TCREUR_Public/090409.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

            Thursday, April 9, 2009, Vol. 10, No. 70

                            Headlines

A L B A N I A

PROCREDIT BANK: Fitch Affirms Individual Rating at 'D/E'

A U S T R I A

AJD LLC: Claims Registration Period Ends April 17
AKSUENGER KEG: Claims Registration Period Ends April 21
BEKO HOLDING: Claims Registration Period Ends April 21
CCM ROTHSCHEDL: Claims Registration Period Ends April 17
KAMPA HAUS: Claims Registration Period Ends April 20

OPPEL LLC: Claims Registration Period Ends April 16
TB FAHRZEUG: Claims Registration Period Ends April 21
W. CAMPIDELL LLC: Claims Registration Period Ends April 20


G E O R G I A

* Fitch Puts Georgia's 'B+' Issuer Default Ratings on Neg. Watch


G E R M A N Y

FC BUSINESS CONSULTING: Claims Registration Period Ends May 18
H & R COMMUNICATION: Claims Registration Period Ends May 8
HIREFONE GERMANY: Claims Registration Period Ends April 25
HYPO REAL ESTATE HOLDING: Pres. Koehler Signs Nationalization Bill
IBB INDUSTRIEBUCHBINDEREI: Claims Registration Period Ends May 14

INTEX PHARMA: Claims Registration Period Ends May 8
MARCON MEDIA: Claims Registration Period Ends May 5
SCHAEFFLER KG: Obtains EUR1 Billion Loan

* Moody's Takes Rating Actions on Various German RMBS Deals


H U N G A R Y

ELEKTHERMAX KFT: Goes Into Liquidation


I C E L A N D

SPRON: Central Bank Wants Acquisition by MP Bank Postponed


I R E L A N D

CORIOLANUS LIMITED: Moody's Cuts Rating on Series 76 Notes to Ba2
EDUCATION MEDIA: S&P Affirms 'CCC' Corporate Credit Rating
WG MITCHELL: 28 Subsidiaries Placed Into Administration


K A Z A K H S T A N

DASTAN HOUSE: Creditors Must File Claims by May 15
DEVELOPMENT GROUP: Creditors Must File Claims by May 15
ENERGY CITY: Creditors Must File Claims by May 15
GOVINDA S LLP: Creditors Must File Claims by May 15
METALL-MARKET LLP: Creditors Must File Claims by May 15

OBL GAS: Creditors Must File Claims by May 15
PARMA TRADING: Creditors Must File Claims by May 15
PSK SAULET-IMPEX: Creditors Must File Claims by May 15
TEMIR AGRO: Creditors Must File Claims by May 15


K Y R G Y Z S T A N

DELTA ENGINEERING: Creditors Must File Claims by April 17
GOLDEN SOURCE: Creditors Must File Claims by April 17


L U X E M B O U R G

BERNARD L. MADOFF: Trustee Seeks Counsel for Luxembourg Pursuit
LECTA SA: Moody's Downgrades Corporate Family Rating to 'B2'


N E T H E R L A N D S

ING GROEP: Denies Plan to Sell ING-DiBa
SUNDIAL 2004-1: Moody's Reviews 'Ba2' Rating on Class E Notes


P O L A N D

GALERIA CENTRUM: Files for Bankruptcy


R U S S I A

ALROSA CO: S&P Suspends 'BB-' Long-Term Corporate Credit Rating
ALROSA COMPANY: Moody's Cuts Corporate Family Rating to 'Ba2'
BANK NATIXIS: Moody's Assigns 'E+' Bank Financial Strength Rating
BANK PETROCOMMERCE: Moody's Shifts Outlook on D- BFSR To Negative
BANK ST PETERSBURG: Moody's Reviews D- BFSR for Possible Downgrade

BRYANSK OJSC: Creditors Must File Claims by April 27
DV DOMSTROY: Creditors Must File Claims by May 27
KD OJSC: S&P Junks Long-Term Corporate Credit Ratings from 'B-'
KOMSOMOLSK-ON-AMUR BATTERY PLANT: Court Insolvency Manager
KORSAKOVSKIY DAIRY: Creditors Must File Claims by May 27

LENINOGORSKIY INSTRUMENT: Bankruptcy Hearing Set May 20
LESPROM OJSC: Creditors Must File Claims by May 27
MOSCOW REGIONAL: S&P Cuts Long-Term Issuer Credit Rating to 'SD'
NOMOS BANK: Moody's Changes Outlook on 'D-' BFSR to Negative
OFIS-STROY LLC: Creditors Must File Claims by May 27

PLYUSSKIY LES CJSC: Creditors Must File Claims by May 27
RENOVA HOLDING: Moody's Cuts Corporate Family Rating to 'B1'
SIBERIAN SERVICES: Defaults on US$100-Mln Bonds, Bloomberg Says
STROY-DETAL' LLC: Creditors Must File Claims by April 27
VIMPELCOM: Telenor Files Motion to Halt Seizure of 29.9% Stake

VOLZHSKIY METAL: Creditors Must File Claims by May 27
ZENIT BANK: Moody's Changes Outlook on 'D-' BFSR to Negative

* MOSCOW OBLAST: S&P Changes CreditWatch on 'B-' Rating to Neg.


S P A I N

CIRSA GAMING: Moody's Gives Negative Outlook; Affirms 'B2' Rating


S W I T Z E R L A N D

ALMANID SCHWEIZ: Creditors Must File Proofs of Claim by April 17
AUFFA LLC: Deadline to File Proofs of Claim Set April 17
BRANDPOINT LLC: Creditors Have Until April 17 to File Claims
GASTRO SALIHI: Creditors Must File Proofs of Claim by April 17
INNOVA BETEILIGUNG: Proof of Claim Filing Deadline is April 17

LOOKAT ONLINE: Creditors' Proofs of Claim Due by April 16
MILLENNIUM ENTERPRISES: April 17 Set as Deadline to File Claims
MOBILE CATERING: Creditors Must File Proofs of Claim by April 16
PI ONE MODE: Deadline to File Proofs of Claim Set April 17
POWER PROMOTION: Creditors Have Until April 17 to File Claims


U K R A I N E

AGRICULTURAL TECHNOLOGY: Court Starts Bankruptcy Procedure
BUZI IMPIANTI: Creditors Must File Claims by April 18
ENERGY MACHINE: Court Starts Bankruptcy Supervision Procedure
ENTERPRISE VEK-PLUS: Creditors Must File Claims by April 18
LEBEDIN PRODUCTION: Court Starts Bankruptcy Supervision Procedure

MUR-KURILOVTSYAL AGRICULTURAL: Claims Deadline on April 18
OTINIYA LLC: Creditors Must File Claims by April 18
SOUTH CALORIMETER: Creditors Must File Claims by April 18
TEPLOFICATOR LLC: Creditors Must File Claims by April 18


U N I T E D   K I N G D O M

1CAR1.COM LIMITED: Certain Assets Sold to Enterprise Rent-A-Car
BLUE CUBE: Appoints Joint Administrators from KMPG
CHATTANOOGA PROPERTIES: Taps Joint Administrators from Deloitte
COUNTYROUTE PLC: S&P Cuts Rating on GBP5.5 Mil. Loan to 'BB-'
DOUGLAS WALLACE: In Administration; Begbies Traynor Appointed

ELEVATE ONE: Taps Joint Administrators from Smith & Williamson
ELEVATE TWO: Appoints Joint Administrators from Smith & Williamson
ELEVATE UK: Brings in Joint Administrators from Smith & Williamson
EMC-III PLC: Fitch Downgrades Rating on Class E Notes to 'B'
GLOBE PUB: May Go Into Administration After Loan Default

HEALTHCARE CHEDDLETUN: Taps Joint Administrators from BDO
INFOMETAL LTD: Appoints Joint Administrators from KPMG
JJB SPORTS: Finalizes CVA Terms, Lines Up New Funding
LOCAL CONTRACT: Certain Assets Sold to Enterprise Rent-A-Car
MARBLE ARCH: S&P Downgrades Rating on Class E1c Notes to 'B-'

RAWCLIFFE DEVELOPMENTS: Taps Joint Administrators from Deloitte
ROYAL BANK: To Cut 4,500 Jobs in the UK
RILEYS LTD: Appoints Joint Administrators from Ernst & Young
SOUPS LIMITED: Goes Into Compulsory Liquidation
SOUTHERN PACIFIC 05-2: S&P Puts Two BB-Rated Notes on Watch Neg.

SOUTHERN PACIFIC 05-B: Fitch Cuts Rating on Class D Tranche to BB
SOUTHERN PACIFIC 06-A: Fitch Junks Rating on Class E Tranche
TATA MOTORS: EIB Grants GBP329 Million Loan to Jaguar Land Rover
TAYLOR WIMPEY: Inks Refinancing Deal With Creditors

* European IPO Markets Suffer Their Worst Ever Quarter, PwC Says

* Upcoming Meetings, Conferences and Seminars


                         *********


=============
A L B A N I A
=============


PROCREDIT BANK: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank (Albania)'s ratings at
Long-term Foreign Currency Issuer Default Rating 'B+', Short-term
Foreign and Local Currency IDR 'B', Long-term Local Currency IDR
'BB-' (BB minus), Individual 'D/E and Support '4'.  The Outlook is
Stable.

The IDRs and Support Ratings of PCBA reflect the support the bank
may receive from its 80%-owner, ProCredit Holding AG (PCH, 'BBB-'
(BBB minus)/Stable).  However, the potential support and hence the
ratings are constrained by the country risk of Albania.

The Individual Rating reflects the credit and operational risks
associated with the operating environment and the bank's labor-
intensive and decentralized business model.  It also reflects
declining profitability and adequate capital ratios (reported
total regulatory capital ratio: 15.57% at end-2008) which,
nonetheless, are under pressure from limited internal capital
generation capacity.  The rating also considers the bank's
adequate asset quality (loans past due 30 days: 1.33% at end-2008;
compared to 2.21% at end-2007), well-diversified retail funding
base, comfortable liquidity and the centralized control and risk
management by PCH.  In view of the current deterioration in the
operating environment, Fitch expects PCBA's asset quality and
profitability to come under increased pressure during the coming
quarters.

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 EUR4.8 billion, and consisted of 22 banks in
central and eastern Europe (11), Latin America (seven) and Africa
(four).


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


AJD LLC: Claims Registration Period Ends April 17
-------------------------------------------------
Creditors owed money by LLC AJD (FN 180862z) have until April 17,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Helmut Caks
         Friedrichgasse 6/I/8
         8010 Graz
         Austria
         Tel: 0316/811455
         Fax: 0316/811455/14
         E-mail: caks@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:40 p.m. on April 30, 2009, for the
examination of claims at:

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

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
March 16, 2009, (Bankr. Case No. 25 S 37/09t).


AKSUENGER KEG: Claims Registration Period Ends April 21
-------------------------------------------------------
Creditors owed money by KEG Aksuenger (FN 164114w) have until
April 21, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Martin Hengstschlager
         Am Winterhafen 11
         4020 Linz
         Austria
         Tel: 0732/78 40 80-12
         Fax: 0732/78 40 80-4
         E-mail: konkurs@ra-hlp.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:

         Land Court of Linz (458)
         Hall 522
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
March 11, 2009, (Bankr. Case No. 17 S 8/09i).


BEKO HOLDING: Claims Registration Period Ends April 21
------------------------------------------------------
Creditors owed money by LLC Beko Holding (FN 278883y) have until
April 21, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Horst Winkelmayr
         Porzellangasse 22A/7
         1090 Wien
         Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on May 5, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 10, 2009, (Bankr. Case No. 28 S 33/09w).


CCM ROTHSCHEDL: Claims Registration Period Ends April 17
--------------------------------------------------------
Creditors owed money by LLC CCM Rothschedl Management (FN 260824s)
have until April 17, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Otto Werschitz
         LLC CGO Masseverwaltung
         Neutorgasse 47/1
         8010 Graz
         Austria
         Tel: 0316/820620-0
         Fax: 0316/820620-4
         E-mail: office@cgo-masseverwaltung.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:55 p.m. on April 30, 2009, for the
examination of claims at:

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

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
March 16, 2009, (Bankr. Case No. 25 S 38/09i).


KAMPA HAUS: Claims Registration Period Ends April 20
----------------------------------------------------
Creditors owed money by LLC Kampa Haus (FN 61489a) have until
April 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Gerwald Holper Technologiezentrum
         Marktstrasse 3
         7000 Eisenstadt
         Austria
         Tel: 02682/704 266-0
         Fax: 02682/704 266-15
         E-mail: eisenstadt@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 4, 2009, for the
examination of claims at:

         Land Court of Eisenstadt (309)
         Hall F
         Eisenstadt
         Austria

Headquartered in Siegendorf, Austria, the Debtor declared
bankruptcy on March 13, 2009, (Bankr. Case No. 26 S 20/09g).


OPPEL LLC: Claims Registration Period Ends April 16
---------------------------------------------------
Creditors owed money by LLC Oppel (FN 99678k) have until April 16,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Robert Igali-Igalffy
         Stojanstrasse 43
         2344 Maria Enzersdorf
         Austria
         Tel: 02236/25138-20
         Fax: 02236/25138-15
         E-mail: office@igali-igalffy.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Moedling, Austria, the Debtor declared bankruptcy
on March 16, 2009, (Bankr. Case No. 10 S 29/09g).


TB FAHRZEUG: Claims Registration Period Ends April 21
-----------------------------------------------------
Creditors owed money by LLC TB Fahrzeug (FN 239870a) have until
April 21, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 5, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 5, 2009, (Bankr. Case No. 28 S 29/09g).


W. CAMPIDELL LLC: Claims Registration Period Ends April 20
----------------------------------------------------------
Creditors owed money by LLC W. Campidell (FN 163696f) have until
April 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Alexander Jelly
         Postgasse 2
         9500 Villach
         Austria
         Tel: 04242/243 11
         Fax: 04242/210717
         E-mail: office.jelly@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 27, 2009, for the
examination of claims at:

         Land Court of Klagenfurt (729)
         Room 225
         Klagenfurt
         Austria

Headquartered in Feistritz an der Drau, Austria, the Debtor
declared bankruptcy on March 16, 2009, (Bankr. Case No. 41 S
41/09s).


=============
G E O R G I A
=============


* Fitch Puts Georgia's 'B+' Issuer Default Ratings on Neg. Watch
----------------------------------------------------------------
Fitch Ratings has placed Georgia's Long-term foreign and local
currency Issuer Default Ratings of 'B+' on Rating Watch Negative.
The rating action reflects the agency's concern that rising
domestic political tensions risk making it more difficult for the
Georgian authorities to bolster confidence and rebalance the
economy following the shocks of the 2008 war with Russia and the
global financial crisis.  The agency has simultaneously placed the
country's Short-term IDR of 'B' and Country Ceiling of 'B+' on
Rating Watch Negative.

"Despite substantial international financial assistance following
the war with Russia, the ongoing global financial crisis has
heightened downside risks to Georgia's creditworthiness owing to
its large current account deficit, prior dependence on private
sector capital inflows and remittances, and moderate foreign
exchange reserves," said Edward Parker, Head of Emerging Europe in
Fitch's Sovereigns team.  "Against this background, Georgia needs
to maintain the confidence of international investors and donors
and can ill afford an increase in political unrest -- a risk that
has intensified with the opposition planning mass demonstrations
starting on April 9 aimed at forcing President Mikheil Saakashvili
from office," said Mr Parker.

The international community has pledged and started to disburse
substantial financial assistance to Georgia to help rebuild
infrastructure, meet humanitarian needs and stabilize the economy
in the wake of the war with Russia.  Fitch downgraded Georgia's
Long-term IDRs to 'B+'/Negative Outlook from 'BB-' (BB minus)
/Stable Outlook on the outbreak of the war on August 8, 2008.  The
scale of the assistance in the form of a US$750 million IMF
program and US$4.5 billion in concessional loans and grants (in
total equivalent to over 40% of 2008 GDP) over 2008 to 2011,
provides critical support to the budget, economy and sovereign
rating.

Georgia's economy is flexible, grew by an impressive average of
9.7% in the five years to 2007 and has proved resilient to past
shocks.  However, the global financial crisis has added to the
challenges of rebalancing and stabilizing the economy.  Fitch
forecasts GDP will contract by 2% this year (the IMF expects
growth of 1%), after growth of 2.1% in 2008, which will add to
pressures on the budget, bank asset quality and politics.  Prior
to the war and global credit crunch, Georgia attracted substantial
foreign direct investment that enabled it to finance a large
current account deficit, which was 22% of GDP in 2008.  However,
private sector capital inflows dropped to US$0.5 billion in H208
from US$1.7 billion in H108.  Georgia will need to shrink its CAD
and attract back private inflows before official sector support
tapers off and amortizations pick up.  Foreign exchange reserves
are a moderate US$1.5 billion (despite IMF disbursements of US$437
million and last year's US$500 million eurobond).  IMF staff
assess that the real effective exchange rate is overvalued.  Non-
performing loans are rising in the banking system, which is
heavily dollarized, though capitalization is reasonably good.

The government projects a budget deficit of around 6% of GDP in
2009, from 6.4% in 2008, reflecting tax cuts and higher social and
infrastructure spending.  Financing should be comfortably met from
official loans, government deposits and some privatization
receipts.  The new fiscal policy rules passed in 2008 that
prohibited budget deficits from 2009 and set up the sovereign
wealth funds have become a casualty of the war.  General
government debt is moderate at 27% of GDP at end-2008, in line
with the 'B' range median.

The longevity, outcome and impact of the planned demonstrations
are uncertain.  At this stage, there appears no sign of compromise
or an obvious "exit strategy" for either side.  In contrast to
demonstrations in November 2007 and spring 2008, the opposition
now includes Nino Burjanadze, a co-leader of the Rose Revolution
and former-speaker of Parliament, the economy is weaker and the
country has also suffered from the war with Russia.  Fitch will
assess how events unfold before resolving the Rating Watch
Negative.  The demonstrations could quickly fizzle out, bringing
the focus of the rating back to the economic challenges.  However,
material or prolonged political instability that increased risks
to capital inflows and economic stability would be likely to lead
to a downgrade.


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


FC BUSINESS CONSULTING: Claims Registration Period Ends May 18
--------------------------------------------------------------
Creditors of FC Business Consulting 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 11.15 a.m. on June 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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:

         Marcus Winkler
         Leitz St. 45
         70469 Stuttgart
         Germany
         Tel: 0711/28 07 59 0
         Fax: 0711/28 07 59 11

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:

         FC Business Consulting GmbH
         Attn: Michael Ganser, Manager
         Stuttgarter  St. 41
         73033 Goeppingen
         Germany


H & R COMMUNICATION: Claims Registration Period Ends May 8
----------------------------------------------------------
Creditors of H & R Communication GmbH have until May 8, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Martin Abegg
         Bahnhofstr. 101
         66111 Saarbruecken
         Germany
         Tel: (0681) 976 1900
         Fax: (0681) 976 190 111

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:

         H & R Communication GmbH
         Attn: Frank Brech and
               Horst Heleine, Managers
         Gewerbepark 8
         66583 Spiesen-Elversberg
         Germany


HIREFONE GERMANY: Claims Registration Period Ends April 25
----------------------------------------------------------
Creditors of Hirefone Germany GmbH have until April 25, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 13, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Muehlenstrasse 34
         40213 Duesseldorf
         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. Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         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:

         Hirefone Germany GmbH
         Attn: David Guy Agar, Manager
         Cordobastrasse 1
         40477 Duesseldorf
         Germany


HYPO REAL ESTATE HOLDING: Pres. Koehler Signs Nationalization Bill
------------------------------------------------------------------
Tony Czuczka at Bloomberg News reports German President Horst
Koehler signed into law a government-backed bill allowing the
state to seize control of Hypo Real Estate Holding AG ("HRE") as a
measure of last resort.

"The president has signed the draft law and issued the order for
its official publication," Steffen Schulze, a spokesman in
Koehler's office in Berlin, told Bloomberg News in a telephone
interview.

Bloomberg News relates three people close to the matter said the
German government may make an offer for HRE by the end of the
week.

Germany's bank rescue fund, Soffin, will bid as early as today,
April 9, to gain a majority holding in the Munich-based lender,
the people, who spoke on condition of anonymity, told Bloomberg
News.

As reported in the Troubled Company Reporter-Europe on March 24,
2009, Andrea Thomas at The Wall Street Journal said Germany's
lower house of parliament backed a bill allowing
nationationalization of HRE for a specified time period, but only
as a last resort.

According to international broadcaster Deutsche Welle, the
government stressed HRE would only be nationalized for a limited
period of time if all other attempts by the state to take control
have been exhausted.  The legislation stipulates that the
government must first try alternatives to expropriation such as
seeking agreement from shareholders to part with stock or their
participation in a capital injection, Deutsche Welle said.

WSJ said the bill, designed to help the government gain control
over HRE, was backed by 379 of the 532 votes cast, while 107 voted
against it and 46 abstained.

Germany's upper house of parliament meanwhile backed legal steps
allowing banks to be nationalized on April 3, a Bloomberg News
report said April 7.

"In order to get legal certainty and the speed that we need to
act, it is necessary to get quickly a 100% state-controlling
majority in HRE, because we must prevent the collapse of a
systemically relevant bank and any resulting knock-on effect,"
WSJ quoted Deputy Finance Minister Nicolette Kressl as saying.

The German government, WSJ said, aims to take control of HRE this
month and the motion for a forced nationalization of the bank has
to be submitted by June 30 and the move has to be enforced by Oct.
31.  The bill was approved by Chancellor Angela Merkel on Feb. 18.

On March 20, 2009, the Troubled Company Reporter-Europe, citing
The Financial Times, reported HRE's largest shareholder, U.S.-
based investment firm J.C. Flowers & Co., opposed the
expropriation and wanted the government instead to take a stake of
75 per cent in the lender via a capital raising.  J.C. Flowers
holds a 24 percent stake in HRE, which it bought last year in a
EUR1.1 billion deal.

"JC Flowers is disappointed that the government continues on the
path to expropriation and nationalization given that we have
provided a clear alternative that secures the future of HRE and
better protects the German taxpayer and the rights of all
shareholders," the FT quoted the private equity group as saying
after lawmakers in parliament's finance committee approved the
draft law.

Bloomberg News reported April 7 that J.C. Flowers has demanded HRE
receive "equal treatment" to other troubled German banks.
Following the passage of the law, J.C. Flowers held out the
possibility of "legal recourse" to safeguard the interests of
investors, the report said.

HRE already received EUR102 billion in bank and state loans and
state guarantees.
According to Bloomberg News, HRE was forced to seek a bailout
after Depfa Bank Plc, its Dublin-based unit, failed to get short-
term funding in September when credit markets seized up.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2008, Dominion Bond Rating Service downgraded its long-term
ratings for Hypo Real Estate Holding AG (Holding) and related
entities (together Hypo Real Estate or the Group), including the
Senior Unsecured Long-Term Debt rating for Holding, which was
downgraded to A (low) from "A".  Concurrently, all ratings have
been placed Under Review with Negative Implications.

DBRS's rating action followed the announcement of Hypo Real
Estate's Q3 2008 results, the announcement of an additional EUR20
billion short-term debt guarantee and of additional information
about the Group's liquidity challenges, earnings outlook and
pending application for more comprehensive external support.

The downgrade and the Under Review Negative status reflect DBRS's
concern that Hypo Real Estate's franchise has been weakened by its
ongoing liquidity challenges.  The Group's lack of access to
market funding currently restricts its ability to write new
business and requires it to seek more comprehensive support,
demonstrating the weakening of its intrinsic fundamentals, the
rating agency said.

A TCR-Europe report on Nov. 24, 2008, said Hypo Real Estate Group
incurred a consolidated pre-tax loss of EUR3.105 billion for the
third quarter of 2008 compared with a pre-tax profit of EUR237
million in the corresponding previous year period.  The quarterly
loss is mainly attributable to the writeoff of goodwill
and other intangible assets attributable to the initial
consolidation of DEPFA Bank Plc (EUR2.482 billion).

On Oct. 28, 2008, the TCR-Europe reported Standard & Poor's
Ratings Services lowered its long-term counterparty credit ratings
on the seven rated entities of Hypo Real Estate (HRE) group to
'BBB' from 'BBB+', namely, Germany-based commercial real estate
lenders Hypo Real Estate Bank International AG and Hypo Real
Estate Bank AG, public-finance lenders Depfa Deutsche
Pfandbriefbank AG, Ireland-based DEPFA BANK PLC, Depfa ACS, and
Hypo Public Finance Bank, and Luxembourg-based Hypo Pfandbriefbank
Bank International S.A.

"These rating actions reflect the group's strained financial
profile, weak funding position, and concerns about the viability
of its business model," said Standard & Poor's credit analyst
Volker von Kruechten.  "We expect HRE to restructure and downsize,
which may cause further pressure on earnings and capital, owing to
the difficult market environment and a deteriorating credit
cycle."


IBB INDUSTRIEBUCHBINDEREI: Claims Registration Period Ends May 14
-----------------------------------------------------------------
Creditors of IBB Industriebuchbinderei GmbH have until May 14,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Heike Metzger
         Hauptstrasse 161
         68259 Mannheim
         Germany
         Tel: 0621/4328899-0
         Fax: 0621/4328899-50

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:

         IBB Industriebuchbinderei GmbH
         Attn: Andreas Ludwig, Manager
         Schwabstrasse 36
         74189 Weinsberg
         Germany


INTEX PHARMA: Claims Registration Period Ends May 8
---------------------------------------------------
Creditors of Intex Pharma GmbH have until May 8, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Loerrach
         Hall 5
         Room 2.21
         Bahnhofstr. 4 a
         79539 Loerrach
         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:

         Ingo Michelsen
         Luisenstr. 5
         79539 Loerrach
         Germany
         Tel: 07621/4225880

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:

         Intex Pharma GmbH
         Attn: Dr. Gabor Emoedi, Manager
         Im Kranzliacker 9
         79576 Weil am Rhein
         Germany


MARCON MEDIA: Claims Registration Period Ends May 5
---------------------------------------------------
Creditors of MARCON Media Duplication & Services GmbH have until
May 5, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10.15 a.m. on June 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         21465 Reinbek
         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. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         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:

         MARCON Media Duplication & Services GmbH
         Attn: Helga Conrad, Manager
         Gutenbergstr. 38
         21465 Reinbek
         Germany


SCHAEFFLER KG: Obtains EUR1 Billion Loan
----------------------------------------
Chris Reiter at Bloomberg News reports Schaeffler KG agreed with
lenders on a EUR1 billion loan, winning time to restructure and
seek extra funds from the German government.

"We have gained further flexibility," Chief Financial Officer
Klaus Rosenfeld said in a statement obtained by the news agency.

"The conclusion of the loan agreement is an important sign of
trust from our banks," Mr. Rosenfeld added without disclosing the
terms of the deal.

Bloomberg News states the credit line may help Schaeffler persuade
Chancellor Angela Merkel’s government, which said Feb. 10 that it
would reopen aid negotiations if the company agrees on a
reorganization plan with its lenders.

The report relates Schaeffler's owners, Maria-Elisabeth Schaeffler
and her son Georg, are fighting a breakup and the family has said
it’s prepared to give up a large stake in the company.

"Schaeffler is trying to buy time in the hope that the German
government will assist them," Bloomberg News quoted Mike Tyndall,
an automotive specialist with Nomura in London, as saying.  "The
most likely result would be a debt-for-equity agreement."

As reported in the Troubled Company Reporter-Europe on Feb. 12,
2009, Bloomberg News said Schaeffler's lenders may be forced to
swap debt for shares after the company failed to attract new money
to cut borrowings.

According to Bloomberg News, the Schaeffler family have offered to
sell a stake in the company after an unsuccessful search for other
investors.

The company, which is now struggling to pay EUR11 billion (US$14
billion) in debt from its purchase of a 49.9% stake in Continental
AG on January 8, 2009, has called on the German government for
aid.  According to Bloomberg News, Schaeffler's previous attempt
for government aid was ruled out by Ms. Merkel.

Bloomberg News recalled Schaeffler's troubles have piled up since
its July 15 hostile bid for Continental, a company three times its
size.  According to the news agency, Schaeffler expected that
derivatives contracts and what was then a low-ball bid would
secure a stake of 30 percent to 50 percent.  Instead, 82.4 percent
of Continental's capital was tendered, adding to a 7.8 percent
holding, as investors sold amid collapsing markets, the news
agency said.

                       About Schaeffler KG

Germany-based Schaeffler KG a.k.a Schaeffler Group --
http://www.schaeffler.com/-- manufactures a vast array of
bearings, from cylindrical roller bearings to needle roller
bearings, used in the aerospace, automotive, machine tool, and
semiconductor industries.  Its three main brands are INA, FAG, and
LuK, and though the entities are treated separately within the
company, they also work collaboratively on specific product
development.  The company is owned by Maria-Elisabeth Schaeffler,
the widow of a co-founder, and her son, Georg F. W. Schaeffler.


* Moody's Takes Rating Actions on Various German RMBS Deals
-----------------------------------------------------------
Moody's Investors Service has taken ratings actions on a number of
German RMBS following the update of Moody's rating methodology for
German RMBS.  Due to the change in methodology, 16 tranches of 4
transactions were downgraded by 1 to 2 notches.  These negatively
affected tranches were issued by E-MAC DE 2005-I B.V., E-MAC DE
2006-I B.V., E-MAC DE 2006-II B.V. and E-MAC DE 2007-I B.V.

In addition, the review of German RMBS also led to upgrades of 9
tranches of 3 transactions by 1 to 3 notches.  All other ratings
of outstanding notes of German RMBS transactions were affirmed.
As indicated in Moody's earlier announcement, the most important
update in Moody's methodology leads to higher stressed default
frequency assumptions for loans with high loan-to values.  Moody's
has assessed updated loan-by-loan information for the outstanding
portfolios to determine the volatility of the distribution of
future losses.  As a result, Moody's has updated its Milan Aaa
credit enhancement (Milan Aaa CE) assumptions as detailed below.
The expected loss and the Milan Aaa CE are the two key parameters
used by Moody's to calibrate its loss distribution curve, which is
one of the core inputs in the cash-flow model it uses to rate RMBS
transactions.  The methodology update resulted in significantly
higher Milan Aaa CE numbers for 4 transactions which has in turn
lead to negative rating actions.  Moody's has not adjusted upwards
its portfolio expected loss assumptions.

These 4 transactions were affected by the update in methodology as
in these transactions loans with very high loan-to-values were
securitized.  All notes issued by those 4 issuers also remain on
review for possible downgrade because of the existing operational
concerns due to GMAC-RFC's role as issuer administrator in these
transactions and the lack of a back-up arrangement as explained in
more detail in Moody's announcements in respect to of these
transactions published on May 30, 2008 and December 12, 2008.

Issuer: E-MAC DE 2005-I B.V.:

  - Class A Mortgage-Backed Notes 2005 due 2047, Current Rating
    Aa1, remain on review for possible downgrade;

  - Class B Mortgage-Backed Notes 2005 due 2052, downgraded to Aa3
    from Aa2, remain on review for possible downgrade;

  - Class C Mortgage-Backed Notes 2005 due 2052, downgraded to
    Baa1 from A2, remain on review for possible downgrade;

  - Class D Mortgage-Backed Notes 2005 due 2052, downgraded to Ba1
    from Baa3, remain on review for possible downgrade; and

  - Class E Mortgage-Backed Notes 2005 due 2052, downgraded to B2
    from B1, remain on review for possible downgrade.

  - Last rating action: 12 December 2008.

Based on the updated methodology Moody's Milan Aaa CE for this
transaction increased from 15.7% at the most recent review to
22.3%.  Moody's has kept unchanged the expected loss assumption of
3% of the pool balance as of closing.

Issuer: E-MAC DE 2006-I B.V.:

  - Class A Mortgage-Backed Notes 2006 due 2048, Current Rating
    Aa1, remain on review for possible downgrade;

  - Class B Mortgage-Backed Notes 2006 due 2057, downgraded to A1
    from Aa3, remain on review for possible downgrade;

  - Class C Mortgage-Backed Notes 2006 due 2057, downgraded to
    Baa2 from A3, remain on review for possible downgrade;

  - Class D Mortgage-Backed Notes 2006 due 2057, downgraded to Ba1
    from Baa3, remain on review for possible downgrade;

  - Class E Mortgage-Backed Notes 2006 due 2057, downgraded to B1
    from Ba3, remain on review for possible downgrade.

  - Last rating action: 12 December 2008.

Based on the updated methodology Moody's Milan Aaa CE for this
transaction increased from 18.5% at the most recent review to
25.7%.  Moody's has kept unchanged the expected loss assumption of
3% of the pool balance as of closing.

Issuer: E-MAC DE 2006-II B.V.:

  - Class A1 Mortgage-Backed Notes 2006 due 2048, Current Rating
    Aa1, remain on review for possible downgrade;

  - Class A2 Mortgage-Backed Notes 2006 due 2058, Current Rating
    Aa1, remain on review for possible downgrade;

  - Class B Mortgage-Backed Notes 2006 due 2058, downgraded to A2
    from Aa3, remain on review for possible downgrade;

  - Class C Mortgage-Backed Notes 2006 due 2058, downgraded to
    Baa2 from A3, remain on review for possible downgrade;

  - Class D Mortgage-Backed Notes 2006 due 2058, downgraded to Ba2
    from Ba1, remain on review for possible downgrade;

  - Class E Mortgage-Backed Notes 2006 due 2058, downgraded to B2
    from Ba3, remain on review for possible downgrade; and

  - Class F Notes 2006 due 2058, Current Rating B2, remain on
    review for downgrade.

  - Last rating action: 12 December 2008.

Based on the updated methodology Moody's Milan Aaa CE for this
transaction increased from 16.9% at the most recent review to
23.4%.  Moody's has kept unchanged the expected loss assumption of
3% of the pool balance as of closing.

Issuer: E-MAC DE 2007-I B.V.:

  - Class A1 Mortgage-Backed Notes 2007 due 2054, Current Rating
    Aa1, remain on review for possible downgrade;

  - Class A2 Mortgage-Backed Notes 2007 due 2054, Current Rating
    Aa1, remain on review for possible downgrade;

  - Class B Mortgage-Backed Notes 2007 due 2054, downgraded to Aa3
    from Aa2, remain on review for possible downgrade;

  - Class C Mortgage-Backed Notes 2007 due 2054, downgraded to A3
    from A2, remain on review for possible downgrade;

  - Class D Mortgage-Backed Notes 2007 due 2054, downgraded to
    Ba1 from Baa2, remain on review for possible downgrade; and

  - Class E Mortgage-Backed Notes 2007 due 2054, downgraded to Ba3
    from Ba2, remain on review for possible downgrade.

  - Last rating action: 12 December 2008.

Based on the updated methodology Moody's Milan Aaa CE for this
transaction increased from 17.6% at the most recent review to
25.5%.  Moody's has kept unchanged the expected loss assumption of
3% of the pool balance as of closing.

As part of a review of outstanding German RMBS transactions,
Moody's has also identified 9 tranches of 3 transactions that have
been upgraded.  These upgrades are due to deleveraging at the
individual loan level (which has led to a decrease of LTVs since
closing) and an increase in the relative subordination available
to the rated notes since closing due to the sequential
amortization of the transactions.

These 3 transactions were affected.

Issuer: Provide-A 2003-1 plc:

  - Senior CDS, Current Rating Aaa, affirmed;

  - Class A+ Floating Rate Credit Linked Notes, Current Rating
    Aaa, affirmed;

  - Class A Floating Rate Credit Linked Notes, Current Rating Aaa,
    affirmed;

  - Class B Floating Rate Credit Linked Notes, upgraded to Aaa
    from Aa2;

  - Class C Floating Rate Credit Linked Notes, upgraded to Aa2
    from A2;

  - Class D Floating Rate Credit Linked Notes, upgraded to A3 from
    Baa2.

  - Last rating action: Ratings assigned on 16 October 2003.

Due to the amortization of the securitized loans and the
increasing seasoning benefit, Moody's Milan Aaa CE for this
transaction has decreased to 6.4% from 8% at closing.  For this
review, Moody's has kept the expected loss unchanged at 0.95% of
closing balance.

Issuer: Provide-A 2004-1 plc:

  - Senior CDS, Current Rating Aaa, affirmed;

  - Class A+ Floating Rate Credit Linked Notes, Current Rating
    Aaa, affirmed;

  - Class A Floating Rate Credit Linked Notes, Current Rating Aaa,
    affirmed;

  - Class B Floating Rate Credit Linked Notes, upgraded to Aa1
    from Aa2;

  - Class C Floating Rate Credit Linked Notes, upgraded to Aa3
    from A2;

  - Class D Floating Rate Credit Linked Notes, upgraded to A3 from
    Baa2;

  - Class E Floating Rate Credit Linked Notes, Current Rating Ba2,
    affirmed.

  - Last rating action: Ratings assigned on 19 February 2004.

Due to the methodology update, Moody's Milan Aaa CE for this
transaction has slightly increased to 4.8% from 4.6% at closing.
For this review, Moody's has kept the expected loss unchanged at
0.43% of closing balance.

Issuer: Provide-A 2005-1 plc:

  - Senior CDS, Current Rating Aaa, affirmed;

  - Class A+ Floating Rate Credit Linked Notes, Current Rating
    Aaa, affirmed;

  - Class A Floating Rate Credit Linked Notes, Current Rating Aaa,
    affirmed;

  - Class B Floating Rate Credit Linked Notes, upgraded to Aa1
    from Aa2;

  - Class C Floating Rate Credit Linked Notes, upgraded to Aa3
    from A1;

  - Class D Floating Rate Credit Linked Notes, upgraded to Baa1
    from Baa2;

  - Class E Floating Rate Credit Linked Notes, Current Rating Ba2,
    affirmed.

  - Last rating action: Ratings assigned on 16 December 2005.

Moody's Milan Aaa CE for this transaction has decreased to 3.8%
from 4.2% at closing.  For this review, Moody's has kept the
expected loss unchanged at 0.45% of closing balance.

In addition, following the updated methodology, Moody's also
affirms the ratings of all notes issued by the transactions listed
below:

Building Comfort 2008-1;

  -- Last rating action: Ratings assigned on 30 September 2008.

Moody's Milan Aaa CE for this transaction has increased to 4.4%
from 4.0% at closing.  For this review, Moody's has kept the
expected loss unchanged at 0.45% of closing balance.
Haus 1998-1;

  -- Last rating action: Ratings upgraded on 10 March 2003.

Moody's has not updated the assumptions for this transaction given
the very low pool factor of 6%.

PB Domicile 2006-1;

  -- Last rating action: Ratings assigned on 29 September 2006.

Moody's Milan Aaa CE for this transaction has increased to 5.0%
from 4.2% at closing.  For this review, Moody's has kept the
expected loss unchanged at 0.45% of closing balance.

Provide Gems 2002-1;

  -- Last rating action: Ratings downgraded on 9 April 2008.

Moody's Milan Aaa CE for this transaction has increased to 26.4%
from 24.8% at last review.  For this review, Moody's has kept the
expected loss unchanged at 5.5% of closing balance.

Provide-A 2006-1;

  -- Last rating action: Ratings assigned on 22 December 2006.

Moody's Milan Aaa CE for this transaction has increased to 5.7%
from 4.9% at closing.  For this review, Moody's has kept the
expected loss unchanged at 0.45% of closing balance.

Provide-VR 2002-1;

  -- Last rating action: Ratings downgraded on 11 March 2009.

Moody's Milan Aaa CE for this transaction has increased to 14.6%
from 11.8%.  For this review, Moody's has kept the expected loss
unchanged at 3.2% of closing balance.

Pure German Lion RMBS 2008;

  -- Last rating action: Ratings assigned on 3 December 2008.

Moody's Milan Aaa CE for this transaction has increased to 6.8%
from 5.3% at closing.  For this review, Moody's has kept the
expected loss unchanged at 0.6% of closing balance.

TS Lago One;

  -- Last rating action: Ratings assigned on 22 December 2008.

Moody's Milan Aaa CE for this transaction has remained at 22.8%.
For this review, Moody's has kept the expected loss unchanged at
2.8% of closing balance.


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


ELEKTHERMAX KFT: Goes Into Liquidation
--------------------------------------
Napi Gazdasag reports that Hungary-based household electronic
appliances maker Elekthermax Kft has gone into liquidation.

The report relates Jeno Varga, president-CEO of Vectigalis Zrt,
the company in charge of liquidation, said Elekthermax
will hopefully be able to continue production under the
liquidator's watch and also keep its 160 employees on the payroll.


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


SPRON: Central Bank Wants Acquisition by MP Bank Postponed
----------------------------------------------------------
Iceland Review reports that the Central Bank of Iceland has urged
the Financial Supervisory Authority (FME) to postpone MP Bank's
acquisition of the branch network of SPRON savings bank and its
online banking unit Netbankinn as the new state-run
Kaupthing could suffer from it.

Iceland Review relates according to Morgunbladid's sources, the
Central Bank believes that SPRON's former customers might take
their business back to SPRON once its branches reopen and that
Kaupthing might be unable to pay out their entire deposits.

According to Iceland Review, Margeir Petursson, chairman of the
board of MP Bank, told Frettabladid that he is considering filing
a claim with the Competition Authority because of Kaupthing’s
involvement in the acquisition.

However, Finnur Sveinbjornsson, director of Kaupthing denied Mr.
Petursson's claims that Kaupthing is trying to prevent
competition, Iceland Review notes.

Iceland Review recounts when SPRON was nationalized last month,
its deposits were relocated to Kaupthing with a bond that was
backed by the entirety of SPRON's assets.

On April 3, 2009, the Troubled Company Reporter-Europe, citing
Iceland Review, reported that on March 30, 2009, MP Banki reached
an agreement with the resolution committee of SPRON savings
bank on the acquisition of its branch network and its online unit.

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

Iceland Review recalled the Financial Supervisory Authority took
over the operations of SPRON on March 21.

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

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

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

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


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


CORIOLANUS LIMITED: Moody's Cuts Rating on Series 76 Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of four
series of notes issued by Coriolanus Limited.

The transaction closed in July 2007 and is a managed synthetic CDO
of debt obligations issued by corporations domiciled in Asia.

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

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

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

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

The rating actions are:

Coriolanus Limited:

(1) Series 73 US$140,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2019

  -- Current Rating: Aa1
  -- Prior Rating: Aaa
  -- Prior Rating Date: 23 July 2007, assigned Aaa

(2) Series 74 US$50,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2019

  -- Current Rating: A1
  -- Prior Rating: Aa2
  -- Prior Rating Date: 23 July 2007, assigned Aa2

(3) Series 75 US$50,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2019

  -- Current Rating: Baa2
  -- Prior Rating: A2
  -- Prior Rating Date: 23 July 2007, assigned A2

(4) Series 76 US$50,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2019

  -- Current Rating: Ba2
  -- Prior Rating: Baa2
  -- Prior Rating Date: 23 July 2007, assigned Baa2


EDUCATION MEDIA: S&P Affirms 'CCC' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings,
including its 'CCC' corporate credit rating, on Dublin, Ireland-
based Education Media & Publishing Group Ltd. and its Houghton
Mifflin Harcourt Publishers Inc. subsidiary, with a negative
outlook.

S&P has subsequently withdrawn all ratings at the company's
request.


WG MITCHELL: 28 Subsidiaries Placed Into Administration
-------------------------------------------------------
David Doyle at Property Week reports that 28 of investment and
development business WG Mitchell's subsidiaries have been placed
into administration.

Ernst & Young was appointed administrator to the companies, which
own a number of properties, Property Week discloses.

According to the Irish Times, WG Mitchell, owned by Derry
businessmen Patrick and Hugh Hegarty, is estimated to have a
GBP500 million portfolio.

Property Week relates a statement from Ernst & Young said: "The
companies were operating in a challenging market place and have
been finding it increasingly difficult to meet the significant
backlog of creditors as well as ongoing debt service obligations."

"The business model under which the companies have been operating
was becoming unsustainable," Property Week quoted Ernst & Young as
saying.

Ernst & Young, as cited by Property Week, said it would continue
to operate the companies while considering options for disposal.


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


DASTAN HOUSE: Creditors Must File Claims by May 15
--------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Dastan House insolvent.

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

         Dostyk-Drujba Ave. 177a
         Uralsk
         West Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


DEVELOPMENT GROUP: Creditors Must File Claims by May 15
-------------------------------------------------------
LLP Development Group Ltd. has declared insolvency.  Creditors
have until May 15, 2009, to submit written proofs of claim to:

         Micro 4, 12
         Aktau
         Mangistau
         Kazakhstan


ENERGY CITY: Creditors Must File Claims by May 15
-------------------------------------------------
LLP Energy City Aktau has declared insolvency.  Creditors have
until May 15, 2009, to submit written proofs of claim to:

         Micro 4, 12
         Aktau
         Mangistau
         Kazakhstan


GOVINDA S LLP: Creditors Must File Claims by May 15
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Govinda S insolvent.

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

         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Court is located at:

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


METALL-MARKET LLP: Creditors Must File Claims by May 15
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Metall-Market insolvent.

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

         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Court is located at:

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


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

         Sovetskaya Str. 12
         Michurino
         Pavlodar
         Kazakhstan


PARMA TRADING: Creditors Must File Claims by May 15
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Parma Trading insolvent.

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

         Alalykin Str. 9
         Karaganda
         Kazakhstan

The Court is located at:

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


PSK SAULET-IMPEX: Creditors Must File Claims by May 15
------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP PSK Saulet-Impex insolvent.  Creditors have until
May 15, 2009, to submit written proofs of claim to:

         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


TEMIR AGRO: Creditors Must File Claims by May 15
------------------------------------------------
LLP Temir Agro Ltd. has declared insolvency.  Creditors have until
May 15, 2009, to submit written proofs of claim to:
         Timiryazev Str. 79
         Almaty
         Kazakhstan


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


DELTA ENGINEERING: Creditors Must File Claims by April 17
---------------------------------------------------------
Creditors of LLC Scientific Manufacturing Firm Delta Engineering
have until April 17, 2009, to submit proofs of claim.

The company can be reached at:

         LLC Scientific Manufacturing Firm Delta Engineering
         Tel: (+996 312) 59-70-79


GOLDEN SOURCE: Creditors Must File Claims by April 17
-----------------------------------------------------
Creditors of LLC Golden Source have until April 17, 2009, to
submit proofs of claim to:

         Djantoshev St. 18a
         Bishkek
         Kyrgyzstan
         Tel: (0-550) 77-00-73


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


BERNARD L. MADOFF: Trustee Seeks Counsel for Luxembourg Pursuit
---------------------------------------------------------------
Irving H. Picard, as trustee for the liquidation of the business
of Bernard L. Madoff Investment Securities LLC, under the
Securities Investor Protection Act, 15 U.S.C. Sections 78aaa, et
seq., has asked the U.S. Bankruptcy Court for the Southern
District of New York for permission to retain special counsel,
nunc pro tunc to March 30, 2009.

Mr. Picard explains that issues have arisen overseas, and in
Luxembourg in particular, that require the Trustee's participation
and representation by counsel.  The Trustee has become aware of
assets that he believes to be customer property located within
that country and requires counsel to pursue such customer
property.

The Trustee has determined that it will be necessary to engage
counsel to represent him in Luxembourg.  Such legal counsel will
enable the Trustee to carry out his duties in this SIPA
Liquidation Proceeding.  The Trustee, therefore, proposes to
retain and employ the law firm of Schiltz & Schiltz as its special
counsel with regard to its recovery of customer property in
Luxembourg, and any related matters as directed by the Trustee,
effective as of March 30, 2009.

The Trustee seeks to retain Schiltz & Schiltz as special counsel
because of its knowledge and expertise in the law of Luxembourg.
The services of Schiltz & Schiltz are necessary and essential to
enable the Trustee to execute faithfully his duties herein.

The Trustee submits that Schiltz & Schiltz's provision of
professional services to the Trustee is permissible under Section
78eee(3) of SIPA and is in the best interest of the Debtor's
estate and customers and creditors.

To the best of the Trustee's knowledge, and except as disclosed,
the members, counsel and associates of Schiltz & Schiltz are
disinterested pursuant to Section 78eee(b)(3) of SIPA and do not
hold or represent any interest adverse to the Debtor's estate in
respect of the matter for which Schiltz & Schiltz is to be
retained.  Schiltz & Schiltz's employment and retention is
necessary and in the best interests of the Debtor's estate and its
customers and creditors.

Schiltz & Schiltz will be compensated at agreed upon rates, which
reflect a reduction of its normal rates greater than ten percent
(10%).  Applications for compensation to Schiltz & Schiltz will be
filed with this Court pursuant to applicable statutes and rules.
Schiltz & Schiltz rate information is as follows:

Level of Experience    Normal Rates      Agreed Upon Rates
-------------------    ------------      -----------------
    Partner             EUR400/hour,         EUR380/hour
                        plus 17.5% VAT

    Associate           EUR200-300/hour,       EUR190-285
                        plus 17.5% VAT

The Securities Investor Protection Corporation has no objection to
the proposed retention.

The Court will convene a hearing on April 20.  Objections are due
April 17.

                     About Bernard L. Madoff

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

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

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

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

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


LECTA SA: Moody's Downgrades Corporate Family Rating to 'B2'
------------------------------------------------------------
Moody's Investors Service has downgraded Lecta S.A.'s corporate
family rating, probability of default rating and the rating for
its EUR598 million senior secured floating-rate notes due 2014 to
B2 from B1.  The rating for the EUR150 million senior unsecured
floating-rate notes due 2014 has also been downgraded to Caa1 from
B3.  The outlook remains negative.

"The downgrade of Lecta's CFR to B2 was prompted by an
unprecedented contraction in coated fine paper deliveries in the
company's core markets since December 2008," said Christian
Hendker, a Moody's Assistant Vice President and lead analyst for
the EMEA paper industry.  "Combined with Moody's expectation that
the contraction could be sustained over the coming quarters, this
increases the likelihood that Lecta will not improve its operating
performance and leverage in 2009 as previously expected", Mr.
Hendker continued.  "The negative outlook reflects the uncertainty
of the extent to which Lecta's profitability and cash generation
ability could erode further in the next quarters given the
challenging market environment which will be closely linked to the
sufficiency of capacity adjustments, realization of lower input
costs and recently implemented price increases," said Mr. Hendker.

The ratings could be downgraded within the next quarters should
the company's solid financial flexibility weaken as a result of
potential negative free cash flows in a scenario of an extended
macroeconomic downturn.

The rating action also reflects Lecta's weak positioning in the
previous rating category at the outset of the current period of
demand contraction on the back of the company's highly leveraged
capital structure.  In fact, the previous ratings anticipated
constant improvements in the company's debt repayment capacity.
The rating action is in line with Moody's previous guidance in a
press release on December 4, 2008, that a downgrade could be
prompted if potential volume shortfalls on the back of the
softening macroeconomic environment mitigated benefits from lower
input costs and the realization of price increases.

Moody's recognizes that the recent volume contraction is partially
a result of de-stocking of end-customer's inventory levels.
However, the rating agency anticipates that underlying demand for
coated fine paper over the coming quarters is likely to remain
significantly below historical levels due to the bleak
macroeconomic environment in Lecta's end markets, given the close
correlation between macroeconomic activity and coated fine paper
demand.

Moody's acknowledges that the company has recently announced price
increases.  However, in light of the industry's unresolved
structural overcapacity situation, Moody's views the
sustainability of recent price increases as challenging as some
competitors may focus on volumes instead of pricing.  While the
rating agency recognizes the accelerated capacity curtailment
activities in the industry, given the significance of the current
cyclical volume erosion, these measures are unlikely to be
sufficient to preserve or even improve pricing power in the short
term.  Moody's expects that capacity reductions will add
additional pressure on margins and cash flows in the short term.

Lecta's rating is constrained by the company's small absolute
scale, its product concentration on coated fine paper and its
limited geographic diversification.  A fundamental rating
constraint is the company's highly leveraged capital structure
which has not improved in the recent period of relatively stable
demand levels until November 2008.  Consequently, Lecta's cash
flow generation ability reflected in RCF to debt dropped from 10%
in 2007 to only 6.2% in the last 12 months ending September 2008.
The gradual performance erosion in the first nine months of 2008
was primarily the result of the inability to recover rising input
costs with price increases due to the intense competitive
environment and industry's overcapacity situation.

The company has a low degree of vertical integration, which has
negatively impacted profitability over recent years, but could
support profitability levels in the short term due to the trend of
lower pulp, energy and transportation costs.  The rating
favourably reflects the company's solid liquidity cushion with on-
balance cash of around EUR140 million as of September 2008,
headroom under a revolving credit facility and an extended debt
maturity profile, but also the company's proactive approach in
terms of restructuring and efficiency improvement measures.
Downgrades:

Issuer: Lecta S.A.

  -- Corporate Family Rating, Downgraded to B2 from B1

  -- Probability of Default Rating, Downgraded to B2 from B1

  -- Senior Secured Notes, Downgraded to B2 from B1 (LGD 3, 47%
     changed from LGD 3, 46%)

  -- Senior Unsecured Notes, Downgraded to Caa1 from B3 (LGD 5,
     82% changed from LGD 5, 80%)

The previous rating action was on December 4, 2008, when Moody's
affirmed Lecta's B1 CFR, the B1 rating for the EUR598 million
senior secured floating-rate notes due 2014, the B3 rating for the
EUR150 million senior unsecured floating-rate notes due 2014, and
changed the outlook to negative from stable.

With legal headquarters in Luxembourg, Lecta S.A. is among
Europe's leading coated fine paper manufacturers with production
facilities in Spain, Italy and France.  The company also has a
speciality paper division and distribution business in the
Iberian, French and Argentinean markets.  Lecta generated group
sales of EUR1.6 billion over the last 12 months ending September
2008.


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


ING GROEP: Denies Plan to Sell ING-DiBa
---------------------------------------
Reuters reports an ING Groep NV spokesman said the company has no
plans to sell its direct banking operation ING-DiBa AG in Germany,
contradicting an earlier report by Financial Times Deutschland.

ING isn't considering selling DiBa and a disposal of the unit
isn't pending, company spokesman Nanne Bos told Dow Jones
Newswires Tuesday.

Reuters relates the German edition of the Financial Times reported
earlier on Tuesday that ING was mulling the sale of its direct
banking operations in Germany to comply with European Commission
rules as part of its deal to receive state support.

Bloomberg News says ING, which received a EUR10 billion government
lifeline in October, has to come up with a restructuring plan to
comply with European Union rules after receiving state aid.

The European Commission last month approved the Netherlands'
"illiquid assets back-up facility," which covers 80 percent of
ING's Alt-A mortgage securities, for a six-month period, Bloomberg
News recalls.

Meanwhile, Jonathan Todd, a spokesman for the commission in
Brussels, said in an e-mail to Bloomberg News that the European
Commission hasn't asked ING to sell "any kind of assets" adding
the commission "has for the time being no ongoing procedure with
the Netherlands where any such requests could possibly occur."

Bloomberg News relates ING, which posted a fourth-quarter loss of
EUR3.71 billion (US$4.93 billion), is cutting 7,000 jobs to reduce
operating costs by EUR1 billion this year.

Netherlands-based ING Groep N.V. (NYSE:ING) --
http://www.ing.com/-- is a global financial institution offering
banking, investments, life insurance and retirement services.  The
Company serves more than 85 million private, corporate and
institutional customers in Europe, North and Latin America, Asia
and Australia.  ING has six business lines: Insurance Europe,
Insurance Americas, Insurance Asia/Pacific, Wholesale Banking,
Retail Banking and ING Direct.  In October 2008, ING Groep N.V.’s
subsidiary, ING Direct UK, acquired the savings deposits division
of Kaupthing Edge, a subsidiary of Kaupthing Bank and Heritable
Bank.  In July 2008, the Company completed the acquisition of
CitiStreet LLC, a retirement plan and benefit service and
administration company in United States.  In November 2008, ING
Groep N.V. increased its stake in joint venture Billington
Holdings PLC from 50% to 100%.  In February 2009, the Company
announced that it closed the sale of its Taiwanese life insurance
business to Fubon Financial Holding Co. Ltd.


SUNDIAL 2004-1: Moody's Reviews 'Ba2' Rating on Class E Notes
-------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its ratings of two classes of notes issued by Sundial
2004-1 B.V.

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

The rating actions reflect the deterioration in the credit quality
of the transaction's reference portfolio, as indicated by the
increase in the portfolio average rating factor by 18% since
closing (from 747 at closing to 879 in February 2009), 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 titled "Moody's updates key assumptions for rating
corporate synthetic CDOs" 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:

Sundial 2004-1 B.V.

  -- EUR37,500,000.00 Class D, Baa2 and Placed Under Review for
     Possible Downgrade; previously on 22 December 2004 Assigned
     Baa2

  -- EUR37,500,000.00 Class E, Ba2 and Placed Under Review for
     Possible Downgrade; previously on 22 December 2004 Assigned
     Ba2


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


GALERIA CENTRUM: Files for Bankruptcy
-------------------------------------
Polish Market Review reports that Polish luxury clothing and
cosmetics chain Galeria Centrum, owned by the Vistula Group, has
filed for bankruptcy.

Galeria Centrum, Polish Market says, has been unprofitable.  The
company, whose stores sell mainly foreign brands, has been hit by
the weakening of the Polish currency, Polish Market recounts.

Polish Market discloses according to unofficial reports, the
company incurred debts of more than PLN10 million.  In the first
quarter of 2009 sales revenues per square meter generated by GC's
stores fell by 20% year on year, Polish Market states.

Polish Market relates Galeria Centrum's management insists that
its bankruptcy declaration was not an element of its strategy in
its negotiations with Fortis Bank on the extension of a PLN250
million (EUR56.2 million) loan taken out for the acquisition of
W.Kruk, the jewellery producer.

Vistula's management admits, however, that Galeria Centrum may
continue to operate but in accordance with a different business
model, Polish Market notes.

According to Polish Market, Vistula plans to focus on the
profitable areas of GC's offer: cosmetics and its own clothing
brands, such as Navy and Autograph.


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


ALROSA CO: S&P Suspends 'BB-' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had suspended its
'BB-' long-term and 'B' short-term corporate credit ratings on
Russian diamond miner ALROSA Co. Ltd.

"We suspended the ratings because of a continuing lack of
information from Alrosa on its financial and operating performance
and prospects," said Standard & Poor's credit analyst Andrey
Nikolaev.  "In particular, S&P is currently missing sufficient
information on the company's sales volumes in the fourth quarter
of 2008 and first quarter of 2009, and on the details of its
agreement with state-owned Gokhran of Russia (selling prices,
volumes, and duration of the agreement), to which the company is
currently selling diamonds, according to press reports."

In order to reinstate the rating S&P also need further updates on
Alrosa's current liquidity position and progress in refinancing
its material short-term debt.  The fact that Alrosa reports only
semi-annually and with significant delays compared with
international peers -- and even with many Russian peers --
exacerbates the lack of information.

"If Standard & Poor's Ratings Services doesn't receive the above-
mentioned information within two months, S&P will consider
withdrawing the ratings," said Mr. Nikolaev.

Standard & Poor's may suspend a rating, in rare circumstances, if
there is an expectation that the rating is likely to be
reinstated.  The suspension does not imply that Alrosa is not
servicing its obligations.  Should sufficiently detailed
information become available, Standard & Poor's will reconsider an
appropriate rating.


ALROSA COMPANY: Moody's Cuts Corporate Family Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded from Ba2 to Ba3 the
corporate family ratings of ALROSA Company ltd and senior
unsecured US$500 million 2014 notes raised by the group at ALROSA
Finance SA and guaranteed by ALROSA Company Ltd.  The outlook is
negative.

Moody's revised downwards the baseline credit assessment of the
Company from 15 to 16 to reflect ongoing concerns over further
deterioration in the operating trend in Alrosa's performance as
diamond prices and sales volumes have continued to decline,
resulting in ALROSA having become in Moody's view more heavily
reliant on purchases by the Russian State treasury.  The
assessment also continues to reflect Moody's concerns over the
limited transparency with regard to the group's financial policies
and disclosure.  Given the increased reliance on sales to the
Government in the current challenging market environment, Moody's
assessment of dependency has also been raised from Low to Medium.

The negative outlook reflects Moody's concern that ALROSA's
business is highly susceptible to fluctuations in diamond prices
and volumes that remain greatly affected by weakening economic
conditions.  Notwithstanding the announced measures to curtail the
on-going deterioration in the pricing environment through the
reduction in export sales in line with the rest of the industry,
Moody's notes that the revenues and profitability of the company
are likely to be adversely affected by the slow down in demand at
a time when the company continues to execute its long-term
investment plan.

ALROSA's liquidity position remains constrained as the Company
faces the need to refinance substantial amounts of debt maturing
throughout 2009, while the immediate pressure on the liquidity
position has been alleviated following the provision of funds to
refinance maturing debt in the 4th quarter by a state-owned bank.
The assessment of the liquidity position takes into account the
recent indirect intervention of the government as the main
shareholder to address Alrosa's imminent refinancing needs as well
as Moody's view that the Government will continue to indirectly
support the operations of the company both through direct
purchases and through support provided by state-owned financial
institutions.  Given Alrosa's weak stand-alone operating and
liquidity profile, the Ba3 rating is therefore heavily reliant
upon the government continuing to provide support through these
avenues.

Moody's last rating action was on November 26, 2008, when the
rating agency affirmed the Ba2 corporate family rating of ALROSA
and the Ba2 rating on the company's notes following the downgrade
of the BCA from 14 to 15.

ALROSA is the world's second largest diamond mining company (group
of companies) based on diamond production (measured as a multiple
of average market prices) and is estimated to produce c.25% of
global rough diamond output in 2007.  The company is majority
owned by the Government of the Russian Federation (50.9%
shareholding) and the Republic of Sakha Yakutia (combined 40%
shareholding).  In 2007, ALROSA reported consolidated revenues of
RUB90.7 billion and had operating assets of RUB227.8 billion.


BANK NATIXIS: Moody's Assigns 'E+' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned Ba2 long-term and Not-Prime
short-term foreign and local currency deposit ratings and an E+
bank financial strength rating to Bank Natixis (ZAO, Russia).  The
outlook on the long-term deposit ratings of Ba2 is negative, while
the BFSR carries a stable outlook.

At the same time, Moody's Interfax Rating Agency has assigned a
Aa2.ru long-term national scale rating to Bank Natixis.  Moscow-
based Moody's Interfax is majority owned by Moody's, a leading
global rating agency.  The Ba2/NP/E+ global scale ratings assigned
to Bank Natixis reflect its global default and loss expectation,
while the Aa2.ru national scale rating reflects the bank's credit
quality relative to that of its domestic peers.

"Bank Natixis' E+ BFSR, which translates into a Baseline Credit
Assessment of B1, is constrained by the bank's narrow franchise in
Russia -- focused on providing credit facilities to a limited
number of large corporates -- resulting in a very concentrated
loan book.  The rating is also constrained by the unfavorable
economic environment in Russia.  At the same time, the rating is
driven by Bank Natixis' historically healthy asset quality and
capitalization level, adequate risk management practices and the
wide-range of operational assistance provided by its parent,
France's Natixis (Aa3/Prime-1 (Stable) and D+ (Negative))," said
Elena Redko, a Moscow-based Moody's Analyst.

The rating agency notes that Bank Natixis' focus on a limited
clientele is partly offset by its adequate risk-taking approach
that has resulted in selecting borrowers of higher credit quality.
However, Bank Natixis' loan book -- heavily concentrated in
relation to equity, with a dominant share of foreign currency
denominated loans as of YE 2008 -- is likely to exert significant
pressure on the bank's financial fundamentals as a result of the
local currency depreciation and the overall deteriorating
operating environment in Russia.  This risk is partly mitigated by
parental guarantees covering 50% of total loan book which
decreases pressure on capital and liquidity.

According to Moody's, the bank's deposit ratings receive a two-
notch uplift from the BCA of B1, which is primarily driven by
Moody's assessment of a high probability of support in case of
need from Bank Natixis' controlling shareholder Natixis.  The
expectation in respect of a high probability of support is
justified by, amongst others, the full operational control and
integration between Bank Natixis and its parent as well as
guarantees from the parent to cover the substantial part of
subsidiary's operations.

Bank Natixis' BFSR of E+ carries stable outlook.  At the same
time, the outlook for long-term deposit ratings is negative,
driven by the negative outlook assigned to Natixis's D+ BFSR.

According to Moody's, an upgrade of Bank Natixis' ratings is
unlikely in the medium term, whereas a downgrade of its BFSR might
be caused by significant deterioration in asset quality and
capitalization, while downgrade of the deposit ratings could be
driven by the downgrade of the parent's BFRS.

Headquartered in Moscow, Russia, Bank Natixis reported total
unaudited IFRS assets of US$776 million and a net income of US$7.3
million for the year ended December 31, 2008.


BANK PETROCOMMERCE: Moody's Shifts Outlook on D- BFSR To Negative
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on D- bank
financial strength rating, Ba3 long-term global local and foreign
currency deposit ratings and Ba3 senior unsecured debt rating of
Bank Petrocommerce (Russia) to negative from stable, and has
affirmed all of the bank's ratings.

Moody's rating action is driven by concerns that the worsening
economic conditions in Russia are likely to translate into a
deterioration of Petrocommerce's financial fundamentals.  In
particular, potential asset quality deterioration is likely to
deplete the bank's capital cushion and put pressure on its
liquidity which is substantially dependant on wholesale funding.

"Moody's believes that the credit losses expected to materialize
during 2009 will erode a substantial portion of Petrocommerce's
capital base, as the current level of provisioning by the bank is
regarded by Moody's as not sufficient," said Semyon Isakov, a
Moscow-based Moody's Analyst and lead analyst for Bank
Petrocommerce.

Moody's explains that it has applied a number of scenarios (base-
case and stressed) to the banks' loan books and observes that
Petrocommerce's capital adequacy may rapidly decline as soon as
the overall asset quality deteriorates.  Moody's also notes that
although the bank is likely to continue reporting a positive level
of pre-provision income, this is unlikely to be sufficient to
absorb impairments in the bank's loan book in 2009 which will
negatively impact the bank's capital going forward.

Furthermore, Petrocommerce's limited ability to refinance
significant volumes of outstanding debt, particularly upcoming
wholesale debt repayments in 2009 of US$900 million, which amounts
to approximately 15% of the bank's funding, is likely to put
pressure on its liquidity profile, leading to the bank scaling
down its lending activities, resulting in decrease in operating
income and operating efficiency over the long-term period.

Moody's previous rating action on Bank Petrocommerce was on May 4,
2007, when the rating agency announced that the bank's ratings and
outlook would remain unchanged following the implementation of
Moody's Joint Default Analysis and Bank Financial Strength Rating
methodologies.

Headquartered in Moscow, Russia, Bank Petrocommerce is a large
Russian corporate privately owned bank.  The bank reported total
IFRS assets of RUB188.2 billion, total shareholders' equity of
RUB20.7 billion and a net income of RUB1.7 billion as at
June 30, 2008.  The bank has two local regional subsidiary banks
in Russia and a subsidiary in Ukraine.


BANK ST PETERSBURG: Moody's Reviews D- BFSR for Possible Downgrade
------------------------------------------------------------------
Moody's Investors Service has placed the Ba3 global long-term
deposit and unsecured debt ratings, the B1 subordinated debt
ratings and the D- BFSR of Bank St. Petersburg on review for
possible downgrade.  The bank's short-term Not Prime rating
remains unchanged with a stable outlook.

The rating action is driven by the rating agency's concerns about
the potential impact of the enduring economic downturn in Russia
on BSPB's asset quality and financial performance which is likely
to exert further negative pressure on the banks' capital levels.
Moody's notes that although credit underwriting standards of BSPB
have been satisfactory to date, the credit losses and loan loss
provision charges are likely to substantially increase going
forward.  This reflects the overall deterioration of the
operational and economic environment in Russia and the high levels
of concentration in the bank's loan book.

"Even though the bank has not yet incurred an increase in non-
performing loans, which currently represent less than 1% of total
assets, Moody's believes that Bank St. Petersburg's rapid lending
expansion over recent years materially affects the bank's asset
quality amid the significantly worsened operating environment,"
said Semyon Isakov, a Moscow-based Moody's Analyst.

Moody's explains that it has applied a number of scenarios (base-
case and stressed) to the bank's loan book and observes that
BSPB's capital adequacy may rapidly decline as soon as the overall
asset quality deteriorates.  Moody's also notes that although BSPB
is likely to continue reporting a positive level of pre-provision
income this is unlikely to be sufficient to absorb impairments in
the bank's loan book in 2009 which will negatively impact its
capital going forward.

Furthermore, Moody's is closely monitoring the bank's liquidity
position.  The bank is currently running negative medium- and
long-term net funding gaps, and BSPB's reliance on large corporate
deposits for funding renders the bank strongly dependent on the
health of the regional economy in the Northwest of Russia (where
BSPB's business activities are concentrated), which has
experienced some liquidity issues in the recent past.  This has
already resulted in a declining core deposit base.  However, a
mitigating factor with regard to liquidity is the bank's limited
reliance on wholesale funding.

The rating agency notes that the ratings review will focus on
BSPB's ability (i) to maintain satisfactory financial fundamentals
-- in particular asset quality and liquidity -- against a
background of worsening economic scenarios and (ii) to raise new
capital over the next several months.

Moody's previous rating action on BSPB was on 10 July 2007 when
Moody's assigned long-term foreign currency ratings of Ba3 and B1
to the US$1 billion program for the issuance of Loan Participation
Notes by BSPB Finance P.L.C., a special purpose vehicle
incorporated under the laws of Ireland.

Headquartered in St. Petersburg, Russia, BSPB is one of the
largest banks in the Northwest region of Russia and the third-
largest bank in St. Petersburg (Russia's second-largest city).
The bank reported total assets of RUB181 billion (US$7.1 billion)
and shareholder's equity of RUB16.9 billion (US$667 million),
representing nine-month growth rates of 43% and 13%, respectively.


BRYANSK OJSC: Creditors Must File Claims by April 27
----------------------------------------------------
Creditors of OJSC Bryansk Airport have until April 27, 2009, to
submit proofs of claims to:

         I.Sabirov
         Temporary Insolvency Manager
         Post User Box 57
         Chernyshevskogo St. 43/2
         420202 Kazan
         Russia

The Arbitration Court of Bryanskaya will convene at 11:00 a.m. on
Aug.20, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A09–665/2009,.

The Debtor can be reached at:

         OJSC Bryansk Airport
         Aviatorov St. 1
         Oktyabrskoe
         Bryanskiy
         Bryanskaya
         Russia


DV DOMSTROY: Creditors Must File Claims by May 27
-------------------------------------------------
Creditors of LLC DV Domostroy (Construction) have until May 27,
2009, to submit proofs of claims to:

         V. Kaminskiy
         Insolvency Manager
         Post User Box 51/19
         680031 Khabarovsk
         Russia

The Arbitration Court of Khabarovskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73–9412/2008.

The Debtor can be reached at:

         LLC DV Domostroy
         Parizhskoy Kamunny St. 28
         681000 Komsomolsk-on-Amur
         Russia


KD OJSC: S&P Junks Long-Term Corporate Credit Ratings from 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit ratings on Russian property developer
OJSC KD Group to 'CC' from 'B-'.  At the same time, the Russian
national scale rating was lowered to 'ruCC' from 'ruBBB-'.  The
outlook is negative.

"The rating action follows a group decision to launch a tender for
its unrated Russian ruble 250 million bond due June 2009. Although
the final terms and conditions are undisclosed at this stage, the
offer is likely to be at less than the par value and/or with a new
maturity extending beyond the original maturity.  Given the
group's increasingly weak credit standing, S&P would consider such
an offer as distressed and tantamount to default," said Standard &
Poor's credit analyst Izabela Listowska.

Upon completion of the transaction, S&P expects to lower the
corporate credit rating to 'SD' (selective default).  S&P will
then assign a new corporate credit rating representative of the
default risk after the bond restructuring, which is unlikely to be
in a category higher than 'CCC'.  This is due to S&P's concerns
about the severity of the downturn in residential real estate
demand in the city of Perm and its region, where the group
operates, and the strain that this will increasingly place on the
group's liquidity, if the market does not improve.


KOMSOMOLSK-ON-AMUR BATTERY PLANT: Court Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Khabarovskiy appointed V.Legalov as
Insolvency Manager for OJSC Komsomolsk-on-Amur Battery Plant (TIN
2703001040, PSRN 102270516156).  The case is docketed under
Case No. A73–2601/2007.  He can be reached at:

         Dzerzhinskogo St. 28
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         OJSC Komsomolsk-on-Amur Battery Plant
         Kirova St.54
         681000 Komsomolsk-on-Amur
         Russia


KORSAKOVSKIY DAIRY: Creditors Must File Claims by May 27
--------------------------------------------------------
Creditors of OJSC Korsakovskiy Dairy Plant (TIN 5712001162, PSRN
1025700613773) have until May 27, 2009, to submit proofs of claims
to:

         P. Klimenko
         Insolvency Manager
         Office 607
         Moskovskoe shosse 137
         Orel
         Russia

The Arbitration Court of Orlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A48–2578/2008.

The Debtor can be reached at:

         OJSC Korsakovskiy Dairy Plant
         Mira St. 1
         Korsakovo
         Orlovskaya
         Russia


LENINOGORSKIY INSTRUMENT: Bankruptcy Hearing Set May 20
-------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 9:30 a.m. on
May 25, 2009, to hear bankruptcy supervision procedure on OJSC
Leninogorskiy Instrument Plant (TIN 1649008773, PSRN
1021601975120, RVC 164901001).  The case is docketed under Case
No. A65–12/2009,-SG4–39.

The Temporary Insolvency Manager is:

         I. Sytdykov
         Post User Box 553
         420104 Kazan
         Russia

The Debtor can be reached at:

         OJSC Leninogorskiy Instrument Plant
         Chaykovskogo St. 30
         Leninogorsk
         Russia


LESPROM OJSC: Creditors Must File Claims by May 27
--------------------------------------------------
Creditors of OJSC Lesprom (TIN 2801109652) (Lumbering) have until
May 27, 2009, to submit proofs of claims to:

         N. Surov
         Insolvency Manager
         Office 12
         Prospect. Sv.Innokentiya 13
         Blagoveshchensk
         675000 Amurskaya
         Russia

The Arbitration Court of Amurskaya will convene on June 11, 2009,
to hear bankruptcy proceedings.  The case is docketed under Case
No. A04–7575/2008–6/275B.

The Debtor can be reached at:

         OJSC Lesprom
         Zeyskaya St. 285
         Blagoveshchensk
         675000 Amurskaya
         Russia


MOSCOW REGIONAL: S&P Cuts Long-Term Issuer Credit Rating to 'SD'
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
issuer credit rating on Russia-based Moscow Regional Investment
Trust Co. to 'SD' from 'CC', indicating a selective default.  S&P
also lowered its Russia national scale rating on MRITC to 'SD'
from 'ruCC'.  All issuer credit ratings were removed from
CreditWatch with developing implications, where they were placed
on Feb. 6, 2009.

At the same time, the ratings on MRITC's Russian ruble
RUR4 billion bond were lowered to 'D/D' from 'CC/ruCC' and removed
from CreditWatch with developing implications.  The ratings on the
other bond, of which RUR1.2 is outstanding, remain at 'CC/ruCC'
and on CreditWatch with developing implications.

According to Standard & Poor's definition, a selective default is
representative of an issuer defaulting selectively -- that is,
defaulting on one issue or class of issues, but honoring others in
a timely fashion.  S&P's default definitions include payment
defaults on both rated and unrated financial obligations.

"We lowered the ratings on MRITC to 'SD/SD' and the ratings on one
of its bonds to 'D/D' because the company missed a put option on
its RUR4 billion bond, which fell due on March 26, 2009," said
Standard & Poor's credit analyst Felix Ejgel.

A 10-day grace period expired on April 6, 2009, and the company
had failed to meet its obligation in full. MRITC has confirmed,
however, that the bank loan that matured on March 26, 2009, was
redeemed on time, and that coupon payments on MRITC's two bonds
that came due on March 26 and March 27, 2009, were made with a
delay, but within a seven-day grace period.

As the company continues to service other debt obligations, S&P
considers this default as selective.

"If the company honors its put option or manages to reach an
agreement with investors to restructure its missed bonds, and
confirms the timely servicing of all other obligations, S&P could
raise the ratings on MRITC," said Mr. Ejgel.

MRITC's liquidity is poor.  During the last four months, MRITC's
unrestricted cash has not exceeded RUR250 million, which is far
below the RUR21.5 billion of direct debt obligations falling due
within the next 12 months.  Most debt payments are made from
earmarked subsidies received from the oblast budget.


NOMOS BANK: Moody's Changes Outlook on 'D-' BFSR to Negative
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the D- bank
financial strength rating and Ba3 long-term global foreign
currency deposit rating of NOMOS Bank to negative from stable and
have affirmed all of the bank's ratings.  The outlook on Nomos'
senior unsecured debt rating of Ba3 and the bank's subordinated
debt rating of B1 was also changed to negative from stable.
"The outlook change reflects Moody's concerns that the worsening
economic conditions are likely to translate into a deterioration
of Nomos' financial fundamentals.  In particular, potential asset
quality deterioration is likely to deplete the bank's capital
cushion and put pressure on its liquidity which is substantially
dependant on wholesale funding," said Vladlen Kuznetsov, a Moscow-
based Moody's Assistant Vice President-Analyst, and lead analyst
for this issuer.

Moody's notes that the asset quality is particularly vulnerable to
exposure to distressed sectors, such as real estate and
construction in which the bank has material exposures (ca. 70% of
total equity).  Nomos' asset quality has already started to
demonstrate deterioration, reflected in significant defaults in
real estate and other industries, which resulted in rising overdue
loans.  This situation is aggravated by significant concentrations
of the loans in proportion to equity (e.g. top 20 loans accounted
for more than 110% of total equity) thus placing additional
pressure on economic capital.

Moody's explained that it has applied a number of scenarios (base-
case and stressed) to the banks' loan books and revealed that
Nomos' capital adequacy may rapidly decline as soon as the overall
asset quality deteriorates.  Moody's also notes that although the
bank is likely to continue reporting a positive level of pre-
provision income this is unlikely to be sufficient to absorb
impairments in the bank's loan book in 2009 which will negatively
impact the bank's capital going forward.

Liquidity, while currently adequate, is potentially vulnerable to
(i) dependence on financing from the Central Bank of Russia, as
funds due from the CBR represent 16% of non-equity funding (ii)
significant dependence on the short term wholesale funding (up to
one year) which accounted 17% of funding, including the repayments
of approximately US$300 million to foreign creditors.  More
positively, Moody's notes that the bank has accumulated
significant liquidity cushion and demonstrated adequate short-term
cash inflows in order to cover those obligations, although the
bank's liquidity could come under pressure in the event of a
simultaneous significant reduction of the cash inflows resulting
from asset quality problems, withdrawals on customer deposits and
a significant decrease in non-customer funding.

Moody's further notes that Nomos' shareholders expressed
willingness to capitalize the bank in case of need, and have
demonstrated their commitment in February 2009 when a RUB5 billion
(c.US$140 million) capital injection was carried out by both
domestic and foreign shareholders (PPF and J&T group).

Moody's previous rating action on Nomos was on September 23, 2008
when the rating agency changed the outlook on the bank's ratings
to stable from positive.

Headquartered in Moscow, Russia, Nomos reported -- at September
30, 2008 -- total consolidated assets of US$9.6 billion and total
shareholders' equity of US$1.3 billion.  Nomos is largely a
corporate bank with the majority of operations concentrated in
Moscow although it has reasonable regional presence through 20
branches.


OFIS-STROY LLC: Creditors Must File Claims by May 27
----------------------------------------------------
Creditors of LLC Ofis-Stroy (Construction) have until May 27,
2009, to submit proofs of claims to:

A.Morozov
         Insolvency Manager
         Post User Box 13
         394038 Voronezh
         Russia

The Arbitration Court of Kaliningradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21–3244/2008.

The Debtor can be reached at:

         LLC Ofis-Stroy
         Kamskaya St. 63
         Kaliningrad
         Russia


PLYUSSKIY LES CJSC: Creditors Must File Claims by May 27
--------------------------------------------------------
Creditors of CJSC Plyusskiy Les (TIN 6016003456) (Forestry) have
until May 27, 2009, to submit proofs of claims to:

         Ya. Merkulov
         Insolvency Manager
         Post User Box 20
         Kosmonavtov St.10
         394038 Voronezh
         Russia

The Arbitration Court of Pskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A52–5742/2008.

The Debtor can be reached at:

         CJSC Plyusskiy Les
         Fadeyeva St. 32
         Plyussa
         181000 Pskovskaya
         Russia


RENOVA HOLDING: Moody's Cuts Corporate Family Rating to 'B1'
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Renova Holding Ltd to B1 from Ba3 and left the
probability of default rating unchanged at B2 and assigned the
A2.ru national scale rating.  The outlook is negative.

The rating action is predominantly driven by Moody's assessment of
the company's liquidity position and refinancing needs while
taking into account the action plan developed by the company to
manage proactively its liquidity position and debt service
obligations as well as the specific steps that, if concluded on a
timely basis, would address the company's 2009 refinancing
requirements.  Looking ahead, Renova also has substantial
refinancing needs in 2010 that may put additional pressure on its
liquidity position and credit profile.

The rating action takes further consideration of the impact of the
substantial decline in the equity markets and estimated comparable
reduction in the valuations of Renova's sizable unlisted assets on
the headroom that had existed under the group's Market Value-based
Leverage metrics, notwithstanding the gradual deleveraging
undertaken by the group.  The B1 Corporate Family Rating is
supported at this time by the expectation of relatively high
family recovery rates in the event of a default underpinned by the
current market valuations of the core listed assets,
notwithstanding the potential effect on the value of Renova's
investment in RUSAL, which is in the process of implementing a
broader refinancing transaction in negotiation with its creditors.

Moody's has chosen to affirm the Probability of Default rating of
B2 on the basis that: (i) Moody's can see scenarios where the
company's debt capital structure -- currently a mix of senior
secured and unsecured bank debt -- could evolve toward an all
senior secured bank debt capital structure over the course of the
next 12 months which, under Moody's methodology, would suggest the
prospect of higher recoveries albeit with higher probability of
default possibilities, and (ii) the developing stresses here
relate to liquidity and refinancing risk increasing
disproportionately Moody's probability of default assumption,
versus Moody's loss given default assumption.  Moody's
nevertheless acknowledges that the company is pursuing a
disciplined and well organized process for raising funds and cash
generation from the existing portfolio required to meet maturing
debt obligations so a ratings reversal is acknowledged as a
possibility if the company was able to complete its plans and
implement a more permanent debt capital structure that alleviated
liquidity and debt refinancing pressures.

The negative outlook reflects Moody's assessment of the challenges
presented by the current deterioration in the operating and credit
environments that may affect Renova's ability to execute its plans
in a timely manner.  Further downward pressure on the rating may
develop if delays with implementation of specific measures
designed to support the deleveraging process undermine the
assumptions supporting the B2 probability of default assessment
implied by the B1 corporate family rating.

Moody's previous rating action on Renova was on the February 9,
2009, when the rating agency downgraded the corporate family
rating of Renova by one notch to Ba3 and maintained the review for
downgrade of the rating.  This rating action concludes the review
process.

Renova Holding Ltd is a Bahamas-based investment holding company
with principal investments in TNK-BP, UC RUSAL, a number of
Russian power generation and distribution companies, as well as
chemical, machinery, telecoms and media and real estate companies
in Russia and Europe.  At the end of 2008, the fair value of its
portfolio was estimated at US$8 billion.


SIBERIAN SERVICES: Defaults on US$100-Mln Bonds, Bloomberg Says
---------------------------------------------------------------
Denis Maternovsky at Bloomberg News reports Siberian Services Co.
defaulted on US$100 million of bonds, becoming the first Russian
borrower to fail to repay its foreign debt this year.

Siberian Services didn't redeem the 13.75 percent notes due 2010
by an April 3 deadline after bond holders exercised a so- called
put option, the report says citing three investors who declined to
be identified because the matter is private.

Siberian Services didn't honor the put option on March 27 and also
missed a one-week grace period on the bonds, the investors said as
cited by Bloomberg News.

The report relates the investors said creditors formed a committee
to push for full repayment of the debt, which could force the
company into bankruptcy.

According to the report, spokeswoman Yelena Bashkirova confirmed
the company missed a debt payment without giving more information.

Moscow, Russia-based Siberian Services Co. is an oil- drilling
company whose clients include OAO Rosneft.


STROY-DETAL' LLC: Creditors Must File Claims by April 27
--------------------------------------------------------
Creditors of LLC Stroy-Detal' (Construction) have until April 27,
2009, to submit proofs of claims to:

         S.Bondarenko
         Temporary Insolvency Manager
         Post User Box 5
         690105 Vladivostok-105
         Russia

The Arbitration Court of Primorskaya will convene at 1:00 p.m. on
July 1, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A51–1110/2009,.

The Debtor can be reached at:

         LLC Stroy-Detal'
         50 let Oktyabrya St. 308
         Dalnegorsk
         Primorskiy
         Russia


VIMPELCOM: Telenor Files Motion to Halt Seizure of 29.9% Stake
--------------------------------------------------------------
John Acher at Reuters reports Telenor said Wednesday it has filed
a motion with a Moscow arbitration court to halt any seizure of
its 29.9 percent voting stake in Vimpelcom.

On Friday, April 3, Telenor was officially served with a claim to
pay US$1.7 billion to Farimex Products.  The claim was delivered
by a Norwegian bailiff from Asker and Baerum District Court.
Telenor was given five days to pay the sum voluntarily.

The claim results from a court ruling in Omsk in Siberia on
February 20, this year, holding Telenor liable for approximately
US$1.7 billion in damages for allegedly delaying VimpelCom's entry
into the Ukrainian market.  The court gave Farimex, a BVI
registered company holding a 0.002 per cent stake in VimpelCom, a
writ of execution to claim the amount.  After taking arrest in
Telenor's VimpelCom shares without any kind of notification to
Telenor, the claim has now been forwarded to Norwegian
authorities, facilitated by the Norwegian law firm Wikborg Rein.

Telenor's spokesman Dag Melgaard, as cited by Reuters, said, "We
have filed a motion with the Moscow business court to suspend the
bailiff's actions -- that is set to be heard on April 16."

In an April 7 report Reuters disclosed Friday, April 10, is the
deadline for Telenor to pay the US$1.7 billion to Vimpelcom.

                         About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- consists of telecommunications
operators providing voice and data services through a range of
wireless, fixed and broadband technologies.  The Group includes
companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan,
Tajikistan, Georgia and Armeniaas well as Vietnam and Cambodia, in
territories with a total population of about 340 million.  The
Group companies provide services under the "Beeline" brand.
VimpelCom was the first Russian company to list its shares on the
New York Stock Exchange ("NYSE").  VimpelCom's ADSs are listed on
the NYSE under the symbol "VIP".

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 21,
2009, Standard & Poor's Ratings Services revised its outlook on
Russian telecoms operator Vimpel-Communications to negative from
stable.  At the same time, the 'BB+' long-term corporate credit
ratings on VimpelCom, its related entities, and their respective
issue ratings were affirmed.


VOLZHSKIY METAL: Creditors Must File Claims by May 27
-----------------------------------------------------
Creditors of CJSC Volzhskiy Metal Structures Plant have until
May 27, 2009, to submit proofs of claims to:

         V. Pismenny
         Insolvency Manager
         Portovaya St. 3
         404130 Volzhskiy
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12–13917-s58.


ZENIT BANK: Moody's Changes Outlook on 'D-' BFSR to Negative
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the D- bank
financial strength rating and Ba3 long-term global local and
foreign currency deposit ratings of Zenit Bank (Russia) to
negative from stable.  The outlook on Zenit Bank's senior
unsecured debt rating of Ba3 was also changed to negative from
stable.  All ratings have been affirmed.

This rating action is driven by the rating agency's concerns about
the potential impact of the enduring economic downturn in Russia
on Zenit Bank's asset quality and financial performance which is
likely to exert further negative pressure on the bank's capital

Moody's notes that Zenit Bank's credit losses and loan loss
provision charges are likely to increase several times going
forward.  This reflects the overall deterioration of the
operational and economic environment in Russia and the high levels
of concentration in the bank's loan book.  The bank's credit
exposure to the real estate and construction sector -- which has
been particularly affected by the crisis -- is significant and
exceeds 100% of its Tier 1 capital, whilst single-name
concentration in the bank's loan book (and hence Zenit Bank's
vulnerability to fortunes and financial standing of certain large
borrowers) has also been high.

"Zenit Bank's capitalization has historically been kept at a
fairly adequate level -- Tier 1 capital adequacy ratio stood at
10.8% in accordance with IFRS as at 30 June 2008," said Elena
Redko, a Moscow-based Moody's Analyst and lead analyst for this
issuer.  "However given the increasingly tough operating
conditions, a likely decline in revenue generation capacity and
rapidly weakening asset quality evidently necessitate strengthened
capital cushion to absorb credit losses that Moody's expects to
materialize in 2009."

Moody's explained that it has applied a number of scenarios (base-
case and stressed) to the banks' loan books and revealed that
Zenit Bank's capital adequacy may rapidly decline as soon as the
overall asset quality deteriorates.  Moody's also notes that
although the bank is likely to continue reporting a positive level
of pre-provision income this is unlikely to be sufficient to
absorb impairments in the bank's loan book in 2009 which will
negatively impact the bank's capital going forward.

More positively, Moody's said that Zenit Bank's liquidity profile
is currently sound, with the bank's funding sources being
sufficiently diversified, while its assets and liabilities are
well-matched in terms of maturities, and the portion of liquid
assets comprises approximately a quarter of the bank's total
balance sheet.

Moody's previous rating action on Zenit Bank was on May 14, 2007,
when the rating agency upgraded the bank's ratings to Ba3/Not
Prime/D- (Stable) from B1/Not Prime/E+ (Positive).

Headquartered in Moscow, Russia, Zenit Bank reported total
consolidated IFRS assets of US$7.8 billion as at June 30, 2008,
and consolidated net income of US$90 million for the six months
then ended.


* MOSCOW OBLAST: S&P Changes CreditWatch on 'B-' Rating to Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its CreditWatch
status on the 'B-' senior unsecured debt rating on Moscow Oblast
to negative from developing.  Subsequently, the 'SD' long-term
issuer credit rating, and 'B-/ruBBB-' senior unsecured debt
ratings on the Moscow Oblast were suspended.

"The revised CreditWatch placement reflects the higher probability
of a downward rating action due to the increased lack of
transparency demonstrated by the oblast, coupled with expected
budgetary adjustments and important refinancing needs," said
Standard & Poor's credit analyst Felix Ejgel.

"We suspended the ratings on Moscow Oblast because S&P no longer
have sufficient information to maintain those ratings, in
particular regarding the oblast's liquidity position, its
refinancing plan, its discussions with the federal government for
financial support, and the management of its related companies'
debts in 2009-2010," said Mr. Ejgel.

Based on public information S&P has access to, S&P understands
that the oblast's revenues fell by 4% in the first two months of
2009.  Also, over the first two months of 2009, the oblast's cash
available dwindled by 30% to about RUR8.1 billion compared with
RUR12.4 billion at the beginning of 2009.  As a consequence, the
oblast will likely have to increase its debt outstanding, which
may be difficult and expensive under the market's current negative
sentiments.

On the other hand, if the oblast's cash remains at the levels
achieved at the beginning of March 2009 or higher, and the
recently announced RUR2 billion budget loan from the federal
budget is deposited in the oblast's account on time, the oblast
will have enough resources to pay the principal and interest of a
large RUR9.6 billion bond falling due on April 21, 2009.

Recent precedents relating to the Moscow Oblast and other regions
show that the state and regional banks will likely roll over part
of Moscow Oblast's debts, and S&P assumes that the oblast will
likely receive additional support of at least RUR15 billion once
the recent amendments to the federal budget for 2009 has been
approved in April.

Nevertheless, S&P does lack recent information on the oblast's
liquidity position, execution of its budget, its plan to refinance
of its direct debt, and potential restructuring of its total tax-
supported debt.  Consequently, Standard & Poor's is no longer able
to monitor the oblast's ability to meet its debt obligations.

Standard & Poor's may suspend a rating, in rare circumstances, if
it expects to reinstate the rating in the future.  The rating
suspension does not imply that the Moscow oblast is not servicing
its obligations or that the oblast's operations have deteriorated,
but rather that the oblast has failed to provide important
information.

"If sufficiently detailed information becomes available, Standard
& Poor's will reconsider the appropriate rating," said Mr. Ejgel.


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


CIRSA GAMING: Moody's Gives Negative Outlook; Affirms 'B2' Rating
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable for the ratings of Cirsa Gaming Corporation S.A. and
related rated entities.  At the same time, Moody's affirmed the B2
corporate family rating of Cirsa, the B2 rating of the EUR270
million 8.75% Senior Notes due 2014 issued by Cirsa Finance
Luxembourg S.A. and the B3 rating of the EUR230 million 7.875%
Senior Notes due 2012 issued by Cirsa Capital Luxembourg S.A.  The
Loss Given Default assessments remain unchanged.

"The change in outlook reflects Moody's concerns regarding Cirsa's
liquidity profile, which the rating agency believes is tightening
and consequently exhausting headroom under the rating category,"
explained Paloma San Valentin, a Senior Vice President in Moody's
Corporate Finance Group.

The current ratings are underpinned on Moody's expectation that
Cirsa will continue to improve its operating performance, with
profitable growth particularly in the slots and B2B divisions,
while successfully rolling-out bingo hall plans in Mexico, and
smoothly implementing the agreement with Casino Club in Argentina.
The ratings assume that the company will be able to successfully
weather the current European recessionary environment, as well as
Latin American currency volatility and economic and regulatory
instability.  Furthermore, the ratings incorporate Moody's
expectation that Cirsa will continue to upstream funds from its
Latin American subsidiaries, so that earnings, cash flow
generation, covenant compliance and overall financial flexibility
are not compromised.  The ratings also factor in Moody's
expectation that Cirsa will continue to operate within the
framework of its leverage and coverage targets (as reported by the
company and not adjusted by Moody's) of Net debt/EBITDA below 4x
and EBITDA/net interest expense above 4x.

"However, Moody's is concerned about how macro economic pressures
might impact Cirsa's business and liquidity in 2009," said Ms. San
Valentin.  "Weakness in operating performance, particularly in the
Spanish operations, and/or further deterioration in its liquidity
profile, including impaired access to bilateral lines of credit,
would put downward pressure on the ratings.

The last rating action was implemented on September 17, 2007, when
Moody's downgraded Cirsa's CFR to B2 from B1, the EUR270 million
Senior Notes due 2014 issued by Cirsa Finance Luxembourg S.A. to
B2 from B1 and the EUR230 million Senior Notes due 2012 issued by
Cirsa Capital Luxembourg S.A. to B3 from B2.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company with substantial operations in Italy and Latin
America.  In the last 12 months to end-September 2008, Cirsa
reported gross operating revenues of c. EUR1.7 billion and EBITDA
of EUR187 million.


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


ALMANID SCHWEIZ: Creditors Must File Proofs of Claim by April 17
----------------------------------------------------------------
Creditors owed money by JSC Almanid Schweiz are requested to file
their proofs of claim by April 17, 2009, to:

         Ronny Bremer
         Hochstrasse 31
         4053 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 25, 2009.


AUFFA LLC: Deadline to File Proofs of Claim Set April 17
--------------------------------------------------------
Creditors owed money by LLC Auffa are requested to file their
proofs of claim by April 17, 2009, to:

         Gregor Hartmann and
         Urs Hohler
         JSC Pneu Egger
         Neumattstrasse 4
         5000 Aarau
         Switzerland

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


BRANDPOINT LLC: Creditors Have Until April 17 to File Claims
------------------------------------------------------------
Creditors owed money by LLC Brandpoint are requested to file their
proofs of claim by April 17, 2009, to:

         Gotthardstrasse 31
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 22, 2009.


GASTRO SALIHI: Creditors Must File Proofs of Claim by April 17
--------------------------------------------------------------
Creditors owed money by LLC Gastro Salihi are requested to file
their proofs of claim by April 17, 2009, to:

         Salihi Fejza
         Pilgerweg 15
         8803 Rueschlikon
         Switzerland

The company is currently undergoing liquidation in Thalwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 5, 2008.


INNOVA BETEILIGUNG: Proof of Claim Filing Deadline is April 17
--------------------------------------------------------------
Creditors owed money by LLC Innova Beteiligung are requested to
file their proofs of claim by April 17, 2009, to:

         Advocacy Schwerzmann
         Gotthardstrasse 31
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 22, 2009.


LOOKAT ONLINE: Creditors' Proofs of Claim Due by April 16
---------------------------------------------------------
Creditors owed money by LLC Lookat Online are requested to file
their proofs of claim by April 16, 2009, to:

         Sandhuebelweg 21
         5103 Moriken-Wildegg
         Switzerland

The company is currently undergoing liquidation in Moriken-
Wildegg.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on Dec. 14, 2006.


MILLENNIUM ENTERPRISES: April 17 Set as Deadline to File Claims
---------------------------------------------------------------
Creditors owed money by JSC Millennium Enterprises are requested
to file their proofs of claim by April 17, 2009, to:

         Advocacy Schwerzman
         Gotthardstrasse 31
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 22, 2009.


MOBILE CATERING: Creditors Must File Proofs of Claim by April 16
----------------------------------------------------------------
Creditors owed money by LLC Mobile Catering Systems are requested
to file their proofs of claim by April 16, 2009, to:

         Im Grund
         8442 Hettlingen
         Switzerland

The company is currently undergoing liquidation in Hettlingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 30, 2008.


PI ONE MODE: Deadline to File Proofs of Claim Set April 17
----------------------------------------------------------
Creditors owed money by JSC Pi One Mode are requested to file
their proofs of claim by April 17, 2009, to:

         Frau Marlise Bongni
         Fischerweg 19
         3012 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 27, 2009.


POWER PROMOTION: Creditors Have Until April 17 to File Claims
-------------------------------------------------------------
Creditors owed money by LLC Power Promotion are requested to file
their proofs of claim by April 17, 2009, to:

         Graben 5
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 22, 2009.


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


AGRICULTURAL TECHNOLOGY: Court Starts Bankruptcy Procedure
----------------------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy supervision
procedure on CJSC Ukrainian Agricultural Technology (EDRPOU
31265847).

The Temporary Insolvency Manager is:

         D. Bobrov
         Office 78
         Zvenigorodskaya St. 6
         69093 Zaporozhye
         Ukraine

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian St. 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         CJSC Ukrainian Agricultural Technology
         Central St. 110
         Kirovo
         Tokmak
         71774 Zaporozhye
         Ukraine


BUZI IMPIANTI: Creditors Must File Claims by April 18
-----------------------------------------------------
Creditors of LLC Buzi Impianti (EDRPOU 30782848) have until
April 18, 2009, to submit proofs of claim to:

         O. Tichina
         Insolvency Manager
         Khoriv St. 39-41
         04071 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/29-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 BUZI IMPIANTI
         Office 11
         Yaroslavov Val St. 21-d
         01034 Kiev
         Ukraine


ENERGY MACHINE: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Energy Machine Investment (EDRPOU 31839996).

The Temporary Insolvency Manager is:

         E. Artamonova
    Post Office box 98
         B. Hmelnitskiy St. 44
         01030 Kiev
         Ukraine

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 Energy Machine Investment
         Grushevsky St. 28/2
         01021 Kiev
         Ukraine


ENTERPRISE VEK-PLUS: Creditors Must File Claims by April 18
-----------------------------------------------------------
Creditors of LLC Production and Commerce Enterprise Vek-Plus
(EDRPOU 33339611) have until April 18, 2009, to submit proofs of
claim to K. Zharikov, Insolvency Manager.

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B15/5b-09.

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev St. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Production and Commerce Enterprise Vek-Plus
         Office 601
         Chicherin St. 21
         49000 Dnepropetrovsk
         Ukraine


LEBEDIN PRODUCTION: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Sumy commenced bankruptcy supervision
procedure on OJSC Lebedin Production And Trading Enterprise
Furniture (EDRPOU 00310640).

The Temporary Insolvency Manager is:

         E. Tchuprun
         Office 49a
         Petropavlovskaya St. 74
         Sumy
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         OJSC Lebedin Production and
         Trading Enterprise Furniture
         Budilskaya St. 72
         Lebedin
         42200 Sumy
         Ukraine


MUR-KURILOVTSYAL AGRICULTURAL: Claims Deadline on April 18
----------------------------------------------------------
Creditors of OJSC on Logistics and Service Backup Mur-Kurilovtsyal
Agricultural and Technical Service (EDRPOU 00902441) have until
April 18, 2009, to submit proofs of claim to:

         Bar Inter-Regional State Tax Inspection
         Insolvency Manager
         K. Marks St. 5/2
         Bar
         23000 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/12-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         OJSC on Logistics and Service Backup Mur-Kurilovtsyal
         Agricultural and Technical Service
         Lenin St. 151
         Murovani
         Kurilovtsy
         23400 Vinnitsa
         Ukraine


OTINIYA LLC: Creditors Must File Claims by April 18
---------------------------------------------------
Creditors of LLC OTINIYA (EDRPOU 03752108) have until April 18,
2009, to submit proofs of claim to:

         I. Vatutin
         Insolvency Manager
         Novodvorsky St. 24
         Kolomiya
         78200 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-13/54.

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 Otiniya
         Shevchenko St. 2
         Otiniya
         Kolomiya
         Ivano-Frankovsk
         Ukraine


SOUTH CALORIMETER: Creditors Must File Claims by April 18
---------------------------------------------------------
Creditors of LLC Science-Production Enterprise South Calorimeter
(EDRPOU 24056034) have until April 18, 2009, to submit proofs of
claim to:

         V. Cherepenko
         Insolvency Manager
         Moscow St. 54-a
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/81/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya St. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Science-Production Enterprise South Calorimeter
         Office 19
         Faleyevskaya St. 17
         54030 Nikolayev
         Ukraine


TEPLOFICATOR LLC: Creditors Must File Claims by April 18
--------------------------------------------------------
Creditors of LLC Samara Industrial and Building Enterprise
Teploficator (EDRPOU 04944749) have until April 18, 2009, to
submit proofs of claim to:

         P. Shystopal
         Insolvency Manager
         Office 26
         Sverdlov St. 30/32
         40101 Dnepropetrovsk
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/77-08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Samara Industrial and Building Enterprise
         Teploficator
         Office 2
         Fedko St. 3
         40030 Sumy
         Ukraine


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


1CAR1.COM LIMITED: Certain Assets Sold to Enterprise Rent-A-Car
---------------------------------------------------------------
Steve Ellis and Mark Loftus of PricewaterhouseCoopers LLP, the
joint administrators of Local Contract Hire & Leasing Limited and
1car1.com Limited), have sold certain assets of the companies to
Enterprise Rent-A-Car Limited which completed on April 3, 2009.

Messrs. Ellis and Loftus of PricewaterhouseCoopers LLP were
appointed joint administrators of Local Contract Hire & Leasing on
March 18, 2009 and of 1car1 on March 19, 2009.

1car1 is the trading brand of Local Contract Hire & Leasing, a
leading provider of low-cost vehicle rental to all sectors of the
UK rental market.  The Company has grown very rapidly since its
incorporation in 1988.  At the date of administration the Company
had a fleet of approximately 15,500 vehicles spread across 87
branches.

The Company, which is based in Leeds, went into administration as
a result of a reassessment of the credit worthiness which left the
company unable to access sufficient credit to fund its ongoing
business.

Steve Ellis, joint administrator and partner at
PricewaterhouseCoopers LLP in Leeds said: "We are delighted to
announce the sale of the brand and certain assets of the Local
Contract Hire & Leasing Limited and 1car1.com Limited to
Enterprise Rent-A-Car Limited.

We anticipated strong interest in the 1car1 brand and we were not
disappointed.  Ultimately, the sale to Enterprise was identified
as the best option to maximize value recovery to creditors from
the investment in the 1car1 brand.  The branch network and
underlying business has not been profitable and the rapid
deterioration in funding available did not allow restructuring.

Unfortunately the branch network and staff at head office do not
form part of the transaction, although as administrators we will
continue to operate the branch network to repatriate vehicles over
the coming weeks.  We will continue to work to identify any
opportunities in respect of the employees.

The past two weeks have been a traumatic time for everybody
involved with the business and we would like to thank the staff at
1car1 in particular for their patience and cooperation throughout
this period."


BLUE CUBE: Appoints Joint Administrators from KMPG
--------------------------------------------------
Richard James Philpott and David John Standish of KPMG LLP were
appointed joint administrators of Blue Cube Rentals Ltd. on
March 26, 2009.

The company can be reached through KPMG LLP at:

         2 Cornwall Street
         Birmingham
         B3 2DL
         England


CHATTANOOGA PROPERTIES: Taps Joint Administrators from Deloitte
---------------------------------------------------------------
Adrian Peter Berry and Daniel Francis Butters of Deloitte LLP were
appointed joint administrators of Chattanooga Properties Ltd. on
March 25, 2009.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


COUNTYROUTE PLC: S&P Cuts Rating on GBP5.5 Mil. Loan to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term debt
rating to 'BBB-' from 'BBB' on the GBP88 million senior secured
bank loan and to 'BB-' from 'BB' on the GBP5.5 million
subordinated secured mezzanine bank loan, both due 2024, issued by
U.K.-based concessionaire CountyRoute (A130) PLC (ProjectCo).  At
the same time, S&P removed both ratings from CreditWatch with
negative implications, where they were placed on Aug. 14, 2008.
The outlook on both ratings is negative.

"The downgrade follows Standard & Poor's expectation that
CountyRoute's financial profile is likely to weaken due to the
approximately 65% increase in the project's major maintenance
costs compared with previous estimates," said Standard & Poor's
credit analyst Beata Sperling-Tyler.

The ratings reflect the exposure of half of the project's revenue
to traffic risk through a shadow toll payment mechanism; the
uncertainty related to the risk that the actual major maintenance
costs over the 30-year concession period may exceed those forecast
at the financial close; and the aggressive financial structure,
demonstrated by the relatively low senior ADSCRs for an
investment-grade rating.  However, the ratings also reflect the
better-than-expected traffic performance from 2004 to 2008; the
successful operation of the road to date, with no penalty points
and unavailability deductions; and the positive relationship with
the council as offtaker.

S&P expects a deterioration of both the senior and total annual
debt service coverage ratios, in particular in 2010 and 2011,
which is the period when the project will be reserving the
operating cash for the first phase of works to be carried out in
2011-2012.  Although the higher expenditure will likely be
compensated for to some extent by lower-than-assumed insurance and
overhead costs, the senior ADSCR may decline to 1.19x in March
2011, whereas the total ADSCR may fall to 0.96x in March 2010.
Although ProjectCo may be successful in claiming compensation from
the original design and construction contractor if these
additional maintenance works can be determined to be a result of a
latent defect, this may take several years to resolve.

The additional expenditure will be required to provide some
structural strengthening to the road's pavement, and thus to
improve the expected residual life of substantial sections of the
road, which otherwise would be unlikely to meet the hand-back
requirements in the concession agreement.

The project's financial profile may weaken further if the actual
traffic performance, in particular in 2009-2011, does not meet the
current forecast.  Although traffic levels have been above
expectations since the financial close in 2004 and S&P considers
its medium-term forecast growth rate of 1.5% per year as
reasonable, the actual 2008 traffic numbers were 1.7% below those
in financial 2007.  A flat or negative traffic growth -- in
particular between 2009 and 2011 -- is likely to result in a
lowering of the senior ADSCRs to levels not commensurate with an
investment-grade level rating as well as a further deterioration
of the total ADSCRs.

In addition, the project depends somewhat on the generation of
interest income on its cash balances at the 4.75% rate for free
cash balances and 5.50%-6.00% for reserve accounts it had assumed
for 2009-2012.  When excluding interest earned on cash balances,
as per Standard & Poor's definition of ADSCR set out in its
project finance criteria, and assuming a positive traffic growth,
the senior ADSCR over the project's life is a minimum of 1.105x
(in March 2011) and the total ADSCR is a minimum of 0.911x in
March 2009 and 0.924x in March 2010.

CountyRoute is a special-purpose, bankruptcy-remote entity wholly
owned by John Laing Infrastructure Ltd.  Under a 30-year
concession granted by Essex County Council in 1999, CountyRoute
operates the A130, a 15-kilometer road from Chelmsford to Basildon
in south-eastern England.  The road's construction was completed
in 2003.  The present financing was executed in 2004 to refinance
the original debt package after the actual traffic use was 25%
lower than the original forecast.

Further downward pressure on the ratings may arise if the project
is unable to generate financial income from interest on its cash
balances at the rate it had assumed, in particular during that
critical period.  The extent of any downward rating action on the
mezzanine debt may be greater than that on the senior debt,
reflecting its subordinated position.

The outlook could be revised to stable if the project maintains a
minimum senior ADSCR above 1.18x and the major maintenance
expenditure does not exceed current expectations.


DOUGLAS WALLACE: In Administration; Begbies Traynor Appointed
-------------------------------------------------------------
Neil Mather and David Hudson of rescue, recovery and restructuring
specialist Begbies Traynor have been appointed as Joint
Administrators to Douglas Wallace Designers Limited London
("DWDL").  The UK based practice specializes in hotels and spas,
retail and leisure providing masterplanning, architecture and
interior design services to a range of famous brands.

DWDL is the UK subsidiary of Irish-based Douglas Wallace
Architects & Designers Limited (which is currently subject an
examinership process in the Irish Courts), and its operations
include working for clients and projects in the UK and Ireland,
plus several new European countries including Greece, Romania,
Lithuania and Malta.  It has over 20 clients and currently employs
13 people in London.

DWDL is wholly owned by Irish based Douglas Wallace Architects &
Designers Limited, the examinership of which is being handled by
Kavanagh Fennell.  Kavanagh Fennell is a member of the Begbies
Global Network, the premier global network of multi-disciplinary
professionals working with distressed companies, active in 93
countries worldwide.  By working closely with Kavanagh Fennell, it
is hoped that a restructuring or sale of the groups businesses
will be possible, allowing the business of DWDL to continue.

Neil Mather, Joint Administrator, said: "This business has a great
reputation and client base; however in common with many property
related businesses, it has seen a significant downturn in demand
over the last year.  We are continuing to service clients, and
hope to be able to save as many jobs as possible in the UK by
selling the core business to enable to it grow in future.  We have
had interest from prospective purchasers and will be working with
its parent company in Ireland.  Any other interested parties
should contact us as soon as possible."


ELEVATE ONE: Taps Joint Administrators from Smith & Williamson
--------------------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Limited were appointed joint administrators of Elevate
(One) Ltd. on March 24, 2009.

The company can be reached at:

         Elevate (One) Ltd.
         48 Beak Street
         Third Floor
         Soho
         London
         W1F 9RL
         England


ELEVATE TWO: Appoints Joint Administrators from Smith & Williamson
------------------------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Limited were appointed joint administrators of Elevate
(Two) Ltd. on March 24, 2009.

The company can be reached at:

         Elevate (One) Ltd.
         72 Fielding Road
         Chiswick
         London
         W4 1DB
         England


ELEVATE UK: Brings in Joint Administrators from Smith & Williamson
------------------------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Limited were appointed joint administrators of Elevate
(UK) Ltd. on March 24, 2009.

The company can be reached at:

         Elevate (UK) Ltd.
         23 Ganton Street
         Soho
         London
         W1F 5PW
         England


EMC-III PLC: Fitch Downgrades Rating on Class E Notes to 'B'
------------------------------------------------------------
Fitch Ratings has upgraded the class C and D notes and downgraded
the class E notes of EMC-III (Victoria Funding) plc's commercial
mortgage-backed floating-rate notes, due 2014,:

  -- GBP2.3 million class B (XS0231020727) affirmed at 'AAA';
     Outlook Stable

  -- GBP9.3 million class C (XS0231022004) upgraded to 'AAA' from
     'AA'; Outlook Stable

  -- GBP9.8 million class D (XS0231023077) upgraded to 'AA' from
     'BBB'; Outlook Stable

  -- GBP1.9 million class E (XS0231024802) downgraded to 'B' from
     'BB'; Outlook Negative

The rating actions reflect the disparate credit quality of the
remaining two loans.  The upgrade is the result of improved credit
enhancement resulting from prepayments and scheduled amortization
on the notes.  The downgrade reflects the increased risk of the
Brisk loan, which currently shows a Fitch LTV of 107.4%, owing to
deteriorating UK commercial real estate markets.

The transaction is a securitization of a portfolio of seven
commercial mortgage loans.  Since closing, five of the loans
(91.2% of the pool) have been fully prepaid.  Combined with
scheduled amortization, this has reduced the outstanding balance
to GBP23.3 million from GBP262.8 million at closing.  The
remaining two loans are secured entirely by office properties
located in Coventry and London, with an aggregate market value of
GBP49.0 million based on closing valuations.

The transaction has a significant exposure to one loan, the Zeloof
Partnership loan, which accounts for 90% of the outstanding loan
pool.  This loan is secured by the 2.7-acre Old Truman Brewery
located in Brick Lane, in east London.  The property consists of
six mixed-use buildings of secondary quality.  Since closing, when
occupancy stood at 69%, the property has been fully let to 103
tenants with a weighted average unexpired lease term of four
years.  This has improved the interest coverage ratio to 3.98x
from 2.49x.  However, the ICR is subject to unexpected
fluctuations as 23% of the space is leased on tenancies at will,
whereby tenants can choose to vacate their rented space at any
time.  In addition, the property has a significant exposure to
Interxion, a non-rated global provider of data centres and managed
services, which accounts for 53% of passing rent.  Despite these
considerations, the strong exit debt yield of 16.9% and Fitch LTV
of 47.2% identify the Zeloof Partnership loan as a relatively low-
risk loan.

The Brisk loan (10% of the pool) is secured by a single retail
property located in Coventry.  The asset is fully let to six non-
rated tenants, with a WA unexpired lease term of 8.9 years.
Property income has been relatively stable since closing,
resulting in a current ICR of 1.34x. However, the debt service
coverage ratio has been below 1x for the last six payment dates
(0.99x at the last IPD).  The sponsor has topped up amortization
shortfalls, so that the exit LTV remains unaffected.  A
combination of scheduled amortization and a revaluation of the
property in 2007 has lowered the LTV to 73.2% from 79% at closing,
with a scheduled exit LTV of 68.3%.  However, the Fitch current
LTV stands at 107.4% due to the secondary nature of the asset.

Fitch will continue to monitor the performance of the transaction.


GLOBE PUB: May Go Into Administration After Loan Default
--------------------------------------------------------
Michael Blackley at Edinburgh Evening News reports that Globe Pub
Company, owned by property tycoon Robert Tchenguiz, is at risk of
going into administration after it defaulted on a GBP257 millon-
asset backed loan.

The company, the report says, failed to remedy a breach of its
covenant last month.  The report recalls the covenant breach was
triggered after ebitda fell below 1.25 times the cost of servicing
its debt –- the minimum it is allowed.

According to the report, if an administrator is appointed, Mr.
Tchenguiz could see his whole investment in the company wiped out.

However, the report notes it is not yet certain that the company
will enter administration as it may yet be able to negotiate a
deal with its bondholders.

The report discloses the Bank of New York Mellon, the trustee for
the bondholders, has launched a process of trying to identify all
bondholders in order to hold talks with them.  In order to
progress, 25 per cent of bondholders need to advise trustees that
they want them to proceed with the appointment of an
administrator, the report states.

Mr. Tchenguiz is understood to be trying to work out a deal with
creditors and has also not yet ruled out injecting more money into
the business, the report adds.

Globe Pub Company -- http://www.globepubcompany.co.uk/-- was
established in 2004 by R20, an investment company of Robert
Tchenguiz.   The company currently runs over 450 quality leased
pubs across the United Kingdom.  Its estate is managed by S&N Pub
Enterprises.


HEALTHCARE CHEDDLETUN: Taps Joint Administrators from BDO
---------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Healthcare Cheddletun Ltd. on
March 25, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


INFOMETAL LTD: Appoints Joint Administrators from KPMG
------------------------------------------------------
Andrew Stephen McGill and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Infometal Ltd. on March 25,
2009.

The company can be reached through KPMG LLP at:

         2 Cornwall Street
         Birmingham
         B3 2DL
         England


JJB SPORTS: Finalizes CVA Terms, Lines Up New Funding
-----------------------------------------------------
JJB Sports plc has finalized the terms of a company voluntary
arrangement with its landlords, various reports say.

The news sent shares in the company up 18 percent to 13 pence at
1020 GMT on Tuesday, April 7, Reuters relates.

The Daily Telegraph reports under the proposed CVA, JJB wants to
pay landlords on a monthly basis for its 250 open stores.
According to the Daily Telegraph, landlords of JJB's 140 stores
that have closed will be able to make a claim against a fund of
GBP10 million.

JJB, the Daily Telegraph discloses, also lined up new funding of
GBP50 million.  The Daily Telegraph says of the GBP50 million,
GBP25 million is a short-term loan from Barclays expiring at the
end of August 2009 and GBP25 million is a Bank of Scotland
revolving credit facility with a maturity date of September 30
2010.

The new funding agreement is dependent on implementation of the
CVA, the Daily Telegraph states.

Reuters notes creditors owed more than GBP100 million (US$149.2
million) will vote on the CVA on April 27.

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.


LOCAL CONTRACT: Certain Assets Sold to Enterprise Rent-A-Car
------------------------------------------------------------
Steve Ellis and Mark Loftus of PricewaterhouseCoopers LLP, the
joint administrators of Local Contract Hire & Leasing Limited and
1car1.com Limited), have sold certain assets of the companies to
Enterprise Rent-A-Car Limited which completed on April 3, 2009.

Messrs. Ellis and Loftus of PricewaterhouseCoopers LLP were
appointed joint administrators of Local Contract Hire & Leasing on
March 18, 2009 and of 1car1 on March 19, 2009.

1car1 is the trading brand of Local Contract Hire & Leasing, a
leading provider of low-cost vehicle rental to all sectors of the
UK rental market.  The Company has grown very rapidly since its
incorporation in 1988.  At the date of administration the Company
had a fleet of approximately 15,500 vehicles spread across 87
branches.

The Company, which is based in Leeds, went into administration as
a result of a reassessment of the credit worthiness which left the
company unable to access sufficient credit to fund its ongoing
business.

Steve Ellis, joint administrator and partner at
PricewaterhouseCoopers LLP in Leeds said: "We are delighted to
announce the sale of the brand and certain assets of the Local
Contract Hire & Leasing Limited and 1car1.com Limited to
Enterprise Rent-A-Car Limited.

We anticipated strong interest in the 1car1 brand and we were not
disappointed.  Ultimately, the sale to Enterprise was identified
as the best option to maximize value recovery to creditors from
the investment in the 1car1 brand.  The branch network and
underlying business has not been profitable and the rapid
deterioration in funding available did not allow restructuring.

Unfortunately the branch network and staff at head office do not
form part of the transaction, although as administrators we will
continue to operate the branch network to repatriate vehicles over
the coming weeks.  We will continue to work to identify any
opportunities in respect of the employees.

The past two weeks have been a traumatic time for everybody
involved with the business and we would like to thank the staff at
1car1 in particular for their patience and cooperation throughout
this period."


MARBLE ARCH: S&P Downgrades Rating on Class E1c Notes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
E1c notes issued by Marble Arch Residential Securitization No. 4
PLC.  S&P also removed from CreditWatch negative and affirmed the
rating on the class C notes and placed the class D1 notes on
CreditWatch negative.  At the same time S&P has affirmed the other
ratings in this transaction.  All of these actions are due to
deterioration in the pool performance, the continued reserve fund
draws, and the absence of a Bank of England base rate swap and a
fixed/floating swap.  These rating actions follow S&P's credit and
cash flow analysis of the most recent loan-level information.  The
BBR swap and the fixed/floating swap were terminated following the
insolvency of Lehman Brothers Holdings Inc.  In S&P's cash flow
analysis S&P assumed that these swaps will not be replaced.  The
absence of a fixed/floating swap increases the risk to the
transaction in scenarios where LIBOR is stressed upward.

As U.K. house prices have fallen, MARS 4 has experienced increased
losses. Cumulative losses were 1.76% as of the March interest
payment date.  This is substantially above S&P's U.K. RMBS
nonconforming index.  MARS 4 drew on its reserve again on the
March IPD, so that the reserve is now 35.89% of its target
balance.

The detachable A3c coupons pay interest until December 2009.
These payments considerably reduce interest income available to
pay interest on the mezzanine and junior notes and to cover
losses.  S&P's analysis showed that interest payments on the class
E1c notes are particularly vulnerable.  S&P has also considered
that under the transaction documentation, no drawing can be made
under the liquidity facility to meet interest payments on the
junior notes, if the aggregate balance of those loans 90+ days in
arrears (including repossession loans) represent more than 15% of
the note closing balance.  This figure was 9.49% in December 2008,
and S&P considers a breach of the 15% trigger unlikely over the
medium term.  When S&P receive the June IPD data, S&P will conduct
further analysis to see if the class D1 notes have sufficient
credit enhancement to maintain their current rating.

        Marble Arch Residential Securitisation No. 4 PLC
      EUR100.55 Million, GBP518.2 Million, and US$479 Million
   Mortgage-Backed Floating-Rate Notes with an Overissuance Of
     GBP14.28 Million Mortgage-Backed Floating-Rate Notes and
    GBP0.42 Million Mortgage-Backed Deferrable-Interest Notes

                          Rating Lowered

                                    Rating
                                    ------
               Class         To               From
               -----         --               ----
               E1c           B-                B


      Ratings Removed from CreditWatch Negative and Affirmed

                                 Rating
                                 ------
            Class         To               From
            -----         --               ----
            C1a           A               A/Watch Neg
            C1c           A               A/Watch Neg


             Ratings Placed on CreditWatch Negative

                                    Rating
                                    ------
               Class         To               From
               -----         --               ----
               D1a           BB/Watch Neg      BB
               D1c           BB/Watch Neg      BB

                         Ratings Affirmed

                      Class          Rating
                      -----          ------
                      A3c            AAA
                      A3c DACS       AAA
                      B1a            AA
                      B1b            AA
                      B1c            AA


RAWCLIFFE DEVELOPMENTS: Taps Joint Administrators from Deloitte
---------------------------------------------------------------
Adrian Peter Berry and Daniel Francis Butters of Deloitte LLP were
appointed joint administrators of Rawcliffe Developments Ltd. on
March 25, 2009.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


ROYAL BANK: To Cut 4,500 Jobs in the UK
---------------------------------------
Douglas Fraser at BBC Scotland reports that the Royal Bank of
Scotland Group plc is to cut a further 9,000 jobs, half of them in
the UK.

The cuts come on top of the 2,700 job losses already announced by
RBS in Britain this year, the report relates.

According to the report, the layoffs are to in the back office
operations, which include document processing, information
technology, procurement and bank property -- a division known as
Group Manufacturing.  However, RBS, the report notes, would not
say where the job losses would have most impact within the UK.

"We have set a new strategy for RBS to restore the bank to
standalone strength as soon as practicable.  From this we want the
government to be able to realise value from its investment in
RBS," the report quoted Stephen Hester, chief executive of RBS, as
saying.  "To do so we need to cut our costs, as in all businesses,
given the current recession.  Unfortunately that means taking
difficult decisions about jobs as well as taking many other cost
reduction actions."

On April 7, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that RBS plans to reduce costs by GBP2.5
billion (US$3.7 billion) over three years to help repay a GBP20
billion taxpayer bailout as quickly as possible.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


RILEYS LTD: Appoints Joint Administrators from Ernst & Young
------------------------------------------------------------
Simon Allport and Thomas Andrew Jack of Ernst & Young LLP were
appointed joint administrators of Rileys Ltd. on March 24, 2009.

The company can be reached at:

         Rileys Ltd.
         8 Clarendon Drive
         Wymbush
         Milton Keynes
         MK8 8ED
         England


SOUPS LIMITED: Goes Into Compulsory Liquidation
-----------------------------------------------
Soups Limited, the parent company of Michelin-starred restraurant
Juniper in Greater Manchester, has gone into compulsory
liquidation, Caterersearch reports.

The restaurant in Altricham was taken over by Swiss chef Michael
Riemenschneider and business partner Bill Treloar from former
owners Paul Kitching and Katie O'Brien seven months ago,
Caterersearch discloses.

Manchester Evening News relates, Jack Horsley Frost WH Frost, a
creditor of Soups, said he was forced to pursue the winding up
order after repeated attempts to get paid proved futile.

Mr. Frost, the report states, is owed around GBP7,000 for meat he
supplied to the restaurant since it was taken over by new owners
in September last year.

Manchester Evening News notes other firms and suppliers are also
said to be owed money.


SOUTHERN PACIFIC 05-2: S&P Puts Two BB-Rated Notes on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
the class D and E notes issued by Southern Pacific Securities 05-2
PLC.  The actions follow S&P's initial credit analysis of the most
recent information that S&P has received.  This analysis showed a
further weakening in collateral performance and a general
worsening of the key performance indicators.  At the last interest
payment date, the transaction drew GBP112,126 from the reserve
fund, which currently stands at 95.6% of the required amount.
This draw was largely due to higher losses, which have increased
by 36 basis points from the previous IPD to 1.98% of the initial
balance.  The servicer has apparently been able to manage
repossession levels, which had been increasing but fell to 10.75%
in March 2009 from 11.53% in December 2008.  However, the
continuing rise in arrears is still of concern to us.  Loans in
arrears for more than 90 days had risen to 30.9% by the March IPD,
the 14th payment date since closing.  This is well above S&P's
nonconforming index for transactions of this seasoning, which
currently stands at 14.2% of the current balance for loans 90 days
in arrears and 2.3% for repossessions.

S&P will conduct updated credit and cash flow runs based on the
underlying portfolio as of March, and will release the results,
together with any effect on the ratings on any of the notes, in
due course.

                           Ratings List

              Southern Pacific Securities 05-2 PLC
              GBP310.75 Million, EUR145.8 Million,
                and US$205 Million Mortgage-Backed
                       Floating-Rate Notes

             Ratings Placed on CreditWatch Negative

                                   Rating
                                   ------
               Class         To                From
               -----         --                ----
               D1a           BBB/Watch Neg     BBB
               E1c           BB/Watch Neg      BB
               E1c           BB/Watch Neg      BB


SOUTHERN PACIFIC 05-B: Fitch Cuts Rating on Class D Tranche to BB
-----------------------------------------------------------------
Fitch Ratings has upgraded two, downgraded five and affirmed eight
tranches of the three Southern Pacific Financing transactions (SPF
04-A, SPF 05-B and SPF 06-A).  Fitch has also revised the Outlooks
to Stable from Positive on three tranches of SPF 05-B and SPF 06-
A, indicating the agency's concern about the overall performance
of the deals, as well as the losses expected to result from the
deterioration in the UK's housing and lending markets.  A full
rating breakdown is provided at the end of this comment.

The latest investor reports for March 2009 show an increase in the
percentage of loans in arrears by more than three months across
all three transactions.  In the case of SPF 04-A, the increase was
mainly caused by deleveraging of the pool.  In actual terms, the
transaction's loans in arrears have been decreasing, and the
balance of loans with three or more missed payments, excluding
repossessions, make up GBP8.1 million or 21.3% of the pool.
Meanwhile, loans in arrears by more than three months, excluding
repossessions, in SPF 05-B and SPF 06-A make up 21.32% and 23.81%
of the current portfolio outstanding, respectively.  The increase
in loans in arrears is a result of a combination of the method of
arrears calculation and the current challenging economic
environment.  Loans in repossession across the three transactions
stood at between 4.36% (SPF 04-A) and 5.07% (SPF 06-A) of the
current portfolio outstanding.

The latest investor reports indicate that the servicer has taken
an active role in selling repossessed properties.  However, the
current macroeconomic decline has impacted the level of losses
being realized across all three transactions, putting pressure on
the available excess spread being generated by the transactions.
Consequently, SPF 05-B drew on its reserve fund in December 2008.
The amount of the draw was limited in size at GBP166,600 (3.65% of
the reserve fund target amount), and at These interest payment
date in March 2009, the transaction managed to produce enough
revenue to increase the reserve fund to 97.94% of its target
amount.

In the less seasoned deal, SPF 06-A, the impact of the losses
realized in recent quarters was to some extent mitigated by the
presence of an interest rate cap reserve fund which acts as an
additional security layer to the notes.  On the past two interest
payment dates there has been a notable decline in the interest
rate cap reserve fund, which is essentially excess spread that has
been "trapped" from the interest rate cap proceeds received during
the lifetime of the deal.  As the interest rate cap, initially
provided by Lehman Brothers, no longer exists to provide
additional revenue for the transaction, Fitch believes that if
losses continue to be realized at the current pace, the interest
rate cap reserve fund (currently at GBP2.4 million), is likely to
be depleted in the upcoming months.

Fitch's house price decline expectation calls for a 30% peak-to-
trough drop.  As such, the agency believes that the loss
severities on SPF 05-B and SPF 06-A, which as of the last interest
payment date stood at 33.34% and 31.24%, are likely to increase.
In combination with the characteristics of the underlying
collateral of these deals, with weighted average loan-to-value
ratios greater than 70%, the agency believes that further losses
are likely to be realized in the two deals and in turn, further
reserve fund draws are likely to occur on SPF 05-B, and actual
reserve fund draws are expected on SPF 06-A.

The more seasoned transaction, SPF 04-A, has not shown significant
signs of deterioration and to date has had no reserve fund draws
reported.  The collateral of the underlying loans in this
transaction, has benefited from significant house price
appreciation, which is why the level of losses seen to date have
been low, compared to the two other deals.  The agency believes
that the credit enhancement on the notes has increased to levels
that are sufficient to support the higher ratings.

The Negative Outlooks on the junior tranches of SPF 05-B and SPF
06-A reflect the agency's concerns over the volume of loans in
arrears or possession in the transactions and the potential level
of losses.  Further negative rating action will occur if loss
severity levels continue to increase, and if the number of loans
in arrears being repossessed increases.

The rating actions are:

Southern Pacific Financing 04-A plc:

  -- Class A (ISIN XS0190203124) affirmed at 'AAA'; Outlook Stable

  -- Class B (ISIN XS0190204445) affirmed at 'AAA'; Outlook Stable

  -- Class C (ISIN XS0190205178) affirmed at 'AAA'; Outlook Stable

  -- Class D (ISIN XS0190205681) upgraded to 'AA+' from 'AA';
     Outlook revised to Stable from Positive

  -- Class E (ISIN XS0190206143) upgraded to 'AA-' (AA minus) from
     'A+'; Outlook revised to Stable from Positive

Southern Pacific Financing 05-B plc:

  -- Class A (ISIN XS0221839318) affirmed at 'AAA'; Outlook Stable

  -- Class B (ISIN XS0221840324) affirmed at 'AA'; Outlook revised
     to Stable from Positive

  -- Class C (ISIN XS0221840910) affirmed at 'A'; Outlook revised
     to Stable from Positive

  -- Class D (ISIN XS0221841561) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class E (ISIN XS0221842023) downgraded to 'B' from 'BB';
     Outlook revised to Negative from Stable

Southern Pacific Financing 06-A plc:

  -- Class A (ISIN XS0241080075) affirmed at 'AAA'; Outlook Stable

  -- Class B (ISIN XS0241082287) affirmed at 'AA'; Outlook revised
     to Stable from Positive

  -- Class C (ISIN XS0241083764) downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable

  -- Class D1 (ISIN XS0241084572) downgraded to 'B' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class E (ISIN XS0241085033) downgraded to 'CCC' from 'BB';
     assigned a Recovery Rating of 'RR1'


SOUTHERN PACIFIC 06-A: Fitch Junks Rating on Class E Tranche
------------------------------------------------------------
Fitch Ratings has upgraded two, downgraded five and affirmed eight
tranches of the three Southern Pacific Financing transactions (SPF
04-A, SPF 05-B and SPF 06-A).  Fitch has also revised the Outlooks
to Stable from Positive on three tranches of SPF 05-B and SPF 06-
A, indicating the agency's concern about the overall performance
of the deals, as well as the losses expected to result from the
deterioration in the UK's housing and lending markets.  A full
rating breakdown is provided at the end of this comment.

The latest investor reports for March 2009 show an increase in the
percentage of loans in arrears by more than three months across
all three transactions.  In the case of SPF 04-A, the increase was
mainly caused by deleveraging of the pool.  In actual terms, the
transaction's loans in arrears have been decreasing, and the
balance of loans with three or more missed payments, excluding
repossessions, make up GBP8.1 million or 21.3% of the pool.
Meanwhile, loans in arrears by more than three months, excluding
repossessions, in SPF 05-B and SPF 06-A make up 21.32% and 23.81%
of the current portfolio outstanding, respectively.  The increase
in loans in arrears is a result of a combination of the method of
arrears calculation and the current challenging economic
environment.  Loans in repossession across the three transactions
stood at between 4.36% (SPF 04-A) and 5.07% (SPF 06-A) of the
current portfolio outstanding.

The latest investor reports indicate that the servicer has taken
an active role in selling repossessed properties.  However, the
current macroeconomic decline has impacted the level of losses
being realized across all three transactions, putting pressure on
the available excess spread being generated by the transactions.
Consequently, SPF 05-B drew on its reserve fund in December 2008.
The amount of the draw was limited in size at GBP166,600 (3.65% of
the reserve fund target amount), and at These interest payment
date in March 2009, the transaction managed to produce enough
revenue to increase the reserve fund to 97.94% of its target
amount.

In the less seasoned deal, SPF 06-A, the impact of the losses
realized in recent quarters was to some extent mitigated by the
presence of an interest rate cap reserve fund which acts as an
additional security layer to the notes.  On the past two interest
payment dates there has been a notable decline in the interest
rate cap reserve fund, which is essentially excess spread that has
been "trapped" from the interest rate cap proceeds received during
the lifetime of the deal.  As the interest rate cap, initially
provided by Lehman Brothers, no longer exists to provide
additional revenue for the transaction, Fitch believes that if
losses continue to be realized at the current pace, the interest
rate cap reserve fund (currently at GBP2.4 million), is likely to
be depleted in the upcoming months.

Fitch's house price decline expectation calls for a 30% peak-to-
trough drop.  As such, the agency believes that the loss
severities on SPF 05-B and SPF 06-A, which as of the last interest
payment date stood at 33.34% and 31.24%, are likely to increase.
In combination with the characteristics of the underlying
collateral of these deals, with weighted average loan-to-value
ratios greater than 70%, the agency believes that further losses
are likely to be realized in the two deals and in turn, further
reserve fund draws are likely to occur on SPF 05-B, and actual
reserve fund draws are expected on SPF 06-A.

The more seasoned transaction, SPF 04-A, has not shown significant
signs of deterioration and to date has had no reserve fund draws
reported.  The collateral of the underlying loans in this
transaction, has benefited from significant house price
appreciation, which is why the level of losses seen to date have
been low, compared to the two other deals.  The agency believes
that the credit enhancement on the notes has increased to levels
that are sufficient to support the higher ratings.

The Negative Outlooks on the junior tranches of SPF 05-B and SPF
06-A reflect the agency's concerns over the volume of loans in
arrears or possession in the transactions and the potential level
of losses.  Further negative rating action will occur if loss
severity levels continue to increase, and if the number of loans
in arrears being repossessed increases.

The rating actions are:

Southern Pacific Financing 04-A plc:

  -- Class A (ISIN XS0190203124) affirmed at 'AAA'; Outlook Stable

  -- Class B (ISIN XS0190204445) affirmed at 'AAA'; Outlook Stable

  -- Class C (ISIN XS0190205178) affirmed at 'AAA'; Outlook Stable

  -- Class D (ISIN XS0190205681) upgraded to 'AA+' from 'AA';
     Outlook revised to Stable from Positive

  -- Class E (ISIN XS0190206143) upgraded to 'AA-' (AA minus) from
     'A+'; Outlook revised to Stable from Positive

Southern Pacific Financing 05-B plc:

  -- Class A (ISIN XS0221839318) affirmed at 'AAA'; Outlook Stable

  -- Class B (ISIN XS0221840324) affirmed at 'AA'; Outlook revised
     to Stable from Positive

  -- Class C (ISIN XS0221840910) affirmed at 'A'; Outlook revised
     to Stable from Positive

  -- Class D (ISIN XS0221841561) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class E (ISIN XS0221842023) downgraded to 'B' from 'BB';
     Outlook revised to Negative from Stable

Southern Pacific Financing 06-A plc:

  -- Class A (ISIN XS0241080075) affirmed at 'AAA'; Outlook Stable

  -- Class B (ISIN XS0241082287) affirmed at 'AA'; Outlook revised
     to Stable from Positive

  -- Class C (ISIN XS0241083764) downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable

  -- Class D1 (ISIN XS0241084572) downgraded to 'B' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class E (ISIN XS0241085033) downgraded to 'CCC' from 'BB';
     assigned a Recovery Rating of 'RR1'


TATA MOTORS: EIB Grants GBP329 Million Loan to Jaguar Land Rover
----------------------------------------------------------------
The Times' Christine Buckley reports that the European Investment
Bank has granted EUR366 million (GBP329 million) in loan to Jaguar
Land Rover, owned by India's Tata Motors Ltd.

According to the report, JLR's loan will be underwritten by the
government.

The report relates JLR said in a statement: "This loan will
support Jaguar Land Rover's significant investments in
environmental technologies that are crucial for the future -- part
of a total commitment by the business of over GBP800 million. "

JLR, the report notes, also seeks an additional GBP500 million in
loan guarantees from the government.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

The rating action follows material deterioration in Tata Motors'
cash flows and related metrics on a consolidated basis, derived
from an adverse operating environment, which, combined with
significantly high debt levels, will affect its credit protection
measures beyond those consistent with a 'BB' rating category.


TAYLOR WIMPEY: Inks Refinancing Deal With Creditors
---------------------------------------------------
Anita Likus at Dow Jones Newswire reports that Taylor Wimpey plc
has completed its debt refinancing discussions.

The news sent shares in the company up 5.4% to 39 pence at 1410
GMT on Tuesday, April 7, the report relates.

According to the report, the company, which had net debt of
GBP1.57 billion at April 3, said it arranged amended banking
facilities that gave a more appropriate set of covenants and
maturities to 2012.

The company, the report discloses, will pay a one-off fee of GBP60
million for the amendment, of which GBP11 million was incurred in
2008.

The report recounts the discussions were complicated because they
included the providers of its bank facilities, private placements,
note holders, and bondholder committees, which represent about 70%
of the principal amount of each of the 2012 and 2019 Eurobonds.

The refinancing, which has been signed by Taylor Wimpey's banking
syndicate and U.S. private placement note holders, is subject to
approval by Eurobond holders following meetings April 30, the
report notes.

The report recalls the company had been trying to refinance its
debt since July to avoid breaching covenants.

The report meanwhile says the company's pretax loss widened to
GBP1.97 billion from GBP33.6 million in 2007, hurt by various
exceptional costs, including GBP1 billion in land and work-in-
progress write-downs.

Taylor Wimpey plc -- http://www.taylorwimpey.com-- is a
homebuilding company with operations in the United Kingdom, North
America, Spain and Gibraltar.  The Company has 34 regional
businesses and five smaller satellite operations.  It operates two
core brands: Bryant Homes and George Wimpey.  The George Wimpey
brand incorporates modern design and contemporary living into each
home and offers customers a range of options to personalize their
home.  Its Gibraltar business operates in the luxury apartment
market.  The Company operates in five divisions: Housing United
Kingdom, Housing North America, Housing Spain and Gibraltar,
Construction and Corporate. On July 3, 2007, George Wimpey PLC
merged with Taylor Woodrow plc to create Taylor Wimpey plc.  In
September 2008, the Company announced the sale of the United
Kingdom business of Taylor Woodrow Construction to VINCI PLC.


* European IPO Markets Suffer Their Worst Ever Quarter, PwC Says
----------------------------------------------------------------
Europe's Initial Public Offering (IPO) market has suffered its
worst ever quarter with 18 listings in the three months up to
March 31 raising just EUR9 million, reflecting the continued
worldwide loss of confidence in the capital markets, according to
PricewaterhouseCoopers latest IPO Watch Europe survey.

The survey, which tracks the volume and value of IPOs around
Europe, shows that volumes and values were massively down on the
first quarter of 2008 which saw 72 IPOs raise EUR1,942 million and
even on the disappointing last quarter of 2008 when 64 IPOs still
raised EUR1,238 million.

The total money raised in Europe was less than 1% of the figure
recorded in the first quarter of 2008.  Only 11 of the 18 IPOs
that made it to market raised any money.  The average amount
raised was less than EUR1 million compared with EUR34 million in
the same period a year ago.

The Warsaw Stock Exchange was the largest market in terms of value
and volume with six IPOs raising EUR6 million.  It also hosted
three of the five largest IPOs of the quarter, the biggest being
Polish manufacturing company Hydrapres SA which raised EUR4
million.  London and Luxembourg were the only other exchanges to
host IPOs that raised any money –- EUR2 million and EUR1 million
respectively.  With so few listings raising any money this
quarter, Warsaw captured two-thirds of the European IPO market by
value.

Richard Weaver, partner, Capital Markets Group,
PricewaterhouseCoopers LLP said: "These continue to be dire times
for the IPO market globally.  Things have rapidly gone from bad to
worse as Europe's IPO markets appear to have shut up shop.  In
these unprecedented times, even Nostradamus would be hard pressed
to forecast how the next quarter will shape up.

"There is undoubtedly pent-up demand from companies seeking to
access the IPO market but it would be a brave person who could
foresee the market returning before 2010.  When the market does
re-open, it will be the companies with strong cash flows and
compelling business propositions that are the winners."

London's Main Market attracted two IPOs and AIM had just one
admission.  NASDAQ OMX hosted four IPOs, none of which raised any
funds, which put it in second place in volume terms.  This was a
decline from the EUR15 million raised there a year ago.  NYSE
Euronext came joint third with London in terms of volume with
three listings but again no money was raised.  In the first
quarter of 2008 it saw 17 IPOs raise EUR620 million.  All three
IPOs listed on the Marche Libre.  Luxembourg hosted just one IPO
in the quarter raising EUR1 million in Global Depositary Receipts.

There were three IPOs by non-European companies in the quarter,
raising a mere EUR1 million in total, compared with the 18 that
raised EUR1,484 million a year ago.  London and Luxembourg were
the chosen destinations.  A Lebanese bank and a Singapore-based
marine transportation company listed in London but raised no
funds.  Luxembourg saw an Indian bank raise EUR1 million.

Of the remaining European markets, the Swiss SIX exchange hosted
just one IPO, an investment company that raised no money, while
there were no IPOs at all on the Norwegian, German, Italian,
Spanish, Austrian, Greek or Irish exchanges.

In the US, just two IPOs were hosted but did raise EUR564 million,
compared with the 25 that raised EUR14,698 in quarter one of 2008,
a 92% plunge in volume and 96% in value, although that quarter
included the biggest IPO in US history, that of Visa.  One of the
US IPOs was a Chinese manufacturer of electronic goods that raised
EUR1 million.

The Russian market saw three IPOs, none of which raised any money
and all were from the utilities sector.  This compared with the
six that came to market in the same period of 2008 but again
raised no money.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 16-19, 2009
  COMMERICAL LAW LEAGUE OF AMERICA
     2009 Chicago/Spring Meeting
        Westin Hotel on Michigan Ave., Chicago, Ill.
           Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
  NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
     NABT Spring Seminar
        The Peabody, Orlando, Florida
           Contact: http://www.nabt.com/

Apr. 20, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        John Adams Courthouse, Boston, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

Apr. 28-30, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

May 1, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts for Young Practitioners
        Alexander Hamilton Custom House, New York City
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        New York Marriott Marquis, New York City
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
  RENASSANCE AMERICAN MANAGEMENT, INC.
     6th Annual Conference on
     Distressted Investing - Europe
        The Le Meridien Piccadilly Hotel, London, U.K.
           Contact: 1-903-595-3800 or
                    http://www.renaissanceamerican.com/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
        National Harbor, Maryland
           Contact: http://www.abiworld.org/

May 12-15, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Litigation Skills Symposium
        Tulane University, New Orleans, La.
           Contact: http://www.abiworld.org/

May 14-16, 2009
  ALI-ABA
     Chapter 11 Business Reorganizations
        Langham Hotel, Boston, Massachusetts
           Contact: http://www.ali-aba.org

June 10-13, 2009
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     25th Annual Bankruptcy & Restructuring Conference
        The Ritz-Carlton Orlando Grande Lakes
           Orlando, Florida
              Contact: http://www.aria.org/

June 11-14, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

July 16-19, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Mt. Washington Inn
           Bretton Woods, New Hampshire
              Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Conference
        The Westin Hilton Head Island Resort & Spa,
        Hilton Head Island, S.C.
           Contact: http://www.abiworld.org/

Aug. 6-8, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Conference
        Hotel Hershey, Hershey, Pa.
           Contact: http://www.abiworld.org/

Sept. 10-11, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 2, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center, Washington, D.C.
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Paris Las Vegas, Las Vegas, Nev.
           Contact: http://www.abiworld.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Ocean Edge Resort, Brewster, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Conference
        The Ritz-Carlton Amelia Island, Amelia, Fla.
           Contact: http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *