TCREUR_Public/090401.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

           Wednesday, April 1, 2009, Vol. 10, No. 64

                            Headlines

A U S T R I A

ACTIVA-PROJEKT LLC: Claims Registration Period Ends April 7
ALUMONTE LLC: Claims Registration Period Ends April 10
CARGO LOGISTIK: Claims Registration Period Ends April 9
HA & KA: Claims Registration Period Ends April 13
KLEIDERMACHER AND TONSTUDIO: Claims Registration Ends April 13

LOIDL LLC: Claims Registration Period Ends April 18
M P INSTALLATIONS: Claims Registration Period Ends April 13
MEWO BESCHICHTUNGSTECHNIK: Claims Registration Ends April 8


F R A N C E

MTI GLOBAL: Seeks Covenant Relief From Lenders
MTI GLOBAL: To Focus on Aerospace Program; Divest Other Assets


G E R M A N Y

AIR BERLIN: Incurs Wider Second Consecutive Annual Loss
ALP TRANS: Claims Registration Period Ends April 27
ALSA SUED: Claims Registration Period Ends April 5
COMMERZBANK AG: Toxic Assets Transferred to Restructuring Unit
DRESDNER BANK: S&P Cuts Ratings on Hybrid Instruments to 'C'

DYNASTIE GMBH: Claims Registration Period Ends April 27
GELDILUX-TS-2007 SA: S&P Puts Four Low-B Rated Notes on Watch Neg.
ISO MASSIV: Claims Registration Period Ends May 8
KUFNER TEXTILWERKE: Claims Registration Period Ends May 8
PEGASUS TRANSPORTE: Claims Registration Period Ends May 8

SMR BAU: Claims Registration Period Ends April 16


I R E L A N D

CLOVERIE PLC: Moody's Cuts Rating on Series 2005-93 Notes to 'Ba1'
CLOVERIE PLC: S&P Junks Ratings on Four Classes of Notes
EIRLES TWO: S&P Withdraws 'CCC' Rating on Series 162 Notes
GS EUROPEAN: Fitch Junks Ratings on Class E and F Notes
SR TECHNICS: Management Buyout Could Save Up to 900 Jobs


I T A L Y

ALITALIA-LINEE: Bids for Stake in Alicos Due April 28
CHRYSLER LLC: Fiat to Take Less Than 35% Stake Under New Deal
TISCALI SPA: Carphone Warehouse Eyes Last Minute Bid for UK Biz


K A Z A K H S T A N

BAKSMAR KAZAKHSTAN: Creditors Must File Claims by May 1
BOLASHAK KURYLYS: Creditors Must File Claims by May 1
BTA DPR: Moody's Junks Ratings on Four Series of Notes
DAN AI LTD: Creditors Must File Claims by May 1
DENIMA LLP: Creditors Must File Claims by May 1

FESTIVALS INTERNATIONAL: Creditors Must File Claims by May 1
G-KART TELECOM: Creditors Must File Claims by May 1
KAZINVESTBANK: Moody's Withdraws 'E+' Financial Strength Rating
NAURYZ-SU LLP: Creditors Must File Claims by May 1
RADIAN PLUS: Creditors Must File Claims by May 1

RIELS-2000 LLP: Creditors Must File Claims by May 1
STAL I PLASTMASSA: Creditors Must File Claims by May 1


K Y R G Y Z S T A N

MULTI-PROFESIONAL SERVICES: Claims Filing Period Ends April 10


N E T H E R L A N D S

DUTCH MORTGAGE: S&P Lifts Ratings on Class D Notes to 'BB+'
HOLLAND HOMES: Fitch Affirms Rating on Class D Notes at 'BB'
ROBECO CDO: Moody's Junk Rating on Class B 2011 Notes


P O L A N D

KREDYT BANK: Fitch Downgrades Individual Rating to 'D'


P O R T U G A L

BANCO PORTUGUES: Moody's Affirms 'E+' Financial Strength Rating


R U S S I A

AVTOVAZ OAO: Russian Gov't to Provide RUR25 Billion Loan
BELVEDER CJSC: Creditors Must File Claims by May 20
FOKINO-LES LLC: Creditors Must File Claims by May 20
FORSAYT LLC: Creditors Must File Claims by April 20
LESNOY RESURS: Creditors Must File Claims by April 20

NOVOLIPETSK STEEL: Incurs US$480 Mln Net Loss in Fourth Qtr. 2008
PETROGRADETS CJSC: Creditors Must File Claims by April 20
SALISBURY INT'L: Moody's Cuts Ratings on 2 Classes of Notes to B1
SALISBURY INT'L: S&P Junks Ratings on Four Classes of Notes
SPUTNIK CDO: Moody's Cuts Ratings on Two Classes of Notes to Low-B

STEKLO-PAK LLC: Creditors Must File Claims by April 20
SYKTYVDINSKIY WOOD: Under Bankruptcy Procedure
VERKHNELENSKIY TIMBER: Creditors Must File Claims by April 20
VICHUGSKIY BREAD-BAKING: Creditors Must File Claims by May 20
ZHUKOVSKAYA FURNITURE: Bryanskaya Bankruptcy Hearing Set June 16

* IRKUTSK OBLAST: S&P Cuts Long-Term Issuer Credit Rating to 'B'


S W I T Z E R L A N D

ATC ART: Creditors Must File Proofs of Claim by April 3
CATS CONSULTING: Deadline to File Proofs of Claim Set April 3
CONSOGEO LLC: Deadline to File Proofs of Claim Set April 6
DMK SCHWEIZ: April 3 Set as Deadline to File Claims
SEQUIN-DORMANN JSC: Proof of Claim Filing Deadline is April 2

SINEDOL LLC: Creditors Have Until April 3 to File Claims
TRAVELNETBOOKERS LLC: Creditors' Proofs of Claim Due by April 2
UBS AG: Auction Rate Related Suit Junked on Earlier SEC Deal
UBS AG: Moody's Cuts Rating on CHF50 Million Notes to 'Ca'
WILLI SCHMID: Creditors Must File Proofs of Claim by April 3


T U R K E Y

DOGAN YAYIN: Fitch Puts 'B+' Issuer Ratings on Negative Watch
HURRIYET GAZETECILIK: Fitch Puts 'BB-' Ratings on Negative Watch


U K R A I N E

L-O-K LLC: Court Starts Bankruptcy Supervision Procedure
MERIDIAN-AGRO LLC: Court Starts Bankruptcy Supervision Procedure
THIN-WALL PIPES: Court Starts Bankruptcy Supervision Procedure
TSENTROTECH LLC: Court Starts Bankruptcy Supervision Procedure

* S&P Affirms 'CCC+' Issuer Rating on Ukraine's City of Lviv


U N I T E D   K I N G D O M

APOLLO DIRECT: Appoints Joint Administrators from KPMG
APOLLO SUPERSTORES: Calls in Joint Administrators from KPMG
ARROW DISTRIBUTORS: Taps Joint Administrators from KPMG
BACH HOMES: Goes Into Administration; Harrisons Appointed
BURLINGTON PRESS: Appoints Administrators from Tenon Recovery

CEVA GROUP: S&P Corrects Press Release; Downgrades Rating to 'B-'
CRANHAM GROUP: Appoints Joint Administrators from KPMG
DUNFERMLINE BUILDING: Parts of Business Transferred to Nationwide
GAD LTD: Taps Joint Administrators from KPMG
GREAT HALL: S&P Lowers Ratings on Three Tranches to 'B'

HERITAGE STAIRLIFTS: Appoints Administrators from Grant Thornton
ISLAND HARBOUR: Names Joint Administrators from BDO
SKIPTON BUILDING: Fitch Affirms Support Rating Floor at 'BB'
VISTEON CORP: UK Affiliate Commences Insolvency Proceedings
VISTEON CORP: Obtains May 30 Waiver Under Credit Facilities

VISTEON CORP: Files Annual Report; PwC Issues Going Concern Doubt


                         *********


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


ACTIVA-PROJEKT LLC: Claims Registration Period Ends April 7
-----------------------------------------------------------
Creditors owed money by LLC Activa-Projekt (FN 291278a) have until
April 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

        Dr. Stephan Riel
        Landstrasser Hauptstrasse 1/2
        1030 Vienna
        Austria
        Tel: 713 44 33
        Fax: 713 10 33
        E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at a.m. on Feb. 18, 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 24/09w).


ALUMONTE LLC: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors owed money by LLC Alumonte (FN 222916v) have until
April 10, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Heimo Hofstatte
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: advokat@hofstaetter.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:00 p.m. on April 23, 2009, for the
examination of claims at:

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

Headquartered in Baden, Austria, the Debtor declared bankruptcy on
Feb. 16, 2009, (Bankr. Case No. 25 S 24/09f).


CARGO LOGISTIK: Claims Registration Period Ends April 9
-------------------------------------------------------
Creditors owed money by LLC Cargo Logistik (FN 58476w) have until
April 9, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 23, 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. 23, 2009, (Bankr. Case No. 2 S 22/09m).


HA & KA: Claims Registration Period Ends April 13
-------------------------------------------------
Creditors owed money by LLC Ha & Ka (FN 180707x) have until
April 13, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Michael Wagner
         Untere Hauptstrasse 104
         7100 Neusiedl/See
         Austria
         Tel: 02167/3503
         Fax: 02167/3503-3
         E-mail: neusiedl@hbw.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on April 27, 2009, for the
examination of claims at:

         Land Court of Eisenstadt (309)
         Hall F
         Eisenstadt
         Austria

Headquartered in Neusiedl am See, Austria, the Debtor declared
bankruptcy on Feb. 18, 2009, (Bankr. Case No. 26 S 11/09h).


KLEIDERMACHER AND TONSTUDIO: Claims Registration Ends April 13
--------------------------------------------------------------
Creditors owed money by LLC Kleidermacher and Tonstudio (FN
102373z) have until April 13, 2009, to file written proofs of
claim to the court-appointed estate administrator:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 01/533 19 39 Serie
         Fax: 01/533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 27, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 20, 2009, (Bankr. Case No. 3 S 23/09s).


LOIDL LLC: Claims Registration Period Ends April 18
---------------------------------------------------
Creditors owed money by LLC Loidl (FN 200651a) have until April 8,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Gottfried Berdnik
         Schloegelgasse 1
         8010 Graz
         Austria
         Tel: 0316/83 25 27
         Fax: 0316/81 43 15
         E-mail: graz@hba.at

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

         Graz Land Court by Civil Cases (638)
         Room 222
         Graz
         Austria

Headquartered in Kammern im Liesingtal, Austria, the Debtor
declared bankruptcy on Feb. 24, 2009, (Bankr. Case No. 26 S
31/09t).


M P INSTALLATIONS: Claims Registration Period Ends April 13
-----------------------------------------------------------
Creditors owed money by LLC M.P. Installations (FN 249437w) have
until April 13, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 01/533 28 55
         Fax: 01/533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 27, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 19, 2009, (Bankr. Case No. 3 S 21/09x).


MEWO BESCHICHTUNGSTECHNIK: Claims Registration Ends April 8
-----------------------------------------------------------
Creditors owed money by LLC Mewo Beschichtungstechnik (FN 185310s)
have until April 8, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Erwin Bajc
         Mittergasse 28
         8600 Bruck an der Mur
         Austria
         Tel: 03862-51462
         Fax: 03862-51462-10
         E-mail: rechtsanwaelte@bzt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on April 22, 2009, for the
examination of claims at:

         Land Court of Leoben (609)
         Hall IV
         Leoben
         Austria

Headquartered in Kapfenberg, Austria, the Debtor declared
bankruptcy on Feb. 19, 2009, (Bankr. Case No. 18 S 13/09a).


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


MTI GLOBAL: Seeks Covenant Relief From Lenders
----------------------------------------------
MTI Global Inc. reports that it is in breach of financial and
general covenants with its lenders.  In particular, the Company
did not achieve its December 31, 2008 earnings before interest,
taxes and depreciation, fixed charge coverage and funded debt to
earnings before interest, taxes and depreciation covenants.
Furthermore, the Company is in breach of certain general covenants
it was obligated to satisfy pursuant to waiver agreements entered
into by the Company with its lenders based on its June 30, 2008
and subsequent interim monthly results.

The Company entered into a new agreement with its bank in June
2008.  Under the terms of the new agreement, similar financial and
general covenants and more restrictive reporting requirements have
been placed on the Company.  The Company signed a waiver of its
second quarter breach of financial and general covenants with its
lenders on August 15, 2008.  Under the terms of the waiver, the
Company agreed to additional general covenants and to amend the
pricing of the warrants issued in connection with the June 3, 2008
financing.  The Company signed an amended waiver on October 21,
2008, that included amendments to the general covenants in the
original waiver.

According to MTI Global, the covenant violations provide the
lenders with the right to demand repayment of its indebtedness.
The Company is in continuing discussions with the lenders to
obtain a waiver of the breaches.

Earlier this week, MTI Global reported financial results for the
three months and year ended December 31, 2008.  Revenue for the
three months ended December 31, 2008 was C$18.0 million
representing an increase of 13.9% over 2007.   The net loss for
the fourth quarter of fiscal 2008 was C$6.1 million compared to a
loss of C$5.2 million for the same period in 2007.

Revenue for the year ended December 31, 2008, was C$71.2 million,
an increase of approximately 11.9% compared to revenues of C$63.6
million for the year ended December 31, 2007.  Revenue in 2008
includes an increase of approximately C$870,000 due to the impact
of currency fluctuations.  The net loss for the year ended
December 31, 2008 was C$18.1 million compared to a net loss of
C$8.1 million compared to last year.

As at December 31, 2008, the Company had working capital of C$1.1
million, including cash and cash equivalents, plus restricted cash
totaling C$800,000, compared with C$5.8 million at December 31,
2007.  Despite an increase in current assets through revenue
growth, working capital has decreased due to an increase in bank
indebtedness, and accounts payable used to finance operations and
subordinated debt.

The Company has a demand line of credit, with a maximum of C$6.0
million.  The demand line of credit is subject to working capital
limits, bearing interest at the Bank's prime rate plus 2.00%.  The
effective rate at December 31, 2008 was 5.50%.  As part of the
Bank's facility agreement for the demand line of credit, certain
subsidiaries of the Company have provided a general security
agreement and collateral security over substantially all assets of
its Polyfab and N.A. Silicone units. The amount of bank
indebtedness outstanding at December 31, 2008, was C$5.9 million
compared with C$6.0 million at December 31, 2007.

                        About MTI Global

MTI Global Inc. (CA:MTI) -- http://www.mtiglobalinc.com/--
designs, develops and manufactures custom-engineered products
using silicone and other cellular materials.  The Company serves a
variety of specialty markets focused on three main product
categories: Silicone, Aerospace and Fabricated Products.  MTI
Global's manufacturing divisions develop and produce silicone foam
using patented technology.  The Company designs and fabricates
energy management systems from a variety of flexible, cellular
materials.  MTI Global also produces and distributes specialty
silicone elastomer products.  MTI Global's primary markets are
aerospace and mass transit.  Secondary markets include sporting
goods, automotive, industrial, institutional, electronics, and the
medical market through a 51% interest in MTI Sterne SARL of
Cavaillon, France.  MTI Global's head office and Canadian
manufacturing operations are located in Mississauga, Ontario,
with international manufacturing operations located in Richmond
Virginia; Pensacola, Florida; Bremen, Germany; and a contract
manufacturer venture in Ensenada, Mexico.  The Company also has
sales operations in England and Sweden, and an engineering support
center in Brazil.


MTI GLOBAL: To Focus on Aerospace Program; Divest Other Assets
--------------------------------------------------------------
MTI Global Inc. and certain of its subsidiaries have entered into
a binding asset purchase and sale agreement with Connecticut-based
Rogers Corporation to sell the majority of the assets of Leewood
and the N.A. Silicone Richmond, Virginia plant.  The purchase
price is US$7.4 million.  Closing of the transaction, which is
expected to occur within 30 days, remains subject to a number of
customary conditions.

MTI Global's President and Chief Executive Officer, Bill Neill,
commented, "This sale was a very difficult decision to make, but
it is absolutely the right one for the Company.  In the face of
continuing economic challenges, MTI's management and Board are
committed to reducing the Company's debt obligations and stem
ongoing losses.  This sale will generate capital to reduce debt
and allow the Company to re-focus on its primary business."

Mr. Neill added, "In addition, the Company intends to divest
itself of the remaining silicone assets in Milton, Florida and
Cavaillon, France (Sterne) when an appropriate opportunity
presents itself.  We will be judicious in seeking the right buyer
at the right price at the right time.  Meanwhile, we will continue
to manage those divisions efficiently and appropriately.  In time,
this planned further disposition of assets will ensure a complete
and orderly exit from the silicone business.  Going forward MTI
Global will focus on Aerospace as its core line of business, which
has excellent future growth prospects."

MTI Global intends to focus on the aerospace market in 2009.  The
2009 outlook, the Company says, is predicated on the successful
closing of the transaction to sell the majority of the assets of
Leewood and the N.A. Silicone Richmond, Virginia plant.  The
disposition of these assets will allow MTI Global to reduce its
debt obligations and improve the health of the Company's balance
sheet.

The Company intends to sell its remaining silicone assets in
Milton, Florida and Cavaillon, France (Sterne) when an appropriate
opportunity presents itself.  As the Company pursues this goal,
the remaining N.A.  Silicone operations at Milton will be run as
efficiently as possible with cost cutting measures introduced in
early 2009.  At Sterne, management expects sales to continue to
grow in 2009 and the division to remain profitable.  The Company
has outsourced its Aerospace manufacturing operations to Mexico.

The focus of the Company will be to strengthen its balance sheet
and return ongoing operations to full profitability.  To
strengthen the Company's balance sheet, address its liquidity
requirements and the requirements of its lenders and to realize on
its restructuring investments, the Company continues to consider
and evaluate on an ongoing basis, all alternatives available to
it.  These alternatives include, without limitation, seeking
additional sources of debt and equity financing, identifying and
pursuing strategic partnerships, the disposition of certain non-
core assets and other value enhancing transactions.  However,
there can be no assurance that such efforts will result in the
Company pursuing any such alternative or, if pursued, there can be
no assurance any such alternative will be
successfully completed and implemented.

The Company says it remains cautiously optimistic that it will
report improving results into 2009.  In view of the Canadian
dollar value against the U.S. dollar, the Company is increasingly
confident about achieving improved results with all of its
aerospace programs relocated to Mexico.

                        About MTI Global

MTI Global Inc. (CA:MTI) -- http://www.mtiglobalinc.com/--
designs, develops and manufactures custom-engineered products
using silicone and other cellular materials.  The Company serves a
variety of specialty markets focused on three main product
categories: Silicone, Aerospace and Fabricated Products.  MTI
Global's manufacturing divisions develop and produce silicone foam
using patented technology.  The Company designs and fabricates
energy management systems from a variety of flexible, cellular
materials.  MTI Global also produces and distributes specialty
silicone elastomer products.  MTI Global's primary markets are
aerospace and mass transit.  Secondary markets include sporting
goods, automotive, industrial, institutional, electronics, and the
medical market through a 51% interest in MTI Sterne SARL of
Cavaillon, France.  MTI Global's head office and Canadian
manufacturing operations are located in Mississauga, Ontario,
with international manufacturing operations located in Richmond
Virginia; Pensacola, Florida; Bremen, Germany; and a contract
manufacturer venture in Ensenada, Mexico.  The Company also has
sales operations in England and Sweden, and an engineering support
centre in Brazil.


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


AIR BERLIN: Incurs Wider Second Consecutive Annual Loss
-------------------------------------------------------
Air Berlin Plc's net loss widened to EUR75 million in 2008 from a
net loss of EUR39.9 million in 2007, after a tax expense from the
write-off of deferred tax assets on tax loss carryforwards due to
restructuring.  Total revenue meanwhile rose 6.7% to EUR3.4
billion from EUR3.19 billion pro forma in the prior year.

Gerrit Wiesmann at The Financial Times relates Air Berlin said it
would not pay a dividend this year, the third since listing in
2006.

Separately, BBC News reports travel firm TUI Travel will pay
EUR28.5 million for a 19.9% holding in Air Berlin as part of a
cross-shareholding agreement.  In return, the German airline will
get the same stake in TUI's German carrier TUIfly, BBC News says.

In addition, Bloomberg News says Turkey's ESAS Holding AS said it
would buy a 15.3 percent stake in Air Berlin from UBS AG.

Air Berlin Plc (FRA:AB1) --- http://www.airberlin.com/--- is a
Germany-based company registered in the United Kingdom, engaged in
the aviation industry.  The Company operates flights to the 135
destinations, including popular holiday destinations on the
Mediterranean coast, in the Canary Islands and in North Africa.
Its City Shuttle service also offers flights between airports in
Germany and major European cities, including Amsterdam, Barcelona,
Budapest, Copenhagen, Helsinki, London, Madrid, Milan, Manchester,
Moscow, Saint Petersburg, Paris, Rome, Vienna and Zurich.  Air
Berlin also offers flight training courses to professional pilots
at its licensed flight school.  In 2007, Air Berlin acquired a
100% stake in an airline company LTU Luftransport-Unternehmen GmbH
and a 49% stake in Belair Airlines AG.  During the fiscal year
ended December 31, 2007, the Company had slots at 20 German
airports and its fleet consisted of 124 aircrafts.


ALP TRANS: Claims Registration Period Ends April 27
---------------------------------------------------
Creditors of ALP Trans Handels und Logistik GmbH have until
April 27, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta
         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. Christian Ruhe
         Marschstrasse 7
         49377 Vechta
         Germany
         Tel: 04441/92720
         Fax: 04441/927230

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:

         ALP Trans Handels und Logistik GmbH
         Attn: Ali Kilic, Manager
         Ketteler Strasse 15
         49429 Visbek
         Germany


ALSA SUED: Claims Registration Period Ends April 5
--------------------------------------------------
Creditors of Alsa Sued GmbH have until April 5, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 4:00 p.m. on April 21, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Muehldorf a. Inn
         Hall 116
         Innstrasse 1
         Muehldorf
         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:

         Hanns Poellmann
         Prannerstrasse 11
         80333 Munich
         Germany

The court opened bankruptcy proceedings against the company on
March 26, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Alsa Sued GmbH
         Attn: Axel Wendland und
               Dietmar Koch, Managers
         Soederbergstrasse 10
         84513 Toeging a. Inn
         Germany


COMMERZBANK AG: Toxic Assets Transferred to Restructuring Unit
--------------------------------------------------------------
William Launder and Ulrike Dauer of Dow Jones Newswires report
that Commerzbank AG on Friday said it had transferred a total of
EUR55.4 billion in toxic assets into an internal holding pool,
which it referred to as a "divisional restructuring unit."

Dow Jones relates a spokesman for the bank said the creation of a
restructuring unit allows the bank to separate its healthy
business from troubled assets, which will be managed by
restructuring experts.

According to Dow Jones, the holdings in the unit include asset-
backed securities, collateralized debt obligations and other
structured products from Commerzbank's books with a market value
of EUR15.5 billion, and EUR39.9 billion from the books of its
newly acquired Dresdner Bank unit.

Commerzbank, Dow Jones recalls, acquired Dresdner in January from
insurer Allianz SE.

The "new Commerzbank," including Dresdner, booked a net loss of
EUR6.57 billion for 2008, Dow Jones discloses.

BBC News recounts in its 2008 annual report Commerzbank said
"In 2009, nearly all portfolios are suffering from the stress
caused by market conditions, which is why the bank's results will
be strongly affected by charges against earnings".

Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
http://www.commerzbank.com/-- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe ,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 31,
2009, Fitch Ratings 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
were affirmed at 'A' and 'F1', with Stable Outlook.  Both the
Support Ratings and the Support Rating Floors were 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 were
removed from Rating Watch Negative.


DRESDNER BANK: S&P Cuts Ratings on Hybrid Instruments to 'C'
------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its issue
ratings on Dresdner Bank AG's EUR1 billion hybrid Tier 1 capital
instruments issued through HT1 Funding GmbH and on the bank's
EUR750 million upper Tier 2 capital instruments issued through UT2
Funding PLC to 'C' from 'CC'.  The ratings were removed from
CreditWatch, where they were originally placed with negative
implications on Jan. 12, 2009.  The ratings on other hybrid
capital instruments of Dresdner Bank AG (A/Stable/A-1) and of
other members of the Commerzbank group are unaffected.
Commerzbank AG (A/Stable/A-1) is the 100% owner of Dresdner Bank
since Jan. 12, 2009.

This rating action follows the March 27, 2009, publication of
Dresdner Bank AG's 2008 unconsolidated financial report, which
confirmed the loss allocation to and resulting reduction in face
value of the "stille Einlagen" and "Genussscheine", in which HT1
and UT2 have invested.  S&P understands that this reduces, at
least temporarily, the liquidation preference amount of both HT1
and UT2, and the redemption amount of UT2.  Dresdner Bank's
financial report states that the book value of "stille Einlagen"
underlying HT1 has been reduced to EUR843 million from
EUR1.0 billion, and the book value of "Genussscheine" underlying
UT2 to EUR632 million from EUR750 million.

The report also confirms that coupons on both instruments will be
deferred.  In the case of HT1, the terms of the instruments state
that Dresdner Bank's former owner, Allianz SE (AA/Stable/A-1+),
would make coupon payments instead of Dresdner Bank according to
the terms of a contingent indemnity agreement, but the interest
rate would be paid on the instruments' reduced book value only.

                           Ratings List

                            Downgraded

                         HT1 Funding GmbH

                             To                    From
                             --                    ----
     Junior subordinated*    C                     CC/Watch Neg

                          UT2 Funding PLC

                             To                    From
                             --                    ----
     Junior subordinated     C                     CC/Watch Neg

                        Ratings Unaffected

                     Dresdner Funding Trust I
                     Dresdner Funding Trust II
                     Dresdner Funding Trust III
                     Dresdner Funding Trust IV

                Junior subordinated     BB/Watch Neg

                Commerzbank Capital Funding Trust I
                Commerzbank Capital Funding Trust II
                Commerzbank Capital Funding Trust III

                Preferred stock         BB/Watch Neg

                  Eurohypo Capital Funding Trust I
                 Eurohypo Capital Funding Trust II

                Preferred stock**       BB/Watch Neg

                 * Support provided by Allianz SE
                   ** Guaranteed by Eurohypo AG


DYNASTIE GMBH: Claims Registration Period Ends April 27
-------------------------------------------------------
Creditors of Dynastie GmbH have until April 27, 2009, to register
their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

        Dynastie GmbH
        Misburger Strasse 81
        30625 Hannover
        Germany

        Attn: Setyawan Pranatio Hutomo, Manager
        Lehrter Strasse 26
        30559 Hannover
        Germany


GELDILUX-TS-2007 SA: S&P Puts Four Low-B Rated Notes on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on all the rated classes of notes issued by
Geldilux-TS-2007 S.A. and Geldilux-TS-2008 S.A.

Both transactions were originated by Bayerische Hypo- und
Vereinsbank AG, currently rated A/Stable/A-1.  The securitized
assets are short-term loans granted to preferred clients from
various business segments.  The majority of the borrowers are
small and midsize enterprises.  The loans have a maximum maturity
of 368 days and feature a bullet repayment.  These loans are
products under the framework of a client's working capital
facility or term facility offered by HVB.  Both securitizations
feature a covenant that caps the weighted-average life of the pool
during replenishment at 90 days.

The CreditWatch placements reflect S&P's revised view on the
refinance risk prevalent in both portfolios, rather than
reflecting historical performance levels.  This refinance risk is
of particular relevance in a de-linked rating approach, as applied
to the 'AAA' rated class A notes in both transactions.  Under this
scenario, the originator would default and borrowers would
suddenly need to find third-party refinancing for maturing loans.
While HVB is still performing, maturing loans are typically being
rolled or refinanced by drawdowns on the working capital facility
or term facility.  Given that the ratings on Geldilux-TS-2007's
class B to E notes and Geldilux-TS-2008's class B to D notes are
weak-linked to the senior-unsecured rating of HVB, S&P expects the
effect of S&P's revised assessment of refinance risk to be more
pronounced for the senior notes in both transactions.

In S&P's analysis, S&P also looked into recent portfolio
information and reassessed its initial assumption of gross
defaults.  This further indicated that the likelihood of negative
rating actions on the weak-linked classes of notes has increased.

S&P will now conduct a detailed review (including loan-level
analysis of both portfolios) of both transactions.  In particular,
S&P will analyze the credit quality and credit stability of the
entire loan book behind these Geldilux securitizations, as both
transactions feature a random asset selection mechanism.

                          Ratings List

              Ratings Placed on CreditWatch Negative

                      Geldilux-TS-2007 S.A.
         EUR2.104 Billion Credit-Linked Floating-Rate Notes

                                    Rating
                                    ------
               Class      To                   From
               -----       --                   ----
               A           AAA/Watch Neg        AAA
               B           A/Watch Neg          A
               C           BBB/Watch Neg        BBB
               D           BB/Watch Neg         BB
               E           B/Watch Neg          B
               Liq notes   AAA/Watch Neg        AAA

                      Geldilux-TS-2008 S.A.
          EUR1,459.4 Million Secured Floating-Rate Notes

                                    Rating
                                    ------
               Class      To                   From
               -----       --                   ----
               A SS        AAA/Watch Neg        AAA
               A1          AAA/Watch Neg        AAA
               A2          AAA/Watch Neg        AAA
               B           A/Watch Neg          A
               C           BBB/Watch Neg        BBB
               D           BB/Watch Neg         BB
               D SS        BB/Watch Neg         BB
               Liq notes   AAA/Watch Neg        AAA


ISO MASSIV: Claims Registration Period Ends May 8
-------------------------------------------------
Creditors of ISO Massiv Systembau GmbH have until May 8, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Aachen
         Room D 1.409
         Adalbertsteinweg 92
         52070 Aachen
         Germany

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

The insolvency manager can be reached at:

         Thomas Georg
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel0241/94618-0
         Fax: 0241/533562

The court opened bankruptcy proceedings against the company on
March 9, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ISO Massiv Systembau GmbH
         Indestr. 20
         52249 Eschweiler
         Germany

         Attn: Petra Henk, Manager
         Hauptstr. 134
         52379 Langerwehe
         Germany


KUFNER TEXTILWERKE: Claims Registration Period Ends May 8
---------------------------------------------------------
Creditors of Kufner Textilwerke GmbH have until May 8, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 101
         Infanteriestr. 5
         80097 Munich
         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. Wolfgang Ott
         Nymphenburgerstr. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

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:

         Kufner Textilwerke GmbH
         Attn: Walter Kraus, Manager
         Irschenhauser Str. 10
         81379 Munich
         Germany


PEGASUS TRANSPORTE: Claims Registration Period Ends May 8
---------------------------------------------------------
Creditors of Pegasus Transporte GmbH have until May 8, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Axel Geese
         Adenauerplatz 4
         33602 Bielefeld
         Germany

The court opened bankruptcy proceedings against the company on
March 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Pegasus Transporte GmbH
         Bottroper Str. 8
         33649 Bielefeld
         Germany

         Attn: Frank Bergmann, Manager
         Babenhauser Str. 263
         33619 Bielefeld
         Germany


SMR BAU: Claims Registration Period Ends April 16
-------------------------------------------------
Creditors of SMR Bau GmbH have until April 16, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on May 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

        The District Court of Cologne
        Room 14
        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. Joerg Nerlich
        Sachsenring 81
        50667 Cologne
        Tel: 33660-332
        Fax: 33660333

The court opened bankruptcy proceedings against the company on
March 10, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

        SMR Bau GmbH
        Lachemer Weg 14
        50737 Cologne
        Germany

        Attn: Merte Bayrakcioglu, Manager
        Liller Stsr. 2
        50765 Cologne
        Germany


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


CLOVERIE PLC: Moody's Cuts Rating on Series 2005-93 Notes to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has downgraded four classes of notes
issued by Cloverie Plc (Sphaera I).

Sphaera is a static synthetic collateralized debt obligation of
sovereign and corporate emerging market entities.  Upon the
occurrence of a credit event, a fixed recovery rate of 40% will be
used to assess the final price.  The portfolio references 100
equally weighted entities, and presents concentrated single-
sovereign exposures, the largest of which are to Russia (9%),
India (7%), South Korea (7%) and Mexico (7%).

Moody's explained that the ratings actions announced are linked to
(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 collateral securing the notes.  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 and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

  -- Moody's revises its methodology for Emerging Market CDOs (11
     April 2007)

The rating actions are:

Cloverie Plc (Sphaera I):

(1) Series 2005-90, EUR17,500,000 Floating Rate Portfolio Credit
Linked Notes due 2010

  -- Current Rating: Baa1

  -- Prior Rating: Aa3, under review for possible downgrade

  -- Prior Rating Action: 18 March 2009, Aa3 placed under review
     for possible downgrade

(2) Series 2005-91 EUR7,500,000 Floating Rate Portfolio Credit
Linked Notes due 2010

  -- Current Rating: Baa1

  -- Prior Rating: Aa3, under review for possible downgrade

  -- Prior Rating Action: 18 March 2009, Aa3 placed under review
     for possible downgrade

(3) Series 2005-92 EUR10,000,000 Floating Rate Portfolio Credit
Linked Notes due 2010

  -- Current Rating: Baa2

  -- Prior Rating: Aa3, under review for possible downgrade

  -- Prior Rating Action: 18 March 2009, Baa2 placed under review
     for possible downgrade

(4) Series 2005-93 US$12,000,000 Floating Rate Portfolio Credit
Linked Notes due 2010

  -- Current Rating: Ba1

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

  -- Prior Rating Action: 18 March 2009, A2 placed under review
     for possible downgrade


CLOVERIE PLC: S&P Junks Ratings on Four Classes of Notes
--------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on various notes issued by
Cloverie PLC and Salisbury International Investments Ltd., related
to the "Onyx" series of deal.

These rating actions follow downgrades and CreditWatch negative
placements in the underlying reference portfolios of these
transactions.  Furthermore, in some of the portfolios backing
these notes, up to 10 assets have defaulted.

S&P has lowered the ratings because, in its opinion, the risks
that noteholders may not receive their full principal have risen
to levels that are no longer consistent with the ratings
previously assigned.

The portfolios are static and reference U.S. home equity line of
credit residential mortgage-backed securities of the 2004 and 2005
vintages.

In addition, S&P has withdrawn the rating assigned to Cloverie PLC
series 2004-73, having recently received confirmation that it
terminated in September 2007.

                           Ratings List

       Ratings Lowered and Removed from Creditwatch Negative

                           Cloverie PLC
   US$15 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-46

                         Ratings
                         -------
                   To              From
                   --              ----
                   CCC-            A/Watch Neg

                           Cloverie PLC
   US$15 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-47

                         Ratings
                         -------
                   To              From
                   --              ----
                   CCC-            A/Watch Neg

                           Cloverie PLC
   US$15 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-48

                         Ratings
                         -------
                   To              From
                   --              ----
                   CCC-            A/Watch Neg

                           Cloverie PLC
  US$15 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-49

                           Ratings
                           -------
                    To               From
                    --               ----
                    CCC-             A/Watch Neg

             Salisbury International Investments Ltd.
          US$18.75 Million Class C Secured Floating-Rate
                   Portfolio-Linked Notes (Onyx)
                          Series 2005-10

                         Ratings
                         -------
                   To               From
                   --               ----
                   CCC-             A/Watch Neg

             Salisbury International Investments Ltd.
          US$18.75 Million Class C Secured Floating-Rate
                   Portfolio-Linked Notes (Onyx)
                          Series 2005-11

                         Ratings
                         -------
                   To               From
                   --               ----
                   CCC-             A/Watch Neg

             Salisbury International Investments Ltd.
           US$18.75 Million Class C Secured Floating-Rate
                   Portfolio-Linked Notes (Onyx)
                          Series 2005-12

                         Ratings
                         -------
                   To               From
                   --               ----
                   CCC-             A/Watch Neg

             Salisbury International Investments Ltd.
           US$18.75 Million Class C Secured Floating-Rate
                   Portfolio-Linked Notes (Onyx)
                          Series 2005-13

                         Ratings
                         -------
                   To               From
                   --               ----
                   CCC-             A/Watch Neg

                         Rating Withdrawn

                           Cloverie PLC
        EUR30 Million Secured Floating-Rate Portfolio Linked
                       Notes Series 2004-73

                         Ratings
                         -------
                   To               From
                   --               ----
                   NR               A+/Watch Neg


EIRLES TWO: S&P Withdraws 'CCC' Rating on Series 162 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and withdrew its 'CCC' credit rating on notes series 162
issued by Eirles Two Ltd.

The rating has been withdrawn at the noteholder's request.


GS EUROPEAN: Fitch Junks Ratings on Class E and F Notes
-------------------------------------------------------
Fitch Ratings has downgraded four classes of GS European
Performance Fund Limited's notes and affirmed the class A and B
notes.

  -- EUR737,302,957 class A affirmed at 'AAA'; assigned a Stable
     Outlook

  -- EUR147,460,591 class B affirmed at 'AA'; assigned a Stable
     Outlook

  -- EUR206,444,828 class C downgraded to 'BBB' from 'A-' (A
     minus); assigned a Stable Outlook

  -- EUR265,429,065 class D downgraded to 'B' from 'BBB-' (BBB
     minus); Outlook Negative

  -- EUR58,984,237 class E downgraded to 'CCC' from 'BB-' (BB
     minus); assigned a Recovery Rating of 'RR5'

  -- EUR58,984,237 class F downgraded to 'CCC' from 'B-' (B
     minus); assigned a Recovery Rating of 'RR5'

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

Exposure to assets with expected near-term credit deterioration
has particularly affected Fitch's view of the credit worthiness of
transaction's junior tranches.  In Fitch's analysis, names on
Negative Outlook are treated as one notch lower than the current
rating. Currently, 21% of the portfolio has a Fitch Derived Rating
of 'CCC' or below.  Of the portfolio, 7.7% remains on Negative
Outlook.

The portfolio contains 27 obligors with the largest exposure
comprising 7.7% of the portfolio and the three largest exposure
comprising 18.7%.  The portfolio consists of 84% senior secured
loans and 16% B-notes.  In terms of industry concentration,
broadcasting and media is the largest industry which makes up
approximately 33% of the portfolio.  German loans are the largest
country exposure at approximately 40% of the current portfolio,
and the U.K forms the second largest exposure at 15%.

In the current economic environment, leverage loans and real
estate related B-notes assets are generally trading noticeably
below their par amount.  The transaction's market value trigger
set at 87% of the par amount in the structure has been in breach
since November 2008.  Consequently, if the level of the market
value of the portfolio remains below the threshold in the coming
months, interest will be diverted away from the junior notes.
These diverted proceeds will be put into escrow accounts for the
benefit of the notes as per the transaction document.  Fitch
expects this mechanism to benefit the senior notes.

The class E and F notes have been downgraded to 'CCC' reflecting
high exposure to 'CCC' and below assets in the portfolio. The
current levels of credit enhancement for these notes (14% and 10%
taking into account the unfunded guarantee from GS) compare
unfavorably to the current level of 21% exposure to 'CCC' and
below assets.  Additionally, Fitch has observed a negative credit
migration on leveraged loans assets accounting for 15% of the
portfolio.

GS European Performance Fund is a securitization of mainly
European leveraged loans and real estate related B-notes with a
total note issuance of EUR1.5 billion.  The portfolio is actively
managed by Goldman Sachs International until the end of the
reinvestment period in September 2009.  After this period, Fitch
expects the transaction to start de-leveraging.

Goldman Sachs International has multiple roles in the transaction.
First, Goldman Sachs is providing asset swaps on the underlying
assets including currency and interest rate hedges.  In addition,
Goldman Sachs, acting as the manager and a liquidity provider,
provides an unfunded guarantee for 10% of the notes.  Since the
closing date, protection language has been put in place to remove
the exposure to the bank upon Goldman Sachs's downgrade below
'A'/'F1'.


SR TECHNICS: Management Buyout Could Save Up to 900 Jobs
--------------------------------------------------------
SR Technics on Monday night received a preliminary draft proposal
from existing management, Irish Times' Martin Wall reports citing
a company spokesman.

Irish Times relates the spokesman said the company was awaiting a
final proposal which would be fully evaluated with all other
expressions of interest.

On March 23, 2009, the Troubled Company Reporter-Europe, citing
Breakingnews.ie, reported that there have been up to 30
expressions from different parties interested in taking over the
company.  The IDA told SIPTU officials that major players in the
aviation sector are among the potential buyers, the report
disclosed.

Irish Times notes a spokesman for Minister for Enterprise and
Employment Mary Coughlan on Monday night said the IDA and
Enterprise Ireland are currently investigating offers for the
company to see if they are commercially viable with a view to
maintaining the largest possible number of operations and jobs on
site.

According to Irish Times, the MBO, if successful, could save up to
900 jobs at the company.

Irish Times recalls the company announced last month it is to
close its operation at Dublin airport with the loss of 1,100 jobs.

Michael Brennan of Independent.ie reports SR Technics plans to
make 600 workers redundant on Friday, with the remaining 500
workers due to lose their jobs later in the year.

                       Redundancy Payments

Irish Times recounts SR Technics at a Labour Court Hearing said it
was unwilling, due to financial reasons, to defer the 600
redundancies.

The company, as cited by Irish Times, said it is not in a position
to increase the funds available for the redundancy package as it
is currently implementing a financial and operational
restructuring of its group-wide operations.

Independent.ie discloses SIPTU branch organizer Pat Ward said
workers were willing to consider taking wage cuts to support the
proposed MBO.

Independent.ie notes according to the union the IDA would need to
provide EUR25 million to support the MBO, which would help to pay
for the cost of tools at the plant and renting the premises.

"I understand the MBO would need about EUR25 million in IDA aid,
which is half the expected cost to the exchequer of letting the
facility close.  That is not to mention the loss to the economy of
the skills base of the workforce and potential income it could
generate, as it has for the past half century," Irish Times quoted
Mr. Ward as saying.

SR Technics -- http://www.srtechnics.com/-- provides technical
solutions for airlines worldwide.  It services are provided either
directly to the airline or through other parties such as aircraft
leasing companies, OEMs (Original Equipment Manufacturers) or
component trading companies.


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


ALITALIA-LINEE: Bids for Stake in Alicos Due April 28
-----------------------------------------------------
Alitalia-Linee Aeree Italiane S.p.A.'s extraordinary
administrator, Prof. Avv. Augusto Fantozzi, offers for sale the
company's stake in Alicos S.p.A.

Expressions of interest in the purchase of the shareholding must
be received by 12:00 noon (Italian time), on April 28, 2009.

The stake for sale corresponds to 40% of Alitalia-Linee's share
capital.

Alicos is a company active in the (i) planning, definition,
development and sale of assistance and customer care phone and
data transmission services; (ii) management of national and
international, incoming and outgoing, phone and data transmission
traffic, in connection with booking, information, marketing and
any other customer care services, also by way of internet,
intranet and extranet; (iii) assistance in the above-mentioned
areas, also by way of technical support and maintenance
activities; (iv) creation and development of advanced technologies
and software management for e-trading, related to the performance
of the foregoing services; (v) promotional activities for the
foregoing services and any other activity related to their
definition and performance; and (vi) tour operator and management
of travel and tourism agency business activities, also through
the setting up of branches and subsidiaries.


CHRYSLER LLC: Fiat to Take Less Than 35% Stake Under New Deal
-------------------------------------------------------------
Marco Bertacche and Francesca Cinelli at Bloomberg News report
Chrysler LLC and Cerberus Capital Management LP have a "framework"
of an alliance with Fiat SpA.  The news agency, citing a
government official with knowledge of the plans, says under a new
deal, Fiat would take less than 35 percent equity in Chrysler
initially.

Earlier reports said Fiat is likely to take a 35% stake in
Chrysler by the middle of the year.

According to Bloomberg News's Mike Ramsey, a person familiar with
the alliance plans said Fiat would take an initial holding of 20
percent in Chrysler, and ultimately would be limited to a 49
percent stake.

Chrysler has been trying to keep itself afloat.  As reported by
the Troubled Company Reporter on March 20, 2009, its Chief
Financial Officer Ron Kolka, has said even if Chrysler gets
additional government loans, it could face another cash shortage
in July when revenue dries up as the company shuts down its
factories for two weeks to change from one model year to the next.

The Company's CFO has said Chrysler planned for the US$4 billion
federal government bailout it received Jan. 2 to last through
March 31.  The Company is talking with the Obama administration's
autos task force about getting another US$5 billion, and had a
March 31 deadline to complete its plan to show how it can become
viable and repay the loans.

General Motors Corp. and Chrysler admitted in their viability
plans submitted to the U.S. Treasury on February 17 that they
considered bankruptcy scenarios, but ruled out the idea, citing
that a Chapter 11 filing would result to plummeting sales, more
loans required from the U.S. government, and the collapse of
dealers and suppliers.

Fiat Chief Executive Officer Sergio Marchionne meanwhile is
"confident" that Chrysler and Fiat will succeed in talks with the
U.S. administration on further aid, according to Bloomberg News.

                           About Fiat SpA

Based in Torino, Italy, Fiat S.p.A. (OTC:FIATY) --
http://www.fiatgroup.com/--  is principally engaged in the
manufacture and distribution of automobiles, agricultural and
construction equipment, and commercial vehicles, in addition to
components for those products.  The Company also provides
financial services, primarily through joint ventures with
international banking groups.  Through its subsidiaries, Fiat
operates mainly in five business areas: Automobiles, Agricultural
and Construction Equipment, Trucks and Commercial Vehicles,
Components and Production Systems, and Other Businesses.  On
March 20, 2008, FPT Powertrain Technologies acquired 100% of
Tritec Motors Limitada from Chrysler L.L.C. and subsequently
changed its name to FPT Powertrain do Brasil-Industria e Comercio
de Motores Ltda.  During the year ended December 31, 2008, the
Company acquired remaining 0.33% interest in European Engine
Alliance.

                         About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital Management
LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles
and products.  The company has dealers worldwide, including
Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil,
Venezuela, China, Japan and Australia.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2008,
Dominion Bond Rating Service downgraded the ratings of Chrysler
LLC, including Chrysler's Issuer Rating to CC from CCC (high).
Chrysler's First Lien Secured Credit Facility and Second Lien
Secured Credit Facility have also been downgraded to CCC and CC
(low) respectively.  All trends are Negative.  The ratings action
reflects Chrysler's challenge to maintain sufficient liquidity
balances amid severe industry conditions that have deteriorated
alarmingly over the past few months and are not expected to
improve in the near term.  With this ratings action, Chrysler is
removed from Under Review with Negative Implications, where it was
placed on Nov. 7, 2008.

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

As reported in the TCR on Dec. 3, 2008, Dominion Bond Rating
Service downgraded on Nov. 20, 2008, the ratings of Chrysler LLC,
including Chrysler's Issuer Rating to CC from CCC (high).
Chrysler's First Lien Secured Credit Facility and Second Lien
Secured Credit Facility have also been downgraded to CCC and CC
(low) respectively.  All trends are Negative.  The ratings action
reflects Chrysler's challenge to maintain sufficient liquidity
balances amid severe industry conditions that have deteriorated
alarmingly over the past few months and are not expected to
improve in the near term.  With this ratings action, Chrysler is
removed from Under Review with Negative Implications, where it was
placed on Nov. 7, 2008.


TISCALI SPA: Carphone Warehouse Eyes Last Minute Bid for UK Biz
---------------------------------------------------------------
Mark Kleinman, Amanda Andrews and Rupert Neate at the Daily
Telegraph report that Carphone Warehouse is considering a last
minute bid for Tiscali SpA's UK broadband business.

Carphone, the Daily Telegraph recalls, withdrew from talks last
year.  The Daily Telegraph notes Carphone's TalkTalk home
broadband division hopes it will be able snap up Tiscali for a
bargain basement price.

Reuters discloses Tiscali said on Friday its creditor banks had
agreed to suspend its debt repayments.  Tiscali, Reuters says,
asked bankers to suspend interest payments on March 6 after
negotiations to sell its UK assets to BSkyB became impossible to
continue due to a deterioration in market conditions.

According to the Daily Telegraph, BSkyB only offered to pay about
GBP250 million for the UK business, which Tiscali originally put
up for sale for about GBP500 million.

Reuters recounts Tiscali was suspended from the Italian stock
exchange earlier this month after it warned that it will not be
able to meet interest payments.  It had been planning to use the
proceeds from the sale to pay down its EUR601 million (GBP558
million) debt, Reuters notes.

The Daily Telegraph states analysts believe Tiscali will fall into
administration if it does not find a buyer for the UK business
soon.

In a separate report Reuters discloses Tiscali said it is not
currently planning a capital increase, although one Milan-based
analyst had indicated that given Tiscali's large debt position,
the company ought to be recapitalized.

                          About Tiscali

Cagliari, Italy-based Tiscali S.p.A. (BIT:TIS) --
http://www.tiscali.com/-- is an Internet communications company
providing broadband and narrowband access for consumer and
business applications, as well as communications services and
content.  The Company's portfolio includes Internet access in the
form of dial-up, broadband, satellite and leased lines, and
hosting services, such as co-location, shared hosting and managed
hosting.  Tiscali also offers streaming media, telephony and such
services as virtual private networks (VPN), allowing companies to
communicate with remote branches.  Its consumer products and
services include Internet access, voice, media, Internet Protocol
Television (IPTV) and value-added services, such as e-mail, Net
calendar, Net fax, Net phone, mail, instant messaging and Web
hosting. It is operational in Europe through its subsidiaries and
joint ventures.  As of June 30, 2008, Tiscali had approximately
3.2 million active users in Italy and the United Kingdom.


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


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

         Bogenbai batyr St. 148
         Almaty
         Kazakhstan


BOLASHAK KURYLYS: Creditors Must File Claims by May 1
-----------------------------------------------------
LLP Kaz Bolashak Kurylys has declared insolvency.  Creditors have
until May 1, 2009, to submit written proofs of claim to:

         Aimanov St. 155
         Almaty
         Kazakhstan


BTA DPR: Moody's Junks Ratings on Four Series of Notes
------------------------------------------------------
Moody's Investors Service has downgraded and placed on review for
possible further downgrade these series of notes issued by BTA DPR
Company:

  - US$200,000,000 Series 2007-A Floating Rate Note due 2015, from
    B1 to Ca

  - US$150,000,000 Series 2007-D Floating Rate Notes due 2015,
    from B1 to Ca

Moody's has also downgraded and placed on review for further
downgrade the underlying ratings reflecting the risk posed to the
providers of the financial guarantees in relation to these series
of notes (for the avoidance of doubt, these underlying ratings do
not take the benefit of the related financial guarantees into
account and the ratings of the notes, which incorporate the
support of such guarantees, are unaffected by this rating action):

  - US$200,000,000 Series 2007-B Floating Rate Note due 2015, from
    B1 to Ca

  - US$200,000,000 Series 2007-C Floating Rate Note due 2015, from
    B1 to Ca

The rating action reflects Moody's downgrade of BTA Bank's foreign
currency senior unsecured debt rating from B1 to Ca on March 27,
2009.  The senior unsecured debt ratings of BTA Bank remain on
review for possible further downgrade.

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 yield to investors.

  -- Date of last rating action: 27 February 2009


DAN AI LTD: Creditors Must File Claims by May 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Dan Ai Ltd. 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


DENIMA LLP: Creditors Must File Claims by May 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Denima 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


FESTIVALS INTERNATIONAL: Creditors Must File Claims by May 1
------------------------------------------------------------
LLP Festivals International has declared insolvency.  Creditors
have until May 1, 2009, to submit written proofs of claim to:

         Jeltoksan St. 27-68
         Almaty
         Kazakhstan


G-KART TELECOM: Creditors Must File Claims by May 1
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP G-Kart Telecom insolvent.

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

         Kazybek St. 50
         Almaty
         Kazakhstan
         Tel: 8 (7272) 60-97-92
              8 (7272) 60-98-06

The Court is located at:

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


KAZINVESTBANK: Moody's Withdraws 'E+' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Kazinvestbank's bank
financial strength rating of E+ and the bank's long-term and
short-term local currency and foreign currency deposit ratings of
B2/Not Prime.  The long-term local and foreign currency deposit
ratings had been placed on review for possible downgrade on
December 12, 2008.

Moody's has withdrawn these ratings for business reasons following
the official request from Kazinvestbank and has not been able to
conclude the review for downgrade due to lack of information.

Moody's notes that, as of the date of the ratings withdrawal,
Kazinvestbank had no outstanding debts rated by Moody's.

Moody's was unable to conclude the review on the bank's ratings
prior to the withdrawal, because of lack of information.  The
systemic and prolonged financial crisis in Kazakhstan resulted in
a rapid deterioration of the financial strength of Kazakh banks
and Moody's expects that the crisis will continue to adversely
affect the banking system in the near future.  As a result of
these rapidly deteriorating market conditions the conclusion of
the review process could potentially have resulted in negative
rating implications for Kazinvestbank's long-term local currency
and foreign currency deposit ratings.

Moody's previous rating action on Kazinvestbank was implemented on
December 12, 2008, when the bank's deposit ratings were placed on
review for possible downgrade and the bank's BFSR was affirmed at
E+.

Domiciled in Almaty, Kazakhstan, Kazinvestbank reported total
audited IFRS consolidated assets and net income of US$481 million
and US$7.6 million, respectively, as of year-end 2007 (US$199
million and US$900,000, respectively, at year-end 2006).


NAURYZ-SU LLP: Creditors Must File Claims by May 1
--------------------------------------------------
LLP Company Nauryz-Su has declared insolvency.  Creditors have
until May 1, 2009, to submit written proofs of claim to:

         Micro "Jetysu-2", 42-46
         Almaty
         Kazakhstan


RADIAN PLUS: Creditors Must File Claims by May 1
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Radian Plus 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


RIELS-2000 LLP: Creditors Must File Claims by May 1
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Riels-2000 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


STAL I PLASTMASSA: Creditors Must File Claims by May 1
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Stal I Plastmassa Kadukov insolvent.

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

         Micro "Mamyr-4", 14
         Almaty
         Kazakhstan


The Court is located at:

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


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


MULTI-PROFESIONAL SERVICES: Claims Filing Period Ends April 10
--------------------------------------------------------------
Creditors of LLC Multi-Profesional Services have until April 10,
2009, to submit proofs of claim to:

The company can be reached at:

         LLC Multi-Profesional Services
         Tel: (+996 312) 24-55-16


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


DUTCH MORTGAGE: S&P Lifts Ratings on Class D Notes to 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
notes in five Dutch Mortgage Portfolio Loans transactions,
primarily driven by the increased seasoning and house price
appreciation on the underlying assets since closing, together with
continued low arrears levels.

Specifically, S&P:

  -- raised its credit ratings on nine tranches;
  -- placed four tranches on CreditWatch positive; and
  -- affirmed its ratings on six tranches.

The rating actions follow a full credit analysis of the most
recent transaction information that S&P has received.  S&P carried
out the analysis for the DMPL IV and V transactions after S&P
placed certain notes on CreditWatch positive in October 2008 and
also involved a full cash flow analysis.

The transactions have all benefited from deleveraging.  This means
the notes (excluding the excess spread notes) benefit from
increased credit enhancement.

                           Ratings List

                          Ratings Raised

                Dutch Mortgage Portfolio Loans I B.V.
EUR1 Billion Secured Fixed and Floating-Rate Mortgage-Backed Notes

                                   Rating
                                   ------
             Class          To                  From
             -----          --                  ----
             B              AAA                 AA+
             C              AA                  A+

             Dutch Mortgage Portfolio Loans II B.V.
          EUR1 Billion Secured Fixed And Floating-Rate
    Mortgage-Backed Notes and EUR5 Million Excess Spread Notes

                                   Rating
                                   ------
             Class          To                  From
             -----          --                  ----
             D              BB+                 BB

             Dutch Mortgage Portfolio Loans IV B.V.
             EUR1.25 Billion Secured Floating-Rate
  Mortgage-Backed Notes and EUR6.25 Million Excess Spread Notes

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

             Dutch Mortgage Portfolio Loans V B.V.
             EUR1.25 Billion Secured Floating-Rate
  Mortgage-Backed Notes and EUR6.25 Million Excess Spread Notes

                                   Rating
                                   ------
             Class          To                  From
             -----          --                  ----
             B              AA                  AA-/Watch Pos
             C              A                   BBB/Watch Pos
             D              BB+                 BB/Watch Pos

              Ratings Placed on Creditwatch Positive

              Dutch Mortgage Portfolio Loans II B.V.
            EUR1 Billion Secured Fixed and Floating-Rate
    Mortgage-Backed Notes and EUR5 Million Excess Spread Notes

                                   Rating
                                   ------
             Class          To                  From
             -----          --                  ----
             B              A+/Watch Pos        A+
             C              BBB+/Watch Pos      BBB+

             Dutch Mortgage Portfolio Loans III B.V.
             EUR1.25 Billion Secured Floating-Rate
   Mortgage-Backed Notes and EUR6.25 Million Excess Spread Notes

                                   Rating
                                   ------
             Class          To                  From
             -----          --                  ----
             B              AA/Watch Pos        AA
             C              A/Watch Pos         A

                         Ratings Affirmed

               Dutch Mortgage Portfolio Loans I B.V.
EUR1 Billion Secured Fixed and Floating-Rate Mortgage-Backed Notes

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

              Dutch Mortgage Portfolio Loans II B.V.
           EUR1 Billion Secured Fixed and Floating-Rate
    Mortgage-Backed Notes and EUR5 Million Excess Spread Notes

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

              Dutch Mortgage Portfolio Loans III B.V.
               EUR1.25 Billion Secured Floating-Rate
  Mortgage-Backed Notes and EUR6.25 Million Excess Spread Notes

                      Class          Rating
                      -----          ------
                      A              AAA
                      D              BB+

              Dutch Mortgage Portfolio Loans IV B.V.
              EUR1.25 Billion Secured Floating-Rate
  Mortgage-Backed Notes and EUR6.25 Million Excess Spread Notes

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

               Dutch Mortgage Portfolio Loans V B.V.
               EUR1.25 Billion Secured Floating-Rate
   Mortgage-Backed Notes and EUR6.25 Million Excess Spread Notes

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


HOLLAND HOMES: Fitch Affirms Rating on Class D Notes at 'BB'
------------------------------------------------------------
Fitch Ratings has taken various rating actions on Holland Homes
MBS 2000-1 B.V. and Holland Homes MBS 2003-1 B.V.  The rating
actions reflect continued good performance and the seasoning of
the two transactions.

Both transactions have shown low levels of arrears compared to the
current outstanding mortgage balance.  As of January 2009, for
series 2000-1 the arrears greater than three months were 0.1%, and
for series 2003-1 loans greater than four months arrears were at
0.08%.  These remain in line with historical trends on the
transactions and represents just one or two loans.  Neither of the
deals has reported any foreclosures or losses to date.

The annualized prepayment rate for both transactions has been low
for the last collection period, 6.81% for series 2000-1 and 3.25%
for series 2003-1.  This has decreased over the last year,
resulting in a slowdown in the repayment of the notes but has had
no major negative impact on the transactions.

The affirmation of series 2000-1 reflects the transaction's stable
performance.  However, slow growth in credit enhancement, driven
by the fact that the reserve fund is still amortizing, limits the
potential for positive rating action.

The upgrade of the class B notes and the affirmation of the class
C notes in series 2003-1 are due to good performance.  In Fitch's
view, there is sufficient credit support to justify the upgrade of
the mezzanine notes.  The reserve fund is amortizing, but is
expected to hit its floor level of 0.7% (of original note balance)
in the next 18 months.  Thereafter, it will contribute in building
up credit enhancement.  Thus, Fitch maintains a Positive Outlook
on the Class B and has revised the Outlook on the class C notes to
Positive.

The Loss Severity Ratings revisions are principally due to note
repayments. Furthermore, one Loss Severity Rating has been removed
from class D as it is an un-collateralized note.

Holland Homes MBS 2000-1 B.V.:

  -- Class A (ISIN XS0119750031) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0119750114) affirmed at 'AA+'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class C (ISIN XS0119750460) affirmed at 'A' ; Outlook Stable;
     Loss Severity Rating changed to 'LS-1' from 'LS-2'

Holland Homes MBS 2003-1 B.V.:

  -- Class A1 (ISIN XS0182739853) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class A2 (ISIN XS0182741164) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0182741594) upgraded to 'A+' from 'A';
     Outlook Positive; Loss Severity Rating changed to 'LS-1' from
     'LS-2'

  -- Class C (ISIN XS0182741750) affirmed to 'BBB'; Outlook
     revised to Positive from Stable; Loss Severity Rating 'LS-1'

  -- Class D (ISIN XS0182740430) affirmed at 'BB'; Outlook Stable.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-year
period.

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


ROBECO CDO: Moody's Junk Rating on Class B 2011 Notes
-----------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
classes of notes issued by Robeco CDO VIII Ltd.

The transaction is a managed synthetic CDO referencing corporate
and sovereign names. Payments of interest and ultimately principal
are made in accordance with a covenanted priority of payments
sequence.

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 and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

The rating actions are:

Robeco CDO VIII Ltd:

(1) The Class A Secured Floating Rate Credit-Linked Notes due 2011

  -- Current Rating: B3
  -- Prior Rating: Aaa
  -- Prior Rating Date: 21 December 2004, assigned Aaa

(2) The Class B Secured Floating Rate Credit-Linked Notes due 2011

  -- Current Rating: Ca
  -- Prior Rating: Aa3
  -- Prior Rating Date: 21 December 2004, assigned Aa3

(3) The Combination Notes due 2011

  -- Current Rating: B3
  -- Prior Rating: Aa3
  -- Prior Rating Date: 21 December 2004, assigned Aa3


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


KREDYT BANK: Fitch Downgrades Individual Rating to 'D'
------------------------------------------------------
Fitch Ratings has downgraded the Poland-based Kredyt Bank's
Individual Rating to 'D' from 'C/D' and affirmed all other
ratings.  At the same time, the agency has withdrawn all the
bank's ratings and will no longer provide rating or analytical
coverage of KB.

The downgrade of the Individual Rating reflects the deteriorating
operating environment in Poland, which is likely to result in
lower revenues and higher risk costs for Polish banks.  In this
context, Fitch views the current capitalization of the bank as
modest, as it provides only limited buffer in the stress scenario.
At end-2008, KB was the ninth-largest Polish bank with 401 outlets
and a 3.7% share of sector assets.  Originally focused on
corporate banking, retail is now the major focus.  KB is active in
bancassurance with Warta, KBC Group's insurance subsidiary in
Poland. KB also owns significant stakes in consumer credit and
leasing companies.

Rating actions on Kredyt Bank are:

  -- Long-term Issuer Default Rating: affirmed at 'A', Outlook
     Negative and withdrawn

  -- Short-term IDR: affirmed at 'F1'; rating withdrawn

  -- Individual Rating: downgraded to 'D' from 'C/D'; rating
     withdrawn

  -- Support Rating: affirmed at '1'; rating withdrawn


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


BANCO PORTUGUES: Moody's Affirms 'E+' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has confirmed the Baa3 long-term deposit
and debt rating and P-3 short-term rating of Banco Portugues de
Negocios SA.  Moody's has also affirmed the E+ bank financial
strength rating.  The outlook on the long-term debt and deposit
ratings is developing and the outlook on the BFSR remains
negative.  The dated and undated subordinated debt issuance
programs of the bank's backed Cayman-based subsidiary and of its
Madeira branch were downgraded to B3 (dated) and Caa1 (undated),
with a developing outlook on both; currently, there is no rated
subordinated debt outstanding under these programs.  These actions
conclude the review with direction uncertain that Moody's
initiated on November 4, 2008.

BPN has been a nationalized entity since November 12, 2008.  The
senior management appointed by the government at the time of the
nationalization submitted a plan for the bank to the government in
January 2009, but the government has not yet revealed its future
strategy for the entity.  Moody's understands that a decision is
likely to be taken before the end of June 2009.

In its last rating action on the bank, Moody's noted that BPN's
debt and deposit ratings were likely to be affected by the state's
plans for the bank and identified three possible scenarios: (i) a
consolidation of BPN within the state-owned Caixa Geral de
Depositos (rated Aa1/P-1/C), the manager of BPN since November 12,
2008, which could lead to an upgrade of the ratings or a
confirmation depending on the bank's strategic fit within CGD;
(ii) a temporary nationalization and future sale of the bank,
which could lead to a downgrade or upgrade of the deposit and debt
ratings, depending on the credit profile of the buyer; and (iii) a
liquidation of the bank, which could lead to a downgrade of the
debt and deposit ratings.

The confirmation of the Baa3/P-3 ratings long- and short-term
deposit and debt ratings thus reflects both the lack of new
relevant information on this issuer since Moody's last rating
action on November 21, 2008, and the rating agency's belief that
the nationalization of BPN is a temporary measure to avoid the
risk of a systemic crisis in the Portuguese financial system.

In confirming the ratings, Moody's notes that, despite BPN's weak
intrinsic creditworthiness, reflected in its E+ BFSR, government
ownership has stabilized the bank's credit profile and allowed it
to continue to operate despite it facing several challenges, such
as not complying with minimum regulatory capital ratios.  The Baa3
rating incorporates a very high probability of systemic support,
given the 100% government ownership.

Moody's believes that the government is very unlikely to let BPN
fail as the rationale for its intervention was to ensure the
stability of the Portuguese financial system.  In addition, it is
very unlikely that the government will allow the existence of two
independent state-owned banks in the long term.  Therefore, the
rating agency considers that the most probable scenarios are
either (i) an integration of the bank into CGD or (ii) the
maintenance of temporary state ownership until the end of the
financial crisis, after which time the bank will be privatized.

In affirming the E+ BFSR and maintaining the negative outlook,
Moody's notes that there have been no developments since the last
rating action that it believes have significantly improved the
bank's intrinsic strength.  In the rating agency's opinion,
despite state ownership, the bank's franchise value is likely to
remain impaired and BPN will face a significant deterioration in
profitability, efficiency and asset quality as a consequence of
its historical business model and governance weaknesses.

The downgrade of the bank's dated and undated subordinated debt to
B3/Caa1 (from Ba1) reflects the inherent risk that any such
instruments -- were they to be issued under these programs --
might not be covered by government support and therefore
experience significant losses in the case of a restructuring of
the bank.

Moody's states that the developing outlook on the long-term
deposit and debt ratings reflects the potential for (i) a weakened
credit profile in the event of the government deciding to sell the
bank, as the current ratings incorporate a very high probability
of systemic support, and (ii) positive developments in the event
that the government decides to maintain a long-term interest in
BPN.

These ratings were confirmed:

Banco Portugues de Negocios SA:

  - Long-term bank deposit rating of Baa3 (developing outlook)

  - Short-term bank deposit rating of Prime-3

BPN-Cayman, Limited:

  - Bkd Senior unsecured rating debt of Baa3 (developing outlook)

  - Bkd Short-term debt rating of Prime-3

Banco Portugues de Negocios, Madeira:

  - Senior unsecured debt rating of Baa3 (developing outlook)

  - Short-term debt rating of Prime-3

These ratings were affirmed:

Banco Portugues de Negocios SA:

  - Bank financial strength rating of E+ (negative outlook)

These ratings were downgraded:

BPN-Cayman, Limited:

  - Bkd subordinated debt rating to B3 (developing outlook) from
    Ba1 (review with direction uncertain)

  - Bkd junior subordinated debt rating to Caa1 (developing
    outlook) from Ba1 (review with direction uncertain)

Banco Portugues de Negocios, Madeira:

  - Subordinated debt rating to B3 (developing outlook) from Ba1
    (review with direction uncertain)

  - Junior subordinated debt rating to Caa1 (developing outlook)
    from Ba1 (review with direction uncertain)

Moody's previous rating action on BPN was taken on November 21,
2008, when the BFSR was downgraded to E+ from D+ and the Baa3/P-3
debt and deposit ratings were maintained on review with direction
uncertain.

Based in Lisbon, Banco Portugues de Negocios, S.A. had non-audited
consolidated total assets of EUR9.6 billion as at June 30, 2008.


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


AVTOVAZ OAO: Russian Gov't to Provide RUR25 Billion Loan
--------------------------------------------------------
The Russian government would provide AvtoVAZ OAO with an interest-
free loan worth RUR25 billion (US$734 million) through Russian
Technologies, which owns a stake of 25 percent plus one share in
the company, The Moscow Times' Maria Antonova reports citing the
country's prime minister, Vladimir Putin.

The Moscow Times relates AvtoVAZ CEO Boris Alyoshin asked for an
RUR8 billion bridge loan so the company could "survive" the next
two months while waiting for the state loan to come through.  BBC
says demand has been badly hit because of the economic crisis and
sales of Lada cars has decreased by 40%.

Citing Interfax, The Moscow Times discloses Mr. Putin said the
bridge loan would be issued by Sberbank and VTB soon, reiterating
RUR25 billion needed to reach AvtoVAZ "quickly".

Mr. Alyoshin, The Moscow Times recalls, previously asked the
government for RUR26 billion to restructure debt to suppliers and
creditors.  The Moscow Times recounts Mr. Alyoshin said earlier
this month that some RUR45 billion of AvtoVAZ's RUR75 billion in
assets is being held as collateral, and the company can no longer
take out loans with commercial banks.

According to RIA Novosti, AvtoVAZ, which employs more than 100,000
workers, currently owes US$1.3 billion in bank loans and bonds.

The Moscow Times notes Mr. Alyoshin said Gazprombank, VTB and
Sberbank were ready to lend an additional RUR90 billion to finance
the company's anti-crisis program, which aims to lower annual
production costs by RUR19 billion, although a VTB spokeswoman said
the deal is only a "framework" document signed by the three banks.

Mr. Putin also said the government would provide RUR13.6 billion
in state guarantees on loans to other carmakers, including RUR4.6
billion to KamAZ, RUR5 billion to Sollers to build a plant in the
Far East and RUR4 billion to GAZ, The Moscow Times adds.

The Times' Christine Buckley states the government fears the car
market, which until a few months ago was booming, could shrink by
60 per cent this year.

Based in Tolyatti, Russia, AVTOVAZ OAO (AVTOVAZ JSC) --
http://www.lada-auto.ru/-- is engaged in the manufacture of
passenger cars.  The Company's main brands are LADA PRIORA, LADA
Kalina, LADA Samara, LADA 110 and others.  The Company is also
involved in the manufacture of automobile components, distribution
of automobiles and spare parts and operation of automobile service
centers. The Company is also active in a variety of other sectors,
such as power supply, transportation, utilities, construction,
insurance, banking and finance.  AVTOVAZ OAO sells its products on
the domestic market, as well as exports them to Kazakhstan,
Ukraine, Azerbaijan, Armenia, Egypt, Syria, Greece, Belarus,
Uruguay, Cyprus, Germany and others.  It operates through one
representative office located in Moscow, several subsidiaries and
affiliated companies.


BELVEDER CJSC: Creditors Must File Claims by May 20
---------------------------------------------------
Creditors of CJSC Belveder (TIN 4345032138, PSRN 1034316508247)
(Construction) have until May 20, 2009, to submit proofs of claims
to:

         A. Avilov
         Insolvency Manager
         Office 313
         Suvorova St. 111a
         440000 Penza
         Russia

The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A28–7542/2008–218/10.

The Debtor can be reached at:

         CJSC Belveder
         Zagorodnaya St. 3
         610046 Kirov
         Russia


FOKINO-LES LLC: Creditors Must File Claims by May 20
----------------------------------------------------
Creditors of LLC Fokino-Les (TIN 1213002710, PSRN 1021201250740)
(Forestry) have until May 20, 2009, to submit proofs of claims to:

         N. Smyshlyayev
         Insolvency Manager
         Post User Box 32
         Ioshkar-Ola
         424000 Mariy El
         Russia

The Arbitration Court of Mariy El commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-38–3845/2008–11-72.

The Debtor can be reached at:

         LLC Fokino-Les
         Sadovaya St. 6
         Sovetskiy
         Mariy El
         Russia


FORSAYT LLC: Creditors Must File Claims by April 20
---------------------------------------------------
Creditors of LLC Forsayt (TIN 6382041222, PSRN 1026303952223)
(Construction) have until April 20, 2009, to submit proofs of
claims to:

         I. Busarova
         Temporary Insolvency Manager
         Office 206
         Suvorova St. 111a
         440000 Penza
         Russia

The Arbitration Court of Samarskaya will convene on May 26, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A55–965/2009,.

The Debtor can be reached at:

         LLC Forsayt
         Tupoleva Blvd. 4/97
         Tolyatt
         Samarskaya
         Russia


LESNOY RESURS: Creditors Must File Claims by April 20
-----------------------------------------------------
Creditors of LLC Lesnoy Resurs (TIN 2901155211, PSRN
1062901066700, RVC 290101001) (Forestry) have until April 20,
2009, to submit proofs of claims to:

         Ye. Lyapunova
         Temporary Insolvency Manager
         Office 118
         Building 3
         Naberezhnaya Severnoy Dviny 112
         163000 Arkhangelskaya
         Russia

The Arbitration Court of Arkhangelskaya will convene at 2:20 p.m.
on April 20, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A05–13949/2008.

The Debtor can be reached at:

         LLC Lesnoy Resurs
         Building 4
         Revolutsii St.1
         Arkhangelsk
         Russia


NOVOLIPETSK STEEL: Incurs US$480 Mln Net Loss in Fourth Qtr. 2008
-----------------------------------------------------------------
Novolipetsk Steel has incurred a US GAAP net loss of US$480
million for the final quarter of 2008 as a result of plummeting
metal prices on world markets, RIA Novosti reports.

The company's US GAAP net profit increased 1% year-on-year in 2008
to US$2.28 billion, while its revenue climbed 53% to US$11.7
billion.

According to the report, the company's EBITDA (earnings before
interest, taxes, depreciation and amortization) rose 36% to
US$4.54 billion in the reporting period.

The report relates Novolipetsk Steel said in a statement "The
deterioration in the steel market, which started in the third
quarter of 2008, has continued into the first quarter of 2009.  We
therefore believe that our Q1 2009 revenue will reach US$1.1
billion and the EBITDA margin is expected to be around 20%.  Crude
steel production in Q1 2009 will increase by approximately 21%
quarter-on-quarter to 2.1 million metric tons."

                     About Novolipetsk Steel

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC
(LSE: NLMK) -- http://www.nlmksteel.com/-- manufactures pig iron,
slabs, hot-rolled steel, and a variety of value-added steel
products, such as cold-rolled sheet, electrical steel and other
specialty flat products.  The group also operates in Denmark and
Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 21,
2009, Fitch Ratings affirmed Russia-based OJSC Novolipetsk Steel's
Long-term Issue Default Rating at 'BB+' and National Long-term
rating at 'AA(rus)'.  The Outlooks on both ratings are Stable.
Fitch also affirmed NLMK's Short-term IDR at 'B'.


PETROGRADETS CJSC: Creditors Must File Claims by April 20
---------------------------------------------------------
Creditors of CJSC Petrogradets (TIN 7813188351) (Construction)
have until April 20, 2009, to submit proofs of claims to:

         A. Marinihev
         Temporary Insolvency Manager
         Tverskaya St. 14/5H
         191015 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg will on July 27, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A56–1113/2009,.


SALISBURY INT'L: Moody's Cuts Ratings on 2 Classes of Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded and left under review for
possible further downgrade its ratings of eleven classes of notes
issued by Salisbury International Investments Limited.

This transaction is a static synthetic CDO arranged by Citigroup
referencing a pool of emerging market sovereign and corporate
names.  Upon the occurrence of a credit event, a fixed recovery
rate of 40% will be used as the final price.  The portfolio
references 100 equally weighted entities, and presents
concentrated single-sovereign exposures, the largest of which are
to Russia (11%), India (9%) and Mexico (9%).

Moody's explained that the rating actions announced are linked to
(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 collateral securing the notes.  Moody's decided to
leave the ratings under review for further downgrade in order to
investigate the potential redenomination risk.  Indeed, the
largest geographical exposure of the transaction is Russia (11%),
the currency of which recently experienced significant
devaluation.  Should the foreign currency-denominated debts
underlying the transaction be redenominated in Ruble at a rate
favorable to the issuing corporate, the transaction will directly
suffer portfolio losses.

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 and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

  -- Moody's revises its methodology for Emerging Market CDOs
     (April 2007)

The rating actions are:

Salisbury International Investments Limited (Sphaera II):

(1) Series 2006-03 US$9,000,000 Floating Rate Portfolio Credit
Linked Notes due 2011

  -- Current Rating: B1 under review for possible downgrade

  -- Prior Rating: Baa3, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, Baa3 placed under review
     for possible downgrade

(2) Series 2006-04 EUR1,000,000 Floating Rate Portfolio Credit
Linked Notes due 2011;

  -- Current Rating: B1 under review for possible downgrade

  -- Prior Rating: Baa3, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, Baa3 placed under review
     for possible downgrade

(3) Series 2006-05 US$3,000,000 Floating Rate Portfolio Credit
Linked Notes due 2011;

  -- Current Rating: Ba1 under review for possible downgrade

  -- Prior Rating: A3, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, A3 placed under review
     for possible downgrade

(4) Series 2006-06 US$3,000,000 Floating Rate Portfolio Credit
Linked Notes due 2011

  -- Current Rating: A1 under review for possible downgrade

  -- Prior Rating: Aa1, under review for possible downgrade

  -- Prior Rating Action: 27 November 2008, Aa1 placed under
     review for possible downgrade

(5) Series 2006-07 EUR27,500,000 Floating Rate Portfolio Credit
Linked Notes due 2011

  -- Current Rating: Aa3 under review for possible downgrade

  -- Prior Rating: Aa1, under review for possible downgrade

  -- Prior Rating Action: 27 November 2008, Aa1 placed under
     review for possible downgrade

(6) Series 2006-08 Notes EUR40,000,000 Floating Rate Portfolio
Credit Linked Notes due 2011

  -- Current Rating: Aa3 under review for possible downgrade

  -- Prior Rating: Aa1, under review for possible downgrade

  -- Prior Rating Action: 27 November 2008, Aa1 placed under
     review for possible downgrade

(7) Series 2006-09 EUR10,000,000 Floating Rate Portfolio Credit
Linked Notes due 2011

  -- Current Rating: A1 under review for possible downgrade

  -- Prior Rating: Aa1, under review for possible downgrade

  -- Prior Rating Action: 27 November 2008, Aa1 placed under
     review for possible downgrade

(8) Series 2006-11 US$5,000,000 Floating Rate Portfolio Credit
Linked Notes due 2011

  -- Current Rating: Aa2 under review for possible downgrade

  -- Prior Rating: Aa1, under review for possible downgrade

  -- Prior Rating Action: 27 November 2008, Aa1 placed under
     review for possible downgrade

(9) Series 2006-13 EUR2,500,000 Floating Rate Portfolio Credit
Linked Notes due 2011

  -- Current Rating: Ba1 under review for possible downgrade

  -- Prior Rating: A3, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, A3 placed under review
     for possible downgrade

(10) Series 2006-14 EUR6,250,000 Floating Rate Portfolio Credit
Linked Notes due 2011

  -- Current Rating: Aa2 under review for possible downgrade

  -- Prior Rating: Aa1, under review for possible downgrade

  -- Prior Rating Action: 27 November 2008, Aa1 placed under
     review for possible downgrade

(11) Series 2006-15 EUR10,000,000 Floating Rate Portfolio Credit
Linked Notes due 2011

  -- Current Rating: Baa3 under review for possible downgrade

  -- Prior Rating: A1, under review for possible downgrade

  -- Prior Rating Action: 27 November 2008, A1 placed under review
     for possible downgrade


SALISBURY INT'L: S&P Junks Ratings on Four Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on various notes issued by
Cloverie PLC and Salisbury International Investments Ltd., related
to the "Onyx" series of deal.

These rating actions follow downgrades and CreditWatch negative
placements in the underlying reference portfolios of these
transactions.  Furthermore, in some of the portfolios backing
these notes, up to 10 assets have defaulted.

S&P has lowered the ratings because, in its opinion, the risks
that noteholders may not receive their full principal have risen
to levels that are no longer consistent with the ratings
previously assigned.

The portfolios are static and reference U.S. home equity line of
credit residential mortgage-backed securities of the 2004 and 2005
vintages.

In addition, S&P has withdrawn the rating assigned to Cloverie PLC
series 2004-73, having recently received confirmation that it
terminated in September 2007.

                           Ratings List

       Ratings Lowered and Removed from Creditwatch Negative

                           Cloverie PLC
   US$15 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-46

                         Ratings
                         -------
                   To              From
                   --              ----
                   CCC-            A/Watch Neg

                           Cloverie PLC
   US$15 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-47

                         Ratings
                         -------
                   To              From
                   --              ----
                   CCC-            A/Watch Neg

                           Cloverie PLC
   US$15 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-48

                         Ratings
                         -------
                   To              From
                   --              ----
                   CCC-            A/Watch Neg

                           Cloverie PLC
  US$15 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-49

                           Ratings
                           -------
                    To               From
                    --               ----
                    CCC-             A/Watch Neg

             Salisbury International Investments Ltd.
          US$18.75 Million Class C Secured Floating-Rate
                   Portfolio-Linked Notes (Onyx)
                          Series 2005-10

                         Ratings
                         -------
                   To               From
                   --               ----
                   CCC-             A/Watch Neg

             Salisbury International Investments Ltd.
          US$18.75 Million Class C Secured Floating-Rate
                   Portfolio-Linked Notes (Onyx)
                          Series 2005-11

                         Ratings
                         -------
                   To               From
                   --               ----
                   CCC-             A/Watch Neg

             Salisbury International Investments Ltd.
           US$18.75 Million Class C Secured Floating-Rate
                   Portfolio-Linked Notes (Onyx)
                          Series 2005-12

                         Ratings
                         -------
                   To               From
                   --               ----
                   CCC-             A/Watch Neg

             Salisbury International Investments Ltd.
           US$18.75 Million Class C Secured Floating-Rate
                   Portfolio-Linked Notes (Onyx)
                          Series 2005-13

                         Ratings
                         -------
                   To               From
                   --               ----
                   CCC-             A/Watch Neg

                         Rating Withdrawn

                           Cloverie PLC
        EUR30 Million Secured Floating-Rate Portfolio Linked
                       Notes Series 2004-73

                         Ratings
                         -------
                   To               From
                   --               ----
                   NR               A+/Watch Neg


SPUTNIK CDO: Moody's Cuts Ratings on Two Classes of Notes to Low-B
------------------------------------------------------------------
Moody's Investors Service has downgraded and left under review for
possible further downgrade its ratings of three classes of Sputnik
CDO 1 notes issued by Coriolanus Limited.

The transaction is a synthetic CDO referencing a portfolio of 43
corporate entities, banks and supranationals incorporated in
Russia, Kazakhstan and Ukraine.  VTB Bank (Austria) AG, acting as
portfolio manager, has the possibility to add and/or remove
reference entities from the portfolio, subject to a number of
portfolio constraints.

The transaction has a significant exposure to corporate names in
the financial sector which continue to deteriorate in the current
economic environment.  This will weigh on the ratings of the
tranches in this transaction.

Moody's explained that the rating actions announced are related to
(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.  Moody's decided
to leave the ratings under review for further downgrade in order
to investigate the potential redenomination risk.  Indeed, the
largest geographical exposure of the transaction is Russia (58%),
the currency of which recently experienced significant
devaluation.  Should the US$-denominated debts underlying the
transaction be redenominated in Ruble at a rate favorable to the
issuing corporate, the transaction will directly suffer portfolio
losses.

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 and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

  -- Moody's revises its methodology for Emerging Market CDOs
     (April 2007)

The rating actions are:

Coriolanus Limited

(1) US$36,000,000 Class A Floating Rate Notes due 2012

  -- Current Rating: Ba1 under review for possible downgrade

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

  -- Prior Rating Action: 19 March 2009, A2 placed under review
     for possible downgrade

(2) US$36,000,000 Class B Floating Rate Notes due 2012

  -- Current Rating: Ba3 under review for possible downgrade

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

  -- Prior Rating Action: 19 March 2009, Baa2 placed under review
     for possible downgrade

(3) US$28,000,000 Class C Floating Rate Notes due 2012

  -- Current Rating: B3 under review for possible downgrade

  -- Prior Rating: Ba2, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, Ba2 placed under review
     for possible downgrade

The Super Senior Swap remains under review for possible downgrade:

US$120,000,000 Senior Credit Default Swap related to the Sputnik
CDO 1 issuance

  -- Current Rating: A2, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, A2 placed under review
     for possible downgrade


STEKLO-PAK LLC: Creditors Must File Claims by April 20
------------------------------------------------------
Creditors of LLC Steklo-Pak (TIN 3123101607) (Glass Production)
have until April 20, 2009, to submit proofs of claims to:

         N. Yakubenko
         Insolvency Manager
         Post User Box 9
         Belgorod-36
         Russia

The Arbitration Court of Belgorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08–3546/2008–14B.

The Debtor can be reached at:

         LLC Steklo-Pak
         Dzgoyeva St. 4
         Belgorod
         Russia


SYKTYVDINSKIY WOOD: Under Bankruptcy Procedure
----------------------------------------------
The Arbitration Court of Komi will convene on Sept. 24, 2009, to
hear external management bankruptcy proceedings on LLC
Syktyvdinskiy Wood Enterprise.  The Case is docketed under No.
A29–7260/2008.

The External Insolvency Manager is:

         D. Chirkov
         Office 22
         Oktyabrskiy prospect 69
         Syktyvkar
         167001 Komi
         Russia

The Debtor can be reached at:

         LLC Syktyvdinskiy Wood Enterprise
         Koyty
         Syktyvdinskiy
         Komi
         Russia


VERKHNELENSKIY TIMBER: Creditors Must File Claims by April 20
-------------------------------------------------------------
Creditors of LLC Verkhnelenskiy Timber Plant (TIN 3824001872,
PSRN 1053827028617) have until April 20, 2009, to submit proofs of
claims to:

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

The Arbitration Court of Irkutskaya will convene on June 25, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A19–687/09–63.

The Debtor can be reached at:

         LLC Verkhnelenskiy Timber Plant
         Geologocheskaya St. 3a
         Zhigalova
         666400 Irkutskaya
         Russia


VICHUGSKIY BREAD-BAKING: Creditors Must File Claims by May 20
-------------------------------------------------------------
Creditors of OJSC Vichuginskiy Bread-Baking Factory (TIN
3701001174, PSRN 1023700509502) have until May 20, 2009, to submit
proofs of claims to:

         A. Ryabov
         Insolvency Manager
         Office 408
         15 proezd St. 4
         153006 Ivanovo
         Russia
         Tel: (4932) 47–54–41.

The Arbitration Court of Ivanovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A17–4313/2008–1B.

The Debtor can be reached at:

         OJSC Vichuginskiy Bread-Baking Factory
         Leningradskaya St. 3
         Vichuga
         Ivanovskaya
         Russia


ZHUKOVSKAYA FURNITURE: Bryanskaya Bankruptcy Hearing Set June 16
----------------------------------------------------------------
The Arbitration Court of Bryanskaya will convene at 10:00 a.m. on
June 16, 2009, to hear bankruptcy supervision procedure on OJSC
Zhukovskaya Furniture Factory (TIN 3212000939, PSRN
1023201736403).  The case is docketed under Case No. A09–
11857/2008.

The Temporary Insolvency Manager is:

         S. Savrasov
         2-ya Lezhnevskaya St.6
         153008 Ivanova
         Russia

The Debtor can be reached at:

         OJSC Zhukovskaya Furniture Factory
         Komsomolskaya St. 1
         Zhukovka
         242700 Bryanskaya
         Russia


* IRKUTSK OBLAST: S&P Cuts Long-Term Issuer Credit Rating to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term issuer credit rating on Irkutsk Oblast, located in
Eastern Siberia in the Russian Federation (foreign currency
BBB/Negative/A-3; local currency BBB+/Negative/A-2; Russia
national scale 'ruAAA'), to 'B' from 'B+' and removed it from
CreditWatch.  The outlook, which was stable before the CreditWatch
placement, is now negative.  The rating had been placed on
CreditWatch with negative implications on Oct. 29, 2008.

"The rating is constrained by the oblast's high refinancing risks,
limited financial flexibility, economic contraction, and rising
contingent liabilities," said Standard & Poor's credit analyst
Felix Ejgel.

Nevertheless, long-term economic growth potential and the
government's ability and willingness to take cost-cutting measures
to ensure timely debt repayment support the oblast's credit
quality.

Irkutsk Oblast faces high refinancing risks after its recourse to
short-term bank loans as a substitution for amortizing bonds in
the worsening capital markets in 2008.  The oblast's debt service
is consequently set to rise to 18% of operating revenues in 2009,
while market sentiment remains negative and debt refinancing is
becoming difficult and requires federal consent.

Moreover, the oblast's self-funding capacity is shrinking because
of the economic contraction.  Falling output, rising unemployment,
and ebbing profitability of the oblast's leading taxpayers will
likely result in a 50% drop in profit tax and a 5%-10% decrease in
the personal income tax base.  This shrinkage of profit and
personal income taxes will be partly compensated by transferring
revenues that had previously been allocated to municipal budgets
and consolidating them into the oblast budget.  Nevertheless, S&P
expects the oblast's operating revenues to reduce by 3%-4% in
2009.  Still, the high percentage of inflexible personnel-related
and interest spending will drag the operating balance to a
projected negative 2% of operating revenues.

As of March 23, 2009, Irkutsk Oblast's cash and committed credit
lines accounted for Russian ruble 1.4 billion (US$400 million),
which covers the oblast's debt service for the next two months.
Together with restricted cash (RUR3.4 billion), which can be used
to service debt obligations in emergencies, the oblast has enough
resources to repay its debts falling due in the next five months.

S&P's rating on the oblast factors in S&P's expectations that the
oblast will be able to accrue the funds needed to meet its
maturing debt obligations on a timely manner.

However, the negative outlook reflects S&P's expectation that the
Irkutsk Oblast's access to the market will remain limited due to
persistent negative market sentiment, while economic contraction
will continue to pressure the oblast's budgetary performance.

Should the oblast extend the maturity of its debt obligations or
improve budgetary performance thanks to higher-than-currently-
expected support from the federal government and cost-saving
measures, S&P could revise the outlook to stable.

"Conversely, the oblast's failure to secure timely debt repayment
in advance of maturities falling due because of revenue
shortfalls, delayed state support, poor liquidity in the capital
market, or larger-than-expected budget deficits financed with
short-term borrowings, could weigh negatively on the rating," said
Mr. Ejgel.


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


ATC ART: Creditors Must File Proofs of Claim by April 3
-------------------------------------------------------
Creditors owed money by JSC ATC Art are requested to file their
proofs of claim by April 3, 2009, to:

         JSC BDS Consulting
         Vordergasse 3
         8200 Schaffhausen
         Switzerland

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


CATS CONSULTING: Deadline to File Proofs of Claim Set April 3
-------------------------------------------------------------
Creditors owed money by LLC CATS Consulting are requested to file
their proofs of claim by April 3, 2009, to:

         JSC BDS Consulting
         Vordergasse 3
         8200 Schaffhausen
         Switzerland

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


CONSOGEO LLC: Deadline to File Proofs of Claim Set April 6
----------------------------------------------------------
Creditors owed money by LLC ConSoGeo are requested to file their
proofs of claim by April 6, 2009, to:

         Petra Zimmermann
         Segesserweg 2
         5000 Aarau
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 30, 2007.


DMK SCHWEIZ: April 3 Set as Deadline to File Claims
---------------------------------------------------
Creditors owed money by LLC DMK Schweiz are requested to file
their proofs of claim by April 3, 2009, to:

         Brigitte Grossi
         Fichtenwaldstrasse 32
         4142 Munchenstein
         Switzerland

The company is currently undergoing liquidation in Munchenstein.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 16, 2007.


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

         JSC Ferax Treuhand
         Letzigraben 89
         8040 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 16, 2008.


SINEDOL LLC: Creditors Have Until April 3 to File Claims
--------------------------------------------------------
Creditors owed money by LLC Sinedol are requested to file their
proofs of claim by April 3, 2009, to:

         Bahnhofstrasse 11
         8832 Wollerau
         Switzerland

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


TRAVELNETBOOKERS LLC: Creditors' Proofs of Claim Due by April 2
---------------------------------------------------------------
Creditors owed money by LLC Travelnetbookers are requested to file
their proofs of claim by April 2, 2009, to:

         Schluchtbachstrasse 9a
         4552 Derendingen
         Switzerland

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


UBS AG: Auction Rate Related Suit Junked on Earlier SEC Deal
------------------------------------------------------------
Lynnley Browning at The New York Times reports a federal judge has
dismissed a lawsuit brought against UBS AG by individual investors
who said it had misled them when it sold them auction rate
securities.

According to The NY Times, the judge, Lawrence M. McKenna of
United States District Court in Manhattan, ruled that the
investors were not entitled to continue their litigation because
UBS had reached a US$19.4 billion settlement in the matter in
August with the Securities and Exchange Commission and regulators
in several states.  The bank agreed to buy back nearly that amount
of securities as well as pay a fine, the report notes.

"Given that plaintiffs have availed themselves of the relief
provided for in the regulatory agreement, plaintiffs now cannot
allege out-of-pocket damages," Judge McKenna was quoted by
Bloomberg News as saying.

The case is In re UBS Auction Rate Securities Litigation, 08-cv-
2967, U.S. District Court, Southern District of New York
(Manhattan).

                         Profit Warning

Katharina Bart at Dow Jones reports analysts and investors expect
UBS to issue a profit warning and flag job cuts early in April.

"We expect a first-quarter 2009 profit warning from UBS as it
writes down some of its CHF5 billion monoline exposure and makes a
restructuring charge for letting go some 5,000 to 10,000 people,"
Dow Jones quoted Helvea analyst Peter Thorne as saying.

The report states UBS still holds US$5.34 billion in protection
from monoline insurers, which the bank originally bought in an
effort to insure against some types of losses but which has since
soured and could weigh on first-quarter profit.

                      Top U.S. Banker Ousted

UBS has placed its top private banker for the Americas, Martin
Liechti, on paid leave, The NY Times's Lynnley Browning reports
citing Dominique Gerster, a spokesman for UBS.

According to the report, Mr. Liechti was briefly detained in Miami
in May by federal authorities as the Justice Department widened
its inquiry into whether UBS had helped scores of Americans evade
taxes by hiding money overseas.  After the detention, Mr. Liechti
returned to Switzerland, the report says.

                       Swiss Privacy Laws

As reported in the Troubled Company Reporter-Europe on Mar. 6,
2009, Reuters said UBS refused to disclose the names of its
American clients suspected by U.S. authorities of using secret
Swiss bank accounts to dodge U.S. Taxes.

According to Reuters, Mark Branson, chief financial officer of UBS
Global Wealth Management and Swiss Bank, said at a Senate hearing
that the bank regrets breaking U.S. tax laws, but it does not
intend to hand over the client names being sought in a U.S.
Internal Revenue Service lawsuit.

"UBS has now complied ... to the fullest extent possible without
subjecting its employees to criminal prosecution in Switzerland,"
the news agency quoted Mr. Branson as saying.

Reuters related Mr. Branson called for a diplomatic resolution,
rather than protracted court proceedings, over the IRS efforts to
get data from UBS arguing the information sought is protected by
Swiss financial privacy laws.

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2009, the U.S. government filed a lawsuit in Miami against UBS.
The lawsuit asked the court to order the international bank to
disclose to the Internal Revenue Service (IRS) the identities of
the bank's U.S. customers with secret Swiss accounts.

According to the lawsuit, as many as 52,000 U.S. customers hid
their UBS accounts from the government in violation of the tax
laws.

At the Senate hearing, Mr. Branson confirmed there were about
47,000 accounts that UBS had for U.S. Clients, ABC News reported.

The government alleged in the lawsuit that of those 52,000 secret
accounts, about 20,000 contained securities and about 32,000
contained cash.  According to a UBS document filed with the
lawsuit, as of the mid-2000s, those secret accounts held about
US$14.8 billion in assets.  Court documents alleged that U.S.
citizens failed to report and pay U.S. income taxes on income
earned in those secret accounts.

According to the lawsuit, Swiss-based bankers actively marketed
UBS's services to wealthy U.S. customers within the United States.
UBS documents filed with the lawsuit show that UBS bankers came to
the United States to meet with U.S. clients nearly 4,000 times per
year, in violation of U.S. law.  According to court documents, the
government alleged that UBS trained its bankers to avoid detection
by U.S. authorities.  Court documents further asserted that many
U.S. contacts occurred through UBS-sponsored sporting and cultural
events, designed to appeal to extremely wealthy Americans.

The lawsuit alleged that UBS engaged in cross-border securities
transactions in the United States that it knew violated U.S.
security laws.  The lawsuit also alleged that UBS helped hundreds
of U.S. taxpayers set up dummy offshore companies, to make it
easier for those taxpayers to avoid their reporting obligations
under U.S. tax laws.

UBS later entered into a deferred prosecution agreement with the
Department of Justice pursuant to which UBS will pay US$180
million in disgorgement, as well as US$400 million in tax-related
payments.

Also last month, the U.S. Securities and Exchange Commission filed
an enforcement action against UBS charging the firm with acting as
an unregistered broker-dealer and investment adviser.

The SEC's complaint, filed in the U.S. District Court for the
District of Columbia, alleges that UBS's conduct facilitated the
ability of certain U.S. clients to maintain undisclosed accounts
in Switzerland and other foreign countries, which enabled those
clients to avoid paying taxes related to the assets in those
accounts.

UBS agreed to settle the SEC's charges by consenting to the
issuance of a final judgment that permanently enjoins UBS and
orders it to disgorge US$200 million.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


UBS AG: Moody's Cuts Rating on CHF50 Million Notes to 'Ca'
---------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of notes issued by UBS AG, Jersey Branch.

The transaction is a synthetic CDO referencing a managed pool of
corporate and sovereign names.

Moody's explained that the rating action taken is 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 and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

The rating action is:

UBS AG, Jersey Branch

(1) Series 6116 CHF50,000,000 Fixed Rate Notes due 2017

  -- Current Rating: Ca

  -- Prior Rating: Caa3

  -- Prior Rating Date: 24 November 2008, downgraded to Caa3 from
     A2


WILLI SCHMID: Creditors Must File Proofs of Claim by April 3
------------------------------------------------------------
Creditors owed money by LLC Willi Schmid Consulting are requested
to file their proofs of claim by April 3, 2009, to:

         Willi Schmid
         Herbrigstrasse 25
         5073 Gipf-Oberfrick
         Switzerland

The company is currently undergoing liquidation in Gipf-Oberfrick.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 9, 2009.


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


DOGAN YAYIN: Fitch Puts 'B+' Issuer Ratings on Negative Watch
-------------------------------------------------------------
Fitch Ratings has placed Turkey-based Dogan Yayin Holding's Long-
term local and foreign currency Issuer Default ratings of 'B+' on
Rating Watch Negative.

The RWN is based on the TRY862 million tax fine on the sale of 25%
Dogan TV Holding A.S. shares to Axel Springer and from the
"cautionary attachment" that was issued by the tax authorities on
DYH's stakes at its subsidiaries.  The cautionary attachment
relates to DYH's domestic bank accounts, the sale of its stakes in
Hurriyet Gazetecilik (66.56%; 'BB-' (BB minus)/RWN), Dogan
Gazetecilik (70.76%) and Dogan Burda (44.89%).  The share
certificates representing a 45.4% stake in Dogan TV Holding have
also been linked to the same cautionary attachment by the Tax
Office as collateral for the tax fine.  Fitch understands that the
company's day-to-day operations will not be affected by this, but
the agency is concerned that the media sector in Turkey is
becoming more politically sensitive.

While Fitch notes that, the claims of the tax office may be
reversed by the tax court, the TRY862 million fine would place a
significant extra burden on internal cash flow and would greatly
increase refinancing risk for the group in a worst case scenario.
Such an event, were it to occur, would require direct support from
Dogan Holding which currently has US$1 billion net cash on its
balance sheet.  If this support is not forthcoming, then DYH would
be downgraded to the 'CCC' category.  However Fitch notes that the
tax evasion charges by the tax authorities are expected to be
settled in court, as is the common practice.  This process can
take up to one year.  Citing a similar tax investigation on Petrol
Ofisi ('BB-' (BB minus)/Stable), another Dogan group company, and
regulatory fines imposed on the company for allegedly supplying
fuel to unlicensed dealers, Fitch notes that the actual cash
outflow was only a fraction of the tax penalty and the regulatory
fine was overturned by the courts in 2007.

The RWN also reflects Fitch's concern that de-leveraging might be
difficult to achieve in a significantly lower ad-spend environment
in 2009 and, possibly, in 2010 due to the expected contraction in
the Turkish economy.  Fitch notes that DYH applied to the Capital
Markets Board to increase its capital by TRY183 million in
November 2008, to be injected by Dogan Holding and Dogan Family,
that will be used to reduce leverage.

Fitch aims to resolve the RWN in the next six months following a
review of the group's annual results as well as further
information and clarity on the developments relating to the
cautionary attachment.


HURRIYET GAZETECILIK: Fitch Puts 'BB-' Ratings on Negative Watch
----------------------------------------------------------------
Fitch Ratings has placed Turkey-based newspaper group Hurriyet's
Long-term foreign and local currency Issuer Default ratings of
'BB-' (BB minus) on Rating Watch Negative.  The agency has also
placed Hurriyet's National Long-term rating of 'AA-(minus)(tur)'
on RWN.

The rating action follows the placing of parent company, Dogan
Yayin Holding on RWN, as per Fitch's methodology for parent and
subsidiary ratings.  Hurriyet is DYH's main operating subsidiary
in publishing and is the key driver of DYH's creditworthiness.
The RWN reflects the adverse impact on DYH of the TRY862 million
tax fine on the sale of 25% Dogan TV Holding shares to Axel
Springer and from the "cautionary attachment" that was issued by
the tax authorities on DYH.  Fitch notes that the tax fine cannot
be extended to the subsidiaries of DYH.  Therefore, Hurriyet's
assets or bank accounts are not subject to any attachment, charge,
or liens.


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


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

The Court is located at:

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

The Debtor can be reached at:

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


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: 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


* S&P Affirms 'CCC+' Issuer Rating on Ukraine's City of Lviv
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'CCC+' long-term issuer and 'uaBB' Ukraine national scale ratings
on the City of Lviv in Ukraine (foreign currency CCC+/Negative/C;
local currency B-/Negative/C; Ukraine national scale 'uaBBB').
The outlook is negative.

The ratings on Lviv reflect those on the sovereign.

"The ratings on the city also factor in its low financial
flexibility and the financial uncertainty arising from its
commitment to upgrade infrastructure to host several of the Union
of European Football Associations championship matches to be held
in Ukraine and Poland in 2012 (EURO 2012), which is resulting in
persistent high expenditure needs," said Standard & Poor's credit
analyst Boris Kopeykin.  "This might result in rapid debt
accumulation."

The economic slowdown, with weaker revenue collection, and the
city's weak liquidity position also constrain the ratings.

These negatives are offset by Lviv's importance as one of western
Ukraine's commercial centers, with a relatively strong and
diversified economy in the national context, and its low debt.

Lviv's financial predictability and flexibility are low, owing to
weak system support in Ukraine, including the central government's
fiscal controls over the city budget, and the city's dependence on
volatile state transfers.

The estimated cost of the EURO 2012 preparation program is
Ukrainian hryvnia 10 billion (about US$2 billion), which will be
shared by the city, the central government, and private investors.
The program might result in rapid debt accumulation as highlighted
by the city's recent decision to issue a UAH300 million bond to
finance the stadium construction.  Future debt-issuing plans are
less clear, but S&P forecast that the city's tax-supported debt
might exceed a high 70% of total revenues by year-end 2011, before
it starts decreasing.  However the city's direct debt as of
Jan. 1, 2009, stood at only 6% of operating revenues, and the
principal payments are due only in 2012.

As of March 17, 2009, the reserves of the city's general fund,
which is the only source of interest payments under Ukrainian
budget legislation, were only UAH7.6 million, or just slightly
less than the overall 2009 interest payment burden.

The negative outlook reflects that on Ukraine, as LRGs in Ukraine
are highly dependent on the central government's decisions on
their revenue and expenditure responsibilities, including high
dependence on transfers, and central government decisions on
salaries in the public sector.  It also incorporates S&P's
expectations of large-scale debt accumulation in 2010-2011, and
continued expenditure and liquidity pressures.

"If the city's liquidity position deteriorates further, either due
to weaker revenue collection, or, although S&P don't expect it
currently, if the city's new borrowings result in large foreign
currency risks or unexpectedly large debt service in the next one
to two years, S&P might lower the ratings," said Mr. Kopeykin.
"Further negative rating actions on Ukraine could also result in
similar actions on Lviv."

Positive rating actions on Lviv could follow positive actions on
Ukraine, when combined with improvement in the city's operating
balance to positive, and a stronger, more predictable liquidity
position, all other things being equal.


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


APOLLO DIRECT: Appoints Joint Administrators from KPMG
------------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint administrators of Apollo Direct Ltd. on March 18,
2009.

The company can be reached at:

         Apollo Direct Ltd.
         311 Middlemore Road
         Oldbury
         Birmingham
         B21 0AL
         England


APOLLO SUPERSTORES: Calls in Joint Administrators from KPMG
-----------------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint administrators of Apollo Superstores Ltd. on
March 18, 2009.

The company can be reached at:

         Apollo Superstores Ltd.
         311 Middlemore Road
         Oldbury
         Birmingham
         B21 0AL
         England


ARROW DISTRIBUTORS: Taps Joint Administrators from KPMG
-------------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint administrators of Arrow Distributors Ltd. on
March 18, 2009.

The company can be reached at:

         Arrow Distributors Ltd.
         Woodbury Lane
         Norton
         Worcester
         Worcestershire
         WR5 2AU
         England


BACH HOMES: Goes Into Administration; Harrisons Appointed
---------------------------------------------------------
Bach Homes Holdings Ltd has gone into administration, leaving
plans to redevelop the Grade II listed Locarno and Old Town Hall
in Swindon in doubt, BBC News reports.

BBC relates insolvency practitioner Harrisons has been appointed
to handle the company's administration process.

"If the economic climate hadn't have deteriorated the way it has
in the last six or nine months, I do believe the scheme would have
been underway," BBC quoted Swindon borough councillor Mike Bawden
as saying.

Bach Homes Holdings Ltd -- http://www.bachhomes.com/-- is a
developer based in Swindon.


BURLINGTON PRESS: Appoints Administrators from Tenon Recovery
-------------------------------------------------------------
Alexander Kinninmonth and Carl Stuart Jackson Tenon Recovery were
appointed joint administrators of The Burlington Press Ltd. on
March 4, 2009.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


CEVA GROUP: S&P Corrects Press Release; Downgrades Rating to 'B-'
-----------------------------------------------------------------
This article, the original version of which was issued on
March 23, 2009, has been republished to amend a previously
misstated issue rating on CEVA Group's subordinated debt appearing
in the third paragraph of the Rationale.  A corrected version
follows.

Standard & Poor's Ratings Services said that it lowered to 'B-'
from 'B' its long-term corporate credit rating on CEVA Group PLC,
the holding company for The Netherlands-based contract logistics
group Ceva Ltd.  This follows sharply deteriorating trading
prospects.  The outlook is stable.

At the same time, the senior secured debt rating on CEVA's
US$1.5 billion bank facilities on CEVA was lowered to 'B' from
'BB-', one notch above the corporate credit rating.  The recovery
rating is revised to '2' from '1, indicating S&P's expectation of
substantial (70%-90%) recovery in the event of a payment default.
In line with S&P's rating criteria, a recovery rating of '2'
results in a one-notch differential between the senior secured
debt facilities and the corporate credit rating.

In addition, the issue ratings on the group's senior secured
US$400 million second priority notes and senior unsecured
EUR505 million notes were lowered to 'CCC+' from 'B-', while the
issue rating on the group's subordinated EUR225 million notes was
lowered to 'CCC' from 'CCC+'.  The lowering of the issue ratings
are as a result of the downgrade of CEVA.  The recovery ratings on
the aforementioned debt issues are unchanged at '5', '5', and '6',
respectively, indicating S&P's expectations for modest (10%-30%)
recovery at level '5', and negligible (0-10%) recovery at level
'6', in the event of a payment default.

"The downgrade reflects our view that the group's weakening
operating performance, high leverage, and deteriorating market
conditions will place additional pressure on its financial risk
profile," said Standard & Poor's credit analyst Leigh Bailey.  "We
believe that there is substantial downside risk to trading
performance this year, which, in our view, could weaken liquidity
appreciably over the next 12 months if not adequately offset by
other measures.  Although S&P expects CEVA to meet its obligations
in 2009, the group's liquidity position could be vulnerable next
year in the face of a protracted economic downturn."

The group's trading performance was hit hard in the final quarter
of 2008, primarily as the result of a sharp reduction in auto
production rates and reduced transport volumes.  As a consequence,
group EBITDA fell 42% to EUR58 million and the EBITDA margin
decreased to 3.7% from 5.9%.  At the same time, liquidity weakened
in the quarter to EUR220 million, from EUR302 million at the end
of September 2008.

CEVA recently provided guidance for performance in the quarter
ended March 31, 2009, reflecting further material trading
deterioration.  CEVA expects EBITDA to be within a EUR27 million-
EUR37 million range in the first quarter of 2009, compared with
EBITDA of EUR72 million in the same period in 2008.  S&P is
particularly concerned by the group's exposure to the sharply
declining auto sector, at around 32% of revenues in 2008, and the
overall reduction in volumes of air freight activity.  S&P
anticipate that market conditions are unlikely to improve markedly
in these segments in 2009.

In light of the rate of decline in profits, and the adverse effect
on cash flow generation of weaker performance, CEVA has launched a
number of cost-reduction programs aimed at delivering more than
EUR100 million in savings in 2009.  The group also expects cash
generation to benefit from a reduced level of "one-off" costs –-
around EUR40 million-EUR50 million compared with EUR110 million in
2008 -– as well as a cutback in capital expenditure to about
EUR60 million in 2009 from EUR99 million in 2008.

CEVA's cost-saving programs and focus on reducing cash outflows
this year are material and could mitigate the weakening financial
situation to some degree.

In S&P's view, CEVA's liquidity buffer provides some scope for the
group's leveraged financial profile to weather the weakening
trading environment.  However, S&P has concerns that a prolonged
market downturn could threaten CEVA's liquidity position next
year.  The group's credit measures are also extremely weak and, in
S&P's view, unlikely to improve to levels in line with the 'B'
rating category, namely debt to EBITDA of 6x to 7x, over the next
12 months.

The ratings will come under further pressure if trading conditions
worsen to such an extent that CEVA continues to record sufficient
free cash outflows to weaken the available liquidity position.
Equally, the ratings could be further pressured if, in S&P's view,
the group were to become at risk of failing to comply with its
financial covenants.


CRANHAM GROUP: Appoints Joint Administrators from KPMG
------------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint administrators of Cranham Group Plc on March 18,
2009.

The company can be reached at:

         Cranham Group Plc
         Woodbury Lane
         Norton
         Worcester
         Worcestershire
         WR5 2AU
         England


DUNFERMLINE BUILDING: Parts of Business Transferred to Nationwide
-----------------------------------------------------------------
Upon the application of the Bank of England, the Court of Session
on Monday, March 30, appointed Richard Heis, Blair Nimmo, Mike
Pink and Richard Fleming of KPMG LLP as joint building society
special administrators of Dunfermline Building Society.

The administration follows the transfer of a substantial part of
the business of Dunfermline Building Society to Nationwide
Building Society by the Bank of England under the Special
Resolution Regime provisions of the Banking Act 2009.  The social
housing business been transferred to DBS Bridge Bank Limited set
up by the Bank of England.

On behalf of the joint administrators, Richard Heis said "We would
like to emphasize that all retail deposit accounts have been
transferred to the Nationwide and the social housing business to
the DBS Bridge Bank, and all their accounts will operate normally.
The society's core residential mortgage business and branch
network is also included in the transfer.  The administrators will
work with the Nationwide and DBS Bridge Bank Limited to support an
orderly transition of systems and data, and to allow them to
maintain business as usual to transferred depositors and
customers."

The administrators will realize the remaining assets of the
society, chiefly various commercial loans, some acquired mortgage
assets, and certain treasury assets with the assistance of
Nationwide, in order to maximize recovery for creditors, including
the Treasury.  All staff will be transferring to and working for
Nationwide.

BBC News discloses the remainder of the business -- risky assets
worth more than GBP900 million -- includes GBP648 million of
commercial property loans and GBP274 million of buy-to-let and
self-cert mortgages from defunct American finance house Lehman
Brothers and GMAC.

In a March 30 release, the Bank of England said that the decision
to transfer parts of Dunfermline's business to Nationwide is
designed to protect depositors and safeguard financial stability.
It follows a significant deterioration in Dunfermline's financial
position.  The FSA determined on Saturday, March 28, that
Dunfermline was likely to fail to meet the FSA's threshold
conditions for authorization and that there was no other option
available which would have enabled the company to satisfy the
threshold conditions.

The bank said the HM Treasury has concluded that if the transfer
powers had not been exercised, Dunfermline would be unable to
satisfy depositors' claims against it.  It concluded that an
injection of funds by the taxpayer would not be likely to provide
value for money and would not provide a sustainable and lasting
solution to the problems faced by the society.

The Treasury has made a payment to Nationwide to cover the
liabilities that are not covered by the assets that Nationwide is
also acquiring.  In return, the Treasury has acquired rights in
respects of the proceeds of the wind-down and realization of the
assets of the administration estate, and is entitled to a claim on
the Financial Services Compensation Scheme (FSCS) as outlined in
Section 214B of the Financial Services and Markets Act 2000.

According to BBC, the Treasury will take on about GBP1.5 billion
of commercial property lending and acquired mortgage debt under
the deal.

BBC recalls Dunfermline was put up for sale after incurring losses
of GBP26 million.

BBC notes Chancellor Alistair Darling had said Dunfermline would
have needed between GBP60 million and GBP100 million to keep it
going because of its exposure to risky assets.

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


GAD LTD: Taps Joint Administrators from KPMG
--------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint administrators of GAD Ltd. on March 18, 2009.

The company can be reached at:

         311 Middlemore Road
         Birmingham
         B21 0AL
         England


GREAT HALL: S&P Lowers Ratings on Three Tranches to 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
three series issued by Great Hall Mortgages No. 1 PLC.
Specifically, S&P lowered and placed on CreditWatch negative its
ratings on four tranches and placed 15 tranches on CreditWatch
negative.  The 'AAA' ratings on the class A notes issued in each
series remain unaffected.

The lowering of the rating on the class E notes in each series and
the CreditWatch placements follow deteriorating collateral
performance and S&P's expectation of increasing losses within each
series.  In recent quarters, the fall in U.K. house prices and the
effect of depressed sale prices on repossessions has led to
increased losses and loss severities for all three transactions.

The reserve funds for series 2007-1 and series 2007-2 are
currently 83.9% and 82.4% of the required amounts, respectively.
The reserve fund for series 2006-1 is currently at its required
amount.  However, in S&P's opinion, further losses will place
pressure on the cash flows and could lead to a reserve fund draw
in June 2009.

Cumulative losses increased to 0.36% in March 2009 from 0.19% in
December 2009 in series 2006-1, to 0.66% from 0.36% in series
2007-1 and to 0.47% from 0.17% in series 2007-2.  Loss severities
are 28.8% in series 2006-1, 29.5% in series 2007-1, and 28.4% in
series 2007-2.  S&P expects further losses in coming quarters and
increasing loss severities for all three series.

                           Ratings List

                  Great Hall Mortgages No. 1 PLC
       EUR280 Million and GBP275.2 Million Mortgage-Backed
                 Floating-Rate Notes Series 2006-1

        Rating Lowered and Placed on CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              Ea         B+/Watch Neg          BB

              Ratings Placed on CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              Ca         A-/Watch Neg          A-
              Cb         A-/Watch Neg          A-
              Da         BBB-/Watch Neg        BBB-
              Db         BBB-/Watch Neg        BBB-

               GBP413.6 Million and EUR646.9 Million
         Mortgage-Backed Floating-Rate Notes Series 2007-1

         Rating Lowered and Placed on CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              Ea         B/Watch Neg           BB

              Ratings Placed on CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              Ba         AA/Watch Neg          AA
              Bb         AA/Watch Neg          AA
              Ca         A-/Watch Neg          A-
              Cb         A-/Watch Neg          A-
              Da         BBB-/Watch Neg        BBB-
              Db         BBB-/Watch Neg        BBB-

       GBP372.5 Million, US$600 Million and EUR110.1 Million
        Mortgage-Backed Floating-Rate Notes Series 2007-2

        Ratings Lowered and Placed On CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              Ea         B/Watch Neg           BB
              Eb         B/Watch Neg           BB

               Ratings Placed on CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              Ba         AA/Watch Neg          AA
              Ca         A/Watch Neg           A
              Cb         A/Watch Neg           A
              Da         BBB/Watch Neg         BBB
              Db         BBB/Watch Neg         BBB


HERITAGE STAIRLIFTS: Appoints Administrators from Grant Thornton
----------------------------------------------------------------
John Neville Whitfield and David John Dunckley of Grant Thornton
UK LLP were appointed joint administrators of Heritage Stairlifts
Ltd. on March 18, 2009.

The company can be reached at:

         Heritage Stairlifts Ltd.
         5 Elm Cottages
         Upper Dicker
         East Sussex
         BN27 3QD
         England


ISLAND HARBOUR: Names Joint Administrators from BDO
---------------------------------------------------
Andrew David Beckingham of BDO Stoy Hayward LLP were appointed
joint administrators of Island Harbour Holdings Ltd. on March 16,
2009.

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

         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         Hampshire
         SO14 3TL
         England


SKIPTON BUILDING: Fitch Affirms Support Rating Floor at 'BB'
------------------------------------------------------------
Fitch Ratings has affirmed Skipton Building Society's Long-term
Issuer Default Rating of 'A', removed the Rating Watch Negative
placed on November 3, 2008, and assigned a Negative Outlook to the
Long-term IDR.  At the same time, the agency has also affirmed
Skipton's Short-term IDR at 'F1', Individual Rating at 'B/C',
Support Rating at '3' and Support Rating Floor at 'BB'.  Skipton's
senior unsecured notes are rated 'A+' while its subordinated notes
and permanent interest-bearing shares are rated 'A-' (A minus).
The rating action has no impact on the 'AAA'-rated covered bonds
issued by the society.

The rating action follows the completion of Skipton's merger with
the smaller Scarborough Building Society.  The Negative Outlook
reflects the potential integration risks of the merger and the
risks to profitability within the group amid a worsening economic
environment.  The ratings also reflect the operational risks
inherent in Skipton's business model.  The Long-term IDR could be
downgraded if asset quality deteriorates more rapidly, absorbing a
larger proportion of pre-impairment operating profit than its
similarly-rated peers.

Fitch recognizes the strategic fit of the two merged entities,
which includes economies of scale that can be realized by
combining the two North Yorkshire societies and their
subsidiaries, especially their mortgage servicing subsidiaries.
Based on financial year-end figures (Skipton 31 December 2008,
Scarborough April 30, 2008), Skipton's loan book would grow 22.9%,
with combined total assets of around GBP16.5 billion.  Skipton's
Tier 1 capital ratio will remain good but is likely to reduce
moderately on the merger completion date.

The overall asset quality of both societies is acceptable.
Skipton is exposed to small but riskier specialist lending through
its Amber Home Loans subsidiary, while Scarborough also has some
exposure to similar specialist mortgages, which will result in a
combined group exposure to high LTV self-cert and adverse lending
of around 15%.  Most arrears have occurred in these exposures.
Skipton stopped acquiring mortgage books in H107, and has not
originated any loans through AHL since summer 2008.  Although
Fitch expects further deterioration in asset quality, the agency
takes some comfort from the society's strong arrears management
processing and the group's ability to generate a sufficient pre-
impairment operating profit.

In 2008, Skipton's pre-tax profit declined to GBP22.5 million
(2007: GBP163.9 million) following a weakening of the UK housing
market and economic climate.  In the past, the majority of
Skipton's earnings were contributed by its estate agency and
mortgage servicing subsidiaries.  The estate agency's more
moderate underlying pre-tax profit in 2008 was supplemented by the
sale of the remainder of a stake in the property website,
Rightmove, which generated a profit of GBP22.3 million. In 2008,
pre-tax profit was negatively impacted by a loan impairment charge
of GBP34.6 million (2007: GBP5.4 million), largely relating to
specialist lending exposure at AHL, as well as a GBP11.5m
impairment charge related to the society's Icelandic bank
exposure, and the full three year GBP16.3 million Financial
Services Compensation Scheme levy.  Fitch believes the estate
agency subsidiary is likely to make a significantly lower
contribution to earnings in the foreseeable future until
transaction volumes pick up.  Fitch also believes that pressure on
margins is likely to be maintained in the low interest rate
environment, especially given the necessity to hold larger volumes
of shorter-term liquid assets.

Skipton continued to grow its retail deposits in 2008 and customer
deposits more than matched total loans at end-2008.  The funding
and liquidity situation in the combined entity is also good.
Skipton now has a national network of 90 branches.  It is a
diversified group with 22 principal subsidiaries including estate
agency, mortgage servicing, financial services and data services.


VISTEON CORP: UK Affiliate Commences Insolvency Proceedings
-----------------------------------------------------------
Visteon Corporation says Visteon UK Limited, a company organized
under the laws of England and Wales and an indirect, wholly-owned
subsidiary of the Company, filed on March 31, 2009, for
administration under the United Kingdom Insolvency Act of 1986
with the High Court of Justice, Chancery division in London,
England.

The UK Administration does not include the Company or any of the
Company’s other subsidiaries.

The UK Administration was initiated in response to continuing
operating losses of the UK Debtor and mounting labor costs and
their related demand on the Company's cash flows.

Under the UK Administration, the UK Debtor will likely be run
down.  The UK Debtor has operations in Enfield, UK, Basildon, UK,
and Belfast, UK and recorded sales of US$250 million for the year
ended December 31, 2008.  The UK Debtor had total assets of US$153
million as of December 31, 2008.

                       About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.

                          *     *     *

As reported by the Troubled Company Reporter on February 27, 2009,
Visteon, for fourth quarter 2008, posted a net loss of
US$328 million on sales from continuing operations of US$1.7
billion.  For fourth quarter 2007, Visteon reported a net loss of
US$43 million on sales of US$2.9 billion.  For the full year 2008,
Visteon reported a net loss of US$663 million on sales of
US$9.5 billion compared with a net loss of US$372 million on sales
of US$11.3 billion for full year 2007.

As of Dec. 31, 2008, Visteon had US$5.26 billion in total assets,
US$1.71 billion in current liabilities, US$2.61 billion in long-
term debt.  Visteon also had US$627 million in employee benefit
obligations, including pension obligations; US$404 million in
postretirement benefits other than pensions; US$139 million in
deferred income tax obligations; US$365 million in other non-
current liabilities; and US$264 million in minority interests in
consolidated subsidiaries.  Visteon has an US$869 million
shareholders' deficit.

As reported by the Troubled Company Reporter on March 31, 2009,
Moody's Investors Service lowered Visteon's Probability of Default
and Corporate Family Ratings to Caa3 and Ca, respectively.  In a
related action, Moody's also lowered the ratings of Visteon's
senior secured term loan to Caa2 from B3, unguaranteed senior
unsecured notes to C from Caa3, and guaranteed senior unsecured
notes to Ca from Caa2.  Visteon's Speculative Grade Liquidity
Rating was also lowered to SGL-4 from SGL-3.  The outlook remains
negative.

On March 11, Fitch Ratings downgraded the Issuer Default Rating of
Visteon Corporation to 'C' from 'CC', indicating that a default
was imminent or inevitable.  The ratings were removed from Rating
Watch Negative, where they were placed on Dec. 11, 2008.

The TCR said on Jan. 14, 2009, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Visteon Corp. to
'CCC' from 'B-' and removed all the ratings from CreditWatch,
where they had been placed on Nov. 13, 2008, with negative
implications.  The outlook is negative.  At the same time, S&P
also lowered its issue-level ratings on the company's debt.


VISTEON CORP: Obtains May 30 Waiver Under Credit Facilities
-----------------------------------------------------------
Visteon Corporation has reached agreements with its lenders for
temporary waivers and amendments to its primary secured credit
facilities while continuing to address its capital structure.  The
company also said it is engaged in discussions with customers to
address its liquidity and capital requirements.

Specifically, effective March 31, 2009, the Company entered into
limited waivers and amendments to these agreements:

   -- The Amended and Restated Credit Agreement, dated as of
      April 10, 2007 -- Term Credit Agreement -- among the
      Company, certain of its subsidiaries, the lenders, Credit
      Suisse Securities (USA) LLC and Sumitomo Mitsui Banking
      Corporation, as co-documentation agents, Citicorp USA, Inc.,
      as syndication agent, JPMorgan Chase Bank, N.A., as
      administrative agent, and J.P. Morgan Securities Inc. and
      Citigroup Global Markets Inc. as joint lead arrangers and
      joint bookrunners;

   -- The Credit Agreement, dated as of August 14, 2006 -- ABL
      Credit Agreement -- among the Company, certain of its
      subsidiaries, the lenders, and JPMorgan Chase Bank, N.A., as
      Administrative Agent; and

   -- The Master Receivables Purchase & Servicing Agreement, dated
      as of August 14, 2006 and as amended and restated as of
      October 29, 2008 -- Securitization Agreement – among
      Visteon UK Limited, Visteon Deutschland GmbH, Visteon
      Sistemas Interiores Espana S.L.U., Cadiz Electronica S.A.U.,
      Visteon Portuguesa Limited, VC Receivables Financing
      Corporation Limited, Visteon Electronics Corporation,
      Visteon Financial Centre P.L.C., The Law Debenture Trust
      Corporation P.L.C., Citibank, N.A., Citibank International
      Plc, Citicorp USA, Inc., and the Company and the related
      securitization agreements.

Pursuant to the Limited Waiver to the Term Credit Agreement, the
potential default relating to the inclusion of an explanatory
paragraph in the report of the Company's independent registered
public accounting firm indicating substantial doubt about the
Company's ability to continue as a going concern is waived until
May 30, 2009, and the Company is required to complete certain
collateral disclosure and perfection matters within certain
periods following effectiveness or the Term Waiver may be
terminated prior to May 30, 2009 and certain other Events of
Default may occur.

The Company also entered into a letter agreement, effective as of
March 31, 2009, with an ad hoc committee of lenders under its
senior secured term loan.  The Letter Agreement requires, among
other things, that the Company and it subsidiaries to provide
access to management, as well as certain analysis and reports to
the Ad Hoc Committee.  The agreement also requires the Company and
its subsidiaries in North America and Europe to maintain a balance
of cash and cash equivalents of at least US$335.1 million on a
consolidated basis, and requires the Company and its subsidiaries
in North America to maintain a balance of cash and cash
equivalents of at least US$193.5 million on a consolidated basis.
The Letter Agreement provides that the failure to comply with any
of its terms will cause termination of the Term Waiver prior to
May 30, 2009 and certain other Defaults or Events of Default may
occur.

Pursuant to the Fourth Amendment and Limited Waiver to the Credit
Agreement and Amendment to Security Agreement, the Going-Concern
Default is waived until May 30, 2009, and the Company is required
to complete certain collateral disclosure and perfection matters
within certain periods following effectiveness or the ABL Waiver
may be terminated at the discretion of the Administrative Agent.
The ABL Waiver also makes several amendments to the ABL Credit
Agreement, including:

   * Increasing the interest rate applicable to borrowing and
     commitment fees payable thereunder;

   * Eliminating the availability of swingline loans and
     overadvances;

   * Restricting future borrowings or the issuance of any new
     letters of credit if such borrowing or letter of credit would
     cause the amount of the Company's cash and cash equivalents
     in the U.S. to exceed US$100 million, excluding amounts held
     in certain designated collateral accounts;

   * Requiring the Company to maintain cash and cash equivalents
     in a certain designated deposit or securities account in
     amount that at least equals the amount borrowed plus letters
     of credit issued under the ABL Credit Agreement; and

   * Ensuring that only a certain amount of cash and cash
     equivalents are held in accounts that are not subject to
     control agreements securing outstanding amounts under the ABL
     Credit Agreement.

Pursuant to the Conditional Waiver to the Securitization
Agreement, the Going-Concern Default is waived until June 29,
2009.  The Securitization Waiver also makes several amendments to
the Securitization Agreement, including:

   * Decreasing the variable funding facility limit to
     US$200 million;

   * Increasing the borrowing rates and commitment fees payable
     thereunder;

   * Increasing certain reserves;

   * Requiring notification to customers by Visteon of the sales
     of certain receivables and re-direction of customer payments
     to special purpose segregated accounts;

   * Increasing the frequency of borrowing base and other
     reporting and settlement periods;

   * Giving the agent discretion to access receivables
     collections; and

   * Requiring further amendments from May 31, 2009, that would
     require customers whose receivable have been sold under the
     program to make payment thereon directly to the lenders.

Visteon remains in active discussions with its lenders regarding
the restructuring of the company's capital structure.

Additionally, Visteon is continuing discussions with its customers
including Chrysler, Ford, GM, Honda, Hyundai, Nissan, PSA and
Renault, regarding support and cooperation to assist the company
in managing through the current environment.  However, there can
be no assurance that agreements regarding any such restructuring
will be obtained.

"Visteon remains focused on driving improvement throughout our
operations despite the turbulent production environment," said
Chairman and CEO Donald J. Stebbins.  "We appreciate the
involvement and support of our lenders and customers in that
effort, along with the ongoing commitment of our global suppliers
and employees."

                       About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.

                          *     *     *

As reported by the Troubled Company Reporter on February 27, 2009,
Visteon, for fourth quarter 2008, posted a net loss of
US$328 million on sales from continuing operations of US$1.7
billion.  For fourth quarter 2007, Visteon reported a net loss of
US$43 million on sales of US$2.9 billion.  For the full year 2008,
Visteon reported a net loss of US$663 million on sales of
US$9.5 billion compared with a net loss of US$372 million on sales
of US$11.3 billion for full year 2007.

As of Dec. 31, 2008, Visteon had US$5.26 billion in total assets,
US$1.71 billion in current liabilities, US$2.61 billion in long-
term debt.  Visteon also had US$627 million in employee benefit
obligations, including pension obligations; US$404 million in
postretirement benefits other than pensions; US$139 million in
deferred income tax obligations; US$365 million in other non-
current liabilities; and US$264 million in minority interests in
consolidated subsidiaries.  Visteon has an US$869 million
shareholders' deficit.

As reported by the Troubled Company Reporter on March 31, 2009,
Moody's Investors Service lowered Visteon’s Probability of Default
and Corporate Family Ratings to Caa3 and Ca, respectively.  In a
related action, Moody's also lowered the ratings of Visteon's
senior secured term loan to Caa2 from B3, unguaranteed senior
unsecured notes to C from Caa3, and guaranteed senior unsecured
notes to Ca from Caa2.  Visteon's Speculative Grade Liquidity
Rating was also lowered to SGL-4 from SGL-3.  The outlook remains
negative.

On March 11, Fitch Ratings downgraded the Issuer Default Rating of
Visteon Corporation to 'C' from 'CC', indicating that a default
was imminent or inevitable.  The ratings were removed from Rating
Watch Negative, where they were placed on Dec. 11, 2008.

The TCR said on Jan. 14, 2009, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Visteon Corp. to
'CCC' from 'B-' and removed all the ratings from CreditWatch,
where they had been placed on Nov. 13, 2008, with negative
implications.  The outlook is negative.  At the same time, S&P
also lowered its issue-level ratings on the company's debt.


VISTEON CORP: Files Annual Report; PwC Issues Going Concern Doubt
-----------------------------------------------------------------
Visteon Corporation delivered on March 31, 2009, to the Securities
and Exchange Commission its Annual Report on Form 10-K for the
year ended December 31, 2008.

Visteon posted a net loss of US$681 million for year 2008 on net
sales of US$9.07 billion, compared to US$372 million in 2007 on
net sales of US$10.7 billion.

As of Dec. 31, 2008, Visteon had US$5.24 billion in total assets;
US$4.27 billion in total current liabilities, US$65 million in
long-term debt, and US$1.31 billion employee, pension and other
postretirement benefit obligations.  Visteon had US$887 billion in
shareholders' deficit as of December 31.

Pursuant to affirmative covenants contained in the agreements
associated with the Company's senior secured facilities and
European Securitization, Visteon is required to provide audited
annual financial statements within a prescribed period of time
after the end of each fiscal year without a "going concern" audit
report or like qualification or exception.

On March 31, 2009, PricewaterhouseCoopers LLP, the Company's
independent registered public accounting firm included an
explanatory paragraph in its audit report on the Company's 2008
consolidated financial statements indicating substantial doubt
about the Company's ability to continue as a going concern.  The
receipt of such an explanatory statement constitutes a default
under the Facilities.

Visteon is exploring various strategic and financing alternatives
and has retained legal and financial advisors to assist in this
regard.  The Company has commenced discussions with lenders under
the Facilities, including an Ad Hoc Committee of lenders regarding
the restructuring of the Company's capital structure.
Additionally, the Company has commenced discussions with certain
of its major customers to address its liquidity and capital
requirements.

Visteon says any restructuring may affect the terms of the
Facilities, other debt and common stock and may be affected
through negotiated modifications to the related agreements or
through other forms of restructurings, including under court
supervision pursuant to a voluntary bankruptcy filing under
Chapter 11 of the U.S. Bankruptcy Code.  There can be no assurance
that an agreement regarding any such restructuring will be
obtained on acceptable terms with the necessary parties or at all.
If an acceptable agreement is not obtained, an event of default
under the Facilities would occur as of the expiration of the
Waivers, excluding any extensions thereof, and the lenders would
have the right to accelerate the obligations thereunder.
Acceleration of the Company's obligations under the Facilities
would constitute an event of default under the senior unsecured
notes and would likely result in the acceleration of these
obligations as well.  In any such event, the Company may be
required to seek protection under Chapter 11 of the U.S.
Bankruptcy Code.

As reported in today's Troubled Company Reporter, the Company
entered into amendments and waivers with the lenders under its
Facilities, which provide for waivers of the defaults for limited
periods of time.

A full-text copy of Visteon's 2008 Annual Report is available at
no charge at http://ResearchArchives.com/t/s?3aee

                       About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.

                          *     *     *

As reported by the Troubled Company Reporter on March 31, 2009,
Moody's Investors Service lowered Visteon’s Probability of Default
and Corporate Family Ratings to Caa3 and Ca, respectively.  In a
related action, Moody's also lowered the ratings of Visteon's
senior secured term loan to Caa2 from B3, unguaranteed senior
unsecured notes to C from Caa3, and guaranteed senior unsecured
notes to Ca from Caa2.  Visteon's Speculative Grade Liquidity
Rating was also lowered to SGL-4 from SGL-3.  The outlook remains
negative.

On March 11, Fitch Ratings downgraded the Issuer Default Rating of
Visteon Corporation to 'C' from 'CC', indicating that a default
was imminent or inevitable.  The ratings were removed from Rating
Watch Negative, where they were placed on Dec. 11, 2008.

The TCR said on Jan. 14, 2009, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Visteon Corp. to
'CCC' from 'B-' and removed all the ratings from CreditWatch,
where they had been placed on Nov. 13, 2008, with negative
implications.  The outlook is negative.  At the same time, S&P
also lowered its issue-level ratings on the company's debt.

                *********

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
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Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$625 per half-year,
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of the same firm for the term of the initial subscription or
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contact Christopher Beard at 240/629-3300.


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