TCREUR_Public/090331.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, March 31, 2009, Vol. 10, No. 63

                            Headlines

A U S T R I A

AUSTRIA TREUHAND: Claims Registration Period Ends April 7
B & A OFFICE: Claims Registration Period Ends April 6
CONSTRUCTION PROJECTS: Claims Registration Period Ends April 8
FIRST-WIESTA LLC: Claims Registration Period Ends April 7
HIERMANN BAU: Claims Registration Period Ends April 7

MEDIA ART: Claims Registration Period Ends April 7
VAPC INTERACTIVE: Claims Registration Period Ends April 7
WIENERBERGER AG: Moody's Gives Negative Outlook on 'Ba2' Rating


F I N L A N D

DYNEA INTERNATIONAL: S&P Affirms 'B+' Corporate Credit Rating


G E R M A N Y

CHEMTURA CORP: To Guarantee European Units Under Receivables Pact
COGNIS GMBH: S&P Changes Outlook to Negative; Affirms 'B' Rating
COMMERZBANK AG: Fitch Downgrades Individual Rating to 'D/E'
SGL CARBON: Moody's Changes Outlook on 'Ba2' Rating to Stable
STILLER INTERNATIONAL: Claims Registration Period Ends May 2

SYSTEMPARTNER COMPUTERVERTRIEBS: Claims Registration Ends April 30
TEAM WORK: Claims Registration Period Ends May 12
WISMAR-TOURIST GMBH: Claims Registration Period Ends May 18


I C E L A N D

* ICELAND: Foreign Creditors of Failed Banks May Become Owners


I R E L A N D

ELY MEDICAL: Ultralase Submits Formal Takeover Proposal
FIRST EQUITY: Lack of Funding Spurs Liquidation
KITCHEN WORLD: Former Owners to Inject EUR1 Mln in Fresh Equity


I T A L Y

ALITALIA SERVIZI: Stake in AMS Put Up for Sale
ALITALIA SERVIZI: Stake in Atitech Put Up for Sale


K A Z A K H S T A N

AYAKS-2005 LLP: Creditors Must File Claims by May 1
BN-OIL LLP: Creditors Must File Claims by May 1
BTA BANK: Moody's Downgrades Financial Strength Rating to 'E'
CARD PETROLEUM LLP: Creditors Must File Claims by May 1
DANAYA LLP: Creditors Must File Claims by May 1

EURO TM: Creditors Must File Claims by May 1
KAZAKH MORTGAGE: Fitch Puts 'BB'-Rated Class C Notes on Watch Neg.
REINWEG LLP: Creditors Must File Claims by May 1
RUD SNUB: Creditors Must File Claims by May 1
SHIMAK LLP: Creditors Must File Claims by May 1

SMP DIANA: Creditors Must File Claims by May 1
TEMIRBANK: Moody's Retains 'E' Bank Financial Strength Rating


K Y R G Y Z S T A N

GEOL TECH: Creditors Must File Claims by April 10


L U X E M B O U R G

LEHMAN BROTHERS: Extraordinary Shareholders' Meeting Set April 3


N E T H E R L A N D S

VAN HOOGEVEST: Royal BAM Eyes Acquisition of Project Portfolio


P O R T U G A L

PELICAN MORTGAGES: Fitch Assigns 'B' Rating on Class C Notes
QIMONDA AG: Portuguese Subsidiary Files for Insolvency


R U S S I A

AOEIE IRKUTSKENERGO: Very Weak Liquidity Cues Moody's Junk Rating
ASIAN-PACIFIC BANK: Moody's Assigns 'E+' Financial Strength Rating
BALTIK-STROYDOM-PLUS LLC: Creditors Must File Claims by May 20
CREDIT EUROPE: Moody's Cuts Bank Financial Strength Rating to 'E+'
KRISTALL LLC: Creditors Must File Claims by May 22

LOBVINSKIY BIO-CHEMICAL: Creditors Must File Claims by May 13
MINERALOVODSKIY BRICK: Creditors Must File Claims by April 20
NOVOROSMETALL LLC: Creditors Must File Claims by April 13
ROSBANK OJSC: S&P Gives Negative Outlook; Affirms 'BB+' Rating
RUSFINANCE BANK: S&P Gives Negative Outlook; Affirms 'BB+' Rating

SVIR'-LES LLC: Creditors Must File Claims by May 13
TEKHNO-KOMPLEKT LLC: Chelyabinskaya Bankruptcy Hearing Set May 7
URAL-TRAK-LES-MASH LLC: Creditors Must File Claims by April 13
VELSK-STROY LLC: Creditors Must File Claims by April 20
ZLAT-LIT-KUZ LLC: Creditors Must File Claims by April 20


S P A I N

CAJA DE AHORROS: Spain to Provide Lifeline as Bad Debts Surge
VALENCIA HIPOTECARIO: Fitch Cuts Rating on Class D Notes to 'CC'


S W E D E N

GENERAL MOTORS: SAAB to Deepen Cuts, Might Not Get Sweden Bailout


S W I T Z E R L A N D

HOMOOVITAL LLC: Creditors Must File Proofs of Claim by April 1
INDUSTRIAL PIPING: Deadline to File Proofs of Claim Set April 1
KEMA-TECH JSC: Creditors Have Until April 1 to File Claims
MONZABON JSC: Proof of Claim Filing Deadline is April 2
QMP PRODUCTS: Creditors' Proofs of Claim Due by April 1

SAILSPIRIT BERN: April 1 Set as Deadline to File Claims
SYNERGIE PARTNER: Creditors Must File Proofs of Claim by April 1


U K R A I N E

AGRICULTURAL TECHNICAL: Creditors Must File Claims by April 11
MERIDIAN-AGRO LLC: Court Starts Bankruptcy Supervision Procedure
THIN-WALL PIPES LLC: Court Starts Bankruptcy Supervision Procedure
TSENTROTECH LLC: Court Starts Bankruptcy Supervision Procedure
VICTORIYA-ELIZA LLC: Creditors Must File Claims by April 11


U N I T E D   K I N G D O M

AROSA FUNDING: Moody's Withdraws 'Caa1' Rating on 2004-10 Notes
BERNARD L. MADOFF: U.K. Units Allegedly Played Key Role in Scheme
BRITANNIA BULK: Taps Joint Administrators from BDO Stoy
CASTLE HOLDCO: Scheme of Arrangement Meetings Set on April 28
CLARIS LIMITED: Moody's Lifts Rating on EUR50 Mil. Notes to 'Ba2'

CORNERSTONE TITAN: S&P Cuts Ratings on Class F & G Notes to Low-B
GOODNIGHT INNS: Brings in Joint Administrators from KPMG
GLASTONBURY FINANCE: Fitch Junks Ratings on Class E and F Notes
KINGFISHER PLC: Closing 1/3 of Chinese Stores
LONDON & REGIONAL: Moody's Cuts Rating on Class C Notes to 'Ba1'

NEWSERVICE LTD: Appoints Joint Administrators from BDO Stoy
OILEXCO INC: Premier Oil to Acquire ONSL for US$505 Million
PERSEUS PLC: S&P Downgrades Ratings on Class D Notes to 'BB'
TATA MOTORS: May Cut Jobs if Gov't Doesn't Guarantee Loans
WIDNEY PLC: Calls in Joint Administrators from BDO Stoy Hayward

WIDNEY UK LTD: Taps Joint Administrators from BDO Stoy

* Moody's Cuts Ratings on 19 Notes of Certain CDO Transactions

* Large Companies with Insolvent Balance Sheet


                         *********


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


AUSTRIA TREUHAND: Claims Registration Period Ends April 7
---------------------------------------------------------
Creditors owed money by LLC Austria Treuhand Vienna (FN 100894z)
have until April 7, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Michael Neuhauser
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 55
         E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:20 p.m. on April 21, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 23, 2009, (Bankr. Case No. 28 S 26/09s).


B & A OFFICE: Claims Registration Period Ends April 6
-----------------------------------------------------
Creditors owed money by LLC B & A Office Group (FN 159280k) have
until April 6, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Felix Stortecky
         W.A.-Mozartstrasse 4
         7093 Jois
         Austria
         Tel: 02160/71207
         Fax: 02160/71207-22
         E-mail: office@stortecky.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on April 20, 2009, for the
examination of claims at:

         Land Court of Eisenstadt (309)
         Hall F
         Eisenstadt
         Austria

Headquartered in Podersdorf am See, Austria, the Debtor declared
bankruptcy on Feb. 25, 2009, (Bankr. Case No. 41 S 6/09h).


CONSTRUCTION PROJECTS: Claims Registration Period Ends April 8
--------------------------------------------------------------
Creditors owed money by LLC Construction Projects International
(FN 310834i) have until April 8, 2009, to file written proofs of
claim to the court-appointed estate administrator:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on April 22, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 19, 2009, (Bankr. Case No. 2 S 20/09t).


FIRST-WIESTA LLC: Claims Registration Period Ends April 7
---------------------------------------------------------
Creditors owed money by LLC First-Wiesta (FN 293474f) have until
April 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 5355686
         E-mail: schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on April 21, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 19, 2009, (Bankr. Case No. 4 S 23/09y).


HIERMANN BAU: Claims Registration Period Ends April 7
-----------------------------------------------------
Creditors owed money by KG Hiermann Bau (FN 298585x) have until
April 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Felix Stortecky
         Schulerstrasse 18
         Second Floor
         1010 Vienna
         Austria
         Tel: 513 88 37
         Fax: 513 88 37-37
         E-mail: office@stortecky.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 21, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 19, 2009, (Bankr. Case No. 4 S 22/09a).


MEDIA ART: Claims Registration Period Ends April 7
--------------------------------------------------
Creditors owed money by LLC Media Art Compagnie (FN 232407a) have
until April 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:10 p.m. on April 21, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 19, 2009, (Bankr. Case No. 28 S 24/09x).


VAPC INTERACTIVE: Claims Registration Period Ends April 7
---------------------------------------------------------
Creditors owed money by JSC VAPC Interactive Solutions (FN
191435y) have until April 7, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Dr. Maximilian Schludermann
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on April 21, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 18, 2009, (Bankr. Case No. 28 S 23/09z).


WIENERBERGER AG: Moody's Gives Negative Outlook on 'Ba2' Rating
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on
Wienerberger's Baa3 issuer and long term ratings and the Ba2
rating on the hybrid bond to negative from stable.

The rating action was prompted by (1) the concerns about a
prolonged weakening of Wienerberger's major markets in the
developed countries such as Germany, UK and the US, in combination
with a significant weakening of new residential construction in
the company's Eastern European markets, which, so far, have
accounted for more than half of the group's reported EBITDA, (2)
the weaker operating margins already acknowledged in 2008
following the group's high fixed cost base which could be
challenging to timely adjust to the new demand level, (3) the
weaker profitability leading to a reduction in the company's
operating cash flows, and (3) the expectation that demand in
residential construction will continue to weaken in the course of
2009.

Moody's also notes that a very high proportion of Wienerberger's
turnover is dependent on new residential housing construction,
which is generally highly cyclical and therefore the group is more
severely hit from an economic downturn than companies in the
building materials industry which have a more diversified customer
base, such as infrastructure or non-residential construction.

At the same time Moody's has also taken some comfort from the
measures Wienerberger has implemented to respond to the current
downturn, such as the cut in dividends, reduction in capital
expenditure and cost cutting measures.

The Baa3 rating therefore assumes that the company will be able to
again improve its retained cash flow/net debt ratio materially
above the twenties and that Wienerberger is able to generate
positive free cash flows above EUR150 million by prudent spending
on capital expenditures and working capital management and using
these cash flows to pay down its elevated debt level during 2009.
Evidence, that Wienerberger is not able to generate sufficient
free cash flow or a further decline in several of the group's
major markets could lead to a downgrade in the short term.

Moody's considers the short term liquidity of Wienerberger to be
good reflecting the group's solid cash balance as well as its
amount of available long-term credit facilities and the low amount
of maturities, which have to be refinanced over the course of the
next twelve months, and other cash outflows such as for commercial
paper maturities and capital expenditures.  However, at the same
time, Moody's note that some of its financial arrangements include
covenant tests.  Given the expectation for a very weak 1st quarter
2009, the headroom under the covenant test per June 2009 and
December 2009 could become more constrained and would therefore
increase the dependency of Wienerberger on the support of its
banks.

The rating could be downgraded if it becomes visible that
Wienerberger will not be able to recover its RCF/Net Debt ratio
from currently 14% to around 20% in the current financial year, or
if free cash flow generation would be below a number of EUR150
million.  Concerns about tightening room under the covenants could
also be a driver for rating action.  The rating also assumes that
its banks will remain supportive during these challenging market
conditions.

Moody's last rating action on Wienerberger was to downgrade the
ratings to Baa3 on December 18, 2008.

Headquartered in Vienna, Austria, Wienerberger AG is the world's
largest brick manufacturer and Europe's second-largest producer of
clay roof tiles.  The group generated revenues of EUR2.4 billion
per FY 2008.

Outlook Actions:

Issuer: Wienerberger AG

  -- Outlook, Changed To Negative From Stable


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


DYNEA INTERNATIONAL: S&P Affirms 'B+' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Finnish chemicals company Dynea International Oy to negative from
stable.  At the same time, S&P affirmed its 'B+' long-term
corporate credit rating on Dynea.

With 2008 sales of slightly under €900 million, the group provides
resins and paper overlays chiefly for the furniture and
construction markets.  The group serves Europe (75% of 2008 sales)
and Asia-Pacific (24%).

"The outlook revision reflects the potential pressures on the
group's profitability, cash flow generation, and liquidity in 2009
if the currently very weak operating trends persist for the rest
of the year," said Standard & Poor's credit analyst Lucas Sevenin.

"The affirmation of the rating reflects our assumptions that
demand will improve after the first quarter, that the group should
benefit from cheaper raw materials and energy costs than in 2008,
and that financial covenants would be waived or amended to prevent
breaches if need be," said Mr. Sevenin.

S&P also takes into consideration financial metrics and liquidity
that remain at this stage in line with the current rating.

The negative outlook reflects S&P's concerns that if demand does
not clearly improve in the medium term, liquidity, and thus the
rating, could come under pressure.  Rating pressures would clearly
increase if covenants are breached or at risk, which could happen
if, for example, banks refuse to amend or waive covenants.

The outlook might be revised to stable if operating trends clearly
and sustainably improve in the second half of 2009, and if
financial covenants offer meaningful headroom even under
challenging operating trends.


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


CHEMTURA CORP: To Guarantee European Units Under Receivables Pact
-----------------------------------------------------------------
Chemtura Corporation Chief Financial Officer Stephen Forsyth
relates that certain of the Debtors' European subsidiaries
participate in a program to sell certain of their eligible
accounts receivable, otherwise referred to as the European
Accounts Receivable Facility.  The European Subsidiaries sell
their accounts receivables to Intesa Mediofactoring SpA in
exchange for an amount equal to the face value of the receivables.
This arrangement permits the European Subsidiaries to receive
advance payment on account of the sold receivables that have not
been collected.

However, the decline in the Debtors' financial performance
constrained their ability to access liquidity under the European
AR Facility.  Intesa Mediofactoring imposed restrictions in the
European Subsidiaries' ability to sell accounts under the
European AR Facility, according to Mr. Forsyth.

Thus, to address Intesa Mediofactoring's concerns, the parties
entered into negotiations.  By February 2009, Intesa proposed to
restore the AR Facility with certain adjustments.  Among others,
the maximum value of accounts receivable available to be sold
under the AR Facility was reduced to EUR70 million and Chemtura
Corporation was required to guarantee the obligations of the
European Subsidiaries.

At present, to preserve the value of their global operations, the
U.S. Bankruptcy Court for the Southern District of New York issued
an interim order permitting the Debtors to enter into an agreement
with Intesa pursuant to which Chemtura Corp. will guarantee the
obligations of the European Subsidiaries under the AR Facility on
a postpetition basis.

The salient terms of the Postpetition AR Guarantee Agreement are:

  (a) Chemtura Corp. will not dispose of its direct or indirect
      part of all of its ownership interest in the European
      Subsidiaries without having first advised Intesa in
      writing;

  (b) Chemtura Corp. will continue to provide financing and
      managerial support to the European Subsidiaries to allow
      them to meet obligations under the European AR Agreement;
      and

  (c) Chemtura Corp. will unconditionally reimburse Intesa, up
      to a total of EUR70 million on written demand, any and all
      amounts owed for any reason to Intesa by the European
      Subsidiaries pursuant to the terms of the European AR
      Agreement.

The parties agree that should Intesa file an action against
Chemtura with respect to its obligations under the Prepetition AR
Guarantee, it will submit to the jurisdiction of a court in
Milan, Italy, and be governed by the laws of Italy.

The success of the Debtors' restructuring efforts is closely tied
to the fate of the European Subsidiaries and other subsidiaries
outside the U.S., Mr. Forsyth maintains.  He discloses that of
the Debtors' US$3.5 billion in net sales in 2008, about 32% came
from customers in Europe and Africa.

Final hearing is set for April 13, 2009.  Objections are due
April 6.

                       About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of US$3.5 billion, is
a global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D. N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
US$3.06 billion and total debts of US$1.02 billion.


COGNIS GMBH: S&P Changes Outlook to Negative; Affirms 'B' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Germany-based specialty chemicals producer Cognis GmbH to negative
from stable.  The 'B' long-term corporate credit rating was
affirmed.

"The outlook revision reflects our view that Cognis' profitability
may weaken in 2009 and beyond as a result of significantly lower
selling volumes," said Standard & Poor's credit analyst Tobias
Mock.

Cognis reported an 18% fall in sales volumes across its portfolio
in the fourth quarter of 2008.  Although this matched the average
decline among European chemical companies rated by Standard &
Poor's, S&P would have expected Cognis's customer end-market
diversification to have provided more stability and therefore show
a below-average fall.  Furthermore, the company informed investors
that the volume decline has continued at the same level in 2009 so
far.

Although the company managed a selling price increase of about 20%
in fourth-quarter 2008 and therefore fully offset the lower
volumes, S&P considers that in the current environment of rapidly
falling raw material costs it will likely achieve lower selling
prices on average for 2009, even though the company says this has
not been the case so far this year.

Cognis should benefit from much lower raw material, energy, and
transportation costs in 2009.  However, unless it can successfully
maintain pricing power and reap benefits from its planned EUR70
million cost reductions, free cash flow generation could turn
negative and leverage further increase from already high levels.

The ratings on Cognis are constrained by its significant debt
levels, with reported net debt of EUR1.8 billion at the end of
fiscal 2008 at Cognis GmbH and an additional EUR434 million of
outstanding PIK notes at Cognis Holding GmbH on Dec. 31, 2008,
which Standard & Poor's treats in its calculations as part of
Cognis GmbH's financial debt.

"A further increase in Cognis' already highly leveraged capital
structure or weakening of in its liquidity could result in a
downgrade," said Mr. Mock.


COMMERZBANK AG: Fitch Downgrades Individual Rating to 'D/E'
-----------------------------------------------------------
Fitch Ratings has affirmed Germany-based Commerzbank AG's and
Dresdner Bank AG's Issuer Default Ratings on continued strong
state support, while downgrading their Individual ratings on
weakening balance sheet and concerns over their risk profiles.

Both banks' Long-term Issuer Default Rating and Short-term IDR
have been affirmed at 'A' and 'F1', with Stable Outlook.  Both the
Support Ratings and the Support Rating Floors have been affirmed
at '1' and 'A', respectively.

Commerzbank's Individual Rating was downgraded to 'D/E' from 'C'
and Dresdner's was downgraded to 'E' from 'D'.  Both ratings have
been removed from Rating Watch Negative.  The ratings of the
hybrid capital instruments issued by the Commerzbank Group,
including Dresdner and EUROHYPO AG, remain on RWN at their current
rating levels.

"Given the continued deterioration in the domestic and
international operating environments and greater volatility of
profitability as some of the markets in which the combined entity
is active are entering a down-cycle, the uncertainties over future
performance are material," said Michael Steinbarth, Senior
Director in Fitch's Financial Institutions team.  The group has
substantial exposure to the commercial real estate sector, a
sizeable portfolio of structured credit investments as well as
exposure to leveraged and acquisition finance and shipping
lending, and central and eastern Europe where economic prospects
are bleak.  In addition, the group faces execution risk from the
integration of Dresdner, the re-positioning of Dresdner's
investment banking activities and may be challenged to de-leverage
the bank in current market conditions.

On a pro-forma basis, total assets amounted to EUR1,046 billion at
end-2008.  Commerzbank has taken a number of measures to
strengthen the combined bank's Tier 1 capital ratio to around 10%.
This includes the capital contribution of EUR10 billion (announced
in January 2009) from Germany's Financial Market Stabilization
Fund (FMSF, also known as Sonderfonds Finanzmarktstabilisierung or
SoFFin) in form of a silent participation and a 25% stake plus one
share in the banking group.  Presently, the Government of the
Federal Republic of Germany is in negotiation with the European
Commission to finalize the terms of the capital injection.  On
March 17, 2009, Commerzbank increased the share capital of
Dresdner by EUR4 billion to strengthen its weak capitalization.

The rating actions affecting on Commerzbank's subsidiaries are:

EUROHYPO AG:

  -- Long-term IDR affirmed at 'A'; Stable Outlook
  -- Short-term IDR affirmed at 'F1'
  -- Support Rating affirmed at '1'

EUROHYPO Europaeische Hypothekenbank SA:

  -- Long-term IDR affirmed at 'A'; Stable Outlook
  -- Short-term IDR affirmed at 'F1'
  -- Support Rating affirmed at '1'

The ratings of EUROHYPO AG's mortgage and public sector
Pfandbriefe and the ratings applied to the Lettres de Gage issued
by EUROHYPO AG's Luxembourg subsidiary are unaffected by the
rating actions taken.

                    Hybrid capital instruments

  -- Commerzbank Capital Funding Trust I and II, 'B+', remain on
     RWN

  -- EUROHYPO Capital Funding Trust I and II, 'B+', remain on RWN

  -- Dresdner Funding Trust I, II, III and IV's dated silent
     participation certificates, 'B+', remain on RWN

  -- UT2 Funding plc Upper Tier 2 securities', 'CC', remain on
     RWN;

  -- Recovery Rating at 'RR4'

  -- Dresdner Bank AG's HT1 Funding GmbH Tier 1 Securities, 'CC',
     remain on RWN, Recovery Rating at 'RR5'

  -- Commerzbank's guaranteed issue has been affirmed at 'AAA'.


SGL CARBON: Moody's Changes Outlook on 'Ba2' Rating to Stable
-------------------------------------------------------------
Moody's has changed its outlook on all ratings of SGL Carbon to
stable.  The corporate family rating and all other ratings of the
group remain unchanged.

The revision of Moody's outlook reflects Moody's expectation that
SGL Carbon will not be able to sustain debt and cash flow metrics
required for a rating upgrade to Ba1 namely RCF / Net Debt at
around 35% within the next twelve to eighteen months.  SGL has
been strongly positioned within the rating category following the
solid performance in 2008 and recent years but weakness in demand
and ongoing pressure from high needle coke prices at a time when
SGL is pursuing committed investments in Malaysia (integrated
electrodes and cathodes plant) and at CFC is expected to lead to a
weakening in credit metrics during 2009.  Moody's positively notes
SGL Carbon's strategy of diversifying its business risk profile
away from the steel and aluminium industry through investments at
both CFC and GMS notwithstanding that its core Performance
Products division remain the key earnings and cash flow
contributor of the group for the time being.

The assignment of a stable outlook is predicated upon the
assumption that current weak operating performance trends will
show signs of stabilizing during the second half of 2009 after a
very weak first half in line with the company's expectation and
guidance to the market during its annual results call.  Failure to
demonstrate an improving order book and good earnings visibility
for the second half of the year indicating that SGL Carbon might
fail to sustain commensurate metrics for the current Ba2 rating
category will lead to further downward pressure on the ratings.
Moody's would require SGL Carbon to sustain RCF / Net debt above
20% on a sustainable basis looking into 2010 in order to maintain
its current rating.

SGL has a good liquidity profile.  While the agency anticipates
that operating cash flows will most likely be insufficient to
cover all working capital and capex requirements during the course
of fiscal year 2009 Moody's gains comfort from the group's access
to undrawn EUR125 million acquisition facilities and EUR75 million
revolving credit facilities and to EUR123 million of cash & cash
equivalents on balance sheet at fiscal year end 2008.  In addition
SGL had access to EUR42 million under bilateral facilities.
Moody's also notes that SGL Carbon has comfortable headroom under
its financial covenants with limited covenant pressure risk
anticipated during the course of fiscal year 2009.

These ratings are affected:

  -- Corporate Family Rating at Ba2;

  -- Probability of Default Rating at Ba2;

  -- Senior Secured Guaranteed Floating Rate Notes at Ba1;

  -- Senior Unsecured Convertible Notes affirmed at Ba3;

The last rating action was on June 9, 2008, when all the ratings
of SGL Carbon SE were affirmed and the outlook was changed to
positive.

SGL CARBON SE, headquartered in Wiesbaden, Germany, is one of the
world's leading manufacturers of carbon and graphite-based
products.  SGL generated revenues of EUR1,612 million and an
EBITDA of EUR360 million for the fiscal year ended December 31,
2008.


STILLER INTERNATIONAL: Claims Registration Period Ends May 2
------------------------------------------------------------
Creditors of Stiller International have until May 2, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cologne
         Room 1216
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Brueckenstr. 21
         50667 Koeln
         Germany
         Tel: 0221/650 660
         Fax: +49221650661

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:

         Stiller International GmbH & Co. KG
         Steinweg 23
         51107 Koeln
         Germany

         Attn: Alfred Kranz
         Karl-Hoch-Str. 6,
         53117 Bonn
         Germany


SYSTEMPARTNER COMPUTERVERTRIEBS: Claims Registration Ends April 30
------------------------------------------------------------------
Creditors of Systempartner Computervertriebs have until April 30,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 27, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hanau
         Room 211
         Engelhardstrasse 21
         63450 Hanau
         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:

         Goetz Lautenbach
         Zeilweg 42
         60439 Frankfurt/Main
         Germany
         Tel: 069 963761–130
         Fax: 069 963761–145

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:

         Systempartner Computervertriebs GmbH
         Doernigheimer Str. 5
         63452 Hanau
         Germany

         Attn: Wilfried Moser, Manager
         Niddaer St. 33
         35410 Hungen
         Germany


TEAM WORK: Claims Registration Period Ends May 12
-------------------------------------------------
Creditors of Team Work GmbH have until May 12, 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 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Celle Nebenstelle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         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:

         Burghard Wegener
         Blumlage 63 C
         29221 Celle
         Germany
         Tel: 05141/3493123
         Fax: 05141/3493124
         E-mail: email@rae-wegener.de
         Website: www.rae-wegener.de

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

The debtor can be reached at:

         Team Work GmbH
         Attn: Conrad Bertz, Manager
         Waldschmiede 30
         29225 Celle
         Germany


WISMAR-TOURIST GMBH: Claims Registration Period Ends May 18
-----------------------------------------------------------
Creditors of Wismar-Tourist GmbH have until May 18, 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 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of 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. Achim Ahrendt
         Albert-Einstein-Ring 11/15
         22761 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:

         Wismar-Tourist GmbH
         Probsteier Strasse 6
         22049 Hamburg
         Germany

         Attn: Klaus Kretz, Manager
         Inselstrasse 1 c
         23970 Wismar
         Germany


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


* ICELAND: Foreign Creditors of Failed Banks May Become Owners
--------------------------------------------------------------
Iceland may enable foreign creditors of its failed lenders to
become shareholders as a means of achieving a stable financial
system, Bloomberg News' Tasneem Brogger reports citing the state's
finance minister, Steingrimur Sigfusson.

"One of the ideas behind having the creditors as owners is that
through that we would secure good connections with the foreign
banking world," Mr. Sigfusson told Bloomberg News in a telephone
interview out of Reyjkjavik Thursday last week.

Bloomberg News relates according to Mr. Sigfusson, Kaupthing "is
the one where interest seems to be the most and probably where it
would be the easiest to negotiate" creditors taking equity stakes,
although he noted a final decision had yet to be made.

The government, Bloomberg News states, is waiting for Deloitte &
Touche to provide an audit of the failed banks' balance sheets,
enabling an assessment of the extent to which the lenders’ assets
can cover the outstanding debt.  Citing Mr. Sigfusson, Bloomberg
News discloses Deloitte will submit the audit in "just one or two
weeks".

Bloomberg News quoted Mr. Sigfusson as saying, "At that time or in
the weeks that follow, we should be able to" provide a model on
how creditors' claims will be handled.

Bloomberg News notes foreign creditors of Kaupthing Bank hf,
Landsbanki Islands hf and Glitnir Bank hf are seeking
repayment of as much as ISK10.5 trillion (US$89 billion) in debt.


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


ELY MEDICAL: Ultralase Submits Formal Takeover Proposal
-------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that
Ultralase, a British firm that runs a chain of laser eye surgery
clinics, has submitted a formal takeover proposal for the Ely
Medical Group.

Paul McGlade, the Belfast entrepreneur who currently owns Ely
Medical, has also submitted a proposal that would see him retain
control of the business, the report discloses.

According to the report, Mr. McGlade, who has invested EUR5
million in Ely Medical over the last three years, is willing to
inject further capital to and refinance the business.

Neil Hughes, the court-appointed examiner of the group, is
assessing both bids, and will select a preferred buyer in the
coming days, the report relates.

The report notes the High Court will this week rule on a dispute
between ElyMedical and Kernel over amounts owed to the venture
capital company.

Kernel claims it is due EUR2.4 million, while ElyMedical contends
that the figure is EUR1.2 million, the report recounts.

On Feb. 18, 2009, the Troubled Company Reporter-Europe, citing The
Sunday Business Post Online's Mr. Kehoe, reported that Ely Medical
petitioned the High Court to be placed into examinership following
a period of difficult trading conditions.

Ely Medical has annual revenues of about EUR12 million, the report
stated.

Ely Medical owns the Optima laser eye surgery business and the
Body Clinic in Dublin.


FIRST EQUITY: Lack of Funding Spurs Liquidation
-----------------------------------------------
Gavin Daly and Ian Kehoe at The Sunday Business Post Online report
that First Equity Group has gone into liquidation, putting more
than 400 Irish investors at risk of losing tens of millions of
euro.

First Equity, the report relates, went into liquidation last
Friday afternoon after Bank of Scotland (Ireland) withdrew an
offer of support.  The examiner, KPMG accountant Kieran Wallace,
was appointed as liquidator, the report discloses.

The report recounts in a letter to investors last Friday, Alan
Barry, managing director of First Equity, said the company, which
has been in examinership since December, after admitting it was
insolvent, had been trying to raise debt and equity funding but
failed.  The report notes many of the company's projects stalled,
as the global credit crunch meant it was unable to raise
development finance.

Mr. Barry, as cited by the report, said the directors of First
Equity would cooperate with Mr. Wallace, and "contingent on his
consent, will be available to advise investors of the impact of
the development on their investments".

According to the report, the company's investors, who include Alan
Barry's brother, Jim Barry of NTR, are likely to bear much of the
losses.

On Jan. 22, 2009, the Troubled Company Reporter-Europe, citing the
Irish Examiner, reported the Supreme Court heard if liquidated,
First Equity's assets would be worth just EUR28 million, leaving a
deficit of some EUR24 million.

The TCR-Europe, citing the Irish Times, reported on Dec. 30, 2008,
that the company encountered severe difficulty raising debt and
project finance and fresh capital from existing or new investors.

The Irish Times noted that as a result of its cash flow shortage,
the company could not pay a 20-30 per cent annual coupon on
unsecured loans for a total of EUR10 million from about 25
clients, prompting the examinership process.

Headquartered in Dublin, Ireland -- http://www.firstequity.ie/--
is an investment company established in 1995, originally to
provide tax and corporate finance consulting.  The company has
since evolved into a practice specializing in sourcing and placing
equity and mezzanine finance, primarily for asset backed
investments.  It has offices in London and Los Angeles.


KITCHEN WORLD: Former Owners to Inject EUR1 Mln in Fresh Equity
---------------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that
creditors of Kitchen World will vote on a scheme of arrangement in
the coming days that will see more than 80 jobs saved at the
company if approved.

The report relates under the scheme, former owners and founders of
the company will retake control of the business a year after
selling it.

According to the report, former owners, Paul Begley and Francis
Kearney, will inject EUR1 million into the business.  They however
agreed to waive certain money that they were due to be paid in
relation to the sale of the company, the report discloses.

Under the scheme, preferential creditors will receive 20 per cent
of their debts, while unsecured creditors will receive 10 per
cent, the report says.

Anglo Irish Bank, the report relates, has also agreed to
restructure the company's debts, and to allow a partial write down
of a loan to E-Van, a company in the Kitchen World group.

The report notes if the proposals are approved, Kieran Wallace,
the company's examiner, will bring them before the High Court for
ratification.

On Dec. 30, 2008, the Troubled Company Reporter-Europe, citing The
Sunday Business Post Online's Mr. Kehoe, reported that Kitchen
World went into examinership following a marked deterioration in
the construction sector.

The company, the report disclosed, racked up debts of more than
EUR14 million.

The report recalled the directors of the company asked the High
Court for bankruptcy protection after attempts to renegotiate the
company's debts with its main lender broke down.

The company, the report recounted, was engaged in talks with Anglo
Irish Bank to restructure its EUR9 million bank debt, but the
talks collapsed.

Established in 1995 Kitchen World has three stores in Dublin and
outlets in Louth, Meath, Cavan,Wicklow, Kildare, Carlow and
Waterford.


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


ALITALIA SERVIZI: Stake in AMS Put Up for Sale
----------------------------------------------
Alitalia Servizi SpA's extraordinary administrator, Prof. Avv.
Augusto Fantozzi, offers for sale the company's stake in Alitalia
Maintenance Systems SpA ("AMS").

Expressions of interest are due 12:00 p.m. (Italian time) on
April 30, 2009.

The shareholding for sale corresponds to 60% of Alitalia Servizi's
share capital.

AMS is in the business of maintenance and repair of engines and
APUs; cleaning, inspection and repair of components/spare parts;
purchase, reconstruction and sale of unserviceable engines and
APUs; engineering services, technical support and consultancy
services; and leasing of engines and APUs.


ALITALIA SERVIZI: Stake in Atitech Put Up for Sale
--------------------------------------------------
Alitalia Servizi SpA's extraordinary administrator, Prof. Avv.
Augusto Fantozzi, offers for sale the company's stake in Atitech
SpA.

Expressions of interest are due 12:00 p.m. (Italian time) on
April 30, 2009.

The shareholding for sale corresponds to 100% of Alitalia
Servizi's share capital.

Atitech is located at the Capodichino Airport in Naples and it
currently owns two hangars which include eight fully equipped bays
for heavy maintenance services carried out on short-medium haul
fleet (narrow body aircrafts).  In addition to scheduled
maintenance services of aircraft cell, Atitech carries out
specialized services for enhancement and transformation of narrow
body aircrafts (MD80 and Airbus series).


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


AYAKS-2005 LLP: Creditors Must File Claims by May 1
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Ayaks-2005 insolvent.

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

         Gogol St. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


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

         Baitursynov St. 104a
         Almaty
         Kazakhstan


BTA BANK: Moody's Downgrades Financial Strength Rating to 'E'
-------------------------------------------------------------
Moody's Investors Service has downgraded BTA Bank's local and
foreign currency deposit ratings to Caa3 from B1, foreign currency
senior unsecured debt rating to Ca from B1 and bank financial
strength rating to E from E+.  At the same time, the rating agency
downgraded BTA Bank's subsidiary Temirbank's local and foreign
currency deposit ratings to Caa3 from B3 and foreign currency
senior unsecured debt rating to Ca from B3.  The BFSR of Temirbank
is unchanged at E.  The BFSRs of both banks have a stable outlook,
while their deposit and senior unsecured debt ratings remain on
review for possible further downgrade.

Moody's said that the rating downgrades reflect the increasing
likelihood of default and debt restructuring by BTA Bank and
Temirbank stemming from the ongoing deterioration of these banks'
financial strengths and reduced probability of government support
to honor their foreign liabilities.

                             BTA Bank

The downgrade of the bank's BFSR to E (mapping to a Baseline
Credit Assessment of Ca) from E+ (mapping to a Baseline Credit
Assessment of B3) reflects the substantial depletion of the bank's
capitalization and liquidity.  Moody's believes that a large
portion of the bank's loan book is impaired.  Given the lack of
transparency regarding many of the bank's large loans, especially
those extended to companies in Russia, it is difficult to make a
precise estimate of the potential loan losses at BTA Bank.
Furthermore, over the past few months BTA Bank experienced
significant outflow of customer deposits.  According to the Kazakh
regulator's data, in January-February the bank lost 19% of its
retail deposits.  Despite the nationalization of BTA Bank in early
February 2009 and a US$1.7 billion capital injection the bank
continued to suffer from deposits outflow.

Recently BTA Bank's new shareholder, Samruk-Kazyna government
fund, announced that it would not be prepared to provide support
to the bank to repay its international obligations in case of
accelerated repayments.  Moody's understands that some of the
bank's indentures have early amortization clauses that have been
triggered by BTA's nationalization.  Although systemic support
can't be excluded completely, its timeliness and volume, in
Moody's opinion, may not be sufficient for the bank's senior
unsecured debt rating to receive a notching uplift from BTA Bank's
BCA of Ca.  Therefore BTA Bank's senior unsecured debt rating now
match with the bank's BCA of Ca.

Moody's also expects that in order to maintain stability in the
country's banking system, the government may provide some support
to the bank's depositors.  As a result, the bank's Caa3 foreign
and local currency deposit ratings factor in Moody's assessment of
moderate probability of systemic support and receive one-notch
uplift from its BCA of Ca.

                            Temirbank

The downgrade of Temirbank's ratings is prompted by the weakening
of the bank's BFSR within its E category -- now mapping to BCA of
Ca from a previous Caa1 BCA, and by the downgrade of its parent,
BTA Bank.  Consequently, the bank's local and foreign currency
deposit ratings of Caa3 factor in Moody's assessment of high
probability of support from BTA Bank.  However, as in the case of
BTA Bank, Temirbank's senior unsecured debt ratings do not imply
any probability of systemic support (through BTA Bank) and are in
line with its BCA of Ca.

The affected ratings are:

BTA Bank

  -- BFSR: downgraded to E (mapping to a Baseline Credit
     Assessment of Ca) from E+ (mapping to a Baseline Credit
     Assessment of B3), stable outlook;

  -- Local and foreign currency deposit ratings: downgraded to
     Caa3 from B1;

  -- Foreign currency senior unsecured debt rating: downgraded to
     Ca from B1;

  -- Subordinated foreign currency debt rating: downgraded to C
     from B2;

  -- Junior subordinated foreign currency debt rating: downgraded
     to C from Caa1;

  -- The bank's subordinated and junior subordinated foreign
     currency debt ratings have a stable outlook; all other
     deposit and debt ratings are on review for possible further
     downgrade.

Temirbank

  -- BFSR: unchanged at E (mapping to a Baseline Credit Assessment
     of Ca), stable outlook;

  -- Local and foreign currency deposit ratings: downgraded to
     Caa3 from B3;

  -- Foreign currency senior unsecured debt rating: downgraded to
     Ca from B3;

  -- Subordinated foreign currency debt rating: downgraded to C
     from Caa1;

  -- The bank's subordinated foreign currency debt rating has a
     stable outlook; all other deposit and debt ratings are on
     review for possible further downgrade.

Moody's previous rating action on BTA Bank was on February 24,
2009, when the bank's D- BFSR was downgraded to E+, and Ba1 local
and foreign currency deposit and foreign currency senior unsecured
debt ratings were downgraded to B1.  The bank's deposit and debt
ratings were placed on review with direction uncertain.

Moody's previous rating action on Temirbank was on February 24,
2009, when the bank's E BFSR was unchanged, local and foreign
currency deposit and foreign currency senior unsecured debt
ratings were downgraded to B3 from B2.  The bank's deposit and
debt ratings remained on review for possible further downgrade.


CARD PETROLEUM LLP: Creditors Must File Claims by May 1
-------------------------------------------------------
LLP Card Petroleum has declared insolvency.  Creditors have until
May 1, 2009, to submit written proofs of claim to:

         Baitursynov St. 104a
         Almaty
         Kazakhstan


DANAYA LLP: Creditors Must File Claims by May 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Construction Company Danaya insolvent.

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

         Maulenov St. 92
         Almaty
         Kazakhstan
         Tel: 8 (7272) 67-63-55
              8 777 803 44-33

The Court is located at:

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


EURO TM: Creditors Must File Claims by May 1
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Euro TM insolvent.

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

         Gogol St. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


KAZAKH MORTGAGE: Fitch Puts 'BB'-Rated Class C Notes on Watch Neg.
------------------------------------------------------------------
Fitch Ratings has placed Kazakh Mortgage Backed Securities 2007-1
B.V.'s (Kazakh MBS) class C notes -- rated 'BB' -- on Rating Watch
Negative.  Kazakh MBS is a securitization of mortgage loans
originated by BTA Ipoteka, a wholly-owned subsidiary of BTA Bank

Kazakh Mortgage Backed Securities 2007-I B.V.:

  -- Class A (ISIN XS0293196266): 'BBB+' remains on RWN
  -- Class B (ISIN XS0293196696): 'BBB' remains on RWN
  -- Class C (ISIN XS0293196779): 'BB'; placed on RWN

The RWN reflects rising legal and performance risks associated
with the deterioration in BTA Bank's financial condition.

BTA Bank's rating was downgraded to 'CC'/RWN from 'B+'/ RWN on
March 24, 2009, to reflect the increased likelihood of a coercive
debt exchange for the bank's corporate creditors.  The execution
of this exchange would trigger a downgrade of BTA Bank to 'D' or
'RD'.  While a successful debt exchange may not directly affect
creditors in the Kazakh MBS transaction, the risk of a disorderly
debt restructuring resulting in bankruptcy procedures has
increased, in Fitch's view.  In this environment, there is an
increased risk that if an insolvency of the originator is
declared, the legal structure of the securitization; namely the
asset and collateral transfer, may be challenged, which can put
downward pressure on the ratings in coming months.

Following the downgrade of BTA Bank below 'B+' the trustee has now
the option to terminate the servicing agreement with BTAI and to
replace it with the transaction's back-up servicer; Halyk Bank
('BB-'(BB minus)/RWN).

The transaction has amortized rapidly by approximately 60% of its
original balance due to high prepayment rates and BTAI's
initiative to systematically repurchase both performing and
delinquent loans from the transaction.  As a result of these
repurchases, the transaction has so far reported only one mortgage
loan default.  Fitch, however, expects that the amount of
repurchased loans may be reduced due to BTA's tight financial
position.  As a result, any defaults and losses will cause the
transaction's performance to deteriorate.


REINWEG LLP: Creditors Must File Claims by May 1
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Reinweg insolvent.

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

         Tauelsyzdyk St. 53
         Taldykorgan
         Almaty
         Kazakhstan

The Court is located at:

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


RUD SNUB: Creditors Must File Claims by May 1
---------------------------------------------
LLP Rud Snub Service has declared insolvency.  Creditors have
until May 1, 2009, to submit written proofs of claim to:

         Gagarin St. 27a
         Jolymbet
         Shortandinsky
         Akmola
         Kazakhstan


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

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

         Bajov St. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Court is located at:

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


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

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

         Bajov St. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Court is located at:

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


TEMIRBANK: Moody's Retains 'E' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has downgraded BTA Bank's local and
foreign currency deposit ratings to Caa3 from B1, foreign currency
senior unsecured debt rating to Ca from B1 and bank financial
strength rating to E from E+.  At the same time, the rating agency
downgraded BTA Bank's subsidiary Temirbank's local and foreign
currency deposit ratings to Caa3 from B3 and foreign currency
senior unsecured debt rating to Ca from B3.  The BFSR of Temirbank
is unchanged at E.  The BFSRs of both banks have a stable outlook,
while their deposit and senior unsecured debt ratings remain on
review for possible further downgrade.

Moody's said that the rating downgrades reflect the increasing
likelihood of default and debt restructuring by BTA Bank and
Temirbank stemming from the ongoing deterioration of these banks'
financial strengths and reduced probability of government support
to honor their foreign liabilities.

                             BTA Bank

The downgrade of the bank's BFSR to E (mapping to a Baseline
Credit Assessment of Ca) from E+ (mapping to a Baseline Credit
Assessment of B3) reflects the substantial depletion of the bank's
capitalization and liquidity.  Moody's believes that a large
portion of the bank's loan book is impaired.  Given the lack of
transparency regarding many of the bank's large loans, especially
those extended to companies in Russia, it is difficult to make a
precise estimate of the potential loan losses at BTA Bank.
Furthermore, over the past few months BTA Bank experienced
significant outflow of customer deposits.  According to the Kazakh
regulator's data, in January-February the bank lost 19% of its
retail deposits.  Despite the nationalization of BTA Bank in early
February 2009 and a US$1.7 billion capital injection the bank
continued to suffer from deposits outflow.

Recently BTA Bank's new shareholder, Samruk-Kazyna government
fund, announced that it would not be prepared to provide support
to the bank to repay its international obligations in case of
accelerated repayments.  Moody's understands that some of the
bank's indentures have early amortization clauses that have been
triggered by BTA's nationalization.  Although systemic support
can't be excluded completely, its timeliness and volume, in
Moody's opinion, may not be sufficient for the bank's senior
unsecured debt rating to receive a notching uplift from BTA Bank's
BCA of Ca.  Therefore BTA Bank's senior unsecured debt rating now
match with the bank's BCA of Ca.

Moody's also expects that in order to maintain stability in the
country's banking system, the government may provide some support
to the bank's depositors.  As a result, the bank's Caa3 foreign
and local currency deposit ratings factor in Moody's assessment of
moderate probability of systemic support and receive one-notch
uplift from its BCA of Ca.

                            Temirbank

The downgrade of Temirbank's ratings is prompted by the weakening
of the bank's BFSR within its E category -- now mapping to BCA of
Ca from a previous Caa1 BCA, and by the downgrade of its parent,
BTA Bank.  Consequently, the bank's local and foreign currency
deposit ratings of Caa3 factor in Moody's assessment of high
probability of support from BTA Bank.  However, as in the case of
BTA Bank, Temirbank's senior unsecured debt ratings do not imply
any probability of systemic support (through BTA Bank) and are in
line with its BCA of Ca.

The affected ratings are:

BTA Bank

  -- BFSR: downgraded to E (mapping to a Baseline Credit
     Assessment of Ca) from E+ (mapping to a Baseline Credit
     Assessment of B3), stable outlook;

  -- Local and foreign currency deposit ratings: downgraded to
     Caa3 from B1;

  -- Foreign currency senior unsecured debt rating: downgraded to
     Ca from B1;

  -- Subordinated foreign currency debt rating: downgraded to C
     from B2;

  -- Junior subordinated foreign currency debt rating: downgraded
     to C from Caa1;

  -- The bank's subordinated and junior subordinated foreign
     currency debt ratings have a stable outlook; all other
     deposit and debt ratings are on review for possible further
     downgrade.

Temirbank

  -- BFSR: unchanged at E (mapping to a Baseline Credit Assessment
     of Ca), stable outlook;

  -- Local and foreign currency deposit ratings: downgraded to
     Caa3 from B3;

  -- Foreign currency senior unsecured debt rating: downgraded to
     Ca from B3;

  -- Subordinated foreign currency debt rating: downgraded to C
     from Caa1;

  -- The bank's subordinated foreign currency debt rating has a
     stable outlook; all other deposit and debt ratings are on
     review for possible further downgrade.

Moody's previous rating action on BTA Bank was on February 24,
2009, when the bank's D- BFSR was downgraded to E+, and Ba1 local
and foreign currency deposit and foreign currency senior unsecured
debt ratings were downgraded to B1.  The bank's deposit and debt
ratings were placed on review with direction uncertain.

Moody's previous rating action on Temirbank was on February 24,
2009, when the bank's E BFSR was unchanged, local and foreign
currency deposit and foreign currency senior unsecured debt
ratings were downgraded to B3 from B2.  The bank's deposit and
debt ratings remained on review for possible further downgrade.


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


GEOL TECH: Creditors Must File Claims by April 10
-------------------------------------------------
Creditors of LLC Kyrgyz Geol Tech Complect have until April 10,
2009, to submit proofs of claim to:

         Lumumba Str. 80
         Bishkek
         Kyrgyzstan


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


LEHMAN BROTHERS: Extraordinary Shareholders' Meeting Set April 3
----------------------------------------------------------------
Lehman Brothers (Luxembourg) S.A. will hold an extraordinary
general meeting of shareholders at 9:00 a.m. on Friday, April 3,
2009, at:

         Lehman Brothers (Luxembourg) S.A.
         Registered Office 7
         Val Ste Croix, L-1371 Luxembourg

The meeting will be held for the purpose of considering and voting
upon the:

   -- dissolution and liquidation of the company;

   -- appointment of one or more liquidators; and

   -- determination of the powers of the liquidators
      and the determination of their remuneration.


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


VAN HOOGEVEST: Royal BAM Eyes Acquisition of Project Portfolio
--------------------------------------------------------------
Royal BAM Group is trying to reach a deal with bankrupt sector
player Van Hoogevest to take over its project portfolio,
tradingmarkets.com reports citing ADP News.

According to the report, the portfolio includes a large project
near Amsterdam, which includes construction of 1,700 houses, a
school, shopping center and hospital in 2010.

The report notes according to analyst Edwin de Jong, the deal is
seen to have a strong impact on BAM's business.


===============
P O R T U G A L
===============


PELICAN MORTGAGES: Fitch Assigns 'B' Rating on Class C Notes
------------------------------------------------------------
Fitch Ratings has assigned final ratings to Pelican Mortgages No.
5 residential mortgage-backed floating-rate notes:

  -- EUR750 million class A mortgage-backed floating-rate notes
     due 2061: 'AAA'

  -- EUR195 million class B mortgage-backed floating-rate notes
     due 2061: 'BBB-' (BBB minus)

  -- EUR27.5 million class C mortgage-backed floating-rate notes
     due 2061: 'B'

Each rated class of notes has a Stable Outlook.

The EUR1 billion transaction is the fifth securitization of
residential mortgage loans originated by Caixa Economica Montepio
Geral (rated 'A-'((A minus))/Stable/'F2'), which is fully-owned by
Montepio Geral Associacao Mutualista, a not-for-profit mutual
organization which provides social benefits to its members.

The transaction's ratings are based on the quality of the mortgage
portfolio, the underwriting and servicing capability of Montepio
and available credit enhancement, and the transaction's sound
legal and financial structure.  The ratings assigned to the notes
address the likelihood of investors receiving ultimate repayment
of principal by legal final maturity in December 2061 and the
payment of interest in accordance with the legal documentation.

Montepio will initially retain the notes, which have been
structured to be eligible collateral for funding from the European
Central Bank, thus improving its liquidity position.

Approximately 40% of the portfolio comprises increasing
installments loans, which were securitized for the first time in
Pelican Mortgages No. 4.  Fitch has accounted for the payment
shock faced by borrowers, when the loans reset to a standard
annuity repayment schedule, as well as for the increasing
outstanding balance due to capitalization and the reduced equity
resulting from negative amortization.

The aggregate outstanding balance of the notes will be pegged to
the aggregate outstanding balance of the portfolio, including any
capitalization of interest via diversion of principal to interest
and, where principal collections are not enough, via the
capitalized interest ledger where capitalized interest and losses
are recorded before being written to the PDL.  Fitch has taken
into account the lower streams of interest coming through the
structure due to capitalization of interest and the slower
amortization of increasing installment loans, compared to standard
loans.

At closing, credit enhancement for the class A notes totaled
27.30% and was provided by the subordination of the class B notes
(19.50%), class C notes (2.75%), class D notes (2.75%) and the
fully funded reserve fund equaling 2.30% of the initial notes
balance, building up to 3.00% of the aggregate outstanding balance
of the notes.


QIMONDA AG: Portuguese Subsidiary Files for Insolvency
------------------------------------------------------
Qimonda AG's Portuguese subsidiary has filed for insolvency,
putting 1,300 jobs at the Vila do Conde facility at risk,
evertiq.com reports.

The report notes the difficult situation within the global DRAM
market forced the unit to file for insolvency.

According to the report, the management is currently exploring
possible restructuring plans.

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.

As reported in the Troubled Company Reporter, Qimonda AG filed an
application with the local court in Munich, Germany, on
January 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.


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


AOEIE IRKUTSKENERGO: Very Weak Liquidity Cues Moody's Junk Rating
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of AOEiE Irkutskenergo to Caa1 from B3.  The outlook for
the rating is negative.  At the same time, Moody's Interfax Rating
Agency, which is majority owned by Moody's, has downgraded
Irkutskenergo's national scale rating to Ba3.ru from Baa3.ru.  The
rating action concludes the review for possible downgrade that was
initiated on December 23, 2008, due to heightening liquidity
pressures.

The downgrade to Caa1 with negative outlook reflects
Irkutskenergo's very weak liquidity and its continuous refinancing
requirements driven by the company's very short debt maturity
profile, as well as the risk that its cash flow generation may be
further affected by higher financing costs and the weakening
performance and financial standing of its major industrial
customers from the RusAl group.

Moody's does not expect Irkutskenergo's liquidity position to
improve over the near to intermediate term due to the global
downturn and weakening economic conditions.  At the end of January
2009, Irkutskenergo's cash accounts and unused amounts under
available credit facilities were immaterial compared to its debt,
all short-term.  Accordingly, Moody's understands that the company
is expected to remain dependent on banks' willingness and ability
to renew or open new short-term credit facilities.

Moody's recognizes the company's strategic importance to the local
market.  The agency also acknowledges that the company was able to
repay and refinance its large debt maturities at the end of
December 2008 and January 2009, from cash proceeds (due to a
reduction of accounts receivables from the RusAl group) and newly
opened bank facilities.  Furthermore, Moody's notes that
Irkutskenergo has finalized settlements with its minority
shareholders who voted against the company reorganization in 2008.
However, Moody's understands that the company has not been able to
extend its debt maturity profile and will be continuously
challenged by refinancing needs through the end of the year.  This
is at a time when Irkutskenergo's cash flow generation is also
exposed to the economic and financial trends affecting industrial
customers.  In Moody's view, these factors make the company's
creditworthiness more consistent with a Caa1 rating.

Moody's notes that the negative outlook could be stabilized if
Irkutskenergo is able to address its short-term debt maturities
reasonably in advance and its cash flow generation demonstrates
adequate resilience in the current economic conditions.  However,
the ratings may be further downgraded if the company fails to open
new bank facilities in accordance with its plan and/or its cash
flow generation ability materially deteriorates.

The last rating action for Irkutskenergo was implemented on
December 23, 2008, when Moody's downgraded the company to
B3/Baa3.ru and maintained the ratings on review for further
possible downgrade.

Headquartered in the City of Irkutsk (Russian Federation),
Irkutskenergo was initially an integrated electric utility
business focusing on the Irkutsk region.  The company has been
restructured; its transmission and distribution grid business was
spun off and began operating as an independent entity on January
1, 2009.  The company has three hydroelectric power plants with an
installed capacity of 9.0GW and 12 combined heat and power plants
with a total capacity of 3.9GW.  The company generated
approximately 63% of its 2007 RUB28.8 billion revenues from sales
of electricity and 30% from sales of heat.  Irkutskenergo's
controlling beneficiary shareholders are the same as those of UC
RusAl, the largest aluminium business in Russia and an
international leader in the metals sector.  The Russian state --
represented by the Federal Property Agency -- has a 40% stake in
the company.


ASIAN-PACIFIC BANK: Moody's Assigns 'E+' Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a B3 long-term and Not
Prime short-term local and foreign currency deposit ratings, and
an E+ bank financial strength rating to Asian-Pacific Bank.  The
outlook on all long-term ratings is stable.  At the same time,
Moody's Interfax Rating Agency has assigned a Baa2.ru long-term
national scale credit rating to Asian-Pacific Bank.  Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.

According to Moody's Interfax, the Baa2.ru NSR reflects the
standing of APB's credit quality relative to its domestic peers.

According to Moody's the E+ BFSR, on the one hand, reflects: (i)
APB's focus on retail banking, with high exposure to unsecured
retail loans, (ii) significant reliance on potentially volatile
individual deposits and (iii) the bank's limited franchise value
and geographical diversification.  On the other hand, the rating
is supported by: (i) strong capital adequacy, (ii) good
profitability metrics and (iii) sufficient liquidity cushion,
accumulated to date.

"Moody's notes that APB's business model renders its capital needs
and financial results volatile in a currently challenging economic
environment in Russia.  At the same time, APB's current financial
status allows the bank to offset, to certain extent, the possible
asset quality deterioration and expected demand for liquidity,"
said Maxim Bogdashkin, a Moscow-based Moody's Analyst, and the
lead analyst for APB.

Moody's notes that APB's ratings do not incorporate any support
assumptions from the bank's parent, as the ability of its owners
to support the bank is uncertain.

An upgrade of APB's ratings is unlikely in the medium term.
However, improved asset quality, along with a reduction in
geographic concentration of the bank's liabilities, could become
positive rating drivers assuming the bank's sufficient liquidity
level is maintained.  A downgrade of its BFSR might be caused by
significant deterioration in asset quality, reducing both
profitability and capital to levels no longer consistent with the
current rating.  A BFSR downgrade could also result from
significant impairment of the bank's liquidity position, which may
stem either from aggressive lending expansion by the bank, or from
a generally increased likelihood of deposit run from banks in
Russia.

Headquartered in Blagoveshensk, Russia, APB reported total assets
of US$478.5 million, total equity of US$85.6 million and net
income of US$17.0 million according to the bank's Russian
Accounting Standards report as of YE2008.


BALTIK-STROYDOM-PLUS LLC: Creditors Must File Claims by May 20
--------------------------------------------------------------
Creditors of LLC Baltik-Stroydom-Plus (TIN 3908028704, PSRN
1043900815090) have until May 20, 2009, to submit proofs of claims
to:

         S. Birkle
         Insolvency Manager
         Post User Box 15
         Alyabyeva St. 12
         236000 Kaliningrad
         Russia

The Arbitration Court of Kaliningradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21–8359/2008.

The Debtor can be reached at:

         LLC Baltik-Stroydom-Plus
         Kamskaya St. 63
         236005 Kaliningrad
         Russia


CREDIT EUROPE: Moody's Cuts Bank Financial Strength Rating to 'E+'
------------------------------------------------------------------
Moody's Investors Service has downgraded the long-term bank
deposit and debt ratings of Credit Europe Bank Ltd, Russia, to Ba3
from Ba1.  CEB Ltd's bank financial strength rating was also
downgraded to E+ from D-, and its Not Prime short-term ratings
were affirmed.  The debt and deposit ratings remain on review for
possible further downgrade while the E+ BFSR carries a stable
outlook.  At the same time, Moody's Interfax Rating Agency has
downgraded the long-term national scale credit ratings of CEB Ltd
to Aa3.ru from Aa1.ru.  Moscow-based Moody's Interfax is majority
owned by Moody's, a leading global rating agency.

"The downgrade of CEB Ltd's long-term deposit and debt ratings has
been prompted by the downgrade to Ba2 from Baa3 of its parent,
Credit Europe Bank, Netherlands, as well as by the weakening of
the Russian bank's standalone financial strength as reflected in
the downgrade of its BFSR," said Semyon Isakov, a Moscow-based
Moody's Analyst and lead analyst for Credit Europe Bank, Russia.

CEB Ltd is a wholly owned subsidiary of Credit Europe Bank (D/Ba2
review for downgrade/Not Prime), a Netherlands-based niche player
specialized in commodity and structured trade finance lending.

CEB Ltd's E+ BFSR maps into a B1 Baseline Credit Assessment and
reflects the impact of the deteriorating operating environment on
the bank's financial fundamentals and its business model.  Moody's
says that the ongoing rapid increase of non-performing loan levels
on the bank's consumer and corporate loan books create a
significant pressure on the bank's profitability and capital
levels.  At the same time, Moody's cautions, that provisioning
levels of the bank's corporate loan book may prove to be
inadequate.  Furthermore, the rating agency notes that the
'scissor effect' of expected higher loan losses and disappearance
of cheap wholesale funding sources combined with the overall
considerably increased cost of funding, is expected to erode the
bank's historically solid performance results.

In addition, Moody's says that the long-term deposit and debt
ratings of CEB Ltd benefit from the high level of shareholder
support incorporated in the bank's ratings and, therefore,
weakening of the parent's credit strength -- as reflected in the
downgrade of the latter's credit rating -- has negatively affected
the debt and deposit ratings of CEB Ltd which were downgraded two
notches down to Ba3.

The long-term deposit and debt ratings of CEB Ltd remain on review
for possible further downgrade because the ratings of the Russian
bank will likely be negatively affected by a downgrade of the
parent's rating.  Additionally, further weakening of the Russian
bank's stand-alone financial profile may negatively affect its
deposit and debt ratings.

Moody's previous rating action on CEB Ltd was on December 4, 2006,
when the ratings of CEB Ltd (then trading as Finansbank Russia)
were upgraded to Ba1 from Ba2.

Domiciled in Moscow, CEB Ltd reported total IFRS assets of
RUB65.7 billion (US$2.8 billion), total shareholders' equity of
RUB8.7 billion and a net income of RUB539 million as at June 30,
2008.  The bank is a wholly owned subsidiary of Credit Europe
Bank, Netherlands.


KRISTALL LLC: Creditors Must File Claims by May 22
--------------------------------------------------
Creditors of LLC Kristall (TIN 8910002847, PSRN1028900688629)
(Industrial Equipment Production) have until May 22, 2009, to
submit proofs of claims to:

         N. Neustroyeva
         Insolvency Manager
         Office 208
         Permyakova St. 59
         Tiumen
         Russia

The Arbitration Court of Yamalo-Nentskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A81–2833/2008.

The Debtor can be reached at:

         LLC Kristall
         Apt.3
         Geolog 5
         Tazovskiy
         Yamalo-Nenetskiy
         Russia


LOBVINSKIY BIO-CHEMICAL: Creditors Must File Claims by May 13
-------------------------------------------------------------
Creditors of OJSC Lobvinskiy Bio-Chemical Plant (TIN 6647003137)
have until May 13, 2009, to submit proofs of claims to:

         E.Chu
         Insolvency Manager
         Posadskaya St. 21/312
         620028 Yekaterinburg
         Russia
         Tel: 233-75-61
         Fax: 233-75-79

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60–25668/08-S11.

The Debtor can be reached at:

         OJSC Lobvinskiy Bio-Chemical Plant
         Lenina St. 52
         Novolyalinskiy
         624420 Lobva
         Russia


MINERALOVODSKIY BRICK: Creditors Must File Claims by April 20
-------------------------------------------------------------
Creditors of LLC Mineralovodskiy Brick Plant (TIN 2630036521
PSRN 1062649006210) have until April 20, 2009, to submit proofs of
claims to:

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

The Arbitration Court of Stavropolskiy will convene on Aug. 17,
2009, to hear bankruptcy proceedings.  The case is docketed under
Case No. A63-23532/2008-S5–7.

The Debtor can be reached at:

         LLC Mineralovodskiy Brick Plant
         Utrennyaya Dolina
         Mineralovodskiy
         Stavropolskiy
         Russia


NOVOROSMETALL LLC: Creditors Must File Claims by April 13
---------------------------------------------------------
Creditors of LLC Novorosmetall and Co. (TIN 2308028570, PSRN
1022301214946) (Metallurgy Industry) have until April 13, 2009, to
submit proofs of claims to:

         V. Shevchenko
         Temporary Insolvency Manager
         Office 802
         Sotsialisticheskaya St. 74
         344002 Rostov
         Russia

The Arbitration Court of Krasnodarskiy will convene at 11:00 a.m.
on Aug. 3, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A-32–1070/2008–60/47B.

The Court is located at:

         The Arbitration Court of Krasnodarskiy
         Krasnaya St. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Novorosmetall and Co
         Kotovskogo St. 42/90
         Krasnodar
         Krasnodarskiy
         Russia


ROSBANK OJSC: S&P Gives Negative Outlook; Affirms 'BB+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Rosbank OJSC to negative from stable.  At the same time
the 'BB+' long-term and 'B' short-term counterparty credit ratings
and the 'ruAA+' Russia national scale rating were affirmed.

"The outlook revision reflects our growing concerns about the
impact of the financial crisis in Russia and globally, which is
placing the bank's stand-alone creditworthiness under negative
pressure," said Standard & Poor's credit analyst Elena Romanova.

The long-term rating continues to reflect a three-notch uplift
above Rosbank's stand-alone credit profile to reflect ongoing
support from its major shareholder, Societe Generale group
(SocGen; AA-/Negative/A-1+).  Rosbank is considered to be a
strategically important subsidiary of SocGen.

The ratings on Rosbank reflect the difficult operating environment
in the Russian Federation (foreign currency BBB/Negative/A-3;
local currency BBB+/Negative/A-2; Russia national scale 'ruAAA'),
owing to the current global credit-market dislocation and its
impact on macroeconomic factors.  They also reflect the bank's
funding vulnerabilities because of sizable concentrations in
deposits, its low operating efficiency, the challenges of managing
an extensive distribution network, and the untested quality of its
retail portfolio.

These factors are mitigated to some extent by Rosbank's
strategically important status within the SocGen group, its sound
business franchise in Russia, and expectations of higher sustained
core profitability.

The negative outlook reflects the potential negative impact of the
ongoing difficult operating environment in the Russian banking
system and macroeconomic factors on Rosbank's financial
performance.  In particular, weaker asset quality and
profitability could lead to a lowering of the bank's stand-alone
creditworthiness.

"A positive rating action is unlikely until the Russian financial
market stabilizes," said Ms. Romanova.  "Such an action could be
driven by the maintenance of good asset quality and a strengthened
financial profile, including profitability and capitalization."

A downgrade could occur if the bank's stand-alone financial
profile were to materially deteriorate, and/or if ties to SocGen
and its support for Rosbank were to weaken significantly.


RUSFINANCE BANK: S&P Gives Negative Outlook; Affirms 'BB+' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Rusfinance Bank to negative from stable.  At the same
time the 'BB+' long-term and 'B' short-term counterparty credit
ratings and the 'ruAA+' Russia national scale rating were
affirmed.

"The outlook revision reflects our growing concerns about the
impact of the financial crisis in Russia and globally, which
threatens the bank's stand-alone creditworthiness," said Standard
& Poor's credit analyst Elena Romanova.

The long-term rating continues to reflect a four-notch uplift
above Rusfinance's stand-alone credit profile to reflect ongoing
support from its major shareholder, Societe Generale group
(SocGen; AA-/Negative/A-1+).  Rusfinance is considered to be a
strategically important subsidiary of SocGen.  The ratings on
Rusfinance are constrained by the risks of operating in the
inherently high-risk consumer finance market in the Russian
Federation (foreign currency BBB/Negative/A-3; local currency
BBB+/Negative/A-2; Russia national scale 'ruAAA'), which is being
tested by the global economic downturn.

S&P believes pressures on asset quality will likely deepen in
2009, which, together with the slowdown in the demand for auto
finance in the domestic market, will probably constrain
Rusfinance's profitability.

These negative factors are partly offset by the bank's
strategically important status within the SocGen group, from which
Rusfinance benefits in terms of capital, funding, and risk
management.  Other positive rating factors include the bank's
adequate capitalization and its leading position in auto finance
in Russia.

The negative outlook reflects the potential negative impact of the
ongoing difficult operating environment in the Russian banking
system and macroeconomic factors on Rusfinance's financial
performance.  In particular, weaker asset quality and
profitability could lead to a lowering of the bank's stand-alone
creditworthiness.

"A positive rating action is unlikely until the Russian financial
market stabilizes," said Ms. Romanova.  "Such an action could be
driven by the maintenance of good asset quality and a strengthened
financial profile, including profitability and capitalization."

A downgrade could occur if the bank's stand-alone financial
profile were to materially deteriorate, and/or if ties to SocGen
were to weaken significantly.


SVIR'-LES LLC: Creditors Must File Claims by May 13
---------------------------------------------------
Creditors of LLC Svir'-Les (TIN 4711006487, AAAA 1054700391679
have until May 13, 2009, to submit proofs of claims to:

         B. Remnev
         Insolvency Manager
         Shpalernaya St. 60
         191015 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56–22757/2008.

The Debtor can be reached at:

         LLC Svir'-Les
         Energetikov St. 13
         Lodeynoe Pole
         Lodeynopol'skiy
         187700 Leningradskaya
         Russia


TEKHNO-KOMPLEKT LLC: Chelyabinskaya Bankruptcy Hearing Set May 7
----------------------------------------------------------------
The Arbitration Court of Chelyabinskaya will convene at 3:00 p.m.
on May 7, 2009, to hear bankruptcy proceedings on LLC Tekhno-
Komlekt (Machine-Building Industry).  The case is docketed under
Case No. A76–7856/2008–55-92.

The Insolvency Manager is:

         K. Zvonkov
         Post User Box 31
         Chebarkul
         456440 Chelyabinskaya
         Russia

The Debtor can be reached at:

         LLC Tekhno-Komlekt
         Teplichnaya St. 3
         454000 Chelyabinsk
         Russia


URAL-TRAK-LES-MASH LLC: Creditors Must File Claims by April 13
--------------------------------------------------------------
Creditors of LLC Ural-Trak-Les-Mash (Brick, Roofing Materials
Production) have until April 13, 2009, to submit proofs of claims
to:

         S.Podkorytova
         Temporary Insolvency Manager
         Post User Box 18566
         454021 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A76–
20936/2008–55-168.

The Debtor can be reached at:

         LLC Ural-Trak-Les-Mash
         Kopeyskoe shosse 9P
         454012 Chelyabinsk
         Russia


VELSK-STROY LLC: Creditors Must File Claims by April 20
-------------------------------------------------------
Creditors of LLC Velsk-Stroy (TIN 2907012234, PSRN 1072907000363)
(Construction) have until April 20, 2009, to submit proofs of
claims to:

         Yu. Zakharchuk
         Temporary Insolvency Manager
         Prospect Novgorodskiy 87/7
         163000 Arkhangelsk
         Russia

The Arbitration Court of Arlhangelskaya will convene on June 9,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A05–13717.

The Debtor can be reached at:

         LLC Velsk-Stroy
         Pushkina St. 100
         Velsk
         Russia


ZLAT-LIT-KUZ LLC: Creditors Must File Claims by April 20
--------------------------------------------------------
Creditors of LLC Zlat-Lit-Kuz (TIN 7404040516, PSRN
1057402506336)(Foundry)have until April 20, 2009, to submit proofs
of claims to:

         A. Kasayev
         Temporary Insolvency Manager
         Akademika Vlasova St. 22
         117393 Moscow
         Russia
         Tel: 8–(495)500–32–91

The Arbitration Court of Chelyabinskaya will convene at 12:00 p.m.
on June 9, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A 76–27725/2008–48–207.

The Court is located at:

         The Arbitration Court of Chelyabinskaya
         Vorovskogo St. 2
         454000 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Zlat-Lit-Kuz
         Ploshchad' 3 Internatsionala
         Zlatoust
         456200 Chelyabinskaya
         Russia


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


CAJA DE AHORROS: Spain to Provide Lifeline as Bad Debts Surge
-------------------------------------------------------------
Jonathan House at Dow Jones reports the Bank of Spain will take
over management of Caja de Ahorros Castilla La Mancha ("CCM")
after the regional savings bank suffered a rapid increase in bad
debt as the result of its high exposure to Spain's ailing housing
market.  At the end of the first half of 2008, its ratio of
impaired loans to the total stood at 3.1%, the report says citing
latest available data from the bank.

According to Dow Jones, Spain's central bank will inject liquidity
into the lender to keep it afloat, backed by government loan
guarantees of up to EUR9 billion (US$12 billion).

AFP relates Economy Minister Pedro Solbes told reporters after an
urgent government meeting that CCM "faces problems of liquidity
that can only be resolved through financing from the Bank of
Spain".

"It is not an injection of public capital or a nationalization,"
but a measure to get liquidity from the central bank flowing to
buoy up the regional savings bank, Minister Solbes said as cited
by AFP.


VALENCIA HIPOTECARIO: Fitch Cuts Rating on Class D Notes to 'CC'
----------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed 11 tranches of the
Valencia Hipotecario series following a performance review.  The
collateral was originated by Banco de Valencia.  The rating
actions are:

Valencia Hipotecario 1, Fondo de Titulizacion de Activos

  -- Class A (ISIN ES0382744003): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0382744011): affirmed at 'AA-' (AA minus):
     Outlook Stable

  -- Class C (ISIN ES0382744029): affirmed at 'BBB+'; Outlook
     revised to Stable from Positive

Valencia Hipotecario 2, Fondo de Titulizacion de Hipotecario

  -- Class A (ISIN ES0382745000): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0382745018): affirmed at 'A+'; Outlook Stable

  -- Class C (ISIN ES0382745026): affirmed at 'BBB+'; Outlook
     revised to Negative from Stable

  -- Class D (ISIN ES0382745034): revised to 'CCC' from 'CCC-'
     (CCC minus); assigned a 'RR2' Recovery Rating

Valencia Hipotecario 3, Fondo de Titulizacion de Activos

  -- Class A2 (ISIN ES0382746016): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0382746024): affirmed at 'A+'; Outlook Stable

  -- Class C (ISIN ES0382746032) affirmed at 'BBB'; Outlook
     revised to Negative from Stable

  -- Class D (ISIN ES0382746040): affirmed at 'CCC'; assigned a
     'RR3' Recovery Rating

Valencia Hipotecario 4, Fondo de Titulizacion de Activos

  -- Class A (ISIN ES0382717009): affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class B (ISIN ES0382717017): downgraded to 'A-' (A minus)
     from 'A'; Outlook revised to Negative from Stable

  -- Class C (ISIN ES0382717025) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class D (ISIN ES0382717033): downgraded to 'CC' from 'CCC';
     assigned a 'RR4' Recovery Rating

The downgrade of three tranches of Valencia Hipotecario 4 reflects
the sharp increase of delinquencies above Fitch's initial
expectations at closing.  This upward trend of arrears is expected
to continue in coming quarters.  Valencia Hipotecario 2 and 3 are
more seasoned transactions and although their initial performance
has been good, in the last 12 months arrears have started to trend
upward, prompting Valencia Hipotecario 2 and 3's class C rating
Outlook to be revised to Negative.  Valencia Hipotecario 1 is the
most seasoned deal and its arrears have remained low which is
reflected in the affirmation of its tranches.

Valencia Hipotecario 4 loans that are more than three months in
arrears as a percentage of the current collateral reached 4.11%
only five quarters after closing.  Since only 15 months has
elapsed since closing and defaults are defined as loans more than
18 months in arrears, no defaults have been recorded as yet.  The
current level of delinquencies suggests that defaults will be
above the agency's initial expectations.  Fitch believes that
increasing unemployment in Spain will cause delinquencies to rise
further.  As a consequence of increasing delinquencies and
defaults, the transaction's reserve fund is likely to draw in
coming quarters.  Fitch anticipates the RF will be used beyond
initial expectations at closing.

With 38 and 27 months of seasoning since closing, Valencia
Hipotecario 2 and 3 defaults are still low.  Cumulative net
defaults as a percentage of the current collateral stand at 0.24%
and 0.07%, respectively.  However, Valencia Hipotecario 2 and 3
loans more than three months in arrears as a percentage of the
current collateral rose in February 2009 to 1.71% and 1.42% from
0.21% and 0.04% 18 months ago, respectively.  It is likely that
the rising amount of loans in arrears will roll to defaults,
resulting in the RF of both deals having to be drawn.  As opposed
to Valencia Hipotecario 4, the RF drawn is not expected to be
significant and will occur later in the transactions life after
credit enhancement levels have increased.

The good performance of Valencia Hipotecario 1 has meant that deal
performance triggers have not been breached enabling its RF to
amortize and the note pay down to switch to pro rata.  As a
result, the CE of all classes will remain constant until the RF
reaches its floor, which is why the deal's tranches have a Stable
Outlook.  On the other hand, delinquencies above the performance
trigger of 1% will not allow the RF of the other transactions of
the series to amortize.

All the transactions had a weighted original loan-to-value at
closing below 70% which should limit losses, especially for the
most seasoned deals that gained some house price appreciation.
The strong franchise of the originator in the Valencia region
resulted in all the transactions having a significant
concentration in Valencia and in Murcia.  The poorer performance
of Valencia Hipotecario 4 is explained by the fact that 82.4% of
the pool by volume was originated in 2006 and 2007, at the peak of
the market.  Additionally 13.7% of the pool was granted to Spanish
non-residents and 13.0% to borrowers with short employment
histories.

Fitch has employed its credit cover multiple methodology in
reviewing the deals in order to assess the level of credit support
available to each class of notes.


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


GENERAL MOTORS: SAAB to Deepen Cuts, Might Not Get Sweden Bailout
-----------------------------------------------------------------
Goeteborgs Posten, citing spokeswoman Gunilla Gustavs, reported
that Saab Automobile will deepen production cuts as demand
continues to fall.  Niklas Magnusson of Bloomberg reported that
the automaker will now only produce cars two days of the week and
that the company will have three so-called stop days.

Saab Automobile filed for bankruptcy protection last month after
its U.S. owner, General Motors Corp., said it will drop the unit
by 2010 at the latest.  Saab will cut 750 jobs at its main factory
in southern Sweden in response to falling demand.

Meanwhile, while Sweden has been nationalizing some struggling
banks to deal with a banking crisis, Sweden might take a 'hands
off' approach with SAAB.  Andrew Ross Sorkin of The New York Times
reports that the enterprise minister, Maud Olofsson, announced,
"The Swedish state is not prepared to own car factories."

According to The New York Times, such a view might seem jarring,
coming as it does from a country with a reputation for a
paternalistic view of workers and companies.  The "Swedish model"
for dealing with a banking crisis -— nationalizing the banks,
recapitalizing them and selling them -- has been much debated
lately in the United States, with free-market defenders warning of
a slippery slope of Nordic socialism.

"I don't think the government knows the situation in this town,
how many people depend on Saab.  To them it's just a factory.
They don't see the people behind it," Therese Doeij, a clerk at a
photo shop who has several friends who work at the company, told
The Times.

The New York Times wrote that governments all over the world are
confronting the disintegration of the global automobile market in
different ways, with loans, bailouts and takeovers.  But Sweden's
approach has been particularly hard-nosed, and particularly
unequivocal.

Source points out that Paul Akerlund, the local chairman of the
automobile workers' union, wonders, "Why is the government
apparently dead set against helping Saab, an iconic brand that
stands as a global symbol of Sweden, with Ikea, Volvo and Abba?".
He added, "I'm a little surprise.  They say the market should help
itself, but the market has collapsed around the whole world. It's
an extraordinary situation."

Saab AB is a Sweden-based technology company active within the
defense, aviation and space industries.  It operates through three
principal segments. Defense and Security Solutions develops and
manufactures command, control and communication systems.  Systems
and Products produces and sells systems, products and components
for defense, aviation, space and civil security internationally.
Aeronautics comprises both military and civilian aeronautics
operations, including the Gripen program, which uses technology to
perform air-to-air and air-to-surface operational missions.  The
Company consists of such business units as Saab Aerotech, Saab
Communication, Saab Grintek, Saab Systems, Combitech, Saab
Surveillance Systems, Saab Avitronics, Saab Barracuda, Saab Bofors
Dynamics, Saab Space, Saab Training Systems, Saab Microwave
Systems, Saab Underwater Systems, Saab Aerosystems, Saab
Aerostructures, Saab Aircraft Leasing and Gripen International.
Saab AB is headquartered in Stockholm, Sweden.

                       About General Motors

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

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

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at Sept. 30,
2008, showed total assets of US$110.425 billion, total liabilities
of US$170.3 billion, resulting in a stockholders' deficit of
US$59.9 billion.

                         *    *    *

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

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

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

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


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


HOMOOVITAL LLC: Creditors Must File Proofs of Claim by April 1
--------------------------------------------------------------
Creditors owed money by LLC Homoovital are requested to file their
proofs of claim by April 1, 2009, to:

         Hans Ambauen
         Dropa Ambauen
         7250 Klosters
         Switzerland

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


INDUSTRIAL PIPING: Deadline to File Proofs of Claim Set April 1
---------------------------------------------------------------
Creditors owed money by JSC Industrial Piping and Construction are
requested to file their proofs of claim by April 1, 2009, to:

         JSC WMTS
         Untermuli 9
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 15, 2009.


KEMA-TECH JSC: Creditors Have Until April 1 to File Claims
----------------------------------------------------------
Creditors owed money by JSC Kema-Tech are requested to file their
proofs of claim by April 1, 2009, to:

         JSC WMTS
         Untermuli 9
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 15, 2009.


MONZABON JSC: Proof of Claim Filing Deadline is April 2
-------------------------------------------------------
Creditors owed money by JSC Monzabon are requested to file their
proofs of claim by April 2, 2009, to:

         Ariane Schδr-Picard
         Lochli-Staudnerbergstrasse
         9470 Grabs
         Switzerland

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


QMP PRODUCTS: Creditors' Proofs of Claim Due by April 1
-------------------------------------------------------
Creditors owed money by JSC QMP Products are requested to file
their proofs of claim by April 1, 2009, to:

         JSC WMTS
         Untermuli 9
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 15, 2009.


SAILSPIRIT BERN: April 1 Set as Deadline to File Claims
-------------------------------------------------------
Creditors owed money by LLC Sailspirit Bern are requested to file
their proofs of claim by April 1, 2009, to:

         Andreas Ebner
         Kirchbergerstrasse 35
         3008 Bern
         Switzerland

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


SYNERGIE PARTNER: Creditors Must File Proofs of Claim by April 1
----------------------------------------------------------------
Creditors owed money by JSC Synergie Partner Network are requested
to file their proofs of claim by April 1, 2009, to:

         Dr. Urs M. Rickenbacher
         Bahnhofstrasse 9
         3240 Lyss
         Switzerland

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


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


AGRICULTURAL TECHNICAL: Creditors Must File Claims by April 11
--------------------------------------------------------------
Creditors of CJSC Closed Investment Fund Agricultural Technical
Investment (EDRPOU 23517332) have until April 11, 2009, to submit
proofs of claim to V. Konotop, Insolvency Manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 50/336.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Closed Investment Fund
         Agricultural Technical Investment
         Vasilenko St. 23b
         02124 Kiev
         Ukraine


MERIDIAN-AGRO LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Nikolayev commenced bankruptcy supervision
procedure on LLC Meridian-Agro (EDRPOU 32758164).  The
Temporary Insolvency Manager is M. Muzhdabayeva.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Meridian-Agro
         Vakhnenko St. 52
         Lisaya Gora
         Pervomaysky
         55250 Nikolayev
         Ukraine


THIN-WALL PIPES LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Nikopol Plant of Thin-Wall Pipes
(EDRPOU 32930540).

The Temporary Insolvency Manager is:

         J. Tatarinova
         Rabkorovskaya St. 47
         49082 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 Nikopol Plant Of Thin-Wall Pipes
         Trubnikov St. 56
         Nikopol
         53211 Dnepropetrovsk
         Ukraine


TSENTROTECH LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Poltava commenced bankruptcy supervision
procedure on LLC Tsentrotech (EDRPOU 24828896).

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 Tsentrotech
         Mir St. 12
         Poltava
         Ukraine


VICTORIYA-ELIZA LLC: Creditors Must File Claims by April 11
-----------------------------------------------------------
Creditors of LLC Victoriya-Eliza (EDRPOU 31766022) have until
April 11, 2009, to submit proofs of claim to:

         A. Tsiupka
         Insolvency Manager
         Moscow Boulevard St. 11
         Romny
         42001 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 7/15-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Victoriya-Eliza
         Moscow Boulevard St. 11
         Romny
         42001 Sumy
         Ukraine


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


AROSA FUNDING: Moody's Withdraws 'Caa1' Rating on 2004-10 Notes
---------------------------------------------------------------
Moody's Investors Service announced it has withdrawn its ratings
of one class of notes issued by Arosa Funding Limited.

Moody's explained that it has withdrawn this rating for business
reasons.

The rating action is:

Arosa Funding Limited:

(1) Series 2004-10 EUR300,000,000 Secured Credit-Linked Floating
Rate Notes due 2013

  -- Current Rating: WR
  -- Prior Rating: Caa1
  -- Prior Rating Date: 23 February 2009, downgraded to Caa1


BERNARD L. MADOFF: U.K. Units Allegedly Played Key Role in Scheme
-----------------------------------------------------------------
Glynn Powell, a case controller at U.K.'s Serious Fraud Office,
said that Bernard Madoff's U.K. operations played a significant
role in the Ponzi scheme, Cassell Bryan-Low at The Wall Street
Journal reports.

According to WSJ, the Serious Fraud Office launched a criminal
investigation into Mr. Madoff's U.K. business earlier this year.

WSJ relates that U.K. authorities investigating the Ponzi scheme
said that they believe that Mr. Madoff wasn't alone in conducting
the fraud.  They said that they would start filing charges within
months against those they believed were involved, WSJ states.

The Serious Fraud Office, according to WSJ, said that Ruth Madoff
received US$2 million in payments from the U.K. business of Mr.
Madoff, her husband, in November 2008, weeks before he was
arrested.

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Madoff's fraud were allegedly at least
50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
istrict Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.


BRITANNIA BULK: Taps Joint Administrators from BDO Stoy
-------------------------------------------------------
Malcolm Cohen and Mark Shaw and Shay Bannon of BDO Stoy Hayward
LLP were appointed joint administrators of Britannia Bulk Finance
Ltd. on March 13, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


CASTLE HOLDCO: Scheme of Arrangement Meetings Set on April 28
-------------------------------------------------------------
The High Court of Justice in England and Wales scheduled meetings
for the purpose of considering a scheme of arrangement between
Castle Holdco 4 Ltd and the holders of the FRNs and Senior Notes
it issued.

The meetings will start 10:00 a.m. on April 28, 2009, at the
offices of Slaughter and May at One Bunhill Row in London.

Meanwhile, a petition was presented to the Grand Court of the
Cayman Islands on March 19, 2009 for confirmation of the reduction
of the company's share capital by cancelling and extinguishing the
scheme shares.

The petition is scheduled to be heard at 9:30 a.m. on May 7, 2009,
at the Law Courts, George Town in Grand Cayman, Cayman Islands.

For more information, contact:

   a) Castle Holdco's English solicitors

          Slaughter and May
          One Bunhill Row
          London EC1Y 8YY

   b) Castle Holdco's Cayman Islands Attorneys-at-Law

          Maples and Calder
          PO Box 309
          Ugland House
          Grand Cayman
          KY1-1104 Cayman Islands


CLARIS LIMITED: Moody's Lifts Rating on EUR50 Mil. Notes to 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service upgraded Series 97/2007 notes issued by
Claris 97.

This upgrade is the result of an amendment which increased the
Loss Threshold Amount to EUR195,818,000 (9.79% of the original
reference portfolio) from EUR130,180,000 (6.51% of the original
reference portfolio).

The rating actions are:

Claris Limited:

(1) Series 97/2007 EUR50,000,000 Drachenburg Floating Rate Credit
Linked Notes due 2015

  -- Current Rating: Ba2
  -- Prior Rating: Caa2
  -- Prior Rating Date: 10 March 2009


CORNERSTONE TITAN: S&P Cuts Ratings on Class F & G Notes to Low-B
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class E, F, G, H, and J notes issued by Cornerstone Titan
2006-1 PLC following a review of that transaction.  At the same
time, S&P removed the class F to J notes from CreditWatch
negative.  The ratings on the other notes issued by Cornerstone
Titan 2006-1 are currently unaffected.

The rating actions reflect S&P's concerns over the
creditworthiness and maturity profile of some of the loans in the
pool.  S&P will publish a full transaction update report in due
course.

                          Ratings List

                   Cornerstone Titan 2006-1 PLC
  GBP564.16 Million Commercial Mortgage-Backed Floating-Rate Notes

                          Rating Lowered

                                     Rating
                                     ------
                    Class        To          From
                    -----        --          ----
                    E            BBB         A

      Ratings Lowered and Removed from CreditWatch Negative

                              Rating
                              ------
             Class        To          From
             -----        --          ----
             F            BB          BBB/Watch Neg
             G            BB-         BBB/Watch Neg
             H            B           BB/Watch Neg
             J            B-          B/Watch Neg


GOODNIGHT INNS: Brings in Joint Administrators from KPMG
--------------------------------------------------------
Jonathan Scott Pope and Richard John Hill of KPMG LLP were
appointed joint administrators of Goodnight Inns Ltd. on March 18,
2009.

The company can be reached at:

         Goodnight Inns Ltd.
         1-4 The Parade
         Barry
         Vale of Glamorgan
         CF62 6SD
         England


GLASTONBURY FINANCE: Fitch Junks Ratings on Class E and F Notes
---------------------------------------------------------------
Fitch Ratings has downgraded seven classes of Glastonbury Finance
2007-1 P.L.C.'s notes and affirmed the most senior class.  The
agency also removed all classes from Rating Watch Negative.  Fitch
has simultaneously assigned Outlooks and Recovery Ratings.

Rating actions:

  -- GBP3.1 million Class X (ISIN: XS0292542734): affirmed at
     'AAA'; removed from RWN; assigned a Stable Outlook

  -- GBP205 million Class A-1: downgraded to 'BBB' from 'AAA';
     removed from RWN; assigned a Stable Outlook

  -- GBP33 million Class A-2 (ISIN: XS0292543039): downgraded to
     'BB+' from 'AAA'; removed from RWN; assigned a Stable Outlook

  -- GBP32 million Class B (ISIN: XS0292543112): downgraded to
     'BB' from 'AA'; removed from RWN; assigned a Stable Outlook

  -- GBP31 million Class C (ISIN: XS0292543468): downgraded to 'B'
     from 'A'; removed from RWN; assigned a Negative Outlook

  -- GBP16 million Class D (ISIN: XS0292543542): downgraded to
     'B-' (B minus) from 'BBB'; removed from RWN; assigned a
     Negative Outlook

  -- GBP10 million Class E (ISIN: XS0292543898): downgraded to
     'CCC' from 'BB'; removed from RWN; assigned a Recovery Rating
     of 'RR5'

  -- GBP4 million Class F (ISIN: XS0292543971): downgraded to
     'CCC' from 'BB-' (BB minus); removed from RWN; assigned a
     Recovery Rating of 'RR5'

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

As per the collateral administrator report dated February 9, 2009,
the portfolio contained 26 assets from 21 obligors with the
largest asset exposure accounting for approximately 9.4% of the
outstanding portfolio amount, and the three largest asset
representing 25.8% of the outstanding portfolio amount.  Recent
credit deterioration in the portfolio has affected the
transaction's junior tranches.  According to the February 2009
report, 12.6% of the portfolio consists of sub-investment grade
assets, compared to 5.4% in November 2008.  The agency expects
further negative credit migration across the portfolio in the near
term.

Further negative credit migration in the portfolio would put
coverage tests under pressure.  If the lowest rated asset in the
portfolio were to migrate from 'B-' (B minus) - to 'CCC+' or
below, this asset would be subject to an adjustment in the over-
collateralization ratio calculation.  This would put severe
pressure on the junior OC test and may result in interest proceeds
being diverted away from the class E and F notes in order to
amortize the senior notes.  Furthermore, if the lowest rated asset
in the portfolio defaults, class E and F would highly likely
suffer losses.  Class E and F have been downgraded to 'CCC' as
these classes are vulnerable to future negative portfolio credit
migration.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any structured finance names on RWN for default
analysis under its Portfolio Credit Model.  The weighted average
portfolio quality is 'BB+'.  Currently no asset in the portfolio
is rated 'CCC+' and below on an unadjusted basis.

Glastonbury Finance 2007-1 P.L.C. is a securitization of European
CMBS assets with a total note issuance of EUR354 million to be in
invested in a portfolio of EUR350 million.  The portfolio is
managed by Palatium Investment Management during a three-year
reinvestment period.


KINGFISHER PLC: Closing 1/3 of Chinese Stores
---------------------------------------------
Lilly Vitorovich of Dow Jones Newswires reports that Kingfisher
plc is closing a third of its loss-making Chinese stores and
restructure the rest.  The report says Kingfisher's extensive
review of the badly-performing B&Q China division found that its
"ambitious expansion in recent years had been too fast, resulting
in a rump of loss making and oversized stores."

B&Q China booked a loss of GBP52 million in the year ended Jan. 31
from a year ago, hurt by a 24% drop in sales to GBP431 million and
margin falls due to heavy discounting, the report relates.

In a March 26 press statement, Kingfisher said it will rationalize
store portfolio from 63 to 41 and will revamp all remaining
stores.

An exceptional accounting charge of GBP107 million has been booked
for the cost of the plan.  The net cash cost of the plan will be
around GBP30 million.  The non-cash exceptional impairment charge
is GBP160 million.

In addition, Kingfisher will book a GBP124 million intangible
goodwill write-off of B&Q China, GBP40 million of which arose due
to the adverse impact of exchange rate movements

Based in London, England, Kingfisher plc (LON:KGF) ---
http://www.kingfisher.co.uk/--- is an international home
improvement retailer offering home improvement products through a
network of retail sites, located mainly in the United Kingdom,
Europe and Asia.  As of February 2, 2008, the Company operated
over 780 stores in nine countries across Europe and Asia,
including the United Kingdom, France, Poland, Italy, Turkey and
China.  The Company principally operates through its main retail
brands B&Q, Castorama, Brico Depot and Screwfix Direct.  The
Company operates in four main geographical areas: the United
Kingdom, France, Rest of Europe and Asia.  The Rest of Europe
segment consists of B&Q Ireland, Castorama Poland, Castorama
Italy, Castorama Russia, Brico Depot Spain, Koctas and Hornbach.
The Asia segment consists of B&Q China, B&Q Taiwan and B&Q Home in
South Korea.  In January 2009, the Company sold of its Castorama
Italy business to Leroy Merlin Italy.


LONDON & REGIONAL: Moody's Cuts Rating on Class C Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the Class B Notes and the
Class C Notes issued by London & Regional Debt Securitization No.
2 plc (amounts reflecting initial outstanding):

  -- GBP16,000,000 Class B Commercial Mortgage Backed Floating
     Rate Notes due October 2015 downgraded to A3 from Aa2;
     previously Aa2, assigned on 28 July 2006; and

  -- GBP50,000,000 Class C Commercial Mortgage Backed Floating
     Rate Notes due October 2015 downgraded to Ba1 from A2;
     previously A2, assigned on 28 July 2006.

At the same time Moody's affirmed the Aaa rating of the GBP
190,000,000 Class A Commercial Mortgage Backed Floating Rate Notes
due October 2015.

London & Regional Debt Securitization No. 2 plc represents the
securitization of one commercial mortgage loan advanced to a
borrower which is part of the London & Regional Group.  The
securitized loan is the senior portion of a senior/ junior loan
structure secured by 24 commercial properties (27 originally)
located across the UK.  The A-loan currently amounts to GBP237.7
million and the B-loan to GBP110 million.  The A-loan is interest-
only, while the B-loan amortizes via cash sweep.  The transaction
closed in July 2006.

The downgrade was prompted by (i) the significant value decrease
observed for properties located in the UK and Moody's expectation
of further value declines over the next year due to anticipated
further yield widening and decreasing rental values; and (ii) a
significantly increased refinancing risk due to the anticipated
high LTV at loan maturity in October 2013, based on the whole
loan.  It is Moody's expectation that property values in the UK
will only gradually increase from 2011 onwards and that lending
activity will remain limited to loans with reasonable LTV levels
in the foreseeable future.

As of January 2009, the single loan in this transaction is mainly
secured by office properties (36.3% by market value), hotel
(25.2%) and leisure (19.8%).  All properties are located
throughout the UK, mainly in the Greater London area (68.3%),
while 13.7% are located in the Midlands and 8.3% in Scotland.  The
properties in the pool are of good quality, with an average
Moody's property quality grade of 1.8 at closing.

The tenant structure is diversified, with currently 126 tenants
and a weighted average lease term of 13.0 years as of January
2009.  Hilton Hotels Corporation is the largest tenant in the
pool, accounting for approximately 25% of the total rental income.
At closing of the transaction, Hilton was rated Ba1.  In October
2007 the senior unsecured rating of Hilton was downgraded to Caa1
due to lack of adequate information and finally withdrawn for the
same reason.  In its initial assessment, Moody's took into account
a higher default risk during the term of the transaction to
account for the significant exposure to the hotel sector.
Accordingly, the downgrade of Hilton did not adversely affect the
ratings on the Notes.

Overall, the transaction performed slightly above Moody's initial
expectations in terms of property cash flows, and property
disposals have resulted in a partial prepayment of the A-loan.
Due to rental uplifts and the low vacancy rate (currently 2.9%),
the NOI is currently slightly above the level Moody's initially
expected.  However, future rental values could be affected by an
expected weakening of the occupational market.  The current
underwriter's A-loan ICR has increased to 1.80x from 1.61x at
closing, mainly as a result of rental uplifts and low vacancy.
The current whole loan ICR has remained relatively stable at 1.10x
since closing, equaling the 1.10x covenant.

At closing, the loan-to-value ratio was 57.7% based on the
underwriter's market value and also 57.7% based on Moody's initial
model value.  Following the disposal of three properties, the
underwriter's market value decreased to GBP416.3 million, based on
the July 2006 initial valuation.  In light of the significant
decrease in values observed for commercial real estate in the UK
over the last 18 months, Moody's reassessed the property value of
the portfolio.  Taking into account the yield widening and
potential decreasing rental values, Moody's estimated a current
market value of GBP307 million (26.3% like for like decline
compared to the value at closing of the transaction in 2006),
equivalent to an LTV of 77.4% for the A-loan.  Moody's has assumed
a further property value decline over the next two years resulting
in a Moody's trough value of approximately GBP280 million in 2010.

The revised Moody's model value of GBP307 million results in these
note-to-value levels: 57.5% for the Class A Notes compared to the
closing underwriter's NTV of 43.2%; 62.3% for the Class B Notes
compared to the underwriter's NTV of 46.8% (at closing) and 77.4%
for the Class C Notes compared to the underwriter's NTV of 58.2%
(at closing).  Based on Moody's trough value, the Class A NTV is
expected to increase further from its current level to 63%.

Given the anticipated whole loan LTV of approximately 107% at loan
maturity in 2013, Moody's believes that the refinancing risk of
the loan is very high.  If the loan was to default, Moody's would
anticipate that all cash would be trapped at senior loan level
until a completed work-out of the loan.  Due to the high coverage
on the A-loan, cash could be trapped for up to two years until the
legal final maturity of the transaction in 2015 and would be
allocated fully sequentially to the Class A Notes.

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

The latest Performance Overview for the transaction has been
published on January 23, 2009.


NEWSERVICE LTD: Appoints Joint Administrators from BDO Stoy
-----------------------------------------------------------
Shay Bannon and Malcolm Cohen of BDO Stoy Hayward LLP were
appointed joint administrators of Newservice Ltd. on March 11,
2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


OILEXCO INC: Premier Oil to Acquire ONSL for US$505 Million
-----------------------------------------------------------
The administrators of Oilexco Inc.'s wholly-owned subsidiary
subsidiary, Oilexco North Sea Ltd., have entered into a contract
for Premier Oil to acquire all the shares of ONSL for US$505
million subject to a company arrangement with the creditors,
failing which Premier will acquire the business and assets of ONSL
for US$415 million.

Oilexco said the sale price is less than the amount owed by
ONSL to its creditors and that the total consideration payable to
Oilexco under the share acquisition agreement is US$1.  As a
result, Oilexco will not receive funds in excess of US$1 from the
sale which is expected to close in late May.  Oilexco remains in
CCAA as announced on February 5, 2009 and will continue to provide
the market with timely updates.

As reported in the Troubled Company Reporter-Europe on Jan. 9,
2009, Oilexco said in a Jan. 7 statement that ONSL was subject to
an order from the court appointing four administrators from Ernst
and Young to take over the function of the Board of Directors.

                      About Oilexco Inc.

Headquartered in Calgary, Canada, Oilexco Inc. (TSX: OIL; LSE:
OIL) -- http://www.oilexco.com/-- is an oil and gas exploration
and production company active in the United Kingdom.  Oilexco's
producing properties, exploration and development activities are
located in the UK Central North Sea, specifically in the Outer
Moray Firth and Central Graben areas.  Oilexco operates in the
United Kingdom through its wholly owned subsidiary, Oilexco North
Sea Ltd., a company registered under the laws of England and
Wales.  Oilexco shares are listed for trading on the London Stock
Exchange (LSE) and the Toronto Stock Exchange (TSX) under the
symbol "OIL".


PERSEUS PLC: S&P Downgrades Ratings on Class D Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class C and D notes issued by Perseus (European Loan Conduit
No. 22) PLC following its review of that transaction.  The ratings
on the other notes issued by Perseus are currently unaffected.

The rating actions reflect S&P's concerns over the
creditworthiness and maturity profile of some of the loans in the
pool.  S&P will publish a full transaction update report in due
course.

                           Ratings List

   Perseus (European Loan Conduit No. 22) PLC GBP514.538 Million
         Commercial Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                                   Rating
                                   ------
                  Class        To          From
                  -----        --          ----
                  C            BBB         A
                  D            BB          BBB


TATA MOTORS: May Cut Jobs if Gov't Doesn't Guarantee Loans
----------------------------------------------------------
Reuters' Ben Deighton reports that Ratan Tata, the chairman of
Jaguar Land Rover owner Tata Motors, in an interview with Sky News
Tuesday last week warned there will be job cuts in the UK if the
government did not guarantee multimillion pounds of loans to the
company.

"If funds are not available a company will not be able to run so
layoffs will take place, redundancies will take place," Mr. Tata
told Sky.

The Troubled Company Reporter-Europe, citing The Daily Telegraph,
reported on March 9, 2009, that Jaguar Land Rover laid off around
1,800 permanent and agency staff in recent months after suffering
from slumping demand in the global downturn.

In a TCR-Europe report on Feb. 25, 2009, BBC News said in January
the company cut 450 jobs amid an industry-wide fall in sales.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 18, 2009, Standard & Poor's Ratings Services kept its 'BB-'
long-term corporate credit rating on India-based automaker Tata
Motors Ltd. on CreditWatch with negative implications.  At the
same time, Standard & Poor's kept its 'BB-' issue ratings on the
company's senior unsecured notes on CreditWatch with negative
implications.

The TCR-AP reported on Dec. 2, 2008, that Moody's Investors
Service downgraded the corporate family rating of Tata Motors Ltd
to B1 from Ba2.  The outlook remains negative.


WIDNEY PLC: Calls in Joint Administrators from BDO Stoy Hayward
---------------------------------------------------------------
C. K. Rayment and T. S. Underwood BDO Stoy Hayward LLP were
appointed joint administrators of Widney UK Ltd. on March 12,
2009.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


WIDNEY UK LTD: Taps Joint Administrators from BDO Stoy
------------------------------------------------------
C. K. Rayment and T. S. Underwood BDO Stoy Hayward LLP were
appointed joint administrators of Widney UK Ltd. on March 12,
2009.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


* Moody's Cuts Ratings on 19 Notes of Certain CDO Transactions
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of 19 notes issued by certain collateralized debt
obligation transactions referencing a portfolio of corporate
entities.

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

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

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

The rating actions are:

Barclays Bank PLC - EULER-CDO

  -- EULER-CDO-related Swap closed 13 February 2006 & due 20
     December 2015-1, Downgraded to Ca; previously on 19 November
     2008 Downgraded to Caa3

  -- EULER-CDO-related Swap closed 28 February 2006 & due 20 March
     2016, Downgraded to Ca; previously on 19 November 2008
     Downgraded to Caa3

  -- EULER-CDO-related Swap closed 29 March 2006 & due 20 June
     2016-1, Downgraded to Ca; previously on 19 November 2008
     Downgraded to Caa3

Betsen CDO -

  -- Series 2007-1,-2,-3 EUR20,000,000 Mezzanine Secured Floating
     Rate Credit Linked Notes due June 2014 Series 2007-2,
     Downgraded to Caa2; previously on 05 November 2008 Downgraded
     to Baa2

  -- EUR80,000,000 Mezzanine Secured Floating Rate Credit Linked
     Notes due June 2014 Series 2007-1, Downgraded to Ca;
     previously on 05 November 2008 Downgraded to Ba2

  -- US$10,000,000 Mezzanine Secured Floating Rate Credit Linked
     Notes due June 2014 Series 2007-3, Downgraded to Caa2;
     previously on 05 November 2008 Downgraded to Baa2

Claris Limited Series 85 -

  -- US$70,000,000 Algebra Floating Rate Credit Linked Notes due
     2016 US$70,000,000 Algebra Floating Rate Credit Linked Notes
     due 2016, Downgraded to Caa2; previously on 23 December 2008
     Downgraded to Ba2

Elva 2003-21

  -- Class I Secured Credit-Linked Floating Rate Notes due 2011,
     Downgraded to Caa3; previously on 26 September 2008
     Downgraded to A2

  -- Class II Secured Credit-Linked Floating Rate Notes due 2011,
     Downgraded to Ca; previously on 26 September 2008 Downgraded
     to Baa1

  -- Class III Secured Credit-Linked Floating Rate Notes due 2011,
     Downgraded to Ca; previously on 26 September 2008 Downgraded
     to Baa2

Newcourt Street Finance Limited

  -- Class A1 Floating Rate Credit-Linked Notes, Downgraded to B2;
     previously on 26 September 2007 Assigned Aaa

  -- Class A2 Floating Rate Credit-Linked Notes, Downgraded to B3;
     previously on 26 September 2007 Assigned Aaa

  -- Class B Floating Rate Credit-Linked Notes, Downgraded to
     Caa1; previously on 26 September 2007 Assigned Aa1

  -- Class C Floating Rate Credit-Linked Notes, Downgraded to
     Caa2; previously on 26 September 2007 Assigned Aa2

  -- Class D Floating Rate Credit-Linked Notes, Downgraded to
     Caa3; previously on 26 September 2007 Assigned Aa3

  -- Class E Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 26 September 2007 Assigned A2

  -- Class F Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 26 September 2007 Assigned A3

  -- Class G Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 26 September 2007 Assigned Baa2

  -- Class H Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 26 September 2007 Assigned Ba1


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

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

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


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


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Pius Xerxes V. Tovilla, Joy A. Agravante, Marie
Therese V. Profetana and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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