TCREUR_Public/090403.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, April 3, 2009, Vol. 10, No. 66

                            Headlines

A U S T R I A

AIRTOOL LLC: Claims Registration Period Ends April 20
ART DEKOBAU: Claims Registration Period Ends April 23
ASTL & KOERBER: Claims Registration Period Ends April 23
FINANZ CONSULTING: Claims Registration Period Ends April 30
HOELBFER & KOEHLER: Claims Registration Period Ends April 22

ORGELBAU KALTENBRUNNER: Claims Registration Ends April 30
QUINTANILLA LLC: Claims Registration Period Ends April 30
RAIFFEISEN ZENTRALBANK: Moody's Cuts Fin'l Strength Rating to 'D+'
ZAHNLABOR HUEGL: Claims Registration Period Ends April 20


F I N L A N D

UPM-KYMMENE CORP: S&P Cuts Long-Term Issuer Credit Rating to 'BB+'


G E R M A N Y

ASTA SERVICE: Claims Registration Period Ends May 8
CRS GASTRO: Claims Registration Period Ends May 3
DREAMPOOL. TV GMBH: Claims Registration Period Ends May 10
HENCH THERMOPLAST: Claims Registration Period Ends May 14
HSH NORDBANK: Moody's Junks Tier-1 Instruments Rating from 'Baa1'

HYPO REAL: S&P Downgrades Ratings on Tier 1 Instruments to 'C'
QIMONDA AG: Munich Court Opens Insolvency Proceedings
TUI AG: S&P Changes Outlook to Negative; Affirms 'B+' Rating
WOB GMBH: Claims Registration Period Ends May 1


G R E E C E

EXCEL MARITIME: Obtains Waivers, Secures Equity Infusion


H U N G A R Y

HUNGARIAN STATE: S&P Cuts Long-Term Issuer Credit Rating to 'BB'


I C E L A N D

SPRON: MP Banki Inks Deal to Buy Branch Network and Online Unit


I R E L A N D

CAMBER 4: S&P Junks Ratings on Class A3 and Class B Notes
DUNCANNON CRE: Fitch Junks Ratings on Eight Classes of Notes
PALMER SQUARE: S&P Junks Ratings on Four Classes of Notes
QUALCERAM SHIRES: Goes Into Receivership; Ernst & Young Appointed
STARLING FINANCE: S&P Junks Rating on EUR20 Mil. Notes from 'B-'

* IRELAND: Corporate Insolvencies Soar to 365 in First Qtr. 2009


I T A L Y

BANCA DI CREDITO: S&P Affirms 'BB/B' Counterparty Credit Ratings
BANCA ITALEASE: Deferred Coupon Payments Cue Fitch's Junk Rating
CHRYSLER LLC: Chrysler-Fiat Combination an "Impossible Goal"


K A Z A K H S T A N

AINA TV JSC: Creditors Must File Claims by May 8
ALLIANCE BANK: Likelihood of Default Cues Moody's Junk Rating
BALAPAN OJSC: Creditors Must File Claims by May 8
INDUSTRIYA SERVICE: Creditors Must File Claims by May 8
INVEST STROY: Creditors Must File Claims by May 8

JAS KURYLYS LLP: Creditors Must File Claims by May 8
PALMIRA-2006 LLP: Creditors Must File Claims by May 8
TRANSIT TAIRA: Creditors Must File Claims by May 8
VOSTOK GEO: Creditors Must File Claims by May 8


K Y R G Y Z S T A N

AILEN-K LLC: Creditors Must File Claims by April 10
KEMENGER SERVICE: Creditors Must File Claims by April 10


N E T H E R L A N D S

ABN AMRO: S&P Affirms 'BB' Rating on Junior Subordinated Notes
GOLDEN TULIP: Declining Occupancy Rates Spur Receivership Request
MOTIF CAPITAL: S&P Withdraws 'CCC' Rating on 2006-1 Notes
SCEPTRE CAPITAL: S&P Withdraws 'CCC' Rating on 2005-7 Notes


R U S S I A

AGRO-STROY-MONTAZH LLC: Creditors Must File Claims by May 20
AK BARS: Fitch Downgrades Individual Rating to 'D/E'
BAKARITSA-METALL LLC: Creditors Must File Claims by April 20
COMSTAR UNITED: S&P Puts 'BB' Corporate Ratings on Negative Watch
DALCOMBANK: Fitch Puts 'B+' LT Issuer Rating on Watch Negative

KONSTRUKTSIYA-1 LLC: Bankruptcy Hearing Set July 27
KYRSK FOUNDRY LLC: Kursk Bankruptcy Hearing Set August 19
MEKHANIK CJSC: Creditors Must File Claims by April 20
MOBILE TELESYSTEMS: S&P Puts 'BB' Corp. Rating on Negative Watch
MOSCOW BANK: Fitch Puts 'B+' LT Issuer Rating on Negative Watch

PROM-STROY-4 LLC: Creditors Must File Claims by May 20
SEVERSKAYA TRANSPORTATION: Creditors Must File Claims by May 20
SISTEMA: Inks Deal to Acquire Controlling Stakes in Bashkir Oil
SISTEMA: S&P Puts 'BB' Corporate Rating on Negative Watch
SISTEMA-HALS JSC: Fitch Puts 'B' Issuer Ratings on Negative Watch

STEKLO-TEKH LLC: Court Names Temporary Insolvency Manager
STROY-INVEST LLC: Creditors Must File Claims by April 20
TEKH-MASH-STROY LLC: Creditors Must File Claims by April 20

* Fitch Affirms 'D' Individual Ratings on Seven Russian Banks


S P A I N

SA NOSTRA: Fitch Assigns Low-B Ratings on Series C and D Notes
SANTANDER HIPOTECARIO: Fitch Puts 'C'-Rated Class F Notes on RWN
SANTANDER HIPOTECARIO: S&P Cuts Ratings on Class C Notes to 'BB'
TDA CAM: Fitch Cuts Ratings on Three Classes of Notes to Low-B


S W E D E N

FORD MOTOR: Peter Horbury to Return to Volvo as Design VP


S W I T Z E R L A N D

JORDAN MOTORS: Creditors Must File Proofs of Claim by April 6
HOTEL CAPRICE: Deadline to File Proofs of Claim Set April 9
LA FE: Creditors Have Until April 8 to File Claims
MULLER & PANTHER: Proof of Claim Filing Deadline is April 9
QUASO LLC: Creditors' Proofs of Claim Due by April 8

RUBY'S BOUTIQUE: April 8 Set as Deadline to File Claims
SAKURA LLC: Creditors Must File Proofs of Claim by April 6
SCHATTIGCENTER LLC: Deadline to File Proofs of Claim Set April 6
STATION CUT: Creditors Have Until April 8 to File Claims
TARNUTZER & PARTNER: Proof of Claim Filing Deadline is April 14


T U R K E Y

EREGLI DEMIR: Moody's Downgrades Corporate Family Rating to 'B2'


U K R A I N E

BOBRINETS MOTORCAR: Creditors Must File Claims by April 12
CENTROGROUP INFO: Creditors Must File Claims by April 13
LUGANSK MACHINE-TOOL: Creditors Must File Claims by April 12
MAZURKEVICH AGRICULTURAL: Creditors Must File Claims by April 12
SPECTOR LLC: Creditors Must File Claims by April 13

UKRINFO-STAR LLC: Creditors Must File Claims by April 13


U N I T E D   K I N G D O M

ANTHRACITE EURO: Fitch Junks Ratings on Three Classes of Notes
CARLISLE CASTLE: S&P Assigns 'BB' Rating on Class D Notes
CATTLES PLC: Claims Against Subsidiaries May Be Subordinated
CATTLES PLC: May Make GBP700 Mln Additional Impairment Provisions
COMMERCECOINZ LTD: Creditors Have Until April 9 to Submit Claims

CORNERSTONE TITAN: Fitch Junks Rating on GBP10.3 Mln Class G Notes
DSL REALISATIONS: Appoints Joint Liquidators from BDO
ELITE TILES: Appoints Joint Administrators from Smith & Williamson
ENSOR HOLDINGS: Puts Hawkins-Salmon Into Administration
ENTERTAINMENT RIGHTS: In Administration; Trading Subsidiaries Sold

EUROPEAN INTERTRADE: Creditors Have Until April 9 to Submit Claims
LUPUS CAPITAL: Defaults on Debt Facility, In Talks with Lenders
MARCONI CORPORATION: Scheme of Arrangement Meetings Set May 19
MARCONI PLC: Scheme of Arrangement Meetings Set May 19
NORTH RIDING: Taps Joint Liquidators from Tenon Recovery

ONE MARKET: Creditors Have Until April 9 to Submit Claims
PAYMENT INTERTRADE: Creditors Have Until April 9 to Submit Claims
S. BAKER BUILDING: Brings in Joint Liquidators from Tenon Recovery
SECURETELLER LTD: Creditors Have Until April 9 to Submit Claims
TWO RIGHT: In Administration; KPMG Appointed

* BOOK REVIEW: How To Measure Managerial Performance


                         *********


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


AIRTOOL LLC: Claims Registration Period Ends April 20
-----------------------------------------------------
Creditors owed money by LLC Airtool (FN 104575m) have until
April 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Reinhard Schwarzkogler
         Marktplatz 2
         4650 Lambach
         Austria
         Tel: 07245/21708-0
         Fax: 07245/21708-20
         E-mail: office@lawmaster.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:20 p.m. on April 30, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Lambach, Austria, the Debtor declared bankruptcy
on Feb. 17, 2009, (Bankr. Case No. 20 S 25/09s).


ART DEKOBAU: Claims Registration Period Ends April 23
-----------------------------------------------------
Creditors owed money by LLC Art Dekobau (FN 289627y) have until
April 23, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on May 7, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Hall IV
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 24, 2009, (Bankr. Case No. 2 S 24/09f).


ASTL & KOERBER: Claims Registration Period Ends April 23
--------------------------------------------------------
Creditors owed money by LLC Astl & Koerber (FN 230668v) have until
April 23, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Stefan Langer
         OElzeltgasse 4
         1030 Vienna
         Austria
         Tel: 712 63 02, 713 61 92
         Fax: DW 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on May 7, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Hall IV
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 24, 2009, (Bankr. Case No. 2 S 23/09h).


FINANZ CONSULTING: Claims Registration Period Ends April 30
-----------------------------------------------------------
Creditors owed money by LLC Finanz Consulting (FN 123610f) have
until April 30, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Klaus Schiller
         Gmundnerstrasse 20
         4690 Schwanenstadt
         Austria
         Tel: 07673/6720
         Fax: 07673/6720-20
         E-mail: office@kanzlei-schiller.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 7, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Schwanenstadt, Austria, the Debtor declared
bankruptcy on Feb. 19, 2009, (Bankr. Case No. 20 S 29/09d).


HOELBFER & KOEHLER: Claims Registration Period Ends April 22
------------------------------------------------------------
Creditors owed money by LLC Hoelbfer & Koehler (FN 75489p) have
until April 22, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         LLC Scherbaum/Seebacher Rechtsanwalte
         Einspinnergasse 3/II
         8010 Graz
         Austria
         Tel: 0316-832460
         Fax: 0316-832460-20
         E-mail: office@scherbaum-seebacher.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 6, 2009, for the
examination of claims at:

         Land Court of Leoben (609)
         Hall IV
         First  Floor
         Leoben
         Austria

Headquartered in Muerzzuschlag, Austria, the Debtor declared
bankruptcy on Feb. 23, 2009, (Bankr. Case No. 17 S 10/09b).


ORGELBAU KALTENBRUNNER: Claims Registration Ends April 30
---------------------------------------------------------
Creditors owed money by LLC Orgelbau Kaltenbrunner (FN 266821i)
have until April 30, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Gerhard Haslbauer
         Hauptplatz 7
         4663 Laakirchen
         Austria
         Tel: 07613/5588
         Fax: 07613/5588-15
         E-mail: rechtsanwalt@haslbauer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 7, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Bad Wimsbach-Neydharting, Austria, the Debtor
declared bankruptcy on Feb. 19, 2009, (Bankr. Case No. 20 S
26/09p).


QUINTANILLA LLC: Claims Registration Period Ends April 30
---------------------------------------------------------
Creditors owed money by LLC Quintanilla (FN 279000w) have until
April 30, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Peter Heigenhauser
         Wiesinger Strasse 3
         4820 Bad Ischl
         Austria
         Tel: 06132/25581
         Fax: 06132/25581-5
         E-mail: dr.peter.heigenhauser@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on May 7, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Bad Ischl, Austria, the Debtor declared
bankruptcy on Feb. 19, 2009, (Bankr. Case No. 20 S 28/09g).


RAIFFEISEN ZENTRALBANK: Moody's Cuts Fin'l Strength Rating to 'D+'
------------------------------------------------------------------
Moody's Investors Service downgraded the long-term debt and
deposit ratings of Raiffeisen Zentralbank Oesterreich to A1 from
Aa2 and its bank financial strength rating to D+ (mapping to a
Baa3 Baseline Credit Assessmet) from C (A3 as BCA).  The Prime-1
short-term rating was affirmed.  The outlook on the long-term debt
and deposit ratings is stable, while the BFSR carries a negative
outlook.

The rating changes reflect Moody's expectation that the persistent
turmoil in international capital markets is likely to have an
increasingly adverse effect on RZB's core markets in Central &
Eastern Europe and will exert pressure on asset quality, capital
ratios, revenues and earnings.  RZB's performance is heavily
dependent primarily on the corporate and retail banking franchises
that the group has successfully established in the region.  At
June 30, 2008, about 60% of RZB's risk-weighted assets and 91% of
its pre-tax profits came from CEE, with Ukraine and Russia being
the most important markets, followed by Romania, Slovakia, Poland,
and Serbia amongst others.

As a result, Moody's expects losses on RZB's core loan portfolios
throughout 2009 and beyond to weaken the bank's risk profile to a
level that is below of what is typically required for a BFSR in
the C range, and that the respective downside risk for RZB's risk-
adjusted profitability and equity ratios is better reflected by
the D+ rating.  Under the new rating level, and based on the
assumption that RZB's capital ratios will temporarily benefit from
an additional EUR1.75 billion capital injection from the Republic
of Austria, the bank has the capacity to absorb further write-
downs of roughly EUR 4 billion on its exposures.

"RZB has built well-performing banks in CEE with good long-term
perspectives.  Nonetheless, the recent economic uncertainty and
ongoing instability inherent in many of these markets may slow
down revenue and earnings streams and significantly affect further
asset quality," says Dominique Nutolo, a Frankfurt-based Moody's
Assistant Vice President-Analyst, and lead analyst for RZB.

Moody's remains concerned that (i) these economic volatilities and
uncertainties may be particularly pronounced among some of RZB's
core markets, such as Russia and Ukraine, and that this is
combined with a sizeable exposure to the less granular corporate
sector, and (ii) given the nature of this exposure, the
predictability of expected losses or write-down requirements is
more challenging.  This higher degree of rating migration is
therefore also reflected in the rating and the negative outlook.

On a more positive note, Moody's notes favorably that RZB's
exposures to those asset classes most affected by the crisis --
i.e. structured credit products -- are relatively small and should
not have a disproportionate impact on RZB's earnings, capital or
liquidity.

The A1 senior debt and deposit ratings incorporate Moody's opinion
that the bank is of high systemic importance and is therefore very
likely to receive the support of the Republic of Austria in the
event of distress; although a major proportion of RZB's operations
is located outside Austria and the bank has low retail exposure in
its home market.  The ratings also reflect the fact that the
bank's franchise profile should allow for its return to stronger
financial fundamentals and sustainable profitability within a
moderate timeframe.

In line with the downgrade of RZB's debt rating, Moody's
downgraded RZB's preferred stock rating to Baa1 from A1.  The
rating also reflects a wider notching differential due to the
downgraded BFSR.

              Rating Actions On Subsidiaries Of Rzb

Following the rating action on RZB, the ratings of its
subsidiaries were affected:

  -- ZAO Raiffeisenbank (RZB's subsidiary in Russia): local and
     foreign currency ratings for long-term deposits downgraded to
     Baa3 from Baa1, following the downgrade of RZB's BFSR to D+
     (negative).  The short-term deposit rating was downgraded to
     P-3 from P-2.  The bank's senior unsecured debt rating was
     downgraded to Baa3, and the subordinated debt rating was
     downgraded to Ba1.  The ratings carry a negative outlook, in
     line with the outlook on RZB's BFSR.

  -- Raiffeisen Bank Aval (Aval, RZB's subsidiary in Ukraine):
     long-term local currency deposit rating remains unchanged at
     Ba1 as it is constrained by the local currency deposit
     ceiling for Ukrainian banks.  The bank's local currency debt
     rating has been downgraded to Baa3 from Baa2.  Aval's foreign
     currency deposit rating also remains unchanged at B2 (on
     review for possible downgrade, in line with the sovereign
     ceiling) as it is constrained by the foreign currency deposit
     ceiling for Ukrainian banks.  Aval's local currency deposit
     rating carries a stable outlook; the local currency debt
     rating carries a negative outlook in line with the outlook on
     RZB's BFSR.

  -- Raiffeisen Bank S.A. (majority-owned Romanian Subsidiary):
     long-term and short-term local currency deposit ratings
     downgraded to Baa2/Prime-2 from A3/Prime-1.  Moody's deposit
     ratings for Raiffeisen Bank S.A. incorporate a 3-notch uplift
     from its Ba2 BCA based on a very high probability of support
     from its ultimate parent, RZB (which now has BCA of Baa3,
     mapped from the new D+ BFSR) and a high probability of
     systemic support.  Moody's has placed a negative outlook on
     the local currency deposit ratings of Raiffeisen Bank S.A. in
     line with the negative outlook change on the parent's BSFR.
     The Baa3/Prime-3 foreign currency deposit ratings with stable
     outlook remain unaffected as they are constrained by the
     foreign currency deposit ceiling for Romanian banks.

  -- Raiffeisenbank (Bulgaria) EAD: long-term and short-term local
     currency deposit ratings of RZB's majority-owned Bulgarian
     subsidiary Raiffeisenbank downgraded to Baa3/Prime-3 from
     Baa1/Prime-2.  Raiffeisenbank's deposit ratings incorporate
     an uplift from its Ba1 baseline credit assessment as a result
     of a high probability of support from its indirect parent,
     RZB.  Raiffeisenbank's Baa3 long-term local and foreign
     currency deposit ratings were assigned a negative outlook, in
     line with the negative outlook for its D+ BFSR.

  -- Tatra banka (Slovakia): long-term local and foreign currency
     deposit ratings of Tatra banka downgraded to A2 from A1, with
     a stable outlook.  The C- BFSR and the Prime-1 short-term
     deposit rating were not affected.

Moody's previous rating action on RZB AG was implemented on 17
September 2007, when it assigned an Aa2 issuer rating to the bank.

RZB AG is domiciled in Vienna, Austria.  At the end of June 2008,
it had total consolidated assets of EUR159.2 billion and equity of
EUR8.9 million, according to IFRS.  The group's Tier 1 ratio was
6.3%, according to BIS standards.  RZB reported consolidated pre-
tax profits of EUR879 million and net income of EUR393 million in
H1 2008.


ZAHNLABOR HUEGL: Claims Registration Period Ends April 20
---------------------------------------------------------
Creditors owed money by LLC Zahnlabor Huegl (FN 106009x) have
until April 20, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Andreas Rabl
         Ringstrasse 14
         4600 Wels
         Austria
         Tel: 07242/41824
         Fax: 07242/41824-80
         E-mail: office@rakanzlei.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:40 p.m. on April 30, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Marchtrenk, Austria, the Debtor declared
bankruptcy on Feb. 13, 2009, (Bankr. Case No. 20 S 23/09x).


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


UPM-KYMMENE CORP: S&P Cuts Long-Term Issuer Credit Rating to 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term issuer credit ratings on Finland-based forest product
company UPM-Kymmene Corp. to 'BB+' from 'BBB-' and its short-term
issuer credit ratings to 'B' from 'A-3', reflecting weak
profitability and cash generation.  The ratings were removed from
CreditWatch, where they were placed with negative implications on
Feb. 24, 2009.  The outlook is negative.

"The downgrade follows an adjustment to our financial base case
scenario reflecting challenging forest product market conditions.
As a consequence, S&P considers UPM-Kymmene's financial risk
profile and prospective financial performance to be in line with a
'BB+' rating.  The downgrade also reflects S&P's view that UPM-
Kymmene's business risk is somewhat higher than in the past due to
the operating environment in the forest product sector," said
Standard & Poor's credit analyst Andreas Zsiga.

UPM-Kymmene's operating cash flows have been increasingly weakened
by margin pressure, which resulted in weak debt coverage for the
previous ratings.  The company's operating profit margin
(excluding special items) dropped to 5.4% in 2008 from 8.3% in
2007.  Adjusted funds from operations fell to 18% in 2008 from
about 24% in 2007, reflecting a 25% drop in FFO and somewhat
higher debt levels.

The key credit drivers in the European forest product industry are
currently diverging, but are negative overall.  S&P believes that
the current sharp decline in the wider economy could reduce demand
for graphic paper by up to 10% in 2009, with uncertain prospects
for 2010.  Together with a negative pricing trend in North
America, S&P expects reduced demand and lower input costs to
temper the potential for price increases in 2009, despite improved
capacity and pricing discipline.  S&P further expect the positive
effect of lower input costs to be tempered by lower operating
rates.

Overall, S&P considers short- to medium-term visibility to be
poor.  While there could be positive surprises, the downside risks
are considerable.  This particularly applies to the macroeconomic
environment.  A prolonged weakening with further demand pressure
could be accompanied by a renewed depreciation of the U.S. dollar
to the detriment of the European paper industry.

The negative outlook reflects the risk that UPM-Kymmene's
performance will remain weak for the ratings, rather than
improving towards the rating requirements, as assumed in S&P's
base case.


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


ASTA SERVICE: Claims Registration Period Ends May 8
---------------------------------------------------
Creditors of AStA Service 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 10:00 a.m. on June 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Goslar
         House 2
         Kaiserbleek 8
         38640 Goslar
         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 Kehe
         Braunschweiger Str. 15a
         D 38723 Seesen
         Germany
         Tel: 05381/93 56-0
         Fax: 05381/93 56 44

The court opened bankruptcy proceedings against the company on
March 30, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         AStA Service GmbH
         Attn: Erik Moellmann, Manager
         Burgstatter Str. 6
         38678 Clausthal-Zellerfeld
         Germany


CRS GASTRO: Claims Registration Period Ends May 3
-------------------------------------------------
Creditors of CRS Gastro GmbH have until May 3, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Andreas Mueller-Stein
         SchuetzenSt. 5
         50126 Bergheim
         Germany
         Tel: 02271-7691-0
         Fax: +492271769110

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:

         CRS Gastro GmbH
         Dormagener St. 17
         50129 Bergheim
         Germany

         Attn: Carsten Friedel Albert Guenther Reese
         Obere Dorf St. 2 a
         50829 Koeln
         Germany


DREAMPOOL. TV GMBH: Claims Registration Period Ends May 10
----------------------------------------------------------
Creditors of Dreampool. TV GmbH have until May 10, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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 Petereit
         GF 48, Kaiserstrasse 24a
         D 55116 Mainz
         Germany
         Tel: 06131/626080
         Fax: 06131/6260813

The court opened bankruptcy proceedings against the company on
March 27, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Dreampool. TV GmbH
         MuensterSt. 10
         55116 Mainz
         Germany

         Attn: Ahmet Celikkaya, Manager
         Bilhildis St. 2
         55116 Mainz
         Germany


HENCH THERMOPLAST: Claims Registration Period Ends May 14
---------------------------------------------------------
Creditors of Hench-Thermoplast Kunststofftechnik GmbH have until
May 14, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

         Andreas Schafft
         Willy-Brandt-Platz 1
         99084 Erfurt
         Germany

The court opened bankruptcy proceedings against the company on
March 30, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Hench-Thermoplast Kunststofftechnik GmbH
         Attn: Olaf Braunholz, Manager
         Hauptstrasse 1 c
         99891 Schwarzhausen
         Germany


HSH NORDBANK: Moody's Junks Tier-1 Instruments Rating from 'Baa1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from Baa1 the
rating of the non-cumulative Tier-1 hybrid instruments of HSH
NORDBANK AG, issued by these entities:

  -- HSH N Funding I;
  -- HSH N Funding II;
  -- RESPARCS Funding I Limited Partnership; and
  -- RESPARCS Funding II Limited Partnership.

The rating action was prompted by HSH's recent announcement that
it will not be servicing its silent capital contributions and
profit-participation certificates for the financial year 2008 and
concludes the review for possible downgrade initiated on 20
February 2009.  The outlook on the ratings of the hybrid
instruments is now negative.

HSH's other ratings -- namely, its A1 senior debt and deposit
ratings (negative outlook) and D bank financial strength rating
(on review for possible downgrade) -- were not affected by the
rating action.

Downgrade Reflects Non-Payment Of Coupons And Possible Future
Losses

Moody's downgrade of HSH's hybrid ratings to Caa1 from Baa1
reflects:

1) The non-payment of coupons in 2009 (for the financial year
   2008);

2) Moody's expectation of a high probability of missed coupons in
   2010 and 2011 (for the financial years 2009 and 2010,
   respectively);

3) The moderate risk of a principal write-down in a restructuring
   scenario.

The rating action was triggered by an EU Commission ruling
prohibiting HSH from paying coupons on these instruments.  The
non-cumulative instruments in question would normally be affected
by a 'balance-sheet trigger' in the event of insufficient
distributable profits.  Such triggers are typically considered
weak by Moody's as institutions often manage to pay coupons
despite recording sizeable losses.  However, Moody's is currently
observing that the EU Commission is increasingly prohibiting
payments on hybrid instruments for banks in need of
recapitalization, in particular if these banks disclose
substantial net losses; this is therefore placing a major new
pressure on such hybrid instruments.

HSH announced a preliminary pre-tax loss of EUR2.8 billion for the
2008 financial year and Moody's is also expecting it to report
substantial losses for 2009 and 2010.

The Caa1 rating also takes into account the moderate risk of a
principal loss, based on the possibility that the bank's
restructuring might translate into the hybrid instruments possibly
taking a loss.

The negative rating outlook reflects the uncertainties regarding
structural changes at HSH and the low earnings visibility in the
currently unpredictable and unstable operating environment.

Moody's previous rating action on HSH was on February 20, 2009,
when the long-term debt and deposit ratings of HSH were downgraded
to A1 from Aa3 and the BFSR to D from D+, and the hybrid ratings
were downgraded to A2 and placed on review for possible further
downgrade.

Headquartered in Hamburg and Kiel, HSH had total assets of around
EUR204.4 billion as at June 30, 2008.


HYPO REAL: S&P Downgrades Ratings on Tier 1 Instruments to 'C'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'BBB/A-2'
long-term and short-term counterparty credit ratings on the six
rated entities of Hypo Real Estate group on CreditWatch with
positive implications following the announcement of further
stabilization measures by the German government.  The entities are
Germany-based commercial real estate lender Hypo Real Estate Bank
AG, public-finance lenders Depfa Deutsche Pfandbriefbank AG,
Ireland-based DEPFA BANK PLC, Depfa ACS, and Hypo Public Finance
Bank, and Luxembourg-based Hypo Pfandbriefbank Bank International
S.A.

At the same time, S&P lowered the ratings on Tier 1 instruments
issued by Depfa Funding II LP, Depfa Funding III LP, and Hypo Real
Estate International Trust I to 'C' from 'CC', following the
announcement of nonpayment on these instruments, at least in 2009.
The 'C' rating on the Tier I instrument issued by Depfa Funding IV
LP was affirmed.

"These rating actions follow the announcement of a EUR5.5 billion
net loss for fiscal-year 2008, which S&P understands results in
HRE not meeting its regulatory capital requirements," said
Standard & Poor's credit analyst Volker von Kruechten.  "It also
reflects our view that measures by the German Financial Markets
Stabilization Fund will allow HRE to maintain its going-concern
status."  Without tangible government support, it is likely that
at least some members of the HRE group would not have been able to
continue to operate, in S&P's view.

"HRE's elevated net loss in 2008, and management's projection that
it will report a loss for at least the next two years highlights
the stressed environment in both of HRE's core activities,
commercial real estate and public finance lending," said Mr. von
Kruechten.  "In our view the group may not be able to develop a
viable business model after a difficult and long restructuring
process."  If economic and capital market conditions do not
substantially improve over the medium term, S&P still regard an
orderly wind-down of the bank as a possible scenario.

Absent any other developments requiring investigation, S&P expects
to resolve the CreditWatch possibly in the second quarter.  In
particular, S&P will need details about these to make its
assessment:

  -- The scope and timing of the recapitalization and the
     additional funding support that HRE is expected to receive;

  -- The government's short- to medium-term commitment to HRE and
     its potential exit strategies;

  -- The impact of the expected support measures on HRE's
     financial profile;

  -- HRE's restructuring and strategic repositioning plans to
     develop a viable business model; and

  -- The potential rating implications of decisions by the
     European Commission on the state aid provided to HRE and any
     conditions attached to the approval of state aid.

S&P expects that, absent other relevant factors arising in the
interim, when S&P resolve the CreditWatch action, the ratings
might be maintained or raised by up to three notches.  This will
depend entirely on the availability of the relevant information,
S&P's analysis of it, and any other developments.


QIMONDA AG: Munich Court Opens Insolvency Proceedings
-----------------------------------------------------
The local registry court in Munich opened insolvency proceedings
for Qimonda AG and Qimonda Dresden GmbH & Co. OHG, on Wednesday,
April 1, 2009.  The Munich-based lawyer Dr. Michael Jaffe, who has
already acted as preliminary insolvency administrator, was
appointed as insolvency administrator for both companies.

Qimonda said Dr. Jaffe and his team are continuing discussions
with potential interested parties.  The aim is to preserve the
Qimonda sites and as many jobs as possible in Dresden, Munich and
Portugal.  Consultations with political bodies in Bavaria, Saxony,
the Federal Republic of Germany, Portugal and the EU concerning
support for a potential continuation of operations are running in
parallel.  The prerequisite for such support is the engagement of
an "anchor" investor in a new Qimonda, the company said.  The
outcome of these discussions remains open.

According to Qimonda, a central condition for the continuation of
talks with investors was the successful formation of transfer
companies for the employees in Dresden and Munich.  About 600
employees in Munich and about 1,850 employees in Dresden accepted
the offer made last week to join the transfer company on April 1,
2009.  Compared to the total number of employees who had received
such an offer, this translates into an acceptance of 84 percent
for Munich and 93 percent for Dresden, where a corresponding offer
was made.  The transfer company guarantees the employees net wages
on the basis of compensation for reduced hours, with a supplement
of 10 percent over a maximum period of 4 1/2 months until mid–
August 2009. Depending on the employee's marital status, this
corresponds to about 70 or 77 percent of the net wages that had
been paid prior to insolvency.

Qimonda said with the opening of the insolvency procedures, a
highly qualified core team, consisting initially of about 340
employees in Munich and about 575 employees in Dresden continues
to work and is ensuring that the business organization with all
related central functions remains in place.  Additionally,
Qimonda's leading edge Buried Wordline Technology is being
maintained and partially further developed.  Qimonda said it
continued to drive technology advancements during the preliminary
insolvency period and invested liquidity for the development of
its 46nm Buried Wordline Technology in agreement with the
creditors committee.

Qimonda disclosed since filing for insolvency on January 23, 2009,
it was possible to continue operations at Munich, Dresden and at a
large number of subsidiaries worldwide despite the difficult
parameters and the highly complex structure of the international
corporate group.  According to Qimonda, liquidity of both entities
in Germany could be ensured and operations could be continued,
albeit at a reduced level, during the preliminary insolvency
proceedings through strict cost management and the abandonment of
loss-making activities.  As a result, Qimonda was able to record
revenues of more than EUR90 million during the period of the
preliminary insolvency despite the extremely weak market
environment.

Mass production of memory chips at Dresden is on hold starting
April 1, 2009.  The equipment will be put into a stand-by mode.
Experts will maintain the sophisticated machinery in order to
protect it from damage during the stand-by period.  If an investor
solution materializes, production could be resumed.

Qimonda said no final decisions have been reached as yet with
regard to the future structure of the company.  This also applies
to a decision over whether parts of the business which are able to
continue operations will be transferred to a new company belonging
to new investors.  In this case, or if no investors can be found
to finance Qimonda's continued operation, Qimonda AG, which has
been legally dissolved with the opening of insolvency proceedings,
would most likely be liquidated.  In case of a liquidation of
Qimonda AG, it is expected, based on the current state of affairs,
that the shareholders of Qimonda AG will not receive any payments
on their shares after the finalization of the insolvency
proceedings and the distribution of any remaining insolvency
assets to the creditors.  No statement can be made at this time
regarding any such distribution to creditors.

According to tradingmarkets.com, ADP News, citing local
Saechsische Zeitung, reported on April 1, 2009, that Russian
semiconductor manufacturers Angstrem, Sitronics and AFK Sistema
are not interested to acquire Qimonda.

However, Qimonda, tradingmarkets.com notes, is in talks with
potential investors, mainly with interested parties from China and
Taiwan.

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


TUI AG: S&P Changes Outlook to Negative; Affirms 'B+' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on German conglomerate TUI AG to negative from stable.  At
the same time, the 'B+' long-term corporate credit rating on TUI
was affirmed.

"The outlook revision reflects lower-than-expected cash proceeds
from the recent completion of the sale of a majority stake in the
group's shipping business, Hapag-Lloyd, net of new financing lines
made available to HL, as well as rising macroeconomic pressures,"
said Standard & Poor's credit analyst Philip Temme.

In addition, the rating is constrained by structural weaknesses
and reporting complexities arising from TUI's position as a
holding company with minority equity stakes in its two principal
operating businesses.  TUI comprises 40.3% of London-listed TUI
Travel PLC (or 51.4% of voting rights in the fully consolidated
TTP), 43.3% of the vehicle that now controls HL (reported as a
discontinued operation in 2008), and a variety of hotel, resort,
and cruise investments.

The HL transaction, which closed on March 23, 2009, involved the
sale of 56.66% of HL for net cash proceeds of EUR1.6 billion.  The
deal permitted TUI to deconsolidate EUR1.3 billion of HL debt and
leased assets with a capitalized net present value of about
EUR1.8 billion.  Net cash proceeds from the transaction, after
about EUR700 million of new financing from TUI to HL, amounted to
approximately EUR900 million and S&P currently expect them to be
substantially used to reduce debt.

"Given the rapidly deteriorating prospects for container shipping
caused by the sharp decline in world trade, S&P views the partial
sale of HL as broadly credit-positive.  However, the cash proceeds
from the sale were lower than S&P had originally anticipated,
therefore reducing TUI's strategic flexibility to make additional
investments in tourism," said Mr. Temme.

TUI's increased credit exposure to HL illustrates that it has only
partially managed to extricate itself from shipping-related risks.
The group has granted total credit lines to HL of EUR1.15 billion
(already substantially drawn), on top of its existing loans to
TTP, which are currently about EUR1.02 billion drawn.  Most of the
new financing provided to HL is unsecured (with the exception of a
EUR200 million tranche guaranteed by the City of Hamburg and
others) and is due between March 2010 and December 2012.  The new
credit lines to HL create substantial additional refinancing risk
in the event that replacement external financing is unavailable, a
risk accentuated by TUI's own substantial bond maturities over the
next couple of years.

The ratings on TUI reflect the group's complex structure, highly
leveraged financial risk profile (with lease-adjusted net debt to
EBITDA before HL cash proceeds in excess of 6x on Dec. 31, 2008),
and cash flow leakage to minorities.  TUI is also exposed to the
seasonal and cyclical tourism industry where margins are modest
and event risks are high.  These risks are mitigated in part by
TUI's market-leading positions as well as its geographically well-
diversified sales.

"The negative outlook reflects our view that TUI is now less
likely to achieve credit metrics consistent with a 'B+' long-term
CCR (defined as lease-adjusted debt to EBITDA of less than 5x) by
the end of financial 2009.  S&P expects increasing recessionary
challenges, particularly for shipping, to reduce consolidated
earnings, offsetting to some degree the deleveraging which will
follow from the partial sale of HL," said Mr. Temme.


WOB GMBH: Claims Registration Period Ends May 1
-----------------------------------------------
Creditors of WOB GmbH World of Bearings have until May 1, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 4, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         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:

         Ute Nayel
         Augustinerstr. 11
         90403 Nuernberg
         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:

         WOB GmbH World of Bearings
         Attn: Hans-Juergen Sitz
         Torwartstr. 12
         90480 Nuernberg
         Germany


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


EXCEL MARITIME: Obtains Waivers, Secures Equity Infusion
--------------------------------------------------------
Excel Maritime Carriers Ltd on Wednesday, April 1, said it has
entered into agreements to amend its credit facilities, agreed to
an equity infusion by the Company's major shareholders and set the
dates for the release of the fourth quarter and full year 2008
earnings results, conference call and webcast.

               Credit Facilities Amendments

The Company said that, as part of the amendments to its two credit
facilities, it has secured all the appropriate covenant waivers in
the Nordea Bank Syndicated Facility and the Credit Suisse
Bilateral Facility, valid until the beginning of 2011.

Additionally, under the terms of the amended Nordea Bank
Syndicated Facility, the Company will also defer principal debt
repayments of US$150.5 million originally scheduled for 2009 and
2010 to the balloon payment at the end of the facility's term
in 2016.

During the waiver and deferral periods, the applicable credit
facility margins will increase to 2.5% and 2.25%, for the
Syndicated Facility and the Credit Suisse Facility, respectively.

The Nordea Syndicated Facility and the Credit Suisse Bilateral
Facility are the only two credit facilities that the Company has
currently outstanding.

More details on the terms of the credit facilities amendments will
be provided during the Company's fourth quarter and year end 2008
earnings release and conference call.

                      Equity Infusion

As part of the loan restructuring, the Company also announced an
equity infusion of US$45 million by entities affiliated with the
Panayotides family, the Company's major shareholders.  An
aggregate of 25,714,285 Class A shares and 5,500,000 warrants,
with an exercise price of US$3.50 per warrant, are to be issued in
total.  The shares, the warrants and the shares issuable on
exercise of the warrants will be subject to 12–month lock-ups from
March 31, 2009.  In this connection, the Company has the option
to defer, again to the balloon payment in 2016, additional
principal debt repayments in an amount of up to 100% of the equity
contributed by the major shareholders during 2009 and 2010.

The Chairman of the Board, Gabriel Panayotides, commented, "We are
pleased to announce the successful restructuring of our loan
facilities and would like to thank all 15 banks for their support
and confidence in our Company.  We feel very positive about our
Company's prospects and we believe that the reduced commitments,
the length of the covenant waiver period obtained along with our
modern fleet and our quality time charter coverage will enable us
to successfully navigate in a potentially challenging market
environment over the next two years."

"In addition, the contribution via an equity injection from the
main shareholders represents a clear sign of strong support and
commitment to the Company, especially since it is made at a time
of great uncertainty.  I, along with the rest of the members of
the Board of Directors and the senior management team, remain
dedicated in maintaining and improving the Company’s leading
position within the dry bulk industry as well as delivering long
term shareholder value."

Headquartered in Athens, Greece, Excel Maritime Carriers Ltd.
(NYSE: EXM) -- http://www.excelmaritime.com/-- is a shipping
company specializing in the world-wide seaborne transportation of
dry bulk cargoes.  The Company is a provider of worldwide sea
borne transportation services for dry bulk cargo, including among
others, iron ore, coal and grain, collectively referred to as
major bulks, and steel products, fertilizers, cement, bauxite,
sugar and scrap metal, collectively referred to as minor bulks.
Excel's fleet is managed by one of its wholly owned subsidiaries,
Maryville Maritime Inc. (Maryville).  As of May 15, 2008, it owned
a fleet of 40 vessels and, together with seven Panamax vessels
under bareboat charters, operate 47 vessels (four Capesize, 14
Kamsarmax, 21 Panamax, two Supramax and six Handymax), with a
total carrying capacity of approximately 3.7 million deadweight
(dwt).  On April 15, 2008, the Company completed its acquisition
of Quintana Maritime Limited (Quintana).


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


HUNGARIAN STATE: S&P Cuts Long-Term Issuer Credit Rating to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
issuer credit rating on Hungarian State Railways Co. Ltd., the
100% state-owned vertically integrated rail infrastructure
operator in Hungary, to 'BB' from 'BB+' following the downgrade of
the ratings on the Republic of Hungary to 'BBB-/A-3' from 'BBB/A-
3'.  At the same time, the 'B' short-term rating on MAV was
affirmed.  The outlook is negative.

The downgrade on the sovereign reflects the ongoing deterioration
in key Hungarian economic and fiscal indicators.  Pressure on
public finances continues to mount as revenues fall short, the
government debt ratio mounts, and the risk of financial sector
contingent liabilities materializing increases.  The International
Monetary Fund EU program provides significant, yet finite support
for government funding.

"Standard & Poor's applies a top-down rating approach to MAV,
notching down from the rating on the sovereign because MAV is a
government-related entity and plays a central role in meeting
political and economic objectives," said Standard & Poor's credit
analyst Timon Binder.  "The long-term rating is two notches lower
than those on the Hungary, reflecting the absence of direct state
guarantees for MAV's total debt and that timely financial support
is not explicitly guaranteed."

In S&P's opinion, the government has a demonstrated track-record
of support to the company through recurring budget allocations,
capital injections, and state guarantees for almost 74% of the
company's outstanding debt.  However, S&P understands that the
public service contract between MAV and the Ministry of Transport
has not yet been signed, and the contract for operation of the
railway network is also still pending.  Therefore, S&P understands
that the fixed cost subsidy for track and passenger transport
activities is currently regulated by the state in provisions
included in the annual budget acts.  In S&P's opinion, this
exposes MAV to uncertainty regarding the metrics and exact volume
of future recurring budget allocations.  However, given the
company's key policy role, S&P expects the government's
willingness to extend extraordinary financial support to MAV to
remain strong and intact, even in the current stressed economic
environment.

"The negative outlook reflects that of the sovereign," said Mr.
Binder.  "Further deterioration in Hungary's economic and fiscal
outlook, signs of liquidity or solvency problems in the financial
sector, or a period of prolonged political paralysis could lead to
a further downgrade of the sovereign ratings and therefore those
on MAV."

S&P expects the ratings on MAV to continue to move in line with
that on the sovereign.  Furthermore, a downgrade could occur if in
S&P's view the ability and willingness of the state to support MAV
weakened materially.


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


SPRON: MP Banki Inks Deal to Buy Branch Network and Online Unit
---------------------------------------------------------------
Iceland Review reports that MP Banki on Monday, March 30, reached
an agreement with the resolution committee of SPRON savings bank
on the acquisition of its branch network and its online unit
Netbankinn.

According to the report, the agreement is worth almost ISK 800
million (US$6.5 million, EUR5.0 million), which includes a payment
to the SPRON resolution committee and overtaking commitments such
as rehiring at least 45 of the bank's employees.

The acquisition, the report notes, is subject to approval from the
FME and the Competition Authority.

The report recalls the Financial Supervisory Authority took over
the operations of SPRON on March 21.

On March 24, 2009, the Troubled Company Reporter-Europe, citing
Reuters, said the FME decided to take over SPRON as discussions
with creditors had been unsuccessful and the bank's liquidity
position had continued to deteriorate.

Reuters disclosed SPRON had total assets of ISK267 billion (about
US$880 million) at the end of September 2008, including ISK212
billion of loans listed as assets.

SPRON -- http://www.spron.is/-- is a universal bank offering an
extensive range of commercial and investment banking services to
retail and corporate customers as well as institutional investors
in the Greater Reykjavik area.

SPRON's subsidiaries are Frjalsi Investment Bank, the online bank
Netbankinn, SPRON Factoring and SPRON Asset Management.  SPRON
operates branches throughout the Reykjavik area.


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


CAMBER 4: S&P Junks Ratings on Class A3 and Class B Notes
---------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A1-A, A1-B,
A2, A3, and B notes issued by CAMBER 4 PLC, a European
collateralized debt obligation of asset-backed securities
transaction.  At the same time, S&P affirmed and removed from
CreditWatch negative S&P's rating on the class C notes.

Currently the class A3, B, and C par value ratio tests are
failing, as reported in the last trustee report available to us.

The rating actions reflect S&P's assessment of further
deterioration in the credit quality of the underlying portfolios
due to their exposure to U.S. CDOs of ABS and residential
mortgage-backed securities, and S&P's application of updated
recovery rate calculations.  The negative credit migration has led
to an increase in the scenario default rates that may not be
supported by current credit enhancement.  The updated recovery
rate calculations have decreased applicable break-even default
rates.

S&P will closely monitor the transaction's performance and will
resolve the outstanding CreditWatch placements in due course.

                           Ratings List

                           CAMBER 4 PLC
        US$1.004 Billion Asset-Backed Floating-Rate Notes

      Ratings Lowered and Removed from CreditWatch Negative

                              Rating
                              ------
      Class         To                      From
      -----         --                      ----
      A1-A          BBB-                    AA-/Watch Neg
      A1-B          BBB-                    AA-/Watch Neg
      A2            B-                      BBB-/Watch Neg
      A3            CCC-                    BB/Watch Neg
      B             CCC-                    BB-/Watch Neg

      Rating Affirmed and Removed from CreditWatch Negative

                              Rating
                              ------
      Class         To                      From
      -----         --                      ----
      C             CCC-                    CCC-/Watch Neg


DUNCANNON CRE: Fitch Junks Ratings on Eight Classes of Notes
------------------------------------------------------------
Fitch Ratings has downgraded EUR727.5 million from 11 classes of
Duncannon CRE CDO I plc's notes, removed the notes from Rating
Watch Negative, and assigned outlooks and recovery ratings.

Rating actions:

  -- EUR7.5 million Class X senior notes due 2013: Downgraded to
     'B' from 'AAA'; off RWN; Negative Outlook

  -- EUR420 million Class A senior floating-rate notes: Downgraded
     to 'B-' (B minus) from 'AAA'; off RWN; Negative Outlook

  -- EUR100 million revolving credit facility ("RCF"): Downgraded
     to 'B-' (B minus) from 'AAA'; off RWN; Negative Outlook

  -- EUR40 million Class B senior floating-rate notes: Downgraded
     to 'CCC' from 'AA'; off RWN; Assigned RR5


  -- EUR40 million Class C-1 deferrable floating-rate notes:
     Downgraded to 'CC' from 'A'; off RWN; Assigned RR6

  -- EUR20 million Class C-2 deferrable floating-rate notes:
     Downgraded to 'CC' from 'A'; off RWN; Assigned RR6

  -- EUR20 million Class D-1 deferrable floating-rate notes:
     Downgraded to 'C' from 'BBB+'; off RWN; Assigned RR6

  -- EUR20 million Class D-2 deferrable floating-rate notes:
     Downgraded to 'C' from 'BBB'; off RWN; Assigned RR6

  -- EUR20 million Class D-3 deferrable floating-rate notes:
     Downgraded to 'C' from 'BBB-' (BBB minus); off RWN; Assigned
     RR6

  -- EUR20 million Class E-1 deferrable floating-rate notes:
     Downgraded to 'C' from 'BB+'; off RWN; Assigned RR6

  -- EUR20 million Class E-2 deferrable floating-rate notes:
     Downgraded to 'C' from 'BB-' (BB minus); off RWN; Assigned
     RR6.

The transaction is a managed cash flow European commercial real
estate collateralized debt obligation issued by Duncannon CRE CDO
plc, a company with limited liability incorporated under the laws
of Ireland.  The EUR727.5 million notes are currently backed by
EUR654 million performing assets and EUR49 million cash.

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the significant portfolio credit
deterioration driven by the downgrades of the underlying B-notes
and C-notes.  Since closing, there have been six obligations
downgraded to 'CC' (EUR104 million or 13% of the portfolio).  The
performing portfolio weighted average rating was lowered to 'B+'
from 'BB- (BB minus)' when the transaction was placed on Rating
Watch Negative in January 2009.  In addition, 23% of the portfolio
is rated in the 'CCC' category and another 26% in the 'B'
category.

The portfolio consists of 42% commercial mortgage-backed
securities and 50% subordinated B-notes and C-notes.  In terms of
vintage concentration, 81% of the portfolio is from the 2006 and
2007 vintages.  The largest geographical concentration is the
United Kingdom which makes up 36% of the portfolio.  In addition,
15% of the portfolio that has a weighted average life of two years
or less is likely to encounter the most refinancing risk, given
that most of the underlying real estate loans have bullet payment
and therefore rely on refinancing at maturity.

As of the last trustee report, all overcollateralisation tests
were passing the minimum required thresholds; however, Fitch
expects this to change because the recent downgrades of European
CRE B-notes & C-notes have resulted in a much higher percentage of
'CCC' and 'CC' assets.  Fitch estimates that all the OC ratios
will fall substantially given that the transaction documents
require OC adjustments for 'CCC' or below assets which require the
use of lower of market value or base recovery rate for the par
value calculation.  As a result of the OC adjustments, Fitch
expects the Class B Par Coverage Test (the first coverage test in
the waterfall) to fall below the trigger level of 117.5% from 135%
in January 2009.  Upon the breach of the Class B Par Coverage
Test, all the excess interests after paying Class B interest will
be used to redeem Class A/RCF on a pro-rata basis first and
subsequently Class B once the Class A/RCF is fully redeemed.  As a
result the expected Class B Par Coverage Test, Fitch expects
interest payments to the Class C1 notes and below to cease.  Class
C1 to E2 are also highly vulnerable to defaults with negligible
recoveries, considering the significant portion of 'CCC' or below
B-notes & C-notes in the portfolio.

The executed documents have stipulated that an inadequate par
value coverage of the Class A and RCF of less than 100% can result
in an event of default.  A continuing event of default may result
into an acceleration and liquidation although the Class A/RCF as
the controlling class can decide on whether to accelerate the
transaction or liquidate the transaction.  A continuing event of
default will require the interest proceeds and principal proceeds
to flow through the pre-enforcement waterfall except without the
senior fee cap and excluding certain administrative expenses.  The
class B notes would continue to receive available interest in the
pre-enforcement waterfall.  Fitch estimates that the Class A/RCF
par value coverage ratio is likely to fall significantly though
still remain above the EoD trigger of 100%.  Further default and
negative migration of assets towards 'CCC' can result in a lower
Class A/RCF par value coverage ratio.

While Class X's quarterly scheduled principal payment and interest
payment ranks pari-passu with Class A/RCF in the waterfall prior
to the liquidation, the ranking of Class X's outstanding principal
upon the liquidation of the transaction is unclear in the
documentation.  While the agency notes that the Class X's
principal is amortizing and therefore have a shorter maturity to
September 2013, the unclear status of Class X's outstanding
principal upon liquidation has resulted in the low sub-investment
grade rating.

The portfolio was 65% ramped-up at close in July 2007 and has been
fully ramped up since end April 2008.  There has been no re-
investment since then.  As a result, the US$49mio cash from asset
amortization remains in the principal collection account that is
highly likely to be used to redeem Class A and RCF on a pro-rata
basis given that the Class B Par Coverage Test is expected to fall
to below the trigger level.  The performing portfolio currently
contains 74 performing assets from 66 obligors with the largest
obligor representing 4% of the performing portfolio.

In conducting its analysis, Fitch made a three-notch downward
adjustment for any names on RWN under the default analysis of its
Portfolio Credit Model.  In addition to this, Fitch also conducts
a deterministic stress on certain B-notes given the agency's
negative view on this asset class.


PALMER SQUARE: S&P Junks Ratings on Four Classes of Notes
---------------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on CreditWatch
negative its credit ratings on the class A2 to D notes issued by
Palmer Square PLC, a European collateralized debt obligation of
asset-backed securities transaction.  At the same time, S&P
lowered and placed on CreditWatch negative the class A1 notes.

As reported in the last trustee report available to us, the class
A2, B, and C par value ratio tests are currently failing.

The rating actions reflect S&P's assessment of a further
deterioration in the credit quality of the underlying portfolios
due to their exposure to U.S. CDOs of ABS and residential
mortgage-backed securities and the application of updated recovery
rate calculations.  The negative credit migration has led to an
increase in the scenario default rates that may not be supported
by current credit enhancement.  The updated recovery rate
calculations have led to a fall in the break-even default rates
(when subject to S&P's cash flow analysis).  As a result, S&P
believes current credit enhancement cannot support the rise in
scenario default rates at existing ratings levels.

S&P will closely monitor the transaction's performance and will
resolve the outstanding CreditWatch placements in due course.

                           Ratings List

        Ratings Lowered and Placed on Creditwatch Negative

                        Palmer Square PLC
        US$1,254.5 Million Asset-Backed Floating-Rate Notes

                                   Rating
                                   ------
               Class       To                 From
               -----       --                 ----
               A1-A        AA-/Watch Neg       AAA
               A1-B        AA-/Watch Neg       AAA
               A1-AE       AA-/Watch Neg       AAA

      Ratings Lowered and Remaining on Creditwatch Negative

                             Rating
                             ------
          Class       To                 From
          -----       --                 ----
          A2-A        BBB+/Watch Neg      AA+/Watch Neg
          A2-B        BBB+/Watch Neg      AA+/Watch Neg
          B-1         BBB-/Watch Neg      AA-/Watch Neg
          B-2         BBB-/Watch Neg      AA-/Watch Neg
          C-1         CCC+/Watch Neg      BBB-/Watch Neg
          C-2         CCC+/Watch Neg      BBB-/Watch Neg
          D-1         CCC-/Watch Neg      BB/Watch Neg
          D-2         CCC-/Watch Neg      BB/Watch Neg


QUALCERAM SHIRES: Goes Into Receivership; Ernst & Young Appointed
-----------------------------------------------------------------
Adras Gergely at Reuters reports that Qualceram Shires plc has
gone into receivership after being hit by falling property values
in Ireland and the United Kingdom.

Qualceram, as cited by Reuters, said Ernst & Young will become
receiver in Ireland and administrator to UK subsidiaries.  The
company, Reuters discloses, employs just over 100 employees in
Ireland and 150 in the United Kingdom.

Reuters relates on Tuesday the company requested the suspension of
its shares as talks with its bankers and landlord aimed at shoring
up its financial position looked to have failed.

On March 24, 2009, the Troubled Company-Reporter Europe, citing
Independent.ie, reported Qualceram wants to sell surplus
properties but this would result in a breach of its agreements
with its landlord, which will, in turn, give WP Carey the right to
call in letters of credit worth EUR2.6 million.  The company, the
report stated, has been in talks with the landlord to waive the
covenants and letters of credit.  The negotiations also include
HBOS, the report noted.

The company, Independent.ie disclosed, has also delayed the
issuing of its preliminary results and it is not yet known when
they will be released.

Headquartered in Arklow, Ireland, Qualceram Shires plc --
http://www.qualceram-shires.com/-- is engaged in the manufacture,
sale and distribution of bathroom products.  The company's brands
include Shires, Selecta, Shaws and Trent.


STARLING FINANCE: S&P Junks Rating on EUR20 Mil. Notes from 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC' from 'B-' its
credit rating on the EUR20 million fixed-rate portfolio credit-
linked notes issued by Starling Finance PLC series 2005-7.

S&P then withdrew the rating following the repurchase of the
notes.


* IRELAND: Corporate Insolvencies Soar to 365 in First Qtr. 2009
----------------------------------------------------------------
The number of Irish companies entering insolvency in the first
three months of the year increased to 365, compared to 363 for the
full-year 2007, The Irish Times' David Labanyi reports citing
information released by Kavanagh Fennell.

Kavanagh Fennell has warned total insolvencies could reach 1,500
this year, almost double the total of 773 for 2008, if the current
trend continues, the report notes.

The report discloses to date this year there has been 276
creditors' voluntary liquidations, 32 court liquidations, 45
receiverships and 12 examinerships.

According to the report, the construction sector has seen the
highest proportion of firms entering insolvency so far this year
with 108, or 30 per cent.


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


BANCA DI CREDITO: S&P Affirms 'BB/B' Counterparty Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB/B'
long- and short-term counterparty credit ratings on Italy's Banca
di Credito Cooperativo dell'Alta Padovana SCaRL.  The outlook is
negative.

At the same time, S&P removed the long- and short-term ratings
from CreditWatch with negative implications, where they had
initially been placed on Sept. 24, 2008.

"The affirmation incorporates our expectations that the bank will
be able to maintain in 2009 a financial profile in line with the
ratings," said Standard & Poor's credit analyst Francesca Sacchi.

The ratings on Alta Padovana continue to reflect the bank's long-
standing local franchise in Italy's economically dynamic Veneto
region, and the larger capital base than for other rated Italian
cooperative banks.

The long-term rating benefits from two notches of uplift above
Alta Padovana's stand-alone creditworthiness, integrating
membership within the "Banche di Credito Cooperativo" network and
the potential for extraordinary liquidity and capital support from
the BCC network if needed.

S&P considers that Alta Padovana has low systemic importance
within the Italian banking sector.  However, it is one of the
largest BCCs in Italy.

S&P views Alta Padovana's liquidity position as weaker than
peers', due to the bank's strong loan growth in past years.  The
bank has one EUR150 million euro medium-term note issue, of which
EUR130 million is to be reimbursed in May 2009.  S&P understands
the bank is aiming to strengthen its liquidity by issuing a
securitization of performing loans and repo it to the European
Central Bank.

"The negative outlook reflects the potential that S&P could
downgrade Alta Padovana if its financial profile deteriorates
further, especially following worsening asset quality and
profitability, and additional tangible support from the BCC
network fails to offset this weakening," said Ms. Sacchi.

S&P might revise the outlook to stable, all other things being
equal, if asset quality does not materially deteriorate further.


BANCA ITALEASE: Deferred Coupon Payments Cue Fitch's Junk Rating
----------------------------------------------------------------
Fitch Ratings has downgraded Italy-based Banca Italease's EUR150
million trust preferred securities to 'CCC' from 'B-' (B minus)
and removed them from the Rating Watch Negative.  This follows the
bank's announcement that coupon payments on these securities will
be deferred.

The bank's Long-term Issuer Default Rating of 'BBB-' (BBB minus)
and Short-term IDR of 'F3' - which are on Rating Watch Positive -
and its Support Rating of '2' are not affected by the rating
action.

Following a net loss of EUR1,094 million for 2008, the bank's
total regulatory capital ratio has fallen below 5%, triggering a
mandatory deferral of the coupon.  Fitch expects coupon payments
to resume on the basis of public statements made by prospective
parent, Banco Popolare (BP; rated 'A-' (A minus) on Rating Watch
Negative), which plans to increase Italease's capital by end-2009,
following its acquisition of Italease in H109.  Fitch will review
the rating of these securities once more information on the
recapitalization has become available.

The notes were placed on RWN on March 5, 2009.


CHRYSLER LLC: Chrysler-Fiat Combination an "Impossible Goal"
------------------------------------------------------------
A Bloomberg News report says Chrysler LLC may face an "impossible
goal" in completing an alliance with Fiat SpA and meeting an Obama
administration deadline to erase debt and win more union
concessions by April 30.

Bloomberg's Mike Ramsey reports that Chrysler got its blueprint
for the month of April from President Barack Obama's task force,
which said that US$6 billion in new aid hinges on "extinguishing
the vast majority" of outstanding secured debt and new givebacks
from the United Auto Workers.

Bloomberg says meeting those requirements would require help from
lenders JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group
Inc. and Morgan Stanley, which haven't negotiated in the three
months since Chrysler got its U.S. loans and have little incentive
to do so because they would be paid off first in bankruptcy.  Even
President Obama's autos panel suggested Chrysler might fare better
by reorganizing in court, Bloomberg said.

According to Bloomberg, a Chrysler-Fiat combination would be the
world's sixth largest by vehicle sales, behind Ford Motor Co.  The
companies said they have a framework for the alliance they agreed
to in principle in January, while adding that "substantial
hurdles" remain.

The report states that according to President Obama's task force,
"Given the magnitude of the concessions needed, the most effective
way for Chrysler to emerge from this restructuring with a fresh
start may be by using an expedited bankruptcy process as a tool to
extinguish liabilities".

Completing the Fiat deal is a precondition for loans beyond
Chrysler's first US$4 billion, the task force said as cited by the
report, which listed debt restructuring among six additional
requirements.  Chrysler, dependent on light trucks and on the
North American market, can't exist as a stand-alone company,
President Obama's advisers said.

                        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.

                        Liquidity Crunch

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 faces 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.

A copy of the Chrysler viability plan is available at:

              http://ResearchArchives.com/t/s?39a3

A copy of GM's viability plan is available at:

              http://researcharchives.com/t/s?39a4

                          *     *     *

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.


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


AINA TV JSC: Creditors Must File Claims by May 8
------------------------------------------------
JSC Aina TV has declared insolvency.  Creditors have until
May 8, 2009, to submit written proofs of claim to:

         Abai Ave. 27
         Astana
         Kazakhstan


ALLIANCE BANK: Likelihood of Default Cues Moody's Junk Rating
-------------------------------------------------------------
Moody's Investors Service has downgraded Alliance Bank's local and
foreign currency deposit ratings to Caa3 from B2, and the foreign
currency senior unsecured debt rating to Ca from B2.  The bank's
subordinated and junior subordinated foreign currency debt ratings
have been downgraded to C with a stable outlook.  The bank
financial strength rating of E has been affirmed.  At the same
time, the rating agency downgraded issuer ratings of Seimar
Alliance Financial Corporation -- a holding company of Alliance
Bank -- to Ca from Caa1.  Alliance Bank's deposit and senior
unsecured debt ratings remain on review for possible further
downgrade while SAFC's issuer ratings carry a negative outlook.
The rating actions conclude a review for possible downgrade that
had been initiated on February 6, 2009.

"The rating downgrade of Alliance Bank reflects the increasing
likelihood of default and debt restructuring of the bank's
liabilities stemming from the ongoing deterioration in the
financial strength of both Alliance Bank and SAFC, the
acceleration of Alliance Bank's public debt repayment schedule and
reduced probability of government support to honor its foreign
liabilities," said Semyon Isakov, a Moscow-based Moody's Analyst.

Moody's understands that a significant portion of Alliance Bank's
indentures have early amortization clauses that have been already
partly triggered, which, together with the expected
nationalization of the bank through its acquisition by Samruk-
Kazyna government fund, creates the legal framework for the
accelerated repayment of the bank's debt amounting for
approximately two thirds of its funding base.  In Moody's opinion,
the stand-alone financial strength of Alliance Bank makes the
accelerating repayment of such volume of debt fairly difficult.
Furthermore, Moody's believes that the recent public statements by
representatives of Samruk-Kazyna government fund (mainly in
respect of the other large Kazakh bank BTA) indicate that
government support in this situation is unlikely to be
forthcoming.  Therefore, Moody's now believes there is no
likelihood of systemic support incorporated in Alliance Bank's
ratings, and the current senior unsecured ratings now match with
the bank's Baseline Credit Assessment of Ca.

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

The downgrade of SAFC's issuer ratings to Ca from Caa1 resulted
from notching down from Alliance Bank's deposit ratings.

Moody's previous rating action on Alliance Bank was on February 6,
2009 when the bank's BFSR was downgraded to E from E+, and local
and foreign currency deposit and foreign currency senior unsecured
debt ratings were downgraded to B2 from Ba2.  At that time, the
bank's deposit and debt ratings remained on review for possible
further downgrade.

Headquartered in Almaty, Kazakhstan, Alliance Bank had assets of
KZT1.069 trillion (US$8.9 billion) at end-June 2008.

Moody's previous rating action on SAFC was on February 6, 2009
when the company's Ba3 local and foreign currency issuer ratings
were downgraded to Caa1.  At that time, the company's deposit and
debt ratings remained on review for possible further downgrade.

Based in Almaty, Kazakhstan, SAFC is a holding company that
includes a banking segment (represented largely by Alliance Bank),
as well as non-banking lending, life and non-life insurance,
financial brokerage and business support segments.


BALAPAN OJSC: Creditors Must File Claims by May 8
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared OJSC Balapan insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Alalykin St. 9
         Karaganda
         Karaganda
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin St. 9
         Karaganda
         Kazakhstan


INDUSTRIYA SERVICE: Creditors Must File Claims by May 8
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Industriya Service PV insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Djambulskaya St. 6
         Pavlodar
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya St. 6
         Pavlodar
         Kazakhstan


INVEST STROY: Creditors Must File Claims by May 8
-------------------------------------------------
LLP Invest Stroy Progress has declared insolvency.  Creditors have
until May 8, 2009, to submit written proofs of claim to:

         Suvorov St. 13
         Pavlodar
         Kazakhstan


JAS KURYLYS LLP: Creditors Must File Claims by May 8
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Jas Kurylys insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Djambulskaya St. 6
         Pavlodar
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya St. 6
         Pavlodar
         Pavlodar
         Kazakhstan


PALMIRA-2006 LLP: Creditors Must File Claims by May 8
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Palmira-2006 insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Micro District 8, 7-41
         Kostanai
         Kazakhstan

The Court is located at:

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


TRANSIT TAIRA: Creditors Must File Claims by May 8
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Transit Taira insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Micro District 8, 7-41
         Kostanai
         Kostanai
         Kazakhstan

The Court is located at:

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


VOSTOK GEO: Creditors Must File Claims by May 8
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared JSC Vostok Geo Resursy insolvent.

Creditors have until May 8, 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


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


AILEN-K LLC: Creditors Must File Claims by April 10
---------------------------------------------------
Creditors of LLC Kyrgyz-Kazakh Firm Ailen-K have until
April 10, 2009, to submit proofs of claim to:

The company can be reached at:

         LLC Kyrgyz-Kazakh Firm Ailen-K
         Tel: (0-772) 32-22-05


KEMENGER SERVICE: Creditors Must File Claims by April 10
--------------------------------------------------------
Creditors of LLC Euro Asia Kemenger Service have until April 10,
2009, to submit proofs of claim to:

         Micro District "Asanbai" 17/1
         Bishkek
         Kyrgyzstan


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


ABN AMRO: S&P Affirms 'BB' Rating on Junior Subordinated Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'A+/A-1' long-
and short-term counterparty credit ratings on ABN AMRO Bank N.V.,
and revised the outlook to stable from developing.

In a related action, S&P placed on CreditWatch with developing
implications the debt ratings on the subordinated and junior
subordinated instruments that ABN AMRO has economically allocated
to its businesses that the Dutch state acquired.  The list below
specifies which instruments are subject to the action.

The developing implications mean that S&P may decide to raise,
lower, or affirm the ratings on these debt instruments in the
coming months.

S&P's ratings action follows ABN AMRO's announcement on March 27,
2009, of further details of its planned separation into businesses
that the Dutch state acquired and those that The Royal Bank of
Scotland PLC acquired.  The announcement lists which specific debt
instrument each group of businesses plans to take.

S&P understands that instruments that won't go to the RBS-acquired
businesses will be transferred to a Dutch bank that is to be
created in 2009 from the Dutch state-acquired businesses, namely
ABN AMRO's Dutch commercial and retail banking and private banking
activities.  The list, which is still subject to final
confirmation by ABN AMRO, stipulates that all unsecured senior
debt will move to RBS-acquired businesses; some subordinated bonds
and junior subordinated instruments are to be allocated to RBS-
acquired businesses and some to the Dutch state-acquired
businesses; and the allocation of other subordinated bonds has not
yet been determined.

"The outlook revision to stable on ABN AMRO reflects our reduced
uncertainties about the allocation of the debt instruments between
consortium members and the announced plan to move all senior debt
to the RBS-acquired entities," said Standard & Poor's credit
analyst Elisabeth Grandin.  "The outlook on ABN AMRO now mirrors
our stable outlook on RBS."

"We placed the debt instruments allocated to the Dutch state-
acquired businesses on CreditWatch with developing implications
because S&P need to assess the new Dutch bank's credit profile,"
added Ms. Grandin.

Information is still limited about the bank's financial profile,
which has not yet been legally created.  The CreditWatch placement
also reflects uncertainties about how the legal transfer will take
place.

As part of its March 27 announcement, ABN AMRO provided some very
rough information on pro forma earnings and balance sheet items
for the Dutch state-acquired businesses.  In the coming months,
S&P will seek more information about the financial and business
profiles of the new bank as well as potential support from the
Dutch government to assess its overall credit profile.  S&P will
also take into consideration the planned combination of the new
bank with Fortis Bank Nederland Holding NV.

                             Outlook

The stable outlook on ABN AMRO mirrors the stable outlook on RBS
and reflects S&P's expectation that the legal entity ABN AMRO Bank
N.V. and all its senior unsecured debt will become part of the RBS
group but will remain a separate legal entity.  S&P also
understands that ABN AMRO will operationally become fully
integrated into the RBS group.  As a result, S&P would consider
ABN AMRO a core subsidiary according to its criteria and the
ratings on it would move in tandem with those on the parent.

                           Creditwatch

To resolve the CreditWatch on the debt instruments to go to Dutch
state-acquired businesses, S&P needs to assess the
creditworthiness of the bank to be created in 2009.  Based on the
limited information available to us, S&P is likely either to
affirm or to lower or raise the ratings -- but no more than one
notch.  The bank's creditworthiness will reflect the strength of
its probable market position as the third-largest Dutch banking
group, its potentially moderate risk profile due to its focus on
domestic retail and commercial activities, and S&P's expectations
of strong support from its full owner, the Dutch state.  S&P
understands that the Dutch state sees its ownership position as
temporary, but will support the bank through a more difficult
period of recessionary economic conditions and involving
separation from other ABN MARO businesses as well as the
subsequent combination with FBNH that carries execution risks.
S&P will also need more clarity on the legal transfer of debt
instruments to the new bank to resolve the CreditWatch.

The CreditWatch resolution on the junior subordinated instruments
will also depend on S&P's opinion about leading indicators of
heightened risk of payment deferral for issuing entities and the
European Commission's view of potential capital injections by
Dutch government into the new entity.

   ABN Amro's State-Acquired Businesses and Their Complex Links

On Oct. 6, 2008, the Dutch state purchased, in an emergency move,
100% of the capital of Fortis Bank Nederland Holding from the
Fortis group.  At this time, FBNH was the owner of the 34% stake
in RFS (the holding company through which the consortium acquired
ABN AMRO) with the right to ABN AMRO's Dutch commercial and retail
banking and private banking activities.  On Dec. 21, 2008, the
Dutch government purchased from FBNH its stake in RFS to become
the direct owner of related ABN AMRO businesses, and facilitate
the governance of the consortium with RBS as well as the spin off
of ABN AMRO.  The projected combination of FBNH and those ABN AMRO
businesses into a new large Dutch bank was reaffirmed on Feb. 19,
2008, with the appointment of the ABN AMRO and Fortis Bank
Nederland Transition Team.  S&P understands that this merger or
combination is likely to become effective in 2010, after the
parties separate ABN AMRO's activities between the consortium
members, which they plan to complete later this year--and after
they meet "EC remedies."  These refer to EC requirements for a
disposal of some Dutch commercial banking activities to avoid what
it believes would be a dominant position in The Netherlands.

                           Ratings List

          Ratings Affirmed; CreditWatch/Outlook Action

                        ABN AMRO Bank N.V.
     Instruments Allocated to Dutch State Acquired Businesses

                                         To                 From
                                         --                 ----
   Subordinated Debt                     A/Watch Dev        A

  -- US$250 mil 7.75% sub dep nts ser B due 05/15/2023 (New York
     branch)

  -- US$1 bil fltg rate callable lower tier II sub nts ser 822 due
     01/17/2017

  -- US$100 mil fltg rate callable lower tier II sub med-term nts
     ser 732 due 10/26/2015

  -- EUR1.15 bil 4.625% sub Tier 2 nts ser 114 due 05/12/2009

  -- EUR103.4 mil fltg rate sub nts ser 267 due 07/21/2020

  -- EUR82 mil fltg rate sub nts ser 261 due 06/30/2017

  -- EUR500 mil fltg rate sub nts ser 775 due 05/31/2018

  -- EUR1 bil fltg rate lower tier II sub nts due 09/14/2016

                                         To                 From
                                         --                 ----
   Junior Subordinated                   BB/Watch Dev       BB

-- GBP750 mil var rate fxd/fltg rate callable perp sub (upper
   Tier 2) nts ser 752

  -- EUR1 bil var rate step-up/fxd callable perp secs (Tier 1)

  NB: This list does not include all ratings affected.


GOLDEN TULIP: Declining Occupancy Rates Spur Receivership Request
-----------------------------------------------------------------
Catherine Hornby at Reuters reports that Netherlands-based hotel
chain Golden Tulip Hospitality Group said on Tuesday that it was
going into voluntary receivership after declining occupancy rates
and the cost of investing in new hotels led to losses.

The group, as cited by Reuters, said the leisure and hospitality
sector have been hit by the recession, noting occupancies outside
the Netherlands and Belgium have declined substantially in the
last three quarters.

Reuters relates a spokesman said the group had filed for
suspension of payments as a form of protection from creditors, and
an interim receiver would be appointed by a court.

However, the group, Reuters notes, said the operations of Golden
Tulip and its franchises would not be affected by the status of
receivership, as most Golden Tulip hotels are independent
franchises.

Reuters says the group was negotiating a possible merger with
Apollo Hotels & Resorts and H2 Equity Partners.

In a separate report Reuters, citing Dutch news agency, discloses
franchise owners of Golden Tulip hotels want to buy the Golden
Tulip brand name.

Reuters relates according to ANP, the franchisees, who own 72 of
the 87 Golden Tulip hotels in the Netherlands, had instructed the
owners of Hotel Inntel, Westcord en Golden Green Hotels to make
contact with the interim receiver as soon as possible.

However, Golden Tulip group spokesman Harmen Geers dismissed the
plan of the franchise-owners as "unrealistic".  He urged the
franchisees to approach the interim receiver if they are serious,
Reuters recounts.

Golden Tulip Hospitality Group -- http://www.goldentulip.com/--
is a worldwide hospitality company with more than 780 hotels and
75.000 rooms in more than 50 countries.  The Golden Tulip
Hospitality Group franchises and manages hotels in Europe, the
Middle East & Africa, the Asian Pacific Region and the Americas.
In 2006, Hotels Magazine has ranked this company the 18th largest
hotel chain.


MOTIF CAPITAL: S&P Withdraws 'CCC' Rating on 2006-1 Notes
---------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and withdrew its credit ratings on the series 2006-1
notes issued by Motif Capital B.V. and the series 2005-7 notes
issued by Sceptre Capital B.V.

                           Ratings List

     Ratings Removed from Creditwatch Negative and Withdrawn

                       Sceptre Capital B.V.
   EUR50 Million Long-Short Variable-Redemption Limited-Recourse
                Leveraged CDO Notes Series 2005-7

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

                        Motif Capital B.V.
   EUR50 Million Long-Short Variable-Redemption Limited-Recourse
               Leveraged CDO notes Series 2006-1

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

                         NR — Not rated.


SCEPTRE CAPITAL: S&P Withdraws 'CCC' Rating on 2005-7 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and withdrew its credit ratings on the series 2006-1
notes issued by Motif Capital B.V. and the series 2005-7 notes
issued by Sceptre Capital B.V.

                           Ratings List

     Ratings Removed from Creditwatch Negative and Withdrawn

                       Sceptre Capital B.V.
   EUR50 Million Long-Short Variable-Redemption Limited-Recourse
                Leveraged CDO Notes Series 2005-7

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

                        Motif Capital B.V.
   EUR50 Million Long-Short Variable-Redemption Limited-Recourse
               Leveraged CDO notes Series 2006-1

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

                         NR — Not rated.


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


AGRO-STROY-MONTAZH LLC: Creditors Must File Claims by May 20
------------------------------------------------------------
Creditors of LLC Agro-Stroy-Montazh (TIN 3663059678, PSRN
1063667232640) (Construction) have until May 20, 2009, to submit
proofs of claims to:

         I. Ageyev
         Insolvency Manager
         Office 405a
         Leninskiy Prospect 15
         394029 Voronezh
         Russia

The Arbitration Court of Voronezhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14–3828/2008/20/16B.

The Debtor can be reached at:

         LLC Agro-Stroy-Montazh
         Rostovskaya St. 38
         Voronezh
         Russia


AK BARS: Fitch Downgrades Individual Rating to 'D/E'
----------------------------------------------------
Fitch Ratings has affirmed AK BARS Bank's Long-term Issuer Default
rating at 'BB' with Stable Outlook.  At the same time, the bank's
Individual Rating has been downgraded to 'D/E' from 'D'.

These actions follow the affirmation of the Republic of
Tatarstan's Long-term rating at 'BBB-'(BBB minus)/Stable Outlook.
In Fitch's opinion, RT would have a strong propensity to support
Ak Bars in light of the government's control of the bank, the
long-standing close relationship between the government and Ak
Bars, the servicing by Ak Bars of RT accounts, the bank's
extensive retail franchise in the republic (1.4 million individual
depositors) and its overall importance to RT's banking system (38%
of assets at end-2008).  In addition, support might be forthcoming
indirectly, from government-related enterprises.

At the same time, RT's ability to provide support might be
constrained by the relative size of the local budget and RT's
spare liquidity relative to the bank's balance sheet (average end-
of-month cash balances of the republic's budget amounted to RUB9
billion in 2008) while existing budgetary procedures might impact
the timeliness of support.  Fitch also notes that indirect
ownership through affiliated entities complicates a full
assessment of the relationship between the RT government and Ak
Bars.  It might also make the government's propensity to support
dependent on the relationship between RT's leadership and the bank
and leading local corporates.  As a result, Fitch maintains a two-
notch differential between the LT rating of RT and Ak Bars.

Further movements in Ak Bars' Long-term IDR and National Long-term
rating are likely to be driven by changes of RT's Long-term rating
or changes in Fitch's view on the RT's propensity or ability to
provide support.

The downgrade of the Individual Rating reflects the deterioration
in the operating environment, increasing levels of loan impairment
and the rather aggressive management of the balance sheet over the
last few months.  The latter resulted in continued corporate loan
growth and, as a result, a relatively tight liquidity position.

However, the rating still considers Ak Bars's large franchise in
the republic, moderate proportion of foreign-currency denominated
loans and low refinancing risks.  The bank's Board of Directors
approved a RUB9 billion equity increase (equal to 36% of end-
February 2009 statutory equity), which would support
capitalization (the regulatory capital ratio fell to 12.5% at end-
February 2009).  Dividend policy has changed and the bank does not
expect any dividends in the near term.

Ak Bars was founded by the Tatarstan government in 1993.  It is
the largest bank in the republic by assets and was among the 20
largest banks in Russia at end-2008.  The RT controls 96% of the
bank's shares according to end-H108 financial statements, which
were reviewed by auditors.

The rating actions are:

  -- Long-term IDR: affirmed at 'BB'; Outlook Stable
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: downgraded to 'D/E' from 'D'
  -- Support Rating: affirmed at '3'
  -- National Long-term Rating: affirmed at 'AA-(rus)'; Outlook
     Stable.


BAKARITSA-METALL LLC: Creditors Must File Claims by April 20
------------------------------------------------------------
Creditors of LLC Bakaritsa-Metall (TIN 2901152891, PSRN
1062901064280) (Scrap Processing) have until April 20, 2009, to
submit proofs of claims to:

         Ye. Bagretsova
         Temporary Insolvency Manager
         Apt. 492
         Voskresenskaya St. 95
         163071 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelskaya will convene on Aug. 31,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A05–1296/2009,.

The Debtor can be reached at:

         LLC Bakaritsa-Metall
         Lesozavodskaya St. 8
         163035 Arkhangelsk
         Russia


COMSTAR UNITED: S&P Puts 'BB' Corporate Ratings on Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB' long-term corporate credit ratings and its 'ruAA' Russia
national scale ratings on Russian telecoms operator Comstar United
TeleSystems and its majority-owned subsidiary, Moscow City
Telephone Network on CreditWatch with negative implications.  This
follows the announcement by Comstar's parent company Sistema
(BB/Watch Neg/--) that it had signed an agreement to acquire a
controlling stake in Bashkir Oil and Energy Group for
US$2.5 billion.

"The CreditWatch placement follows a similar action on Sistema,
which controls Comstar's strategy and financial policy through a
51% ownership interest," said Standard & Poor's credit analyst
Alexander Griaznov.

Comstar's ratings are constrained by the aggressive financial risk
profile of Sistema, as well as by Comstar's own ambitious growth
strategy and uncertainties related to the regulation of the
industry in Russia, in particular, those concerning the mooted
privatization of national telecoms holding company OJSC
Svyazinvest (not rated).

These concerns are partially mitigated by Comstar's strong
position in Moscow's fixed-line market, its expanding corporate-
services segment, favorable financial and operating performance,
and synergetic integration of its operating subsidiaries with
Sistema's various telecom assets.

As of Sept. 30, 2008, Comstar had cash and equivalents of US$570
million, which compares favorably with short-term maturities of
about US$99 million.

"We expect to resolve the CreditWatch placement within the next
three months, following our analysis of the impact of the
transaction on Sistema's credit profile Sistema and of its related
companies," said Mr. Griaznov.


DALCOMBANK: Fitch Puts 'B+' LT Issuer Rating on Watch Negative
--------------------------------------------------------------
Fitch Ratings has placed Moscow Bank for Reconstruction and
Development's and Dalcombank's Long-term Issuer Default Ratings of
'B+' on Rating Watch Negative.

The rating action follows the placement of Sistema Joint Stock
Financial Corp.'s Long-term foreign currency 'BB-' (BB minus) IDR
on RWN.  Sistema is the main shareholder of MBRD and, through
MBRD, Dalcombank.  The ratings of MBRD and Dalcombank reflect
Fitch's view of the strong propensity of Sistema to provide
support to banks in case of need, although this is limited by the
ability of Sistema to provide support.  Fitch expects to resolve
the RWN on the banks' IDRs upon the resolution of the RWN on
Sistema's IDR.

MBRD is a medium-sized Russian bank, 95%-owned by Sistema.
Servicing the needs of Sistema remains an important part of MBRD's
business, but the bank has also developed a sizeable third-party
customer franchise.  In February 2009, MBRD became the sole owner
of Dalcombank, which was acquired by Sistema in 2007.  Dalcombank
is a small-sized Russian bank based in Khabarovsk with a broad
presence in the far east of Russia.

Rating actions:

MBRD
  -- Long-term IDR: 'B+'; placed on RWN
  -- Short-term IDR: affirmed at 'B'
  -- Individual: affirmed at 'D/E'
  -- Support: affirmed at '4'
  -- National Long-term: 'A-(A minus)(rus)'; placed on RWN

Dalcombank

  -- Long-term IDR: 'B+'; placed on RWN
  -- Short-term IDR: affirmed at 'B'
  -- Individual: affirmed at 'E'
  -- Support: affirmed at '4'
  -- National Long-term: 'A-(A minus)(rus)'; placed on RWN


KONSTRUKTSIYA-1 LLC: Bankruptcy Hearing Set July 27
---------------------------------------------------
The Arbitration Court of Volgogradskaya will convene on July 27,
2009, to hear bankruptcy proceedings on LLC Volgograd-Stroy-
Konstruktsiya-1 (TIN 3446018949, PSRN 1053460056132)
(Construction).  The case is docketed under Case No. A12–
1893/2009,.

The Insolvency Manager is:

         D. Shevchenko
         Post User Box 3544
         400066 Volgograd
         Russia

The Debtor can be reached at:

         LLC Volgograd-Stroy-Konstruktsiya-1
         Pushkina St. 57B
         Volzhskiy
         Volgogradskaya
         Russia


KYRSK FOUNDRY LLC: Kursk Bankruptcy Hearing Set August 19
---------------------------------------------------------
The Arbitration Court of Kursk will convene at 10:20 a.m. on
Aug. 19, 2009, to hear bankruptcy supervision procedure on LLC
Kursk Foundry.  The case is docketed under Case No. A35–9032/08-
S8.

The Temporary Insolvency Manager is:

         V. Volgin
         Apt.3
         Kutsygina St. 35/1
         394006 Voronezh
         Russia
         Tel: (4732) 51–24–67
              (4732) 77–55–34
               8–910–247–50–69
         E-mail: va_volgin@hotbox.ru

The Court is located at:

         The Arbitration Court of Kursk
         Hall 110
         K. Marksa St. 25
         305004 Kursk
         Russia


MEKHANIK CJSC: Creditors Must File Claims by April 20
-----------------------------------------------------
Creditors of CJSC Mekhanik (Mining and Construction Equipment
Production) have until April 20, 2009, to submit proofs of claims
to:

         M. Bogatova
         Insolvency Manager
         Post User Box 3084
         650024 Kemerovo
         Russia

The Arbitration Court of Kemerovo will convene on June 17, 2009,
to hear bankruptcy proceedings.  The case is docketed under Case
No. A27–18121/2008–4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya St. 8
         Kemerovo
         Russia


The Debtor can be reached at:

         CJSC Mekhanik
         Proektnaya St. 1
         652702 Kiselevsk
         Russia


MOBILE TELESYSTEMS: S&P Puts 'BB' Corp. Rating on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB' long-term corporate credit rating on Russia's largest
telecoms operator, Mobile TeleSystems on CreditWatch with negative
implications.  This follows the announcement by MTS' parent
company Sistema (BB/Watch Neg/--) that it had signed an agreement
to acquire a controlling stake in Bashkir Oil and Energy Group for
US$2.5 billion.

"The CreditWatch placement follows a similar rating action on
Sistema, which has substantial control over MTS' strategy and
financial policy through a 52.8% ownership interest," said
Standard & Poor's credit analyst Alexander Griaznov.

While S&P takes the view that MTS' business risk profile points to
stronger stand-alone credit quality, the rating remains
constrained by Sistema's credit profile and majority ownership.

From a stand-alone business perspective, MTS' main credit risks
are associated with the company's own organic and external growth
plans, intensifying competition, and the risks associated with
operating in Russia.

These risks are mitigated by the company's strong business
characteristics, based on solid positions in the Russian and
Ukrainian mobile markets.  These characteristics include robust
growth with steadily improving economies of scale; sound operating
profitability; strong cash flows; and declining financial risk.

As of Dec. 31, 2008, the company's short-term maturities of about
US$1.2 billion were almost fully covered by cash of US$1.1
billion.

"We expect to resolve the CreditWatch placement within the next
three months, following our analysis of the impact of the
transaction on Sistema's credit profile and on that of its related
companies, including MTS," said Mr. Griaznov.


MOSCOW BANK: Fitch Puts 'B+' LT Issuer Rating on Negative Watch
---------------------------------------------------------------
Fitch Ratings has placed Moscow Bank for Reconstruction and
Development's and Dalcombank's Long-term Issuer Default Ratings of
'B+' on Rating Watch Negative.

The rating action follows the placement of Sistema Joint Stock
Financial Corp.'s Long-term foreign currency 'BB-' (BB minus) IDR
on RWN.  Sistema is the main shareholder of MBRD and, through
MBRD, Dalcombank.  The ratings of MBRD and Dalcombank reflect
Fitch's view of the strong propensity of Sistema to provide
support to banks in case of need, although this is limited by the
ability of Sistema to provide support.  Fitch expects to resolve
the RWN on the banks' IDRs upon the resolution of the RWN on
Sistema's IDR.

MBRD is a medium-sized Russian bank, 95%-owned by Sistema.
Servicing the needs of Sistema remains an important part of MBRD's
business, but the bank has also developed a sizeable third-party
customer franchise.  In February 2009, MBRD became the sole owner
of Dalcombank, which was acquired by Sistema in 2007.  Dalcombank
is a small-sized Russian bank based in Khabarovsk with a broad
presence in the far east of Russia.

Rating actions:

MBRD
  -- Long-term IDR: 'B+'; placed on RWN
  -- Short-term IDR: affirmed at 'B'
  -- Individual: affirmed at 'D/E'
  -- Support: affirmed at '4'
  -- National Long-term: 'A-(A minus)(rus)'; placed on RWN

Dalcombank

  -- Long-term IDR: 'B+'; placed on RWN
  -- Short-term IDR: affirmed at 'B'
  -- Individual: affirmed at 'E'
  -- Support: affirmed at '4'
  -- National Long-term: 'A-(A minus)(rus)'; placed on RWN


PROM-STROY-4 LLC: Creditors Must File Claims by May 20
------------------------------------------------------
Creditors of LLC Prom-Stroy-4 (TIN 5259002371) (Construction) have
until May 20, 2009, to submit proofs of claims to:

         V. Talanov
         Insolvency Manager
         Ploshchad’ Revolutsii 7A
         603002 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43–22565/2008,27–138.

The Debtor can be reached at:

         LLC Prom-Stroy-4
         Krasnylh Zor’ St. 1A
         603650 Nizhny Novgorod
         Russia


SEVERSKAYA TRANSPORTATION: Creditors Must File Claims by May 20
----------------------------------------------------------------
Creditors of LLC Severskaya Transportation Company have until
May 20, 2009, to submit proofs of claims to:

         M. Churayev
         Insolvency Manager
         Shkolnaya St. 11
         Plotnikova
         Bakcharskiy
         636210 Tomskaya
         Russia

The Arbitration Court of Tomskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A67–5776/08.

The Debtor can be reached at:

         LLC Severskaya Transportation Company
         Lesnaya St. 1a
         Seversk
         Tomskaya
         Russia


SISTEMA: Inks Deal to Acquire Controlling Stakes in Bashkir Oil
---------------------------------------------------------------
Sistema has signed an agreement with Agidel-Invest LLC, Ural-
Invest LLC, Inzer-Invest LLC and Yuryuzan-Invest LLC to acquire
their stakes in Bashkir Oil and Energy Group companies, including
ANK Bashneft JSC, Ufaneftechim JSC, Novoil JSC, Ufaorgsintez JSC,
Ufimskiy NPZ JSC and Bashkirnefteprodukt JSC.  The deal is
expected to be concluded for a total cash consideration of US$2.5
billion.  The payment is being made in two tranches with US$2.0
billion paid upon the completion and US$500 million being paid on
a deferred basis after 14 months.  The completion of the deal is
contingent upon the fulfillment of a number of conditions.

In 2005, Sistema-Invest, a subsidiary of Sistema, acquired
minority stakes in Bashkir Oil and Energy Group's subsidiaries.
Following the completion of this transaction Sistema will own
76.52% stake in ANK Bashneft JSC, 65.78% stake in Ufaneftechim
JSC, 87.23% stake in Novoil JSC, 73.02% stake in Ufaorgsintez JSC,
78.49% stake in Ufimskiy NPZ JSC and 73.33% stake in
Bashkirnefteproduct JSC.  Furthermore, in accordance with the
Russian legislation Sistema plans to make an offer to minority
shareholders of Bashkir Oil and Energy Group for purchase of their
shares.

Leonid Melamed, President and Chief Executive Officer, commented:
"Sistema and its Group companies have been operating in
Bashkortostan for a number of years.  We are confident that the
acquisition of controlling stakes in Bashkir Oil and Energy Group
companies will underpin our cooperation with the Republic.  We
plan to further develop and build up the production potential of
the oil companies thus strengthening the economy and social
infrastructure in Bashkortostan.  Furthermore, the creation of a
vertically integrated oil company will sustain further economic
development and rational use of the Republic's potential in the
future.  The increase in Sistema's ownership of Bashkir Oil and
Energy Group companies is in line with our strategy to create
additional shareholder value.  This transaction will allow us to
maximize the returns from our portfolio investments and to receive
another steady source of cash flows."

                      Conference Call

Sistema has rescheduled the conference call to discuss the
acquisition of controlling stakes in Bashkir Oil and Energy Group.

Sistema has confirmed that the planned conference call with
management to discuss the acquisition of controlling stakes in
Bashkir Oil and Energy Group will now take place on Thursday,
April 9, 2009, and not on Wednesday, April 1, 2009, as previously
communicated.

Sistema -- http://www.sistema.com/-- is the largest public
diversified corporation in Russia and the CIS, which manages fast
growing companies operating in the telecommunications, consumer
services sectors and technology industries and has over 100
million customers.  Sistema develops and manages market-leading
businesses in selected industries, including telecommunications,
technology, banking, real estate, retail, media, tourism and
healthcare.  Founded in 1993, the company reported revenues of
US$12.6 billion for the first nine months of 2008 (unaudited), and
total assets of US$32.0 billion as at September 30, 2008
(unaudited).  Sistema's shares are listed under the symbol "SSA"
on the London Stock Exchange, under the symbol "AFKS" on the
Russian Trading System (RTS), under the symbol "AFKC" on the
Moscow Interbank Currency Exchange (MICEX), and under the symbol
"SIST" on the Moscow Stock Exchange (MSE).

                     *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 1,
2008, Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russian holding company Sistema (JSFC)
to 'BB' from 'BB-'.  The outlook is stable.


SISTEMA: S&P Puts 'BB' Corporate Rating on Negative Watch
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB' long-term corporate credit rating on Russian operating
holding company Sistema on CreditWatch with negative implications
following Sistema's announcement that it had signed an agreement
to acquire a controlling stake in Bashkir Oil and Energy Group for
US$2.5 billion.

"The CreditWatch placement reflects the possibility that S&P could
lower the rating on Sistema by one or more notches depending on
the impact of this acquisition on the company's financial
profile," said Standard & Poor's credit analyst Alexander
Griaznov.  "We are concerned about the potential increase in
leverage and the impact of the transaction on the group's
liquidity profile and debt structure."

In addition, raising new debt could lead to pressure on financial
covenants on existing facilities and significantly impact
Sistema's recovery rating.

The corporate credit rating on Sistema is constrained by the
group's relatively aggressive financial policy, with a strong
focus on business growth; predisposition to acquisitions; and
limited cash flow diversification, exacerbated by the cash
consumption of many of its growth-oriented business segments.
These weaknesses are mitigated by continuing strong performance of
Sistema's core telecommunications assets, relatively moderate
leverage to date, and tangible progress in streamlining
operations.

Sistema's consolidated debt was US$10.1 billion as of Sept. 30,
2008.

"We expect to resolve the CreditWatch placement within the next
three months, following our analysis of the impact of the
transaction on Sistema's credit profile," said Mr. Griaznov.


SISTEMA-HALS JSC: Fitch Puts 'B' Issuer Ratings on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has placed Russian property developer JSC Sistema-
Hals' Long-term Issuer Default Rating and Short-term IDR of 'B',
respectively, and National Long-term Rating of 'BBB-(BBB minus)
(rus)' on Rating Watch Negative.  The RWN reflects concerns about
a potential reduction in future support from SH's 71% owner,
Sistema Joint Stock Financial Corp. (rated 'BB-'(BB minus)/RWN).

Fitch currently notches up SH's ratings by approximately 1-2
notches to reflect the expectation of continuing support from its
stronger owner.  Although Sistema does not guarantee SH's debt,
the notching reflects the perceived linkage between the two
entities (based on Fitch's Parent and Subsidiary Rating Linkage
methodology), including Sistema's high level of ownership in SH,
operational links, family links, a shared brand-name and cross-
default linkage.  This has been underlined over the past 12 months
by tangible evidence of support from Sistema, including arms-
length lending to SH from Sistema subsidiaries and the pledge of
assets by Sistema to assist SH with external debt financing.

However, Fitch has increasing concern that Sistema's ability to
support SH could be reduced going forward, especially should
Sistema's stand-alone credit profile weaken.  In a separate rating
action, Fitch has placed Sistema's ratings on RWN following its
announcement of plans to undertake a substantial debt-funded
acquisition of Bashkir Oil and Energy Group.

Fitch also notes that as part of the renegotiation of a debt
facility in November 2008, Sistema pledged a 65.6% stake in SH to
state-owned bank VTB ('BBB'/Negative Outlook).  Given this pledge
of shares, there continues to be a risk that the majority
ownership of SH could be transferred from Sistema at some point in
the future.  If Sistema were to no longer hold a majority stake in
SH in the future, it would imply a significant reduction in its
willingness to support SH, and in turn could weaken the linkage
assumptions between the two entities to such a degree that SH's
ratings were no longer notched-up to reflect implied support from
Sistema.

SH's stand-alone profile continues to be weak, and below its
current IDR of 'B'.  SH is currently operating in a difficult
environment, with a weakening Russian real estate market likely to
reduce earnings, asset values and operating cash flows going
forward.  The difficult financing environment also restricts the
company's ability to fund new projects and refinance existing
debt.  The stand-alone profile is also adversely affected by the
size of the company's leverage (net debt/LTM EBITDAR), which as of
Q308 stood at 7.2x.

Fitch will seek to resolve SH's RWN status once the RWN status on
Sistema's ratings has been resolved.  SH's ratings could be
downgraded if Sistema's ratings were to be downgraded, thus
implying a reduced ability on the part of Sistema to support SH.
However, the ratings could also be downgraded independently of a
rating action with respect to Sistema, particularly if (i) SH's
stand-alone profile deteriorates further without more tangible
support from Sistema, and/or (ii) if Fitch perceives a reduced
willingness on the part of Sistema to provide support (including a
possible change in ownership in SH).  The ratings could be
downgraded by more than once notch, especially if future support
from Sistema was no longer viewed as likely.


STEKLO-TEKH LLC: Court Names Temporary Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Belgorodskaya appointed Yu. Dobrovolskiy
as Temporary Insolvency Manager for LLC Steklo-Tekh (Glass Optical
Elements Production).  The case is docketed under Case No. A08–
263/2009,–2B.  He can be reached at:

         Schorsa St. 45Zh
         308036 Belgorod
         Russia

The Debtor can be reached at:

         LLC Steklo-Tekh
         Schorsa St. 45Zh
         308036 Belgorod
         Russia


STROY-INVEST LLC: Creditors Must File Claims by April 20
--------------------------------------------------------
Creditors of LLC Stroy-Invest (TIN 1327000353, PSRN 1051327015915,
RVC 132702001) (Construction) have until April 20, 2009, to submit
proofs of claims to:

         I. Burykin
         Temporary Insolvency Manager
         Polezhayeva St. 72/28
         430000 Saransk
         Russia

The Arbitration Court of Mordovia will convene on April 6, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A39–4737/2008.

The Debtor can be reached at:

         LLC Stroy-Invest
         Furmanova St. 18
         Saransk
         Mordovia
         Russia


TEKH-MASH-STROY LLC: Creditors Must File Claims by April 20
-----------------------------------------------------------
Creditors of LLC Tekh-Mash-Stroy (Construction) have until
April 20, 2009, to submit proofs of claims to:

         Ye. Melnikov
         Temporary Insolvency Manager
         Malykh St. 44b
         305019 Kursk
         Russia

The Arbitration Court of Kurskaya commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A35–7639/08 S24.

The Court is located at:

         The Arbitration Court of Kurskaya
         K. Marksa St. 25
         305029 Kursk
         Russia

The Debtor can be reached at:

         LLC Tekh-Mash-Stroy
         Engelsa St. 115
         305007 Kursk
         Russia


* Fitch Affirms 'D' Individual Ratings on Seven Russian Banks
-------------------------------------------------------------
Fitch Ratings has changed the Outlooks on Credit Bank of Moscow,
Locko-bank and Master Bank to Negative from Stable.  These banks'
Long-term Issuer Default Ratings have been affirmed at 'B'.  At
the same time, the agency has affirmed Evrofinance Mosnarbank,
International Industrial Bank, National Reserve Bank and
Roseurobank at Long-term IDR 'B', with Stable Outlook.  A full
list of rating actions is provided at the end of this commentary.

The Negative Outlooks on CBOM, Locko and MB reflect the potential
for significant asset quality deterioration in the currently
difficult operating environment and the moderate loss absorption
capacity of those banks, based on reserve and capital numbers in
their latest statutory accounts.  While MB and Locko have somewhat
higher capital ratios at present than CBOM (which plans an equity
injection in Q209), Fitch views the high level of
construction/real estate lending at these two banks as a source of
significant risk.  Lending in foreign currency is also
considerable at all three banks, most so at Locko.  Reported loan
impairment is currently low at CBOM and Locko and moderate at MB;
however, Fitch notes that MB's practice of providing, and then
extending, short-term loans may mean that loan impairment is not
always fully captured in reported overdue numbers.

CBOM and Locko have sizable foreign wholesale borrowings falling
due in 2009.  While, in Fitch's view, the banks' current liquidity
positions should make them able to repay these facilities, the
repayments are likely to reduce the banks' financial flexibility
and would make them more susceptible to any marked deposit
outflow.  MB operates with a high liquid assets ratio in light of
its predominantly short-term customer funding.

The Stable Outlooks on EVMB, IIB, NRB and REB reflect those banks'
considerable loss absorption capacity, which should make them able
to withstand a significant increase in loan impairment without
requiring recapitalization.  However, asset quality is likely to
deteriorate at each of these banks in light of the weaker economic
outlook, with related party lending at IIB and NRB and foreign
currency lending at REB and NRB as areas of particular risk.

The downgrade of NRB's National rating to 'BBB-(BBB minus)(rus)'
from 'BBB(rus)' reflects the recent increases in related party
lending and loan impairment, as well as support provided by NRB to
the failed bank, Rossiiskiy Capital.  However, these risks are
compatible, in Fitch's view, with NRB's 'B' Long-term IDR.

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

The rating actions are:

Credit Bank of Moscow

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

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

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

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

Evrofinance Mosnarbank

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: affirmed at 'BBB(rus)'; Outlook
     Stable

International Industrial Bank

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable

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

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: affirmed at 'BBB(rus)'; Outlook
     Stable

Locko-bank

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

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

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

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

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

Master bank

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

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

National Reserve Bank

  -- Long-term foreign currency IDR: affirmed at 'B; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- National Long-term Rating: downgraded to 'BBB-(BBB
     minus)(rus)' from 'BBB(rus) '; Outlook Stable

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

Rosevrobank

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable

  -- National Long-term Rating: affirmed at 'BBB-(BBB
     minus)(rus)'; Outlook Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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


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


SA NOSTRA: Fitch Assigns Low-B Ratings on Series C and D Notes
--------------------------------------------------------------
Fitch Ratings has assigned ratings to TDA SA NOSTRA EMPRESAS 2
Fondo de Titulizacion de Activos's CDO notes, totaling EUR355
million and due in June 2051:

  -- EUR257.7 million Series A: 'AAA'; Outlook Stable
  -- EUR50.4 million Series B: 'A'; Outlook Stable
  -- EUR36.5 million Series C: 'BB'; Outlook Stable
  -- EUR10.4 million Series D: 'B'; Outlook Stable

The transaction is a cash flow securitization of a EUR355m static
pool of secured and unsecured loans granted by Caja de Ahorros y
Monte de Piedad de Las Baleares (Sa Nostra, rated 'A-'(A
minus)/'F2'/Negative), a Spanish savings bank, to small- and
medium-sized Spanish enterprises with the purpose of financing
business activity and new investments.  The pool consists of 1,697
loans to SMEs with a strong concentration (approximately 92%) in
the region of Baleares, the bank's home region.

The ratings address the payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger for the class B, C and D notes, as well as the
repayment of principal by legal maturity in June 2051.

TDA SA NOSTRA EMPRESAS 2, Fondo de Titulizacion de Activos is the
second single-seller SME securitization transaction originated by
Sa Nostra.  The issuer is legally represented and managed by
Titulizacion de Activos, SGFT, S.A. (TDA, or the Sociedad
Gestora), a special-purpose management company with limited
liability incorporated under the laws of Spain.

The notes' ratings are based on the quality of the collateral, the
underwriting and servicing of the loans, available credit
enhancement, the characteristics and integrity of the
transaction's legal and financial structure and the Sociedad
Gestora's administrative capabilities, and incorporate Fitch's
most up-to-date view of Spanish SME credit risk.

Fitch is in the process of reviewing its rating methodology and
model assumptions for all new issue SME CDO ratings.  Investors
should be aware that Fitch is reassessing its analytical views
which could impact existing ratings, including the ratings
assigned to the securities in this comment.


SANTANDER HIPOTECARIO: Fitch Puts 'C'-Rated Class F Notes on RWN
----------------------------------------------------------------
Fitch Ratings has placed 16 tranches of Fondo De Titulizacion De
Activos Santander Hipotecario 3 and Fondo De Titulizacion De
Activos Santander Hipotecario 4 Spanish RMBS transactions on
Rating Watch Negative.

The RWN reflects the continued deterioration in both transactions
due to the pools' weaker collateral composition as well as the
deteriorating Spanish housing market and macro-economic
conditions.  As such, Fitch is conducting a thorough loan-by-loan
analysis of both transactions and updating performance
assumptions.  The agency expects to complete this review in the
next four weeks following the receipt of updated and accurate pool
cuts from Banco Santander Central Hispano.

The asset performance on both pools has deteriorated significantly
and the agency expects that current economic conditions will
likely cause higher arrears and defaults; especially given each
transaction's high weighted average loan-to-value ratios (Shipo 3
is 85.08% and Shipo 4 is 87.46%).  At the conclusion of the Fitch
review, the agency expects that ratings may be downgraded by one
full rating category or more across the deals' capital structure.

Ratings are:

Fondo De Titulizacion De Activos Santander Hipotecario 3:

  -- Class A1 (ISIN ES0338093000): 'AAA'; on Rating Watch Negative

  -- Class A2 (ISIN ES0338093018): 'AAA'; on Rating Watch Negative

  -- Class A3 (ISIN ES0338093026): 'AAA'; on Rating Watch Negative

  -- Class B (ISIN ES0338093034): 'AA-' (AA minus); on Rating
     Watch Negative

  -- Class C (ISIN ES0338093042): 'BBB+'; on Rating Watch Negative

  -- Class D (ISIN ES0338093059): 'BB'; on Rating Watch Negative

  -- Class E (ISIN ES0338093067): 'B'; on Rating Watch Negative

  -- Class F (ISIN ES 0338093075): 'C'; on Rating Watch Negative;
     Recovery Rating is 'RR6'

Fondo De Titulizacion De Activos Santander Hipotecario 4:

  -- Class A1 (ISIN ES0337711008): 'AAA'; on Rating Watch Negative

  -- Class A2 (ISIN ES0337711016): 'AAA'; on Rating Watch Negative

  -- Class A3 (ISIN ES0337711024): 'AAA'; on Rating Watch Negative

  -- Class B (ISIN ES0337711032): 'AA-' (AA minus); on Rating
     Watch Negative

  -- Class C (ISIN ES0337711040): 'BBB+'; on Rating Watch Negative

  -- Class D (ISIN ES0337711057): 'BB'; on Rating Watch Negative

  -- Class E (ISIN ES0337711065): 'B'; on Rating Watch Negative

  -- Class F (ISIN ES0338341011): 'C'; on Rating Watch Negative;
     Recovery Rating is 'RR6'


SANTANDER HIPOTECARIO: S&P Cuts Ratings on Class C Notes to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services has taken rating actions on
five Spanish residential mortgage-backed securities transactions
originated and serviced by Banco Santander S.A. (AA/Negative/A-
1+).

Specifically, S&P:

  -- upgraded the ratings on the class B, C, and D notes issued by
     Fondo de Titulizacion de Activos Santander Hipotecario 1
     (Santander 1);

  -- placed on CreditWatch negative the class A notes and
     downgraded the class B, C, D and E notes issued by Fondo de
     Titulizacion de Activos Santander Hipotecario 2 (Santander
     2), Fondo de Titulizacion de Activos Santander Hipotecario 3
     (Santander 3), and Fondo de Titulizacion de Activos
     Santander Hipotecario 4 (Santander 4); and

  -- placed the ratings on the class D and E notes issued by Fondo
     de Titulizacion de Activos Santander Hipotecario 5 (Santander
     5) on CreditWatch negative.

These rating actions follow a full credit and cash flow analysis
of the most recent transaction information that S&P has received.
The results of S&P's analysis showed that for those tranches
either placed on CreditWatch negative or lowered, the credit
enhancement available was not commensurate with the current
ratings, or that the available credit enhancement may be
insufficient.

As a result of the ongoing deleveraging of Santander 1, the
aggregate risk measures are gradually improving.  The weighted-
average LTV ratio of the loans has fallen to approximately 72%
from 88% at closing, and the current arrears levels are relatively
stable, below the average recorded for the Spanish market.

In contrast, the mortgage portfolios underlying Santander
Hipotecario 2, 3, 4, and 5 are generating high levels of arrears.
Loans more than 90 days in arrears, including defaulted loans and
repossessions, represent 3.9% (Santander 2), 7.5% (Santander 3),
10.3% (Santander 4), and 2.5% (Santander 5) of the current
mortgage portfolios, well above the average for other Spanish RMBS
transactions with similar seasoning.  Recent performance data
combined with the portfolio characteristics suggest that these
numbers will continue to rapidly increase over the next few
quarters.  Indeed, these severe delinquencies have already broadly
doubled in Santander 2 and 3, and quadrupled in Santander 4 over
the last quarter.

All the transactions feature a structural mechanism that traps
excess spread to provide for defaults, which are defined as
arrears greater than 18 months or those loans classified as
defaulted by the servicer.  As a result of higher delinquencies
and this structural feature, Santander 3 and Santander 4 have
already fully drawn their cash reserves.

The effect of the reserve drawings is twofold.  On the one hand,
it will not allow excess spread to flow from the deals for the
foreseeable future, but on the other it impairs the internal
liquidity of the transactions for as long as the recoveries on
defaulted assets are not received.

When the cumulative default rates in Santander 2, 3, 4 and 5 reach
a certain percentage of the initial balance (based on the balance
of defaulted loans), the priority of payments would be altered so
as to shut off interest payments to the related class of notes.
In Santander 1, interest in the subordinated classes should be
deferred if principal deficiencies reach certain levels for each
class of notes.  The rating actions therefore also take into
account the effect of nonpayment of interest in the light of
possible defaults, in addition to S&P's assessment of the default
risk in the residual portfolios.

                           Ratings List

                          Ratings Raised

     Fondo de Titulizacion de Activos Santander Hipotecario 1
EUR1.875 Billion Residential Mortgage-Backed Floating-Rate Notes

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


              Ratings Placed on Creditwatch Negative

     Fondo de Titulizacion de Activos Santander Hipotecario 2
    EUR1.955 Billion Mortgage-Backed Floating-Rate Notes and an
         Overissuance of EUR17.6 Million Floating-Rate Notes

         Class              Rating
         -----              ------
                    To                    From
                    --                    ----
         A          AAA/Watch Neg         AAA

     Fondo de Titulizacion de Activos Santander Hipotecario 3
     EUR2.8 Billion Mortgage-Backed Floating-Rate Notes and an
         Overissuance of EUR22.4 Million Floating-Rate Notes

         Class              Rating
         -----              ------
                    To                    From
                    --                    ----
         A1          AAA/Watch Neg        AAA
         A2          AAA/Watch Neg        AAA
         A3          AAA/Watch Neg        AAA

     Fondo de Titulizacion de Activos Santander Hipotecario 4
    EUR1.23 Billion Mortgage-Backed Floating-Rate Notes and an
        Overissuance of EUR14.8 Million Floating-Rate Notes

         Class              Rating
         -----              ------
                    To                    From
                    --                    ----
         A1          AAA/Watch Neg        AAA
         A2          AAA/Watch Neg        AAA
         A3          AAA/Watch Neg        AAA

     Fondo de Titulizacion de Activos Santander Hipotecario 5
    EUR1.375 Billion Mortgage-Backed Floating-Rate Notes and an
        Overissuance of EUR24.7 Million Floating-Rate Notes

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


      Ratings Lowered and Removed from Creditwatch Negative

     Fondo de Titulizacion de Activos Santander Hipotecario 2
    EUR1.955 Billion Mortgage-Backed Floating-Rate Notes and an
         Overissuance of EUR17.6 Million Floating-Rate Notes

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

     Fondo de Titulizacion de Activos Santander Hipotecario 3
    EUR2.8 Billion Mortgage-Backed Floating-Rate Notes and an
        Overissuance of EUR22.4 Million Floating-Rate Notes

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

     Fondo de Titulizacion de Activos Santander Hipotecario 4
    EUR1.23 Billion Mortgage-Backed Floating-Rate Notes and an
        Overissuance of EUR14.8 Million Floating-Rate Notes

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

                         Ratings Lowered

     Fondo de Titulizacion de Activos Santander Hipotecario 2
    EUR1.955 Billion Mortgage-Backed Floating-Rate Notes and an
        Overissuance of EUR17.6 Million Floating-Rate Notes

               Class              Rating
               -----              ------
                          To                    From
                          --                    ----
               B          A                     AA-


TDA CAM: Fitch Cuts Ratings on Three Classes of Notes to Low-B
--------------------------------------------------------------
Fitch Ratings has downgraded 14 and affirmed six tranches of five
TDA CAM transactions.  Fitch has simultaneously revised the
Outlooks on twelve tranches of TDA CAM 5 to 9 to Negative from
Stable and assigned Recovery Ratings of 'RR5' to the class D notes
of TDA CAM 8 and 9.

The negative rating actions reflect the deteriorating performance
of the deals, evidenced by the increasing number of defaulted
loans being provisioned at twelve months, as well as the rising
volume of loans in arrears, which Fitch expects will eventually
become defaulted.  The downgrades are also a result of Fitch's
expectations on the transactions' future performance, given the
current challenging housing market in Spain and the general
macroeconomic environment.

Fitch highlighted the recent reserve fund draws of TDA CAM 5, 6
and 9 in a February 11, 2009, comment, and noted that reserve fund
draws on TDA CAM 7 and 8 were also expected.  According to the
latest investor reports, the reserve fund draws on the five
transactions ranged from 0.17% (TDA CAM 5) to 37.78% (TDA CAM 8)
of the target amounts, causing a slowdown in the credit
enhancement growth of the notes, particularly for the lower-rated
classes.  The reserve fund draws were caused by increasing volumes
of defaulted loans, defined as loans with twelve or more missed
payments, which are being provisioned for.  In February 2009,
period defaults ranged from EUR1.7 million (TDA CAM 6) to EUR4.3
million (TDA CAM 7).

Although the volume of gross excess spread generated by the
transactions ranges between 0.17% (TDA CAM 8) and 0.75% (TDA CAM
6) of the current portfolio outstanding, as calculated by Fitch,
the pace at which loans in arrears are entering the higher arrears
buckets, and eventually are being classified as defaulted,
indicate that further reserve fund draws are likely to remain at
least at current levels.  Based on the monthly arrears and default
data received, Fitch believes that full depletions of the reserve
funds are likely to occur on all five transactions in forthcoming
periods.  The agency has particular concern in relation to the
more recent transactions, TDA CAM 7 to 9, where a full depletion
is expected in the course of 2009.  These concerns are reflected
in the downgrades of the initially rated 'AAA' notes to 'AA+' for
TDA CAM 7, and to 'AA' for TDA CAM 8 and 9.

Recoveries to date have been low in comparison to the cumulative
defaults.  According to the investor reports received, cumulative
recoveries on defaulted loans range from 0.16% (TDA CAM 5) to
0.67% (TDA CAM 6) of the original portfolio balance.  Fitch's
expected recovery time for Spain is 36 months following default,
which in the case of the more recent transactions, TDA CAM 7 to 9,
is unlikely to occur in the upcoming months.  In recent months,
the more seasoned transactions of TDA CAM 5 and 6, have seen
increasing volumes of defaults provisioned (February 2009: EUR2.1
million and EUR1.7 million, respectively), compared to levels seen
twelve months ago (average defaults in 2008, as calculated by
Fitch: EUR0.8 million and EUR1.3 million, respectively).  The
agency's concern about the loans which are expected to default in
the forthcoming periods in these two transactions is reflected in
the rating actions taken on the initially rated 'AAA' notes, with
respect to the Outlooks being revised to Negative from Stable.

Fitch's rating actions also reflect the agency's concern about the
quality of the underlying portfolios, originated by Caja de
Ahorros del Mediterraneo (CAM, rated 'A-'(A minus)/Stable/'F2').
Specifically, the pools contain a relatively high percentage of
loans on second homes, loans to non-Spanish residents, and a heavy
concentration of loans made to self-employed borrowers.  Fitch
considers these categories to be highly risky, particularly in the
current challenging market.  In addition, the volumes of loans
that have been provisioned to date indicate that the lender has a
large volume of properties that are yet to be sold.  This is a
general trend seen across most Spanish RMBS transactions.  CAM,
like most other Spanish lenders, is faced with the challenge of
selling these properties at prices that will cover the outstanding
balances of the defaulted loans, including any costs of carry
attached.  Fitch believes this is a concern, especially because
the agency's expected house price declines for Spain from peak are
between 25% and 30%, and that any delay in the sale of properties
could lead to higher losses on the transactions.

The latest investor reports show current loan-to-value ratios in
January 2009 stood between 63.9% (TDA CAM 8) and 69.7% (TDA CAM
7).  Fitch considers these to be lower than those seen in other
Spanish RMBS transactions rated by Fitch.  The agency sees this as
a positive indicator of expected recoveries.  However, the timing
and magnitude of the realization of recoveries are key for the
future performance of these deals and will play a crucial role in
any future rating actions.

The rating actions are:

TDA CAM 5, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0377992005) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class B (ISIN ES0377992013) downgraded to 'A-' (A minus) from
     'A'; Outlook revised to Negative from Stable

TDA CAM 6, Fondo de Titulizacion de Activos:

  -- Class A1 (ISIN ES0377993003) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class A2 (ISIN ES0377993011) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class A3 (ISIN ES0377993029) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class B (ISIN ES0377993037) downgraded to 'BBB' from 'A-' (A
     minus); Outlook Negative

TDA CAM 7, Fondo de Titulizacion de Activos:

  -- Class A1 (ISIN ES0377994001) downgraded to 'AA+' from 'AAA';
     Outlook revised to Negative from Stable

  -- Class A2 (ISIN ES0377994019) downgraded to 'AA+' from 'AAA';
     Outlook revised to Negative from Stable

  -- Class A3 (ISIN ES0377994027) downgraded to 'AA+' from 'AAA';
     Outlook revised to Negative from Stable

  -- Class B (ISIN ES0377994035) downgraded to 'BB+' from 'A-' (A
     minus); Outlook Negative

TDA CAM 8, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0377966009) downgraded to 'AA' from 'AAA';
     Outlook revised to Negative from Stable

  -- Class B (ISIN ES0377966017) downgraded to 'BBB' from 'A';
     Outlook Negative

  -- Class C (ISIN ES0377966025) downgraded to 'B' from 'BBB-'
     (BBB minus); Outlook Negative

  -- Class D (ISIN ES0377966033) affirmed at 'CC'; assigned a
     Recovery Rating of 'RR5'

TDA CAM 9, Fondo de Titulizacion de Activos:

  -- Class A1 (ISIN ES0377955002) downgraded to 'AA' from 'AAA';
     Outlook revised to Negative from Stable

  -- Class A2 (ISIN ES0377955010) downgraded to 'AA' from 'AAA';
     Outlook revised to Negative from Stable

  -- Class A3 (ISIN ES0377955028) downgraded to 'AA' from 'AAA';
     Outlook revised to Negative from Stable

  -- Class B (ISIN ES0377955036) downgraded to 'BBB' from 'A';
     Outlook Negative

  -- Class C (ISIN ES0377955044) downgraded to 'B' from 'BBB-'
      (BBB minus); Outlook Negative

  -- Class D (ISIN ES0377955051) downgraded to 'CC' from 'CCC';
     assigned a Recovery Rating of 'RR5'

Fitch will continue to monitor the performance of these
transactions, and may take further rating actions as deemed
necessary.


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


FORD MOTOR: Peter Horbury to Return to Volvo as Design VP
---------------------------------------------------------
Kerry E. Grace at The Wall Street Journal reports that Ford Motor
Co. said that Peter Horbury will return to the Company's Volvo
unit as vice president of design from effective May 1.

According to WSJ, Mr. Horbury will succeed Stephen Mattin, who
left Volvo to pursue other opportunities.  WSJ relates that Moray
Callum, currently director of design for cars at Ford Americas,
will take Mr. Horbury's place as executive director of Ford
Americas design.

Mr. Horbury was one of the people behind the new Lincoln designs
and before that was behind some of the most successful Volvo
designs, WSJ says, citing Ford Motor executive J Mays.  According
to the report, Mr. Horbury was appointed Volvo's design director
in 1991.  In 2002, Mr. Horbury became executive director for the
Jaguar, Land Rover, Volvo, and Aston Martin design studios, the
report states.  Mr. Horbury joined Ford Americas in 2004, the
report says.

WSJ reports that Mr. Callum will be responsible for all Ford cars
and trucks designed in the Americas, and will guide the design of
Lincoln and Mercury products.

Ford Motor has held preliminary talks with several parties
interested in acquiring Volvo, WSJ relates.

   Ford Motor Settles Patent Disputes With LKQ Corporation

A settlement agreement has been reached between Ford Motor and LKQ
Corporation in litigation filed by Ford Motor to protect its
design patents on genuine Ford Motor collision parts.  The
settlement provides that LKQ will not challenge the validity and
enforceability of Ford Motor's design patents during the term of
the agreement.

The settlement ends two legal actions:

    -- the first involving replacement collision parts for
       Ford's F-150 pickup truck, which had advanced to the
       Federal Circuit Court of Appeals; and

    -- the second involving replacement collision parts for the
       Ford Mustang, which was before the US International Trade
       Commission.  Details about the agreement are confidential
       and will not be disclosed.

"The settlement protects U.S. jobs and provides consumers with
choices when repairing their vehicle," said Darryl Hazel,
president, Ford Customer Service Division (FCSD).  Mr. Hazel added
that the settlement will benefit both companies and their
customers in these ways:

    -- Ford Motor's enormous Intellectual Property investment is
       protected.

    -- Ford Motor will continue its U.S. investment, especially
       in Southeast Michigan, to design, engineer and produce
       genuine Ford Motor collision parts for sale through its
       U.S. dealer network.

    -- LKQ will be the only distributor of non-Original
       Equipment aftermarket copies of genuine Ford Motor
       collision parts protected by design patents.  LKQ
       will pay Ford Motor a royalty for each such part sold
       during the  agreement's term, which extends through
       September 30, 2011, subject to renewal upon mutual
       agreement of Ford Motor and LKQ.

    -- Competition in the market will continue by ensuring
       consumers have the right to choose between Original
       Equipment and non-OE aftermarket parts.

    -- Ford Motor and LKQ will work together to stop
       infringement of Ford Motor's design patents.

Mr. Hazel stressed that the settlement does not endorse the
quality or use of non-Original Equipment aftermarket replacement
parts sold by LKQ Corporation.  FCSD and LKQ will continue to
compete vigorously.

"The agreement we reached is beneficial to both Ford and LKQ,"
said Joseph Holsten, President and Chief Executive Officer of LKQ.
"As the sole distributor of new non-Original Equipment aftermarket
parts protected by Ford design patents, we will have the sole
right to sell these parts in the United States for all of Ford's
models."

                         About Ford Motor

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

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

                          *     *     *

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

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


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


JORDAN MOTORS: Creditors Must File Proofs of Claim by April 6
-------------------------------------------------------------
Creditors owed money by LLC Jordan Motors are requested to file
their proofs of claim by April 6, 2009, to:

         Thierry Defrance
         DKM
         Althau 1
         5303 Wurenlingen
         Switzerland

The company is currently undergoing liquidation in Wurenlingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 28, 2008.


HOTEL CAPRICE: Deadline to File Proofs of Claim Set April 9
-----------------------------------------------------------
Creditors owed money by JSC Hotel Caprice Davos are requested to
file their proofs of claim by April 9, 2009, to:

         Fredy Jorns
         Restelbergstrasse 7
         8044 Zurich
         Switzerland

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


LA FE: Creditors Have Until April 8 to File Claims
--------------------------------------------------
Creditors owed money by LLC La Fe are requested to file their
proofs of claim by April 8, 2009, to:

         Filomena M. La Cioppa
         Bruggwisstrasse 6
         8154 Oberglatt
         Switzerland

The company is currently undergoing liquidation in Oberglatt.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 20, 2007.


MULLER & PANTHER: Proof of Claim Filing Deadline is April 9
-----------------------------------------------------------
Creditors owed money by LLC Muller & Panther are requested to file
their proofs of claim by April 9, 2009, to:

         Badenerstrasse 9
         PF 489
         5200 Brugg
         Switzerland

The company is currently undergoing liquidation in Brugg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 4, 2008.


QUASO LLC: Creditors' Proofs of Claim Due by April 8
----------------------------------------------------
Creditors owed money by LLC Quaso are requested to file their
proofs of claim by April 8, 2009, to:

         Heinrich Drexler and
         Ulrike Drexler
         Gyrisbergstrasse 140
         3400 Burgdorf
         Switzerland

The company is currently undergoing liquidation in Kirchberg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 6, 2009.


RUBY'S BOUTIQUE: April 8 Set as Deadline to File Claims
-------------------------------------------------------
Creditors owed money by LLC Ruby's Boutique are requested to file
their proofs of claim by April 8, 2009, to:

         Rubiela Mesa Franco
         Glattalstrasse 91
         8052 Zurich
         Switzerland

The company is currently undergoing liquidation in ohne Domizil.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 13, 2004.


SAKURA LLC: Creditors Must File Proofs of Claim by April 6
----------------------------------------------------------
Creditors owed money by LLC Sakura are requested to file their
proofs of claim by April 6, 2009, to:

         JSC Seewer Treuhand
         Hans-Peter Meier
         Bernstrasse 18
         2555 Brugg
         Switzerland

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


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

         Alois Puntener-Dittli
         Stampfig 28
         6468 Attinghausen
         Switzerland

The company is currently undergoing liquidation in Erstfeld.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 28, 2009.


STATION CUT: Creditors Have Until April 8 to File Claims
--------------------------------------------------------
Creditors owed money by LLC Station Cut are requested to file
their proofs of claim by April 8, 2009, to:

         Zago Ezio
         JSC Zago Treuhand
         Glarnerstrasse 56
         8854 Siebnen
         Switzerland

The company is currently undergoing liquidation in Esslingen ZH.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 21, 2009.


TARNUTZER & PARTNER: Proof of Claim Filing Deadline is April 14
---------------------------------------------------------------
Creditors owed money by JSC Tarnutzer & Partner Asset Management
are requested to file their proofs of claim by April 14, 2009, to:

         Mauerhofer Therese
         Neumattstrasse 19
         4543 Deitingen
         Switzerland

The company is currently undergoing liquidation in Bellikon.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 16, 2009.


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


EREGLI DEMIR: Moody's Downgrades Corporate Family Rating to 'B2'
----------------------------------------------------------------
Moody's has downgraded Erdemir's corporate family and probability
of default ratings to B2 from Ba3, the outlook was changed from
negative to stable.  The national scale rating was downgraded from
Baa1.tr to Baa3.tr.

The rating action has been prompted by the significant downturn in
the steel industry, which has affected Erdemir's leverage ratios,
profitability and short term liquidity situation.

The stable outlook reflects Moody's expectation that Erdemir in
the current year will be able to generate positive free cash flow
despite the weak economic environment, and that over time the
gross adjusted debt/EBITDA ratio will improve to a level of around
3.5x (per 12/2008: 5.6x on US$basis, 6.6x on Turkish Lira basis).
It also assumes that Oyak, Erdemir's majority owner, will continue
to provide liquidity support to Erdemir if it becomes necessary.

With the sudden downturn of the steel industry in autumn 2008,
Erdemir was hit in the 4th quarter 2008, reporting operating
losses and write downs in its inventory valuation.  Despite the
writedowns the inventory level went up per end of 2007 to end of
2008 by 35% from around US$1.2 billion to around US$1.7 billion
and hence caused a surge in net debt from US$1.6 billion in 2007
to US$2.5 billion in 2008.

Given the current weakness in the steel industry in general,
Moody's does not expect a recovery in profitability for Erdemir,
and only a limited ability to reduce inflated debt levels,
predominantly via a reduction in inventory levels.

The rating action of Moody's also takes into account the weak
short-term liquidity situation of Erdemir.  Around 50% of
Erdemir's total indebtedness consists of short term, and to a
large extent uncommitted, credit lines putting the company at a
high risk of a liquidity shortfall should its banks stop providing
liquidity to the company.  This risk is to some extent offset by
the fact, that the facilities which had to be rolled over in the
first two months 2009 have already been extended by Erdemir's
banks and the ongoing support of Erdemir's majority shareholder
Oyak, which continues to provide liquidity to the company.

Moody's still believes that Erdemir, as the major steel producer
in Turkey, is well positioned to take advantage from any uptick in
demand which may occur during the second half of 2009 given the
company's low and improved cost base and flexibility in the
production of different steel grades.  Erdemir has now terminated
its organic capital expansion programme which should help reducing
the cost base and produce more different grades of steel.

The rating could come under further pressure should Erdemir be
unable to generate positive free cash flow in the current year, to
some extent stemming from the release of net working capital, the
cut in dividends and reduction in capital expenditure, and if it
becomes visible towards the end of the year that the company's
debt/EBITDA figure will not improve towards a 3.5x threshold.

Moody's last rating action on Erdemir was the change in outlook to
negative from stable on 01 December 2008.

Eregli Demir ve Celik Fabrikalari is the largest steel
manufacturer in Turkey.  It operates two major integrated steel
plants in Turkey in Eregli and Iskenderun.  The company is
majority owned by Ordu Yardimlasma Kurumu, the Turkish private
pension fund primarily serving members of Turkish Armed Forces
(rated Ba2).  Erdemir generated revenues of around US$5.2 billion
in the financial year 2008.

Downgrades:

Issuer: Erdemir

  -- Probability of Default Rating, Downgraded to B2 from Ba3

  -- Corporate Family Rating, Downgraded to a range of B2 to
     Baa3.tr from a range of Ba3 to Baa1.tr

Outlook Actions:

Issuer: Erdemir

  -- Outlook, Changed to Stable From Negative


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


BOBRINETS MOTORCAR: Creditors Must File Claims by April 12
----------------------------------------------------------
Creditors of OJSC Bobrinets Motorcar Enterprise 13537 (EDRPOU
03117458) have until April 12, 2009 to submit proofs of claim to:

         M. Korolchuk
         Insolvency Manager
         Office 215
         Ordzhonikidze St. 2
         25002 Kirovograd
         Ukraine

The Economic Court of Kirovograd commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 11/182.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharsky St. 22
         25002 Kirovograd
         Ukraine

The Debtor can be reached at:

         OJSC Bobrinets Motorcar Enterprise 13537
         Promyshlennaya St. 3
         Bobrinets
         27200 Kirovograd
         Ukraine


CENTROGROUP INFO: Creditors Must File Claims by April 13
--------------------------------------------------------
Creditors of LLC Centrogroup Info (EDRPOU 34191129) have until
April 13, 2009 to submit proofs of claim to:

         S. Benediuk
         Insolvency Manager
         Post Office Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No 15/110-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Centrogroup Info
         Oranzhereynaya St. 3
         04112 Kiev
         Ukraine


LUGANSK MACHINE-TOOL: Creditors Must File Claims by April 12
------------------------------------------------------------
Creditors of Production Enterprise Lugansk Machine-Tool Plant
State Enterprise (EDRPOU 14311005) have until April 12, 2009 to
submit proofs of claim to:

         A. Viskunov
         Insolvency Manager
         Heroes of Stalingrad quarter 6/211
         91006 Lugansk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No 12/130-b.

The Court is located at:

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

The Debtor can be reached at:

         Production Enterprise Lugansk
         Machine-Tool Plant State
         Enterprise
         Pochtovaya St. 1
         91055 Lugansk
         Ukraine


MAZURKEVICH AGRICULTURAL: Creditors Must File Claims by April 12
----------------------------------------------------------------
Creditors of V. Mazurkevich Agricultural LLC (EDRPOU 01052832)
have until April 12, 2009 to submit proofs of claim to:

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

The Economic Court of Zhitomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 4/15-B.

The Court is located at:

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

The Debtor can be reached at:

         V. Mazurkevich Agricultural Llc
         Mazurkevich St. 35
         Galeyevka
         Chudnov
         13251 Zhitomir
         Ukraine


SPECTOR LLC: Creditors Must File Claims by April 13
---------------------------------------------------
Creditors of LLC SPECTOR (EDRPOU 32659297) have until April 13,
2009 to submit proofs of claim to:

         S. Benediuk
         Insolvency Manager
         Post Office Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No 15/108-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Spector
         40 Years of October St. 100/2
         03127 Kiev
         Ukraine


UKRINFO-STAR LLC: Creditors Must File Claims by April 13
--------------------------------------------------------
Creditors of LLC Ukrinfo-Star (EDRPOU 34771805) have until
April 13, 2009 to submit proofs of claim to:

         S. Benediuk
         Insolvency Manager
         Post Office Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No 15/109-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrinfo-Star
         Kurskaya St. 10
         03049 Kiev
         Ukraine


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


ANTHRACITE EURO: Fitch Junks Ratings on Three Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded the five classes of Anthracite Euro
CRE CDO 2006-1 P.L.C.'s notes.  The agency has simultaneously
removed the five classes from Rating Watch Negative, and assigned
rating Outlooks and Recovery Ratings:

  -- EUR142.5 million class A floating-rate notes due 2042
     (ISIN XS0276697272): downgraded to 'B+' from 'AAA'; removed
     from RWN; assigned a Negative Outlook

  -- EUR29 million class B floating-rate notes due 2042
     (ISIN XS0276697512): downgraded to 'B' from 'AA+'; removed
     from RWN; assigned a Negative Outlook

  -- EUR48.5 million class C deferrable floating-rate notes due
     2042 (ISIN XS0276698163): downgraded to 'CCC' from 'A+';
     removed from RWN; assigned a Recovery Rating of 'RR4'

  -- EUR31 million class D deferrable floating-rate notes due 2042
     (ISIN XS0276698833): downgraded to 'CC' from 'BBB'; removed
     from RWN; assigned a Recovery Rating of 'RR6'

  -- EUR25 million class E deferrable floating-rate notes due 2042
     (ISIN XS0276699302): downgraded to 'C' from 'BB'; removed
     from RWN; assigned a Recovery Rating of 'RR6'

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 significant credit deterioration to the collateral pool
since the transaction's close.  The application of the new SF CDO
rating criteria incorporates Fitch's view on industry and vintage
concentration risks and the propensity for low recoveries upon
default, particularly for thin tranches.

As per the trustee report dated February 4, 2009, the portfolio
contained 43 performing assets from 37 obligors.  The largest
exposure accounts for approximately 9.6% of the outstanding
portfolio amount, and the three largest obligors accounts for a
total of 25.5%.  According to Fitch classifications, the largest
single industry is B-notes and C-notes with 55.7% of the portfolio
notional, followed by CMBS assets with 31%.  The largest vintage
is 2006 with a concentration of 93%, while the two largest country
concentrations are Germany and the United Kingdom making up 62%
and 25% of the portfolio respectively.

The downgrades of the CDO notes are largely driven by underlying
negative rating migration within the portfolio.  Over half of the
portfolio has been downgraded since the February trustee report.
Assets rated 'CC' and below now account for 13% of the portfolio
balance, and assets rated 'CCC' and below account for 42% of the
portfolio balance.  The underlying downgrades impact the
transaction in two ways.  First, it reflects a significant
increase in portfolio default risk.  Second, all
overcollateralization tests will likely breach causing interest
proceeds to be diverted away from the junior notes to redeem the
senior class.

Whilst all OC tests are currently passing, Fitch expects all OC
tests to soon breach their required thresholds.  Given the recent
negative rating migration, a higher percentage of assets will be
subjected to significant adjustments in the OC calculation.  Fitch
has assigned Recovery Ratings of 'RR6' to the junior classes to
reflect the expectation that these tranches will be cut off from
interest payments and suffer low recoveries upon potential
default.

The transaction is a managed securitization of structured finance
assets, primarily commercial mortgage-backed securities and
subordinate real estate debt.  The portfolio is managed by
BlackRock Financial Management Inc.


CARLISLE CASTLE: S&P Assigns 'BB' Rating on Class D Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
the asset-backed floating-rate notes series 2009-A issued by
Carlisle Castle Funding Group Ltd.

This issuance is a private placement and is serviced by Capital
One Bank (Europe) PLC.  As in previous transactions, the
collateral comprises U.K.-originated Visa, MasterCard, and
American Express credit card receivables generated on accounts
owned by COBE.  The last public transaction, Sherwood Castle
Funding Series 2006-1 PLC, was completed in October 2006.

The capital structure differs from previous issuances as it
comprises five tranches, with a subordinated unrated class E
tranche.  The Class E tranche is structured so that it does not
provide direct credit enhancement to the class B, C, and D Notes.
S&P has reviewed the structural impact of this mechanism and have
sized for it accordingly.

The class D notes have an upfront reserve of 1% at closing, in
addition to a standard excess spread trapping mechanism.

Charge-offs in the credit card industry have steadily risen over
the past year, which can partly be attributed to the rise in U.K.
bankruptcies and individual voluntary arrangements seen in H2
2008.

The yield on the trust has remained stable over the past year and
S&P expects it to do so in the medium term.  However, the
decreasing Bank of England base rate and regulatory pressures may
cause downward pressure on yield in the current environment.

The trust has experienced a decreasing payment rate, which is in
line with a decline across the credit card industry over the past
few months.  This decline, as for the charge-offs, reflects a rise
in unemployment and decline in general consumer affordability.

As the recession deepens in the coming months negative pressures
will continue to affect the trust performance.

The structure for this series 2009-A issuance meets S&P's current
stress levels.

                           Ratings List

                   Carlisle Castle Funding Ltd.
      GBP592.2 Million Asset-Backed Floating-Rate Loan Notes
                          Series 2009-A

            Class         Rating        Amount (Mil.GBP)
            -----         ------        ----------------
            A             AAA            450.0
            B             A               44.4
            C             BBB             29.6
            D             BB              59.2
            E             NR               9.0

                         NR — Not rated.


CATTLES PLC: Claims Against Subsidiaries May Be Subordinated
------------------------------------------------------------
Cattles plc in a March 31 press statement said that claims of the
company against its principal subsidiaries under intra-group loans
may be subordinated to the claims of certain bank creditors
against those subsidiaries.  This is the potential effect of terms
contained within cross-guarantee documentation entered into by the
company, the company said.

As has been reported, Cattles's bank creditors and the holders of
its private placement notes hold guarantees from the company's
subsidiaries.  More specifically, the banks' guarantees include
guarantees from the group's principal trading companies; and the
guarantees provided to holders of private placement notes include
a guarantee from the group's principal trading company, Welcome
Financial Services Limited.

According to Cattles, if the relevant provisions in the cross-
guarantee documentation do indeed have the effect of subordinating
claims, the company will be prevented from making claims against
the relevant trading company subsidiaries in order to recover
loans made by it to those subsidiaries, until the claims of the
relevant bank creditors against those subsidiaries and against the
company have been satisfied in full.

Cattles said in light of the group's current position, the group
is implementing a cash management policy that involves leaving
cash received from group activities with the legal entities in
which it is generated.

The company is considering the legal effect of the relevant cross-
guarantee documentation and will update the market with further
developments in due course.

                        About Cattles plc

Cattles plc -- http://www.cattles.co.uk/-- provides financial
services to consumers and businesses.  The company has three
principal businesses, these being Welcome Financial Services, The
Lewis Group and Cattles Invoice Finance.

                          *     *     *

As reported in the Troubled Company Reporter-Europe Feb. 24, 2009,
Fitch Ratings downgraded Cattles PLC's Long-term Issuer Default
Rating to 'B' from 'B+' and downgraded its senior unsecured debt
to 'B' from 'BB-' (BB minus).  Both ratings remain on Rating Watch
Negative.


CATTLES PLC: May Make GBP700 Mln Additional Impairment Provisions
-----------------------------------------------------------------
Cattles plc has provided an update on its impairment provision
review.

On February 20, 2009, the Board of Cattles announced that it would
delay the release of its preliminary results announcement for the
year ended December 31, 2008 pending completion of a review of the
adequacy of the Group's impairment provisions.  Since then, an
independent review commissioned by the Audit Committee, with the
assistance of Freshfields Bruckhaus Deringer LLP, Cattles' legal
advisers, and Deloitte LLP have confirmed the Board's belief that
there has been a breakdown of internal controls which has resulted
in the Group's impairment policies being applied incorrectly.

Consequently, the Board reported on March 10, 2009 that, based on
information received to that date and subject to completion of its
external audit, it believed that the Group incurred a significant
loss before tax for the year ended December 31, 2008, and that it
will be necessary to restate the Group's financial statements for
the year ended December 31, 2007.

Cattle said the review continues to make significant progress.
The Board has now received a draft report from Deloitte setting
out an estimate of the potential additional levels of impairment
provisions likely to be required.  The Group's external auditors
have commenced their review of that report.

          Potential Additional Impairment Provisions

According to Cattles, the Deloitte report estimates that the Group
will need to make a provision of around GBP700 million in excess
of that originally anticipated with respect to the value of
customer loans held as at December 31, 2008.  As reported in its
most recent interim statement, Cattles' gross receivables were
GBP3.6 billion and impairment provisions were GBP0.4 billion as at
June 30, 2008.  The potential additional impairment provision
represents the aggregate amount that would be needed in respect of
impairment in the years ended December 31, 2008 and 2007 and,
potentially, earlier years.

The amount of this provision that should be reflected in the
profit and loss account for the year ended December 31, 2008
versus earlier years remains to be determined.  However, the Board
continues to believe that such a provision will result in the
Group reporting a significant loss before tax for the year ended
December 31, 2008 and in the requirement to restate the Group's
financial statements for the year ended December 31, 2007.  It is
possible that such a restatement of the 2007 financial statements
could result in a significant reduction in previously reported
profit before tax for that year.  The impact on the Group's
financial statements for earlier years is still being considered.

    Incurred But Not Reported ("IBNR") Impairment Provision

The Board is also considering whether to include an additional
IBNR provision consistent with accounting standard IAS39.  Based
on work carried out to date, the Board believes that the adoption
of such a policy would result in an IBNR impairment provision of
approximately GBP150 million with respect to the value of customer
loans held as at December 31, 2008.

               Background to the Underprovisioning

As previously announced, an independent forensic investigation,
led by Freshfields Bruckhaus Deringer LLP with support from
Deloitte, is continuing to examine how and why the
underprovisioning happened.  Six senior executives of the Group,
including two directors of Cattles, remain suspended pending the
final outcome of the investigation.

Cattles said in these circumstances, the Board is not yet in a
position to provide a definitive explanation for the breakdown in
internal controls which resulted in the Group's impairment
policies being applied incorrectly.  However, in order for the
breakdown in internal controls to have occurred, and for the
extent of underprovisioning to have remained unrecognized (despite
specific and repeated questioning by members of the Board as part
of its monitoring of the Group's credit risk position) the Board
believes that the Board as a whole received inaccurate and/or
incomplete information.

                       Current Position

The Board also reported on March 10, 2009 that it believed Cattles
was in breach of covenants under its borrowing arrangements.
Cattles continues in discussions with its banks and the holders of
its outstanding Eurobonds and US Private Placement Notes.

Cattles said the management's focus is now on working closely with
its debt providers to sustain their support for the Group's
program of action to stabilise its financial position.  The core
actions include: the appointment of new management from both
inside and outside Cattles to key roles; the consideration of
selected disposals of businesses and assets; a controlled process
of debt recovery and cash collection; and the simplification of
the Group's operating model to reduce costs.  The Group has
continued to make good progress with collections and has generated
net cash receipts in the first three months of 2009.

As regards new management, Cattles said that the Board has
resolved to appoint Jamie Smith to the Board of Cattles plc as
interim Finance Director with immediate effect, subject to the
approval of the FSA.  Mr. Smith was previously a restructuring
partner with one of the big four accountants.

Cattles said the review has made significant progress in
identifying the potential extent of the impairment
underprovisioning and this has cleared the way for the external
auditors to continue their work with respect to the financial
statements for the year ended December 31, 2008.  However, it is
not expected that this work will be completed until the outcome of
discussions with Cattles' debt providers is clearer.

A further announcement will be made when appropriate.

                        About Cattles plc

Cattles plc -- http://www.cattles.co.uk/-- provides financial
services to consumers and businesses.  The company has three
principal businesses, these being Welcome Financial Services, The
Lewis Group and Cattles Invoice Finance.

                          *     *     *

As reported in the Troubled Company Reporter-Europe Feb. 24, 2009,
Fitch Ratings downgraded Cattles PLC's Long-term Issuer Default
Rating to 'B' from 'B+' and downgraded its senior unsecured debt
to 'B' from 'BB-' (BB minus).  Both ratings remain on Rating Watch
Negative.


COMMERCECOINZ LTD: Creditors Have Until April 9 to Submit Claims
----------------------------------------------------------------
Commercecoinz Limited and European Intertrade Limited went into
voluntary liquidation.

David J. Holl of Holl, Cameron and Co Ltd. was appointed
liquidator of the companies.

Creditors have until April 9, 2009 to submit their claims to the
liquidator.

The liquidator can be reached at:

         David J. Holl
         Holl, Cameron and Co Ltd
         Ground Floor
         Beresford House
         Bellozanne Road
         St Helier
         Jersey
         JE23JW
         Channel Islands


CORNERSTONE TITAN: Fitch Junks Rating on GBP10.3 Mln Class G Notes
------------------------------------------------------------------
Fitch Ratings has taken various rating actions on Cornerstone
Titan 2005-2 commercial mortgage-backed notes, due October 2014.
The ratings are:

  -- GBP14.2 million class D (XS0237331029) affirmed at 'AAA';
     Outlook Stable

  -- GBP23.7 million class E (XS0237331375) affirmed at 'A';
     Outlook revised to Stable from Negative

  -- GBP10.1 million class F (XS0237331615) downgraded to 'BB'
     from 'BB+'; Outlook Negative

  -- GBP10.3 million class G (XS0237330302) downgraded to 'CC'
     from 'BB-' (BB minus); assigned a 'RR5' Recovery Rating

The prepayment of four loans has resulted in an increase in credit
enhancement to the class E (34.9% compared to 6.4% at closing),
driving Fitch's revised outlook on that class.  Despite this,
Fitch believes that deteriorating property market conditions have
weakened the creditworthiness of some of the outstanding loans in
this transaction, especially those secured by non-prime assets.
This is reflected in the weighted average Fitch LTV of 105%,
implying a WA market value decline of 24.2% since closing.

The Bradford retail loan (13.9% of the loan pool) is secured on a
high street retail property in Bradford town centre.  The tenancy
profile of this loan has changed since closing; in March 2008, HMV
(which previously represented 19% of total rent) paid a premium to
surrender its lease.  The loan has been placed on the servicer's
watchlist following Zavvi Retail Ltd's (29.5% of contracted rental
income) entry into administration in December 2008.  The loan's
interest coverage ratio fell to 0.74x, compared to 1.12x at
closing and is in a breach of the covenant.  However, no payment
default occurred as the loan was topped up from the reserve
account.  The servicer's recent negotiations with the borrower
have resulted in sufficient funds being provided in a reserve
account to top-up the current rental income to cover interest on
the loan until maturity (July 2010).  The Zavvi unit is prominent
in a core central pitch and is of a size that could prove
attractive to other retailers.  However, the slowdown in economic
activity and consequent reduction in demand for new space from
retail operators means that the Zavvi unit may not produce income
for an extended period.  This loan has already been negatively
affected by the significant widening in yields for secondary
retail assets.  Its future performance will be determined by the
borrower's ability to replace the lost rental income, so
preventing a further decline in the property's capital value.
Fitch estimates a current LTV of 121.6% compared to a reported LTV
of 81%, suggesting a sizeable MVD of 34.4% since closing.

The West Midlands office loan (48.9% of the loan pool) is secured
by a single office property located in Solihull, on the outskirts
of Birmingham.  The property is let to the Paragon Group with an
unexpired lease term of 10 years.  The loan performance remains
broadly unchanged since closing, with a modest improvement in ICR
to 1.3x from 1.27x.  While the loan is amortizing throughout its
term, this has only modestly offset the MVD of 35% that Fitch
estimates has occurred since closing.  The current Fitch LTV
stands at 122% compared to the reported LTV of 79.3% and, assuming
there are no further declines in value, this is scheduled to fall
to 76% by loan maturity in October 2012.

The Trafalgar House Portfolio (37.2% of the loan pool) loan is
backed by three office properties located in central London
following a disposal of one asset in 2007.  The majority of the
leases (64.5% by passing rent) are scheduled to expire in 2013,
offering little certain income following loan maturity in January
2012.  Overall, loan performance has improved since closing with
an increase in occupancy levels to 99.5% from 96% and an
improvement in ICR to 2x from 1.6x.  Despite the ongoing
volatility in the London office market, Fitch considers the
reported value of these assets remains approximately appropriate
due to the increases in rental income since closing.  This,
combined with scheduled amortization over the loan term, results
in a current Fitch LTV of 76.4%.

Fitch will continue to monitor the performance of the transaction.


DSL REALISATIONS: Appoints Joint Liquidators from BDO
-----------------------------------------------------
William John Turner and Geoffrey Stuart Kinlan of BDO Stoy Hayward
LLP were appointed joint liquidators of DSL Realisations Ltd. on
March 6, 2009, for the creditors' voluntary winding-up proceeding.

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

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


ELITE TILES: Appoints Joint Administrators from Smith & Williamson
------------------------------------------------------------------
Stephen Robert Cork, Anthony Cliff Spicer and Joanne Elizabeth
Milner of Smith & Williamson Limited were appointed joint
administrators of Elite Tiles UK Ltd. on March 20, 2009.

The company can be reached through Smith & Williamson Limited at:

         25 Moorgate
         London
         EC2R 6AY
         England


ENSOR HOLDINGS: Puts Hawkins-Salmon Into Administration
-------------------------------------------------------
Ensor Holdings plc has decided to place its subsidiary, Hawkins-
Salmon Limited, into administration due to a further deterioration
in the market for timber and fencing products.

Paul Stanley and Jason Greenhalgh of Begbies Traynor have been
appointed joint administrators of Hawkins-Salmon.

The proceedings do not affect the Group's other trading
subsidiaries which continue to trade normally.

On December 12, 2008 the Group announced in its interim results
statement that the recent poor performance at Hawkins-Salmon was
being addressed but since then trading has worsened.

Simon Binns of Crain's Manchester Business relates in December,
Ensor chairman Ken Harrison said Hawkins-Salmon was the group's
only unprofitable company but its problems had "turned the group
result from a respectable profit into a small loss".

Ensor, as cited by Crain's, said the subsidiary partly relocated
from Northamptonshire to Cheshire and the move, "combined with
management difficulties and the current economic climate, led to a
significant loss".

The Group's results for the year ending March 31, 2009, excluding
Hawkins-Salmon, are expected to be satisfactory considering the
current difficult economic climate.

Headquartered in Manchester, United Kingdom, Ensor Holdings PLC --
http://www.ensor.co.uk/-- is primarily engaged in the
manufacture, supply and distribution of building materials and
tools, fencing products and rubber buffing, the distribution of
electric motors and access control automation equipment,
distribution of packaging and waste recycling.  The Company
operates in two segments: building products, which is engaged in
the manufacture, marketing and distribution of materials, tools,
components and access automation equipment to the construction
industry; and packaging, which is engaged in the marketing and
distribution of packaging materials, and its others segment
includes rubber crumb manufacture, distribution of electric motors
and waste recycling.  Some of its subsidiaries include CMS Tools
Limited, Ellard Limited, Ensor Building Products Limited, Hawkins-
Salmon Limited, Hawkins-Salmon Limited, Wood's Packaging Limited
and SRC Limited.


ENTERTAINMENT RIGHTS: In Administration; Trading Subsidiaries Sold
------------------------------------------------------------------
Nick Edwards and Carlton Siddle of Deloitte, the business advisory
firm, were appointed Joint Administrators to Entertainment Rights
plc on Wednesday, April 1, 2009.  The trading subsidiaries were
immediately sold to Boomerang Media, a company backed by the
Chicago based private equity group GTCR and managed by Eric
Ellenbogen and John Engelman.

Entertainment Rights is a global children's and family
entertainment specialist, including brands such as Postman Pat,
Casper the Friendly Ghost, Rudolph the Red-Nosed Reindeer, Rupert
Bear, and He-Man and the Masters of the Universe.  The group, with
offices in London, New York and Nashville employs approximately 90
employees across the UK and US, who will transfer to the new
company.

Nick Edwards, Deloitte partner and Joint Administrator, said: "The
Board of Entertainment Rights has explored a broad range of
strategic options over the past six months including the
possibility of restructuring or refinancing the Company's debt,
raising new equity and a sale of all or parts of the business.
Despite the financial support of the Group's lender through this
period, the Group has been unable to achieve a solvent
restructuring of the Company.

"The sale to Boomerang Media secures the ongoing activities of the
group's trading subsidiaries, allowing the former businesses of
Entertainment Rights to survive under new ownership.  The new
owners have indicated their intention to invest in the business to
further develop its strong portfolio of intellectual property."

Boomerang Media said the acquisition of the principal U.K. and
U.S. trading subsidiaries of Entertainment Rights, including
Entertainment Rights, Classic Media, Inc., and Big Idea, Inc., is
the first major transaction for the group, who, with the backing
of GTCR, plan to invest up to US$200 million in equity capital to
build leading franchises for iconic, branded entertainment.

"We're happy to be back again with our friends and former
colleagues at Classic Media, Big Idea (VeggieTales) and now
Entertainment Rights," said Eric Ellenbogen, co-CEO of Boomerang
Media.  "With the support of GTCR we have the opportunity to build
upon what we started here nine years ago."

"We are pleased to help Boomerang acquire a terrific worldwide
platform for exploiting media content," said GTCR Vice President
Eric Sondag.  "We continue to see a number of intriguing
investments in this area, and our partnership with Eric and John,
an exceptionally talented and proven management team, puts us in a
position to pursue attractive opportunities such as this one."

On April 1, 2009, the Joint Administrators, on behalf of the
Company, made an application to the UKLA and the London Stock
Exchange to suspend the shares and cancel the listing of
Entertainment Rights plc's shares on the London Stock Exchange.


EUROPEAN INTERTRADE: Creditors Have Until April 9 to Submit Claims
------------------------------------------------------------------
European Intertrade Limited and Commercecoinz Limited went into
voluntary liquidation.

David J. Holl of Holl, Cameron and Co Ltd. was appointed
liquidator of the companies.

Creditors have until April 9, 2009 to submit their claims to the
liquidator.

The liquidator can be reached at:

         David J. Holl
         Holl, Cameron and Co Ltd
         Ground Floor
         Beresford House
         Bellozanne Road
         St Helier
         Jersey
         JE23JW
         Channel Islands


LUPUS CAPITAL: Defaults on Debt Facility, In Talks with Lenders
---------------------------------------------------------------
Lupus Capital plc on Wednesday, April 1, said it has decided
against making the amortization payment on one of its debt
facilities pending reaching agreement with its bankers on a
revised amortization profile.  Lupus said this resulted in a
breach of that facility and triggered a default under the
company's other debt facility, solely as a result of the cross
default provisions.  The company said it fully intends to meet its
payment obligations on its other facility when it falls due at the
start of April.

In its pre-close trading statement on Feb. 27 Lupus said it is
currently in discussions with its bankers in relation to
renegotiating its debt facilities and associated banking covenants
to more appropriate levels.  Lupus said it had requested that the
banks allow it to defer the payment, pending completion of the
ongoing discussions.  The deferral was requested to allow the
company's operating businesses working capital flexibility.
Unfortunately, the company was not able to reach agreement with
the entire banking syndicate before the breach occurred.

Lupus said discussions continue with the company's bankers.  This
is expected to be completed during April 2009.

Headquartered in Londong, United Kingdom, Lupus Capital plc –
http://www.lupuscapital.co.uk/--  is a holding company.  The
Company, along with its subsidiaries, is engaged in the
manufacture, supply and distribution of building products, and of
goods to the oil and gas industries.


MARCONI CORPORATION: Scheme of Arrangement Meetings Set May 19
--------------------------------------------------------------
The Scheme Supervisors of Marconi Corporation plc ("Corp", now
know at telent ltd) and Marconi plc, ("plc", now known as M(2003)
plc), scheduled meetings for the purposes of laying before the
meetings the Supervisors' report on the operation of
the companies' schemes of arrangements since the previous report,
dated April 7, 2008.

The meetings are to be held concurrently at 11:00 a.m. on Tuesday,
May 19, 2009, at the offices of KPMG LLP, 8 Salisbury Square,
London, EC4Y 888, UK.

Scheme Creditors of Corp and plc may attend in person and can
obtain a copy of the relevant reports of the Scheme Supervisors
from Richard Heis at KPMG LLP, 8 Salisbury Square, London, EC4Y
888, UK.

Scheme Creditors may dial into the meeting using the following
details: 0800 389 1688 UK or +44 (0) 20 7940 5765 International
Pin Number 57843806#.

On May 19, 2003, Corp and plc implemented separate schemes of
arrangement pursuant to Section 425 of the Companies Act 1985.

The Schemes compromised the claims of Scheme Creditors.  A Scheme
Creditor is any person who had a claim against Corp and/or plc as
at March 27, 2003, and includes the definitive holders of the 2010
and 2030 Yankee bonds dated September 19, 2000, and the 2005 and
2010 Eurobonds dated March 30, 2000, which were issued by Corp and
guaranteed by plc.  The Schemes provide that meetings of Scheme
Creditors are to be convened at least once every year.


MARCONI PLC: Scheme of Arrangement Meetings Set May 19
------------------------------------------------------
The Scheme Supervisors of Marconi Corporation plc ("Corp", now
know at telent ltd) and Marconi plc, ("plc", now known as M(2003)
plc, scheduled meetings for the purposes of laying before the
meetings the Supervisors' report on the operation of
the companies' schemes of arrangements since the previous report,
dated April 7, 2008.

The meetings are to be held concurrently at 11:00 a.m. on Tuesday,
May 19, 2009, at the offices of KPMG LLP, 8 Salisbury Square,
London, EC4Y 888, UK.

Scheme Creditors of Corp and plc may attend in person and can
obtain a copy of the relevant reports of the Scheme Supervisors
from Richard Heis at KPMG LLP, 8 Salisbury Square, London, EC4Y
888, UK.

Scheme Creditors may dial into the meeting using the following
details: 0800 389 1688 UK or +44 (0) 20 7940 5765 International
Pin Number 57843806#.

On May 19, 2003, Corp and plc implemented separate schemes of
arrangement pursuant to Section 425 of the Companies Act 1985.

The Schemes compromised the claims of Scheme Creditors.  A Scheme
Creditor is any person who had a claim against Corp and/or plc as
at March 27, 2003, and includes the definitive holders of the 2010
and 2030 Yankee bonds dated September 19, 2000, and the 2005 and
2010 Eurobonds dated March 30, 2000, which were issued by Corp and
guaranteed by plc.  The Schemes provide that meetings of Scheme
Creditors are to be convened at least once every year.


NORTH RIDING: Taps Joint Liquidators from Tenon Recovery
--------------------------------------------------------
Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery
were appointed joint liquidators of North Riding Finance (Pool)
Ltd. on Dec. 17, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Unit 1
         Calder Close
         Calder Park
         Wakefield
         WF4 3BA
         England


ONE MARKET: Creditors Have Until April 9 to Submit Claims
---------------------------------------------------------
One Market Place Limited, Payment Intertrade Limited and
Secureteller Limited went into voluntary liquidation.

David J. Holl of Holl, Cameron and Co Ltd. was appointed
liquidator of the companies.

Creditors have until April 9, 2009 to submit their claims to the
liquidator.

The liquidator can be reached at:

         David J. Holl
         Holl, Cameron and Co Ltd
         Ground Floor
         Beresford House
         Bellozanne Road
         St Helier
         Jersey
         JE23JW
         Channel Islands


PAYMENT INTERTRADE: Creditors Have Until April 9 to Submit Claims
-----------------------------------------------------------------
Payment Intertrade Limited, One Market Place Limited and
Secureteller Limited went into voluntary liquidation.

David J. Holl of Holl, Cameron and Co Ltd. was appointed
liquidator of the companies.

Creditors have until April 9, 2009 to submit their claims to the
liquidator.

The liquidator can be reached at:

         David J. Holl
         Holl, Cameron and Co Ltd
         Ground Floor
         Beresford House
         Bellozanne Road
         St Helier
         Jersey
         JE23JW
         Channel Islands


S. BAKER BUILDING: Brings in Joint Liquidators from Tenon Recovery
------------------------------------------------------------------
John-Paul O'Hara and Dilip K. Dattani of Tenon Recovery were
appointed joint liquidators of S. Baker Building & Scaffolding
Ltd. on March 6, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         S. Baker Building & Scaffolding Ltd.
         C/o Mitten Clarke
         Festival Way
         Festival Park
         Stoke on Trent
         Staffordshire
         ST1 5TQ
         England


SECURETELLER LTD: Creditors Have Until April 9 to Submit Claims
---------------------------------------------------------------
Secureteller Limited, One Market Place Limited and Payment
Intertrade Limited went into voluntary liquidation.

David J. Holl of Holl, Cameron and Co Ltd. was appointed
liquidator of the companies.

Creditors have until April 9, 2009 to submit their claims to the
liquidator.

The liquidator can be reached at:

         David J. Holl
         Holl, Cameron and Co Ltd
         Ground Floor
         Beresford House
         Bellozanne Road
         St Helier
         Jersey
         JE23JW
         Channel Islands


TWO RIGHT: In Administration; KPMG Appointed
--------------------------------------------
Ian Corfield and Jane Moriarty of KPMG Restructuring were
yesterday appointed joint administrators of Two Right Feet
Limited.

The company, a retailer of high-end children's nursery products,
trades under the name of Two Left Feet and sells goods primarily
via the internet.  It also has a small retail/showroom site and
warehouse based in Kempston, Bedford which have now been closed
and secured.

The company has recently encountered severe financial difficulties
after experiencing significant delays in satisfying customer
orders.

Ian Corfield, joint administrator and Director of Restructuring at
KPMG said: "Despite the efforts of the company's directors, they
were unable to secure additional funding for the company and have
had no option but to place the company into administration.  We
understand that the company has not been processing any new orders
for over a week.

"We are aware that there are a number of existing orders which
have not yet been fulfilled.  However, we believe that there is
little or no stock available in this regard and unless you are
contacted within the next week regrettably we will not be able to
satisfy this demand."

The joint administrators have arranged for a call center to be
available for a short time to customers requiring further
information 0844 770 1305.  Thereafter, the company's web-site
will be updated with any pertinent information as and when
available.

Two Right Feet Limited employs 24 staff, the majority of whom have
been made redundant.

Anyone interested in buying the company or the business and assets
should contact Richard Harvey on richard.harvey@kpmg.co.uk.


* BOOK REVIEW: How To Measure Managerial Performance
----------------------------------------------------
Author:     Richard S. Sloma
Publisher:  Beard Books
Paperback:  272 pages
List Price: US$34.95

Order your personal copy at:
http://www.amazon.com/exec/obidos/ASIN/1893122646/internetbankrupt

How to Measure Managerial Performance by Richard S. Sloma is a
valuable reference tool.  This practical handbook provides new
insights into enterprising management techniques.

This book is a compendium of principles and techniques to improve
and measure managerial performance in a number of areas important
to the successful operation of a business.

Rigorous application of the concepts of this instructive book will
enable an organization to perform at several levels higher in
efficiency and effectiveness.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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