TCREUR_Public/090421.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

             Tuesday, April 21, 2009, Vol. 10, No. 77

                            Headlines

A U S T R I A

DELUNAMAGMA INDUSTRIES: Claims Registration Period Ends May 4
MUMLEK LLC: Claims Registration Period Ends May 1
PILZ LLC: Claims Registration Period Ends May 4
REAL TRADE: Claims Registration Period Ends May 1
T-CROSSOVER MARKETING: Claims Registration Period Ends May 1

T-LOGICOM LOGISTIK: Claims Registration Period Ends May 1
TELETEK TELEKOMMUNIKATIONSSERVICE: Claims Period Ends May 1
VOLTA LLC: Claims Registration Period Ends May 4


C Y P R U S

PACEGATE LTD: Creditors Must File Claims by May 17


G E R M A N Y

GENERAL MOTORS: Opel Has Enough Cash to Survive GM Bankruptcy
GINIB HOTEL: Claims Registration Period Ends May 29
GUSSVERTRIEB BEHRENS: Claims Registration Period Ends May 20
HAUS UND INDUSTRIEANLAGEN: Claims Registration Ends May 28
KERIMEX GMBH: Claims Registration Period Ends May 8

LEBENSMITTEL BOOS: Claims Registration Period Ends May 27
LIBERTY DAMENMODEN: Claims Registration Period Ends May 7
RUWEL GMBH: To Start Laying Off Staff; No Investor Found


I R E L A N D

CLOVERIE PLC: Fitch Cuts Ratings on Two Classes of Notes to Low-B
IRISH NATIONWIDE: Seeks More Support from Irish Government


I T A L Y

FIAT SPA: New Chrysler CEO to be Chosen if Deal Pushes Through
FIAT SPA: Chairman Says GM's Opel "Not an Option"


K A Z A K H S T A N

ADAMANT LTD: Creditors Must File Claims by May 22
AK-BULAK LLP: Creditors Must File Claims by May 22
ALTAI MASTER-K: Creditors Must File Claims by May 22
BAYER KZ: Creditors Must File Claims by May 22
KAZ RUS LLP: Creditors Must File Claims by May 22

LIGHT KZ: Creditors Must File Claims by May 22
MEGA OPTIMA: Creditors Must File Claims by May 22
RENAT-2030 LLP: Creditors Must File Claims by May 22
TECHNOCON LLP: Creditors Must File Claims by May 22
VEK STROY 1: Creditors Must File Claims by May 22


K Y R G Y Z S T A N

EURO STROY: Creditors Must File Claims by April 24


L U X E M B O U R G

UBS AG: Luxembourg Unit Ordered to Transfer LuxAlpha Assets


N E T H E R L A N D S

IMPRESS HOLDINGS: Moody's Affirms Corporate Family Rating at 'B1'
LYONDELLBASELL: Recovery Rate of Bonds Lowest in Europe This Year


R U S S I A

AVTOVAZ OAO: Share Issue No Longer an Option, Renault Says
BALTIMOR-NEVA: May Sell Stake to Reduce Debt
CONSTRUCTION MANAGEMENT: Creditors Must File Claims by May 10
FEDERAL INVESTMENT: Creditors May File Claims
FOUNDRY LLC: Creditors Must File Claims by May 10

LEMISOVSKIY BREAD: Creditors Must File Claims by May 10
PRIKAMYE COMMERCIAL: Creditors Must File Claims by June 10
SITI-STROY: Tomsk Bankruptcy Hearing Set September 3
SKHODNENSKAYA FURNITURE: Creditors Must File Claims by June 10
SPETS-DOR-STROY: Creditors Must File Claims by May 10

STROY-NEKST LLC: Creditors Must File Claims by June 10
SU-KOM-BANK COMMERCIAL: Creditors Must File Claims by June 10
VLADIKAVKAZSKIY GAS: Court Names Temporary Insolvency Manager


S L O V E N I A

ISTRABENZ D.D.: Shares Fall 20% to EUR6.92 After Trading Resumes


S P A I N

CAMGE CONSUMO: Moody's Assigns (P)Ba2 Rating on EUR95.5 Mil. Notes


S W I T Z E R L A N D

BIOWISAN JSC: Creditors Must File Proofs of Claim by April 29
CAPRICHO LLC: Deadline to File Proofs of Claim Set May 14
KB BERATUNGEN: Creditors Have Until May 15 to File Claims
LOGOPRINT BUSINESS: Proofs of Claim Filing Deadline is April 30
PARACELSUS JSC: Creditors' Proofs of Claim Due by July 16

PETER MASCHINEN: April 30 Set as Deadline to File Claims
PROFILEX JSC: Creditors Must File Proofs of Claim by April 30
SCHWEIZER AUTO: Deadline to File Proofs of Claim Set April 30
UBS AG: Fires 10 Equity Research Analysts, Economists in Japan
UBS AG: Sells Brazilian Unit for US$2.5 Bln to BTG

X-CLUESIT LLC: Creditors Have Until April 27 to File Claims


U K R A I N E

ELECTRIC MACHINERY: Court Starts Bankruptcy Procedure
ENERGY AND GAS: Creditors Must File Claims by April 30
FERROCONCRETE CONSTRUCTIONS: Court Starts Bankruptcy Procedure
FIRST UKRAINIAN: Fitch Downgrades Individual Rating to 'D/E'
INTERTECHUNION LLC: Creditors Must File Claims by May 2

KURIAZHSKY PLANT: Court Starts Bankruptcy Supervision Procedure
LOZOVAYA LADA: Creditors Must File Claims by April 30
MUNICIPAL PHARMACY: Court Starts Bankruptcy Procedure
OMEGA LLC: Court Starts Bankruptcy Supervision Procedure
PRODUCTION AND COMMERCIAL: Creditors Must File Claims by May 1

RUSH LLC: Court Starts Bankruptcy Supervision Procedure
UKRIMPEKS-2000 LLC: Court Starts Bankruptcy Procedure

* UKRAINE: Inks Initial Agreement on Second Tranche of IMF Loan


U N I T E D   K I N G D O M

DUNFERMLINE BUILDING: Snubs FSA Warnings on Mortgage Book Risks
HEMCORE LTD: Business Up for Sale
HENLEY MARKETING: Appoints Administrators from Tenon Recovery
LUNAR FUNDING: Moody's Cuts Ratings on Two Classes of Notes to Ba3
MERLIN SERVICES: Brings in Administrators from Grant Thornton

PEGASUS ELECTRONIC: Taps Administrators from Tenon Recovery
POWERS TRADING: Appoints Administrators from Smith & Williamson
SCOR INSURANCE: Business Transfers to Take Effect on April 30
SELECT SERVICE: Hires Houlihan to Advise on Debt Restructuring
TELLESMA SUSTAINABLE: Saved from Administration by Roddy Fleming

WATERBRIDGE GROUP: Goes Into Liquidation
WEAVERING MACRO: Grand Court Orders Winding-Up of Firm
WEAVERING MACRO: First Creditors Meeting Slated for April 30
YELL GROUP: Hires JP Morgan Cazenove as Joint House Broker

* UK: Seven Building Societies in Funding Talks with BoE
* BVCA Says UK Private Equity & Venture Capital Investment Down
* UK: PwC Says Business Services to Recover Faster from Downturn
* KPMG Says March '09 UK Retail Sales Weak Despite Clothing Growth
* Deloitte Says Global Metal Consolidation Still Compelling

* Large Companies with Insolvent Balance Sheet


                         *********


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


DELUNAMAGMA INDUSTRIES: Claims Registration Period Ends May 4
-------------------------------------------------------------
Creditors owed money by LLC Delunamagma Industries (FN 259553x)
have until May 4, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Wolfgang Blum
         Liechtensteinerstrasse 76
         6800 Feldkirch
         Austria
         Tel: 05522/39573
         Fax: 05522/39576
         E-mail: office@kanzlei-bhp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 14, 2009, for the
examination of claims at:

         Land Court of Feldkirch (929)
         Room 45
         First Floor
         Austria

Headquartered in Salzburg, Austria, the Debtor declared bankruptcy
on March 16, 2009, (Bankr. Case No. 14 S 13/09p).


MUMLEK LLC: Claims Registration Period Ends May 1
-------------------------------------------------
Creditors owed money by LLC Mumlek (FN 277562f) have until May 1,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 005
         E-mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 43/09s).


PILZ LLC: Claims Registration Period Ends May 4
-----------------------------------------------
Creditors owed money by LLC Pilz (FN 87799t) have until May 4,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Bernhard Humer
         City Tower II
         Lastenstrasse 36
         4020 Linz
         Austria
         Tel: 0732/774674
         Fax: 0732/77467433
         E-mail: office@whtp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 18, 2009, for the
examination of claims at:

         Land Court of Linz (458)
         Room 522
         Linz
         Austria

Headquartered in Leonding, Austria, the Debtor declared bankruptcy
on May 4, 2009, (Bankr. Case No. 12 S 24/09f).


REAL TRADE: Claims Registration Period Ends May 1
-------------------------------------------------
Creditors owed money by LLC Real Trade (FN 233854d) have until
May 1, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Johannes Mueller
         Landhausgasse 4/Minoritenplatz 6
         1010 Vienna
         Austria
         Tel: 535 06 82
         Fax: 535 06 829
         E-mail: borth.mueller@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 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 42/09v).


T-CROSSOVER MARKETING: Claims Registration Period Ends May 1
------------------------------------------------------------
Creditors owed money by LLC T-CrossOVER Marketing (FN 202040v)
have until May 1, 2009, to file written proofs of claim to the
court-appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 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 46/09g).


T-LOGICOM LOGISTIK: Claims Registration Period Ends May 1
---------------------------------------------------------
Creditors owed money by LLC T-LogiCOM Logistik (FN 247523f) have
until May 1, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 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 45/09k).


TELETEK TELEKOMMUNIKATIONSSERVICE: Claims Period Ends May 1
-----------------------------------------------------------
Creditors owed money by LLC TeleTEK Telekommunikationsservice &
Co. KG (FN 196029d) have until May 1, 2009, to file written proofs
of claim to the court-appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 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 44/09p).


VOLTA LLC: Claims Registration Period Ends May 4
------------------------------------------------
Creditors owed money by LLC Volta (FN 36122x) have until May 4,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Rene Lindner
         Am Winterhafen 11
         4020 Linz
         Austria
         Tel: 78 40 80-12
         Fax: 78 40 80 4
         E-mail: konkurs@ra-hlp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 18, 2009, for the
examination of claims at:

         Land Court of Linz (458)
         Room 522
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
March 13, 2009, (Bankr. Case No. 12 S 22/09m).


===========
C Y P R U S
===========


PACEGATE LTD: Creditors Must File Claims by May 17
--------------------------------------------------
Pacegate Limited's creditors have until May 17, 2009, to submit
their proofs of claim to the company's joint liquidator:

          Constantinos Contantinou
          PricewaterhouseCoopers Limited
          Julia House
          3 Th. Dervis Street
          CY-1066 Nicosia
          P.O. Box 21612
          CY-1591
          Nicosia, Cyprus


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


GENERAL MOTORS: Opel Has Enough Cash to Survive GM Bankruptcy
-------------------------------------------------------------
A spokesperson at General Motors Corp.'s German unit, Opel, said
that the company could survive even if its parent goes bankrupt,
Agence France-Presse reports.

According to AFP, the spokesperson said that GM's bankruptcy
"would not have immediate consequences for Opel," as the unit "has
enough liquidity."  German daily Bild-Zeitung relates that Opel
had enough cash to continue operating on its own for the next four
months.  The new Insignia model had also sold well and Opel had
received 85,000 orders for the car, AFP states, citing the
spokesperson.  AFP relates that the model was voted European car
of the year for 2009.  Opel, according to the report, has also
benefited from a government program designed to increase demand
for cars by offering a bonus for people substituting their cars
for newer, more environmentally friendly models.

Citing Opel's works committee chief Klaus Franz, AFP states that
the company has "enough time to create an Opel-Europe," which
would be more independent from GM.  The Opel spokesperson said
that the French and German markets were now better than they were
earlier in the crisis, but demand was still down in Spain and
Russia demand was still down, AFP reports.

AFP relates that Abu Dhabi's royal family said that it is
interested in acquiring Opel.

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

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

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

                         *     *     *

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

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

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

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


GINIB HOTEL: Claims Registration Period Ends May 29
---------------------------------------------------
Creditors of Ginib Hotel und Gaststatten Betriebsgesellschaft mbH
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 10:00 a.m. on July 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Torsten Gutmann
         Lueders Partnergesellschaft
         Zum Blauen See 5
         D 31275 Lehrte
         Germany
         Tel: (0 51 32) 82 68 38
         Fax: (0 51 32) 82 68 96

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:

         Ginib Hotel und Gaststatten
         Betriebsgesellschaft mbH
         Ernst-Moritz-Arndt-Str. 34
         38259 Salzgitter
         Germany

         Attn: Siegmund Nickel, Manager
         Lenther Strasse 18
         30455 Hannover
         Germany


GUSSVERTRIEB BEHRENS: Claims Registration Period Ends May 20
------------------------------------------------------------
Creditors of Gussvertrieb Behrens Lueneburg GmbH have until
May 20, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Am Ochsenmarkt 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:

         Henning Samisch
         Muehlenkamp 59
         D 22303 Hamburg
         Germany
         Tel: 040650390
         Fax: 04065039199

The court opened bankruptcy proceedings against the company on
April 2, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gussvertrieb Behrens Lueneburg GmbH
         Attn: Ulfert Wismer, Manager
         Stadtkoppel 6
         21337 Lueneburg
         Germany


HAUS UND INDUSTRIEANLAGEN: Claims Registration Ends May 28
----------------------------------------------------------
Creditors of Haus und Industrieanlagen Consult GmbH have until
May 28, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 18, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Heike Sopp
         Bleichstr. 2 – 4
         60313 Frankfurt
         Germany
         Tel: 069/9130920
         Fax: 069/91309230

The court opened bankruptcy proceedings against the company on
April 2, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Haus und Industrieanlagen Consult GmbH
         Attn: Konrad Hofmann, Manager
         Eberhard-von-Rochow-Strasse 14
         63069 Offenbach am Main
         Germany


KERIMEX GMBH: Claims Registration Period Ends May 8
---------------------------------------------------
Creditors of Kerimex GmbH Keramik-Import-Export have until May 8,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11.00 a.m. on 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 Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         Germany

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

The insolvency manager can be reached at:

         Ulrich Pfeifer
         Am Stadtpark 2
         90409 Nuernberg
         Germany

The court opened bankruptcy proceedings against the company on
April 3, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Kerimex GmbH Keramik-Import-Export
         Attn: Karlheinz Auer, Manager
         Rheingoldstr. 16
         91154 Roth
         Germany


LEBENSMITTEL BOOS: Claims Registration Period Ends May 27
---------------------------------------------------------
Creditors of Lebensmittel Boos Verwaltungsgesellschaft mbH have
until May 24, 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 24, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         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. Winfrid Andres
         Stefanstrasse 2
         44135 Dortmund
         Germany

The court opened bankruptcy proceedings against the company on
April 2, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Lebensmittel Boos Verwaltungsgesellschaft mbH
         Attn: Klaus Gajewski, Manager
         Bunzlaustr. 60
         44263 Dortmund
         Germany


LIBERTY DAMENMODEN: Claims Registration Period Ends May 7
---------------------------------------------------------
Creditors of Liberty Damenmoden GmbH have until May 7, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 28, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany

The court opened bankruptcy proceedings against the company on
March 31, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Liberty Damenmoden GmbH
         Attn: Peter Friedrich and
               Rudolf Schulp, Managers
         Siemensstr. 9
         32312 Luebbecke
         Germany


RUWEL GMBH: To Start Laying Off Staff; No Investor Found
--------------------------------------------------------
John Walko at EE Times Europe reports that Ruwel GmbH is to
commence consultation with its 600 staff regarding layoffs after
failing to find an investor for all or part of the company's
activities.

According to the report, Ruwel said in this difficult situation it
was not possible for previous investors to continue supporting the
company.  The report recounts in 2006, the company received an
undisclosed investment from a consortium comprising Bear Stearns,
Blue-Bay Asset Management and Cargill Value Investment.

The report discloses up to the end of this month, employees at the
Geldern and Pfullingen sites have been getting their salaries as
insolvency payments from the German employment office.  However,
according to the report, the provisional administrator has
suggested to the insolvency court that insolvency proceedings be
started on May 1.

The report relates the company said in a statement Thursday that
that it would have had to defray all their costs themselves
starting May, but it is no longer able to.

"On grounds of the ongoing crisis of the overall economy and
particularly the automotive industry it will not be feasible to
preserve the complete business activities under these conditions.
Underused capacities, even in Asia, will further intensify
competition," the report quoted the company as saying.

The company however noted production will continue for the time
being in order to finish the existing orders, the report states.
The report says about half of the workforce will continue to be
employed even after May 1.

As reported in the Troubled Company Reporter-Europe on Feb. 6,
2009, EE Times Europe said Geldern, Germany-based PCB manufacturer
Ruwel filed insolvency amid the auto industry slump, putting about
600 jobs at risk.

The report, citing media releases, disclosed the company achieved
58 percent of its sales with customers associated to the
automotive value chain, making it vulnerable to the current
crisis.


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


CLOVERIE PLC: Fitch Cuts Ratings on Two Classes of Notes to Low-B
-----------------------------------------------------------------
Fitch Ratings has downgraded 14 and affirmed 12 credit-linked note
transactions:

Downgrades:

   -- CLP4,950,000,000 notes issued by Cloverie Plc series No:
      2007-52, downgraded to 'BB' from 'BBB-', assigned a Positive
      Outlook;

   -- CLP7,597,500,000 notes issued by Cloverie Plc series No:
      2007-53, downgraded to 'BB+' from 'BBB', assigned a Stable
      Outlook;

   -- MXN253,162,294 notes issued by Cloverie Plc series No:
      2008-002, downgraded to 'BBB-' from 'BBB';

   -- MXN199,239,518 notes issued by Cloverie Plc series No:
      2008-11, downgraded to 'BBB-' from 'BBB', assigned a Stable
      Outlook;

   -- EUR1,714,500,000 floating-rate notes due 2058 issued by
      DEXIA SECURED FUNDING BELGIUM NV acting for its Compartment
      DSFB-I, downgraded to 'A+' from 'AA-', assigned a Stable
      Outlook;

   -- EUR1,621,250,000 floating-rate notes due 2040 issued by
      DEXIA SECURED FUNDING BELGIUM NV acting for its Compartment
      DSFB-II, downgraded to 'A+' from 'AA-', assigned a Stable
      Outlook;

   -- CLP5,348,000,000 notes issued by LatAm Trust series
      2006-100, downgraded to 'BB+' from 'BBB-', assigned a Stable
      Outlook;

   -- CLP5,348,000,000 notes issued by LatAm Trust series 2006-
      101, downgraded to 'BB+' from 'BBB-', assigned a Stable
      Outlook;

   -- CLP5,136,000,000 notes issued by Latam Trust series 2007-
      105, downgraded to 'BBB' from 'A-', placed on Rating Watch
      Negative;

   -- CLP2,187,000,000 notes issued by Latam Trust series 2008-
      101, downgraded to 'BBB+' from 'A-', assigned a Stable
      Outlook;

   -- CLP2,700,000,000 notes issued by Pisces Finance Ltd. 2006-
      2, downgraded to 'BB' from 'BBB-', assigned a Stable
      Outlook;

   -- CLP5,300,000,000 notes issued by Signum Verde 2006-2,
      downgraded to 'BB' from 'BBB-', assigned a Positive Outlook;

   -- CLP5,300,000,000 notes issued by Signum Verde 2007-3,
      downgraded to 'B-' from 'BB', placed on Rating Watch
      Negative;

   -- CLP4,950,000,000 notes issued by Signum Verde 2007-4,
      downgraded to 'BB' from 'BBB-', assigned a Stable Outlook.

Affirmations:

  -- JPY6,055,000,000 notes issued by Amber Trust Two, affirmed
     at 'BBB', assigned a Stable Outlook;

  -- EUR36,149,326 series 2002-1 class A asset-backed floating-
     rate notes due 2013 issued by Astrea S.r.l., affirmed at 'AA-
     ', assigned a Stable Outlook;

  -- COP54,558,000,000 notes issued by Elva Funding Plc 2008-5,
     affirmed at 'A', assigned a Stable Outlook;

  -- COP 49,000,000,000 notes issued by EM Falcon Limited series
     2008-1, affirmed at 'A', assigned a Stable Outlook;

  -- CLP5,082,000,000 notes issued by Emblem Finance Company No.
     2 Limited series 2, affirmed at 'BBB-', assigned a Stable
     Outlook;

  -- CLP13,972,500,000 notes issued by Jupiter Finance Ltd.
     2008-003, affirmed at 'BBB+', assigned a Stable Outlook;

  -- CLP2,187,000,000 notes issued by Latam Trust series 2008-
     102, affirmed at 'A-', assigned a Stable Outlook;

  -- CLP26,462,500,000 notes issued by Latam Trust, series 2007-
     102, affirmed at 'BB-', assigned a Stable Outlook;

  -- CLP5,081,500,000 notes issued by Latam Trust, series 2007-
     108, affirmed at 'A-', assigned a Stable Outlook;

  -- CLP5,050,000,000 notes issued by Signum Verde 2007-5,
     affirmed at 'BBB-', placed on Rating Watch Negative;

  -- JPY5,363,000,000 notes issued by Spices Financial Limited
     series 2005-1, affirmed at 'A', assigned a Stable Outlook.

  -- JPY6,694,800,000 notes issued by Spices Financial Limited
     series 2005-2, affirmed at 'A'.

These actions follow the release of Fitch's new criteria for
rating single and multi-name credit-linked notes, which was
released on April 13, 2009.  The criteria incorporate the use of
the Fitch Credit-Linked Note Matrix, which takes into account each
underlying risk in a transaction and, in some cases, applies a
penalty if restructuring is selected as a credit event.

The actions taken by Fitch may also reflect recent actions taken
on the underlying risks present in each transaction; namely rating
changes to the reference entity, the swap counterparty, and/or the
qualified investment that have occurred since the last review or
initial rating.  The revised Outlook status or Rating Watch status
reflects the Outlook/Rating Watch of the main risk drivers (the
'weakest link') present in each transaction.  The weakest link is
the highest risk-presenting entity, measured by its current
rating.

Fitch will continue to conduct regular surveillance of rated
single and multi-name CLNs.


IRISH NATIONWIDE: Seeks More Support from Irish Government
----------------------------------------------------------
Irish Nationwide Building Society is seeking more support from the
Irish government after incurring an after-tax loss of EUR243
million for 2008 compared with an after-tax profit of EUR309
million a year earlier, BreakingNews.ie reports.

According to the report, the company, which is covered by the
government scheme, has written off almost half a billion euro in
bad loans.  The report notes in total the company detailed
impaired loans worth EUR464 million.

The report relates the company said "the society's ability to
remain a going concern and achieve its business plan is dependent
on the continuation of government support".

The company, the report notes, has EUR2.23 billion of debt
maturing this year and plans to repay the money by reducing its
loan book and selling loans on to investors.

The company, which has been heavily exposed to property
development and investment in Ireland and Britain, has warned 2009
will continue to be a difficult year for the Irish economy and the
markets in which it operates, the report recounts.

Headquartered in Dublin, Irish Nationwide Building Society --
http://www.inbs.ie/-- is one of Ireland's oldest financial
institutions.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2009, Moody's Investors Service downgraded the long-term bank
deposit rating and the senior debt rating of Irish Nationwide
Building Society to Baa3 from Baa1.  The society's subordinated
debt has been downgraded to Ba1.  The bank financial strength
rating was lowered to D- (mapping to a baseline credit assessment
- "BCA" - of Ba3) from C- (BCA of Baa2).  The outlook is negative.


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


FIAT SPA: New Chrysler CEO to be Chosen if Deal Pushes Through
--------------------------------------------------------------
In a letter to staff, Chrysler LLC CEO Bob Nardelli said Fiat SpA
and the U.S. government may select a new chief executive and a
largely independent board of directors if plans for an alliance
with the Italian carmaker go through, Bloomberg News reports
citing the Wall Street Journal.

According to the report, the Journal said Chrysler is working to
meet an April 30 government deadline to negotiate new cost-cutting
deals with unions and reduce its debt if it is to avoid bankruptcy
and qualify for further government aid.

On April 20, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Fiat Chief Executive Officer Sergio
Marchionne told the Globe and Mail the company will abandon its
planned partnership with Chrysler 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.

Dow Jones meanwhile reported that Fiat Chairman Luca Cordero di
Montezemolo said 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.

                         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.


FIAT SPA: Chairman Says GM's Opel "Not an Option"
-------------------------------------------------
Fiat SpA Chairman Luca Cordero di Montezemolo said the Italian
carmaker is not considering buying General Motors Corp.’s Opel
unit, Tommaso Ebhardt at Bloomberg News reports citing Ansa news
agency.

Opel "is not an option," Chairman Montezemolo told reporters in
Rome, the report says citing Ansa.

The report relates Corriere della Sera however said Fiat may be
interested in buying Opel if it fails to reach an agreement with
Chrysler LLC.

                         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
===================


ADAMANT LTD: Creditors Must File Claims by May 22
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Adamant Ltd, 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


AK-BULAK LLP: Creditors Must File Claims by May 22
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Ak-Bulak insolvent.

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

The Court is located at:

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


ALTAI MASTER-K: Creditors Must File Claims by May 22
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Altai Master-K 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


BAYER KZ: Creditors Must File Claims by May 22
----------------------------------------------
LLP Bayer Kz Stroy has declared insolvency.  Creditors have until
May 22, 2009, to submit written proofs of claim to:

         Abai/Valihanov ave. 17/130-59
         Almaty
         Kazakhstan


KAZ RUS LLP: Creditors Must File Claims by May 22
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Kaz Rus insolvent.

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

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


LIGHT KZ: Creditors Must File Claims by May 22
----------------------------------------------
LLP Light Kz Service has declared insolvency.  Creditors have
until May 22, 2009, to submit written proofs of claim to:

         Abai/Valihanov Ave. 17/130-59
         Almaty
         Kazakhstan


MEGA OPTIMA: Creditors Must File Claims by May 22
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Mega Optima insolvent.

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

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


RENAT-2030 LLP: Creditors Must File Claims by May 22
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Renat-2030 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


TECHNOCON LLP: Creditors Must File Claims by May 22
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Technocon 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


VEK STROY 1: Creditors Must File Claims by May 22
-------------------------------------------------
LLP Vek Stroy 1 has declared insolvency.  Creditors have until
May 22, 2009, to submit written proofs of claim to:

         Micro "Keremet", 1
         Almaty
         Kazakhstan


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


EURO STROY: Creditors Must File Claims by April 24
--------------------------------------------------
Creditors of LLC Construction Company Euro Stroy Grand have until
April 24, 2009, to submit proofs of claim.

The company can be reached at:

         LLC Construction Company Euro Stroy Grand
         Tel: (+996 312) 68-10-66


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


UBS AG: Luxembourg Unit Ordered to Transfer LuxAlpha Assets
-----------------------------------------------------------
Stephanie Bodoni at Bloomberg News reports a Luxembourg court
ordered UBS AG's Luxembourg unit to transfer the assets it holds
for LuxAlpha Sicav-American Selection, a fund that invested with
Bernard L. Madoff, at the request of the fund’s liquidator.

The report relates Judge Agnes Zago said in an April 20 ruling
that UBS, custodian bank for LuxAlpha, must transfer the money to
a bank selected by LuxAlpha's liquidators within 24 hours or face
a daily fine of EUR1 million (US$1.3 million).

UBS argued it was concerned it might have to pay both the
liquidator and Irving H. Picard, the U.S. trustee winding up
Bernard L. Madoff Investment Securities LLC ("BLMIS"), the report
discloses.

Mr. Picard, the report says, is seeking to recover the remains of
Madoff's assets to compensate investors for as much as US$65
billion in losses from Madoff's Ponzi scheme.

At a hearing last week, Bloomberg News says UBS lawyer Francois
Kremer invoked a letter sent to UBS's unit by Mr. Picard's firm
Baker & Hostetler LLP on Feb. 26, stating that UBS should "refrain
from engaging in or permitting any transfers or dispositions of
the Funds and other monies received from BLMIS without an order
from the Bankruptcy Court" in the U.S.

The judge however said it was "a simple letter" by Mr. Picard
"without any compulsory value in Luxembourg" and that nowhere in
the letter or the U.S. law cited in it was there an indication
that UBS would be forced to pay twice, Bloomberg News relates.

According to Bloomberg News, liquidators for LuxAlpha, which
invested about 95 percent of its money with Madoff, had sued UBS
for "rejecting" their demands to transfer what's left in the fund
to a "neutral" bank.

The report recalls a Luxembourg court on April 2 ordered the
dissolution of LuxAlpha, appointing two liquidators with the
"widest possible powers" to recover money for investors.

As reported in the Troubled Company Reporter-Europe on April 6,
2009, Bloomberg News said Judge Christiane Junck named Alain
Rukavina and Paul Laplume as liquidators for LuxAlpha.  The
liquidators, Bloomberg News said, will have to provide the court
by July 2 a total amount of the claims investors have against each
fund.

The report said LuxAlpha was among 17 funds and sub-funds forced
to suspend customer redemptions after disclosures of losses from
investments with Madoff.

LuxAlpha, which had US$1.4 billion in net assets a month before
Mr. Madoff was arrested, now has about EUR38.8 million, Bloomberg
News says citing lawyers.

                     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 UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


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


IMPRESS HOLDINGS: Moody's Affirms Corporate Family Rating at 'B1'
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B1 Corporate Family
Rating for Impress Holdings B.V., the Ba3 rating for the
EUR610 million Senior Secured Notes due 2013 and the
US$175 million Senior Secured Notes due 2013 as well as the B3
rating for the EUR 250 million Senior Subordinated Notes due 2014.
The outlook was changed to negative from stable.

Rainer Neidnig, lead analyst for Impress at Moody's commented:
"The affirmation of the B1 Corporate Family Rating reflects
Impress solid performance in 2008 despite a challenging
environment with volatile input costs and declining volumes in
certain segments.  At the same the outlook change to negative
reflects Moody's opinion that the recessionary environment will
make it increasingly challenging to achieve further improvements
in credit metrics, an expectation incorporated in the current B1
rating".

Moody's acknowledges that the majority of Impress' revenues is
generated with customers in the rather non-cyclical food and
seafood industry.  However, parts of the business, in particular
the Paints & Coatings and Aerosol business, are affected by the
current economic downturn which resulted in lower construction
activity and reduced spending for discretionary products.  Though
Moody's acknowledge that some of the volume decline might be
attributed to customer destocking activities, Moody's would not
expect a material recovery in these segments anytime soon.
Consequently, Moody's would expect Impress to continue
rationalization measures and to selectively reduce production
capacities.  While these measures are expected to be beneficial in
the long run, associated expenses will likely burden earnings,
cash flow and thus financial ratios in the short-term.  Hence, the
pace of deleverage might lag behind initial expectations
incorporated in the current B1 rating which is reflected in the
outlook change from stable to negative.  Moreover, the negative
outlook considers the ongoing challenge to manage volatile raw
material prices.

The B1 rating remains supported by Impress' leading market
positions in certain metal packaging segments, relatively stable
end markets, a diversified customer base with some degree of
entrenched manufacturing sites, and a substantial portion of the
portfolio underpinned by long-term and/or price-pass-through
contracts.  The rating however, also takes into account the
competitive and mature industry characteristics, some degree of
seasonality in the food division with partial dependency on
harvests, the still highly levered capital structure and the
challenge to cope with volatile input costs.

Downgrades:

Issuer: Impress Holdings B.V.

  -- Senior Subordinated Regular Bond/Debenture, Downgraded to
     LGD6, 90% from LGD5, 89%

  -- Senior Secured Regular Bond/Debenture, Downgraded to LGD3,
     42% from LGD3, 38%

Outlook Actions:

Issuer: Impress Holdings B.V.

  -- Outlook, Changed To Negative From Stable

The last rating action was implemented on January 30, 2008, when
the B1 corporate family rating was confirmed with a stable
outlook.

Impress Holdings B.V. is a leading player in the European canning
industry with a solid position in North America's food canning
market.  The company in its present form was created in 1997 wia a
leveraged buyout part-financed by Doughty Hanson & Co., which
merged the European non-beverage metal packaging operations of
Pechiney and Schmalbach-Lubeca.  Doughty Hanson retains 89% of the
voting rights of the company, with Avenue Capital Group and
management holding the remaining 10% and 1% respectively.  After a
series of acquisitions the purchase of the food can and aerosol
business in Australia and New Zealand of Amcor Group for EUR90
million in 2007 was the latest large-scale transaction -- Impress
has 55 production facilities in 21 countries with approximately
7,600 employees.  In 2008, the company generated sales of EUR1.72
billion.


LYONDELLBASELL: Recovery Rate of Bonds Lowest in Europe This Year
-----------------------------------------------------------------
Abigail Moses at Bloomberg News reports that credit-default swap
traders set an initial recovery value of 3.375 cents on the euro
for bonds of LyondellBasell Industries AF SCA at an auction on
Thursday, April 16.  The recovery rate is the lowest in Europe
this year, Bloomberg News notes.

According to Bloomberg News, the price means sellers of default
protection on LyondellBasell's bonds may have to pay 96.625 cents
on the euro to settle the contracts.

Bloomberg News recalls LyondellBasell triggered default swap
contracts when it failed to pay interest on EUR500 million (US$658
million) of bonds maturing in 2015.  Bloomberg News, citing
JPMorgan Chase & Co., says the bonds were trading at 3.5 cents on
the euro before the auction.

Bloomberg News discloses according to the Depository Trust &
Clearing Corp., investors traded a net US$744 million in
protection on LyondellBasell debt as of March 13.

LyondellBasell Industries -- http://www.lyondellbasell.com/-- is
a refiner of crude oil; a significant producer of gasoline
blending components; a global manufacturer of chemicals and
polymers, including polyolefins and advanced polyolefins; and the
leading developer and licensor of technologies for the production
of polymers.

Following the acquisition of Lyondell in 2007, LyondellBasell
became the world's largest independent producer of polypropylene
and advanced polyolefins products, a leading supplier of
polyethylene, and a global leader in the development and licensing
of polypropylene and polyethylene processes and related catalyst
sales.  The group is estimated to generate 2007 revenues of
US$44 billion and EBITDA of US$4.1 billion reflecting strong
performance of Lyondell and Basell businesses at the top of the
cycle.

LyondellBasell is saddled with debt as part of its
US$12.7 billion merger in 2007.  As reported by the Troubled
Company Reporter, the company has brought on board Kevin M. McShea
of AlixPartners, LLP, as Chief Restructuring Officer of
LyondellBasell and its subsidiaries.  The company also has hired
advisers, including Evercore and New York law firm Cadwalader,
Wickersham & Taft LLP, to advise it on its restructuring efforts.

Lyondell disclosed in its latest quarterly results that it has
US$27.12 billion in assets and US$228 million stockholders'
deficit as of Sept. 30, 2008.  It incurred a US$232 million net
loss in the three months ended Sept. 30, 2008, compared to a
US$206 million net profit during the same period in 2007.

Headquartered in Houston, Texas, Equistar Chemicals LP, is a
wholly owned subsidiary of Lyondell Chemical Company, which
produces ethylene, propylene and polyethylene in North America and
ethylene oxide, ethylene glycol, high value-added specialty
polymers and polymeric powder.  For three months ended Sept. 30,
2008, Equistar Chemicals posted net loss of US$271 million
compared to net income of US$22 million for the same period in the
previous year.  At Sept. 30, 2008, Equistar Chemicals' balance
sheet showed total assets of US$9.0 billion and total liabilities
of US$19.0 billion, resulting in a partners' deficit of US$9.9
billion.

                         *     *     *

As reported by the Troubled Company Reporter on Jan. 6, 2009,
Moody's Investors Service has downgraded the corporate family
rating of LyondellBasell Industries AF SCA to Caa2 from B3 and
also downgraded ratings on the debt instruments raised by the
group.

As reported in the TCR-Europe, on Jan. 7, 2009, Standard & Poor's
lowered its long-term corporate credit rating on the three main
U.S. subsidiaries of European holding company LyondellBasell
Industries AF S.C.A. (LyondellBasell) - namely Lyondell Chemical
Co., Equistar Chemicals L.P., and Millennium Chemicals Inc. -- to
'D' from 'CC'.  This action followed the voluntary filings for
Chapter 11 bankruptcy protection by these entities, along with
other U.S. subsidiaries of LyondellBasell and a related German
holding company on Jan. 6, 2009.

The long-term rating on LyondellBasell, meanwhile, remains at
'SD', indicating a selective default.


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


AVTOVAZ OAO: Share Issue No Longer an Option, Renault Says
----------------------------------------------------------
RIA Novosti reports Renault has ruled out an additional share
issue for AvtoVAZ, which received US$776 million in state aid.

According to RIA Novosti, Renault, which holds a blocking stake in
AvtoVAZ, had objected to the share issue, which could have led to
the dilution of its 25% plus one share stake.

Christian Esteve, a member of Renault's Management Committee in
charge of its Russian division, told RIA Novosti in an interview
the share issue, which was one of options considered by the
Russian government in response to AvtoVAZ's request for financial
aid, is no longer needed.

However, Renault still regarded its US$2 billion acquisition of
AvtoVAZ's stake a profitable investment as it expected the Russian
car market to resume growth, RIA Novosti notes.

                            Bridge Loan

On April 7, 2009, Yulia Komleva at Reuters reported that Sergei
Chemezov, AvtoVAZ's board chairman, said that the carmaker had
reached an agreement with Sberbank and VTB on an RUR8 billion
(US$239.5 million) bridge loan.

Reuters disclosed Mr. Chemezov told reporters "They will give 8
billion roubles -- 4 billion roubles each.  It is a short-term
loan for two months."

                        Debt Restructuring

In an April 14 report, Steel Guru, citing Akm, said that Russian
Prime Minister Vladimir Putin signed the resolution on the
restructuring of the AvtoVAZ debts on the federal budget taxes and
penalties.

Steel Guru recalled the government recently decided to release
RUR25 billion to AvtoVAZ in the form of the state support.

Steel Guru stated according to Akm, these funds will be spent to
cover the debts and will be transferred to Rostekhnologii Corp as
blocking stake owner.

On April 1, 2009, the Troubled Company Reporter-Europe, citing
Moscow Times, reported the Russian government would provide
AvtoVAZ with an interest-free loan worth RUR25 billion (US$734
million) through Russian Technologies, which owns a stake of 25
percent plus one share in the company.

The Moscow Times related AvtoVAZ CEO Boris Alyoshin asked for an
RUR8 billion bridge loan so the company could "survive" the next
two months while waiting for the state loan to come through.

Mr. Alyoshin, the Moscow Times recalled, previously asked the
government for RUR26 billion to restructure debt to suppliers and
creditors.  Mr. Alyoshin last month said that some RUR45 billion
of AvtoVAZ's RUR75 billion in assets is being held as collateral,
and the company can no longer take out loans with commercial
banks, the Moscow Times recounted.

According to RIA Novosti, AvtoVAZ, which employs more than 100,000
workers, currently owes US$1.3 billion in bank loans and bonds.

Based in Tolyatti, Russia, AVTOVAZ OAO (AVTOVAZ JSC) --
http://www.lada-auto.ru/-- is engaged in the manufacture of
passenger cars.  The Company's main brands are LADA PRIORA, LADA
Kalina, LADA Samara, LADA 110 and others.  The Company is also
involved in the manufacture of automobile components, distribution
of automobiles and spare parts and operation of automobile service
centers. The Company is also active in a variety of other sectors,
such as power supply, transportation, utilities, construction,
insurance, banking and finance.  AVTOVAZ OAO sells its products on
the domestic market, as well as exports them to Kazakhstan,
Ukraine, Azerbaijan, Armenia, Egypt, Syria, Greece, Belarus,
Uruguay, Cyprus, Germany and others.  It operates through one
representative office located in Moscow, several subsidiaries and
affiliated companies.


BALTIMOR-NEVA: May Sell Stake to Reduce Debt
--------------------------------------------
Maria Ermakova at Bloomberg News reports ZAO Baltimor-holding said
it's talking to investment funds and Russian banks about selling a
minority stake to help pay debt.

Bloomberg News says Russian newspaper Kommersant, citing an
unidentified person close to Baltimor and one of the Russian
company's creditors, reported earlier last week that Unilever was
in talks to buy Baltimor.

Baltimor is not in talks with Unilever or any other potential
industrial buyers, Nadezhda Chernysh, a spokeswoman for Baltimor,
told Bloomberg News by phone from St. Petersburg, correcting her
previous statement.

"A stake sale may be announced soon," Bloomberg News quoted Ms.
Chernysh as saying.  The company had sales of RUR5.1 billion
(US$152 million) in 2008 and has debt of RUR2 billion, Ms.
Chernysh said as cited in the report.

Baltimor's total value may be US$100 million, including debt,
Bloomberg News relates citing Irina Yarotskaya, an analyst at
Otkritie Financial Corp. in Moscow.

Russia-based Baltimor-Neva ZAO (Baltimor-Neva CJSC) ---
http://www.baltimor.ru/--- is principally involved in the
production of ketchups, tomato sauces, mustards and vinegars.
Baltimor-Neva ZAO sells its products on the domestic market, as
well as exports them to Belarus, Moldova, Latvia, Lithuania,
Estonia, Germany, Poland, Hungary, the Middle Asia countries,
Turkey, the United States and other countries.  Baltimor-Neva ZAO
is 97%-owned by Baltimor Holding JSC.  Baltimor-Neva ZAO Company
is headquartered in Saint Petersburg, Russian Federation.


CONSTRUCTION MANAGEMENT: Creditors Must File Claims by May 10
-------------------------------------------------------------
Creditors of LLC Construction Management A4 (TIN 0277094175,
PSRN 1080277005192) have until May 10, 2009, to submit proofs of
claims to:

         F. Yenikeyev
         Temporary Insolvency Manager
         Office 511
         Ryazanskaya Street
         450071 Ufa
         Russia

The Arbitration Court of Bashkortostan will convene at 11:00 a.m.
on Aug. 20, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A07–4597/2009.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolutsii St. 63a
         450056 Ufa
         Russia

The Debtor can be reached at:

         LLC Construction Management A4
         Ulyanovykh St. 60
         450112 Ufa
         Russia


FEDERAL INVESTMENT: Creditors May File Claims
---------------------------------------------
Creditors of OJSC Federal Investment Bank (Commercial Bank)
(Registration A1422) may submit proofs of claims to:

         Building 1
         Gospitalnaya St. 4a
         111250 Moscow
         Russia


FOUNDRY LLC: Creditors Must File Claims by May 10
-------------------------------------------------
Creditors of LLC Foundry have until May 10, 2009, to submit proofs
of claims to:


         I. Zhurenkov
         Insolvency Manager
         Post User Box 131
         664025 Irkutsk
         Russia
         Tel: (3952) 500–931

The Arbitration Court of Chitinskaya will convene at 10:30 a.m. on
June 25, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A78–6395/2008.

The Debtor can be reached at:

         LLC Foundry
         Post User Box 387
         GOS-3
         Krasnokamensk
         674674 Zabaykalskiy
         Russia


LEMISOVSKIY BREAD: Creditors Must File Claims by May 10
-------------------------------------------------------
Creditors of LLC Lemisovskiy Bread (TIN 3017041829)(Bread-Making
Plant) 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 Astrakhanskaya will convene at 2:00 p.m.
on July 9, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A06–543/2009,.

The Debtor can be reached at:

         LLC Lemisovskiy Bread
         Boyevaya St. 64
         414024 Astrakhan
         Russia


PRIKAMYE COMMERCIAL: Creditors Must File Claims by June 10
----------------------------------------------------------
Creditors of OJSC Prikamye Commercial Bank (TIN 5902300058,
Registration A 844) have until June 10, 2009, to submit proofs of
claims to:

         Investment Insurance Agency
         Acting Insolvency Manager
         Sovetskaya St. 104
         614990 Perm
         Russia
         Tel: 8(342)236-17-18

The Arbitration Court of Permskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A50–2691/2009,.

The Debtor can be reached at:

         OJSC Prikamye
         Sovetskaya St. 104
         614990 Perm
         Russia


SITI-STROY: Tomsk Bankruptcy Hearing Set September 3
----------------------------------------------------
The Arbitration Court of Tomsk will convene on Sept. 3, 2009, to
hear bankruptcy supervision procedure on LLC Siti-Stroy (TIN
5407029517, PSRN 1075407010403) (Consruction).  The case is
docketed under Case No. A67–1682/09.

The Temporary Insolvency Manager is:

         V. Chayka
         Post User Box 4196
         634061 Tomsk
         Russia

The Debtor can be reached at:

          LLC Siti-Stroy
         Prospect Lenina 190
         Tomsk
         Russia


SKHODNENSKAYA FURNITURE: Creditors Must File Claims by June 10
--------------------------------------------------------------
Creditors of CJSC Skhodnenskaya Furniture Parts Factory have until
June 10, 2009, to submit proofs of claims to:

         A. Nikolskiy
         Insolvency Manager
         Tsyurupy St. 22/1/101
         117418 Moscow
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41–16798/08.

The Debtor can be reached at:

         CJSC Skhodnenskaya Furniture Parts Factory
         Skhodnya
         Moskovskaya
         Russia


SPETS-DOR-STROY: Creditors Must File Claims by May 10
-----------------------------------------------------
Creditors of LLC Spets-Dor-Stroy (TIN 3917033362, PSRN
1073917002015) (Construction) have until May 10, 2009, to submit
proofs of claims to:

         S. Sergeychuk
         Temporary Insolvency Manager
         Telmana St. 14B
         236008 Kaliningrad
         Russia

The Arbitration Court of Kaliningradskaya will convene on July 6,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A21–10553/2008.


STROY-NEKST LLC: Creditors Must File Claims by June 10
------------------------------------------------------
Creditors of LLC Stroy-Nekst (TIN 1101120426, PSRN 1051100401153)
(Construction) have until June 10, 2009, to submit proofs of
claims to:

         A. Semyashkin
         Insolvency Manager
         Petrzavodskaya St. 17
         167005 Syktyvkar
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A29–6179/2008.

The Debtor can be reached at:

         LLC Stroy-Nekst
         Morozova St. 100
         Syktyvka
         Russia


SU-KOM-BANK COMMERCIAL: Creditors Must File Claims by June 10
-------------------------------------------------------------
Creditors of LLC Sud-Kom-Bank Commercial Investment Bank (TIN
7703016367, Registration A 1428) have until June 10, 2009, to
submit proofs of claims to:

         Investment Insurance Agency
         Acting Insolvency Manager
         Post User Box 48
         109052 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–19626/09–103-54B.

The Debtor can be reached at:

         LLC Sud-Kom-Bank
         Prospect Mira 13
         129090 Moscow
         Russia


VLADIKAVKAZSKIY GAS: Court Names Temporary Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of North Ossetia-Alaniya has appointed
R. Guriyev as Temporary Insolvency Manager for OJSC
Vladikavkazskaya Gas-Fittings Plant.  The case is docketed under
Case No. A61–20/09. He can be reached at:

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


===============
S L O V E N I A
===============


ISTRABENZ D.D.: Shares Fall 20% to EUR6.92 After Trading Resumes
----------------------------------------------------------------
Manca Ulcar at Reuters reports that shares in Istrabenz d.d fell
20 percent on Friday, April 17, as trading resumed after a two-
week suspension.

The report relates the Ljubljana Stock Exchange said it had
launched trade in Istrabenz with a 20 percent movement restriction
"because of market imbalance".  The bourse set the price range at
EUR6.92-EUR10.36, the report notes.

According to the report, by 1000 GMT, Istrabenz had lost 19.91
percent and fallen to the bottom of the range, at EUR6.92
(US$9.07).

As reported in the Troubled Company Reporter-Europe on April 6,
2009, Reuters said the Ljubljana bourse had suspended trading in
shares in Istrabenz due to the company's insolvency.

On April 2, 2009, the TCR-Europe, citing Reuters, reported the
company was forced into insolvency after it failed to reach a deal
with its creditors over its debt.

Istrabenz CEO Igor Bavcar quit his post following the company's
insolvency, the report recounted.  Mr. Bavcar will remain head of
the company until May 15, the report noted.

According to the report, Istrabenz and its affiliated firms owe
some EUR950 million (US$1.26 billion) to 19 banks.  The company
has EUR160 million in debts due by the end of March, Reuters
disclosed citing local media reports.

The report noted under Slovenian law, the company has 60 days to
reach a deal with creditors on debt repayment terms or enter
bankruptcy, which would be the biggest corporate failure in
Slovenia in the last decade.

The report recalled the company made a net loss of EUR220.8
million (US$294.2 million) in 2008 as a result of falls in the
value of its capital investments.

Headquartered in Koper, Slovenia, Istrabenz d.d. (ISTRABENZ
holdinska druzba, d.d.) -- http://www.istrabenz.si/-- is a parent
company of the Istrabenz Group.  The Company is responsible for
the asset management and supervision of the Group members.
Istrabenz d.d. has developed investments in the number of
divisions: Energy, which covers the gas business, production and
distribution of energy, transshipment and storage of oil
derivatives; Tourism, which offers hotel, catering, wellness and
congress services; Investments, which deals with advertising,
financial services and technical consulting; Food, which markets
food products, and Information Technology that provides
information support to the companies of the Istrabenz Group.  As
for December 31, 2007, there were 69 companies in Istrabenz Group.


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


CAMGE CONSUMO: Moody's Assigns (P)Ba2 Rating on EUR95.5 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the debt to be issued by the Spanish securitization fund CAMGE
CONSUMO TDA CAM 1, Fondo de Titulizacion de Activos:

  -- (P)Aaa to the EUR626.6 million Series A notes;
  -- (P)A2 to the EUR107.9 million Series B notes; and
  -- (P)Ba2 to the EUR95.5 million Series C notes;

CAMGE CONSUMO TDA CAM 1, FTA is a securitization fund created to
purchase a pool of consumer loans granted by CAMGE FINANCIERA,
E.F.C, S.A. to individuals resident in Spain.  This is the first
transaction launched by CAMGE.

In Moody's view, the strengths of this transaction include, among
others: (i) a 13.0% reserve fund, which can be used to cover
potential interest and/or principal shortfalls; (ii) the
granularity of the portfolio, with the top debtor accounting for
0.02% of the provisional outstanding portfolio; (iii) the
relatively high excess spread, which provides credit enhancement
to the structure; and (iv) the triggers in place to mitigate
commingling and servicer disruption risk.

However, Moody's notes that the transaction includes several
challenging features, namely: (i) exposure to interest rate risk,
as no hedging agreement is in place; (ii) geographical
concentration in the regions of Valencia, Murcia, and Cataluna;
and (iii) the negative impact of the interest deferral trigger on
the subordinated series.  These risks were taken into account in
the credit enhancement calculation.

As of April 2009, the provisional pool of underlying assets
comprised a portfolio of 149,381 loans granted to 137,847
borrowers.  The portfolio has a weighted average seasoning of 1.9
years and a weighted average remaining life of 4.3 years.
Geographically, the pool is concentrated in Valencia (58%), Murcia
(23%), and Cataluña (6%).  The weighted average interest rate is
9.02%, with 72% of the loans having a fixed interest rate and the
remaining 28% being floating-rate loans.  100% of the loans hold a
personal guarantee.  At closing, the management company will
randomly select the loans from the provisional pool, after having
eliminated receivables that are more than 30 days in arrears, and
capped to 5% those with arrears between 1 and 30 days.

Moody's initially analyzed and will monitor this transaction using
the rating methodology for described in the Rating Methodology
report "The Lognormal Method Applied to ABS Analysis", June 2000.
The provisional ratings take into account, amongst others, (i) an
evaluation of the underlying portfolio of loans; (ii) historical
performance and bank's internal ratings information; (iii) the
(un-hedged) the interest rate risk; (iv) the credit enhancement
provided by the reserve fund, the subordination of the notes, and
the excess spread; and (v) the legal and structural integrity of
the transaction.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (July 2023).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on or before the final legal
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only reflect Moody's preliminary
credit opinions regarding the transaction.  Upon a conclusive
review of the final pool of assets and the final documentation,
Moody's will endeavor to assign a definitive rating to the notes.
A definitive rating, if any, may differ from a provisional rating.

Date of previous rating action: no previous rating action since
initial rating assignment.


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


BIOWISAN JSC: Creditors Must File Proofs of Claim by April 29
-------------------------------------------------------------
Creditors owed money by JSC Biowisan are requested to file their
proofs of claim by April 29, 2009, to:

         JSC KBT Treuhand Zug
         Liquidator
         Grabenstrasse 25
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 17, 2009.


CAPRICHO LLC: Deadline to File Proofs of Claim Set May 14
---------------------------------------------------------
Creditors owed money by LLC Capricho are requested to file their
proofs of claim by May 14, 2009, to:

         Company Bilancia Treuhand Trivigno
         Lindstr. 39
         8400 Winterthur
         Switzerland

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


KB BERATUNGEN: Creditors Have Until May 15 to File Claims
---------------------------------------------------------
Creditors owed money by JSC KB Beratungen are requested to file
their proofs of claim by May 15, 2009, to:

         Dr. Konrad Basler
         Oberlandstrasse 2
         8133 Esslingen
         Switzerland

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


LOGOPRINT BUSINESS: Proofs of Claim Filing Deadline is April 30
---------------------------------------------------------------
Creditors owed money by LLC LOGOPrint Business Graphic are
requested to file their proofs of claim by April 30, 2009, to:

         Oskar Giger
         Liquidator
         Wohlerstrasse 35
         5605 Dottikon
         Switzerland

The company is currently undergoing liquidation in Dottikon.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 15, 2008.


PARACELSUS JSC: Creditors' Proofs of Claim Due by July 16
---------------------------------------------------------
Creditors owed money by JSC Paracelsus are requested to file their
proofs of claim by July 16, 2009, to:

         Kranich Gruenberg
         Niederdorfstrasse 18
         8001 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 9, 2009.


PETER MASCHINEN: April 30 Set as Deadline to File Claims
--------------------------------------------------------
Creditors owed money by LLC Peter Maschinen und Werkzeuge are
requested to file their proofs of claim by April 30, 2009, to:

         Ulrich Peter
         Liquidator
         Weinhalde 4
         3054 Schupfen
         Switzerland

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


PROFILEX JSC: Creditors Must File Proofs of Claim by April 30
-------------------------------------------------------------
Creditors owed money by JSC Profilex are requested to file their
proofs of claim by April 30, 2009, to:

         Erwin Kolb
         Liquidator
         Steinacherstrasse 13
         8308 Illnau
         Switzerland

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


SCHWEIZER AUTO: Deadline to File Proofs of Claim Set April 30
-------------------------------------------------------------
Creditors owed money by LLC Schweizer Auto are requested to file
their proofs of claim by April 30, 2009, to:

         Kantonsstrasse 40
         8863 Buttikon
         Switzerland

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


UBS AG: Fires 10 Equity Research Analysts, Economists in Japan
--------------------------------------------------------------
UBS AG fired about 10 equity research analysts and economists in
Tokyo in the first round of cuts to its research business in
Japan, Takahiko Hyuga at Bloomberg News reports citing two people
familiar with the plan.

UBS fired the workers late last week, including senior analysts
Mariko Watanabe, who covered small and middle-sized firms, and
Hirohisa Shimura, who covered the health-care industry, the report
says citing the people who declined to be identified as no public
announcement has been made.

Akira Maekawa, senior economist in Japan, is also leaving the
firm, the same people said in the report.

On April 17, 2009, the Troubled Company Reporter-Europe said
according to a Bloomberg News report, UBS plans to cut another
7,500 jobs, bringing total staff reductions to almost 20 percent
of the workforce.

UBS remains in a "precarious situation" after clients withdrew 23
billion Swiss francs (US$20.1 billion) from the main wealth
management unit and the bank posted a first-quarter net loss of
almost 2 billion francs, Bloomberg News cited exiting Chairman
Peter Kurer as saying.

The Troubled Company Reporter-Europe, citing Bloomberg News,
reported on April 15, 2009 UBS said it will eliminate about 240
jobs from its wealth management division in the Asia-Pacific
region.

The cuts include 100 positions in Singapore and represent about 3
percent of the Zurich-based company's staff in the region,
Bloomberg News said citing Mark Panday, a spokesman in Hong Kong.

As reported in the Troubled Company Reporter-Europe on April 3,
2009, Katharina Bart at Dow Jones said analysts and investors
expect UBS to issue a profit warning and flag job cuts this month.

"We expect a first-quarter 2009 profit warning from UBS as it
writes down some of its CHF5 billion monoline exposure and makes a
restructuring charge for letting go some 5,000 to 10,000 people,"
Dow Jones quoted Helvea analyst Peter Thorne as saying.

The report stated UBS still holds US$5.34 billion in protection
from monoline insurers, which the bank originally bought in an
effort to insure against some types of losses but which has since
soured and could weigh on first-quarter profit.

A TCR-Europe report on Feb. 11, 2009 said UBS AG's net loss for
full-year 2008 widened to CHF19,697 million from of CHF5,247
million in the prior year.

Net losses from continuing operations totaled CHF19,327 million,
compared with losses of CHF5,111 million in the prior year.

UBS attributed the losses to negative revenues in its fixed
income, currencies and commodities (FICC) area.

For the 2008 fourth quarter, UBS incurred a net loss of CHF8,100
million, down from a net profit of CHF296 million.

Net loss from continuing operations was CHF7,997 million compared
with a profit of CHF433 million.

The Investment Bank recorded a pre-tax loss of CHF7,483 million,
compared with a pre-tax loss of CHF2,748 million in the prior
quarter.  This result was primarily due to trading losses, losses
on exposures to monolines and impairment charges taken against
leveraged finance commitments.  An own credit charge of CHF1,616
million was recorded by the Investment Bank in fourth quarter
2008, mainly due to redemptions and repurchases of UBS debt during
this period.

UBS said it will further reduce its headcount to 15,000 by the end
of the year.

UBS's personnel numbers reduced to 77,783 on December 31, 2008,
down by 1,782 from September 30, 2008, with most staff reductions
at its investment banking unit.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


UBS AG: Sells Brazilian Unit for US$2.5 Bln to BTG
--------------------------------------------------
UBS AG has agreed to sell its Brazilian financial services
business, UBS Pactual, for approximately US$2.5 billion to BTG
Investments, headed by Andre Esteves.

In a statement, UBS said the sale of the Brazilian business is
consistent with UBS's policy to continue to reduce its risk
profile, strengthen its balance sheet and sharpen its business
focus.  UBS expects no disruption to its other businesses as a
result of the transaction.

The transaction will take place at a premium to book value.  It
will increase Tier 1 capital by CHF1.3 billion, decrease risk
weighted assets by CHF3.0 billion, and reduce total assets by
CHF6.3 billion.  It will strengthen UBS's BIS Tier 1 ratio by
approximately 60 basis points.

UBS expects the sale to result in a small loss.  A detailed
description of the effects of the transaction on UBS's quarterly
results will be provided in the company's Q1 2009 financial report
to be published on May 5, 2009.

The consideration will be a combination of cash and the assumption
of liabilities and the transaction is expected to close in mid
2009, subject to regulatory approval.

A TCR-Europe report on Feb. 11, 2009 said UBS AG's net loss for
full-year 2008 widened to CHF19,697 million from of CHF5,247
million in the prior year.

Net losses from continuing operations totaled CHF19,327 million,
compared with losses of CHF5,111 million in the prior year.

UBS attributed the losses to negative revenues in its fixed
income, currencies and commodities (FICC) area.

For the 2008 fourth quarter, UBS incurred a net loss of CHF8,100
million, down from a net profit of CHF296 million.

Net loss from continuing operations was CHF7,997 million compared
with a profit of CHF433 million.

The Investment Bank recorded a pre-tax loss of CHF7,483 million,
compared with a pre-tax loss of CHF2,748 million in the prior
quarter.  This result was primarily due to trading losses, losses
on exposures to monolines and impairment charges taken against
leveraged finance commitments.  An own credit charge of CHF1,616
million was recorded by the Investment Bank in fourth quarter
2008, mainly due to redemptions and repurchases of UBS debt during
this period.

UBS said it will further reduce its headcount to 15,000 by the end
of the year.

UBS's personnel numbers reduced to 77,783 on December 31, 2008,
down by 1,782 from September 30, 2008, with most staff reductions
at its investment banking unit.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


X-CLUESIT LLC: Creditors Have Until April 27 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC X-cluesIT are requested to file their
proofs of claim by April 27, 2009, to:

         Im Langacker 12
         8304 Wallisellen IQ
         Switzerland

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


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


ELECTRIC MACHINERY: Court Starts Bankruptcy Procedure
-----------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on OJSC Electric Machinery (EDRPOU 05405581).

The Insolvency Manager is:

         A. Rodzinsky
         50 Years of USSR St. 2-A
         62431 Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         OJSC Electric Machinery
         Ac. Pavlov St. 82
         61038 Kharkov
         Ukraine


ENERGY AND GAS: Creditors Must File Claims by April 30
------------------------------------------------------
Creditors of LLC Energy and Gas Investment Union (EDRPOU 30725645)
have until April 30, 2009, to submit proofs of claim to:

         Private Enterprise Legal Agency Magistr
         Insolvency Manager
         Office 333
         Gagarin St. 5
         29000 Hmelnitsky
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on 3/07/2009.  The case is docketed under Case
No 44/87-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Energy and Gas Investment Union
         Amurskaya St. 8
         03022 Kiev
         Ukraine


FERROCONCRETE CONSTRUCTIONS: Court Starts Bankruptcy Procedure
--------------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC Ferroconcrete Constructions Plant (EDRPOU
31437310).

The Insolvency Manager is:

         A. Rodzinsky
         50 Years of USSR St. 2-A
         62431 Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Ferroconcrete Constructions Plant
         Dostoyevsky St. 1
         61102 Kharkov
         Ukraine


FIRST UKRAINIAN: Fitch Downgrades Individual Rating to 'D/E'
------------------------------------------------------------
Fitch Ratings has downgraded First Ukrainian International Bank's
Long-term Issuer Default Rating to 'B-' (B minus) from 'B' while
maintaining a Negative Outlook.  At the same time, the agency has
withdrawn all of the bank's ratings and Fitch will no longer
provide rating or analytical coverage on this issuer.

The downgrade reflects a recent deterioration in the bank's asset
quality.  FUIB has a current moderate loan loss absorption
capacity and has experienced heightened pressure on its liquidity
due to deposit outflows in Q109.  Liquidity is likely to be
pressured further due to upcoming repayments of international
borrowings.

FUIB's ratings are:

  -- Long-term IDR: downgraded to 'B-' (B minus) from 'B'; Outlook
     Negative; rating withdrawn

  -- Senior unsecured debt: Long-term rating downgraded to 'B-' (B
     minus) from 'B'; Recovery Rating at 'RR4'; rating withdrawn

  -- Short-term IDR: affirmed at 'B'; rating withdrawn

  -- Individual Rating: downgraded to 'D/E' from 'D'; rating
     withdrawn

  -- Support Rating: affirmed at '5'; rating withdrawn

  -- Support Rating Floor: affirmed at 'No Floor'; rating
     withdrawn

  -- National Long-Term Rating: downgraded to 'BBB+(ukr)' from
     'A(ukr)'; Outlook Negative; rating withdrawn


INTERTECHUNION LLC: Creditors Must File Claims by May 2
-------------------------------------------------------
Creditors of LLC Intertechunion (EDRPOU 22667118) have until
May 2, 2009, to submit proofs of claim to:

         V. Solsky
         Insolvency Manager
         Velichkovsky St. 44/24
         Lvov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on 4/01/2009.  The case is docketed under Case
No 8/33.

The Court is located at:

         The Economic Court of Lvov
         Lichakovskaya St. 128
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Intertechunion
         Dovzhenko St. 2
         79070 Lvov
         Ukraine


KURIAZHSKY PLANT: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC Kuriazhsky Plant Of Silicate Goods (EDRPOU
32446368).

The Insolvency Manager is:

         A. Rodzinsky
         50 Years of USSR St. 2-A
         62431 Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Kuriazhsky Plant Of Silicate Goods
         Belgorod St. 2-a
         Solonitsevka
         Dergachi District
         62370 Kharkov
         Ukraine


LOZOVAYA LADA: Creditors Must File Claims by April 30
-----------------------------------------------------
Creditors of LLC Lozovaya Lada (EDRPOU 22667118) have until
April 30, 2009, to submit proofs of claim to:

         O. Tischenko
         Insolvency Manager
         Office 33
         Mironositskaya St. 65
         61002 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on 2/12/2009,.  The case is docketed under
Case No B-19/148-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Lozovaya Lada
         Diky St. 15
         Lozovaya
         64605 Kharkov
         Ukraine


MUNICIPAL PHARMACY: Court Starts Bankruptcy Procedure
-----------------------------------------------------
The Economic Court of AR Krym commenced bankruptcy supervision
procedure on LLC Municipal Pharmacy (EDRPOU 31997363).

The Insolvency Manager is:

         I. Gerasimov
         Office 52
         Gagarin St. 36
         Simferopol
         95043 AR Krym
         Ukraine

The Court is located at:

         The Economic Court of AR Krym
         R. Luxembourg/Rechnaya St. 29/11
         95003 Simferopol
         Ukraine

The Debtor can be reached at:

         LLC Municipal Pharmacy
         Voykov St. 17
         Feodosiya
         98100 AR Krym
         Ukraine


OMEGA LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Omega (EDRPOU 30982361).

The Insolvency Manager is:

         J. Tatarinova
         Rabkorovskaya St. 47
         49082 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Omega
         Panikakha St. 15
         49041 Dnepropetrovsk
         Ukraine


PRODUCTION AND COMMERCIAL: Creditors Must File Claims by May 1
--------------------------------------------------------------
Creditors of LLC Production and Commercial Firm Land Resources
have until May 1, 2009, to submit proofs of claim.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on 11/18/2008.  The case is docketed under
Case No 2/185-08-3847.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         Odessa
         Ukraine


RUSH LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC RUSH (EDRPOU 32007740).

The Insolvency Manager is:

         J. Tatarinova
         Rabkorovskaya St. 47
         49082 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Rush
         Zhukovsky St. 6-a
         49600 Dnepropetrovsk
         Ukraine


UKRIMPEKS-2000 LLC: Court Starts Bankruptcy Procedure
-----------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Ukrimpeks-2000 (EDRPOU 31997363).

The Insolvency Manager is:

         I. Gusar
         Post Office Box 29
         01030 Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrimpeks-2000
         Office 401
         Metallistov St. 17
         Kiev
         Ukraine


* UKRAINE: Inks Initial Agreement on Second Tranche of IMF Loan
---------------------------------------------------------------
The International Monetary Fund mission on Friday, April 17,
reached staff-level agreement with the Ukrainian authorities on
the conclusion of the first review under the Stand-By Arrangement.

A mission of the IMF led by Ms. Ceyla Pazarbasioglu visited Kyiv
during April 8-17 for discussions on the first review under the
Stand-By Arrangement (SBA) with Ukraine.  At the conclusion of the
visit, Ms. Pazarbasioglu said:

"The authorities' Letter of Intent and Memorandum of Economic and
Financial Policies will now be submitted to IMF Management for
approval.  The documents and a staff report will then be
considered by the IMF Executive Board by mid-May.  We agreed with
the authorities to propose to IMF Management and the Board to
disburse the second and third tranches under the SBA in equal
installments of SDR1.9 billion (about US$2.8 billion).  Payment of
the second tranche is conditional on Board completion of this
first review, while payment of the third tranche is contingent on
the completion of the second review of the authorities' economic
program.

"Ukraine's economy continues to be severely affected by the global
crisis.  However, there are a number of encouraging signs that the
economy has started to adjust to the large shocks.  The exchange
rate has undergone sizable adjustment, the current account deficit
has narrowed significantly, and inflation has fallen more than
expected.

"Against this backdrop, and following extensive and constructive
discussions with the authorities, we have reached understandings
on outstanding policy issues, including the implementation of
fiscal corrective measures and bank recapitalization and
strengthening.  Progress has already been made on both these
fronts and we welcome the authorities’ commitment to implement
policies in a determined and timely manner.

"In light of the sharper than expected decline in economic
activity, the authorities commit to containing the budget deficit
to 4 percent of GDP in 2009, in line with available financing.
The recent fiscal measures adopted by the Cabinet of Ministers
yield significant additional savings which will help ease the
pressure on public finances and achieve this target.  At the same
time, the authorities' program is mindful of maintaining targeted
social safety measures to protect the most vulnerable groups in
society.  The authorities will also continue their efforts to
mobilize additional financing from international financial
institutions and bilateral sources to finance part of the budget
deficit.

"The authorities are implementing a comprehensive framework for
the recapitalization and restructuring of the banking sector.  The
diagnostic study covering most of the banking system was completed
as planned (and is now extended to smaller banks), and
recapitalization of capital deficient banks will begin soon.  The
authorities will also shortly strengthen their framework to guide
bank resolution.  A key element in this framework is depositor
protection.  The mission firmly believes that the authorities'
comprehensive approach to bank restructuring is appropriate and
that it should bolster confidence in the banking sector.

"The flexible exchange rate regime has served Ukraine well and the
authorities will retain this arrangement, including by allowing
the official exchange rate to follow the market exchange rate.

"Going forward, the global financial and economic crisis poses a
challenging environment for Ukraine.  We are confident that with
these adjustments to the policies that are being supported by the
stand-by arrangement, strong political commitment to decisive
implementation of these policies, and continued close cooperation
with the IMF, the program will pave the way for an early return to
sustainable economic growth."


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


DUNFERMLINE BUILDING: Snubs FSA Warnings on Mortgage Book Risks
---------------------------------------------------------------
Philip Aldrick at Telegraph.co.uk reports that Dunfermline
Building Society was allowed to increase its commercial property
book and buy mortgage book despite warnings from the Financial
Services Authority.

The report relates in a letter to the Chancellor on last month's
collapse of Dunfermline, FSA chairman Lord Turner listed warnings
made over five years from 2003 against "the dangers of commercial
property lending", the risks of buy-to-let and "the dangers of
mortgage book acquisitions".

According to the report, Dunfermline was allowed to increase its
commercial property book five-fold to GBP628 million between 2004
and 2008 and buy mortgage books worth GBP467 million from Lehman
Brothers and GMAC.  The FSA, the report notes, finally intervened
in October 2007 to prevent Dunfermline acquiring another GBP160
million mortgage book from Credit Suisse.

The report, citing data from accountants KPMG, discloses seven of
the top 15 mutuals also increased their commercial property books
by 15pc or more between 2006 and 2007,

As reported in the Troubled Company Reporter-Europe on April 16,
2009, the Scotsman, citing analyst, said the Dunfermline's
commercial property book has plummeted in value, while its
mortgages are considered risky.

                    FSA Whistleblower's Claims

The report recalls a FSA whistleblower told Liberal Democrat
Treasury spokesman Vince Cable that societies "have become highly
vulnerable due to lowered asset quality, increased reliance on
wholesale funding liabilities, and under-capitalization".

The whistleblower, the report says, claims that the FSA was
"purblind to the risks and did nothing to prevent this lowering of
asset quality", while fostering a "culture of apathy and
complacency".

As reported in the Troubled Company Reporter-Europe on April 1,
2009, upon the application of the Bank of England, the Court of
Session, on March 30, appointed Richard Heis, Blair Nimmo, Mike
Pink and Richard Fleming of KPMG LLP as joint building society
special administrators of Dunfermline.

The administration follows the transfer of a substantial part of
the business of Dunfermline to Nationwide by the Bank of England
under the Special Resolution Regime provisions of the Banking Act
2009.

In a March 30 release, the Bank of England said that the decision
to transfer parts of Dunfermline's business to Nationwide is
designed to protect depositors and safeguard financial stability.
It follows a significant deterioration in Dunfermline's financial
position.  The FSA determined on March 28 that Dunfermline was
likely to fail to meet the FSA's threshold conditions for
authorization and that there was no other option available which
would have enabled the company to satisfy the threshold
conditions.

The bank said the HM Treasury has concluded that if the transfer
powers had not been exercised, Dunfermline would be unable to
satisfy depositors' claims against it.  It concluded that an
injection of funds by the taxpayer would not be likely to provide
value for money and would not provide a sustainable and lasting
solution to the problems faced by the society.

Dunfermline Building Society –- http://www.dunfermline-bs.co.uk--
offers a range of financial products and services including
mortgages, savings accounts, business and personal loans, credit
cards, personal insurance, financial planning, investment
products, and share brokering.  Founded in 1869, the mutually-
owned Dunfermline is one of the oldest and largest building
societies in Scotland.  It operates through more than 30 branches
and 40 agencies.  The building society has engineered two social
housing deals with the Royal Bank of Scotland and Lloyds TSB worth
a combined 40 million.


HEMCORE LTD: Business Up for Sale
---------------------------------
Hemcore Limited's joint administrators, Ian Carr and John
Whitfield, offer for sale the company's hemp processing business
at East Anglia.

For further information contact:

          Jill Rose
          Grant Thornton UK LLP
          Tel: 07970 443801


HENLEY MARKETING: Appoints Administrators from Tenon Recovery
-------------------------------------------------------------
T. J. E. Dolder and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Henley Marketing Services Ltd. on March
27, 2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


LUNAR FUNDING: Moody's Cuts Ratings on Two Classes of Notes to Ba3
------------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Lunar Funding I Limited.

These transactions represent the repackaging of Euro-Transferable
Custody Receipts.  The Receipts are transferable custodial
receipts issued under Ambac Assurance UK Limited's secondary
market financial guarantee programme.

These rating actions are a result of the Insurance Financial
Strength Rating of Ambac Assurance UK Limited being downgraded to
Ba3 from Baa1 under review for possible downgrade.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for repackaged securities as described in Moody's Special Reports
below:

  -- Repackaged Securities (October 2001)

  -- Moody's Refines It's Approach to Rating Structured Notes
     (July 1997)

The rating actions are:

Lunar Funding I Limited:

(1) Series 5 GBP15,000,000 Secured Asset-Backed Deferrable Fixed
Rate Instalment Notes due 2031

  -- Current Rating: Ba3

  -- Prior Rating: Baa1, under review for possible downgrade

  -- Prior Rating Action Date: 25 March 2009, Baa1 placed under
     review for possible downgrade

(2) Series 6 GBP80,000,000 Secured Asset-Backed Deferrable Fixed
Rate Instalment Notes due 2032

  -- Current Rating: Ba3

  -- Prior Rating: Baa1, under review for possible downgrade

  -- Prior Rating Action Date: 25 March 2009, Baa1 placed under
     review for possible downgrade


MERLIN SERVICES: Brings in Administrators from Grant Thornton
-------------------------------------------------------------
Ian S. Carr and David Dunckley of Grant Thornton UK LLP were
appointed joint administrators of Merlin Services Ltd. on March
26, 2009.

The company can be reached at:

         Merlin Services Limited
         Merlin House
         Anson Way
         Beccles Business Park
         Beccles
         Suffolk
         NR34 7TL
         England


PEGASUS ELECTRONIC: Taps Administrators from Tenon Recovery
-----------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon Recovery
were appointed joint administrators of Pegasus Electronic Systems
Ltd. on March 31, 2009.

The company can be reached at:

         Pegasus Electronic Systems Ltd.
         Cawley Place
         15 Cawley Road
         Chichester
         West Sussex
         PO19 1UZ
         England


POWERS TRADING: Appoints Administrators from Smith & Williamson
---------------------------------------------------------------
Robert William Leslie Horton and Anthony Murphy of Smith &
Williamson Limited were appointed joint administrators of Powers
Trading Ltd. on April 1, 2009.

The company can be reached at:

         Powers Trading Ltd.
         SignComp House
         Blatchford Road
         Horsham
         West Sussex
         RH13 5QR
         England


SCOR INSURANCE: Business Transfers to Take Effect on April 30
-------------------------------------------------------------
On March 27, 2009, the High Court of Justice (Chancery Division)
issued an order sanctioning a scheme providing for:

         -- the transfer to SCOR UK Company Limited of the
            entire business of SCOR Insurance (UK) Limited; and

         -- the transfer to the UK branch of SCOR Global P&C SE
            of part of the treaty reinsurance business of
            SCOR UK Company Limited.

The transfers will become effective on April 30, 2009.

For more information contact the solicitors for SCOR Insurance
(UK) Limited,
SCOR UK Company Limited and SCOR Global P&C SE:

   Lovells LLP
   Atlantic House
   Holborn Viaduct
   London EC1A 2FG
   Tel: +44 (0) 20 7296 2000
   Fax: +44 (0) 20 7296 2001


SELECT SERVICE: Hires Houlihan to Advise on Debt Restructuring
--------------------------------------------------------------
Select Service Partners, Britain's largest owner of railway food
and beverage outlets, has hired Houlihan Lokey to work on a debt
restructuring.

According to the report, SSP and its private equity owners have
been in talks with its lenders amid worries the group has taken on
too much debt and may breach its banking covenants later this
year.

SSP, whose portfolio includes brands such as Upper Crust, Millie's
Cookies and Caffe Ritazza, has debts of over GBP1 billion, the
report discloses.

The report relates sources said lenders to SSP, which include a
mixture of banks and debt funds, have also hired restructuring
advisers from Ernst & Young to carry out a review of the company's
business plans.


TELLESMA SUSTAINABLE: Saved from Administration by Roddy Fleming
----------------------------------------------------------------
Tim Walker at Telegraph.co.uk reports that the Prince of Wales'
GBP1 billion Tellesma Sustainable Real Estate Opportunity fund has
been rescued from administration by Roddy Fleming, head of one of
the City of London's banking dynasties.

According to Mark Leftly of Independent.co.uk, a Kuwaiti
entrepreneur decided against investing in the fund, which is
dedicated to urban regeneration projects, about four weeks ago.
Independent.co.uk relates it is understood that accountant
Chantrey Vellacott was lined up as administrator for the fund.

Tellesma, which is also backed by Fleming Family Partners, an
investment company of the James Bond author Ian Fleming's estate,
must continue to seek out alternative funds from the Middle East
but for a considerably smaller sum than the original GBP500
million, Telegraph.co.uk says.

Credit Suisse, the investment bank, was hired to raise Middle East
money for the fund, Independent.co.uk notes.

Telegraph.co.uk discloses the Prince's Charities, which includes
the Prince's Trust, owns about a third of the business while
Prince Charles's Foundation for the Built Environment was to act
as an adviser.


WATERBRIDGE GROUP: Goes Into Liquidation
----------------------------------------
BBC News reports that Reading-based developer Waterbridge Group
has gone into liquidation.

The company, BBC News discloses, transformed the building into 33
luxury residential apartments and a 60-seat restaurant, Peat by
the Bridge.

According to BBC Scotland, almost a third of the apartments on the
site next to the River Ness remain unsold.

Peat by the Bridge closed down in January, BBC News notes.


WEAVERING MACRO: Grand Court Orders Winding-Up of Firm
------------------------------------------------------
The Grand Court of The Cayman Islands has placed Weavering Macro
Fixed Income Fund Limited under liquidation and appointed David
Walker and Ian Stokoe of PricewaterhouseCoopers as official
liquidators of the fund.

The liquidators can be reached at:

            PricewaterhouseCoopers
            PO Box 258
            Strathvale House
            North Church Street
            George Town
            Grand Cayman KY1-1104


WEAVERING MACRO: First Creditors Meeting Slated for April 30
------------------------------------------------------------
The Grand Court of The Cayman Islands has scheduled a first
meeting of Weavering Macro Fixed Income Fund Limited's creditors
at 1:00 p.m. UK time on April 30, 2009.

The meeting will be held at:

            Hilton Hotel
            Terminal 4
            Heathrow Airport
            Hounslow Middlesex
            UK TW6 3AF

At the meeting the creditors are expected to:

        --- receive a report from the joint liquidators on
            the progress of the fund's liquidation; and

        --- consider and if thought fit adopt a resolution
            establishing a liquidation committee.

Ian Stokoe acts as the fund's joint official liquidator and will
serve as chairman at the meeting.

For more information, contact:

            Elizabeth Osborne
            PricewaterhouseCoopers
            Strathvale House
            North Church Street
            George Town
            Grand Cayman
            Tel: (345) 914-8686
            Fax: (345) 945-4237


YELL GROUP: Hires JP Morgan Cazenove as Joint House Broker
----------------------------------------------------------
Yell Group plc has appointed JP Morgan Cazenove as joint house
broker, Telegraph.co.uk reports.

However, the report notes company sources maintained that the
appointment does not mean Yell plans to refinance or to appoint
debt restructuring experts to look at its debt burden.

"There have been rumblings they are looking to do something on
debt restructuring, relaxation of covenants, so it is possible.
But it could also be aggressive short covering," the report quoted
ABN Amro analyst Paul Gooden as saying.

As reported in the Troubled Company Reporter-Europe on April 8,
2009, Telegraph.co.uk said Yell had denied that it plans to carry
out a debt restructuring, insisting it is highly cash generative.

The company also dismissed speculation that it was considering
selling one of its overseas businesses, the report disclosed.

The report stated recent reports suggested that falling sales
could lead to a breach of an earnings test due in six to nine
months.  The company, the report noted, is due to refinance its
debt in April 2011.

The report recalled in September, Yell suspended its dividend and
renegotiated its bank covenants.  NM Rothschild, the investment
bank, arranged a reset of loan terms last year, the report
recounted.

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the
twelve months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 10,
2009, Moody's Investors Service placed the ratings of Yell Group
plc on review for possible downgrade.  Ratings affected were the
Ba3 Corporate Family Rating and the B1 Probability of Default
Rating.

The rating action reflected Moody's concerns with regard to the
group's operating environment, which has been deteriorating
sharply amid weakening macroeconomic conditions in each of its
markets.


* UK: Seven Building Societies in Funding Talks with BoE
--------------------------------------------------------
Ben Harrington and Philip Aldrick at Telegraph.co.uk reports that
seven of Britain's smaller building societies face ongoing
negotiations this week with the Bank of England over funding
measures after downgrades by credit rating agency Moody's.

However, the report relates a spokesman for the Building Societies
Association said the discussions could not be characterized as
"crisis talks".

According to the report, following Moody's downgrades, the
societies risk breaching the terms of the government's Special
Liquidity Scheme, which could force them to hand back cash to the
Bank of England.  The downgrades could also reduce the amount of
new lending the building societies make, the report states.

The report notes the BSA's Adrian Coles said many of the problems
could be solved by simple administrative changes.

                     Moody's Rating Actions

As reported in the Troubled Company Reporter-Europe on April 17,
2009, Moody's Investors Service affirmed the debt and deposit
ratings of 2 building societies, whereas three banks and one
building society either remain or were placed under review for
possible downgrade.  The debt and deposit ratings of 9 other
institutions were downgraded.

The rating action on UK mortgage lenders includes Moody's
continued expectation of systemic support for the senior
obligations for these institutions, and follows the recalibration
of Moody's Bank Financial Strength Ratings as announced in Moody's
Special Comment published in February 2009.

In addition, the subordinated and hybrid securities of the same
institutions were downgraded in line with Moody's concern that
systemic support may not be extended to these instruments in the
case of financial distress.

          Downgrade of the BFSRs, Long Term Ratings,
           and Subordinate and Hybrid Securities

"The rating actions reflect Moody's concern that the current
economic crisis in the U.K and indeed globally will lead to
significantly higher credit losses than previously anticipated,
particularly among the residential and commercial real estate
assets, to which these mortgage lenders and building societies
have a highly concentrated exposure," said Marjan Riggi, VP/Senior
Credit Officer and lead analyst for U.K mortgage lenders.

(I) BFSRs: While Moody's BFSR framework remains unchanged; as a
result of the unprecedented depth of the economic crisis Moody's
are placing an increased emphasis on rating factors which address
the near-term threats to banks' intrinsic financial strengths and
sustainability.  Specifically the focus is on the performance of
capital adequacy indicators and future core earnings under
different Expected-Loss scenarios for the current portfolios;
capital adequacy levels that include stresses on assets and
earnings have often become a considerable constraint to the
intrinsic strength of these entities.

"These rating actions include the results derived from the
analysis of various stress scenarios, incorporating a peak-to-
trough house price decline of 40% for Moody's base scenario, and
compared this to banks' exposure to different asset classes
(prime, subprime, buy-to-let, self-certified, second lien etc.)
taking into account indexed loan-to-value-buckets which already
reflected a double-digit house price decline.  Moody's also
stressed the non-housing-association-related parts of the banks'
commercial loan portfolio -- whose performance has already come
under considerable pressure in this economic downturn, and which
Moody's expects to worsen significantly over the next couple of
years -- to different levels, depending among other factors, on
the size of individual exposures and concentration risks", Marjan
Riggi continued.

The key concerns for mortgage lenders in the U.K. remain: (1) the
amount of capital available to absorb the upcoming losses,
especially those arising from specialist loan books (typically
self-certified loans, buy-to-let loans, second-lien loans, or
purchased loans), and commercial real estate loans where
concentration risks are high; (2) for a few lenders with notable
holdings of structured and other illiquid securities, Moody's
updated marks were a driver in increased expected losses for such
portfolios; and (3) an important parameter in this analysis is the
future earnings capacity of mortgage lenders which directly
affects their ability to add to or replenish the capital cushion.
In the case of building societies, earnings levels are naturally
constrained by their mutuality model and therefore their ability
to increase depleted capital levels is more limited.

(II) Senior Debt and Deposit Ratings: While this analysis has
revealed a wider variety of intrinsic credit profiles with BFSRs
ranging from C+ to E+, Moody's long term and short term senior
debt and deposit ratings continue to take into account the
expectation of systemic (and, where relevant, parental or mutual)
support and are in line with Moody's expectation that banks in
highly rated countries will receive or are likely to receive
support depending on their level of systemic importance as well as
their importance to their parent, if any.  Therefore, no senior
debt or deposit ratings have been downgraded below Baa3.

With regard to mutual support, Moody's increasingly consider that
the support within the building society group -- mainly stemming
from Nationwide -- is shifting towards systemic support, as
Nationwide has already contributed to the consolidation of the
sector by taking over two weaker entities.  During this time of
exceptional stress Moody's believe that the likelihood of
government support has increased, underpinning the investment
grade debt and deposit ratings of these institutions.

(III) Subordinated Debt/Hybrids: Moody's notes that due to the
potential lack of systemic support for the subordinated and hybrid
securities in the U.K., the anchor for subordinated and hybrid
debt ratings issued by these institutions will no longer be the
supported debt and deposit rating, but the standalone intrinsic
strength rating, the Baseline Credit Assessmentwhich is derived
from the BFSR.  This change in Moody's rating of subordinated debt
and hybrids in the UK follows the recent precedence on the
exclusion of support on such instruments by the U.K. government in
the case of the Dunfermline Building Society, and builds on an
earlier precedence of Bradford & Bingley.

Moody's general approach for notching subordinated debt and hybrid
securities has been in line with the "Guidelines for Rating Bank
Junior Securities" from April 2007 with the exception that Moody's
now notch the subordinated ratings off the standalone rating, the
BCA:

* Banks with BFSRs above D+: dated and undated (junior)
  subordinated debt is rated one notch below the BCA.  Hybrids
  (typically preference shares or PIBS) are rated two notches
  below the BCA.

* Banks with BFSRs in the D range (D+, D, D-): dated subordinated
  debt is rated one notch below the BCA.  Undated subordinated
  debt is rated two notches below the BCA, and hybrid securities
  are rated three notches below the BCA.

* Banks with BFSRs of E+: Moody's widened the notching for dated
  subordinated debt to three notches below the BCA.  Undated
  subordinated debt is rated 4 notches below the BCA, and hybrid
  securities are rated five notches below the BCA (but capped at
  the Ca level if no default has yet occurred), to reflect the
  significantly higher expected loss of these instruments issued
  by these institutions.

                    Summary of Rating Actions

Abbey National plc:

The BFSR was downgraded to C- from C+ on review for downgrade
(mapping to BCA of Baa2); senior debt/deposit ratings of Aa3 weree
on review for downgrade; the P-1 rating is affirmed; subordinated
debt ratings were downgraded to Baa3; Tier 1 hybrid instruments
are downgraded to Ba1; the review will focus on the impact of the
integration of Alliance & Leicester and the degree to which this
will be offset by further capital measures from their ultimate
parent, Banco Santander S.A. (Aa1/B).

Alliance & Leicester:

The BFSR was downgraded to E+ from C+ with a developing outlook
(mapping to BCA of B1); senior debt/deposit ratings of Aa3 were on
review for downgrade, the P-1 rating is affirmed; dated
subordinated debt is downgraded to Caa1; junior subordinated debt
was downgraded to Caa2; and Tier 1 hybrid instruments are
downgraded to Caa3; the developing outlook on the BFSR reflects
the intrinsic weakness of A&L, balanced by the potential strength
to be derived from its shareholders, Abbey and Banco Santander;
the Aa3 ratings and the review for downgrade were aligned with the
ratings of Abbey, reflecting the cross-guarantee for senior debt
between the two institutions.

Britannia Building Society:

The BFSR was downgraded to D+ from C (mapping to BCA of Ba1) and
was placed on review with direction uncertain reflecting the
pressure from its weak intrinsic strength and the benefits
expected from the merger with the Co-Operative Bank plc (rated A2/
C); senior debt/deposit ratings of A2/P-1 are on review for
downgrade; the review will focus on the impact of the near-term
merger with the Co-Operative Bank and the extent to which the
strength of the Co-Operative Bank can offset some of the intrinsic
challenges that Britannia is facing; dated subordinated debt was
downgraded to Ba2; and PIBS are downgraded to B1.

Chelsea Building Society:

The BFSR was downgraded to E+ from C (mapping to BCA of B1) with a
negative outlook; senior debt/deposits downgraded to Baa3 from A2
with a stable outlook; short-term ratings were downgraded to P-3
from P-1; dated subordinated debt downgraded to Caa1.

Coventry Building Society:

The BFSR was downgraded to C- from C+ (mapping to BCA of Baa2)
with a negative outlook; senior debt/deposits downgraded to A3
from A2 with a negative outlook; the short-term ratings were
downgraded to P-2 from P-1; dated subordinated and junior
subordinated debt was downgraded to Baa3; PIBS were downgraded to
Ba1.

Leeds Building Society:

The BFSR was affirmed at C+ (mapping to BCA of A2), outlook
changed to negative; senior debt/deposit ratings and subordinated
debt ratings were affirmed at A2/A3 with a stable outlook; the P-1
rating was affirmed.

Nationwide Building Society:

The BFSR was downgraded to C- from B (mapping to BCA of Baa2) with
a negative outlook; senior debt/deposit ratings downgraded to Aa3
from Aa2 with a stable outlook; P-1 ratings affirmed; dated
subordinated debt and junior subordinated debt was downgraded to
Baa3; PIBS downgraded to Ba1.

Newcastle Building Society:

The BFSR was downgraded to D- from C- (mapping to BCA of Ba3) with
a negative outlook; senior debt/deposits ratings were downgraded
to Baa2 from A3 with a negative outlook and the P-2 short-term
ratings were affirmed; dated subordinated debt was downgraded to
B1.

Norwich & Peterborough Building Society:

The BFSR was downgraded to D from C (mapping to BCA of Ba2) with a
negative outlook; senior debt/deposits ratings were downgraded to
Baa2 from A2 with a negative outlook; P-1 short-term ratings
downgraded to P-2.

Nottingham Building Society:

The BFSR was affirmed at C- (mapping to BCA of Baa2) and the
outlook was changed to negative; senior debt/deposit ratings were
affirmed at A3 with a negative outlook; P-2 ratings affirmed.

Principality Building Society:

The BFSR was downgraded to D- from C- (mapping to BCA of Ba3) with
a negative outlook; senior debt/deposit ratings were downgraded to
Baa2 from A3 with a negative outlook; the P-2 short-term ratings
were affirmed; dated subordinated debt was downgraded to B1; and
PIBS downgraded to B3.

Skipton Building Society:

The BFSR was downgraded to D+ from C+ (mapping to BCA of Ba1) with
a negative outlook; senior debt/deposit ratings were downgraded to
Baa1 from A2 with a negative outlook; P-1 short-term ratings were
downgraded to P-2; dated subordinated debt was downgraded to Ba2;
This rating action concludes the review for downgrade on Skipton's
BFSR initiated on November 3, 2008, following the merger with
Scarborough Building Society.  Furthermore as a consequence of the
merger Scarborough's ratings were withdrawn.

Standard Life Bank:

The BFSR was downgraded to D from C- (mapping to BCA of Ba2) with
a negative outlook; senior debt/deposit ratings of A2/P-1 were on
review for downgrade; the review will focus on the level of
support available from the bank's parent Standard Life Assurance
Ltd. rated A1; dated subordinated debt was downgraded to Ba3;
junior subordinated debt downgraded to B1.

West Bromwich Building Society:

The BFSR was downgraded to E+ from C- (mapping to BCA of B3) with
a negative outlook; senior debt/deposit ratings were downgraded to
Baa3 from A3 with a stable outlook; short-term ratings downgraded
to P-3 from P-2; dated subordinated debt and junior subordinated
debt was downgraded to Caa3; PIBS are downgraded to Ca.

Yorkshire Building Society:

The BFSR was downgraded to D+ from C (mapping to BCA of Ba1) with
a negative outlook; senior debt/deposit ratings were downgraded to
Baa1 from A2 with a negative outlook; short-term ratings were
downgraded to P-2 from P-1; dated subordinated debt was downgraded
to Ba2.


* BVCA Says UK Private Equity & Venture Capital Investment Down
---------------------------------------------------------------
Private equity and venture capital investment by UK-based firms in
2008 fell below GBP20 billion for the first time since 2005
according to the BVCA's forthcoming Report on Investment Activity.
The preliminary data, collated and analyzed by
PricewaterhouseCoopers LLP, shows investment dropped to GBP19.5
billion in 2008 compared to GBP31.6 billion in 2007 and GBP21.8
billion in 2006. The number of companies receiving private equity
or venture capital backing also fell, from 1,680 in 2007 to 1,571
in 2008.  These preliminary figures reflect the worsening of
credit conditions through 2008 and the onset of recession.

However, in comparison with the decade as a whole, rather than the
exceptional 2006-2007 period, investment in 2008 was robust.  The
GBP19.5 billion invested in 2008 almost equaled the total for 2004
and 2005 combined (GBP21.3 billion) and exceeded that of 2001,
2002 and 2003 put together (GBP18 billion).

The report also shows:

UK-based private equity and venture capital firms raised GBP23.1
billion in 2008, a decline from the GBP29.2 billion raised in 2007
and considerably below the record GBP34.3 billion raised in 2006.
These numbers do not include the impact of any investor
commitments cancelled subsequent to a formal fund close.  North
America continues to dominate as a source of fund raising,
contributing GBP10.4 billion or 45% of the total, while funds
raised from UK sources was GBP5.6 billion or 24% of the total (in
2007, North America and the UK contributed 42% and 25%,
respectively).

Early-stage investment in UK-based companies declined to GBP346
million, a GBP600 million drop from 2006 and a significant decline
from the GBP434 million invested in 2007.  The number of companies
financed fell from 502 in 2007 to 441 in 2008.

Total management buyout/buy-in value by UK firms declined
considerably, to GBP8.7billion in 2008 from GBP20.2 billion in
2007.

Regionally, London and the South East saw investment levels drop
to just over GBP4.5 billion, compared to GBP8.2 billion last year.
The number of companies receiving private equity or venture
capital backing also fell away year-on-year, from 554 to 460.

All other regions also experienced falling investment levels in
comparison to 2007 (the West Midlands remained static), although
the volume of companies financed increased in a number of regions,
including Yorkshire & the Humber, where 119 investments were
completed in 2008, compared to 108 in 2007, the North West, which
saw volume increase from 154 to 171 and in the North East 55
companies were funded compared to 51 last year.

Scotland bucked the trend on investment levels, with GBP1.1
billion invested in 2008 compared to GBP393 million in 2007.  This
figure includes one deal of close to GBP500 million.  However,
excluding this figure Scotland still recorded a healthy GBP571
million of investment and the number of companies financed in the
country dropped by just two, from 73 to 71.

Commensurate with the decline in investment activity, divestments
activity was also subject to market driven constraints, suffering
a fall from GBP13.6 billion in 2007 to GBP10.7 billion in 2008.
Only 938 companies were divested in 2008 compared to 1,469 in
2007.  Unsurprisingly, a larger proportion of divestment in 2008
(16%) came from write-offs, increasing in number and value to 204
and GBP1.7 billion, from 185 and GBP0.9 billion, respectively.


Simon Walker, Chief Executive of the BVCA, said: "Private equity
and venture capital firms are not immune to the effects of the
recession and the decline in investment levels and fundraising is
not unexpected.  The stark decline in early-stage investments,
though, is particularly worrying.  There is a wealth of
opportunity in the early-stage sector and we would like to see the
government cornerstone a fund-of-funds which can invest in the
best venture managers in order to take advantage of these
opportunities and ensure that Britain does not bear witness to a
lost generation of innovation.  We are in for a period of
uncertainty and continued difficulty, but by investing in ailing
companies and saving jobs, backing the businesses of tomorrow and
creating jobs, private equity and venture capital will be at the
forefront of economic recovery."

Ashley Coups, Private Equity Assurance Leader,
PricewaterhouseCoopers LLP, said: "The decline in investment
activity does not come as a surprise, given the dislocation in the
credit markets.  However, interestingly, the volume of individual
investment transactions has not decreased as sharply as the value.
This is largely due to the impact of the contraction in deal size
within the larger and middle-end of the deal spectrum.  Deals just
aren’t as big anymore, and now mid-cap deals have been impacted by
the challenging markets as well.  Although fund-raising has
reduced to GBP23.1 billion in 2008 from GBP29.3 billion in 2007,
it is worth remembering that when taken with existing 'dry-powder'
commitments, UK based private equity has significant amounts of
capital to invest through and beyond this challenging economic
cycle."


* UK: PwC Says Business Services to Recover Faster from Downturn
----------------------------------------------------------------
The PricewaterhouseCoopers LLP (PwC) up-turn index charts the
sectors that will be first to benefit from the eventual economic
recovery.  It covers 15 major UK industry sectors and uses ten
economic and financial indicators, covering historical
performance, cyclicality and future growth potential.

Yael Selfin, head of macro consulting at PricewaterhouseCoopers
LLP, said:

"It is still unclear when the recovery will begin to take hold in
the UK but as the UK emerges from the global economic downturn
there is likely to be a readjustment of the economic and business
landscape.  Some industries will fare better and recover sooner
than others and the shape of eventual recovery may be quite
different to the business environment we've witnessed in recent
years."

The cyclical nature and long term - and relatively strong - growth
of business services puts it in a strong position for accelerated
long term growth when UK economic recovery begins.  The sector has
the highest price earnings ratio out of the 15 sectors analyzed,
suggesting that investors are relatively confident about this
industry's potential for a fast recovery.

Engineering will be the next sector to emerge during economic
recovery, according to the PwC up-turn index.  While the
automotive industry, which produces a substantial part of the
engineering sector's output, has seen a significant decline in
revenues over the last year, the sector is still likely to
maintain a relatively high proportion of its current capacity in
the downturn which puts it in a good position to benefit from the
eventual recovery of economic conditions.  The sector's reliance
on the export market could provide significant strength in the
medium turn, with the weak pound and stronger demand overseas.

The post and telecoms sector scored highly in the index.  The low
economic beta score shows that this sector has been relatively
unscathed by the economic downturn when compared to others, and a
high value for the upside sensitivity indicator suggests that
these businesses could be some of the first to benefit in an
upturn in the UK economy.

Non-food retail, construction, utilities and financial services
are likely to perform broadly in line with the overall economy.
The relatively poor performance of the financial services sector
in the early phases of recovery in the 1990s and the overall
perception -- as captured by investors' sentiment and the current
low price earnings ratios -- that the sector still has a long way
to go before it recovers from its current woes, more than offset
the positive impact from its overall positive growth over the past
20 years.

Assessment of recovery for the oil, gas and mining sector is low
due to expectations of relatively lower prices of oil and other
commodities in the future, which will negatively impact the
sector's profitability.  This is partly offset by the sector's
relatively high equity beta, which captures oil, gas and mining
companies' propensity to benefit from the improvement in
sentiments in equity markets.

Metal products, textiles and food manufacturing sectors may be the
last sectors to emerge from the economic downturn, according to
the index.


* KPMG Says March '09 UK Retail Sales Weak Despite Clothing Growth
------------------------------------------------------------------
KPMG published its UK Retail Sales Monitor for March 2009.

Highlights:

    * UK retail sales values fell 1.2% on a like-for-like basis,
      and rose only 0.6% on a total basis, from March 2008, when
      sales were very weak, hit by extremely unseasonal weather.

    * Easter falling in April this year but in March last year,
      together with warm sunny weeks this March but snow and rain
      last March make comparisons difficult.

    * Food sales showed slightly stronger growth, partly
      inflation-driven.  The decline in non-food sales was smaller
      than in February, as warmer weather benefited clothing,
      footwear and outdoor leisure.  Homewares and furniture sales
      remained down on a year ago.

    * Non-food non-store sales (internet, mail order and phone
      sales) in March were 10.8% higher than a year ago.  This
      continued the slowdown from the 30.0% gain in December.

Stephen Robertson, Director General, British Retail Consortium,
said: "March this year didn't include Easter but it did benefit
from some good weather, compared with last year's cold and snowy
conditions, giving sales growth a minor boost.  But there were
sharp contrasts between sectors.  A slight air of pre-spring
optimism tempted customers to buy new-season clothing and women's
footwear.

"But this is unlikely to be the basis of sustained improvement.
Customers are still worried about jobs and their own finances --
so they're keeping spending under tight control.  We've now seen
negative like-for-like sales growth in nine of the past ten
months.  A revival in sales of big-ticket items would indicate
confidence is coming back but, despite the discounts, furniture
sales were the worst for at least nine years."

Helen Dickinson, Head of Retail, KPMG, said: "The timing of Easter
was always going to make year-on-year comparisons difficult.  The
comparative figures were particularly weak, as last year's results
were affected by some poor weather and came at the turning point
when declining consumer confidence really started to impact
spending.  So, while 0.6% growth in the value of total retail
sales is nothing to write home about, it is better than expected
given that we still have the anticipated uplift due to Easter
trading to come in April.  We continue to see significant
volatility in weekly and individual retailer performance,
highlighting the need to remain cautious in drawing conclusions
about the prospects for retail spending."

                         Food & Drink

Joanne Denney-Finch, Chief Executive, IGD, said:
"Easter was early in 2008, making direct comparisons with last
March slightly unfair.  However, grocery retailers have maintained
robust growth –- again suggesting the sector is the bedrock of
consumer spending, filling the void left by victims of the
recession. Their absence, particularly apparent at this time of
year, provides opportunities to drive sales of Easter eggs and
other seasonal confectionery products.

"Inflation in food has yet to drop off in the way that some have
predicted.  Supermarkets have adapted their offers quickly to
provide outstanding value, helping shoppers to manage some of the
effects of inflation themselves, while keeping volumes positove".

                         Non-Food Store

Sharon Hardiman, Head of Non-Store Retailing, BRC, said: "Online
and catalogue sales grew faster than shop sales.  But growth was
slightly down on the previous month.

"That's because the comparison is with a strong March last year,
when online sales were boosted by Easter and poor weather."


* Deloitte Says Global Metal Consolidation Still Compelling
-----------------------------------------------------------
The pace of consolidation in the global metals industry has
significantly slowed down in most geographies as companies revisit
their business strategies and investment plans.  In the short-
term, the volume of merger and acquisition (M&A) deals is expected
to be significantly less and smaller in size, according to a new
report, Consolidation wave: Global metals outlook, by Deloitte
Touche Tohmatsu's (Deloitte) Global Manufacturing Industry Group.

"There are still deals happening, but potential acquirers are
trying to gauge when the industry hits the bottom before they get
back in," explained Dan Schweller, global metals M&A leader for
Deloitte's Global Manufacturing Industry Group.  "In the near-
term, we will likely see less focus on new deals and more focus on
achieving synergies from past deals."

The numbers reveal a slow start for the year.  According to
Mergermarket, there were just 14 completed global metals deals
worldwide in the first quarter of 2009 compared with 47 deals in
2008 (1).  Despite the 678 deals valued at a total of US$206
billion in the last 4 years (2), the global metals industry
remains a relatively fragmented market.  In the steel sector, for
example, the top 15 players controlled just 36 percent of the
global production in 2008, according to Iron and Steel Statistics
Bureau (3).

"Companies with strong cash positions stand to win," said Mr.
Schweller.  "Some may take advantage of the opportunity to
position their business for growth by acquiring weaker
competitors, customers, or suppliers at lower valuations.  With
the lower valuations of some assets in today’s economy, locking in
a low-cost supply may potentially benefit them through the next
business cycle."

"Within the next few years, M&A activity should return to normal,"
added Mr. Schweller, "but not likely during the next year or so."

The Deloitte report indicates that regardless of timing, two
significant enabling actions are required for M&A recovery in the
global metals industry.  First, service centres and other
customers will need to have sufficient trade financing capacity
and forecast demand to make meaningful purchases.  And second, how
steel companies manage production levels to respond to demand and
the impact on pricing.

"It will be interesting to see if steel companies ramp up
production too quickly and overproduce in an attempt to capture as
much volume as possible—perhaps flooding domestic and
international recovering markets with imports or if they gradually
bring back production as demand dictates, adding upward pressure
on pricing," remarked Mr. Schweller.

Other highlights from the Consolidation wave: Global metals
outlook report:

    * Smaller deals in US$100 million to US$500 million range
      expected in the short-term

    * Deals likely to result from sales of non-core steel
      activities

    * Opportunistic plays for distressed assets may be the first
      activity level to return

    * More cross-border transactions expected as regional
      consolidation reaches its limits

    * Continued joint ventures and alliances expected


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (110)         174     (168)
Sky Europe                            (4)         213      (54)


BELGIUM
-------
Sabena S.A.                          (85)       2,215     (279)


CYPRUS
------
Allbury Travel                        (5)         275     (100)
Libra Holidays                        (5)         275     (100)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192      (59)
Setuza A.S.                          (61)         139      (62)


DENMARK
-------
Elite Shipping                       (28)         101        3
Roskilde Bank                       (533)       7,877      N.A.


FRANCE
------
BSN Glasspack                       (101)       1,151      159
Grande Paroisse S.A.                (927)         629      347
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (44)
Matussiere et Forest S.A  MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (342)       6,507      712
SDR Centrest                        (132)        (252)     N.A.
Selcodis S.A.             SPVX       (21)         141      (36)
Trouvay Cauvin                        (0)         134        9


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         144      109
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (27)
EECH Group AG                          0          109       57
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         151      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (17)         182      (99)
Nordsee AG                            (8)         195      (14)
P & T Technology                       0          109       57
Primacom AG               PRC        (14)         730      (68)
Rinol AG                               0          168       (6)
Sander AG                             (6)         128       32
Sinnleffers AG                        (4)         454     (182)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28


GREECE
------
Empedos SA                           (34)         175      (57)
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP      (15)         294     (143)
Radio A.Korassidis        KORA      (101)         181     (165)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (107)


HUNGARY
-------
Brodograde Indus                   (322)         264      (366)
IPK Osijek DD OS                    (15)         124       (82)
OT Optima Teleko                    (26)         119         7


ICELAND
-------
Decode Genetics                    (187)         111        48


IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (506)         821       364


ITALY
-----
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (152)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,213      N.A.
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (73)         540     (127)
Lazzio S.p.A.                        (15)         261      (40)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,4219)       4,121  (16,919)
Snia S.p.A.               SN         (25)         488       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


LUXEMBOURG
----------
Carrier1 International S.A.          (95)         472      393


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      184
United Pan-Euro Air       UPC     (5,505)       5,113   (9,170)


NORWAY
------
Interoil Exploration      IOX        (25)         210      (11)
Petroleum-Geo Services    PGO        (18)         400     (758)


POLAND
------
Toora                               (289)          147     (86)


PORTUGAL
--------
Lisgrafica Impressao
   e Artes Graficas SA    LIG         (4)          117     (27)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (170)
Rafo Onesti               RAF       (430)         353     (616)


RUSSIA
------
Akcionernoe Brd                     (117)         135      (24)
East Siberia Brd          VSNK      (113)         148      (11)
Gukovugol                            (58)         144     (148)
OAO Samaraneftegas                  (332)         892     (611)
Vanadiy-Tula-Brd                     (12)         105       (3)
Vimpel Ship               SOVP      (116)         135      (24)
Zil Auto                  ZILLP     (240)         478     (447)


SWITZERLAND
-----------
Fortune Management                  (119)         265      (54)

TURKEY
------
Egs Ege Giyim VE                      (7)         147      (25)
Iktisat Financial                    (46)         108      N.A.
Mudurnu Tavukcul                     (65)         160     (115)
Nergis Holding                       (77)         299       38
Sifas                                (17)         117       21
Yasarbank                          (4,025)      2,644      N.A.

UKRAINE
-------
Dniprooblenergo           DNON       (51)         433     (200)
Donetskoblenergo          DOON      (367)         631     (469)


UNITED KINGDOM
--------------
Advance Display                   (3,016)       2,590     (411)
Airtours Plc                        (379)       1,818     (932)
Alldays Plc                         (120)         252     (290)
Amer Bus Sys                        (497)         121     (497)
Amey Plc                  AMY        (49)         932      (76)
Anker Plc                            (22)         115       16
Atkins (WS) Plc           ATK        (46)       1,345       58
Black & Edgingto                    (140)         203       23
BNB Recruitment                      (10)         104       38
Booker Plc                BKRUY      (60)       1,298      (13)
Bradstock Group           BDK         (2)         269        7
British Energy Ltd                (5,823)       4,921      534
British Energy Plc        BGY     (5,823)       4,921      534
British Sky Broadcast               (334)       8,126     (388)
Carlisle Group                       (12)         204       30
Compass Group             CPG       (668)       2,972     (440)
Danka Bus                           (497)         121     (497)
Dawson Holdings                      (18)         226      (63)
Dignity Plc               DTY         (9)         648       71
E-II Holdings                       (199)         651      149
Easynet Group             ESY.L      (45)         323       68
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (582)
European Home                        (14)         111      (70)
Farepak Plc                          (14)         111      (70)
Gartland Whalley                     (11)         145      (13)
Hilton Food Group                    (21)         256      (12)
Kleeneze Plc                         (14)         111      (70)
Ladbrokes Plc             LAD       (814)       2,403     (706)
Lambert Fenchurch Group               (1)       1,827        5
Leeds United                         (73)         144      (48)
M 2003 Plc                        (2,204)       7,204   (1,078)
Mytravel Group            MT.L      (380)       1,818     (931)
New Star Asset                      (398)         293       21
Next Plc                            (119)       3,161     (125)
Orange Plc                ORNGF     (594)       2,902       12
Orbis Plc                             (4)         128       (5)
Patientline Plc                      (55)         125      (10)
Preedy Alfred                       (119)       3,161     (125)
Rank Group Plc                      (132)       1,066     (175)
Regus Plc                            (46)         367      (97)
Rentokil Initial                      (8)       4,178     (886)
Saatchi & Saatchi         SSI       (119)         705      (66)
Samsonite Corp.                     (199)         651     (149)
SFI Group                 SUF       (108)         178     (265)
Skyepharma Plc            SKP       (140)         203       23
Smiths News Plc                     (124)         201      (92)
Styles & Wood                        (57)         107       (9)
Telewest
   Communications Plc     TLWT    (3,702)       7,581  (10,042)
Thorn Emi Plc                     (2,266)       2,950     (582)
Topps Tiles Plc                     (111)         195       18
Trio Finance                         (14)         592      N.A.
UTC Group                            (12)         204       30
Virgin Mobile                       (392)         166     (176)
Watson & Philip                     (120)         252     (290)

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *