TCREUR_Public/090330.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

            Monday, March 30, 2009, Vol. 10, No. 62

                            Headlines

A U S T R I A

GEBR. THEIL: Claims Registration Period Ends April 6
LTH LLC: Claims Registration Period Ends April 1
PLATON FENSTERBAU: Claims Registration Period Ends April 1
SCHALA LLC: Claims Registration Period Ends April 1


B E L A R U S

B&B INSURANCE: A.M. Best Affirms C++ Fin'l Strength Rating


F R A N C E

AMERICAN INT'L: Two Managers at Paris Unit Step Down
AIR FRANCE: Warns EUR200 Mln Operating Loss This Year
NATIXIS SA: Traders Get EUR90 Mln in Bonuses
VALEO SA: Ex-Chief's EUR3.2 Mln Exit Bonus Critiziced


G E O R G I A

* GEORGIA: IMF Approves US$186.6 Million Disbursement


G E R M A N Y

4 U COMMUNICATION GMBH: Claims Registration Period Ends April 24
BAYERISCHE LANDESBANK: Fitch Downgrades Individual Rating to 'D/E'
BLOCK-TEC GMBH: Claims Registration Period Ends April 29
BS SPORTREKLAME: Claims Registration Period Ends May 6
EK MOEBELELEMENTE: Claims Registration Period Ends May 5

HYPO REAL: Faces Default Risk of Up to 60% of Assets
HYPO REAL ESTATE: DBRS Puts 'B' Rating on TruPS Under Review
PMK METALLKONSTRUKTIONS: Claims Registration Period Ends May 29
QIMONDA AG: Seeks Potential Investors in Taiwan and Russia


G R E E C E

DRYSHIPS INC: Reports US$1.02 Bln Loss for Fourth Quarter 2008
MARFIN INVESTMENT: S&P Gives Stable Outlook; Affirms 'BB' Rating


H U N G A R Y

* HUNGARY: IMF Approves EUR2.35 Billion Disbursement


I R E L A N D

CORSAIRFINANCE NO 6: S&P Lifts Rating on Notes to 'AA+' from 'B-'
SVG DIAMOND: Moody's Cuts Ratings on Two Classes of Notes to Low-B


I T A L Y

IT HOLDING: S&P Withdraws 'D' Long-Term Corporate Credit Rating


K A Z A K H S T A N

ALLIANCE BANK: S&P Cuts Counterparty Credit Rating to 'C/C'
ASIA TORG: Creditors Must File Claims by May 1
BAT COTTON: Creditors Must File Claims by May 1
BTA BANK: S&P Cuts Counterparty Credit Rating to 'C/C'
BTA IPOTEKA: S&P Downgrades Counterparty Credit Rating to 'C/C'

CARDINAL CORPORATION: Creditors Must File Claims by May 1
JAISAN LLP: Creditors Must File Claims by May 1
KAZ HOLDING: Creditors Must File Claims by May 1
MAIRA LLP: Creditors Must File Claims by May 1
NIMIR HOLDINGS: Creditors Must File Claims by May 1

OZAT ESKER: Creditors Must File Claims by May 1
ROZOVY FLAMINGO: Creditors Must File Claims by May 1
TEMIRBANK JSC: S&P Cuts Counterparty Credit Rating to 'C/C'
VK PROM: Creditors Must File Claims by May 1


K Y R G Y Z S T A N

HAN-TENGRI INSURANCE: Creditors Must File Claims by April 10
PHARM CONSULTING: Court Names Insolvency Manager


L U X E M B O U R G

ASHWELL RATED: S&P Lifts Rating on EUR50MM Notes to 'A+' from 'B-'
TENZING CFO: Moody's Cuts Ratings on 5 Classes of Notes to Low-B


N E T H E R L A N D S

CREDIT EUROPE: Moody's Cuts Bank Financial Strength Rating to 'D'
DEMIR-HALK BANK: Moody's Lowers Financial Strength Rating to 'D'


N O R W A Y

NORSKE SKOG: To Buy Back US$150 Million of October 2011 Bond Loan
NORSKE SKOG: S&P Retains 'BB-' Rating on Repurchase Offer


R O M A N I A

* ROMANIA: EUR12.95 Billion IMF Loan Agreed


R U S S I A

BELORETSKIY LESOKOMBINAT: Creditors Must File Claims by May 13
BRATYA-STROY LLC: Court Names Temporary Insolvency Manager
ELEKTRONIKA OJSC: Creditors Must File Claims by May 13
GALLERY MEDIA: Moody's Cuts Corporate Family Rating to 'Caa2'
MEGA-STROY LLC: Creditors Must File Claims by May 13

SERVIS-M LLC: Creditors Must File Claims by April 13
SIBIRTELECOM OAO: Fitch Affirms LT Issuer Default Rating at 'B+'
STEKLO-FIN LLC: Court Names Temporary Insolvency Manager
TRANS-LES-KOM LLC: Creditors Must File Claims by May 13
UNECH-MASLO-ZAVOD OJSC: Creditors Must File Claims by May 13

VTOR-TSVET-MET PLANT: Creditors Must File Claims by April 13
WOOD-PROCESSING COMPANY: Creditors Must File Claims by April 13

* Fitch Takes Various Rating Actions on Nine Russian Banks


S E R B I A   &   M O N T E N E G R O

* SERBIA: Enhanced Stand-By Arrangement Agreed with IMF


S W I T Z E R L A N D

AKZENTSWISS.CH LLC: Creditors Must File Claims by March 31
BAUSCHREINEREI AEGERI: Deadline to File Claims Set March 31
BRYNER LLC: Creditors Have Until March 31 to File Claims
CEDIX LLC: Proofs of Claim Filing Deadline is March 31
G & H GRIEDER: Creditors' Proofs of Claim Due by March 31

METSO MINERALS: March 31 Set as Deadline to File Claims
WIGET & PARTNER: Creditors Must File Proofs of Claim by March 31


U K R A I N E

ADELISK LLC: Creditors Must File Claims by April 11
DAFI-BUILDING PLUS LLC: Court Starts Bankruptcy Procedure
GULIAYPOLE FOOD: Creditors Must File Claims by April 11
HORK LLC: Court Starts Bankruptcy Supervision Procedure
IKVA AGRICULTURAL: Creditors Must File Claims by April 11

L-O-K LLC: Court Starts Bankruptcy Supervision Procedure

* UKRAINE: Default on Foreign Debt Unlikely, Prime Minister Says


U N I T E D   K I N G D O M

AMERICAN INT'L: Posted Collateral on Rented Property in U.K.
BUSINESS LTD: Appoints Joint Administrators from BDO Stoy Hayward
EBTM PLC: Taps Joint Administrators from BDO Stoy Hayward
ELMWALK SERVICES: Appoints Administrators from Tenon Recovery
FORBURY HOTEL: Calls in Joint Administrators from Baker Tilly

GLOBAL TRADER: Unsecured Creditors to Get 68 Pence in the Pound
GREENCYCLE PLC: In Administration; KPMG Appointed
LEVERAGEDFINANCE EUROPE: S&P Cuts Rating on Class D Notes to 'B'
MILLENNIUM COMMUNICATIONS: Andrew Appleyard Named Liquidator
PORTHMADOG SERVICES: Appoints Joint Liquidators from PKF

SONGBIRD ESTATES: At Risk of Breaching Loan Covenants
WATERFORD WEDGWOOD: KPS Capital Acquires Certain Assets

* UK: Second Mortgage Business Badly Hit by Credit Crunch
* IVA Could Help Struggling Borrowers Avoid Bankruptcy

* BOND PRICING: For the Week March 23 to March 27, 2009


                         *********


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


GEBR. THEIL: Claims Registration Period Ends April 6
----------------------------------------------------
Creditors owed money by LLC Gebr. Theil (FN 263126a) have until
April 6, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Georg Buder
         Bethlehemstrasse 3
         4020 Linz
         Austria
         Tel: 0732/771877
         Fax: 0732/77187718
         E-mail: moerth.buder@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 20, 2009, for the
examination of claims at:

         Land Court of Linz (458)
         Room 522
         Linz
         Austria

Headquartered in Ansfelden, Austria, the Debtor declared
bankruptcy on Feb. 18, 2009, (Bankr. Case No. 12 S 18/09).


LTH LLC: Claims Registration Period Ends April 1
------------------------------------------------
Creditors owed money by LLC LTH Neubauer (FN 278299p) have until
April 1, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Werner Stanek
         Wollzeile 33/20
         1010 Vienna
         Austria
         Tel: 512 29 02
         Fax: 512 29 02 30
         E-mail: werner-stanek@chello.at

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

         Trade Court of Vienna (007)
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 25, 2009, (Bankr. Case No. 38 S 11/09h).


PLATON FENSTERBAU: Claims Registration Period Ends April 1
----------------------------------------------------------
Creditors owed money by LLC Platon Fensterbau (FN 278229k) have
until April 1, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39 Serie
         Fax: 533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at

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

         Trade Court of Vienna (007)
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 20, 2009, (Bankr. Case No. 38 S 6/09y).


SCHALA LLC: Claims Registration Period Ends April 1
---------------------------------------------------
Creditors owed money by LLC Schala (FN 305777y) have until
April 1, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Andrea Simma
         Favoritenstrasse 22/12a
         1040 Vienna
         Austria
         Tel: 504 64 08
         Fax: 504 64 08 22
         E-mail: simma@mitrecht.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 15, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 25, 2009, (Bankr. Case No. 38 S 10/09m).


=============
B E L A R U S
=============


B&B INSURANCE: A.M. Best Affirms C++ Fin'l Strength Rating
----------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of C++
(Marginal) and the issuer credit rating of "b+" of B&B Insurance
Co., OJSI (B&B) (Belarus).  The outlook for both ratings is
stable.

The ratings reflect the company's weak although improving
risk-adjusted capitalization, despite limited financial
flexibility and moderate financial performance with volatile
underwriting performance.

A.M. Best believes that B&B's weak risk-adjusted capitalization is
improving mainly due to substantial unrealized capital gains on
real estate.  A.M. Best believes that the improving capital
position is supportive of projected growth of around 10%-15% per
annum in 2009 and 2010.  The prospective risk-adjusted
capitalization remains strained due to limited financial
flexibility and high dividend payments (around 20% of retained
profit).  In addition, A.M. Best is of the opinion that despite
the increased level of protection due to a newly adopted
reinsurance program, the capital might be negatively impacted
in the event of a major catastrophic event.  There are also
increased levels of credit risk, as from 2008 all outward
reinsurance is transacted through a non-rated Belarusian National
Reinsurance Organisation.

B&B's overall operating performance has been consistently
positive; however, it is heavily dependent on investment income
results, which mainly derive from rental and interest income. Once
the final 2008 results under International Financial Reporting
Standards are published, the company's technical results are
likely to be negative, despite its moderate underwriting
performance, with a combined ratio of below 95% and loss ratio of
69%.  A.M. Best believes that the company's underwriting
performance will remain at a moderate level; however, the loss
ratio is likely to be volatile as a result of its
decision to increase the retention level from US$1 million to
US$1.5 million, as well as the share of accepted inward
reinsurance.


===========
F R A N C E
===========


AMERICAN INT'L: Two Managers at Paris Unit Step Down
----------------------------------------------------
American International Group, Inc., has named AIG Executive Vice
President Rodney O. Martin, Jr., as Chairperson of its
International Life and Retirement Services unit.

In his new role, Mr. Martin will be responsible for AIG's
international life and retirement businesses, including American
International Assurance Company Limited (AIA), American Life
Insurance Company (ALICO), AIG Star Life Insurance Co., Ltd., AIG
Edison Life Insurance Company, and Nan Shan Life Insurance
Company, Ltd.  In addition Mr. Martin will serve as Chairperson of
ALICO and Chairperson of AIA.  Mr. Martin reports directly to AIG
Chairman and CEO Edward M. Liddy.

Mr. Martin will assume these additional responsibilities following
the retirement of AIG Senior Vice Chairperson and AIG Board member
Edmund Tse, 71, who has served 48 years in key roles with AIG and
was the principal architect of AIG's global life insurance
platform.  Mr. Tse will step down at AIG's Annual Meeting of
Shareholders, scheduled for May 13.  He will continue to serve as
Honorary Chairperson of AIA and Non-Executive Chairperson of both
Nan Shan and the Philippine American Life and General Insurance
Company (Philamlife).

Mr. Tse began his career at AIG in 1961 when he joined AIA in Hong
Kong.  He was named President and Managing Director of Nan Shan in
1975, President and CEO of AIA in 1983, Chairperson of Nan Shan in
1990, and Chairperson and CEO of AIA in 2000.  He was elected to
the AIG Board of Directors and appointed Vice Chairperson in 1997
and Senior Vice Chairperson in 2001.  Mr. Tse served as AIG Co-
Chief Operating Officer from 2002 to 2003.  He was the first
Chinese executive to be elected to the Insurance Hall of Fame, the
most prestigious award in the insurance industry.

Mr. Martin was elected Chairperson and Chief Executive Officer of
ALICO and Chief Operating Officer of AIG's Worldwide Life
Insurance in 2006, and AIG Executive Vice President Life Insurance
in 2002.  Prior to that, Mr. Martin had served as President and
CEO of AIG American General following AIG's acquisition of
American General Corporation in 2001 and as Senior Vice Chairman,
Financial Services, responsible for American General's life
insurance and consumer lending operation.  He joined American
General as President in 1995 after spending 20 years in the life
insurance business.

Mark Wilson, currently President and COO of AIA, has been named
President and Chief Executive Officer of AIA, also effective upon
Mr. Tse's retirement.  He will report to Mr. Martin.  Both Mr.
Martin's and Mr. Wilson's appointments are subject to regulatory
approval.

AIG's domestic life and retirement businesses will continue under
the leadership of AIG Senior Vice President, Life Insurance,
Matthew Winter, and AIG Executive Vice President, Retirement
Services, Inc.  Jay S. Wintrob. Mr. Winter and Mr. Wintrob will
continue to report directly to Mr. Liddy.

Commenting on the contributions made to AIG by Mr. Tse, AIG
Chairperson and CEO Liddy said, "Edmund Tse's leadership, wisdom
and vision will be greatly missed.  He has set an example of how
change can represent opportunity, and I have personally
appreciated his counsel.  I am especially pleased he has agreed to
continue serving AIG in non-executive roles with AIA, Nan Shan,
and Philamlife.  We are fortunate to have Rod Martin and the rest
of the experienced leadership team in life and retirement services
to carry on the tradition of success established by Edmund."

             Two Managers of Paris Unit to Leave Firm

Citing people familiar with the matter, Liz Rappaport, Liam
Pleven, and Carrick Mollenkamp at The Wall Street Journal report
that Mauro Gabriele and James Shephard, top managers in AIG's
Paris-based Financial Products unit Banque AIG have resigned,
leaving the Company and its officials scrambling to replace them
to avoid an unlikely but expensive situation in which billions of
dollars in AIG trading contracts could default.



According to WSJ, the sources said that Messrs. Gabriele and
Shephard have resigned in recent days but have agreed to stay on
for a transition.  WSJ notes that AIG must replace Messrs.
Gabriele and Shephard to the satisfaction of French banking
regulators.  AIG said that its lead U.S. overseer, the Federal
Reserve, is talking with French regulators and AIG officials to
deal with the consequences of a complicated legal scenario in
which the departures of Messrs. Gabriele and Shephard could
trigger defaults in US$234 billion of derivative transactions, WSJ
relates.

WSJ notes that had Messrs. Gabriele and Shephard not agreed to
stay, French regulators might have appointed a designee to manage
Banque AIG, which could trigger defaults under the bank's
derivative contracts.  WSJ, citing a person familiar with the
matter, states that under private contracts, a regulator's
appointment of a manager constitutes a change in control and the
provision is often included in derivative contracts where parties
want to preserve a way out if something about their counterparties
changes.

Citing AIG, WSJ states that defaults could force European banks
involved in the trades to raise billions in capital to cushion
potential losses.  The report says that those banks used Banque
AIG to hedge the risk in some of the assets they own, letting them
hold less capital against those assets, which could include
securities like mortgages and corporate debt.

Based in New York, American International Group, Inc. (AIG), is
the leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on September 8, 2008, to
US$4.76 on September 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On September 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At September 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since September 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to September 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, US$40 billion of newly issued
AIG perpetual preferred shares and warrants to purchase a number
of shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At September 30, 2008, AIG had US$1.022 trillion in total
consolidated assets and US$950.9 billion in total debts.
Shareholders' equity was US$71.18 billion, including the addition
of US$23 billion of consideration received for preferred stock not
yet issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
US$62 billion for the fourth quarter and $99 billion for the full
year of 2008, along with a revised restructuring plan supported by
the US Treasury and the Federal Reserve.  This concludes a review
for possible downgrade that was initiated on September 15, 2008.


AIR FRANCE: Warns EUR200 Mln Operating Loss This Year
-----------------------------------------------------
Air France-KLM Group said it may post an operating loss of about
EUR200 million (US$271 million) for the year ending March 31
instead of a profit it had predicted on Feb. 13 due to the global
recession and collapse in air travel, Bloomberg News reports.

The carrier, the report relates, also expects another net loss in
the next fiscal year along with about 6 percent decrease in
revenue.

Traffic has suffered a sustained decline this year and the first
few weeks of March, usually one of the strongest periods, showed a
further drop, Chief Executive Officer Pierre-Henri Gourgeon said
in a company statement obtained by the news agency.

The report recalls Air France said in February it would eliminate
as many as 2,000 jobs after lower ticket revenue and dwindling
cargo volumes pushed to a EUR505 million net loss in the three
months ended Dec. 31.

Air France-KLM (OTC:AFLYY) --  http://www.airfranceklm-
finance.com/ -- is an airline company.  The Company's core
business is passenger transportation.  Its activities also include
cargo, aeronautics maintenance and other air-transport related
activities, including principally catering and charter services.
The Company's business segments comprise: passenger, cargo,
maintenance and others.  The Company operates in five geographical
regions: Europe and North Africa; Caribbean, French Guiana and
Indian Ocean; Africa, Middle East; Americas, Polynesia; Asia and
New Caledonia.  As of March 31, 2008, Air France-KLM fleet in
operation comprised: aircraft other fleet 8%; aircraft in the
regional fleet 31%; long-haul aircraft 28%, and medium-haul
aircraft, which represented 33%. On February 14, 2008, the Company
acquired VLM Airlines.  In January 2008, the Company acquired an
additional 1.25% of KLM. After this acquisition Air France-KLM
held 98.75% interest representing 49% of KLM voting rights.


NATIXIS SA: Traders Get EUR90 Mln in Bonuses
--------------------------------------------
Bloomberg News reports newspaper Les Echos, citing unidentified
officials, said Natixis SA paid its traders EUR90 million in 2008
bonuses.

Bonuses at the bank are down 60 percent from the previous year,
Bloomberg News says citing the newspaper.

Natixis was one of the country's six largest consumer banks which
benefited from the French government's EUR10.5 billion financing
in December, according to Bloomberg News.

Meanwhile, Reuters relates Natixis, which posted a EUR2.8 billion
loss in 2008, said Wednesday last week it would open talks with
unions about possibly cutting 166 jobs.  The move will affect the
bank's global custody services unit, Alice Dore at Dow Jones
Newswires says.

Discussions with unions will also concern a proposed reduction of
130 jobs at Natixis' investment banking operations in France, as
announced in December, according to Dow Jones Newswires.

Separately, Digby Larner at Dow Jones Newswires, citing a
statement issued by the AMF financial markets authority, reported
Natixis' two main shareholders have amended their shareholder pact
to allow them to jointly acquire up to 2% each of additional
capital and voting rights from the market.

According to the report, French mutual banks Banque Populaire and
Caisse d'Epargne, which are in the process of merging, currently
own around 70% of Natixis, split evenly between them.

The new amendment is valid until the end of this year, the
statement cited by the news agency said.

                        About Natixis SA

Headquartered in Paris, France, Natixis SA (EPA:KN) --
http://www.natixis.com/-- formerly Natexis Banques Populaires, is
involved in the banking sector and offers five main types of
services: financing and investment banking, asset management,
services, receivables management, private equity and private
banking.  Natixis also consolidates a proportion of the earnings
of the retail banking activities of the Caisse d'Epargne Group and
the Banque Populaire Group, its main shareholders.  The Bank
clientele comprises large corporations, medium-sized companies,
institutions and the Banque Populaire retail-banking network.  The
Bank operates in 68 countries located in France, Europe, the
Americas, Africa, Asia and Oceania.  Natixis is listed on the
Euronext Paris Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Mar. 10,
2009, Moody's Investors Service affirmed Natixis SA's "D+" bank
financial strength rating and changed its outlook to negative.

As reported in the Troubled Company Reporter-Europe on Feb. 5,
2009, Fitch Ratings downgraded Natixis SA's Individual Rating to
'E' from 'D'.


VALEO SA: Ex-Chief's EUR3.2 Mln Exit Bonus Critiziced
-----------------------------------------------------
David Pearson at Dow Jones reports Valeo SA's former chairman and
chief executive officer, Thierry Morin, will receive compensation
totaling EUR3.2 million (US$4.4 million).

According to the report, Valeo's new acting chairman, Pascal
Colombani, said that in determining Mr. Morin's severance package,
the board decided not to take into account exceptional
restructuring measures decided on in the fourth quarter of 2008.

Provisions related to those restructuring measures caused Valeo to
post a net loss of EUR313 million for the fourth quarter and a
loss of EUR207 million for the full year, Dow Jones says.

Dow Jones relates news of Mr. Morin's compensation received
criticisms including that of Laurence Parisot, head of Medef, the
influential business leaders' association, who called on Mr. Morin
to give up his compensation, saying it contradicted the group's
recommendations on executive remuneration.

The Associated Press meanwhile says according to a television
interview with Claude Gueant, President Nicolas Sarkozy's chief of
staff, the French government plans to issue a decree this week
"fixing the conditions under which stock options and bonuses are
forbidden in companies which have benefited from state aid."

The state owns 8 percent of Valeo, which also received state aid,
the AP discloses.

However, Mr. Colombani, as cited by Dow Jones, said that "contrary
to what has been said, Valeo hasn't received any aid from the
French state."

Dow Jones recalls the French government's strategic investment
fund last month said it bought a 2.35% stake in Valeo for EUR19
million by buying up shares on the market.

Valeo SA (EPA:FR) is an independent industrial company focused on
the design, production and sale of components, systems and modules
for cars and trucks, both on the original equipment market and the
aftermarket. It operates in one segment: Automotive equipment.  In
December 2007, the Company sold its Wiring harness activity to
German Group Leoni.  In July 2007, the Company acquired Irish
Group Connaught Electronics Ltd (CEL), which manufactures
electronic equipment for the automotive industry.  In May 2007,
Valeo formed a joint venture in automotive security systems with
the A.K. Minda Group, an India-based automotive equipment
supplier.  On July 24, 2007, Valeo and the N.K. Minda Group
created another joint venture to produce starters and alternators
for private passenger vehicles, 66.7%-owned by Valeo and 33.3%-
owned by Minda.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 9,
2009, Moody's Investors Service downgraded to Ba1 from Baa3 the
long-term rating and to Not Prime from Prime-3 the short-term
rating of Valeo S.A.  At the same time Moody's assigned a Ba1
Corporate Family Rating.  The rating action concludes the review
for downgrade initiated on December 22, 2008.  The outlook is
negative.


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G E O R G I A
=============


* GEORGIA: IMF Approves US$186.6 Million Disbursement
-----------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) on
March 23 completed the second review of Georgia's performance
under an 18-month Stand-By Arrangement totaling SDR477.1 million
(about US$705.3 million).  The completion of the review allows for
the immediate disbursement of an amount equivalent to SDR126.2
million (about US$186.6 million).

The Arrangement was approved in September 2008 to support the
Georgian authorities' macroeconomic policies, rebuild gross
international reserves, and bolster investor confidence.

The Executive Board also concluded the 2009 Article IV
consultation with Georgia.  Details of the findings will be
published in a Public Information Notice in due course.

After the Executive Board's discussion on March 23, 2009, Mr.
Takatoshi Kato, Deputy Managing Director and Acting Chair, said:

"Economic and financial conditions have become more challenging
since the last program review, as Georgia feels the effects of the
global crisis.  Sharp declines in trade and workers' remittances,
weak commodity prices, and recessions and currency depreciations
in major trading partners are threatening domestic confidence and
adversely affecting foreign direct investment inflows, and growth
prospects.  The authorities plan to mitigate the impact of the
economic slowdown through a donor-financed fiscal stimulus and a
reorientation of expenditures.

"With the aim of aligning public spending with available official
external financing, the authorities have reduced the 2009 fiscal
deficit target.  To ensure that public spending has the maximum
impact on the population at large and to alleviate pressures on
the poorest, expenditures will be reoriented in favor of essential
productivity-enhancing infrastructure investment and targeted
social support measures.  A reform of expenditure management is
also being planned.

"The authorities are encouraged to use all the instruments of
monetary policy, including the interest rate and reserve
requirements, as part of their adjustment strategy.  In this
regard, the planned improvements in the central bank's liquidity
framework are timely, and should help enhance the effectiveness of
interest rate policy.

"Foreign exchange auctions have been introduced, an important step
toward exchange rate flexibility and the preservation of external
stability.  This will also help the authorities to protect, and
ultimately to rebuild, international reserves.

"Against the background of a deterioration in banks' loan
portfolios and the impact of a sharp contraction in credit on bank
profitability, strong supervisory vigilance over the banking
system will be crucial.  In that vein, the Financial Supervisory
Agency is strengthening provisioning based on bank-by-bank
assessments, and will stress-test banks with technical assistance
from the Fund.  The authorities are encouraged to consider
measures to bolster depositor confidence and deal with possible
systemic risks.

"Georgia's economic policies are being crafted not only in
response to the immediate crisis, but also with a view to
supporting sustained economic growth over the medium term.  The
authorities are encouraged to build on their strong track record
of reforms and their commitment to fiscal prudence and low
inflation.  Special focus should be placed on improving Georgia's
competitiveness, notably by enhancing the environment for private
investment in the tradable sector, and thus helping to reduce the
current account deficit and raise employment," Mr. Kato said.


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


4 U COMMUNICATION GMBH: Claims Registration Period Ends April 24
----------------------------------------------------------------
Creditors of 4 U Communication GmbH have until April 24, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 19, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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. Joerg Nerlich
         Laurentiusstr. 21–23
         42103 Wuppertal
         Germany
         Tel0202/40 86 150
         Fax: 02024086159

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:

         4 U Communication GmbH
         Memeler Strasse 30
         42781 Haan
         Germany

         Attn: Irni Aidinidou, Manager
         Robert-Koch-Strasse 21
         42781 Haan
         Germany


BAYERISCHE LANDESBANK: Fitch Downgrades Individual Rating to 'D/E'
------------------------------------------------------------------
Fitch Ratings has affirmed Germany-based Bayerische Landesbank's
Long-term Issuer Default 'A+' rating on continued strong state
support, despite pressure on the standalone credit profile arising
from challenges relating to a major restructuring process and its
vulnerability to deteriorating asset quality.  The Individual
rating was downgraded to 'D/E' from 'C/D'.

The bank's other ratings have been affirmed at Short-term IDR
'F1+', Support '1', and Support Rating Floor 'A+'.  The Outlook
for the Long-term IDR is Stable.  Those obligations of BayernLB
that continue to benefit from 'Gewaehrtraegerhaftung' (a guarantee
from the Free State of Bavaria; rated 'AAA'/Outlook Stable) as
well as those issued under the EUR15 billion debt issuance program
guaranteed by the German Financial Market Stabilization Fund (FMSF
or 'Soffin) are affirmed at 'AAA'.  The Long-term rating of
BayernLB Capital Trust I US$850 million trust preferred securities
(XS 0290135358) was upgraded to 'B+' from 'CCC+' and placed on
Rating Watch Negative.

The rating actions follow the publication of BayernLB's FY08
results, the presentation of details of the bank's restructuring
plan, and its announcement of distributions on its hybrid Tier 1
capital instrument.

Fitch views positively the intention of the bank to focus on core
businesses and to target defined customer segments in selected
regions.  The reduction of approximately EUR70 billion risk-
weighted assets, around 5,600 staff and some EUR700 million costs
should help to refocus the bank on activities with an attractive
earnings potential, reduce its risk profile and increase
efficiency.  Nevertheless, Fitch notes that BayernLB will need to
undergo a major restructuring to return profitability to an
acceptable and sustainable level in the medium term.  The bank has
to absorb restructuring costs and the payments on the Free State
of Bavaria's silent participation.  Significant uncertainties also
remain with regard to BayernLB's future structure and
profitability, since the European Commission may impose conditions
on the bank before finally approving state aid.

In addition to execution risks from the restructuring and the
challenge to grow profitable, low-risk business in real estate
finance and SME lending, credit risks on the bank's balance sheet
are Fitch's main concern.  "BayernLB's exposure to central and
eastern Europe, largely via its subsidiaries MKB Bank and Hypo
Group Alpe Adria, as well as exposures to sectors particularly
under pressure in the deteriorating economic environment such as
automotive and construction are likely to drive impairment charges
up," said Andrea von Schnurbein, Director in Fitch's Financial
Institutions team.  "In Fitch's view, deteriorating asset quality
will delay the bank's return to profitability and erode parts of
the capital buffer."

BayernLB's EUR19.6 billion structured credit securities portfolio
has been covered by a EUR6 billion risk shelter, of which EUR4.8
billion was provided by the Free State of Bavaria and EUR1.2
billion was absorbed by the bank.  As a result, the bank is
protected from additional write-downs and impairments up to this
amount.  Although actual losses have remained small, the
substantial share of non-prime RMBS and CDOs are a concern.  All
these aspects are reflected in the downgrade of the Individual
Rating by two notches.

The upgrade of the rating of BayernLB's US$850 million trust
preferred securities follows BayernLB's announcement on March 24,
2009, that the 2008 coupon on the hybrid Tier 1 capital security
will be paid in May 2009.  The EC expects the bank not to make any
interest or dividend payments on profit participation, hybrid Tier
1 capital or silent participations unless the bank is
contractually obliged to do so.  According to the terms of the
trust preferred security, periodic distributions will be made if a
subsidiary declares or pays distributions on parity securities,
even in the event that BayernLB does not report a distributable
profit.  Contrary to Fitch's expectation based on the bank's
statement dated December 18, 2008 it appears that these conditions
are now being met.  However, Fitch has placed the hybrid on RWN to
reflect the risk of future coupon deferral in the light of the
subdued outlook for short-term profitability.

In line with the bank's expectations announced in Q408, BayernLB's
reported EUR5.1 billion net loss for 2008 was driven by EUR5.4
billion negative impact from the financial market crisis, largely
relating to write-downs and impairments on its ABS portfolio and
its exposures to Icelandic banks and Lehman Brothers (EUR1.4
billion in total).  The EUR10 billion capital injection by the
Free State of Bavaria improved BayernLB's Tier 1 ratio to a more
comfortable level of 9.2% as at end-2008 (EUR7 billion of which
will be booked in Q109) compared with 7.6% at end-H108.

BayernLB is one of Germany's largest Landesbanks by equity.  It
co-operates with the 75 Bavarian savings banks, which hold strong
market shares in retail deposits and SME lending in one of
Germany's strongest regional economies.  BayernLB received support
from the Free State of Bavaria in the form of a EUR4.8 billion
risk shield for its ABS portfolio and EUR10 billion in fresh
capital, EUR3 billion of which were injected in the form of a
silent participation.  As a result, Bavaria's stake in the bank
increased to 94%, diluting the Association of Bavaria Savings
Banks' stake to 6%.


BLOCK-TEC GMBH: Claims Registration Period Ends April 29
--------------------------------------------------------
Creditors of Block-tec GmbH Holzfertigbau Holz & Baustoffhandel
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 10:15 a.m. on June 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 2011
         Gerichtsgebaude Gerichtsstr. 2
         09112 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Tobias Hohmann
         Hilbersdorfer Str. 1
         09131 Chemnitz
         Germany
         Tel: 0371 4590235
         Fax: 0371 4590238
         E-mail: chemnitz@floether-wissing.de

The court opened bankruptcy proceedings against the company on
March 25, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Block-tec GmbH
         Holzfertigbau Holz & Baustoffhandel
         Attn: Jens Miserski, Manager
         Muenchhofsstrasse 16
         04749 Ostrau
         Germany


BS SPORTREKLAME: Claims Registration Period Ends May 6
------------------------------------------------------
Creditors of BS Sportreklame GmbH have until May 6, 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 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wetzlar
         Meeting Room 201
         Building B
         II. Stick
         Wetherstr. 1
         35578 Wetzlar
         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. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/96 23 340
         Fax: 069/96 23 34 22
         E-mail: frankfurt@brinkmann-partner.de

The court opened bankruptcy proceedings against the company on
March 25, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         BS Sportreklame GmbH
         Schelderau 1
         35683 Dillenburg
         Germany

         Attn: Bernd Steinbrecher, Manager
         Mittelfeldstrasse 22
         35708 Haiger
         Germany


EK MOEBELELEMENTE: Claims Registration Period Ends May 5
--------------------------------------------------------
Creditors of EK Moebelelemente Enger GmbH i. L. have until May 5,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Thomas Bagh
         Bunsenstr. 3
         32052 Herford
         Germany

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:

         EK Moebelelemente Enger GmbH i. L.
         Attn: Walter Kuhlmann, Liquidator
         Suedstr. 7
         32130 Enger
         Germany


HYPO REAL: Faces Default Risk of Up to 60% of Assets
----------------------------------------------------
Andrea Thomas of Dow Jones Newswires reports that according to a
report from PricewaterhouseCoopers LLP, Hypo Real Estate Holding
AG's default risk could amount up to 60% of its total assets if it
collapsed without the government taking a stake.

Dow Jones notes media reports put the default risk of up to 60% at
EUR235 billion, although the bank still hasn't provided the total
asset sum for 2008.

The German finance ministry obtained a copy of the report by PwC
Tuesday last week, Dow Jones relates citing spokesman Stefan
Olbermann.  However, a spokesman for HRE said he was not aware of
the report, Reuters states.

                  Lower House OKs Nationalization

As reported in the Troubled Company Reporter-Europe on March 24,
2009, Germany's lower house of parliament backed a bill allowing
nationationalization of HRE for a specified time period, but only
as a last resort.

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

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

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

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

On March 20, 2009, the Troubled Company Reporter-Europe, citing
The Financial Times, reported HRE's largest shareholder, U.S.-
based investment firm J.C. Flowers & Co., opposes the
expropriation and wants the government instead to take a stake of
75 per cent in the lender via a capital raising.  J.C. Flowers
holds a 24 percent stake in HRE, which it bought last year in a
EUR1.1 billion deal.

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

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

HRE already received EUR102 billion in bank and state loans and
state guarantees.

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

                      About Hypo Real Estate

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

                          *     *     *

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

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

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

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

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

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


HYPO REAL ESTATE: DBRS Puts 'B' Rating on TruPS Under Review
------------------------------------------------------------
Dominion Bond Rating Service changed the status of most ratings on
Hypo Real Estate Holding AG and related entities (together HRE or
the Group) to Under Review with Positive Implications.  The
ratings had previously been Under Review with Negative
Implications.  The rating action includes the Senior Unsecured
Long-Term Debt ratings of A (low) and the Short-Term Debt ratings
of R-1 (low) for Hypo Real Estate Holding AG and its operating
subsidiary Hypo Real Estate Bank AG, all of which are now Under
Review – Positive.  DBRS has not changed the Under Review with
Negative Implications status of its B (low) rating for Trust-
Preferred Securities rating issued by Hypo Real Estate
International Trust I.

The rating action reflects DBRS's view that actions by the German
state indicate continuing support for Hypo Real Estate.  DBRS
notes that the German parliament on March 20, 2009, passed a law
that simplifies and expedites bank nationalizations.  The German
government has stated that it intends to inject capital into HRE
and become a majority shareholder of the Group.  In DBRS's view,
the government actions will likely enable HRE to stabilize its
franchise, reduce ongoing funding pressures and ultimately execute
its restructuring plan.  The government also continues to provide
EUR87 billion in liquidity support to HRE.  In the view of DBRS,
the government's actions confirm the availability of comprehensive
support to HRE.  DBRS, however, notes that uncertainty remains
regarding the longer-term outlook for HRE.

The ratings review will focus on HRE's future franchise and
underlying earnings generation ability, which have been negatively
affected by its liquidity challenges, in DBRS's view.  DBRS
continues to view HRE as requiring substantial liquidity and
capital support in order to re-emerge as a viable institution.
The review will also take into consideration the impact of the
Group's challenges over the past year on its franchise.  While the
comprehensive government support is the key driver supporting the
Group's ratings, HRE's weak intrinsic profile remains a negative
rating factor.

The Under Review with Negative Implications status for the
Trust-Preferred Securities of Hypo Real Estate International Trust
I remains unchanged, as DBRS sees a risk that HRE may not make
Capital Payments under the terms of these instruments, in order to
preserve capital.  The Group has recently announced that it will
not make payments on certain hybrid securities issued by vehicles
established by its Irish subsidiary DEPFA Bank plc.

Issuer               Debt Rated        Rating Action    Rating
------               ----------        -------------    ------
Hypo Real Estate      Senior Unsecured    UR-Pos.        A (low)
Holding AG            Long-Term Debt

Hypo Real Estate      Short-Term Debt     UR-Pos.      R-1 (low)
Holding AG

Hypo Real Estate      Senior Unsecured    UR-Pos.        A (low)
Bank AG               Long-Term Debt
                      & Deposit

Hypo Real Estate      Subordinated Debt   UR-Pos.      BBB (high)
Bank AG

Hypo Real Estate      Short-Term Debt     UR-Pos.      R-1 (low)
Bank AG               & Deposit

Hypo Real Estate      Certificats de      UR-Pos.      R-1 (low)
Bank AG               Depots

Hypo Real Estate      Trust Preferred     UR-Neg.        B (low)
International Trust I Securities

Hypo Public           Senior Unsecured    UR-Pos.       A (low)
Finance Bank          Long-Term Debt
                      & Deposit

Hypo Public           Senior              UR-Pos.     BBB (high)
Finance Bank          Subordinated Debt

Hypo Public           Short-Term Debt     UR-Pos.     R-1 (low)
Finance Bank          & Deposit

DEPFA BANK plc        Short-Term          UR-Pos.      R-1 (low)
                      Promissory Notes


PMK METALLKONSTRUKTIONS: Claims Registration Period Ends May 29
---------------------------------------------------------------
Creditors of PMK Metallkonstruktions GmbH have until May 29, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Thilo Streck
         Neuer Wall 86
          20354 Hamburg
         Germany

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:

         PMK Metallkonstruktions GmbH
         Industriestrasse 5
         21493 Schwarzenbek
         Germany

         Attn: Dietrich Poburski, Manager
         Billeweg 24
         21465 Reinbek
         Germany


QIMONDA AG: Seeks Potential Investors in Taiwan and Russia
----------------------------------------------------------
Michael Jaffe, Qimonda AG's insolvency administrator, is in talks
with potential investors in Taiwan and Russia, Nicola Leske at
Reuters reports citing newspaper Sueddeutsche Zeitung.

Reuters relates in a report on Thursday the paper said those
showing signs of interest were mostly state-owned companies while
private investors had so far shown little interest in taking a
stake in Qimonda.

               Deadline to Find Investors Extended

On March 18, 2009, the Troubled Company Reporter, citing court
documents, reported that Qimonda extended its March 31 deadline to
find investors.  The new deadline  wasn't disclosed.

Times-Dispatch quoted Mr. Jaffe as saying, "Various investors have
signaled their interest, but as yet there are no binding offers on
the table."

               Inspur Ends Talks to Acquire Stake

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

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

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

As reported in the Troubled Company Reporter on Jan. 26, 2009,
Qimonda AG filed an application with the local court in Munich,
Germany, on Jan. 23, 2009, to open insolvency proceedings.  Their
goal is to reorganize the companies as part of the ongoing
restructuring program.

According to Bloomberg News, Qimonda filed for insolvency after a
plan announced in December for a loan of EUR325 million
(US$418 million) from the German state of Saxony, Infineon
Technologies AG, Europe's second-largest maker of semiconductors,
and an unidentified Portuguese bank wasn't completed in time.

                        About Qimonda AG

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


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


DRYSHIPS INC: Reports US$1.02 Bln Loss for Fourth Quarter 2008
--------------------------------------------------------------
DryShips Inc. reported unaudited financial and operating results
for the fourth quarter and year ended December 31, 2008.

                  Financial Highlights

For the fourth quarter of 2008, the Company reported a Loss of
US$1.02 billion or US$18.42 per share.  Included in the fourth
quarter results are a non-cash loss of US$700.5 million or
US$12.68 per share related to the impairment of goodwill
associated with the acquisition of Ocean Rig ASA, a loss related
to contract termination fees and forfeiture of vessel deposits of
US$160.0 million or US$2.90 per share, a non cash loss of US$177.0
million or US$3.20 per share associated with the valuation of the
Company's interest rate swaps, a loss on the sale of one vessel of
US$3.0 million or US$0.05 per share, amortization of stock based
compensation of US$9.5 million or US$0.17 per share and a gain on
the contract cancellation of one vessel of US$9.1 million or 0.16
per share.  Excluding these items, Net Income would amount
to US$23.5 million or US$0.43 per share.

For the year ended December 31, 2008, the Company reported a Loss
of US$361.3 million or US$8.11 per share.  Included in the year
ended December 31, 2008 results are a non-cash loss of US$700.5
million or US$15.71 per share related to impairment of goodwill
associated with the acquisition of our wholly-owned subsidiary
Ocean Rig ASA, a loss related to contract termination fees and
forfeiture of vessel deposits of US$160.0 million or US$3.59 per
share, a non cash loss of US$207.9 or US$4.66 per share associated
with the valuation of the Company's interest rate swaps , a
gain on the sale of eight vessels of US$223.0 million or US$5.00
per share, amortization of stock based compensation of US$31.5
million or US$0.71 per share and a gain on the contract
cancellation of one vessel of US$9.1 million or 0.20 per share.
Excluding these items, Net Income would amount to US$506.2 million
or US$11.35 per share.

                     Loan Covenants

The Company has previously reported a definitive and a preliminary
agreement with certain lenders relating to the waiver of breaches
of loan covenants.  The Company remains in discussions with its
other lenders concerning current breaches of loan covenants.
Pending the outcome of such discussions, the Company has
reclassified approximately US$1.8 billion in debt as short-term.

As reported in the Troubled Company Reporter-Europe on March 3,
2009, DryShips on Feb. 26 reached final agreement and received
formal approval from Nordea Bank Finland Plc, DnB NOR Bank ASA and
HSH Nordbank AG regarding the previously announced covenant waiver
in connection with the US$800 million Primelead facility
consistent with the terms previously announced on February 9,
2009.

                    Terms of the Waiver

As reported in the TCR-Europe on Feb. 20, 2009, DryShips reached
preliminary agreement with Nordea to obtain a covenant waiver in
connection with the US$800 million Primelead facility, which was
used to partially finance the acquisition of Ocean Rig ASA.  The
outstanding loan amount under the facility is US$650 million.

In accordance with the main terms of the waiver: (i) the Company
will pay a restructuring fee of 0.15% on the outstanding loan
amount under the facility plus an amount equal to 1.00% per annum
on the loan outstanding for the period from January 9, 2009 until
the Effective Date of the waiver agreement; (ii) US$75 million
of principal repayment due February 2009 will be postponed until
May 2009; (iii) the margin on the facility will increase by 1.00%
to 3.125% per annum; and (iv) regular principal payments will
resume as of August 2009.  In addition, among other things, lender
consent will be required for the acquisition of DrillShip Hulls
1837 and 1838, for new cash capital expenditures or commitments
and for new acquisitions for cash until the loan has been repaid
to below US$375 million.  The waiver agreement Effective Date
will not exceed August 12, 2009, at which time the Company expects
to be in compliance with the restructured loan covenants.

                     About DryShips Inc.

DryShips Inc. (NASDAQ:DRYS) -- http://www.dryships.com-- based in
Greece, is an owner and operator of drybulk carriers that operate
worldwide.  As of the day of this release, DryShips owns a fleet
of 43 drybulk carriers comprising 7 Capesize, 29 Panamax, 2
Supramax and 5 newbuilding drybulk vessels with a combined
deadweight tonnage of over 3.4 million tons, 2 ultra deep water
semisubmersible drilling rigs and 2 ultra deep water newbuilding
drillships.  DryShips Inc.'s common stock is listed on the NASDAQ
Global Market where trades under the symbol "DRYS."


MARFIN INVESTMENT: S&P Gives Stable Outlook; Affirms 'BB' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Greece-based Marfin Investment Group Holdings S.A. to stable from
positive.  At the same time, the 'BB' long-term and 'B' short-term
counterparty credit ratings were affirmed.

The outlook revision follows MIG's announcement of plans to
acquire certain assets of Olympic Airways, Greece's national
airline, which is currently being privatized.

MIG intends to acquire Olympic's flying operations, technical
base, and ground handling services for a total EUR177 million.
These assets do not carry any liabilities or obligations from the
previous legal structure.

"Nevertheless, S&P believes that this transaction could ultimately
increase MIG's debt levels," said Standard & Poor's credit analyst
Luigi Motti.

The outlook revision also takes into account the fact that the
acquisition comes after MIG's announcement of its having withdrawn
its application to the Central Bank of Cyprus to raise its stake
in Marfin Popular Bank Public Co. Ltd. (MPB; BBB/Negative/A-3) to
30%.

"We view this announcement as a strategic deviation from the
factors that supported S&P's previous positive outlook," said
Mr. Motti.

Standard & Poor's expected MIG to have an increasingly banking-
dominated investment profile (including the possibility of its
eventual transformation back into a regulated bank holding company
of a possibly higher-rated entity), supported by the sizable
potential EUR5 billion capital increase it proposed in October
2008 to double its capital base.

The ratings continue to reflect MIG's status as a listed
investment holding company with portfolio concentration risk, as
well as the mitigating impact of the company's current healthy net
cash profile.

"We believe that MIG will maintain its sound financial profile and
conservative financial management, even if the development of the
airline operations and other investments in the portfolio require
further leveraging," said Mr. Motti.  "We will closely monitor the
investment portfolio's performance -- particularly that of the
largest investment, Vivartia."

The ratings would likely come under pressure if management's debt
tolerance increased materially and S&P believed that net debt to
investments (at fair market value) could exceed 25%.  Negative
rating actions could also result from a sharp unexpected
deterioration in the financial profile or in the market value of
any of the portfolio companies, particularly Vivartia.  In S&P's
view, MIG's strategic approach introduces an element of volatility
into the company's strategy and may have a negative impact on the
ratings, depending on the evolution of the financial profile.

A positive rating action, although currently unlikely in S&P's
opinion, could occur in the event of a significant share capital
increase associated with an investment strategy resulting in a
more diverse and higher-quality asset portfolio.  An enhancement
of MIG's financial profile could also be positive for the ratings
in the longer term.


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


* HUNGARY: IMF Approves EUR2.35 Billion Disbursement
----------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) on
Wednesday, March 25, completed the first review of Hungary's
economic performance under a program supported by a 17-month
Stand-By Arrangement (SBA).  The completion of the review enables
the immediate disbursement of an amount equivalent to SDR2.11
billion (about EUR2.35 billion or US$3.19 billion), bringing total
disbursements under the program to an amount equivalent to
SDR6.32 billion (about EUR7.05 billion or US$9.56 billion).

The SBA was approved on November 6, 2008 for an amount equivalent
to SDR10.5 billion (about EUR11.76 billion or US$15.94 billion).
The arrangement entails exceptional access to IMF resources,
amounting to 1,015 percent of Hungary's quota.

Following the Executive Board's discussion on Hungary, Mr. John
Lipsky, First Deputy Managing Director and Acting Chair, stated:

"Against the backdrop of a worsening economic outlook and the
persistence of financial market stress, policy implementation has
been steadfast and responsive.  All quantitative performance
criteria and indicative target and the structural performance
criterion and benchmarks for the fourth quarter of 2008 were met.
However, economic growth in partner countries and global financial
market conditions are turning out to be worse than anticipated
when the program was agreed in November 2008.  To address these
challenges, the policy settings under the program have been
adapted to strike the right balance between preserving creditor
confidence in the soundness of Hungary's fiscal and balance of
payments positions and avoiding measures that would further deepen
the recession.

"The additional fiscal measures aim to strengthen fiscal
sustainability while avoiding an excessively large negative
impulse to demand, by combining permanent reductions in spending
with a small rise in the 2009 budget deficit relative to the
original program.  The revised program puts additional emphasis on
measures to safeguard essential social spending and help preserve
financial stability, including ensuring the continuity of the
safety net for banks, strengthening the remedial action and
resolution regimes, and improving the capabilities of the
Hungarian Financial Supervision Agency.  Monetary policy will
continue to target inflation over the medium term, while being
prepared to act quickly as needed to mitigate risks to financial
stability.

"In the context of the ongoing turmoil in global financial
markets, strong implementation of the program will bolster
Hungary's economic prospects, supported by large external
financial support that provides reassurance that Hungary's
external obligations can be met.  The joint financial assistance
being provided by the IMF, the European Union, the World Bank, and
other multilateral partners sends a strong signal of the
international community's confidence that, with the consistent
implementation of the program, Hungary will weather the current
difficulties," Mr. Lipsky stated.


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


CORSAIRFINANCE NO 6: S&P Lifts Rating on Notes to 'AA+' from 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'AA+' from 'B-' its
credit rating on the EUR100 million variable-rate secured
portfolio credit-linked notes series 17 issued by CorsairFinance
(Ireland) No. 6 Ltd.

The rating action follows an upward revision to the attachment
point for these notes, which is now sufficient, in S&P's opinion,
to support a 'AA+' rating.


SVG DIAMOND: Moody's Cuts Ratings on Two Classes of Notes to Low-B
------------------------------------------------------------------
Moody's Investors Service has downgraded and left under review for
possible downgrade its ratings of seven classes of notes issued by
SVG Diamond Private Equity II.

The transaction is a CDO referencing a portfolio of shares of
private equity funds.

SVG Diamond Private Equity II is a bankruptcy remote special
purpose company incorporated with limited liability in Ireland for
the sole purpose of acquiring its interest in the portfolio and
certain other assets securing the notes, and issuing the notes.

The rating actions are primarily a result of the deterioration of
the performance of the private equity asset class and the amount
of unfunded commitments.  The presence of a liquidity facility
renders the risk of a default on an interest payment remote.

The rating actions are:

SVG Diamond Private Equity II PLC:

(1) EUR55,000,000 Class A-1 Floating Rate Notes due 2024

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: 22 February 2006, rating assigned

(2) US$71,600,000 Class A-2 Floating Rate Notes due 2024

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: 22 February 2006, rating assigned

(3) EUR76,500,000 Class B-1 Floating Rate Notes due 2024

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Action Date: 22 February 2006, rating assigned

(4) US$40,000,000 Class B-2 Floating Rate Notes due 2024

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Action Date: 22 February 2006, rating assigned

(5) US$47,800,000 Class C Floating Rate Deferrable Notes due 2024

  -- Current Rating: Baa1, on review for possible downgrade
  -- Prior Rating: A1
  -- Prior Rating Action Date: 22 February 2006, rating assigned

(6) EUR43,000,000 Class M-1 Fixed Rate Notes due 2024

  -- Current Rating: Ba2, on review for possible downgrade
  -- Prior Rating: Baa1
  -- Prior Rating Action Date: 22 February 2006, rating assigned

(7) US$20,300,000 Class M-2 Fixed Rate Notes due 2024

  -- Current Rating: Ba2, on review for possible downgrade
  -- Prior Rating: Baa1
  -- Prior Rating Action Date: 22 February 2006, rating assigned

In reaching its rating decisions, Moody's considered these
important factors:

(1) Cash

The current amount of cash in the structure has been compared to
the initial projections.  Distributions and drawn-downs have been
projected until maturity.

(2) NAV

The Net Asset Value of the portfolio as reported by the manager
has been compared to the initial projections.  Based on the fair
value accounting (FASB 157), the NAV presents an aggregated
performance metrics.

(3) Public Information Regarding Private Equity

Private-equity funds typically disclose a limited amount of
information to the parties involved.  Moody's examined the recent
disclosure of large publicly quoted buy-out funds with regards to
the mark-downs of outstanding Leveraged Buy Outs and Venture
Capital portfolios and used them as guidelines to understand the
state of the private equity industry.

(4) Public Equity

Unlike Private Equity, for which historical performance data is
available only for the latest 25 years, Public Equity indices
provide performance information over a much longer period.  As an
example, the LPX 50, an index of 50 major publicly traded Private
Equity companies, is approximately 78% down since Febuary 2006
(deal inception) and 82% down from its peak in May 2007.  In the
absence of transparent Private Equity performance data over this
time period Moody's can look to Public Equity as a proxy.

(5) Manager's View

The transaction manager has been asked to provide the projected
levels of distribution, draw-downs and NAV.  Moody's believes that
the manager is in a unique position to time the various material
elements that impact the cash flow.  Moody's applied stressed to
the projected levels from managers.

(6) Liquidity Position

By nature, private-equity investors commit capital that will be
drawn in the future.  Historically, the full amount of committed
capital has not been drawn by the Private Equity funds.  Moody's
believes that the likelihood of a commitment to be drawn during a
systemic credit crisis is high.

Moody's has developed a monitoring model for this type of
transaction.  The model first estimates the cash available over
the life of the deal.  It also models the liquidity facility
dynamically.  Based on the factors listed above, Moody's defined
three states of future portfolio performance: optimistic, baseline
and pessimistic and assessed the probability of losses for each
tranche in each of the three states.  Haircuts on the projected
distributions are in the range between 0% and 40%, depending on
the state of the portfolio.


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


IT HOLDING: S&P Withdraws 'D' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'D'
(default) long-term corporate credit rating on Italy-based fashion
company IT Holding SpA at the company's request.  At the same
time, the 'D' senior secured debt rating and associated recovery
rating on the EUR185 million senior secured notes maturing in 2012
issued by IT Holding Finance S.A. were also withdrawn at the
company's request.

Prior to withdrawal, the recovery rating on the notes was '5',
indicating S&P's expectation of modest (10%-30%) recovery for
noteholders in the event of a payment default.  S&P were not in a
position to update S&P's recovery analysis before withdrawing the
issue and recovery ratings because of a lack of updated financial
information.  This was due the placement of the company into
administration (amministrazione straordinaria) under Italian Law
(Legge Marzano), which S&P understand allows for the postponement
of financial reporting.

On Sept. 30, 2008, the group had total unadjusted debt of
EUR354 million.

On Feb. 27, 2009, S&P lowered the long-term corporate credit
rating on ITH and the senior secured debt rating on IT Holding
Finance SpA to 'D' following the placement of ITH and its main
subsidiaries into administration.


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


ALLIANCE BANK: S&P Cuts Counterparty Credit Rating to 'C/C'
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its counterparty
credit ratings on three banks and one mortgage company in the
Republic of Kazakhstan (foreign currency BBB-/Negative/A-3, local
currency BBB/Negative/A-3), namely BTA Bank J.S.C. and BTA's
subsidiaries Temirbank JSC and BTA Ipoteka Mortgage Co. to 'C/C'
from 'CCC+/C' and Alliance Bank JSC to 'C/C' from 'B/B'.  The
counterparty credit ratings on these entities remain on
CreditWatch with negative implications, where they were placed on
March 20, 2009.

"The rating actions reflect our view that there is now a very high
probability that BTA and its subsidiaries and Alliance will
undertake debt restructurings, and that they are now less likely
to gain support from the Kazakh government to meet their
respective debt obligations according to their terms," said
Standard & Poor's credit analyst Annette Ess.  S&P understand that
the Kazakh government is not willing to provide support for the
two banks to service their debt obligations on a timely basis,
which, given the highly distressed financial condition of the
banks, in S&P's view increases the likelihood of a debt
restructuring.

S&P's long-term ratings on BTAI and Temirbank are constrained by
S&P's ratings on BTA.  S&P understands that the state-owned Samruk
Kazyna welfare fund's majority takeover of Alliance has still not
been completed and is likely to take some time.  S&P no longer
includes an additional notch above Alliance's stand-alone credit
profile due to S&P's view of the lower probability of government
support.

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

"We expect to resolve the CreditWatch placements on BTA, Alliance,
Temirbank, and BTAI once S&P obtain information about a possible
debt restructuring, or evidence of inability to meet relevant debt
obligations according to their terms, or about the implications of
Samryk Kazyna's ownership for these entities' respective
creditworthiness, strategies, and financial flexibility," said
Ms. Ess.  If debt restructuring is imminent or the institutions do
not meet debt obligations according to their terms, S&P's criteria
generally require us to lower the ratings to 'D'.  Barring any
further deterioration in their operating environments, S&P may
raise the ratings on these entities if either future government
support or improvements in their own stand-alone credit profiles
help them to avoid a debt restructuring and allow them to meet
their obligations in a timely manner.


ASIA TORG: Creditors Must File Claims by May 1
----------------------------------------------
LLP Asia Torg Service has declared insolvency.  Creditors have
until May 1, 2009, to submit written proofs of claim to:

         Sankibai Batyr Ave. 167-5
         Aktobe
         Aktube
         Kazakhstan


BAT COTTON: Creditors Must File Claims by May 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Bat Cotton insolvent.

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

         Baizakov Str. 273b
         Almaty
         Kazakhstan

The Court is located at:

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


BTA BANK: S&P Cuts Counterparty Credit Rating to 'C/C'
------------------------------------------------------
Standard & Poor's Ratings Services has lowered its counterparty
credit ratings on three banks and one mortgage company in the
Republic of Kazakhstan (foreign currency BBB-/Negative/A-3, local
currency BBB/Negative/A-3), namely BTA Bank J.S.C. and BTA's
subsidiaries Temirbank JSC and BTA Ipoteka Mortgage Co. to 'C/C'
from 'CCC+/C' and Alliance Bank JSC to 'C/C' from 'B/B'.  The
counterparty credit ratings on these entities remain on
CreditWatch with negative implications, where they were placed on
March 20, 2009.

"The rating actions reflect our view that there is now a very high
probability that BTA and its subsidiaries and Alliance will
undertake debt restructurings, and that they are now less likely
to gain support from the Kazakh government to meet their
respective debt obligations according to their terms," said
Standard & Poor's credit analyst Annette Ess.  S&P understand that
the Kazakh government is not willing to provide support for the
two banks to service their debt obligations on a timely basis,
which, given the highly distressed financial condition of the
banks, in S&P's view increases the likelihood of a debt
restructuring.

S&P's long-term ratings on BTAI and Temirbank are constrained by
S&P's ratings on BTA.  S&P understands that the state-owned Samruk
Kazyna welfare fund's majority takeover of Alliance has still not
been completed and is likely to take some time.  S&P no longer
includes an additional notch above Alliance's stand-alone credit
profile due to S&P's view of the lower probability of government
support.

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

"We expect to resolve the CreditWatch placements on BTA, Alliance,
Temirbank, and BTAI once S&P obtain information about a possible
debt restructuring, or evidence of inability to meet relevant debt
obligations according to their terms, or about the implications of
Samryk Kazyna's ownership for these entities' respective
creditworthiness, strategies, and financial flexibility," said
Ms. Ess.  If debt restructuring is imminent or the institutions do
not meet debt obligations according to their terms, S&P's criteria
generally require us to lower the ratings to 'D'.  Barring any
further deterioration in their operating environments, S&P may
raise the ratings on these entities if either future government
support or improvements in their own stand-alone credit profiles
help them to avoid a debt restructuring and allow them to meet
their obligations in a timely manner.


BTA IPOTEKA: S&P Downgrades Counterparty Credit Rating to 'C/C'
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its counterparty
credit ratings on three banks and one mortgage company in the
Republic of Kazakhstan (foreign currency BBB-/Negative/A-3, local
currency BBB/Negative/A-3), namely BTA Bank J.S.C. and BTA's
subsidiaries Temirbank JSC and BTA Ipoteka Mortgage Co. to 'C/C'
from 'CCC+/C' and Alliance Bank JSC to 'C/C' from 'B/B'.  The
counterparty credit ratings on these entities remain on
CreditWatch with negative implications, where they were placed on
March 20, 2009.

"The rating actions reflect our view that there is now a very high
probability that BTA and its subsidiaries and Alliance will
undertake debt restructurings, and that they are now less likely
to gain support from the Kazakh government to meet their
respective debt obligations according to their terms," said
Standard & Poor's credit analyst Annette Ess.  S&P understand that
the Kazakh government is not willing to provide support for the
two banks to service their debt obligations on a timely basis,
which, given the highly distressed financial condition of the
banks, in S&P's view increases the likelihood of a debt
restructuring.

S&P's long-term ratings on BTAI and Temirbank are constrained by
S&P's ratings on BTA.  S&P understands that the state-owned Samruk
Kazyna welfare fund's majority takeover of Alliance has still not
been completed and is likely to take some time.  S&P no longer
includes an additional notch above Alliance's stand-alone credit
profile due to S&P's view of the lower probability of government
support.

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

"We expect to resolve the CreditWatch placements on BTA, Alliance,
Temirbank, and BTAI once S&P obtain information about a possible
debt restructuring, or evidence of inability to meet relevant debt
obligations according to their terms, or about the implications of
Samryk Kazyna's ownership for these entities' respective
creditworthiness, strategies, and financial flexibility," said
Ms. Ess.  If debt restructuring is imminent or the institutions do
not meet debt obligations according to their terms, S&P's criteria
generally require us to lower the ratings to 'D'.  Barring any
further deterioration in their operating environments, S&P may
raise the ratings on these entities if either future government
support or improvements in their own stand-alone credit profiles
help them to avoid a debt restructuring and allow them to meet
their obligations in a timely manner.

Standard & Poor's Ratings Services has lowered its counterparty
credit ratings on three banks and one mortgage company in the
Republic of Kazakhstan (foreign currency BBB-/Negative/A-3, local
currency BBB/Negative/A-3), namely BTA Bank J.S.C. and BTA's
subsidiaries Temirbank JSC and BTA Ipoteka Mortgage Co. to 'C/C'
from 'CCC+/C' and Alliance Bank JSC to 'C/C' from 'B/B'.  The
counterparty credit ratings on these entities remain on
CreditWatch with negative implications, where they were placed on
March 20, 2009.

"The rating actions reflect our view that there is now a very high
probability that BTA and its subsidiaries and Alliance will
undertake debt restructurings, and that they are now less likely
to gain support from the Kazakh government to meet their
respective debt obligations according to their terms," said
Standard & Poor's credit analyst Annette Ess.  S&P understand that
the Kazakh government is not willing to provide support for the
two banks to service their debt obligations on a timely basis,
which, given the highly distressed financial condition of the
banks, in S&P's view increases the likelihood of a debt
restructuring.

S&P's long-term ratings on BTAI and Temirbank are constrained by
S&P's ratings on BTA.  S&P understands that the state-owned Samruk
Kazyna welfare fund's majority takeover of Alliance has still not
been completed and is likely to take some time.  S&P no longer
includes an additional notch above Alliance's stand-alone credit
profile due to S&P's view of the lower probability of government
support.

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

"We expect to resolve the CreditWatch placements on BTA, Alliance,
Temirbank, and BTAI once S&P obtain information about a possible
debt restructuring, or evidence of inability to meet relevant debt
obligations according to their terms, or about the implications of
Samryk Kazyna's ownership for these entities' respective
creditworthiness, strategies, and financial flexibility," said
Ms. Ess.  If debt restructuring is imminent or the institutions do
not meet debt obligations according to their terms, S&P's criteria
generally require us to lower the ratings to 'D'.  Barring any
further deterioration in their operating environments, S&P may
raise the ratings on these entities if either future government
support or improvements in their own stand-alone credit profiles
help them to avoid a debt restructuring and allow them to meet
their obligations in a timely manner.

Standard & Poor's Ratings Services has lowered its counterparty
credit ratings on three banks and one mortgage company in the
Republic of Kazakhstan (foreign currency BBB-/Negative/A-3, local
currency BBB/Negative/A-3), namely BTA Bank J.S.C. and BTA's
subsidiaries Temirbank JSC and BTA Ipoteka Mortgage Co. to 'C/C'
from 'CCC+/C' and Alliance Bank JSC to 'C/C' from 'B/B'.  The
counterparty credit ratings on these entities remain on
CreditWatch with negative implications, where they were placed on
March 20, 2009.

"The rating actions reflect our view that there is now a very high
probability that BTA and its subsidiaries and Alliance will
undertake debt restructurings, and that they are now less likely
to gain support from the Kazakh government to meet their
respective debt obligations according to their terms," said
Standard & Poor's credit analyst Annette Ess.  S&P understand that
the Kazakh government is not willing to provide support for the
two banks to service their debt obligations on a timely basis,
which, given the highly distressed financial condition of the
banks, in S&P's view increases the likelihood of a debt
restructuring.

S&P's long-term ratings on BTAI and Temirbank are constrained by
S&P's ratings on BTA.  S&P understands that the state-owned Samruk
Kazyna welfare fund's majority takeover of Alliance has still not
been completed and is likely to take some time.  S&P no longer
includes an additional notch above Alliance's stand-alone credit
profile due to S&P's view of the lower probability of government
support.

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

"We expect to resolve the CreditWatch placements on BTA, Alliance,
Temirbank, and BTAI once S&P obtain information about a possible
debt restructuring, or evidence of inability to meet relevant debt
obligations according to their terms, or about the implications of
Samryk Kazyna's ownership for these entities' respective
creditworthiness, strategies, and financial flexibility," said
Ms. Ess.  If debt restructuring is imminent or the institutions do
not meet debt obligations according to their terms, S&P's criteria
generally require us to lower the ratings to 'D'.  Barring any
further deterioration in their operating environments, S&P may
raise the ratings on these entities if either future government
support or improvements in their own stand-alone credit profiles
help them to avoid a debt restructuring and allow them to meet
their obligations in a timely manner.


CARDINAL CORPORATION: Creditors Must File Claims by May 1
---------------------------------------------------------
LLP Cardinal Corporation Kz has declared insolvency.  Creditors
have until May 1, 2009, to submit written proofs of claim to:

         Turgenev Str. 106/1-37
         Aktobe
         Aktube
         Kazakhstan


JAISAN LLP: Creditors Must File Claims by May 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Jaisan insolvent.

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

         Satpayev Str. 16
         Aktobe
         Aktube
         Kazakhstan

The Court is located at:

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


KAZ HOLDING: Creditors Must File Claims by May 1
------------------------------------------------
LLP Kaz Holding Group has declared insolvency.  Creditors have
until May 1, 2009, to submit written proofs of claim to:

         Micro District 11a, 27-77
         Karaganda
         Kazakhstan


MAIRA LLP: Creditors Must File Claims by May 1
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Maira insolvent.

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

         Gogol Str. 1-4
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 52-41-31

The Court is located at:

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


NIMIR HOLDINGS: Creditors Must File Claims by May 1
---------------------------------------------------
LLP Nimir Holdings has declared insolvency.  Creditors have until
May 1, 2009, to submit written proofs of claim to:

         Micro District "Bayan-aul", 57a
         Almaty
         Kazakhstan


OZAT ESKER: Creditors Must File Claims by May 1
-----------------------------------------------
LLP Ozat Esker has declared insolvency.  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


ROZOVY FLAMINGO: Creditors Must File Claims by May 1
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Rozovy Flamingo insolvent.

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

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


TEMIRBANK JSC: S&P Cuts Counterparty Credit Rating to 'C/C'
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its counterparty
credit ratings on three banks and one mortgage company in the
Republic of Kazakhstan (foreign currency BBB-/Negative/A-3, local
currency BBB/Negative/A-3), namely BTA Bank J.S.C. and BTA's
subsidiaries Temirbank JSC and BTA Ipoteka Mortgage Co. to 'C/C'
from 'CCC+/C' and Alliance Bank JSC to 'C/C' from 'B/B'.  The
counterparty credit ratings on these entities remain on
CreditWatch with negative implications, where they were placed on
March 20, 2009.

"The rating actions reflect our view that there is now a very high
probability that BTA and its subsidiaries and Alliance will
undertake debt restructurings, and that they are now less likely
to gain support from the Kazakh government to meet their
respective debt obligations according to their terms," said
Standard & Poor's credit analyst Annette Ess.  S&P understand that
the Kazakh government is not willing to provide support for the
two banks to service their debt obligations on a timely basis,
which, given the highly distressed financial condition of the
banks, in S&P's view increases the likelihood of a debt
restructuring.

S&P's long-term ratings on BTAI and Temirbank are constrained by
S&P's ratings on BTA.  S&P understands that the state-owned Samruk
Kazyna welfare fund's majority takeover of Alliance has still not
been completed and is likely to take some time.  S&P no longer
includes an additional notch above Alliance's stand-alone credit
profile due to S&P's view of the lower probability of government
support.

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

"We expect to resolve the CreditWatch placements on BTA, Alliance,
Temirbank, and BTAI once S&P obtain information about a possible
debt restructuring, or evidence of inability to meet relevant debt
obligations according to their terms, or about the implications of
Samryk Kazyna's ownership for these entities' respective
creditworthiness, strategies, and financial flexibility," said
Ms. Ess.  If debt restructuring is imminent or the institutions do
not meet debt obligations according to their terms, S&P's criteria
generally require us to lower the ratings to 'D'.  Barring any
further deterioration in their operating environments, S&P may
raise the ratings on these entities if either future government
support or improvements in their own stand-alone credit profiles
help them to avoid a debt restructuring and allow them to meet
their obligations in a timely manner.


VK PROM: Creditors Must File Claims by May 1
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP VK Prom Stroy Tech 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


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


HAN-TENGRI INSURANCE: Creditors Must File Claims by April 10
------------------------------------------------------------
Creditors of Insurance CJSC Han-Tengri have until April 10, 2009,
to submit proofs of claim.

The company can be reached at:

         Insurance CJSC Han-Tengri
         Tel: (+996 312) 29-81-11


PHARM CONSULTING: Court Names Insolvency Manager
------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
A. Ybyshov as Insolvency Manager for LLC Pharm Consulting.   He
can be reached at:

         A. Ybyshov
         Moskovskaya Str. 151
         Bishkek
         Kyrgyzstan

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.   The case is docketed under Case No.
ED-847/05mbc2.


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


ASHWELL RATED: S&P Lifts Rating on EUR50MM Notes to 'A+' from 'B-'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'A+' from 'B-' its
credit rating on the EUR50 million floating-rate credit-linked
notes series 12 issued by Ashwell Rated S.A.

The rating action follows an upward revision to the attachment
point for these notes, which is now sufficient, in S&P's opinion,
to support S&P's 'A+' rating.


TENZING CFO: Moody's Cuts Ratings on 5 Classes of Notes to Low-B
----------------------------------------------------------------
Moody's Investors Service has downgraded and left under review for
possible downgrade its ratings of six classes of notes issued by
Tenzing CFO, S.A.

The transaction is a CDO referencing a portfolio of investments of
two different types: shares of private equity funds and shares in
the equity of privately held corporations.

Tenzing is a bankruptcy remote special purpose company
incorporated with limited liability in Luxembourg for the sole
purpose of acquiring its interest in the portfolio and certain
other assets securing the notes, and issuing the notes.

The rating actions are primarily a result of the deterioration of
the performance of the private equity asset class, the lack of
sufficient and timely information about the transaction, and the
large amount of unfunded commitments.  The presence of a liquidity
facility renders the risk of a default on an interest payment
remote.

The rating actions are:

Tenzing CFO S.A.:

(1) US$55,000,000 Class A Funding Floating Rate Notes due 2018

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

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

  -- Prior Rating Action Date: 22 December 2008, rating on review
     for possible downgrade

(2) US$16,000,000 Class B1 Floating Rate Notes due 2018

  -- Current Rating: Ba2, on review for possible downgrade

  -- Prior Rating: Aa2, on review for possible downgrade

  -- Prior Rating Action Date: 22 December 2008, rating on review
     for possible downgrade

(3) EUR21,000,000 Class B2 Floating Rate Notes due 2018

  -- Current Rating: Ba2, on review for possible downgrade

  -- Prior Rating: Aa2, on review for possible downgrade

  -- Prior Rating Action Date: 22 December 2008, rating on review
     for possible downgrade

(4) US$33,000,000 Class C Floating Rate Notes due 2018

  -- Current Rating: Ba3, on review for possible downgrade

  -- Prior Rating: A2, on review for possible downgrade

  -- Prior Rating Action Date: 22 December 2008, rating on review
     for possible downgrade

(5) US$8,500,000 Class D1 Floating Rate Notes due 2018

  -- Current Rating: B2, on review for possible downgrade

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

  -- Prior Rating Action Date: 22 December 2008, rating on review
     for possible downgrade

(6) EUR10,000,000 Class D2 Floating Rate Notes due 2018

  -- Current Rating: B2, on review for possible downgrade

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

  -- Prior Rating Action Date: 22 December 2008, rating on review
     for possible downgrade

In reaching its rating decisions, Moody's considered these
important factors:

(1) Cash

The current amount of cash in the structure has been compared to
the initial projections.  Distributions and drawn-downs have been
projected until maturity.

(2) NAV

The Net Asset Value of the portfolio as reported by the manager
has been compared to the initial projections.  Based on the fair
value accounting (FASB 157), the NAV presents an aggregated
performance metrics.

(3) Public Information Regarding Private Equity

Private-equity funds typically disclose a limited amount of
information to the parties involved.  Moody's examined the recent
disclosure of large publicly quoted buy-out funds with regards to
the mark-downs of outstanding Leveraged Buy Outs and Venture
Capital portfolios and used them as guidelines to understand the
state of the private equity industry.

(4) Public Equity

Unlike Private Equity, for which historical performance data is
available only for the latest 25 years, Public Equity indices
provide performance information over a much longer period.  As an
example, the LPX 50, an index of 50 major publicly traded Private
Equity companies, is approximately 66% down since January 2005
(deal inception) and 82% down from its peak in May 2007.  In the
absence of transparent Private Equity performance data over this
time period Moody's can look to Public Equity as a proxy.

(5) Manager's View

The transaction manager has been asked to provide the projected
levels of distribution, draw-downs and NAV.  Moody's believes that
the manager is in a unique position to time the various material
elements that impact the cash flow.  Moody's applied stressed to
the projected levels from managers.

(6) Liquidity Position

By nature, private-equity investors commit capital that will be
drawn in the future.  Historically, the full amount of committed
capital has not been drawn by the Private Equity funds.  Moody's
believes that the likelihood of a commitment to be drawn during a
systemic credit crisis is high.

Moody's has developed a monitoring model for this type of
transaction.  The model first estimates the cash available over
the life of the deal.  It also models the liquidity facility
dynamically.  Based on the factors listed above, Moody's defined
three states of future portfolio performance: optimistic, baseline
and pessimistic and assessed the probability of losses for each
tranche in each of the three states.  Haircuts on the projected
distributions are in the range between 0% and 40%, depending on
the state of the portfolio.  An additional 30% haircut on the
distribution for the next three years was added to account for the
possible data noises in performance reports that were referenced
in the analysis.


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


CREDIT EUROPE: Moody's Cuts Bank Financial Strength Rating to 'D'
-----------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Credit Europe Bank N.V. to D from D+ and its long-term
debt and deposit ratings to Ba2 from Baa3.  The short-term debt
and deposit ratings were downgraded to Not Prime from Prime-3.
The BFSR and the long-term ratings were placed on review for
possible further downgrade.

Moody's rating action was triggered by the worsening of economic
conditions in CEB N.V.'s main markets combined with the bank's
high risk profile, which is characterized by sizeable exposures to
emerging markets, some pressure on asset quality, significant
borrower concentrations that could weaken capital ratios.

Based on deposits collected in Western Europe (deposits from the
Netherlands, Belgium and Germany represent 80% of the bank's
funding), CEB N.V. engages in high margin lending to SMEs and
consumers outside the Eurozone -- emerging markets, specifically
Romania, Turkey, Russia and, to a lesser extent, Ukraine, together
represent 63% of the bank's total on- and off-balance sheet
exposures.  In Moody's view, these activities, which have been
developed at a rapid pace, are highly vulnerable to the
accelerating adverse economic developments in CEB N.V.'s key
markets, in particular in Eastern Europe.  Given CEB N.V's loan
portfolio composition, the rating agency expects a deterioration
of the bank's asset quality going forward.

Additionally, Moody's cautions about the risks inherent to CEB
N.V.'s significant borrower concentrations, mainly to Romanian,
Turkish and Russian counterparties, compared with the bank's Tier
1 ratio.  The rating agency highlights that the bank's Tier 1
ratio (8.4% in 2007) provides only a limited buffer against
potential losses, which may materialize in the near future.

Moody's adds that CEB N.V.'s deposits have shown some relative
resilience during September and October 2008 helped by increased
rates and close monitoring by the bank.  Over the year 2008, total
customer deposits increased by 46%.  However Moody's cautions that
deposits at foreign-owned banks may be subject to higher
volatility during times of crisis.  In addition, in Moody's view,
the bank's funding costs are likely to remain higher going
forward.

The review will focus on the bank's ability to:

  -- Limit the potential deterioration of its asset quality;

  -- Reduce its borrower concentrations;

  -- Increase its capitalization ratios and loss-absorption
     capacity;

  -- Maintain its deposit base; and

  -- Balance its deposit and lending activities.

The latest rating action on this issuer was implemented on
December 4, 2006 when Moody's downgraded the BFSR of Finansbank
(Holland) -- CEB N.V.'s former name --to D+ from C- and its long-
term debt and deposit ratings to Baa3 from Baa2; both the ratings
carried stable outlooks.  The short-term debt and deposit ratings
were downgraded to Prime-3 from Prime-2.

CEB N.V., based in Amsterdam, the Netherlands, reported total
consolidated assets of EUR9.54 billion and shareholders' equity of
EUR0.65 billion at December 31, 2008.  CEB N.V. is wholly owned by
Fiba Holding AS (unrated), a holding company based in Turkey and
mainly active in financial services.


DEMIR-HALK BANK: Moody's Lowers Financial Strength Rating to 'D'
----------------------------------------------------------------
Moody's Investors Service has downgraded to D from D+ the Bank
Financial Strength Rating of Demir-Halk Bank (Nederland) N.V.  At
the same time, the bank's long-term debt and deposit ratings were
downgraded to Ba2 from Ba1.  The BFSR and the long-term ratings
were placed on review for possible further downgrade.  The Non-
Prime short-term debt and deposits ratings are unchanged.

Moody's rating action was triggered mainly by the worsening
economic environment combined with DHB's considerable asset
concentrations, high exposure to emerging markets, lower
profitability and by a slight decrease of the capital base.

DHB is primarily active in emerging markets in corporate lending
and commodity and structured trade finance lending, and more
specifically in Turkey and Russia which together account for 49%
of total assets.  Moody's notes that DHB has developed lending
activities in volatile markets outside the Euro zone.  Although
the bank's assets are primarily denominated in Euro and US dollar,
and the bank maintains active hedging policies, it is Moody's
understanding that DHB's results may still be indirectly affected
by adverse foreign exchange currency movements.

Moody's also cautions about the risk inherent to DHB's significant
borrower concentrations, mainly to Turkish and Russian
counterparties including banks, holding companies and corporates.
DHB has traditionally sustained a high capital base throughout the
years.  Although still remaining at high level in 2008, it is
Moody's understanding that DHB's capital base has decreased,
thereby reducing the bank's loss-absorption capacity against the
backdrop of a deteriorating economic environment, particularly in
those countries where the bank is most exposed.

Furthermore, given DHB's specialization in the competitive trade
finance segment, the bank's main revenue sources may be challenged
by decreasing financing demand as evidenced by the significant
reduction notably of Turkish exports in recent months.  In
addition, lending margins have decreased partly because of the
bank's decision to maintain high liquidity cushion.  Overall, in
Moody's view, the bank's profitability may therefore further
decline going forward.

Moody's adds that DHB's deposits have shown some relative
resilience during September and October 2008 partly helped by
increased deposit rates.  The bank reports that those rates have
started to decrease since the beginning of 2009.  Yet, Moody's
cautions that deposits at foreign-owned banks may be subject to
higher volatility during times of crisis.  In addition, the bank's
funding costs are likely to remain high going forward.

The review will focus on DHB's ability to:

  -- Limit the potential asset quality deterioration from its
     securities and loan portfolio

  -- Reduce its borrower concentrations

  -- Maintain high capitalization ratios and loss-absorption
     capacity

  -- Preserve adequate and sustainable levels of profitability

  -- Maintain its deposit base

The previous rating action was on November 15, 2007 when Moody's
assigned a D+ BFSR, a Ba1 long-term debt and deposit ratings, with
stable outlook, and Non-Prime short-term debt and deposits ratings
to DHB.

Based in Rotterdam, DHB has reported total consolidated assets of
EUR1.909 billion, reported shareholder's equity of EUR212 million
-- as at December 31, 2007.  DHB is 70% owned by HCBG (a holding
company active in real-estate, construction and financial services
in Turkey) and 30% owned by Halkbank, the seventh-largest bank in
Turkey (not rated).


===========
N O R W A Y
===========


NORSKE SKOG: To Buy Back US$150 Million of October 2011 Bond Loan
-----------------------------------------------------------------
Norske Skog on Thursday, March 26, authorized Citi and Deutsche
Bank to offer buy-back of up to US$150 million (par value) of a
bond loan maturing on October 15, 2011.

The offer will be in the range of 68 to 75 per cent of par value,
and will take place as an auction.  The offer is made to all
current bond owners, who will have a deadline of 21 working days
to accept the offer.  If the amount accepted amounts to more than
US$150 million, a pro-rata downward adjustment will be made
according to set principles.

The bond loan has a coupon rate of 7 5/8 per cent and was
initially US$600 million.  Norske Skog bought back US$141 million
(par value) in 2008, and the residual loan is at present US$459
million.  The loan is listed on the Luxembourg Stock Exchange with
ISIN numbers USR80036AN77 (Luxembourg listing) and US656533AA45.

Norske Skogindustrier ASA --  http://www.norskeskog.com-- is a
Norway-based producer of printing paper.  The Company is primarily
engaged in the production of newsprint and magazine paper, as well
as directories, inserts, flyers, catalogs and books.  Its product
range includes newsprint paper marketed under the Nornews brand;
directory paper, including BioBio Directory and Tasman; improved
newsprint paper, under the Norbright, Norstar and NorX names;
super calendared (SC) paper, for the Norsc products; machine
finish coated paper (MFC) sold under the Norset brand name, and
lightweight coated paper (LWC), which is marketed under the
Norcote brand name.  Norske Skogindustrier is operational through
wholly and partially owned manufacturing plants globally,
including Europe with locations in Norway, France, Austria,
Germany, the Netherlands and the Czech Republic; Asia; South
America, and Australasia, which comprises Australia and New
Zealand.  It also has sales offices and agents around the world.

                      *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 25,
2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-
term corporate credit rating on Norway-based forest product
company Norske Skogindustrier ASA (Norske Skog).  The 'B' short-
term corporate credit rating was affirmed.  S&P removed the long-
term rating from CreditWatch where it was originally placed with
negative implications on April 21, 2008.  The outlook is negative.


NORSKE SKOG: S&P Retains 'BB-' Rating on Repurchase Offer
---------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Norway-based forest product company Norske
Skogindustrier ASA (Norske Skog; BB-/Negative/B) remain unchanged
following an announcement of an offer to repurchase up to
US$150 million (about NOK950 million) of its US$600 million
(currently US$459 million outstanding) notes maturing in 2011.

S&P sees the exchange offer as opportunistic as opposed to
distressed, hence not resulting in default under S&P's criteria.
This is based on S&P's expectations, as reflected in S&P's current
ratings, that Norske Skog will not face insolvency, bankruptcy, or
payment default in the near term, absent the transaction.
Specifically, the company has robust financial assets due to
recent disposals, and S&P does not expect it to post negative
discretionary cash flows.


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


* ROMANIA: EUR12.95 Billion IMF Loan Agreed
-------------------------------------------
Mr. Dominique Strauss-Kahn, Managing Director of the International
Monetary Fund (IMF), on Wednesday, March 25, issued the following
statement:

"An IMF staff mission and the Romanian authorities have today
reached agreement, subject to approval by IMF Management and the
Executive Board, on an economic program supported by a EUR12.95
billion (about US$17.51 billion) loan under a two-year Stand-By
Arrangement.  The Executive Board is expected to meet to discuss
the program in the coming weeks.  Romania would be able to draw
EUR5 billion (about US$6.76 billion) upon Board approval.

"We welcome the proactive approach by the Romanian authorities in
the face of emerging financial tensions, which puts Romania on a
good footing to face potential difficulties ahead.

The objective of the policy package is to cushion the effects of
the sharp drop in private capital inflows while implementing
policy measures to address the external and fiscal imbalances and
to strengthen the financial sector.

"Core measures under the program are designed to strengthen fiscal
policy further to reduce the government's financing needs and
improve long-term fiscal sustainability, thus preparing Romania
for eventual entry into the euro zone.  In addition, the program
aims to maintain adequate capitalization of banks and liquidity in
domestic financial markets; bring inflation within the central
bank's target and maintain it there; and secure adequate external
financing and improving confidence.  The program contains explicit
provisions to increase allocations for social programs, as well as
protection under the reforms for the most vulnerable pensioners
and public sector employees at the lower end of the wage scale.
These strong policies justify the exceptional level of access to
IMF resources—equivalent to around 1,127 percent of Romania's
quota—and deserve the support of the international community.

"The IMF has worked in close coordination with the European Union
(EU), the World Bank, and regional and other multilateral
financial institutions, on supporting Romania.  The EU stands
ready to provide a loan of EUR5 billion (about US$6.76 billion),
following approval by the European Commission and the European
Council; and the World Bank has agreed to provide EUR1 billion
(about US$1.35 billion), subject to approval from its Executive
Board.  Support from the European Bank for Reconstruction and
Development (EBRD) and other multilaterals provide an additional
EUR1 billion (about US$1.35 billion).

"In conjunction with Romania's efforts and multilateral financial
support, we are actively consulting with banks and other financial
institutions operating in the country so that they will continue
to provide adequate financing to Romania," Mr. Strauss-Kahn said.


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


BELORETSKIY LESOKOMBINAT: Creditors Must File Claims by May 13
--------------------------------------------------------------
Creditors of LLC Beloretskiy Lesokombinat (Forestry) have until
May 13, 2009, to submit proofs of claims to:

         O. Ilyin
         Insolvency Manager
         Kommunisticheskaya St. 38/88
         Sterlimak
         453120 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07–10521/2008-G-MOG.


BRATYA-STROY LLC: Court Names Temporary Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed V.Kofnov as Temporary
Insolvency Manager for LLC Bratya-Stroy (TIN 7705318959, PSRN
1037739386244) (Construction).  The case is docketed under Case
No. A40–93971/08–88-246B.  He can be reached at:

         Apt. 211
         Velozavodskaya St.9
         115280 Moscow
         Russia

The Debtor can be reached at:

         LLC Bratya-Story
         Building 15
         Nizhnie Polya St. 29
         109382 Moscow
         Russia


ELEKTRONIKA OJSC: Creditors Must File Claims by May 13
------------------------------------------------------
Creditors of OJSC Elektronika Commercial Bank (TIN 7710018862,
Registration Number 488) have until May 13, 2009, to submit proofs
of claims to:

Investment Insurance Agency

         Acting Insolvency Manager
         Post User Box 48
         109052 Moscow
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–1392/09–95-4«B.

The Debtor can be reached at:

         OJSC Elektronika Commercial Bank
         Pyzhevskiy pereulok 6
         119017 Moscow
         Russia


GALLERY MEDIA: Moody's Cuts Corporate Family Rating to 'Caa2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Gallery Media Group Ltd. and the existing bond rating of
Gallery Capital SA to Caa2 from Caa1.  The outlook on the ratings
was changed to negative from stable, reflecting the agency's
concerns over the Russian outdoor market development in the next
twelve months.

Given significant downturn of the market conditions it is Moody's
opinion that Gallery may face difficulties servicing its debt
given weakening cash flow generation and limited visibility with
regard to sales, profitability and working capital requirements.
Moody's note that the company's debt consisting mainly of US$175
million senior secured notes and US$116 million (as at end
September, 2008) PIK loan is denominated in foreign currency
whereas revenues are received in Russian roubles.  While
positively noting long-term structure of the company debt whereby
both facilities have bullet repayments in May and November 2013,
respectively, Moody's note that the devaluation of the functional
currency has already resulted in the accounting foreign exchange
loss and deterioration of the coverage and leverage metrics.
Moody's also notes that in the absence of recapitalization and
external financing, and given that the unfavorable market
conditions persist beyond 2009, Moody's see a higher probability
of default in the second half of 2010.

Moody's previous rating action on Gallery was on June 17, 2008
when the rating agency changed the outlook on the Caa1 corporate
family rating of Gallery Media Group Ltd. and the existing bond
rating of Gallery Capital SA to stable from positive.

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

Headquartered in Moscow, Russia, Gallery currently operates the
second-largest outdoor advertising network after News Outdoor in
Russia and Ukraine (based on revenues and the number of
advertising faces owned).  During the nine months of 2008, Gallery
reported revenues of US$156.5 million and adjusted for imputed tax
EBITDA of US$ 43.7 million.


MEGA-STROY LLC: Creditors Must File Claims by May 13
----------------------------------------------------
Creditors of LLC Mega-Stroy (TIN 7116127778, PSRN 1057101586794)
(Construction) have until May 13, 2009, to submit proofs of claims
to:

         R. Budin
         Insolvency Manager
         Office 608
         Ryazanskaya St. 1
         300026 Tula
         Russia

The Arbitration Court of Tulskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68–3021/A-08.

The Debtor can be reached at:

         LLC Mega-Stroy
         Trudovue Rezervy St. 31/8
         Novomoskovsk
         Tulskaya
         Russia


SERVIS-M LLC: Creditors Must File Claims by April 13
----------------------------------------------------
Creditors of LLC Gaz Prom Energo Servis-M (TIN 7726314521, PSRN
1027739806346) (Repair and Construction) have until April 13,
2009, to submit proofs of claims to:

         M. Khasanova
         Temporary Insolvency Manager
         Post User Box 345
         115230 Moscow-230
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A40–84785/08–73–
286B.

The Debtor can be reached at:

         LLC Gaz-Prom-Energo-Servis-M
         Kirovogradskaya St. 5
         Moscow
         Russia


SIBIRTELECOM OAO: Fitch Affirms LT Issuer Default Rating at 'B+'
----------------------------------------------------------------
Fitch Ratings has affirmed OAO Sibirtelecom's Long-term Issuer
Default rating at 'B+' and Short-term IDR at 'B'.  The Outlook on
the Long-term IDR is Stable.

Sibir is an incumbent with strong market shares in key sectors of
operation and an established business franchise.  Like its
Svyazinvest-group peers, its operations benefit significantly from
its wide backbone and 'last mile' network infrastructure, as well
as from a benign regulatory environment in Russia.  Fitch believes
that Sibir's revenue should remain resilient in the prevailing
economic downturn, supported by broadband and mobile revenue
growth as well as local voice segment tariff indexation.
Resilient revenue stream and cost control measures introduced by
Sibir should help maintain the EBITDA margin at the 2007 level, in
a range of 34%-35%.

The ratings are constrained by considerable refinancing risks,
with short-term debt representing about 31% of the total debt at
end-9M08, as estimated by Fitch.  Cash and untapped credit
facilities at FYE08 did not fully cover refinancing risks in 2009.
The agency believes that Sibir, similar to its Svyazinvest peers,
has significant room to improve free cash flow generation cutting
capex considerably, therefore releasing cash for debt repayments.
Sibir has already committed to approximately 30% capex deferral in
2009 and, in the agency's view, can further reduce capex without
compromising its market position.  By Fitch's estimate, capex
reduction of a further 20%-30% should make Sibir deeply FCF-
positive in 2009.

The ratings take into consideration the ownership-driven
relationships of Sibir's main shareholder, state-controlled OAO
Svyazinvest, with state banks.  Fitch believes these relationships
should aid Svyazinvest's 2008-2009 refinancing negotiations to the
benefit of group companies, including Sibir.

Fitch believes that a tight credit environment and a significant
capex program had limited Sibir's debt reduction efforts in 2008,
with leverage estimated to have remained at the 2007 level of
1.7x.  In the agency's view, debt reduction in 2009 should take
the leverage to below 1.7x as Sibir seeks to mitigate refinancing
risks.  This leverage of under 1.7x is fairly low for the current
ratings and should help secure funding from banks.


STEKLO-FIN LLC: Court Names Temporary Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Ryazanskaya appointed Ye. Porkhunov as
Temporary Insolvency Manager for LLC Steklo-Fin (TIN 6231046765,
PSRN 1026201261261) (Hollow Glassware Production).  The case is
docketed under Case No. A54–344/2009, S19.  He can be reached at:

         Office 14
         Prospect Zavrazhnogo 5
         Ryazan'
         Russia

The Debtor can be reached at:

         LLC Steklo-Fin
         Frunze St. 11
         Ryazan'
         Russia


TRANS-LES-KOM LLC: Creditors Must File Claims by May 13
-------------------------------------------------------
Creditors of LLC Trans-Les-Kom (TIN 2463080247, PSRN
1062463058305) (Lumbering) have until May 13, 2009, to submit
proofs of claims to:

         Ye. Katser
         Insolvency Manager
         Post User Box 12161
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33–17841/2008.

The Court is located at:

         The Arbitration Court of Krasnoyarskiy
         Lenina St. 143
         660049 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Trans-Les-Kom
         Vysotnaya St. 4
         Krasnoyarsk
         660062 Krasnoyarskiy
         Russia


UNECH-MASLO-ZAVOD OJSC: Creditors Must File Claims by May 13
------------------------------------------------------------
Creditors of OJSC Unech-Maslo-Zavod (Butter-Making Plant) have
until May 13, 2009, to submit proofs of claims to:

         S. Artamonov
         Insolvency Manager
         Post User Box 223
         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. A09–5931/2008–32.

The Debtor can be reached at:

         OJSC Unech-Maslo-Zavod
         Kalinina St. 10
         Unecha
         Bryanskaya
         Russia


VTOR-TSVET-MET PLANT: Creditors Must File Claims by April 13
------------------------------------------------------------
Creditors of OJSC Vtor-Tsvet-Met Plant (Nonferrous Metals) have
until April 13, 2009, to submit proofs of claims to:

         N. Adamov
         Temporary Insolvency Manager
         Post User Box 11
         Building 1
         Molodogvardeyskaya St. 9
         121467 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A41–3831/09.

The Debtor can be reached at:

         OJSC Vtor-Tsvet-Met Plant
         Tsentralnaya St. 110
         Elektrougli
         Noginskiy
         142455 Moskovskaya
         Russia


WOOD-PROCESSING COMPANY: Creditors Must File Claims by April 13
---------------------------------------------------------------
Creditors of LLC Wood-Processing Company Plus (TIN 3804033795,
PSRN 1063804000248, RVC 380401001) have until April 13, 2009, to
submit proofs of claims to:

         V. Sokolov
         Insolvency Manager
         Post User Box 51
         Lyzina St. 28
         664009 Irkutsk
         Russia

The Arbitration Court of Irkutskaya will convene on Aug. 17, 2009,
to hear bankruptcy proceedings.

The Debtor can be reached at:

         LLC Wood-Processing Company Plus
         Druzhby St. 45
         Bratsk
         665710 Irkutskaya
         Russia


* Fitch Takes Various Rating Actions on Nine Russian Banks
----------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer k (PSB, 'B+'),
Uralsib Bank (B+), Uralsib Leasing Group ('B+') and Bank Zenit
('B+').  Fitch has affirmed Russian Standard Bank's Long-term IDR
at 'BB-' (BB minus) with a Negative Outlook, while URSA Bank's
Long-term IDR of 'B+' remains on Rating Watch Positive.

The negative rating actions on the banks' IDRs reflect ongoing and
likely future asset quality deterioration driven by the difficult
Russian operating environment, the banks' generally moderate
current loss absorption capacity and, to varying degrees,
uncertainty as to contingency recapitalization plans.

The downgrades of MDM and Alfa reflect the already significant
loan impairment at those institutions, risks relating to
substantial foreign currency lending and the general deterioration
in the operating environment.  At the same time, MDM and Alfa
continue to be rated one notch higher than most other major
privately-owned Russian banks due to their slightly higher loss
absorption capacity (based on reserves and capital numbers in the
banks' March statutory accounts), Fitch's somewhat greater comfort
with respect to shareholders' ability to contribute new equity, if
needed, and Fitch's more positive view of the quality of the two
banks' management, particularly risk management.

The RWP on URSA reflects the bank's planned merger with MDM in
Q309, and Fitch's current expectation that the merged bank will be
rated 'BB-' (BB minus).  However, in case of a further
deterioration of asset quality at MDM and/or a marked weakening of
URSA's financial position, this expectation could be revised
downwards, removing the upside potential for URSA's ratings.

The affirmation of RSB's Long-term IDR reflects the bank's
substantial capital and liquidity cushions, which would be
sufficient to absorb a considerable increase in loan impairment
and should enable the bank to repay maturing wholesale funding,
respectively.  At the same time, RSB's Individual Rating has been
downgraded to 'D' from 'C/D' as a result of its now very high
reliance on funding from the Central Bank of Russia, which not
only supports the bank's rouble liquidity position, but has also
been used as the means for the bank to cover its short on-balance
sheet FX position.  A sharp deterioration in asset quality or an
inability of the bank to cover its FX position at a reasonable
price in the future could result in a downgrade of RSB's Long-term
IDR.

Fitch currently forecasts that Russia's GDP will contract by 3% in
2009.  Reduced economic activity, coupled with sharp falls in
asset prices, a marked tightening of liquidity in the corporate
sector, the sizeable depreciation of the RUB and the deterioration
in households' financial positions, have already resulted in a
significant increase in loan impairment across the Russian banking
sector.  Asset quality is likely to deteriorate further and Fitch
believes the areas of highest risk will be loans to sectors which
have been hardest hit by the economic downturn, in particular
construction/real estate and retail trade; lending in foreign
currency because of the RUB depreciation; loans to often highly-
leveraged holding companies, commonly secured by collateral which
has fallen substantially in value; and unsecured retail lending
(although RSB manages this risk better than most banks active in
this market).

At the same time, Fitch notes some more encouraging recent signs
for the Russian economy in terms of greater support for the oil
price and the RUB, and more favorable market sentiment both
globally and domestically.  If the Russian recession turns out to
be shallower and/or shorter than currently forecast, this would
likely be supportive for banks' asset quality and their overall
credit profiles, and could result in banks' Outlooks being revised
back to Stable.

The liquidity positions of the banks reviewed are at present
comfortable.  As a result of substantial funding support for the
sector from the CBR and stability of customer deposits since
October 2008, the vast majority of larger Russian banks have built
up significant liquidity cushions.  In Fitch's view, wholesale
funding repayments for the banks reviewed are unlikely to prove
onerous in 2009, and liquidity would probably only come under
pressure if deposit outflow picks up again, or if the CBR sharply
reduces its funding support for the sector.  However, neither of
these scenarios is currently regarded by Fitch as likely.

The assessment of the banks referenced in this comment is the
first part of a broader review of all Fitch-rated banks in Russia,
with the main focus on asset quality, loss absorption capacity and
contingency recapitalization plans.

The rating actions are:

MDM Bank

  -- Long-term IDR: downgraded to 'BB-' (BB minus) from 'BB';
     Outlook changed to Negative from Stable

  -- Senior unsecured debt: downgraded to 'BB-' (BB minus) from
     'BB'

  -- Subordinated debt: downgraded to 'B+' from 'BB-' (BB minus)

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: downgraded to 'D' from 'C/D'

  -- Support Rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- National Long-term Rating: downgraded to 'A+(rus)' from 'AA-
     (AA minus)(rus)'; Outlook changed to Negative from Stable

OJSC Alfa-Bank

  -- Long-term IDR: downgraded to 'BB-' (BB minus) from 'BB';
     Outlook changed to Negative from Stable

  -- Senior unsecured debt: downgraded to 'BB-' (BB minus) from
     'BB'

  -- Subordinated debt: downgraded to 'B+' from 'BB-' (BB minus)

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: downgraded to 'D' from 'C/D'

  -- Support Rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- National Long-term Rating: downgraded to 'A+(rus)' from 'AA-
     (AA minus)(rus)'; Outlook changed to Negative from Stable

JSC Russian Standard Bank

  -- Long-term IDR: affirmed at 'BB-' (BB minus); Outlook Negative
  -- Senior unsecured debt: affirmed at 'BB-' (BB minus)
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: downgraded to 'D' from 'C/D'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'

URSA Bank

  -- Long-term IDR: 'B+'; remains on RWP
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: affirmed at 'D'
  -- Support Rating: '5'; remains on RWP
  -- Support Rating Floor: 'B-' (B minus); remains on RWP

Nomos-Bank

  -- Long-term IDR: affirmed at 'B+'; Outlook changed to Negative
     from Stable

  -- Senior unsecured debt: affirmed at 'B+'; Recovery Rating at
     'RR4'

  -- Subordinated debt: affirmed at 'B-' (B minus); Recovery
     Rating at 'RR6'

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'B-' (B minus)

  -- National Long-term Rating: affirmed at 'A(rus)'; Outlook
     changed to Negative from Stable

Promsvyazbank

  -- Long-term IDR: affirmed at 'B+'; Outlook changed to Negative
     from Stable

  -- Senior unsecured debt: affirmed at 'B+'; Recovery Rating at
     'RR4'

  -- Subordinated debt: affirmed at 'B-' (B minus); Recovery
     Rating at 'RR6'

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

Bank Uralsib

  -- Long-term IDR: affirmed at 'B+'; Outlook changed to Negative
     from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

Uralsib Leasing Group

  -- Long-term foreign currency IDR: affirmed at 'B+'; Outlook
     changed to Negative from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B+'; Outlook
     changed to Negative from Stable

  -- Support Rating: affirmed at '4'

Bank Zenit

  -- Long-term IDR: affirmed at 'B+'; Outlook changed to Negative
     from Stable

  -- Senior unsecured debt: affirmed at 'B+'; Recovery Rating at
     'RR4'

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: affirmed at 'A-(A minus)(rus)';
     Outlook changed to Negative from Stable


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* SERBIA: Enhanced Stand-By Arrangement Agreed with IMF
-------------------------------------------------------
Mr. Albert Jaeger, Mission Chief for Serbia at the International
Monetary Fund (IMF), made the following statement on Thursday,
March 26, in Belgrade:

"An IMF staff mission and the Serbian authorities have today
reached agreement, subject to approval by the IMF Management and
the Executive Board, on a strengthened economic program that could
be supported by an extension and augmentation of the Stand-By
Arrangement (SBA) with Serbia.  The enhanced arrangement would
envisage a loan of some SDR2.6 billion (around EUR3 billion).  The
program period would be extended to 27 months, through mid-April
2011, and the arrangement would no longer be considered
precautionary.

"When the global financial turmoil began to spill over to Serbia
last year, the authorities recognized the difficulties early and
they deserve credit for negotiating a precautionary SBA with the
IMF last November.  But since then Serbia's external and domestic
economic environment has deteriorated abruptly and relentlessly.
As elsewhere in the region, exports and imports have plummeted,
external borrowing has dried up, and economic activity has
slumped.  Going forward, the global and regional economic downturn
will now likely be deeper and more protracted than projected only
a few months ago.  In this difficult setting, Serbia's GDP growth
is likely to be negative this year, with limited prospects of
recovery next year.  The unsustainable spending boom in the public
and private sectors that drove Serbia's economic growth and
external imbalances in recent years is being reversed sharply.
The augmented SBA is designed to smooth, not prevent, the
inevitable contraction in economy-wide spending to more
sustainable levels.

"The authorities' proactive policy package aims to help Serbia
attain a more balanced external position.  Their strategy includes
two main new elements.  First, a large and balanced fiscal
adjustment package has become necessary to contain the 2009
deficit to 3 percent of GDP, the maximum level that can be
financed through non-inflationary sources.  A combination of cuts
in recurrent expenditure and nominal freezes and mostly temporary
revenue increases will be needed, and should pave the way for
medium-term fiscal reforms toward a more durable consolidation of
public finances.  Capital and social spending will be largely
protected.  Second, foreign banks have been asked to provide
voluntary assurances to broadly maintain their commitment to
Serbia and keep their subsidiaries well capitalized.  The program
will also stress the need to maintain prudent monetary policy
aimed at containing inflation, and to kick-start long-delayed
structural reforms to boost the economy’s potential output.  The
authorities will also seek further financial support from other
international financial institutions and donors during this
difficult period.

"Both the Serbian authorities and the IMF staff believe that the
policies envisaged under the program are adequate to maintain
macroeconomic and financial stability.  In the next few weeks, the
authorities will take a series of actions, notably on revising the
2009 budget framework and proposing legislative changes to
implement the agreed fiscal measures, so that the proposed SBA
could be presented to the Executive Board of the IMF in May."


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


AKZENTSWISS.CH LLC: Creditors Must File Claims by March 31
----------------------------------------------------------
Creditors owed money by LLC Akzentswiss.ch are requested to file
their proofs of claim by March 31, 2009, to:

         Ochsengasse 29
         4058 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 10, 2009.


BAUSCHREINEREI AEGERI: Deadline to File Claims Set March 31
-----------------------------------------------------------
Creditors owed money by JSC Bauschreinerei Aegeri Erhein are
requested to file their proofs of claim by March 31, 2009, to:

         Heinz Hausler
         Zugerstrasse 46
         6314 Unterageri
         Switzerland

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


BRYNER LLC: Creditors Have Until March 31 to File Claims
--------------------------------------------------------
Creditors owed money by LLC Bryner are requested to file their
proofs of claim by March 31, 2009, to:

         JSC UV-Treuhand & Partner
         Untere Bahnhofstrasse 19
         9800 Wil SG
         Switzerland

The company is currently undergoing liquidation in Moriken-Wildegg
T.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on Jan. 20, 2009.


CEDIX LLC: Proofs of Claim Filing Deadline is March 31
------------------------------------------------------
Creditors owed money by LLC Cedix are requested to file their
proofs of claim by March 31, 2009, to:

         Rachel Doebeli
         im Baumgarten 33a
         8552 Felben-Wellhausen
         Switzerland

The company is currently undergoing liquidation in Marstetten.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 12, 2007.


G & H GRIEDER: Creditors' Proofs of Claim Due by March 31
---------------------------------------------------------
Creditors owed money by JSC G. & H. Grieder are requested to file
their proofs of claim by March 31, 2009, to:

         Muhlemattweg 2
         4450 Sissach
         Switzerland

The company is currently undergoing liquidation in Sissach.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 10, 2009.


METSO MINERALS: March 31 Set as Deadline to File Claims
-------------------------------------------------------
Creditors owed money by JSC Metso Minerals (Schweiz) are requested
to file their proofs of claim by March 31, 2009, to:

         Schachen
         8033 Buchrain
         Switzerland

The company is currently undergoing liquidation in Buchrain.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 26, 2009.


WIGET & PARTNER: Creditors Must File Proofs of Claim by March 31
----------------------------------------------------------------
Creditors owed money by JSC Wiget & Partner are requested to file
their proofs of claim by March 31, 2009, to:

         Wiget Hans Peter
         Gruebweg 11
         4451 Wintersingen
         Switzerland

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


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


ADELISK LLC: Creditors Must File Claims by April 11
---------------------------------------------------
Creditors of LLC Adelisk (EDRPOU 35143034) have until April 11,
2009, to submit proofs of claim to Y. Vanzhula, Insolvency
Manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 44/290-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Adelisk
         Office 43
         M. Grushevsky St. 28/2
         01021 Kiev
         Ukraine


DAFI-BUILDING PLUS LLC: Court Starts Bankruptcy Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Dafi-Building Plus (EDRPOU 33906393).

The Temporary Insolvency Manager is:

         R. Talan
         Post Office Box 158
         49000 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Dafi-Building Plus
         Shevchenko lane 1A
         49044 Dnepropetrovsk
         Ukraine


GULIAYPOLE FOOD: Creditors Must File Claims by April 11
-------------------------------------------------------
Creditors of CJSC Guliaypole Food and Flavouring Plant (EDRPOU
33211112) have until April 11, 2009, to submit proofs of claim to
N. Vereschak, Insolvency Manager.

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 12/20(09).

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian street 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         CJSC Guliaypole Food And Flavouring Plant
         Hertzen street 13
         Guliaypole
         70200 Zaporozhye
         Ukraine


HORK LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Poltava commenced bankruptcy supervision
procedure on LLC Hork (EDRPOU 31428903).  The Temporary Insolvency
Manager is I. Gritsenko.

The Court is located at:

         The Economic Court of Poltava
         Zigin St. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Hork
         Lenin St. 44
         Khorol
         37800 Poltava
         Ukraine


IKVA AGRICULTURAL: Creditors Must File Claims by April 11
---------------------------------------------------------
Creditors of Agricultural LLC Ikva (EDRPOU 00849764) have until
April 11, 2009, to submit proofs of claim to:

         Pension fund of Ukraine Department in Borispol
         Insolvency Manager
         Golovaty St. 4
         Borispol
         08302 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B2/282-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern street 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Ikva
         Krupskaya St. 34
         Voronkov
         Borispol
         08352 Kiev
         Ukraine


L-O-K LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Poltava commenced bankruptcy supervision
procedure on LLC L-O-K (EDRPOU 33129070).  The Temporary
Insolvency Manager is I. Gritsenko.

The Court is located at:

         The Economic Court of Poltava
         Zigin St. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC L-O-K
         Kirov St. 18/2
         Lubny
         37500 Poltava
         Ukraine


* UKRAINE: Default on Foreign Debt Unlikely, Prime Minister Says
----------------------------------------------------------------
Ron Popeski at Reuters reports Prime Minister Yulia Tymoshenko on
Thursday said Ukraine would not default on its foreign debt
obligations.

"Ukraine is nowhere near being in a position of default," Minister
Tymonshenko told Reuters in an interview during a visit to Japan.
"We are implementing our budget and meeting all our debt
obligations, even those that are being called in ahead of term.  I
do not see even the slightest threat that this might occur."

Reuters recalls last year, the International Monetary Fund
approved a US$16.4 billion credit for Ukraine, which has been hit
hard by the global crisis.  Reuters notes payment of the second
tranche, estimated at US$1.84 billion, has been suspended amid
differences on implementing a program to counter the effects of
the financial crisis.

Reuters discloses parliament is to consider this week further
anti-crisis legislation worked out with the IMF.


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


AMERICAN INT'L: Posted Collateral on Rented Property in U.K.
------------------------------------------------------------
Chris Peterson at Bloomberg News, citing the Wall Street Journal,
reported that American International Group Inc. was forced to post
more than GBP500 million (USUS$727 million) in collateral on
property rented in London's Canary Wharf by Lehman Brothers
Holdings Inc. and Citigroup Inc. in case of possible rent
defaults.

The report, citing the Journal, relates that according to Songbird
Estates Plc, which owns many of the buildings in the office block
development, AIG's credit rating cut meant the collateral
requirement kicked in.

Although Lehman entered administration on Sept. 15 its trustees
have continued to pay the rent on the property it occupies, the
Journal said as cited by Bloomberg News.

Based in New York, American International Group, Inc. (AIG), is
the leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on September 8, 2008, to
US$4.76 on September 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On September 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At September 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since September 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to September 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, US$40 billion of newly issued
AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At September 30, 2008, AIG had US$1.022 trillion in total
consolidated assets and US$950.9 billion in total debts.
Shareholders' equity was US$71.18 billion, including the addition
of US$23 billion of consideration received for preferred stock not
yet issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
US$62 billion for the fourth quarter and US$99 billion for the
full year of 2008, along with a revised restructuring plan
supported by the US Treasury and the Federal Reserve.  This
concludes a review for possible downgrade that was initiated on
September 15, 2008.


BUSINESS LTD: Appoints Joint Administrators from BDO Stoy Hayward
-----------------------------------------------------------------
Christopher Kim Rayment and Shay Bannon of BDO Stoy Hayward LLP
were appointed joint administrators of The Business (Telford) Ltd.
on March 12, 2009.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


EBTM PLC: Taps Joint Administrators from BDO Stoy Hayward
---------------------------------------------------------
David Harry Gilbert and Antony David Nygate of BDO Stoy Hayward
LLP were appointed joint administrators of EBTM Plc on March 12,
2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


ELMWALK SERVICES: Appoints Administrators from Tenon Recovery
-------------------------------------------------------------
Nicholas Charles Simmonds and Steven John Parker of Tenon Recovery
were appointed joint administrators of Elmwalk Services Ltd. on
March 11, 2009.

The company can be reached at:

         Elmwalk Services Ltd.
         Casbrook Park
         Rimsbury
         Romsey
         Hampshire
         SO51 OPG
         England


FORBURY HOTEL: Calls in Joint Administrators from Baker Tilly
-------------------------------------------------------------
Richard Meadley Wild and Mark John Wilson of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of The Forbury Hotel Ltd. on March 11, 2009.

The company can be reached through Baker Tilly Restructuring and
Recovery LLP at:

         The Clock House
         140 London Road
         Guildford
         Surrey
         GU1 1UW
         England


GLOBAL TRADER: Unsecured Creditors to Get 68 Pence in the Pound
---------------------------------------------------------------
Smith & Williamson on Wednesday, March 25, received Sir Andrew
Park's judgment on the claims of clients of Global Trader Europe
Limited.

Smith & Williamson will (subject to any appeal or application)
distribute the client money held in the segregated accounts (which
it is estimated will result in a return of up to 95 pence in the
pound relative to the value of clients' claims as at the time of
the liquidator's appointment) and adjudicate on proofs so that
they can make a substantial interim distribution to creditors, as
a part payment on an overall dividend.  It is estimated that the
total final dividend to unsecured creditors will be in the region
of 68 pence in the pound.

Stephen Cork, head of restructuring and recovery at Smith &
Williamson, and Joint Liquidator of Global, said: "We will now be
in contact with all creditors who have already submitted a proof
of debt.  Any creditor who has not yet submitted a proof should do
so as soon as possible, as we intend to make payments to creditors
within two months from today, subject to any appeals."

The Judge recognized the complexity of the issues raised by
clients, and in consequence, his judgment is lengthy and detailed.
There were many competing claims made by various different classes
of client and creditors; and the judgment is the culmination of
the work done by Smith & Williamson to resolve these diverse
claims.

The Judge decided that the funds which Global held in segregated
accounts are to be distributed between the clients whose funds
Global had agreed to segregate (according to the documentation on
Global's client files) and for whom Global held funds in its
segregated accounts as at the close of business on February 14,
2008, the day before Global went into administration, (by
reference to the information which the directors of Global
provided to the administrators on their appointment on
February 15, 2008).

The distribution to these clients will be by reference to the
value of their positions as at February 15, 2008, in accordance
with the order made by the Honorable Mr. Justice David Richards on
October 3, 2008.

The segregated funds are to be increased by an amount equal to
profits generated by or crystallized on positions held by this
class of client between close of business on February 14, 2008
(when Global carried out its final daily reconciliation before the
appointment) and the time at which the administrators were
appointed on February 15, 2008.

The Judge held that these clients have no proprietary claim to
profits generated by positions which remained open during the
administration or liquidation.  Consequently, these clients are
unsecured creditors of Global in respect of:

   a. the shortfall between the value of their positions as at
      February 15, 2008 and the distribution they receive from the
      funds standing to the credit of the segregated accounts,
      and;

   b. any increase in the value of positions which remained open
      at the time of the appointment during the administration and
      liquidation.

The Judge directed that where a segregated client's position
remained open after the time of the appointment, and fell in value
between that time and the time at which the position was actually
closed, the liquidators can, in reliance on Global's contractual
terms and conditions, retain from the sum falling to be
distributed to that client from the segregated accounts, the
amount of that client's debt to Global.

                     Unsecured Creditors

The Judge rejected claims made on behalf of clients who, in the
period before November 1, 2007 (when the Markets in Financial
Instruments Directive was implemented in the United Kingdom),
Global had classified as Intermediate Customers to a proprietary
interest in the funds held in the segregated accounts.  In
relation to their claims to a proprietary interest in the general
funds of Global, the Judge dealt separately with money provided to
Global (e.g. by way of margin) and with profits generated on
client positions.

                     Payments to Global

The Judge held that money paid by Intermediate Customers to Global
(including by way of margin) in the period before November 1, 2007
was client money and was held on the statutory trust for so long
as it remained identifiable, because Global failed to obtain
written acknowledgment from customers that money paid to Global
would not be segregated from the money of Global and would be used
by the company in the course of its own business and that the
customer would rank only as a general creditor.  However, as
Global did not segregate these sums, the funds lost their
identity, because they were paid into "active trading accounts of
a busy company, and payments in and out of them, often of large
sums, were made constantly".  Moreover, from time to time, some of
Global's general accounts were overdrawn.  He concluded that an
attempt to "establish a tracing case will be difficult indeed".

On the implementation of MiFID, Global sought to introduce new
terms and conditions by sending an email to clients which
contained a hyper-link to the new terms and conditions.  Not all
Intermediate Clients received the correct email.  The Judge held
that margin payments made by clients who received the correct
email and accepted its contents by entering into at least one new
trade with Global did not fall to be regarded as client money.
Any new money received from clients who did not receive the
correct email was client money and held on trust on receipt.
However, Global believed that the money was not client money and
did not keep it in identifiable existence in a segregated account,
with  the result that the money would have lost its identity by
the time that the company went into administration.

                           Profits

As to profits, the Judge held that when a client's position was
closed and a profit arose, Global owed a contractual debt to the
client: the client did not acquire a proprietary interest in the
sums unless and until Global paid the money into a segregated
account or to the client.

                    General Implications

More generally, the Judgment provides useful guidance on the
meaning and application of the FSA's Client Assets Sourcebook.

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2008, Global Trader Europe Limited disclosed that it experienced a
regulatory capital deficit as a result of a single client margin
call default.  Thus, under these circumstances GT Europe
applied, at the close of business on Feb. 13, 2008,
to the Financial Services Authority in the United Kingdom for a
Variation of Permission -- the official method by which companies
change the terms of their authorization, limiting principal
activities to closing existing trades.

GT Europe, on Feb. 15, 2008, applied, with the permission of the
FSA, to be managed under Administration.

                        Global Trader Europe

Global Trader Europe Limited is held independently as the owner
of the international operations of the Global Trader group.

Global Trader -- http://www.gt247.co.za/-- is a pioneering
international financial institution offering a Spread Trading
and a Contract for Difference execution and advisory service to
both institutional and private clients investing in
international and domestic markets.  Global Trader was founded
in Europe in 2000.  Since then it has grown its global reach
into South Africa, North America and Asia, with a physical
presence in the United Kingdom, South Africa, Thailand, Canada
and Russia.

Worldwide, Global Trader is authorized and regulated by the
Financial Services Authority in the United Kingdom. Global
Trader is an authorized Financial Services Provider by the
Financial Services Board of South Africa and registered as a
derivatives dealer with the Securities and Exchange Commission
of Thailand.  Global Trader is a Member of the London Stock
Exchange and is a derivative member of the JSE Limited.  Global
Trader is run by a group of market professionals who share a
common goal to redefine trading. Applying their extensive
financial backgrounds with leading Global Investment banks and
software houses, the management team have built Global Trader
into an international trading house.


GREENCYCLE PLC: In Administration; KPMG Appointed
-------------------------------------------------
At the request of the directors, Ian Corfield and Richard Fleming
were appointed as Joint Administrators to Greencycle plc on 24
March 24, 2009 after the business, which collects and disposes of
recyclable waste for local authorities, experienced financial
difficulties.

Greencycle is headquartered in Middlesex but the local authorities
it serviced were primarily Durham in the North East and Congleton,
Cheshire in the North West.  Greencycle was contracted to manage
the kerbside collections of residents' recyclable waste and to
dispose of it.

The company has ceased to operate and 220 of the 228 employees
have been made redundant, while the remainder will work with the
Administrators to wind down the business.

Ian Corfield, Joint Administrator and KPMG Restructuring Director
said: "Recent volatility in the waste materials market is
affecting many organisations in the recycling sector.  This
contributed to the fact Greencycle has been lossmaking in recent
months which fatally impacted its cashflow."

Residents in Durham and Congleton should contact their local
authority if they have questions about the collection service that
was provided in their area by Greencycle.


LEVERAGEDFINANCE EUROPE: S&P Cuts Rating on Class D Notes to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B, C, D, and E notes issued by LeveragedFinance Europe
Capital III B.V., due to a deterioration in the collateral credit
quality.  At the same time, S&P removed the class D and E notes
from CreditWatch negative and affirmed the class A notes.

On Feb. 17, S&P placed the class C and D notes on CreditWatch
negative following a preliminary review of the effect of recent
developments on European collateralized loan obligations.

The rating actions reflect S&P's view that the underlying
portfolio's credit quality has deteriorated.  S&P's analysis shows
an increase in the scenario default rates for this transaction.
At the same time, par value losses following the defaults of
corporate obligors in the underlying portfolio have resulted in a
decrease in break-even default rates for the tranches in the CLO
when subject to S&P's cash flow analysis.  In S&P's opinion, the
increase in SDRs and the fall in BDRs are no longer commensurate
with the ratings previously assigned.

Leveraged Finance Europe Capital III B.V. is an arbitrage cash
flow CLO managed by BNP Paribas that closed in October 2004.  The
portfolio comprises senior secured and mezzanine loans from
issuers incorporated in Western Europe.

As recently announced, S&P's criteria for rating cash flow CLOs
are under review.  As highlighted in the notices below, S&P is
soliciting feedback from market participants regarding proposed
changes to S&P's CLO criteria.  S&P will evaluate the market
feedback, which may result in further changes to the criteria.
This may affect S&P's ratings on the notes issued by Leveraged
Finance Europe Capital III.  The rating actions are unrelated to
these proposed changes.

                           Ratings List

             Leveraged Finance Europe Capital III B.V.
                EUR306.5 Million Floating-Rate Notes

                         Ratings Lowered

              Class        To              From
              -----        --              ----
              B            A+              AA
              C            BBB+            A+

      Ratings Lowered and Removed from Creditwatch Negative

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

                         Rating Affirmed

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


MILLENNIUM COMMUNICATIONS: Andrew Appleyard Named Liquidator
------------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
Millennium Communications Network Ltd. on March 3, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         6th. Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


PORTHMADOG SERVICES: Appoints Joint Liquidators from PKF
--------------------------------------------------------
Kerry Franchina Baileyand Ian James Gould PKF (UK) LLP were
appointed joint liquidators of Porthmadog Services Ltd. on
Feb. 18, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Porthmadog Services Ltd.
         15 Highfield Road
         Hall Green
         Birmingham
         West Midlands
         B28 0EL
         England

The company is engaged in the demolition and wrecking of
buildings.


SONGBIRD ESTATES: At Risk of Breaching Loan Covenants
-----------------------------------------------------
Songbird Estates Plc warned on Thursday that it could breach its
loan covenants in the next 12 months due to a sharp fall in the
value of its properties, sending shares down 24.8 percent to 25
pence each, Reuters' Daryl Loo reports.

Reuters relates Songbird said it is close to breaching covenants
on a GBP880 million (US$1.3 billion) loan due in May 2010.

Songbird, Reuters discloses, has appointed investment bank
Rothschild to advise on its refinancing options.

"Rothschild is reviewing our overall financial structure and
covenants will be part of that ... and we are in discussions with
lenders and major shareholders," Reuters quoted company secretary
John Garwood as saying.

Citing Mr. Garwood, Reuters notes the company's loan-to-valuation
ratio is now at 86.1 percent, putting it close to a covenant limit
of 87.5 percent.  According to Reuters, breaching this limit would
allow its lender to request early payment of outstanding loans.

Reuter recounts Songbird's property portfolio, including sites
still being developed, fell 26.5 percent year-on-year to
GBP4.9 billion at the end of December, as the global economic
crisis hit its mainly financial services tenants hard.

The Financial Times' John O'Doherty states any covenant breach is
not however likely to occur before November since, until then, the
company will be using valuations made at the end of last year.

Songbird, the FT recalls, made a pre-tax loss of GBP1.8 billion
for 2008 compared with a profit of GBP182 million the previous
year as a result of the GBP1.8 billion in property valuations.

Headquartered in London, United Kingdom, Songbird Estates Plc --
http://www.songbirdestates.com/-- is engaged in the management of
its investment in its main subsidiary, Canary Wharf Group plc, a
holding company for a group (Canary Wharf Group), which
specializes in integrated property development, investment and
management.  The activities of Canary Wharf Group are focused on
the development of the Canary Wharf Estate (the Estate) (including
Heron Quays and the adjacent sites at Canary Riverside and North
Quay).  Canary Wharf Group is also engaged in development, through
joint ventures, of Wood Wharf and Drapers Gardens.  As of December
31, 2007, Canary Wharf Group's investment portfolio comprised 16
completed properties (out of the 30 constructed on the Estate)
totaling 7.9 million square feet of net internal area.


WATERFORD WEDGWOOD: KPS Capital Acquires Certain Assets
-------------------------------------------------------
KPS Capital Partners LP on Thursday, March 26, acquired certain
assets of Waterford Wedgwood Plc through a newly formed company,
WWRD Holdings Limited.  Financial terms of the transaction were
not disclosed.

The transaction is global in scale, involving the purchase of
certain Waterford, Wedgwood and Royal Doulton assets in the United
Kingdom, the United States and Canada; the purchase of
intellectual property in Ireland; and the purchase of the shares
of certain Waterford Wedgwood subsidiaries, including in Japan,
Indonesia, Hong Kong, Taiwan, Singapore and Australia.

Pierre de Villemejane has been named Chief Executive Officer of
WWRD Holdings.  Mr. de Villemejane was previously Chief Executive
Officer of Speedline Technologies Inc., a KPS portfolio company,
prior to its successful sale to Illinois Tool Works Inc.  Prior to
Speedline, Mr. de Villemejane held a number of management
positions in the United Kingdom and France, including at L'Oreal,
where he demonstrated leadership in branded products management.
The senior management team of WWRD Holdings will consist of
executives from Waterford Wedgwood, including Anthony Jones, Moira
Gavin and Ralf Kuhn.

Michael Psaros, a Managing Partner of KPS, said, "This is a new
day for Waterford Wedgwood, the leading enterprise in the luxury
home and lifestyle industry worldwide.  As a new company created
and owned by KPS, with an accomplished new CEO, and a new capital
structure, the Company is positioned for great success.  WWRD
Holdings launches with legendary brands, global scale and a rock-
solid balance sheet unencumbered by Waterford Wedgwood's
approximately EUR800 million (US$1 billion) of legacy liabilities.
Further, WWRD Holdings will have a leaner management structure, a
materially improved cost structure and manufacturing footprint,
and access to significant capital from KPS and its bank group to
fund its growth.

"The Waterford Wedgwood transaction is the result of a highly
complex, multi-constituency restructuring transaction, involving
asset and share purchases in more than ten jurisdictions
worldwide.  Going forward, we and our management team will work to
materially improve the Company's core operations, efficiency and
productivity, and drive significant revenue growth.  We thank Bank
of America for its leadership through the restructuring process
and for its support of our new company," Mr. Psaros added.

Mr. de Villemejane said, "This is the beginning of an exciting new
era for Waterford Wedgwood.  We look forward to building on the
Company's world-renowned brands and incomparable heritage, premier
designers and strong customer relationships.  No other company in
this dynamic sector has a comparable breadth of products from
classic to contemporary, and we intend to grow the business
aggressively.  Our exclusive focus will be on providing our
customers with the most innovative, fashionable and quality
products in the world.

"We intend to grow the company organically and through
acquisition, leveraging our capital strength and the pre-committed
acquisition facility contained in our bank financing.  We believe
that our primary competitors are generally undercapitalized and
regionally focused, presenting a significant opportunity to
consolidate the industry worldwide," Mr. de Villemejane concluded.

Financing for the acquisition was provided by a bank syndicate,
agented by Bank of America Business Capital through a credit
facility, and by KPS Capital Finance Management LLC, through a
term loan.  Kirkland & Ellis LLP acted as legal counsel to KPS and
WWRD Holdings.

                       Turnaround Strategy

Mr. Psaros told the Financial Times his strategy for turning round
Waterford Wedgwood was to cut costs by streamlining its back-
office operations and to shift more production to low-cost
countries.

"It is all based on costs and we are not assuming any revenue
growth to achieve profitability," the FT quoted Mr. Psaros as
saying.

According to the FT, KPS will invest EUR100 million in the
company, which will be "virtually debt free", after leaving its
EUR800 million of debts and pension liabilities in receivership.

The FT relates Mr. Psaros said the company was shifting its
Waterford crystal production to Germany and Slovakia, and its
Wedgwood and Royal Doulton china production to Indonesia.
Mr. Psaros, as cited by the FT, said real works of art and
highest-end products will still be done in Barleston.

                              Jobs

BBC News reports the sale of Waterford Wedgwood to KPS has saved
more than 100 jobs at Waterford Crystal in Ireland.

The FT notes Mr. Psaros said 173 of the 480 staff in Ireland would
continue to work at the company, but they would be employed by the
receivers, not by the new company.

WAtoday.com.au discloses receiver Deloitte said 450 jobs at
Waterford Wedgwood's Australian operations, which included a head
office in New South Wales and 83 wholesale and retail outlets
across the states, have been saved following the sale.

The 450 staff comprised full-time and part-time employees in
administration, wholesale and retail, WAtoday.com.au states.

As reported in the Troubled Company Reporter-Europe, Waterford
Wedgwood plc along with 10 subsidiaries entered administration on
Jan. 5, 2009.  Angus Martin, Neville Kahn, Nick Dargan and Dominic
Wong of Deloitte LLP, were appointed as joint administrators while
David Carson, partner of Deloitte in Ireland, was appointed
receiver of Waterford Wedgwood plc, (the ultimate parent of the UK
companies), and a number of its trading subsidiaries.

The Waterford Wedgwood subsidiaries in administration are:

   Waterford Wedgwood UK Plc
   Wedgwood Limited
   Josiah Wedgwood & Sons Limited
   Josiah Wedgwood & Sons (Exports) Limited
   Waterford Wedgwood Retail Limited
   Royal Doulton Ltd
   Royal Doulton (UK) Limited
   Royal Doulton Overseas Holdings Ltd
   Stuart & Sons Limited
   Statum Limited

Waterford Wedgwood plc is the ultimate holding company with
manufacturing operations in Ireland.  The Irish businesses in
total employ approximately 800 people.  The group also has
manufacturing operations in the UK, Indonesia and Germany.


* UK: Second Mortgage Business Badly Hit by Credit Crunch
---------------------------------------------------------
The latest statistics released by the Finance and Leasing
Association (FLA) showed that second mortgage business has been
significantly hit by the credit crunch with new business 84% lower
in January compared with January 2008.

The downturn comes at a time when home owners are choosing to
improve their property rather than move house.  Second charge
mortgages are traditionally used for building extensions or home
improvements that can add value to a property or for debt
consolidation, which allows consumers to consolidate their
existing debts at a lower and more affordable rate of interest.

Fiona Hoyle, Head of Consumer Finance at the FLA, said: "Second
mortgage new business fell significantly in 2008 as a result of
the difficulties facing companies trying to secure funding in the
commercial markets.  This has continued into 2009 with our figures
showing that FLA members wrote GBP53 million of new secured loan
business in January 2009, compared to just over a third of a
billion pounds in January 2008. The change is marked."

The Government review of the second charge mortgage market last
year found no systemic problems with the market and FLA members
have published good practice guidelines that have been warmly
welcomed by BERR, the Treasury and Office of Fair Trading.

Other sectors also showed a weak performance:

   -- Total finance provided to consumers in the 12 months to
      January 2009 by FLA members was £59.2bn, down by 10% on the
      12 months to January 2008.

   -- Direct unsecured personal loans fell 28% in the 12 months to
      January 2009 compared with the previous year.

   -- New credit card business was down 12 per cent in January
      compared with January 2008.

Store instalment credit, although beginning to weaken with new
business in January 5 per cent down on January 2008, is still 8
per cent higher in the 12 months to January than the previous
year.


* IVA Could Help Struggling Borrowers Avoid Bankruptcy
------------------------------------------------------
Debt Advisers Direct, responding to new figures from the Ministry
of Justice showing that the number of people seeking bankruptcy
rose by 32% in the final three months of 2008, has said that
people with unmanageable debts said that an Individual Voluntary
Arrangement could help people avoid bankruptcy if other debt
solutions are not appropriate.

An IVA is a legally-binding agreement between a borrower and their
creditors that enables them to avoid bankruptcy by agreeing to pay
off a set percentage of their debts, after which the remaining
debt will be written off.

Before an IVA can go ahead, the borrower must work together with
an Insolvency Practitioner to draw up an IVA proposal, which must
then be approved by creditors accounting for 75% of the total
debt.

The latest 'Company winding up and bankruptcy petition court
statistics' report from the Ministry of Justice showed that 15,358
people applied for bankruptcy through the courts in the final
quarter of 2008, up by 32% compared with the same quarter in 2007,
and a 12% increase on the previous quarter.

A further 4,772 creditors' petitions, in which the lender asks the
courts to declare the borrower bankrupt, were issued between
October and December 2008 -- an increase of 3% on the final
quarter of 2007, but, perhaps more interestingly, a 15% decrease
compared with the previous quarter.  The fall in creditors'
petitions may have been due to government requests for more
leniency from lenders with regards to legal proceedings.
Alternatively, since bankruptcy forces the repossession of the
borrower's home, it could be because falling house prices have
made bankruptcy a less appealing option to lenders than other debt
management arrangements.

A spokesperson for Debt Advisers Direct said, "Bankruptcy is
generally considered the last resort for anyone struggling with
their debts, since it usually leads to the repossession of the
borrowers' home, and can severely limit access to further credit
for a number of years after the bankruptcy.  That said, in some
cases bankruptcy can be the best option for the borrower.
Borrowers are usually discharged from bankruptcy within a year,
and it essentially writes off most or all of the debt, which can
be a huge relief for people who have been struggling with their
debts for a long time."

But the spokesperson added that many people considering bankruptcy
as a way out of debt may be better off with an IVA.

"An IVA can avoid many of the downsides of bankruptcy.  In
particular, the borrower will not lose their home with an IVA, and
there are fewer employment restrictions compared with bankruptcy.
However, anyone considering an IVA should be aware that it is a
big commitment that usually lasts five years - so the borrower
must ensure that they can meet the requirements for the full
period," the spokesperson said.

Although an IVA does not force the repossession of the borrower's
home, homeowners with an IVA may be required to remortgage to
release some of the equity in the 54th month (half way through the
final year) of the IVA.

On successful completion of the IVA, the remaining debt is written
off.

The Debt Advisers Direct spokesperson said that while IVAs are a
valid way for people to get out of debt, borrowers should consider
whether other debt solutions like a debt consolidation loan or a
debt management plan, could be more suitable for their
circumstances.


* BOND PRICING: For the Week March 23 to March 27, 2009
-------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Oester Volksbk            4.810   07/29/25     EUR       77.65

CYPRUS
------
Abh Financial Lt          8.200    06/25/12     USD      54.57
Alfa MTN invest           9.250    06/24/13     USD      52.21

FRANCE
------
Alcatel SA                4.750    01/01/11      EUR     13.17
Alcatel SA                6.380    04/07/14      EUR     58.73
Axa SA                    7.130    12/15/20      GBP     72.56
Axa SA                    8.600    12/15/30      USD     75.13
BNP Paribas               0.2500   12/20/14      USD     73.72
Calyon                    6.000    06/18/47      EUR     37.85
Soc Air France            2.750    04/01/20      EUR     19.38
Wavecom SA                1.750    01/01/14      EUR     30.76

GERMANY
-------
Bayer AG                 5.000     07/29/2105    EUR     69.17
Bayerische Lndbk         4.250     10/05/16      EUR     71.73
Bayerische Lndbk         4.500     02/07/19      EUR     66.72

GREECE
------
Antenna TV SA            7.250     02/15/15      EUR     54.50
Antenna TV SA            7.250     02/15/15      EUR     54.75

HUNGARY
-------
Agrokor                   7.000    11/23/11      EUR     66.17

IRELAND
-------
Aegon Global              3.250    12/09/10      EUR     80.97
Aegon Global              4.250    01/23/12      EUR     76.32
Alfa Bank                 8.630    12/09/15      USD     54.57
Alfa Bank                 8.640    02/22/17      USD     52.21
Allied Irish Bks          7.880    07/05/23      GBP     64.09
Allied Irish Bks          5.250    03/10/25      GBP     54.04
Allied Irish Bks          5.630    11/29/30      GBP     50.96
Ardagh Glass              7.130    06/15/17      EUR     64.88
Ardagh Glass              7.130    06/15/17      EUR     65.46
Banesto Finance           6.120    11/07/37      EUR      6.12
Bank Soyuz                9.380    02/16/10      USD     72.48

LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13      USD     72.36
Ak Bars Bank              9.250    06/20/11      USD     63.92
Alrosa Finance            8.880    11/17/14      USD     68.71
Bank of Moscow            7.340    05/13/13      USD     66.03
Bank of Moscow            7.500    11/25/15      USD     54.12
Bank of Moscow            6.810    05/10/17      USD     43.37

Beverage Pack             8.000    12/15/16      EUR     73.00
Beverage Pack             8.000    12/15/16      EUR     73.29
Beverage Pack             9.500    06/15/17      EUR     47.00
Beverage Pack             9.500    06/15/17      EUR     47.13

NETHERLANDS
-----------
ABN Amro Bank NV          6.000    03/16/35      EUR     48.80
ABN Amro Bank NV          6.250    06/29/35      EUR     39.12
Achmea Hypobk             4.300    04/03/24      EUR     72.73
Achmea Hypobk             4.000    12/27/24      EUR     68.78
Aegon NV                  6.130    12/15/31      GBP     66.58
Air Berlin Finan          1.500    04/11/27      EUR     35.12
ALB Finance BV            9.750    02/14/11      GBP     22.48
ALB Finance BV            7.880    02/01/12      EUR     20.97
Alfa Bk Ukraine           9.750    12/22/09      USD     56.47
Allianz Finance           6.130    05/31/22      EUR     72.27
Allianz Finance           6.500    01/13/25      EUR     72.15
ASM Holding NV            5.750    06/13/17      EUR     63.25
ASM Intl NV               4.250    12/06/11      USD     70.00
Astana Finance            7.880    06/08/10      EUR     21.25
Astana Finance            9.000    11/16/11      USD     24.96
ATF Capital BV            9.250    02/21/14      USD     41.53
Bk Ned Gemeenten          0.500    06/27/18      CAD     71.90
Bk Ned Gemeenten          0.500    02/24/25      CAD     47.69
Hit Finance BV            4.880    10/27/21      EUR     70.23
JSC Bank Georgia          9.000    02/08/12      USD     39.84
Turanalem Fin BV          7.880    06/02/10      USD     32.48
Turanalem Fin BV          6.250    09/27/11      EUR     25.47
Turanalem Fin BV          7.750    04/25/13      USD     26.15
Turanalem Fin BV          8.000    03/24/14      USD     22.73
Turanalem Fin BV          8.500    02/10/15      USD     25.93
Turanalem Fin BV          8.250    01/22/37      USD     23.70
Turanalem Fin BV          8.250    01/22/37      USD     24.36

ROMANIA
-------
Bucharest                 4.130    06/22/15      EUR     49.83

SPAIN
-----
Ayt Cedulas Caja          3.750    12/14/22      EUR     79.35
Ayt Cedulas Caja          3.750    06/30/25      EUR     73.78
Banco Bilbao Viz          4.380    10/20/19      EUR     67.82

UNITED KINGDOM
--------------
Amlin Plc                 6.500    12/19/26      GBP     66.43
Anglian Wat Fin           2.400    04/20/35      GBP     49.45
Arsenal Sec               5.140    09/01/29      GBP     69.77
Ashtead Holdings          8.630    08/01/15      USD     56.38
Ashtead Holdings          8.630    08/01/15      USD     55.75
Aspire Defence            4.670    03/31/40      GBP     64.21
Aspire Defence            4.670    03/31/40      GBP     63.71
Aviva Plc                 5.250    10/02/23      EUR     42.74
Aviva Plc                 6.880    05/22/38      EUR     39.64
Aviva Plc                 6.880    05/22/58      EUR     53.02
Azovstal                  9.130    02/28/11      USD     32.45
Barclays Bk Plc           9.750    09/30/09      GBP     76.65
Barclays Bk Plc           6.000    01/23/18      EUR     71.43
Barclays Bk Plc           4.500    03/04/19      EUR     68.91
Barclays Bk Plc           5.750    09/14/26      GBP     68.64
Barclays Bk Plc           6.330    09/23/32      GBP     70.67
Bradford&Bin Bld          4.250    05/04/16      EUR     79.22
Bradford&Bin Bld          4.880    06/28/17      EUR     79.69
Bradford&Bin Bld          6.630    06/16/23      GBP     10.38
Bradford&Bin Bld          4.910    02/01/47      EUR     60.50
Brit Insurance            6.630    12/09/30      GBP     55.56
British Airways           8.750    08/23/16      GBP     73.20
British Land Co           5.260    09/24/35      GBP     71.70
British Land Co           5.260    09/24/35      GBP     70.61
British Tel Plc           5.750    12/07/28      GBP     73.13
British Tel Plc           6.380    06/23/37      GBP     72.98
Britannia Bldg            5.750    12/02/24      GBP     66.91
Britannia Bldg            5.880    03/28/33      GBP     61.18
Brixton Plc               6.000    12/30/10      GBP     70.06
Brixton Plc               5.250    10/21/15      GBP     33.04
Brixton Plc               6.000    09/30/19      GBP     44.53
Broadgate Finance         5.000    10/05/31      GBP     70.82
Broadgate Finance         5.100    04/05/33      GBP     62.98
Broadgate Finance         4.820    07/05/33      GBP     73.77
CGNU Plc                  6.130    11/16/26      GBP     51.55
Guardian Royal            6.630    08/21/23      GBP     95.92
Heating Finance           7.880    03/31/14      GBP     47.75

                         *********

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 * * *