TCREUR_Public/090415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, April 15, 2009, Vol. 10, No. 73

                            Headlines

A U S T R I A

A. ROHE LLC: Claims Registration Period Ends April 24
ARBI TASUEV: Claims Registration Period Ends April 24
ARGUS LLC: Claims Registration Period Ends April 24
BEGED GRABNER: Claims Registration Period Ends April 21
DER TISCHLER: Claims Registration Period Ends April 21

ELAB M M: Claims Registration Period Ends April 24
TANGO SHOES: Claims Registration Period Ends April 24


B E L G I U M

FORTIS NV: All Shareholders Can Now Vote on BNP Deal
IMMO INDUSTRY: Lenovo Halts Plans to Build US$20 Mln Polish Plant


F R A N C E

FAURECIA SA: Secures EUR1.63 Bln 1st Phase of 2009 Financing Plan


G E R M A N Y

ALPI GMBH: Claims Registration Period Ends May 22
ALUMINIUM SALZSCHLACKE: Claims Registration Period Ends June 9
BUERSTADTER TEXTILVEREDLUNGS: Claims Registration Ends May 6
CHRYSLER LLC: Bankruptcy May Damage Daimler's Finances
WEDGWOOD GMBH: Claims Registration Period Ends May 29

ZEITELHACK HAUSTECHNIK: Claims Registration Period Ends April 24

* GERMANY: Finance Minister Submits Bad Bank Plan


K A Z A K H S T A N

ARMA AKTAU: Creditors Must File Claims by May 15
DNEPRO TYAJ: Creditors Must File Claims by May 15
HAI TELKO: Creditors Must File Claims by May 15
IVA INTERMEDIA: Creditors Must File Claims by May 15
MEREY LLP: Creditors Must File Claims by May 15

MUKAI LLP: Creditors Must File Claims by May 15
MUNAI ENERGO: Creditors Must File Claims by May 15
SENIM LTD: Creditors Must File Claims by May 15
SMART ELECTRONICS: Creditors Must File Claims by May 15


K Y R G Y Z S T A N

GALLA IMPORT: Creditors Must File Claims by April 17


R U S S I A

ALROSA COMPANY: To Supply Uncut Diamonds to 15 Antwerp Companies
GRADO-STROY: Creditors Must File Claims by May 3
KANASHSKAYA KERAMIKA: Chuvashia Bankruptcy Hearing Set June 22
MEGALIT LLC:  Vladimirskaya Bankruptcy Hearing Set July 23
PAVLOVSKIY SUGAR: Creditors Must File Claims by May 3

REZHEVSKOY AGGREGATE: Sverdlovskaya Bankruptcy Hearing Set Aug. 4
RUS-LES-TRANS: Creditors Must File Claims by June 3
SOLBIS: Creditors Must File Claims by June 3
SOUTHERN TELECOM: To Secure RUR3 Bln Loan to Refinance Debt
STROITEL: Creditors Must File Claims by May 3

UC RUSAL: Guinean President Mulls Legal Action on Friguia Sale
VOLGOGRAD TRAKTOR: Creditors Must File Claims by June 3


S P A I N

* SPAIN: Insolvency Figures Tripled in First Qtr. 2009, PwC Says


S W I T Z E R L A N D

ART LINE: Creditors Have Until April 20 to File Claims
CASTLEROCK HOLDING: Creditors Must File Claims by April 20
LIFETIME.CH LLC: April 23 Set as Deadline to File Claims
OHRWURM & BASTELFLIP: Creditors Must File Claims by April 22
ORCHIDEEA WORLD: Deadline to File Proofs of Claim Set April 23

NETSCIENCE LLC: Proof of Claim Filing Deadline is April 20
NORDIC SOLUTIONS: Creditors' Proofs of Claim Due by April 22
SFB DAVOS: Deadline to File Proofs of Claim Set April 20


U K R A I N E

FOOD TRADE: Court Starts Bankruptcy Supervision Procedure
KBP UKRAINIAN: Court Starts Bankruptcy Supervision Procedure
LASCHEVAYA AGRICULTURAL: Creditors Must File Claims by May 1
PANAKEYA LLC: Court Starts Bankruptcy Supervision Procedure
SASHA LLC: Creditors Must File Claims by May 1

TA-KEM LLC: Creditors Must File Claims by May 1
TRANSPORT ENTERPRISE 11462: Creditors Must File Claims by May 1
V. M. P. COM: Creditors Must File Claims by May 1
ZHOVTEN OJSC: Creditors Must File Claims by May 1

* UKRAINE: Economy to Contract By 9% This Year, World Bank Says


U N I T E D   K I N G D O M

BAA: DfT Mulls Special Administration Regime for Airports
BAUGUR GROUP: Administrator Probes Asset Transfers to Chairman
BRITISH AIRWAYS: Unite Proposes Temporary Measures to Secure Jobs
BRITISH AIRWAYS: Iberia Merger Talks Progressing Slowly
BYSINGWOOD DEVELOPMENTS: Appoints Liquidators from Baker Tilly

CORBY BOTTLERS: Brings in Joint Liquidators from KPMG
DARLINGTON WINES: Taps Joint Liquidators from KPMG
FRANK GUY: Appoints Joint Liquidators from Tenon Recovery
GENERAL MOTORS: SAIC No Interest in Acquiring Vauxhall and Opel
INTEGRATED PIPEWORK: Appoints Administrators from Tenon Recovery

JJB SPORTS: Tracing Buyers of Shares it Sold Two Weeks Ago
MORRELL PRODUCTS: Calls in Joint Administrators from PwC
PRESS GAZETTE: To Cease Publication
ROYAL BANK: Two Banks Vie for Pakistan Unit
SUNCREST SURROUNDS: Taps Joint Administrators from Baker Tilly

VIRGIN MEDIA: Trade Unions Urge Executives to Forgo Bonuses
WOLSELEY PLC: Files Winding-Up Petition Against 15 Debtors
WORCESTER HI-FI: Names Liquidator from Tenon Recovery

* UK: FSA to Launch Inquiry Into HBOS and RBS
* U.K.: Homeowners Seeking to Sell Properties Up 70%


                         *********


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


A. ROHE LLC: Claims Registration Period Ends April 24
-----------------------------------------------------
Creditors owed money by LLC A. Rohe (FN 70176a) have until
April 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Peter Schulyok
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00 Serie
         Fax: 526 72 74
         E-mail: office@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:25 p.m. on May 8, 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 12, 2009, (Bankr. Case No. 28 S 40/09z).


ARBI TASUEV: Claims Registration Period Ends April 24
-----------------------------------------------------
Creditors owed money by KG Arbi Tasuev (FN 312172b) have until
April 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Bernhard Eder
         Brucknerstrasse 4
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: eder@rechtsanwaelte.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on May 8, 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 11, 2009, (Bankr. Case No. 28 S 34/09t).


ARGUS LLC: Claims Registration Period Ends April 24
---------------------------------------------------
Creditors owed money by LLC Argus (FN 307731x) have until
April 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on May 8, 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 11, 2009, (Bankr. Case No. 28 S 35/09i).


BEGED GRABNER: Claims Registration Period Ends April 21
-------------------------------------------------------
Creditors owed money by LLC Beged Grabner & Baranes (FN 91757m)
have until April 21, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Alexander Schoeller
         Schiessstattring 35/13
         3100 St. Poelten
         Austria
         Tel: 02742/74 731
         Fax: 02742/74 731-22
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on May 12, 2009, for the
examination of claims at:

         Land Court of St. Poelten (199)
         Room 216
         St. Poelten
         Austria

Headquartered in Maria Anzbach, Austria, the Debtor declared
bankruptcy on March 12, 2009, (Bankr. Case No. 14 S 42/09f).


DER TISCHLER: Claims Registration Period Ends April 21
------------------------------------------------------
Creditors owed money by LLC Der Tischler (FN 30963i) have until
April 21, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52 4 37
         Fax: 07435/52 4 37-21
         E-mail: st-valentin@advocat24.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 12, 2009, for the
examination of claims at:

         Land Court of St. Poelten (199)
         Room 216
         St. Poelten
         Austria

Headquartered in St. Valentin, Austria, the Debtor declared
bankruptcy on March 13, 2009, (Bankr. Case No. 14 S 43/09b).


ELAB M M: Claims Registration Period Ends April 24
--------------------------------------------------
Creditors owed money by OEG eLab M M (FN 191571y) have until
April 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Wien
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on May 8, 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 12, 2009, (Bankr. Case No. 28 S 37/09h).


TANGO SHOES: Claims Registration Period Ends April 24
-----------------------------------------------------
Creditors owed money by LLC Tango Shoes (FN 185958v) have until
April 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 8, 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 9, 2009, (Bankr. Case No. 28 S 32/09y).


=============
B E L G I U M
=============


FORTIS NV: All Shareholders Can Now Vote on BNP Deal
----------------------------------------------------
Bloomberg News reported Brussels appeals court judge Luc Maes has
overturned his March 31 ruling by allowing all Fortis shareholders
to vote on the sale of the company's Belgian banking unit to BNP
Paribas SA.

According to Fortis, the Brussels Court of Appeal, petitioned by
lawyer Mischaël Modrikamen, decided on March 31 in a hearing that
only those shareholders that owned Fortis shares prior to October
14, 2008 could vote on its deal with BNP Paribas.

Fortis shareholders are scheduled to vote on the BNP Paribas deal
at the company's shareholders' meetings on April 28 and 29, 2009.

The ruling, according to Bloomberg News, gives Fortis investors
who didn't see the value of their investment plunge following the
breakup a say in the transaction.

In a statement, Fortis said it welcomes the ruling by the Court of
Appeal of Brussels.

Bloomberg News recalls Fortis investors led by Shenzhen-based Ping
An Insurance (Group) Co. had rejected the transaction at the
Feb. 11 meeting in Brussels by a margin of 0.52 percent, forcing
Fortis, the Belgian government and BNP Paribas to seek a new
agreement with improved terms.  Only investors who held shares as
of Oct. 14 were allowed to cast votes at that meeting, the report
says.

Under the new deal, Bloomberg News said BNP Paribas agreed to buy
most of Fortis's former banking units in Belgium and Luxembourg in
an all-stock deal valued at EUR4.69 billion, based on the French
bank's closing price on April 9.  Fortis will get EUR1.38 billion
for 25 percent of its Belgian insurance arm and will also be
entitled to potential gains on Belgium's stake in BNP, Bloomberg
News relates.

Ping An, China's second-largest insurer, is Fortis's biggest
investor, with almost 121 million shares, or 5.15 percent of
outstanding shares with voting rights, according to Bloomberg
News.

                            Huge Loss

As reported in the Troubled Company Reporter-Europe on April 2,
2009, Fortis NV and Fortis SA/NV ("Fortis") said its 2008 net
result was a loss of EUR28.0 billion compared with a profit of
EUR4.0 billion in 2007.  Fortis attributed the loss in 2008 to the
EUR27.4 billion negative result of discontinued operations, caused
by the loss on sale of its banking activities.

Fortis said it won't be paying interim 2008 dividend after a
statutory loss carried forward of EUR22.5 billion at Fortis SA/NV
had resulted in a depletion of the amounts available for
distribution at year-end 2008.

                   What Lead to the Business Break-Up

On September 29, 2008, Fortis announced the conclusion of
agreements with the governments of Belgium, the Netherlands and
Luxembourg.  The three states jointly agreed to invest EUR11.2
billion in return for a 49.9% stake in the banking
activities in their respective countries.  The agreement with the
Dutch State was never implemented, however, and was replaced on
October 3 by the sale of Fortis Bank Nederland (Holding) N.V.,
Fortis Verzekeringen Nederland N.V. and Fortis Corporate Insurance
N.V. to the Dutch State for a total of EUR16.8 billion.

On October 6, 2008, Fortis announced the sale of the remaining 50%
plus 1 share of Fortis Bank to the Belgian state (via the Societe
Federale de Participations et d'Investissement/Federale
Participatie- en Investeringsmaatschappij, SFPI/FPIM) for EUR4.7
billion.  In a separate agreement, the Belgian government
undertook to sell 75% of Fortis Bank to BNP Paribas, in return for
BNP Paribas shares.  It would retain the remaining 25% of Fortis
Bank.  Fortis also agreed to sell 100% of Fortis Insurance Belgium
to BNP Paribas for EUR5.7 billion (subject to closing conditions
and a potential final closing adjustment of minus EUR0.2 billion).
Lastly, it was agreed that Fortis, the Belgian State (via the
SFPI/FPIM) and BNP Paribas would set up a special purpose vehicle
to purchase a structured credit portfolio from Fortis
Bank.

On December 12, 2008, the Brussels Court of Appeal ruled that the
agreements of October 3 and 6 should be put to the shareholders of
Fortis SA/NV for approval.  The Court also appointed a panel of
experts to investigate the situation, to make recommendations and
to mediate.  In its interim report, published on January 27, 2009,
the panel concluded that the transactions were both logical and
reasonable in the circumstances and did not violate the corporate
interest of the relevant Fortis entities.

The revised terms of the transactions were rejected by the
shareholders' meeting of Fortis SA/NV on February 11, 2009, and a
new round of negotiations between the Belgian government, Fortis
and BNP Paribas ensued.  The shareholders' meetings in February
2009 elected a new Board of Directors.  Mr. Jozef De Mey was
appointed as Chairman.

On March 6, 2009, Fortis, BNP Paribas and the SFPI/FPIM reached a
new agreement on revised terms for the transaction.  The proposed
new agreement was signed on March 12, 2009 and will be submitted
for the approval of shareholders this month.  The agreement
principally relates to the sale of 25% + 1 share in Fortis
Insurance Belgium to Fortis Bank, the putting in place of a
strategic partnership between BNP Paribas /Fortis Bank, on the one
hand, and the Fortis group’s insurance operations, on the other
hand and the financing by Fortis, in an amount of EUR760 million,
of a special purpose vehicle (SPV) that is to acquire a portion of
the structured credits portfolio of Fortis Bank.

The future value of the stake in the SPV is dependent on the
quality of the assets to be acquired by the SPV and conditions of
the funding to be received by the SPV.  The assets are still under
examination and the funding is subject to negotiations.  In any
case, the maximum downside risk of Fortis related to the SPV is
the initial investment of EUR760 million in case of a positive
vote.  In the case of a negative vote, Fortis would as a legal
matter continue to be bound by a fallback provision in a Share
Purchase Agreement of October 10, 2008, with the SFPI/FPIM (as
amended) relating to the financing of the SPV.  This agreement
provides for the financing of the SPV only by Fortis and the SFPI/
FPIM in case the Agreement (with BNP Paribas) does not take
effect.

In case the fallback provision would be enforced against Fortis,
Fortis would be required to fund EUR6.86 billion out of a total
amount of EUR9.36 billion (less any redemptions and subject to
currency adjustments).  To secure such obligation, Fortis granted
a pledge over 100% of its shares in Fortis Insurance Belgium.

Although an agreement is in place with the SFPI/FPIM pursuant to
which it will provide a loan of EUR3 billion, Fortis said in case
it has to fund EUR6.86 billion, a negative vote could have a
severe negative impact on its liquidity position.

                          About Fortis

Fortis holding (Fortis SA/NV and Fortis N.V.) consists of (1)
Fortis Insurance Belgium (2) Fortis Insurance International, and
(3) financial assets and liabilities of various financing
vehicles.  The international insurance activities (Fortis
Insurance International) are located in the UK, France, Hong Kong,
Luxembourg (Non-Life), Germany, Turkey, Russia, Ukraine and in
joint ventures in Luxembourg (Life), Portugal, China, Malaysia,
India and Thailand.  Fortis holding is not involved in banking
activities.

                        About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                          *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


IMMO INDUSTRY: Lenovo Halts Plans to Build US$20 Mln Polish Plant
-----------------------------------------------------------------
Lenovo, a Polish subsidiary of bankrupt Immo Industry Group, has
halted plans to build a US$20 million plant in Legnica, Poland,
the Standard reports.

Lenovo, as cited by the report, said "This decision is linked to
the failure by the project's main real estate developer to respect
the deadline for completing the site."

Based in Belgium, Immo Industry Group – http://www.iig.org/--
develops tailor-made industrial real estate in Europe and the CIS,
as a stand-alone project or in an industrial park.


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


FAURECIA SA: Secures EUR1.63 Bln 1st Phase of 2009 Financing Plan
-----------------------------------------------------------------
Faurecia SA said its Board of Directors has approved the
completion of the first phase in securing its financing under the
"2009 Challenge" plan.

The first phase involves a total of EUR1.63 billion and implements
three types of financing facilities:

   --- a bank credit of EUR1.17 billion;

   --- a loan of EUR250 million from Peugeot SA; and

   --- an additional credit of EUR213 million from a
       French banking syndicate.

The first two facilities were renegotiated to adapt the covenants
to the sharp decline in automobile production and its impact on
2009 results, especially those for the first half year.

The additional credit will enable Faurecia to finance the eventual
early repayment of the bond issue maturing in November 2010.

The second phase will consist of a EUR450 million capital increase
guaranteed by Peugeot SA, which controls 71% of Faurecia.  It will
be put to the vote at the general shareholders meeting on April
23, 2009.

Alice Dore at Dow Jones Newswires recalls in February, Faurecia
reported a net loss of EUR574.8 million for 2008, more than double
the EUR237.5 million loss posted for 2007, amid collapsing
production among its vehicle assembling customers in the last
quarter of the year.

The company, Dow Jones relates, also blamed the loss on provisions
for restructuring and exceptional depreciation of assets, and said
it was introducing a EUR600 million cost-cutting program in a bid
to reduce its break-even point by 15% in 2009.

Faurecia also said it was slashing investments by EUR100 million
this year and targeting a EUR200 million improvement in its
working capital requirement to offset anticipated cash burn in
2009, Dow Jones adds.

Separately, Faurecia said at its meeting held on April 9, 2009,
the company's Board of Directors formally recorded Mr. Christian
Streiff’s resignation from his term as a director of Faurecia.

The Board of Directors has co-opted Mr. Philippe Varin, who will
take over as Chairman of the Managing Board of PSA Peugeot Citroën
as of June 1, 2009.

France-based Faurecia SA (EPA:EO) --- http://www.faurecia.com/---
is an automotive equipment supplier.  The company specializes in
the design, production and delivery of six major vehicle modules:
seat, cockpit, acoustic package, door, front end and exhaust
system.  Faurecia SA develops and assembles various types of
automobile seats for the European, North and South American, and
Asian markets.  The company develops cockpit modules, instrument
panels, central consoles and steering columns.  It also offers
door panels, door modules and door systems.  The acoustic products
are supplied for the vehicle interior, luggage compartment and
engine compartment. The front-end division manufactures front-end
carriers, bumpers and fan cooling systems.  Faurecia also develops
and manufactures several components that make up the exhaust
system.  Its principal clients are: Groupe VW, PSA Peugeot
Citroen, Renault-Nissan and Groupe Ford.  The Company operates
approximately 190 sites in 28 countries worldwide.


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


ALPI GMBH: Claims Registration Period Ends May 22
-------------------------------------------------
Creditors of Alpi GmbH have until May 22, 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 12, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 1
         Deliusstr. 22
         Kiel
         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 Janca
         Willestr. 3
         24103 Kiel
         Germany
         Tel: 0431/888970
         Fax: 0431/8889788

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:

         Alpi GmbH
         Kirchenweg 23
         24143 Kiel
         Germany

         Attn: Cigdem Dogan, Manager
         Winterbeker Weg 70
         24113 Kiel
         Germany


ALUMINIUM SALZSCHLACKE: Claims Registration Period Ends June 9
--------------------------------------------------------------
Creditors of Aluminium Salzschlacke Aufbereitungs GmbH have until
June 9, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 p.m. on July 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

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:

         Aluminium Salzschlacke Aufbereitungs GmbH
         Attn: Axel Wendland, Manager
         Am Brinker Hafen 6
         30179 Hannover
         Germany


BUERSTADTER TEXTILVEREDLUNGS: Claims Registration Ends May 6
------------------------------------------------------------
Creditors of Buerstadter Textilveredlungs GmbH have until May 6,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.308
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Sylvia Rhein
         Walther-Rathenau-Str. 24
         64646 Heppenheim
         Germany
         Tel: 06252/6877-0
         Fax: 06252/6877-11

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:

         Buerstadter Textilveredlungs GmbH
         Attn: Gordon Kleber, Manager
         Waldgartenstrasse 25
         68642 Buerstadt
         Germany


CHRYSLER LLC: Bankruptcy May Damage Daimler's Finances
------------------------------------------------------
Automotive News reports that Daimler CEO Dieter Zetsche said that
a Chrysler LLC bankruptcy could damage the firm's finances.

Automotive News relates that while Daimler sold its majority stake
in Chrysler in 2007, it still holds a 20% interest in that firm.
According to the report, Daimler chief financial officer Bodo
Uebber valued the Chrysler shares at zero, but warned of a due
US$1 billion pension guarantee if that firm goes bankrupt.
Daimler, says Automotive News, faces tough financial difficulties,
as global sales of Mercedes-Benz cars drop 23% and trucks decline
39%.  The report states that Daimler sold a 9.1% stake to Abu
Dhabi in March to raise cash.

                        About Chrysler LLC

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

                        Liquidity Crunch

Chrysler has been trying to keep itself afloat.  As reported by
the Troubled Company Reporter on March 20, 2009, its Chief
Financial Officer Ron Kolka, has said even if Chrysler gets
additional government loans, it could face another cash shortage
in July when revenue dries up as the company shuts down its
factories for two weeks to change from one model year to the next.
The Company's CFO has said Chrysler planned for the US$4 billion
federal government bailout it received Jan. 2 to last through
March 31.  The Company is talking with the Obama administration's
autos task force about getting another US$5 billion, and faces a
March 31 deadline to complete its plan to show how it can become
viable and repay the loans.

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

A copy of the Chrysler viability plan is available at:

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

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

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

                          *     *     *

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

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

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

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


WEDGWOOD GMBH: Claims Registration Period Ends May 29
-----------------------------------------------------
Creditors of Wedgwood GmbH have until May 29, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:40 p.m. on July 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof
         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. Ferdinand Kiessner
         Rothenburger Strasse 241-247
         90439 Nuernberg
         Germany
         Tel: 0911/600010

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:

         Wedgwood GmbH
         Attn: Jim Harding, Manager
         Philip-Rosenthal-Platz 1
         95100 Selb
         Germany


ZEITELHACK HAUSTECHNIK: Claims Registration Period Ends April 24
---------------------------------------------------------------
Creditors of Zeitelhack Haustechnik GmbH have until Zeitelhack
Haustechnik GmbH, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Noerdlingen
         Meeting Hall F/I
         Kaisheimer House
         Tandelmarkt 5
         Noerdlingen
         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. Siegfried Beck
         Stahlstrasse 17
         90411 Nuernberg
         Germany
         Tel: 0911-951285-0
         Fax: 0911-951285-10

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:

         Zeitelhack Haustechnik GmbH
         Attn: Wolfgang Winter, Manager
         Loepsinger Strasse 34
         86720 Noerdlingen
         Germany


* GERMANY: Finance Minister Submits Bad Bank Plan
-------------------------------------------------
Patrick Donahue at Bloomberg News reports that German Finance
Minister Peer Steinbrueck has put forward a plan to remove toxic
assets from bank balance sheets, based on government funding for
financial institutions to set up so-called bad banks.

The Finance Ministry submitted the plan to Chancellor Angela
Merkel, and administration and finance-industry officials will
decide on the details on April 21, the report says citing the
German government in an e-mailed statement.

The report relates Mr. Steinbrueck told the Frankfurter Allgemeine
Sonntagszeitung in an interview under the plan, banks would create
separate units, backed by EUR200 billion (US$264 billion) in
government funds, into which they'll be able to transfer assets
they can't sell.

However, Mr. Steinbrueck told the newspaper he rejected the idea
of a centralized "bad bank," the report notes.

The report discloses the finance minister told the newspaper the
plan distinguishes between "toxic" securities, which should fall
on the shoulders of banks and their shareholders, and "illiquid"
ones, which the government will take over, and sell when markets
improve.


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


ARMA AKTAU: Creditors Must File Claims by May 15
------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Arma Aktau insolvent.

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

         Building of Former Kindergarten 51
         Micro 27
         Aktau
         Mangistau
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of former kindergarten 51
         Micro 27
         Aktau
         Mangistau
         Kazakhstan


DNEPRO TYAJ: Creditors Must File Claims by May 15
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Trade House Dnepro Tyaj Mash Kazakhstan insolvent.

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

         Micro "Mamyr-1", 6-18
         Almaty
         Kazakhstan
         Tel: 8 705 651 99-29


The Court is located at:

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


HAI TELKO: Creditors Must File Claims by May 15
-----------------------------------------------
LLP Hai Telko Kazakhstan has declared insolvency.

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

         Muratbaev St. 93-37
         Jetysusky
         Almaty
         Kazakhstan


IVA INTERMEDIA: Creditors Must File Claims by May 15
----------------------------------------------------
LLP Iva Intermedia has declared insolvency.

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

         Micro 12, 20
         Almaty
         Kazakhstan


MEREY LLP: Creditors Must File Claims by May 15
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstanhas declared LLP City Department of Rendering of Service
Merey insolvent.

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

         Tynybaev St. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The Court is located at:

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


MUKAI LLP: Creditors Must File Claims by May 15
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktubehas
declared LLP Mukai insolvent.

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

         Satpayev St. 16
         Aktobe
         Aktube
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpayev St. 16
         Aktobe
         Aktube
         Kazakhstan


MUNAI ENERGO: Creditors Must File Claims by May 15
--------------------------------------------------
LLP Munai Energo Service has declared insolvency.  Creditors have
until May 15, 2009, to submit written proofs of claim to:

         PF "Ozen Munai Gas"
         Janaozen
         Mangistau
         Kazakhstan


SENIM LTD: Creditors Must File Claims by May 15
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Senim Ltd. insolvent.

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

         Building of Former Kindergarten 51
         Micro 27
         Aktau
         Mangistau
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former Kindergarten 51
         Micro 27
         Aktau
         Mangistau
         Kazakhstan


SMART ELECTRONICS: Creditors Must File Claims by May 15
-------------------------------------------------------
LLP Smart Electronics has declared insolvency.  Creditors have
until May 15, 2009, to submit written proofs of claim to:

         Promyshlennaya Zona
         Pervomaisky
         Ilyisky
         Almaty
         Kazakhstan


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


GALLA IMPORT: Creditors Must File Claims by April 17
----------------------------------------------------
Creditors of LLC Galla Import Asia have until April 17, 2009, to
submit proofs of claim to:

         Bayalinov St. 42
         Bishkek
         Kyrgyzstan


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


ALROSA COMPANY: To Supply Uncut Diamonds to 15 Antwerp Companies
----------------------------------------------------------------
RIA Novosti reports that Alrosa Company Ltd. has agreed to supply
uncut diamonds worth EUR370 million (US$492 million) to Belgium.

The report relates under the agreement signed with the Antwerp
World Diamond Center, Alrosa will supply uncut diamonds to 15
Antwerp companies until the end of the year.

                        About Alrosa

ALROSA Co. Ltd. -- http://eng.alrosa.ru/eng/-- is engaged in the
exploration, mining, manufacture and sales of diamonds and one of
the world's major rough diamond producers.  ALROSA produces about
20% of the world's rough diamond output and accounts for almost
100% of all rough diamonds produced in Russia.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on April 9,
2009, Moody's Investors Service 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.


GRADO-STROY: Creditors Must File Claims by May 3
------------------------------------------------
Creditors of LLC Grado-Stroy (TIN 4027084887, PSRN
1084027000551) (Construction) have until May 3, 2009, to submit
proofs of claims to:

         V. Shestakov
         Insolvency Manager
         Apt. 20
         Building 7
         Lyublinskaya Str. 5
         109518 Moscow
         Russia

The Arbitration Court of Kaluzhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A23–4484/08B-17–150.

The Debtor can be reached at:

         LLC Grado-Stroy
         Kaluga
         Russia


KANASHSKAYA KERAMIKA: Chuvashia Bankruptcy Hearing Set June 22
--------------------------------------------------------------
The Arbitration Court of Chuvashia will convene on June 22, 2009,
to hear bankruptcy supervision procedure on LLC Kanashskaya
Keramika-1 (TIN 2106006912, PSRN 1072134000795) (Brick
Production).  The case is docketed under Case No. A79–1652/2009,.

The Temporary Insolvency Manager is:

         P. Dimitriyev
         Post User Box 075
         Kanash
         429333 Chuvashia
         Russia

The Debtor can be reached at:

         LLC Kanashskaya Keramika-1
         Ulyanovskoe Shosse 1
         Malye Bikshikhi
         Kanashskiy
         Chuvashia
         Russia


MEGALIT LLC:  Vladimirskaya Bankruptcy Hearing Set July 23
----------------------------------------------------------
The Arbitration Court of Vladimirskaya will convene at 1:30 p.m.
on July 23, 2009, to hear bankruptcy supervision procedure on LLC
Megalit (TIN 3328439115, PSRN 1053301600880) (Concrete
Production).  The case is docketed under Case No. A11–395/2009,.

The Temporary Insolvency Manager is:

         N. Mikulina
         Post User Box 79
         600000 Vladimir
         Russia

The Debtor can be reached at:

         LLC Megalit
         Post User Box 28
         600005 Vladimir
         Russia


PAVLOVSKIY SUGAR: Creditors Must File Claims by May 3
-----------------------------------------------------
Creditors of OJSC Pavlovskiy Sugar Factory have until May 3,
2009, to submit proofs of claims to:

         P. Kulchitskiy
         Temporary Insolvency Manager
         Building 1
         Lubyanskiy Proezd 5
         101000 Moscow
         Russia

The Arbitration Court of Krasnodarskiy will convene at 3:00 p.m.
on July 2, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A-32–25479/2008–2/1518B.

The Debtor can be reached at:

         OJSC Pavlovskiy Sugar Factory
         Voroshilova Str. 2
         Pavlovskaya
         352041 Krasnodarskiy
         Russia


REZHEVSKOY AGGREGATE: Sverdlovskaya Bankruptcy Hearing Set Aug. 4
-----------------------------------------------------------------
The Arbitration Court of Sverdlovskaya will convene at 4:00 p.m.
on Aug. 4, 2009, to hear bankruptcy supervision procedure on LLC
Rezhevskoy Aggregate Preparation Plant (TIN 6628013429, PSRN
1069628001717).  The case is docketed under Case No. A60–5939/09-
S11.

The Temporary Insolvency Manager is:

         L. Yakimidi
         Post User Box 308
         620028 Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Rezhevskoy Aggregate Preparation Plant
         Yekaterinburg- Alapayevsk Road 69km
         Rezhevskoy
         623750 Sverdlovskaya
         Russia


RUS-LES-TRANS: Creditors Must File Claims by June 3
---------------------------------------------------
Creditors of LLC Rus-Les-Trans (TIN 7713549491) (Cargo
Transportations) have until June 3, 2009, to submit proofs of
claims to:

         S. Smirnov
         Insolvency Manager
         Apt. 63
         Glebovskaya Str. 10a
         107258 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–50653/08–103-137B.

The Debtor can be reached at:

         LLC Rus-Les-Trans
         Dmitrovskoe shosse 72
         Moscow
         Russia


SOLBIS: Creditors Must File Claims by June 3
--------------------------------------------
Creditors of LLC Solbis (TIN 7704580512, PSRN 1057749314875)
(Hardware Items Production) have until June 3, 2009, to submit
proofs of claims to:

         N. Pisarenko
         Insolvency Manager
         B. Tishinskiy Pereulok 38
         123557 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–27181/08–88-63B.

The Debtor can be reached at:

         LLC Solbis
         Plekhanova Str. 15
         Moscow
         Russia


SOUTHERN TELECOM: To Secure RUR3 Bln Loan to Refinance Debt
-----------------------------------------------------------
Maria Kiselyova at Reuters reports that Southern Telecom plans to
secure a RUR3 billion (US$89.69 million) loan at a starting
maximum rate of 18 percent.

Reuters relates the company said on its Web site it would pick up
a lender through a tender which is set to close by May 5.

According to Reuters, the company will use the loan to refinance
debts and finance current operations.

As reported in the Troubled Company Reporter-Europe on April 4,
2009, Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating and its 'ruA-' Russia national scale and
senior unsecured debt ratings on the company on CreditWatch with
negative implications.

"The CreditWatch placement indicates that S&P could lower the
rating by one or more notches if the company is unable to
refinance some or all of its significant upcoming debt
maturities," said Standard & Poor's credit analyst Alexander
Griaznov.

In the second half of 2009, Southern Telecom will have to repay
more than RUR11 billion (close to US$300 million) in debt.
According to information received from the company, Southern
Telecom currently does not have sufficient cash and has no undrawn
committed lines to fully address these maturities.  It is S&P's
understanding that the company will turn to state-owned banks for
refinancing support.

The key mitigator to Southern Telecom's weak liquidity is the
implied support of state-owned banks, which S&P assumes will
continue as long as the company remains majority owned by state-
owned holding company JSC Svyazinvest (not rated).  This is of
primary importance in S&P's credit assessment because S&P believes
that the probability of indirect state support for Southern
Telecom's liquidity is relatively high.  Should the company
experience difficulty in refinancing its debt, owing to the
turmoil in local capital markets, S&P thinks it will likely
benefit from the support of state-owned banks such as Sberbank
(not rated) or JSC VTB Bank (BBB/Negative/A-3; Russia national
scale rating 'ruAAA'), which have historically been among Southern
Telecom's key creditors.

                      About Southern Telecom

Headquartered in Krasnador, Russia, Southern Telecommunications
Co. -- http://www.stcompany.ru/-- provides local, long-
distance, and cellular telephone, paging and telegraph services.


STROITEL: Creditors Must File Claims by May 3
---------------------------------------------
Creditors of LLC Stroitel (TIN 262604004795) (Construction) have
until May 3, 2009, to submit proofs of claims to:

         V. Kasimov
         Insolvency Manager
         Sportivnaya Str. 26
         357201 Mineralnye Vody
         Russia

The Arbitration Court of Stavropolskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63–103/09-S5.

The Debtor can be reached at:

         LLC Stroitel
         Budennovsk
         Russia


UC RUSAL: Guinean President Mulls Legal Action on Friguia Sale
--------------------------------------------------------------
Bloomberg News reports Guinean President Moussa Camara said he
asked the country's Justice Ministry to consider legal action over
a 2006 transaction that gave control of the Friguia bauxite and
alumina complex to United Co. Rusal.

According to the report, Mr. Camara said Rusal paid US$19 million
for the assets, while consultants had valued it at US$257 million.

The report relates the president also said action will be taken
against the Guineans who negotiated the transfer of the company to
Rusal.

                         About UC RUSAL

Headquartered in Moscow, Russia, United Company RUSAL --
http://www.rusal.com/-- is an aluminum producer.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on April 13,
2009, Rusal, which signed a standstill agreement with its lenders
in March, has until early May to negotiate the terms of a long-
term debt.

Rusal is seeking to extend its repayments on the loan to five to
10 years and link them to the aluminum price in London, according
to Bloomberg News.

In a statement, Rusal said the standstill agreement covers more
than 30 transactions, including syndicated and bi-lateral loan
agreements, bank guarantees and letters of credit, which involve
more than 70 banks.

The agreement obtained support from majority of RUSAL's
international lending banks and Russian lenders as well, the
company said.

At present, Rusal's debt is US$14 billion, including US$7.4
billion owed to its international banks.

Credit Suisse Group, BNP Paribas SA, Merrill Lynch & Co., ABN Amro
Holding NV, Citigroup Inc., Natixis, Commerzbank AG, ING Groep NV
and Calyon are among Rusal's creditors, according to data compiled
by Bloomberg.


VOLGOGRAD TRAKTOR: Creditors Must File Claims by June 3
-------------------------------------------------------
Creditors of CJSC Volgograd Traktor Rem Stroy (TIN 3445015215)
(Construction) have until June 3, 2009, to submit proofs of claims
to:

         A. Kharlanov
         Insolvency Manager
         Post User Box 1100
         400087 Volgograd
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12–1105/2009.

The Debtor can be reached at:

         CJSC Volgograd-Traktor-Rem-Stroy
         M.Chuykova Str. 65
         400005 Volgograd
         Russia


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


* SPAIN: Insolvency Figures Tripled in First Qtr. 2009, PwC Says
----------------------------------------------------------------
Ben Harding at Reuters reports that according to
PriceWaterhouseCoopers, the number of Spanish firms and
individuals filing for administration tripled in the first three
months of the year compared to the same period in 2008 as
recession deepened.

The report relates PwC said 1,380 firms and individuals requested
creditor protection from January to March compared to 408 in the
same three month period last year when Spain's economic freeze
first took hold.  The three-month figure was greater than in the
whole of 2007, the report states.

The report discloses according to PwC, it was the Spanish banks
who filed 38 percent of all requests to go into administration.

PwC added a new law would speed up the court insolvency process
and this would push filings to over 4,000 this year, the report
notes.

Spain's economy is expected to contract 3 percent this year, the
report says citing the Bank of Spain.

                       New Insolvency Law

On Feb. 19, 2009, the Troubled Company Reporter-Europe, citing
Forbes, reported Spanish daily Expansion said Spain is to unveil a
new law to speed up the bankruptcy protection process for ailing
companies.

According to Forbes, the new law would protect debt-repayment
deals struck between banks and companies filing for creditor
protection.

Carlos Garcia, an analyst with ING Financial Markets in Madrid, as
cited by Forbes said, the law will give banks an "extra set of
guarantees".  The analyst noted the measure will only have a minor
impact on the financial system as there are not so many ongoing
refinancing deals, Forbes recounted.

In the same report, Forbes disclosed PwC said 2,864 companies
filed for administration last year, 1,849 more than in 2007.  It
warned that if the high rate of filings of the final quarter of
2008 continued this year it could collapse the commercial courts,
Forbes stated.

Forbes recalled builders and real estate developers went bust at
record pace as a result of the dramatic downturn in the Spanish
property sector.


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


ART LINE: Creditors Have Until April 20 to File Claims
------------------------------------------------------
Creditors owed money by LLC Art Line Edition are requested to file
their proofs of claim by April 20, 2009, to:

         Eichhölzlistr. 4
         8266 Steckborn
         Switzerland

The company is currently undergoing liquidation in Steckborn.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 18, 2009.


CASTLEROCK HOLDING: Creditors Must File Claims by April 20
----------------------------------------------------------
Creditors owed money by JSC Castlerock Holding are requested to
file their proofs of claim by April 20, 2009, to:

         Curzio Toffoli
         Via degli Albrici 4
         6830 Chiasso
         Switzerland

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


LIFETIME.CH LLC: April 23 Set as Deadline to File Claims
--------------------------------------------------------
Creditors owed money by LLC lifetime.ch are requested to file
their proofs of claim by April 23, 2009, to:

         Nicolas Mack
         Liquidator
         Tellistrasse 114
         5000 Aarau
         Switzerland

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


OHRWURM & BASTELFLIP: Creditors Must File Claims by April 22
------------------------------------------------------------
Creditors owed money by LLC Ohrwurm & Bastelflip are requested to
file their proofs of claim by April 22, 2009, to:

         Dorfbachweg 5
         5035 Unterenfelden
         Switzerland

The company is currently undergoing liquidation in Unterentfelden.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 17, 2008.


ORCHIDEEA WORLD: Deadline to File Proofs of Claim Set April 23
--------------------------------------------------------------
Creditors owed money by LLC Orchideea World are requested to file
their proofs of claim by April 23, 2009, to:

         Chatzenrain 18
         6064 Kerns
         Switzerland

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


NETSCIENCE LLC: Proof of Claim Filing Deadline is April 20
----------------------------------------------------------
Creditors owed money by LLC Netscience are requested to file their
proofs of claim by April 20, 2009, to:

         Heinrich Kriz
         Liquidator
         Mulligerstrasse 3C
         5210 Windisch
         Switzerland

The company is currently undergoing liquidation in Windisch.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 19, 2009.


NORDIC SOLUTIONS: Creditors' Proofs of Claim Due by April 22
------------------------------------------------------------
Creditors owed money by JSC Nordic Solutions Holding are requested
to file their proofs of claim by April 22, 2009, to:

         Andreas M. Simmen
         Liquidator
         Company Tax & Management Consulting
         Baarerstrasse 98
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 8, 2007.


SFB DAVOS: Deadline to File Proofs of Claim Set April 20
--------------------------------------------------------
Creditors owed money by JSC SFB Davos are requested to file their
proofs of claim by April 20, 2009, to:

         Ernesto Sicurelli
         Bobbahnstrasse 6
         7270 Davos Platz
         Switzerland

The company is currently undergoing liquidation in Davos.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 4, 2009.


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


FOOD TRADE: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC Food Trade (EDRPOU 32606088).

The Temporary Insolvency Manager is O. Doloshko .

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Food Trade
         Office 75
         Traktorostroiteley Avenue 140-b
         Kharkov
         Ukraine


KBP UKRAINIAN: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC KBP Ukrainian Building Expo (EDRPOU 32918895).

The Temporary Insolvency Manager is:

         D. Luzhetsky
         Office 7
         Gagarin St. 5
         Belaya Tserkov
         09100 Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC KBP Ukrainian Building Expo
         Office 141
         Pravda Avenue 35
         04108 Kiev
         Ukraine


LASCHEVAYA AGRICULTURAL: Creditors Must File Claims by May 1
------------------------------------------------------------
Creditors of Laschevaya Agricultural LLC (EDRPOU 32094498) have
until May 1, 2009, to submit proofs of claim to:

         S. Kaplia
         Insolvency Manager
         Slava St. 4/1
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 14/574.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         Laschevaya Agricultural LLC
         Central St. 1
         Laschevaya
         Talnov
         20415 Cherkassy
         Ukraine


PANAKEYA LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Lvov commenced bankruptcy supervision
procedure on LLC Panakeya (EDRPOU 30994094).

The Temporary Insolvency Manager is:

         I. Boliak
         Office 8
         Strimka St. 4
         Lvov
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Panakeya
         Morshynskaya St. 2
         79044 Lvov
         Ukraine


SASHA LLC: Creditors Must File Claims by May 1
----------------------------------------------
Creditors of LLC Sasha (EDRPOU 31992391) have until May 1, 2009,
to submit proofs of claim to:

         LLC Ukrainian Legal Board
         Insolvency Manager
         Gogolevskaya St. 25
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 50/158-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sasha
         Kikvidze St. 26
         01103 Kiev
         Ukraine


TA-KEM LLC: Creditors Must File Claims by May 1
-----------------------------------------------
Creditors of LLC Ta-Kem (EDRPOU 35394027) have until May 1, 2009,
to submit proofs of claim to:

         LLC Technical-Whole Sale Trade-Trade BVS
         Insolvency Manager
         Office 1
         40 Years of October Avenue 120
         03127 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/107-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ta-Kem
         Office 1
         Vladimirskaya St. 7
         01025 Kiev
         Ukraine


TRANSPORT ENTERPRISE 11462: Creditors Must File Claims by May 1
---------------------------------------------------------------
Creditors of OJSC Donetsk Motorcar Transport Subsidiary Company
Donetsk Motorcar Transport Enterprise 11462 (EDRPOU 13483678) have
until May 1, 2009, to submit proofs of claim to:

         D. Polivoda
         Insolvency Manager
         E. Zhukov St. 56/11
         83049 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 45/11b.

The Court is located at:

         The Economic Court of Donetsk
         Artem Street 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         OJSC Donetsk Motorcar Transport Subsidiary Company
         Donetsk Motorcar Transport Enterprise 11462
         Bauman St. 12
         83085 Donetsk
         Ukraine


V. M. P. COM: Creditors Must File Claims by May 1
-------------------------------------------------
Creditors of LLC V. M. P.-COM (EDRPOU 35649978) have until May 1,
2009, to submit proofs of claim to:

         LLC Technical-Whole Sale Trade-Trade BVS
         Insolvency Manager
         Office 1
         40 Years of October Avenue 120
         03127 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/106-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC V. M. P. COM
         Tchapayev St. 10
         01030 Kiev
         Ukraine


ZHOVTEN OJSC: Creditors Must File Claims by May 1
-------------------------------------------------
Creditors of OJSC Herson Metal-Working Plant Zhovten (EDRPOU
02972121) have until May 1, 2009, to submit proofs of claim to:

         A. Burdo
         Insolvency Manager
         Post Office Box 117
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 5/249-B-08.

The Court is located at:
         The Economic Court of Herson
         Gorky St. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         OJSC Herson Metal-Working Plant Zhovten
         Gagarin St. 121
         73000 Herson
         Ukraine


* UKRAINE: Economy to Contract By 9% This Year, World Bank Says
---------------------------------------------------------------
BBC News reported that the World Bank said Ukraine's economy will
contract by 9% this year, more than double its previous forecast.

BBC recalled the World Bank said in December that Ukraine would
contract by 4%, while the International Monetary Fund expects the
country to shrink by 6%.

According to BBC, Ukraine's construction and metals industries
have been hit hard by the economic downturn.

BBC noted the World Bank has criticized the inability of Ukraine's
government to implement measures to stem the recession.


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


BAA: DfT Mulls Special Administration Regime for Airports
---------------------------------------------------------
Alistair Osborne at Telegraph.co.uk reports that the Department
for Transport is considering a "special administration" regime for
Britain's three regulated airports -– Heathrow, Gatwick and
Stansted.

According to the report, any special administration regime could
weaken lenders' security over BAA assets.  The report says it will
prevent lenders and bondholders to exert their usual rights to
appoint an administrator and sell off assets to get their money
back.

The report relates rating agency Standard & Poor's has warned "the
introduction of a special administration regime may impair our
ability to rate."

The report discloses in a note to clients, credit analyst
Alexandre de Lestrange warned that such a change would "require
bondholders' and lenders' approval" and added: "This could lead to
a multi-notch downgrade".

BAA sources admitted that the proposed regime could require
alterations to existing lending agreements, although it
stressed that it was a proposal, the report notes.

The report states lenders and bondholders had been asked for their
views on the proposed change under a Dft consultation
period.

                       Merrill Lynch Report

On April 5, 2009, Philip Aldrick at Telegraph.co.uk reported that
at a meeting with the DfT on September 24, Merrill Lynch was asked
to "look at the robustness of BAA's finances".

According to the report, Merrill Lynch was also instructed to look
at BAA's Spanish owner Ferrovial.

The Merrill Lynch report was handed to the DfT in January but the
details have not been disclosed, the report stated.

BAA, Telegraph.co.uk recalled, has been instructed by the aviation
regulator to sell Gatwick and Stansted as well as several other
airports.  The report noted according to analysts, BAA may have to
sell Gatwick and Stansted at knock-down prices.  Credit Suisse has
predicted offers for the two airports will be at a discount to the
regulatory asset base, the report disclosed.

Headquartered in London, BAA -- http://www.baa.co.uk-- owns and
manages seven airports in the UK, including London's Heathrow,
Gatwick, and Stansted.  The company oversees functions such as
cargo handling, fire protection, property management, retail
operations (including its own World Duty Free stores), and
security.  In addition, it runs the Heathrow Express rail service
to London and works with other mass transit operators.  Outside
the UK, BAA has a 65% stake in the Naples International Airport in
Italy and manages the retail operations at three US airports in
Pittsburgh, Baltimore, and Boston.  A group led by Spanish
infrastructure manager Ferrovial acquired BAA in 2006 for more
than GBP10 billion in stock.


BAUGUR GROUP: Administrator Probes Asset Transfers to Chairman
--------------------------------------------------------------
Rowena Mason at Telegraph.co.uk reports the administrator Baugur
Group is investigating the transfer of properties in France, the
UK and Denmark, to its chairman, Jon Asgeir Johannesson, in the
months before the company collapsed.

According to the report, the retail group transferred a ski chalet
in France, two properties in London and a property in Denmark to
Mr. Johannesson's investment company, Gaumur, last autumn.

The report relates Erlendur Gislason, of Logos, the joint
administrator of Baugur, said he was looking into the transfer of
assets between Baugur and related parties, including Gaumur, in
the six months before the failure.

Baugur fell into administration in February with estimated debts
of more than GBP1 billion, after one of its lenders, Landsbanki,
called in a loan, according to Telegraph.

                        About Baugur Group

Baugur Group -- http://baugur.com/-- is an international
investment company in the retail and fashion sectors in the UK,
the USA and Scandinavia.  Companies related to Baugur employ some
53,000 people worldwide in over 3,700 stores with a total turnover
of GBP5.0 billion.

Among Baugur's principal investments are the supermarket chain
Iceland, the toy retailer Hamleys, the jewellery chain Goldsmiths,
fashion chains Whistles and Jane Norman, fashion company Mosaic
Fashions, renowned UK department store chain, House of Fraser, the
famous Danish department store chain Magasin du Nord and Illum,
one of Denmark's largest department stores.


BRITISH AIRWAYS: Unite Proposes Temporary Measures to Secure Jobs
-----------------------------------------------------------------
Unite, the UK's leading union, on Thursday, April 10, proposed to
British Airways plc a major package of negotiated efficiencies,
temporary cost savings and deferred payments worth millions over
the next two years.

The union is clear, however, that this 'interest free' investment
by BA's workforce now must be repaid as the company returns to
operating profitability in the near future.

The package, aimed at securing both the long-term security of
employees and industrial peace during current difficulties with
the carrier, was tabled in a meeting with BA CEO Willie Walsh and
other members of the BA Board.

Unite national secretary for aviation, Steve Turner, said: "While
it is clear that BA is finding the current economic situation
challenging, things will improve alongside an upturn in the global
economy.  Until it does we will work with the company on the
introduction of temporary measures aimed at ensuring stability and
security of employment for our members and their families."

Unite has tabled measures, including if necessary, a company-wide
deferral of pay award for 2009/10, alongside the deferral of
incremental pay increases for those earning basic pay over
GBP14,500, and headcount efficiencies following a reduced flight
schedule.  This will allow hundreds to reduce their working hours
so meeting a long-standing demand from workers.

However, Unite is sounding a note of caution that the union will
not accept wholesale restructuring of the business smuggled
through under the guise of the global slump.

Mr. Turner added: "It is clear to us that some within the business
may see the current recession as an opportunity to drive home
plans for the permanent restructuring of operations and change to
long-standing agreements.  Any such attempts will not be welcomed
by a workforce whose professionalism and quality of service
delivery saw record profits for BA only 12 months ago.

"This is a time when we should be pulling together and avoiding
unnecessary conflict and instability.  We need to be clear that
this requires temporary solutions to what are undoubtedly tough
but nevertheless temporary problems."

Unite now awaits what it hopes will be a positive response from
the company to an initiative that sees all workers playing their
part in safeguarding jobs and building a bright future for BA,
from Mr. Walsh and the highest paid director to the lowest paid
employee.

                     Cost-Cutting Proposals

On April 7, 2009, The Times' David Robertson reported that BA has
issued staff with 32 money-saving proposals, including cutting
annual leave from 36 days to 34, a two-year pay freeze and a
reduction in bonuses for working on long-haul routes.

BA, the report disclosed, has also proposed that new employees
should have different terms and conditions with almost none of the
benefits enjoyed by present cabin crew.  Under these proposals,
more than 2,000 crew could be taken on in the next two years,
possibly employed by a separate entity modelled on low-cost
carriers such as Ryanair, the report noted.

According to the report, at a meeting Monday last week more than
1,500 cabin crew unanimously rejected permanent changes to the
proposals' terms and conditions.

As reported in the Troubled Company Reporter-Europe on April 7,
2009, Kaveri Niththyananthan at Dow Jones said BA has been
offering voluntary layoffs in response to the downturn hitting the
global airline industry.  Dow Jones recalled last October, some
450 of the 1,350 managers entitled to apply for voluntary
departure took up the offer, and the airline said that a further
300 would leave under the program at the end of May.

                          Operating Loss

In the same report, Dow Jones said BA expects to record an
operating loss of GBP150 million (US$222 million) for the year
ended March 31, in line with its previous outlook.  The wider-
than-expected operating loss, which doesn't include severance
costs of about GBP75 million, is attributed to ongoing layoffs,
Dow Jones noted.

BA, Dow Jones added, also expects around GBP20 million to GBP25
million decrease in revenue after 13 straight months of declining
traffic.  Dow Jones said the airline carried 2.6 million
passengers last month, down 8.2% from a year earlier, premium
traffic dropped 13%, while non-premium traffic was down 6% from
March 2008.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) –- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services.  The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services.  The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008.  During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers.  It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide.  At March 31, 2008, it had 245
aircraft in service.  In July 2008, British Airways plc completed
the purchase of French airline L'Avion.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 10,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit rating on U.K.-based British Airways
PLC to 'BB+' from 'BBB-'.  At the same time, the rating remains on
CreditWatch with negative implications, where it was originally
placed on Jan. 27, 2009.

On Feb. 13, 2009, the TCR-Europe reported that Moody's lowered the
Corporate Family Rating of British Airways plc ('BA', or 'the
company') to Ba1, and assigned a Probability of Default Rating of
Ba1; the senior unsecured and subordinate ratings have been
lowered to Ba2 and Ba3, respectively.  The ratings remain under
review for possible downgrade.


BRITISH AIRWAYS: Iberia Merger Talks Progressing Slowly
-------------------------------------------------------
David Robertston at Times Online reported that the merger of
British Airways plc and Iberia Lineas Aereas de Espana SA
may be delayed until the summer as there are outstanding matters
need to be settled.

The negotiations are progressing slowly, the report says citing
sources in Madrid.

The report relates Willie Walsh, the chief executive of British
Airways, told a Spanish newspaper that he was under no time
pressure to complete the deal.

According to the report, sources close to the deal said there are
at least a dozen outstanding matters to be settled, including
control of the parent company, BA's GBP2.1 billion pension fund
deficit and the shareholding that each set of investors will get
in the merged entity.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) –- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services.  The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services.  The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008.  During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers.  It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide.  At March 31, 2008, it had 245
aircraft in service.  In July 2008, British Airways plc completed
the purchase of French airline L'Avion.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 10,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit rating on U.K.-based British Airways
PLC to 'BB+' from 'BBB-'.  At the same time, the rating remains on
CreditWatch with negative implications, where it was originally
placed on Jan. 27, 2009.

On Feb. 13, 2009, the TCR-Europe reported that Moody's lowered the
Corporate Family Rating of British Airways plc to Ba1, and
assigned a Probability of Default Rating of Ba1; the senior
unsecured and subordinate ratings have been lowered to Ba2 and
Ba3, respectively.  The ratings remain under review for possible
downgrade.


BYSINGWOOD DEVELOPMENTS: Appoints Liquidators from Baker Tilly
--------------------------------------------------------------
Russell Stewart Cash and Lindsey Jane Cooper of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators of
Bysingwood Developments Ltd. on March 12, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Bysingwood Developments Ltd.
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


CORBY BOTTLERS: Brings in Joint Liquidators from KPMG
------------------------------------------------------
Andrew Stephen McGill and Richard James Philpott of KPMG LLP were
appointed joint liquidators of Corby Bottlers Plc on March 16,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through KPMG LLP at

         2 Cornwall Street
         Birmingham
         B3 2DL
         England


DARLINGTON WINES: Taps Joint Liquidators from KPMG
--------------------------------------------------
Andrew Stephen McGill and Richard James Philpott of KPMG LLP were
appointed joint liquidators of Darlington Wines Ltd. on March 16,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through KPMG LLP at:

         2 Cornwall Street
         Birmingham
         B3 2DL
         England


FRANK GUY: Appoints Joint Liquidators from Tenon Recovery
---------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Frank Guy Aircraft Interiors Ltd. on
March 12, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


GENERAL MOTORS: SAIC No Interest in Acquiring Vauxhall and Opel
---------------------------------------------------------------
Shanghai Automotive Industry Corporation (Group) (SAIC) denied
that it is considering an acquisition of General Motors Corp.'s
Vauxhall and Opel brands, Gasgoo.com reports citing the Shanghai
Securities Journal.

Gasgoo.com relates the Shanghai Securities Journal said SAIC has
no plans for foreign mergers and acquisitions.  SinoCast Daily
Business says the company is focusing on building up self-
developed brands.

On April 11, 2009, Mark Kleinman at Telegraph.co.uk reported that
SAIC has requested a sale document from GM.

According to Telegraph.co.uk, Commerzbank is orchestrating the
sale process on behalf of GM, which is to establish a new
subsidiary comprising Vauxhall, which employs about 5,000 people
in Britain, and Opel.

Telegraph.co.uk said Geely Automotive, the Chinese company which
owns a stake in Manganese Bronze, the maker of London's black
cabs, has also requested the information from Commerzbank.

The sale, Telegraph.co.uk noted, will exclude Saab, which GM is
attempting to sell separately, and the European sales operations
of Chevrolet.

                       About General Motors

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

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

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

                          *     *     *

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

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

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

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


INTEGRATED PIPEWORK: Appoints Administrators from Tenon Recovery
----------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Integrated Pipework Solutions Ltd. on
March 30, 2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


JJB SPORTS: Tracing Buyers of Shares it Sold Two Weeks Ago
----------------------------------------------------------
JJB Sports Plc is seeking to identify the buyers of a 10 percent
stake in the company which was sold two weeks ago, Bloomberg News
reports citing the Independent newspaper.

Bloomberg News says according to the newspaper, JJB Sports will
send out notices to investors, including Mike Ashley -- the
founder of rival Sports Direct International Plc, requiring them
to disclose whether they own any shares in the company.

The Financial Times relates people close to the situation
previously said that Mr. Ashley had bought 23 per cent stake in
JJB.  About half of the stake however now belongs to a derivatives
broker and the owner of the rest has not yet come forward, the FT
says.

Bloomberg News recalls JJB said last month it would stave off
liquidation and save 11,000 jobs after proposing an agreement with
banks, a lower rent bill and the sale of its health clubs.

According to The Independent's James Thompson, JJB, which has
until the end of the month to stave off collapse, said the
critical vote by unsecured creditors on the company voluntary
arrangement will take place on April 27 in London.

The Independent says under the CVA, landlords will be able to make
a claim against GBP10 million which will be paid in two
installments on September 30 and the balance on December 31.

As part of the CVA, The Independent relates JJB will vary the rent
terms on 250 stores it will keep open from quarterly payments to
monthly.

If the CVA is agreed, The Independent says JJB will get access to
a new short-term GBP25 million loan with Barclays with a maturity
date of August 31, 2009, and a medium-term GBP25 million revolving
facility with Bank of Scotland, which is due to repaid by
September 30, 2010.

As of January 31, 2009, JJB had net debts of about GBP60 million,
according to The Independent.

Headquartered in Wigan, England, JJB Sports plc (LON:JJB) ---
http://www.jjsports.com/--- is engaged in the retailing of
sportswear and sporting equipment.  The Company also operates a
television broadcasting and marketing business, which specializes
in the marketing of golf products and fitness equipment through
Sky Television.  The Company operates in a single segment: all the
Company’s retail operations, including any retail stores, which
are attached to fitness clubs.  During the fiscal year ended
January 27, 2008, the Company opened 14 retail stores and reopened
five stores and closed 26 retail stores.  On January 28, 2008, the
Company acquired Original Shoe Company.  In May 2008, JJB acquired
the fashion footwear business, Qube Footwear Limited from West
Coast Capital.  In March 2009, the Company announced the disposal
of the Fitness Clubs business (including the fitness clubs and
attached retail stores, the Cardiff MiFit fitness club and retail
store, and certain fitness club sites) (the Fitness Business) to
Dave Whelan Sports Limited.


MORRELL PRODUCTS: Calls in Joint Administrators from PwC
--------------------------------------------------------
Stuart David Maddison, Jonathan Hunt and Anthony Steven Barrell of
PricewaterhouseCoopers LLP were appointed joint administrators of
Morrell Products Ltd. on March 27, 2009.

The company can be reached through PricewaterhouseCoopers LLP at:

         Donington Court
         Pegasus Business Park
         Castle Donington
         East Midlands
         DE74 2UZ
         England


PRESS GAZETTE: To Cease Publication
-----------------------------------
Shanghai Daily reports that Press Gazette, which covers the print
news in Britain, will cease print and online publication after its
May issue.

The report relates the Press Gazette said on its Website it has
suffered from a falling market and its losses have increased.

The Wilmington Group, which brought the Press Gazette out of
administration three years ago, said it had invested significant
funds in hope of making the 43-year-old publication profitable,
the report notes.


ROYAL BANK: Two Banks Vie for Pakistan Unit
-------------------------------------------
Bloomberg News reports MCB Bank Ltd. and Habib Bank Ltd. are
competing to buy Royal Bank of Scotland Group Plc's operations in
Pakistan.

Citing MCB and Habib Bank in separate statements to the Karachi
Stock Exchange, the report says the lenders plan to apply to the
central bank for approval to begin a due diligence review of RBS
Pakistan, which has a market value of Rs. 21.4 billion (US$266
million).

The report recalls RBS said in February that it plans to reduce
operations in 36 countries in the Middle East and Asia and sell
assets after posting the largest loss in British corporate
history.

As reported in the Troubled Company Reporter-Europe on Feb. 27,
2009, RBS incurred a GBP24.0 billion full year net loss from a net
income of GBP6.8 billion in 2007, the bank's results for the full
year ending Dec. 31, 2008 show.

Total income for 2008 decreased 20% to GBP26.8 billion from
GBP33.5 billion in 2007.

                            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.


SUNCREST SURROUNDS: Taps Joint Administrators from Baker Tilly
--------------------------------------------------------------
Adrian David Allen and Mark Nicholas Ranson of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Suncrest Surrounds Ltd. on March 25, 2009.

The company can be reached at:

         Suncrest Surrounds Ltd.
         7 Lysander Close
         Pysons Road Industrial Estate
         Broadstairs
         Kent
         CT10 2YT
         England


VIRGIN MEDIA: Trade Unions Urge Executives to Forgo Bonuses
-----------------------------------------------------------
Victoria Thomson at the Scotsman reports that trade unions have
criticized Virgin Media's plan to to award bonuses to its
executives just months after axing more than 2,000 jobs.

According to the Scotsman, the group has approved plans to pay
bonuses worth between 5 per cent and 100 per cent of base salary
to some staff dependent on qualifying criteria.  Jamie Dunkley of
Telegraph.co.uk discloses the bonuses would be paid on March 31,
2010, and cover almost half of the group's staff.

The Communication Workers Union, however, urged the executives to
forgo these bonuses, the Scotsman relates.

Grace Mitchell, of the Communication Workers Union, as cited by
the Scotsman, said: "At a time when people are losing their jobs
and there is a lot of uncertainty, the executives should be taking
a lead and looking to forgo these bonuses."

The Scotsman recalls Virgin Media said last November that it would
cut about 2,200 UK jobs or 15 per cent of its workforce by 2012 in
a broad restructuring scheme.  The redundancies, the Scotsman
says, are part of a plan to slash costs across the group to save
more than GBP120 million by 2012.

The Scotsman notes a Virgin Media spokesman said both the 2009
bonus plan and the firm's restructuring were "integral" parts of
its aim to "radically transform the business."

                        About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. Businesses.

                          *     *     *

As reported in the TCR-Europe on October 17, 2008, Fitch Ratings
affirmed Virgin Media Inc.'s Long-term Issuer Default Rating at
'BB-' with a Stable Outlook and Short-term IDR at 'B', following
its announcement that it is seeking amendments to its senior
secured facilities.


WOLSELEY PLC: Files Winding-Up Petition Against 15 Debtors
----------------------------------------------------------
Jonathan Sibun at Telegraph.co.uk reports that Wolseley plc has
filed a winding-up petition against 15 of its debtors in an
attempt to recover hundreds of thousands of debts.

According to the report, the companies to be wound up include Apex
Builders from Middlesex, Somerset-based Better Building Solutions,
Bolton Buildings and EDC Property Services from East Sussex, Davis
Homes in Herefordshire and Kilmister Homes from Staffordshire.

The winding-up petition will be heard by a judge at the Birmingham
County Court on April 22, the report notes.

Wolseley, the report discloses, suffered a GBP965 million pre-tax
loss in the six months to the end of January, from a profit of
GBP79 million a year earlier.

Wolseley PLC -- http://www.wolseley.com/-- is a United Kingdom-
based company.  The company is engaged in the distribution of
construction materials and providing related services to a
specialist market of professional contractors.  Wolseley and its
subsidiaries are organized into two geographic divisions, which
includes Europe and North America.  The activities of the Company
are the distribution of plumbing, heating and air conditioning
equipment within Europe and North America; the distribution of
building materials in the United Kingdom, Ireland, France, the
Nordic region, Eastern Europe and the United States; the
distribution of electrical components and supplies in the United
Kingdom, Ireland and France; the distribution of pipes, valves,
fittings and waterworks in Europe and North America, and the
provision of construction and installation services in the United
States and equipment hire in the United Kingdom, Austria and
France.


WORCESTER HI-FI: Names Liquidator from Tenon Recovery
-----------------------------------------------------
Colin Nicholls of Tenon Recovery was appointed joint liquidator of
Worcester Hi-Fi Ltd. on March 11, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Worcester Hi-Fi Ltd.
         10 Reindeer Court
         Mealcheapen Street
         Worcester
         WR1 2DS
         England


* UK: FSA to Launch Inquiry Into HBOS and RBS
---------------------------------------------
The Financial Services Authority will conduct a formal
investigation into the events which led to last year's emergency
government rescues of HBOS and Royal Bank of Scotland (RBS), Mark
Kleiman at Telegraph.co.uk reports citing the Sunday Telegraph.

The report relates sources in the accounting profession said the
FSA inquiry, which is likely to commence within weeks, will
examine a range of issues, including the banks' risk management
processes and the conduct of directors during the critical period
last year prior to the first wave of government rescue packages.

The inquiry, the report says, is expected to look at whether
sufficient information was made available to the boards of the
banks and their shareholders.  It is also expected to include
scrutiny of directors' competence during the periods leading up to
rights issues that were undertaken by Bradford & Bingley, HBOS and
RBS over the course of several months last year, the report adds.
However, the inquiry will not address issues such as the
controversial pension settlement secured by Sir Fred Goodwin, the
former chief executive of RBS, as well as market-wide issues, such
as banks' capital requirements or governance, the report notes.

According to the report, because of the audit firms' close ties to
their banking clients, it is possible that more than one of
Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers would be
enlisted by the FSA to assist the investigation.  Deloitte acts as
the auditor to RBS, while PwC audits Lloyds Banking Group, the
report states.


* U.K.: Homeowners Seeking to Sell Properties Up 70%
----------------------------------------------------
Howard Mustoe at Bloomberg News reports a company that buys
property from distressed sellers said more debt-saddled homeowners
and landlords in the U.K. want to sell their properties.

Property Portfolio Rescue, as cited by the news agency, said the
number of people seeking to sell property through the company rose
70 percent to 3,321 in the first three months of 2009 compared
with the period a year earlier.

Of the 3,321 people or companies asking to sell their properties
or groups of properties, 90 percent have enough unpaid loans to
face repossession, the company said in an e-mailed statement
obtained by Bloomberg News.

                            *********

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 * * *