TCREUR_Public/090408.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, April 8, 2009, Vol. 10, No. 69

                            Headlines

A U S T R I A

GIG LLC: Claims Registration Period Ends April 21
GOVEDAR LLC: Claims Registration Period Ends April 21
GOZZOBURG KULTUR: Claims Registration Period Ends April 20
IMMOFINANZ GROUP: Seeks to Avert Insolvency Through Bond Swap
LIFT LLC: Claims Registration Period Ends April 20

POWER BAU: Claims Registration Period Ends April 20


F R A N C E

FCI INTERNATIONAL: Moody's Cuts Corporate Family Rating to 'B2'


G E R M A N Y

AABACH GRAPHIC: Claims Registration Period Ends May 18
COIFFEUR CHARMANT: Claims Registration Period Ends May 20
COMMERZBANK AG: May Sell Eurohypo Unit or Eastern European Ops
DGTH PRODUKTIONS: Claims Registration Period Ends April 30
DPM ELECTRONIC: Claims Registration Period Ends May 8

EXXE GMBH: Claims Registration Period Ends May 8
INFINEON TECH: UBS Recommends "Buy" on Possible Gov't Funding
PREMIERE AG: New Shares Offered 50% Lower Than Last Week's Close
PROCREDIT HOLDING: Fitch Downgrades Individual Rating to 'D'


H U N G A R Y

MAGYAR TAKAREKSZOVETKEZETI: S&P Cuts Counterparty Rating to 'BB'
MKB BANK: S&P Downgrades Public-Information Ratings to 'BBpi'


I R E L A N D

AER LINGUS: CEO Dermot Mannion Resigns
CHARTBUSTERS: Gets Court Permission to Revoke Leasing Agreements
CORIOLANUS LTD: Fitch Cuts Ratings on 2 Classes of Notes to Low-B
CRAFT EM: Moody's Junks Ratings on Two Classes of Notes
DAPHNE FINANCE: Moody's Cuts Rating on Class F Notes to 'B3'


I T A L Y

CHRYSLER LLC: Fiat SpA Could Get 20% of Automaker
FIAT SPA: Looks to CNH's US$5-Bln Loan Payment for Funding
TELECOM ITALIA: Barred from Using Voting Rights in Argentine Unit


K A Z A K H S T A N

ALLIANCE POLIS: Creditors Must File Claims by May 15
ALTYN OZAT: Creditors Must File Claims by May 15
ATYRAU OIL: Creditors Must File Claims by May 15
BIRLIK OJSC: Creditors Must File Claims by May 15
EK OIL INVEST: Creditors Must File Claims by May 15

SADY PRIDONYA: Creditors Must File Claims by May 15
STROY GAS: Creditors Must File Claims by May 15
T-A-TELECOM-A LLP: Creditors Must File Claims by May 15
VK STROYCOM: Creditors Must File Claims by May 15


K Y R G Y Z S T A N

ESSEX GLOBAL LLC: Creditors Must File Claims by April 17
ONENESS CO: Creditors Must File Claims by April 17


L U X E MB O U R G

BLACK DIAMOND: S&P Cuts Rating on Class E of 2006-1 Notes to 'B-'


N E T H E R L A N D S

AMSTEL SCO: Moody's Reviews Ba2-Rated Class E Notes for Downgrade
ARRAN CORP: Moody's Cuts Ratings on 6 Classes of Notes to Low-B


P O R T U G A L

BANIF SA: Moody's Puts 'D+' BFSR on Review for Possible Downgrade


R U S S I A

BAKALSKIY MINING: Creditors Must File Claims by April 27
BESLANSKIY ELECTROMECHANICAL: Court Names as Insolvency Manager
BRK-ZHIL-STROY LLC: Creditors Must File Claims by May 27
ILAN-TRANS LLC: Creditors Must File Claims by May 27
KLYAVLINSKIY OIL: Creditors Must File Claims by April 27

MORDOV-AGRO-STROY OJSC: Creditors Must File Claims by April 27
NATIONAL BANK: Moody's Cuts Bank Financial Strength Rating to 'E'
PLESETSKIY WOOD-SAWING: Creditors Must File Claims by April 27
PROM-ATOM-KOMPLEKTATSIYA LLC: Claims Deadline is May 27
PROM-ENERGO-SERVIS LLC: Creditors Must File Claims by April 27

PSKOV-LESO-PRODUKT LLC: Court Names Insolvency Manager
SOCHI-GRAD-STROY LLC: Creditors Must File Claims by April 27
SOTSGORBANK: Moody's Assigns 'E+' Bank Financial Strength Rating
ULYANOVSK HEAV: Ulyanovskaya Bankruptcy Hearing Set July 17
URAL BANK: Moody's Withdraws 'E' Bank Financial Strength Rating


S P A I N

BANCAJA-BVA VPO: Moody's Assigns 'Ba3' Rating on Series D Notes
FTPYME BANCAJA 3: S&P Cuts Rating on Class D Notes to 'BB-'
FTPYME BANCAJA 6: S&P Affirms Rating on Class D Notes at 'CCC-'


S W E D E N

GENERAL MOTORS: Saab Eyes 20 Possible Buyers
GENERAL MOTORS: Speeds Up Preparations for Possible Bankruptcy


S W I T Z E R L A N D

ALPENMETZGEREI JSC: Creditors Must File Claims by April 16
ARTACHO TECHNICS: Deadline to File Proofs of Claim Set April 16
AVALU JSC: Creditors Have Until April 16 to File Claims
BINOMAR HOLDING: Proofs of Claim Filing Deadline is April 16
CHRIFRAG JSC: Creditors' Proofs of Claim Due by April 16

COLLECTOR'S CORNER: April 16 Set as Deadline to File Claims
CRYSTAL CREDIT: Moody's Junks Rating on EUR63 Million Notes
EMME IMMO: Creditors Must File Proofs of Claim by April 16
SOGATRUST JSC: Deadline to File Proofs of Claim Set April 16
TELL MAKLER: Creditors Have Until April 16 to File Claims

TRAFICOMAR JSC: Proof of Claim Filing Deadline is April 16


T U R K E Y

ARCELIK AS: Fitch Downgrades Issuer Default Ratings to 'BB-'


U K R A I N E

AGROBUSINESS-NV OJSC: Court Starts Bankruptcy Procedure
DELTA WHOLESALE: Creditors Must File Claims by April 16
DONETSK GRANITE: Creditors Must File Claims by April 16
KIRIT-2007 LLC: Creditors Must File Claims by April 16
KNIAGININ PLUS: Creditors Must File Claims by April 17

PRODUCT-LUX LLC: Creditors Must File Claims by April 16
RADIAL LLC: Court Starts Bankruptcy Supervision Procedure
ZLATODAR LLC: Creditors Must File Claims by April 16


U N I T E D   K I N G D O M

ARROW DISTRIBUTORS: Appoints Joint Administrators from KPMG
BBL REALISATIONS: Taps Joint Administrators from Ernst & Young
BERTRAM GROUP: Calls in Joint Administrators from Ernst & Young
BRADFORD AND BINGLEY: Fitch Affirms Individual Rating at 'F'
BTL REALISATIONS: Appoints Joint Administrators from Ernst & Young

COCO FINANCE: Moody's Reviews Ba2-Rated Cl. E Notes for Downgrade
COLD-FORM LTD: Administrators Put Assets for Sale
CORASAIR NO 2: S&P Cuts Rating on A$5.5 Mil. Floating Notes to 'D'
E & F JOINERY: Brings in Joint Administrators from Baker Tilly
FERONIA PLC: S&P Lowers Rating on Class E Notes to 'BB'

ITV PLC: In Talks With Investors Over Rights Issue
LAZENBY METAL: Taps Joint Administrators from Deloitte & Touche
MANN CONSTRUCTION: In Administration; Vantis Appointed
ROBERT DYAS: Management Buyout Nears Completion
SHIRES LIMITED: Joint Administrators Put 2 Divisions for Sale

SIXTY UK: CVA Deal to Save 250 Jobs
URSUS 2: Fitch Cuts Rating on GBP27.2 Mil. Class F Notes to 'BB'
VITALITY GROUP: Appoints Joint Administrators from MCR
WINDERMERE VIII: S&P Junks Rating on Class E Notes
YELL GROUP: Denies Debt Restructuring and Asset Sale Rumors

* UK: 117 Profit Warnings Issued in First Quarter 2009, E&Y Says
* UK: Manufacturing Business Failures to Increase by 52% in 2009
* More Creditors to Opt for Formal Pay Deals, LC Corporate Says


                         *********


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


GIG LLC: Claims Registration Period Ends April 21
-------------------------------------------------
Creditors owed money by LLC Gig (FN 129445k) have until April 21,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00-5
         E-mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 5, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 4, 2009, (Bankr. Case No. 4 S 32/09x).


GOVEDAR LLC: Claims Registration Period Ends April 21
-----------------------------------------------------
Creditors owed money by LLC Govedar (FN 274309x) have until
April 21, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Romana Weber-Wilfert
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333-66
         E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 5, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 2, 2009, (Bankr. Case No. 4 S 30/09b).


GOZZOBURG KULTUR: Claims Registration Period Ends April 20
----------------------------------------------------------
Creditors owed money by LLC Gozzoburg Kultur und Betrieb (FN
296307x) have until April 20, 2009, to file written proofs of
claim to the court-appointed estate administrator:

         Dr. Ulla Reisch
         Göglstrasse 11b
         3500 Krems an der Donau
         Austria
         Tel: 02732/484600
         Fax: 02732/484610
         E-mail: office.krems@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on May 6, 2009, for the
examination of claims at:

         Land Court of Krems an der Donau (129)
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Krems an der Donau, Austria, the Debtor declared
bankruptcy on March 3, 2009, (Bankr. Case No. 9 S 12/09a).


IMMOFINANZ GROUP: Seeks to Avert Insolvency Through Bond Swap
-------------------------------------------------------------
Slyvia Westall at Reuters reports that Immofinanz Group plans to
swap EUR1.5 billion (US$2 billion) worth of convertible bonds into
new convertibles at a lower face value to avert insolvency.

In an April 6 release Immofinanz said holders of the outstanding
convertible bonds will be entitled to exchange five outstanding
bonds maturing in 2014 or in 2017, respectively, each for two new
convertible bonds with a considerably shorter maturity
(December 22, 2011).  The new convertible bond with a total
nominal amount of up to EUR600 million has a strike price of
EUR2.00 per share and a coupon of 7% p.a.  Participating holders
will also receive a cash bonus of EUR5,000 for each exchanged
convertible bond (with a nominal amount of EUR100,000 each)
maturing in 2014 or 2017, respectively.

Immofinanz said its subsidiary, Immoeast AG, is issuing a promise
of guarantee to the holders of the new convertible bond up to the
aggregate amount of EUR600 million plus accrued interest.

Assuming full acceptance of the exchange offer, the outstanding
nominal amount of the convertible bonds of Immofinanz would be
reduced from EUR1.5 billion to EUR600 million, and the company’s
equity would be increased by up to EUR825 million.

Reuters says investors have until April 23 to decide whether to
take up the offer.

According to Reuters, Immofinanz bonds due 2014 have for some time
priced in a high probability of default.  Reuters discloses at
1023 GMT on Monday, April 6, they were quoted at bid 17 and
offered at 24 percent of par, down from 33 and 38 earlier in the
day.

Reuters notes Immofinanz Chief Executive Officer Eduard Zehetner
told a news conference there was no specific take-up rate which
would make the swap a success, although he said the target is 100
percent.

Immofinanz, Reuters recounts, has been fighting a liquidity
squeeze by selling assets and other measures since last year.

Reuters relates Immoeast said in a statement "Immoeast and its
subsidiaries have claims against Immofinanz, the settlement of
which is secured by an improvement of the economic situation of
Immofinanz."

Immoeast, as cited by Reuters, said "The success of the exchange
offer ... considerably contributes to the avoidance of an
insolvency of Immofinanz and resulting adverse effects on
Immoeast."

Headquartered in Vienna, Austria, IMMOFINANZ AG --
http://www.immofinanz.at-- is a real estate company that invests
in private and commercial properties.  Its core activities are the
rental and overall management of its portfolio, the identification
of sound investments and the diversification of its portfolio both
geographically and across the different sectors of the property
market.  As of April 30, 2008, the Company managed a portfolio of
3.078 properties, covering a usable floor area of 13.4 million
square meters. Its properties include apartments, hotels, offices,
retail outlets and garages, located in Austria, Eastern and
Western Europe and the United States.  The Company's property
investment business is conducted through three regional companies:
IMMOAUSTRIA Immobilien Anlagen GmbH, IMMOWEST Immobilien Anlagen
AG and IMMOEAST AG.


LIFT LLC: Claims Registration Period Ends April 20
--------------------------------------------------
Creditors owed money by LLC Lift (FN 104395y) have until April 20,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Vienna
         Austria
         Tel: 402 15 54
         Fax: 402 15 54-54
         E-mail: office@leonlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on May 4, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 3, 2009, (Bankr. Case No. 3 S 30/09w).


POWER BAU: Claims Registration Period Ends April 20
---------------------------------------------------
Creditors owed money by KG Power Bau (FN 298173s) have until
April 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Anton Aigner
         Wiener Strasse 19
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27 9 25
              02622/21 7 52
         Fax: 02622/21752-18
         E-mail: aigner@ycom.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 30, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt (239)
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Bad Fischau, Austria, the Debtor declared
bankruptcy on March 4, 2009, (Bankr. Case No. 10 S 22/09b).


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


FCI INTERNATIONAL: Moody's Cuts Corporate Family Rating to 'B2'
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of FCI International S.A.S to B2 from B1.  The probability of
default rating was downgraded to B3 from B2, and the bank facility
ratings were downgraded to B2 from B1.  The ratings outlook
remains negative.

The downgrades reflect the ongoing weak outlook in FCI's end-
markets, which continues to impact the operating performance of
each of FCI's divisions - and the potential impact on the
company's liquidity profile.  The severe global downturn in the
automotive industry and, to a lesser extent, reduced consumer
demand in the electronics division are materially reducing group
Ebitda.  Although forward visibility in FCI's end-user markets
remains very limited, in Moody's view Ebitda in 2009 will be
materially below that of 2008.  The outcome, together with the
ability of FCI to generate free cash flow in 2009, is highly
dependent on the progress that FCI continues to make in its cost
reduction efforts to offset reduced revenue; and this may depend
materially on the country of location of those facilities where
restructuring is necessary.

All FCI's external financial debt is bank loans.  Some limited
amounts are due for repayment in 2009.  Although the major Tranche
B repayments of about EUR480 million -- exact amounts subject to
EUR/US$ fluctuation -- are not due until 2013, the company
anticipates repayment of about EUR36 million in each of 2010, 2011
and 2012. FCI's available liquidity is split between cash and its
undrawn bank revolver.  A situation of ongoing negative free cash
flow would increase liquidity pressure.  The bank facilities also
have covenants that are typical for LBO transactions, and Moody's
believes that these could come under pressure in 2009 due to the
reduced Ebitda.

The negative outlook reflects the ongoing uncertainty over FCI's
2009 Ebitda generation, as well as liquidity pressures.  The
outlook could be stabilized if FCI demonstrated an ability to
sustain free cash flow generation -- which would require it to
recover from its very weak start to 2009, and successfully
maintain its cost reduction efforts - or resolved its liquidity
pressures.

The last rating credit rating announcement for FCI was on 12 March
2009, when the CFR was downgraded to B1.

FCI, based in Versailles, France, is the world's fourth largest
connector manufacturer with 2007 revenue of EUR1.33 billion.  In
2005, Bain Capital acquired FCI in an LBO for a total
consideration of EUR934 million.


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


AABACH GRAPHIC: Claims Registration Period Ends May 18
------------------------------------------------------
Creditors of Aabach Graphic Systems Verwaltungs GmbH have until
May 18, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Holger Zbick
         Marktplatz 2/4
         48712 Gescher
         Germany
         Tel: 02542/9178-0
         Fax: +492542917828

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Aabach Graphic Systems
         Verwaltungs GmbH
         Attn: Rudolf Reese, Manager
         Daimlerstrasse 6
         48683 Ahaus
         Germany


COIFFEUR CHARMANT: Claims Registration Period Ends May 20
---------------------------------------------------------
Creditors of Coiffeur Charmant GmbH have until May 20, 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 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 112
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         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:

         Stephan Poppe
         Hegel St. 32
         39104 Magdeburg
         Germany
         Tel: 0391/40492-50
         Fax: 0391/40492-55

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Coiffeur Charmant GmbH
         Attn: Petra Hoppe, Manager
         Oebisfelder  St. 4
         38486 Kloetze
         Germany


COMMERZBANK AG: May Sell Eurohypo Unit or Eastern European Ops
--------------------------------------------------------------
Commerzbank AG may sell its Eurohypo commercial property unit or
eastern European operations to win European Union approval for
German state aid, Bloomberg News reports citing a person familiar
with the matter.  The report relates Commerzbank said in January
it would get EUR10 billion (US$13.4 billion) in a second round of
aid, giving the state 25 percent plus one share.

The disposals are among options under discussion, and no decision
has been made, the person, who declined to be identified because
the talks are private, told Bloomberg News.

Eschborn, Germany-based Eurohypo, a public finance and commercial-
property lender bought by Commerzbank for about EUR4.5 billion in
2006, had a pretax loss of about EUR1.4 billion last year,
Bloomberg News says.

As reported in the Troubled Company Reporter-Europe on April 6,
2009, William Launder at Dow Jones Newswires said shareholders
will be asked at the company's annual general meeting on May 15 to
approve an agreement Commerzbank reached with the German financial
markets stabilization fund, or SoFFin, in January.  Under the
agreement, Dow Jones said the German government will take a 25%
plus one share stake in Commerzbank and will provide a silent
participation of EUR8.2 billion.

In an earlier report, Bloomberg News said the German bank, which
has tapped the German government for EUR18.2 billion (US$24.2
billion) in capital, will ask shareholders for approval to issue
about EUR1.77 billion of new shares to allow the government to
take the holding.  Commerzbank will also ask shareholders to give
it the option to issue about 258 million new shares, Bloomberg
News added.

Germany-based Commerzbank AG (FRA:CBK) --
https://www.commerzbank.com/ -- is an integrated bank and
financial institution.  The Company's operates in five segments:
Private Customers, Mittelstandsbank, Central and Eastern Europe,
Corporates & Markets and Commercial Real Estate.  Commerzbank AG
serves a total of approximately 14 million private and corporate
customers.  Commerzbank is a service provider for private and
business customers, as well as small and mid-sized companies,
while also serving large and multinational corporate customers.
In March 2008, the Company completed the acquisition of a majority
stake of 60% plus one share in the private Ukrainian bank, Bank
Forum.  In May 2008, The Royal Bank of Scotland Group plc and
Commerzbank AG sold their stakes in Hellenic Telecommunications
Organization SA (OTE).  On January 12, 2009, Commerzbank AG
completed the acquisition of Dresdner Bank.


DGTH PRODUKTIONS: Claims Registration Period Ends April 30
----------------------------------------------------------
Creditors of DGTH Produktions GmbH have until April 30, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on May 19, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Bornheimer
         Laurentiusstrasse 21-23
         42103 Wuppertal
         Germany
         Tel: 0202/4086150
         Fax: 0202/4086159

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DGTH Produktions GmbH
         Dr. Friedrich Joachim Falcke, Manager
         Gruben St. 6-8
         42579 Heiligenhaus
         Germany


DPM ELECTRONIC: Claims Registration Period Ends May 8
-----------------------------------------------------
Creditors of DPM Electronic 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 11:00 a.m. on May 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Henning Bungart
         Christoph St. 11
         45130 Essen
         Germany

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DPM Electronic Service GmbH
         Am Lichtbogen 41
         45141 Essen
         Germany

         Attn: Peter Buttler, Manager
         Rosen St. 14
         45899 Gelsenkirchen
         Germany


EXXE GMBH: Claims Registration Period Ends May 8
------------------------------------------------
Creditors of EXXE 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 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         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. Peer Moeller
         Untere Quer St. 1
         23730 Neustadt/H.
         Germany

The court opened bankruptcy proceedings against the company on
April 1, 1009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         EXXE GmbH
         Attn: Herrn Jens-Uwe Gunnesson, Manager
         Muehlenbruecke 7
         23552 Luebeck
         Germany


INFINEON TECH: UBS Recommends "Buy" on Possible Gov't Funding
-------------------------------------------------------------
UBS AG raised Infineon Technologies AG to "buy" from "neutral"
citing the likelihood of government-backed financing, Bloomberg
News reports.

"We believe government-backed debt financing is the most likely
path," the news agency quoted analyst Nicolas Gaudois as saying in
a note, adding that Infineon's role as supplier -- sometimes the
sole supplier -- of chips for the country's automotive industry is
an incentive for government support.

The report relates Chancellor Angela Merkel's government has made
EUR100 billion available in credit and loan guarantees to German
companies.

Infineon, which has EUR200 million of bonds maturing in June, also
has shareholders' permission to raise as much as EUR450 million of
capital by selling new shares, Bloomberg News says.

As reported in the Troubled Company Reporter-Europe on Dec. 4,
2008, Infineon's group net loss for the 2008 fiscal year increased
to EUR3,122 million from EUR368 million in the 2007 fiscal year.

Net loss from continuing operations for the full 2008 fiscal year
was EUR135 million compared to EUR37 million in the 2007 fiscal
year.

The company recorded a EUR 2,987 million net loss from
discontinued operations, net of tax, for the 2008 fiscal year.
This loss, the company said, included Infineon's share in
Qimonda's net loss, as well as EUR1,303 million from the write-
down of Qimonda to its net realizable value less costs to sell.

Infineon's revenues in the full 2008 fiscal year increased to
EUR4,321 million from EUR4,074 million in the prior year.

                  About Infineon Technologies AG

Headquartered in Neubiberg, Germany, Infineon Technologies AG
(FRA:IFX) -- http://www.infineon.com/-- is a semiconductor
company.  It designs, develops, manufactures and markets a range
of semiconductors and complete systems solutions used in a variety
of microelectronic applications, including computer systems,
telecommunications systems, consumer goods, automotive products,
industrial automation and control systems, and chip card
applications.  Its products include standard commodity components,
full-custom devices, semi-custom devices and application-specific
components for memory, analog, digital and mixed-signal
applications.  The Company has operations, investments and
customers located in Europe, Asia and North America.  Its core
business is conducted through its Automotive, Industrial &
Multimarket segment, and its Communication Solutions segment.  Its
memory products business is conducted through its majority owned
subsidiary, Qimonda AG.  In April 2008, LSI Corporation purchased
the assets of the hard disk drive semiconductor business of
Infineon.


PREMIERE AG: New Shares Offered 50% Lower Than Last Week's Close
----------------------------------------------------------------
Premiere AG said the subscription price for new shares issued
within its capital increase is set at EUR1.12 per share,
reflecting a discount of 50% of the closing price at April 3 at
Frankfurt stock exchange, Archibald Preuschat at Dow Jones
Newswires reports.

The report says Premiere needs the capital increase to fulfill its
obligations to various banks as a condition of its debt
restructuring.

The subscription period starts at April 8 and ends April 21,
subject to regulatory approvals, while the trading period for the
preemptive rights is set from April 8 until April 17, according to
the report.

The report relates the first trading day for the new shares is
expected April 24.

Based in Unterfoehring, Germany, Premiere AG (FRA:PRE) --
http://info.premiere.de/--  operates a subscription television
network in Germany and Austria.  Its network is available via
satellite or cable, but the company also offers its programming on
Internet protocol television (IPTV).  Premiere's service offers
channels to cater for all audiences, including themed channels
dedicated to broadcasting feature films, live sporting events,
foreign language content, children's programming and interactive
betting. Four varieties of subscription packages are available for
customers, as well as the Komplett package for those who wish to
subscribe to all channels.  Premiere's high definition television
(HDTV) package shows selected content derived from Premiere's
other channels and the Discovery Channel in HDTV format.  One of
Premiere's core competencies is pay-per-view television.  The
company also markets advertising space and promotional
opportunities.


PROCREDIT HOLDING: Fitch Downgrades Individual Rating to 'D'
------------------------------------------------------------
Fitch Ratings has affirmed ProCredit Holding AG's Long-term Issuer
Default 'BBB-' (BBB minus) with a Stable Outlook, Short-term IDR
'F3' and Support '2' on continued strong support from its owners.
Its Individual Rating was downgraded to 'D' from 'C/D' on
weakening standalone strength in a deteriorating operating
environment in several of the group's local markets.

The IDRs and Support Rating reflect Fitch's view of the strong
potential support available from its key shareholders, given the
group's important developmental role in providing financing and
other banking services to micro enterprises and SMEs in developing
markets.

The Individual Rating reflects PCH's niche business, reasonable
profitability, good risk management and strong, albeit worsening,
asset quality (loans past due 30 days: 1.7% at end-2008 compared
to 1.4% at end-2007).  It also considers PCH's size and modest
capitalizations, particularly given the deteriorating operating
environment in several of its local markets (PCH reported tier 1
capital: ratio: 9.8%; total capital ratio: 13.1% at end-2008).

Fitch expects PCH's asset quality to worsen in coming quarters,
potentially adding further pressure on profitability and,
potentially, on capitalizations if significant credit losses were
to materialize.  However, the agency also notes the relative
resilience of the group, given the high granularity of its loan
portfolio, its focus on micro enterprise and SME finance, its use
of a cash-flow based credit analysis (as opposed to asset-based)
and its conservative loan loss provisioning policy.  Fitch has
conducted a number of stress tests to deteriorating asset quality
trends and its consequences on its profitability and capital.  The
agency will issue a separate comment expanding on the various
scenarios.

Frankfurt-based PCH was set up as an equity investment company in
1998 to invest in the global network of ProCredit banks.  These
banks were established by private and public investors to provide
financing for micro and SME customers.  As of end-2008, the group
had total assets of EUR4.8bn, and consisted of 22 banks in central
and eastern Europe (11), Latin America (seven) and Africa (four).


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


MAGYAR TAKAREKSZOVETKEZETI: S&P Cuts Counterparty Rating to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit rating on Hungary-based Magyar
Takarekszovetkezeti Bank Rt. (Bank of Hungarian Savings
Cooperatives Co. Ltd.) to 'BB' from 'BB+'.  The 'B' short-term
counterparty credit rating was affirmed.  The outlook is negative.

"The downgrade reflects our concerns about accelerating economic
contraction and industry risk in the Republic of Hungary," said
Standard & Poor's credit analyst Harm Semder.

This rating action follows S&P's recent downgrade of Hungary to
BBB-/Negative/A-3 from BBB/Negative/A-3.

S&P's current ratings take into account the possibility of a 6%
decline in the Hungarian economy in 2009, which increases the
likelihood of severe repercussions on Takarekbank's financial
profile, and on that of the Hungarian savings cooperatives sector
over the next two years.  Takarekbank continues to benefit from a
one-notch uplift from the expected ownership support from the SCs.

In S&P's view, rapidly worsening economic conditions in Hungary
make it very likely that Takarekbank's and the SCs' asset quality
and earnings metrics will deteriorate considerably.  Moreover, S&P
is uneasy about elevated risks from Takarekbank's nearly 55% share
in foreign currency lending to unhedged corporates and consumers
that are untested in prolonged difficult conditions.

S&P's current ratings on Takarekbank reflect the possibility that
Takarekbank's and the SCs' performance in 2009 will be much more
depressed.

S&P's concerns are mitigated by Takarekbank's role as the clearing
bank and business coordinator of the SC network.

The ratings on Takarekbank do not include any uplift for
extraordinary government support.  But S&P considers the bank to
be systemically important, reflecting its vital role for the SC
sector, which has a strong retail deposits position.  However, in
line with S&P's ratings approach in supportive countries, S&P does
not factor the probability of government support into S&P's
ratings on private sector banks as long as such support is not
tangible.

Moreover, S&P continues to view Takarekbank's 37% ownership by DZ
BANK AG Deutsche Zentral-Genossenschaftsbank (A+/Stable/A-1) to be
beneficial for its enterprise risk management, but S&P give no
additional notches of support for it.  This is because S&P
continue to consider the bank as nonstrategic for DZ BANK.

The negative outlook reflects S&P's concerns that Takarekbank's
financial profile could weaken more than currently anticipated if
increasing economic contraction and industry risk in Hungary were
to be deeper and longer than S&P currently expect.  Similarly, S&P
sees intense pressures on the Hungarian SC sector, which could
reduce their financial ability to support Takarekbank.

"We would consider a downgrade, in particular, if Takarekbank's or
the SC sector's asset quality and performance were to worsen
beyond S&P's already subdued expectations, or if sound liquidity
positions deteriorate," said Mr. Semder.  Moreover, the ratings
would most likely be lowered if Takarekbank's central role within
the sector were to weaken, although S&P does not expect this to
happen.


MKB BANK: S&P Downgrades Public-Information Ratings to 'BBpi'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
public-information ('pi'; unsolicited) ratings on Hungary-based
MKB Bank ZRT (MKB) to 'BBpi' from 'BBBpi'.  At the same time, S&P
lowered its 'pi' ratings on Hungary-based Central- European
International Bank Ltd., and K&H Bank to 'BBB-pi' from 'BBBpi'.

The 'pi' ratings on all three banks continue to be based on S&P's
expectation of support from their western European owners, because
S&P continues to consider them as strategically important group
subsidiaries.  K&H, CIB, and MKB are owned by Belgium based KBC
Bank N.V. (100%, A/Stable/A-1), Italy based Intesa Sanpaolo SpA
(100%, AA-/Negative/A-1+), and Germany based Bayerische Landesbank
(90%, A/Negative/A-1) respectively.

'Pi' ratings are generally not modified with plus or minus
designations.  In very rare occasions, however, S&P does apply
modifiers.  S&P has done this now for CIB and K&H, with both
having minus designations.  This is because S&P wanted to clarify
that the 'pi' ratings on these banks are not higher than the
foreign currency rating on the Republic of Hungary (BBB-/Negative/
A-3).

"Our downgrades of K&H, CIB, and MKB follow our recent downgrade
of Hungary on March 30, 2009," said Standard & Poor's credit
analyst Harm Semder.

Moreover, the 'pi' rating actions take into account S&P's concerns
about the likelihood of severe repercussions on MKB's, K&H's, and
CIB's financial profile in 2009 and 2010 as a result of
accelerating economic contraction and industry risk in Hungary,
and additional pressures from other parts of Central and Eastern
Europe.

In S&P's view, rapidly worsening economic conditions in Hungary
and most CEE markets make it very likely that MKB's, K&H's, and
CIB's asset quality and earnings metrics will deteriorate
considerably after several years of strong asset and profit
growth.

The banks' credit risk is heightened in S&P's opinion by rapid
unseasoned growth of loans, and a large amount of foreign currency
lending to unhedged consumers and corporates that is untested in
prolonged difficult conditions.

S&P's current ratings take into account the possibility of a 6%
decline in the Hungarian economy in 2009.  Consequently, S&P
believes that the main cause of the pressure will be accelerated
credit costs from a material rise in nonperforming loans.

The 'pi' ratings on MKB, K&H, and CIB do not include any uplift
for extraordinary government support.  But S&P considers these
banks to be systemically important in Hungary, reflecting their
size and scale of retail operations, in particular retail
deposits.  However, in line with S&P's rating approach in
supportive countries like Hungary, S&P does not factor the
probability of government support into its ratings on private
sector banks as long as such support is not tangible.


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


AER LINGUS: CEO Dermot Mannion Resigns
--------------------------------------
Bloomberg News reports Aer Lingus Group Plc Chief Executive
Officer Dermot Mannion has resigned effective April 6.

"My decision to step down will allow a new CEO to bring fresh
thinking and new ideas to the business," Mr. Mannion said in a
statement obtained by the news agency.

Chairman Colm Barrington will run the carrier until a permanent
CEO is appointed, the report says.

Separately, Sarah Turner at MarketWatch reports Aer Lingus said it
carried 835,000 passengers in March, down 7% compared to a year
ago.  The airline saw a 5.1% reduction on short haul and a 20.9%
reduction on long haul, the report says.  The report relates
reduced capacity in the month resulted in improved load factors,
with an overall load factor of 75.6%, up 0.3 percentage points
compared to a year ago.

As reported in the Troubled Company Reporter-Europe on Mar. 16,
2009, Aer Lingus incurred a EUR107.8 million (US$136.5 million)
net loss in 2008 compared with net income of EUR105.3 million in
2007 after a EUR141 million one-time expense to cover
employee severance packages and the cost of defeating Ryanair
Holdings Plc's takeover offer.  The company's earnings was also
hurt by deteriorating consumer sentiment, currency fluctuations,
restructuring costs and higher fuel prices.

Bloomberg News recalls Ryanair dropped its takeover bid in January
after the Irish government rejected the transaction as
undervaluing Aer Lingus and posing a threat to competition.
Ryanair holds 29.8 percent in Aer Lingus, Bloomberg News says.

Revenue in 2008 rose 5.6 percent to EUR1.36 billion.  The company
aims to save about EUR52 million this year from a cost-cutting
drive including freezing salaries.

The airline warned it may not meet its previous forecast of a pre-
tax profit in 2009.  The Wall Street Journal reported that to
maintain volumes, Aer Lingus predicted 2009 revenue will fall,
average fares will drop by at least 10% and cargo revenue is
expected to decline as much as 30% from a year earlier.

Chief Financial Officer Sean Coyle told the Journal in an
interview that the trans-Atlantic market is "the weakest part of
our business" and was under review, but said he wasn't yet sure if
the airline would cut flights or reduce fares.

Aer Lingus's strategy now was to roll out short-haul bases in the
U.K. and Continental Europe, Mr. Coyle said as cited by the
Journal.

                   About Aer Lingus Group Plc

Dublin, Ireland-based Aer Lingus Group Plc (ISE:AERL) --
http://www.aerlingus.com/--  and its subsidiaries operate as a
low fare airline primarily providing passenger and cargo
transportation services from Ireland to the United Kingdom and
Europe (short haul) and also to the United states (long haul).
The Company also provides cargo transportation services on its
passenger aircraft, primarily on its long-haul routes, as well as
a range of ancillary services to its passengers.


CHARTBUSTERS: Gets Court Permission to Revoke Leasing Agreements
----------------------------------------------------------------
The High court has granted Chartbusters permission to seek orders
revoking lease agreements for premises the company no longer needs
to allow the examiner to finalize a scheme of arrangement, the
Irish Times reports.

According to the report, if the scheme is approved by the
company's creditors and the High Court, Chartbusters will be
restructured and 23 of its 36 home entertainment stores may be
saved.

The report discloses the premises Chartbusters leased include
premises at Golden Island Shopping Centre in Athlone; Carrigaline,
Co Cork; Christchurch, Dublin; Crescent Shopping Centre, Limerick;
the Maple Centre, Dublin; Anne Street, Newbridge, Co Kildare;
O'Hagan House, Ranelagh, Dublin; and Terenure Place, Dublin.

The stores in Athlone and Carrigaline were closing, while the
stores in Newbridge, the Maple Centre and Terenure were now
closed, according to the report.  The premises in Christchurch,
Limerick and Ranelagh were never occupied, the report notes.

The report relates on Monday, Mr. Justice Garrett Sheehan granted
the company permission to serve short service to all relevant
parties, including the court-appointed examiner, of the
proceedings, the report recounts.

In an affidavit to the court, Richard Murphy, a director and
shareholder of Chartbusters, as cited by the report, said
the examiner, Neil Hughes, had indicated to the company that
before he could finalize a scheme of arrangement, it should apply
to the High Court to have several of the company’s leases
repudiated.

The report states Mr. Murphy said he believed the examiner
intended to include any outstanding liabilities of the landlords
of the premises as unsecured creditors in the proposed scheme of
arrangement.

On Jan. 29, 2009, the Troubled Company Reporter-Europe, citing the
Irish Times, reported Mr. Justice Peter Kelly granted court
protection to Chartbusters.

Mr. Justice Kelly appointed Mr. Hughes as examiner to the
company, the Irish Times disclosed.  The judge, as cited by the
Irish Times, said the company was insolvent and would have a
shortfall between assets and liabilities of some EUR246,000 as a
going concern and of some EUR4.8 million if wound up.

The judge, the Irish Times noted, agreed to appoint an examiner
after reports from the independent account and interim examiner
expressed the view the company had a reasonable prospect of
survival if certain conditions, including the closure of 17 of its
37 stores, are met.


CORIOLANUS LTD: Fitch Cuts Ratings on 2 Classes of Notes to Low-B
-----------------------------------------------------------------
Fitch Ratings has downgraded Coriolanus Limited Series 1's notes
and assigned Negative Outlooks:

  -- Class A notes (ISIN XS0144319182) downgraded to 'BB' from
     'AAA'; assigned a Negative Outlook

  -- Class B notes (ISIN XS0144318705) downgraded to 'B' from
     'AA'; assigned a Negative Outlook

The downgrades reflect the high concentration of the collateral
portfolio in the banking and finance sector, explicitly in the
form of subordinated capital instruments which bear a
significantly increased credit risk.  Additionally, in the current
regulatory environment, interest deferrals and extension of the
first call date have become a real possibility which places
significant pressure on the class A and B notes.

At closing in July 2002, Coriolanus, an SPV domiciled in Ireland,
issued notes secured on a debt portfolio purchased from Deutsche
Bank AG (DB, rated 'AA-'((AA minus))/'F1+'/Rating Watch Negative).
A swap agreement between Coriolanus and DB pays the collateral
interest to DB in return for the coupon on the notes.

The portfolio currently consists of 27 debt obligations from 23
obligors, of which 80% belong to the banking and finance sector
and 20% are corporate debt securities.  While the non-finance
related obligations are made up of senior unsecured debt, the
banking and finance obligations consist of predominately
subordinated debt, of which approximately one third is made up of
Genusscheine and two-thirds is perpetual bank debt (Tier 1).  Both
are hybrid capital instruments, which allow for deferral of coupon
payments as part of the contractual features.  Currently, one
obligation, representing 1.4% of the portfolio, actually defers
interest.  If after a period of two years, the obligation remains
in arrears, the security is required to be liquidated.

Fitch believes interest deferrals for a further six obligors are a
real possibility as the institutions are exhibiting weak
fundamentals and heavy losses.  Several banks have also received
government capital.  While this helps to mitigate a potential
insolvency of the institution, it may also raise the risk of
coupon deferrals on hybrid capital instruments as the government
aims to protect taxpayer funds.

Additionally, the hybrid capital instruments allow the issuing
institution to continue servicing the respective instruments past
the first call date.  This extension would materially affect the
ability of the SPV to redeem the notes because the class A notes
rely on the underlying securities to be called to be paid down
until 2012, while the class B and the unrated Class C notes have
one bullet payment date in 2012 (at this time the swap agreement
with DB will also terminate).  If this expected maturity date is
missed due to collateral securities not being redeemed as
anticipated, class A will need to be redeemed by final maturity in
2014. Class B has a perpetual final maturity.

The credit enhancement for the class A and B notes has increased
to 31.7% and 13.7% respectively from initial levels of 20.5% and
9.0%.  However, the credit enhancement calculation is based on the
nominal value of the collateral assets and does not reflect the
market value of the collateral.  The market value of the banking
and finance collateral has dropped sharply in the past year.  Per
the 17 March 2009 trustee report, the reported fair market value
ratio of the collateral pool was 43.8%, which falls well short of
the required level of 85%.  The failure of the fair market value
ratio allows the senior noteholders to vote for early redemption.
However, at this point the early redemption of the notes would
imply a total loss for class B and the unrated class C and a
significant loss for senior noteholders.  In addition to the
market value losses, a swap termination payment would also be due
from the issuer before redeeming the class A notes.  In the event
of near-term liquidation, the swap breakage cost would further
diminish recovery prospects for the senior notes.

The interest coverage ratio of 1335.8% comfortably exceeds its
trigger value of 115%.  However, the notes do not benefit from
this excess spread as the transaction would only divert interest
to redeem principal if the overcollateralization ratio (OC ratio)
falls below 144%.  As the OC ratio is based on the nominal value
of the collateral assets rather than the market value even for
lowly-rated collateral assets, with the exception of assets in
arrears, the OC ratio is currently passing well above the required
level.

Fitch believes the rated notes no longer merit investment grade
status as the risk of interest deferrals and maturity extensions
in the portfolio has significantly increased.


CRAFT EM: Moody's Junks Ratings on Two Classes of Notes
-------------------------------------------------------
Moody's Investors Service has downgraded its ratings of four
classes of notes issued by CRAFT EM CLO 2006-1 Limited.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans.  While the
portfolio has reduced in size from US$1 billion at closing to c
US$958.9 million as at 16 Mar 2009, losses on defaulted assets
stand at US$32,045,000 effectively depleting more than 50% of the
US$60,000,000 subordination available to the junior classes of the
rated Notes.

The rating actions reflect (a) the substantial deterioration in
the credit quality of the transaction's reference portfolio, as
indicated by the increase in the average rating factor from 675
(at closing in April 2006) to 1286 (16 Mar 2009) and (b) the
revision of certain key assumptions that the agency uses to rate
and monitor corporate CDOs.  These revised assumptions incorporate
Moody's expectation that European and global corporate default
rates are likely to greatly exceed their historical long-term
averages and reflect the heightened interdependence of credit
markets in the current global economic contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on January 15, 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.  The sector is further stressed by the anticipated
limited refinancing opportunities for EMEA corporate issuers over
the next six to twelve months.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because this mapping was performed
prior to April 1, 2007, an additional stress was applied to
capture potential deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

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

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

  -- Modeling Recovery Rates in European CDOs

The rating actions are:

CRAFT EM CLO 2006-1,Ltd.

  -- US$12,500,000 Class E-1 Credit Linked Notes Due 2012,
     Downgraded to B2; previously on 28 August 2006 Assigned Baa1

  -- US$12,500,000 Class E-2 Credit Linked Notes Due 2012,
     Downgraded to B2; previously on 9 March 2007 Assigned Baa1

  -- US$17,500,000 Class F-1 Credit Linked Notes Due 2012,
     Downgraded to Caa3; previously on 28 August 2006 Assigned Ba2

  -- US$17,500,000 Class F-2 Credit Linked Notes Due 2012,
     Downgraded to Caa3; previously on 9 March 2007 Assigned Ba2


DAPHNE FINANCE: Moody's Cuts Rating on Class F Notes to 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of six
classes of notes issued by Daphne Finance 4 plc.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans.

The rating actions reflect the deterioration in the credit quality
of the transaction's reference portfolio, as indicated by the
increase in the portfolio average rating factor by 48% since
closing, and the revision of certain key assumptions that the
agency uses to rate and monitor corporate CDOs.  These revised
assumptions incorporate Moody's expectation that European and
global corporate default rates are likely to greatly exceed their
historical long-term averages and reflect the heightened
interdependence of credit markets in the current global economic
contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on January 15, 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.  The sector is further stressed by the anticipated
limited refinancing opportunities for EMEA corporate issuers over
the next six to twelve months.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because the mapping was performed
prior to April 1, 2007, an additional stress was applied to
capture potential deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

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

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

  -- Modeling Recovery Rates in European CDOs

The rating actions are:

Daphne Finance 4 plc

  -- EUR196,000,000 Class A Credit-Linked Floating Rate Notes due
     2014, Downgraded to Aa3; previously on 27 December 2006
     Assigned Aaa

  -- EUR32,000,000 Class B Credit-Linked Floating Rate Notes due
     2014, Downgraded to Baa1; previously on 27 December 2006
     Assigned Aa2

  -- EUR28,000,000 Class C Credit-Linked Floating Rate Notes due
     2014, Downgraded to Baa3; previously on 27 December 2006
     Assigned A1

  -- EUR36,000,000 Class D Credit-Linked Floating Rate Notes due
     2014, Downgraded to Ba1; previously on 27 December 2006
     Assigned A3

  -- EUR32,000,000 Class E Credit-Linked Floating Rate Notes due
     2014, Downgraded to B1; previously on 27 December 2006
     Assigned Baa3

  -- EUR24,000,000 Class F Credit-Linked Floating Rate Notes due
     2014, Downgraded to B3; previously on 27 December 2006
     Assigned Ba2


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


CHRYSLER LLC: Fiat SpA Could Get 20% of Automaker
-------------------------------------------------
The Detroit Free Press reports that under the latest scenario
proposed by the U.S. government, Fiat SpA will have the largest
block of Chrysler LLC, at 20%.

The remaining 80% will be allocated among a variety of secured
creditors that include at least five banks and U.S. Taxpayers, the
Free Press says.

According to Eric Sylvers at The New York Times, U.S. President
Barack Obama is requiring that the two companies complete their
plan for partnership before Chrysler can receive another
multibillion-dollar loan to keep it out of bankruptcy.
Chrysler is to receive US$6 billion more in U.S. loans after
getting a US$4 billion loan in January, Mike Ramsey at Bloomberg
News says.

Jennifer Clark at Dow Jones relates Fiat's strength in fuel
efficiency is its biggest bargaining chip as it negotiates a stake
in Chrysler.

As reported in the Troubled Company Reporter-Europe on April 1,
2009, Marco Bertacche and Francesca Cinelli at Bloomberg News said
according to a government official with knowledge of the plans,
under a new deal, Fiat would take less than 35 percent equity in
Chrysler initially.

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

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

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

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

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

                        "Impossible Goal"

The Troubled Company Reporter on Apr. 2, 2009, said according to a
Bloomberg News report, Chrysler may face an "impossible goal" in
completing an alliance with Fiat and meeting an Obama
administration deadline to erase debt and win more union
concessions by April 30.

Bloomberg's Mike Ramsey reported that Chrysler got its blueprint
for the month of April from President 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 said 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 stated 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".

                         About Fiat SpA

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

                        About Chrysler LLC

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

                          *     *     *

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

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

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

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


FIAT SPA: Looks to CNH's US$5-Bln Loan Payment for Funding
----------------------------------------------------------
Bob Tita at Dow Jones Newswires reports Fiat SpA is relying on the
repayment of internal loans by its farm equipment arm to ease its
own liquidity squeeze and help fund a planned investment in
Chrysler LLC.

According to the report, CNH Global N.V. owes Fiat more than US$5
billion, however, a spokesman for CNH said the total amount that
will be paid to Fiat won't be known until later in the year.

About US$3 billion of the US$5.2 billion of CNH's outstanding Fiat
loans mature in 2009, the report says.

Fiat, which owns more than 90% of CNH, is looking for repayment of
the internal loans as it seeks to acquire an initial 20% stake in
Chrysler, the report discloses.

The report relates Standard & Poor's, which lowered Fiat's credit
rating Tuesday to below investment grade, said without money from
CNH, Fiat lacks sufficient credit lines or cash to cover its
financial maturities this year.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 25,
2009, Moody's Investors Service downgraded Fiat S.p.A's long term
ratings to Ba1 from Baa3 and its short term ratings to Not Prime
from Prime-3.  The outlook on the ratings is negative.  At the
same time Moody's assigned a Ba1 Corporate Family Rating.  The
rating action concluded Moody's review for downgrade initiated on
January 15,
2009.


TELECOM ITALIA: Barred from Using Voting Rights in Argentine Unit
-----------------------------------------------------------------
Chiara Remondini and Paul Tobin at Bloomberg News report that
Telecom Italia SpA was ordered by The Argentine Competition
Commission to stop using its voting rights in local unit Telecom
Argentina SA.

Citing a ruling on the authority's Web site, the report relates
Telecom Italia's directors on Telecom Argentina's board were told
to abstain from exercising voting powers while the regulator
investigates Telco SpA's purchase of a controlling stake in
Telecom Italia.

According to Bloomberg News, Telefonica SA, Assicurazioni Generali
SpA, Intesa Sanpaolo SpA, Mediobanca SpA and the Benetton family
gained control of Telecom Italia, through holding company Telco,
in October 2007.  Telco owns 24.5 percent of the Milan-based
company.

The report recalls on Jan. 9, the Argentine regulator ordered
Telefonica, which also runs Telefonica de Argentina SA, and its
partners to provide documents on their stake in Telecom Italia.

Telecom Italia has said it plans to exercise an option to increase
its stake in Sofora Telecomunicaciones SA, the holding company
that controls Telecom Argentina, the country's second- biggest
phone provider, Bloomberg News relates.

In December, the commission ordered Telecom Italia not to exercise
the option to raise its stake in Sofora until the regulator issues
a final decision, the report recalls.

                   Denies Need for Fresh Funds

As reported in the Troubled Company Reporter-Europe on Mar. 5,
2009, The Financial Times said Telecom Italia SpA denied a press
report that it might need to tap shareholders for cash to pay for
its investment plans.

The company has ample ability to finance its debt and does not
need a capital injection from investors, Chief Executive Officer
Franco Bernabe was cited by FT as saying.

According to FT, Mr. Bernabe said Telecom Italia's EUR34 billion
(US$42.8 billion) of net debt was sustainable noting that the
company had already refinanced 25 per cent of its debt so far this
year.

"We have no problem whatsoever in funding our debt," Mr. Bernabe
said, adding that the company had also been able to cut its debt
by EUR1.7 billion in 2008 as a consequence of "a very strong
decline in costs".

                   About Telecom Italia S.p.A.

Telecom Italia S.p.A. (NYSE:TI) -- http://www.telecomitalia.it/
-- is an Italy-based telecommunications group that operates in
the communications sector, in the television sector using both
analog and digital terrestrial technology, and in the office
products sector.  The Company is engaged principally in the
communications sector and, particularly, in telephone and data
services on fixed lines, for final retail customers and wholesale
providers, in the development of fiber optic networks for
wholesale customers, in Internet services, in domestic and
international mobile telecommunications (especially in Brazil), in
the television sector using both analog and digital terrestrial
technology and in the office products sector.  The Company
operates mainly in Europe, the Mediterranean Basin and in South
America.  In August 2008, ILIAD SA announced that it had finalized
the acquisition of Alice France, the broadband operations of the
Company.


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


ALLIANCE POLIS: Creditors Must File Claims by May 15
----------------------------------------------------
Branch of JSC Insurance Company Alliance Polis has declared
insolvency.  Creditors have until May 15, 2009, to submit written
proofs of claim to:

         Furmanov St. 273a
         Almaty
         Kazakhstan


ALTYN OZAT: Creditors Must File Claims by May 15
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Altyn Ozat insolvent.

Creditors have until May 15, 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


ATYRAU OIL: Creditors Must File Claims by May 15
------------------------------------------------
LLP Atyrau Oil Product Ltd. has declared insolvency.  Creditors
have until May 15, 2009, to submit written proofs of claim to:

         Azattyk Ave. 74v
         Atyrau
         Kazakhstan


BIRLIK OJSC: Creditors Must File Claims by May 15
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared OJSC Birlik insolvent.

Creditors have until May 15, 2009, to submit written proofs of
claim to:

         Gorky St. 37
         Kokshetau
         Akmola
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Gorky St. 37
         Kokshetau
         Akmola
         Kazakhstan


EK OIL INVEST: Creditors Must File Claims by May 15
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP EK Oil Invest Kz insolvent.

Creditors have until May 15, 2009, to submit written proofs of
claim to:

         Tauelsyzdyk St. 53
         Taldykorgan
         Almaty
         Kazakhstan

The Court is located at:

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


SADY PRIDONYA: Creditors Must File Claims by May 15
---------------------------------------------------
OJSC Sady Pridonya has declared insolvency.  Creditors have until
May 15, 2009, to submit written proofs of claim to:

         Abulhair Han Ave. 2
         Aktobe
         Aktube
         Kazakhstan


STROY GAS: Creditors Must File Claims by May 15
-----------------------------------------------
LLP Kaz Stroy Gas has declared insolvency.  Creditors have until
May 15, 2009, to submit written proofs of claim to:

         Azattyk Ave. 99a/35
         Atyrau
         Kazakhstan


T-A-TELECOM-A LLP: Creditors Must File Claims by May 15
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP T-A-Telecom-A insolvent.

Creditors have until May 15, 2009, to submit written proofs of
claim to:

         Baizakov St. 273b
         Almaty
         Kazakhstan

The Court is located at:

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


VK STROYCOM: Creditors Must File Claims by May 15
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP VK Stroycom insolvent.

Creditors have until May 15, 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
===================


ESSEX GLOBAL LLC: Creditors Must File Claims by April 17
--------------------------------------------------------
Creditors of LLC Essex Global have until April 17, 2009, to submit
proofs of claim to:

         Chuikov St. 132
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 31-60-83


ONENESS CO: Creditors Must File Claims by April 17
--------------------------------------------------
Creditors of LLC Oneness Co. Ltd. have until April 17, 2009, to
submit proofs of claim.

The company can be reached at:

          LLC Oneness Co. Ltd.
          Tel: (+996 312) 61-24-93
               (0-772) 51-51-30


==================
L U X E MB O U R G
==================


BLACK DIAMOND: S&P Cuts Rating on Class E of 2006-1 Notes to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class D and E notes issued by Black Diamond CLO 2006-1
(Luxembourg) S.A. and removed the rating on the class E notes from
CreditWatch negative, where it was placed on Dec. 5, 2008.
Concurrently, S&P affirmed its ratings on seven classes from this
transaction.  Black Diamond CLO 2006-1 (Luxembourg) S.A. is a cash
flow collateralized loan obligation transaction.

The lowered ratings primarily reflect negative rating migration of
the corporate names in the underlying portfolio.  As of the
March 16, 2009, trustee report, Standard & Poor's rated 12.23% of
the collateral underlying the transaction in the 'CCC' category.
In addition, the March 16, 2009, report reflected $56.48 million
in defaults.

Standard & Poor's will continue to monitor the transaction to
ensure that, in S&P's view, the ratings currently assigned to the
notes remain consistent with the credit enhancement available to
support them.

                          Rating Lowered

            Black Diamond CLO 2006-1 (Luxembourg) S.A.

                    Rating
                    ------
    Class    To                From            Balance (mil. $)
    -----    --                ----            ----------------
    D        BB+               BBB                       55.000

       Rating Lowered and Removed from Creditwatch Negative

            Black Diamond CLO 2006-1 (Luxembourg) S.A.

                    Rating
                    ------
    Class    To                From            Balance (mil. $)
    -----    --                ----            ----------------
    E        B-                BB/Watch Neg              45.000

                         Ratings Affirmed

             Black Diamond CLO 2006-1 (Luxembourg) S.A.

                  Class    Rating   Bal. (mil. $)
                  -----    ------   -------------
                  X        AAA             12.750
                  A-D      AAA            500.000
                  A-E      AAA             79.753
                  A-R      AAA             82.302
                  B        AA              90.000
                  C        A               48.000
                  P        AAA              4.541

  Transaction Information
  -----------------------
Issuer:        Black Diamond CLO 2006-1 (Luxembourg) S.A.
Co-issuer:     Black Diamond CLO 2006-1 (Delaware) Corp.
Underwriter:   Bear Stearns Cos. LLC
Trustee:       Bank of New York Mellon Trust Co. N.A.


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


AMSTEL SCO: Moody's Reviews Ba2-Rated Class E Notes for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its ratings of seven classes of notes issued by Amstel
SCO 2006-1 B.V.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans.

The rating actions reflect the revision of certain key assumptions
that the agency uses to rate and monitor corporate CDOs.  These
revised assumptions incorporate Moody's expectation that European
and global corporate default rates are likely to greatly exceed
their historical long-term averages and reflect the heightened
interdependence of credit markets in the current global economic
contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on January 15, 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.  The sector is further stressed by the anticipated
limited refinancing opportunities for EMEA corporate issuers over
the next six to twelve months.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because the mapping was performed
prior to April 1, 2007, an additional stress was applied to
capture potential deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

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

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

  -- Modeling Recovery Rates in European CDOs

The rating actions are:

Amstel SCO 2006-1 B.V.

  -- Class A, Aaa and Placed Under Review for Possible Downgrade;
     previously on 4 April 2007 Assigned Aaa

  -- Class A+1, Aaa and Placed Under Review for Possible
     Downgrade; previously on 4 April 2007 Assigned Aaa

  -- Class A+2, Aaa and Placed Under Review for Possible
     Downgrade; previously on 4 April 2007 Assigned Aaa

  -- Class B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 4 April 2007 Assigned Aa2

  -- Class C, A2 and Placed Under Review for Possible Downgrade;
     previously on 4 April 2007 Assigned A2

  -- Class D, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 4 April 2007Assigned Baa2

  -- Class E, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 4 April 2007 Assigned Ba2


ARRAN CORP: Moody's Cuts Ratings on 6 Classes of Notes to Low-B
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of thirteen
classes of notes issued by Arran Corporate Loans No 1 B.V.

The transaction is a static (replenishment period ended in June
2007) synthetic Balance Sheet CDO referencing a pool of bank
originated corporate loans.

The rating actions reflect the revision of certain key assumptions
that the agency uses to rate and monitor corporate CDOs.  These
revised assumptions incorporate Moody's expectation that European
and global corporate default rates are likely to greatly exceed
their historical long-term averages and reflect the heightened
interdependence of credit markets in the current global economic
contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on January 15, 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.  The sector is further stressed by the anticipated
limited refinancing opportunities for EMEA corporate issuers over
the next six to twelve months.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because the mapping was performed
prior to April 1, 2007, an additional stress was applied to
capture potential deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

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

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

  -- Modeling Recovery Rates in European CDOs

The rating actions are:

Arran Corporate Loans No.1 B.V.

  -- GBP90,500,000 Class B1 Secured Floating Rate Notes due 2025,
     Downgraded to Aa1; previously on 23 May 2008 Upgraded to Aaa

  -- EUR110,000,000 Class B2 Secured Floating Rate Notes due 2025,
     Downgraded to Aa1; previously on 23 May 2008 Upgraded to Aaa

  -- US$73,000,000 Class B3 Secured Floating Rate Notes due 2025,
     Downgraded to Aa1; previously on 23 May 2008 Upgraded to Aaa

  -- GBP26,250,000 Class C1 Secured Floating Rate Notes due 2025,
     Downgraded to Aa3; previously on 23 May 2008 Upgraded to Aa1

  -- EUR38,000,000 Class C2 Secured Floating Rate Notes due 2025,
     Downgraded to Aa3; previously on 23 May 2008 Upgraded to Aa1

  -- GBP42,500,000 Class D1 Secured Floating Rate Notes due 2025,
     Downgraded to A3; previously on 23 May 2008 Upgraded to A1

  -- EUR50,000,000 Class D2 Secured Floating Rate Notes due 2025,
     Downgraded to A3; previously on 23 May 2008 Upgraded to A1

  -- GBP39,250,000 Class E1 Secured Floating Rate Notes due 2025,
     Downgraded to Ba1; previously on 23 May 2008 Upgraded to Baa2

  -- EUR38,000,000 Class E2 Secured Floating Rate Notes due 2025,
     Downgraded to Ba1; previously on 23 May 2008 Upgraded to Baa2

  -- US$28,000,000 Class E3 Secured Floating Rate Notes due 2025,
     Downgraded to Ba1; previously on 23 May 2008 Upgraded to Baa2

  -- GBP70,500,000 Class F1 Secured Floating Rate Notes due 2025,
     Downgraded to B2; previously on 23 May 2008 Upgraded to Ba2

  -- EUR10,000,000 Class F2 Secured Floating Rate Notes due 2025,
     Downgraded to B2; previously on 23 May 2008 Upgraded to Ba2

  -- US$5,000,000 Class F3 Secured Floating Rate Notes due 2025,
     Downgraded to B2; previously on 23 May 2008 Upgraded to Ba2


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


BANIF SA: Moody's Puts 'D+' BFSR on Review for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service took these rating actions on Portuguese
banks:

(i) downgraded Banif SA's ratings to Baa1/P-2/D+ from A2/P-1/C-
and placed them on review for possible further downgrade;

(ii) downgraded the issuer rating of the holding company Espirito
Santo Financial Group to A2 from A1 and placed it on review for
possible further downgrade

(iii) placed on review for possible downgrade the bank financial
strength ratings and long-term debt and deposit ratings of six
Portuguese banks: Caixa Geral de Depositos (rated Aa1/P-1/C),
Banco Comercial Portugues (Aa3/P-1/C+), Banco Espírito Santo (Aa3/
P-1/C+), Banco Santander Totta SA (Aa3/P-1/C+), Banco BPI (A1/P-1/
C) and Caixa Economica Montepio Geral ((A2/P-1/C-); the review for
downgrade also includes the short-term ratings); and

(iv) changed the outlook on Banco Itau Europa SA's C-/Baa1/P-2
ratings to negative.

The rating actions are prompted by the weakening of the Portuguese
economic environment, as reflected by Moody's negative credit
outlook on the Portuguese banking system, and pressure on the
banks' current capitalization levels as a result of relatively
poor performances in 2008, anticipated lower revenue over the next
few years and higher credit-related write-down requirements.

                  Reviews For Possible Downgrade

Moody's review of the BFSRs of these institutions reflects that
the intrinsic creditworthiness of all the rated banks has weakened
and is likely to continue to weaken during the ongoing crisis as a
result of one or a combination of several of these factors: (i)
low capital levels; (ii) difficulties in generating new capital
either internally through earnings or externally; (iii) high
credit risk concentrations, in particular to corporates that may
experience distress; (iv) growth in lending above the average for
the system; (v) corporate governance issues ranging from overly
complex organizational structures, to a lack of independent board
members and/or related-party lending; (vi) exposure to market
risk, which can further depress capital levels and/or contribute
to volatility in revenues; (vii) slower growth in international
operations and, in some cases, greater volatility of contributions
from Eastern European or Spanish operations; and (viii) ongoing
reliance on short-term market funding.

The banks that are likely to be more adversely affected by the
outcome of the review of the BFSRs are those with lower
capitalization levels and higher expected losses on their risk
assets.  This reflects the fact that Moody's will place a greater
emphasis on particular rating considerations such as capital and
future earnings prospects as a result of the ongoing financial
crisis.

In reviewing the deposit and senior debt ratings, Moody's will
consider (i) the high probability of support that is available to
Portuguese banks and the probability of support once stability
returns to the markets, (ii) the systemic importance of the rated
institutions, (iii) the intrinsic financial strength of the rated
institutions and (iv) other sources of external support, in
particular parental support.

Moody's expects the downgrades of the senior debt and deposit
ratings to be limited in most cases to one or possibly two
notches, while the downgrades of the BFSRs would likely be of a
greater magnitude.

                              BANIF

The downgrade of Banif's ratings to Baa1/P-2/D+ (on review for
possible further downgrade) from A2/P-1/C- reflects Moody's view
that the majority of factors listed in the third paragraph (above)
are present at this institution and that the expected credit
losses and weak capitalization levels are no longer commensurate
with A2/P-1/C- ratings.

Moody's also downgraded Banif's dated and undated subordinated
debt ratings to Baa2 and Baa3, respectively, from A3, and its
preferred securities rating to Ba1 from Baa1 as a result of the
downgrade of the bank's senior debt rating and the increased
credit risk of hybrid instruments for those institutions that are
more likely to need external support.  As with the other financial
institutions listed above (aside from Banco Itau Europa), Banif's
ratings are on review for possible further downgrade, with the
review focusing on the same key issues.

                  Espirito Santo Financial Group

The downgrade of Luxembourg-based ESFG's issuer rating to A2 (on
review for possible further downgrade) from A1 reflects (i) the
placing of the ratings of ESFG's subsidiary Banco Espírito Santo
(BES, rated Aa3/P-1/C+) on review for downgrade and (ii) Moody's
assessment that the very high probability of systemic support
available to BES might not be extended to ESFG in case of need,
given that, during the ongoing financial crisis, the Portuguese
government has sometimes excluded holding companies from
government support.

                       The Affected Banks

These entities were downgraded and placed on review for further
possible downgrade:

  -- Banif - Banco Internacional do Funchal SA
  -- Espirito Santo Financial Group

These entities were placed on review for possible downgrade:

  -- Caixa Geral de Depositos
  -- Banco Comercial Portugues
  -- Banco Espirito Santo
  -- Banco Santander Totta SA
  -- Banco BPI
  -- Caixa Economica Montepio Geral

This entity's ratings were affirmed; the outlook on its ratings
was changed to negative from stable:

  -- Banco Itau Europa SA

Below is the full list of the banks and related funding vehicles
affected by Moody's rating actions:

Downgrades:

Issuer: BANIF - Banco Internacional do Funchal, S.A.

  -- Bank Financial Strength Rating, Downgraded to D+, on review
     for possible downgrade, from C

  -- LT Bank Deposit, Downgraded to Baa1, on review for possible
     downgrade, from A2

  -- ST Bank Deposit, Downgraded to Prime-2, on review for
     possible downgrade, from Prime-1

  -- Senior Unsecured Debt Rating, Downgraded to Baa1, on review
     for possible downgrade, from A2

  -- Dated Subordinate Debt Rating, Downgraded to Baa2, on review
     for possible downgrade, from A3

  -- Undated Subordinate Debt Rating, Downgraded to Baa3, on
     review for possible downgrade, from A3

Issuer: Banif Finance, Limited

  -- Senior Unsecured Debt Rating, Downgraded to Baa1, on review
     for possible downgrade, from A2

  -- Dated Subordinate Debt Rating, Downgraded to Baa2, on review
     for possible downgrade, from A3

  -- Undated Subordinate Debt Rating, Downgraded to Baa3, on
     review for possible downgrade, from A3

  -- Preferred Stock, Downgraded to Ba1, on review for possible
     downgrade, from Baa1

Issuer: Banif Sucursal Financeira Exterior

  -- Senior Unsecured Debt Rating, Downgraded to Baa1, on review
     for possible downgrade, from A2

  -- Dated Subordinate Debt Rating, Downgraded to Baa2, on review
     for possible downgrade, from A3

  -- Undated Subordinate Debt Rating, Downgraded to Baa3, on
     review for possible downgrade, from A3

Issuer: Espirito Santo Financial Group

  -- Issuer Rating, Downgraded to A2, on review for possible
     downgrade, from A1

Issuer: ESFG International Limited

  -- Preferred Stock, Downgraded to Baa1, on review for possible
     downgrade, from A3

On Review for Possible Downgrade:

Issuer: Caixa Geral de Depositos, SA

  -- Bank Financial Strength Rating, Placed on Review for Possible
     Downgrade, currently C

  -- LT Bank Deposit, Placed on Review for Possible Downgrade,
     currently Aa1

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa2

Issuer: Caixa Geral de Depositos SA (Madeira)

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa1

Issuer: Caixa Geral de Depositos SA (Paris)

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa2

Issuer: Caixa Geral de Depositos Finance

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa2

Issuer: Caixa Geral de Depositos/New York

  -- LT Deposit Rating, Placed on Review for Possible Downgrade,
     currently Aa1

Issuer: Caixa Geral Finance Limited

  -- Preferred Stock, Placed on Review for Possible Downgrade,
     currently Aa3

Issuer: Banco Comercial Portugues, SA

  -- Bank Financial Strength Rating, Placed on Review for Possible
     Downgrade, currently C+

  -- LT Bank Deposit, Placed on Review for Possible Downgrade,
     currently Aa3

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

  -- Preferred Stock, Placed on Review for Possible Downgrade,
     currently A2

Issuer: BCP Capital Finance Limited

  -- Preferred Stock, Placed on Review for Possible Downgrade,
     currently A2

Issuer: BCP International Bank Limited

  -- Backed Preferred Shelf, Placed on Review for Possible
     Downgrade, currently (P) A2

Issuer: BCP Finance Company

  -- Backed Subordinate Shelf, Placed on Review for Possible
     Downgrade, currently (P) A1

  -- Preferred Stock, Placed on Review for Possible Downgrade,
     currently A2

Issuer: BCP Finance Bank Limited

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

Issuer: Banco Comercial Portugues SA (Madeira)

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

Issuer: Banco Espirito Santo SA

  -- Bank Financial Strength Rating, Placed on Review for Possible
     Downgrade, currently C+

  -- LT Bank Deposit, Placed on Review for Possible Downgrade,
     currently Aa3

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

Issuer: BES Finance Limited

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

  -- Preferred Stock, Placed on Review for Possible Downgrade,
     currently A2

Issuer: Espirito Santo Investment plc

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

Issuer: Banco Espirito Santo SA London branch

  -- Senior Unsecured Debt and Deposit Ratings, Placed on Review
     for Possible Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

Issuer: Banco Espirito Santo SA Cayman branch

  -- Senior Unsecured Debt and Deposit Ratings, Placed on Review
     for Possible Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

Issuer: Banco Espirito Santo SA Madeira branch

  -- Senior Unsecured Debt and Deposit Ratings, Placed on Review
     for Possible Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

Issuer: Banco Santander Totta SA

  -- Bank Financial Strength Rating, Placed on Review for Possible
     Downgrade, currently C+

  -- LT Bank Deposit, Placed on Review for Possible Downgrade,
     currently Aa3

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

Issuer: Banco Santander Totta SA, London

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently Aa3

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

Issuer: Totta & Acores Financing Limited

  -- Preferred Stock, Placed on Review for Possible Downgrade,
     currently A2

Issuer: Banco BPI SA

  -- Bank Financial Strength Rating, Placed on Review for Possible
     Downgrade, currently C

  -- LT Bank Deposit, Placed on Review for Possible Downgrade,
     currently A1

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A2

Issuer: BPI Capital Finance Limited

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A2

  -- Preferred Stock, Placed on Review for Possible Downgrade,
     currently Baa1

Issuer: Banco BPI SA (Cayman)

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A2

Issuer: Banco BPI SA (Santa Maria)

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A2

Issuer: Banco BPI SA (Madeira)

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A2

Issuer: Banco BPI SA (Macau Offshore)

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A2

Issuer: Banco BPI Cayman Limited

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently A1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A2

Issuer: Caixa Economica Montepio Geral

  -- Bank Financial Strength Rating, Placed on Review for Possible
     Downgrade, currently C-

  -- LT Bank Deposit, Placed on Review for Possible Downgrade,
     currently A2

  -- ST Bank Deposit, Placed on Review for Possible Downgrade,
     currently Prime-1

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently A2/P-1

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A3

Issuer: Caixa Economica Montepio Geral, Cayman Islands Branch

  -- Senior Unsecured Debt Rating, Placed on Review for Possible
     Downgrade, currently A2

  -- Subordinate Debt Rating, Placed on Review for Possible
     Downgrade, currently A3

Outlook actions:

Issuer: Banif - Banco Internacional do Funchal, S.A.

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banif Finance, Limited

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banif Sucursal Financeira Exterior

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Espirito Santo Financial Group

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: ESFG International Limited

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Caixa Geral de Depositos, SA

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Caixa Geral de Depositos SA (Madeira)

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Caixa Geral de Depositos SA (Paris)

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Caixa Geral de Depositos SA Finance

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Caixa Geral de Depositos/New York

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Caixa Geral Finance Limited

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco Comercial Portugues, SA

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: BCP Capital Finance Limited

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: BCP International Bank Limited

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: BCP Finance Company

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: BCP Finance Portugal

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco Comercial Portugues SA (Madeira)

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco Espirito Santo SA

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: BES Finance Limited

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Espirito Santo Investment plc

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco Espirito Santo SA London branch

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco Espirito Santo SA Cayman branch

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco Espirito Santo SA Madeira branch

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco Santander Totta SA

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco Santander Totta SA, London

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Totta & Acores Financing Limited

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco BPI SA

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: BPI Capital Finance Limited

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco BPI SA (Cayman)

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco BPI SA (Santa Maria)

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco BPI SA (Madeira)

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco BPI SA (Macau Offshore)

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco BPI Cayman Limited

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Caixa Economica Montepio Geral

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Caixa Economica Montepio Geral, Cayman Islands Branch

  -- Outlook, Placed on Review for Possible Downgrade from Stable

Issuer: Banco Itau Europa SA,

  -- Outlook , Changed to Negative from Stable

Moody's last rating action on Banif - Banco Internacional do
Funchal SA was on April 13, 2007, when the bank's ratings were
upgraded as result of the implementation of Moody's Joint Default
Analysis and BFSR methodologies.

Moody's last rating action on Espirito Santo Financial Group was
on April 13, 2007, when the bank's ratings were upgraded as result
of the implementation of Moody's Joint Default Analysis and BFSR
methodologies.

Moody's last rating action on Caixa Geral de Depositos was on
April 13, 2007, when the bank's ratings were upgraded as result of
the implementation of Moody's Joint Default Analysis and BFSR
methodologies.

Moody's last rating action on Banco Comercial Portugues was on
April 13, 2007, when the bank's ratings were upgraded as result of
the implementation of Moody's Joint Default Analysis and BFSR
methodologies.

Moody's last rating action on Banco Espirito Santo was on April
13, 2007, when the bank's ratings were upgraded as result of the
implementation of Moody's Joint Default Analysis and BFSR
methodologies.

Moody's last rating action on Banco Santander Totta was on
April 13, 2007, when the bank's ratings were upgraded as result of
the implementation of Moody's Joint Default Analysis and BFSR
methodologies.

Moody's last rating action on Banco BPI was on April 13, 2007,
when the bank's ratings were upgraded as result of the
implementation of Moody's Joint Default Analysis and BFSR
methodologies.

Moody's last rating action on Caixa Economica Montepio Geral was
on April 13, 2007, when the bank's ratings were upgraded as result
of the implementation of Moody's Joint Default Analysis and BFSR
methodologies.

Moody's last rating action on Banco Itau Europa was on April 27,
2007, when the bank's ratings were affirmed as result of the
implementation of Moody's Joint Default Analysis and BFSR
methodologies.

Headquartered in Lisbon, Caixa Geral de Depositos had total assets
of EUR111.1 billion at the end of December 2008.

Headquartered in Oporto, Banco Comercial Portugues had total
assets of EUR94.4 billion at the end of December 2008.

Headquartered in Lisbon, Banco Espirito Santo had total assets of
EUR75.2 billion at the end of December 2008.

Headquartered in Lisbon, Banco Santander Totta had (unaudited)
total assets of EUR40.6 billion at the end of December 2008.

Headquartered in Lisbon, Banco BPI had (unaudited) total assets of
EUR43.0 billion at the end of December 2008.

Headquartered in Lisbon, Caixa Economica Montepio Geral had total
assets of EUR16.9 billion at the end of December 2008.

Headquartered in Funchal, Banif SA had (unaudited) total assets of
EUR7.8 billion at the end of December 2008.

Headquartered in Lisbon, Banco Itau Europa had (unaudited) total
assets of EUR5.0 billion at the end of December 2008.

Headquartered in Luxembourg, Espirito Santo Financial Group had
(unaudited) total assets of EUR78.1 billion at the end of December
2008.


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


BAKALSKIY MINING: Creditors Must File Claims by April 27
--------------------------------------------------------
Creditors of LLC Bakalskiy Mining Equipment Plant have until
April 27, 2009, to submit proofs of claims to:

         Yu. Sivachenko
         Temporary Insolvency Manager
         Prostysheva St. 7A
         690048 Vladivostok
         Russia

The Arbitration Court of Chelyabinskaya will convene at 4:00 p.m.
on June 3, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A76–29054/2008–32-25.

The Debtor can be reached at:

         Truda St. 175
         454091 Chelyabinsk
         Russia


BESLANSKIY ELECTROMECHANICAL: Court Names as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of North Ossetia-Alania appointed R. Guriyev
as Temporary Insolvency Manager for FSUE Beslanskiy
Electromechanical Plant.  The case is docketed under Case
No. A61–61/09.  He can be reached at:

         Apt. 48
         Tsokolayeva St. 18/1
         Vladikavkaz
         North Ossetia-Alania
         Russia


BRK-ZHIL-STROY LLC: Creditors Must File Claims by May 27
--------------------------------------------------------
Creditors of LLC BRK-Zhil-Stroy (TIN 7729394130, PSRN
1037700105871) (Construction) have until May 27, 2009, to submit
proofs of claims to:

         I. Rekunov
         Insolvency Manager
         Yelovaya alleya 26
         Kaliningrad
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–46950/08–71-134.

The Debtor can be reached at:

         LLC BRK-Zhil-Stroy
         Building 1
         Vorobyevskoe shosse 4
         Moscow
         Russia


ILAN-TRANS LLC: Creditors Must File Claims by May 27
----------------------------------------------------
Creditors of LLC Ilan-Trans (TIN 7701521170, PSRN 1047796038168)
(Transportation) have until May 27, 2009, to submit proofs of
claims to:

         Yu. Runov
         Insolvency Manager
         A. Solzhenitsina St. 5
         109004 Moscow
         Russia
         Tel: 912-48-91
              979-3950

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–26211/08–124-85B.

The Debtor can be reached at:

         LLC Ilan-Trans
         B. Zlatoustinskiy pereulok 9
         101000 Moscow
         Russia


KLYAVLINSKIY OIL: Creditors Must File Claims by April 27
--------------------------------------------------------
Creditors of CJSC Klyavlinskiy Oil Refinery have until April 27,
2009, to submit proofs of claims to:

         T. Khaliullin
         Temporary Insolvency Manager
         Building 6
         Tsvetnoy Blvd. 22
         127051 Moscow
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A55–
759/2009,.

The Debtor can be reached at:

         CJSC Klyavlinskiy Oil Refinery
         Chkalova St. 60
         Klyavlino
         Klyavlinskiy
         446961 Samarskaya
         Russia


MORDOV-AGRO-STROY OJSC: Creditors Must File Claims by April 27
--------------------------------------------------------------
Creditors of OJSC Mordov-Agro-Stroy (Construction) have until
April 27, 2009, to submit proofs of claims to:

         A. Lisitsyn
         Temporary Insolvency Manager
         Prospect Lenina 13A
         Saransk
         Mordovia
         Russia

The Arbitration Court of Mordovia will convene on Aug. 17, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A39–523/2009,.

The Court is located at:

         The Arbitration Court of Mordovia
         Kommunisticheskaya St. 33
         Saransk
         Mordovia
         Russia

The Debtor can be reached at:

         OJSC Mordov-Agro-Stroy
         Proletarskaya St. 130
         Saransk
         Mordovia
         Russia


NATIONAL BANK: Moody's Cuts Bank Financial Strength Rating to 'E'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term foreign and
local currency deposit ratings and foreign currency senior
unsecured debt ratings of National Bank Trust to Caa1 from B2, and
the bank financial strength rating to E from E+.  At the same
time, Moody's Interfax Rating Agency has downgraded the long-term
national scale credit ratings of NBT to Ba3.ru from Baa1.ru.
Moscow-based Moody's Interfax is majority owned by Moody's, a
leading global rating agency.  The rating action concludes the
review process initiated in November 2008 and reflects the impact
of the current operating environment in Russia on NBT.  The
outlook for the deposit and debt ratings is negative while the
BFSR has a stable outlook.

The downgrade of NBT ratings reflects the impairment in the bank's
franchise value as a result of curtailed lending activities --
with limited ability to resume them in the medium term at levels
consistent with previous or anticipated activity -- which resulted
in loss-making performance from the core lending activity.  In
addition, NBT's banking activities have been adversely affected by
instability of the funding base which became evident in the
escalating global financial crisis when NBT lost 26% of retail and
34% of corporate deposit funds during the period September-
November 2008.

"As a result of the deposit outflow, NBT had to resort to the
Central Bank of Russia for liquidity.  CBR funding accounts for
ca. 22% of non-equity funding while other wholesale sources of
short-term funding (ca. 12% of total non-equity funding) cannot be
regarded as a reliable source of funding to support the business
in the current environment," said Vladlen Kuznetsov, a Moscow-
based Moody's Assistant Vice President-Analyst, and lead analyst
for this issuer.  Although the bank has good capitalization
ratios, the economic capital is under considerable pressure as a
result of NBT's significant involvement in higher-risk investment
and structured lending which accounts for a substantial portion of
the bank's equity.  The bank's economic capital is also pressured
by potential problems in the retail loan book which had been
developed under the bank's relatively aggressive underwriting
standards (reflected in historically high delinquencies).

The negative outlook reflects Moody's opinion that there is
potential for further pressure on NBT's financial metrics and
funding base as a result of a prolonged and severe economic
downturn in Russia.

Moody's previous rating action on NBT was on November 27, 2008,
when the deposit and debt ratings were downgraded to B2 and placed
on review for a possible further downgrade.

NBT is headquartered in Moscow, Russian Federation, but the
majority of its business is located in the country's regions,
supported by its wide regional branch network.  It had total
consolidated assets of ca. RUB86 billion (ca. US$2.6 billion) and
total equity of ca. RUB16 billion under IFRS at year-end 2008, and
ranked among the 50 largest banks by total assets.


PLESETSKIY WOOD-SAWING: Creditors Must File Claims by April 27
--------------------------------------------------------------
Creditors of CJSC Plesetskiy Wood-Sawing Enterprise have until
April 27, 2009, to submit proofs of claims to:

         B. Orishchich
         Temporary Insolvency Manager
         Apt. 52
         Building 2
         Prospect Dzerzhinskogo17
         163051 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk will convene at 2:00 p.m. on
May 29, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A05 - 11909/2008.

The Debtor can be reached at:

         CJSC Plesetskiy Wood-Sawing Enterprise
         Udarnikov St. 1
         Plesetsk
         164260 Arkhangelsk
         Russia


PROM-ATOM-KOMPLEKTATSIYA LLC: Claims Deadline is May 27
-------------------------------------------------------
Creditors of LLC Prom-Atom-Komplektatsiya (TIN 7714188921)
(Steel Solid-Drawn Pipe Spare Parts Production) have until May 27,
2009, to submit proofs of claims to:

         I. Gulakov
         Insolvency Manager
         Post User Box 29
         Protvino
         Moskovskaya
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–39208/08–74–125B.

The Debtor can be reached at:

         LLC Prom-Atom-Komplektatsiya
         Building 1
         Pravdy St. 21
         125040 Moscow
         Russia


PROM-ENERGO-SERVIS LLC: Creditors Must File Claims by April 27
--------------------------------------------------------------
Creditors of LLC Prom-Energo-Servis (TIN 5053029556, PSRN
1045010653577) (Boiler-Plants) have until April 27, 2009, to
submit proofs of claims to:

         M. Vasilega
         Insolvency Manager
         Post User Box 100
         105318 Moscow
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41–1778/09.

The Debtor can be reached at:

         LLC Prom-Energo-Servis
         Krasnaya St. 30B
         Elektrostal’
         144002 Moskovskaya
         Russia


PSKOV-LESO-PRODUKT LLC: Court Names Insolvency Manager
------------------------------------------------------
The Arbitration Court of Pskovskaya appointed Ye.Pukhova as
Insolvency Manager for LLC Pskov-Leso-Produkt (Forestry).  The
case is docketed under Case No. A52–4438/2008.  He can be reached
at:

         Karyernaya St. 2/22
         153034 Ivanovo
         Russia


SOCHI-GRAD-STROY LLC: Creditors Must File Claims by April 27
------------------------------------------------------------
Creditors of LLC Sochi-Grad-Stroy Managing Company (TIN
2320006911, PSRN 1032311674120) (Construction) have until
April 27, 2009, to submit proofs of claims to:

         L. Gridina
         Temporary Insolvency Manager
         Apt. 2
         Mira St. 44
         350063 Krasnodar
         Russia
         E-mail: gridinn@mail.ru

The Arbitration Court of Krasnodarskiy will convene on June 23,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A-32–23363/2008–27/1421B.


SOTSGORBANK: Moody's Assigns 'E+' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has assigned these global scale ratings
to Sotsgorbank: E+ bank financial strength rating, B3 long-term,
and Not Prime short-term local and foreign currency deposit
ratings.  Concurrently, Moody's Interfax Rating Agency assigned a
long-term national scale rating of Baa2.ru to Sotsgorbank.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.  The outlook on the BFSR and long-
term deposit ratings is stable, while the national scale rating
carries no specific outlook.

Sotsgorbank's E+ BFSR, which translates into a Baseline Credit
Assessment of B3, is underpinned by its relatively good risk
management processes and reasonably sound liquidity position.
Sotsgorbank has a dedicated and experienced management that also
controls the bank.  The bank's corporate governance system and
overall transparency is also advanced compared to many peers.
However, the bank's BFSR is constrained by its relatively small
size and limited franchise, rapid loan growth in the past few
years, substantial borrower and industry concentrations
(construction and real estate, amounting to 21% of its gross loan
book), and modest profitability.  Moody's believes that the bank's
weakening asset quality and low recurring profitability may prove
challenging for its capitalization in the near term.

Moody's notes that Sotsgorbank's B3 deposit ratings do not factor
in any probability of systemic support and are in line with the
bank's B3 BCA.

According to Moody's, Sotsgorbank's ratings have limited upside
potential in the short term; however, they may benefit from
stabilization in its asset quality provided that the bank reports
acceptable capitalization and liquidity.  Conversely, the bank's
ratings could come under pressure in the event of a significant
deterioration in asset quality or liquidity position.

Headquartered in Moscow, Russia, Sotsgorbank reported total assets
of US$654 million, shareholders equity of US$89 million and net
income of US$2.7 million as of end-H1 2008, according to the
bank's IFRS financial report.


ULYANOVSK HEAV: Ulyanovskaya Bankruptcy Hearing Set July 17
-----------------------------------------------------------
The Arbitration Court of Ulyanovskaya will convene at 9:30 a.m. on
July 17, 2009, to hear bankruptcy supervision procedure on OJSC
Ulyanovsk Heavy and Only Machine Plant (TIN 7303001461, PSRN
102701481261).  The case is docketed under Case No. A72–
346/2009,.

The Temporary Insolvency Manager is:

         L. Lazarenko
         Aviatsionnaya St. 5
         302010 Orel
         Russia

The Debtor can be reached at:

         OJSC Ulyanovsk Heavy and Only Machine Plant
         Gerasimova St. 10
         432042 Ulyanovsk
         Russia


URAL BANK: Moody's Withdraws 'E' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of Ural Bank
for Reconstruction and Development:

   -- Bank financial strength rating of E

   -- the long-term and short-term foreign and local currency
      deposit ratings of Caa1/Not Prime

Concurrently, Moody's Interfax Rating Agency withdrew UBRD's long-
term national scale rating of Ba3.ru.  Moscow-based Moody's
Interfax is majority owned by Moody's, a leading global rating
agency.

Moody's has withdrawn these ratings for business reasons following
the official request from the bank.

Moody's notes that, as of the date of the ratings withdrawal, UBRD
had no senior unsecured, subordinate or structured finance
obligations rated by Moody's.  UBRD's domestic rouble-denominated
bonds maturing in July 2009 were not rated by Moody's.

Moody's previous rating action on UBRD was on February 17, 2009,
when the rating agency downgraded the bank's long-term local and
foreign currency deposit ratings, BFSR and NSR to Caa1/Not
Prime/E/Ba3.ru from B3/Not Prime/E+/Baa3.ru and assigned a
negative outlook on the bank's global scale ratings.  The negative
outlook on UBRD's deposit ratings reflected Moody's expectations
that the weakening trends for the bank's asset quality -- and
hence profitability and capital adequacy -- would continue in the
future and therefore put further pressure on the bank's existing
ratings.

Domiciled in Yekaterinburg, Russia, UBRD reported total IFRS
assets of US$1.652 billion, total shareholders' equity of
US$176 million and a net income of US$13 million as at December
31, 2007.


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


BANCAJA-BVA VPO: Moody's Assigns 'Ba3' Rating on Series D Notes
---------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
the series of residential mortgage-backed securitization bonds to
be issued by BANCAJA-BVA VPO 1 Fondo de Titulizacion de Activos, a
Spanish Asset Securitisation Fund created by Europea de
Titulizacion, S.A., S.G.F.T.:

   -- Aaa to the EUR371.4 million Series A notes
   -- A1 to the EUR7.8 million Series B notes
   -- Baa2 to the EUR5.1 million Series C notes
   -- Ba3 to the EUR5.7 million Series D notes

The ratings address the expected loss posed to investors by the
legal final maturity (July 2051).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date on Series A, B, C and D.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

The BANCAJA-BVA VPO 1 transaction consists of the securitization
of a pool of first-lien residential mortgage loans originated and
serviced by two Spanish savings banks: Bancaja (84.5% of the
provisional portfolio) and Banco de Valencia (15.5%).

BANCAJA-BVA VPO 1, FTA is a Spanish RMBS transaction carried out
outside of the ICO FTVPO program but the final portfolio will be
complying with all the conditions required under that guarantee
programme.  Approximately 82.25% of the loans in the provisional
portfolio are backed by mortgages over VPO properties.  VPOs are
residential properties that are offered at a lower price than the
market value as a result of subsidies provided by the government
to construction companies, which enables them to reduce the final
purchase price of the property.  The VPO sector is further
characterized by subsidies provided by the government to
individual households to enable them to maintain mortgage
instalments.

According to Moody's, this deal benefits from several strengths,
including these: (1) a 1.95% reserve fund that is fully funded at
closing to cover any potential shortfall in interest and
principal; (2) a 18-month artificial write-off mechanism; (3) an
interest rate swap to hedge interest rate risk in the transaction
that also secures the weighted average interest rate on the notes
plus 50 bps; and (4) relatively good collateral in terms of
weighted average LTV (67.69%) and seasoning (4.16 years)

However, the transaction poses several challenging features,
namely: (1) 76% of the pool is concentrated in the region of
Valencia; (2) around 13% of high LtV loans (over 80%) in the free
market subpool; (3) the deferral of interest payments on each of
Series B, C and D benefits the repayment of the series senior to
each of them, but increases the expected loss on Series B, C and D
themselves; and (4) The pro-rata amortization of Series B, C and D
leads to reduced credit enhancement of the senior series in
absolute terms.  These increased risks were reflected in the
ratings of the notes.

As of February 2008, the provisional portfolio comprised 7,667
loans.  The loans have been originated between 1999 and 2007, with
a weighted average seasoning of 4.16 years.  The interest rate is
floating for all the loans.  All the loans are secured by a first-
lien mortgage guarantee.  The total weighted average loan-to-value
is 67.69%

Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) analysis of the collateral
historical performance; (iii) the swap agreements hedging the
interest rate risk; (iv) the credit enhancement provided by the
reserve fund, the subordination of the notes, and the excess
spread; and (v) the legal and structural integrity of the
transaction.  The key parameters used to calibrate the loss
distribution curve for this portfolio include a Milan Aaa CE of
7.35% and an expected loss 1.90%

The Spanish Government announced on November 4, 2008, a package of
aid to assist unemployed, self employed and pensioneer borrowers
through a form of mortgage subsidy aid.  It is unclear how the
transaction will be affected, although both liquidity and credit
implications are possible on this portfolio.  However, any
implications on the ratings will ultimately depend on the actual
financial aid conditions which will be approved.


FTPYME BANCAJA 3: S&P Cuts Rating on Class D Notes to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by FTPYME Bancaja 3, Fondo de Titulizacion de
Activos and FTPYME Bancaja 6, Fondo de Titulizacion de Activos.
Specifically, S&P:

-— lowered and removed from CreditWatch negative S&P's ratings
   on two tranches;

  -— lowered S&P's ratings on two tranches;

  —- kept two tranches on CreditWatch negative; and

  —- affirmed S&P's ratings on all the other classes of notes.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information and loan-level data S&P
has received for these particular Spanish small and midsize
enterprise transactions originated by Caja de Ahorros de Valencia,
Castellon y Alicante (Bancaja).  On Dec. 15, 2008, S&P lowered
S&P's ratings on the junior classes of notes in both transactions,
placed on CreditWatch negative the mezzanine tranche in FTPYME
Bancaja 3, and lowered and placed on CreditWatch negative the
mezzanine tranche in FTPYME Bancaja 6.

Performance has continued to deteriorate in recent months and the
arrears growth rate reported by the two transactions has remained
higher than the average observed in other Spanish SME deals S&P
rate.  S&P believes the current economic downturn is affecting
these two deals more than others due to their collateral
characteristics.  Given Spain's current economic outlook, S&P
believes that the two deals will face challenges in the near to
medium term.  S&P's credit review focused on various risks
embedded in the two pools backing the deals.  In particular, S&P
is concerned about relatively high asset concentrations, both in
the real estate and construction sector as well as in one single
region.  FTPYME Bancaja 3 and FTPYME Bancaja 6 assets are
concentrated in the real estate and construction sectors—48.08%
and 57.36%, respectively.  Most of the loans were originated in
the Valencia region, which is the originator's core business area
(55.82% and 56.69%, respectively).

Finally, S&P assessed the negative effect of loans granted to
developers and obligor concentration.  The latter could be more
important for the FTPYME Bancaja 3 pool.  As of the last investor
report, the collateral comprises 830 loans and the top 10
borrowers represent 14.77% of the pool.  The FTPYME Bancaja 6 pool
comprises 2,260 loans and the top 10 lenders represent 8.76%.

                         FTPYME Bancaja 3

S&P puts the results of its credit analysis into S&P's cash flow
analysis, which showed that the junior notes in FTPYME Bancaja 3
cannot maintain their current ratings.  The transaction benefits
from high asset seasoning and a very low pool factor, only 19.8%
of the closing balance.  Nevertheless, the continuous
deterioration in pool performance has substantially eroded the
deal's excess spread in recent periods.

As of February 2009, 90+ day arrears were 7.4% of the pool.
Beyond the pool amortization effect, the increase in delinquency
amount is still a relevant driver of the permanent of delinquency
rate growth. 90+ day arrears grew to EUR12.5 million in February
2009 from EUR9.8 million in December 2008.  Finally, the cash
reserve was drawn on the March payment date because the fund had
to amortize notes for EUR3.2 million of defaulted loans (loans in
arrears for more than 12 months).  The reserve fund is now at
EUR4.8 million, versus the required level of EUR5.0 million.

S&P concluded that the credit enhancement available to the class C
and D notes in FTPYME Bancaja 3 was insufficient to maintain the
current ratings.  Consequently, S&P lowered its rating on the
class C and D notes.  S&P also kept the class A3(G) and B notes on
CreditWatch negative because of their exposure to Bancaja as swap
counterparty.

                         FTPYME Bancaja 6

The results of S&P's credit and cash flow analysis showed that the
credit enhancement available to the class B and C notes was
insufficient to maintain the current ratings.  Loans in arrears
for more than 90 days account for 10.4% of the pool (as of the end
of February), up by 591 basis points since September 2008.  Due to
the pool's characteristics, the effect of the economic slowdown is
having a higher impact on this deal than the market average.

FTPYME Bancaja 6 will start accruing written-off loans (i.e.,
loans in arrears for more than 18 months) from the next payment
date (June).  Interest deferral triggers are based on cumulative
default and set at 3.75% for class C and 5.75% for class B.  A
breach of the trigger will potentially result in the junior and
mezzanine notes experiencing an interest shortfall, while the
senior notes will deleverage more quickly.

Given the current transaction performance and S&P's expectation
that a significant portion of current long-term arrears could roll
into default, S&P believes that the likelihood of a breach of this
trigger has increased.  This negatively affected S&P's ratings on
the junior tranches, but this feature of the structure is
providing a good level of protection to the senior classes.  As a
result, S&P lowered its ratings on the class B and C notes and
affirmed S&P's ratings on classes A2 and A3(G).

                           Ratings List

      Ratings Lowered and Removed from Creditwatch Negative

       FTPYME Bancaja 3, Fondo de Titulizacion de Activos
                EUR900 Million Floating-Rate Notes

       Class               To                 From
       -----               --                 ----
       C                   BBB                BBB+/Watch Neg

       FTPYME Bancaja 6, Fondo de Titulizacion de Activos
               EUR1.028 Billion Floating-Rate Notes

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

                         Ratings Lowered

        FTPYME Bancaja 3, Fondo de Titulizacion de Activos
                EUR900 Million Floating-Rate Notes

            Class               To                 From
            -----               --                 ----
            D                   BB-                 BB

       FTPYME Bancaja 6, Fondo de Titulizacion de Activos
               EUR1.028 Billion Floating-Rate Notes

            Class               To                 From
            -----               --                 ----
            C                   B-                  B

               Ratings Kept on Creditwatch Negative

        FTPYME Bancaja 3, Fondo de Titulizacion de Activos
                EUR900 Million Floating-Rate Notes

                Class               Rating
                -----               ------
                A3(G)               AAA/Watch Neg
                B                   AA-/Watch Neg

                        Ratings Affirmed

        FTPYME Bancaja 6, Fondo de Titulizacion de Activos
                EUR1.028 Billion Floating-Rate Notes

                    Class               Rating
                   -----               ------
                   A2                  AAA
                   A3(G)               AAA
                   D                   CCC-


FTPYME BANCAJA 6: S&P Affirms Rating on Class D Notes at 'CCC-'
---------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by FTPYME Bancaja 3, Fondo de Titulizacion de
Activos and FTPYME Bancaja 6, Fondo de Titulizacion de Activos.
Specifically, S&P:

-— lowered and removed from CreditWatch negative S&P's ratings
   on two tranches;

  -— lowered S&P's ratings on two tranches;

  —- kept two tranches on CreditWatch negative; and

  —- affirmed S&P's ratings on all the other classes of notes.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information and loan-level data S&P
has received for these particular Spanish small and midsize
enterprise transactions originated by Caja de Ahorros de Valencia,
Castellon y Alicante (Bancaja).  On Dec. 15, 2008, S&P lowered
S&P's ratings on the junior classes of notes in both transactions,
placed on CreditWatch negative the mezzanine tranche in FTPYME
Bancaja 3, and lowered and placed on CreditWatch negative the
mezzanine tranche in FTPYME Bancaja 6.

Performance has continued to deteriorate in recent months and the
arrears growth rate reported by the two transactions has remained
higher than the average observed in other Spanish SME deals S&P
rate.  S&P believes the current economic downturn is affecting
these two deals more than others due to their collateral
characteristics.  Given Spain's current economic outlook, S&P
believes that the two deals will face challenges in the near to
medium term.  S&P's credit review focused on various risks
embedded in the two pools backing the deals.  In particular, S&P
is concerned about relatively high asset concentrations, both in
the real estate and construction sector as well as in one single
region.  FTPYME Bancaja 3 and FTPYME Bancaja 6 assets are
concentrated in the real estate and construction sectors—48.08%
and 57.36%, respectively.  Most of the loans were originated in
the Valencia region, which is the originator's core business area
(55.82% and 56.69%, respectively).

Finally, S&P assessed the negative effect of loans granted to
developers and obligor concentration.  The latter could be more
important for the FTPYME Bancaja 3 pool.  As of the last investor
report, the collateral comprises 830 loans and the top 10
borrowers represent 14.77% of the pool.  The FTPYME Bancaja 6 pool
comprises 2,260 loans and the top 10 lenders represent 8.76%.

                         FTPYME Bancaja 3

S&P puts the results of its credit analysis into S&P's cash flow
analysis, which showed that the junior notes in FTPYME Bancaja 3
cannot maintain their current ratings.  The transaction benefits
from high asset seasoning and a very low pool factor, only 19.8%
of the closing balance.  Nevertheless, the continuous
deterioration in pool performance has substantially eroded the
deal's excess spread in recent periods.

As of February 2009, 90+ day arrears were 7.4% of the pool.
Beyond the pool amortization effect, the increase in delinquency
amount is still a relevant driver of the permanent of delinquency
rate growth. 90+ day arrears grew to EUR12.5 million in February
2009 from EUR9.8 million in December 2008.  Finally, the cash
reserve was drawn on the March payment date because the fund had
to amortize notes for EUR3.2 million of defaulted loans (loans in
arrears for more than 12 months).  The reserve fund is now at
EUR4.8 million, versus the required level of EUR5.0 million.

S&P concluded that the credit enhancement available to the class C
and D notes in FTPYME Bancaja 3 was insufficient to maintain the
current ratings.  Consequently, S&P lowered its rating on the
class C and D notes.  S&P also kept the class A3(G) and B notes on
CreditWatch negative because of their exposure to Bancaja as swap
counterparty.

                         FTPYME Bancaja 6

The results of S&P's credit and cash flow analysis showed that the
credit enhancement available to the class B and C notes was
insufficient to maintain the current ratings.  Loans in arrears
for more than 90 days account for 10.4% of the pool (as of the end
of February), up by 591 basis points since September 2008.  Due to
the pool's characteristics, the effect of the economic slowdown is
having a higher impact on this deal than the market average.

FTPYME Bancaja 6 will start accruing written-off loans (i.e.,
loans in arrears for more than 18 months) from the next payment
date (June).  Interest deferral triggers are based on cumulative
default and set at 3.75% for class C and 5.75% for class B.  A
breach of the trigger will potentially result in the junior and
mezzanine notes experiencing an interest shortfall, while the
senior notes will deleverage more quickly.

Given the current transaction performance and S&P's expectation
that a significant portion of current long-term arrears could roll
into default, S&P believes that the likelihood of a breach of this
trigger has increased.  This negatively affected S&P's ratings on
the junior tranches, but this feature of the structure is
providing a good level of protection to the senior classes.  As a
result, S&P lowered its ratings on the class B and C notes and
affirmed S&P's ratings on classes A2 and A3(G).

                           Ratings List

      Ratings Lowered and Removed from Creditwatch Negative

       FTPYME Bancaja 3, Fondo de Titulizacion de Activos
                EUR900 Million Floating-Rate Notes

       Class               To                 From
       -----               --                 ----
       C                   BBB                BBB+/Watch Neg

       FTPYME Bancaja 6, Fondo de Titulizacion de Activos
               EUR1.028 Billion Floating-Rate Notes

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

                         Ratings Lowered

        FTPYME Bancaja 3, Fondo de Titulizacion de Activos
                EUR900 Million Floating-Rate Notes

            Class               To                 From
            -----               --                 ----
            D                   BB-                 BB

       FTPYME Bancaja 6, Fondo de Titulizacion de Activos
               EUR1.028 Billion Floating-Rate Notes

            Class               To                 From
            -----               --                 ----
            C                   B-                  B

               Ratings Kept on Creditwatch Negative

        FTPYME Bancaja 3, Fondo de Titulizacion de Activos
                EUR900 Million Floating-Rate Notes

                Class               Rating
                -----               ------
                A3(G)               AAA/Watch Neg
                B                   AA-/Watch Neg

                        Ratings Affirmed

        FTPYME Bancaja 6, Fondo de Titulizacion de Activos
                EUR1.028 Billion Floating-Rate Notes

                    Class               Rating
                   -----               ------
                   A2                  AAA
                   A3(G)               AAA
                   D                   CCC-


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


GENERAL MOTORS: Saab Eyes 20 Possible Buyers
--------------------------------------------
Saab has started talks with around 20 different parties interested
in acquiring the Company, Reuters reports, citing Guy Lofalk, a
court-appointed administrator.  According to Reuters, Mr. Lofalk
said that Saab hopes to reach a deal by June 2009, shortly after
its bankruptcy protection would end.

Reuters relates that the court granted Saab an extension to its
Chapter 11 bankruptcy protection.  Reuters quoted a Swedish court
official as saying, "The court has decided that the reconstruction
can continue until May 20 at the latest, if no other decision is
taken before then."

None of Saab's creditors objected to its reorganization plan,
which calls for the creditors to write-off 75% of its
US$1.34 billion debt, of which GM owns over 90%, Reuters states.
According to court documents, the debt deal will be completed in
July 2009 and the first payments will be made a year later.

Reuters says that Saab's plan will require an infusion of about
US$1 billion to complete.  Reuters states that about US$400
million will come from GM in the form of production equipment and
debt write-offs, while Saab hopes to raise US$600 million from the
European Investment Bank.

Saab's Plan calls for the company to boost efficiency in its
plants, dropping its break-even point to 130,000 vehicles per year
from the current 150,000, Reuters reports.

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

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

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

General Motors Corp. admitted in its viability plan submitted to
the U.S. Treasury on February 17 that it 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 GM's viability plan is available at:

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

The U.S. Treasury and U.S. President Barack Obama's automotive
task force are currently reviewing the Plan, which requires an
additional US$16.6 billion on top of US$13.4 billion already
loaned by the government to GM.

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

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

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

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


GENERAL MOTORS: Speeds Up Preparations for Possible Bankruptcy
--------------------------------------------------------------
General Motors Corp. is speeding up preparations for a possible
bankruptcy filing, Jeff Green at Bloomberg News reports, citing
people familiar with the matter.

According to Bloomberg, the sources said that preparations include
creating a new company from GM's best assets if necessary, and
looking at a 363 sale -- a reference to a section of the Chapter
11 bankruptcy code that would help form a new automaker from the
assets and brands of GM to increase the Company's chances of
survival.

GM will meet with Treasury officials this week to review new
restructuring proposals, Bloomberg states, citing a person
familiar with the matter.

                  Saab Eyes 20 Possible Buyers

GM's Swedish unit, Saab Automobile, said in court documents that
it has as many as 20 possible buyers.

Saab has started talks with around 20 different parties interested
in acquiring the Company, Reuters reports, citing Guy Lofalk, a
court-appointed administrator.  According to Reuters, Mr. Lofalk
said that Saab hopes to reach a deal by June 2009, shortly after
its bankruptcy protection would end.

Reuters relates that the court granted Saab an extension to its
Chapter 11 bankruptcy protection.  Reuters quoted a Swedish court
official as saying, "The court has decided that the reconstruction
can continue until May 20 at the latest, if no other decision is
taken before then."

None of Saab's creditors objected to its reorganization plan,
which calls for the creditors to write-off 75% of its
US$1.34 billion debt, of which GM owns over 90%, Reuters states.
According to court documents, the debt deal will be completed in
July 2009 and the first payments will be made a year later.

Reuters says that Saab's plan will require an infusion of about
US$1 billion to complete.  Reuters states that about US$400
million will come from GM in the form of production equipment and
debt write-offs, while Saab hopes to raise US$600 million from the
European Investment Bank.

Saab's Plan calls for the company to boost efficiency in its
plants, dropping its break-even point to 130,000 vehicles per year
from the current 150,000, Reuters reports.

       Daewoo Posts KRW875.69 billion Net Loss in 2008

Dow Jones Newswires reports that GM's South Korean subsidiary, GM
Daewoo Auto & Technology Co., posted a KRW875.69 billion net loss
in 2008, compared to a net profit of KRW540.51 billion in 2007,
due to low demand and investment losses.

High oil prices in 2008 led to reduced sales of SUVs, while
increasing manufacturing costs and volatile foreign exchange rates
took their toll on profits, Dow Jones states, citing GM Daewoo's
Vice President Jay Cooney.

According to Dow Jones, GM Daewoo's operating profit dropped 39%
to KRW290.31 billion in 2008, from KRW472.27 billion in 2007.
Sales dropped 1.6% to KRW12.310 trillion from KRW12.514 trillion,
Dow Jones says.

GM Daewoo, Dow Jones relates, said that it may suffer liquidity
problems in the second quarter 2009.  It is negotiating with the
Korean government to secure short-term financial support,
according to Dow Jones.

                South African Arm To Cut 700 Jobs

Dow Jones state that a spokesperson of GM's South African unit
said that the firm will lay off about 700 employees, after market
conditions deteriorated further in the early part of this year.

Dow Jones quoted General Motors South Africa communications
manager Denise van Huyssteen as saying, "We anticipate terminating
the services of temporary contract employees, extending the
voluntary separation plan to all employees and, as a last resort,
implementing forced retrenchments."  General Motors South Africa
would proceed with lay offs after consulting with the industry
union and other worker representatives, Dow Jones says, citing Mr.
van Huyssteen.

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

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

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

General Motors Corp. admitted in its viability plan submitted to
the U.S. Treasury on February 17 that it 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 GM's viability plan is available at:

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

The U.S. Treasury and U.S. President Barack Obama's automotive
task force are currently reviewing the Plan, which requires an
additional US$16.6 billion on top of US$13.4 billion already
loaned by the government to GM.

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

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

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

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


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


ALPENMETZGEREI JSC: Creditors Must File Claims by April 16
----------------------------------------------------------
Creditors owed money by JSC Alpenmetzgerei are requested to file
their proofs of claim by April 16, 2009, to:

         Christoph M. Pestalozz
         Schuetzengasse 1
         8023 Zuerich
         Switzerland

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


ARTACHO TECHNICS: Deadline to File Proofs of Claim Set April 16
---------------------------------------------------------------
Creditors owed money by LLC Artacho Technics are requested to file
their proofs of claim by April 16, 2009, to:

         Francisco Artacho
         Pfanne 4
         5032 Rohr
         Switzerland

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


AVALU JSC: Creditors Have Until April 16 to File Claims
-------------------------------------------------------
Creditors owed money by JSC Avalu are requested to file their
proofs of claim by April 16, 2009, to:

         Oliver M.P. Ehinger
         Zinnhagweg 16
         4144 Arlesheim
         Switzerland

The company is currently undergoing liquidation in Zuerich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 3, 2009.


BINOMAR HOLDING: Proofs of Claim Filing Deadline is April 16
------------------------------------------------------------
Creditors owed money by JSC Binomar Holding are requested to file
their proofs of claim by April 16, 2009, to:

         Guido Banholzer
         JSC Orconsult
         Wengistrasse 7
         Mail Box: 8026 Zuerich
         Switzerland

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


CHRIFRAG JSC: Creditors' Proofs of Claim Due by April 16
--------------------------------------------------------
Creditors owed money by JSC Chrifrag are requested to file their
proofs of claim by April 16, 2009, to:

         Laurenzenvorstadt 79
         5000 Aarau
         Switzerland

The company is currently undergoing liquidation in Aarau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 26, 2008.


COLLECTOR'S CORNER: April 16 Set as Deadline to File Claims
-----------------------------------------------------------
Creditors owed money by JSC Collector’s Corner are requested to
file their proofs of claim by April 16, 2009, to:

         Erich Bindschadler
         Sonnhalde 34
         8602 Wangen
         Switzerland

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


CRYSTAL CREDIT: Moody's Junks Rating on EUR63 Million Notes
-----------------------------------------------------------
Moody's Investors Service has taken this rating action on notes
issued by Crystal Credit Ltd:

  -- EUR108 Million Class 2005-A Principal at Risk Variable Rate
     Note due June 30 2012, Downgraded to Baa3 and Placed under
     Review for Possible Downgrade from Baa2, previously on 12
     January 2006 Assigned Baa2.

  -- EUR81 million Class 2005-B Principal at Risk Variable Rate
     Notes due June 30, 2012 Downgraded to B1 and Placed under
     Review for possible Downgrade from Ba2, previously on 12
     January 2006 Assigned Ba2.

  -- EUR63 million Class 2005-C Principal at Risk Variable Rate
     Notes due June 30, 2012 downgraded to Ca and Placed under
     Review for possible Downgrade from B2, previously on 12
     January 2006 Assigned B2.

The rating action has been prompted by the continued increase in
the reported aggregate losses and provisions from the cedant
insurers.  In addition to the regular reporting from the
transaction, Moody's has received confidential revised loss
estimates from Swiss Re.  Based on this information and Moody's
opinion on wider macro economic issues, Moody's have revised
Moody's loss projections for this transaction.  Moody's revised
projections now place the expected aggregate losses at
approximately EUR700M for the underwriting years 2006, 2007 and
2008.  This is greater than the attachment point of the Class C
Notes (EUR666M) and as such, it is now expected that the Class C
Notes will experience a loss of approximately 50%.

The losses from underwriting year 2006 are now almost fully
developed and provisioned for.  However, losses from underwriting
years 2007 and 2008 still could develop further and exhibit higher
levels and a steeper trend resulting in a final aggregate
projected loss ratio of 78%.  This is significantly higher than
the mean of 65% that Moody's initially assumed when the
transaction was rated in January 2006.

In the expected case projection, the Class C Note will experience
a 50% loss.  In addition, given the higher than initially assumed
projected loss and remaining uncertainty around those levels, the
expected loss on Class A and Class B Notes has increased resulting
in the rating actions.

In light of the remaining uncertainty around the evolution of the
projected losses which have shown some volatility in the recent
past, the ratings of the notes are on review for potential further
downgrade.  During the review process, Moody's will monitor the
evolution of the loss ratio curves in conjunction with any further
information from Swiss Re.  If losses exceed current projections,
or if future projections indicate a worsening trend, this could
result in further rating pressure on the Notes.

The transaction transfers credit risk on a mezzanine tranche of a
pro-rata share of Swiss Re's trade credit re-insurance business
(Swiss Re retains a 10% minimum share).  The transaction is
structured around the ratio of ceded losses to the gross premium
received by Swiss Re from cedant insurers.  The issuer will pay a
protection amount to Swiss Re if the aggregate losses for
underwriting years 2006, 2007 and 2008 exceed EUR666M.  This
protection amount will be drawn from the proceeds of the sale of
the Notes which, otherwise will be repaid to Note holders at the
transactions maturity.  The various attachment points, as a ratio
of claims and reserves to gross premium are: Class A: 90%, Class
B: 81%, Class C: 74%


EMME IMMO: Creditors Must File Proofs of Claim by April 16
----------------------------------------------------------
Creditors owed money by JSC EMME Immo are requested to file their
proofs of claim by April 16, 2009, to:

         Kurt Wyss-Tschopp
         Panoramastrasse 1
         6103 Schwarzenberg
         Switzerland

The company is currently undergoing liquidation in Malters.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 24, 2009.


SOGATRUST JSC: Deadline to File Proofs of Claim Set April 16
------------------------------------------------------------
Creditors owed money by JSC ST SogaTrust are requested to file
their proofs of claim by April 16, 2009, to:

         Dr. Herbert Schneider
         Dufourstrasse 121
         9001 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 28, 2006.


TELL MAKLER: Creditors Have Until April 16 to File Claims
---------------------------------------------------------
Creditors owed money by JSC Tell Makler are requested to file
their proofs of claim by April 16, 2009, to:

         JSC THV
         Ziegelrain 29
         5001 Aarau
         Switzerland

The company is currently undergoing liquidation in Mohlin.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 2, 2008.


TRAFICOMAR JSC: Proof of Claim Filing Deadline is April 16
----------------------------------------------------------
Creditors owed money by JSC Traficomar are requested to file their
proofs of claim by April 16, 2009, to:

         Trust Company Roesler Treuhand
         Brunnenstrasse 2
         8610 Uster
         Switzerland

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


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


ARCELIK AS: Fitch Downgrades Issuer Default Ratings to 'BB-'
------------------------------------------------------------
Fitch Ratings has downgraded Arcelik A.S.'s Long-term foreign and
local currency Issuer Default Ratings to 'BB-' (BB minus) from
'BB', as well as downgrading its National Long-term rating to 'AA-
(AA minus)(tur)' from 'AA(tur)'.  The rating Outlooks are
Negative.

The downgrades reflect Fitch's increasingly negative view on
global macroeconomic developments, as highlighted by the recent
publication of the agency's global and east European GDP
forecasts.  The forecasts foresee a severe recession in 2009
followed by a modest recovery in 2010. With high leverage (5.1x at
FY08), Arcelik is vulnerable to a further weakening of consumer
confidence.  While the company has announced two major fund-
raising initiatives from its majority shareholder, Koc Holding,
further de-leveraging is likely to present a challenge in view of
the weakening outlook for household appliances in 2009 and
possibly in 2010.

As noted in a Fitch March 5, 2009 comment, Arcelik's FY08 results
revealed some operating margin erosion despite reasonable top line
growth.  Higher-than-expected financial charges, driven by an
increased cost of funding, materially eroded Arcelik's net
profitability in FY08.  The company has announced it will seek to
raise TRY500 million in cash during H109 through a financial asset
disposal and a rights issue, both of which will be backed by Koc
Holding.  Fitch has noted the board's recommendation not to pay
dividends from 2008 earnings in 2009, and other initiatives
intended to conserve cash.  However, against the backdrop of a
forecasted 3% contraction in Turkey's GDP in 2009 and economic
downturns in most of Arcelik's export markets, free cash flow
generation and de-leveraging is likely to be challenging in 2009
and 2010.

At end FY08, the company reported net leverage of 5.1x (end-FY07:
4.2x) and a net fixed charge coverage of 1.4x (end-FY07: 1.9x).
Arcelik had gross debt of TRY3.5 billion at end-FY08, of which
more than half is due in H209 and FY10, imposing a relatively
shorter refinancing cycle than that faced by its global peers.
Fitch notes that half of Arcelik's revenues are denominated in
foreign currency compared with only around 30% of gross debt.

The Negative Outlook is based on Fitch's assessment of the
continued expected macroeconomic weaknesses in Arcelik's core
markets, namely Turkey and Europe.  Fitch expects net leverage
(net debt/EBITDA) to stay above 3x during 2009 and 2010.

Fitch notes that the challenges facing Arcelik are also being
endured by its peers.  Whirlpool and Electrolux, both of which are
rated 'BBB-' (BBB minus)/Negative, two of Arcelik's closest
competitors on a global scale, also sustained profitability
declines in 2008, primarily due to sharply lower demand.

Arcelik is Turkey's largest household appliances manufacturer,
with over a 50% domestic market share.  It produced 10 million
units of white goods and 2.8 million units of TV sets and reported
TRY6.8 billion in consolidated sales in FY08.  The company is 56%-
owned by Koc Holding of Turkey, while 21% is quoted on the
Istanbul Stock Exchange.


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


AGROBUSINESS-NV OJSC: Court Starts Bankruptcy Procedure
-------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on OJSC Agrobusiness-NV (EDRPOU 05491161).

The Temporary Insolvency Manager is:

         V. Shuba
         Office 313
         Kosmicheskaya St. 26
         61145 Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         OJSC Agrobusiness-NV
         Zheleznodorozhnaya St. 1
         Novaya Vodolaga
         Kharkov
         Ukraine


DELTA WHOLESALE: Creditors Must File Claims by April 16
-------------------------------------------------------
Creditors of LLC Trading Enterprise Delta Wholesale Trade (EDRPOU
35760265) have until April 16, 2009, to submit proofs of claim to:

         Private Enterprise Linkrust
         Insolvency Manager
         Liatoshynsky St. 4A/289
         03191 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/127-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trading Enterprise Delta Wholesale Trade
         Ac. Bogomolets St. 6
         01024 Kiev
         Ukraine


DONETSK GRANITE: Creditors Must File Claims by April 16
-------------------------------------------------------
Creditors of OJSC Donetsk Granite (EDRPOU 00292250) have until
April 16, 2009, to submit proofs of claim to:

         A. Bugara
         Insolvency Manager
         Postishev St. 135-33
         83055 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/26.

The Court is located at:

         The Economic Court of Donetsk
         Artem St. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         OJSC Donetsk Granite
         Pereyezdnaya St. 4
         83058 Donetsk
         Ukraine


KIRIT-2007 LLC: Creditors Must File Claims by April 16
------------------------------------------------------
Creditors of LLC Kirit-2007 (EDRPOU 35408016) have until April 16,
2009, to submit proofs of claim to J. Shyndel, Insolvency Manager.

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-24/176-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Kirit-2007
         Krasnoarmeyskaya St. 17
         Khroli
         61000 Kharkov
         Ukraine


KNIAGININ PLUS: Creditors Must File Claims by April 17
------------------------------------------------------
Creditors of LLC Kniaginin Plus (EDRPOU 32076437) have until
April 17, 2009, to submit proofs of claim to:

         V. Lovas
         Insolvency Manager
         Office 22
         Hetman Mazepa St. 59
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-21/59.

The Court is located at:
         The Economic Court of Ivano-Frankovsk
         Shevchenko St. 16
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Kniaginin Plus
         Polevaya St. 2
         Ivano-Frankovsk
         Ukraine


PRODUCT-LUX LLC: Creditors Must File Claims by April 16
-------------------------------------------------------
Creditors of LLC Product-Lux (EDRPOU 35574080) have until
April 16, 2009, to submit proofs of claim to:

         Private Enterprise Linkrust
         Insolvency Manager
         Liatoshynsky St. 4A/289
         03191 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/126-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Product-Lux
         Rybalskaya St. 13
         01011 Kiev
         Ukraine


RADIAL LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC Radial (EDRPOU 33481178).  The Temporary
Insolvency Manager is S. Korolev.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Radial
         Sportivnaya St. 136
         Sanzhary
         Kharkov
         Ukraine


ZLATODAR LLC: Creditors Must File Claims by April 16
----------------------------------------------------
Creditors of LLC Zlatodar (EDRPOU 32837413) have until April 16,
2009, to submit proofs of claim to:

         V. Postolenko
         Insolvency Manager
         Office 97
         Pushkin St. 67
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/4642.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Zlatodar
         Michurin St. 61
         Dzendzelivka
         Mankovsky
         Cherkassy
         Ukraine


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


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

The company can be reached through KPMG LLP at:

         2 Cornwall Street
         Birmingham
         B3 2DL
         England


BBL REALISATIONS: Taps Joint Administrators from Ernst & Young
--------------------------------------------------------------
Ian Best and Tom Lukic of Ernst & Young LLP were appointed joint
administrators of BBL Realisations (2009) Ltd. on March 20, 2009.

The company can be reached at:

         Elmfield Road
         Morely
         Leeds
         West Yorkshire
         LS27 0NN
         England


BERTRAM GROUP: Calls in Joint Administrators from Ernst & Young
---------------------------------------------------------------
Ian Best and Tom Lukic of Ernst & Young LLP were appointed joint
administrators of Bertram Group Ltd. on March 20, 2009.

The company can be reached at:

         Bertram Group Ltd.
         No. 1 Broadlands Business Park
         Norwich
         NR7 0WF
         England


BRADFORD AND BINGLEY: Fitch Affirms Individual Rating at 'F'
------------------------------------------------------------
Fitch Ratings has upgraded UK-based Bradford and Bingley's senior
unsecured debt rating to 'AAA' from 'A-' (A minus), while
affirming the bank's other ratings, including its Long-term Issuer
Default Rating at 'A-' (A minus).  The rating actions have no
implication for B&B's 'AAA'-rated covered bonds.

The upgrading of B&B's senior unsecured debt to 'AAA' follows the
extension of a government guarantee on several of B&B's wholesale
funding instruments, including senior notes, which existed at
midnight on September 28, 2008.  The guarantee, originally put in
place on September 29, 2008, will expire when B&B has been
completely wound down.  Although the government guarantee is still
subject to approval from the European Commission, Fitch believes
B&B does not benefit from any form of competitive advantage as the
bank is not going to write any new business and is focusing on
winding down its business.  Fitch therefore expects the European
Commission's approval to be forthcoming.

Fitch has also maintained B&B's subordinated debt rating at 'B'
while maintaining the Rating Watch Negative, and affirmed the
bank's perpetual preferred securities (hybrid capital) at 'C'.
The ratings reflect the explicit exclusion of these instruments
from the government guarantee.  The RWN on the bank's subordinated
debt reflects the risk of a potential deferral of interest and/or
principal payments on this instrument.  A government loan of
GBP18bn ranks senior to subordinated debt and changes in for
example, interest rates, loan defaults or house prices, could
influence the amount of capital remaining before the last
subordinated debt instrument matures in 2023.  B&B may choose to
defer payment of interest and/or principal on subordinated debt
before repaying its debt to the government in full.  Consequently,
Fitch believes there is a risk that subordinated debt holders may
not be repaid if B&B's credit losses stretch the bank's capital
base.

B&B's ratings are:

  -- Long-term IDR affirmed at 'A-' (A minus); Outlook Stable

  -- Short-term IDR affirmed at 'F1+'

  -- Individual Rating affirmed at 'F'

  -- Support Rating affirmed at '1'

  -- Support Rating Floor affirmed at 'A-' (A minus)

  -- Lower Tier 2 subordinated debt maintained at 'B'; Rating
     Watch Negative maintained

  -- Tier 1 securities affirmed at 'C'

B&B was nationalized on September 29, 2008.  Its savings book and
branch network were subsequently sold to Banco Santander's UK
subsidiary, Abbey National ('AA-' ((AA minus))/ Stable).  The
mortgage book, which consists mainly of self-originated and
acquired specialist loans, and wholesale assets, remain in the
bank.  B&B has ceased any new lending and management is allowing
the mortgage book to run off while seeking to protect asset
quality.


BTL REALISATIONS: Appoints Joint Administrators from Ernst & Young
------------------------------------------------------------------
Ian Best and Tom Lukic of Ernst & Young LLP were appointed joint
administrators of BTL Realisations (2009) Ltd. on March 20, 2009.

The company can be reached at:

         BTL Realisations (2009) Ltd.
         No. 1 Broadlands Business Park
         Norwich
         NR7 0WF
         England


COCO FINANCE: Moody's Reviews Ba2-Rated Cl. E Notes for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its ratings of five classes of notes issued by CoCo
Finance 2006-1 plc.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a EUR4.5 billion pool of bank originated corporate
loans.

The rating actions reflect the revision of certain key assumptions
that the agency uses to rate and monitor corporate CDOs.  These
revised assumptions incorporate Moody's expectation that European
and global corporate default rates are likely to greatly exceed
their historical long-term averages and reflect the heightened
interdependence of credit markets in the current global economic
contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on January 15, 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.  The sector is further stressed by the anticipated
limited refinancing opportunities for EMEA corporate issuers over
the next six to twelve months.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because the mapping was performed
prior to April 1, 2007, an additional stress was applied to
capture potential deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

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

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

  -- Modeling Recovery Rates in European CDOs

The rating actions are:

Issuer name: CoCo Finance 2006-1 PLC

  -- EUR58,500,000 Class A Secured Floating Rate Notes due October
     2016, Aaa and Placed Under Review for Possible Downgrade;
     previously on 5 July 2006 Assigned Aaa

  -- EUR72,000,000 Class B Secured Floating Rate Notes due October
     2016, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 5 July 2006 Assigned Aa2

  -- EUR45,000,000 Class C Secured Floating Rate Notes due October
     2016, A2 and Placed Under Review for Possible Downgrade;
     previously on 5 July 2006 Assigned A2

  -- EUR40,500,000 Class D Secured Floating Rate Notes due October
     2016, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 5 July 2006 Assigned Baa2

  -- EUR65,700,000 Class E Secured Floating Rate Notes due October
     2016, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 5 July 2006 Assigned Ba2


COLD-FORM LTD: Administrators Put Assets for Sale
-------------------------------------------------
Cold-Form Ltd's joint administrators, Kim Rayment and Jo Wright of
BDO Stoy Hayward, offer sale the company's business and assets.

Key details of the assets for sale include:

   -- business established in 1932;

   -- supplies to a range of automotive suppliers and general
      engineering companies;

   -- circa 54,000 sq.ft. of Freehold state-of-the-art
      manufacturing premises and office space in Droitwich; and

   -- wide range of equipment and loyal multi-skilled workforce
      offering a versatile range of manufacturing solutions.

For more information, contact:

         Simon Ling
         Tel: 0121 352 6265
         Email: simon.ling@bdo.co.uk
         Webiste: www.bdo.co.uk


CORASAIR NO 2: S&P Cuts Rating on A$5.5 Mil. Floating Notes to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series 87
A$5.5 million floating-rate secured callable portfolio credit-
linked notes issued by Corsair (Jersey) No. 2 Ltd. to 'D' from
'CCC-/Watch Neg'.

The downgrade reflects a loss incurred by the noteholders.  The
portfolio in the transaction had suffered several credit events,
which resulted in an aggregate loss that exceeded the available
subordination and reduced the principal amount of the notes.
There has been an interest payment shortfall on the most recent
interest payment date.

The rating action on the affected transaction is:

Rating lowered:

     Name                          Rating To    Rating From
     ----                          ---------    -----------
     Corsair (Jersey) No. 2 Ltd.   D            CCC-/Watch Neg
     Series 87


E & F JOINERY: Brings in Joint Administrators from Baker Tilly
--------------------------------------------------------------
Susan Agnes Maund and Simon Peter Bower of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of E & F Joinery Ltd. on March 18, 2009.

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

         International House
         Queens Road
         Brighton
         East Sussex
         BN1 3XE
         England


FERONIA PLC: S&P Lowers Rating on Class E Notes to 'BB'
-------------------------------------------------------
Standard & Poor's Rating Services lowered to 'BB' from 'BBB' its
credit rating on the class E notes issued by Feronia (European
Loan Conduit No. 11) PLC.

The 'AAA' ratings on the class C and D notes are unaffected by
this rating action.  S&P has lowered the rating on the class E
notes because, in S&P's view, the risk of a principal loss
occurring has increased on the Salford Loan.

The notes issued by Feronia were originally backed by 17 loans and
secured by commercial real estate assets in the U.K. and one
property in Gibraltar.  Due to loan prepayments, two loans remain
in the pool: the Melda Ventures loan and the Salford Development
loan.  The maturity date for both loans falls in July 2009 and the
legal final maturity date of the notes falls in October 2011.  The
Melda Venture loan represents 26% of the loan pool; the current
loan balance stands at GBP10 million.  This is an interest-only
loan secured on a multi-let office property in Gibraltar let to 50
tenants (representing a 98% occupancy rate).

The reported net income has increased significantly since closing
and is currently GBP3.5 million, bringing the current interest
coverage ratio to 4.71x.  The reported loan-to-value ratio is
unchanged since closing at 57.14%, based on a valuation undertaken
in 2002. S&P considers these to be strong credit metrics.  The
other loan, Salford Developments, is partially amortizing with a
current outstanding balance of GBP28.5 million, and is due to
amortize down to GBP28.1 million at loan maturity.

This loan is secured by four interconnecting office properties
located in Salford Quays, Greater Manchester.  The properties are
considered to be in a good location.  The reported LTV ratio,
based on a 2002 valuation, is 72.2% and at loan maturity is
expected to be at 71.1% due to scheduled amortization.  The
reported net operating income is GBP3.07 million and the current
ICR for this loan is 1.58x, above the covenanted level of 1.10x
and cash trap of 1.25x.  The current DSCR is 1.09x (there is no
DSCR or LTV ratio covenant for this loan).

Since closing, Salford Developments has been fully occupied and is
currently primarily occupied by BUPA and Muse Developments
(previously AMEC Properties), with Muse representing 71.5% of the
total rental income.  S&P has considered a range of scenarios,
including a sale with vacant possession, and given the current
credit environment S&P considers that the risk of a principal loss
occurring under this loan has increased.  The rating actions are
taken in light of these factors.


ITV PLC: In Talks With Investors Over Rights Issue
--------------------------------------------------
Nic Fildes of the Telegraph reports that the board of directors of
ITV plc will decide in the next two weeks whether to press ahead
with a cash call to shore up its balance sheet.

According to the report, ITV is in the final stages of sounding
out institutional investors about a rights issue or placing that
could raise several hundred million pounds to address its GBP730
million debt position and pension fund deficit of GBP178 million.

The report relates UBS, which acts as joint housebroker for ITV,
said last month that the company could look to raise up to GBP500
million through a fund-raising as an insurance policy against
continued softness in the advertising market.  The bank, the
report disclosed, warned a further decline in the TV market of up
to 10pc would leave the company with a substantial funding gap in
2011.

                          About ITV plc

ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K. private
TV broadcaster ITV PLC to 'BB-' from 'BB+'.  The outlook is
stable.

Simultaneously, the ratings were removed from CreditWatch where
they had been placed with negative implications on Jan. 27, 2009.

At the same time, S&P affirmed its 'B' short-term corporate credit
rating on ITV.  The '4' recovery rating on all of ITV's
outstanding bonds is unchanged.  The '4' recovery rating indicates
S&P's expectation of average (30%-50%) recovery for unsecured
creditors in the event of a payment default.

On March 9, 2009, the TCR-Europe reported that Moody's Investors
Service downgraded ITV plc's senior unsecured ratings, Corporate
Family Rating and Probability of Default rating, to Ba2 (from
Ba1).  The rating outlook for ITV is negative.


LAZENBY METAL: Taps Joint Administrators from Deloitte & Touche
---------------------------------------------------------------
Richard Michael Hawes and Dominic Lee Zoong of Deloitte & Touche
LLP were appointed joint administrators of Lazenby Metal Services
Ltd. on March 24, 2009.

The company can be reached at:

         Lazenby Metal Services Ltd.
         32/34 Calder Wharf Mill
         Huddersfield Road
         Ravensthorpe
         Dewsbury
         West Yorkshire
         WF13 3JW
         England


MANN CONSTRUCTION: In Administration; Vantis Appointed
------------------------------------------------------
Mann Construction Limited, the Enfield-based civil engineering,
groundwork and reinforced concrete provider, entered into
administration on April 1, 2009.  Jason Baker, Nick O'Reilly and
Peter Hughes-Holland, Client Partners at Vantis Business Recovery
Services (BRS), a division of Vantis, the UK accounting, tax and
business advisory group, have been appointed Joint Administrators.

Commenting on the case, Jason Baker said: "Unfortunately Mann
Construction has suffered as a result of the recession in the
construction sector.  This led to severe cash flow problems,
affecting the ability of the company to trade, which in turn
affected the progress of work on clients' sites creating
operational issues.

"Intensive discussions were held with a management team with a
view to acquiring the business and assets as a going concern,
however, because of a high degree of uncertainty about the
management team's ability to secure future contracts for work,
they concluded they could not proceed with their proposed
acquisition.  Consequently, because of the funding deficit, we are
unable to continue to trade the business.  Regrettably, the
business will cease to trade today and we will have to make all
staff redundant.  We will work hard to support staff in the
processing of redundancy claims."


ROBERT DYAS: Management Buyout Nears Completion
-----------------------------------------------
The Times' Ian King reports that Robert Dyas said it was close to
completing a management buyout to secure the future of its
business.

The Times relates the management team, led by managing director
Steve Round and turnaround expert Ian Gray, said "The directors
can confirm constructive talks have been ongoing with the
company's bankers and as a result are close to completing an
MBO ... to secure the future of the business.  Lloyds Banking
Group remain fully supportive.  The company continues to trade
profitably in the run-up to the Easter trading period and all the
stores currently remain open."

The deal, which will save about 1, 250 jobs, is expected to be
completed before Easter, the Times notes.

The Times discloses under the terms of the deal, Robert Dyas,
which was acquired by Change Capital in December 2003 for GBP61
million, is expected to have an enterprise value of about GBP30
million.  According to the report, Change Capital's stake in
Robert Dyas will be wiped out and it has no ongoing involvement in
the business, which operates 99 stores.

The team, the Times says, will inject an undisclosed sum into the
business, although Lloyds Banking Group and Allied Irish Bank, are
effectively in control.

According to Telegraph.co.uk, people close to the talks said on
Saturday that unless a deal could be reached imminently, Robert
Dyas's owners would have no choice but to place the company into
administration.

The Times recalls Roger Holmes, managing director of Change
Capital, wrote to Eric Daniels, chief executive of Lloyds,
on Friday accusing the banks of refusing to negotiate a debt
restructuring during the past seven months.  Change Capital,
the Times recounts, had been trying to negotiate a debt-for-equity
swap with the banks.

Headquartered in Leatherhead, Surrey, Robert Dyas Holdings Ltd. --
http://www.robertdyas.co.uk-- is a housewares and hardware
retailer.


SHIRES LIMITED: Joint Administrators Put 2 Divisions for Sale
-------------------------------------------------------------
Shires Limited's joint administrators, RH Kelly and JP Sumpton,
offer for sale as a going concern the business and assets of the
company's Lancashire and West Yorkshire divisions.

Shaws of Darwen, the Darwen, Lancashire-based division,
manufactures fine hand crafted fire clay sinks and architectural
terracotra.

Shires UK, the Bradford, West Yorkshire-based division,
manufactures and distributes bathroom fittings and accessories.

For further information, contact:

         Peter Batchelor
         Ernst & Young LLP
         I Bridgewater Place
         Water Lane Leeds
         LS11 5QR
         Tel: (0113) 298 2450
         Fax: (0113) 298 2206

         - or -

         Roland Barzegar
         Ernst & Young LLP
         I Bridgewater Place
         Water Lane Leeds
         LS11 5QR
         Tel: (0113) 298 2564
         Fax: (0113) 298 2206


SIXTY UK: CVA Deal to Save 250 Jobs
------------------------------------
Marino Donati at Drapers reports that Sixty UK Ltd. is expected to
exit administration next month after creditors and shareholders
agreed, through a company voluntary arrangement, a new business
model that will allow the business to continue to trade
profitably.

The CVA, the report says, will save around 250 jobs at Sixty UK.
The report notes the company's store in Liverpool will close
shorty as a result of the CVA.

"The CVA will enable all trade creditors to be paid in full
immediately and landlords have separately agreed differing terms
going forward, with all rents being brought up to date.  The
business will be handed back to the directors while I, as
supervisor, will oversee that the terms of the CVA are adhered
to," the report quoted Peter Hollis, administrator and CVA
supervisor, as saying.

As reported in the Troubled Company Reporter-Europe on Oct. 3,
2008, Peter Hollis and Nick O' Reilly, Client Partners at Vantis
Business Recovery Services, a division of Vantis, the UK
accounting, tax and business advisory group, were appointed
joint administrators to Sixty UK, the company trading the
Miss Sixty and Energie fashion brands.

The company trades from 12 high street stores and concessions in
major department stores across the country.  Its brands are also
sold through many independent fashion outlets across the UK.


URSUS 2: Fitch Cuts Rating on GBP27.2 Mil. Class F Notes to 'BB'
----------------------------------------------------------------
Fitch Ratings has affirmed and downgraded Ursus 2 (Octane) plc's
commercial mortgage-backed notes, due December 2019:

  -- GBP161.6 million class A (XS0259730207): affirmed at 'AAA';
     Outlook Stable

  -- GBP10,000 class X1 (XS0259730629): affirmed at 'AAA'; Outlook
     Stable

  -- GBP5,000 class X2: affirmed at 'AAA'; Outlook Stable

  -- GBP49.0 million class B (XS0259731270): downgraded to 'A+'
     from 'AA+'; Outlook Stable

  -- GBP49.0 million class C (XS0259731353): downgraded to 'A+'
     from 'AA'; Outlook Stable

  -- GBP27.2 million class D (XS0259731437): downgraded to 'A+'
     from 'AA-'(AA minus); Outlook Stable

  -- GBP27.2 million class E (XS0259731510): downgraded to 'BBB'
     from 'A+'; Outlook Stable

  -- GBP27.2 million class F (XS0259731783): downgraded to 'BB'
     from 'A'; Outlook Stable

Fitch's rating action is driven by the decline in collateral value
since closing, which has had an adverse impact on the
transaction's creditworthiness.  A revaluation of the portfolio in
September 2008 showed a market value decline of 11.5% to GBP410.0
million from GBP463.0 million at closing.  Consequently, the
reported loan-to-value ratio had increased to 83.2% in February
2009 from 74.1% in August 2008.

While Fitch's view of the credit strength of the tenant (Shell UK
Limited) remains unchanged since closing, the agency estimates a
Fitch LTV of 120.0%.  However, this concern is mitigated by the
scheduled amortization, which will reduce the reported LTV to
65.8% from 83.2% by loan maturity.  However, based on current
estimations of market yields, the exit Fitch LTV is approximately
96%.

The loan features an LTV covenant set at 85.0%. Since the next
portfolio valuation is not due until September 2010, a breach of
the subject covenant is not likely in the near future.  As a
result of the first rental uplift under the lease agreement, due
in November 2009, the reported forward-looking interest coverage
ratio and debt service coverage ratios have increased to 1.23% and
1.04% from 1.19% and 1.01% respectively.

Ursus 2 (Octane) is a securitization of a single GBP351.6 million
fixed-rate commercial mortgage loan secured against 180 petrol
filling stations located across England, Wales and Scotland.  The
properties, which are considered to be of an above-average quality
and of strategic importance in the sector, are all occupied by
Shell UK Limited under fully repairing and insuring leases
expiring in November 29, 2019 (though with a mutual break option
in December 2017).  The tenant is an operating subsidiary in the
UK of Royal Dutch Shell plc ('AA+'/'F1+'/Stable), and although its
rental obligations are not guaranteed by its parent, they are of a
high credit quality.

Fitch will continue to monitor the performance of the transaction.


VITALITY GROUP: Appoints Joint Administrators from MCR
------------------------------------------------------
Andrew Stoneman and Jason Godefroy of MCR were appointed joint
administrators of Vitality Group Limited on March 25, 2009.

The company is a wholesaler of pharmaceutical products.

The company can be reached at:

         Vitality Group Limited
         Garman Road
         Tottenham
         London
         N17 0QN
         England


WINDERMERE VIII: S&P Junks Rating on Class E Notes
--------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class C, D, and E notes issued by Windermere VIII CMBS PLC due
to increased concerns about the creditworthiness and maturity
profile of the remaining loans in the pool.  All classes of notes
in this deal remain on CreditWatch negative.

The notes are backed by six loans secured by commercial properties
in the U.K. Of the loans, five are due to mature in the next two
years.  The Amadeus Portfolio loan (4.8% of current pool) is
secured by three office properties in Nottingham, Middlesbrough,
and Colindale (northwest London), and matures in April 2009.  The
reported loan balance is GBP30 million.  The properties are of
mediocre specification and occupy secondary locations.  The
occupancy rate is approximately 75% and most of the income is
derived from short-term leases.  The reported loan-to-value ratio
is 83.4% based on a valuation from January 2006.

The Monument loan (2.6%) is secured by a single office property in
the City of London, and matures in April 2009.  The reported loan
balance is GBP16.2 million.  The main tenant (Lloyds TSB PLC)
accounts for almost 99% of income under a lease that expired in
March 2009.  S&P is informed that Lloyds remains in occupation and
has paid rent up to June 2009, but there is no certainty that
it will extend its lease.  The reported LTV ratio is 78.9% based
on a valuation from March 2006.

The borrowers under the Amadeus Portfolio and Monument loans are
reported to have advised the servicer that they will be unable to
repay the loan at maturity.  As a consequence, both of these loans
have been transferred into special servicing.  S&P is informed
that the special servicer is in negotiations with both borrowers
to determine the most appropriate course of action.

In S&P's opinion, the reported LTV ratios for the Amadeus
Portfolio and Monument loans are unlikely to reflect recent market
value declines that have affected U.K. commercial property markets
and S&P considers that the risk of principal losses has increased
for both loans.  Both loans could experience declines in income
owing to the short-term nature of in-place income, which is likely
to further exacerbate any deterioration in value.

In addition, three other loans in the pool mature between April
2010 and April 2011.

The Mid City Place loan (34.6%) is secured by a single office
property in Midtown, London.  The reported loan balance is
GBP215 million.  The property is multi-let and 100% occupied.  The
interest coverage ratio is 1.03x.  The loan matures in April 2011
but is subject to a two-year extension option subject to various
conditions being satisfied at the date of extension.  These
include the weighted-average unexpired lease term being at least
10 years and the income yield on debt being at least 8.5%.
Currently, neither of these tests is satisfied.  The reported LTV
ratio is 66.2% based on a valuation from July 2007.

The Government Income Portfolio loan (32.2%) is secured by a
portfolio of office properties let predominantly to various
government entities.  The weighted-average unexpired lease term is
approximately eight years.  In S&P's opinion, the lease and tenant
profile are positive factors.  The loan matures in October 2010.
The reported loan balance is GBP199.6 million.  The reported LTV
ratio is 72.6% based on a valuation from March 2006.

The AMG Portfolio loan (25%) is a senior-ranking portion of a
larger loan.  The loan is secured by five office properties in the
City of London.  The properties are almost fully occupied.
However, the weighted-average unexpired lease term is
approximately 2.5 years.  S&P does not believe that the short-term
nature of the income is a positive factor.  The reported loan
balance is GBP154.9 million.  The reported LTV ratio is 67.9%
based on a valuation from March 2006.  In S&P's opinion, the
reported LTV ratios for the Mid City Place, Government Income
Portfolio, and AMG Portfolio loans are unlikely to reflect recent
market value declines that have affected U.K. commercial property
markets and S&P considers that the risk of principal losses has
increased for these loans.

                            Ratings List

                     Windermere VIII CMBS PLC
GBP1,037.79 Million Commercial Mortgage-Backed Floating-Rate Notes

         Ratings Lowered and Kept on Creditwatch Negative

                               Ratings
                               -------
        Class          To                    From
        -----          --                    ----
        C              BBB-/Watch Neg        A/Watch Neg
        D              B/Watch Neg           BBB/Watch Neg
        E              CCC/Watch Neg         B-/Watch Neg


YELL GROUP: Denies Debt Restructuring and Asset Sale Rumors
-----------------------------------------------------------
Amanda Andrews at the Daily Telegraph reports that Yell Group plc
has denied that it plans to carry out a debt restructuring,
insisting it is highly cash generative.

Yell sources, as cited by the report, said there were no plans to
refinance or to appoint debt restructuring experts to look at its
GBP4 billion debt burden.  The company also dismissed speculation
that it was considering selling one of its overseas businesses,
the report discloses.

The report relates reports over the weekend suggested that falling
sales could lead to a breach of an earnings test due in six to
nine months.  The company, the report notes, is due to refinance
its debt in April 2011.

The report recalls in September, Yell suspended its dividend and
renegotiated its bank covenants.  NM Rothschild, the investment
bank, arranged a reset of loan terms last year, the report
recounts.

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the
twelve months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 10, 2009, Moody's Investors Service placed the ratings of
Yell Group plc on review for possible downgrade.  Ratings affected
were the Ba3 Corporate Family Rating and the B1 Probability of
Default Rating.

The rating action reflected Moody's concerns with regard to the
group's operating environment, which has been deteriorating
sharply amid weakening macroeconomic conditions in each of its
markets.


* UK: 117 Profit Warnings Issued in First Quarter 2009, E&Y Says
----------------------------------------------------------------
Research released by Ernst & Young on Monday, April 6, revealed
that UK plc issued 117 profit warnings in the first quarter of Q1
2009, as the impact of the credit crisis continues to bear down on
cash-strapped companies.

This is the highest first quarter figure since 2001 and the third
quarter in a row that UK plc has issued more than 100 profit
warnings, vividly demonstrating heightened distress in the UK
economy.

Keith McGregor, Restructuring partner at Ernst & Young said: "It
is not just the number of warnings that concerns us: the tone of
company statements has also darkened.  The prospects for 2009
appear as uncertain and as gloomy as at any point in the crisis.
Green shoots will find it hard to flourish in such stony ground;
we still believe that the worst of the downturn for many companies
is yet to come."

The highest warning sectors were Support Services (22), Media
(13), Industrial Engineering and Software & Computer Services with
ten each and General Financial (9).

This broad industry spectrum reflects the growth and spread of the
credit crisis into a full-blown recession, now passing down the
credit and supply chains from financial services to consumer
services and manufacturing, accelerating as consumers retrench.

            Household Goods & Home Construction

Overall, more than 60 per cent of the Household Goods & Home
Construction sector has warned in the last 12 months, however all
but one of the profit warnings from house builders came in the
first six months of the period, whilst the vast majority of the
household goods profit warnings were issued in the last six
months.

Andrew Wollaston, Restructuring partner at Ernst & Young said:
"The high level of profit warnings and their distinctive pattern
is due to the 'perfect sector storm'; first house builders, and
then companies who would furnish and supply those homes, have
suffered from falling sales amid a dearth of credit and consumer
confidence."

Mr. Wollaston continued: "The sector can expect little respite in
2009.  Many house builders have adjusted their output, stock
levels and balance sheet to the new market realities and should
benefit from falling costs this year.  However, we cannot rule out
further adjustments and write-downs.  The big unknowns remain -–
how far house prices will fall, when lending will pick up and
when, if ever, these variables recover to pre-crunch levels.  On
the expectation that the outlook for consumers will not improve in
2009, the prospects for household goods companies are also bleak,
especially those supplying furnishings and consumer durables."

                    Industrial Engineering

The number of companies from the FTSE Industrial Engineering
sector issuing profit warnings has risen dramatically in the last
six months.  The sector reported 19 profit warnings in the last
two quarters, compared with just one in the preceding six months.
A staggering 16 per cent of the sector warned in Q1 2009 alone,
with just under a third of Industrial Engineering companies
warning in the year-to-date.

The increase in the level of profit warnings from Industrial
Engineering companies is symptomatic of a rising level of distress
in manufacturing as a whole.

Profit warnings from FTSE Electronic and Electrical Equipment
companies have almost doubled year on year, with 22% of the FTSE
sector warning in the year to date.

Meanwhile, almost half of Automobile and Parts companies have
warned in the last year.  The only bright spots appear to be in
high-tech areas and less cyclical areas, for example Aerospace and
Defence, a sector that has seen no profit warnings in well over a
year.

Mr. McGregor said: "Although some industrial engineering companies
have reported a pick up in demand in recent weeks, the uncertainty
surrounding the UK economy and ongoing funding restraints mean
customers remain cautious and future levels of demand uncertain.
Governments have promised some aid for specific areas of
manufacturing both here and abroad.  However, fiscal constraints
will limit their ability to intervene.  Most companies will have
to use their own resources to adjust to new realities and
broadening the customer base, communicating proactively with
suppliers and managing cash tightly should be the main
priorities."

The first quarter of 2009 revealed the increasing breadth and
depth of the current downturn and hinted at its difficult legacy.

Mr. McGregor concluded: "The toxic mix of the continuing credit
crunch, together with a global economic downturn, is exposing
corporate frailties and accelerating cost cutting and
retrenchment.  Governments and central banks also have little room
to manoeuvre in their fight against recession even before the
impact of diminishing tax receipts truly hits home.  It is an
invidious position and one from which we can only imagine a slow,
arduous, and not necessarily linear recovery."

                          About Ernst & Young

Ernst & Young LLP -- http://www.ey.com/--  provides assurance,
tax, transaction and advisory services.


* UK: Manufacturing Business Failures to Increase by 52% in 2009
----------------------------------------------------------------
Business failures in the manufacturing sector are predicted to
increase to 2,300 (one in 44 manufacturing businesses) according
to the latest Manufacturing Industry Watch report by accountants
and business advisors, BDO Stoy Hayward LLP.

Driven by slowing domestic and export demand combined with the
limited availability of credit, 2.3 per cent of all manufacturing
business will be forced to leave the market by the end of 2009,
the report says.  This is up 52 per cent from the 1,500 failures
(one in 68) seen in the sector in 2008.

Despite the pessimistic outlook, manufacturing business failures
are forecast to taper off in 2010 (although expected to still
mirror this year's 2,300 figure).  This is due to expectations of
a weaker Stirling boosting exports in the medium term and leading
to favourable exchange rates.  This is set to help manufacturing
firms more than those in other sectors, benefit increasingly from
a global recovery.

Kim Stubbs, business restructuring partner and manufacturing
sector specialist at BDO Stoy Hayward LLP said: "The manufacturing
industry has undergone a continuous decline over much of the last
decade resulting in falling employment in the sector and elevated
business failure rates.  Sadly, the current economic climate will
further accelerate this downward trend and lead to further
consolidations in the British manufacturing sector."

"While manufacturers are likely to benefit disproportionately from
favorable exchange rates and a global recovery, they need to focus
on the crucial steps to get through the economic crisis, including
cost cutting wherever possible, managing inventory and retaining
cash within the business."


* More Creditors to Opt for Formal Pay Deals, LC Corporate Says
---------------------------------------------------------------
According to LC Corporate Strategies, the turnaround arm of
national corporate recovery firm Leonard Curtis, more creditors
are willing to arrange formal time-to-pay deals, or to negotiate
reduced amounts in full and final settlement of outstanding debt;
as opposed to issuing legal proceedings that could result in a
formal insolvency process, where the likelihood of a dividend to
creditors is minimal.

Commenting, Stephen Fern, Director at LC Corporate Strategies,
said: "Managing cashflow is becoming increasingly difficult as
customers seek increased credit terms, which cannot subsequently
be passed on to suppliers, and securing additional funding remains
a challenge in the current climate.  If a company is struggling to
satisfy creditor payment pressures and service their funding
commitments, it's vital that they keep lines of communication with
creditors and funders open and transparent.  Ignoring the issues
and severing lines of communication will have a negative impact on
the ability to negotiate successfully with creditors.

"Where a viable business exists, and a realistic and achievable
future strategy requires the support of creditors through either a
time to pay arrangement or a reduction in any outstanding debt due
in full and final settlement of a liability, creditors are
becoming increasingly responsive to such proposals.  Behaving in a
transparent, professional way with creditors; whether HM Revenue &
Customs, a landlord or a critical supplier, is far more likely to
result in a positive outcome for both parties."

                            *********

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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