/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/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 ============= 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. ============= 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 Sch�r-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. * * * End of Transmission * * *