TCREUR_Public/090420.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

            Monday, April 20, 2009, Vol. 10, No. 76

                            Headlines

A U S T R I A

A. ROHE HOLDING: Claims Registration Period Ends May 1
BLUEBRIDGE TECHNOLOGIES: Claims Registration Period Ends May 1
COLDREX LLC: Claims Registration Period Ends April 30
HANS RESSL: Claims Registration Period Ends April 29
HOLZHAUSEN LLC: Claims Registration Period Ends April 29

INTEGRATA LLC: Claims Registration Period Ends April 30
VELAN TRADING: Claims Registration Period Ends April 28

* AUSTRIA: Not a Candidate for Bankruptcy, Central Bank Says


G E R M A N Y

4INEINS MULTIMEDIA: Claims Registration Period Ends May 15
PRO-FESS AUTOMATISIERUNGSTECHNIK: Claims Filing Period Ends May 12
SCHWABEN SOLAR: Claims Registration Period Ends May 29
VIADUCT WERBEAGENTUR: Claims Registration Period Ends May 14
VSK KANT: Claims Registration Period Ends June 5


E S T O N I A

SWEDBANK AS: Fitch Downgrades Individual Rating to 'D/E'


I C E L A N D

* ICELAND: Deloitte Finalizes Asset Valuation of Failed Banks


I R E L A N D

VALLERIITE CDO: Moody's Junks Ratings on Four Classes of Notes


I T A L Y

ALITALIA SPA: Anima Balks at Italian Government's Bonds Swap
FIAT SPA: May Drop Chrysler Deal if Unions Don't Agree to Cost Cut


K A Z A K H S T A N

AVTO SNUB: Creditors Must File Claims by May 22
CORPORATION ARYS: Creditors Must File Claims by May 22
DETECT PRO: Creditors Must File Claims by May 22
GRAN TECH A: Creditors Must File Claims by May 22
IMPERIAL LLP: Creditors Must File Claims by May 22

SEIMAR ALLIANCE: Moody's Withdraws 'Ca' Global Issuer Ratings
STROYMATERIALY PV: Creditors Must File Claims by May 22
TECHNO AVIA: Creditors Must File Claims by May 22
VEK STROY 3: Creditors Must File Claims by May 22
VK STROY TRANS: Creditors Must File Claims by May 22

WORLD HOUSE: Creditors Must File Claims by May 22


K Y R G Y Z S T A N

GRANDEX INVESTMENTS: Creditors Must File Claims by April 24
MIR TRANS: Creditors Must File Claims by April 24


L A T V I A

LATVIJAS KRAJBANKA: Moody's Withdraws 'E+' Bank Strength Rating


L I T H U A N I A

BANKAS SNORAS: Moody's Withdraws 'E+' Bank Fin'l Strength Rating
DNB NORD: Fitch Cuts Individual Rating to 'D/E' from 'C/D'
SEB BANKAS: Fitch Downgrades Individual Rating to 'D/E'
UKIO BANKAS: Moody's Cuts Bank Financial Strength Rating to 'E+'


P O L A N D

* POLAND: Expresses Interest in IMF FCL Arrangement


R U S S I A

ALFA BANK: 2008 Net Profit Down 9% to US$230 Million
AOEIE IRKUTSKENERGO: Moody's Withdraws 'Caa1' Corporate Ratings
CERAMIC WALLING: Creditors Must File Claims by May 10
IVI-93: Creditors Must File Claims by May 10
MDM BANK: S&P Cuts Long-Term Counterparty Credit Rating to 'BB-'

POLYMERIC PIPELINE: Court Names Temporary Insolvency Manager
PROM-TEKH-STROY: Creditors Must File Claims by May 10
SHARGILAMPI STONE: Creditors Must File Claims by June 10
STROY-BUR LLC: Creditors Must File Claims by May 10
STROY-KOM-PLUS LLC: Creditors Must File Claims by May 10

UC RUSAL: Proposes Resumption of Construction at Smelters
UNECHENSKIY VEGETABLE: Creditors Must File Claims by June 10
URENGOY-INVEST-STROY: Creditors Must File Claims by May 10
VOLGOGRADSKIY VEHICLE: Creditors Must File Claims by May 10
VORONEZHSKIY CONST: Court Names Temporary Insolvency Manager

* RUSSIA: Moody's Puts 'Ba3' First-Time Rating on Volgograd City


S W E D E N

TALLINK GROUP: Loss Nearly Triples in Quarter Ended Feb. 29


S W I T Z E R L A N D

AMERICAN INT'L: Sells Auto-Insurance Unit to Zurich Fin'l
BINESS JSC: Creditors Must File Proofs of Claim by April 27
CBS TECHNOLOGY: Deadline to File Proofs of Claim Set April 27
DORFLADEN BEATRICE: Creditors Have Until April 27 to File Claims
HANDWERK + DIENSTLEISTUNG: Claims Filing Deadline is April 27

MONTI SPORT: Creditors' Proofs of Claim Due by April 27
PROJECTSUNITED LLC: Creditors Must File Claims by April 27
RAFFINESSE REISEN: Deadline to File Proofs of Claim Set April 27
ZEUS WIRTSCHAFTSBETEILIGUNGEN: Claims Filing Deadline is April 27


U K R A I N E

INTERTIMESERVICE LLC: Creditors Must File Claims by April 30
KHARKOV AGRICULTURAL: Creditors Must File Claims by April 30
KRASITEL OJSC: Creditors Must File Claims by April 30
MOSHUROV AGRICULTURAL: Creditors Must File Claims by April 30
POLTAVA CHEMICAL: Creditors Must File Claims by April 30

PRINT CJSC: Creditors Must File Claims by April 30
SPMK-2 AGRICULTURAL: Court Starts Bankruptcy Supervision Procedure
SUPPLY D LLC: Creditors Must File Claims by April 30
UKRBUDINCOM LLC: Creditors Must File Claims by April 30
VAMP-CENTER LLC: Creditors Must File Claims by April 30

WAREHOUSE TECHNOLOGIES: Creditors Must File Claims by April 30


U N I T E D   K I N G D O M

AWM GROUP: Appoints Joint Administrators from KPMG
CALADAN GROUP: Brings in Joint Administrators from KPMG
CENTRIQUIP LTD: Taps Joint Administrators from BDO Stoy Hayward
CITY SOUTH: Appoints Joint Administrators from Grant Thornton
CORBY MOTOR: Placed Into Administration; 60 Jobs Affected

HEMCORE: Goes Into Administration, Seeks Buyer
HOUSE OF EUROPE: S&P Puts Junk Rating on Class C Notes on WatchNeg
JANE SHILTON: Explores Likely Asset Sale or Refinancing
MADOFF SECURITIES: Files Chapter 15; Peter Madoff Faces Lawsuit
MENTMORE HOTELS: Appints Joint Administrators from BDO

PROMINENT CMBS: Fitch Affirms Rating on Class E Notes at 'BB'
ROYAL BANK: ANZ to Join Sale Process for Asian Operations
SMITH & WAREHAM: Taps Joint Administrators from PKF
STANFORD INT'L: Placed Into Liquidation; Vantis Appointed
TAYLOR WIMPEY: Shareholder Polaris Doesn't Favor Rights Offering

* BOND PRICING: For the Week April 13 to April 17, 2009


                         *********


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


A. ROHE HOLDING: Claims Registration Period Ends May 1
------------------------------------------------------
Creditors owed money by LLC A. Rohe Holding (FN 146068g) have
until May 1, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on May 15, 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 17, 2009, (Bankr. Case No. 28 S 47/09d).


BLUEBRIDGE TECHNOLOGIES: Claims Registration Period Ends May 1
--------------------------------------------------------------
Creditors owed money by LLC BlueBridge Technologies (FN 205453m)
have until May 1, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Philipp Dobner
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: dobner@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on May 15, 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 17, 2009, (Bankr. Case No. 28 S 41/09x).


COLDREX LLC: Claims Registration Period Ends April 30
-----------------------------------------------------
Creditors owed money by LLC Coldrex (FN 285722f) have until
April 30, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Katharina Twaroch-Nowak
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei.twaroch@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 14, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 11, 2009, (Bankr. Case No. 2 S 36/09w).


HANS RESSL: Claims Registration Period Ends April 29
----------------------------------------------------
Creditors owed money by LLC Ing. Hans Ressl (FN 127797m) have
until April 29, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Karl Schirl
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 01/513 22 31
         Fax: 01/513 22 31 1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 13, 2009, for the
examination of claims at:

         Trade Court of Korneuburg (119)
         Room 204
         Korneuburg
         Austria

Headquartered in Klosterneuburg Vienna, Austria, the Debtor
declared bankruptcy on March 19, 2009, (Bankr. Case No. 36 S
37/09x).


HOLZHAUSEN LLC: Claims Registration Period Ends April 29
--------------------------------------------------------
Creditors owed money by LLC Holzhausen (FN 161640g) have until
April 29, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Ute Toifl
         Tuchlauben 12/20
         1010 Vienna
         Austria
         Tel: 535 46 11
         Fax: 535 46 11 11
         E-mail: office@thr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 13, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 11, 2009, (Bankr. Case No. 4 S 39/09a).


INTEGRATA LLC: Claims Registration Period Ends April 30
-------------------------------------------------------
Creditors owed money by LLC Integrata (FN 204471v) have until
April 30, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Annemarie Kosesnik-Wehrle
         OElzeltgasse 4/6
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: DW 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on May 14, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 12, 2009, (Bankr. Case No. 2 S 35/09y).


VELAN TRADING: Claims Registration Period Ends April 28
-------------------------------------------------------
Creditors owed money by LLC Velan Trading Company (FN 100736t)
have until April 28, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Hans Pucher
         Wiener Strasse 3
         3100 St. Poelten
         Austria
         Tel: 02742/35 43 55
         Fax: 02742/35 14 35
         E-mail: office@gpls.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on May 19, 2009, for the
examination of claims at:

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

Headquartered in Zeiselmauer Vienna, Austria, the Debtor declared
bankruptcy on March 19, 2009, (Bankr. Case No. 14 S 47/09s).


* AUSTRIA: Not a Candidate for Bankruptcy, Central Bank Says
------------------------------------------------------------
Sylvia Westall at Reuters reports that Austria's central bank said
late on Tuesday that it is not on the brink default and can cope
with any risks caused by the exposure of domestic banks to
emerging Europe.

Governor Ewald Nowotny, responding to comments by economist Paul
Krugman, as cited by Reuters, said "The creditworthiness of the
state of Austria and of the Austrian banking sector is beyond any
doubt."  Reuters states according to Mr. Nowotny, the debt ratio
of Austria is below the eurozone average, while the country's
'Triple A' rating had recently been confirmed.

Reuters relates in his comments, reported in international
newspapers, Mr. Krugman said that Austria was a candidate for
bankruptcy.

Ambrose Evans-Pritchard at Telegraph.co.uk reports Mr. Krugman
wrote in his blog that although Austria is not as outrageously
leveraged as Iceland or Ireland, the country may need a bank
rescue that will seriously strain its resources.

Reuters discloses Austrian banks are among the biggest lenders to
formerly Communist areas of central and eastern Europe and have
lent the equivalent of 75 percent of its gross domestic product to
clients in the region.

However, Telegraph.co.uk notes Helmut Ettl, Austria's regulator,
said Austrian banks have no "toxic paper" in the region and over
60pc of their exposure is to Poland, the Czech Republic, Slovenia,
and Slovakia, which are suffering no more than "normal
recessions".


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


4INEINS MULTIMEDIA: Claims Registration Period Ends May 15
----------------------------------------------------------
Creditors of 4ineins Multimedia & Promotionpartner GmbH have until
May 15, 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 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bad Homburg v.d. Hoehe
         Room E36
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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:

         Frank Schmitt
         Olof-Palme-Strasse 13
         60439 Frankfurt
         Germany
         Tel: 069-509860
         Fax: 069-50986110

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:

         4ineins Multimedia & Promotionpartner GmbH
         Attn: Jutta Rabis, Manager
         An der Eiskaut 46
         61250 Usingen
         Germany


PRO-FESS AUTOMATISIERUNGSTECHNIK: Claims Filing Period Ends May 12
------------------------------------------------------------------
Creditors of Pro-FESS Automatisierungstechnik GmbH have until
May 12, 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 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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:

         Uwe Kassing
         Pulverweg 1a
         21337 Lueneburg
         Germany
         Tel: 0 700 800 800 25
         Fax: 0 700 800 800 27

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:

         Pro-FESS Automatisierungstechnik GmbH
         Eulenbusch 12
         21391  Reppenstedt
         Germany

         Attn: Dierk Hilterhaus, Manager
         Wappenhorner Weg 14
         21394 Kirchgellersen
         Germany


SCHWABEN SOLAR: Claims Registration Period Ends May 29
------------------------------------------------------
Creditors of Schwaben Solar 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 1:15 p.m. on June 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 Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Rainer U. Mueller
         Schiessstattenstr. 15
         86159 Augsburg
         Germany

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

The Debtor can be reached at:

         Schwaben Solar GmbH
         Attn: Gudrun Aigner, Manager
         Max-Fischer-Str. 11
         86399 Bobingen
         Germany


VIADUCT WERBEAGENTUR: Claims Registration Period Ends May 14
------------------------------------------------------------
Creditors of Viaduct Werbeagentur GmbH have until May 14, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 11, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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. Thilo Streck
         Neuer Wall 86
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Viaduct Werbeagentur GmbH
         Attn: Anja C. Ploch, Manager
         Borselstrasse 20
         22765 Hamburg
         Germany


VSK KANT: Claims Registration Period Ends June 5
------------------------------------------------
Creditors of VSK Kant GmbH have until June 5, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         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. Leo Schoofs
         Salierstrasse 4
         46395 Bocholt
         Germany
         Tel: 02871/2183-404
         Fax: 02871/2183-410
         E-mail: Lschoofs@Stellmach-Broeckers.de

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:

         VSK Kant GmbH
         Engdener Strasse 29
         48531 Nordhorn
         Germany

         Attn: Michael Krueger, Manager
         Vischeringstr. 11
         48531 Nordhorn
         Germany


=============
E S T O N I A
=============


SWEDBANK AS: Fitch Downgrades Individual Rating to 'D/E'
--------------------------------------------------------
Fitch Ratings said the downgrade of the Long-term Issuer Default
Rating of Swedbank AB to 'A' from 'A+' and the Individual Ratings
of Baltic subsidiaries of other major Nordic banks reflect their
exposure to growing risks in eastern Europe and the Commonwealth
of Independent States.  The Individual Rating reflects the
standalone strength of a bank.

The eastern European exposure of the major Nordic banks is
concentrated in the Baltic states and, to a much smaller extent,
in Russia and Ukraine.  The Nordic banks have taken important
steps to strengthen their capital bases in light of the
deteriorating domestic and global economic environment.  Among its
Nordic peers, Swedbank has the largest exposure to the region,
which is reflected in the downgrade of the Long-term IDR.
According to Fitch's stress tests, detailed in a special report
publisheds, only under Fitch's most severe scenario would the
bank's Tier 1 ratio be in breach of the regulatory minimum capital
ratio.

The downgrades of the Individual ratings of all the rated Baltic
subsidiaries of Nordic banks reflect the rapid deterioration in
the operating environment in Estonia, Lithuania and Latvia.  This
has been reflected in deteriorating asset quality and rising
impairment charges for Q408, which are likely to continue during
2009.  Coupled with likely deterioration in profitability at the
pre-impairment operating level, this raises the possibility that,
under a number of stress scenarios, credit losses may start
eroding capital.  The loss absorption capacity of the banks is
limited, as manifested by Tier 1 ratios of below 10%.  The Long-
term IDRs of SEB Bankas and DnB Nord Bankas were affirmed,
reflecting parental support from, respectively, Skandinaviska
Enskilda Banken (rated 'A+'/Stable) and DnB NORD.

Swedbank AB

  -- Long-term IDR: downgraded to 'A' from 'A+', Outlook Stable

  -- Short-term IDR: affirmed at 'F1'

  -- Individual Rating: affirmed at 'B/C'

  -- Support Rating: affirmed at '1'

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

  -- Senior unsecured debt: downgraded to 'A' from 'A+'

  -- Guaranteed notes: affirmed at Long-term 'AAA' and Short-term
     'F1+'

  -- Subordinated debt: downgraded to 'A-' (A minus) from 'A'

  -- Hybrid notes: downgraded to 'BBB+' from 'A'

Swedbank Mortgage AB

  -- Long-term IDR: downgraded to 'A+' from 'AA-' (AA minus),
     Outlook Stable

  -- Short-term IDR: downgraded to 'F1' from 'F1+'

  -- Individual Rating: affirmed at 'B'

  -- Support Rating: affirmed at '1'

  -- Senior unsecured debt: downgraded to 'A+' from 'AA-' (AA
     minus)

  -- Subordinated debt: downgraded to 'A' from 'A+'


Swedbank AS (based in Estonia)

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; Outlook
     Stable

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Individual Rating: downgraded to 'D/E' from 'C/D'

  -- Support Rating: affirmed at '1'

SEB Bankas (based in Lithuania)

  -- Long-term IDR: affirmed at 'A'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1'
  -- Individual Rating: downgraded to 'D/E' from 'C/D'
  -- Support Rating: affirmed at '1'

DnB Nord Bankas (based in Lithuania)

  -- Long-term IDR: affirmed at 'A'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1'
  -- Individual Rating: downgraded to 'D/E' from 'C/D'
  -- Support Rating: affirmed at '1'


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


* ICELAND: Deloitte Finalizes Asset Valuation of Failed Banks
-------------------------------------------------------------
The Icelandic government said Thursday Deloitte LLP has concluded
its provisional valuation of the assets transferred from the old
Icelandic banks to comprise the balance sheets of New Kaupthing
Bank, NBI and Islandsbanki.  In tandem with this work, Oliver
Wyman has reviewed the process for each individual bank.  Both
companies are now finalizing the valuations, which are expected to
be available in their ultimate form this week.

Reuters, citing a government spokesman, says negotiations on the
division of the assets will begin as soon as possible with an
agreement expected by May 18.

Reuters recalls the government seized control of Kaupthing,
Landsbanki and Glitnir in October last year.  The banks'
outstanding debts included more than US$62 billion in foreign
currency obligations, Reuters notes.

According to Reuters, the government wants to secure an agreement
with creditors, which include a wide-range of individual
depositors, bondholders and financial institutions, to help the
country return to the international capital markets and relax the
capital controls currently in place.

                        Deloitte's Report

The government said Deloitte's report consist of two parts.  The
former describes the methodology applied and assumptions made in
locating the value of assets transferred from the old banks within
a specific range.  The latter part provides the valuations of
individual assets.

                     Information disclosure

In an April 16 press statement, the government said the valuation
data must first be presented to the contracting parties
themselves, giving them an opportunity to acquaint themselves
thoroughly with it and form their own opinions.  Once agreements
have been concluded, a summary of the material contained in the
reports will be made public.  The reports include, for instance,
price-sensitive information which cannot be made public at this
time.

Once the final conclusions of the valuations are available, the
procedure will be as follows:

    * Firstly, the former section of each report will be delivered
      to the respective new bank and its counterparty, i.e. the
      Resolution Committee of the old bank, together with the
      parties' advisors.

    * Once this is accomplished, individual creditors may request
      information from the Resolution Committees.

    * The next step will be to give the advisors of the old banks,
      who are acting on behalf of creditors, an opportunity to
      acquaint themselves with the substance of the latter part of
      the reports, while ensuring full confidentiality is
      maintained, to enable them to examine individual details.

    * Following this, a meeting will be held with the contracting
      parties and their advisors to discuss technical aspects of
      the valuation.  This meeting is tentatively scheduled for
      the end of April.

    * Finally, a meeting will be held with a wider group of
      creditors, giving them an opportunity to make comments and
      express their opinions.


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


VALLERIITE CDO: Moody's Junks Ratings on Four Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of 16 classes
of notes and three classes of combination notes issued by
Valleriite CDO I P.L.C.

This transaction features a double capital structure; each class
of Notes was issued in US$and in EUR.  The Euro-Notes and the US$-
Notes are secured by two segregated portfolios: one denominated in
EUR and one denominated in US$.  The two portfolios are managed
separately and independently.  Valleriite is a managed semi-
synthetic CDO, in which the manager acquired credit exposure
either by referencing corporate CDS or TRS or by buying bonds or
loans.

As of February 27, 2009, the exposure amount was EUR 1,338,485,363
for the pool securing the Euro-denominated Notes and respectively
US$2,277,477,978 for the pool securing the US$-denominated Notes.
No credit has been given to short indices.

The rating actions is a response to credit deterioration in the
collateral portfolio and the result of the application of revised
and updated key modelling parameter assumptions.

The credit quality of both portfolios deteriorated since
inception.  In particular, Kaupthing Bank HF, Landsbanki Islands
HF and Lehman Brothers Holdings Inc. have defaulted in both pools.
In addition, Washington Mutual Inc. has defaulted in the EUR pool.

Moody's announced changes to correlation and default assumptions
in "Moody's Updates its Key Assumptions for Rating Corporate
Synthetic CDOs," on the January 15, 2009.  The revisions affect
default probability and correlation, which are key parameters in
Moody's model.

Moody's initially analyzed and continues to monitor this
transaction.  The rating is the outcome of a formal committee
process which considers both quantitative and qualitative
elements.  In this particular case, the committee reviewed, among
other things, the results from both, the Valleriite Moody's Cash
Flow model as described in the Pre-Sales report from the May 31,
2007, and an independent model encompassing the latest
assumptions.

The rating actions are:

Valleriite CDO I Plc:

(1) US$ Class S Floating Rate Notes, due 2017

  -- Current Rating: Aa1
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: 23 July 2007

(2) US$ Class A-1 Floating Rate Notes, due 2017

  -- Current Rating: A3
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(3) US$ Class B-1 Floating Rate Notes, due 2017

  -- Current Rating: Ba2
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(4) US$ Class B-2 Fixed Rate Notes, due 2017

  -- Current Rating: Ba2
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(5) US$ Class C-1 Floating Rate Notes, due 2017

  -- Current Rating: B2
  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(6) US$ Class C-2 Fixed Rate Notes, due 2017

  -- Current Rating: B2
  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(7) US$ Class D-1 Floating Rate Notes, due 2017

  -- Current Rating: Caa1
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(8) US$ Class D-2 Fixed Rate Notes, due 2017

  -- Current Rating: Caa1
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(9) US$ Class S Floating Rate Notes, due 2017

  -- Current Rating: Aa1
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: 23 July 2007

(10) EUR Class A-1 Floating Rate Notes, due 2017

  -- Current Rating: Baa1
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(11) EUR Class A-2 Fixed Rate Notes, due 2017

  -- Current Rating: Baa1
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(12) EUR Class B-1 Floating Rate Notes, due 2017

  -- Current Rating: Ba3
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(13) EUR Class B-2 Fixed Rate Notes, due 2017

  -- Current Rating: Ba3
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(14) EUR Class C-1 Floating Rate Notes, due 2017

  -- Current Rating: B3
  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(15) EUR Class D-1 Floating Rate Notes, due 2017

  -- Current Rating: Caa2
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(16) EUR Class D-2 Fixed Rate Notes, due 2017

  -- Current Rating: Caa2
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(17) EUR Class G Combination Notes, due 2017

  -- Current Rating: Ba2
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(18) EUR Class K Combination Notes, due 2017

  -- Current Rating: B3
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008

(19) EUR Class L Combination Notes, due 2017

  -- Current Rating: B3
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: 4 December 2008


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


ALITALIA SPA: Anima Balks at Italian Government's Bonds Swap
------------------------------------------------------------
Tommaso Ebhardt at Bloomberg News reports Anima SGR, the fund
manager bought by Banca Popolare di Milano Scrl, asked market
regulator Consob to suspend a government plan that would limit
reimbursements for Alitalia SpA bondholders, citing "serious
violations" of Italian rules on public offers.

"The Ministry of Economy's offer to swap Alitalia bonds for
Italian government bonds includes evident and total violations of
Italian law," Bloomberg News quoted Anima as saying in a filing to
the regulator, Consob.

Bloomberg News relates Anima, which owns less than 1 percent of
the bonds in the carrier that was sold to a group of Italian
investors in December, is organizing and paying for a general
assembly of Alitalia bondholders on April 20 in Rome.

According to Bloomberg News, Italy has set aside EUR100 million
(US$133 million) to partially reimburse owners of Alitalia bonds.
Under the plan, the report says bondholders would recoup 50
percent of the average value of the bonds in their last month of
trading, corresponding to about 32 percent of nominal value, for a
maximum of 100,000 euros per investor.

                        About Alitalia

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.

As reported in the Troubled Company Reporter-Europe on Jan. 13,
2009, Bloomberg News said Air France-KLM Group agreed to pay
EUR323 million (US$432 million) for 25 percent of Alitalia SpA.

The deal includes a lock-in commitment for Compagnia Aerea
Italiana s.r.l. ("CAI") investors to maintain their combined
holding in Alitalia for four years, Bloomberg News said.

CAI, an Italian investor consortium, took over Alitalia's assets
in December 2008.  Bloomberg News said CAI's takeover of Alitalia
was valued at EUR1.05 billion, including EUR625 million of debt.

In a TCR-Europe on Dec. 15, 2008, Reuters disclosed that
Alitalia's smaller rival, Air One SpA, agreed to sell its
operations to CAI.  The purchase of Air One is part of CAI's
rescue plan for Alitalia.

As reported in the TCR-Europe on November 7, 2008, Alitalia S.p.A.
filed for Chapter 15 protection with the U.S. Bankruptcy Court in
the Southern District of New York.  Italy's national airline
experienced financial difficulties for a number of years caused,
in large measure, by a combination of competition from low-cost
air carriers, poor management and onerous union obligations,
according to papers filed with the court.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties have been and exacerbated by spiraling fuel prices.

On Aug. 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.


FIAT SPA: May Drop Chrysler Deal if Unions Don't Agree to Cost Cut
------------------------------------------------------------------
Jerrold Colten and Tommaso Ebhardt at Bloomberg News report Fiat
SpA Chief Executive Officer Sergio Marchionne told the Globe and
Mail the company will abandon its planned partnership with
Chrysler LLC if the U.S. carmaker’s unions don't agree to cost
reductions.

Fiat, which is working to acquire an initial 20% stake in
Chrysler, will look for another international partner if it can't
get Chrysler's unions to agree to cost cuts, the Globe and Mail
said in a report obtained by Bloomberg News.

Meanwhile, Dow Jones reports Fiat Chairman Luca Cordero di
Montezemolo said Thursday last week he expects a 50% chance for
the Italian car maker to reach a deal with Chrysler, adding that
in the event one doesn't take place then Fiat has another plan.

Separately, Soyoung Kim and David Bailey at Reuters report
Chrysler Chief Executive Bob Nardelli said Thursday the U.S.
government and Fiat will appoint a board of directors for Chrysler
if the two automakers complete a proposed alliance.

Reuters relates Chrysler and Fiat have been in talks to complete a
partnership by the end of April to meet the requirements of U.S.
government emergency aid and avoid a bankruptcy filing.  According
to Reuters, the U.S. autos taskforce rejected Chrysler's
turnaround plan in late March and gave the automaker until the end
of April to cement the Fiat alliance and reach agreements with its
unions to slash labor costs and with its lenders to cut debt.

                         About Fiat SpA

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

                          *     *     *

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


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


AVTO SNUB: Creditors Must File Claims by May 22
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Avto Snub KST insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

         Gogol St. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


CORPORATION ARYS: Creditors Must File Claims by May 22
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Corporation Arys insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

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


DETECT PRO: Creditors Must File Claims by May 22
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Detect Pro insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

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


GRAN TECH A: Creditors Must File Claims by May 22
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Gran Tech A insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

         Nagornaya St. 1
         Astana
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan


IMPERIAL LLP: Creditors Must File Claims by May 22
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Imperial insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

         Gogol St. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


SEIMAR ALLIANCE: Moody's Withdraws 'Ca' Global Issuer Ratings
-------------------------------------------------------------
Moody's Investors Service has withdrawn Seimar Alliance Financial
Corporation's Ca global long-term foreign and local currency
issuer ratings carrying a negative outlook.

The ratings have been withdrawn for business reasons.

The previous rating action on SAFC was on April 1, 2009, when
Moody's downgraded the company's global long-term foreign and
local currency issuer ratings to Ca from Caa1 and changed their
outlook to negative.

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


STROYMATERIALY PV: Creditors Must File Claims by May 22
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Stroymaterialy PV insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

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


TECHNO AVIA: Creditors Must File Claims by May 22
-------------------------------------------------
LLP Techno Avia-Almaty has declared insolvency.  Creditors have
until May 22, 2009, to submit written proofs of claim to:

         Micro 1, 77-22
         Almaty
         Kazakhstan


VEK STROY 3: Creditors Must File Claims by May 22
-------------------------------------------------
LLP Vek Stroy 3 has declared insolvency.  Creditors have until
May 22, 2009, to submit written proofs of claim to:

         Artilleriyskaya St. 38
         Almaty
         Kazakhstan


VK STROY TRANS: Creditors Must File Claims by May 22
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP VK Stroy Trans Prom insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

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


WORLD HOUSE: Creditors Must File Claims by May 22
-------------------------------------------------
LLP World House Info has declared insolvency.  Creditors have
until May 22, 2009, to submit written proofs of claim to:

         Abulhair Han Ave. 155-86
         Uralsk
         West Kazakhstan
         Kazakhstan


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


GRANDEX INVESTMENTS: Creditors Must File Claims by April 24
-----------------------------------------------------------
Creditors of LLC Representation of Company Grandex Investments
Ltd. have until April 24, 2009, to submit proofs of claim.

The company can be reached at:

         LLC Representation of Company Grandex Investments Ltd.
         Tel: (+996 312) 31-15-82


MIR TRANS: Creditors Must File Claims by April 24
-------------------------------------------------
Creditors of LLC Mir Trans Service have until April 24, 2009, to
submit proofs of claim to:

         Razzakov St. 50
         Bishkek
         Kyrgyzstan


===========
L A T V I A
===========


LATVIJAS KRAJBANKA: Moody's Withdraws 'E+' Bank Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of Latvijas
Krajbanka: its bank financial strength rating of E+ and its long-
term global local and foreign currency deposit ratings of B3/Not
Prime.

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

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

Moody's previous rating action on Latvijas Krajbanka was
implemented on April 15, 2009, when the rating agency downgraded
the bank's ratings to B3/Not Prime/E+ from Ba2/Not Prime/D-.

Headquartered in Riga, Latvia, Latvijas Krajbanka reported
consolidated assets of LVL681 million (EUR962 million) at the end
of 2008.


=================
L I T H U A N I A
=================


BANKAS SNORAS: Moody's Withdraws 'E+' Bank Fin'l Strength Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of AB Bankas
Snoras: its bank financial strength rating of E+ and its long-term
global local and foreign currency deposit ratings of B3/Not Prime.

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

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

Moody's previous rating action on Bankas Snoras was implemented on
April 15, 2009, when the rating agency downgraded the bank's
ratings to B3/Not Prime/E+ from Ba3/Not Prime/D-.

Headquartered in Vilnius, Lithuania, Bankas Snoras reported
consolidated assets of LTL8.5 billion (EUR2.4 billion) at the end
of 2008.


DNB NORD: Fitch Cuts Individual Rating to 'D/E' from 'C/D'
----------------------------------------------------------
Fitch Ratings said the downgrade of the Long-term Issuer Default
Rating of Swedbank AB to 'A' from 'A+' and the Individual Ratings
of Baltic subsidiaries of other major Nordic banks reflect their
exposure to growing risks in eastern Europe and the Commonwealth
of Independent States.  The Individual Rating reflects the
standalone strength of a bank.

The eastern European exposure of the major Nordic banks is
concentrated in the Baltic states and, to a much smaller extent,
in Russia and Ukraine.  The Nordic banks have taken important
steps to strengthen their capital bases in light of the
deteriorating domestic and global economic environment.  Among its
Nordic peers, Swedbank has the largest exposure to the region,
which is reflected in the downgrade of the Long-term IDR.
According to Fitch's stress tests, detailed in a special report
publisheds, only under Fitch's most severe scenario would the
bank's Tier 1 ratio be in breach of the regulatory minimum capital
ratio.

The downgrades of the Individual ratings of all the rated Baltic
subsidiaries of Nordic banks reflect the rapid deterioration in
the operating environment in Estonia, Lithuania and Latvia.  This
has been reflected in deteriorating asset quality and rising
impairment charges for Q408, which are likely to continue during
2009.  Coupled with likely deterioration in profitability at the
pre-impairment operating level, this raises the possibility that,
under a number of stress scenarios, credit losses may start
eroding capital.  The loss absorption capacity of the banks is
limited, as manifested by Tier 1 ratios of below 10%.  The Long-
term IDRs of SEB Bankas and DnB Nord Bankas were affirmed,
reflecting parental support from, respectively, Skandinaviska
Enskilda Banken (rated 'A+'/Stable) and DnB NORD.

Swedbank AB

  -- Long-term IDR: downgraded to 'A' from 'A+', Outlook Stable

  -- Short-term IDR: affirmed at 'F1'

  -- Individual Rating: affirmed at 'B/C'

  -- Support Rating: affirmed at '1'

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

  -- Senior unsecured debt: downgraded to 'A' from 'A+'

  -- Guaranteed notes: affirmed at Long-term 'AAA' and Short-term
     'F1+'

  -- Subordinated debt: downgraded to 'A-' (A minus) from 'A'

  -- Hybrid notes: downgraded to 'BBB+' from 'A'

Swedbank Mortgage AB

  -- Long-term IDR: downgraded to 'A+' from 'AA-' (AA minus),
     Outlook Stable

  -- Short-term IDR: downgraded to 'F1' from 'F1+'

  -- Individual Rating: affirmed at 'B'

  -- Support Rating: affirmed at '1'

  -- Senior unsecured debt: downgraded to 'A+' from 'AA-' (AA
     minus)

  -- Subordinated debt: downgraded to 'A' from 'A+'


Swedbank AS (based in Estonia)

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; Outlook
     Stable

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Individual Rating: downgraded to 'D/E' from 'C/D'

  -- Support Rating: affirmed at '1'

SEB Bankas (based in Lithuania)

  -- Long-term IDR: affirmed at 'A'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1'
  -- Individual Rating: downgraded to 'D/E' from 'C/D'
  -- Support Rating: affirmed at '1'

DnB Nord Bankas (based in Lithuania)

  -- Long-term IDR: affirmed at 'A'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1'
  -- Individual Rating: downgraded to 'D/E' from 'C/D'
  -- Support Rating: affirmed at '1'


SEB BANKAS: Fitch Downgrades Individual Rating to 'D/E'
-------------------------------------------------------
Fitch Ratings said the downgrade of the Long-term Issuer Default
Rating of Swedbank AB to 'A' from 'A+' and the Individual Ratings
of Baltic subsidiaries of other major Nordic banks reflect their
exposure to growing risks in eastern Europe and the Commonwealth
of Independent States.  The Individual Rating reflects the
standalone strength of a bank.

The eastern European exposure of the major Nordic banks is
concentrated in the Baltic states and, to a much smaller extent,
in Russia and Ukraine.  The Nordic banks have taken important
steps to strengthen their capital bases in light of the
deteriorating domestic and global economic environment.  Among its
Nordic peers, Swedbank has the largest exposure to the region,
which is reflected in the downgrade of the Long-term IDR.
According to Fitch's stress tests, detailed in a special report
publisheds, only under Fitch's most severe scenario would the
bank's Tier 1 ratio be in breach of the regulatory minimum capital
ratio.

The downgrades of the Individual ratings of all the rated Baltic
subsidiaries of Nordic banks reflect the rapid deterioration in
the operating environment in Estonia, Lithuania and Latvia.  This
has been reflected in deteriorating asset quality and rising
impairment charges for Q408, which are likely to continue during
2009.  Coupled with likely deterioration in profitability at the
pre-impairment operating level, this raises the possibility that,
under a number of stress scenarios, credit losses may start
eroding capital.  The loss absorption capacity of the banks is
limited, as manifested by Tier 1 ratios of below 10%.  The Long-
term IDRs of SEB Bankas and DnB Nord Bankas were affirmed,
reflecting parental support from, respectively, Skandinaviska
Enskilda Banken (rated 'A+'/Stable) and DnB NORD.

Swedbank AB

  -- Long-term IDR: downgraded to 'A' from 'A+', Outlook Stable

  -- Short-term IDR: affirmed at 'F1'

  -- Individual Rating: affirmed at 'B/C'

  -- Support Rating: affirmed at '1'

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

  -- Senior unsecured debt: downgraded to 'A' from 'A+'

  -- Guaranteed notes: affirmed at Long-term 'AAA' and Short-term
     'F1+'

  -- Subordinated debt: downgraded to 'A-' (A minus) from 'A'

  -- Hybrid notes: downgraded to 'BBB+' from 'A'

Swedbank Mortgage AB

  -- Long-term IDR: downgraded to 'A+' from 'AA-' (AA minus),
     Outlook Stable

  -- Short-term IDR: downgraded to 'F1' from 'F1+'

  -- Individual Rating: affirmed at 'B'

  -- Support Rating: affirmed at '1'

  -- Senior unsecured debt: downgraded to 'A+' from 'AA-' (AA
     minus)

  -- Subordinated debt: downgraded to 'A' from 'A+'


Swedbank AS (based in Estonia)

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; Outlook
     Stable

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Individual Rating: downgraded to 'D/E' from 'C/D'

  -- Support Rating: affirmed at '1'

SEB Bankas (based in Lithuania)

  -- Long-term IDR: affirmed at 'A'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1'
  -- Individual Rating: downgraded to 'D/E' from 'C/D'
  -- Support Rating: affirmed at '1'

DnB Nord Bankas (based in Lithuania)

  -- Long-term IDR: affirmed at 'A'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1'
  -- Individual Rating: downgraded to 'D/E' from 'C/D'
  -- Support Rating: affirmed at '1'


UKIO BANKAS: Moody's Cuts Bank Financial Strength Rating to 'E+'
----------------------------------------------------------------
Moody's Investors Service downgraded the long-term global local
and foreign currency deposit ratings of AB Ukio Bankas to B2 from
Ba3 and its bank financial strength rating to E+ from D-.  At the
same time, Moody's affirmed the bank's Not Prime short-term
ratings.  This rating action concludes the review process
initiated on October 31, 2008.  The outlook on the long-term
ratings is negative and the outlook on the BFSR is stable.

Moody's multi-notch downgrade of the bank's ratings was triggered
by a combination of these factors:

   (i) the reported significant decline in Ukio Bankas's
       profitability and asset quality and Moody's expectation of
       a significant further weakening in asset quality due to the
       rapidly deteriorating credit conditions in Lithuania;

  (ii) the bank's high single borrower concentration, its high
       exposure to the corporate and SME segments, and its
       exposure to various sectors related to real estate and
       construction; and

(iii) the bank's stretched capital adequacy levels.

Ukio Bankas's net profit in 2008 was LTL48 million (EUR14
million), a decrease of nearly 40% from its reported net profit of
LTL77 million (EUR23 million) in 2007.  Moody's sees the decline
as primarily driven by a significant increase in loan loss
provisions, which accounted for nearly 52% of pre-provision
income.  Also, the bank reported a 26% decrease in pre-provision
income, which was largely a reflection of negative market value
adjustments.

Ukio Bankas's lending activities are predominantly focused on the
corporate and SME segments, and its exposure to various sectors
related to real estate and construction account for around 40% of
the total loan portfolio.  Moody's notes that these sectors have
been especially badly affected by the weakening economy.

Ukio Bankas's asset quality weakened in 2008.  Problem loans
accounted for 9.8% of gross loans at the end of 2008, up from 7.3%
at the beginning of the year.  Due to the weakening domestic
economy, Moody's expects the problem loan ratio to rise.

The Tier 1 and the total capital ratios stood at 10.8% and 13.3%,
respectively, at the end of 2008 and 8.0% and 12.6% at the end of
2007.  In Moody's view, the capital levels are stretched given the
bank's high credit concentration risk and its questionable asset
quality development.

Moody's downgrade of Ukio Bankas's long-term global local and
foreign currency deposit ratings to B2 from Ba3 reflects the
downgrade of the BFSR, which maps to a baseline credit assessment
of B2.  In Moody's opinion there is only a low probability of
systemic support for Ukio Bankas in the event of a stress
situation.  Thus, the global local currency deposit rating does
not receive an uplift from the B2 BCA.

The negative outlook on the bank's ratings reflects Moody's
concerns that the bank's profitability and asset quality could
weaken further given the difficult operating environment in
Lithuania.

The previous rating action on Ukio Bankas was implemented on
October 31, 2008, when Moody's placed the bank's ratings on review
for possible downgrade.

Headquartered in Kaunas, Lithuania, Ukio Bankas reported
consolidated assets of LTL3.9 billion (EUR1.2 billion) at the end
of 2008.


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


* POLAND: Expresses Interest in IMF FCL Arrangement
---------------------------------------------------
Poland is interested in a one-year precautionary arrangement under
the IMF's Flexible Credit Line.

Mr. Dominique Strauss-Kahn, Managing Director of the International
Monetary Fund (IMF), on Tuesday said: "I welcome the announcement
by Prime Minister Donald Tusk that Poland is interested in a one-
year precautionary arrangement under the IMF's Flexible Credit
Line (FCL) in the amount of SDR13.7 billion (about US$20.5
billion) or 1000 percent of quota.  I am very pleased by this
positive response from Poland to the invitation I extended to
strongly performing economies to use this new instrument to
bolster international confidence.

"Poland has a sustained record of sound economic policies.  Its
economic fundamentals and policy framework are strong, and the
Polish authorities have demonstrated a commitment to maintaining
this solid record.  I therefore intend to move ahead rapidly in
seeking approval by the Fund's Executive Board of Poland's request
for an FCL arrangement."

The FCL is an instrument established earlier this year that is
available to Fund member countries deemed to possess very strong
fundamentals, policies, and track records of policy
implementation.  Access to an FCL arrangement is based on the
requesting country having met these criteria, rather than on
fulfilling ex-post performance criteria.  Poland joins Mexico in
expressing interest in an FCL arrangement.


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


ALFA BANK: 2008 Net Profit Down 9% to US$230 Million
----------------------------------------------------
RIA Novosti reports that Alfa Bank's net profit calculated to
International Financial Reporting Standards declined 9% year-on-
year in 2008 to US$230 million after provisions for possible loan
losses were set up.

The report relates Rushan Khvesyuk, chairman of the Alfa Bank
management board, said the bank expected zero net profit for 2009,
as the entire positive result for the year will be channeled into
provisions and reserves.

Headquartered in Moscow, Alfa Bank --  http://www.alfabank.com/--
is a privately owned banking group founded in 1990.  It offers a
wide range of products and operates in all sectors of the
financial market, including corporate and retail lending,
deposits, payment and account services, foreign exchange
operations, cash handling services, custody services, investment
banking and other ancillary services to corporate and retail
customers.

                          *     *     *

Alfa Bank continues to carry Moody's Investors Service's Ba2 long-
term credit rating and D financial strength rating with stable
outlook.


AOEIE IRKUTSKENERGO: Moody's Withdraws 'Caa1' Corporate Ratings
---------------------------------------------------------------
Moody's Investors Service has withdrawn the global scale ratings
of AOEiE Irkutskenergo for business reasons.  At the same time,
Moody's Interfax Rating Agency, which is majority owned by
Moody's, also withdrew the national scale rating of Irkutskenergo
for the same reasons.

These ratings are withdrawn:

  -- Corporate family rating at Caa1 with the negative outlook

  -- Probability of default rating at Caa1 with the negative
     outlook

  -- National scale rating at Ba3.ru

The last rating action for Irkutskenergo was implemented on
March 27, 2009, when Moody's downgraded the company to Caa1 with
the negative outlook.  At the same time, Moody's Interfax Rating
Agency downgraded the national scale rating of Irkutskenergo to
Ba3.ru.

Headquartered in the City of Irkutsk (Russian Federation),
Irkutskenergo was initially an integrated electric utility
business focusing on the Irkutsk region.  The company has been
restructured; its transmission and distribution grid business was
spun off and began operating as an independent entity on January
1, 2009.  The company has three hydroelectric power plants with an
installed capacity of 9.0GW and 12 combined heat and power plants
with a total capacity of 3.9GW.  The company generated
approximately 63% of its 2007 RUB28.8 billion revenues from sales
of electricity and 30% from sales of heat.  Irkutskenergo's
controlling beneficiary shareholders are the same as those of UC
RusAl.  The Russian state -- represented by the Federal Property
Agency -- has a 40% stake in the company.


CERAMIC WALLING: Creditors Must File Claims by May 10
-----------------------------------------------------
Creditors of LLC Ceramic Walling Materials Plant (TIN
2635073213, PSRN 1042600263243) have until May 10, 2009, to submit
proofs of claims to:

         T. Magomedov
         Insolvency Manager
         Office 525
         Lenina St. 392
         355000 Stavropol
         Russia

The Arbitration Court of Stavropolskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63–1393/09-S5–7.

The Debtor can be reached at:

         LLC Ceramic Walling Materials Plant
         Stavropol
         Russia


IVI-93: Creditors Must File Claims by May 10
--------------------------------------------
Creditors of CJSC IVI-93 (TIN 7816001428, PSRN 1027802517214)
(Construction) have until May 10, 2009, to submit proofs of claims
to:

         D. Shcherban
         Temporary Insolvency Manager
         Post User Box 22
         109431 Moscow
         Russia

The Arbitration Court of Saint-Petersburg will convene at
2:00 p.m. on Aug. 6, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A56–2290/2009,.

The Debtor can be reached at:

         CJSC IVI-93
         V.O.17 Liniya St. 58A
         Saint-Petersburg
         Russia


MDM BANK: S&P Cuts Long-Term Counterparty Credit Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Russia-based MDM Bank to 'BB-'
from 'BB'.   Furthermore, the long-term rating remains on
CreditWatch, where it was placed with negative implications on
Dec. 3, 2008, following the announcement that the shareholders of
MDM and URSA Bank (not rated) planned to merge the two banks.  At
the same time, Standard & Poor's affirmed its 'B' short-term
counterparty credit rating on the bank.

"The downgrade is driven by the increased systemic risks in the
Russian economy, which have led to a more strained financial
performance and liquidity position of MDM," said Standard & Poor's
credit analyst Sergey Dementiev.

More specifically, it reflects the bank's weaker loan performance,
concentrated wholesale funding base, negative earnings trend, and
integration challenges.  At the same time, the ratings are
supported by the bank's strong competitive position, ample
liquidity, prudent cost management, and good corporate governance.

The ratings reflect MDM's stand-alone credit profile and do not
include any uplift for prospective extraordinary external support,
either from the shareholders or the government.

The maintenance of the CreditWatch placement with negative
implications is driven by the merger with URSA.  There are high
execution and refinancing risks stemming from this transaction,
which will weaken MDM's credit profile and put pressure on its
liquidity because of URSA's higher risk profile.  Integration of
both institutions on URSA's banking platform will be a challenging
task and is expected to be complete within 12-18 months.

"We expect to resolve the CreditWatch placement with negative
implications within six months, upon the legal merger of MDM and
URSA," added Mr. Dementiev.  At this stage, S&P would not expect
to lower the long-term rating on MDM by more than one notch.
Should the transaction with URSA be abolished, the ratings would
be affirmed and removed from CreditWatch, and the outlook would
likely be negative.


POLYMERIC PIPELINE: Court Names Temporary Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed I.Zaytsev as Temporary
Insolvency Manager for LLC Polymeric Pipeline Systems Holding (TIN
7714576000, PSRN 1047796839650).  The case is docketed under
Case No. A40–11824/09–70-26B.  He can be reached at:

         Post User Box 79
         119607 Moscow
         Russia

The Debtor can be reached at:

         LLC Polymeric Pipeline Systems Holding
         Beregovaya St. 13/1
         125284 Moscow
         Russia


PROM-TEKH-STROY: Creditors Must File Claims by May 10
-----------------------------------------------------
Creditors of LLC Prom-Tekh-Stroy (TIN 3334009463, PSRN
1073334000860) (Construction) have until May 10, 2009, to submit
proofs of claims to:

         V. Shumilov
         Temporary Insolvency Manager
         Krasnogvardeyskaya St. 55/99
         Murom
         602265 Vladimirskaya
         Russia

The Arbitration Court of Vladimirskaya will convene at 2:30 p.m.
on Aug. 11, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A11–1035/2009,.

The Debtor can be reached at:

         LLC Prom-Tekh-Stroy
         Apt. 16
         Lenina St. 4
         Murom
         602267 Vladimirskaya
         Russia


SHARGILAMPI STONE: Creditors Must File Claims by June 10
--------------------------------------------------------
Creditors of LLC Shargilampi Stone Quarry (TIN 1003005552, PSRN
10210000859725) have until June 10, 2009, to submit proofs of
claims to:

         S. Sedov
         Temporary Insolvency Manager
         Vidanskaya St. 15V
         185031 Petrozavodsk
         Russia

The Arbitration Court of Karelia commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A26–7607/2008.

The Debtor can be reached at:

         LLC Shargilampi Stone Quarry
         Apt.  73
         Parfenova St. 10
         Petrozavodsk
         Russia


STROY-BUR LLC: Creditors Must File Claims by May 10
---------------------------------------------------
Creditors of LLC Stroy-Bur-Nefte-Gaz (Construction) have until
May 10, 2009, to submit proofs of claims to:

         A. Bolshikh
         Temporary Insolvency Manager
         Post User Box 716
         Office 319
         Izyskateley St. 31
         Noyabrsk
         629810 Yamalo-Nenetskiy
         Russia

The Arbitration Court of Yamalo-Nentskiy will convene on April 27,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A75–6773/2008.

The Debtor can be reached at:

         LLC Stroy-Bur-Nefte-Gaz
         Office 4
         Nefteyuganskoe shosse
         Surgut
         Yamalo-Nenetskaya
         Russia


STROY-KOM-PLUS LLC: Creditors Must File Claims by May 10
--------------------------------------------------------
Creditors of LLC Stroy-Kom-Plus (TIN 2466093004, PSRN
1022402662710) (Construction) have until May 10, 2009, to submit
proofs of claims to:

A.Nesterov
         Temporary Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy will convene at 10:00 a.m.
on May 19, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A33–14897/2008.

The Court is located at:

         The Arbitration Court of Krasnoyarskiy
         Office 22
         Lenina St. 143
         Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Stroy-Kom-Plus
         Vzletnaya St. 28
         Krasnoyarsk
         Russia


UC RUSAL: Proposes Resumption of Construction at Smelters
---------------------------------------------------------
Maria Kolesnikova at Bloomberg News reports United Co. Rusal said
it's prepared to cut 500,000 metric tons of output at existing
plants to enable construction to resume at two smelters in
Siberia.

Building 300,000 tons of capacity at the two plants is "the only
way to secure demand" for the 3,000-megawatt Boguchansk hydropower
plant, which would otherwise have too few customers when it comes
on line next year, Rusal spokeswoman Vera Kurochkina told
Bloomberg News by telephone.

The report says Rusal also proposed state-owned utility OAO
RusHydro provide US$150 million of funding for the Boguchansk
smelter and secure RUR20 billion (US$600 million) for the first
line of the power plant.

According to the report, Rusal agreed last month to halt the
Boguchansk smelter after demand slumped, and is now seeking to
borrow US$150 million for the smelter.

Rusal is also seeeking US$300 million in funding for Taishet, the
other Siberian smelter, the report relates.

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,
Bloomberg News said in an earlier report.

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.

                         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.


UNECHENSKIY VEGETABLE: Creditors Must File Claims by June 10
------------------------------------------------------------
Creditors of OJSC Unechenskiy Vegetable Dehydration Plant (TIN
3231000010, PSRN 1023201042094) have until June 10, 2009, to
submit proofs of claims to:

         A. Kozlov
         Insolvency Manager
         Kalinina St. 119
         241050 Bryansk
         Russia

The Arbitration Court of Bryanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A09–6850/2008.

The Debtor can be reached at:

         Unechenskiy Vegetable Dehydration Plant
         Krupskoy St. 22
         Unecha
         243300 Bryanskaya
         Russia


URENGOY-INVEST-STROY: Creditors Must File Claims by May 10
----------------------------------------------------------
Creditors of CJSC Urengoy-Invest-Stroy (TIN 8904028364)
(Construction) have until May 10, 2009, to submit proofs of claims
to:

         S. Chepik
         Temporary Insolvency Manager
         Post User Box 138
         625048 Tumen-48
         Russia

The Arbitration Court of Yamalo-Nenetskiy will convene on May 27,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A81–4951/2008.

The Debtor can be reached at:

         CJSC Urengoy-Invest-Stroy
         26 syezda KPSS St. 2V
         Novyy Urengoy
         Russia


VOLGOGRADSKIY VEHICLE: Creditors Must File Claims by May 10
-----------------------------------------------------------
Creditors of CJSC Volgogradskiy Vehicle Plant (TIN 3443040382)
have until May 10, 2009, to submit proofs of claims to:

         S. Kagitin
         Temporary Insolvency Manager
         Post User Box 3113
         400105 Volgograd
         Russia

The Arbitration Court of Volgogradskaya will convene at 11:00 a.m.
on June 30, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A12–228/09.

The Debtor can be reached at:

         CJSC Volgogradskiy Vehicle Plant
         Seriyny Proezd 5
         400075 Volgograd
         Russia


VORONEZHSKIY CONST: Court Names Temporary Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Voronezhskaya appointed V. Olevinskiy as
Temporary Insolvency Manager for OJSC Voronezhskiy Construction
Company-2000 (TIN 3665042359, PSRN 1033600136350).  The case is
docketed under Case No. A14–1696/2009,–2/19B.  He can be reached
at:

         Apt.  123
         Chistyakovoy St. 14
         143005 Odintsovo
         Russia

The Debtor can be reached at:

         OJSC Voronezhskiy Construction Company-2000
         K. Marksa St. 46
         394036 Voronezh
         Russia


* RUSSIA: Moody's Puts 'Ba3' First-Time Rating on Volgograd City
----------------------------------------------------------------
Moody's Investors Service has assigned first-time global scale
local and foreign currency ratings of Ba3 to the City of
Volgograd.  The rating outlook is stable.  At the same time,
Moody's Interfax Rating Agency, which is majority-owned by
Moody's, has assigned a national scale rating of Aa3.ru to the
city.

"Moody's ratings for the City of Volgograd are supported by its
moderately low debt burden, its relatively resilient and
diversified economic base and a low indirect debt exposure", said
Alexander Proklov, a Moody's Senior Analyst and lead analyst for
the city.  The average direct debt-to-operating revenue ratio was
17% in 2004-08, while interest payments have remained at a low
1.4% of operating revenues over the past five years.

Moody's expects the city's tax revenue to be flat or slightly
negative in 2009 compared with 2008.  Its local tax base is well
diversified and therefore relatively resilient to the nationwide
economic downturn.  "In contrast to the situation facing many
Russian local and regional governments who are now struggling with
a sudden and material decrease in tax receipts, the decline in
Volgograd's tax base this year is not expected to exceed 5%,"
explained Mr. Proklov.  "Therefore, needed adjustments in
operating expenditures should be easier to achieve than those
expected to be required across the sector."

Moody's notes that the ratings are constrained by the city's
narrow operating margins, a relatively rigid operating revenue and
expenditure base, and high refinancing risks.  On the investment
side the city's administration is likely to face a decrease in
capital revenue, particularly in assets and land sales.
Furthermore, the investment subsidies from the Volgograd Oblast's
government are expected to be significantly curtailed due to a tax
revenue shortfall at the regional level.  "The city's
administration has already introduced some cuts on the capital
side of its budget; however, additional significant measures may
be needed if the economic environment deteriorates further," added
Mr. Proklov.

Moody's also notes that more than half of the city's direct debt
is to be paid off or refinanced in the second half of 2009, but
the city's cash position appears to be insufficient to cover the
upcoming payments.  Volgograd's administration will likely have to
secure new borrowings at a time of heightened refinancing risks.
As other local governments in Russia, the city will have to manage
a shortening of maturity and a high cost of funding as a result of
very tight liquidity conditions in the domestic market.

The City of Volgograd, located in south-east European Russia, is
one of Russia's largest cities, with a population of around 1
million, or 0.7% of Russia's total population.  In addition, the
city is the capital and largest city of Volgograd Oblast (not
rated), and its share of the Oblast's gross regional product is
around 60-65%.  The local economy is relatively diversified, with
a high proportion of service trades and manufacturing,
particularly oil processing, machinery building and food
industries.


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


TALLINK GROUP: Loss Nearly Triples in Quarter Ended Feb. 29
-----------------------------------------------------------
Ott Ummelas at Bloomberg News reports Tallink Grupp A.S. said its
loss in the three months to Feb. 29 almost tripled as cargo
revenue fell, the Swedish krona weakened against the Estonian
kroon and interest costs rose.

According to Bloomberg News, the company's net loss widened to
323.3 million krooni (US$27 million), from 111.3 million krooni a
year earlier, while sales fell 5 percent to 2.62 billion krooni.

In a statement, Tallink said the group's "second quarter results
have not met the management expectations.  Despite the passenger
volume has shown strong growth the positive effect is zeroed
already on the revenue level by significant cargo decrease,
Swedish krona weakness on retail sales and change in the
customers' behaviour."

Tallink Grupp A.S. (TAL:TAL1T) --- http://www.tallink.com/--- is
an Estonia-based holding company.  Tallink Grupp AS provides mini-
cruise and passenger transport services, as well as cargo
services.  The Group's fleet consists of 19 vessels: ten cruise
ferries, five high-speed roll on/roll off passenger (ro-pax)
ferries, two roll-on/roll-off (ro-ro) cargo vessels, one high-
speed craft and one ro-pax ferry. Additionally, Tallink Grupp AS
operates four hotels in Tallinn under the hotel chain brand
Tallink Hotels (Tallink City Hotel, Tallink SPA & Conference
Hotel, Pirita TOP SPA Hotell and Tallink Express Hotel).  The
Company operates through 60 subsidiaries and affiliated companies
and includes ship-owning companies, passenger traffic and cargo
companies, and service companies involved in sales and marketing
operations.


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


AMERICAN INT'L: Sells Auto-Insurance Unit to Zurich Fin'l
---------------------------------------------------------
Erik Holm at Bloomberg News reports Zurich Financial Services Inc.
has agreed to buy American International Group Inc.'s auto-
insurance unit.

According to the report, Zurich Financial will pay US$1.9 billion
and assume US$100 million in debt to buy AIG's 21st Century Direct
and other auto businesses to increase U.S. Internet sales.

Lavonne Kuykendall at Dow Jones News Wires relates under the
transaction, Zurich Financial's U.S. unit, Farmers Group Inc.,
will first buy AIG's insurance firms and then sell them to the
Farmers Exchanges, which Zurich Financial manages but doesn't own,
for US$1.4 billion.

                   About American International

Based in New York, American International Group, Inc. (AIG), is
the leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on September 8, 2008, to
US$4.76 on September 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On September 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At September 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since September 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to September 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On November 10, 2008, the U.S. Treasury agreed to purchase,
through its Troubled Asset Relief Program, US$40 billion of newly
issued AIG perpetual preferred shares and warrants to purchase a
number of shares of common stock of AIG equal to 2% of the issued
and outstanding shares as of the purchase date.  All of the
proceeds will be used to pay down a portion of the Federal Reserve
Bank of New York credit facility.  The perpetual preferred shares
will carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At September 30, 2008, AIG had US$1.022 trillion in total
consolidated assets and US$950.9 billion in total debts.
Shareholders' equity was US$71.18 billion, including the addition
of US$23 billion of consideration received for preferred stock not
yet issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
US$62 billion for the fourth quarter and US$99 billion for the
full year of 2008, along with a revised restructuring plan
supported by the US Treasury and the Federal Reserve.  This
concludes a review for possible downgrade that was initiated on
September 15, 2008.


BINESS JSC: Creditors Must File Proofs of Claim by April 27
-----------------------------------------------------------
Creditors owed money by JSC Biness are requested to file their
proofs of claim by April 27, 2009, to:

         JSC St. Galler – Taxation
         Dr. Hans Jakob Nold
         Rorschacher Strasse 1
         9004 St. Gallen
         Switzerland

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


CBS TECHNOLOGY: Deadline to File Proofs of Claim Set April 27
-------------------------------------------------------------
Creditors owed money by LLC CBS Technology are requested to file
their proofs of claim by April 27, 2009, to:

         Notary's Office Barbier + Luthi
         Spitalgasse 29
         3011 Bern
         Switzerland

The company is currently undergoing liquidation in Koeniz.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 14, 2009.


DORFLADEN BEATRICE: Creditors Have Until April 27 to File Claims
----------------------------------------------------------------
Creditors owed money by LLC Dorfladen Beatrice Zwahlen are
requested to file their proofs of claim by April 27, 2009, to:

         Beatrice Hostettler-Zwahlen
         Liquidator
         Dorf 41
         3183 Albligen
         Switzerland

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


HANDWERK + DIENSTLEISTUNG: Claims Filing Deadline is April 27
-------------------------------------------------------------
Creditors owed money by LLC Handwerk + Dienstleistung Glarnerland
are requested to file their proofs of claim by
April 27, 2009, to:

         Dorf 41
         3183 Albligen
         Switzerland

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


MONTI SPORT: Creditors' Proofs of Claim Due by April 27
-------------------------------------------------------
Creditors owed money by JSC Monti Sport are requested to file
their proofs of claim by April 27, 2009, to:

         JSC Monti Sport
         Logengasse 17
         2502 Biel/Bienne
         Switzerland

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


PROJECTSUNITED LLC: Creditors Must File Claims by April 27
----------------------------------------------------------
Creditors owed money by LLC ProjectsUnited are requested to file
their proofs of claim by April 27, 2009, to:

         Valerie Felten
         Seestrasse 9
         8267 Berlingen
         Switzerland

The company is currently undergoing liquidation in Tagerwilen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 27, 2008.


RAFFINESSE REISEN: Deadline to File Proofs of Claim Set April 27
----------------------------------------------------------------
Creditors owed money by JSC Raffinesse Reisen are requested to
file their proofs of claim by April 27, 2009, to:

         JSC Wiget Treuhand
         Liquidator
         Muhenstrasse 1
         5036 Oberentfelden
         Switzerland

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


ZEUS WIRTSCHAFTSBETEILIGUNGEN: Claims Filing Deadline is April 27
-----------------------------------------------------------------
Creditors owed money by JSC Zeus Wirtschaftsbeteiligungen are
requested to file their proofs of claim by April 27, 2009, to:

         JSC Zeus Wirtschaftsbeteiligungen
         JSC Ferax Treuhand
         Letzigraben 89
         8040 Zurich
         Switzerland

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


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


INTERTIMESERVICE LLC: Creditors Must File Claims by April 30
------------------------------------------------------------
Creditors of LLC Intertimeservice (EDRPOU 35032790) have until
April 30, 2009, to submit proofs of claim to:

         T. Tarasenko
         Insolvency Manager
         Office 49
         Dobrokhotov St. 17
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 44/128-?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Intertimeservice
         Tchapayev St. 10
         01030 Kiev
         Ukraine


KHARKOV AGRICULTURAL: Creditors Must File Claims by April 30
------------------------------------------------------------
Creditors of LLC Kharkov Agricultural Technical Service (EDRPOU
30993614) have until April 30, 2009, to submit proofs of claim to:

         A. Golinnoy
         Insolvency Manager
         Office 66
         Kanevskaya St. 7
         18035 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 14/573.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Kharkov Agricultural Technical Service
         Rafinadny Boulevard 5
         Smila
         20700 Cherkassy
         Ukraine


KRASITEL OJSC: Creditors Must File Claims by April 30
----------------------------------------------------
Creditors of OJSC Krasitel (EDRPOU 0580015) have until April 30,
2009, to submit proofs of claim to:

         E. Krishtov
         Insolvency Manager
         Office 65
         Pobedonosnaya St. 19
         91015 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 9/26-?.

The Court is located at:

         The Economic Court of Lugansk
         Great Patriotic War Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         OJSC Krasitel
         Khimikov Avenue 2
         Rubezhnoye
         93009 Lugansk
         Ukraine


MOSHUROV AGRICULTURAL: Creditors Must File Claims by April 30
-------------------------------------------------------------
Creditors of Moshurov Agricultural LLC (EDRPOU 32094498) have
until April 30, 2009, to submit proofs of claim to:

         A. Bilyk
         Insolvency Manager
         Transportny Lane 19
         18028 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 14/583.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         Moshurov Agricultural LLC
         Moshurov
         Talnov
         20432 Cherkassy
         Ukraine


POLTAVA CHEMICAL: Creditors Must File Claims by April 30
----------------------------------------------------
Creditors of CJSC Poltava Chemical Machinebuilding (EDRPOU
01270606) have until April 30, 2009, to submit proofs of claim to:

         V. Nesvit
         Insolvency Manager
         Office 18
         Independency Square 1-B
         36003 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 18/223.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Poltava Chemical Machinebuilding
         Perspectivny Lane 8
         Poltava
         Ukraine


PRINT CJSC: Creditors Must File Claims by April 30
--------------------------------------------------
Creditors of CJSC Science and Production Firm Print (EDRPOU
05425419) have until April 30, 2009, to submit proofs of claim to:

         A. Golinnoy
         Insolvency Manager
         Office 66
         Kanevskaya St. 7
         18035 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 14/260.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         CJSC Science and Production Firm Print
         Lenin St. 31/1
         18000 Cherkassy
         Ukraine


SPMK-2 AGRICULTURAL: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------------
The Economic Court of Poltava commenced bankruptcy supervision
procedure on LLC SPMK-2 Agricultural Special Installation (EDRPOU
03585670).

The Temporary Insolvency Manager is:

         S. Kiprach
         Office 88
         Furmanov St. 8-A
         36021 Poltava
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC SPMK-2 Agricultural Special Installation
         Seregin St. 11
         36008 Poltava
         Ukraine


SUPPLY D LLC: Creditors Must File Claims by April 30
----------------------------------------------------
Creditors of LLC Ukrainian Technical Supply D (EDRPOU 35307356)
have until April 30, 2009, to submit proofs of claim to D.
Skorikov, Insolvency Manager.

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

The Court is located at:

         The Economic Court of Lugansk
         Great Patriotic War square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Technical Supply – D
         Kotelnikov St. 14
         Lugansk
         Ukraine


UKRBUDINCOM LLC: Creditors Must File Claims by April 30
-------------------------------------------------------
Creditors of LLC Ukrbudincom (EDRPOU 34240427) have until
April 30, 2009, to submit proofs of claim to Y. Vanzhula,
Insolvency Manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 50/134.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrbudincom
         Kikvidze St. 13
         01103 Kiev
         Ukraine


VAMP-CENTER LLC: Creditors Must File Claims by April 30
-------------------------------------------------------
Creditors of LLC Vamp-Center (EDRPOU 31923490) have until April
30, 2009, to submit proofs of claim to:

         R. Breus
         Insolvency Manager
         Office 70
         Novoprudnaya St. 4
         61018 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B-48/29-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Vamp-Center
         Marshal Batitsky St. 20
         Kharkov
         Ukraine


WAREHOUSE TECHNOLOGIES: Creditors Must File Claims by April 30
--------------------------------------------------------------
Creditors of LLC Warehouse Technologies (EDRPOU 32107480) have
until April 30, 2009, to submit proofs of claim to Y. Vanzhula,
Insolvency Manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 50/136.

The Court is located at:

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

The Debtor can be reached at:

         LLC Warehouse Technologies
         Krasnotkatskaya St. 27-A
         02094 Kiev
         Ukraine


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


AWM GROUP: Appoints Joint Administrators from KPMG
--------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint administrators of AWM (Group) Ltd. on March 31,
2009.

The company can be reached through KPMG LLP at:

         2 Cornwall Street
         Birmingham
         B3 2DL
         England


CALADAN GROUP: Brings in Joint Administrators from KPMG
-------------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint administrators of Caladan Group Ltd. on March 31,
2009.

The company can be reached through KPMG LLP at:

         2 Cornwall Street
         Birmingham
         B3 2DL
         England


CENTRIQUIP LTD: Taps Joint Administrators from BDO Stoy Hayward
---------------------------------------------------------------
Francis Graham Newton and Toby Scott Underwood of BDO Stoy Hayward
LLP were appointed joint administrators of Centriquip Ltd. on
April 1, 2009.

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

         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


CITY SOUTH: Appoints Joint Administrators from Grant Thornton
-------------------------------------------------------------
Leslie Ross and Matthew Dunham of Grant Thornton UK LLP were
appointed joint administrators of City South Developments Ltd. on
March 25, 2009.

The company can be reached through Grant Thornton UK LLP at:

         4 Hardman Square
         Spinningfields
         Manchester
         M3 3EB
         England


CORBY MOTOR: Placed Into Administration; 60 Jobs Affected
---------------------------------------------------------
Corby Motor Group has been placed into administration, resulting
in the loss of more than 60 jobs, Kirsty Nicolson at Evening
Telegraph reports.

The company, which operated dealerships in Kettering and Corby,
called in administrators Grant Thornton Wednesday last week after
directors failed to come up with a rescue package.

Grant Thornton automotive partner Daniel Taylor, as cited by the
report, said: "Attempts by the directors to refinance the business
were unsuccessful and due to the uncertain trading environment,
the administrators were unable to secure support for a period of
trading while other sale options were sought."

The report relates according to administrators, the business,
which last year had a turnover of about GBP21 million, had been
struggling since the motor trade started to feel the effects of
the recession several months ago.


HEMCORE: Goes Into Administration, Seeks Buyer
----------------------------------------------
East Anglian-based hemp processor Hemcore has gone into
administration after being hit by the economic downturn, fwi.co.uk
reports.

The report relates according to Ian Carr of administrator Grant
Thorton, a sharp decline in supplies of the company's hemp-based
products to the building and motor manufacturing industries were
major factors in the decision.

Hemcore, which had just invested GBP3.6 million in a new plant
that processed unretted hemp, will continue to trade until a buyer
is found, although Grant Thornton will run the business, the
report says.


HOUSE OF EUROPE: S&P Puts Junk Rating on Class C Notes on WatchNeg
------------------------------------------------------------------
Standard & Poor's Rating Services placed on CreditWatch negative
the credit ratings on four classes of notes issued by House of
Europe Funding V PLC.  The other notes in this transaction remain
unaffected.

These rating actions are a result of deterioration in the credit
quality of the underlying portfolio in this cash flow
collateralized debt obligation transaction.  This deterioration is
also shown in the overcollateralization ratios, which have fallen,
mainly as a consequence of haircuts applied to assets rated 'BB+'
and lower.

Another factor in these CreditWatch placements is the proportion
of assets (7%) in the pool on CreditWatch negative.  On April 6,
2009, S&P published revised assumptions governing structured
finance assets with ratings on CreditWatch held within CDO
transactions.  Under these revised assumptions, S&P takes a more
conservative view of such assets in S&P's analysis by adjusting
the ratings downwards by at least three notches.

Based on S&P's preliminary analysis, S&P considers that these
factors have reduced the likelihood that transaction cash flows
will be sufficient to fully repay each of the class A3a, A3b, B,
and C notes.  S&P is therefore placing these classes on
CreditWatch negative while S&P completes additional analysis to
determine whether, in S&P's opinion, the lower likelihood of
repayment is consistent with the current ratings.

S&P will review the effect of both the credit migration and the
revised assumptions and resolve the CreditWatch placement in due
course.

                 Ratings List

             Ratings Placed on Creditwatch Negative

                  House of Europe Funding V PLC
    EUR996 Million Fixed- and Floating-Rate Notes and EUR4 Million
                          Annuity Notes

                                   Rating
                                   ------
              Class        To                    From
              -----        --                    ----
              A3a          A+/Watch Neg          A+
              A3b          A+/Watch Neg          A+
              B            A-/Watch Neg          A-
              C            CCC+/Watch Neg        CCC+


JANE SHILTON: Explores Likely Asset Sale or Refinancing
-------------------------------------------------------
Sources told RetailWeek that Jane Shilton plc is "exploring its
options", which include a sale or refinancing.

RetailWeek reports that Jane Shilton, in its last set of accounts
at Companies House for the 15 months to June 30, 2008, made a loss
after tax of GBP1.4 million.  RetailWeek said that the Company's
auditor said, "These conditions indicate the existence of a
material uncertainty which may cast significant doubt about the
company's ability to continue as a going concern."

"The accounts said the directors had laid out plans to try to
reduce costs and said it would attempt to increase margins through
more own-branded product," RetailWeek said.

Nobody from Jane Shilton was available for comment, according to
RetailWeek.

Jane Shilton plc sells shoes and handbags through three standalone
stores, concessions and online.  Alexander Shilton founded a
handbag company in the city of London more than 70 years ago,
naming the Company after his wife, Jane.  In the 15 months to
June 30, the Company's turnover was GBP20.3 million, according to
RetailWeek.  The brand is also sold in Russia, Scandinavia and
Singapore.


MADOFF SECURITIES: Files Chapter 15; Peter Madoff Faces Lawsuit
---------------------------------------------------------------
Three petitioners appointed by the High Court of Justice in
England of Madoff Securities International Limited made a
voluntary filing under Chapter 15 in the United States Bankruptcy
Court for the District of Southern District of Florida seeking
recognition of the provisional liquidation, which will allow them
to pursue other assets of the Company and to conduct discovery
from Peter Madoff, the MSIL's director and shareholder, and
Bernard L. Madoff's brother.

Concurrently, the petitioners have filed an emergency motion for
injunctive relief and adversary complaint against Peter Madoff for
alleged breach of fiduciary duty.  In the complaint, Bernard
Madoff alleged transferred EUR135,000 from an MSIL account to the
Aston Martin Company to purchase a vintage Aston Martin automobile
for his brother.  The cash transfer, the complaint noted, were not
legitimately reimbursed by Mr. Madoff's brother.  As a result of
the cash transfers, MSIL has suffered losses in an amount to be
proven at trial and in excess of US$235,000 and is entitled to
recovery of the vehicle, which represents the proceeds of property
wrongfully diverted from MSIL.

The petitioners said that Mr. Madoff's brother is likely to have
important information relating to MSIL's assets and affairs and is
personally in receipt of assets that may have been fraudulently
transferred to him by MSIL or may otherwise be recoverable by
MSIL.

The Company has assets between US$100 million to US$500 million,
and debts of more than US$1 billion, court document confirmed.

The petitioners are professionals of Grant Thornton UK LLP,
including: Stephen John Akers, Mark Richard Byers, and Andrew
Laurence.  Tina M. Talarchyk, Esq., at Squire, Sanders & Dempsey
LLP, represents the petitioners.

                  About Bernard L. Madoff

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

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

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

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

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

                      About Madoff Securities

London-based Madoff Securities International Limited was engaged
in the business of securities trading and operated from an office
in the Mayfair District of London with approximately 28 employees,
14 of whom were traders


MENTMORE HOTELS: Appints Joint Administrators from BDO
------------------------------------------------------
C. K. Rayment and T. S. Underwood of BDO Stoy Hayward LLP were
appointed joint administrators of Mentmore Hotels & Leisure
(Nottingham) Ltd. on March 27, 2009.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


PROMINENT CMBS: Fitch Affirms Rating on Class E Notes at 'BB'
------------------------------------------------------------
Fitch Ratings has affirmed Prominent CMBS Funding No. 1.  The
Outlooks on the class D and E notes have been revised to Stable
from Negative.  The rating actions are:

  -- EUR438 million class A1 due 2032 (XS0234097128) affirmed at
     'AAA'; Outlook Stable

  -- GBP91.1 million class A2 due 2032 (XS0234098365) affirmed at
     'AAA'; Outlook Stable

  -- GBP30 million class B due 2032 (XS0234098951) affirmed at
     'AAA'; Outlook Stable

  -- GBP76 million class C due 2032 (XS0234099256) affirmed at
     'AA'; Outlook Stable

  -- GBP54 million class D due 2032 (XS0234154028) affirmed at
     'BBB'; Outlook revised to Stable from Negative

  -- GBP15.5 million class E due 2032 (XS0234154887) affirmed at
     'BB'; Outlook revised to Stable from Negative

The affirmation reflects the stable performance of the collateral
pool, despite deteriorating property values.  After the last
interest payment date (IPD), the largest loan was prepaid, further
reducing the outstanding loan balance to GBP522 million from
GBP600 million in March 2009 and GBP1 billion at closing in
December 2005.  This has resulted in significant improvements in
credit enhancement of the senior notes.  In addition, the class E
notes have benefited from amortization through excess spread; the
rated notes were over-collateralized by 4.8% at the last IPD and
this is expected to increase.  Finally the GBP10 million reserve
fund has not been utilized since closing and continues to act as a
first-loss piece.

Of the current loans, the largest four account for 46% of the
total balance.  The remaining loans are all significantly smaller,
with the average loan contribution standing at 5%.  The collateral
varies by property type and location, with concentrations in the
South East (25% of market value) and the retail (38%) sub-sectors.
The loans vary considerably in credit quality: for example, while
the weighted average interest coverage ratio is strong at 1.9x,
the ICR for individual loans varies between 1.1x and 5x (the
recently repaid loan previously had the lowest ICR of 1x).
Occupancy also varies (between 77% and 100%), as well as the WA
lease term (between two and 22 years).

Six loans accounting for just over 30% of the collateral balance
are scheduled to mature in the next two years.  While this poses
refinance risk in the current adverse market conditions, this is
offset by healthy debt yields and exit debt yields.  For the six
loans in particular, DY ranges from 9% to 15%, while on the entire
pool the WA DY and EDY is 12.2% and 15.2%, respectively.

Fitch will continue to monitor the performance of the transaction.


ROYAL BANK: ANZ to Join Sale Process for Asian Operations
---------------------------------------------------------
Malcolm Scott at Bloomberg News reports Australia & New Zealand
Banking Group said it has been invited by The Royal Bank of
Scotland Group PLC to participate in the sale process for the U.K.
Lender's RBS Asia unit.

"ANZ understands it is one of a number of parties involved in the
RBS Asia sale process," the report quoted ANZ spokesman Paul
Edwards as saying.  "Exploring the opportunity is consistent with
ANZ's strategy to grow in Asia-Pacific and create a super-regional
bank."

The process however is at an early stage and is subject to
"commercial and regulatory uncertainties," Mr. Edwards said as
cited in the report.

As reported in the Troubled Company Reporter-Europe on Mar. 3,
2009, The Wall Street Journal, citing a person close to the
situation, said RBS held talks to sell its retail and commercial
assets in Asia to ANZ for about GBP1 billion (US$1.43
billion).

According to the report, the assets, which are in India, Taiwan,
Indonesia and elsewhere, are a portion of the Asian assets
acquired by RBS when it led a consortium to buy part of ABN Amro
Holding NV in 2007.

At the time, RBS paid GBP10 billion for its part of ABN, which
included the Asian businesses and wholesale-banking operations in
Europe, The Journal said.

                            Huge Loss

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

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

The losses, the Journal said, stemmed from some GBP15 billion in
impairment charges on bad loans and trading losses, and from a
goodwill write-down related to its decision to lead the 2007
takeover of Dutch bank ABN AMRO Holding N.V.

RBS's balance sheet as of Dec. 31, 2008 showed total assets of
GBP2.2 trillion, total liabilities of GBP2.1 trillion and total
equity GBP64.3 billion.

                       Job Cuts, Asset Sale

To correct factors that made its business particularly vulnerable
to the downturn, RBS plans to create a "non-core" division during
the second quarter, separately managed, but within the existing
legal structures of the Group and matrix-managed to donating
divisions where necessary.

This division will have approximately GBP240 billion of third
party assets, GBP145 billion of derivative balances and GBP155
billion of risk-weighted assets, RBS said.

As part of this effort, RBS said it is intended that the Group's
representation in approximately 36 of the 54 countries where it
operates will be significantly reduced or sold.

The income, expenses, impairments and credit market and other
trading asset write-downs associated with the non-core division in
2008 were approximately GBP3.9 billion, GBP1.1 billion, GBP3.2
billion and GBP9.2 billion respectively.

In addition, RBS said the Group aims of achieving run-rate
reductions by 2011 of greater than GBP2.5 billion (16% of 2008
cost base) at constant exchange rates, a process which will
involve reductions in employment.

                            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.


SMITH & WAREHAM: Taps Joint Administrators from PKF
---------------------------------------------------
David Sydney Merrygold and Brian James Hamblin of PKF (UK) LLP
were appointed joint administrators of Smith & Wareham Ltd. on
March 31, 2009.

The company can be reached through PKF (UK) LLP at:

         16 The Havens
         Ransomes Europark
         Ipswich
         Suffolk
         IP3 9SJ
         England


STANFORD INT'L: Placed Into Liquidation; Vantis Appointed
---------------------------------------------------------
Nigel Hamilton-Smith and Peter Wastell, Client Partners at Vantis
Business Recovery Services, a division of Vantis, the UK
accounting, tax and business advisory group, were appointed as
joint liquidators for Stanford International Bank Limited (SIB) on
April 15, 2009, by an Order of the High Court of Antigua and
Barbuda.  Stanford Trust Company Limited remains in receivership
and the receiver's continue with their investigations.

The liquidation proceedings have been commenced following the
receivership of SIB, during which time the receivers concluded
that it had become clear that the Bank's assets were significantly
less than its liabilities.

Commenting, Nigel Hamilton-Smith said: "It quickly became apparent
that there were a large number of investors seeking to withdraw
funds and the bank's cash reserves were wholly inadequate.  It is
also now apparent, that the assets of SIB are insufficient to meet
the level of liabilities."

At this time the liquidators are unable to forecast the extent of
the deficiency, but it is likely to be substantial.  The
liquidator's role is to continue to identify and realize the
assets of SIB, agree the claims of the creditors and investors
and, in due course, effect a distribution of realized assets.

Mr. Hamilton-Smith continued: "We appreciate this is a difficult
time for SIB investors.  Unfortunately, to ensure the fair
distribution of assets, it is crucial all SIB accounts remain
frozen while we continue in our efforts to locate and realise the
assets of SIB, which are held in numerous jurisdictions worldwide.
This is an extremely complex task and we regret that it is very
unlikely that any distribution of SIB assets will be made in the
determinable future."

Further communications will be issued when practicable.

                 About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.


TAYLOR WIMPEY: Shareholder Polaris Doesn't Favor Rights Offering
----------------------------------------------------------------
Tim Barwell at Bloomberg News reports Taylor Wimpey Plc
shareholder Polaris Capital Management LLC said the U.K.
homebuilder can generate enough cash to meet repayments without a
rights offering if it can maintain and increase sales.

The report recalls the company, which has fallen 86 percent since
its creation in mid-2007, last month agreed new terms with the
bulk of creditors, who have offered to ease repayments if Taylor
Wimpey sells GBP350 million (US$522 million) in shares by 2010.

Polaris supports a share sale only when funds are needed or if
Taylor Wimpey issued warrants or preferred stock priced at a
future date when markets have improved, Bernard Horn, president of
the Boston-based fund manager, said as cited in the report.

According to Bloomberg News, Polaris held 5.52 percent of the
housebuilder as of Jan. 23 and aims to hold the stake for at least
three years.

As reported in the Troubled Company Reporter-Europe on April 9,
2009, Anita Likus at Dow Jones Newswire said Taylor Wimpey has
completed its debt refinancing discussions.

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

The company, Dow Jones Newswire disclosed, will pay a one-off fee
of GBP60 million for the amendment, of which GBP11 million was
incurred in 2008.

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

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

According to Dow Jones Newswire, the company, which had been
trying to refinance its debt since July to avoid breaching
covenants, said pretax loss widened to
GBP1.97 billion from GBP33.6 million in 2007, hurt by various
exceptional costs, including GBP1 billion in land and work-in-
progress write-downs.

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on April 14,
2009, Fitch Ratings maintained Taylor Wimpey plc's Long-term
Issuer Default rating and senior unsecured 'CCC' ratings and
Short-term 'C' IDR on Rating Watch Negative.


* BOND PRICING: For the Week April 13 to April 17, 2009
-------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Bawag PSK                 3.500    03/09/17      EUR     74.72
Oester Volksbk            4.810    07/29/25      EUR     63.94
Raiff Centrobank          12.00    07/17/09      EUR     58.67

CYPRUS
------
Abh Financial Lt          8.200    06/25/12      USD     77.60

FRANCE
------
Alcatel SA                4.750    01/01/11      EUR     14.13
Alcatel SA                6.380    04/07/14      EUR     63.46
Axa SA                    7.130    12/15/20      GBP     73.88
Axa SA                    8.600    12/15/30      USD     69.00
Calyon                    6.000    06/18/47      EUR     40.39
Cap Gemini SA             2.500    01/01/10      EUR     51.32
Cap Gemini Soget          1.000    01/01/12      EUR     39.76
Cap Gemini Soget          3.500    01/01/14      EUR     36.23
Cie Fin Foncier           3.880    04/25/55      EUR     73.33
Ciments Francais          4.750    04/04/17      EUR     77.75
Club Mediterrane          4.380    11/01/10      EUR     41.22
CMA CGM                   5.500    05/16/12      EUR     43.13
CMA CGM                   5.500    05/16/12      EUR     43.21
CMA CGM                   7.250    02/01/13      USD     38.63
CMA CGM                   7.250    02/01/13      USD     42.13
Soc Air France            2.750    04/01/20      EUR     18.99

GERMANY
-------
Bayer AG                 5.000     07/29/2105    EUR     75.27
Bayerische Lndbk         4.250     10/05/16      EUR     70.59
Bayerische Lndbk         4.500     02/07/19      EUR     66.04
City of Moscow           5.060     10/20/16      EUR     74.04

GREECE
------
Antenna TV SA            7.250     02/15/15      EUR     64.50

HUNGARY
-------
Agrokor                   7.000    11/23/11      EUR     71.66

IRELAND
-------
Alfa Bank                 8.630    12/09/15      USD     57.50
Alfa Bank                 8.640    02/22/17      USD     55.14
Allied Irish Bks          7.880    07/05/23      GBP     66.09
Allied Irish Bks          5.250    03/10/25      GBP     58.86
Allied Irish Bks          5.630    11/29/30      GBP     46.66
Ardagh Glass              7.130    06/15/17      EUR     70.42
Ardagh Glass              7.130    06/15/17      EUR     72.88
Banesto Finance           6.120    11/07/37      EUR      6.12
Bank of Ireland           4.880    01/22/18      GBP     67.73
Bank of Ireland           4.630    02/27/19      EUR     52.70
Bank Soyuz                9.380    02/16/10      USD     69.97

ITALY
-----
Cir SpA                   5.750    12/16/24      EUR     60.88

LUXEMBOURG
----------
Alrosa Finance            8.880    11/17/14      USD     72.45
Alrosa Finance            8.880    11/17/14      USD     73.08
Bank of Moscow            7.500    11/25/15      USD     66.00
Bank of Moscow            6.810    05/10/17      USD     56.98
Beverage Pack             8.000    12/15/16      EUR     72.71
Beverage Pack             9.500    06/15/17      EUR     53.21
Beverage Pack             9.500    06/15/17      EUR     60.13
Cirsa Capital             7.880    07/15/12      EUR     55.63
Cirsa Capital             7.880    07/15/12      EUR     57.50
Cirsa Fin Lux             8.750    05/15/14      EUR     43.63
Cirsa Fin Lux             8.750    05/15/14      EUR     49.75
Globus Capital            8.500    03/05/12      USD     47.43
Severstal OAO             9.750    07/29/13      USD     77.08
Severstal OAO             9.750    07/29/13      USD     76.90
Severstal OAO             9.250    04/19/14      USD     73.58
Severstal OAO             9.250    04/19/14      USD     75.54

NETHERLANDS
-----------
ABN Amro Bank NV          6.000    03/16/35      EUR     56.58
ABN Amro Bank NV          6.250    06/29/35      EUR     39.41
Achmea Hypobk             4.300    04/03/24      EUR     69.01
Achmea Hypobk             4.000    12/27/24      EUR     65.41
Aegon NV                  6.130    12/15/31      GBP     64.17
Air Berlin Finan          1.500    04/11/27      EUR     35.69
ALB Finance BV            9.000    11/22/10      GBP     14.99
ALB Finance BV            9.750    02/14/11      GBP     14.99
ALB Finance BV            8.750    04/20/11      EUR     17.48
ALB Finance BV            7.880    02/01/12      EUR     11.49
Alfa Bk Ukraine           9.750    12/22/09      USD     58.53
ASM Holding NV            5.750    06/13/17      EUR     73.50
ASM Intl NV               4.250    12/06/11      USD     75.74
Astana Finance            9.000    11/16/11      USD     22.46
ATF Capital BV            9.250    02/21/14      USD     50.96
Bk Ned Gemeenten          0.500    06/27/18      CAD     70.11
Bk Ned Gemeenten          0.500    02/24/25      CAD     46.91
Cabot Finance             5.250    09/01/13      USD     74.39
Cemex Fin Europe          4.750    03/05/14      EUR     55.58
Centercrdt Intl           8.000    02/02/11      USD     58.30
Centercrdt Intl           8.630    01/30/14      USD     47.20
Centercrdt Intl           8.630    01/30/14      USD     48.48
Clondalkin BV             8.000    03/15/14      EUR     39.50
Clondalkin BV             8.000    03/15/14      EUR     39.88
Hit Finance BV            4.880    10/27/21      EUR     70.19
JSC Bank Georgia          9.000    02/08/12      USD     44.39
Turanalem Fin BV          7.130    12/21/09      GBP     32.49
Turanalem Fin BV          7.880    06/02/10      USD     21.49
Turanalem Fin BV          6.250    09/27/11      EUR     19.98
Turanalem Fin BV          7.750    04/25/13      USD     20.45
Turanalem Fin BV          8.000    03/24/14      USD     20.44
Turanalem Fin BV          8.500    02/10/15      USD     20.44
Turanalem Fin BV          8.250    01/22/37      USD     19.44

ROMANIA
-------
Bucharest                 4.130    06/22/15      EUR     62.70

SPAIN
-----
Abertis Infra             4.380    03/30/20      EUR     78.68
Ayt Cedulas Caja          3.750    12/14/22      EUR     74.77
Ayt Cedulas Caja          3.750    06/30/25      EUR     69.63
Bancaja                   4.380    02/14/17      EUR     66.28
Banco Bilbao Viz          4.380    10/20/19      EUR     75.33
Bankinter SA              6.000    12/18/28      EUR     74.40
Cedulas TDA 6             3.880    05/23/25      EUR     75.04
Cedulas TDA A-6           4.250    04/10/31      EUR     71.39

UNITED KINGDOM
--------------
Alpha Credit Grp          2.940    03/04/35      JPY     47.71
Amlin Plc                 6.500    12/19/26      GBP     64.59
Anglian Wat Fin           2.400    04/20/35      GBP     46.37
Anglo American            9.380    04/08/19      USD    100.33
Annes Gate Ppty           5.660    06/30/31      GBP     74.32
Arsenal Sec               5.140    09/01/29      GBP     68.47
Ashtead Holdings          8.630    08/01/15      USD     58.38
Ashtead Holdings          8.630    08/01/15      USD     59.13
Aspire Defence            4.670    03/31/40      GBP     62.37
Aviva Plc                 5.250    10/02/23      EUR     43.36
Aviva Plc                 6.880    05/22/38      EUR     42.78
Aviva Plc                 6.880    05/20/58      GBP     55.74
Barclays Bk Plc           11.650   05/20/10      USD     48.65
Barclays Bk Plc           4.500    03/04/19      EUR     76.23
Barclays Bk Plc           5.750    09/14/26      GBP     68.95
Barclays Bk Plc           6.330    09/23/32      GBP     66.67
Beazley Group             7.250    10/17/26      GBP     62.45
BL Super Finance          5.270    07/04/25      GBP     64.63
BL Super Finance          4.480    10/04/25      GBP     74.42
BL Super Finance          5.580    10/04/25      GBP     72.49
Bradford&Bin Bld          4.880    06/28/17      EUR     75.66
Bradford&Bin Bld          5.750    12/12/22      GBP     13.75
Bradford&Bin Bld          6.630    06/16/23      GBP     10.38
Bradford&Bin Bld          4.910    02/01/47      EUR     57.21
Brit Insurance            6.630    12/09/30      GBP     57.53
British Airways           8.750    08/23/16      GBP     74.00
British Land Co           5.360    03/31/28      GBP     76.22
British Land Co           5.260    09/24/35      GBP     66.27
British Land Co           5.260    09/24/35      GBP     70.32
British Tel Plc           5.750    12/07/28      GBP     70.43
British Tel Plc           6.380    06/23/37      GBP     71.01
Britannia Bldg            5.750    12/02/24      GBP     64.45
Britannia Bldg            5.880    03/28/33      GBP     59.75
Brixton Plc               6.000    12/30/10      GBP     62.45
Brixton Plc               5.250    10/21/15      GBP     46.57
Brixton Plc               6.000    09/30/19      GBP     38.06
Broadgate Finance         4.850    04/05/31      GBP     73.57
Broadgate Finance         5.000    10/05/31      GBP     66.26
Broadgate Finance         5.100    04/05/33      GBP     60.41
Broadgate Finance         4.820    07/05/33      GBP     69.96
Cattles Plc               7.880    01/17/14      GBP      9.48
Cattles Plc               8.130    07/05/17      GBP      7.88
CGNU Plc                  6.130    11/16/26      GBP     55.49
City of Kiev              8.250    11/26/12      USD     39.39
City of Kiev              8.000    11/06/15      USD     34.39
Clerical Med Fin          6.450    07/05/23      EUR     40.17
Guardian Royal            6.630    08/21/23      GBP     87.82
Heating Finance           7.880    03/31/14      GBP     44.88
Prudential Bank           6.880    12/29/21      GBP     74.43

                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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
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                 * * * End of Transmission * * *