect the poor performance of the underlying pools to date.  The
three transactions have seen defaults well above the agency's
initial expectations and given the high LTV nature of the loans in
the pools, combined with the deteriorating housing market in
Spain, the agency expects the level of recoveries to be much lower
than in recent years.

The transactions all use a provisioning mechanism whereby loans
that are more than six months in arrears are defined as defaulted
and written off using available excess spread.  The volume of
defaults to date has been greater than the available excess
revenue, resulting in the reserve funds of all three transactions
being fully utilized.  This has caused the credit enhancement
levels to decline below the levels at closing for all three
tranches.  To date cumulative defaults, net of recoveries, are
equal to 5.94%, 7.08% and 6.71% of the initial collateral balance
of Madrid I, II, and III respectively.

The provisioning mechanism is designed to avoid the cost of carry
associated with defaulted loans, and in particular the lengthy
foreclosure process in Spain.  However, the full depletion of the
reserve funds means the transactions are no longer able to write-
off the full value of new defaults.  This will mean that for new
defaults the transactions will incur a cost of carry until these
loans exit the pool, or enough revenue funds become available to
fully write off the value of such loans.  Fitch calculates that as
of the last interest payment date 38%, 3% and 14% of the new
defaults were written off in Madrid RMBS I, II and III,
respectively

Due to the increasing volume of loans currently in arrears by less
than six months, Fitch expects that the level of defaults in each
transaction will not see any reduction this year.  A continuation
of high default levels is also likely to lead to the interest
deferral triggers being breached on each transaction.  This will
place interest on the deferred notes junior to the payment of
principal in the waterfall, and given the current level of
revenue, this will not be paid.  The downgrades of the class D and
E notes of each transaction reflect this risk, and also the
agency's expectation that these tranches may not receive their
entire principal and interest, reflected in the 'CCC'/'CC' ratings
and the Recovery Ratings assigned to these notes.

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 25% 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 current low level of interest rates is likely to be helping
some of the distressed borrowers in the pools.  In addition,
because interest rates are unlikely to increase in the near term,
this is likely to help to limit defaults driven by affordability
pressures.  The agency notes that the servicer is expanding the
size of its servicing and loss mitigation teams and is taking an
active approach in helping distressed borrowers to avoid default.
This should also help to limit the level of defaults, however, the
agency believes that in a recessionary environment there is a
limit to how successful such strategies can be.

The pools comprise loans with a very high weighted average
original loan to value, ranging from 98% (Madrid RMBS I) to 94.3%
(Madrid RMBS III).  As part of its analysis, Fitch identified that
the higher OLTV loans and loans originated in later vintages are
those seeing the highest level of arrears and defaults.  Given the
strong franchise of the originator in Madrid, more than half of
the collateral of the deals is located in this city, and therefore
the majority of defaulted loans are from Madrid.

Fitch has carried out a full loan-by-loan default analysis based
on an updated pool for each transaction and an analysis of the
projected cash flows.  This analysis is the same as that applied
to the new ratings.


RURALPYME 2: Moody's Reviews 'Ca' Rating on D Notes for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the ratings of these notes
issued by RURALPYME 2 FTPYME, FTA under review for possible
downgrade:

  -- EUR487.0 million Series A1 notes, Placed Under Review for
     Possible Downgrade; previously, on November 27, 2006 Assigned
     Aaa;

  -- EUR29.1 million Series B notes, Placed Under Review for
     Possible Downgrade; previously, on November 27, 2006 Assigned
     A2;

  -- EUR23.2 million Series C notes, Placed Under Review for
     Possible Downgrade; previously, on November 27, 2006 Assigned
     Baa3;

  -- EUR24.05 million Series D notes, Placed Under Review for
     Possible Downgrade; previously, on November 27, 2006 Assigned
     Ca.

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

The current rating of the EUR53.7 million Series A2(G) notes, Aaa,
is not placed on review for possible downgrade as it benefits from
the guarantee of the Government of Spain (Aaa) for interest and
principal payments.  However the expected loss associated with
Series A2(G) notes without the Spanish Government guarantee --
which was consistent with a Aaa rating at closing of the
transaction -- may need to be adjusted during the current rating
review.

Moody's has also taken rating actions on the notes issued by
RURALPYME 3 FTPYME, FTA.

The rating action has been prompted by the worse-than-expected
collateral performance.  Moody's expects to conclude the rating
review after receipt of additional information and a detailed
assessment of the effects of the deteriorating performance on the
outstanding ratings.

As of January 2009, the cumulative 90+ delinquencies (i.e.
delinquencies equal or greater than 90 days) were equal to 4.66%
of the original portfolio balance compared to 4.04% as of the
previous quarterly reporting date.  As part of the review, Moody's
consider also the exposure of the transaction to the Spanish real
estate sector (either through security in the form of a mortgage
or debtors operating in the real estate sector).  The
deterioration of the Spanish economy has been reflected in the
negative sector outlook Moody's published on the Spanish SMEs
securitization transactions.  Moody's economic outlook will also
be taken into account in Moody's rating review process.

RURALPYME 2 FTPYME, FTA is a securitization of loans to small- and
medium-sized enterprises carried out by 14 Spanish rural savings
banks under the FTPYME program.  At closing, the portfolio
consisted of 2,421 loans.  The loans were originated between 1993
and 2006, with a weighted average seasoning of 2.61 years and a
weighted average remaining term of 10.03 years.  The concentration
in the "building and real estate" sector according to Moody's
industry classification was approximately 22% as of closing.

As of January 2009, the number of loans in the portfolio was equal
to 1,947.  The concentration in the "building and real estate"
sector according to Moody's industry classification was
approximately 22% as of January 2009.

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


SANTANDER EMPRESAS: Moody's Reviews Ba1-Rated Notes for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the ratings of these notes
issued by SANTANDER EMPRESAS 3, FTA under review for possible
downgrade:

  -- EUR1,800.0 million Series A2 notes, Placed Under Review for
     Possible Downgrade; previously, on May 31, 2007 Assigned Aaa;

  -- EUR627.5 million Series A3 notes, Placed Under Review for
     Possible Downgrade; previously, on May 31, 2007 Assigned Aaa;

  -- EUR39.7 million Series B notes, Placed Under Review for
     Possible Downgrade; previously, on May 31, 2007 Assigned Aa2;

  -- EUR117.3 million Series C notes, Placed Under Review for
     Possible Downgrade; previously, on May 31, 2007 Assigned A3;

  -- EUR70.0 million Series D notes, Placed Under Review for
     Possible Downgrade; previously, on May 31, 2007 Assigned
     Baa3;

  -- EUR45.5 million Series E notes, Placed Under Review for
     Possible Downgrade; previously, on May 31, 2007 Assigned Ba1.
     Date of previous rating action: no previous rating action
     since initial rating assignment in May 2007.

Moody's has also taken rating actions on the notes issued by
SANTANDER EMPRESAS 4, FTA.

The rating action has been prompted by the worse-than-expected
collateral performance.  Moody's expects to conclude the rating
review after receipt of additional information and a detailed
assessment of the effects of the deteriorating performance on the
outstanding ratings.

As of January 2009, the outstanding 90+ delinquencies (i.e.
delinquencies equal or greater than 90 days) were equal to 1.5% of
the current portfolio balance.  As part of the review, Moody's
consider also the exposure of the transaction to the real estate
sector (either through security in the form of a mortgage or
debtors operating in the real estate sector).  The deterioration
of the Spanish economy has been reflected in the negative sector
outlook Moody's published on the Spanish SMEs securitization
transactions.

SANTANDER EMPRESAS 3, FTA is a securitization fund which purchased
a pool of loans granted by Banco Santander Central Hispano, S.A.
to Spanish SMEs.  At closing, the portfolio consisted of 23,993
credit rights.  The loans were originated between 1994 and 2006,
with a weighted average seasoning of 1.85 years and a weighted
average remaining term of 9.34 years.  Geographically the pool was
concentrated in Madrid (25%), Catalonia (17%) and Andalusia (12%).
The concentration in the "building and real estate" sector
according to Moody's industry classification was approximately 32%
as of closing.

As of January 2009, the number of credit rights in the portfolio
was equal to 14,775.  The concentration in the "building and real
estate" sector was approximately 36% as of January 2009.

Moody's assigned definitive ratings in May 2007.  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.


SANTANDER EMPRESAS: Moody's Reviews Ba2-Rated Notes for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the ratings of these notes
issued by FTA, SANTANDER EMPRESAS 4 under review for possible
downgrade:

  -- EUR830.2 million Series A1 notes, Placed Under Review for
     Possible Downgrade; previously, on October 29, 2007 Assigned
     Aaa;

  -- EUR 1,763.6 million Series A2 notes, Placed Under Review for
     Possible Downgrade; previously, on October 29, 2007 Assigned
     Aaa;

  -- EUR622.3 million Series A3 notes, Placed Under Review for
     Possible Downgrade; previously, on October 29, 2007 Assigned
     Aaa;

  -- EUR90.2 million Series B notes, Placed Under Review for
     Possible Downgrade; previously, on October 29, 2007 Assigned
     Aa3;

  -- EUR97.4 million Series C notes, Placed Under Review for
     Possible Downgrade; previously, on October 29, 2007 Assigned
     A3;

  -- EUR79.7 million Series D notes, Placed Under Review for
     Possible Downgrade; previously, on October 29, 2007 Assigned
     Baa3; and

  -- EUR56.6 million Series E notes, Placed Under Review for
     Possible Downgrade; previously, on October 29, 2007 Assigned
     Ba2.

Date of previous rating action: no previous rating action since
initial rating assignment in October 2007.

Moody's has also taken rating actions on the notes issued by
SANTANDER EMPRESAS 3, FTA.

The rating action has been prompted by the worse-than-expected
collateral performance.  Moody's expects to conclude the rating
review after reception of additional information and a detailed
assessment of the effects of the deteriorating performance on the
outstanding ratings.

As of January 2009, the outstanding 90+ delinquencies (i.e.
delinquencies equal or greater than 90 days) were equal to 2.36%
of the current portfolio balance compared to 1.82% as of the
previous quarterly reporting date.  As part of the review, Moody's
consider also the exposure of the transaction to the real estate
sector (either through security in the form of a mortgage or
debtors operating in the real estate sector).  The deterioration
of the Spanish economy has been reflected in the negative sector
outlook Moody's published on the Spanish SMEs securitization
transactions.

SANTANDER EMPRESAS 4, FTA is a securitization fund which purchased
a pool of loans granted by Banco Santander, S.A. to Spanish SMEs.
At closing, the portfolio consisted of 17,286 credit rights. The
loans were originated between 1996 and June 2007, with a w eighted
average seasoning of 0.9 year and a weighted average remaining
term of 8 years.  Geographically the pool was well diversified
with the highest concentrations in Madrid (21%), Catalonia (15%)
and Andalusia (15%) at closing.  The concentration in the
"building and real estate" sector according to Moody's industry
classification was approximately 47% at closing.

As of January 2009, the number of credit rights in the portfolio
was equal to 14,121.  The concentration in the "building and real
estate" sector was approximately 38% as of January 2009.

Moody's assigned definitive ratings in October 2007. 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.


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


BURKI BAU: Creditors Must File Proofs of Claim by March 27
----------------------------------------------------------
Creditors owed money by JSC Burki Bau are requested to file their
proofs of claim by March 27, 2009, to:

         Christoph Gasser
         JSC KMU Treuhand
         Muri b. Bern
         Thunstrasse 164
         Switzerland

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


EDC EVENTMANAGEMENT: Deadline to File Claims Set March 31
---------------------------------------------------------
Creditors owed money by LLC EDC Eventmanagement are requested to
file their proofs of claim by March 31, 2009, to:

         Edmund Charles Bumann
         Dragonerstrasse 25
         5600 Lenzburg
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 23, 2008.


EMOSTRAT LLC: Creditors Have Until May 8 to File Claims
-------------------------------------------------------
Creditors owed money by LLC Emostrat are requested to file their
proofs of claim by May 8, 2009, to:

         Christopher Niehus
         Im Eichtal 3
         5400 Baden
         Switzerland

The company is currently undergoing liquidation in Lupfig.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 28, 2008.


GATEWAY FINANCIAL: Creditors Must File Claims by March 31
---------------------------------------------------------
Creditors owed money by JSC Gateway Financial Services are
requested to file their proofs of claim by March 31, 2009, to:

         Marco Bolzern
         Winkelriedstrasse 35
         6003 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 12, 2009.


SFP BASLE: Creditors' Proofs of Claim Due by March 31
-----------------------------------------------------
Creditors owed money by SFP Basle Ltd. are requested to file their
proofs of claim by March 31, 2009, to:

         Michael Lanz
         Vorderbergweg 6B
         4106 Therwil
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 13, 2009.


STUDIO ROSENGARTEN: March 25 Set as Deadline to File Claims
-----------------------------------------------------------
Creditors owed money by LLC Studio Rosengarten are requested to
file their proofs of claim by March 25, 2009, to:

         Stocklin Ralph
         Fluhstrasse 15a
         4114 Hofstetten
         Switzerland

The company is currently undergoing liquidation in Ettingen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 22, 2007.


SV LOGISTIK: Creditors Must File Proofs of Claim by April 22
------------------------------------------------------------
Creditors owed money by LLC SV Logistik are requested to file
their proofs of claim by April 22, 2009, to:

         Svijic Vladimir
         Liquidator
         Schulstrasse 3
         9435 Heerbrugg
         Switzerland

The company is currently undergoing liquidation in Widnau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 27, 2009.


UBS AG: Proposes Creation of Capital at April's AGM
---------------------------------------------------
UBS AG said that at the company's annual general meeting on April
15, 2009, UBS shareholders will be asked to approve the creation
of conditional capital related to UBS's transaction with the Swiss
National Bank (SNB).  As previously announced, under the terms of
the transaction UBS agreed to issue a warrant to the SNB which is
exercizable only if the SNB were to incur a loss on its non-
recourse loan to the fund.  Upon exercise of the warrant, the SNB
would be issued 100 million shares of UBS.

"The conditional capital that the UBS Board of Directors has
requested shareholder approval for would enable UBS to
expeditiously fulfill its obligations to the SNB should this
become necessary in the future," UBS said in a statement
yesterday.

If approved, the share capital of UBS may be increased by a
maximum of CHF10 million, the company said.

                  Creation of Authorized Capital

UBS will also ask its shareholders to approve the creation of
authorized capital, which is intended as a contingency measure to
increase UBS's flexibility for potential future capital raisings
should this ever become necessary.

"As events in 2008 have shown, certain peers of UBS were able to
raise capital faster and with greater flexibility in their choice
of instruments than UBS due to the availability of existing
authorized capital," UBS said.

The authorized capital would amount to a maximum of CHF29,325,805,
which would permit the Board of Directors to increase the share
capital of UBS by no more than 10 percent of the currently issued
share capital, or 293,258,050 shares, by no later than April 15,
2011.

                          Other Agenda

Other agenda at the meeting include:

   --- approval of the company's annual report and group
       and parent bank accounts for financial year 2008;

   --- advisory vote on principles and fundamentals of
       the new compensation model for 2009;

   –-- re-election of members of the Board of Directors

       Peter R. Voser
       David Sidwell
       Sally Bott
       Rainer-Marc Frey
       Bruno Gehrig
       William G. Parrett;

   --- election of four new candidates for the Board
       of Directors:

       Kaspar Villiger
       Michel Demaré
       Ann F. Godbehere
       Axel P. Lehmann;

   --- re-election of the auditors Ernst & Young Ltd., Basel; and

   --- re-election of the special auditors BDO Visura, Zurich.

Invitation to the meeting with explanations of the agenda items
can be viewed on the UBS website at www.ubs.com/agm

The meeting will take place on April 15, 2009, in the
Hallenstadion in Zurich-Oerlikon, beginning at 10:00 a.m.

                         About UBS AG

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Fitch Ratings downgraded UBS's Individual rating to 'D' from
'C' reflecting Fitch's concerns over the medium-term earnings
outlook for the bank amid the impact of ongoing reputational and
litigation issues on the stability of its key private banking and
wealth management franchise and persistently challenging market
conditions facing its investment banking franchise.  The Rating
Watch Negative on the Individual rating has been removed.


WACO BAUNORMTEILE: Deadline to File Proofs of Claim Set March 24
----------------------------------------------------------------
Creditors owed money by WACO Baunormteile are requested to file
their proofs of claim by March 24, 2009, to:

         C. Wallach
         Im Unterrengg 19
         8135 Langnau am Albis
         Switzerland

The company is currently undergoing liquidation in Langnau am
Albis.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on March 24, 2009.


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


AFAMIYA LTD: Creditors Must File Claims by April 2
--------------------------------------------------
Creditors of LLC Joint Ukrainian-Syrian Enterprise Afamiya Ltd.
(EDRPOU 19351452) have until April 2, 2009, to submit proofs of
claim to:

         D. Ungurianu
         Insolvency Manager
         Golovnaya St. 204D/5
         58032 Chernovtsy
         Ukraine

The Economic Court of Chernovtsy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 9/51/b.

The Court is located at:

         The Economic Court of Chernovtsy
         O. Kobylianska Street 14
         58000 Chernovtsy
         Ukraine

The Debtor can be reached at:

         LLC Joint Ukrainian-Syrian Enterprise Afamiya Ltd.
         Krasnoarmeyskaya St. 57
         Chernovtsy
         Ukraine


ANCER LLC: Creditors Must File Claims by April 2
------------------------------------------------
Creditors of LLC Ancer (EDRPOU 32357320) have until April 2, 2009,
to submit proofs of claim to:

         D. Ungurianu
         Insolvency Manager
         Golovnaya St. 204D/5
         58032 Chernovtsy
         Ukraine

The Economic Court of Chernovtsy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 8/50/b.

The Court is located at:

         The Economic Court of Chernovtsy
         O. Kobylianska Street 14
         58000 Chernovtsy
         Ukraine

The Debtor can be reached at:

         LLC Ancer
         Chkalov St. 34
         Chernovtsy
         Ukraine


ATLAS-S LLC: Creditors Must File Claims by April 2
--------------------------------------------------
Creditors of LLC Atlas-S (EDRPOU 33722055) have until April 2,
2009, to submit proofs of claim to N. Strugay, Insolvency Manager

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 7/6-09-329.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65019 Odessa
         Ukraine


ECOLOGICAL SYSTEMS: Creditors Must File Claims by April 2
---------------------------------------------------------
Creditors of LLC Ecological Systems and Technologies (EDRPOU
23583978) have until April 2, 2009, to submit proofs of claim to:

         L. Markovsky
         Insolvency Manager
         Post Office Box 51
         Ukrainka
         Obukhov District
         08720 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B11/359-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern Street 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Ecological Systems And Technologies
         Teplichnaya St. 3
         Ukrainka
         Obukhov district
         08720 Kiev
         Ukraine


EUROSERVICE UKRAINE: Court Starts Bankruptcy Procedure
------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Euroservice-Ukraine (EDRPOU 31110288).

The Temporary Insolvency Manager is:

         I. Verkhatsky
         Office 38
         Shelkovihnaya St. 16
         01024 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 Euroservice-Ukraine
         Frunze St. 142
         04073 Kiev
         Ukraine


INVESTMENT HOLDING: Court Starts Bankruptcy Procedure
-----------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Building Company Building Investment Holding
(EDRPOU 32530370).

The Temporary Insolvency Manager is:

         S. Zagorodny
         Office 12
         Stroiteley St. 21/9
         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 Building Company Building Investment Holding
         General Vitruk St. 13/2
         03115 Kiev
         Ukraine


NATIONAL MOTORCAR: Creditors Must File Claims by April 2
--------------------------------------------------------
Creditors of CJSC National Motorcar Alliance (EDRPOU 33273053)
have until April 2, 2009, to submit proofs of claim to:

         D. Geraschenko
         Insolvency Manager
         Post Office Box 7611
         69002 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 25/50/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Street 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         CJSC National Motorcar Alliance
         Office 64
         Lenin Avenue/Stalevarov St. 151/11
         69035 Zaporozhye
         Ukraine


PLATA TRADING: Creditors Must File Claims by April 2
----------------------------------------------------
Creditors of LLC Plata Trading Limited (EDRPOU 23930888) have
until April 2, 2009, to submit proofs of claim to:

         S. Nabiyev
         Insolvency Manager
         Post Office Box 1430
         Galan St. 8
         Krivoy Rog
         50031 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No B26/20-09.

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev St. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Plata Trading Limited
         Modrovskaya St. 89
         Krivoy Rog
         50025 Dnepropetrovsk
         Ukraine


PROMINVESTBANK: Ukraine's Central Bank Lifts Receivership
---------------------------------------------------------
Natalya Zinets at Reuters reports that Ukraine's central bank said
on Tuesday it had lifted its receivership of Prominvestbank after
the bank's situation had stabilized under new owners.

The Troubled Company Reporter-Europe, citing Ms. Zinets, reported
on Oct. 13, 2008, that Ukraine's central bank placed
Prominvestbank in receivership.  The central bank had barred all
withdrawals from the bank for six months, and put Volodymyr
Krotyuk, a deputy chairman, in charge.

In September, the central bank loaned Prominvestbank US$1 billion
after depositors rushed to withdraw their money following an
ownership dispute, Reuters disclosed.

Reuters recalls in February, Mr. Krotyuk restored depositors'
control over their accounts after Russia's VEB bought a 75 percent
stake in the bank by purchasing new shares.

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2009, in December 2008, VEB acquired a 75% stake in Prominvestbank
for UAH1.3 billion (US$165.5 million).  Following the acquisition,
VEB approved the Financial Recovery Plan (later also approved by
the NBU) which envisaged the increase of the bank's statutory
capital by UAH1.1 billion by the new shareholders and receipt of
UAH7.7 billion of financing from the shareholders to replace NBU
funds.

On Nov. 17, 2008, citing Reuters, the Troubled Company Reporter-
Europe reported that brothers Andriy and Serhiy Klyuyev acquired a
34% stake in Prominvestbank through Austrian holding company Slav
AG.  The Klyuyev brothers are members of the opposition Regions
Party.

Reuters notes in early March Mr. Krotyuk said receivership period
would end once the central bank approved the bank's new executive.

The bank's new shareholders have chosen former Alfa Bank official
Viktor Bashkirov as its new CEO, Reuters relates.

Headquartered in Kiev, Prominvestbank -- http://www.pib.ru/--
is Ukraine's 11th largest bank in Ukraine.  The bank reported
unaudited Ukrainian Accounting Standards total assets of UAH27.7
billion as at September 30, 2008.

                          *    *    *

As reported in the Troubled Company Reporter-Europe on Oct. 13,
2008, Moody's Investors Service downgraded the bank financial
strength rating (BFSR) of Prominvestbank to E from E+, its long-
term local currency and foreign currency bank deposit ratings to
Caa2 from Ba2 and B2, respectively, and its National Scale Rating
(NSR) to B3.ua from Aa1.ua. Long-term deposit ratings have been
placed on review with direction uncertain.


SOYUZ TRADE: Creditors Must File Claims by April 2
--------------------------------------------------
Creditors of LLC Soyuz Trade Service Ltd. (EDRPOU 33695446) have
until April 2, 2009, to submit proofs of claim to:

         O. Yatsiv
         Insolvency Manager
         Office 116
         Tychina Avenue 12-b
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 49/7-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Soyuz Trade Service Ltd.
         Artem St. 79
         04050 Kiev
         Ukraine


TRANSPORT STROY: Creditors Must File Claims by April 2
------------------------------------------------------
Creditors of LLC Transport Stroy (EDRPOU 30660583) have until
April 2, 2009, to submit proofs of claim to D. Reshetnik,
Insolvency Manager.

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No B24/22-09.

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev St. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Transport stroy
         Osenniaya St. 2D
         49051 Dnepropetrovsk
         Ukraine


UKRAINE REAL: Creditors Must File Claims by April 2
---------------------------------------------------
Creditors of LLC Ukraine Real (EDRPOU 34620772) have until
April 2, 2009, to submit proofs of claim to:

         O. Yatsiv
         Insolvency Manager
         Office 116
         Tychina Avenue 12-b
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 49/6-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukraine Real
         Oranzhereynaya St. 3
         04112 Kiev
         Ukraine


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


APOLLO 2000: In Administration; KPMG Appointed
----------------------------------------------
Mark Orton and Richard Philpott of KPMG Restructuring were
appointed joint administrators to Apollo 2000 Limited and Arrow
Distributors Limited -- both part of the Cranham Group plc –- on
March 18, 2009.

Apollo 2000, a gas and electrical appliance retailer primarily
based in the Midlands has twelve stores and employs 180 people.
All stores will close with immediate effect and the majority of
employees made redundant.

The administrators have set up a customer helpline for the small
number of customers who are affected by the closure of the Apollo
2000 business.  The telephone number is 0121 507 9000.

Will Wright, director at KPMG, who is leading the restructuring
team said:  "The Group has been adversely impacted by the downturn
in the property market and the general decline in retail sales.
Despite the directors' best efforts to secure a sale or
refinancing of the Group and its trading subsidiaries prior to our
appointment, they have been unsuccessful.  Therefore the directors
were left with no alternative but to request the appointment of
administrators.

"Following our appointment we have had no option but to cease
trading these businesses immediately, regrettably resulting in a
number of redundancies.

"I would urge the small number of affected customers of Apollo
2000 to use the customer helpline as soon as possible to ensure a
quick response to their queries."

In addition, 92 redundancies will be made at the Worcestershire-
based Arrow Distributors, which supplies electrical and gas
appliances, and other products to housebuilders.

Nick Barrett, Chairman of Cranham Group said: "After 38 years this
is a sad day for the Cranham Group and the Apollo 2000 and Arrow
Distributors businesses.  Despite our best efforts to secure a
sale we were ultimately left with no choice but to request the
appointment of administrators."

The only other trading subsidiary, Apuro Limited, is currently
unaffected.


ARROW DISTRIBUTORS: In Administration; KPMg Appointed
-----------------------------------------------------
Mark Orton and Richard Philpott of KPMG Restructuring have been
appointed joint administrators to Apollo 2000 Limited and Arrow
Distributors Limited -- both part of the Cranham Group plc -– on
March 18, 2009.

Apollo 2000, a gas and electrical appliance retailer primarily
based in the Midlands has twelve stores and employs 180 people.
All stores will close with immediate effect and the majority of
employees made redundant.

The administrators have set up a customer helpline for the small
number of customers who are affected by the closure of the Apollo
2000 business.  The telephone number is 0121 507 9000.

Will Wright, director at KPMG, who is leading the restructuring
team said:  "The Group has been adversely impacted by the downturn
in the property market and the general decline in retail sales.
Despite the directors' best efforts to secure a sale or
refinancing of the Group and its trading subsidiaries prior to our
appointment, they have been unsuccessful.  Therefore the directors
were left with no alternative but to request the appointment of
administrators.

"Following our appointment we have had no option but to cease
trading these businesses immediately, regrettably resulting in a
number of redundancies.

"I would urge the small number of affected customers of Apollo
2000 to use the customer helpline as soon as possible to ensure a
quick response to their queries."

In addition, 92 redundancies will be made at the Worcestershire-
based Arrow Distributors, which supplies electrical and gas
appliances, and other products to housebuilders.

Nick Barrett, Chairman of Cranham Group said: "After 38 years this
is a sad day for the Cranham Group and the Apollo 2000 and Arrow
Distributors businesses.  Despite our best efforts to secure a
sale we were ultimately left with no choice but to request the
appointment of administrators."

The only other trading subsidiary, Apuro Limited, is currently
unaffected.


BRADFORD & BINGLEY: S&P Lifts to A-1 Counterparty Rating from SD
----------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its short-term
counterparty credit rating on Bradford & Bingley PLC to 'A-1' from
'SD' (selective default).  This follows Tuesday's downgrade to
'SD', reflecting a distressed exchange on B&B's lower Tier 2
subordinated notes.  The 'A-1' short-term senior debt obligations
were again affirmed.

S&P's criteria provide that, following the completion of a
distressed exchange (which in this case occurred when the relevant
U.K. Treasury orders were implemented), the issuer is no longer
considered to be in selective default.  From this point forward, a
future deferral of coupon or principal of the subordinated lower
Tier 2 notes affected by the government orders should not, in and
of itself, lead to a change in S&P's short-term counterparty
credit rating on B&B.  Accordingly, the short-term rating is now
raised to 'A-1'.  In S&P's view, B&B's creditworthiness benefits
from the extensive support and guarantee arrangements put in place
by the U.K. government.


CORNHILL CONSTRUCTION: Goes Into Administration
-----------------------------------------------
Alex Hawkes at cnplus.co.uk reports that Cornhill Construction has
gone into administration.

On March 9, 2009, The Troubled Company Reporter-Europe, citing
Mr. Hawkes, reported Cornhill has suffered from cash flow issues
and in recent weeks has been experiencing increasing pressure from
creditors.

The company was placed in the hands of Colin Wilson of Tenon on
March 12, cnplus.co.uk relates.  The report notes around 18 staff
were made redundant prior to the company going into
administration.

cnplus.co.uk recalls Cornhill's interior and retail divisions went
into administration on March 3, resulting in the loss of 21 jobs.
The company's property unit followed suit on March 6, resulting in
the loss of three jobs.

According to cnplus.co.uk, the companies opted to go into
administration after being hit hard  by the recession.

cnplus.co.uk discloses administrators are trying to sell on the
companies' main contracts through agents Naismiths
to return cash to the companies' 375 creditors, which include
suppliers and sub-contractors.


DIAMONDS & PEARLS: Business Sold; 300 Jobs, 73 Stores Secured
-------------------------------------------------------------
The administrators of Diamonds & Pearls, the high street fashion
jewellery retailer, have sold the business to Diamonds and Pearls
2009 Limited.  The sale preserves over 300 jobs and 73 stores.

Myles Halley and Richard Philpott from KPMG were appointed
administrators to Diamonds & Pearls on March 2.  The company
originally operated 91 high street stores with the head office
based in Bedford and employed over 400 people.  The administrators
were forced to close 18 stores, making some people redundant, to
preserve the remaining viable business.

Myles Halley commented: "We are delighted to have sold the
business as a going concern only two weeks after administration.
73 of the original 91 stores along with the head office have been
sold to Diamonds and Pearls 2009 Limited.  This secures over 300
jobs in this very difficult retail climate.  A particular mention
goes to the workforce who continued to work even though we as
administrators could not afford to pay their February wages which
were outstanding at the date of administration.  These wages will
now be paid by the purchaser."

The purchaser has a wealth of knowledge in the sector in trade
supply, retail and concessions, throughout the UK and Europe.

Managing Director Victoria Taylor said: "We are delighted to have
acquired this business, with our expertise and vast range of
additional products, it is certainly exciting times for Diamonds
and Pearls."


FRIENDS PROVIDENT: 2008 Net Loss Increases to GBP541 Million
------------------------------------------------------------
Friends Provident Plc said its loss widened fivefold in 2008 to
GBP541 million (US$760 million) compared with a loss of GBP108
million a year earlier, Bloomberg News reports.

Losses on investments meanwhile more than doubled to GBP6.6
billion and the operating loss widened to GBP666 million, compared
with GBP70 million in 2007, Bloomberg News says.

The Wall Street Journal relates the British life insurer was hit
by losses on investments, and warned that business conditions this
year will likely reflect the tough environment seen in the second
half of last year.

The company, which now employs about 4,000 people after cutting
more than 400 last year and 200 so far this year, is planning more
job cuts, the Journal discloses.

"Inevitably, there will be some cuts but no big savage cuts.
We're looking at all aspects of the business and looking at the
way we do things," the Journal quoted Chief Executive Trevor
Matthews as saying.

Friends will also be creating a new holding company to distribute
its stake in F&C Asset Management Plc to shareholders after
abandoning last-ditch talks to sell its majority stake in the
asset manager earlier this year, Reuters says.

Meanwhile, The Financial Times reports Friends Provident has set
aside another GBP217 million in 2008 to cover possible losses on
corporate bonds, arguing that global economic turmoil had left
bondholders in "uncharted waters".

According to the FT, Friends said it had set aside the sum to
cover potential defaults on a GBP2.1 billion corporate bond
portfolio associated with its annuities business, taking the total
level of reserving for those holdings to about GBP500 million.

Based in Dorking, England, Friends Provident plc (LON:FP) ---
http://www.friendsprovident.com/--- is the holding company of the
Friends Provident Group of companies.  During the year ended
December 31, 2007, the Company had three business segments: UK
Life and Pensions, International Life and Pensions, and Asset
Management.  Its core businesses comprise manufacturing and
administering life and pensions products in the United Kingdom and
related international markets.  This encompasses the United
Kingdom protection market, United Kingdom group pensions and
vesting annuity market, and international savings and investments,
pensions and protection markets.  Friends Provident Life and
Pensions Limited has a branch office in Guernsey.  Friends
Provident International Limited, which is based in the Isle of
Man, has branches in Dubai, Hong Kong and Singapore.  On June 1,
2007, it acquired Sesame Group Limited.  In December 2008, it
acquired a 30% stake in AmBank Group unit, AmLife Insurance Bhd.


G.S. STEEL: Creditors' Meeeting Slated for March 26
---------------------------------------------------
A meeting of G.S. Steel Trading Limited's creditors has been set
for Thursday,
March 26, 2009, at 10:30 a.m., at 30 Finsbury Square in London.

For information, contact:

   David Dunddey, licensed insolvency practioner
   Grant Thornton UK LLP
   (020) 7865 2244


GLOBE PUB: Fitch Cuts Rating on Class B1 Notes to 'B-'
------------------------------------------------------
Fitch Ratings has taken a number of negative rating actions with
regard to nine UK pub securitizations following an updated
assessment of the sector and each individual transaction detailed
in the tables below.

The rating actions reflect Fitch's current negative outlook on the
UK pub sector as well as the recent performance of individual
transactions, their current debt structure and future debt service
requirements.  The rating actions also factor in the likelihood of
additional negative rating actions in the short- to medium-term,
as issuers release further information, particularly given the
strong possibility of additional declines in the free cash flow
generation of individual transactions.  The agency will soon
publish a detailed rationale for each transaction's ratings.

Globe Pub Issuer Plc:

  -- GBP192.2m class A1 secured fixed/floating rate notes due
     2033: downgraded to 'BB' from 'BBB-' (BBB minus); remains on
     Rating Watch Negative

  -- GBP57.0m class B1 secured floating rate notes due 2036:
     downgraded to 'B-' (B minus) from 'BB-' (BB minus); removed
     from RWN; assigned a Negative Outlook

Greene King Finance Plc:

  -- GBP150m class A1 floating rate notes due 2031: 'A'; placed on
     RWN

  -- GBP278.1m class A2 fixed rate notes due 2031: 'A'; placed on
     RWN

  -- GBP158.6m class A3 floating rate notes due 2021: 'A'; placed
     on RWN

  -- GBP265m class A4 fixed rate notes due 2034: 'A'; placed on
     RWN

  -- GBP288.8m class A5 floating rate notes due 2033: 'A'; placed
     on RWN

  -- GBP60m class AB1 floating rate notes due 2036: 'BBB+'; placed
     on RWN

  -- GBP130m class B1 fixed rate notes due 2034: 'BBB'; placed on
     RWN

  -- GBP115m class B2 floating rate notes due 2036: 'BBB'; placed
     on RWN

Marston's Issuer Plc:

  -- GBP199.1m class A1 floating rate notes due 2020: downgraded
     to 'BBB+' from 'A'; placed on RWN

  -- GBP214m class A2 fixed rate notes due 2027: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP200m class A3 fixed rate notes due 2032: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP245m class A4 floating rate notes due 2031: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP80m class AB1 floating rate notes due 2035: downgraded to
     'BBB' from 'BBB+'; placed on RWN

  -- GBP155m class B fixed rate notes due 2035: downgraded to
     'BB+' from 'BBB'; placed on RWN

Mitchells & Butlers Finance Plc:

  -- GBP200m class A1N floating rate notes due 2030: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP422.1m class A2 fixed rate notes due 2030: 'AAA'; Outlook
     revised to Negative from Stable

  -- US$418.8m class A3N floating rate notes due 2030: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP170m class A4 floating rate notes due 2030: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP325m class AB floating rate notes due 2033: 'AA'; Outlook
     revised to Negative from Stable

  -- GBP286.3m class B1 fixed rate notes due 2025: 'A'; placed on
     RWN

  -- GBP350m class B2 fixed rate notes due 2030: 'A'; placed on
     RWN

  -- GBP200m class C1 fixed rate notes due 2032: 'BBB+'; placed on
     RWN

  -- GBP50m class C2 floating rate notes due 2034: 'BBB+'; placed
     on RWN

  -- GBP110m class D1 floating rate notes due 2036: 'BBB'; placed
     on RWN

Punch Taverns Finance Plc:

  -- GBP270m class A1(R) fixed rate notes due 2022: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP300m class A2(R) fixed rate notes due 2020: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP13.6m class A3(N) floating rate notes due 2015: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP200m class M1 fixed rate notes due 2026: 'AA'; Outlook
     revised to Negative from Stable

  -- GBP400m class M2(N) floating rate notes due 2029: 'AA';
     Outlook revised to Negative from Stable

  -- GBP140m class B1 fixed rate notes due 2026: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP150m class B2 fixed rate notes due 2029: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP175m class B3 floating rate notes due 2031: 'BBB+';
     Outlook revised to Negative from Stable

  -- GBP205m class C(R) fixed rate notes due 2033: 'BBB'; Outlook
     revised to Negative from Stable

  -- GBP125m class D1 floating rate notes 2032: 'BBB'; placed on
     RWN

Punch Taverns Finance B Limited:

  -- GBP201m class A3 fixed rate notes due 2022: 'A'; Outlook
     revised to Negative from Stable

  -- GBP220m class A6 fixed rate notes due 2024: 'A'; Outlook
     revised to Negative from Stable

  -- GBP250m class A7 fixed rate notes due 2033: 'A'; Outlook
     revised to Negative from Stable

  -- GBP224.7m class A8 floating rate notes due 2033: 'A'; Outlook
     revised to Negative from Stable

  -- GBP77.5m class B1 fixed rate notes due 2025: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP125m class B2 fixed rate notes due 2028: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP125m class C1 fixed rate notes due 2035: 'BBB'; placed on
     RWN

Spirit Issuer Plc:

  -- GBP150m class A1 floating rate note due 2028: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP200m class A2 floating rate note due 2031: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP250m class A3 fixed rate note due 2021: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP350m class A4 fixed rate note due 2027: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP300m class A5 fixed rate note due 2034: downgraded to
     'BB+' from 'BBB'; placed on RWN

Unique Pub Finance Plc:

  -- GBP201m class A2N floating rate note due 2013: downgraded to
     'A-' (A minus) from 'A'; Outlook revised to Negative from
     Stable

  -- GBP435m class A3 fixed rate note due 2021: downgraded to 'A-'
      (A minus) from 'A'; Outlook revised to Negative from Stable

  -- GBP535m class A4 fixed rate note due 2027: downgraded to 'A-'
      (A minus) from 'A'; Outlook revised to Negative from Stable

  -- GBP225m class M fixed rate note due 2024: downgraded to 'BBB'
     from 'BBB+'; Outlook revised to Negative from Stable

  -- GBP190m class N fixed rate note due 2032: downgraded to 'BB+'
     from 'BBB'; Outlook revised to Negative from Stable

Wellington Pub Company Plc:

  -- GBP142.5m class A fixed rate notes due 2029: 'AA'; placed on
     RWN

  -- GBP41.3m class B fixed rate notes due 2029: 'A'; placed on
     RWN


HBOS PLC: S&P Cuts Ratings on 4 Perpetual Hybrid Instruments to BB
------------------------------------------------------------------
Standard & Poor's Ratings Services adjusted its ratings on four
perpetual deferrable hybrid capital instruments issued by HBOS PLC
(A/Stable/A-1), a nonoperating holding company in Lloyds Banking
Group PLC (A/Stable/A-1).  On March 6, 2009, the ratings on the
Instruments had been lowered to 'BB+'.

Under S&P's criteria, however, debt issued by a nonoperating
holding company is typically rated one notch below equivalent debt
issued by an operating banking entity within the group.  Under
this approach, the ratings on the Instruments should have been
posted as 'BB', as they are issued by a nonoperating holding
company.  This release adjusts the Instrument ratings to their
appropriate level.  The ratings on the Instruments remain on
CreditWatch with negative implications.

                           Ratings List

            GBP30.06 mil 5.75% undated jnr sub step-up
                     perpetual callable notes

                  To                    From
                  --                    ----
                  BB/Watch Neg          BB+/Watch Neg

         GBP8.50 mil step-up subordinated perpetual notes

                  To                    From
                  --                    ----
                  BB/Watch Neg          BB+/Watch Neg

     GBP6.97 mil junior subordinated step-up perpetual notes

                  To                    From
                  --                    ----
                  BB/Watch Neg          BB+/Watch Neg

        GBP14.05 mil step-up perpetual junior subordinated
              fixed-to-floating rate callable bonds

                  To                    From
                  --                    ----
                  BB/Watch Neg          BB+/Watch Neg


JJB SPORTS: 10 More OSC and Qube Stores Closed; 121 Jobs Affected
-----------------------------------------------------------------
The administrators of Original Shoe Company Limited and
Qubefootwear Limited have closed a further eight OSC stores and
two Qube stores, resulting in 121 redundancies.

Richard Fleming, David Costley-Wood and Blair Nimmo from KPMG LLP
were appointed administrators to the two subsidiaries of JJB
Sports plc on February 19, 2009.  Upon their appointment, 37 of
the OSC stores and eight of the Qube stores closed with immediate
effect, resulting in a total of 438 redundancies.

Richard Fleming, joint administrator and head of KPMG
Restructuring in the UK, said: "We are still considering our
options and are in dialogue with interested parties for the
remaining business.  However, the strategy as to the remaining
stores is being reviewed on a daily basis, although further store
closures are likely."

                    About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is a sportswear and sporting
equipment retailer.  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 Troubled Company Reporter-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.


LOCAL CONTRACT: In Administration; PwC Appointed
------------------------------------------------
Steve Ellis and Mark Loftus of PricewaterhouseCoopers LLP were
appointed as joint administrators to Local Contract Hire and
Leasing Ltd (trading as 1car1) on March 18, 2009.

Operating from its base in Kirkstall, Leeds, 1car1 is the largest
independently owned car and van rental company in the UK.  It
operates from 87 sites throughout England, Scotland and Wales.

1car1 employs around 800 people, of which 108 are based at its
head office in Kirkstall, Leeds.

1car1 has grown very rapidly over the last 5 years but since the
onset of the downturn, the Company has experienced a tightening in
its available credit.  This has meant that replenishment of the
vehicle fleet has been difficult to fulfill.

The joint administrators are working on strategies to salvage
value from the business, however the main trading business and the
Company's 15,000 vehicle fleet is likely to be wound down over the
next 5 weeks.  Unfortunately, the administrators expect around 200
redundancies immediately within the company in order to reduce
costs.

Steve Ellis, joint administrator and partner at
PricewaterhouseCoopers LLP in Leeds said: "1car1 has sadly become
reliant on levels of funding which are unsustainable in the
current credit climate.  1car1 is a well known brand with an
exclusive network and we remain hopeful that it will prove
attractive to a purchaser.  Potential buyers for a radically
restructured business will need to act quickly as we are returning
the fleet to funders at their request.  Clearly, it is
disappointing to have to make a significant number of
redundancies.  My team and I will be doing all we can to help
these employees at this difficult time."

Prospective purchasers should contact Chris Rooney on 0113 289
42542 or christopher.b.rooney@uk.pwc.com in the first instance.


MARSTON'S ISSUER: Fitch Cuts Rating on Class B Notes to 'BB+'
-------------------------------------------------------------
Fitch Ratings has taken a number of negative rating actions with
regard to nine UK pub securitizations following an updated
assessment of the sector and each individual transaction detailed
in the tables below.

The rating actions reflect Fitch's current negative outlook on the
UK pub sector as well as the recent performance of individual
transactions, their current debt structure and future debt service
requirements.  The rating actions also factor in the likelihood of
additional negative rating actions in the short- to medium-term,
as issuers release further information, particularly given the
strong possibility of additional declines in the free cash flow
generation of individual transactions.  The agency will soon
publish a detailed rationale for each transaction's ratings.

Globe Pub Issuer Plc:

  -- GBP192.2m class A1 secured fixed/floating rate notes due
     2033: downgraded to 'BB' from 'BBB-' (BBB minus); remains on
     Rating Watch Negative

  -- GBP57.0m class B1 secured floating rate notes due 2036:
     downgraded to 'B-' (B minus) from 'BB-' (BB minus); removed
     from RWN; assigned a Negative Outlook

Greene King Finance Plc:

  -- GBP150m class A1 floating rate notes due 2031: 'A'; placed on
     RWN

  -- GBP278.1m class A2 fixed rate notes due 2031: 'A'; placed on
     RWN

  -- GBP158.6m class A3 floating rate notes due 2021: 'A'; placed
     on RWN

  -- GBP265m class A4 fixed rate notes due 2034: 'A'; placed on
     RWN

  -- GBP288.8m class A5 floating rate notes due 2033: 'A'; placed
     on RWN

  -- GBP60m class AB1 floating rate notes due 2036: 'BBB+'; placed
     on RWN

  -- GBP130m class B1 fixed rate notes due 2034: 'BBB'; placed on
     RWN

  -- GBP115m class B2 floating rate notes due 2036: 'BBB'; placed
     on RWN

Marston's Issuer Plc:

  -- GBP199.1m class A1 floating rate notes due 2020: downgraded
     to 'BBB+' from 'A'; placed on RWN

  -- GBP214m class A2 fixed rate notes due 2027: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP200m class A3 fixed rate notes due 2032: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP245m class A4 floating rate notes due 2031: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP80m class AB1 floating rate notes due 2035: downgraded to
     'BBB' from 'BBB+'; placed on RWN

  -- GBP155m class B fixed rate notes due 2035: downgraded to
     'BB+' from 'BBB'; placed on RWN

Mitchells & Butlers Finance Plc:

  -- GBP200m class A1N floating rate notes due 2030: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP422.1m class A2 fixed rate notes due 2030: 'AAA'; Outlook
     revised to Negative from Stable

  -- US$418.8m class A3N floating rate notes due 2030: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP170m class A4 floating rate notes due 2030: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP325m class AB floating rate notes due 2033: 'AA'; Outlook
     revised to Negative from Stable

  -- GBP286.3m class B1 fixed rate notes due 2025: 'A'; placed on
     RWN

  -- GBP350m class B2 fixed rate notes due 2030: 'A'; placed on
     RWN

  -- GBP200m class C1 fixed rate notes due 2032: 'BBB+'; placed on
     RWN

  -- GBP50m class C2 floating rate notes due 2034: 'BBB+'; placed
     on RWN

  -- GBP110m class D1 floating rate notes due 2036: 'BBB'; placed
     on RWN

Punch Taverns Finance Plc:

  -- GBP270m class A1(R) fixed rate notes due 2022: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP300m class A2(R) fixed rate notes due 2020: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP13.6m class A3(N) floating rate notes due 2015: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP200m class M1 fixed rate notes due 2026: 'AA'; Outlook
     revised to Negative from Stable

  -- GBP400m class M2(N) floating rate notes due 2029: 'AA';
     Outlook revised to Negative from Stable

  -- GBP140m class B1 fixed rate notes due 2026: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP150m class B2 fixed rate notes due 2029: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP175m class B3 floating rate notes due 2031: 'BBB+';
     Outlook revised to Negative from Stable

  -- GBP205m class C(R) fixed rate notes due 2033: 'BBB'; Outlook
     revised to Negative from Stable

  -- GBP125m class D1 floating rate notes 2032: 'BBB'; placed on
     RWN

Punch Taverns Finance B Limited:

  -- GBP201m class A3 fixed rate notes due 2022: 'A'; Outlook
     revised to Negative from Stable

  -- GBP220m class A6 fixed rate notes due 2024: 'A'; Outlook
     revised to Negative from Stable

  -- GBP250m class A7 fixed rate notes due 2033: 'A'; Outlook
     revised to Negative from Stable

  -- GBP224.7m class A8 floating rate notes due 2033: 'A'; Outlook
     revised to Negative from Stable

  -- GBP77.5m class B1 fixed rate notes due 2025: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP125m class B2 fixed rate notes due 2028: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP125m class C1 fixed rate notes due 2035: 'BBB'; placed on
     RWN

Spirit Issuer Plc:

  -- GBP150m class A1 floating rate note due 2028: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP200m class A2 floating rate note due 2031: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP250m class A3 fixed rate note due 2021: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP350m class A4 fixed rate note due 2027: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP300m class A5 fixed rate note due 2034: downgraded to
     'BB+' from 'BBB'; placed on RWN

Unique Pub Finance Plc:

  -- GBP201m class A2N floating rate note due 2013: downgraded to
     'A-' (A minus) from 'A'; Outlook revised to Negative from
     Stable

  -- GBP435m class A3 fixed rate note due 2021: downgraded to 'A-'
      (A minus) from 'A'; Outlook revised to Negative from Stable

  -- GBP535m class A4 fixed rate note due 2027: downgraded to 'A-'
      (A minus) from 'A'; Outlook revised to Negative from Stable

  -- GBP225m class M fixed rate note due 2024: downgraded to 'BBB'
     from 'BBB+'; Outlook revised to Negative from Stable

  -- GBP190m class N fixed rate note due 2032: downgraded to 'BB+'
     from 'BBB'; Outlook revised to Negative from Stable

Wellington Pub Company Plc:

  -- GBP142.5m class A fixed rate notes due 2029: 'AA'; placed on
     RWN

  -- GBP41.3m class B fixed rate notes due 2029: 'A'; placed on
     RWN


RAYNE SHOES: Taps Joint Administrators from Deloitte
----------------------------------------------------
Neville Barry Kahn, Philip Stephen Bowers and Lee Anthony Manning
of Deloitte LLP were appointed joint administrators of Rayne Shoes
(1994) Ltd. on March 5, 2009.

The company can be reached at:

         Rayne Shoes (1994) Ltd.
         The Triangle
         Stanton Harcourt Industrial Estate
         Stanton Harcourt
         Witney
         Oxfordshire
         OX29 5UT
         England


RED DESIGN: Appoints Joint Administrators from Grant Thornton
-------------------------------------------------------------
David Robert Thurgood and David Dunckley of Grant Thornton UK LLP
were appointed joint administrators of Red Design & Build Ltd. on
March 3, 2009.

The company can be reached at:

         Red Design & Build Ltd.
         63-64 Charles Lane
         St. John's Wood
         London
         NW8 7SB
         England


ROYAL BANK: Netherlands' Mn Services Joins Class Action Suit
------------------------------------------------------------
Mn Services, which manages about EUR56 billion for Dutch pension
funds, has joined a class action case against The Royal Bank of
Scotland Group plc, Reuters' Gilbert Kreijger and Steve Slater
report.

Reuters relates Mn Services corporate governance head Kris Douma
said the company is looking for compensation on preference shares
and other securities, although he declined to give a figure for
the damages claim.

Citing Mr. Douma, Reuters discloses one of the group's 15 pension
funds had suffered significant losses on its RBS investments.
Reuters notes according to Mr. Douma, "The information we used to
make our investments has proven wrong at hindsight."

Mr. Douma, as cited by Reuters, said U.S. law firm Coughlin Stoia
Geller Rudman & Robbins LLP has sued RBS on behalf of Mn Services
and other parties, including British pension funds Merseyside and
North Yorkshire.

Reuters recalls the law firm last month started a class action on
behalf of some buyers of RBS securities, alleging the bank falsely
reassured investors that it was well capitalized.

"[In] fact, the company was effectively insolvent as a result of
impaired assets, bad loans and its disastrous partial acquisition
of ABN Amro," the Telegraph.co.uk quoted the law firm as a saying.

However, The Scotsman recounts RBS in a March 17 statement said:
"We are aware of a number of class actions against RBS which we
will, of course, defend. It would be inappropriate to comment
further at this stage in the process."

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


RUBICON RETAIL: Calls in Joint Administrators from Deloitte
-----------------------------------------------------------
Neville Barry Kahn, Philip Stephen Bowers and Lee Anthony Manning
of Deloitte LLP were appointed joint administrators of Rubicon
Retail Ltd. on March 5, 2009.

The company can be reached at:

         Rubicon Retail Ltd.
         The Triangle
         Stanton Harcourt Industrial Estate
         Stanton Harcourt
         Witney
         Oxfordshire
         OX29 5UT
         England


SIERRA HOLDINGS: Taps Joint Administrators from Deloitte
--------------------------------------------------------
Neville Barry Kahn, Philip Stephen Bowers and Lee Anthony Manning
of Deloitte LLP were appointed joint administrators of Sierra
Holdings Ltd. on March 5, 2009.

The company can be reached at:

         Sierra Holdings Ltd.
         The Triangle
         Stanton Harcourt Industrial Estate
         Stanton Harcourt
         Witney
         Oxfordshire
         OX29 5UT
         England


SIG PLC: To Raise GBP341.3 Million from Placing and Open Offer
--------------------------------------------------------------
SIG plc aims to raise to GBP341.3 million from a placing and open
offer, Graham Ruddick at Telegraph.co.uk reports.

In a March 18 release SIG said it will issue 455,047,973 new
odinary Shares at an issue price of 75 pence per new ordinary
share.  The company said 213,345,345 new Ordinary shares will be
issued through the placing and open offer and 241,702,628 new
ordinary shares will be issued through the firm placing.  The
company noted the issue price of 75 pence per new ordinary share
represents a 28.6 per cent. discount to the closing price on the
London Stock Exchange of 105 pence per ordinary share on March 17,
2009.

J.P. Morgan Cazenove and Panmure Gordon are acting as joint
sponsors, joint financial advisers and joint brokers to the
company with respect to the placing and open offer and the firm
placing.  Lazard is acting as joint financial adviser
to the company.

The placing and open offer and the firm placing are fully
underwritten by J.P. Morgan Securities and Panmure Gordon and are
subject to the approval of SIG's shareholders.

Chris Davies, Chief Executive of SIG, commented: "In light of the
challenging trading conditions in a number of our markets, we have
taken quick and decisive action to right-size many of the group's
operations.  We continue to focus on costs and cash conservation
and we have a number of contingency plans in place should trading
deteriorate further.

The raising of equity will provide the group with a more
appropriate capital structure and provide financial flexibility in
the current environment.  In the longer term, it will enable the
group to capitalize on the long-term growth drivers in its end
markets."

Telegraph.co.uk relates according to Howard Seymour, an analyst at
Numis, the GBP325 million net proceeds from the fund-raising was
"a sensible number" and would introduce more breathing space by
taking the company's leverage ratio to 2 times, against a covenant
of 3.5 times.

                    Debt Breach Concerns

As reported yesterday in the Troubled Company Reporter-Europe,
Telegraph.co.uk said SIG, which has a market value of just
GBP159.5 million, seeks to raise fresh capital to tackle debts of
more than GBP700 million.

Mr. Seymour as cited by the report, said SIG needs to make any
cash call large enough to significantly lessen the company's
debts, which have risen sharply as a result of sterling's fall
against the euro.

The report recalled in January SIG closed 80 branches, resulting
in the loss of 1,000 jobs.  The company, the report disclosed, has
been hit by the downturn in the building markets sector.

According to the report, there are growing concerns that poor
trading conditions will cause SIG to breach banking covenants.

In a March 16 report Telegraph.co.uk revealed SIG has GBP70
million of debt maturing in mid-2009 and a further GBP170 million
in 2010.

                          About SIG plc

Headquartered in Sheffield, United Kingdom, SIG plc --
http://www.sigplc.co.uk/-- is engaged in the supply of specialist
products to construction and related markets.  The company has
four core business sectors: Insulation & Building Environments,
Exteriors, Interiors and Specialist Construction Products.  It
employs over 13,000 people.


SONORA HOLDINGS: Appoints Joint Administrators from Deloitte
------------------------------------------------------------
Neville Barry Kahn, Philip Stephen Bowers and Lee Anthony Manning
of Deloitte LLP were appointed joint administrators of Sonora
Holdings Ltd. on March 5, 2009.

The company can be reached at:

         Sonora Holdings Ltd.
         The Triangle
         Stanton Harcourt Industrial Estate
         Stanton Harcourt
         Witney
         Oxfordshire
         OX29 5UT
         England


SPIRIT ISSUER: Fitch Cuts Ratings on 5 Classes of Notes to 'BB+'
----------------------------------------------------------------
Fitch Ratings has taken a number of negative rating actions with
regard to nine UK pub securitizations following an updated
assessment of the sector and each individual transaction detailed
in the tables below.

The rating actions reflect Fitch's current negative outlook on the
UK pub sector as well as the recent performance of individual
transactions, their current debt structure and future debt service
requirements.  The rating actions also factor in the likelihood of
additional negative rating actions in the short- to medium-term,
as issuers release further information, particularly given the
strong possibility of additional declines in the free cash flow
generation of individual transactions.  The agency will soon
publish a detailed rationale for each transaction's ratings.

Globe Pub Issuer Plc:

  -- GBP192.2m class A1 secured fixed/floating rate notes due
     2033: downgraded to 'BB' from 'BBB-' (BBB minus); remains on
     Rating Watch Negative

  -- GBP57.0m class B1 secured floating rate notes due 2036:
     downgraded to 'B-' (B minus) from 'BB-' (BB minus); removed
     from RWN; assigned a Negative Outlook

Greene King Finance Plc:

  -- GBP150m class A1 floating rate notes due 2031: 'A'; placed on
     RWN

  -- GBP278.1m class A2 fixed rate notes due 2031: 'A'; placed on
     RWN

  -- GBP158.6m class A3 floating rate notes due 2021: 'A'; placed
     on RWN

  -- GBP265m class A4 fixed rate notes due 2034: 'A'; placed on
     RWN

  -- GBP288.8m class A5 floating rate notes due 2033: 'A'; placed
     on RWN

  -- GBP60m class AB1 floating rate notes due 2036: 'BBB+'; placed
     on RWN

  -- GBP130m class B1 fixed rate notes due 2034: 'BBB'; placed on
     RWN

  -- GBP115m class B2 floating rate notes due 2036: 'BBB'; placed
     on RWN

Marston's Issuer Plc:

  -- GBP199.1m class A1 floating rate notes due 2020: downgraded
     to 'BBB+' from 'A'; placed on RWN

  -- GBP214m class A2 fixed rate notes due 2027: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP200m class A3 fixed rate notes due 2032: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP245m class A4 floating rate notes due 2031: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP80m class AB1 floating rate notes due 2035: downgraded to
     'BBB' from 'BBB+'; placed on RWN

  -- GBP155m class B fixed rate notes due 2035: downgraded to
     'BB+' from 'BBB'; placed on RWN

Mitchells & Butlers Finance Plc:

  -- GBP200m class A1N floating rate notes due 2030: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP422.1m class A2 fixed rate notes due 2030: 'AAA'; Outlook
     revised to Negative from Stable

  -- US$418.8m class A3N floating rate notes due 2030: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP170m class A4 floating rate notes due 2030: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP325m class AB floating rate notes due 2033: 'AA'; Outlook
     revised to Negative from Stable

  -- GBP286.3m class B1 fixed rate notes due 2025: 'A'; placed on
     RWN

  -- GBP350m class B2 fixed rate notes due 2030: 'A'; placed on
     RWN

  -- GBP200m class C1 fixed rate notes due 2032: 'BBB+'; placed on
     RWN

  -- GBP50m class C2 floating rate notes due 2034: 'BBB+'; placed
     on RWN

  -- GBP110m class D1 floating rate notes due 2036: 'BBB'; placed
     on RWN

Punch Taverns Finance Plc:

  -- GBP270m class A1(R) fixed rate notes due 2022: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP300m class A2(R) fixed rate notes due 2020: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP13.6m class A3(N) floating rate notes due 2015: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP200m class M1 fixed rate notes due 2026: 'AA'; Outlook
     revised to Negative from Stable

  -- GBP400m class M2(N) floating rate notes due 2029: 'AA';
     Outlook revised to Negative from Stable

  -- GBP140m class B1 fixed rate notes due 2026: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP150m class B2 fixed rate notes due 2029: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP175m class B3 floating rate notes due 2031: 'BBB+';
     Outlook revised to Negative from Stable

  -- GBP205m class C(R) fixed rate notes due 2033: 'BBB'; Outlook
     revised to Negative from Stable

  -- GBP125m class D1 floating rate notes 2032: 'BBB'; placed on
     RWN

Punch Taverns Finance B Limited:

  -- GBP201m class A3 fixed rate notes due 2022: 'A'; Outlook
     revised to Negative from Stable

  -- GBP220m class A6 fixed rate notes due 2024: 'A'; Outlook
     revised to Negative from Stable

  -- GBP250m class A7 fixed rate notes due 2033: 'A'; Outlook
     revised to Negative from Stable

  -- GBP224.7m class A8 floating rate notes due 2033: 'A'; Outlook
     revised to Negative from Stable

  -- GBP77.5m class B1 fixed rate notes due 2025: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP125m class B2 fixed rate notes due 2028: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP125m class C1 fixed rate notes due 2035: 'BBB'; placed on
     RWN

Spirit Issuer Plc:

  -- GBP150m class A1 floating rate note due 2028: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP200m class A2 floating rate note due 2031: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP250m class A3 fixed rate note due 2021: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP350m class A4 fixed rate note due 2027: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP300m class A5 fixed rate note due 2034: downgraded to
     'BB+' from 'BBB'; placed on RWN

Unique Pub Finance Plc:

  -- GBP201m class A2N floating rate note due 2013: downgraded to
     'A-' (A minus) from 'A'; Outlook revised to Negative from
     Stable

  -- GBP435m class A3 fixed rate note due 2021: downgraded to 'A-'
      (A minus) from 'A'; Outlook revised to Negative from Stable

  -- GBP535m class A4 fixed rate note due 2027: downgraded to 'A-'
      (A minus) from 'A'; Outlook revised to Negative from Stable

  -- GBP225m class M fixed rate note due 2024: downgraded to 'BBB'
     from 'BBB+'; Outlook revised to Negative from Stable

  -- GBP190m class N fixed rate note due 2032: downgraded to 'BB+'
     from 'BBB'; Outlook revised to Negative from Stable

Wellington Pub Company Plc:

  -- GBP142.5m class A fixed rate notes due 2029: 'AA'; placed on
     RWN

  -- GBP41.3m class B fixed rate notes due 2029: 'A'; placed on
     RWN


UNIQUE PUB: Fitch Lowers Rating on Class N Notes to 'BB+'
---------------------------------------------------------
Fitch Ratings has taken a number of negative rating actions with
regard to nine UK pub securitizations following an updated
assessment of the sector and each individual transaction detailed
in the tables below.

The rating actions reflect Fitch's current negative outlook on the
UK pub sector as well as the recent performance of individual
transactions, their current debt structure and future debt service
requirements.  The rating actions also factor in the likelihood of
additional negative rating actions in the short- to medium-term,
as issuers release further information, particularly given the
strong possibility of additional declines in the free cash flow
generation of individual transactions.  The agency will soon
publish a detailed rationale for each transaction's ratings.

Globe Pub Issuer Plc:

  -- GBP192.2m class A1 secured fixed/floating rate notes due
     2033: downgraded to 'BB' from 'BBB-' (BBB minus); remains on
     Rating Watch Negative

  -- GBP57.0m class B1 secured floating rate notes due 2036:
     downgraded to 'B-' (B minus) from 'BB-' (BB minus); removed
     from RWN; assigned a Negative Outlook

Greene King Finance Plc:

  -- GBP150m class A1 floating rate notes due 2031: 'A'; placed on
     RWN

  -- GBP278.1m class A2 fixed rate notes due 2031: 'A'; placed on
     RWN

  -- GBP158.6m class A3 floating rate notes due 2021: 'A'; placed
     on RWN

  -- GBP265m class A4 fixed rate notes due 2034: 'A'; placed on
     RWN

  -- GBP288.8m class A5 floating rate notes due 2033: 'A'; placed
     on RWN

  -- GBP60m class AB1 floating rate notes due 2036: 'BBB+'; placed
     on RWN

  -- GBP130m class B1 fixed rate notes due 2034: 'BBB'; placed on
     RWN

  -- GBP115m class B2 floating rate notes due 2036: 'BBB'; placed
     on RWN

Marston's Issuer Plc:

  -- GBP199.1m class A1 floating rate notes due 2020: downgraded
     to 'BBB+' from 'A'; placed on RWN

  -- GBP214m class A2 fixed rate notes due 2027: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP200m class A3 fixed rate notes due 2032: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP245m class A4 floating rate notes due 2031: downgraded to
     'BBB+' from 'A'; placed on RWN

  -- GBP80m class AB1 floating rate notes due 2035: downgraded to
     'BBB' from 'BBB+'; placed on RWN

  -- GBP155m class B fixed rate notes due 2035: downgraded to
     'BB+' from 'BBB'; placed on RWN

Mitchells & Butlers Finance Plc:

  -- GBP200m class A1N floating rate notes due 2030: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP422.1m class A2 fixed rate notes due 2030: 'AAA'; Outlook
     revised to Negative from Stable

  -- US$418.8m class A3N floating rate notes due 2030: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP170m class A4 floating rate notes due 2030: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP325m class AB floating rate notes due 2033: 'AA'; Outlook
     revised to Negative from Stable

  -- GBP286.3m class B1 fixed rate notes due 2025: 'A'; placed on
     RWN

  -- GBP350m class B2 fixed rate notes due 2030: 'A'; placed on
     RWN

  -- GBP200m class C1 fixed rate notes due 2032: 'BBB+'; placed on
     RWN

  -- GBP50m class C2 floating rate notes due 2034: 'BBB+'; placed
     on RWN

  -- GBP110m class D1 floating rate notes due 2036: 'BBB'; placed
     on RWN

Punch Taverns Finance Plc:

  -- GBP270m class A1(R) fixed rate notes due 2022: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP300m class A2(R) fixed rate notes due 2020: 'AAA'; Outlook
     revised to Negative from Stable

  -- GBP13.6m class A3(N) floating rate notes due 2015: 'AAA';
     Outlook revised to Negative from Stable

  -- GBP200m class M1 fixed rate notes due 2026: 'AA'; Outlook
     revised to Negative from Stable

  -- GBP400m class M2(N) floating rate notes due 2029: 'AA';
     Outlook revised to Negative from Stable

  -- GBP140m class B1 fixed rate notes due 2026: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP150m class B2 fixed rate notes due 2029: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP175m class B3 floating rate notes due 2031: 'BBB+';
     Outlook revised to Negative from Stable

  -- GBP205m class C(R) fixed rate notes due 2033: 'BBB'; Outlook
     revised to Negative from Stable

  -- GBP125m class D1 floating rate notes 2032: 'BBB'; placed on
     RWN

Punch Taverns Finance B Limited:

  -- GBP201m class A3 fixed rate notes due 2022: 'A'; Outlook
     revised to Negative from Stable

  -- GBP220m class A6 fixed rate notes due 2024: 'A'; Outlook
     revised to Negative from Stable

  -- GBP250m class A7 fixed rate notes due 2033: 'A'; Outlook
     revised to Negative from Stable

  -- GBP224.7m class A8 floating rate notes due 2033: 'A'; Outlook
     revised to Negative from Stable

  -- GBP77.5m class B1 fixed rate notes due 2025: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP125m class B2 fixed rate notes due 2028: 'BBB+'; Outlook
     revised to Negative from Stable

  -- GBP125m class C1 fixed rate notes due 2035: 'BBB'; placed on
     RWN

Spirit Issuer Plc:

  -- GBP150m class A1 floating rate note due 2028: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP200m class A2 floating rate note due 2031: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP250m class A3 fixed rate note due 2021: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP350m class A4 fixed rate note due 2027: downgraded to
     'BB+' from 'BBB'; placed on RWN

  -- GBP300m class A5 fixed rate note due 2034: downgraded to
     'BB+' from 'BBB'; placed on RWN

Unique Pub Finance Plc:

  -- GBP201m class A2N floating rate note due 2013: downgraded to
     'A-' (A minus) from 'A'; Outlook revised to Negative from
     Stable

  -- GBP435m class A3 fixed rate note due 2021: downgraded to 'A-'
      (A minus) from 'A'; Outlook revised to Negative from Stable

  -- GBP535m class A4 fixed rate note due 2027: downgraded to 'A-'
      (A minus) from 'A'; Outlook revised to Negative from Stable

  -- GBP225m class M fixed rate note due 2024: downgraded to 'BBB'
     from 'BBB+'; Outlook revised to Negative from Stable

  -- GBP190m class N fixed rate note due 2032: downgraded to 'BB+'
     from 'BBB'; Outlook revised to Negative from Stable

Wellington Pub Company Plc:

  -- GBP142.5m class A fixed rate notes due 2029: 'AA'; placed on
     RWN

  -- GBP41.3m class B fixed rate notes due 2029: 'A'; placed on
     RWN


WIDNEY PRESSINGS: Administrators Put Business for Sale
------------------------------------------------------
Widney Pressings Ltd's joint administrators, Toby Underwood and
Kim Rayment, offer for sale the company's business and assets.

The company, established in 1970, supplies automotive and
construction vehicle manufacturers with pressed components, welded
assemblies and fabrications.

For more information, contact:

     Wendy Noake-Forshaw
     BDO Stoy Hayward LLP
     Tel: 01 13 204 1236


WIDNEY (UK): Administrators Put Business for Sale
-------------------------------------------------
Widney (UK) Ltd.'s joint administrators, Kim Rayment and Toby
Underwood offer for sale the company's business and assets.

The company, established in 1886, manufactures windows and
sunblinds for construction vehicles and telescopic slides for
electronic equipment.

For more information, contact:

     Simon Ling
     BDO Stoy Hayward LLP
     Tel: 0121 352 6200


===================
U Z B E K I S T A N
===================


MICROCREDITBANK: Fitch Assigns 'D/E' Individual Rating
------------------------------------------------------
Fitch Ratings has assigned Uzbekistan-based Microcreditbank a
Long-term Issuer Default Rating of 'B-' (B minus) with a Stable
Outlook.

MCB's Long- and Short-term IDRs are underpinned by potential
support from the Uzbek authorities, which directly control an 83%
stake in the bank.  Given the bank's important social function in
providing microloans to individual entrepreneurs and SMEs and the
dominance of state resources in MCB's funding structure, Fitch
believes that there would likely be a quite high propensity of the
authorities to support MCB, in case of need.  However, in light of
the Uzbek sovereign's own credit profile, this support cannot be
relied upon.  An improvement in Uzbekistan's sovereign risk
profile could generate upward pressure on MCB ratings, while a
deterioration of sovereign creditworthiness, combined with a
weakening of MCB's capital adequacy or liquidity position, may
result in a downgrade of the bank's IDRs.

The Individual Rating reflects MCB's small size, narrow franchise,
undiversified funding sources, fast growth of the loan book and
high concentration of borrowers in a single industry, as well as
certain weaknesses in the operating environment.  At the same
time, the rating considers MCB's currently comfortable
capitalization and the relative stability of its funding base.

Upside for the Individual Rating is currently limited, although
building a track record and showing credit quality through the
cycle would be positive for MCB's stand-alone profile.
Significant credit losses combined with marked reductions of
capital ratios would exert downward pressure on the Individual
Rating.

MCB was established in 2006, on the basis of Tadbirkorbank, with a
main objective of promoting the development of microfinance
services, particularly in the rural areas of Uzbekistan.  At end-
2008, the Ministry of Finance retained a 51% stake in the bank,
and another 32% was held by the Central Bank.  At end-2008, MCB
was ranked eighth in the country, holding about 2.5% of sector
assets.  The bank has a country-wide operating footprint through
79 branches and 270 mini-banks which are located in all the
administrative districts of Uzbekistan.

The rating actions are:

  -- Long-term IDR: assigned at 'B-' (B minus); Outlook Stable
  -- Short-term IDR: assigned at 'B'
  -- Individual Rating: assigned at 'D/E'
  -- Support Rating: assigned at '5'
  -- Support Rating Floor: assigned at 'B-' (B minus)


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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *