TCREUR_Public/090326.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

            Thursday, March 26, 2009, Vol. 10, No. 60

                            Headlines

A U S T R I A

ACCESSOIRES KROSNA: Claims Registration Period Ends April 10
AUTOZUBEHOER M. MARSCHHOFER: Claims Registration Ends April 20
BACHNER LLC: Claims Registration Period Ends April 10
ENVIRGY LLC: Claims Registration Period Ends April 8
FRITZ HOFINGER: Claims Registration Period Ends April 20


F R A N C E

THOMSON SA: Societe Generale Buys Shares; In Talks With Creditors


G E R M A N Y

ALPHA PROJEKT: Claims Registration Period Ends April 25
APOLLO KONZEPT: Claims Registration Period Ends April 28
ARRON VERWALTUNGS: Claims Registration Period Ends April 17
CRISTINI GMBH: Claims Registration Period Ends May 26
HELLA KGAA: Moody's Assigns 'Ba1' Corporate Family Rating

MAERKLIN HOLDING: Mulls 400 Job Cuts Under Restructuring
THOR SAFETY: Claims Registration Period Ends May 20


G R E E C E

FREESEAS INC: Obtains Lender Covenant Wiavers


I R E L A N D

CELF LOW: S&P Puts 'BB' Rating on Class F Notes on Negative Watch
EUROMAX III: Fitch Cuts Ratings on Two Classes of Notes to Low-B
EUROMAX IV: Fitch Junks Ratings on Two Classes of Notes
EUROMAX V: Fitch Junks Ratings on Five Classes of Notes
EUROMAX VI: Fitch Junks Ratings on Three Classes of Notes

ZOO ABS: Fitch Junks Ratings on Four Classes of Notes


I T A L Y

SOCOTHERM SPA: Leonardo Appointed Adviser for Debt Restructuring


K A Z A K H S T A N

ART DEKAN: Creditors Must File Claims by April 24
BTA BANK: Probable Default Cues Fitch's Junk Issuer Ratings
KEY STROY: Creditors Must File Claims by April 24
KOKSO HIM: Creditors Must File Claims by April 24
PRIKASPY BUR: Creditors Must File Claims by April 24

PRIKASPY SERVICE: Creditors Must File Claims by April 24
ROLEKS LLP: Creditors Must File Claims by April 24
SK ELEVATOR: Creditors Must File Claims by April 24
TANEMO TRANS OIL LLP: Creditors Must File Claims by April 24
TEMIR BANK: Fitch Junks Issuer Ratings on Probable Default

TSEM SNUB: Creditors Must File Claims by April 24


K Y R G Y Z S T A N

IPAR BIOTECH: Creditors Must File Claims by April 3
SEA FOOD: Creditors Must File Claims by April 3


L A T V I A

* LATVIA: Plans to Widen Budget Deficit May Spur IMF to Halt Aid


L U X E M B O U R G

ALZETTE EUROPEAN: S&P Puts Three 'BB'-Rated Notes on Neg. Watch
COLT TELECOM: Moody's Upgrades Corporate Family Rating to 'B1'
COLT TELECOM: S&P Lifts Long-Term Issuer Credit Ratings to 'BB-'


N E T H E R L A N D S

ABN AMRO: S&P Downgrades Ratings on Tier 1 and Tier 2 to 'BB'


P O L A N D

DUDA: Kredyt Bank Files Bankruptcy Petition


R U S S I A

ABSOLUT-STROY LLC: Creditors Must File Claims by May 6
AKSAYSKIY GLASS: Creditors Must File Claims by May 6
ELEKTRO-SUDO-REMONT LLC: Creditors Must File Claims by April 5
LOBVA LLC: Sverdlovskaya Bankruptcy Hearing Set June 25
POLINOM LLC: Creditors Must File Claims by May 6

POSEVNINSKIY MACHINE: Creditors Must File Claims by April 5
PSKOVSKOE WOOD: Creditors Must File Claims by May 6
ROSTOVSKAYA ENERGY: Creditors Must File Claims by April 5
SPETS-STROY-2 LLC: Creditors Must File Claims by April 5
UDMURT-STROY-TRADE LLC: Creditors Must File Claims by April 5


S W I T Z E R L A N D

ASTRID HABERLING: Creditors Must File Claims by March 30
AVAC JSC: Deadline to File Proofs of Claim Set April 15
CARMINATI PLATTENBELAGE: Claims Filing Period Ends March 31
DIVANO LLC: Proof of Claim Filing Deadline is April 30
HUBLER LLC: Creditors' Proofs of Claim Due by April 11

MAINE & YORK: April 3 Set as Deadline to File Claims
PACKARD BELL: Creditors Must File Proofs of Claim by March 31
ROJ LEBENSMITTEL: Deadline to File Proofs of Claim Set March 31
ROSING JSC: Creditors Have Until April 17 to File Claims
SOLCODE LLC: Proof of Claim Filing Deadline is April 30


U K R A I N E

AGROLAND LLC: Creditors Must File Claims by April 5
AVEGO LLC: Creditors Must File Claims by April 6
BANK FINANCE: Moody's Cuts Financial Strength Rating to 'E'
IVA-K LLC: Creditors Must File Claims by April 5
LUG MK: Creditors Must File Claims by April 6

META IMPEKS-CK: Creditors Must File Claims by April 5
OBIKHOD PHARMACEUTICALS: Creditors Must File Claims by April 6
REAL CJSC: Creditors Must File Claims by April 6
TECHNO-SPACE LLC: Creditors Must File Claims by April 5
VIKBAR LLC: Creditors Must File Claims by April 6


U N I T E D   K I N G D O M

APOLLO 2000: Warranty Cover Remains Valid, Administrator Says
ARCHERS: Pub Trade Downturn Spurs Administration
ARGENTVIVE PLC: Enters Administration; 30 Jobs at Risk
B A CORRY: Appoints Joint Administrators from Tenon Recovery
BACCHUS 2006-2: S&P Puts BB-Rated Class E Notes on Watch Negative

BAGEUETTE DU: Administrator Puts Business for Sale
BARNES AND TIPPING: Joint Administrators Put Business for Sale
BELL CHOICE: Appoints Joint Liquidators from KPMG LLP
BLUESTONE SECURITIES: S&P Junks Rating on Class D Notes
CONSUMER UNSECURED: S&P Lowers Rating on Class D Notes to 'B+'

DECO SERIES: Fitch Junks Rating on GBP10.5 Mln Class D Notes
DEUTSCHE RUECK: Meeting With Scheme Creditors Set for May 18
DUNFERMLINE BUILDING: In Talks Over GBP60 Mln Gov't Rescue Package
EDWARDS GROUP: Moody's May Cut 'B1' Corporate Rating on Downturn
ELITE TILES: Joint Administrators Put Business for Sale

GEORGE CARTER: Administrators to Gradually Wind Down Business
HIGH TIDE: Fitch Junks Rating on Class C Notes
LLOYDS BANKING: S&P Cutss Ratings on Hyrbid Instruments to 'BB'
MEADOWS INDEMNITY: Meetings With Scheme Creditors Set for May 27
MOUNTGRANGE CAPITAL: Goes Into Administration; Deloitte Appointed

REDFERN STEVENS: Administrators Put Assets for Sale
ROYAL BANK: S&P Cuts Ratings on Various Hybrid Securities to BB-
SAV PUBS: Brings in Joint Administrators from Grant Thornton
SBH (SW) LTD: Taps Joint Administrators from Smith & Williamson
TECMAG LTD: Appoints Joint Administrators from Tenon Recovery

* EUROPE: Carriers to Lose US$1 Billion in 2009, IATA Says

* Upcoming Meetings, Conferences and Seminars


                         *********


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


ACCESSOIRES KROSNA: Claims Registration Period Ends April 10
------------------------------------------------------------
Creditors owed money by LLC Accessoires Krosna (FN 298407i) have
until April 10, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Richard Fuchs
         Maria-Theresien-Strasse 7
         6020 Innsbruck
         Austria
         Tel: 0512/583465
         Fax: 0512/583465-16
         E-mail: richard.fuchs@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on April 24, 2009, for the
examination of claims at:

         Land Court of Innsbruck (818)
         Room N214
         Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Feb. 10, 2009, (Bankr. Case No. 9 S 4/09a).


AUTOZUBEHOER M. MARSCHHOFER: Claims Registration Ends April 20
--------------------------------------------------------------
Creditors owed money by LLC Autozubehoer M. Marschhofer (FN
213157t) have until April 20, 2009, to file written proofs of
claim to the court-appointed estate administrator:

         Dr. Karl Bergthaler
         Marktstrasse 1
         4813 Altmuenster
         Austria
         Tel: 07612/88273 oder 89425
         Fax: 07612/88273-15
         E-mail: office@jusfull.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on April 30, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         First Floor
         Hall 101
         Maria Theresia Str. 12
         Austria

Headquartered in Ellmau, Austria, the Debtor declared bankruptcy
on Feb. 6, 2009, (Bankr. Case No. 20 S 18/09m).


BACHNER LLC: Claims Registration Period Ends April 10
-----------------------------------------------------
Creditors owed money by LLC Bachner (FN 200684z) have until
April 10, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Philipp Casper
         Kalchberggasse 1
         8010 Graz
         Austria
         Tel: 0316/830550
         Fax: 0316/813717
         E-mail: philipp.casper@kcp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on April 23, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 227
         Graz
         Austria

Headquartered in Lieboch, Austria, the Debtor declared bankruptcy
on Feb. 11, 2009, (Bankr. Case No. 25 S 22/09m).


ENVIRGY LLC: Claims Registration Period Ends April 8
----------------------------------------------------
Creditors owed money by LLC Envirgy (FN 226819h) have until
April 8, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Richard Proksch
         Am Heumarkt 9/I/11
         1030 Wien
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:20 p.m. on April 19, 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. 9, 2009, (Bankr. Case No. 2 S 16/09d).


FRITZ HOFINGER: Claims Registration Period Ends April 20
--------------------------------------------------------
Creditors owed money by LLC Fritz Hofinger Transporte & Co. KG (FN
27279t) have until April 20, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Dr. Erich Gugenberger
         Attergaustrasse 30
         4880 St. Georgen im Attergau
         Austria
         Tel: 07667/20980
         Fax: 07667/20980-20
         E-mail: office@drgugenberger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:20 p.m. on April 30, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Oberwang, Austria, the Debtor declared bankruptcy
on Feb. 9, 2009, (Bankr. Case No. 20 S 19/09h).


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F R A N C E
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THOMSON SA: Societe Generale Buys Shares; In Talks With Creditors
-----------------------------------------------------------------
Societe Generale has acquired shares in Thomson SA as part of its
trading activities, Reuters' Dominique Vidalon and Juliette
Rouillon report.

Citing a March 20 regulatory filing from market watchdog AMF,
Reuters discloses Societe Generale bought Thomson shares on
March 12 and on March 13, bringing its total holding to 9.07
percent of the capital and voting rights.

According to Reuters, news of the acquisition sent Thomson's
shares up 20% on Monday, March 23.

                          Creditor Talks

Reuters notes that earlier this month Thomson, which incurred a
loss of EUR1.9 billion in 2008, warned it could breach certain
debt covenants in April.  Thomson, Reuters says, is in talks with
its main creditors and potential equity investors regarding its
balance sheet, its debt and ways to prevent an acceleration of its
senior debt.  Thomson's chief executive, Frederic Rose, as cited
by Reuters, said that talks with creditors covered several
options, including the possibility for creditor banks to exchange
debt for equity.

                        About Thomson SA

Thomson SA is a France-based Company that provides technology,
services, and systems to Media & Entertainment (M&E) clients,
including content creators, content distributors and broadcasters.
It has three principal operating divisions: Services, Systems
(previously Systems & Equipment) and Technology.  The remaining
activities are regrouped in two additional segments: Other and
Corporate.  The Services Division offers end-to-end management of
video-related services for its customers in the M&E industries.
Systems division plays a role in supplying hardware and software
technology for the M&E industries in the areas of production,
delivery, management, transmission, and access.  Technology
division includes activities, such as corporate research; Silicon
Solutions: Integrated Circuit design and tuners, and Software &
Technology Solutions: video and audio security solutions, and
other technologies.  In December 2008, the Company sold its
digital film equipment product line.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2009, Moody's Investors Service lowered to Caa3 from B1 the
Corporate Family Rating for Thomson S.A. and to C from Caa1 the
junior subordinated rating for Thomson's perpetual junior
subordinated bonds.  The outlook on the ratings is negative.  The
rating action was prompted by the sharp, about EUR800 million,
increase in net debt that Thomson has indicated for the second
half 2008.

As reported by the TCR-Europe on Feb. 2, 2009, Standard & Poor's
Ratings Services lowered its long-term corporate credit and senior
unsecured bank loan ratings on French technology group Thomson
S.A. to 'CC' from 'B'.  The debt rating on Thomson's junior
subordinated perpetual notes was also lowered, to 'C' from 'CCC-'.
All of these ratings were removed from CreditWatch, where they had
been placed with negative implications on Dec. 2, 2008.  The
outlook is negative.  At the same time, Standard & Poor's lowered
its short-term corporate credit rating on Thomson to 'C' from 'B'.


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


ALPHA PROJEKT: Claims Registration Period Ends April 25
-------------------------------------------------------
Creditors of Alpha Projektgesellschaft mbH have until April 25,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on May 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 Cologne
         Room 142
         Luxemburger Strasse 101
         50939 Cologne
         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:

         Andreas Mueller-Stein
         Schuetzenstr. 5
         50126 Bergheim
         Germany

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

The debtor can be reached at:

         Alpha-Projektgesellschaft mbH
         Schloss Tuernich
         50169 Kerpen
         Germany

         Attn: Bernd-Dieter Sundhaus, Manager
         Margaretenstr. 59 a
         18057 Rostock
         Germany


APOLLO KONZEPT: Claims Registration Period Ends April 28
--------------------------------------------------------
Creditors of Apollo Konzept GmbH have until April 28, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Jens Wilhelm V.
         Hohenzollernstrasse 53
         30161 Hannover
         Germany
         Tel: 0511 696846-0
         Fax: 0511 696846-79

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:

         Apollo Konzept GmbH
         Leinaustrasse 1
         30451 Hannover
         Germany

         Attn: Martin Scheele, Manager
         Braunstrasse 20
         30169 Hannover
         Germany


ARRON VERWALTUNGS: Claims Registration Period Ends April 17
-----------------------------------------------------------
Creditors of Arron Verwaltungs GmbH have until April 17, 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 May 13, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         T. Zerche
         Comthurgasse 1
         99084 Erfurt
         Germany

The court opened bankruptcy proceedings against the company on
March 23, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Arron Verwaltungs GmbH
         Attn: Holger Knittel, Manager
         Langwitz 67 c
         99310 Dornheim
         Germany


CRISTINI GMBH: Claims Registration Period Ends May 26
-----------------------------------------------------
Creditors of Cristini GmbH have until May 26, 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 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Gerichtstrasse 66
         33602 Bielefeld
         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:

         Hans Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

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:

         Cristini GmbH
         Attn: Dr. Frank Gebert, Manager
         Suedstrasse 11-13
         32130 Enger
         Germany


HELLA KGAA: Moody's Assigns 'Ba1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has downgraded the Issuer Rating of
Hella KGaA Hueck & Co from Baa3 to Ba1.  At the same time Moody's
withdraws Hella's issuer rating and assigns a Ba1 Corporate Family
Rating.  The instrument rating of Hella's EUR 175 million Senior
Unsecured Bonds was downgraded to Ba1 and the Short-Term Rating
was downgraded from P-3 to non-prime.  This concludes the rating
review initiated on February 6.  The outlook on the ratings is
stable.

Falk Frey, lead analyst for Hella, said: "The rating action
reflects Moody's concern that the steep decline in worldwide
automotive productions would not allow Hella to maintain credit
metrics commensurate with the previous Baa3 rating.  However,
Moody's believe that Hella's sizable and more resilient
aftermarket business together with the significant operating
improvements achieved in the recent past should allow for
financial ratios that position the company solidly at the Ba1
rating level over the cycle".

In order to remain adequately positioned within the previous Baa3
rating category Moody's would have expected, for instance, further
improving operating profitability, notable positive Free Cash Flow
generation, a Retained Cash Flow/Net Debt ratio of close to 30% or
Debt/EBITDA below 3x.  In light of prevailing market conditions,
however, Moody's believes it will be very challenging to achieve
at least some of these expectations in the intermediate term.

Hella's ratings continue to be supported by a sound business
profile and the company's sizable aftermarket business which
Moody's expect to prove fairly resilient in the current downturn.
Though the agency acknowledges that the company's profitability
had recovered in the recent past on the back of improving
efficiency and an enhanced operating footprint, it is concerned
that the fast deterioration in auto production volumes will weaken
an already moderate level of profitability.  At the same time the
ratings consider management's track record in reducing costs as
well as the measures already taken to counter the market downturn.
Though such measures are expected to be beneficial in the mid to
long term, Moody's cautions that associated costs could
potentially pose an additional burden to earnings in the short
term.  While Moody's notes that the current economic and financial
crisis has increased the risk of supplier or customer default,
Moody's acknowledge that the current situation also offers
opportunities for solidly positioned suppliers - such as Hella -
as OEM customers appear to increasingly cluster their supplier
base.

Moody's considers Hella's 12-months liquidity position to be
adequate.  As per December 2008 Hella had cash and cash
equivalents of EUR209 million and ample availability under its
EUR650 million key credit facility.  While Moody's notes that
Hella's key credit facility will mature in July 2010, Moody's
anticipates the company to arrange for alternative funding sources
to refinance this facility at least one year before the maturity
date.

Downgrades:

Issuer: Hella KGaA Hueck&Co

  -- Issuer Rating, Downgraded to a range of Ba1 to NP from a
     range of Baa3 to P-3

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
     from Baa3

Assignments:

Issuer: Hella KGaA Hueck&Co

  -- Probability of Default Rating, Assigned Ba1
  -- Corporate Family Rating, Assigned Ba1
  -- Senior Unsecured Regular Bond/Debenture, Assigned 47 - LGD3

Outlook Actions:

Issuer: Hella KGaA Hueck&Co

  -- Outlook, Changed To Stable From Rating Under Review

Moody's last rating action on Hella was on February 6, 2009 when
Moody's placed Hella's Baa3/P-3 ratings under review for possible
downgrade.

Headquartered in Lippstadt, Germany, Hella is one of the leading
automotive suppliers in automotive lighting and electronics
components, and holds a strong position in the aftermarket.  Group
revenues in fiscal 2007/08 were EUR3.9 billion.  The company
employs approximately 25,000 people at more than 70 manufacturing
facilities, production subsidiaries and joint ventures worldwide.


MAERKLIN HOLDING: Mulls 400 Job Cuts Under Restructuring
--------------------------------------------------------
Plasteurope reports that Maerklin Holding GmbH will cut nearly 400
of the 1,400 jobs at the company as part of a restructuring
effort.

According to Plasteurope, 166 of the company's 650 workers at its
Goeppingen plant in Germany will lose their jobs, while 180 of its
520 employees at its plant in Gyor, Hungary will be made
redundant.  The company, Plasteurope discloses, will close its
plant in Nuremburg, Germany, resulting in the loss of 58 jobs.

Plasteurope notes that while the company will halt production of
some of its less profitable models, it will retain all of the
trade names, including "Marklin", "Trix" and "LGB".

On Feb. 6, 2009, The Troubled Company Reporter-Europe, citing The
Associated Press, reported Maerklin filed for bankruptcy
protection from creditors at a court in Goeppingen after failing
to secure new credit from banks.  Citing German weekly
Wirtschaftswoche, Bloomberg News disclosed the company made a net
loss of about EUR20 million in 2008, while its revenue stood at
EUR128 million (US$165 million).  It owed "at least" EUR50 million
to banks including Landesbank Baden-Wuerttemberg, the report
added.

Based in Goeppingen, Germany, Maerklin Holding GmbH is a model
railway maker.


THOR SAFETY: Claims Registration Period Ends May 20
---------------------------------------------------
Creditors of Thor Safety GmbH have until May 20, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin
         Germany

The 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:

         Thor Safety GmbH
         Liebenwalder Strasse 69
         16567 Muehlenbeck/Summt
         Germany

         Attn: Frau Gabriela Jahnke, Manager
         Muehlenbecker Strasse 37 a
         16552 Schildow
         Switzerland


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FREESEAS INC: Obtains Lender Covenant Wiavers
---------------------------------------------
FreeSeas Inc. on Tuesday, March 24, obtained covenant waiver
agreements from each of its bank lenders and has refinanced the
existing credit facility for the Free Maverick.

Ion Varouxakis, President and CEO of FreeSeas, stated, "These
modifications to our loan agreements, coupled with recent charter
announcements, have provided FreeSeas with a greater level of
operational and financial flexibility.  We closely worked with our
commercial lenders in negotiating these waivers, and the process
involved extensive due diligence on their part.  We feel that
their willingness to work with us reflects the quality of
FreeSeas' fleet and charter agreements, the outlook for our
business model, and the positive changes in the dry bulk market
over the past few weeks.  To a lesser extent, we believe these
waivers position us for growth as we see unprecedented
opportunities for acquisitions at current market prices."

          Summary of Covenant Waivers/Refinancing

    * Credit Suisse: US$79.3 million outstanding on the reducing
      revolving credit facility.  Credit Suisse has agreed to
      waive any potential breach of the market value-to-loan
      covenants from October 1, 2008 until March 31, 2010.  A
      partial prepayment of the outstanding loan in the amount of
      US$5.0 million will be made by the Company by July 31, 2009.

    * First Business Bank S.A. of Greece: US$24.0 million
      outstanding term loan.  FBB has agreed to waive any
      potential breach of market value-to-loan covenants from
      December 31, 2008 until January 1, 2010.

    * Hollandsche Bank - Unie N.V.: US$49.6 million total
      facilities outstanding.  The Company has reached an
      agreement with HBU to refinance a balloon payment of US$27.1
      million due on August 1, 2009 on the loan for the Free
      Maverick.  The balloon payment will be replaced by a new 3.5
      year facility, which is payable through 13 quarterly
      installments of US$600,000 beginning on August 1, 2009 and
      one installment of US$19.3 million payable on November 1,
      2012.  HBU also agreed to waive any potential breach of its
      value-to-loan ratio on all its facilities, from October 1,
      2008 until July 1, 2010, and amend such ratio to 100% on
      July 1, 2010, 110% on July 1, 2011, 120% on July 1, 2012 and
      125% on December 31, 2012.

Headquartered in Piraeus, Greece, FreeSeas Inc. (Nasdaq:FREE)
(Nasdaq:FREEW) (Nasdaq:FREEZ) -- http://www.freeseas.gr/-- is an
independent shipping company that operates in the international
drybulk shipping market.  As of December 31, 2007, the Company
operates seven vessels through its wholly owned subsidiaries.  The
operations of its vessels are managed by Free Bulkers S.A., an
affiliated Marshall Islands company.  Free Bulkers provides the
Company with a range of shipping services.  These services include
technical management, such as managing day-to-day vessel
operations, including supervising the crewing, supplying,
maintaining, dry-docking of vessels, commercial management
regarding identifying suitable vessel charter opportunities and
certain accounting services.  On April 2007, the Company sold the
M/V Free Fighter.  During 2007, it acquired M/V Free Hero, the M/V
Free Jupiter and the M/V Free Goddess vessels.


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


CELF LOW: S&P Puts 'BB' Rating on Class F Notes on Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its principal-only credit ratings on the class E and F notes
issued by CELF Low Levered Partners PLC.

The ratings on all other classes in the transaction are
unaffected.

The actions reflect S&P's concerns that due to portfolio
deterioration and par value losses, the issuer may be unable to
repay full principal to the class E and F noteholders.

CELF Low Leveraged Partners closed on Feb. 7, 2007, and is a cash
flow transaction where the class A-1, A-2, A-3, B, C, D, and S
notes are collateralized by a pool of speculative-grade corporate
loan obligations.  The collateral for the class E and F notes are
'AAA' rated zero-coupon Obligation Assimilable du Tresor
securities—strips with an original tenor of 12 Years.

The repayment of principal for classes E and F is linked to
payments to the subordinated class D-1, D-2, and D-3 (class D)
notes.  Payments to the class D notes in turn depend on the
collateral performance.  The total principal amount of the class D
notes is EUR71 million.

In S&P's view, about 11% of the portfolio assets are now rated
'CCC+' and below, of which portfolio defaults account for 4%.  In
S&P's preliminary analysis, S&P took into consideration S&P's
rated overcollateralization metric, which provides an estimate of
the stability of the ratings currently assigned to cash flow
collateralized debt obligation tranches, based on output from
Standard & Poor's CDO Evaluator model and a simplified cash flow
analysis.

The ratings on the class E and F notes address the ultimate
payment of principal only.  Both classes are zero-coupon notes,
which at closing were issued at a price of 43% and 30%,
respectively.  At closing, the issuance proceeds of the class E
and F notes were invested in the OATs mentioned above.

The OAT strips purchased using the class E note proceeds (class E
OATs) are held in a single separate trust account for the benefit
of the class D subordinated noteholders and the class E
noteholders.  The OAT strips purchased using the class F proceeds
(class F OATs) are held for the benefit of the class D
subordinated noteholders and the class F noteholders.

If total payments comprising principal and interest to the class D
notes are less than EUR71 million, the shortfall will be covered
first by the class F notes up to an amount of EUR10 million, using
the class F OAT proceeds.  The class E OAT proceeds (up to an
amount of EUR15 million) would cover any further shortfall if the
total distributions to class D are less than EUR61 million.
In other words, if the class D noteholders receive EUR61 million
in distributions, the class E noteholders receive full principal
using either the class E OAT proceeds or via physical delivery of
the class E OATs.  The class F noteholders in turn make up the
shortfall of EUR10 million using the class F OAT proceeds.

                           Ratings List

                  CELF Low Levered Partners PLC
       EUR70.5 Million Secured Revolving Floating-Rate Notes,
      EUR86.5 Million Secured Delayed Draw Floating-Rate Notes,
           EUR86.5 Million Secured Floating-Rate Notes,
       EUR40.5 Million Secured Deferrable Floating-Rate Notes,
                 EUR71.0 Million Subordinated Notes,
                and EUR25 Million Zero-Coupon Notes

              Ratings Placed on CreditWatch Negative

                                  Ratings
                                  -------
              Class      To                    From
              -----      --                    ----
              E          BBB-/Watch Neg        BBB-
              F          BB/Watch Neg          BB


EUROMAX III: Fitch Cuts Ratings on Two Classes of Notes to Low-B
----------------------------------------------------------------
Fitch Ratings has downgraded Euromax III MBS Ltd.'s notes, removed
the notes from Rating Watch Negative, and assigned Outlooks.

Rating actions:

  -- EUR103.3 million class A-1 due 2095 (ISIN XS0158773324):
     downgraded to 'BBB' from 'AAA'; removed from RWN; assigned a
     Negative Outlook

  -- EUR6 million class A-2 due 2095 (ISIN XS0158774991):
     downgraded to 'BB' from 'AAA'; removed from RWN; assigned a
     Negative Outlook

  -- EUR11.88 million class B due 2095 (ISIN XS0158775022):
     downgraded to 'B' from 'A'; removed from RWN; assigned a
     Negative Outlook

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008 as
well as credit deterioration in the collateral pool.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio coupled with limited subordination
has particularly affected all the tranches.

As per the trustee report dated February 10, 2009, the portfolio
contained 42 assets from 38 obligors, with the largest exposure
accounting for approximately 5.9% of the outstanding portfolio
amount.  The largest single industry is RMBS with 61% of the
portfolio volume.

Three assets totaling EUR9.6 million (7.1% of the total portfolio)
have a rating of 'CC' or below for which Fitch expects no
principal recoveries.  The OC test, which covers the class A-1, A-
2 and B notes, was reported at 111.2% relative to a minimum
threshold of 105%, although the above distressed assets were still
considered in the calculations.  Excluding the distressed assets,
the OC would be 108.1%.

The transaction has continued to de-lever since the end of the
reinvestment period in October 2007.  Since then, all principal
proceeds available after payment of senior expenses have been used
to amortize the class A-1 notes.

In conducting its analysis, Fitch makes a three notch downward
adjustment for any names on RWN for default analysis under its
Portfolio Credit Model.  On an adjusted basis, approximately 23.5%
of the portfolio is now treated as sub-investment grade.  The
weighted average portfolio quality is 'BB+'/'BB' and 14% of the
portfolio is on RWN.


EUROMAX IV: Fitch Junks Ratings on Two Classes of Notes
-------------------------------------------------------
Fitch Ratings has downgraded Euromax IV MBS S.A. notes, removed
them from Rating Watch Negative, and assigned Outlooks and
Recovery Ratings.

Rating actions:

  -- EUR149 million class A-1 due 2054 (ISIN XS0230035627):
     downgraded to 'BBB' from 'AAA'; removed from RWN; Negative
     Outlook assigned

  -- EUR16 million class A-2 due 2099 (ISIN XS0230036518):
     downgraded to 'BB' from 'AAA'; removed from RWN; Negative
     Outlook assigned

  -- EUR11.4 million class B due 2099 (ISIN XS0230036864):
     downgraded to 'B' from 'AA'; removed from RWN; Negative
     Outlook assigned

  -- EUR6 million class C due 2099 (ISIN XS0230037169): downgraded
     to 'CCC' from 'A'; removed from RWN; assigned 'RR5'

  -- EUR6 million class D due 2099 (ISIN XS0230037912): downgraded
     to 'CC' from 'BBB'; removed from RWN; assigned 'RR6'

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008 as
well as credit deterioration in the collateral pool since the last
review.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio coupled with limited subordination
has particularly affected all the tranches.  Fitch expects the
percentage of sub-investment grade assets to increase which could
trigger rating-based credit events.

As per the trustee report dated February 6, 2009, the portfolio
contained 75 assets from 71 obligors, with the largest exposure
accounting for approximately 3% of the outstanding portfolio
amount.  The largest single industry is RMBS with 51% of the
portfolio volume.

Three assets totaling EUR4.4 million (2.2% of the total portfolio)
have a rating of 'CC' or below for which Fitch expects no
principal recoveries.  The portfolio has passed all over-
collateralization tests, although further negative credit
migration would result in a higher percentage of assets being
subject to adjustments in the OC ratio calculation.  These
adjustments could lead to OC test breaches and in an extreme
scenario trigger an event of default if the Class A1/A2 OC ratio
falls below 100%.

The Class C and D notes have been downgraded to 'CCC' and 'CC',
respectively as these classes are most vulnerable to future
negative credit migration.  The respective 'RR5' and 'RR6'
Recovery Ratings for classes C and D, indicate Fitch's
expectations that these tranches will receive interest payment for
a limited period of time, before the covered tests are breached,
but are unlikely to receive repayment of principal.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any names on RWN for default analysis under its
Portfolio Credit Model.  On an adjusted basis, approximately 27.2%
of the portfolio is now treated as non-investment grade.  The
weighted average portfolio quality is 'BBB-' (BBB minus)/'BB+' and
11.3% of the portfolio is on RWN.


EUROMAX V: Fitch Junks Ratings on Five Classes of Notes
-------------------------------------------------------
Fitch Ratings has downgraded eight classes of Euromax V ABS PLC,
affirmed one Class, removed them from Rating Watch Negative, and
assigned Outlooks and Recovery Ratings.

Rating actions:

  -- EUR3 million class X due 2013 (ISIN XS0274619724): affirmed
     at 'AAA'; removed from RWN; Stable Outlook assigned

  -- EUR207.2 million class A1 due 2095 (ISIN XS0274615656):
     downgraded to 'BBB-' (BBB minus) from 'AAA'; removed from
     RWN; Negative Outlook assigned

  -- EUR20 million class A2 due 2095 (ISIN XS0274616381):
     downgraded to 'BB' from 'AAA'; removed from RWN; Negative
     Outlook assigned

  -- EUR18 million class A3 due 2095 (ISIN XS0274616977):
     downgraded to 'BB-' (BB minus) from 'AA'; removed from RWN;
     Negative  Outlook assigned

  -- EUR21.5 million class A4 due 2095 (ISIN XS0274617439):
     downgraded to 'CCC' from 'A'; removed from RWN; assigned
     'RR4'

  -- EUR22 million class B1 due 2095 (ISIN XS0274617603):
     downgraded to 'CC' from 'BBB-' (BBB minus); removed from RWN;
     assigned 'RR6'

  -- EUR5 million class B2 due 2095 (ISIN XS0274617942):
     downgraded to 'C' from 'BB-' (BB minus); removed from RWN;
     assigned 'RR6'

  -- EUR5 million class D1 combination notes due 2095 (ISIN
     XS0274619138): downgraded to 'CCC' from 'A'; removed from
     RWN; assigned 'RR4'

  -- EUR7.5 million class D2 combination notes due 2095 (ISIN
     XS0274619211): downgraded to 'CCC' from 'A'; removed from
     RWN; assigned 'RR4'

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008 as
well as credit deterioration in the collateral pool.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio coupled with limited subordination
has particularly affected all the tranches.

As per the trustee report dated February 3, 2009, the portfolio
contained 71 assets from 61 obligors, with the largest exposure
accounting for approximately 3.4% of the outstanding portfolio
amount.  The largest single industry is CMBS with 54.4% of the
portfolio volume.  Two assets totaling EUR8.1 million (2.7% of the
total portfolio) have a rating of 'CC' or below and 3.9% of the
portfolio consists of property B-notes which are subject to
heightened refinancing risks and poor recovery prospects in a
difficult economic climate.

The high proportion of non-investment grade assets in the
portfolio (42.2%) resulted in haircuts to over-collateralization
ratio calculations.  As a consequence, the portfolio failed all OC
tests at the last payment date in February 2009 before proceeds
were distributed.  The senior OC test (set at class A3) was cured
in the interest waterfall allowing interest to be paid on class
A4.  But the failure of class A4 OC test meant interest on classes
B1 and B2 was deferred and proceeds diverted to redeem class A1.

The respective 'CC' and 'C' rating on classes B1 and B2 reflect
interest deferrals given class A4 OC test failure and expected
future negative credit migration.  The 'RR6' on these notes
reflects Fitch's view that these tranches are unlikely to receive
any principal repayment.

The 'CCC' rating on class A4, class D1 and class D2 combo notes
reflect the risk that further portfolio deterioration will cause
these classes to see interest deferrals.  These classes are
assigned a 'RR4' given that they are unlikely to receive principal
in full.  The ratings on the Class D1 and D2 combination notes
address the likelihood that investors will receive the rated
balances by the final maturity.  All payments received on the
combination notes count towards reduction of the rated balances
which currently stand at EUR4.3 million and EUR6.5 million for
class D1 and D2, respectively.

The ratings on Classes A1, A2 and A3 address the timely payment of
interest and ultimate payment of principal by the legal maturity.

The 'AAA' rating on Class X reflects the structural features of
this class.  Class X has a fixed amortization schedule that is
senior in the interest waterfall and a final maturity expected in
2013.


EUROMAX VI: Fitch Junks Ratings on Three Classes of Notes
---------------------------------------------------------
Fitch Ratings has downgraded seven classes of Euromax VI ABS
Limited, affirmed one class, removed them from Rating Watch
Negative, and assigned Outlooks and Recovery Ratings.

Rating actions:

  -- EUR3.25 million class X due 2012 (ISIN XS0294718944):
     affirmed at 'AAA'; removed from RWN; Stable Outlook assigned

  -- EUR333 million class A due 2097 (ISIN XS0294719082):
     downgraded to 'BBB' from 'AAA'; removed from RWN; Negative
     Outlook assigned

  -- EUR37 million class B due 2097 (ISIN XS0294720171):
     downgraded to 'BB' from 'AA'; removed from RWN; Negative
     Outlook assigned

  -- EUR16 million class C due 2097 (ISIN XS0294720338):
     downgraded to 'B' from 'A'; removed from RWN; Negative
     Outlook assigned

  -- EUR16 million class D due 2097 (ISIN XS0294720841):
     downgraded to 'CC' from 'BBB'; removed from RWN; assigned
     'RR5'

  -- EUR3 million class E due 2097 (ISIN XS0294721146): downgraded
     to 'C' from 'BB'; removed from RWN; assigned 'RR6'

  -- EUR8 million class G combination notes due 2097
     (ISIN XS0294722201): downgraded to 'BB' from 'AA'; removed
     from RWN; Negative Outlook assigned

  -- EUR24 million class H combination notes due 2097 (ISIN
     XS0294722896): downgraded to 'CC' from 'BBB'; removed from
     RWN; assigned 'RR5'

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008 as
well as credit deterioration in the collateral pool.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio coupled with limited subordination
has particularly affected all the tranches.

As per the trustee report dated 12 January 2009, the portfolio
contained 101 assets from 85 obligors, with the largest exposure
accounting for approximately 4.3% of the outstanding portfolio
amount.  The largest single industry is RMBS with 52% of the
portfolio volume.  Seven assets totaling EUR30.1m (7.2% of the
total portfolio) have a rating of 'CCC' or below and are expected
to have low principal recoveries.

Currently, approximately 21.5% of the portfolio consists of non
investment grade assets.  All over-collateralization tests were
passing, although Fitch anticipates further portfolio credit
deterioration which will most likely trigger a breach in OC tests
as haircuts to the par coverage amounts are applied.

The classes D and E have been downgraded to 'CC' and 'C',
respectively, as these classes are most vulnerable to negative
credit rating migration.  The respective 'RR5' and 'RR6' Recovery
Rating for classes D and E, indicates Fitch's expectations that
these tranches will receive interest payment for a limited period
of time, before the OC tests are breached, but are unlikely to
receive repayment of principal.

The ratings on class G and H combination notes reflect the ratings
of each component class, the total distributions to date (which
count towards reducing the rated balances) and future
distributions expected on each of the component classes.  The
rated balances of classes G and H currently stand at EUR7.04
million and EUR19.95 million, respectively.

The ratings on Classes A and B address the timely payment of
interest and ultimate payment of principal by the legal maturity.

The 'AAA' rating on Class X reflects the structural features of
this class.  Class X has a fixed amortization schedule that is
senior in the interest waterfall and a final maturity expected in
2012.


ZOO ABS: Fitch Junks Ratings on Four Classes of Notes
-----------------------------------------------------
Fitch Ratings has downgraded the nine classes of Zoo ABS IV PLC's
notes and removed the nine classes from Rating Watch Negative.
Fitch has simultaneously assigned a Stable Outlook to the class A
notes, assigned a Negative Outlook to the class B notes, and
assigned Recovery Ratings to the class C, D, E and P notes.

Rating actions:

  -- EUR100 million class A-1R downgraded to 'BBB' from 'AAA';
     removed from RWN; assigned a Stable Outlook

  -- EUR150 million class A-1A (ISIN XS0298493072) downgraded to
     'BBB' from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR115.7 million class A-1B (ISIN XS0298495523) downgraded to
     'BBB' from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR27 million class A-2 (ISIN XS0298496505) downgraded to
     'BB' from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR30 million class B (ISIN XS0298496927) downgraded to 'B'
     from 'AA'; removed from RWN; assigned a Negative Outlook

  -- EUR35 million class C (ISIN XS0298497495) downgraded to 'CC'
     from 'A'; removed from RWN; assigned a Recovery Rating of
     'RR5'

  -- EUR28 million class D (ISIN XS0298498386) downgraded to 'C'
     from 'BBB-' (BBB minus); removed from RWN; assigned a
     Recovery Rating of 'RR6'

  -- EUR8.5 million class E (ISIN XS0298498972) downgraded to 'C'
     from 'BB-' (BB minus); removed from RWN; assigned a Recovery
     Rating of 'RR6'

  -- EUR7.1 million class P (ISIN XS0298626564) downgraded to 'CC'
     from 'BBB'; removed from RWN; assigned a Recovery Rating of
     'RR5'

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008 as
well as expected credit deterioration in the collateral pool.  The
new criteria incorporate Fitch's view on industry and vintage
concentration risks and the propensity for low recoveries upon
default, particularly for thin tranches.

Regarding the portfolio, exposure to CDO assets as well as
expected near term credit deterioration to the portfolio has
particularly affected the transaction's junior tranches.
According to the February 2009 performance report, 19.9% of the
portfolio consists of CDOs, many of which are underperforming.  In
addition, the agency expects further negative credit migration
across the portfolio.  Currently, 7.6% of the portfolio is on
Rating Watch Negative.  Given this, negative portfolio migration
would result in a higher percentage of assets being subject to
adjustments in the overcollateralization ratio calculation.  The
expected negative credit migration among CDO assets alone would
put all coverage tests under severe pressure.  As such, Fitch
expects interest to be diverted away from the junior notes in
order to amortize the senior notes.  The class C, D and E notes
have been downgraded to 'CC' and below as these classes are likely
to soon be cut-off from future interest payments.  In Fitch's view
the breach of the OC tests in a stressed environment make the
likelihood of a full recovery of the class C, D and E notes
remote.

The class P combination notes are reliant on cash distributions
made to the class C notes and the equity holders.  In Fitch's
view, all coverage tests are likely to come under severe pressure,
and consequently cash flow could be cut-off from both the class C
and the equity holders.  As such the agency has downgraded the
class P combination notes to 'CC'.

Since December 1 2008, the manager has purchased 19 assets at
prices ranging from 90 to 97.7 cents on the euro, 90 being the
minimum purchase price for this transaction.  In the current
economic environment, investment grade structured finance assets
are generally trading noticeably below this threshold.  Fitch
discussed this observation with the portfolio manager, and the
manager indicated that the recent purchase prices reflected the
manager's view of fair value.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any structured finance names on RWN for default
analysis under its Portfolio Credit Model.  The weighted average
portfolio quality is 'BB+'.  Currently 2.3% of the portfolio is
rated 'CCC+' and below on an unadjusted basis.

Zoo ABS IV is a securitization of mainly European SF securities
with a total note issuance of EUR514.2 million to be invested in a
portfolio of EUR500 million.  The portfolio is actively managed by
P&G SGR S.p.A. during the 5 year reinvestment period.


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


SOCOTHERM SPA: Leonardo Appointed Adviser for Debt Restructuring
----------------------------------------------------------------
Socotherm SpA has appointed Leonardo & Co. SpA as financial
adviser for its debt restructuring, Dan Liefgreen at Bloomberg
News reports citing the company's stock-exchange statement.

According to Bloomberg News, Leonardo will work with Rothschild,
which is tasked to seek a "strategic partner" for Socotherm.

Headquartered in Vicenza, Italy, Socotherm SpA --
http://www.socotherm.com/-- is an Italian company operating in
the anticorrosion pipe coating area.  The Company provides
internal and external pipe coating for oil, gas and water
transportation industries.  It specializes in deep-water pipe
insulation and coating technology.  Other services offered by the
Company are: asphalt road maintenance, bridge decks waterproofing,
expansion joints and noise barriers for roads and railways.  It
operates worldwide in two geographical business areas: the first
area has its head office in Italy and includes Europe, the Middle
East, Africa (excluding West Africa) and Asia Pacific countries,
and the second area has its head office in Argentina and includes
both Americas and West Africa.  Socotherm SpA has production
plants in Italy, Spain, Argentina, Brazil, Venezuela, Australia,
Malaysia, Qatar, China and Nigeria, among others.


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


ART DEKAN: Creditors Must File Claims by April 24
-------------------------------------------------
LLP Art Dekan Limited has declared insolvency.  Creditors have
until April 24, 2009, to submit written proofs of claim to:

         Micro "Dubok-2", 23
         Almaty
         Kazakhstan


BTA BANK: Probable Default Cues Fitch's Junk Issuer Ratings
-----------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based BTA Bank's and
subsidiary Temirbank's Long-term foreign currency Issuer Default
Ratings to 'CC' from 'B+'.  The ratings remain on Rating Watch
Negative.

The downgrades reflect Fitch's view that a default by the banks on
at least some of their financial obligations is now probable.
This follows BTA's announcement on March 17, 2009 which made
reference to consideration of "potential modifications to the BTA
Group's debt structure" and stated that "in the event any
financial indebtedness to the BTA Group is accelerated prior to
its stated maturity, Samruk-Kazyna (the bank's majority
shareholder) may no longer be prepared to provide ... support" to
BTA Group."

Fitch notes that, in accordance with its coercive debt exchange
criteria, a CDE is deemed to have occurred if the terms of an
entity's financial obligations are materially reduced relative to
their original contractual terms, and such a reduction occurs as a
result of an exchange which is coercive or de facto necessary,
even if technically voluntary.  Execution of a CDE will result in
an entity being downgraded to 'D' (default) or 'RD' (restricted
default).

In Fitch's view, there is a heightened risk further to the recent
announcement that a material proportion of BTA's and Temir's
liabilities will be subject to a CDE.  Fitch also notes the
apparently high probability that BTA will not repay certain
financial obligations in accordance with their accelerated
schedules, or will force creditors to waive acceleration rights.
The execution of a CDE in respect to a material proportion of
BTA's or Temir's liabilities would cause Fitch to resolve the RWN
by downgrading the respective bank to 'RD' or 'D'.

As far as Fitch is aware, both BTA and Temir at present remain
current on their non-accelerated financial obligations.  However,
it has not been possible for Fitch to ascertain to what extent
creditors have already sought to accelerate any of the banks'
financial obligations, or to assess what proportion of the banks'
liabilities have acceleration clauses which might have been
triggered by Samruk-Kazyna's recent acquisition of a majority
stake in BTA.

Rating actions are:

BTA Bank

  -- Long-term foreign currency IDR: downgraded to 'CC' from 'B+';
     remains on RWN

  -- Long-term local currency IDR: downgraded to 'CC' from 'B+';
     remains on RWN

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B',
     remains on RWN

  -- Short-term local currency IDR: downgraded to 'C' from 'B',
     remains on RWN

  -- Individual Rating: affirmed at 'F'

  -- Support Rating: downgraded to '5' from '4'; removed from RWN

  -- Support Rating Floor: revised to 'No Floor' from 'B+',
     removed from RWN

  -- Senior unsecured debt: downgraded to 'CC' from 'B+', remains
     on RWN, Recovery Rating remains at 'RR4'

  -- Tier 1 perpetual preferred securities: downgraded to 'C' from
     'CCC', remains on RWN, Recovery Rating remains at 'RR6'

Temirbank

  -- Long-term foreign currency IDR: downgraded to 'CC' from 'B+';
     remains on RWN

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B',
     remains on RWN

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: downgraded to '5' from '4', removed from RWN

  -- Support Rating Floor: revised to 'No Floor' from 'B+',
     removed from RWN

  -- Senior unsecured debt: downgraded to 'CC' from 'B+; remains
     on RWN; Recovery Rating remains at 'RR4'


KEY STROY: Creditors Must File Claims by April 24
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Key Stroy Company insolvent.

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

         Baizakov Str. 273b
         Almaty
         Kazakhstan

The Court is located at:

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


KOKSO HIM: Creditors Must File Claims by April 24
-------------------------------------------------
LLP Kokso Him Montage has declared insolvency.  Creditors have
until April 24, 2009, to submit written proofs of claim to:

         Molokov Str. 112
         Karaganda
         Kazakhstan


PRIKASPY BUR: Creditors Must File Claims by April 24
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Prikaspy Bur Neft Kazakhstan insolvent.

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

         Satpayev Str. 3
         Atyrau
         Atyrau
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpayev Str. 3
         Atyrau
         Kazakhstan


PRIKASPY SERVICE: Creditors Must File Claims by April 24
--------------------------------------------------------
LLP Prikaspy Service Company has declared insolvency.  Creditors
have until April 24, 2009, to submit written proofs of claim to:

         Auto Station
         Micro 28
         Aktau
         Mangistau
         Kazakhstan


ROLEKS LLP: Creditors Must File Claims by April 24
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Roleks insolvent.

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

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

The Court is located at:

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


SK ELEVATOR: Creditors Must File Claims by April 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP SK Elevator Mel Service insolvent.

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

         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


TANEMO TRANS OIL LLP: Creditors Must File Claims by April 24
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Tanemo Trans Oil insolvent.

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

         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan

The Court is located at:

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


TEMIR BANK: Fitch Junks Issuer Ratings on Probable Default
----------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based BTA Bank's and
subsidiary Temirbank's Long-term foreign currency Issuer Default
Ratings to 'CC' from 'B+'.  The ratings remain on Rating Watch
Negative.

The downgrades reflect Fitch's view that a default by the banks on
at least some of their financial obligations is now probable.
This follows BTA's announcement on March 17, 2009 which made
reference to consideration of "potential modifications to the BTA
Group's debt structure" and stated that "in the event any
financial indebtedness to the BTA Group is accelerated prior to
its stated maturity, Samruk-Kazyna (the bank's majority
shareholder) may no longer be prepared to provide ... support" to
BTA Group."

Fitch notes that, in accordance with its coercive debt exchange
criteria, a CDE is deemed to have occurred if the terms of an
entity's financial obligations are materially reduced relative to
their original contractual terms, and such a reduction occurs as a
result of an exchange which is coercive or de facto necessary,
even if technically voluntary.  Execution of a CDE will result in
an entity being downgraded to 'D' (default) or 'RD' (restricted
default).

In Fitch's view, there is a heightened risk further to the recent
announcement that a material proportion of BTA's and Temir's
liabilities will be subject to a CDE.  Fitch also notes the
apparently high probability that BTA will not repay certain
financial obligations in accordance with their accelerated
schedules, or will force creditors to waive acceleration rights.
The execution of a CDE in respect to a material proportion of
BTA's or Temir's liabilities would cause Fitch to resolve the RWN
by downgrading the respective bank to 'RD' or 'D'.

As far as Fitch is aware, both BTA and Temir at present remain
current on their non-accelerated financial obligations.  However,
it has not been possible for Fitch to ascertain to what extent
creditors have already sought to accelerate any of the banks'
financial obligations, or to assess what proportion of the banks'
liabilities have acceleration clauses which might have been
triggered by Samruk-Kazyna's recent acquisition of a majority
stake in BTA.

Rating actions are:

BTA Bank

  -- Long-term foreign currency IDR: downgraded to 'CC' from 'B+';
     remains on RWN

  -- Long-term local currency IDR: downgraded to 'CC' from 'B+';
     remains on RWN

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B',
     remains on RWN

  -- Short-term local currency IDR: downgraded to 'C' from 'B',
     remains on RWN

  -- Individual Rating: affirmed at 'F'

  -- Support Rating: downgraded to '5' from '4'; removed from RWN

  -- Support Rating Floor: revised to 'No Floor' from 'B+',
     removed from RWN

  -- Senior unsecured debt: downgraded to 'CC' from 'B+', remains
     on RWN, Recovery Rating remains at 'RR4'

  -- Tier 1 perpetual preferred securities: downgraded to 'C' from
     'CCC', remains on RWN, Recovery Rating remains at 'RR6'

Temirbank

  -- Long-term foreign currency IDR: downgraded to 'CC' from 'B+';
     remains on RWN

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B',
     remains on RWN

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: downgraded to '5' from '4', removed from RWN

  -- Support Rating Floor: revised to 'No Floor' from 'B+',
     removed from RWN

  -- Senior unsecured debt: downgraded to 'CC' from 'B+; remains
     on RWN; Recovery Rating remains at 'RR4'


TSEM SNUB: Creditors Must File Claims by April 24
-------------------------------------------------
LLP Kaz Tsem Snub has declared insolvency.  Creditors have until
April 24, 2009, to submit written proofs of claim to:

         Katchenko Str. 49/3
         Saryarkinsky
         Astana
         Kazakhstan


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


IPAR BIOTECH: Creditors Must File Claims by April 3
---------------------------------------------------
Creditors of LLC Company Ipar Biotech Central Asia Ltd. have until
April 3, 2009, to submit proofs of claim to:

         Micro District "Vostok-5" 1/2-28
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 68-86-09


SEA FOOD: Creditors Must File Claims by April 3
-----------------------------------------------
Creditors of LLC Sea Food Company have until April 3, 2009, to
submit proofs of claim to:

         Shevchenko St. 128
         Bishkek
         Kyrgyzstan


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


* LATVIA: Plans to Widen Budget Deficit May Spur IMF to Halt Aid
----------------------------------------------------------------
The International Monetary Fund may halt aid payments to Latvia
over the country's plans to widen the budget deficit, Ott Ummelas
at Bloomberg News reports citing newspaper Telegraf.

Bloomberg News relates according to Riga's Russian-language
newspaper, Latvia's new government plans to widen the deficit to
7 percent of gross domestic product from 5 percent agreed under
the terms of a bailout in January.  It is expected to ask for
approval of a bigger budget deficit when it meets IMF and European
officials this week, Bloomberg News discloses citing newspaper
Diena.

Latvia, Bloomberg News recalls, was granted a EUR7.5 billion
(US$9.8 billion) bailout last quarter after the economy contracted
10.3 percent and the state seized its second-biggest bank, AS
Parex Banka.


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


ALZETTE EUROPEAN: S&P Puts Three 'BB'-Rated Notes on Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
the ratings on classes E-1, E-2, E-3, and P issued by Alzette
European CLO S.A.  Currently, all the other ratings in this
transaction remain unaffected.

These actions follow S&P's preliminary review of the effect of the
continuing deterioration of the transaction's portfolio credit
quality.  S&P understands that just under 14.0% of the portfolio
comprises assets rated 'CCC+' or lower, of which 7.4% are rated
'D'.

Portfolio credit deterioration and par losses increase the risk
that cash flows may not be sufficient, in S&P's opinion, to fully
repay all rated issuance, putting downward pressure on the
ratings.

The class P combination note comprises a class C component and a
class E-1 component.  The CreditWatch placement on this note
reflects the CreditWatch status of the class E-1 notes.

In determining whether to place a CLO tranche rating on
CreditWatch, S&P took into consideration a number of factors,
including but not limited to:

  -- S&P's rated overcollateralization metric, which
     provides an estimate of the rating stability for cash flow
     CDO tranches based on output from Standard & Poor's CDO
     Evaluator model and a simplified cash flow analysis; and

  -- The percentage of assets (including the change in the
     percentage of assets) rated below 'B-' in CDO portfolios, and
     the percentage of defaults already experienced in the
     portfolios.

                            Ratings List

                     Alzette European CLO S.A.
          EUR261.54 Million and US$80.58 Million Fixed- And
                       Floating-Rate Notes

              Ratings Placed on CreditWatch Negative

                                    Rating
                                    ------
                Class         To              From
                -----         --              ----
                E-1        BB/Watch Neg       BB
                E-2        BB/Watch Neg       BB
                E-3        BB/Watch Neg       BB
                P Combo    BBB/Watch Neg      BBB


COLT TELECOM: Moody's Upgrades Corporate Family Rating to 'B1'
--------------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family Rating
and debt ratings of COLT Telecom Group S.A. to B1 from B2 and the
Probability of Default rating to Ba3 from B1.  The outlook on the
ratings is positive.

The upgrade is underpinned by the company's continued solid
operating performance and its intention to repay the outstanding
EUR262.2 million bonds from the proceeds of the recent equity
issuance.  In 2008, revenue was flat whilst EBITDA increased by
9.6%.  The company was particularly successful in growing revenue
from its data services such as Ethernet and Managed Services.

In conjunction with the announcement of its Q4 results in February
2009, the company also announced a EUR201 million equity offering,
which was fully underwritten by its majority shareholders -- FMR
LLC. and FIL Ltd.  The proceeds from the equity issuance will be
used to repay the company's outstanding bonds in the amount of
EUR262.2 million which were scheduled to mature in December 2009.
On March 18, 2009, the company announced the redemption of the
outstanding bonds which is expected to be finalised on April 17,
2009.  Following the bond redemption, Moody's expects to withdraw
the rating on the bonds.  The demonstrated shareholder support
though the equity underwriting is also regarded as being
supportive.

As a result of the bond redemption, COLT will not have any
external financial debt.  Moody's expects the company's leverage
to be slightly below 2.0x Debt to EBITDA at the end of 2009 due to
operating lease capitalisation.  Furthermore, Moody's understands
that the company will adhere to a conservative financial policy.
The B1 rating does not take into consideration any material M&A
opportunities.

At the same time, the B1 rating reflects the company's exposure to
the challenging economic environment.  Approximately 20% of the
company's revenue is attributed to financial service companies.
Although the company has so far not experienced any significant
impact from the economic downturn, its overall revenue and EBITDA
growth is likely to slow in 2009 whilst revenue from data services
is expected to be more resilient.

The B1 rating also takes into account the company's relatively
high capital expenditure program.  In 2008, the company increased
its capex by approximately EUR50.4 million with a capex to revenue
ratio of approximately 18.5%.  Moody's believes that the capex
spend will continue to be significant and that the capex to
revenue ratio is likely to remain close to or slightly below the
2008 level.  As a result of the material capex, the company is
expected to generate limited free cash flow.  Moody's, however,
notes, that the capex spend is driven by anticipated revenue
generation with a large portion of it (approximately 75%) being
discretionary.  Moody's would view any sustained negative free
cash flow generation, if such were to occur, as a credit negative.

The positive outlook on the rating reflects Moody's expectation
that the company will continue to grow its revenue and EBITDA from
data services as well as its consolidated group's EBITDA.
Furthermore, the positive outlook assumes that COLT will continue
to be free cash flow generative going forward.

The last rating action was on July 26, 2006 when a B2 corporate
family rating was assigned to COLT Telecom Group S.A.

COLT Telecom Group S.A. is one of the leading alternative telecom
providers in the UK and Europe.  In 2008, the company generated
revenue of EUR1.7 billion and reported EBITDA of EUR303.9 million.


COLT TELECOM: S&P Lifts Long-Term Issuer Credit Ratings to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it raised to 'BB-' from
'B' its long-term issuer credit ratings on European business
telecommunications operator COLT Telecom Group Ltd. and related
entity COLT Telecom Group S.A.  At the same time, the senior
unsecured debt rating on COLT's EUR262.2 million notes due
December 2009 was also raised to 'BB-' from 'B'.  All the ratings
were removed from CreditWatch, where they had been placed with
positive implications on March 10, 2009.  The outlook is stable.

"The upgrade follows the completion of COLT's fully underwritten
equity offer of GBP178 million (equating to EUR201 million) before
costs.  The cash injection boosts COLT's liquidity profile and
removes the risk related to the refinancing of its
EUR262.2 million senior unsecured notes due December 2009," said
Standard & Poor's credit analyst Helen O'Toole.

The company intends to redeem these notes in April 2009, which
should lead to a cash interest saving of about EUR9.7 million.

"Although S&P believes that COLT will face increasing operating
pressures in 2009 in the context of weakening economic conditions
across the group's markets, this has been mitigated by the
improvement in its liquidity position and the fact that COLT will
not have any debt on its balance sheet following the expected
redemption of its notes in April 2009," said Ms. O'Toole.

Overall, the group performed well in 2008.  Revenues were stable
year on year, compared with a 7% decline in 2007, and EBITDA
(excluding a EUR17 million exceptional item) increased 9.5% to
EUR303.9 million.  This translates into an 18.1% EBITDA margin.
Low-margin traditional voice revenues continue to suffer from
ongoing fierce competition, but the rate of decline is slowing.
Growth in data products, on the other hand, which account for 55%
of group revenues, remains healthy, although it slowed to 8.7% in
2008 compared with 9.8% in 2007.  S&P expects growth in data
revenues to continue to slow in 2009.

On Dec. 31, 2008, cash flow from operations rose 14.1% year on
year to EUR338.8 million as a result of improved working capital
management, adjusting COLT's reported numbers for interest and
dividends not included in operating cash flow, and adjusting for a
EUR17.0 million exceptional item.  Free operating cash flow
totaled EUR28.3 million, a 22% fall year on year, curbed by higher
capital expenditures of EUR310.5 million that were primarily
customer driven.  COLT's leverage was modest, with a ratio of
total reported debt to EBITDA of 0.8x (1.5x when S&P adjust for
operating leases and postretirement obligations), and EBITDA
interest coverage of 14.1x (7.7x adjusted).

The stable outlook reflects S&P's expectation that COLT will
generate sustainable positive FOCF and that if the group chooses
to incur debt in the future, following the redemption of its
notes, that adjusted debt to EBITDA should not meaningfully exceed
1x.  The outlook also factors in S&P's expectation that COLT is
likely to maintain an adequate liquidity position, and will be
able to withstand the pressures inherent in its operating
environment, while taking a prudent approach to any shareholder
return actions or business expansion.

Ratings upside is limited by business risk considerations and a
lack of visibility on the group's long-term capital structure.
However, weaker-than-expected operating performance or a
deterioration in liquidity could lead to downward pressure on the
ratings.


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


ABN AMRO: S&P Downgrades Ratings on Tier 1 and Tier 2 to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'BB' from
'BB+' its ratings on various Tier 1 and upper Tier 2 instruments,
for which ABN AMRO Bank N.V. (A+/Developing/A-1) and its direct
parent ABN AMRO Holding N.V. (not rated) are the issuers or
guarantors.  The ratings were removed from CreditWatch with
developing implications where they were placed on Jan. 20, 2009.

This follows the rating action on junior subordinated debt
instruments issued by U.K. bank holding company The Royal Bank of
Scotland Group PLC (RBSG; A/Stable/A-1) and its main operating
entity, The Royal Bank of Scotland PLC (RBS; A+/Stable/A-1.  ABN
AMRO is owned by an RBSG-led consortium.

"The downgrade reflects our view of the marginally higher medium-
term risk of coupon deferral on ABN AMRO's junior subordinated
debt because of the likelihood that RBSG may retain some or all of
these debt instruments after the break-up of ABN AMRO," said
Standard & Poor's credit analyst Bernd Ackermann.  "Nevertheless,
S&P continue to believe that coupon deferral on these instruments
remains unlikely, in line with our assumptions about RBSG."

Moreover, S&P notes that ABN AMRO Holding N.V. paid dividends on
common equity in the second half of 2008 as part of the break-up
process and redistributed the related capital among the
consortium.  By S&P's reading, the conditions of the junior
subordinated debt instruments stipulate that dividends on common
equity lead to mandatory coupon payments on the junior
subordinated debt.  Furthermore, S&P notes that ABN AMRO remains a
separately managed and regulated entity until completion of the
break-up.

S&P understands that the main outstanding task of the break-up
process is the legal separation of ABN AMRO's Dutch and private-
banking activities into a new legal entity, N-Share, which will be
owned by the State of The Netherlands (AAA/Stable/A-1+) and might
be merged with Dutch government-owned Fortis Bank Nederland
(Holding) N.V. (A/Watch Dev/A-1).  S&P also understands that ABN
AMRO's owners -- as part of the legal separation process -- will
likely seek to allocate some of the bank's rated obligations,
including junior subordinated debt, to the N-Share business.
However, it is still uncertain how this will be implemented and
which obligations might be affected.

"Until the owners clarify the debt allocation, which S&P expects
by the middle of 2009, any rating action on junior subordinated
debt instruments issued by RBS could trigger a similar rating
action on ABN AMRO's junior subordinated debt," said Mr.
Ackermann.  "We might raise the ratings on individual issues if
ABN AMRO's owners were to confirm that any of these instruments
will be absorbed in the break-up by the Dutch government-owned N-
Share."

In this case, however, an upgrade would also depend on S&P's
assessment of the N-Share businesses' risk profile, which is
currently still unclear, and on any constraint that may emerge for
the N-Share businesses regarding coupon payments on junior
subordinated debt.

                           Ratings List

                        ABN AMRO Bank N.V.

                                      To           From
                                      --           ----
  Junior Subordinated (Tier 1)        BB           BB+/Watch Dev
  Junior Subordinated (Upper Tier 2)  BB           BB+/Watch Dev

                 ABN-AMRO Capital Funding Trust V

                                      To           From
                                      --           ----
  Preferred Stock*                    BB           BB+/Watch Dev

                ABN-AMRO Capital Funding Trust VI

                                      To           From
                                      --           ----
  Preferred Stock*                    BB           BB+/Watch Dev

               ABN-AMRO Capital Funding Trust VII

                                      To           From
                                      --           ----
  Preferred Stock*                    BB           BB+/Watch Dev

              * Guaranteed by ABN AMRO Holding N.V.


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


DUDA: Kredyt Bank Files Bankruptcy Petition
-------------------------------------------
Adrian Krajewski at Reuters reports that Kredyt Bank in a
statement last week said it has filed a bankruptcy petition
against Polish meat producer Duda for an undisclosed reason.

However, Duda, as cited by Reuters, said it would take its stand
on the issue when it examines the lender's motion.

Reuters recalls that Kredyt Bank last week said it had closed
Duda's currency contracts.  The bank, Reuters discloses, is
seeking repayment of PLN27.6 million (US$8.3 million) in debt.

The Duda Group was established in 1990.  The main activity of the
Group is meat production and its trademark, well known on the meat
market is the biggest and the most modern meat plant in Poland.
Its everyday production exceeds 250 tonnes of meat products
divided into 400 different range of goods.


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


ABSOLUT-STROY LLC: Creditors Must File Claims by May 6
------------------------------------------------------
Creditors of LLC Absolut-Stroy (Construction) have until
May 6, 2009, to submit proofs of claims to:

         V. Shakirzyanov
         Insolvency Manager
         Post User Box 6952
         614068 Perm
         Russia
         Tel: (342) 246–45–47.

The Arbitration Court of Permskiy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50 - 7940/2008–B6.

The Debtor can be reached at:

         LLC Absolut-Stroy
         Chernyakhovskogo St. 21
         614047 Perm
         Russia


AKSAYSKIY GLASS: Creditors Must File Claims by May 6
----------------------------------------------------
Creditors of CJSC Aksayskiy Glass-Manufacturing Plant have until
May 6, 2009, to submit proofs of claims to:

         Yu. Kotik
         Insolvency Manager
         Birzhevoi Spusk 8
         Taganrok
         347900 Rostovskaya
         Russia
         Tel: (8634)383400.

The Arbitration Court of Rostovskaya will convene at 4:00 p.m. on
May 14, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A53–2547/2006.

The Debtor can be reached at:

         CJSC Aksayskiy Glass-Manufacturing Plant
         Naberezhnaya St. 2
         Aksay
         346720 Rostovskaya
         Russia


ELEKTRO-SUDO-REMONT LLC: Creditors Must File Claims by April 5
--------------------------------------------------------------
Creditors of LLC Eletro-Sudo-Remont (TIN 5193409692) (Ship-
Repairing) have until April 5, 2009, to submit proofs of claims
to:

         A. Yen'kov
         Insolvency Manager
         Office 521
         Mezhevoy Kanal 5
         198035 Saint-Petersburg
         Russia

The Arbitration Court of Murmanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42–7519/2008.

The Debtor can be reached at:

         LLC Eletro-Sudo-Remont
         Fishing Harbor
         Murmansk
         183001 Murmanskaya
         Russia


LOBVA LLC: Sverdlovskaya Bankruptcy Hearing Set June 25
-------------------------------------------------------
The Arbitration Court of Sverdlovskaya will convene at 4:00 a.m.
on June 25, 2009, to hear bankruptcy supervision procedure on LLC
Lobva (TIN 6647003190, PSRN 1026602073740) (Forestry).  The case
is docketed under Case No. A60–41016/2008-S11.

The Temporary Insolvency Manager is:

         N. Kiselev
         Post User Box 366
         620014 Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Lobva
         Zavodskaya St. 4
         Lobva
         Novolyalinskiy
         624420 Sverdlovskaya
         Russia


POLINOM LLC: Creditors Must File Claims by May 6
------------------------------------------------
Creditors of LLC Polinom (TIN 7813150407) (Paper Production) have
until May 6, 2009, to submit proofs of claims to:

         A. Stepanov
         Insolvency Manager
         Post User Box 67
         191023 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56–19959/2008.

The Debtor can be reached at:

         LLC Polinom
         Petrogradskaya Naberezhnaya 18/3
         197046 Saint-Petersburg
         Russia


POSEVNINSKIY MACHINE: Creditors Must File Claims by April 5
-----------------------------------------------------------
Creditors of OJSC Posevninskiy Machine-Building Plant (TIN
5440103197, PSRN 1025405425286) have until April 5, 2009, to
submit proofs of claims to:

         A. Lavrov
         Temporary Insolvency Manager
         Post User Box 406
         Zlatoust
         456219 Chelyabinskaya
         Russia

The Arbitration Court of Novosibirskaya will convene at 10:00 a.m.
on May 13, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A45–21470/2008–14/26.

The Court is located at:

The Arbitration Court of Novosibirskaya

         Office 513
         Nizhegorodskaya St. 6
         630102 Novosibirsk
         Russia

The Debtor can be reached at:

         OJSC Posevninskiy Machine-Building Plant
         Ostrovskogo St. 59a
         Posevnaya
         Cherepanovskiy
         633511 Novosibirskaya
         Russia


PSKOVSKOE WOOD: Creditors Must File Claims by May 6
---------------------------------------------------
Creditors of OJSC Pskovskoe Wood Enterprise (TIN 6018007826) have
until May 6, 2009, to submit proofs of claims to:

         T. Gudkova
         Insolvency Manager
         Konnaya St. 2/214
         Pskov
         180007 Pskovskaya
         Russia

The Arbitration Court of Pskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A52–3742/2005.

The Debtor can be reached at:

         OJSC Pskovskoe Wood Enterprise
         Lesnaya St. 1
         Spasovshchina
         Pskovskiy
         Pskovskaya
         Russia


ROSTOVSKAYA ENERGY: Creditors Must File Claims by April 5
---------------------------------------------------------
Creditors of LLC Rostovskaya Energy Company (TIN 6164240605,
PSRN 1056164226030) have until April 5, 2009, to submit proofs of
claims to:

         Yu. Galadzheva
         Temporary Insolvency Manager
         Apt. 28
         Turgenevskaya St.8
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 3:10 a.m. on
May 21, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A53–22918/2008.

The Debtor can be reached at:

         LLC Rostovskaya Energy Company
         Siversa St. 29
         Rostov-on-Don
         Russia


SPETS-STROY-2 LLC: Creditors Must File Claims by April 5
--------------------------------------------------------
Creditors of LLC Spets-Stroy-2 (TIN 6623010449) (Construction)
have until April 5, 2009, to submit proofs of claims to:

         V. Opryshko
         Temporary Insolvency Manager
         Post User Box 756
         620000 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A60–
39576/2008-S11.

The Debtor can be reached at:

         LLC Spets-Stroy-2
         Krasnoarmeyskaya St. 198
         622016 Nizhnyy Tagil
         Russia


UDMURT-STROY-TRADE LLC: Creditors Must File Claims by April 5
-------------------------------------------------------------
Creditors of LLC Udmurt-Stroy-Trade (TIN 1835080914, PSRN
1071841009085) (Construction) have until April 5, 2009, to submit
proofs of claims to:

         V.Kiryanov
         Temporary Insolvency Manager
         50 Let Pionerii St. 26
         426033 Izhevsk
         Udmurtia
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A71–12347/2008-
G15.

The Debtor can be reached at:

         LLC Udmurt-Stroy-Trade
         Sovetskaya St. 12a
         Izhevsk
         Udmurtia
         Russia


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


ASTRID HABERLING: Creditors Must File Claims by March 30
--------------------------------------------------------
Creditors owed money by LLC Astrid Haberling are requested to file
their proofs of claim by March 30, 2009, to:

         Astrid Haberling
         Juchacherstrasse 16
         8966 Oberwil-Lieli
         Switzerland

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


AVAC JSC: Deadline to File Proofs of Claim Set April 15
-------------------------------------------------------
Creditors owed money by JSC Avac are requested to file their
proofs of claim by April 15, 2009, to:

         Dr. Beat Schmid & Partner
         Kantonsstrasse 1a
         3930 Visp
         Switzerland

The company is currently undergoing liquidation in Lens.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 24, 2007.


CARMINATI PLATTENBELAGE: Claims Filing Period Ends March 31
-----------------------------------------------------------
Creditors owed money by LLC Carminati Plattenbelage are requested
to file their proofs of claim by March 31, 2009, to:

         Marco Carminati
         Sennhüttenstrasse 35
         8716 Schmerikon
         Switzerland

The company is currently undergoing liquidation in Schmerikon.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 23, 2009.


DIVANO LLC: Proof of Claim Filing Deadline is April 30
-------------------------------------------------------
Creditors owed money by LLC Divano are requested to file their
proofs of claim by April 30, 2009, to:

         Heinrich Dattler
         Wildenen
         6315 Morgarten
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 14, 2009.


HUBLER LLC: Creditors' Proofs of Claim Due by April 11
------------------------------------------------------
Creditors owed money by LLC Hubler are requested to file their
proofs of claim by April 11, 2009, to:

         Christian Gempeler
         Am Dorfplatz
         3715 Adelboden
         Switzerland

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


MAINE & YORK: April 3 Set as Deadline to File Claims
----------------------------------------------------
Creditors owed money by LLC Maine & York are requested to file
their proofs of claim by April 3, 2009, to:

         Nicole Dorig
         Kirchgasse 8
         8907 Wettswil
         Switzerland

The company is currently undergoing liquidation in Lachen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 4, 2007.


PACKARD BELL: Creditors Must File Proofs of Claim by March 31
-------------------------------------------------------------
Creditors owed money by LLC Packard Bell Schweiz are requested to
file their proofs of claim by March 31, 2009, to:

         JSC Pfister Treuhand
         Bankstrasse 4
         8610 Uster
         Switzerland

The company is currently undergoing liquidation in Uster.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 9, 2009.


ROJ LEBENSMITTEL: Deadline to File Proofs of Claim Set March 31
---------------------------------------------------------------
Creditors owed money by LLC Roj Lebensmittel are requested to file
their proofs of claim by March 31, 2009, to:

         Yakup Kurtyolu
         Friedauweg 3
         8355 Aadorf
         Switzerland

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


ROSING JSC: Creditors Have Until April 17 to File Claims
--------------------------------------------------------
Creditors owed money by JSC Rosing are requested to file their
proofs of claim by April 17, 2009, to:

         Dr. Andreas Renggli
         Baarerstrasse 8
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 20, 2009.


SOLCODE LLC: Proof of Claim Filing Deadline is April 30
-------------------------------------------------------
Creditors owed money by LLC Solcode are requested to file their
proofs of claim by April 30, 2009, to:

         St. Urbangasse 4
         4500 Solothurn
         Switzerland

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


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


AGROLAND LLC: Creditors Must File Claims by April 5
---------------------------------------------------
Creditors of LLC Agroland (EDRPOU 34257844) have until April 5,
2009, to submit proofs of claim to:

         State Tax Inspection in Cherkassy
         Insolvency Manager
         Khreschatik  St. 235
         18000 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Agroland
         Office 79
         R. Luxembourg St. 151
         Cherkassy
         Ukraine


AVEGO LLC: Creditors Must File Claims by April 6
------------------------------------------------
Creditors of LLC Avego (EDRPOU 34901548) have until April 6, 2009,
to submit proofs of claim to:

         LLC Novaphor
         Insolvency Manager
         Artem St. 25
         04053 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B11/014-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern street 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Avego
         Lenin St. 351a
         Borodianka
         07300 Kiev
         Ukraine


BANK FINANCE: Moody's Cuts Financial Strength Rating to 'E'
-----------------------------------------------------------
Moody's Investors Service has downgraded the long-term local
currency and senior unsecured foreign currency debt rating of Bank
Finance and Credit to Caa2 from B1, and foreign currency bank
deposit ratings to Caa2 from B2.  In addition, F&C's bank
financial strength rating was downgraded to E from E+ and its
National Scale Rating to B3.ua from Aa3.ua.  At the same time, the
bank's long-term deposit and debt rating and NSR were placed on
review with direction uncertain.

The downgrade of F&C ratings is driven by the bank's default on
repayment of the US$70 million syndicated loan to a pool of
creditors, which was not repaid in full on the original due date.

According to the provisions of the syndicated loan agreement, the
non-payment of interest or principal is considered a default event
unless remedied within three business days following the due date.
Moody's notes that as of the date of this rating action F&C has
only repaid interest and approximately 5 per cent of the principal
of the syndicated loan, whilst the balance remained outstanding.
Instead, the bank made an offer to restructure the remaining
balance of the syndicated loan over a period of time.  The rating
agency currently has limited information as to the exact terms and
conditions attached to the bank's offer, and has therefore
reflected its expectations on the level of possible losses to the
bank's creditors in the Caa2 rating currently assigned to the
bank.

"This default was mainly the result of the recent weakening of the
bank's liquidity position caused by the deposit outflow
experienced by F&C, in common with many other Ukrainian banks.  As
such, the bank was unable to accumulate sufficient liquid assets
to repay the syndicated loan on a due date.  A further factor
which contributed to the default event is a notable asset quality
deterioration and lengthening of the maturity profile of the
bank's loan book, whereby the bank's borrowers -- often being
unable to make payments to the bank in full -- opt for
rescheduling of their payment, thus reducing the cash inflow
available to the bank to repay the depositors and wholesale
creditors," said Yaroslav Sovgyra, a Moscow-based Moody's Vice
President -- Senior Credit Officer, and lead analyst for F&C.

The rating review with direction uncertain captures the current
uncertain situation in respect of overcoming F&C's immediate
liquidity problems, as well as boosting its currently low
capitalisation.  Assuming the bank is successful in securing
sufficient liquidity support to cover for its forthcoming deposit
and debt maturities, immediate negative pressure may be alleviated
from the Caa2 rating, thus reflecting an improved liquidity
situation.  Negative rating pressure would also be eased by a
capital injection from the government, which, according to the
bank is likely to occur in the near future, as well as improved
depositor sentiment towards the bank, resulting in stemming of
deposit outflow.  However, if F&C fails to secure its funding
position and improve its capital base, it is likely that the bank
will further default on its debt payments and payments to
depositors.  This would most likely lead to a restructuring of the
bank's obligations in such a form that creditors may incur further
losses, thus resulting in a further downgrade of the bank's
ratings.

The previous rating action on Bank Finance and Credit was on
February 25, 2009 when Moody's placed on review for possible
downgrade the B2 long-term foreign currency bank deposit ratings
of 22 Ukrainian banks.  The review for possible downgrade has been
triggered by the review for possible downgrade of Ukraine's
foreign currency bank deposit ceiling of B2.

Headquartered in Kiev, Ukraine, Bank Finance and Credit reported
consolidated total IFRS assets of US$2.9 billion at December 31,
2007 and net profit of US$54 million for year-end 2007.


IVA-K LLC: Creditors Must File Claims by April 5
------------------------------------------------
Creditors of LLC Iva-K (EDRPOU 22810142) have until April 5, 2009,
to submit proofs of claim to:

         State tax inspection in Cherkassy
         Insolvency Manager
         Khreschatik  St. 235
         18000 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Iva-K
         Office 82
         Nevsky St. 15/1
         Cherkassy
         Ukraine


LUG MK: Creditors Must File Claims by April 6
---------------------------------------------
Creditors of LLC Lug MK (EDRPOU 34508829) have until April 6,
2009, to submit proofs of claim to:

         LLC Legal Firm Lex Pro Consulting
         Insolvency Manager
         Verkhny Val St. 2
         01001 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B11/012-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern street 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Lug MK
         Office 60
         Sholudenko St. 8
         Vyshgorod
         07300 Kiev
         Ukraine


META IMPEKS-CK: Creditors Must File Claims by April 5
-----------------------------------------------------
Creditors of LLC Meta Impeks-Ukraine Subsidiary Company Meta
Mpeks-CK (EDRPOU 32414907) have until April 5, 2009, to submit
proofs of claim to:

         State tax inspection in Cherkassy
         Insolvency Manager
         Khreschatik  St. 235
         18000 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Meta Impeks-Ukraine Subsidiary
         Company Meta Mpeks-CK
         Pasterovskaya St. 110
         Cherkassy
         Ukraine


OBIKHOD PHARMACEUTICALS: Creditors Must File Claims by April 6
--------------------------------------------------------------
Creditors of LLC Obikhod Pharmaceuticals (EDRPOU 25395123) have
until April 6, 2009, to submit proofs of claim to:

         CJSC Joint Stock Commercial Industrial and
         Investment Bank
         Insolvency Manager
         Vozdukhoflotsky avenue 19a/1
         03049 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 50/304.

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 Obikhod Pharmaceuticals
         Office 20
         Ushynsky St. 21
         Kiev
         Ukraine


REAL CJSC: Creditors Must File Claims by April 6
------------------------------------------------
Creditors of CJSC Real (EDRPOU 24729303) have until April 6, 2009,
to submit proofs of claim to:

         CJSC Joint Stock Commercial Industrial and
         Investment Bank
         Insolvency Manager
         Vozdukhoflotsky avenue 19a/1
         03049 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 50/174.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Real
         Ushynsky St. 28
         03151 Kiev
         Ukraine


TECHNO-SPACE LLC: Creditors Must File Claims by April 5
-------------------------------------------------------
Creditors of LLC Techno-Space (EDRPOU 34257980) have until
April 5, 2009, to submit proofs of claim to:

         State tax inspection in Cherkassy
         Insolvency Manager
         Khreschatik St. 235
         18000 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Techno-Space
         Office 309
         Odesskaya St. 8
         Cherkassy
         Ukraine


VIKBAR LLC: Creditors Must File Claims by April 6
-------------------------------------------------
Creditors of LLC Vikbar (EDRPOU 35144944) have until April 6,
2009, to submit proofs of claim to:

         LLC Novaphor
         Insolvency Manager
         Artem St. 25
         04053 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B11/013-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern street 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Vikbar
         Kiev square 3
         Borodianka
         07300 Kiev
         Ukraine


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


APOLLO 2000: Warranty Cover Remains Valid, Administrator Says
-------------------------------------------------------------
Following KPMG's appointment as administrator to Apollo 2000
Limited on March 18, 2009, Will Wright, director within KPMG
Restructuring who is leading the team, has issued the following
statement in relation to extended warranties purchased by
customers.  He said:

"We understand that the extended warranties were provided by two
separate third party providers.  We have now spoken with both
providers who have confirmed that the warranty cover remains
valid.  I would urge affected customers to refer to the Apollo
2000 website where further details will be posted shortly."


ARCHERS: Pub Trade Downturn Spurs Administration
------------------------------------------------
BBC News reports Swindon-based brewery Archers has gone into
administration after being hit by a downturn in pub trade.

The report relates the company called in administrator Paul
McConnell of insolvency practitioners Monahans.  The
administrator, the report notes, is currently seeking a buyer for
the business, which employs seven people.

"The company has been in decline for a while because of a drop in
sales," the report quoted Mr. McConnell as saying.  "It is a
victim of a decline in pub trade, the price of specialty beers and
the smoking ban.

The report recalls Archers previously went into administration in
May 2007, but was sold as a going concern.

Archers Brewery -- http://www.archersbrewery.co.uk/-- have been
hand crafting and brewing traditional, award winning ales for over
a quarter of a century.  Set in the Great Western Railway
locomotive works former weighhouse at Swindon, the brewery
underwent a massive two million pounds modernisation programme in
2001.


ARGENTVIVE PLC: Enters Administration; 30 Jobs at Risk
------------------------------------------------------
ArgentVive plc, formerly Samedaybooks.co.uk, has entered into
administration, putting approximately 30 jobs at risk,
booktrade.info relates.

The report relates the company, which has retail stores in
Chertsey and Worthing an online portfolio including an e-tailer
www.samedaybooks.com and hybrid social networking site
www.bookrabbit.com, appointed Paul Appleton and Henry Lan of
chartered accountants and insolvency specialists David Rubin &
Partners as Administrators on Monday, March 23, 2009.  The
administrators, the report notes, are seeking a sale of the stores
and Web sites as a whole entity, or individually.

According to the report, the company failed to secure sufficient
funding to invest in its various acquisitions and has been selling
off these businesses since autumn 2008.  The company, the report
says, acquired three Internet businesses under new ownership.

Headquartered in Surrey, Argentvive Plc, formerly
samedaybooks.co.uk plc. -- http://www.argentvive.com/-- trades as
a bookseller.  The Company operates a chain of bookshops and
dispatches Internet orders from its stores with same day dispatch
on over 400,000 titles.  It also provides a branch collection
service from each of its shops.  The Company has interest in
Waterside Book Services Limited, which is engaged in bookselling
and Methven's Booksellers Limited, which is dormant.  In October
2007, it completed the acquisition of AuctionAssist Limited, a
provider of asset value recovery solutions for businesses.  In
July 2008, the Company announced the sale of its wholly owned
subsidiary, Revauc Limited, to Solobee Limited.  In November 2008,
Access Intelligence plc acquired Solcara Limited from the Company.
In February 2009, the Company completed the sale of certain
business assets of its wholly owned subsidiary, Waterside Book
Services Limited to A-Plus Technology Limited.


B A CORRY: Appoints Joint Administrators from Tenon Recovery
------------------------------------------------------------
Alexander Kinninmonth and Carl Stuart Jackson of Tenon Recovery
were appointed joint administrators of B A Corry Ltd. on March 11,
2009.

The company can be reached at:

         B A Corry Ltd.
         Stag Gates House
         63-64 The Avenue
         Southampton
         SO17 1XS
         England


BACCHUS 2006-2: S&P Puts BB-Rated Class E Notes on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the class B, C, D, and E notes issued by
BACCHUS 2006-2 PLC.  All other ratings in this transaction remain
unaffected.

The actions follow a preliminary review of the effect of the
deterioration in the transaction's portfolio credit quality.
Based on S&P's analysis, just under 18.0% of the portfolio
comprises assets rated 'CCC+' and below, of which 5.5% are rated
'D'.

Portfolio credit deterioration and par losses increase the risk
that cash flows may not be sufficient, in S&P's opinion, to fully
repay all the rated classes, putting downward pressure on the
ratings.

In determining whether to place a collateralized debt obligation
tranche rating on CreditWatch, S&P takes into consideration a
number of factors, including, but not limited to:

  -- S&P's rated overcollateralization metric, which provides an
     estimate of rating stability for cash flow CDO tranches based
     on output from Standard & Poor's CDO Evaluator model and a
     simplified cash flow analysis; and

  -- The percentage of assets (including the change in the
     percentage of assets) rated below 'B-' in CDO portfolios, and
     the percentage of defaults already experienced in the
     portfolios.

BACCHUS 2006-2 closed on Aug. 17, 2006 and is a managed cash flow
transaction collateralized by a pool of corporate loans.

                           Ratings List

                        BACCHUS 2006-2 PLC
EUR410 Million Senior Secured and Deferrable Floating-Rate Notes

               Ratings Placed on CreditWatch Negative

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


BAGEUETTE DU: Administrator Puts Business for Sale
--------------------------------------------------
Baguette Du Monde Corporation Limited and Baguette Du Monde Xpress
Limited's
administrator offers for sale the companies' sandwich bar business
and assets in Birmingham.

All offers are due 12:00 p.m. on April 3, 2009.

For more information, contact the companies' administrator:

        Sharma & Co.
        257 Hagley Road
        Birmingham B16 9NA
        Tel: 0121 454 2700
        Fax: 0121 455 8254


BARNES AND TIPPING: Joint Administrators Put Business for Sale
--------------------------------------------------------------
Barnes and Tipping Ltd's joint administrators, Simon Franklin
Plant and Daniel Plant at SFP, offer for sale the company's
haulage business as a going concern.

For further details, contact:

          Julie Lawrenson
          Winterhill Asset Limited
          Tel: 01254 763183
          Fax: 01254 073857


BELL CHOICE: Appoints Joint Liquidators from KPMG LLP
-----------------------------------------------------
Kevin Roy Mawer and Mark Granville Firmin and David John Standish
of KPMG LLP were appointed joint liquidators of Bell Choice
Limited on Feb. 27, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through KPMG LLP at:

         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


BLUESTONE SECURITIES: S&P Junks Rating on Class D Notes
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class B, C, D, and E notes series 2006-01 issued by Bluestone
Securities PLC due to losses, high arrears, and the continued
decline in U.K. house prices.  S&P also removed the class B notes
from CreditWatch negative and affirmed the class A1 and A2 notes.

The transaction drew all of its GBP1,291,942 reserve fund balance
on the March 2009 interest payment date (IPD).  The class E
principal deficiency ledger is now GBP14,961.  If the class E
principal deficiency ledger is greater than 50% of the initial
principal amount of the class E notes (GBP780,000), the liquidity
facility cannot be used to meet the interest payments on the class
E notes.

The reserve fund draws were primarily driven by the continued
payments of deferred senior consideration and by the large losses
in this quarter.  The deferred senior consideration payments will
continue for the next two IPDs.  Losses were GBP1,692,614 this
quarter, representing 0.9% of the initial mortgage balance.
Cumulative losses are notably above S&P's nonconforming index and
other Bluestone deals.  Total arrears are 44.43% and 8.00% of the
pool is in repossession.

With high arrears and the continued decline in U.K. house prices,
S&P is concerned that these losses will continue.  Given the
likelihood that the liquidity facility will no longer be available
for the class E notes, S&P's rating action on this class reflects
S&P's opinion that in the very near term scheduled interest
payable on the class E notes would start to be deferred.

In the last quarter, credit enhancement decreased for all but the
class A notes.  S&P's credit analysis showed that expected
foreclosure frequencies and loss severities, calculated with the
latest loan-level information, have increased since closing due to
delinquencies and an increase in the weighted-average loan-to-
value ratio.  A full cash flow analysis showed that with existing
credit enhancement levels and no reserve fund balance, the junior
classes did not pass S&P's stresses at the existing rating levels.

S&P will continue to monitor the transaction's performance using
the most recent loan-level data for full credit and cash flow
analyses.  S&P will pay particular attention to future
repossessions, losses, and changes in collection rates and
prepayment rates.

                           Ratings List

                    Bluestone Securities PLC
      GBP109.98 Million and EUR164.6 Million Mortgage-Backed
                 Floating-Rate Notes Series 2006-01

      Rating Lowered and Removed from CreditWatch Negative

                                   Rating
                                   ------
               Class      To                   From
               -----      --                   ----
               B          BBB                  A/Watch Neg

                         Ratings Lowered

                                   Rating
                                   ------
               Class      To                   From
               -----      --                   ----
               C          B                    B+
               D          CCC                  B-
               E          CCC-                 CCC

                        Ratings Affirmed

                         Class      Rating
                         -----      ------
                         A1         AAA
                         A2         AAA


CONSUMER UNSECURED: S&P Lowers Rating on Class D Notes to 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class D and E notes
issued by Consumer Unsecured Reperforming Loans PLC.  At the same
time, S&P affirmed and removed from CreditWatch negative the
rating on the class C notes, and withdrew the rating on the class
B notes.

Classes B, D, and E were placed on CreditWatch negative on
Sept. 17, 2008, following the lowering to 'D' of the rating on
Lehman Brothers Holdings Inc.

Lehman Brothers Special Financing Inc., guaranteed by Lehman
Brothers Holdings Inc., previously provided interest rate swaps,
caps, and floors to the transaction.  S&P is taking the rating
actions because the absence of these instruments means that
classes D and E can no longer withstand S&P's respective rating
stresses at the current rating levels.  S&P has affirmed the class
C notes (now the most senior notes in the transaction) because
that class can withstand rating stresses commensurate with the
current rating.

S&P understands that the class B notes were fully repaid on the
March interest payment date; consequently, S&P has withdrawn the
ratings on this class.

                           Ratings List

         Consumer Unsecured Reperforming Loans (CURL) PLC
        GBP147.36 Million, Asset-Backed Floating-Rate Notes

       Ratings Lowered and Removed from CreditWatch Negative

                                 Rating
                                 ------
               Class      To                  From
               -----      --                  ----
               D        B+                    BBB/Watch Neg
               E        B-                    BB/Watch Neg

       Rating Affirmed and Removed from CreditWatch Negative

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

                         Rating Withdrawn

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

                          NR — Not rated.


DECO SERIES: Fitch Junks Rating on GBP10.5 Mln Class D Notes
------------------------------------------------------------
Fitch Ratings has affirmed the class A and B notes, and downgraded
the class C, D and E notes of DECO Series 2005 - UK Conduit 1 plc.
The Outlooks on the class A and B notes remain Stable, while the
Outlook on the class C note remains Negative.  The agency has also
assigned a Recovery Rating of 'RR3' to the class D notes and
revised the Recovery Rating on the class E notes to 'RR6' from
'RR2'.  The rating actions are:

  -- GBP35.0 million class A due July 2017 XS0222802364 affirmed
     at 'AAA'; Outlook Stable

  -- GBP14.5 million class B due July 2017 XS0222803099 affirmed
     at 'AA'; Outlook Stable

  -- GBP12.2 million class C due July 2017 XS0222803842 downgraded
     to 'BBB' from 'A'; Outlook Negative

  -- GBP10.5 million class D due July 2017 XS0222806514 downgraded
     to 'CCC' from 'BBB'; assigned Recovery Rating 'RR3'

  -- GBP2.8 million class E due July 2017 XS0222830811 downgraded
     to 'C' from 'CCC'; Recovery Rating revised to 'RR6' from
     'RR2'

The downgrades are driven by deteriorating commercial property
market conditions, which Fitch believes have weakened the
creditworthiness of the loans securitized in this transaction.
The loan portfolio had a reported weighted-average loan-to-value
ratio of 69%, as of the January 2009 IPD.  This compares to an
estimated WA Fitch LTV of 104%, reflecting an overall WA market
value decline of 34%.  The magnitude of the MVD is caused by the
secondary nature of the assets as well as the presence of
specialized use properties, the values of which have been
particularly adversely affected by outward yield movements in the
current downturn.  Following origination of these loans, property
values generally increased significantly to their peak in 2007,
but have subsequently fallen back well below the level prevailing
at origination, particularly for lower quality assets.

The current loan pool is dominated by the CPI Retail Active
Management loan (43.4% of the pool).  It is secured by three small
town shopping centre assets.  Despite some fluctuation in net
operating income and occupancy rates since closing, the A-note and
whole loan interest coverage ratios remain reasonable at 1.48x and
1.34x, respectively, compared to a whole loan covenant of 1.20x.
Due to the secondary nature of the assets, Fitch estimates a MVD
of 36%, resulting in a Fitch LTV of 115%.

Of the five loans originally affected by the voluntary
administration of the Swallow Group in September 2006, three are
still present in the pool: the Metropolitan Property & Finance
loan (1.5% of the pool), the Kashani Investments loan (1.5% of the
pool) and the Mondeal loan (0.8% of the pool).  The loans are all
secured by public houses. Following property sales and some re-
lettings, the Metropolitan Property & Finance loan has been in
compliance of its whole loan ICR since the October 2008 IPD and
has been removed from the servicer's watchlist.  The Kashani
Investments loan, despite the sales and re-lettings that were
achieved, reports an ICR of 0.47x due to a tenant dispute and is
currently under enforcement.  The Mondeal loan is also unable to
meet its debt service payments as no rent has been received from
the new tenant on the remaining property since the October 2008
IPD.  Consequently, the Mondeal loan has been transferred to
special servicing.  Given the secondary and specialised operating
nature of the assets, the Fitch LTVs for the three loans range
between 108% and 177%.

Liquidity drawings have been made since the October 2006 IPD due
to interest shortfalls on the loans affected by the Swallow Group
insolvency.  At present, GBP30,274 is outstanding, relating to
shortfalls on the Kashani Investments and Mondeal loans.  In
addition, the appraisal reduction mechanism was triggered by the
revaluation of the Kashani Investments collateral.  Consequently,
interest shortfalls have only been partially covered by the
liquidity facility, resulting in interest shortfalls on the class
E notes for the last seven IPDs (with the exception of the October
2007 IPD).  Fitch expects these shortfalls -- both at loan and
bond level -- to continue until the resolution of the loans.
Given the low recovery prospects of the loans in question, it is
uncertain whether the interest shortfalls will be recovered by
legal final maturity.


DEUTSCHE RUECK: Meeting With Scheme Creditors Set for May 18
------------------------------------------------------------
The High Court of Justice of England and Wales scheduled a meeting
to consider a scheme of arrangement between Deutsche Rueck UK
Reinsurance Company Limited and its  scheme creditors.

The meeting will commence 11:00 a.m. (London time) on May 18,
2009, at the offices of:

          KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB

For more information, contact:

          Chiltington International Limited
          Attn: David Bums
                Alec MacMillan
          Holland House
          1-4 Bury Street
          London, EC3A 5AW
          Tel: +(44) (0)20 7621 6354
          Fax: +(44) (0)20 7621 6344


DUNFERMLINE BUILDING: In Talks Over GBP60 Mln Gov't Rescue Package
------------------------------------------------------------------
Peter Jones at Times Online reports that talks were held on Monday
between the Dunfermline Building Society's executives and the
Financial Services Authority regarding a government rescue package
estimated at GBP60 million.

According to Times Online, the society, which is facing an
estimated loss of GBP26 million in 2008 after being hit by falling
commercial property values, needs the money to shore up its
capital stock and continue mortgage lending.

Times Online relates the Scottish government has looked at
measures, including taking over part of Dunfermline's loans to
housing associations, which in 2007 totaled GBP650 million.
However, Times Online notes that while that move would ease the
society's position by reducing its liabilities, it is not as
effective as increasing its capital.

The society has about 380 full-time employees and a further 120
part-time workers, Times Online discloses.

                     Recapitalization Plan

Philip Aldrick at Telegraph.co.uk reports the government will come
to the society's rescue if a bail-out that will see rivals buy
GBP40 million to GBP60 million of "PIBS", permanent interest
bearing shares, to recapitalize it fails.  However,
Telegraph.co.uk says rival societies are thought to have declined
to take on the business on fears Dunfermline's losses could infect
their own books.

According to Telegraph.co.uk, if the taxpayer is called on, the
government may sell off the deposits, branches and core operations
as it did with Bradford & Bingley and place the "toxic" loans in
the "bad bank" being spun out of Northern Rock.  Citing the
Building Societies Association, Telegraph.co.uk states should the
taxpayer come to Dunfermline's aid it would be the first state
rescue of a building society since the sector was formed in 1845.

                           Levy

Times Online meanwhile adds Willie Rennie, the Dunfermline and
West Fife MP, has called on the FSA to repay the GBP7.2 million
levy it has imposed on Dunfermline as part of a savers'
compensation scheme, claiming it had unfairly penalized the
society.  Mr. Rennie, as cited by Times Online, said: "It is a
huge sum for a society like the Dunfermline and should be paid
back immediately".

Times Online recounts the society is also struggling to meet FSA
requirements that have lifted the amount of capital it needs to
have from about 4 percent to 8 percent of total liabilities.

Dunfermline Building Society –- http://www.dunfermline-bs.co.uk--
offers a range of financial products and services including
mortgages, savings accounts, business and personal loans, credit
cards, personal insurance, financial planning, investment
products, and share brokering.  Founded in 1869, the mutually-
owned Dunfermline is one of the oldest and largest building
societies in Scotland.  It operates through more than 30 branches
and 40 agencies.  The building society has engineered two social
housing deals with the Royal Bank of Scotland and Lloyds TSB worth
a combined 40 million.


EDWARDS GROUP: Moody's May Cut 'B1' Corporate Rating on Downturn
----------------------------------------------------------------
Moody's Investors Service placed the B1 Corporate Family Rating
for Edwards Group Limited, the Ba1 rating for Edwards Limited's
US$100 million Superpriority Revolver, the B1 rating for the
company's US$370 million 1st Lien Term Loan and the B3 rating for
the US$245 million 2nd Lien PIK Toggle Loan under review for
possible downgrade.

Oliver Giani, Senior Analyst at Moody's said: "In the fourth
quarter of 2008 Edwards was impacted by the cyclical downturn of
the semiconductor industry.  Total net sales fell behind
projections provided at the beginning of the year 2008.  Increased
sales of vacuum pumps to solar, flat panel and general industrial
customers in Europe and the Americas were not sufficient to
balance the shortfall in semi equipment and Service and Spares.
However, the decision to put the ratings under review for possible
downgrade was triggered by indications that the global recession
impacts all of Edwards end markets and that it will - together
with the continuing cyclical downturn of the semiconductor
industry - increasingly affect Edwards.  As a result, sales and
profitability will materially decline during 2009 and - together
with cash required for restructuring -- will negatively impact the
company's ability to generate cash flow.  Key credit metrics are
expected to fall materially behind Moody's expectations for the
current rating category."

The review process will focus on (i) the industry outlook for the
company's key end markets for 2009 and beyond, (ii) restructuring
actions taken by the management to counter the adverse market
conditions, (iii) possible mitigating effects from the offering of
Service and spares, (iv) evolution of foreign currency risk
exposure (v) possible impairment risks, (vi) ability of the
company to preserve its cash liquidity and (vii) plans to address
highly leveraged capital structure.

On Review for Possible Downgrade:

Issuer: Edwards (Cayman Island II) Limited

  -- Senior Secured Revolving Credit Facility, Placed on Review
     for Possible Downgrade, currently Ba1

  -- Senior Secured First Lien Credit Facility, Placed on Review
     for Possible Downgrade, currently B1

  -- Senior Secured Second Lien Credit Facility, Placed on Review
     for Possible Downgrade, currently B3

Issuer: Edwards Group Limited

  -- Probability of Default Rating, Placed on Review for Possible
     Downgrade, currently B1

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B1

Outlook Actions:

Issuer: Edwards (Cayman Island II) Limited

  -- Outlook, Changed To Rating Under Review From Stable

Issuer: Edwards Group Limited

  -- Outlook, Changed To Rating Under Review From Stable

The last rating action for Edwards has been on May 4, 2007, when
Moody's assigned a B1 Corporate Family Rating to Edwards Group
Limited, a Ba1 rating to Edwards Limited's US$100 million
Superpriority Revolver, a B1 rating to the company's US$370
million 1st Lien Term Loan and a B3 rating to the US$245 million
2nd Lien PIK Toggle Loan.

Edwards Group Limited, headquartered in Crawley / United Kingdom,
has a leading position in the manufacturing of highly engineered
vacuum products and is world market leader in the supply of vacuum
products and services.  The company offers vacuum products and
related services to several markets including the semiconductor
industry, the steel industry, the pharma industry and other
research bodies that are dealing with drug development,
nanotechnology and genome research.  Furthermore, Edwards' vacuum
products are also a key input into the production of flat panel
TVs and solar panels, which currently experience a significantly
increasing demand.


ELITE TILES: Joint Administrators Put Business for Sale
-------------------------------------------------------
Elite Tiles UK Limited's joint administrators, Stephen Cork,
Anthony Spicer and Joanne Milner, offer for sale the company's
business and assets as a going concern.

Elite Tiles is in the interior product business.  The company
provides outlet for bathroom and kitchen planning and supplies a
wide range of products ranging from floor tiles and wood flooring
to granite and marble surfaces.

For more information, contact:

        Allister Manson
        Smith & Williamson
        25 Moorgate
        London EC2R 6AY
        Tel: 020 8492 8663
        Fax: 020 8492 8601


GEORGE CARTER: Administrators to Gradually Wind Down Business
-------------------------------------------------------------
The joint administrators from KPMG Restructuring in Birmingham
yesterday said they will be implementing a strategy to wind down
George Carter (Pressings) Limited, despite an initial hope that a
going concern sale could be achieved.

The team from KPMG have spent two months trying to negotiate a
possible sale of the business but with no viable offer received
they plan to gradually wind the business down over the next few
weeks with the support of the employees, key customers and
suppliers.  The business will cease trading at the end of April.

Andy McGill, joint administrator from KPMG Restructuring in
Birmingham, commented: "It is regrettable that we have been left
with no alternative other than to wind down this business but
despite the interest shown by a number of parties in the business
no potential going concern sale has been possible.

"Over the next few weeks we will work with the remaining employees
of the business to affect an orderly wind down to maximize the
return to creditors."

The Willenhall business employed 110 people.  Thirty one
redundancies were made upon appointment of administrators.  At
this stage no further redundancies have been made but it is
envisaged that as the wind down progresses, more redundancies will
be made.

As reported in the Troubled Company Reporter-Europe on Jan. 23,
2009, administrators from KPMG were appointed to West Midlands-
based George Carter (Pressings) on January 19, 2009.

Mr. McGill said: "The trading position of George Carter
(Pressings) came under pressure following a reduction in demand
from the commercial vehicle sector -- the business' primary
customer.

George Carter (Pressings) Limited manufactures pressings and
carries out powder coating, primarily for the commercial vehicle
market.


HIGH TIDE: Fitch Junks Rating on Class C Notes
----------------------------------------------
Fitch Ratings has downgraded High Tide CDO 1 S.A.'s notes due to
deterioration of the underlying asset quality and assigned a
Recovery Rating to the class C notes.

Rating actions:

  -- Class A (ISIN XS0169669081) downgraded to 'BB' from 'BBB';
     Outlook Negative

  -- Class B (ISIN XS0169669164) downgraded to 'B' from 'BB';
     Outlook Negative

  -- Class C (ISIN XS0169669248) downgraded to 'CCC' from 'B';
     assigned a Recovery Rating of 'RR5'

The rating downgrades reflect further negative portfolio credit
migration since the review in October 2008.  While Fitch notes
that the investment advisor, ZAIS Group Investment Advisors
Limited, successfully removed three assets rated 'CC' from the
portfolio in February 2009 with no impact to the subordination of
the notes, the current portfolio as of March 15, 2009 contained
3.3% of assets rated 'CCC' on an adjusted basis.  Additionally,
the portfolio contains a further 6.8% of assets regarded as being
rated non-investment grade on an adjusted basis.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any structured finance names on Rating Watch
Negative for default analysis under its Portfolio Credit Model.
Currently 17% of the portfolio is on RWN by rating driver.  While
no credit events have been called on the portfolio to date, the
available credit enhancement of 7.4% for class A, 5.68% for class
B and 2.74% for class C was not sufficient to justify the previous
ratings of the notes.  The 'RR5' Recovery Rating assigned to the
class C notes reflects Fitch's expectation of how long the notes
may receive interest payments before credit events are called and
settled, and how much of the tranche would be written down by the
potential losses.

High Tide is a synthetic arbitrage CDO of mainly investment-grade
European and North American structured finance securities.  The
ratings address the likelihood of full and timely payment of
interest and ultimate payment of principal of all classes of notes
by the scheduled maturity on February 15, 2040.  This likelihood
is largely dependent on the aggregate losses on High Tide's
structured finance portfolio, as defined and determined in
accordance with a portfolio credit default swap between High Tide
and Citibank, N.A., London branch during the life of the
transaction.


LLOYDS BANKING: S&P Cutss Ratings on Hyrbid Instruments to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on certain perpetual subordinated hybrid capital
instruments (Instruments) issued by core banks and insurers within
the Lloyds Banking Group (LBG; A/Stable/A-1) to 'BB' from 'BB+',
and certain other Instruments issued by nonoperating holding
companies to 'BB-' from 'BB'.  At the same time, S&P downgraded
preference shares with voting rights (Preference Shares) issued by
LBG and Saphir Finance PLC to 'B+' from 'BB'.  Furthermore, the
ratings on the Instruments and Preference Shares were removed from
CreditWatch with negative implications, where they were placed on
March 6, 2009.  S&P's counterparty credit ratings on Lloyds TSB
Bank PLC (A+/Stable/A-1) and Bank of Scotland PLC (A+/Stable/A-1)
are unchanged.

The downgrade reflects S&P's view that the Instruments and
Preference Shares face a heightened risk of nonpayment, given the
combination of economic recession and consequently very weak
operating conditions, which have necessitated substantial
government support, including capital injections and an asset
protection scheme.  In S&P's view, the potential for further
losses, notwithstanding the asset protection scheme, as well as
potential state aid approval conditions, contributes to increased
potential for coupon deferral to preserve capital and cash.  With
respect to S&P's rating action on the Preference Shares, while S&P
considers that the potential for full nationalization (including
the Preference Shares) is probably low, S&P is of the view that
the potential for payment interruption should be reflected by an
additional downward notch relative to other perpetual deferrable
instruments.  However, S&P continues to believe that deferral
remains unlikely for the Instruments and Preference Shares
generally, due in part to substantial capital injections from the
government.  This will likely lead to relatively high regulatory
capital ratios.

                          Ratings List

                   Lloyds Banking Group PLC
          EUR500 mil 7.875% callable perp Tier 1 hybrid

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

         US$1.25 bil 7.875% callable perp Tier 1 hybrid

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

          US$1 bil fxd/fltg rate non-cum perp callable
                    non step-up pref shares

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

           US$1 bil fxd/fltg rate non-cum perp callable
                     non step-up pref shares

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

            US$750 mil 6.413% callable non-cumulative
          fixed-to-floating rate pref shares prep ser A

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

            US$750 mil 5.92% callable non-cumulative
          fixed-to-floating rate pref shares prep ser B

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

           US$750 mil 6.657% callable non-cumulative
            fixed-to-floating rate pref shares prep

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

        GBP600 mil fxd/fltg rate non-cum perp callable
                    non step-up pref shares

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

          GBP750 mil 6.0884% callable non-cumulative
            fixed-to-floating rate pref shares prep

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

         GBP100 mil 9.75% non-cumulative irredeemable
                         pref shares prep

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

         GBP350 mil 6.3673% callable non-cumulative
           fixed-to-floating rate pref shares prep

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

          GBP198.07 mil 6.475% callable non-cumulative
                        pref shares prep

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

         GBP300 mil 9.25% non-cumulative irredeemable
                        pref shares prep

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

      GBP500 mil var rate reset perp callable jr sub bnds(1)

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

                             HBOS PLC
                       Junior Subordinated

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

        EUR97.20 mil fltg rate jr sub step-up perp nts nts

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

               JPY42.5 bil jr sub step-up perp nts

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

         EUR111.55 mil 6.05% fxd/fltg rt callable perp nts

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

          EUR750 mil fxd/fltg rate perp nts ser HBOS 0016

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

         US$1 bil var rate fxd/fltg rate perp jr sub nts

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

           EUR750 mil var rate callable perp callable
                   jnr sub bnds ser HBOS 0018

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

    EUR500 mil var rate callable perp jnr sub bnds ser HBOS 0019

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

         US$750 mil var rate jr sub non-cum fxd/fltg rate
                         callable perp nts

             To                           From
             --                           ----
             NR                           BB/Watch Neg

               GBP6.98 mil jr sub step-up perp nts

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

    GBP30.06 mil 5.75% undated jr sub step-up perp callable nts

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

                 GBP8.5 mil step up sub perp nts

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

        GBP14.05 mil step up perp jnr sub fxd to fltg rate
                 callable ser HBOS 0023/04 bnds

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

                      Bank of Scotland PLC
                       Junior Subordinated

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

                JPY17 bil var rate sub perp nts

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

               US$300 mil var rate 7% reset jr sub

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

                   GBP100 mil 12% perp sub bnds

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

                 GBP100 mil 8.75% perp sub bnds

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

             GBP150 mil 8.375% undated instruments

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

                 GBP75 mil 13.625% perp sub bnds

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

                 GBP50 mil 9.375% perp sub bnds

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

           GBP250 mil cum perp jr sub bnds ser BOS0009

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

           GBP150 mil cum perp jr sub bnds ser BOS0010

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

  GBP150 mil step up callable perp regulatory Tier One Secs ser A

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

  GBP150 mil step up callable perp regulatory Tier One Secs ser B

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

GBP150 mil 7.375% jr sub callable perp med-term nts ser BOS 0006

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

            GBP100 mil var rate callable perp hybrid(2)

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

          GBP64.37 mil var rate callable perp hybrid(2)

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

                Bank of Scotland Capital Funding L.P.
        GBP250 mil class A non-cum perp callable pfd secs (3)

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

            GBP150 mil class B non-cum perp pfd secs(3)

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

                    HBOS Capital Funding L.P.
           US$750 mil 6.071% FX/FRN callable perp jr sub
                     hybrid ser HBOS 0021(2)

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

             GBP600 mil 6.461% non-voting non-cum perp
                     callable pfd secs ser A(2)

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

                    HBOS Capital Funding No 1 LP
     US$1 bil 6.85% non-voting non-cum perp callable pfd secs(2)

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

                   HBOS Capital Funding No 2 LP
   US$750 mil 6.071% non-voting non-cum perp callable pfd secs(2)

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

                  HBOS Capital Funding No 3 LP
          EUR750 mil var rate non-cum fxd/fltg rate perp
                       callable pfd secs(2)

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

                   HBOS Capital Funding No 4 LP
        GBP750 mil var rate callable fxd/fltg perp hybrid(2)

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

             Halifax Group Euro Finance (Jersey) L.P.
EUR415 mil fxd/fltg rate gtd non-voting non-cum perp pfd secs(4)

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

           Halifax Group Sterling Finance (Jersey) L.P.
     GBP245 mil 7.881% gtd non-voting non-cum perp pfd secs(4)

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

                        Lloyds TSB Bank PLC
                        Junior Subordinated

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

      EUR1.25 bil 5.625% sub callable step-up perp nts ser 69

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

     EUR150 mil fltg rate sub callable step-up perp nts ser 70

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

     US$750 mil fltg rate prim cap perp nts ser 1 due 06/29/2049

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

       US$600 mil fltg rate prim cap nts ser 3 due 08/29/2049

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

       US$500 mil fltg rate prim cap nts ser 2 due 11/29/2049

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

                  EUR750 mil 6.625% perp cap secs

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

            EUR500 mil step up callable perp cap secs

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

            US$1 bil 6.9% callable perp cap secs bnds

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

         EUR750 mil var rate jr sub callable perp cap secs

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

        EUR532.11 mil step up callable perp cap secs hybrid

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

       GBP270 mil 6.5% sub callable step-up perp nts ser 72

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

             GBP200 mil 8% step-up perp sub nts ser 35

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

            GBP500 mil var rate callable perp jr sub
                    upper tier 2 nts ser 1024

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

      GBP784.61 mil step up callable perp cap secs hybrid ser A

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

     GBP700.02 mil step up callable perp cap secs hybrid ser B

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

      GBP410 mil 6.6625% sub callable step-up perp nts ser 71

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

       GBP450 mil 6.5% sub callable step-up perp nts ser 73

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

                    Lloyds TSB Capital 1 L.P.
  EUR430 mil var rate step-up non-voting non-cum perp pfd secs(5)

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

                    Lloyds TSB Capital 2 L.P.
  GBP250 mil var rate step-up non-voting non-cum perp pfd secs(5)

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

                      Scottish Widows PLC
          GBP560 mil var rate fxd- to step-up fltg-rate
                    callable perp jr sub nts

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


                  Clerical Medical Finance PLC
          EUR750 mil var rate callable perp jr sub nts(6)

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

                       Saphir Finance PLC
         Preference stock GBP600 mil. fixed/floating rate
       non-cumulative perpetual callable non step-up debt(7)

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

      (1)Guaranteed by Lloyds TSB Bank PLC.
      (2)Guaranteed by HBOS PLC.
      (3)Subordinated guarantee from Bank of Scotland PLC.
      (4)Subordinated guarantee from HBOS PLC.
      (5)Support from Lloyds TSB Bank PLC.
      (6)Guaranteed by Clerical Medical Investment Group Ltd.
      (7)Guaranteed by Lloyds Banking Group PLC.
      NR - Not rated.
      NB: This list does not include all ratings affected.


MEADOWS INDEMNITY: Meetings With Scheme Creditors Set for May 27
----------------------------------------------------------------
The High Court of Justice of England and Wales scheduled meetings
for the purpose of considering a scheme of arrangement between The
Meadows Indemnity Company Limited and its scheme creditors.

Separate meetings will be held for the company's scheme creditors
with notified outstanding claims and scheme creditors with IBNR
claims.

The meetings will be held at 11:00 a.m. (London time) on May 27,
2009, at the offices of:

            Clyde & Co. LLP
            51 Eastcheap
            London EC3M 1JP

For further information, contact:

            Philip Grant
            Ambant Limited
            Lloyd's Avenue House
            6 Lloyd's Avenue
            London EC3N 3ES


MOUNTGRANGE CAPITAL: Goes Into Administration; Deloitte Appointed
-----------------------------------------------------------------
Mountgrange Capital, the property company behind the GBP300
million Caltongate scheme, has gone into administration blaming a
withdrawal of support from the Bank of Scotland and the slump in
the property market, Bill Jamieson and Brian Ferguson at the
Scotsman report.

Mountgrange Capital, the Scotsman relates, was forced to call in
an administrator, Deloitte, just weeks after it emerged the
company owed GBP51 million to creditors.

"The company is a victim of the current turbulent property market.
However, Mountgrange Capital's assets still represent major
development opportunities and we will be working with our advisors
to maximize the return for creditors," the Financial Times quoted
John Reid, joint administrator at Deloitte, as saying.

The company, the Scotsman recalls, made a GBP24 million in 2008
and had put various parts of the Caltongate scheme on hold while
it tried to raise the necessary finance to keep it afloat.
According to Edinburgh Evening News, the company had spent GBP5
million over the past four years trying to get the scheme through
the planning process.

Mountgrange Capital's directors, Martin Myers and Manish Chande,
insist the scheme is not dead and said they would be trying to
pursue Caltongate through their own investment fund, the Scotsman
notes.

Mr. Chanders and Mr. Myers, as cited by the FT said, said: "We
are, therefore, examining other alternatives including making an
offer to buy the assets out of administration and are uniquely
placed to do so."

Mountgrange Capital plc is a privately owned property investment
and development company.  Founded by Martin Myers and Manish
Chande, Mountgrange is involved in a number of property
initiatives; some as principal, others in either advisory,
investment or development capacity.  Mountgrange's property
portfolio includes development sites across the UK, but its
business is particularly focussed on Scotland and the South East
of England, offering a combination of office and residential
space.


REDFERN STEVENS: Administrators Put Assets for Sale
---------------------------------------------------
Redfern Stevens Ltd's joint administrators, Matthew Hardy and
Andrew Turpin of Poppleton and Appleby, offer for sale the
company's business and assets.

Key details of the assets for sale include:

       --- fast response metal engineering – diverse
           range of customers (non automotive);

       --- comprehensive range of plant and equipment
           available; and

       --- 12,000 sq ft purpose built long leasehold
           premises in Birmingham.

For more information, contact Garry Baxendale at 0121 200 2962.


ROYAL BANK: S&P Cuts Ratings on Various Hybrid Securities to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on various hybrid capital securities issued by The Royal
Bank of Scotland Group PLC (RBSG; A/Stable/A-1) by one notch to
'BB-' from 'BB', and Hybrids issued by its main operating entity
The Royal Bank of Scotland PLC (RBS; A+/Stable/A-1) by one notch
to 'BB' from 'BB+'.  At the same time, S&P lowered the ratings on
preference shares with voting rights (Preference Shares) of RBSG
and National Westminster Bank PLC (A+/Stable/A-1) by two notches.
Furthermore, the ratings on RBSG and RBS Hybrids and Preference
Shares were removed from CreditWatch with negative implications,
where they were placed on Jan. 19, 2009.  S&P's counterparty
credit ratings on RBS and RBSG are unchanged.

The downgrades reflect S&P's view that the Hybrids and Preference
Shares face a marginally heightened risk of nonpayment, given the
combination of economic recession and consequently very weak
financial prospects for RBSG, which have necessitated substantial
government support, including capital injections and an asset
protection scheme.  In S&P's view, the potential for further
losses, notwithstanding the asset protection scheme, as well as
potential state aid approval conditions, contributes to increased
potential for coupon deferral to preserve capital and cash.  With
respect to S&P's rating action on the RBSG Preference Shares,
while S&P consider that the potential for full nationalization
(including the RBSG voting Preference Shares) is probably low, S&P
is of the view that the potential for payment interruption should
be reflected by an additional downward notch relative to other
perpetual deferrable instruments.  However, S&P continues to
believe that deferral remains unlikely for the Hybrids and
Preference Shares due in part to substantial capital injections
from the government.  This will likely lead to relatively high
regulatory capital ratios.

                          Ratings List

               Royal Bank of Scotland Group PLC (The)
  US$1.2 bil var rate callable perp regulatory tier I nts ser 1

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

     CAD600 mil var rate callable perp Tier 1 hybrid ser 2851

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

        EUR1.25 bil var rate non-cum trust pfd secs perp

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

      US$750 mil 6.8%  callable non-cum trust pfd secs perp

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

      US$850 mil 4.709%  non-cum trust pfd secs callable perp

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

          EUR1.25 bil 5.5%  non-cum pfd perp secs ser 1

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

       EUR1.25 bil 5.25%  non-cum euro pfd perp secs ser 2

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

  EUR500 mil 4.243%  /fltg perp callable non-cum trust pfd secs

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

                        US$200 mil ser A

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

                        US$400 mil ser C

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

                 US$8 mil non-cum pref shrs ser F

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

                US$200 mil 7.375%  reset cap secs

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

            US$300 mil  perp non-cum pref shares ser H

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

          US$225 mil 8.5%  perp non-cum pref shares ser J

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

          US$300 mil 8%  perp non-cum pref shares ser I

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

                 US$1.5 bil perp pref sh ser 1 + 2

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

                US$1.5 bil  perp pref sh ser 1 + 2

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

               US$50 mil 7.993%  perp cap sec ser B

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

        US$850 mil 5.75%  callable exchgble cap secs ser B

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

      US$925 mil 6.4%  callable non-cum perp pref shares ser M

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

      US$1 bil 6.35%  non cum dollar pref shares callable ser N

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

  US$550 mil 6.25%  non-cum dollar callable perp pref shares ser P

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

     US$675 mil 6.75%  non-cum perp callable pref shares ser Q

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

    US$650 mil 6.125%  callable non-cum perp pref shares ser R

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

          US$950 mil 6.6%  callable perp pref shares ser S

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

      US$1.45 bil 7.25%  non cum perp callable pref stk ser T

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

      EUR1.3 bil var rate callable non-cum perp pref stk ser 3

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

           US$1.6 bil 6.99%  /fltg callable perp pref stk

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

     US$1.5 bil var rate callable non-cum perp pref stk ser U

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

               GBP200 mil  non-cum pref shares ser 1

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

      GBP750 mil 8.162%  callable non-cum perp pref stk ser 1

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

    GBP5 mil var rate fxd/fltg rate non-cum perp pref stk ser 2

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

                 National Westminster Bank PLC

                 US$500 mil var rate nts ser C

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

                  US$500 mil var rate perp nts

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

         US$500 mil perp primary fltg rate cap nts ser A

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

         US$500 mil perp primary fltg rate cap nts ser B

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

                   US$500 mil 7.75%  perp nts

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

          EUR400 mil 6.625%  sub perp nts due 10/29/2049

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

                EUR100 mil fltg rate sub perp nts

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

                   GBP350 mil perp var rate nts

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

                 GBP200 mil perp 11.5% sub nts

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

               GBP200 mil  step-up sub perp nts

                    To           From
                    --           ----
                    BB            BB+/Watch Neg
                 GBP325 mil  step-up sub perp nts

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

               US$300 mil  non-cum pref shares ser C

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

             GBP140 mil 9% non-cum pref shares ser A

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

                      RBS Capital Trust A(1)

         EUR1.25 bil var rate non-cum trust pfd secs perp

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

                      RBS Capital Trust B(1)

       US$750 mil 6.8%  callable non-cum trust pfd secs perp

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

                     RBS Capital Trust C(1)

  EUR500 mil 4.243%  /fltg perp callable non-cum trust pfd secs

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

                     RBS Capital Trust D(1)

  GBP400 mil 5.6457%  /fltg perp callable non-cum trust pfd secs

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

                     RBS Capital Trust I(1)

      US$850 mil 4.709%  non-cum trust pfd secs callable perp

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

                     RBS Capital Trust II(2)

    US$650 mil 6.425%  /FRN callable non-cum trust pfd secs perp

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

                    RBS Capital Trust III(2)

     US$950 mil 5.512%  non-cum trust pfd secs callable perp

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

                     RBS Capital Trust IV(2)

    US$550 mil fltg rate non-cum trust pfd callable secs perp

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

                 Royal Bank of Scotland PLC (The)

                EUR152.45 mil  jr sub step-up nts

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

          EUR500 mil var rate fltg perp callable jr sub
                   (Upper Tier II) nts ser 1587

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

              EUR1 bil var rate callable perp jr sub
                  (Upper Tier II) nts ser 1589

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

         JPY25 bil callable jr sub lower tier 2 fxd/fltg
                      med-term nts ser 1818

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

           CAD700 mil var rate fxd/fltg step-up callable
                perp jr sub med-term nts ser 2595

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

            GBP150 mil fltg rate jr sub perp nts ser 60

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

            GBP175 mil var rate jr sub perp nts ser 144

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

       GBP500 mil var rate callable perp jr sub nts ser 253

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

           GBP350 mil 5.625%  jr sub perp callable nts

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

        GBP500 mil 6.2%  jr sub callable perp nts ser 352

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

       GBP300 mil 5.625%  callable upper tier II perp nts

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

       GBP350 mil 6.25%  perp callable jr sub nts ser 238

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

       GBP500 mil 5.125%  perp callable jr sub nts ser 619

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

      GBP500 mil 6%  callable upper tier II perp nts ser 1522

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

            GBP400 mil var rate/fltg step-up callable
                    perp jr sub nts ser 2538

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

                        Argon Capital PLC
            GBP750mn 8.162% callable non-cum perp pref
                      stk issue series 1(1)

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

    (1) Guaranteed by Royal Bank of Scotland Group PLC (The).
       (2) Guaranteed by Royal Bank of Scotland PLC (The).


SAV PUBS: Brings in Joint Administrators from Grant Thornton
------------------------------------------------------------
David Dunckley and David Thurgood of Grant Thornton UK LLP were
appointed joint administrators of Sav Pubs Ltd. on March 12, 2009.

The company can be reached at:

         Sav Pubs Ltd.
         The Greyhound
         136 Battersea High Street
         London
         SW11 3JR
         England


SBH (SW) LTD: Taps Joint Administrators from Smith & Williamson
---------------------------------------------------------------
Anthony Cliff Spicer and James Douglas Ernle Money of Smith &
Williamson Limited were appointed joint administrators of SBH (SW)
Ltd. on March 10, 2009.

The company can be reached at:

         SBH (SW) Ltd.
         Ivy Court
         61D High Street
         Nailsea
         Bristol
         BS48 1AW
         England


TECMAG LTD: Appoints Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint administrators of Tecmag Ltd. on March 5, 2009.

The company can be reached at:

         Tecmag Ltd.
         Gollinrod
         Manchester Road
         Walmersley
         Bury
         BL9 5ND
         England


* EUROPE: Carriers to Lose US$1 Billion in 2009, IATA Says
----------------------------------------------------------
The International Air Transport Association (IATA) announced a
revised outlook for the global air transport industry with losses
of US$4.7 billion in 2009.  This is significantly worse than
IATA's December forecast for a US$2.5 billion loss in 2009,
reflecting the rapid deterioration of the global economic
conditions.

Industry revenues are expected to fall by 12.0% (US$62 billion) to
US$467 billion.  By comparison, the previous revenue decline,
after the events of September 11, 2001, saw industry revenues fall
by US$23 billion over the period of 2000 to 2002 (approximately
7.0%).

"The state of the airline industry today is grim.  Demand has
deteriorated much more rapidly with the economic slowdown than
could have been anticipated even a few months ago.  Our loss
forecast for 2009 is now US$4.7 billion.  Combined with an
industry debt of US$170 billion, the pressure on the industry
balance sheet is extreme," said Giovanni Bisignani, IATA's
Director General and CEO.

Demand is projected to fall sharply with passenger traffic
expected to contract by 5.7% over the year.  Revenue implications
of this fall will be exaggerated by an even sharper fall in
premium traffic.  Cargo demand is expected to decline by 13.0%.
Both are significantly worse than the December forecast of a 3.0%
drop in passenger demand and a 5.0% fall in cargo demand.  Yields
are expected to drop by 4.3%.

Falling fuel prices are helping to curb even larger losses.  With
an expected fuel price of US$50 per barrel (Brent oil), the
industry's fuel bill is expected to drop to 25% of operating costs
(compared to 32% in 2008 when oil averaged US$99 per barrel).
Combined with lower demand, total expenditure on fuel will fall to
US$116 billion (compared to US$168 billion in 2008).

"Fuel is the only good news. But the relief of lower fuel prices
is overshadowed by falling demand and plummeting revenues. The
industry is in intensive care.  Airlines face two immediate
fundamental challenges: conserving cash and carefully matching
capacity to demand," said Mr. Bisignani.

IATA also revised its forecast losses for 2008 from US$5.0 billion
to US$8.5 billion.  The fourth quarter of 2008 was particularly
difficult as carriers reported large hedging-related losses and a
very sharp fall in premium travel and cargo traffic.

Regional differences remain significant:

Asia Pacific: Carriers in this region continue to be hardest hit
by the current economic turmoil and are expected to post losses of
US$1.7 billion (significantly worse than the previous loss
forecast of US$1.1 billion).  Japan, the region's largest market
is expected to see GDP drop by 5.5% in 2009 with exports already
in freefall.  China has been successful in stimulating demand in
domestic markets with pricing adjustments.  International demand
to and from China is expected to contract by between 5% and 10%
over the year.  India, whose market for international air services
tripled in size between 2000 and 2008, is expected to see capacity
increase by 0.7% in 2009, while demand drops between 2% and 3%.
Overall, the region is expected to see a 6.8% fall in demand but
only a 4.0% drop in capacity.

North America: Carriers in this region are expected to deliver the
best performance for 2009 with a combined US$100 million profit.
A  7.5% fall in demand is expected to be matched by a 7.5% cut in
capacity.  Despite the worsening economic conditions, this is
relatively unchanged from the earlier forecast of a US$300 million
profit.  Carriers are benefiting from careful capacity management
and lower spot prices for fuel.

Europe: Europe's carriers are expected to lose US$1 billion in
2009.  A forecast 2.9% fall in the continent's GDP is expected to
result in a drop in demand of 6.5% . Capacity cuts of 5.3% will
not keep pace with the fall in demand, driving yields and
profitability down.

Latin America: While Latin America is forecast to maintain
positive GDP growth in 2009, the collapse in demand for commodity
products is expected to see traffic plunge by 7.8%.  Carriers are
only expected to be able to drop capacity by 3.8% resulting in
losses of US$600 million.

Africa: African carriers are expected to produce 2009 losses of
US$600 million.  This is six times the US$100 million lost in
2008.  The continent's carriers are losing market share on long-
haul routes.  Demand is expected to drop by 7.8% with only a 6.0%
fall in capacity.

Middle East: Middle East will be the only region with demand
growth in 2009 (+1.2%).  But this will be overshadowed by the
impact of a 3.8% increase in capacity.  While this is
significantly below the double-digit growth of previous years, the
region continues to add capacity ahead of demand.  The result is
expected to be a loss of US$900 million (a slight deterioration
from the US$800 million loss recorded in 2008).

Looking ahead:

Much of the deterioration forecast for 2009 had already happened
by January.  As manufacturers end their de-stocking there should
be a modest bounce in air freight as component shipping rises a
little.  But weak consumer and business confidence is expected to
keep spending and demand for air transport low.

"The prospects for airlines are dependant on economic recovery.
There is little to indicate an early end to the downturn.  It will
be a grim 2009.  And while prospects may improve towards the end
of the year, expecting a significant recovery in 2010 would
require more optimism than realism," said Mr. Bisignani.

Mr. Bisignani also cautioned that this crisis must bring change.
"Recovery will not come without change.  There is no doubt that
this is a resilient industry capable of catalysing economic
growth. But we are structurally sick.  The historical margin of
this hyper-fragmented industry is 0.3%.  Bail-outs are not the
prescription to return to health.  Access to global capital, the
ability to merge and consolidate and the freedom to access markets
are needed to run this industry as normal profitable business.
This is IATA's Agenda for Freedom -- and a very cost effective
solution for governments desperate to stimulate their economies,"
said Mr. Bisignani.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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 * * *