TCREUR_Public/090324.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

           Tuesday, March 24, 2009, Vol. 10, No. 58

                            Headlines

A U S T R I A

BACAJ LLC: Claims Registration Period Ends April 8
IMPRESA LLC: Claims Registration Period Ends April 8
MEWO LLC: Claims Registration Period Ends April 8
MI & MI: Claims Registration Period Ends April 8
STILL LLC: Claims Registration Period Ends April 9


B E L G I U M

FORTIS BANK: Fitch Junks Rating on EUR3BB Equity-Linked Securities

* BELGIUM: EC Okays Temporary Aid Scheme to Companies in Flanders


B U L G A R I A

EUROBANK EFG: Fitch Downgrades Individual Rating to 'D'


C Y P R U S

RESERVE INVEST: Moody's Confirms 'B3' LT Foreign Currency Rating


D E N M A R K

AMALIE I: Moody's Cuts Rating on Tranche C Notes to 'Ba2'
KALVEBOD PLC: Moody's Lowers Rating on Class B Notes to 'B3'


G E R M A N Y

DACHDECKEREI MULDENDACH: Claims Registration Period Ends April 8
DER REISELADEN: Claims Registration Period Ends May 4
GENERAL MOTORS: Germany Won't Buy Stake in Opel, Ms. Merkel Says
GERD MOENNICH: Claims Registration Period Ends May 22
GFS TRANSPORT: Claims Registration Period Ends May 5

HIP INSTITUT: Claims Registration Period Ends May 8
HYPO REAL ESTATE HOLDING: Lower House OKs Nationalization of Bank
KIC KUECHENMARKT: Claims Registration Period Ends May 4
TRONOX INC: German Units File for Insolvency


G R E E C E

EMPORIKI BANK: Moody's Cuts Financial Strength Rating to 'D+'


I C E L A N D

KAUPTHING BANK: Luxembourg Unit Buys Stanford's Stake in Mulberry
REYKJAVIK SAVINGS: FME Takes Over Operations
SPARISJODABANKI: FME Takes Over Operations

* ICELAND: Launches Probe Into Five Pension Funds


I R E L A N D

QUALCERAM SHIRES: May Opt for Examinership or Receivership


I T A L Y

CARLO TASSARA: Owner Seeks Debt Moratorium Extension
TISCALI SPA: Founder Returns as Firm Grapples With Debt


K A Z A K H S T A N

ALLIANCE BANK: S&P Puts 'B/B' Rating on Negative CreditWatch
AS-TECK-2 LLP: Creditors Must File Claims by April 24
BIDAI SAUDA: Creditors Must File Claims by April 24
BTA BANK: S&P Downgrades Counterparty Credit Ratings to 'CCC+/C'
BTA BANK: S&P Cuts Ratings on Four Transactions to 'BB-'

BTA IPOTEKA: S&P Lowers Counterparty Credit Ratings to 'CCC+/C'
DOSTYK COMPANIYASY: Creditors Must File Claims by April 24
EL-KUAT LLP: Creditors Must File Claims by April 24
GAS SERVICE: Creditors Must File Claims by April 24
KAZKOMMERTS DPR: S&P Cuts Ratings on 11 Transactions to 'BB-'

MAN SHUGAR: Creditors Must File Claims by April 24
OVTI-N LLP: Creditors Must File Claims by April 24
SILK WAY: Creditors Must File Claims by April 24
TEMIR BANK: S&P Downgrades Counterparty Credit Ratings to 'CCC+/C'
TEMIR TULPAR: Creditors Must File Claims by April 24

VOSTOK ROSS: Creditors Must File Claims by April 24


K Y R G Y Z S T A N

SAVOIR FAIRE: Creditors Must File Claims by April 3
TELCOM PROJECT: Creditors Must File Claims by April 3


L A T V I A

* LATVIA: European Commission Authorizes Temproary Aid Scheme


L I T H U A N I A

UAB BITE: Fitch Cuts Long-Term Issuer Default Rating to 'RD'


L U X E M B O U R G

FORTIS LUXEMBOURG: Moody's Junks Rating on Series 180 Notes


N E T H E R L A N D S

BITE FINANCE: Moody's Changes Default Rating to 'Ca/LD'
BITE FINANCE: Fitch Affirms Rating on EUR110 Mln Notes at 'C'
LYONDELLBASELL: Misses Interest Payment on EUR500 Million Bond
STICHTING ELEVEN: Moody's Assigns 'Ba3' Rating on Class E Notes
UPC HOLDING: Moody's Upgrades Corporate Family Rating to 'Ba3'


R U S S I A

BORETS INT'L: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
BRYANSKIY CONSTRUCTION: Creditors Must File Claims by April 5
EXPERIMENTAL REPAIR: Under External Bankruptcy Procedure
FINANCE LEASING: Investors Seek Early Repayment of US$250MM Bonds
KAMSKIY CAR-REPAIR: Creditors Must File Claims by May 6

KARACHAEVO CHERKESSK: Creditors Must File Claims by May 6
KONTSERN-M CJSC: Creditors Must File Claims by April 5
LES-META-YUG LLC: Court Names Temporary Insolvency Manager
REM-STROY-TREST A 21: Court Names Temporary Insolvency Manager
SHATUR-TORF OJSC: Creditors Must File Claims by April 5

SPETS GAZ: Creditors Must File Claims by April 5
UC RUSAL: Onexim Agrees to Convert US$2-Bln Debt Into Shares
ULAN-UDENSKAYA ENERGY: Creditors Must File Claims by May 6


S L O V E N I A

* SLOVENIA: Commission Approves Liquidity Scheme for Fin'l Sector


S P A I N

AYT GENOVA: S&P Affirms Low-B Ratings on Five Class D Notes
FONCAIXA EMPRESAS: Moody's Assigns 'Ca' Rating on Series D Notes


S W I T Z E R L A N D

EMS PRECISIONS: Creditors Have Until March 27 to File Claims
ERICH SENN: Creditors Must File Proofs of Claim by March 27
FRECODYN LLC: Deadline to File Proofs of Claim Set March 26
H. KUSENBERG OPTIK: Creditors Have Until March 27 to File Claims
KULTEC LLC: Claims Filing Period Ends March 26

LANGUAGE TRAINING: Creditors' Proofs of Claim Due by March 27
PFIFFNER MONTAGEN: March 26 Set as Deadline to File Claims
PHARMAG R&D: Creditors Must File Proofs of Claim by March 26
VIN-WORLD LLC: Deadline to File Proofs of Claim Set March 26
WEST-OST LLC: Creditors Have Until March 26 to File Claims


T U R K E Y

GLOBAL YATIRIM: Fitch Lowers Issuer Default Ratings to 'B-'


U K R A I N E

ATABASKA LLC: Creditors Must File Claims by March 29
ALTERNATIVA LLC: Creditors Must File Claims by March 29
BUSINESS MASTER: Creditors Must File Claims by March 29
RODOVID BANK: Moody's Cuts Bank Financial Strength Rating to 'E'
SECONDARY WHOLE: Creditors Must File Claims by March 29

SLOBOZHANSCHINA AGRICULTURAL: Court Starts Bankruptcy Procedure
TRADING HOUSE VICTOR: Court Starts Bankruptcy Procedure


U N I T E D   K I N G D O M

A.D. FABRICATIONS: Administrator Puts Assets for Sale
BRITTEN INVESTMENTS: Appoints Joint Administrators from PwC
BRUNTCLIFFE AGGREGATES, ET AL: Call in Administrators
CEVA GROUP: Moody's Downgrades Corporate Family Rating to 'B3'
CW8 LTD: Appoints Joint Administrators from BDO Stoy

DANKA BUSINESS: Proof of Claim Deadline is April 28
GATEWAY TELECOM: Moody's Withdraws 'B3' Corporate Family Rating
GLOBAL XPERIENCE: Goes Into Administration
HBOS PLC: S&P Adjusts Ratings on Perpetual Hybrid Instruments
HUDSON AND MIDDLETON: Taps Joint Administrators from KPMG

LFE MATERIAL: Administrators Put Business for Sale
MCCARTHY & STONE: Creditors' Meeting Scheduled on April 17
SPRING LTD. Appoints Joint Administrators from PwC
SPRING RESIDENTIAL: Names Joint Administrators from PwC
WEAVERING MACRO: Goes Into Liquidation; PwC Appointed

WREKIN CONSTRUCTION: Administrators Put Assets for Sale

* UK: Business Failures to Increase to 36,000 in 2009, BDO Says
* UK: IMF Says Recession to Last Until 2010
* EUROPE: Fitch Downgrades Ratings on 78 Tranches from 38 SF CDOs

* Large Companies with Insolvent Balance Sheet


                         *********


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


BACAJ LLC: Claims Registration Period Ends April 8
--------------------------------------------------
Creditors owed money by LLC Bacaj (FN 249122g) have until April 8,
2009, to file written proofs of claim to the court-appointed
estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on April 22, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 17, 2009, (Bankr. Case No. 2 S 19/09w).


IMPRESA LLC: Claims Registration Period Ends April 8
----------------------------------------------------
Creditors owed money by LLC Impresa (FN 111897f) have until
April 8, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 22, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 11, 2009, (Bankr. Case No. 2 S 18/09y).


MEWO LLC: Claims Registration Period Ends April 8
-------------------------------------------------
Creditors owed money by LLC Mewo (FN 74987a) have until April 8,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Erwin Bajc
         Mittergasse 28
         8600 Bruck an der Mur
         Austria
         Tel: 03842-51462
         Fax: 03842-51462-10
         E-mail: rechtsanwaelte@bzt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on April 22, 2009, for the
examination of claims at:

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

Headquartered in Kapfenberg, Austria, the Debtor declared
bankruptcy on Feb. 11, 2009, (Bankr. Case No. 18 S 10/09k).


MI & MI: Claims Registration Period Ends April 8
------------------------------------------------
Creditors owed money by LLC Mi & Mi (FN 305930y) have until
April 8, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 3030
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 22, 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 18/09f).


STILL LLC: Claims Registration Period Ends April 9
--------------------------------------------------
Creditors owed money by LLC Still (FN 257567a) have until April 9,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 512 21 02
         Fax: 512 21 02 20
         E-mail: office@buresch-korenjak.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on April 23, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 17, 2009, (Bankr. Case No. 5 S 23/09f).


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


FORTIS BANK: Fitch Junks Rating on EUR3BB Equity-Linked Securities
------------------------------------------------------------------
Fitch Ratings has downgraded Fortis Bank's EUR3 billion
convertible and subordinated hybrid equity-linked securities to
'CCC' from 'BB-' (BB minus).  Fitch has also downgraded Fortfinlux
S.A.'s EUR1.25 billion floating rate equity-linked subordinated
hybrid capital securities to 'CCC' from 'B'.  The Rating Watch on
CASHES has been revised to Evolving from Positive, while the FRESH
capital securities remain on RWE.   Fortis NA/NV and Fortis N.V.
are co-obligors of the FRESH capital securities.

The rating actions reflect the heightened risk that the coupons on
these instruments could be deferred, as they are linked to the
payment of dividends on the shares of the Fortis holding
companies.  Given that no dividend will be paid on the shares of
the Fortis holding companies, the coupons on these instruments
must be paid using the alternative coupon satisfaction method,
according to the terms of their offering circulars.  This means
that the Fortis holding companies must issue new shares.  However,
as the shares are trading below their nominal amount, shareholders
may not approve the new share issue, which means that the coupons
payments would be deferred.

Fortis Bank

  -- CASHES ISIN BE0933899800 downgraded to 'CCC' from 'BB-',
     Rating Watch revised to evolving from positive

Fortifinlux SA

  -- FRESH Capital Securities ISIN XS0147484074 and XS0147484314
     downgraded to 'CCC' from 'B', remain on RWE


* BELGIUM: EC Okays Temporary Aid Scheme to Companies in Flanders
-----------------------------------------------------------------
The European Commission has authorized under EC Treaty rules on
state aid a Belgian scheme aimed at providing relief to companies
in Flanders encountering financing difficulties as a result of the
credit squeeze in the current economic crisis.  The scheme, put in
place by the Flemish Ministry of Economic Affairs, provides aid in
the form of subsidized guarantees for investment and working
capital loans concluded by December 31, 2010.  The scheme meets
the conditions of the Commission's Temporary Framework for state
aid measures to support access to finance in the current financial
and economic crisis, as amended on February 25, 2009, because it
is appropriate to remedy a serious disturbance in the entire
Belgian economy, is limited in time, respects the relevant
thresholds and applies only to companies that were not in
difficulty on July 1, 2008.  It is therefore compatible with
Article 87(3)(b) of the EC.

Competition Commissioner Neelie Kroes said "I am satisfied that
this measure facilitates the access of firms affected by the
credit crunch to investment and working capital loans, and
represents an effective way of encouraging business investment and
economic recovery, without unduly distorting competition."

The Flemish authorities designed the scheme on the basis of the
rules laid down in the Commission's Temporary Framework on state
aid to the real economy during the crisis and accepted in
particular the conditions for aid in the form of subsidized
guarantees.  The reduction of the guarantee fee can be applied
during a period of up to 2 years for loan guarantees contracted no
later than December 31, 2010.  Where the duration of the
underlying loan exceeds 2 years, the safe-harbor premiums set out
in the Annex to the Temporary framework, as amended, may be
applied for the remaining period of the guarantee.  The maximum
duration of guarantees granted under the scheme is limited to five
years.  The scheme does not apply to firms that were already in
difficulty on July 1, 2008 (i.e. before the credit crunch).

In view of the importance of Flanders for the overall Belgian
economy, the Commission considers that the scheme can be approved
under Article 87 (3)(b) of the EC Treaty even though it is
proposed at regional level.  Flanders represents more than 55% of
the Belgian GDP, and more than 80% of Belgian exports, and the
Belgian authorities demonstrated that the scheme is necessary,
proportional and appropriate to remedy a serious disturbance in
the entire Belgian economy.


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


EUROBANK EFG: Fitch Downgrades Individual Rating to 'D'
-------------------------------------------------------
Fitch Ratings has downgraded Eurobank EFG Bulgaria AD's Individual
rating to 'D' from 'C/D'.  At the same time, the agency has
affirmed EFGB's ratings at Long-term Issuer Default 'BBB+' with a
Negative Outlook, Short-term IDR 'F2' and Support '2'.

The rating action reflects Fitch's opinion of the bank standalone
strength in a deteriorating operating environment.  The agency
expects asset quality to deteriorate significantly in coming
quarters, putting pressure on EFGB's profitability and potentially
on capitalization, if significant credit losses were to
materialize.  EFGB's Individual rating continues to reflect the
benefits the bank derives from being part of the EFG Eurobank
Ergasias ('A-' (A minus)/Negative) group and its strong national
franchise.

Credit risk has been increasing rapidly in recent years as the
bank expanded its retail and SME exposure amid strong domestic
credit growth.  Impaired loans are higher than at its immediate
peers, and impairment allowances only acceptable.  In addition,
some economic sectors to which the bank is exposed (such as real
estate and construction) might see their performance weaken in the
near future.

Capitalization has weakened at the bank on the back of strong
lending growth and is regarded as only reasonable.

EFGB's IDRs and Support rating reflect the support it can expect
to receive from its 99.7% shareholder Eurobank, in case of need,
and its close integration within its parent bank.  The Negative
Outlook reflects that on Eurobank's Long-term IDR.


===========
C Y P R U S
===========


RESERVE INVEST: Moody's Confirms 'B3' LT Foreign Currency Rating
----------------------------------------------------------------
Moody's Investors Service has confirmed the B3 long-term foreign
currency issuer rating of Reserve Invest Cyprus.  The outlook on
the rating is negative.

According to Moody's, the confirmation of RIC's long-term foreign
currency issuer rating is a result of an improved risk position
resulting from additional liquidity support as well as a
significant decrease in the company's leverage.

"At the same time, the rating agency expects that the
deteriorating operating environment will continue to exert
negative pressure on the company's financial fundamentals (e.g.
franchise, profitability, capital, liquidity) as well as on the
shareholder's ability to provide necessary assistance in case of
need.  This is reflected in the negative outlook on its rating,"
Vladlen Kuznetsov, a Moscow-based Assistant Vice President-
Analyst, and lead analyst for RIC, said.

RIC's largest asset is a sizeable stake in LUKoil ADRs, which the
firm funds in the repo market, primarily with Western
counterparties.  As a result of the significant dislocation in the
markets in September-October 2008, compounded by the high
volatility in LUKoil shares, RIC has incurred significant losses
from revaluation of the shares.  These losses were compensated by
injections from the affiliated group companies which, together
with the additional LUKoil shares provided by the shareholder,
enabled the company to meet margin calls and other imminent
liquidity needs as well as support capital at the past levels.
Since then, the company has significantly decreased its leverage
from 1x at end-H1-2008 to 0.4x at year-end 2008 and intends to
continue to de-leverage the balance sheet in response to market
instability.

Moody's has assessed that the probability of significant further
market downturn to the extent it requires additional support from
the shareholders is notable although not sufficient to take
necessary rating actions.  In respect of shareholder support,
however, Moody's recognize that such has been provided in the past
but have not incorporated further support in RIC's ratings because
it cannot be assessed with a good degree of confidence due to the
lack of insight in the overall financial strength of the
shareholders (not rated).

Moody's will continue to monitor the development of the market
conditions and assess how the company and its shareholders
addresses these conditions.

The previous rating action was on October 16, 2008, when Moody's
downgraded RIC's B1 long-term foreign currency issuer rating to B3
and placed it on review for a possible further downgrade.

The ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as the
analysis of the behaviour of the market value of the collateral,
largely in LUKoil ADRs and market risk of other liquid securities
which the company has in its portfolio. In addition franchise
value, expected leverage and liquidity as well as performance were
also taken into account.  These attributes were compared against
those of other companies and RIC's ratings are believed to be
comparable to ratings assigned to other funds of similar risk.

RIC is a Cyprus-based financial company with total assets at end-
September 2008 of US$1.3 billion and equity of US$900 million.
The company reported losses of ca. US$427 million in 2008.


=============
D E N M A R K
=============


AMALIE I: Moody's Cuts Rating on Tranche C Notes to 'Ba2'
---------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further possible downgrade its ratings of three classes of notes
issued by Amalie I Limited.

The transaction is a static CLO backed by 17 subordinated loans
advanced to Danish commercial and savings banks.

The rating actions are the result of (i) credit deterioration in
the underlying portfolio, which includes but is not limited to
exposure to Fionia Bank whose subordinated debt rating has been
downgraded to C following the decision not to transfer
subordinated liabilities to the new bank under the government
scheme and (ii) the application of revised and updated key
modelling parameter assumptions that Moody's uses to rate and
monitor ratings of collateralized loan obligations.  Moody's
announced that changes to these assumptions in a press release
published on February 4, 2009.  The revisions affect default
probability and correlation, which are key parameters underlying
this rating.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Report below:

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

The rating actions are:

Amalie I Limited:

   (1) EUR94,000,000 Tranche A Floating Rate Secured Senior Notes
       due 2015

       -- Current Rating: A3, on review for possible downgrade
       -- Prior Rating: Aaa
       -- Prior Rating Date: 28 March 2007, assigned Aaa

   (2) EUR38,000,000 Tranche B Floating Rate Secured Mezzanine
       Notes due 2015

       -- Current Rating: Baa3, on review for possible downgrade
       -- Prior Rating: Aa2
       -- Prior Rating Date: 28 March 2007, assigned Aa2

   (3) EUR33,000,000 Tranche C Floating Rate Secured Junior Notes
       due 2015

       -- Current Rating: Ba2, on review for possible downgrade
       -- Prior Rating: A2
       -- Prior Rating Date: 28 March 2007, assigned A2


KALVEBOD PLC: Moody's Lowers Rating on Class B Notes to 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further possible downgrade its ratings of two classes of notes
issued by Kalvebod plc under the Series 4.

The transaction is a static CLO backed by 16 subordinated loans
advanced to Danish commercial and savings banks.

The rating actions are the result of (i) credit deterioration in
the underlying portfolio, which includes but is not limited to
exposure to Roskilde Bank whose subordinated debt is expected to
experience a substantial loss following the decision not to
transfer subordinated liabilities to the new bank under the
government scheme and (ii) the application of revised and updated
key modelling parameter assumptions that Moody's uses to rate and
monitor ratings of collateralized loan obligations (CLOs).
Moody's announced that changes to these assumptions in a press
release published on ebruary 4, 2009.  The revisions affect
default probability and correlation, which are key parameters
underlying this rating.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Report below:

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

The rating actions are:

Kalvebod plc:

   (1) Series 4 EUR82,875,680 Class A Floating Rate Secured Senior
       Notes due 2015

       -- Current Rating: Baa2, on review for possible downgrade

       -- Prior Rating: Aaa, on review for possible downgrade

       -- Prior Rating Date: 10 September 2008, Aaa placed under
          review for possible downgrade

   (2) Series 4 DKK463,165,120 Class B Fixed/Floating Rate
       Secured Mezzanine Notes due 2015

       -- Current Rating: B3, on review for possible downgrade

       -- Prior Rating: Baa2, on review for possible downgrade

       -- Prior Rating Date: 10 September 2008, Baa2 placed under
          review for possible downgrade


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


DACHDECKEREI MULDENDACH: Claims Registration Period Ends April 8
---------------------------------------------------------------
Creditors of Dachdeckerei Muldendach 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 10:15 a.m. on April 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Fax: 0341/4903699
         E-mail: leipzig@pluta.net

The court opened bankruptcy proceedings against the company on
March 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Dachdeckerei Muldendach GmbH
         Anne-Frank-Weg 6
         04808 Wurzen
         Germany

         Attn: Alexander Barton,
         Querstr. 10
         04808 Wurzen
         Germany


DER REISELADEN: Claims Registration Period Ends May 4
-----------------------------------------------------
Creditors of Der Reiseladen 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 9:00 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 Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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:

         Karl-Joachim Meyer
         Schiessgrabenstr. 8/9
         21335 Lueneburg
         Germany
         Tel: 20100
         Fax: 20 10 14

The court opened bankruptcy proceedings against the company on
March 19, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Der Reiseladen GmbH
         Attn: Birger Koeppen, Manager
         Salzstrasse 1
         21335 Lueneburg
         Germany


GENERAL MOTORS: Germany Won't Buy Stake in Opel, Ms. Merkel Says
----------------------------------------------------------------
Reuters reports Chancellor Angela Merkel said the German
government is not aiming to take a stake in Adam Opel GmbH but may
give the troubled General Motors Corp. subsidiary aid to help it
survive.

According to Reuters, Ms. Merkel said she saw a chance for Opel's
survival to be secured with state help but rejected the idea of
the state taking a direct stake in in the unit.

Reuters relates Ms. Merkel added that a future business plan for
Opel could not be formulated properly until GM's future was clear.
Opel risks bankruptcy or even closure because of the immense
problems faced by General Motors, The International Herald
Tribune's Judy Dempsey says.  AFP recalls Opel said it needs
EUR3.3 billion (US$4.5 billion) to avoid bankruptcy under a plan
presented in late February.

Ms. Merkel is due to visit workers and managers at Opel's main
factory in Ruesselsheim, on March 31, The Wall Street Journal
says.

                        Separation of Opel

On Mar. 18, 2009, The Troubled Company Reporter, citing The Wall
Street Journal, reported that a document compiled for the German
lower house of Parliament's economic and technology committee said
that complete separation of Opel from General Motors is
impossible.

According to WSJ, the document said, "One can try to create a
certain degree of security for German creditors, citizens with
legal terms."

As reported by the Troubled Company Reporter on March 12, 2009,
Ms. Merkel said that in order to grant any aid, it is necessary to
know plans for GM, how independently Opel will be allowed to
operate and the future of Opel's patents.

Jeff Green at Bloomberg related GM favors a plan to sell at least
half of Opel to an investor with European government backing,
close plants and cut US$1.2 billion from costs.

Opel said in a restructuring plan submitted to the government
earlier this month that GM's financial support would come in the
form of capital contributions from other European GM units and
cash for severance packages, WSJ reported.

                       About General Motors

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

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

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

                         *     *     *

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

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

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

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


GERD MOENNICH: Claims Registration Period Ends May 22
-----------------------------------------------------
Creditors of Gerd Moennich GmbH have until May 22, 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 9, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven
         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:

         Hubert Griesoph
         Alte Wiefelsteder St. 3
         26316 Varel
         Germany
         Tel: 04451-913880
         Fax: 04451-913839
         E-mail: buero@hsm-stb.de

The court opened bankruptcy proceedings against the company on
March 18, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Gerd Moennich GmbH
         An der Junkerei 21
         26389 Wilhelmshaven
         Germany

         Attn: Karsten Post, Manager
         Dahlienweg 17
         26419 Schortens-Grafschaft
         Germany


GFS TRANSPORT: Claims Registration Period Ends May 5
----------------------------------------------------
Creditors of GFS Transport GmbH have until May 5, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 17, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Insolvency Tribunal
         Hall 2.011
         Fuerstenstr. 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Sylvia Wille
         Nansenstr. 7
         09116 Chemnitz
         Germany
         Tel: 0371/400440
         Fax: 0371/4004410
         E-mail: Info@wir-chemnitz.de

The court opened bankruptcy proceedings against the company on
March 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         GFS Transport GmbH
         Attn: Rene Guenther and
               Bernd Schmid, Managers
         Auf den Guetern 36
         08294 Loessnitz
         Germany


HIP INSTITUT: Claims Registration Period Ends May 8
---------------------------------------------------
Creditors of HIP Institut fuer Prueftechnik and Entwicklung GmbH
have until May 8, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         William-Strasse 23
         53111 Bonn
         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:

         Siegfried Mueller
         Zum Markt 10
         53894 Mechernich
         Germany
         Tel: 02443 / 98120
         Fax: 0244398 12 19

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:

         HIP Institut fuer Prueftechnik and
         Entwicklung GmbH
         Birkenmaarstr. 1
         53340 Meckenheim
         Germany

         Attn: Helmut Herrmann, Manager
         Hitdorferstr. 217
         51371 Leverkusen
         Germany


HYPO REAL ESTATE HOLDING: Lower House OKs Nationalization of Bank
-----------------------------------------------------------------
Germany's lower house of parliament has backed a bill allowing
nationationalization of Hypo Real Estate Holding AG ("HRE") for a
specified time period, but only as a last resort, Andrea Thomas at
The Wall Street Journal reports.

International broadcaster Deutsche Welle relates the government
stressed HRE would only be nationalized for a limited period of
time if all other attempts by the state to take control have been
exhausted.  The legislation stipulates that the government must
first try alternatives to expropriation such as seeking agreement
from shareholders to part with stock or their participation in a
capital injection, Deutsche Welle says.

According to WSJ, the bill, designed to help the government gain
control over HRE, was backed by 379 of the 532 votes cast, while
107 voted against it and 46 abstained.  A vote in the upper house
is planned for April 3, WSJ says.

"In order to get legal certainty and the speed that we need to
act, it is necessary to get quickly a 100% state-controlling
majority in HRE, because we must prevent the collapse of a
systemically relevant bank and any resulting knock-on effect,"
WSJ quoted Deputy Finance Minister Nicolette Kressl as saying.

The German government, WSJ relates, aims to take control of HRE in
April and the motion for a forced nationalization of the bank has
to be submitted by June 30 and the move has to be enforced by Oct.
31.  The bill was approved by Chancellor Angela Merkel on Feb. 18.

On March 20, 2009, the Troubled Company Reporter-Europe, citing
The Financial Times, reported HRE'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 HRE, 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.

HRE already received EUR102 billion in bank and state loans and
state guarantees.  According to Bloomberg News, HRE 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."



KIC KUECHENMARKT: Claims Registration Period Ends May 4
-------------------------------------------------------
Creditors of KIC Kuechenmarkt 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 9:15 a.m. on June 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Gerloff
         Nymphenburger St. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

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:

         KIC Kuechenmarkt GmbH
         Attn: Wolfgang Gehrig, Manager
         Lotte-Branz-Str. 14
         80939 Munich
         Germany


TRONOX INC: German Units File for Insolvency
--------------------------------------------
PlastEurope reports that Tronox Inc.'s German units have filed for
insolvency, putting 550 jobs at risk.

According to PlastEurope, Tronox's 107,000 t/y production facility
at Krefeld, which has been for sale for some time, is believed to
be operating at no more than half nameplate capacity.

                        About Tronox Inc.

The company is the world's third largest maker of titanium dioxide
behind DuPont Co. and Saudi-owned National Titanium Dioxide Co.,
known a Cristal, according to Bloomberg.

Tronox has US$1.6 billion in total assets, including $646.9
million in current assets, as at September 30, 2008.  The company
has US$881.6 million in current debts and US$355.9 million in
total noncurrent debts.

Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D.
N.Y. Case No. 09-10156).  The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors.  The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.

Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B.  Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK.  As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of
class B common stock.

Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


EMPORIKI BANK: Moody's Cuts Financial Strength Rating to 'D+'
---------------------------------- --------------------------
Moody's Investors Service has downgraded the long-term deposit and
senior debt ratings of Emporiki Bank of Greece SA to A1 from Aa3,
the Baseline Credit Assessment to Baa3 from Baa2 and the bank
financial strength rating to D+ from C-.  The bank's subordinated
debt rating was also downgraded to A2 from A1.  The bank's Prime-1
short term deposit rating was affirmed.  The outlook on the long-
term deposit and debt ratings and on the BCA is negative, while
the outlook on the BFSR is stable.  This rating action concludes
the review initiated on February 5, 2009.

Moody's rating action reflects the ongoing weakening financial
performance of Emporiki Bank, the anticipated equity capital
increase to EUR850 million and the challenges faced by the bank in
turning around its financial performance at a time of
deteriorating economic conditions in its primary market, Greece.

Moody's notes that Emporiki Bank's D+ BFSR is based on its good
domestic franchise and its weak financial fundamentals.
Furthermore, the BFSR takes into account the ongoing strengthening
of the bank's overall franchise as a result of the continuing
operational and financial support by its parent, France's Credit
Agricole SA (CASA, rated Aa1/B-).  "Emporiki Bank's A1 long-term
deposit rating is based on its BFSR of D+, which translates into a
Baseline Credit Assessment of Baa3, and on Moody's assessment of a
very high probability of parental and systemic support in the
event of need.  Parental support is derived from CASA, as Emporiki
Bank's 73% majority and controlling shareholder," Melina
Skouridou, a Limassol-based Moody's Associate Analyst, said.

The bank suffered a loss for 2008 because of higher credit costs
combined with weakeing earning power due to a narrowing of its net
interest margin.  The rating agency said that Emporiki Bank's
ongoing restructuring efforts to better position itself in a
highly competitive market and to arrest the weakening trends in
its financial performance are hampered by the deteriorating
economic and operating conditions in Greece.  In Moody's view,
such conditions are unlikely to offer opportunities for business
expansion without unduly compromising the bank's risk profile,
while the reduced economic activity will, most likely, further
burden the bank's already weak credit quality.

The issuers and ratings affected by this action are:

Emporiki Bank of Greece SA:

  -- BFSR downgraded to D+, stable outlook, from C-

  -- BCA downgraded to Baa3, negative outlook, from Baa2

  -- Long-term deposit and senior debt ratings downgraded to A1,
     negative outlook, from Aa3

  -- Subordinated debt rating downgraded to A2, negative outlook,
     from A1

Emporiki Finance Group:

  -- Senior debt rating downgraded to A1, negative outlook, from
     Aa3

  -- Subordinated debt rating downgraded to A2, negative outlook,
     from A1

Moody's previous rating action on Emporiki Bank of Greece was on
February 5, 2009, when it placed its BFSR of C-, its Aa3 rating
for long-term deposits and senior debt, as well as its A1 rating
for subordinated obligations under review for possible downgrade.

Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. had
consolidated total assets of EUR30.03 billion at end-December
2008.


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


KAUPTHING BANK: Luxembourg Unit Buys Stanford's Stake in Mulberry
-----------------------------------------------------------------
Kaupthing Bank Luxembourg, a unit ofIceland's Kaupthing Bank hf.,
has acquired Kevin Standford's 25.4% stake in Mulberry Group plc
for an undisclosed sum, Trading Markets reports citing the
Independent.

In a March 20 release Mulberry said Kevin Stanford disposed
14,585,720 ordinary shares of 5 pence each in the company.

According to the report, Mr. Stanford reportedly owes the
Icelandic bank some GBP250 million (US$361 million) (EUR264
million).

                       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.


REYKJAVIK SAVINGS: FME Takes Over Operations
--------------------------------------------
Reuters reports that the Icelandic Financial Services Authority
has taken over the country's top two savings banks, Reykjavik
Savings Bank (SPRON) and Sparisjodabanki, formerly Icebank.

Reuters relates the Icelandic government said discussions with
creditors of both savings banks had been unsuccessful and that
their liquidity positions had continued to deteriorate, prompting
the FME's decision.

SPRON had total assets of ISK267 billion Icelandic crowns (about
US$880 million) at the end of September 2008, including ISK212
billion of loans listed as assets, Reuters discloses.

Sparisjodabankinn, Reuters states, had assets worth ISK289
billion, with ISK105 billion in loans and advances listed as
assets at the end of June last year.

Iceland's Ministry of Business Affairs in a March 21 statement
said SPRON customers will automatically have access to their
deposits and banking services through New Kaupthing, while the
Central Bank will take over the Sparisjodabanki's payment
intermediation.

Reuters notes the Ministry of Business Affairs also said 11 other
savings banks would also receive liquidity support, including BYR,
Sparisjodur Bolungarvikur, Sparisjodur Hofdhverfinga, Sparisjodur
Keflavikur, Sparisjodur Myrasyslu, Sparisjodur Nordfjardar,
Sparisjodur Sudur-Thingeyinga, Sparisjodur Strandamanna,
Sparisjodur Svarfdaela, Sparisjodur Vestmannaeyja and Sparisjodur
Thorshafnar.


SPARISJODABANKI: FME Takes Over Operations
------------------------------------------
Reuters reports that the Icelandic Financial Services Authority
has taken over the country's top two savings banks, Reykjavik
Savings Bank (SPRON) and Sparisjodabanki, formerly Icebank.

Reuters relates the Icelandic government said discussions with
creditors of both savings banks had been unsuccessful and that
their liquidity positions had continued to deteriorate, prompting
the decision.

SPRON had total assets of ISK267 billion Icelandic crowns (about
US$880 million) at the end of September 2008, including ISK212
billion of loans listed as assets, Reuters discloses.

Sparisjodabankinn, Reuters states, had assets worth ISK289
billion, with ISK105 billion in loans and advances listed as
assets at the end of June last year.

Iceland's Ministry of Business Affairs in a March 21 statement
said SPRON customers will automatically have access to their
deposits and banking services through New Kaupthing, while the
Central Bank will take over the Sparisjodabanki's payment
intermediation.

Reuters notes the Ministry of Business Affairs also said 11 other
savings banks would also receive liquidity support, including BYR,
Sparisjodur Bolungarvikur, Sparisjodur Hofdhverfinga, Sparisjodur
Keflavikur, Sparisjodur Myrasyslu, Sparisjodur Nordfjardar,
Sparisjodur Sudur-Thingeyinga, Sparisjodur Strandamanna,
Sparisjodur Svarfdaela, Sparisjodur Vestmannaeyja and Sparisjodur
Thorshafnar.


* ICELAND: Launches Probe Into Five Pension Funds
-------------------------------------------------
Iceland Review reports that special prosecutor Olafur Thor
Hauksson launched Tuesday last week an investigation into
investments made by five Icelandic pension funds worth ISK25
billion (US$216 million, EUR166 million) in total.

Citing Frettabladid, the report discloses the pension funds,
including Islenski lifeyrissjodurinn, Lifeyrissjodur
Eimskipafelags Islands, Lifeyrissjodur Tannlaeknafelag Islands,
Eftirlaunasjodur islenskra atvinnuflugmanna and Kjolur
lifeyrissjodur, were all managed by the same person at Landsbanki.
The report recalls the individual stopped working on March 13.

The report relates according to Morgunbladid, there is a suspicion
that the funds' investments in certain companies, including
Landsbanki where the money was under asset management, had
exceeded the maximum legal amount.

"There is also a suspicion that the reports that they submitted to
the FME were incorrect, so that is possibly a violation of the
penal code," the report quoted Mr. Hauksson as saying.  "Then
there is a question of whether people were acting beyond their
sphere authority."

Landsbanki, however, denied that it has anything to do with the
investigation, the report notes.


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


QUALCERAM SHIRES: May Opt for Examinership or Receivership
----------------------------------------------------------
Ailish O'Hora at Independent.ie reports that Qualceram Shires plc
is considering going into examinership or receivership as talks
with landlords and banks over sale and lease back agreements
continued to prove challenging.

According to the report, Qualceram wants to sell surplus
properties but this would result in a breach of its agreements
with its landlord, which will, in turn, give WP Carey the right to
call in letters of credit worth EUR2.6 million.  Qualceram, the
report states, is in talks with the landlord to waive the
covenants and letters of credit.  The negotiations also include
HBOS, the report notes.

The company, the report discloses, has also delayed the issuing of
its preliminary results and it is not yet known when they will be
released.

The report recalls shares in Qualceram slumped a further 12.5pc on
Friday, March 20, having dropped to 12c from 75c on Thursday,
March 19.

The report relates in a March 20 statement the company said it
continues to be adversely affected by the unprecedented slowdown
in the property market.

Headquartered in Arklow, Ireland, Qualceram Shires plc --
http://www.qualceram-shires.com/-- is engaged in the manufacture,
sale and distribution of bathroom products.  The company's brands
include Shires, Selecta, Shaws and Trent.


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


CARLO TASSARA: Owner Seeks Debt Moratorium Extension
----------------------------------------------------
Armorel Kenna at Bloomberg News reports according to daily Il Sole
24 Ore, financier Romain Zaleski has asked his creditor banks for
a two-year extension on a debt moratorium for his Carlo Tassara
SpA holding company.

The moratorium expires at the end of this year, Il Sole said as
cited by Bloomberg News.

Carlo Tassara has debts of EUR3.4 billion (US$4.6 billion),
according to the report.

Based in Breno, Italy, Carlo Tassara SpA operates in the sectors
of heavy industry, steel industry, ironworks, metallurgy, and
production of electric power.


TISCALI SPA: Founder Returns as Firm Grapples With Debt
-------------------------------------------------------
Reuters reports Tiscali SpA said its founder, Renato Soru,
returned to the company's board Thursday last week.

According to Reuters, Mr. Soru, who holds 20.1 percent in the
company, resigned as chairman and chief executive in 2004 to enter
politics.  He however was recently defeated in a bid to be elected
as governor of Sardinia, Dow Jones says.

Mr. Soru's return, Reuters states, is seen as a possible guarantee
that Tiscali can reach an agreement with banks over its EUR500
million (US$674.6 million) in debt.

In an an earlier report, Dow Jones said Tiscali has started a
process aimed at renegotiating its financial debt with key
lenders, which have shown support for the company's approach.  The
company also confirmed it has suspended payments on its long-term
debt, including those due in March, Dow Jones said.

According to Dow Jones, Tiscali's talks to sell its U.K. assets to
British Sky Broadcasting Group PLC failed, and it has asked banks
to suspend interest payments on its debt.  Among Tiscali's key
lenders are Intesa Sanpaolo and JP Morgan Chase, Dow Jones said.

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


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


ALLIANCE BANK: S&P Puts 'B/B' Rating on Negative CreditWatch
------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B/B'
counterparty credit rating on Kazakhstan-based Alliance Bank JSC
on CreditWatch with negative implications.  The rating had been on
CreditWatch with developing implications since Feb. 3, 2009, after
Samruk Kazyna announced its proposed acquisition of majority
stakes in the bank.

"The rating action reflects our view of the reduced likelihood of
government support and the increasing possibility of a
restructuring of the bank's debt obligations.  S&P understand that
the government is not willing to guarantee Alliance's foreign
debt," said Standard & Poor's credit analyst Annette Ess, CFA.

S&P classifies  Kazakhstan as an "interventionist" country
regarding its support of systemically important banks such as
Alliance.  Although Samruk Kazyna's majority takeover of Alliance
has still not been completed and is likely to take some time, S&P
currently factor in one notch of government support for Alliance's
systemic importance.

The rating action also reflects S&P's view of the continuing
downward pressure on the bank's stand-alone credit profile due,
among other things, to significant asset-quality deterioration,
which is depleting its capitalization.  Also contributing to the
rating action are what S&P see as continuing funding and liquidity
challenges and the instability of deposits.  S&P believes that
Alliance is also affected by the current global liquidity crisis
and a severe domestic economic slowdown, both of which continue to
erode liquidity levels and asset quality.

S&P expects to resolve the CreditWatch after obtaining information
on the probability of Alliance's debt restructuring, finalization
of the acquisition by Samruk Kazyna or Samruk Kazyna's decision
not to acquire the bank, and further clarification of the
implications of government ownership for Alliance's
creditworthiness, strategy, and financial flexibility.  If debt
restructuring is imminent S&P would change the ratings to 'D'.
Barring any further deterioration in its operating environment,
S&P may affirm the current ratings if Alliance decides not to
restructure its debt and to meet all its obligations in a timely
manner; if S&P considers that extraordinary state support is more
likely; or if the government's enhancement measures sustainably
strengthen Alliance's stand-alone credit profile.


AS-TECK-2 LLP: Creditors Must File Claims by April 24
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP As-Teck-2 insolvent.

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

         Gogol Str. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


BIDAI SAUDA: Creditors Must File Claims by April 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kokshetau Bidai Sauda insolvent.

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

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


BTA BANK: S&P Downgrades Counterparty Credit Ratings to 'CCC+/C'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
counterparty credit ratings on two banks and one mortgage company
in the Republic of Kazakhstan (FC: BBB-/Negative/A-3; LC:
BBB/Negative/A-3), namely BTA Bank J.S.C. and BTA's subsidiaries
Temirbank JSC and BTA Ipoteka Mortgage Co., to 'CCC+/C' from
'B+/B'.  The counterparty credit ratings on these entities were
put on CreditWatch with negative implications.  They had been on
CreditWatch with developing implications since Feb. 3, 2009, after
the government announced its proposed acquisition of majority
stakes in these banks.

"The rating action reflects our view of the increased probability
of debt restructuring by BTA and its subsidiaries, and the reduced
likelihood of support by the Kazakh government for BTA to meet its
debt obligations according to their terms.  S&P understand that
the Kazakh government is not willing to guarantee these entities'
debt obligations, which in our view increases the likelihood of a
debt restructuring," said Standard & Poor's credit analyst Annette
Ess, CFA.

S&P classifies Kazakhstan as an "interventionist" country
regarding its support of systemically important banks such as BTA.
Despite the finalization of BTA's nationalization in February
2009, S&P's long-term rating on BTA no longer includes any
additional notches above its stand-alone credit profile due to the
lower probability of government support.  S&P lowered its long-
term ratings on BTAI and Temir Bank, and these are constrained by
S&P's ratings on BTA.

The rating actions also reflect S&P's view of the continuing
downward pressure on these entities' stand-alone credit profiles
due, among other things, to significant asset-quality
deterioration, which in S&P's view is depleting their
capitalization.  Continuing funding and liquidity challenges and
the instability of deposits also influenced the rating actions.
S&P believes these entities are affected by the current global
liquidity crisis and a severe domestic economic slowdown, both of
which continue to erode liquidity levels and asset quality.

S&P expects to resolve the CreditWatch placements of BTA,
Temirbank, and BTAI once S&P obtain information about an eventual
debt restructuring and further clarification on the implications
of the Kazakh government's ownership for these entities'
creditworthiness, strategies, and financial flexibility. If debt
restructuring is imminent S&P would change the ratings to 'D'.
Barring any further deterioration in their operating environments,
S&P may raise the ratings on these institutions if either future
government support or improvements in their own stand-alone credit
profiles helps them to avoid a debt restructuring and allows them
to meet all their obligations in a timely manner.


BTA BANK: S&P Cuts Ratings on Four Transactions to 'BB-'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its stand-alone and/or
underlying ratings on four BTA Bank JSC's BTA DPR Finance Co. (JSC
Bank TuranAlem) and seven Kazkommertsbank JSC's Kazkommerts DPR
Co. financial future flow transactions.  All 11 transactions are
backed by Kazakhstan's diversified payment rights.  At the same
time, the KKB transactions were placed on CreditWatch with
negative implications and the BTA transactions remain on
CreditWatch negative, where they were placed on Feb. 5, 2009.

The rating actions are based on a recent review of both programs,
following the recent March debt-service payment date.  The
quarterly reporting period, beginning in December 2008 and ending
in March 2009, depicted a drop in the debt-service coverage ratio
levels in both the BTA and KKB DPR programs.  BTA's flow volumes
have declined approximately 57.5% from the trailing 12-month
quarterly average, while KKB's flows have declined nearly 29.2%
over the same period.  The rapid declines have been caused by the
global economic downturn negatively impacting Kazakh-based exports
(mineral or petroleum based) from a demand and price perspective.
Given the very high industry and customer concentrations of the
Kazakh DPR programs, these have resulted in a steep reduction in
DPR flows and DSCR coverage ratios.  BTA's DPR program
traditionally exhibits one of the highest concentrated global DPR
programs from an industry and customer perspective.  As a result,
BTA's DPR program has been and continues to be stressed at a
higher level consistent with the increased concentration risks.
BTA's DPR program currently has US$750 million outstanding and
KKB's DPR program currently has US$934.38 million outstanding.
Both programs' current DSCR meet S&P's requirements for a 'BB-'
rating.  KKB's DPR program rating is at the same level of
Kazkommertsbank's long-term foreign and local currency rating of
'BB-'.  BTA's DPR program rating is rated one notch above BTA
Bank's long-term foreign and local currency rating of 'B+'.

S&P will continue to surveil the issue ratings on these future
flow securitizations, and S&P will revise them as necessary to
reflect any future changes in the transactions' underlying credit
quality.

Both programs incorporated certain structural triggers that if
breached, could cause either an early amortization or stepped-up
amortization event if certain requirements are met.  Another
rating agency's bank rating requirements were breached when the
agency lowered both banks' ratings recently.  This, in addition to
a decline in flows and capital adequacy ratio test breach, will,
under the transaction's documentation, cause the BTA program to
begin amortization of principal with the scheduled June debt-
service payment.  KKB's program has breached a ratings event,
which under the transaction documentation will cause all series to
amortize principal at a stepped-up level with the scheduled June
debt-service payment.  The early amortization events are not
immediate since both banks have begun to fund a reserve account as
a temporary (four-month period) action to cure the breached
triggers.  If certain requirements are not met under the
transaction documents, a possible early amortization may begin in
August for BTA, and a further stepped-up amortization for KKB in
September.  Standard & Poor's is in communication with the trustee
for both programs, the Bank of New York Mellon, as well as with
BTA and KKB.

The BTA series 2007-A, 2007-B, and 2007-C notes benefit from an
insurance policy provided by Financial Guaranty Insurance Co.
(FGIC; 'CCC' insurer financial enhancement rating), MBIA Insurance
Corp. (MBIA; 'BBB+' insurer financial enhancement rating), and
Ambac Assurance Corp. (Ambac; 'A' insurer financial enhancement
rating), respectively.  The KKB series 2005-A and 2006-B benefit
from an insurance policy from Ambac, the series 2006-A and 2007-A
benefit from an insurance policy from FGIC, and the series 2007-B
benefits from an insurance policy from MBIA.  The KKB series 2007-
C benefits from an insurance policy from the Asian Development
Bank ('AAA' long-term foreign currency rating).  The full
financial guarantee insurance policies that the respective
counterparty provides, guarantee the timely payment of interest
and principal according to the transactions' terms.

Under S&P's criteria, the issue rating on an insured bond reflects
the higher of the rating on the insurance provider or Standard &
Poor's underlying rating on the securities.  The 'BB-' long-term
counterparty credit ratings on the FGIC-insured BTA 2007-A series,
and KKB series 2006-A and 2007-A, reflect the corresponding SPUR
and the de-linking of the rating from the bond insurer's rating.
The 'AAA', 'A', and 'BBB+' long-term counterparty credit ratings
on the respective BTA and KKB series, reflect the respective
insurance provider's financial enhancement or corporate credit
rating and are not affected by this rating action.  The BTA series
2007-D and KKB series 2005-B notes do not benefit from an
insurance policy and are rated on a stand-alone basis.

Both programs are securitizations of all current and future
diversified payment rights in the form of U.S. dollar-denominated
Society for Worldwide Interbank Financial Telecommunication MT100
category payment order messages.  These payment order messages are
a product of the international financial operations of BTA and
KKB, respectively.  Payment orders are created as a result of
BTA's or KKB's role as a financial intermediary between foreign
payors that send funds to Kazakhstan and resident Kazakh entities
that receive these funds.  The transaction uses an offshore
payment collection mechanism and has other structural features
designed to mitigate credit risk.

         Ratings Lowered; Remain on Creditwatch Negative

                       BTA DPR Finance Co.

                        Stand-alone or underlying rating
                        --------------------------------
Series                   To                       From
------                   --                       ----
2007-A*                  BB-/Watch Neg            BBB-/Watch Neg
2007-B¶                  BB-/Watch Neg            BBB-/Watch Neg
2007-C¶                  BB-/Watch Neg            BBB-/Watch Neg
2007-D§                  BB-/Watch Neg            BBB-/Watch Neg

         Ratings Lowered; Placed on Creditwatch Negative

                       Kazkommerts DPR Co.

                        Stand-alone or underlying rating
                        --------------------------------
     Series                   To                       From
     ------                   --                       ----
     2005-A¶                  BB-/Watch Neg            BBB-
     2005-B§                  BB-/Watch Neg            BBB-
     2006-A*                  BB-/Watch Neg            BBB-
     2006-B¶                  BB-/Watch Neg            BBB-
     2007-A*                  BB-/Watch Neg            BBB-
     2007-B¶                  BB-/Watch Neg            BBB-
     2007-C¶                  BB-/Watch Neg            BBB-

* The rating action affects both the stand-alone and the
  underlying ratings.

¶ The rating action only affects the underlying rating.

§ The rating action only affects the stand-alone rating; there is
  no underlying rating.


BTA IPOTEKA: S&P Lowers Counterparty Credit Ratings to 'CCC+/C'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
counterparty credit ratings on two banks and one mortgage company
in the Republic of Kazakhstan (FC: BBB-/Negative/A-3; LC:
BBB/Negative/A-3), namely BTA Bank J.S.C. and BTA's subsidiaries
Temirbank JSC and BTA Ipoteka Mortgage Co., to 'CCC+/C' from
'B+/B'.  The counterparty credit ratings on these entities were
put on CreditWatch with negative implications.  They had been on
CreditWatch with developing implications since Feb. 3, 2009, after
the government announced its proposed acquisition of majority
stakes in these banks.

"The rating action reflects our view of the increased probability
of debt restructuring by BTA and its subsidiaries, and the reduced
likelihood of support by the Kazakh government for BTA to meet its
debt obligations according to their terms.  S&P understand that
the Kazakh government is not willing to guarantee these entities'
debt obligations, which in our view increases the likelihood of a
debt restructuring," said Standard & Poor's credit analyst Annette
Ess, CFA.

S&P classifies Kazakhstan as an "interventionist" country
regarding its support of systemically important banks such as BTA.
Despite the finalization of BTA's nationalization in February
2009, S&P's long-term rating on BTA no longer includes any
additional notches above its stand-alone credit profile due to the
lower probability of government support.  S&P lowered its long-
term ratings on BTAI and Temir Bank, and these are constrained by
S&P's ratings on BTA.

The rating actions also reflect S&P's view of the continuing
downward pressure on these entities' stand-alone credit profiles
due, among other things, to significant asset-quality
deterioration, which in S&P's view is depleting their
capitalization.  Continuing funding and liquidity challenges and
the instability of deposits also influenced the rating actions.
S&P believes these entities are affected by the current global
liquidity crisis and a severe domestic economic slowdown, both of
which continue to erode liquidity levels and asset quality.

S&P expects to resolve the CreditWatch placements of BTA,
Temirbank, and BTAI once S&P obtain information about an eventual
debt restructuring and further clarification on the implications
of the Kazakh government's ownership for these entities'
creditworthiness, strategies, and financial flexibility. If debt
restructuring is imminent S&P would change the ratings to 'D'.
Barring any further deterioration in their operating environments,
S&P may raise the ratings on these institutions if either future
government support or improvements in their own stand-alone credit
profiles helps them to avoid a debt restructuring and allows them
to meet all their obligations in a timely manner.


DOSTYK COMPANIYASY: Creditors Must File Claims by April 24
----------------------------------------------------------
LLP Dostyk Companiyasy Ltd. has declared insolvency.  Creditors
have until April 24, 2009, to submit written proofs of claim to:

         Brodsky Str. 37
         Almaty
         Kazakhstan


EL-KUAT LLP: Creditors Must File Claims by April 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP El-Kuat 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


GAS SERVICE: Creditors Must File Claims by April 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Gas Service insolvent.

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

         Sholohov Str. 10
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 23-23-27
              8 701 599 27-85

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


KAZKOMMERTS DPR: S&P Cuts Ratings on 11 Transactions to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its stand-alone and/or
underlying ratings on four BTA Bank JSC's BTA DPR Finance Co. (JSC
Bank TuranAlem) and seven Kazkommertsbank JSC's Kazkommerts DPR
Co. financial future flow transactions.  All 11 transactions are
backed by Kazakhstan's diversified payment rights.  At the same
time, the KKB transactions were placed on CreditWatch with
negative implications and the BTA transactions remain on
CreditWatch negative, where they were placed on Feb. 5, 2009.

The rating actions are based on a recent review of both programs,
following the recent March debt-service payment date.  The
quarterly reporting period, beginning in December 2008 and ending
in March 2009, depicted a drop in the debt-service coverage ratio
levels in both the BTA and KKB DPR programs.  BTA's flow volumes
have declined approximately 57.5% from the trailing 12-month
quarterly average, while KKB's flows have declined nearly 29.2%
over the same period.  The rapid declines have been caused by the
global economic downturn negatively impacting Kazakh-based exports
(mineral or petroleum based) from a demand and price perspective.
Given the very high industry and customer concentrations of the
Kazakh DPR programs, these have resulted in a steep reduction in
DPR flows and DSCR coverage ratios.  BTA's DPR program
traditionally exhibits one of the highest concentrated global DPR
programs from an industry and customer perspective.  As a result,
BTA's DPR program has been and continues to be stressed at a
higher level consistent with the increased concentration risks.
BTA's DPR program currently has US$750 million outstanding and
KKB's DPR program currently has US$934.38 million outstanding.
Both programs' current DSCR meet S&P's requirements for a 'BB-'
rating.  KKB's DPR program rating is at the same level of
Kazkommertsbank's long-term foreign and local currency rating of
'BB-'.  BTA's DPR program rating is rated one notch above BTA
Bank's long-term foreign and local currency rating of 'B+'.

S&P will continue to surveil the issue ratings on these future
flow securitizations, and S&P will revise them as necessary to
reflect any future changes in the transactions' underlying credit
quality.

Both programs incorporated certain structural triggers that if
breached, could cause either an early amortization or stepped-up
amortization event if certain requirements are met.  Another
rating agency's bank rating requirements were breached when the
agency lowered both banks' ratings recently.  This, in addition to
a decline in flows and capital adequacy ratio test breach, will,
under the transaction's documentation, cause the BTA program to
begin amortization of principal with the scheduled June debt-
service payment.  KKB's program has breached a ratings event,
which under the transaction documentation will cause all series to
amortize principal at a stepped-up level with the scheduled June
debt-service payment.  The early amortization events are not
immediate since both banks have begun to fund a reserve account as
a temporary (four-month period) action to cure the breached
triggers.  If certain requirements are not met under the
transaction documents, a possible early amortization may begin in
August for BTA, and a further stepped-up amortization for KKB in
September.  Standard & Poor's is in communication with the trustee
for both programs, the Bank of New York Mellon, as well as with
BTA and KKB.

The BTA series 2007-A, 2007-B, and 2007-C notes benefit from an
insurance policy provided by Financial Guaranty Insurance Co.
(FGIC; 'CCC' insurer financial enhancement rating), MBIA Insurance
Corp. (MBIA; 'BBB+' insurer financial enhancement rating), and
Ambac Assurance Corp. (Ambac; 'A' insurer financial enhancement
rating), respectively.  The KKB series 2005-A and 2006-B benefit
from an insurance policy from Ambac, the series 2006-A and 2007-A
benefit from an insurance policy from FGIC, and the series 2007-B
benefits from an insurance policy from MBIA.  The KKB series 2007-
C benefits from an insurance policy from the Asian Development
Bank ('AAA' long-term foreign currency rating).  The full
financial guarantee insurance policies that the respective
counterparty provides, guarantee the timely payment of interest
and principal according to the transactions' terms.

Under S&P's criteria, the issue rating on an insured bond reflects
the higher of the rating on the insurance provider or Standard &
Poor's underlying rating on the securities.  The 'BB-' long-term
counterparty credit ratings on the FGIC-insured BTA 2007-A series,
and KKB series 2006-A and 2007-A, reflect the corresponding SPUR
and the de-linking of the rating from the bond insurer's rating.
The 'AAA', 'A', and 'BBB+' long-term counterparty credit ratings
on the respective BTA and KKB series, reflect the respective
insurance provider's financial enhancement or corporate credit
rating and are not affected by this rating action.  The BTA series
2007-D and KKB series 2005-B notes do not benefit from an
insurance policy and are rated on a stand-alone basis.

Both programs are securitizations of all current and future
diversified payment rights in the form of U.S. dollar-denominated
Society for Worldwide Interbank Financial Telecommunication MT100
category payment order messages.  These payment order messages are
a product of the international financial operations of BTA and
KKB, respectively.  Payment orders are created as a result of
BTA's or KKB's role as a financial intermediary between foreign
payors that send funds to Kazakhstan and resident Kazakh entities
that receive these funds.  The transaction uses an offshore
payment collection mechanism and has other structural features
designed to mitigate credit risk.

         Ratings Lowered; Remain on Creditwatch Negative

                       BTA DPR Finance Co.

                        Stand-alone or underlying rating
                        --------------------------------
Series                   To                       From
------                   --                       ----
2007-A*                  BB-/Watch Neg            BBB-/Watch Neg
2007-B¶                  BB-/Watch Neg            BBB-/Watch Neg
2007-C¶                  BB-/Watch Neg            BBB-/Watch Neg
2007-D§                  BB-/Watch Neg            BBB-/Watch Neg

         Ratings Lowered; Placed on Creditwatch Negative

                       Kazkommerts DPR Co.

                        Stand-alone or underlying rating
                        --------------------------------
     Series                   To                       From
     ------                   --                       ----
     2005-A¶                  BB-/Watch Neg            BBB-
     2005-B§                  BB-/Watch Neg            BBB-
     2006-A*                  BB-/Watch Neg            BBB-
     2006-B¶                  BB-/Watch Neg            BBB-
     2007-A*                  BB-/Watch Neg            BBB-
     2007-B¶                  BB-/Watch Neg            BBB-
     2007-C¶                  BB-/Watch Neg            BBB-

* The rating action affects both the stand-alone and the
  underlying ratings.

¶ The rating action only affects the underlying rating.

§ The rating action only affects the stand-alone rating; there is
  no underlying rating.


MAN SHUGAR: Creditors Must File Claims by April 24
--------------------------------------------------
LLP Man Shugar Kazakhstan England has declared insolvency.
Creditors have until April 24, 2009, to submit written proofs of
claim to:

         Timiryazev Str. 61-2
         Almaty
         Kazakhstan
         Tel: 8 (7272) 75-67-84


OVTI-N LLP: Creditors Must File Claims by April 24
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Ovti-N insolvent.

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

         Gogol Str. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


SILK WAY: Creditors Must File Claims by April 24
------------------------------------------------
LLP Silk Way Center Travel has declared insolvency.  Creditors
have until April 24, 2009, to submit written proofs of claim to:

         Mukanov Str. 211
         Almaty
         Kazakhstan


TEMIR BANK: S&P Downgrades Counterparty Credit Ratings to 'CCC+/C'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
counterparty credit ratings on two banks and one mortgage company
in the Republic of Kazakhstan (FC: BBB-/Negative/A-3; LC:
BBB/Negative/A-3), namely BTA Bank J.S.C. and BTA's subsidiaries
Temirbank JSC and BTA Ipoteka Mortgage Co., to 'CCC+/C' from
'B+/B'.  The counterparty credit ratings on these entities were
put on CreditWatch with negative implications.  They had been on
CreditWatch with developing implications since Feb. 3, 2009, after
the government announced its proposed acquisition of majority
stakes in these banks.

"The rating action reflects our view of the increased probability
of debt restructuring by BTA and its subsidiaries, and the reduced
likelihood of support by the Kazakh government for BTA to meet its
debt obligations according to their terms.  S&P understand that
the Kazakh government is not willing to guarantee these entities'
debt obligations, which in our view increases the likelihood of a
debt restructuring," said Standard & Poor's credit analyst Annette
Ess, CFA.

S&P classifies Kazakhstan as an "interventionist" country
regarding its support of systemically important banks such as BTA.
Despite the finalization of BTA's nationalization in February
2009, S&P's long-term rating on BTA no longer includes any
additional notches above its stand-alone credit profile due to the
lower probability of government support.  S&P lowered its long-
term ratings on BTAI and Temir Bank, and these are constrained by
S&P's ratings on BTA.

The rating actions also reflect S&P's view of the continuing
downward pressure on these entities' stand-alone credit profiles
due, among other things, to significant asset-quality
deterioration, which in S&P's view is depleting their
capitalization.  Continuing funding and liquidity challenges and
the instability of deposits also influenced the rating actions.
S&P believes these entities are affected by the current global
liquidity crisis and a severe domestic economic slowdown, both of
which continue to erode liquidity levels and asset quality.

S&P expects to resolve the CreditWatch placements of BTA,
Temirbank, and BTAI once S&P obtain information about an eventual
debt restructuring and further clarification on the implications
of the Kazakh government's ownership for these entities'
creditworthiness, strategies, and financial flexibility. If debt
restructuring is imminent S&P would change the ratings to 'D'.
Barring any further deterioration in their operating environments,
S&P may raise the ratings on these institutions if either future
government support or improvements in their own stand-alone credit
profiles helps them to avoid a debt restructuring and allows them
to meet all their obligations in a timely manner.


TEMIR TULPAR: Creditors Must File Claims by April 24
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Temir Tulpar Kz insolvent.

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

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


VOSTOK ROSS: Creditors Must File Claims by April 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostok Ross Complect insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


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


SAVOIR FAIRE: Creditors Must File Claims by April 3
---------------------------------------------------
Creditors of LLC Savoir Faire Bishkek Co. Ltd. have until April 3,
2009, to submit proofs of claim.

The company can be reached at:

         LLC Savoir Faire Bishkek Co. Ltd.
         Tel: (+996 312) 66-17-74


TELCOM PROJECT: Creditors Must File Claims by April 3
-----------------------------------------------------
Creditors of LLC Telcom Project have until April 3, 2009, to
submit proofs of claim.

The company can be reached at:

         LLC Telcom Project
         Tel: (+996 312) 56-50-29


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


* LATVIA: European Commission Authorizes Temproary Aid Scheme
--------------------------------------------------------------
The European Commission has authorized, under EC Treaty state aid
rules, a Latvian measure to help businesses to deal with the
current economic crisis.  Under the scheme, aid of up to
EUR500,000 per firm may be granted in 2009 and 2010 to businesses
facing funding problems because of the current credit squeeze.
The aid will be granted in form of public guarantees.  The scheme
meets the conditions of the Commission's Temporary Framework for
state aid measures, which gives Member States additional scope to
facilitate access to financing in the present economic and
financial crisis.  It is therefore compatible with Article 87(3)
(b) of the EC Treaty, which permits aid to remedy a serious
disturbance in the economy of a Member State.

"The scheme will help alleviate the difficulties faced by Latvian
businesses affected by the current situation without giving rise
to any undue distortions of competition," said Competition
Commissioner Neelie Kroes.  "The Commission was able to approve
the measures very quickly thanks to excellent cooperation with the
Latvian authorities."

The scheme is based on the provisions of the temporary framework
that deal with compatible aid of a limited amount.  In particular,
the maximum amount of aid does not exceed EUR500,000 per company
and the scheme applies only to businesses which were not in
difficulty on July 1, 2008.


=================
L I T H U A N I A
=================


UAB BITE: Fitch Cuts Long-Term Issuer Default Rating to 'RD'
------------------------------------------------------------
Fitch Ratings has taken these rating actions in respect of
Lithuania-based mobile operator UAB Bite Lietuva following
confirmation of the settlement of the purchase of EUR103.93
million of Bite Finance International B.V.'s EUR110 million
subordinated notes by Bite's holding company, Bite Finance
International (Cayman) Ltd.:

UAB Bite Lietuva:

  -- Long-term Issuer Default Rating downgraded to 'RD' from 'C'

Bite Finance International B.V.:

  -- EUR110 million senior subordinated notes: affirmed at 'C';
     Recovery Rating revised to 'RR5' from 'RR6'.  Both ratings
     have been withdrawn.

The revision of the Recovery Rating for Bite Finance International
B.V.'s subordinated notes reflects the higher recovery level
received by tendering noteholders.  The agency has withdrawn the
rating on this instrument, due to the very small amount of debt
outstanding and the removal of the restrictive covenants and
events of default noted below.

Bite also received sufficient consents to amend the indenture
applying to the subordinated notes to remove substantially all of
the restrictive covenants and events of default, except for those
relating to non-payment, and to release collateral.  The purchase
was considered a coercive debt exchange in accordance with Fitch's
criteria.

Subsequently, Fitch has taken these rating actions:

UAB Bite Lietuva:

  -- Long-term IDR upgraded to 'CCC' from 'RD'; assigned a
     Negative Outlook

SIA EECF Bella Finco:

  -- EUR30 million senior secured revolving credit facility (RCF)
     upgraded to 'B-' (B minus) from 'CC'; Recovery Rating is
     'RR3'

Bite Finance International B.V.:

  -- EUR190 million senior secured notes upgraded to 'CCC' from
     'CC'; Recovery Rating revised to 'RR4' from 'RR3'

The upgrade of the IDR to 'CCC' subsequent to the completion of
the CDE reflects the improved cash flow headroom which the company
will have following the reduction in interest payable on the
EUR103.93 million of subordinated notes repurchased, but this is
counterbalanced by deteriorating economic conditions in Lithuania
and Latvia, which drive the Negative Outlook assigned to the IDR.
The agency estimates that the cash interest savings of up to EUR10
million p.a. could be sufficient to enable the company to reach
cash flow breakeven if EBITDA and operating cashflows do not
deteriorate in 2009.  However, the expected sharp contraction in
economic growth in both countries this year (Fitch forecasts
Lithuania's real GDP will contract by 6.5% and that Latvia's real
GDP will contract by 12%) make this goal very challenging.  The
Negative Outlook therefore reflects the continued risks inherent
in the new entrant strategy in Latvia, which is the reason why the
consolidated group has yet to generate sustainable positive free
cash flows.

Despite the increased risk to the currency peg in Latvia
highlighted by Fitch on February 24, 2009, the agency does not
currently consider a failure of the peg as the most likely
scenario in either Latvia or Lithuania.  The continuation of the
currency peg in Lithuania in particular supports the company's
capital structure, in which substantially all debt is denominated
in euros while 90-95% of revenues are generated in local
currencies.


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


FORTIS LUXEMBOURG: Moody's Junks Rating on Series 180 Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded its rating of the Series
180 combination note issued by Fortis Luxembourg Finance S.A.

Fortis Luxembourg Finance S.A. Series 180 is a combination note
combining two synthetic tranches (Class A and Class B) referencing
a portfolio of corporate entities.  The rating of Series 180
addresses the ultimate repayment of the rated balance in respect
of the notes on or before the legal maturity date, where the
"rated balance" is equal, at any time, to the principal amount of
the notes on the issue date (EUR85,000,000) minus the aggregate of
all payments made since the issue date, either interest or
principal.

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

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

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

The rating actions are:

Fortis Luxembourg Finance S.A :

(1) EUR85,000,000 Series 180 Credit Linked Notes due October 2012

  -- Current Rating: Caa2
  -- Prior Rating: A3
  -- Prior Rating Date: 9 December 2004, assigned A3


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


BITE FINANCE: Moody's Changes Default Rating to 'Ca/LD'
-------------------------------------------------------
Moody's Investors Service changed the probability of default
rating of Bite Finance International B.V to Ca/LD.  It also
downgraded the rating on the EUR110 million senior subordinated
floating rate notes due 2017 to Ca; and kept all ratings under
review.

The change in PDR to Ca/LD (from Ca) follows the successful
conclusion on March 18, 2009 of the tender offer by Bite Finance
International (Cayman) Ltd for the EUR110 million senior
subordinated floating rate notes due 2017 (issued by Bite Finance
International B.V) at a price of 35% of par value.  Acceptances
were received for EUR103.93 million of notes (about 94.5%,
exceeding the 90% minimum threshold).  The "/LD" suffix will be
removed after three business days.

The downgrade of the subordinated notes to Ca from Caa3 reflects
the 65% loss arising from the exchange, compared to the par value
of those notes.

The balance EUR6.07 million of subordinated notes that were not
tendered will remain outstanding.  Moody's notes that amendments
to the subordinated notes requested by Bite in parallel with the
tender offer, that remove substantially all covenants and release
collateral, have also been passed.

Additionally, Moody's notes some residual uncertainty as to the
amount of purchased notes that Bidco will cancel.  Approval by
Bite's banks is required to cancel more than EUR50 million.
Moody's believes that Bidco will cancel at least EUR50 million of
notes, and that ultimately all the notes are likely to be
cancelled as the consequent reduction in Bite's debt should
benefit all creditors.  However, the ratings will be kept under
review until there is greater certainty over Bite's final capital
structure, as well as its resulting liquidity profile and updated
strategic plan.

If a high percentage of the notes is cancelled, then a ratings
downgrade of Bite's CFR and PDR below their current levels is
unlikely.  However, the rating of the outstanding subordinated
notes will need to incorporate their new status as unsecured
obligations, due to the loss of collateral (and removal of
protective covenants).

The last rating announcement for Bite was on February 18, 2009,
when the PDR was downgraded to Ca and the ratings placed under
review.

Bite Finance International B.V. is the Dutch holding company of
the Lithuanian company Bite Lietuva UAB.  Bite is a mobile
telecommunications operator in Lithuania and Latvia, which
reported 2008 service revenue of about EUR188 million.  In
February 2007 a private equity consortium led by Mid Europa
Partners acquired Bite through a leveraged buyout for a total
consideration of EUR443 million.


BITE FINANCE: Fitch Affirms Rating on EUR110 Mln Notes at 'C'
-------------------------------------------------------------
Fitch Ratings has taken these rating actions in respect of
Lithuania-based mobile operator UAB Bite Lietuva following
confirmation of the settlement of the purchase of EUR103.93
million of Bite Finance International B.V.'s EUR110 million
subordinated notes by Bite's holding company, Bite Finance
International (Cayman) Ltd.:

UAB Bite Lietuva:

  -- Long-term Issuer Default Rating downgraded to 'RD' from 'C'

Bite Finance International B.V.:

  -- EUR110 million senior subordinated notes: affirmed at 'C';
     Recovery Rating revised to 'RR5' from 'RR6'.  Both ratings
     have been withdrawn.

The revision of the Recovery Rating for Bite Finance International
B.V.'s subordinated notes reflects the higher recovery level
received by tendering noteholders.  The agency has withdrawn the
rating on this instrument, due to the very small amount of debt
outstanding and the removal of the restrictive covenants and
events of default noted below.

Bite also received sufficient consents to amend the indenture
applying to the subordinated notes to remove substantially all of
the restrictive covenants and events of default, except for those
relating to non-payment, and to release collateral.  The purchase
was considered a coercive debt exchange in accordance with Fitch's
criteria.

Subsequently, Fitch has taken these rating actions:

UAB Bite Lietuva:

  -- Long-term IDR upgraded to 'CCC' from 'RD'; assigned a
     Negative Outlook

SIA EECF Bella Finco:

  -- EUR30 million senior secured revolving credit facility (RCF)
     upgraded to 'B-' (B minus) from 'CC'; Recovery Rating is
     'RR3'

Bite Finance International B.V.:

  -- EUR190 million senior secured notes upgraded to 'CCC' from
     'CC'; Recovery Rating revised to 'RR4' from 'RR3'

The upgrade of the IDR to 'CCC' subsequent to the completion of
the CDE reflects the improved cash flow headroom which the company
will have following the reduction in interest payable on the
EUR103.93 million of subordinated notes repurchased, but this is
counterbalanced by deteriorating economic conditions in Lithuania
and Latvia, which drive the Negative Outlook assigned to the IDR.
The agency estimates that the cash interest savings of up to EUR10
million p.a. could be sufficient to enable the company to reach
cash flow breakeven if EBITDA and operating cashflows do not
deteriorate in 2009.  However, the expected sharp contraction in
economic growth in both countries this year (Fitch forecasts
Lithuania's real GDP will contract by 6.5% and that Latvia's real
GDP will contract by 12%) make this goal very challenging.  The
Negative Outlook therefore reflects the continued risks inherent
in the new entrant strategy in Latvia, which is the reason why the
consolidated group has yet to generate sustainable positive free
cash flows.

Despite the increased risk to the currency peg in Latvia
highlighted by Fitch on February 24, 2009, the agency does not
currently consider a failure of the peg as the most likely
scenario in either Latvia or Lithuania.  The continuation of the
currency peg in Lithuania in particular supports the company's
capital structure, in which substantially all debt is denominated
in euros while 90-95% of revenues are generated in local
currencies.


LYONDELLBASELL: Misses Interest Payment on EUR500 Million Bond
--------------------------------------------------------------
The International Swaps and Derivatives Association said in a
March 20 statement that LyondellBasell Industries AF SCA failed to
pay interest on EUR500 million (US$679 million) of bonds maturing
in 2015, Bloomberg News' Shannon D. Harrington and Abigail Moses
report.

Bloomberg News relates a LyondellBasell spokesman in Houston said
Friday last week the company missed a payment due Feb. 15 and a
30-day grace period deadline.

According to Bloomberg News, the default will trigger payouts on
credit-default swaps guaranteeing as much as US$1.5 billion of the
company’s debt.

Citing data from the Depository Trust & Clearing Corp., Bloomberg
News discloses traders had bought or sold a net US$744 million in
protection on LyondellBasell debt through credit swaps as of
March 13.  Another US$786 million of protection was bought through
index contracts that include LyondellBasell among a group of 50
companies, Bloomberg News adds.

                       About LyondellBasell

LyondellBasell Industries -- http://www.lyondellbasell.com/-- is
a refiner of crude oil; a significant producer of gasoline
blending components; a global manufacturer of chemicals and
polymers, including polyolefins and advanced polyolefins; and the
leading developer and licensor of technologies for the production
of polymers.

Following the acquisition of Lyondell in 2007, LyondellBasell
became the world's largest independent producer of polypropylene
and advanced polyolefins products, a leading supplier of
polyethylene, and a global leader in the development and licensing
of polypropylene and polyethylene processes and related catalyst
sales.  The group is estimated to generate 2007 revenues of US$44
billion and EBITDA of US$4.1 billion reflecting strong performance
of Lyondell and Basell businesses at the top of the cycle.

LyondellBasell is saddled with debt as part of its
US$12.7 billion merger in 2007.  As reported by the Troubled
Company Reporter, the company has brought on board Kevin M. McShea
of AlixPartners, LLP, as Chief Restructuring Officer of
LyondellBasell and its subsidiaries.  The company also has hired
advisers, including Evercore and New York law firm Cadwalader,
Wickersham & Taft LLP, to advise it on its restructuring efforts.

Lyondell disclosed in its latest quarterly results that it has
US$27.12 billion in assets and US$228 million stockholders'
deficit as of Sept. 30, 2008.  It incurred a US$232 million net
loss in the three months ended Sept. 30, 2008, compared to a
US$206 million net profit during the same period in 2007.

Headquartered in Houston, Texas, Equistar Chemicals LP, is a
wholly owned subsidiary of Lyondell Chemical Company, which
produces ethylene, propylene and polyethylene in North America and
ethylene oxide, ethylene glycol, high value-added specialty
polymers and polymeric powder.  For three months ended Sept. 30,
2008, Equistar Chemicals posted net loss of US$271 million
compared to net income of US$22 million for the same period in the
previous year.  At Sept. 30, 2008, Equistar Chemicals' balance
sheet showed total assets of US$9.0 billion and total liabilities
of US$19.0 billion, resulting in a partners' deficit of US$9.9
billion.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2009, Standard & Poor's Ratings Services said it lowered its long-
term corporate credit rating on The Netherlands-based
petrochemicals producer LyondellBasell Industries AF S.C.A. to 'D'
from 'SD'.  S&P also lowered the subordinated debt ratings on the
US$615 million and EUR500 million European bonds due 2015 issued
by the company to 'D' from 'C'.

"The rating action follows LyondellBasell's payment default on
coupons of the two bonds on Feb. 15, 2009," said Standard & Poor's
credit analyst Tobias Mock.  "Although there is a grace period of
30 days, S&P do not consider it likely that the company will pay
the coupons within this period."

The issue rating on Basell Finance Co. B.V.'s US$300 million notes
due 2027 remains at 'C' because no payment default has occurred on
them.


STICHTING ELEVEN: Moody's Assigns 'Ba3' Rating on Class E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive long term
ratings to five classes of Notes issued by Stichting Eleven Cities
No. 5.

The definitive ratings assigned are:

  -- Aaa to the EUR763.05 Million Floating Rate Senior Class A
     Mortgage-Backed Notes 2009 due 2090

  -- Aa3 to the EUR17.05 Million Floating Rate Mezzanine Class B
     Mortgage-Backed Notes 2009 due 2090

  -- A3 to the EUR16.20 Million Floating Rate Mezzanine Class C
     Mortgage-Backed Notes 2009 due 2090

  -- Baa3 to the EUR7.30 Million Floating Rate Mezzanine Class D
     Mortgage-Backed Notes 2009 due 2090

  -- Ba3 to the EUR6.40 Million Floating Rate Junior Class E
     Mortgage-Backed Notes 2009 due 2090

Moody's did not assign ratings to the Class F Notes.

This transaction represents the fifth securitization of Dutch
residential mortgage loans originated by Friesland Bank N.V. and
has been arranged by The Royal Bank of Scotland plc and ING Bank
N.V.

The Notes are secured by Dutch Residential Mortgages which are
assigned to the Issuer; the security assignments closely follow
the security structure observed in other Dutch Residential
Mortgage-Backed transactions.  The collateral consists of a
combination of NHG and non-NHG mortgages.

The transaction benefits from a swap with The Royal Bank of
Scotland to hedge interest rate risk over the entire term of the
transaction.  Excess Margin in the transaction is guaranteed
through the operation of the interest rate swap.  The benefit of
Excess Margin to the transaction is enhanced by structural
features - once it has been used to cover losses and top up the
Reserve Account to its target level, any Excess Margin is used to
amortize the Class F Notes.  This will leave the credit
enhancement available to the senior Notes unchanged.  The 2.4 per
cent Liquidity Fund was fully funded at closing.  The GIC is
provided by ING Bank N.V.

Moody's applied its Dutch MILAN loan-by-loan analysis to assess
the reference portfolio as described in the report "Moody's
Approach to Rating Dutch RMBS", published in December 2004 and
updated in March 2009.  The expected portfolio loss and the Aaa
required credit enhancement serve as input parameters for Moody's
cash flow and tranching model, which is based on a probabilistic
lognormal distribution and described in the report "The Lognormal
Method Applied to ABS Analysis", published in September 2000.  The
key parameters used by Moody's to calibrate the loss distribution
for this portfolio include a Milan Aaa CE of 7.8% and an Expected
Loss of 1.2%.

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for the timely payment of interest and ultimate
payment of principal by the legal final maturity.


UPC HOLDING: Moody's Upgrades Corporate Family Rating to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of UPC Holding B.V. to Ba3 from B1.  At the same time, Moody's has
affirmed the rating on the existing senior secured bank facilities
at Ba3 and upgraded the ratings on the senior unsecured bonds to
B2 from B3.  The outlook on the ratings is stable.

The upgrade of the corporate family rating reflects the company's
strong performance in 2008 and consistent leverage policy of 4.0x
Senior Debt to EBITDA and 5.0x Total Debt to EBITDA.  Moody's
believes that due to UPC's diversification in the European
markets, the company is well positioned to weather the challenging
economic conditions.  Furthermore, UPC Broadband group includes
VTR Globalcom S.A. (a leading cable operator in Chile), which
demonstrated a robust growth in revenue and Operating Cash Flow in
2008, 11.6% and 17.9% respectively. Given the public guidance for
2009 of Liberty Global Inc., UPC's parent company, Moody's
believes that UPC could increase its free cash flow generation as
its capex spend as a percentage of revenue is likely to decrease.

In addition to its solid operating performance in 2008, UPC has
also continued adhering to its publicly stated financial policy of
not exceeding 5.0x Total Debt to EBITDA as enshrined in the terms
and conditions of its existing debt instruments.  Moody's notes
that the company pursues a strategy whereby it aims to keep the
leverage close to the stated leverage parameters, thus increasing
its debt levels in line with growth in OCF.  The Ba3 rating
reflects the company's intention to maintain this strategy; i.e.
over the short term the leverage could decrease due to various
factors, including market conditions, but over the medium term the
leverage is likely to rise to the level of the indicated
parameters.  Therefore, Moody's does not assume in its rating a
de-leveraging trajectory going forward.

At the same time, Moody's notes the competitive nature of the
company's markets, particularly the Netherlands, Austria, Hungary
and Romania.  In the Netherlands, the regulator mandated the cable
operators, including UPC Netherlands, to re-sell their analogue
video products.  Although this initiative is to stay in place for
the next three years starting in 2009, it could create further
competition on the already competitive market in the Netherlands.
In Austria, the company's revenue declined in 2008 by 0.4% whilst
OCF increased by 6.6%. Overall, the company's modest growth in
revenue in most of its markets was off-set by a strong, double-
digit, growth in OCF in a number of its markets.  Overall, UPC
Broadband division (excluding VTR) generated 14.2% OCF growth in
2008 (re-based).

In 2008, the company generated EUR150.7 million in free cash flow
(excluding EUR54.4 million paid for acquisitions).  At the same
time, the company up-streamed net EUR1.2 billion out of UPC group,
as a payment under its shareholder loan, which had a balance of
EUR8.5 billion at the year-end.  This payment was largely financed
through drawdowns under the existing senior secured facility.  LGI
is expected to continue sweeping cash from many of its
subsidiaries, including UPC.  Moody's notes that at this stage it
does not include the EUR8.5 billion shareholder loan in its
leverage calculations as it is regarded at this time as a deeply
quasi-equity intercompany loan instrument.  Additionally, the
company's parent, LGI, has not been reliant on the shareholder
loan payments to meet its liquidity needs.  However, in the event
the parent company's reliance on cash distributions under the
shareholder loan were to increase materially, Moody's would re-
assess the shareholder loan position in the capital structure in
the context of the impact that any developing weakness at LGI
might have on the family as a whole.

The last rating action was on 2 April 2007 when the rating on the
senior secured facility was upgraded to Ba3.

UPC Holding B.V. is a pan-European cable provider, a principal
subsidiary of Liberty Global Inc.  In 2008, the company generated
EUR3.5 billion in revenue and EUR1.6 billion in reported operating
cash flow.


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


BORETS INT'L: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
long-term corporate credit rating and 'ruAA-' Russia national
scale rating to electrical submersible pumps producer Borets
International Ltd., which is registered in the British Virgin
Islands and operates mainly in Russia.  The outlook is stable.

"In our view, Borets' credit quality is constrained by the group's
internal liquidity, with currently restricted access to external
financing and a high dependence on shareholders to provide support
should the company require additional funds," said Standard &
Poor's credit analyst Varvara Nikanorava.  "Other constraining
factors include limited product and geographic diversification and
exposure to Russia country risks, where S&P understand a
significant part of the company's EBITDA is generated."

These factors are partly mitigated, in S&P's view, by the
company's leading position in the global electrical submersible
pumps business, its strong operating performance in recent years,
and the company's moderate financial leverage.  S&P also considers
the willingness and ability of both the majority and strategic
shareholders to support the company as a significantly positive
rating factor.

Borets is an oilfield services company, which manufactures full
ESP systems, ESP components and spare parts, and provides ESP
repair and maintenance services.  S&P notes that Borets enjoys a
leading market position in Russia and is among industry leaders
internationally.

S&P considers Borets' operating profitability to have been
relatively robust in recent years, with a reported EBITDA margin
of about 30%, reflecting strong ESP demand, especially in Russia.

S&P considers the company's financial profile as strong for the
current rating, with an estimated adjusted debt to EBITDA of about
2x for the fiscal year ended Dec. 31, 2008, including shareholder
loans in debt.  As of end-December 2008, Borets had about
US$270 million reported total debt.

"The stable outlook reflects our view that the company will manage
its liquidity position in a manner commensurate with the current
rating and will be able to pay its mandatory debt payments when
they fall due from its internally generated funds, available cash,
and cash injections from the shareholders," said Ms. Nikanorava.
It also reflects S&P's view that the shareholders will continue to
be willing and able to support Borets.  S&P also assumes that
Borets will be successful in gradually expanding its geographic
presence and protecting its market positions as well as protecting
its operating margins from a further decline.


BRYANSKIY CONSTRUCTION: Creditors Must File Claims by April 5
-------------------------------------------------------------
Creditors of LLC Bryanskiy Construction Materials Plant (TIN
3235015530) have until April 5, 2009, to submit proofs of claims
to:

         Z.Ganiyev
         Insolvency Manager
         Office 61
         Potapovskiy pereulok 9/11
         101000 Moscow
         Russia

The Arbitration Court of Bryanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A09–399/2009,.

The Debtor can be reached at:

         LLC Bryanskiy Construction Materials Plant
         Proezd Moskovskiy 14
         140742 Bryansk
         Russia


EXPERIMENTAL REPAIR: Under External Bankruptcy Procedure
--------------------------------------------------------
The Arbitration Court of Tatarstan has commenced external
management bankruptcy procedure on OJSC Experimental Repair and
Engineering Plant (TIN 1657004941, RVC 165101001).  The Case is
docketed under No. A65–11099/2008–SG4–39.

The External Insolvency Manager is:

         Yu. Onufrienko
         Post User Box 2119
         Postal Office 61
         420061 Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Experimental Repair and Engineering Plant
         Korolenko St. 120
         42009,4 Kazan'
         Tatarstan
         Russia


FINANCE LEASING: Investors Seek Early Repayment of US$250MM Bonds
-----------------------------------------------------------------
Denis Maternovsky at Bloomberg News reports that Finance Leasing
Co. faces demands for early repayment on as much as US$250 million
of bonds.

FLC missed US$12 million of coupon payments on its US$150 million
of 10 percent bonds due 2013 and US$100 million of 9.25 percent
four-year notes, Bloomberg News discloses citing Nicolas
Genechesi, who holds US$3.7 million of the company's debt.

Mr. Genechesi, as cited by the report, said investors in FLC's
US$150 million of securities will ask the bonds' trustee, Bank of
New York Mellon Corp., to request full repayment "within three
weeks".

Bloomberg News recalls Mr. Genechesi also said investors in FLC's
defaulted four-year bonds are also considering pushing for early
repayment.

Mr. Genechesi, Bloomberg News relates, has warned "If the
government doesn't resolve the FLC default very quickly, all
Russian state-owned companies will be viewed differently by
domestic and foreign investors".

The default may "end up costing them many billions of dollars,"
Bloomberg News quoted Mr. Genechesi as saying.

However, Andrei Saiko, a spokesman for the Finance Ministry said
"We have received no requests from FLC", Bloomberg News recounts.

Bloomberg News notes according to Mr. Genechesi, investors in
FLC's debt include 40 to 50 foreign and Russian financial
institutions.

Headquartered in Moscow, Russia, Finance Leasing Co. is an
airplane leasing company.  It is 28.7 per cent-owned by the
Russian government and 51.8 percent-owned by OAO United Aircraft
Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 22,
2009, Moody's Investors Service downgraded the long-term issuer
and debt ratings of Finance Leasing Company to Caa3 from Ba3.  At
the same time, Moody's Interfax Rating Agency, which is majority-
owned by Moody's, downgraded FLC's long-term National Scale Rating
(NSR) to Caa2.ru from Aa3.ru.  The issuer and debt ratings were
placed on review with direction uncertain.


KAMSKIY CAR-REPAIR: Creditors Must File Claims by May 6
-------------------------------------------------------
Creditors of LLC Kamskiy Car-Repair Plant (TIN 1650114039, PSRN
1041616008830) have until May 6, 2009, to submit proofs of claims
to:

         V. Shevelev
         Insolvency Manager
         Post User Box 75
         420021 Kazan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65–10132/2008-SG4–40.


KARACHAEVO CHERKESSK: Creditors Must File Claims by May 6
---------------------------------------------------------
Creditors of SUE Karachaevo Cherkessk Les Prom (TIN 0901047727,
PSRN 1020900512236) (Forestry) have until May 6, 2009, to submit
proofs of claims to:

         D. Kochkarov
         Insolvency Manager
         U.Aliyeva St. 72
         Cherkessk
         36900 Kabardino-Balkaria
         Russia

The Arbitration Court of Kabardino-Balkaria commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A25–647/08–10.

The Debtor can be reached at:

         SUE Karachaevo-Cherkessk-Les-Prom
         Ploshchad’ Kirova 23
         Cherkessk
         369015 Kabardino-Balkaria
         Russia


KONTSERN-M CJSC: Creditors Must File Claims by April 5
------------------------------------------------------
Creditors of CJSC Kontsern-M (TIN 7415005464, PSRN 1027402328667)
(Tooling Industry) have until April 5, 2009, to submit proofs of
claims to:

         G. Kazakbayev
         Temporary Insolvency Manager
         Office 47a
         Antsiferova St. 8a
         Yoshkar-Ola
         424039 Mari El
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A 76–
24176/2008–56–153.

The Debtor can be reached at:

         CJSC Kontsern-M
         Prospect Pobedy 168
         Chelyabinsk
         454084 Chelyabinskaya
         Russia


LES-META-YUG LLC: Court Names Temporary Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Arkhangelskaya has appointed Yu. Sokolov
as Temporary Insolvency Manager for LLC Les-Meta-Yug (TIN
2312096661, PSRN 1032307165516) (Lumbering Industry).  The case is
docketed under Case No. A05–13828/2008.  He can be reached at:

         Apt. 71
         Uritskogo St. 54
         163060 Arkhangelsk
         Russia

The Debtor can be reached at:

         LLC Les-Meta-Yug
         Rechnaya St. 7a/3
         Udimskiy
         Kotlasskiy
         165370 Arkhangelskaya
         Russia


REM-STROY-TREST A 21: Court Names Temporary Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed M.Vasilega as Temporary
Insolvency Manager for LLC Rem-Stroy-Trest A 21 (TIN 7701279681,
PSRN 102770051663) (Construction).  The case is docketed under
Case No. A40–88117/08–70–31B.  He can be reached at:

         Post User Box 100
         105318 Moscow
         Russia

The Debtor can be reached at:

         LLC Rem-Stroy-Trest A 21
         Building 1a
         2-ya Baumanskaya St. 7
         107005 Moscow
         Russia


SHATUR-TORF OJSC: Creditors Must File Claims by April 5
-------------------------------------------------------
Creditors of OJSC Shatur-Torf (TIN 5049007380, PSRN 1025006466957)
(Peat Digging, Peat Products) have until April 5, 2009, to submit
proofs of claims to:

         N. Vitchukov
         Temporary Insolvency Manager
         Hall 440
         Akademika Sakharova St. 18
         107996 Moscow
         Russia

The Arbitration Court of Moskovskaya will convene at 10:00 a.m. on
June 10, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A41–3269/09.

The Debtor can be reached at:

         OJSC Shatur-Torf
         Chernoozerskiy prospect 2
         Shatura
         140700 Moskovskaya
         Russia


SPETS GAZ: Creditors Must File Claims by April 5
------------------------------------------------
Creditors of LLC Spets Gaz Trans Stroy (TIN 0278101040, PSRN
1040204596101) (Construction) have until April 5, 2009, to submit
proofs of claims to:

         I. Ishmukhametov
         Temporary Insolvency Manager
         Kalinina St. 22
         Krasnousol'sk
         Gafuriyskiy
         453051 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene on April 2,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A07–14447/2008.

The Debtor can be reached at:

         LLC Spets Gaz Trans Stroy
         Fedorovka
         Ufa
         450902 Bashkortostan
         Russia


UC RUSAL: Onexim Agrees to Convert US$2-Bln Debt Into Shares
------------------------------------------------------------
United Co. Rusal said Sunday it signed an agreement with Onexim
Group restructuring the aluminum producer's US$2.8 billion debt.

The parties have agreed that US$2.0 billion of the debt will be
converted into Rusal shares.  Onexim's stake in Rusal will
consequently increase to 18.5%.  The stakes of other shareholders
will change accordingly, with En+ holding 53.8%, shareholders of
SUAL Group 18%, and Glencore 9.7%.

The remaining US$800 million debt to Onexim will be restructured.
Rusal intends to agree the terms of the restructuring with the
rest of its lenders in the near future.

As part of the agreement, Onexim has agreed not to exercise its
put option on any of its shares in Rusal during the period of the
standstill agreement signed with the international lending banks
as well as to facilitate Rusal's further debt restructuring.

"The agreement with Onexim is another important step in the
process of Rusal's debt restructuring," the company said in a
statement.

The company recently signed a two month standstill agreement with
the international lending banks.  During this period, the company
said it will negotiate the terms of a long-term debt
restructuring.

As reported in the Troubled Company Reporter-Europe on March 20,
2009, Russia's First Deputy Prime Minister Igor Shuvalov, as cited
by Bloomberg News, said Rusal won't be bailed out by the
government.

According to the Bloomberg News, 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 news agency, said the government may allow Rusal to pay
foreign creditors in shares.

Rusal isn't counting on financial help from the government and
plans to reorganize its borrowings and cut costs, the Moscow-based
company said in an e-mail obtained by Bloomberg News.

In an earlier statement, Rusal said 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.

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

                     About ONEXIM Group

ONEXIM Group, a private investment fund, was founded in 2007 and
has a diversified portfolio of investments in the metals and
mining sector, energy, including fuel cell and nanotechnology,
financial services, media and real estate.

                      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.


ULAN-UDENSKAYA ENERGY: Creditors Must File Claims by May 6
----------------------------------------------------------
Creditors of MUE Ulan-Udenskaya Energy Company have until May 6,
2009, to submit proofs of claims to:

         R. Yerbanov
         Insolvency Manager
         Post User Box 2713
         670033 Ulan-Ude
         Russia

The Arbitration Court of Buryatia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A10–3514/08.

The Debtor can be reached at:

         MUE Ulan-Udenskaya Energy Company
         Mokrova St. 16
         Ulan-Ude
         Russia


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


* SLOVENIA: Commission Approves Liquidity Scheme for Fin'l Sector
-----------------------------------------------------------------
The European Commission has approved, under EC Treaty state aid
rules, a Slovenian support scheme to stabilize financial markets
by providing state loans to eligible financial institutions to
ensure their access to financing.  The Commission found the
measure to be in line with its October 2008 Guidance Communication
on state aid to overcome the financial crisis.  In particular, the
scheme is non-discriminatory, limited in time and scope, provides
for behavioural constraints to avoid abuses and is subject to a
market-oriented remuneration from the beneficiaries.  The
Commission therefore concluded that the scheme was an adequate
means to remedy a serious disturbance of the Slovenian economy and
as such in line with Article 87.3.b of the EC Treaty.

Competition Commissioner Neelie Kroes said: "The Slovenian
liquidity scheme complements the guarantee scheme already in
place.  It will ensure that financial institutions in Slovenia
have adequate access to refinancing while limiting distortions of
competition."

The objective of the liquidity scheme is to provide short and
medium term financing to the credit institutions which are unable
to obtain funds on the financial markets under the previously
approved Slovenian guarantee scheme and to other financial
institutions.

The Slovenian state will provide against remuneration short and
medium term non-subordinated debt for a duration of one to a
maximum of three years.  The overall budget of the previously
approved guarantee scheme and the present liquidity scheme is
capped at EUR12 billion.  Only solvent credit institutions,
insurance, reinsurance, and pension companies are allowed to enter
the scheme.  The Commission decision covers a period of six
months, following which Slovenia will either terminate the scheme
or renotify its extension to the Commission for further
assessment.

The scheme contains elements of state aid but foresees safeguards
aimed at ensuring that the state intervention is proportionate,
limited to what is necessary to stimulate interbank lending and
adequate to reach this goal, in accordance with EU state aid
rules, as outlined in the Commission's Guidance Communication.

In particular, the scheme provides for non-discriminatory access
as it will be open to all solvent financial institutions in
Slovenia.  To benefit from the state loans, participating
financial institutions are required to pay a market-oriented fee,
in line with recommendations from the European Central Bank.

Moreover, beneficiaries will be subject to behavioural commitments
to avoid an abusive use of the state support.  These include
limitations on expansion and marketing and conditions for staff
remuneration or bonus payments.  In addition, Slovenia committed
to notify restructuring or liquidation plans for each beneficiary
that defaulted on state loans.  Finally, Slovenia will report
periodically to the Commission on the implementation of the
scheme.

In light of these commitments and conditions, the Commission
concluded that the scheme would be an adequate means to restore
confidence on Slovenian financial markets and to boost interbank
lending.  The safeguards will ensure that the state support is
limited to what is necessary to stabilize the Slovenian financial
sector and that negative spill-over effects are minimized.


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


AYT GENOVA: S&P Affirms Low-B Ratings on Five Class D Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B notes issued by AyT Genova Hipotecario III, IV, VI, VII, and
VIII, and the class C notes issued by AyT Genova Hipotecario VI.
At the same time, S&P removed several of these notes from
CreditWatch positive, affirmed all the other notes in these
transactions, and affirmed all the notes in AyT Genova Hipotecario
II, IX, X, and XI.

The upgrades reflect the stable transaction performance of the
deals, with a low volume of arrears in each pool.  There are also
sufficient levels of available credit enhancement (provided
through subordinated tranches and cash reserves), due to
transaction deleveraging, to offset future performance
deterioration commensurate with stresses applied at the revised
rating levels.  Specifically, severe delinquencies in each pool
represent less than 0.35% of the outstanding balances, compared
with current cash reserves of more than four times that amount.

S&P conducted cash flow analyses which ran through a number of
scenarios to test the structures' ability to make timely interest
payments and an ultimate principal repayment.  The rating actions
reflect the levels at which the respective tranches passed these
rating-specific stress scenarios.

The Genova deals are Spanish residential mortgage-backed
securities transactions backed by pools of first-ranking mortgages
secured over owner-occupied residential properties in Spain.  They
were originated by the Spanish subsidiary of Barclays Bank PLC and
were underwritten to include lower loan-to-value ratios and higher
borrower income levels than typically seen.

                          Ratings List

       Ratings Raised and Removed from Creditwatch Positive

   AyT Genova Hipotecario VI Fondo de Titulizacion Hipotecaria
         EUR700 Million Mortgage-Backed Floating-Rate Notes

                            Rating
                            ------
        Class       To                     From
        -----       --                     ----
        B           AA-                    A/Watch Pos
        C           BBB+                   BBB/Watch Pos

   AyT Genova Hipotecario VII Fondo de Titulizacion Hipotecaria
          EUR1.4 Billion Mortgage-Backed Floating-Rate Notes

                            Rating
                            ------
        Class       To                     From
        -----       --                     ----
        B           A+                     A/Watch Pos

   AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria
         EUR2.1 Billion Mortgage-Backed Floating-Rate Notes

                            Rating
                            ------
        Class       To                     From
        -----       --                     ----
        B           A+                     A/Watch Pos

                          Ratings Raised

   AyT Genova Hipotecario III Fondo de Titulizacion Hipotecaria
         EUR800 Million Mortgage-Backed Floating-Rate Notes

                            Rating
                            ------
        Class       To                     From
        -----       --                     ----
        B           AA-                    A+

   AyT Genova Hipotecario IV Fondo de Titulizacion Hipotecaria
         EUR800 Million Mortgage-Backed Floating-Rate Notes

                            Rating
                            ------
        Class       To                     From
        -----       --                     ----
        B           AA-                    A+

     Ratings Affirmed and Removed from Creditwatch Positive

   AyT Genova Hipotecario VII Fondo de Titulizacion Hipotecaria
         EUR1.4 Billion Mortgage-Backed Floating-Rate Notes

                            Rating
                            ------
        Class       To                     From
        -----       --                     ----
        C           BBB                   BBB/Watch Pos

   AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria
         EUR2.1 Billion Mortgage-Backed Floating-Rate Notes

                            Rating
                            ------
        Class       To                     From
        -----       --                     ----
        C           BBB                   BBB/Watch Pos

                         Ratings Affirmed

   AyT Genova Hipotecario II Fondo de Titulizacion Hipotecaria
         EUR800 Million Mortgage-Backed Floating-Rate Notes

                         Class       Rating
                         -----       ------
                         A           AAA
                         B           AA-

   AyT Genova Hipotecario III Fondo de Titulizacion Hipotecaria
         EUR800 Million Mortgage-Backed Floating-Rate Notes


                         Class       Rating
                         -----       ------
                         A           AAA

   AyT Genova Hipotecario IV Fondo de Titulizacion Hipotecaria
         EUR800 Million Mortgage-Backed Floating-Rate Notes

                         Class       Rating
                         -----       ------
                         A           AAA

   AyT Genova Hipotecario VI Fondo de Titulizacion Hipotecaria
         EUR700 Million Mortgage-Backed Floating-Rate Notes

                         Class       Rating
                         -----       ------
                         A2          AAA
                         D           BB

   AyT Genova Hipotecario VII Fondo de Titulizacion Hipotecaria
         EUR1.4 Billion Mortgage-Backed Floating-Rate Notes

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

   AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria
         EUR2.1 Billion Mortgage-Backed Floating-Rate Notes

                         Class       Rating
                         -----       ------
                         A2          AAA
                         D           BB

   AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria
         EUR1 Billion Mortgage-Backed Floating-Rate Notes

                         Class       Rating
                         -----       ------
                         A1          AAA
                         A2          AAA
                         B           A
                         C           BBB+
                         D           BB-

   AyT Genova Hipotecario X Fondo de Titulizacion Hipotecaria
         EUR1.05 Billion Mortgage-Backed Floating-Rate Notes

                         Class       Rating
                         -----       ------
                         A1          AAA
                         A2          AAA
                         B           A
                         C           BBB+
                         D           BB-

   AyT Genova Hipotecario XI Fondo de Titulizacion Hipotecaria
         EUR1.2 Billion Mortgage-Backed Floating-Rate Notes

                         Class       Rating
                         -----       ------
                         A1          AAA
                         A2          AAA
                         B           A
                         C           BBB+
                         D           BB-


FONCAIXA EMPRESAS: Moody's Assigns 'Ca' Rating on Series D Notes
----------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
the debt to be issued by FONCAIXA EMPRESAS 1, Fondo de
Titulizacion de Activos:

  -- Aaa to the EUR600.0 million Series A1 notes
  -- Aaa to the EUR600.0 million Series A2 notes
  -- Aaa to the EUR600.0 million Series A3 notes
  -- Aaa to the EUR3,435.0 million Series A4 notes
  -- Baa3 to the EUR285.0 million Series B notes
  -- Ba3 to the EUR480.0 million Series C notes
  -- Ca to the EUR630.0 million Series D notes

FONCAIXA EMPRESAS 1, Fondo de Titulizacion de Activos is a
securitization of the first draw-down of lines of credit (Crédito
Abierto) and of standard loans granted mainly to small- and
medium-sized enterprises (SME) and originated by La Caixa (Aa1/P-
1).  The portfolio will be also serviced by La Caixa.

According to Moody's, this deal benefits from several credit
strengths including these: (1) almost 17% of the debtors are large
companies with an annual turnover above EUR100 million; (2) good
seasoning of 2.6 years; (3) experience of La Caixa as originator
and servicer; (4) a strong swap agreement guaranteeing an excess
spread of 0.75%; (5) a 10.5% reserve fund to cover potential
shortfalls in interest or principal; and (6) a 12-month artificial
write-off mechanism.  However, Moody's notes that the deal also
features credit weaknesses, notably: (1) around 28% of the
borrowers are concentrated in the Real Estate sector; (2) not very
granular portfolio; (3) around 29% of loans correspond to a
flexible product structured as a line of credit (Crédito Abierto
PYME); (4) pro-rata amortization of the notes; and (5) the
negative impact of the interest deferral trigger on the
subordinated series.  These increased risks were reflected in the
credit enhancement calculation.

The provisional pool of underlying assets was, as of March 2009,
composed of a portfolio of 35,711 loans and 28,164 borrowers
granted to Spanish enterprises.  The loans were originated between
1990 and 2009, with a weighted average seasoning of 2.6 years and
a weighted average remaining life of 11.3 years.  Around 67% of
the outstanding of the portfolio is secured by mortgage guarantees
over different types of properties (63% of the portfolio being
first-lien with a weighted average LTV of 53%).  Geographically,
the pool is concentrated in Madrid (27%), Catalonia (18%) and
Andalusia (15%).  At closing, there will be no loans in arrears.

Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the swap
agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the GIC account, the excess spread,
the cash reserve and the subordination of the notes; and (v) the
legal and structural integrity of the transaction.  Moody's
initially analysed and will monitor this transaction using the
rating methodology for EMEA SMEs loan-backed transactions as
described in the Rating Methodology report "Moody's Approach to
Rating Granular SME Transactions in Europe, Middle East and
Africa", June 2007.  The only previous rating action relates to
the assignment of the provisional rating (17 March 2009).

The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Series A1, A2, A3, A4, B and C at par on
or before the rated final legal maturity date, and for ultimate
payment of interest and principal at par on or before the rated
final legal maturity date on Series D.  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
=====================


EMS PRECISIONS: Creditors Have Until March 27 to File Claims
------------------------------------------------------------
Creditors owed money by JSC EMS Precisions are requested to file
their proofs of claim by March 27, 2009, to:

         Roland J. Hubatka
         Bosch 23
         6331 Hunenberg
         Switzerland

The company is currently undergoing liquidation in Hunenberg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 4, 2009.


ERICH SENN: Creditors Must File Proofs of Claim by March 27
-----------------------------------------------------------
Creditors owed money by JSC Erich Senn Architekten are requested
to file their proofs of claim by March 27, 2009, to:

         Erich Senn
         Selbstelenweg 14
         2544 Bettlach
         Switzerland

The company is currently undergoing liquidation in Grenchen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 30, 2009.


FRECODYN LLC: Deadline to File Proofs of Claim Set March 26
-----------------------------------------------------------
Creditors owed money by LLC Frecodyn are requested to file their
proofs of claim by March 26, 2009, to:

         Frefel Rolf
         Holzweidstrasse 18
         6288 Schongau
         Switzerland

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


H. KUSENBERG OPTIK: Creditors Have Until March 27 to File Claims
----------------------------------------------------------------
Creditors owed money by H. Kusenberg Optik are requested to file
their proofs of claim by March 27, 2009, to:

         Oskar W. Zurfluh
         Mail Box: 1024
         8021 Zurich
         Switzerland

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


KULTEC LLC: Claims Filing Period Ends March 26
----------------------------------------------
Creditors owed money by LLC Kultec are requested to file their
proofs of claim by March 26, 2009, to:

         Rene Senn
         Holzgasse 32
         5242 Birr
         Switzerland

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


LANGUAGE TRAINING: Creditors' Proofs of Claim Due by March 27
-------------------------------------------------------------
Creditors owed money by LLC Language Training Systems are
requested to file their proofs of claim by March 27, 2009, to:

         Dr. Franz Satmer
         Advocacy Derrer Satmer Hunziker & Baumgartner
         Dufourstrasse 101
         8008 Zurich
         Switzerland

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


PFIFFNER MONTAGEN: March 26 Set as Deadline to File Claims
----------------------------------------------------------
Creditors owed money by LLC Pfiffner Montagen are requested to
file their proofs of claim by March 26, 2009, to:

         C. Pfiffner
         Mail Box: 54
         8573 Siegershausen
         Switzerland

The company is currently undergoing liquidation in Kemmental.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 20, 2003.


PHARMAG R&D: Creditors Must File Proofs of Claim by March 26
------------------------------------------------------------
Creditors owed money by LLC Pharmag R&D are requested to file
their proofs of claim by March 26, 2009, to:

         Fuchshubelstrasse 21
         3063 Ittigen
         Switzerland

The company is currently undergoing liquidation in Ittigen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 6, 2009.


VIN-WORLD LLC: Deadline to File Proofs of Claim Set March 26
------------------------------------------------------------
Creditors owed money by LLC Vin-World are requested to file their
proofs of claim by March 26, 2009, to:

         Vinzens-Poltera Marilli
         Julierstrasse 1c
         7454 Rona
         Switzerland

The company is currently undergoing liquidation in Tinizong-Rona.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 4, 2008.


WEST-OST LLC: Creditors Have Until March 26 to File Claims
----------------------------------------------------------
Creditors owed money by LLC West-Ost are requested to file their
proofs of claim by March 26, 2009, to:

         Ljubisa Ilic
         Schaffhauserstrasse 109
         8057 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 22, 2009.


===========
T U R K E Y
===========


GLOBAL YATIRIM: Fitch Lowers Issuer Default Ratings to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded Turkey's Global Yatirim Holding
A.S.'s Long-term foreign and local currency Issuer Default Ratings
to 'B-' (B minus) from 'B', respectively, and maintained the
ratings on Rating Watch Negative.

Fitch has also downgraded the senior unsecured rating of Global's
US$100 million 9.25% loan participation notes, maturing in 2012,
to 'B-' (B minus) from 'B' and maintained the rating on RWN.  The
senior unsecured debt has a Recovery Rating of 'RR4'.

The downgrades reflect Fitch's concern with the company's
continued focus on financial trading and investments which are
creating material volatility in its overall earnings profile.
This is negatively impacting the group's operating results when
Global still faces potential further cash calls from projects
under development.  The RWN is based on the required legal hurdle
related to Global's bid for the long-awaited approval of another
project related to Izmir Port, for which Global won the tender.
Global expects the closing of the Izmir port project to be some
time in 1Q10, depending on the state of global financial markets.

The company's operating performance deteriorated further in 9M08
due to operating losses at its finance subsidiary and at the
holding level.  The financial trading and investments activities
remain a major concern and raise questions about the stability of
cash flows in 2009 and beyond.  Consolidated EBITDA was only
TRY10.4 million in 9M08 compared with TRY19.4 million in 9M07
despite stable cash flows from Global's existing port and natural
gas distribution businesses, which performed in line with
expectations.

The Rating Watch Negatives are based on Fitch's concerns about the
financial impact of Global's bid for another large project
(Baskent Natural Gaz) after its successful bid for Izmir Port in
May 2007.  According to management, the Baskent Gaz deal is not
likely to close under the current circumstances and therefore,
Global's financial commitments and liabilities related to this
project were terminated by March 14, 2009, the expiration date of
the US$50 million bid bond.  Fitch understands that the Ankara
municipality has asked for Global's winning bid of US$1.61
billion, but that the tender has not received final legal
approvals for the transfer of the asset to Global and that a legal
dispute between the two parties is likely to prevent finalization
before the tender expiry.

The anticipated significant cash inflow from the agreed sale of a
95% stake in Yesil Energy to Norway-based Statkraft
('BBB+'/Stable) on March 18, 2009 is a positive rating factor, and
has also been factored into Global's ratings.  The agency's
forecasts anticipate the cash from the asset sale remaining on the
company's balance sheet, or being used to reduce leverage, which
should result in a consolidated net cash position after the
closure of the transaction at H109.  However, the RWN remains in
place as any cash outflow related to the Izmir port bid or further
cash calls from projects under development could lead to a rapid
deterioration in Global's short-term liquidity profile.  Fitch
still considers the execution and legal risks associated with this
bid to be substantial at this time.


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


ATABASKA LLC: Creditors Must File Claims by March 29
----------------------------------------------------
Creditors of LLC Aldk Group (EDRPOU 35147683) have until March 29,
2009, to submit proofs of claim to:

         I. Derevianko
         Insolvency Manager
         Pravda St. 10-A/2
         69037 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 25/6/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian street 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Atabaska
         Kremlevskaya street 63-A
         69041 Zaporozhye
         Ukraine


ALTERNATIVA LLC: Creditors Must File Claims by March 29
-------------------------------------------------------
Creditors of LLC Alternativa (EDRPOU 32060343) have until
March 29, 2009, to submit proofs of claim to:

         LLC Factor Capital
         Insolvency Manager
         Telman St. 5
         03150 Kiev
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 1/82?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alternativa
         Pervomayskaya St. 43
         Lisichansk
         93120 Lugansk
         Ukraine


BUSINESS MASTER: Creditors Must File Claims by March 29
-------------------------------------------------------
Creditors of LLC Consulting Group Business Master International
(EDRPOU 32209359) have until March 29, 2009, to submit proofs of
claim to:

         S. Kuzavov
         Insolvency Manager
         Office 125
         Obolonsky Avenue 36-a
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/70-?.
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 Consulting Group Business Master International
         Panfilovtsev St. 20
         Kiev
         Ukraine


RODOVID BANK: Moody's Cuts Bank Financial Strength Rating to 'E'
----------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Rodovid Bank to E from E+, its long-term local
currency and foreign currency bank deposit ratings to Caa2 from
B3, and its National Scale Rating to B3.ua from Baa3.ua.  The
bank's long-term deposit ratings remain on review for possible
further downgrade.

The rating action is in response to the announcement that the
National Bank of Ukraine has taken control of Rodovid Bank
following the concerns about the bank's ability to continue its
operations as a viable stand-alone entity.  The Ukrainian
legislation gives the NBU powers such as limiting or prohibiting
the disposal of the banks' capital and assets and imposing
temporary restrictions on payments to creditors.  The NBU has
announced a six-month moratorium on all payments to the bank's
creditors.  The moratorium applies to all liabilities assumed by
Rodovod Bank before the moratorium was imposed.

In downgrading the BFSR to E from E+, Moody's explains that
Rodovid Bank's franchise and the overall credit profile have been
significantly impaired following the recently experienced material
depletion of its liquid assets and economic capitalization as the
bank witnessed substantial deposits outflows and a sharp rise in
the level of problem loans.

According to Rodovid Bank it has a preliminary agreement with the
Ukrainian government to receive a capital injection from the
latter and also from a Ukrainian Group, ISTIL (which, together,
would more than double the current capital level).  On March 18,
2009 the NBU recommended that the Ukrainian government
recapitalize Rodovid Bank along with several other local banks
that operate under temporary administration together with Rodovid
Bank.

The review of the ratings will focus on the materialization of the
government support plans and the potential impact of these plans
on Rodovid Bank's capitalization levels, liquidity position and
franchise perspectives.  Any failure by Rodovid Bank to obtain
liquidity and capital support would substantially increase the
likelihood of the bank's liquidation, and therefore would result
in further rating downgrades.  However, recapitalization would
have a positive impact on the bank's financial fundamentals and
might put an upward pressure on the banks' current ratings.

The previous rating action on Rodovid Bank was implemented on
October 6, 2008, when Moody's placed Rodovid Bank's E+ BFSR and B3
deposit and debt ratings on review for possible downgrade.  At
that time, Moody's also downgraded the bank's national scale
rating to Baa3.ua from Baa1.ua.

Headquartered in Kiev, Ukraine, Rodovid Bank reported total assets
of UAH13.2 billion and total equity of UAH1.4 billion according to
Ukrainian Accounting Standards at year-end 2008.


SECONDARY WHOLE: Creditors Must File Claims by March 29
-------------------------------------------------------
Creditors of LLC Secondary Whole Sale Resources (EDRPOU 420146604)
have until March 29, 2009, to submit proofs of claim to:

         L. Tcherevaty
         Insolvency Manager
         Post Office Box 10296
         Gorodetskaya St. 277
         79022 Lvov
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 7/164-b.

The Court is located at:

         The Economic Court of Volin
         Volia Avenue 54
         Lutsk
         Volin
         Ukraine

The Debtor can be reached at:

         LLC Secondary Whole Sale Resources
         Kremenetskaya St. 38
         Lutsk
         43020 Volin
         Ukraine


SLOBOZHANSCHINA AGRICULTURAL: Court Starts Bankruptcy Procedure
---------------------------------------------------------------
The Economic Court of Sumy commenced bankruptcy supervision
procedure on LLC Slobozhanschina Agricultural Company (EDRPOU
21106487).  The Temporary Insolvency Manager is P. Korobko

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40011 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Slobozhanschina Agricultural Company
         Gayevsky lane 1A
         Trostianets
         42600 Sumy
         Ukraine


TRADING HOUSE VICTOR: Court Starts Bankruptcy Procedure
-------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy supervision
procedure on LLC Trading House Victor (EDRPOU 31254966).

The Temporary Insolvency Manager is:

         I. Kireyev
    Post Office Box 2144
         21021 Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Trading House Victor
         Sobornaya St. 52
         21050 Vinnitsa
         Ukraine


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


A.D. FABRICATIONS: Administrator Puts Assets for Sale
-----------------------------------------------------
A.D. Fabrications Limited's administrator, John D. Travers of John
D. Travers & Company, offers for sale the company's business and
assets.

For details, contact John Travers at 01384 374000.

A.D. Fabrications Limited is a West Midlands-based manufacturer of
specialist architectural access network.


BRITTEN INVESTMENTS: Appoints Joint Administrators from PwC
-----------------------------------------------------------
Mark Charles Batten and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint administrators of
Britten Investments Ltd.on Feb. 27, 2009.

The company can be reached at:

         Cedar Court
         221 Hagley Road
         Hayley Green
         Halesowen
         West Midlands
         B63 1ED
         England


BRUNTCLIFFE AGGREGATES, ET AL: Call in Administrators
-----------------------------------------------------
Nicholas James Dargan and Matthew James Cowlishaw of Deloitte LLP
have been appointed administrators to these companies on March 9,
2009:

   ===========================================================
   Bruntcliffe Aggregates Plc   a holding company
   -----------------------------------------------------------
   Ennstone Plc                 in the manufacturing
                                and engineering business
   -----------------------------------------------------------
   Ennstone Concrete
   Products Limited             manufactures concrete goods
                                for construction
   -----------------------------------------------------------
   Johnston Management
   Holdings Limited             a holding company
   -----------------------------------------------------------
   Johnston Precast Limited     manufactures concrete products
   ===========================================================

The companies' registered office is at:

     Breedon Hall
     Breedon on the Hill
     Derby, DE73 8AN


CEVA GROUP: Moody's Downgrades Corporate Family Rating to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded CEVA Group plc's
Corporate Family Rating and Probability of Default Rating to B3
from B2, the Senior Secured rating to Ba3 from Ba2, the Senior
Secured second lien and the Senior Unsecured ratings to Caa1 from
B3 and the Senior Subordinated rating to Caa2 from Caa1.  At the
same time, Moody's has placed the ratings on review for possible
further downgrade.  The action was prompted by ongoing difficult
market conditions in the broader logistic industry and the
negative impact on the company's operating performances.

"The rating action follows the company's release of FYE December
2008 results that were below Moody's expectation with a reported
EBITDA of EUR326 million leading to a preliminary financial
leverage, measured as Debt to EBITDA adjusted for operating leases
and pensions, of about 7.2x", said Paolo Leschiutta a Moody's Vice
President - Senior Analyst and responsible for CEVA.  "Moody's
recognizes the company's success in growing top line during a
challenging year, with revenues up 1% compared to FYE December
2007 (+5% at constant exchange rate), and in maintaining a good
control on cash generations; however, market conditions remain
difficult and are likely to challenge, in Moody's view, the
company's recently lunched cost savings program.  In addition,
previous CEVA's ratings were based on the assumptions of reduction
in financial leverage which did not materialize and this now seems
more unlikely given market conditions", continued Mr. Leschiutta.

Moody's remains concerned by the likely weak operating performance
of the group during 2009 that might result in further rating
pressure, therefore ratings were placed under review for further
possible downgrade.  The ratings review will focus on (i) the
company's capability to successfully implement measures aimed at
reducing costs, (ii) the development in the logistic industry and
the company's ability to continue to grow organically, (iii) the
likely financial profile of the company, and (iv) the liquidity
profile of the company going forward.  The rating review process
is likely to conclude within two months and any rating downgrade
is likely to be limited to one notch.

Downgrades:

Issuer: CEVA Group plc

  -- Probability of Default Rating, Downgraded to B3 from B2

  -- Corporate Family Rating, Downgraded to B3 from B2

  -- Senior Secured Bank Credit Facility, Downgraded to Ba3 (LGD2,
     19%) from Ba2,

  -- Senior Secured Second Lien Notes, Downgraded to Caa1 (LGD5,
     73%) from B3,

  -- Senior Unsecured Regular Bond, Downgraded to Caa1 (LGD5, 73%)
     from B3,

  -- Senior Subordinated Regular Bond, Downgraded to Caa2 (LGD6,
     95%) from Caa1.

Ratings are on review for possible downgrade.

The last rating action on CEVA was on November 5, when Moody's
changed the outlook to negative following the rating agency's
concerns on the potential negative impact on company's
profitability due to weakening market conditions.  CEVA's ratings
were assigned by evaluating factors Moody's believe are relevant
to the credit profile of the issuer, such as (i) the business risk
and competitive position of the company versus others within its
industry, (ii) the capital structure and financial risk of the
company, (iii) the projected performance of the company over the
near to intermediate term, and (iv) management's track record and
tolerance for risk.  These attributes were compared against other
issuers both within and outside of CEVA's core industry and the
company's ratings are believed to be comparable to those of other
issuers of similar credit risk.

CEVA Group plc is the fourth-largest integrated logistic provider
in the world in terms of revenues, which at year-end December 2008
stood at approximately EUR6.3 billion with presence in over 100
countries worldwide, employing around 50,000 people and managing
in excess of 9.2 million square meters of warehouse facilities.
CEVA's activities include the former Contract Logistics business
as acquired from TNT N.V. during 2006 together with the Freight
Management business of EGL, a US-based company that the group
acquired in August 2007.


CW8 LTD: Appoints Joint Administrators from BDO Stoy
----------------------------------------------------
C. K. Rayment and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of CW8 Ltd. on March 9, 2009.

The company can be reached through BDO Stoy Hayward LLP at:

         125 Colmore Row
         Birmingham
         B3 3SD
         England


DANKA BUSINESS: Proof of Claim Deadline is April 28
---------------------------------------------------
Creditors of Danka Business Systems Plc, which was placed under
voluntary liquidation on Feb. 19, 2009, have until April 28, 2009
to send their proofs of claims to the company's joint liquidators:

     Simon Spratt and Finbarr Thomas O'Connell
     KPMG Restructuring
     8 Sallisbury Square
     London EC4Y 8BB


GATEWAY TELECOM: Moody's Withdraws 'B3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service withdrew the B3 Corporate Family and
Probability of Default Ratings for Gateway Telecommunications SA
(Pty) Ltd.  This follows the earlier redemtption of 9.875% Senior
Secured notes due 2013, which were issued by its wholly-owned
subsidiary, Gateway Telecommunications Plc.  The ratings were
withdrawn as Gateway finalized a transaction in which it sold its
telecommunications business to Vodacom Group (Pty) Ltd.  In doing
so, the issuer elected to redeem 100% of the above mentioned notes
on the redemption date of January 30, 2009.

For the assignment of this rating, Moody's evaluated factors
Moody's believed were relevant to the credit profile of the
issuer, such as i) the business risk and competitive position of
the company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the impact of a
weakening macroeconomic environment on Gateway, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside the company's core industry subsector and Moody's ratings
are believed to be comparable to those of other issuers of a
similar credit risk.

Prior to this rating action, on September 1, 2008, Moody's placed
the B3 Corporate Family Rating of Gateway as well as the US$132.5
million senior secured notes due 2013, rated B3 (issued by its
wholly-owned subsidiary, Gateway Telecommunications Plc), under
review for possible upgrade.  The action followed the announcement
on August 29, 2008 by Gateway of the sale of its
telecommunications business.

Headquartered in London, with its main operations in Belgium,
Nigeria and South Africa, Gateway provides voice and data
connectivity services between Africa and the rest of the world,
and a provider of mobile intra-network connectivity to African
wireless operators.  For the last twelve month period ended
September 30, 2008, the company reported revenue of US$330
million.


GLOBAL XPERIENCE: Goes Into Administration
------------------------------------------
Global Xperience, a gap year travel firm, has gone into
administration after being hit by the recession, Sky News reports.

Sky News relates trade association body Year Out Group, said in a
statement: "On March 13 2009 Stephen Katz and David Birne of
Fisher Partners were appointed joint administrators of The Ethical
Travel Group Limited, which traded as Global Xperience.

"As a result of the administration Global Xperience is unable to
fulfill its obligations in regard to future bookings with the
company."

According to Sky News, another travel firm, Real Gap, has
purchased the right to run programs originally set up by Global
Xperience.

Citing the Year Out Group statement, Sky News discloses those that
had booked with Global Xperience have until September 12 to submit
a claim either to their credit card company or to the Association
of British Travel Agents for the monies previously paid to Global
Xperience.


HBOS PLC: S&P Adjusts Ratings on Perpetual Hybrid Instruments
-------------------------------------------------------------
Standard & Poor's Ratings Services adjusted its ratings on an
issue of perpetual deferrable hybrid capital instruments 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 ratings on the Instruments to
their appropriate level.  The ratings on the Instruments remain on
CreditWatch with negative implications.

                           Ratings List

      GBP750 mil variable rate callable fxd/fltg perp hybrid

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


HUDSON AND MIDDLETON: Taps Joint Administrators from KPMG
---------------------------------------------------------
Richard James Philpott and Allan Watson Graham of KPMG LLP were
appointed joint administrators of Hudson and Middleton Ltd. on
Jan. 20, 2009.

The company can be reached at:

         Hudson and Middleton Ltd.
         Etruria
         Stoke On Trent
         Staffordshire
         England


LFE MATERIAL: Administrators Put Business for Sale
--------------------------------------------------
LFE Material Handling Limited's joint administrators, Beverley
Marsh and Geoffrey Rowly, offer for sale the company's business
and assets.

The company designs, manufactures and supplies bespoke containers.

For further information, contact Raman Sandher at 0121 710 1680.


MCCARTHY & STONE: Creditors' Meeting Scheduled on April 17
----------------------------------------------------------
McCarthy & Stone (Developments) Limited ("Developments") and
McCarthy & Stone plc ("plc") will convene a meeting of creditors
on April 17, 2009, at the offices of the companies' solicitors:

        Freshfields Bruckhaus Deringer
        65 Fleet Street
        London, EC4Y 1HS

Each creditor group are expected to attend at their designated
time:

   Plc Hedge Counterparty Creditors           9:30 a.m.
   Developments Hedge Counterparty Creditors  9:45 a.m.
   Plc Senior A, B and C Creditors            10:00 a.m.
   Developments Senior A, B and C Creditors   10:15 a.m.
   Plc Senior D Creditors                     10:30 a.m.
   Developments Senior D Creditors            10:45 a.m.


SPRING LTD. Appoints Joint Administrators from PwC
--------------------------------------------------
Mark Charles Batten and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint administrators of
Spring Ltd. on Feb. 27, 2009.

The company can be reached at:

         Cedar Court
         221 Hagley Road
         Hayley Green
         Halesowen
         West Midlands
         B63 1ED
         England


SPRING RESIDENTIAL: Names Joint Administrators from PwC
-------------------------------------------------------
Mark Charles Batten and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint administrators of
Spring Residential on Feb. 27, 2009.

The company can be reached at:

         Cedar Court
         221 Hagley Road
         Hayley Green
         Halesowen
         West Midlands
         B63 1ED
         England


WEAVERING MACRO: Goes Into Liquidation; PwC Appointed
-----------------------------------------------------
Insolvency practitioners from PricewaterhouseCoopers have been
appointed as liquidators of Weavering Macro Fixed Income Fund
Limited, a hedge fund specializing in fixed income investments.
This follows the announcement by the Fund on March 11, 2009 of its
decision to suspend redemptions and an investigation into a large
interest rate swap position with a company controlled by a related
party.

According to Bloomberg News' Tom Cahill, the company is controlled
by the fund's manager, Magnus Peterson.  Bloomberg News relates
Mr. Peterson, through a spokeswoman, said the swap counterparty
was a British Virgin Islands-based fund called Weavering Capital
Fund Ltd., which had been set up in 1998 by Mr. Peterson and
Weavering Chief Economist James Stewart.  In an e-mailed statement
obtained by Bloomberg News, PwC said the company "lacked the value
to support the swaps".

Matthew Wilde, partner and head of PwC's Hedge Fund restructuring
team, said: "Over the period since early November 2008, the Fund
had received redemption requests exceeding US$223 million but
could only meet US$90 million of these.  With a further wave of
provisional redemptions of up to US$65 million in the pipeline,
the directors of the Fund called us in to look at the options.

"The resolution to wind-up the Fund was made after a brief review
concluded that its balance sheet value, most recently US$506
million, was almost entirely dependent on the value of a series of
interest rate swaps, totalling US$637 million, which had been
struck with a company which was revealed to be a related to the
Fund manager and that lacked the value necessary to support the
swaps.  This left the Fund with no reasonable prospect of paying
its debts and no option but to request that liquidators be
appointed".

A voluntary liquidation of a Cayman registered company is a
process governed by statute and Cayman law requires that where a
company is insolvent, or of doubtful solvency, the liquidation
process must be supervised by the Court.  The liquidators role
includes:

   1) Establishing independent control over the company and take
      control of all assets

   2) Opening a full and regular communication process with
      creditors and shareholders

   3) Establishing a stable base from which to maximize
      realization from the assets

   4) Investigating the circumstances which led to the current
      financial position of the Company

   5) Considering all the options available to maximize return for
      creditors and investors

Mr. Wilde continued: "It appears likely that there will be a very
substantial shortfall to the Fund's creditors and its remaining
shareholder investors may be left with little.  It is clear that
there is much to be understood about the circumstances of these
trades and creditors and shareholders will soon be advised of
details of a meeting of creditors to which the liquidators will
report their findings".

                     "Early Meeting"

Bloomberg News recalls on Friday, Britain's Serious Fraud Ofice
asked PwC for an "early meeting" on the fund's collapse.

Reuters discloses a PwC spokeswoman said the liquidators would co-
operate with the SFO's request but that no talks had yet been
held.


WREKIN CONSTRUCTION: Administrators Put Assets for Sale
-------------------------------------------------------
Wrekin Construction Company Limited and Wrekin Group Plc's joint
administrators, Ian Best and Tom Lukic, offer the companies'
business and assets for sale.

The companies operate a construction business in Shropshire.

For details, contact:

     Stuart Leonard
     Ernst & Young LLP
     No. 1 Colmore Square
     Birmingham, B4 6HQ
     Tel: 0121 535 2250


* UK: Business Failures to Increase to 36,000 in 2009, BDO Says
---------------------------------------------------------------
The number of UK businesses that are expected to fail in 2009 will
increase to 36,000 (one in every 56 businesses), according to the
latest Industry Watch report by accountants and business advisors,
BDO Stoy Hayward LLP.

The report forecasts that as the UK economy contracts at its
fastest rate since the Second World War, the number of business
failures will increase by 59 per cent by the end of this year from
the 22,600 (one in 87) businesses that actually failed in 2008.
But the worst is yet to come according to the report.  It details
that 39,000 or one in 50 of all UK businesses, are predicted to
fail in 2010 as the intensifying recession takes it toll.

While all sectors will suffer from a rise in business failures,
those in Construction and Real Estate will bear the brunt the most
from the effects of the economic downturn.  The report reveals
that 3.2 per of all businesses in the Construction and Real Estate
sector (or 10,300 businesses) are predicted to fail.  This is
followed by Manufacturing where 2.3 per cent of business in the
sector (or 2,300 businesses) are predicted to go to the wall.

The slowdown in consumer spending and corporate demand, coupled
with shattered business confidence has played a huge part in the
number of predicted failures this year.  According to the report,
investments are forecast to fall by 15.6 per cent in 2009 and
consumer spending is likely to be 1.8 per cent lower than in 2009
leading to an overall contraction of the United Kingdom economy of
2.9 per cent this year.

Shay Bannon, Head of Business Restructuring at BDO Stoy Hayward
commented: "The deteriorating economy and expectations of a drawn-
out recession has led to a downward revision in the UK outlook and
has severely impacted the survival rate of UK businesses."

"Business failures are set to worsen before any improvement is
seen.  UK companies however are tightening their belts and taking
more measures to adapt to the downturn.  The Government is also
increasing its initiatives to kick start the economy and both
should have an effect on a glimmer of light eventually being seen
at the end of a very long tunnel.  However, because of the
uncertainty among businesses on how long it will take for an
upturn to emerge and lead to a more positive impact on their
business, for some, surviving tomorrow, will not be possible."

                About BDO Stoy Hayward LLP

BDO Stoy Hayward LLP -- http://www.bdo.uk.com/-- operates across
the UK with over 3,000 partners and staff.  BDO Stoy Hayward LLP
is a UK limited liability partnership and the UK Member Firm of
BDO International.  BDO international is a world-wide network of
public accounting firms, called BDO Member Firms.  Each BDO Member
Firm is an independent legal entity in its own country. The
network is coordinated by BDO Global Coordination B.V.,
incorporated in The Netherlands, with its statutory seat in
Eindhoven (trade register registration number 33205251) and with
an office at Boulevard de la Woluwe 60, 1200 Brussels, Belgium,
where the International Executive Office is located.  In the UK
the Belfast Firm is operated by a separate Partnership known as
BDO Stoy Hayward – Belfast.


* UK: IMF Says Recession to Last Until 2010
-------------------------------------------
BBC News reports that the International Monetary warned the UK
will be the only member of the G7 group of leading industrial
countries that will continue to see its economy contract in 2010.

BBC relates the IMF said the UK economy will shrink 3.8% this year
and 0.2% in 2010.


* EUROPE: Fitch Downgrades Ratings on 78 Tranches from 38 SF CDOs
-----------------------------------------------------------------
Fitch Ratings has downgraded 78 tranches (69 public ratings and
nine private ratings) and affirmed 18 tranches (all public) from
38 structured finance collateralized debt obligations in Europe.
In addition, Fitch has assigned Recovery Ratings to the notes.

All of the transactions affected by the rating action were
previously downgraded to 'B' and below during 2008 following
actual and expected deterioration in portfolio credit quality,
primarily related to US Alt-A and subprime RMBS.  The actions
announced reflect the continued deterioration in portfolio credit
quality, particularly in relation to defaulted assets and assets
rated 'CCC' or below. Fitch analyzed the current available credit
enhancement for each tranche in relation to asset buckets rated
'C', 'CC' and 'CCC'.  In most cases the existing 'C' buckets would
exceed the available credit enhancement of the notes, and hence
have resulted in the majority of actions being downgrades to the
'C' rating category.  In most cases Fitch has also assigned
Recovery Ratings of 'RR6', reflecting the expectation that the
tranches may continue to receive interest payments for a limited
time before credit events in the portfolios are called and
settled, at which time it is likely that as most tranches are
comparatively thin the balance of the notes would be completely
written down.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (110)         174     (168)
Sky Europe                            (4)         213      (54)


BELGIUM
-------
Sabena S.A.                          (85)       2,215     (279)


CYPRUS
------
Allbury Travel                        (5)         275     (100)
Libra Holidays                        (5)         275     (100)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192      (59)
Setuza A.S.                          (61)         139      (62)


DENMARK
-------
Elite Shipping                       (28)         101        3
Roskilde Bank                       (533)       7,877      N.A.


FRANCE
------
BSN Glasspack                       (101)       1,151      159
Grande Paroisse S.A.                (927)         629      347
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (44)
Matussiere et Forest S.A  MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (342)       6,507      712
SDR Centrest                        (132)        (252)     N.A.
Selcodis S.A.             SPVX       (21)         141      (36)
Trouvay Cauvin                        (0)         134        9


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         144      109
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (27)
EECH Group AG                          0          109       57
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         151      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (17)         182      (99)
Nordsee AG                            (8)         195      (14)
P & T Technology                       0          109       57
Primacom AG               PRC        (14)         730      (68)
Rinol AG                               0          168       (6)
Sander AG                             (6)         128       32
Sinnleffers AG                        (4)         454     (182)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28


GREECE
------
Empedos SA                           (34)         175      (57)
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP      (15)         294     (143)
Radio A.Korassidis        KORA      (101)         181     (165)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (107)


HUNGARY
-------
Brodograde Indus                   (322)         264      (366)
IPK Osijek DD OS                    (15)         124       (82)
OT Optima Teleko                    (26)         119         7


ICELAND
-------
Decode Genetics                    (187)         111        48


IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (506)         821       364


ITALY
-----
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (152)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,213      N.A.
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (73)         540     (127)
Lazzio S.p.A.                        (15)         261      (40)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,4219)       4,121  (16,919)
Snia S.p.A.               SN         (25)         488       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


LUXEMBOURG
----------
Carrier1 International S.A.          (95)         472      393


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      184
United Pan-Euro Air       UPC     (5,505)       5,113   (9,170)


NORWAY
------
Interoil Exploration      IOX        (25)         210      (11)
Petroleum-Geo Services    PGO        (18)         400     (758)


POLAND
------
Toora                               (289)          147     (86)


PORTUGAL
--------
Lisgrafica Impressao
   e Artes Graficas SA    LIG         (4)          117     (27)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (170)
Rafo Onesti               RAF       (430)         353     (616)


RUSSIA
------
Akcionernoe Brd                     (117)         135      (24)
East Siberia Brd          VSNK      (113)         148      (11)
Gukovugol                            (58)         144     (148)
OAO Samaraneftegas                  (332)         892     (611)
Vanadiy-Tula-Brd                     (12)         105       (3)
Vimpel Ship               SOVP      (116)         135      (24)
Zil Auto                  ZILLP     (240)         478     (447)


SWITZERLAND
-----------
Fortune Management                  (119)         265      (54)

TURKEY
------
Egs Ege Giyim VE                      (7)         147      (25)
Iktisat Financial                    (46)         108      N.A.
Mudurnu Tavukcul                     (65)         160     (115)
Nergis Holding                       (77)         299       38
Sifas                                (17)         117       21
Yasarbank                          (4,025)      2,644      N.A.

UKRAINE
-------
Dniprooblenergo           DNON       (51)         433     (200)
Donetskoblenergo          DOON      (367)         631     (469)


UNITED KINGDOM
--------------
Advance Display                   (3,016)       2,590     (411)
Airtours Plc                        (379)       1,818     (932)
Alldays Plc                         (120)         252     (290)
Amer Bus Sys                        (497)         121     (497)
Amey Plc                  AMY        (49)         932      (76)
Anker Plc                            (22)         115       16
Atkins (WS) Plc           ATK        (46)       1,345       58
Black & Edgingto                    (140)         203       23
BNB Recruitment                      (10)         104       38
Booker Plc                BKRUY      (60)       1,298      (13)
Bradstock Group           BDK         (2)         269        7
British Energy Ltd                (5,823)       4,921      534
British Energy Plc        BGY     (5,823)       4,921      534
British Sky Broadcast               (334)       8,126     (388)
Carlisle Group                       (12)         204       30
Compass Group             CPG       (668)       2,972     (440)
Danka Bus                           (497)         121     (497)
Dawson Holdings                      (18)         226      (63)
Dignity Plc               DTY         (9)         648       71
E-II Holdings                       (199)         651      149
Easynet Group             ESY.L      (45)         323       68
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (582)
European Home                        (14)         111      (70)
Farepak Plc                          (14)         111      (70)
Gartland Whalley                     (11)         145      (13)
Hilton Food Group                    (21)         256      (12)
Kleeneze Plc                         (14)         111      (70)
Ladbrokes Plc             LAD       (814)       2,403     (706)
Lambert Fenchurch Group               (1)       1,827        5
Leeds United                         (73)         144      (48)
M 2003 Plc                        (2,204)       7,204   (1,078)
Mytravel Group            MT.L      (380)       1,818     (931)
New Star Asset                      (398)         293       21
Next Plc                            (119)       3,161     (125)
Orange Plc                ORNGF     (594)       2,902       12
Orbis Plc                             (4)         128       (5)
Patientline Plc                      (55)         125      (10)
Preedy Alfred                       (119)       3,161     (125)
Rank Group Plc                      (132)       1,066     (175)
Regus Plc                            (46)         367      (97)
Rentokil Initial                      (8)       4,178     (886)
Saatchi & Saatchi         SSI       (119)         705      (66)
Samsonite Corp.                     (199)         651     (149)
SFI Group                 SUF       (108)         178     (265)
Skyepharma Plc            SKP       (140)         203       23
Smiths News Plc                     (124)         201      (92)
Styles & Wood                        (57)         107       (9)
Telewest
   Communications Plc     TLWT    (3,702)       7,581  (10,042)
Thorn Emi Plc                     (2,266)       2,950     (582)
Topps Tiles Plc                     (111)         195       18
Trio Finance                         (14)         592      N.A.
UTC Group                            (12)         204       30
Virgin Mobile                       (392)         166     (176)
Watson & Philip                     (120)         252     (290)

                            *********

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 * * *