TCREUR_Public/090327.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, March 27, 2009, Vol. 10, No. 61

                            Headlines

A U S T R I A

INSTALLATIONS TECHNIK: Claims Registration Period Ends April 10
INTEC AUTOMATION: Claims Registration Period Ends April 8
PROBAD SANITAR: Claims Registration Period Ends April 20
TTR LLC: Claims Registration Period Ends April 3


D E N M A R K

FIH ERHVERVSBANK: Moody's Cuts Financial Strength Rating to 'D+'


G E R M A N Y

ESA CARGO: Claims Registration Period Ends April 30
GASTRONOMIE UND BEWIRTUNGS: Claims Registration Ends May 15
HOCHBAUFUCHS GMBH: Claims Registration Period Ends April 22
OBJECT.CHAIR GMBH: Claims Registration Period Ends May 8
SOESTER ITS: Claims Registration Period Ends April 29


I C E L A N D

SPRON: Gets Offers from Five Financial Companies


K A Z A K H S T A N

ALLIANCE BANK: Fitch Junks LT Issuer Default Rating from 'B'
CITY STROY K: Creditors Must File Claims by May 1
CSI KAZAKHSTAN: Creditors Must File Claims by May 1
ELDORADO TOUR: Creditors Must File Claims by May 1
ELECTRO-TECHNOPLUS LLP: Creditors Must File Claims by May 1

JAR ASIA: Creditors Must File Claims by May 1
KUMIS BULAK: Creditors Must File Claims by May 1
LESTO PROM: Creditors Must File Claims by May 1
PROM ELECTRO: Creditors Must File Claims by May 1
TEPLO CENTRE-UG: Creditors Must File Claims by May 1


K Y R G Y Z S T A N

BISHKEK ENERGO: Creditors Must File Claims by April 3


R O M A N I A

* Fitch Comments on Romania's Proposed IMF Facility


R U S S I A

BRASOVSKIY MACHINE: Creditors Must File Claims by May 13
AGIDEL-STROY-SERVIS LLC: Creditors Must File Claims by April 13
CAT OIL: S&P Affirms Corporate Credit Ratings at 'B+'
DOMODEDOVSKIE AIRLINES: Moscow Bankruptcy Hearing Set May 5
FAR EASTERN: Moody's Downgrades Corporate Family Rating to 'B3'

FINANCE LEASING: United Aircraft to Help Repay Bondholders
KADYYSKIY METAL: Creditors Must File Claims by April 13
KOVROVETS OJSC: Court Names D.Gryaznov as Insolvency Manager
LESKO LLC: Creditors Must File Claims by April 13
LESNOE LLC: Creditors Must File Claims by May 13

NERUDNIK LLC: Creditors Must File Claims by April 13
SOCHI-DOMO-STROY LLC: Creditors Must File Claims by April 13
STROY-INVEST LLC: Creditors Must File Claims by April 13
VIMPELCOM: Court Rejects Telenor Appeal in Farimex Case Ruling

* TOMSK OBLAST: S&P Affirms 'B-' Long-Term Issuer Credit Rating


S W E D E N

FORD MOTOR: In Talks With Volvo Prospective Buyers


S W I T Z E R L A N D

CAMENZIND CHEMIE: Creditors Must File Claims by March 30
GTI HOLDING: Deadline to File Proofs of Claim Set March 30
INNOVATIVE SOFTWARE: Claims Filing Period Ends March 30
LICO LLC: Proof of Claim Filing Deadline is March 30
MOVIS PRECARE: Creditors' Proofs of Claim Due by March 30

SPEEDY FINANZ: March 30 Set as Deadline to File Claims
TC RADIOLOGIE-DIENST: Creditors Must File Claims by March 30


T U R K E Y

* Fitch Says Turkish Corporates Face Increased Refinancing Risk


U K R A I N E

ASSET INVESTMENT: Creditors Must File Claims by April 10
HOTEL-APARTMENT COMPLEX: Court Starts Bankruptcy Procedure
KREDITPROMBANK: Fitch Affirms Individual Rating at 'E'
NADVORNAYA MOTORCAR: Creditors Must File Claims by April 10
NAFTOGAZ NJSC: Fitch Comments on Gas System Investment and Reform

QUANTA-FORUM LLC: Creditors Must File Claims by April 10
SVITANOK AGRICULTURAL: Creditors Must File Claims by April 10
UKRAINIAN-MOLDAVIAN ENTERPRISE: Court Starts Bankruptcy Hearing
UKRAINIAN-ISRAELI LLC: Creditors Must File Claims by April 10


U N I T E D   K I N G D O M

ALLIED CARPETS: Acquired by Sigma Capital Investments
CRAUFURD TECHNOLOGY: Appoints Joint Administrators from Tenon
EMCC SOFTWARE: Taps Joint Administrators from BDO Stoy Hayward
FORD MOTOR: To Increase UK Prices on Weak Pound
JJB SPORTS: Dave Whelan Buys Fitness Club Business for GBP83.4MM

J S BRAMLEY: Appoints Joint Administrators from PwC
LFE MATERIALS: In Administration; Vantis Appointed
MARTIN KLEISER: Brings in Joint Administrators from Tenon Recovery
NJW DEVELOPMENTS: Taps Joint Administrators from BDO Stoy
RILEYS: In Administration; Sold to Valiant Sports

SAFETY QUEST: Wound-Up by High Court
TREBORTH GARDEN: Goes Into Administration
U P M MACHINERY: Appoints Administrators from Tenon Recovery
WIDNEY PRESSINGS: Calls in Joint Administrators from BDO Stoy
WINTON RETIREMENT: Taps Joint Administrators from BDO Stoy

* UK: Prospects for Retail Sector Remain Tough, Begbies Says
* EUROPE: Fitch Takes Rating Actions on Five Public Automakers

* BOOK REVIEW: Financial Planning for High Net Worth Individual


                         *********


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


INSTALLATIONS TECHNIK: Claims Registration Period Ends April 10
---------------------------------------------------------------
Creditors owed money by LLC Installations Technik (FN 170676w)
have until April 10, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Peter Planer
         Klostergasse 1
         Villa Margit
         6370 Kitzbuehel
         Austria
         Tel: 05356/66883
         Fax: 05356/668844
         E-mail: p.planer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 24, 2009, for the
examination of claims at:

         Land Court of Innsbruck (818)
         Room N214
         Innsbruck
         Austria

Headquartered in Ellmau, Austria, the Debtor declared bankruptcy
on Feb. 5, 2009, (Bankr. Case No. 9 S 3/09d).


INTEC AUTOMATION: Claims Registration Period Ends April 8
---------------------------------------------------------
Creditors owed money by LLC Intec Automation (FN 109248i) have
until April 8, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on April 22, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 3, 2009, (Bankr. Case No. 2 S 14/09k).


PROBAD SANITAR: Claims Registration Period Ends April 20
--------------------------------------------------------
Creditors owed money by LLC Probad Sanitar (FN 250076i) have until
April 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         MChristoph Doppelbauer,
         Vogelweiderstrasse 9
         4600 Wells
         Austria
         Tel: 07242/351300
         Fax: 07242/351300-389
         E-mail: anwalt@dop.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on April 30, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy on
Feb. 10, 2009, (Bankr. Case No. 20 S 21/09b).


TTR LLC: Claims Registration Period Ends April 3
------------------------------------------------
Creditors owed money by LLC TTR (FN 291825f) have until April 3,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Philipp Dobner
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: dobner@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on April 17, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 10, 2009, (Bankr. Case No. 28 S 13/09d).


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


FIH ERHVERVSBANK: Moody's Cuts Financial Strength Rating to 'D+'
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term deposit and
senior debt ratings of FIH Erhvervsbank A/S to Baa3 from A2, and
its bank financial strength rating to D+ from C.  Moody's has also
downgraded the bank's short-term deposit and debt ratings to
Prime-3 from Prime-1 and its subordinated debt rating to Ba3 from
A3.  All the bank's ratings, including the Prime-3 short-term
rating, remain on review for further possible downgrade.  This
concludes the review initiated on 9 October 2008.

Moody's says that its multi-notch downgrade of the bank's ratings
was triggered by a combination of these factors:

   (i) the reported significant decline in FIH's profitability and
       asset quality and Moody's expectation of further pressure
       on the bank's recurring earnings power (arising from
       reduced revenues and a likely increase in credit costs);

  (ii) the bank's business model, which relies on business lines,
       including structured finance and property finance
       businesses, that are likely to be negatively affected by
       general market conditions;

(iii) the bank's concentration of single borrower exposure and its
      exposure to properties; and

(iv) uncertainties surrounding FIH's future ownership and its
      impact on the bank's franchise value.

FIH's net profit for 2008 was DKK184 million, a decrease of around
80% from its reported net profit of DKK1.1 billion for the full
year of 2007.  The decline was primarily driven by a significant
increase in loan loss provisions and negative market value
adjustments.  Moody's, however, says that it views positively the
bank's announced restructuring, which will involve closing down
unprofitable business areas and departments and targets annual
cost savings in the region of DKK180 million-DKK200 million, which
represents around 20%-23% of the bank's cost base of DKK868
million in 2008.

However, Moody's remains concerned about FIH's business model,
which continues to exhibit a high reliance on earnings from the
more volatile structured finance and property finance business
lines.  In the current market climate, earnings from such areas
are expected to be significantly reduced, even if it is possible
to increase lending margins.

As noted, FIH continues to display a relatively high credit
concentration to the weakened property sector, which accounts for
28% of its loans and guarantees and a significant proportion of
its largest exposures.  The bank's top 20 exposures represent over
200% of Tier 1 capital and a significant proportion of this
exposure is to the property sector.  Moody's also notes that FIH's
non-performing loans grew over five-fold last year and accounted
for 1.6% of gross loans at the end of 2008, in comparison with
about 0.3% at the end of 2007.

Moody's also understands that the current financial climate has
impeded the bank's sale process.  As a result, Iceland's Kaupthing
Bank remains the majority shareholder of FIH.  However,
Kaupthing's shares in FIH have been pledged as collateral with the
Icelandic central bank.  In the rating agency's view,
uncertainties surrounding FIH's future ownership are likely to
negatively affect the bank's business franchise.

Moody's acknowledges that the Danish guarantee scheme put in place
in October 2008 has been helpful in terms of restoring FIH's
liquidity profile, which displays a high concentration in market
funding.  However, the maturity profile of new market funding is
generally limited to the period of the guarantee scheme, which
ends on September 30, 2010.  On December 18, 2008, Moody's
assigned backed Aaa ratings to the existing long-term senior
unsecured debt securities of FIH that mature on or prior to
September 30, 2010.  Under the second government package announced
in January 2009, the state guarantee can be used for maturities of
up to three years and loans maturing at the latest on December 31,
2013.

Moody's downgrade of FIH's subordinated debt ratings reflects the
increased probability of principal writedowns as the stand-alone
creditworthiness of the bank has weakened.  Given the high loss
severity of a principal writedown, the incremental expected loss
has increased, although the overall probability of such an event
remains low, in the rating agency's view.  Moreover, the rating
action was also prompted by the expectation that systemic support
would not extend to these instruments in the event of financial
distress.

Moody's says that the ratings remain on review for further
possible downgrade, given that the bank's credit quality may
continue to deteriorate further, especially considering the
adverse developments in the property sector in Denmark.  Moody's
is now also concerned about the bank's profitability.  As FIH is a
pure corporate bank, its earnings from the structured finance and
property finance businesses and also from its core corporate
banking business are likely to be negatively affected by the
market slowdown.  Moody's therefore believes that FIH's
profitability will continue to face increasing challenges, which
could weigh on its solvency measures.

Moody's last rating action on FIH was on October 9, 2008, when its
BFSR was downgraded to C from C+ and its long-term debt and
deposit ratings were downgraded to A2 from A1.  All of the bank's
ratings were placed on review for possible further downgrade.

Based in Copenhagen, Denmark, FIH reported total assets of DKK122
billion (EUR16.4 billion) at the end of 2008.


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


ESA CARGO: Claims Registration Period Ends April 30
---------------------------------------------------
Creditors of ESA Cargo Consult GmbH have until April 30, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

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

The debtor can be reached at:

         ESA Cargo Consult GmbH
         Attn: Michael Strauch, Manager
         Ringstr. 29
         44575 Castrop-Rauxel
         Germany


GASTRONOMIE UND BEWIRTUNGS: Claims Registration Ends May 15
-----------------------------------------------------------
Creditors of Gastronomie und Bewirtungs GmbH have until May 15,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Am Schlossgarten 4
         38518 Gifhorn
         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:

         Silvio Hoefer
         Bernwardstrasse 11
         31134 Hildesheim
         Germany
         Tel: 05121/749740
         Fax: 05121/7497417

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:

         Gastronomie und Bewirtungs GmbH
         Dorfstrasse 112
         31275 Lehrte
         Germany

         Attn: Sascha Fuhrberg, Manager
         Heinrich-wilhelm-Kopf-Str. 1 c
         31226 Peine
         Germany


HOCHBAUFUCHS GMBH: Claims Registration Period Ends April 22
-----------------------------------------------------------
Creditors of Hochbaufuchs GmbH have until April 22, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Markus M. Merbecks
         Koenigstrasse 9
         01097 Dresden
         Germany
         E-mail: www.handschumacher.de

The court opened bankruptcy proceedings against the company on
March 24, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Hochbaufuchs GmbH
         Alter Schaferweg 37
         02625 Bautzen
         Germany

         Attn: Holger Hempel, Manager
         Geboren 1962
         Alter Schaferweg 37
         02625 Bautzen
         Germany


OBJECT.CHAIR GMBH: Claims Registration Period Ends May 8
--------------------------------------------------------
Creditors of object.chair GmbH have until May 8, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 108
         Zehnthof 1
         31785 Hameln
         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:

         Ruediger Marahrens
         Gerichtsfach 150
         Lilly-Reich-Str. 7
         31137 Hildesheim
         Germany
         Tel: 05121/697720

The court opened bankruptcy proceedings against the company on
March 24, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         object.chair GmbH
         Bahnhofstrasse 61
         31848 Bad Muender
         Germany

         Attn: Maren Fasold, Manager
         Gaussstrasse 11A
         31787 Hameln
         Germany


SOESTER ITS: Claims Registration Period Ends April 29
-----------------------------------------------------
Creditors of Soester ITS Verwaltungs GmbH have until April 29,
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 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg
         Germany

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

The insolvency manager can be reached at:

         Dr. Axel Kampmann
         Goethestr. 24
         59755 Arnsberg
         Germany

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

The debtor can be reached at:

         Soester ITS Verwaltungs GmbH
         An der Helle 13
         59505 Bad Sassendorf
         Germany

         Attn: Thomas Jaschke, Manager
         Elfserstrasse 20
         59505 Bad Sassendorf
         Germany


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


SPRON: Gets Offers from Five Financial Companies
------------------------------------------------
Iceland Review reports that five financial companies have
expressed interest in acquiring SPRON's assets.

Iceland Review relates among the companies vying to acquire
SPRON's assets are MP Bank and investment bank VBS.

Citing Morgunbladid, Iceland Review states all of SPRON's branches
will be closed.  The closure, Iceland Review says, will result in
the loss of nearly 300 jobs.

Iceland Review discloses according to Morgunbladid, MP Bank's
chairman, Margeir Petursson, is interested in taking over part of
SPRON's operations, including its subsidiary Netbankinn, nb.is.
Iceland Review notes VBS has also expressed interest in Netbankinn
as well as in part of SPRON's branch network.

The deadline to submit offers for SPRON's assets and operations
expired Tuesday, March 24, Iceland Review recounts.

On March 24, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported the Icelandic Financial Services Authority has
taken over savings banks, Reykjavik Savings Bank (SPRON) and
Sparisjodabanki, formerly Icebank.

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

SPRON had total assets of ISK267 billion Icelandic crowns (about
US$880 million) at the end of September 2008, including ISK212
billion of loans listed as assets, Reuters disclosed.
Sparisjodabankinn, Reuters stated, had assets worth ISK289
billion, with ISK105 billion in loans and advances listed as
assets at the end of June last year.

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


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


ALLIANCE BANK: Fitch Junks LT Issuer Default Rating from 'B'
------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based Alliance Bank JSC's
Long-term Issuer Default Rating to 'CCC' from 'B'.  The rating
remains on Rating Watch Negative.

The downgrade reflects continuing uncertainty in respect to the
extent of support which the Kazakh authorities will make available
to Alliance and the high risk that the bank will restructure part
of its financial obligations.  In accordance with Fitch's 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).

Although the risk of a CDE on Alliance's liabilities is viewed by
Fitch as high, the bank is now rated one notch higher than BTA
Bank and its subsidiary Temirbank, which were yesterday downgraded
to 'CC'.  This reflects three factors.  Firstly, Alliance has not
yet been acquired by the Kazakh authorities, and so any change of
control clauses in the bank's borrowings are less likely to have
been triggered.  This means that the current scope of potential
debt acceleration is probably considerably less, and the near-term
need for a restructuring of the bank's liabilities may be somewhat
less pressing, in Fitch's view.  Secondly, the considerably
smaller size of the bank relative to BTA means that the scale of
state support required by Alliance would probably also be
significantly less.  Thirdly, Alliance has to date been less overt
in its public statements regarding a potential restructuring of
its debt.

Rating actions are:

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

  -- Short-term foreign 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 'CCC' from 'B'; remains
     on RWN, Recovery Rating at 'RR4'

  -- Senior unsecured debt issued in Russia: downgraded to 'B-(B
     minus)(rus)' from 'BBB-(BBB minus) (rus)' (BBB minus (rus));
     remains on RWN


CITY STROY K: Creditors Must File Claims by May 1
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Construction Company City Stroy K insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Micro "Shugyla", 6a/28
         Kyzylorda
         Kazakhstan

The Court is located at:

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


CSI KAZAKHSTAN: Creditors Must File Claims by May 1
---------------------------------------------------
LLP CSI Kazakhstan has declared insolvency.  Creditors have until
May 1, 2009, to submit written proofs of claim to:

         Auezov Ave. 1-8
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


ELDORADO TOUR: Creditors Must File Claims by May 1
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Eldorado Tour insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Baitursynov Str. 70
         Kostanai
         Kazakhstan

The Court is located at:

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


ELECTRO-TECHNOPLUS LLP: Creditors Must File Claims by May 1
-----------------------------------------------------------
LLP Electro-Technoplus has declared insolvency.  Creditors have
until May 1, 2009, to submit written proofs of claim to:

         Micro "Molodejny", 42
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (72822) 25-21-75


JAR ASIA: Creditors Must File Claims by May 1
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Jar Asia Ltd. insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Micro "Shugyla", 6a/28
         Kyzylorda
         Kazakhstan

The Court is located at:

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


KUMIS BULAK: Creditors Must File Claims by May 1
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Kumis Bulak insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Court is located at:

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


LESTO PROM: Creditors Must File Claims by May 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Lesto Prom insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Court is located at:

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


PROM ELECTRO: Creditors Must File Claims by May 1
-------------------------------------------------
LLP Prom Electro Stal Kz has declared insolvency.  Creditors have
until May 1, 2009, to submit written proofs of claim to:

         Ryskulov Ave. 52
         Almaty
         Kazakhstan
         Tel: 8 (7272) 93-73-16


TEPLO CENTRE-UG: Creditors Must File Claims by May 1
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Teplo Centre-UG insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Post Office Box 195
         Main Post Office
         050000 Almaty
         Kazakhstan

The Court is located at:

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


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


BISHKEK ENERGO: Creditors Must File Claims by April 3
-----------------------------------------------------
Creditors of LLC Bishkek Energo Complex have until April 3, 2009,
to submit proofs of claim to:

         Orozbekov St. 110a
         Bishkek
         Kyrgyzstan


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


* Fitch Comments on Romania's Proposed IMF Facility
---------------------------------------------------
Fitch Ratings said that Romania's proposed IMF facility for a
EUR12.95 billion, two-year Stand-By Arrangement, backed by a
further EUR7 billion in money from the EU and multilateral
institutions, should shore up the country's external finances and
reduce the risk of a damaging financial crisis, provided the
authorities keep to their policy commitments.  Romania is rated
Long-term foreign currency Issuer Default 'BB+', local currency
IDR 'BBB- (BBB minus)', both with Negative Outlooks, and Short-
term foreign currency IDR 'B'.
The Country Ceiling is 'BBB'.

"Fitch views Romania's proposed IMF programme as supportive for
its ratings as it should help to meet the country's sizeable
external financing needs and provide a breathing space to
rebalance the economy," said Andrew Colquhoun, Director in Fitch's
Sovereigns group.  "Nevertheless Romania faces a challenging
economic and financial outlook and it will be vital for the
authorities to keep to the attached policy conditions."

Previously rapid growth in domestic and external borrowing has
left Romania heavily exposed to ongoing global de-leveraging.
Credit to the domestic private sector grew at annual rates of
around 60% in 2006 and 2007, funded partly by money from foreign
parents which own around 90% of Romania's banking system.  Credit
growth slowed to 34% in 2008 as the credit crunch raised the cost
of funds for foreign parents and diminished investor risk
appetite.  Net external debt rose to a projected 29% of GDP by
end-2008 ('BB' range median: 3%), from just 7% at end-2005.  The
current account deficit was 12.2% of GDP in 2008, as strong credit
growth fuelled domestic demand and drew in imports.

Fitch projects Romania's gross external financing requirement, not
including short-term debt, at US$27 billion for 2009, or US$59
billion including short-term debt, against reserves of US$36.4
billion by end-January 2009.  Pressure on the external finances
amid diminished international investor risk appetite has driven a
21% depreciation of the RON since end-August 2008.  Currency
volatility poses risks for the banking system, as around 50% of
system loans are denominated in foreign currency.

The impact of financial market turbulence is being reinforced by a
slowdown in Romania's key trade and investment partners in the
euro zone.  Expectations for euro zone 2009 GDP growth have been
revised down sharply since Fitch downgraded Romania to 'BB+' in
November 2008.  Romania's growth slowed to 2.9% yoy in Q408, from
9.2% in Q308; Fitch expects Romania's economy will contract by
4.5% in 2009.  Slowing growth will directly affect the fiscal
finances and make it difficult to narrow the fiscal deficit from
4.8% of GDP in 2008.  However, the ratings continue to benefit
from low general government debt of just 20% of GDP by end-2008,
while a lack of sovereign eurobond maturities in 2009 reduces
refinancing risk this year.

Even if an IMF program is agreed, implementation and execution
risk will be significant.  Romania's politicians may find it
difficult to implement tough stability-oriented policies as the
economy contracts for the first time in a decade, while
presidential elections later in the year could increase pressure
for populist policies.


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


BRASOVSKIY MACHINE: Creditors Must File Claims by May 13
--------------------------------------------------------
Creditors of LLC Brasovskiy Machine-Building Plant (TIN
3206003635, PSRN 1023202538534) have until May 13, 2009, to submit
proofs of claims to:

         S. Nefedov
         Insolvency Manager
         Kalinina St. 119
         241050 Bryansk
         Russia

The Arbitration Court of Bryanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A09–4614/200A.

The Debtor can be reached at:

         LLC Brasovskiy Machine-Building Plant
         Sovetskaya St. 2
         Lokot'
         Brasovskiy
         242300 Bryanskaya
         Russia


AGIDEL-STROY-SERVIS LLC: Creditors Must File Claims by April 13
---------------------------------------------------------------
Creditors of LLC Agidel-Stroy-Servis (TIN 0277068182, PSRN
1050204441528) (Construction) have until April 13, 2009, to submit
proofs of claims to:

         R. Urazbakhin
         Temporary Insolvency Manager
         Office 511
         Ryazanskaya St.
         450071 Ufa
         Russia

The Arbitration Court of Bashkortostan will convene at 2:00 p.m.
on Aug. 24, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A07–19045/2008.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolutsii St. 63a
         450056 Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         LLC Agidel-Stroy-Servis
         Obyazdnaya St.7
         Yanaul
         Bashkortostan
         Russia


CAT OIL: S&P Affirms Corporate Credit Ratings at 'B+'
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term and 'B' short-term corporate credit ratings on
C.A.T. oil AG, an Austria-registered oilfield services company
that conducts all of its operations in the Russian Federation
(foreign currency BBB/Negative/A-3; local currency
BBB+/Negative/A-2; Russia national scale 'ruAAA') and the Republic
of Kazakhstan (foreign currency BBB-/Negative/A-3; local currency
BBB/Negative/A-3; Kazakhstan national scale 'kzAAA').  At the same
time, the 'ruA+' Russia national scale rating was affirmed.  The
outlook is stable.

"The affirmation reflects C.A.T. oil's significant financial
flexibility and conservative policies, which should offset, in
S&P's view, weakening conditions in the Russian oilfield services
(OFS) industry," said Standard & Poor's credit analyst Andrey
Nikolaev.

The ratings are constrained by worsening conditions in the Russian
OFS industry caused by lower hydrocarbon prices, the intrinsic
cyclicality and competitiveness of the OFS industry, for which
barriers to entry are low; the company's small scale, which limits
its pricing power and diversity; and the risks inherent in
operating in Russia.

These constraints are partly offset by C.A.T. oil's strong niche
positions in hydraulic fracturing (hydrofracturing) and
sidetracking, which should be more resilient to the current
downturn than some other segments of the OFS industry, such as
seismic surveys and development drilling, because hydrofracturing
and sidetracking mainly support production in existing fields.
The ratings are supported by C.A.T. oil's currently low leverage,
adequate corporate-governance practices and transparency, moderate
financial policy, and adequate liquidity.

C.A.T. oil's short-term debt is EUR6, covered by cash reserves of
EUR14 million.

"The outlook is stable because S&P expects the impact of
substantially weaker market conditions to be offset by the
company's change in operating strategy and minimal debt," said Mr.
Nikolaev.  Moreover, S&P believes the company will generate
positive FOCF even during the current downturn.

Negative rating actions could ensue if C.A.T. oil is unable to
benefit from its current competitive advantages due to its modern
fleet and solid order book to ensure high capacity utilization
throughout 2009, or if customers' stronger bargaining power leads
to major working-capital outflow.  Abandoning its conservative
investment and financial policy to pursue lucrative opportunities
in the Russian OFS market could endanger the ratings and outlook.

Ratings upside is unlikely in the near term in light of C.A.T.
oil's limited diversity and the unfavorable nature of the OFS
market.


DOMODEDOVSKIE AIRLINES: Moscow Bankruptcy Hearing Set May 5
-----------------------------------------------------------
The Arbitration Court of Moscow will convene at 10.15 a.m. on
May 5, 2009, to hear bankruptcy supervision procedure on OJSC
Domodedovskie Airlines (TIN 5009025898).  The case is docketed
under Case No. A41–11373/08.

The Temporary Insolvency Manager is:

         A. Cherkasov
         Post User Box 10
         121165 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Hall 440
         Prospect A. Sakharova 18
         107996 Moscow
         Russia

The Debtor can be reached at:

         OJSC Domodedovskie Airlines
         Domodedovo Airport
         Domodedovskiy
         142015 Moskovskaya
         Russia


FAR EASTERN: Moody's Downgrades Corporate Family Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating to B3 from B2 and Probability of Default Rating to Caa1
from B3 of Far Eastern Shipping Company.  At the same time,
Moody's Interfax Rating Agency, which is majority owned by
Moody's, has downgraded FESCO's long-term National Scale Rating to
Baa3.ru from A3.ru.  The outlook on the ratings is negative.  The
action concludes the review for possible downgrade initiated on
November 13, 2008.

"The downgrade to B3 results from Moody's expectation that
business conditions are likely to remain weak over the medium
term, leading to lower cash flow generated by FESCO than has been
previously anticipated and hence to a financial profile more in
line with a B3 rating over the intermediate term," said Marco
Vetulli, a Vice President-Senior Analyst in Moody's Corporate
Finance Group.

Furthermore, although Moody's acknowledges FESCO's efforts in
refinancing its short-term maturities, the rating agency remains
concerned about the execution risk of the company's 2009
refinancing plan.  "The tightened nature of the global credit
environment adds material uncertainty to the company's refinancing
process, while it is also exposed to the weakening in the
operating environment, as economic conditions are expected to
deteriorate further," Mr. Vetulli explained.

FESCO's CFR of B3 is one notch higher than its PDR, reflecting the
above-average recovery assumptions for the company in an event of
default due to FESCO's strong asset base.  The rating also takes
into account FESCO's good fundamental franchise in the Russian
transportation industry.

The negative outlook reflects Moody's expectation that, as 2009
unfolds, challenging macroeconomic conditions will place pressure
on FESCO's credit metrics, which will drastically reduce the
headroom under the company's financial covenants.  The outlook
also incorporates the execution risk related to the company's
refinancing.

The last rating action was implemented on January 20, 2009, when
Moody's assigned a B3 PDR to FESCO.

Headquartered in Moscow, Russia, FESCO is an integrated logistics
group active in four business segments: shipping (16.2% of
revenues at H1 2008); liner and logistics operations (45.2%);
container terminals (20.2%); and railway transportation (18.3%).
FESCO's main shareholder is Industrial Investors Group, which
controls 53.81% of the group.  Other important shareholders are
East Capital (7.62%), European Bank for Reconstruction and
Development (3.76%) and Temasek (3.14%).  The shares in free float
amount to 28%.  At HY2008, FESCO reported revenues of US$614
million.


FINANCE LEASING: United Aircraft to Help Repay Bondholders
----------------------------------------------------------
OAO United Aircraft Corp. will help its Finance Leasing Co. unit
repay US$250 million to bondholders, Bloomberg News' Denis
Maternovsky and Ellen Pinchuk report citing Russian Deputy Prime
Minister Sergei Ivanov.

Bloomberg News relates in a Bloomberg Television interview in his
Moscow office on Tuesday Mr. Ivanov said United Aircraft, which
holds a 51.8% stake in FLC, must "act somehow to help"
because it may face a cross default on its debt.

Bloomberg News notes according to Mr. Ivanov, the chairman of
United Aircraft's board of directors and a former defense
minister, FLC's previous management was responsible for the
default and that an investigation is now being held to discover
"if that was mismanagement or something worse".

As reported in the Troubled Company Reporter-Europe on March 24,
2009, Bloomberg News said FLC faces demands for early repayment on
as much as US$250 million of bonds.

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

Mr. Genechesi, as cited by Bloomberg News, said investors in FLC's
US$150 million of securities will ask the bonds' trustee, Bank of
New York Mellon Corp., to request full repayment "within three
weeks".  He also said investors in FLC's defaulted four-year bonds
are also considering pushing for early repayment, Bloomberg News
added.

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

                          *     *     *

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


KADYYSKIY METAL: Creditors Must File Claims by April 13
-------------------------------------------------------
Creditors of LLC Kadyyskiy Metal Construction Plant have until
April 13, 2009, to submit proofs of claims to:

         P. Yuritsin
         Temporary Insolvency Manager
         Sovetskaya St. 97/104
         156005 Kostroma
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A13–
8627/2008.

The Debtor can be reached at:

         LLC Kadyyskiy Metal Construction Plant
         Chapayeva St. 11
         Kadyy
         Kadyyskiy
         162510 Vologodskaya
         Russia


KOVROVETS OJSC: Court Names D.Gryaznov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Vladimirskaya appointed D.Gryaznov as
Insolvency Manager for OJSC Kovrovets (TIN 3305035992, PSRN
1033302200634) (Excavating Machinery Plant).  The case is docketed
under Case No. A11 -2177/2008-A1 -104B.  He can be reached at:

         Building 1
         Planetarnaya St. 29
         125167 Moscow
         Russia

The Debtor can be reached at:

         OJSC Kovrovets
         Lopatina St. 5
         Kovrov
         Vladimirskaya
         Russia


LESKO LLC: Creditors Must File Claims by April 13
-------------------------------------------------
Creditors of LLC Lesko (TIN 7728156623, PSRN 1027700345804)
(Timbered Houses Building) have until April 13, 2009, to submit
proofs of claims to:

         N. Khazhikhanova
         Insolvency Manager
         Post User Box 229
         344000 Rostov-on-Don
         Russia

The Arbitration Court of Stavropolskiy will convene on Aug. 8,
2009, to hear bankruptcy proceedings.  The case is docketed under
Case No. A63 - 94/09-S5–11.

The Court is located at:

         The Arbitration Court of Stavropolskiy
         Mira St. 458B
         Stavropol'
         Russia

The Debtor can be reached at:

         LLC Lesko
         Kozlova St. 25
         Pyatigorsk
         Stavropolskiy
         Russia


LESNOE LLC: Creditors Must File Claims by May 13
------------------------------------------------
Creditors of LLC Lesnoe (TIN 1110003158, APSRN 1051100852802)
(Forestry) have until May 13, 2009, to submit proofs of claims to:

         Ye. Sergeyeva
         Insolvency Manager
         Apt. 20
         Mikusheva St. 1
         167011 Syktyvkar
         Komi
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A29–5448/2008.

The Debtor can be reached at:

         LLC Lesnoe
         Oplesnina St. 43a
         Vizinga
         Sysol'skiy
         Komi
         Russia


NERUDNIK LLC: Creditors Must File Claims by April 13
----------------------------------------------------
Creditors of LLC Nerudnik (TIN 6907006799, PSRN 1026901603453)
(Quarry Development) have until April 13, 2009, to submit proofs
of claims to:

         M. Vasilega
         Temporary Insolvency Manager
         Post User Box 100
         105318 Moscow
         Russia

The Arbitration Court of Tverskaya will convene at 2:30 p.m. on
June 8, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A66–186/2009.

The Debtor can be reached at:

         LLC Nerudnik
         Vypolzovo
         Bologovskiy
         171053 Tverskaya
         Russia


SOCHI-DOMO-STROY LLC: Creditors Must File Claims by April 13
------------------------------------------------------------
Creditors of LLC Sochi-Domo-Stroy (TIN 232010,4740) (Construction)
have until April 13, 2009, to submit proofs of claims to:

         A. Sakhovskiy
         Temporary Insolvency Manager
         Post User Box 88
         Central Postal Office
         432099 Ulyanovsk
         Russia

The Arbitration Court of Krasnodarskiy will convene at 2:30 p.m.
on June 29, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A-32–26918/2008–27/1538B.

The Debtor can be reached at:

         LLC Sochi-Domo-Stroy
         Olimpiyskaya St. 23
         Sochi
         Krasnodarskiy
         Russia


STROY-INVEST LLC: Creditors Must File Claims by April 13
--------------------------------------------------------
Creditors of LLC Stroy-Invest (TIN 3805208487, PSRN 1023800922980)
(Construction) have until April 13, 2009, to submit proofs of
claims to:

         S. Galandin
         Temporary Insolvency Manager
         Post User Box 224
         664007 Irkutsk
         Russia

The Arbitration Court of Novosibirskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A45–
1430/2009.

The Debtor can be reached at:

         LLC Stroy-Invest
         Office 14
         Pisareva St. 1a
         630091 Novosibirsk
         Russia


VIMPELCOM: Court Rejects Telenor Appeal in Farimex Case Ruling
--------------------------------------------------------------
The West Siberian District Federal Arbitration Court rejected on
Tuesday an appeal by Norway's Telenor to suspend a court ruling to
pay US$1.728 billion to Russia's VimpelCom, RIA Novosti reports.

RIA Novosti relates Anna Ivanova-Galitsyna, Telenor Russia
director for external relations, said "The court did not take our
arguments into account and rejected the appeal."

In a separate report RIA Novosti discloses Sergie Lavrov, Russia's
foreign minister, said on Tuesday a dispute over Telenor's stake
in Vimpelcom should be settled by the companies.

"It is difficult for us to influence the situation.  We are not
happy about what is happening," RIA Novosti quoted Minister Lavrov
as saying.

Jonas Gahr Stoere, Norway's foreign minister, as cited by RIA
Novosti, said Russia should provide equal conditions for Russian
and foreign companies, and urged stability, predictability and
accountability for cell phone players.

RIA Novosti notes according to Minister Stoere, this is the
responsibility for companies that form joint ventures, and the
governments that follow the process and provide conditions for
their successful functioning.

                        Farimex Case

As reported in the Troubled Company-Reporter Europe on March 6,
2009, Telenor on March 4, 2009, filed a cassation appeal of the
decision of the Eighth Appellate Arbitrazh Court in Omsk
ordering Telenor to pay US$1.7 billion in connection with the
claim made by Farimex Products, Inc.  Farimex has alleged that
Telenor caused losses to VimpelCom by delaying VimpelCom's
acquisition of loss-making Ukrainian mobile operator, Ukrainian
Radio Systems (URS), and has demanded the payment to be made.

“The Omsk Court's decision contains grave substantive and
procedural errors, and we have no intention of paying any claimed
damages based on this ruling," said Jan Edvard Thygesen, Executive
Vice President and Head of Telenor's Central and Eastern European
operations.

In its suit, Farimex alleged that Telenor-nominated members of
VimpelCom's Board of Directors delayed VimpelCom's 2005
acquisition of URS.  Telenor says its Board members opposed the
acquisition because URS was over-valued and had no credible
business plan, and because there was a lack of transparency in the
deal, including no information regarding the identity of the
beneficial owners of the sellers of URS.  To date, the identity of
the beneficial owners of the sellers of URS has not been
disclosed.

Telnor said at the time of the proposed acquisition, there was a
high level of penetration in the Ukrainian market.  Based on the
multiples used to value comparable assets, URS's US$231.3 million
purchase price was too high.  This information was openly
available to all shareholders at the time of decision by the EGM
September 14, 2005.  URS was acquired in November 2005.
Currently, despite investments made by VimpelCom in excess of
US$600 million, URS continues to make losses and, as of
December 31, 2008, had only a 4 % market share (source: AC&M
Consulting).

                   Seizure of Vimpelcom Stake

In a March 12 release Telenor said it heard rumors that a Russian
bailiff working with Farimex had arrested Telenor's shares in
VimpelCom by serving an arrest order on the National Registry
Company, VimpelCom's Moscow share registrar.  This was confirmed
on March 12.

"This is a yet another escalation of the attempts to steal our
VimpelCom shares with the aid of Russian courts," said Jan Edvard
Thygesen, Executive Vice President and Head of Telenor's Central
and East European operations.

"It seems clear that the arrest order was served in retaliation
for Judge Lynch's decision in New York, and that the arrest of our
VimpelCom shares is intended to prevent the enforcement of Judge
Lynch's most recent decision.  We have not received an original
writ of execution, nor have we received any formal notification of
the arrest of our VimpelCom shares.  Furthermore we have no
intention of paying the outrageous US$1.7 billion amage claim
awarded by the Omsk court based on what we regard as an illegal
court ruling.  We have appealed the ruling and will request a stay
of enforcement proceedings.  If, despite our request for a stay,
our investment in VimpelCom is stolen, we would regard this as a
criminal act against Telenor and its shareholders," said Mr.
Thygesen.

The US Federal Court for the Southern District of New York on
March 11 granted Telenor's motion requesting that Alfa Group
companies Altimo, Alpren, Hardlake and Storm be held in contempt
of court for their failure to obey orders of the District Court
and US Court of Appeals for the Second Circuit upholding Telenor's
arbitration award against Alfa Group subsidiary Storm.

The Court found that none of the four Alfa Group companies had
complied with the Court's November 19, 2008 order because they
failed to deposit Storm's Kyivstar shares with the Court and
ordered Alfa to pay fines of US$100,000 per day, beginning on
March 12 until they comply with the order, with such amount
doubling to US$200,000 per day 30 days thereafter, and to
US$400,000 per day 30 days after that, and continuing to double
every 30 days until they are no longer in contempt.  The Court
ordered the four Alfa Group companies to secure the dismissal of
the collusive EC Venture litigation in Ukraine by March 23 and
imposed escalating fines in similar amounts commencing on March 24
if they fail to comply.   The Court again ordered Storm to sell
its Kyivstar shares by March 23, unless within that period, Alfa
has sold its shares in excess of 5% of Turkcell and Ukrainian High
Technologies, with additional fines to be payable in amounts to be
determined if they do not comply.  The Court also ordered the four
Alfa companies to pay Telenor's attorneys' fees and costs incurred
in connection with the contempt motion.

Telenor holds 29.9 per cent of the voting shares (33.6 per cent of
the common shares) in VimpelCom  through its subsidiary Telenor
East Invest AS.

                         About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- consists of telecommunications
operators providing voice and data services through a range of
wireless, fixed and broadband technologies.  The Group includes
companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan,
Tajikistan, Georgia and Armeniaas well as Vietnam and Cambodia, in
territories with a total population of about 340 million.  The
Group companies provide services under the "Beeline" brand.
VimpelCom was the first Russian company to list its shares on the
New York Stock Exchange ("NYSE").  VimpelCom's ADSs are listed on
the NYSE under the symbol "VIP".

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 21,
2009, Standard & Poor's Ratings Services revised its
outlook on Russian telecoms operator Vimpel-Communications to
negative from stable.  At the same time, the 'BB+' long-term
corporate credit ratings on VimpelCom, its related entities, and
their respective issue ratings were affirmed.


* TOMSK OBLAST: S&P Affirms 'B-' Long-Term Issuer Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B-' long-term issuer credit and 'ruBBB' Russia national scale
ratings on Russian Tomsk Oblast and removed them from CreditWatch,
following the oblast's progress in arranging refinancing for its
debt maturing in March-May 2009, and a policy shift toward a more
prudent approach to refinancing and liquidity.  The outlook, which
was negative before the CreditWatch placement, is negative.  The
ratings had been placed on CreditWatch with negative implications
on Feb. 24, 2009.

"The ratings reflect our view of the oblast's short-term debt
structure, with debt service of more than 20% of revenues
estimated for 2009, and our expectations of continuing tough
refinancing conditions for the oblast's debt maturing in 2009-
2010," said Standard & Poor's credit analyst Boris Kopeykin.
The ratings are also constrained by S&P's expectations of
budgetary deficiencies caused by the weaker performance of the
oblast's concentrated economy, which will reduce budget revenues;
and its mandated expenditure responsibilities, such as inflexible
wages and social assistance-related payments.

The ratings are supported by the oblast's commitment to timely
debt service and its expected policy shift toward more cautious
refinancing of maturing debts, especially the recently announced
policy to repay bank loans ahead of maturity dates.  Moreover,
Tomsk Oblast could receive federal subsidies and budget loans
exceeding the amounts currently budgeted.

As of March 20, 2009, the oblast had about RUR1.8 billion in cash
(almost RUR1.2 billion already committed).

The outlook is negative because S&P expects that economic
contraction will continue and result in weaker revenue collection
for the oblast, while negative market sentiment will keep
refinancing risks high.

Should the oblast achieve more favorable refinancing terms and
decrease its debt service for 2010-2011 to less than 12%-14% and
demonstrate its ability to achieve a balanced operating budget in
2010, S&P might revise the outlook to stable.  Additional federal
support with budget loans enough to meet the refinancing needs in
2009 could also be positive for the ratings.

"Weaker revenue collection, with an operating deficit of more than
4%-5%, could lead to a downgrade," said Mr. Kopeykin.

In addition, the oblast has yet to clarify its refinancing schemes
for its bank and budget loans and bonds due in November-December
2009 totaling more than RUR3 billion.  Lack of sufficient cash
reserves or a clear and committed refinancing plan at least two or
three months ahead of the November-December 2009 repayment
deadlines might result in a downgrade of several notches.


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


FORD MOTOR: In Talks With Volvo Prospective Buyers
--------------------------------------------------
Ford Motor Co. on Wednesday said it is in detailed talks with
prospective buyers for its Swedish unit Volvo, various reports
say.

According to The Times' Christine Buckley, it is expected that
this stage will continue for up to two months before a final
shortlist, or even one preferred bidder, is chosen.

Citing a person familiar with the matter, Bloomberg News relates
discussions are furthest along with China's Geely Automobile
Holdings Ltd.  Bloomberg News notes the people said Ford has also
approached China's Chery Automobile Co. and Chongqing Changan
Automobile Co.

According to Bloomberg News' Keith Naughton, Ford may get US$1
billion to US$2 billion for its Volvo Cars unit, less than a third
of what it paid 10 years ago.  Bloomberg News recalls Ford
acquired the Swedish automaker for US$6.4 bilion in 1999.

Ford, The Times says, is keen to sell Volvo quickly to concentrate
on its core blue-badge brands.  The sale of the Swedish operation
would complete Ford's exit from European brands, the Times states.

BBC News discloses Volvo made a loss of US$736 million in the last
three months of 2008, while Ford's overall loss for the whole year
totaled US$14.6 billion.  BBC adds Ford and its Volvo unit have
sales and profits fall as the global economy has declined since
last summer.

Volvo and Saab were granted SEK28 billion (GBP2.3 billion, US$3.5
billion) from the Swedish government in December, BBC
recounts.

                       About Ford Motor

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

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

                           *     *     *

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

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


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


CAMENZIND CHEMIE: Creditors Must File Claims by March 30
--------------------------------------------------------
Creditors owed money by JSC Camenzind Chemie are requested to file
their proofs of claim by March 30, 2009, to:

         Matthias Camenzind
         Industriestrasse 22
         6301 Zug
         Switzerland

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


GTI HOLDING: Deadline to File Proofs of Claim Set March 30
----------------------------------------------------------
Creditors owed money by LLC GTI Holding are requested to file
their proofs of claim by March 30, 2009, to:

         Company Acton Treuhand Zug
         Innere Guterstrasse 4
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 11, 2009.


INNOVATIVE SOFTWARE: Claims Filing Period Ends March 30
-------------------------------------------------------
Creditors owed money by LLC Innovative Software Partner are
requested to file their proofs of claim by March 30, 2009, to:

         LLC Anita Alther Treuhand
         Ackerstrasse 27
         8266 Steckborn
         Switzerland

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


LICO LLC: Proof of Claim Filing Deadline is March 30
----------------------------------------------------
Creditors owed money by LLC Lico are requested to file their
proofs of claim by March 30, 2009, to:

         Gerhard Schadeli
         Juraweg 10
         3239 Dotzigen
         Switzerland

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


MOVIS PRECARE: Creditors' Proofs of Claim Due by March 30
---------------------------------------------------------
Creditors owed money by JSC Movis preCare are requested to file
their proofs of claim by March 30, 2009, to:

         JSC TBO Treuhand
         Steinstrasse 21
         8036 Zurich
         Switzerland

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


SPEEDY FINANZ: March 30 Set as Deadline to File Claims
------------------------------------------------------
Creditors owed money by LLC Speedy Finanz are requested to file
their proofs of claim by March 30, 2009, to:

         Stoffel Remo
         Gurtelstrasse 14
         7001 Chur
         Switzerland

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 26, 2008.


TC RADIOLOGIE-DIENST: Creditors Must File Claims by March 30
------------------------------------------------------------
Creditors owed money by JSC TC Radiologie-Dienst are requested to
file their proofs of claim by March 30, 2009, to:

         Alois Langenegger
         im Hagen 3
         6315 Oberageri
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 3, 2009.


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


* Fitch Says Turkish Corporates Face Increased Refinancing Risk
---------------------------------------------------------------
Fitch Ratings said in a comment that Turkish corporates face
increased challenges in refinancing outstanding foreign currency
debts with US$26.4 billion of foreign borrowings falling due this
year.

"The Turkish corporate sector is facing significant challenges in
refinancing outstanding foreign currency debts under the combined
weight of poor global liquidity, international investor
retrenchment from emerging markets, the impact of recession and a
weakened lira," said Raymond Hill, Senior Director and Head of
Emerging Markets Corporates at Fitch Ratings.

While the recent decline in the Turkish lira will in part help
defend export volumes and values as expressed in TRL, Fitch
believes that corporate revenues and operating cash flows are
likely to come under pressure as a result of economic contraction,
both within Turkey and in its major export markets.

These trends are likely to push up leverage levels and pressure
corporate ratings with respect to cash flow generation, leverage
and refinancing risk.  Companies with significant foreign currency
borrowings will experience a heightened degree of deterioration in
credit quality.

Those Turkish corporates considered by Fitch to have the most
material exposures to a depreciating TRL, as reflected in their
ratings, include Vestel Elektronik ('B'/Stable), Dogan Yayin
Holding ('B+' Negative), Dogus Holding ('BB-'((BB minus))/Stable),
Anadolu Efes Biracilik ('BB'/Stable) and Yasar Holding ('B'
/Negative), Hurriyet Gazetecilik ('BB-'/Negative), Coca Cola
Icecek ('BB'/Stable).


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


ASSET INVESTMENT: Creditors Must File Claims by April 10
--------------------------------------------------------
Creditors of LLC Asset Investment (EDRPOU 35976127) have until
April 10, 2009, to submit proofs of claim to:

         Post Office Box 72
         03115 Kiev
         Ukraine

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

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 Asset Investment
         P. Mirny St. 2/44
         01011 Kiev
         Ukraine


HOTEL-APARTMENT COMPLEX: Court Starts Bankruptcy Procedure
----------------------------------------------------------
The Economic Court of Odessa commenced bankruptcy supervision
procedure on LLC Hotel-Apartment Complex UKRAINE(EDRPOU 34321810).

The Temporary Insolvency Manager is:

         O. Spirkina
         Office 50
         Marshal Zhukov Avenue 85
         Odessa
         Ukraine

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65019 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Hotel-Apartment Complex Ukraine
         French Boulevard 54/23
         Odessa
         Ukraine


KREDITPROMBANK: Fitch Affirms Individual Rating at 'E'
------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Kreditprombank's ratings
and simultaneously withdrawn them.  Fitch will no longer provide
ratings or analytical coverage on this issuer.

Rating actions:

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

  -- Senior unsecured debt: rating of 'CCC'(expected) withdrawn

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

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

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

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

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


NADVORNAYA MOTORCAR: Creditors Must File Claims by April 10
-----------------------------------------------------------
Creditors of OJSC Nadvornaya Motorcar Transport Enterprise 12655
(EDRPOU 03117027) have until April 10, 2009, to submit proofs of
claim to:

         V. Lovas
         Insolvency Manager
         Office 22
         Hetman Mazepa St. 59
         76000 Ivano-Frankovsk

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No B-21/59.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko St. 16
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         OJSC Nadvornaya Motorcar Transport Enterprise 12655
         Pniv
         Nadvorniansky
         78431 Ivano-Frankovsk
         Ukraine


NAFTOGAZ NJSC: Fitch Comments on Gas System Investment and Reform
-----------------------------------------------------------------
Fitch Ratings said that significant investment and reform of NJSC
Naftogaz of Ukraine's ('B-'((B minus))/Rating Watch Negative) gas
transit system under the aegis of an EU-Ukraine agreement would at
best have a neutral credit impact on the company.  Proposed
changes would increase the transparency, efficiency and stability
of Naftogaz's transit operations, but consolidated leverage
following a capex expansion could increase significantly and core
credit problems such as a mismatch between gas costs and domestic
tariffs would remain.

On March 23, 2009, the European Commission, Ukraine, the European
Investment Bank, EBRD, and the World Bank announced the
possibility of multilateral financing for infrastructure renewal
of Ukraine's gas transit system, which is owned and operated by
Ukrtransgaz, a fully-owned subsidiary of Naftogaz.  The EC and the
multilateral institutions did not make any commitments to fund a
capex programme that Ukraine has estimated at US$5.55 billion, but
stated an intention to consider such funding following a due
diligence review of Naftogaz's proposed capex projects.  Most
importantly, a condition for any future funding would be
Naftogaz's adherence to the EU's 2003 gas unbundling directive,
pursuant to which gas transmission operators must run transparent,
open-access, fairly-priced gas systems that are functionally and
legally unbundled from network owners.

An open access gas transit system operating on the basis of non-
discriminatory terms and pricing would greatly increase
transparency at Naftogaz, which derived nearly half of its 2007
revenues from gas transit.  However, depending on how potential
multilateral lending is structured, the impact on Naftogaz's
leverage could be so significant as to counter-balance any
benefits from gas transit reform, resulting in a deterioration of
the company's credit quality.  The 2003 EU directive does not
require ownership unbundling and Fitch anticipates that a
functionally and legally unbundled Ukrtransgaz would remain fully
consolidated.  New debt-funded capex of US$5.55 billion would
increase Naftogaz's total debt over four times from the year-end
2007 level, significantly increasing the company's leverage.
Moreover, core credit problems such as inadequate domestic gas
tariffs and payments arrears by municipal customers would not be
addressed through improvements to the transit system's operation.

Fitch does not anticipate any credit impact from prospective
investment and restructuring at Ukrtransgaz until 2011.  Any
concrete changes will depend upon the adoption and implementation
of new Ukrainian gas sector legislation, and the presidential
elections in 2010 are likely to slow this process.  Furthermore,
OAO Gazprom ('BBB'/Negative) and Russia's Prime Minister, Vladimir
Putin, have expressed disappointment that the EC-Ukraine framework
agreement does not contemplate Russian involvement.  This suggests
some future negotiations with Russian partners will be necessary,
which would forestall swift implementation of an investment and
reform program at Ukrtransgaz.


QUANTA-FORUM LLC: Creditors Must File Claims by April 10
--------------------------------------------------------
Creditors of LLC Quanta-Forum (EDRPOU 35910574) have until
April 10, 2009, to submit proofs of claim to:

         Post Office Box 72
         03115 Kiev
         Ukraine

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

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 Quanta-Forum
         Nauka Avenue 119-b
         03083 Kiev
         Ukraine


SVITANOK AGRICULTURAL: Creditors Must File Claims by April 10
-------------------------------------------------------------
Creditors of Agricultural LLC Svitanok (EDRPOU 13561467) have
until April 10, 2009, to submit proofs of claim to:

         V. Sushkov
         Insolvency Manager
         Office 29
         Officer St. 12
         Zhitomir
         Ukraine

The Economic Court of Zhitomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 4/14-B.

The Court is located at:

         The Economic Court of Zhitomir
         Putiatinsky Square 3/65
         10002 Zhitomir
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Svitanok
         Shevchenko St. 8
         Stolpov
         Tchudnov
         13214 Zhitomir
         Ukraine


UKRAINIAN-MOLDAVIAN ENTERPRISE: Court Starts Bankruptcy Hearing
---------------------------------------------------------------
The Economic Court of Herson commenced bankruptcy supervision
procedure on LLC Ukrainian-Moldavian Enterprise Electrical Machine
(EDRPOU 31653535).

The Temporary Insolvency Manager is:

         O. Tsirkunova
         Office 4
         Gogol St. 11
         73000 Herson
         Ukraine

The Court is located at:

         The Economic Court of Herson
         Gorky St. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian-Moldavian Enterprise Electrical Machine
         Ushakov Avenue 72
         Herson
         Ukraine


UKRAINIAN-ISRAELI LLC: Creditors Must File Claims by April 10
-------------------------------------------------------------
Creditors of Ukrainian-Israeli LLC With Forein Investments Rubin-
Bud (EDRPOU 32616394) have until April 10, 2009, to submit proofs
of claim to:

         J. Sleptsova
         Insolvency Manager
         Post Office Box 2144
         49034 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No B29/186/04.

The Court is located at:

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

The Debtor can be reached at:

         Ukrainian-Israeli LLC with
         Forein Investments Rubin-Bud
         Slava boulevard 56/3
         49126 Dnepropetrovsk
         Ukraine


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


ALLIED CARPETS: Acquired by Sigma Capital Investments
-----------------------------------------------------
The Independent's James Thompson reports Sigma Capital Investments
has acquired Allied Carpets Group for an undisclosed sum.

Sigma Capital Investments, which is backed by wealthy US
investors, is likely to close some stores, the Independent says.

The Independent recalls Allied Carpets' French owner, Tapsi Saint-
Maclou, controlled by the Mulliez family, put the carpet retailer
up for sale before Christmas, hiring Lazard to handle the process.

Citing Retail Knowledge bank, the Independent discloses Allied
Carpets has struggled to compete with the market leader
Carpetright and has not made an operating profit for the past
eight years.

According to the Independent, Tapis Saint-Maclou, which acquired
Allied Carpets for GBP84.2 million in September 1999, has had to
inject GBP15 million of working capital into the business over
recent months.  The Independent notes more funding was required
before the end of this month.

Richard Fletcher at Telegraph.co.uk recounts Tapis Saint-Maclou
was forced to write off millions of pounds worth of loans after
the retailer incurred losses of more than GBP40 million over the
past decade.

The Independent relates in 2007, Allied Carpet made an operating
loss of GBP6.8 million on total sales of GBP206.9 million.

Allied Carpets Group -- http://alliedcarpets.co.uk/-- has over
220 stores throughout the UK.


CRAUFURD TECHNOLOGY: Appoints Joint Administrators from Tenon
-------------------------------------------------------------
S. J. Parker and C. D. Wilson of Tenon Recovery were appointed
joint administrators of Craufurd Technology Ltd. on March 13,
2009.

The company can be reached at:

         Craufurd Technology Ltd.
         135B Edinburgh Avenue
         Slough
         Berkshire
         SL1 4SW
         England


EMCC SOFTWARE: Taps Joint Administrators from BDO Stoy Hayward
--------------------------------------------------------------
Patrick A Lannagan and Dermot Justin Power of BDO Stoy Hayward LLP
were appointed joint administrators of EMCC Software Ltd. on
March 12, 2009.

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

         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


FORD MOTOR: To Increase UK Prices on Weak Pound
-----------------------------------------------
Ford Motor Co. in a March 24 statement said the continued weakness
of the pound against the euro, which this week edged even closer
to parity, has forced the company to increase the price of all its
models within the UK from the start of April 2009.  The price
increase, an average of 3.75 per cent, will apply to all new
orders received after March 31.

"We are reacting to the continued decline of the pound against the
euro", said Nigel Sharp, managing director Ford of Britain.
"Raising prices in such difficult times may seem counter-
intuitive, but as a UK business with so many of our costs priced
in euros, we have no choice if we are to protect jobs and remain
viable.

"The euro has strengthened 30 per cent in the past 18 months," Mr.
Sharp added "and 18 per cent in last 12 months alone.  The
weakness of the pound had a huge negative impact –- well into nine
figures -– on Ford's UK business in 2008."

He also warned that price-inflationary pressure would continue to
be an issue for all UK-based businesses whose costs were incurred
in euros until Sterling strengthened.

Prices for Ford cars will rise by an average of 3.75 per cent,
starting at an extra GBP50 on a Ford Ka and extending to GBP1,000
on a Focus Coupe Cabriolet.

                       About Ford Motor

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

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

                           *     *     *

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

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


JJB SPORTS: Dave Whelan Buys Fitness Club Business for GBP83.4MM
----------------------------------------------------------------
JJB Sports plc has sold its fitness club business to the group's
founder Dave Whelan for GBP83.4 million (US$121.4 million),
Reuters' James Davey and Ben Deighton report.

According to the report, JJB said proceeds of the sale will be
used to reduce its debt and eventually to fund its working capital
requirements.  The company, the report discloses, owes about GBP60
million to its lenders, Barclays, Lloyds (formerly HBOS) and
Kaupthing Singer & Friedlander .

JJB, the report relates, has also secured an agreement from its
lenders to extend standstill arrangements on its loans until it
can strike a deal with the landlords of its closed stores.  The
latest extension to its standstill deal with lenders expired on
Tuesday, the report notes.

JJB, the report states, is proposing a company voluntary
arrangement (CVA) to compromise claims of landlords of
approximately 140 closed retail stores and temporarily vary the
terms of the leases of approximately 250 open retail stores to
permit monthly rent payments.  JJB, as cited by the report, said
all March quarterly rents will be paid in full.  Reuters notes
analysts estimate the company's March quarterly rents at GBP15
million to GBP20 million.

JJB, the report says, will secure a short term GBP25 million term
loan with Barclays and a medium term GBP25 million working capital
facility with Lloyds if it successfully reach a CVA deal with
landlords.

The report meanwhile says JJB has fired its Chief Executive
Christopher Ronnie while Finance Director David Madeley has
resigned.

                        About JJB Sports

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


J S BRAMLEY: Appoints Joint Administrators from PwC
---------------------------------------------------
Nicholas Edward Reed and Ian David Green of PricewaterhouseCoopers
LLP were appointed joint administrators of J.S. Bramley (Leeds)
Ltd. on March 13, 2009.

The company can be reached at:

         J.S. Bramley (Leeds) Ltd.
         5 Cromwell Park
         York Road
         Wetherby
         West Yorkshire
         LS22 7SU
         England


LFE MATERIALS: In Administration; Vantis Appointed
--------------------------------------------------
LFE Materials Handling Limited, the Coventry based designer,
manufacturer and supplier of bespoke containers, went into
administration on March 17, 2009, with the appointment of Beverley
Marsh and Geoff Rowley, Client Partners at Vantis Business
Recovery Services (BRS), a division of Vantis, the UK accounting,
tax and business advisory group, as joint administrators.

The company was forced into administration as a result of a
significant bad debt, leading to working capital problems.  LFE
Materials Handling Limited turns over approximately GBP2 million
per annum and employed 29 staff at its base in Coventry.
Unfortunately, as a result of severe cash flow pressures, the
administrators were forced to make 11 staff redundant on March 18.

Commenting on the case, Beverley Marsh said: "To ensure we were
able to continue to trade the business, which we are now doing, it
was sadly necessary to make a number of redundancies.  We are now
also carrying out targeted marketing activity to secure a sale of
the company.  We have received very positive comments from
customers and have already had expressions of interest from a
number of parties, including the existing management team."


MARTIN KLEISER: Brings in Joint Administrators from Tenon Recovery
------------------------------------------------------------------
Gareth W. Roberts and Robert C. Keyes of Tenon Recovery were
appointed joint administrators of Martin Kleiser Ltd. on March 11,
2009.

The company can be reached at:

         Martin Kleiser Ltd.
         9 London End
         Beaconsfield
         Bucks
         HP9 2HN
         England


NJW DEVELOPMENTS: Taps Joint Administrators from BDO Stoy
---------------------------------------------------------
Patrick A Lannagan and Francis Graham Newton of BDO Stoy Hayward
LLP were appointed joint administrators of NJW Developments Ltd.
on March 12, 2009.

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

         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


RILEYS: In Administration; Sold to Valiant Sports
-------------------------------------------------
The Press Association reports that Milton Keynes-based pool and
snooker clubs firm Rileys has gone into administration, resulting
in the loss of 200 jobs.

Rileys, the Press Association relates, called in administrators
Ernst & Young after experiencing tough trading difficulties due to
a downturn in trade and a heavy debt burden.  According to Times
Online's Dominic Walsh, the company, which reported a loss on
turnover of about GBP50 million last year, racked up debts of
GBP18 million.  Times Online recounts the smoking ban, the changes
to rules on high jackpot gaming games and the recession hit the
company's sales.

Riley's assets were sold to Valiant Sports, a company which
includes some of the firm's existing directors, the Press
Association discloses.  Valiant, Times Online says, is backed by
Greenhill Capital Partners Europe and North Atlantic Value, the
previous owners of Rileys.

Citing joint administrator Simon Allport, the Press Association
notes under the deal 129 sites will continue to trade, and the
brand and 1,200 jobs will be preserved.  However, 30 sites would
close, Blackburn, Glasgow, Peterborough, Oxford, Clapham
in London, Northampton and Wakefield, the Press Association adds.

Times Online discloses according to Maurice Kelly, chief executive
of Rileys, who is leading the deal, the company’s position had not
been helped by the collapse of Kaupthing, the Icelandic bank that
had supplied its GBP18 million of debt funding.

"The purchase of the viable assets by Valiant Sports was the only
option," Times Online quoted Mr. Kelly as saying.

Valiant, Times Online states, hoped to start talks with the
landlords of the 30 unviable clubs with a view to reopening some
of them on new lease terms.

The Press Association recalls Greenhill Capital and North Atlantic
bought Rileys under the consortium name Crucible from leisure
group Georgica for GBP34.1 million in 2007.


SAFETY QUEST: Wound-Up by High Court
------------------------------------
A fraudulent wholesaling company has been wound-up by the High
Court in Manchester following an investigation by the Companies
Investigation Branch (CIB) of the Insolvency Service.

Safety Quest Limited, based in Ashton-under-Lyne, Lancashire
apparently carried on business between February and September 2008
during which time it filed bogus accounts in order to obtain
supplies on credit.

CIB's investigation found that the company's officers were
untraceable and the company's trading premises had been abandoned.
Bogus accounts had been filed at Companies House showing turnover
for the years 2005, 2006 and 2007 between GBP3.5 million and
GBP5.2 million.  Between February and September 2008, 23 credit
searches had been carried out by prospective suppliers but, in the
absence of trading records, investigators were unable to establish
the value of goods delivered to the company.

The Court found that the company had filed false accounts and
false information at Companies House, was insolvent, had been
abandoned and that it had failed to comply with various
requirements under the Companies Act 1985.

The registered office of Safety Quest Limited was at Unit 5
Grosvenor Mill Business Centre, Grosvenor Street, Ashton-under-
Lyne, Lancashire OL7 0RG.  The company was incorporated in
February 2004.

All public inquiries concerning the affairs of the company should
be made to:

         The Official Receiver
         Public Interest Unit North
         Second Floor
         3 Piccadilly Place
         Manchester M1 3BN
         Tel: 0161 234 8500
         Email: piu.north@insolvency.gsi.gov.uk


TREBORTH GARDEN: Goes Into Administration
-----------------------------------------
Bangor-Wales based Treborth Garden Nurseries has gone into
administration, May Clarke at gleewire reports citing The Bangor
Mail.

The garden center, the report relates, has closed after the
business went into administration last Monday.

The report notes according to the Horticultural Trades
Association, the garden center ran into cashflow problems.


U P M MACHINERY: Appoints Administrators from Tenon Recovery
------------------------------------------------------------
Robert C. Keyes and Gareth W. Roberts of Tenon Recovery were
appointed joint administrators of U.P.M. Machinery Sales Ltd. on
March 10, 2009.

The company can be reached at:

         U.P.M. Machinery Sales Ltd.
         3 Brook Business Centre
         Cowley Mill Road
         Cowley
         Uxbridge
         Middlesex
         UB8 2FX
         England


WIDNEY PRESSINGS: Calls in Joint Administrators from BDO Stoy
-------------------------------------------------------------
Toby Scott Underwood and Christopher Kim Rayment of BDO Stoy
Hayward LLP were appointed joint administrators of Widney
Pressings Ltd. on March 12, 209.

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

         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5RU
         England


WINTON RETIREMENT: Taps Joint Administrators from BDO Stoy
----------------------------------------------------------
Geoffrey Stuart Kinlan and David Harry Gilbert of BDO Stoy Hayward
LLP were appointed joint administrators of Winton Retirement Homes
Ltd. on March 11, 2009.

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

         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England


* UK: Prospects for Retail Sector Remain Tough, Begbies Says
------------------------------------------------------------
Research from Begbies Traynor, the rescue, recovery and
restructuring specialist, shows that conditions have continued to
worsen during the last three months in the Retail sector.

The Red Flag Alert early warning system for the period December
2008 to February 2009 shows that retail companies with critical
problems have increased by an average 22% month on month, while
actual insolvencies show an average 19% month on month increase.

Against this backdrop of worsening conditions for retailers, the
concern is that the large quarterly rent payment might be enough
to push a lot more retail companies -– where rent is a significant
cost –- into insolvency.

In addition, this quarter is traditionally seen as the toughest in
the annual calendar due to the seasonally weak trading period
between January and March.  The tough quarter will no doubt be
further exacerbated this year by the late timing of the important
Easter trading period (Easter Sunday falls on April 12, 2009 vs.
March 23 in 2008).

Easter trading is typically the single most important weekend of
the year for DIY and gardening stores, quickly followed by two
more key weekends –- the May bank holidays.  This group of
retailers in particular will be crossing their fingers in coming
weeks for a combination of good weather and consumer confidence
holding up against the odds.

Nick Hood, Partner at Begbies Traynor, commented: "The prospects
for the retail sector remain tough.  Two new challenges are now
impacting them, namely the continuing weakness of sterling, which
is forcing up costs at the worst possible time, and the deluge of
negative news on jobs, which continues to savage consumer
confidence.

Landlords offering monthly rent payment as an alternative to
quarterly payment can only be a short-term, one-off cash flow
palliative which will not cure the retail patient.  The continuing
unwillingness of landlords to consider either lower rents or
turnover rents to help their struggling tenants is understandable,
but unhelpful to retailers.

While the failure rate among major store chains may not reach the
crisis levels of the festive season, we are still likely to see
insolvencies of well known retail chains in the high single digits
over the next three months."


* EUROPE: Fitch Takes Rating Actions on Five Public Automakers
--------------------------------------------------------------
Following a review by Fitch Ratings of its five publicly rated
European car manufacturers, the ratings of one manufacturer are
affirmed with the Outlook revised to Negative from Stable, three
downgraded and the ratings of one remaining on Rating Watch
Negative.

The rating actions reflect Fitch's revised forecasts for European
car manufacturers and expectations for industry growth over the
next two years.  These, in turn, are driven by the agency's macro-
economic assumptions for economic growth in 2009 and 2010.  Fitch
is increasingly concerned about the extent of manufacturers'
falling profitability and the potential for accelerated cash
consumption in the next two years, and the consequent potential
for heightened volatility in financial metrics.  While Fitch has
employed conservative forecasts, the distribution of possible
outcomes for revenues and operating cash flow is still biased
towards the downside.

* Daimler AG:

  -- Outlook changed to Negative from Stable, Long-term Issuer
     Default Rating (IDR) and senior unsecured debt affirmed at
     'BBB+', Short-term IDR affirmed at 'F2';

* Fiat Spa:

  -- Long-term IDR and senior unsecured debt downgraded to 'BB+'
     from 'BBB-' (BBB minus), Short-term IDR downgraded to 'B'
     from 'F3', all removed from Rating Watch Negative.  A
     Negative Outlook is assigned;

* Peugeot SA:

  -- Long-term IDR and senior unsecured debt downgraded to 'BB+'
     from 'BBB-' (BBB minus), Short-term IDR downgraded to 'B'
     from 'F3', Outlook Negative;

* Renault SA:

  -- Long-term IDR and senior unsecured debt downgraded to 'BB'
     from 'BBB-' (BBB minus), Outlook Negative;

* Volkswagen Group:

  -- Long-term IDR and senior unsecured debt: 'BBB+', Short-term
     IDR: 'F2'- all remain on Rating Watch Negative.

In particular, Fitch's analysis has focused on the companies'
expected relative 'exit' profiles from the current downturn,
including expected increases in leverage and their capacity to
take advantage of a return to trend-levels of economic growth.
Fitch is concerned that financial profiles for some companies will
be structurally weaker at the end of a long period of recession,
with recovery to prior levels of financial strength potentially a
medium- or longer-term prospect.  Fitch will issue reports on the
above-mentioned companies in the coming days to comment further on
rating rationales and guidelines.

While issuer-specific concerns exist, the predominance of Negative
Outlooks relates to factors common to all industry participants.

Market environment:

Car sales are expected to decline by more than 15% in Europe in
2009 and are likely to continue falling in 2010, although to a
much lesser extent.  The picture is similar in the US, with sales
expected to fall 20% to 10.5m units in 2009.  While emerging
markets had a supporting effect on global car sales in 2007 and
2008, they are expected to suffer substantially in 2009, with
double-digit declines in Russia or Brazil for example.  In
addition, lower availability of credit is expected to compound the
underlying lower demand for cars from lower consumer spending and
confidence.  The effect of scrapping incentives for old cars
implemented in several countries in Europe may mitigate the
severity of negative underlying demand for new vehicles and should
limit the extent of the downturn in the short term.  However,
Fitch believes that demand is brought forward rather than
stimulated in absolute terms.  Looking at previous experiences in
the US or Europe, a pay-back effect is likely when incentives
stop.

Liquidity:

Despite forecasting an aggregate 2009 negative free cash flow for
industrial operations of over EUR12 billion for the rated groups,
cash and cash equivalent, credit lines, current or expected
renewals of bank debt are deemed sufficient at this point to cover
short-term liquidity needs and projected cash burn for the
industry.

Profitability will be negatively impacted by the declining demand
because of lower fixed cost absorption and by the expected lower
product mix.  In addition, car manufacturers are likely to suffer
collectively from increasing pressure on and rising default risks
from automotive suppliers.  Direct cash injection into distressed
suppliers or more favorable payment terms will have a negative
impact on auto manufacturers' working capital and cash-flows.
Despite the benefits of production cuts, companies could thus face
further negative working capital changes as a result of weaker
trade credit terms, extension for support to suppliers, lower
payables and/or increased inventories.

Financial services subsidiaries are also expected to contribute
much less to manufacturers' earnings and cash generation in 2009
and 2010.  On the contrary, rising refinancing costs and reduced
access to capital markets may pose refinancing issues for the
weakest groups.  Fitch notes that continued extension of liquidity
by the ECB against asset-backed instruments is a partial
mitigating factor in this regard.  Several FS operations will
nonetheless suffer from falling residual values on leased vehicles
and post further provisions, hurting their operating margins in
the short term and their cash generation in the medium term as the
risk materializes.

Although liquidity risk remains a concern for manufacturers' FS
operations, Fitch has not identified a particular near-term risk
of default for any of the European original equipment
manufacturers.  The agency believes also that FS operations can
reduce their loan books to improve their refinancing needs. ]
Maturing FS short-term assets also cover a large part of the FS
short-term debt.  However, access of FS subsidiaries to liquidity
remains exposed to a variety of key risks, including further
deterioration in bank credit availability and any variation in
policy measures for asset-backed instruments by the ECB.

Government support thus far has supported groups' liquidity, but
has not, and is not guaranteed in the future, to fully mitigate
the relative deterioration in underlying profiles.  Fitch will
review and assess the impact of government support in a coming
special comment.

Outlook:

Not all companies will be affected to the same extent, and this
relative position is reflected in the rating actions.  Further
cost saving efforts and restructuring measures will be essential
to limit the extent of the downside.  All companies have announced
a clear focus on cash preservation in 2009, including cuts in
capex, reduced or no dividends for 2009 and asset disposals to
boost liquidity.  New alliances and/or strategic co-operations are
likely to materialize, reshaping the sector in the next 2-3 years.
The impact on credit profiles from such developments is as yet
uncertain and will be assessed on a case-by-case basis.


* BOOK REVIEW: Financial Planning for High Net Worth Individual
---------------------------------------------------------------
Authors:    Richard H. Mayer and Donald R. Levy
Publisher:  Beard Books
Paperback:  428 pages
List Price: US$59.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982323/internetbankrupt

Financial Planning for High Net Worth Individuals by Richard H.
Mayer and Donald R. Levy is a comprehensive and authoritative
guide to the art and science of wealth management.

It is a source book that wealth management advisers can turn to
when looking for in-depth answers.

Collected here are the insights of expert advisers, presented in a
thoughtful and thorough manner on the vital aspects of financial
management.

This book is for high net worth individuals as well as for every
serious wealth management professional.

Richard H. Mayer, Chartered Life Underwriter, Registered
Investment Advisor.  Mr. Mayer has more than 40 years of
experience in the insurance industry where he specializes in
advising high net worth individuals and in developing executive
compensation plans.

Donald R. Levy, JD, MBA, is an attorney and benefits consultant.
Mr. Levy has authored or edited a number of books including the
Research Institute of America Answer Book, Executive Compensation
Treatise, 403(b) Answer Book, Guide to Cash Balance Plans, Quick
Reference Guide to IRAs, and the State-by-State Guide to Managed
Care Law.

                            *********

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 * * *