TCREUR_Public/090422.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, April 22, 2009, Vol. 10, No. 78

                            Headlines

A U S T R I A

B.T. LLC: Claims Registration Period Ends May 6
BWK PUBLISHING: Claims Registration Period Ends May 6
ECO LLC: Claims Registration Period Ends May 6
GARVENS SERVICE: Claims Registration Period Ends May 5
GIGA LLC: Claims Registration Period Ends May 5

SCHWERTRANS ERLACHER: Claims Registration Period Ends May 5
THEATECH LLC: Claims Registration Period Ends May 4
TOURISM MANAGEMENT: Claims Registration Period Ends May 5


F R A N C E

BELVEDERE SA: Creditor Group Proposes Restructuring Plan


G E R M A N Y

ARCANDOR AG: Mulls Asset Sale, Needs EUR900 Mln over 5 Years
ASCARON ENTERTAINMENT: Goes Into Administration
G-LEC: Goes Into Administration Following Poor Trading
HEIDELBERGCEMENT AG: In Refinancing Talks, Seeks Two-Part Waiver
HYPO REAL ESTATE HOLDING: Gov't Eyes Majority Control by June 30

INFINEON: RBS Lifts Rating to Buy; In Talks Over State Guarantee
INGENIEURSGESELLSCHAFT MBH: Claims Registration Ends April 29
PULS GMBH: Claims Registration Period Ends May 15
SIGU GMBH: Claims Registration Period Ends May 25
SMM PARTNER: Claims Registration Period Ends May 25

STANDARD METALLWERKE: Claims Registration Period Ends May 20


I C E L A N D

KAUPTHING BANK: Secures Funds to Repay German Edge Depositors


I R E L A N D

ALLIED IRISH: Stress Tests Say Bank Needs More Capital
BCM IRELAND: Moody's Reviews Low-B Ratings for Possible Downgrade
CHESS CAPITAL: Moody's Cuts Ratings on US$125 Mil. Notes to 'B1'
GREEN ISLAND: Moody's Cuts Rating on EUR125 Mil. Notes to 'B1'
PALMER SQUARE: S&P Junks Ratings on Eight Classes of European CDOs

REBEL BAR: In Talks with Revenue Commissioners to Reopen Ten Pubs
THEDFORDE TRADING: Goes Into Receivership; BDO Simpson Appointed


I T A L Y

ALITALIA SPA: Bondholders Balk at Compensation Plan


K A Z A K H S T A N

BIART STROY: Creditors Must File Claims by May 22
CIS MANAGEMENT: Creditors Must File Claims by May 22
GRANT POST: Creditors Must File Claims by May 22
JYLY LLP: Creditors Must File Claims by May 22
KAIR LTD: Creditors Must File Claims by May 22

MART-AGRO LLP: Creditors Must File Claims by May 22
SAN DINA: Creditors Must File Claims by May 22
SARYKOBDA-XXI LLP: Creditors Must File Claims by May 22
SHARLOTA LUX: Creditors Must File Claims by May 22
VOSTOK DOR: Creditors Must File Claims by May 22


K Y R G Y Z S T A N

SIGN MANAGEMENT: Creditors Must File Claims by April 24


R U S S I A

BILIBINO AVIA: Under External Management Bankruptcy Procedure
BOROVITSKIE VOROTA: Creditors Must File Claims by June 10
BUDAPEST HOTEL: Under External Management Bankruptcy Procedure
COMMERCIAL BANK: Moody's Retains 'E+' Bank Fin'l Strength Rating
KD OJSC: S&P Withdraws 'CC' Long-Term Corporate Credit Rating

LENA-NEFTE-GAZ: Yakutia Bankruptcy Hearing Set June 30
RENAISSANCE CAPITAL: Moody's Downgrades Issuer Ratings to 'B1'
SAMPURSKIY DAIRY: Tambovskaya Bankruptcy Hearing Set September 2
SITI TV: Creditors Must File Claims by May 10
STROY-TEKH: Creditors Must File Claims by June 10

TEKHNO-SEVER-NEFT': Creditors Must File Claims by June 10
TETYUSHINSKIY FISH: Creditors Must File Claims by May 10
VOLZHSKIY INVESTMENT: Creditors Must File Claims by May 10

* Fitch Changes Outlooks on Five Russian Banks to Negative
* Fitch Affirms Issuer Ratings on Various Russian Banks
* RUSSIA: S&P Affirms 'BB+' Rating on Republic of Bashkortostan


S W I T Z E R L A N D

ATHENEE PRODUCTIONS: Claims Filing Deadline is April 30
BREGESA JSC: Claims Filing Deadline is April 30
EFEF CONSULTING: Claims Filing Deadline is April 30
FRANCO STANISCIA: Claims Filing Deadline is April 29
M.B. RADIOLOGIE-DIENST: Claims Filing Deadline is April 29

TCI JSC: Claims Filing Deadline is April 29
TRIARTE JSC: Claims Filing Deadline is April 30
VERS INVEST: Claims Filing Deadline is April 27


T U R K E Y

AKBANK TAS: Fitch Affirms Long-Term Issuer Default Rating at 'BB'
GARANTI FAKTORING: Fitch Affirms 'BB' LT Issuer Default Rating
TURKIYE GARANTI: Fitch Affirms LT Issuer Default Rating at 'BB'


U K R A I N E

ALANSON LLC: Creditors Must File Claims by May 2
ANDIN LLC: Creditors Must File Claims by May 2
DONETSK HARDWARE: Creditors Must File Claims by May 2
HYPPO-L LLC: Court Starts Bankruptcy Supervision Procedure
LIANT LTD: Creditors Must File Claims by May 2

MMK DNIPRO: Creditors Must File Claims by May 2
REGION TRADE: Creditors Must File Claims by May 2
RIKONT LLC: Creditors Must File Claims by May 2
RUSANOVKA MEAT-PACKING: Court Starts Bankruptcy Procedure
UROZHAYNAYA NIVA LLC: Creditors Must File Claims by May 2

VANT-SOUTH LLC: Creditors Must File Claims by May 2


U N I T E D   K I N G D O M

CASTLE GRANITE: Placed In Administration; Begbies Appointed
BRITISH ENERGY: Centrica In Talks with EDF Over 25% Stake
DAWSON NEWS: To Lose Two Major Contracts Worth GBP125 Million
GLOBE PUB: Heineken Buys 30 Percent of Senior Debt at a Discount
HUGO'S LTD: Appoints Joint Administrators from BDO Stoy Hayward

JTF HOLDINGS: Taps Joint Administrators from Ernst & Young
JTF LTD: Brings in Joint Administrators from Ernst & Young
MADOFF SECURITIES: Liquidators Seize Vintage Aston Martin
MONEY PARTNERS: S&P Cuts Rating on Class B1 Notes to 'BB+'

OILEXCO INC: Premier Shareholders Back Acquisition of North Sea
RD GROUP: Appoints Joint Administrators from KPMG
ROYAL BANK: Bankinter Buys Share in Spanish Insurance JV

* PwC Says Emerging Markets Still Attractive for UK Investment
* Fitch Says European Incumbent Telecom Operators are at Risk


                         *********


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


B.T. LLC: Claims Registration Period Ends May 6
-----------------------------------------------
Creditors owed money by LLC B.T. (FN 235431y) have until May 6,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Stefan Langer
         Ölzeltgasse 4
         1030 Vienna
         Austria
         Tel: 712 63 02, 713 61 92
         Fax: DW 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 20, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 9, 2009, (Bankr. Case No. 2 S 32/09g).


BWK PUBLISHING: Claims Registration Period Ends May 6
-----------------------------------------------------
Creditors owed money by LLC BWK Publishing (FN 221447h) have until
May 6, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 20, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 9, 2009, (Bankr. Case No. 2 S 31/09k).


ECO LLC: Claims Registration Period Ends May 6
----------------------------------------------
Creditors owed money by LLC Eco (FN 41269s) have until May 6,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna
         Austria
         Tel: 713 99 46
         Fax: DW 22
         E-mail: ra.reisnerstr31@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 20, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 10, 2009, (Bankr. Case No. 2 S 34/09a).


GARVENS SERVICE: Claims Registration Period Ends May 5
------------------------------------------------------
Creditors owed money by LLC Garvens Service (FN 122185i) have
until May 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51-Serie
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

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

         Trade Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 19, 2009, (Bankr. Case No. 4 S 42/09t).


GIGA LLC: Claims Registration Period Ends May 5
-----------------------------------------------
Creditors owed money by LLC Giga (FN 311859t) have until May 5,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Ulrike Bauer
         Elisabethstrasse 26
         1010 Vienna
         Austria
         Tel: 587 78 20 Serie
         Fax: 587 78 20 9
         E-mail: ra.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 19, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 19, 2009, (Bankr. Case No. 4 S 43/09i).


SCHWERTRANS ERLACHER: Claims Registration Period Ends May 5
-----------------------------------------------------------
Creditors owed money by LLC Schwertrans Erlacher (FN 266469t) have
until May 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Christopher Schuster
         Fabrikstrasse 3
         4020 Linz
         Austria
         Tel: 77 33 33-0
         Fax: 77 33 33-44
         E-mail: ra-schuster@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 19, 2009, for the
examination of claims at:

         Land Court of Linz (458)
         Room 522
         Linz
         Austria

Headquartered in Neufelde, Austria, the Debtor declared bankruptcy
on March 18, 2009, (Bankr. Case No. 17 S 10/09h).


THEATECH LLC: Claims Registration Period Ends May 4
---------------------------------------------------
Creditors owed money by LLC Theatech (FN 45535p) have until May 4,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Aldo Frischenschlager
         Landstrasse 15
         4020 Linz
         Austria
         Tel: 0732/77 72 38
         Fax: 0732/77 72 38 11
         E-mail: rae@frischenschlager-gallistl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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 16, 2009, (Bankr. Case No. 12 S 23/09h).


TOURISM MANAGEMENT: Claims Registration Period Ends May 5
---------------------------------------------------------
Creditors owed money by LLC Tourism Management (FN 269200h) have
until May 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 19, 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 18, 2009, (Bankr. Case No. 28 S 49/09y).


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


BELVEDERE SA: Creditor Group Proposes Restructuring Plan
--------------------------------------------------------
Heather Smith at Bloomberg News reports a committee representing a
majority of Belvedere SA's Floating Rate Note holders proposed a
restructuring plan Tuesday aimed to cut the company's debt by more
than EUR400 million (US$518 million).

The report says according to an e-mailed statement from the
creditor group, the plan would allow the company to cut gross debt
to EUR175 million from EUR600 million by converting some debt to
equity and selling "non-strategic assets".

Bloomberg News recalls the French vodka maker filed for pre-
insolvency protection on July 16, 2008, after breaching the FRN
covenant by repurchasing more of its stock than terms allowed.

James Regan at Reuters relates Belvedere said in a statement an
underperformance in its business, hit by a depreciation in the
Polish zloty currency, had made its debt burden unsustainable and
obliged it to take on the recovery plan.

"The [creditors] committee would be fully supportive of such a
recovery plan, which they believe is in the best interest of all
Belvedere SA's stakeholders," the company said in the statement
cited by Reuters.

The creditors committee said in a statement obtained by Reuters
that Belvedere should issue a new five-year debt instrument of
about EUR75 million, compared with the original floating-rate note
issue of EUR375 million.

The remaining EUR300 million and interest should be paid partly
through the immediate use of excess cash on Belvedere's balance
sheet and partly through the sale of non-strategic assets over
three to four months, the committee said as cited
by Reuters.

Based in Beaune, France, Belvedere SA (EPA:BVD) ---
http://www.belvedere.fr/--- is engaged in the production and
distribution of beverages.  The Company's range of products
includes vodka, spirits and wines, among others.  Belvedere SA
operates through its subsidiaries, including Menada Vineyards,
Dubar, Belvedere Scandinavia, Belvedere Slovakia and Vremena Goda.
It is present in a number of countries, such as Poland, Lithuania,
Bulgaria, Denmark, Spain, Switzerland, Russia, Ukraine, the United
States, Canada, Brazil and China.


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


ARCANDOR AG: Mulls Asset Sale, Needs EUR900 Mln over 5 Years
------------------------------------------------------------
Holger Elfes at Bloomberg News reports Arcandor AG will put luxury
stores including Berlin's KaDeWe in a separate unit, preparing
their potential sale as the company struggles with debt.

According to the report, Chief Executive Officer Karl-Gerhard Eick
called for landlords to cut rents and said the company needs new
loans of as much as EUR900 million (US$1.2 billion) over five
years.

Mr. Eick, the report relates, also said Arcandor must renegotiate
credit lines worth about EUR950 million by September, and extend
credit lines of more than EUR600 million in June.

Arcandor, which employs about 70,000, plans to cut costs by EUR7
billion over three years by combining purchasing for all retail
units, according to the report.  The company incurred a EUR745.7
million loss in fiscal 2008.

Meanwhile, Bloomberg News says the 128-year-old retailer may also
consider seeking German aid.

"Support from banks, this is crystal-clear, won't be enough,"
Bloomberg News quoted Mr. Eick as saying.  "We are in talks with
the federal government about making use of stimulus programs."

German Economy Ministry spokeswoman Beatrix Brodkorb, as cited by
Bloomberg News, said Arcandor can tap a EUR100-billion state fund
for loans and guarantees.

Germany-based Arcandor AG (FRA:ARO) --  http://www.arcandor.com/
-- formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.


ASCARON ENTERTAINMENT: Goes Into Administration
-----------------------------------------------
Ascaron Entertainment GmbH, Germany, went into administration at
the regional court in Bielefeld, Germany, on Tuesday
April 14, 2009.

Through this action Ascaron is now protected by German
administration rights.  Ascaron intends to use this as an
opportunity to secure the future of both the company and its
employees.

Ascaron said it has completed the development of Sacred 2
Playstation3 and Xbox 360.  The necessary approvals have been
received by Sony and Microsoft, the company said.  Both console
versions of Sacred 2: Fallen Angel will hit the shelves by the end
of May 2009.  According to the company, the development team is
currently working on a Sacred 2 PC expansion and on the
development of the sequel, Sacred 3.

Ascaron said after four years developing Sacred 2: Fallen Angel,
an extended development delay made it necessary for the company to
go into administration.  Even with the high personal commitment of
all Ascaron employees it was not possible to make up for this
delay, the company said.

Ascaron has already begun negotiations with several well-known
interested parties to discuss a positive takeover.


G-LEC: Goes Into Administration Following Poor Trading
------------------------------------------------------
G-LEC has been put into administration following two consecutive
months of poor trading in January and February, Lighting&Sound
International reports citing company founder and managing director
Lars Wolf.

The report relates Mr. Wolf said a rescue package was agreed with
the company's bank after it was found out a misallocation of
assets by an external agency had given a false impression of the
company's position at the end of 2008.

The business is continuing to trade as normal, taking orders and
providing equipment, the report says.  The report discloses
according to Mr. Wolf, there are a number of companies interested
in acquiring aspects of the G LEC operation.

Based in Oetigheim, Germany, G-LEC is a manufacturer of
transparent LED video screen products for the events and
architectural markets.


HEIDELBERGCEMENT AG: In Refinancing Talks, Seeks Two-Part Waiver
----------------------------------------------------------------
HeidelbergCement AG is in refinancing talks with banks, Tessa
Walsh and Zaida Espana at Reuters report citing banking sources.

Reuters, citing a banker close to the deal, says HeidelbergCement
is seeking a complex two-part loan waiver that will allow the
company to improve its short and medium-term liquidity and iron
out a challenging debt maturity profile.

Reuters relates two bankers close to the deal said
HeidelbergCement is in talks to extend the maturity of a
GBP5.33 billion tranche of a multibillion multicurrency loan that
backed its acquisition of Hanson in 2007.

Reuters states according to the company, the loan was
redenominated into euros and consists of a EUR600 million tranche
which matures this year and a EUR5 billion tranche which matures
in 2010.  HeidelbergCement is seeking to extend the tenor of this
debt in a first phase of the waiver and has asked to postpone the
maturity of the EUR5 billion tranche from May 14, 2010 until
July 17, 2010, Reuters discloses citing the two bankers.

Reuters notes according to the two bankers, the extension will buy
the company time to complete a larger medium-term refinancing of
around EUR8.8 billion that will extend the maturity of the
maturing loans, other existing bilateral loans and one bridge loan
until December 2011.

The medium-term refinancing is expected to consist of three
tranches -- a EUR5.6 billion term loan A, a EUR1.3 billion term
loan B and a EUR1.9 billion term loan C, which pay 400 basis
points, Reuters says citing the second banker close to the deal.

Reuters discloses according to the first banker, the new waiver is
being arranged by Deutsche Bank and Royal Bank of Scotland, along
with Nordea and Commerzbank.  Morgan Stanley is acting as advisor
to HeidelbergCement, Reuters states.

Reuters notes several bankers said the first phase of the waiver
had already been discussed with lenders and that bankers were
inclined to agree to the request, while the second phase is viewed
as more difficult as banks will have to renew their commitments.

                      About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI)  --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials.  The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in in the provision of such products as ready-mixed
concrete, as well as concrete products and elements.  It divides
its activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products.  Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others.  In 2007, the
Company took over Hanson Group.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 10,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on HeidelbergCement AG to 'B-' from 'B+'.
The 'B' short-term corporate credit rating was affirmed.

At the same time, the senior unsecured debt ratings were lowered
to 'CCC+' from 'B'.  All ratings remain on CreditWatch negative
where they were placed on Oct. 24, 2008.

On Feb. 11, 2009, the TCR-Europe reported that Moody's Investors
Service downgraded HeidelbergCement's corporate family and issue
ratings to B1 from Ba3.  The ratings were put on review for
further downgrade.


HYPO REAL ESTATE HOLDING: Gov't Eyes Majority Control by June 30
----------------------------------------------------------------
The German government, which owns a stake of only 8.7 percent in
Hypo Real Estate Holding AG, is seeking majority control of the
lender by June 30, Edward Taylor at Reuters reports citing offer
documents published on Friday.

The German government has given shareholders like J Christopher
Flowers until June 30 to sell Hypo Real Estate shares or face
expropriation, Reuters says.

Reuters discloses the offer document said if the government
doesn't have assurances "that it will be able to acquire all HRE
shares" by June 30, it intends to "initiate an expropriation
procedure".

However, Reuters notes Mr. Flowers through a spokesman said he is
studying the offer but he would prefer to remain a shareholder of
Hypo Real Estate.

According to Reuters, Germany's Financial Market Stabilisation
Fund, which launched a voluntary takeover offer of EUR1.39 a
share, could implement a capital increase excluding subscription
rights of the shareholders as a way to sideline Mr. Flowers and
gain control of lender.

Reuters states by launching a capital increase without
subscription rights, the German government will be able to dilute
the 22 percent stake held by Mr. Flowers and a consortium of
shareholders.

As reported in the Troubled Company Reporter-Europe on April 14,
2009, Bloomberg News said Germany's bank-rescue fund, Soffin,
offered EUR1.39 (US$1.84) a share, or about EUR290 million, to
acquire all of Hypo Real Estate Holding AG's outstanding shares.

The move was aimed to keep HRE from insolvency which "would have
substantial, barely quantifiable consequences for the national and
international financial markets," Soffin said in a statement
obtained by Bloomberg News.  "This in turn would have a
considerable impact on the entire national economy."

Bloomberg News recalled Germany already provided EUR102 billion of
credit lines and debt guarantees to sustain HRE after a funding
shortage at its Dublin-based Depfa Bank Plc unit brought the
company to the brink of bankruptcy.

According to Bloomberg News, Germany's upper house of parliament
backed legal steps allowing banks to be nationalized on April 3,
which President Horst Koehler subsequently signed into law.  The
bill was approved by Chancellor Angela Merkel on Feb. 18.

Bloomberg News related J.C. Flowers & Co., which leads a group of
investors holding 24 percent of the bank, said it may take legal
action to block nationalization.

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

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

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

                      About Hypo Real Estate

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

                        *     *     *

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

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

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

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

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

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


INFINEON: RBS Lifts Rating to Buy; In Talks Over State Guarantee
----------------------------------------------------------------
Aude Lagorce at MarketWatch reports that Royal Bank of Scotland
raised its rating on Infineon Technologies AG to buy from hold as
it believes the company now has realistic options to refinance its
2010 debt.

MarketWatch relates the broker said Infineon could receive some
financial aid from the German government, effectively reducing the
risk of a rights issue.

On April 18, 2009, Peter Starck and Jens Hack at Reuters, citing
the German newspaper Welt am Sonntag, reported that Infineon is in
talks with the German government about receiving a several hundred
million euro state guarantee.

Reuters disclosed Welt am Sonntag said the company, which must
refinance more than EUR900 million (US$1.18 billion) worth of
corporate bonds and other credits by June 2010, wants a decision
on state support at the latest in July.

Reuters said an Infineon spokesman declined to comment on the
report.

Infineon Technologies AG -- http://www.infineon.com-- is a
semiconductor company. The Company designs, develops,
manufactures and markets a range of semiconductors and complete
systems solutions used in a variety of microelectronic
applications, including computer systems, telecommunications
systems, consumer goods, automotive products, industrial
automation and control systems, and chip card applications.  Its
products include standard commodity components, full-custom
devices, semi-custom devices and application-specific components
for memory, analog, digital and mixed-signal applications.  The
company has operations, investments and customers located in
Europe, Asia and North America. Infineon operates through its
five business segments: Automotive, Industrial and Multimarket,
Chip Card and Security, Wireless Solutions and Wireline
Communications. Infineon's memory products business is conducted
through its subsidiary, Qimonda AG.


INGENIEURSGESELLSCHAFT MBH: Claims Registration Ends April 29
-------------------------------------------------------------
Creditors of Ingenieursgesellschaft mbH have until April 29, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on May 14, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 0215180580
         Fax: 02151805858

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

The Debtor can be reached at:

         Ingenieursgesellschaft mbH
         Fritz-Peters-Strasse 20 H
         47447 Moers
         Germany

         Attn: Egon Schmieding, Manager
         Koenigstrasse 73
         47475 Kamp-Lintfort
         Germany


PULS GMBH: Claims Registration Period Ends May 15
-------------------------------------------------
Creditors of PULS GmbH have until May 15, 2009, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on June 9, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cologne
         Room 142
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Holger-Rene Bruckhoff
         Im Zollhafen 18
         50678 Koeln
         Germany
         Tel: 0221/7716-322
         Fax: +492217716335

The court opened bankruptcy proceedings against the company on
March 24, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Puls GmbH
         Attn: Falko Fuhrmann, Manager
         Birkenweg 1
         83242 Reit im Winkl
         Germany


SIGU GMBH: Claims Registration Period Ends May 25
-------------------------------------------------
Creditors of Sigu GmbH have until May 25, 2009, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on June 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Joachim Buettner
         Osdorfer Landstrasse 230
         22549 Hamburg
         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:

         Sigu GmbH
         Attn: Sylwia Czugala, Manager
         Baubetreuung-Bauplanung
         Ratsmuehlendamm 26
         22335 Hamburg
         Germany


SMM PARTNER: Claims Registration Period Ends May 25
---------------------------------------------------
Creditors of SMM Partner Hauser GmbH have until May 25, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 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 Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Heiko Kratz
         Fregestrasse 29
         04105 Leipzig
         Germany
         Tel: 0341/462220
         Fax: 0341/4622279
         E-mail: ra.heikokratz@kanzlei-kratz.com

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:

         SMM Partner Hauser GmbH
         Teichstr. 1
         04683 Fuchshain
         Germany

         Attn: Heinz Wolfgang Winkler, Manager
         Teichstr. 1
         04683 Naunhof OT Fuchshain
         Germany


STANDARD METALLWERKE: Claims Registration Period Ends May 20
------------------------------------------------------------
Creditors of Standard Metallwerke Holding 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 8:30 a.m. on June 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg
         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. Wolfgang Koehler
         Schubertstr. 31
         59581 Warstein
         Germany

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

The Debtor can be reached at:

         Standard Metallwerke Holding GmbH
         Rustigestrasse 11
         59457 Werl
         Germany

         Ruediger Siepmann, Manager
         Welland 10
         59510 Lippetal
         Germany


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


KAUPTHING BANK: Secures Funds to Repay German Edge Depositors
-------------------------------------------------------------
The Icelandic government in an April 17 press statement said
Kaupthing Bank has secured sufficient funds to repay all deposits
back to depositors of Kaupthing Edge Germany.  Kaupthing Bank has
been committed to paying back all priority claims as quickly as
possible and has placed great importance on settling the claims of
the depositors of Kaupthing Edge Germany, the government said.
When this repayment has been made, Kaupthing Bank will have repaid
all deposits defined by Icelandic law as priority claims, i.e.
deposits made at the parent company and at branches belonging to
the parent company.

The government said despite great efforts, due to various
complications, this process has been more time consuming than
originally anticipated.  Most of these difficulties have now been
resolved.  However, Kaupthing Bank is still working on some
technical issues with regard to the payment procedure, the
government noted.

The government disclosed DZ Bank AG, which was appointed as the
payment agent for Kaupthing Edge Germany customers, seized EUR55
million, which in the opinion of Kaupthing Bank should have been
used to reimburse German Kaupthing Edge depositors.  There is
every indication that this matter will have to be resolved in
court but it will not affect the Bank's decision to pay out all
deposits.

According to the government, Kaupthing Bank and the German
authorities have had comprehensive discussions on this matter in
the last few months to develop a solution which fully ensures the
secure repayment of deposits to the Bank's customers.

Kaupthing Edge depositors will receive a letter from the Bank
outlining the payment procedure.  Customers will have the
opportunity to change their contact and account details.
Thereafter, the balance of deposits as it was when Kaupthing Edge
Germany was placed into moratorium will be repaid.

                    About Kaupthing Bank

Headquartered in Reykjavik, Iceland, Kaupthing Bank hf. --
http://www.kaupthing.com-- is engaged in the provision of
financial services, such as private banking, asset management,
pension services, brokerage services, investment banking, as well
as corporate and retail banking.  The Bank's offer is targeted at
companies, institutional investors and individuals.  The Bank is
operational in thirteen countries, including Luxembourg,
Switzerland, the Nordic countries, the United Kingdom and the
United States.  The main subsidiaries include Kaupthing Singer &
Friedlander and FIH Erhvervsbank.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.

Citing a court filing by Olafur Gardarsson, Reuters disclosed
Kaupthing has about US$14.8 billion of principal assets, including
US$222 million located in the United States, and US$26
billion of principal indebtedness.


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


ALLIED IRISH: Stress Tests Say Bank Needs More Capital
------------------------------------------------------
Ian Guider at Bloomberg News reports Allied Irish Banks Plc may
sell assets after government stress tests indicated the company
needs EUR1.5 billion (US$1.95 billion) of additional capital.

The bank however didn't say what it may sell after a "reappraisal"
of its asset disposal policy, the report says.

Allied Irish's need for capital emerged after the government
carried out stress tests on the bank's loans, Finance Minister
Brian Lenihan said in a statement obtained by Bloomberg News.

"The evidence of deterioration of the bank's land and development
book confirms the need to speedily establish the National Asset
Management Agency so that these bad loans can be taken off the
bank balance sheets," Minister Lenihan said.

Bloomberg News relates under the National Asset Management Agency,
the Irish government will buy real estate loans from the country's
lenders at "significantly less" prices.  The Irish government is
investing EUR3.5 billion in the bank, the report notes.

The move will help Allied Irish increase core Tier 1 capital, a
measure of financial strength, by EUR5 billion by the end of the
year, Bloomberg News cited the lender as saying in a statement.

The report recalls Allied Irish last month said it faced a loss of
as much as EUR4 billion on real estate loans this year as
Ireland's property market crumbles.

Headquartered in Dublin, Ireland, Allied Irish Banks, plc
(NYSE:AIB) --  http://www.aibgroup.com/--  together with its
subsidiaries (collectively referred to as the AIB Group or the
Group), conducts retail and commercial banking business in
Ireland.  It also provides corporate lending and capital markets
activities from its head office at Bankcentre and from Dublin's
International Financial Services Centre.  The Group also has
overseas branches in the United States, Germany, France and
Australia, among other locations.  The business of AIB Group is
conducted through four operating divisions: AIB Bank Republic of
Ireland division, Capital Markets division, AIB Bank UK division,
and Central & Eastern Europe division.  In February 2008, the
Group acquired the AmCredit mortgage business in the Baltic states
of Latvia, Lithuania and Estonia.  In September 2008, the Group
also acquired a 49.99% shareholding in BACB.


BCM IRELAND: Moody's Reviews Low-B Ratings for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the ratings of BCM Ireland
Finance Ltd and its affiliated entities on review for possible
downgrade.  BCMIF is an indirect parent company of eircom.  This
action follows last week's announcement that eircom's main
shareholder Babcock & Brown Capital has received an unsolicited
EUR95 million offer from Taemas Bridge consortium.  Taemas Bridge
has three founding partners who were previously associated with
Babcock & Brown Ltd.  The BCM board is currently evaluating the
proposal, alongside others that they have received, and intends to
provide a comprehensive strategic update to BCM shareholders at
the General Meeting on April 27, 2009.

Regardless of the likelihood of success of these offers, the
action is also prompted by other concerns unrelated to these bids
that Moody's has been considering, including among other things:
(i) the overall strategic direction of the company (as BCM is
believed to be considering alternatives for maximizing the value
of its investments); (ii) eircom's weakening performance trends in
the midst of enhanced competition, regulatory pressures and an
adverse macro economic environment, as well as the impact going
forward on meeting future commitments under facility
documentation; and (iii) the impact from pension deficits and cost
restructuring measures on future cash outflows putting further
pressure on free cash flow generation and credit metrics.

The Taemas Bridge offer incorporates elements which could result
in a debt restructuring of the restricted group.  In this regard,
Moody's notes that any restructuring involving a discounted offer
on debt components of the capital structure could be considered a
distressed exchange and, by implication, a default under Moody's
methodologies.

Ratings are placed on review whilst Moody's evaluates the
implications of these offers on the restricted group's debt
structure including potential impact of change of control
provisions, as well as Moody's revised expectations and outlook
for the business and financial trends for the group and the
implications of these announcements and management's strategic
drives and cost cutting measures on the group's financial
flexibility, covenant headroom, cash flow generation capacity
prospects, credit metrics, liquidity and outlook.

The ratings affected by the rating action are:

  -- BCMIF's B1 corporate family rating and EUR350 million
     senior unsecured floating rate notes due 2016 at B3.

  -- BCM Ireland Holdings Limited (BCMIHL)'s EUR3.3 billion senior
     secured bank credit facilities at Ba3 and EUR350 million
     second-lien loan due 2016 at B3.

The last rating action was implemented on March 20, 2007, when
Moody's downgraded BCMIF's CFR to B1 from Ba3 and the ratings of
its affiliated entities accordingly.

BCMIF and BCMIH are holding companies of eircom, the principal
provider of fixed-line telecommunications services in Ireland and,
following its acquisition of Meteor, the third largest mobile
operator in Ireland. In the six months ending December 30, 2008,
eircom generated revenues of EUR1,030 million.


CHESS CAPITAL: Moody's Cuts Ratings on US$125 Mil. Notes to 'B1'
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of one class
of notes issued by CHESS Capital Securities plc.

The transaction represents a repackaging of EUR125,000,000 4.830
per cent.  Step-up Guaranteed Non-cumulative Perpetual Capital
Securities of EBS Capital No. 1 S.A. (the "Collateral").  The
rating action follows the downgrade of the Collateral to B1 from
Baa1.

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 Its Approach to Rating Structured Notes
     (July 1997)

The rating action is:

CHESS Capital Securities plc:

(1) EUR125,000,000 Perpetual Tier-One Pass-Through Securities

  -- Current Rating: B1

  -- Prior Rating: Baa1

  -- Prior Rating Date: 28 October 2008, downgraded to Baa1 from
     A3


GREEN ISLAND: Moody's Cuts Rating on EUR125 Mil. Notes to 'B1'
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of one class
of notes issued by Green Island Capital Securities plc.

The transaction represents a repackaging of EUR125,000,000
Floating Rate Guaranteed Non-Cumulative Perpetual Capital
Securities of EBS Capital No. 1 S.A. (the "Collateral").  This
rating action follows the downgrade of the Collateral to B1 from
Baa1.

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 Its Approach to Rating Structured Notes
     (July 1997)

The rating action is:

Green Island Capital Securities plc:

(1) EUR125,000,000 Perpetual Tier-One Pass-Through Securities

  -- Current Rating: B1

  -- Prior Rating: Baa1

  -- Prior Rating Date: 24 October 2008, downgraded to Baa1 from
     A3


PALMER SQUARE: S&P Junks Ratings on Eight Classes of European CDOs
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all classes issued by
Palmer Square 2 PLC, a European collateralized debt obligation of
asset-backed securities transaction.  S&P also affirmed its
ratings on the class X1 and X2 notes.

As reported in the last trustee report available to S&P, the class
A3, B, and C par value ratio tests are currently below the
required levels as set out in the transaction documentation.

The rating actions reflect S&P's assessment of a further
deterioration in the credit quality of the underlying portfolios
due to their exposure to U.S. CDOs of ABS and residential
mortgage-backed securities, as well as the application of updated
recovery rate calculations and revised notching rules.

The negative credit migration has led to an increase in the
scenario default rates that in S&P's opinion may not be supported
by current credit enhancement.  The updated recovery rate
calculations have led to a fall in the break-even default rates
(when subject to S&P's cash flow analysis).  As a result, S&P
believes current credit enhancement cannot support the rise in
scenario default rates at existing ratings levels.  S&P lowered
the class B and C notes to 'CC', as S&P think it unlikely that the
portfolio would currently be able to pay out these notes in full.

S&P will closely monitor the transaction's performance.


                           Ratings List

                        Palmer Square 2 PLC
         US$2,012 Million Asset-Backed Floating-Rate Notes

       Ratings Lowered and Removed from Creditwatch Negative

                              Rating
                              ------
          Class        To                    From
          -----        --                    ----
          A1M-A        CCC                A-/Watch Neg
          A1M-B        CCC                A-/Watch Neg
          A1Q-A        CCC                A-/Watch Neg
          A1Q-B        CCC                A-/Watch Neg
          A2-A         CCC-               BB/Watch Neg
          A2-B         CCC-               BB/Watch Neg
          A3-A         CCC-               B-/Watch Neg
          A3-B         CCC-               B-/Watch Neg
          B-1          CC                 CCC-/Watch Neg
          B-2          CC                 CCC-/Watch Neg
          C            CC                 CCC-/Watch Neg

                         Ratings Affirmed

                         Class        Rating
                         -----        ------
                         X1           AAA
                         X2           AAA


REBEL BAR: In Talks with Revenue Commissioners to Reopen Ten Pubs
-----------------------------------------------------------------
The Sunday Business Post Online's Ian Kehoe reports that Rebel Bar
Company's liquidator, KPMG accountant Kieran Wallace, is in talks
with the Revenue Commissioners about renewing the licenses of ten
of the chain's pubs in an effort to save 125 jobs.

The report relates ten of the pubs in the group, which racked up
debts of EUR2.6 million, have been closed down due to licensing
issues.

According to the report, staff at the pubs have been placed on
"temporary layoff", pending the outcome of the negotiations with
the Revenue.  The report notes a number of other pubs in the chain
are continuing to trade.

The report says if successful, Mr. Wallace, who was appointed
provisional liquidator of Rebel Bar following a petition to the
court by the company's directors, plans to open the premises in
the coming weeks.  The full hearing on the appointment is due in
the High Court later this month, the report states.

As reported in the Troubled Company Reporter-Europe, the Sunday
Business Post Online said the company, owned by Cork businessmen
Tom and Sam Scriven, told the High Court on April 3 that it was no
longer in a position to meet its debts, triggering the appointment
of the liquidator.

According to the report, the company had suffered from the decline
in the drink and hospitality sector and the overall deterioration
in the Irish economy.

The report disclosed the company's establishments include the
Savoy Music Venue on Patrick Street in the city, the Manhattan bar
in Ballyphehane in Cork, Sam's Bar in Ballincollig and Lakelands
in Mahon Point in Cork.


THEDFORDE TRADING: Goes Into Receivership; BDO Simpson Appointed
----------------------------------------------------------------
The Sunday Business Post Online's Ian Kehoe reports that Thedforde
Trading, the company behind the Bewley's cafe on Westmoreland
Street in Dublin, has gone into receivership.

The report relates AIB has appointed Jim Hamilton, a partner with
BDO Simpson Xavier in Dublin, as receiver and manager of the
Bewley's building on Westmoreland Street, which was acquired by
Thedforde Trading from Campbell Bewley Group in 2006.  According
to the report, the bank closed in on the property after becoming
concerned about the funds.

AIB, the report says, has a charge over the company's assets
dating back to 2006.  Citing company filings, the report
discloses Thedforde Trading owed the bank EUR19.75 million at the
end of May 2007.

Thedforde Trading is controlled by Simon Kelly, the son of Dublin
property developer Paddy Kelly, the report notes.


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


ALITALIA SPA: Bondholders Balk at Compensation Plan
---------------------------------------------------
Tommaso Ebhardt and Marco Bertacche at Bloomberg News report
Alitalia SpA bondholders staged a protest to pressure Prime
Minister Silvio Berlusconi's government to bolster payouts after a
state compensation plan would wipe out more than half of the
EUR234 million (US$304 million) owed by the carrier.

According to the report, creditors led by Anima SGR met in Rome
Monday to oppose a EUR100 million reimbursement plan passed by the
parliament April 8.

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

The Italian government may increase the reimbursement to 50
percent of the nominal value, newspaper MF said in an April 17
report obtained by Bloomberg News.

Bloomberg News relates Anima and 700 holders who together hold
about 4 percent of the convertible bonds argue that the state has
broken a promise to protect stock and bondholders during last
year’s bailout of the unprofitable flagship airline.

As reported in the Troubled Company Reporter-Europe, Bloomberg
News said on April 15, Anima, the fund manager bought by Banca
Popolare di Milano Scrl, asked market regulator Consob to suspend
the government's reimbursement plan citing "serious violations" of
Italian rules on public offers.

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

                        About Alitalia

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

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

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

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

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

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

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

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

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


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


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

         Panfilov St. 24-43
         Almaty
         Kazakhstan


CIS MANAGEMENT: Creditors Must File Claims by May 22
----------------------------------------------------
Branch of LLP CIS Management has declared insolvency.  Creditors
have until May 22, 2009, to submit written proofs of claim to:

         Gagarin Ave. 206-27
         Almaty
         Kazakhstan


GRANT POST: Creditors Must File Claims by May 22
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Grant Post 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


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


KAIR LTD: Creditors Must File Claims by May 22
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kair Ltd. insolvent.

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

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


MART-AGRO LLP: Creditors Must File Claims by May 22
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Mart-Agro insolvent.

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

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


SAN DINA: Creditors Must File Claims by May 22
----------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP San Dina insolvent.

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

         Abai St. 92
         Astana
         Kazakhstan

The Court is located at:

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


SARYKOBDA-XXI LLP: Creditors Must File Claims by May 22
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Sarykobda-XXI insolvent.

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

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


SHARLOTA LUX: Creditors Must File Claims by May 22
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Sharlota Lux 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


VOSTOK DOR: Creditors Must File Claims by May 22
------------------------------------------------
LLP Vostok Dor Mash Service has declared insolvency.  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


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


SIGN MANAGEMENT: Creditors Must File Claims by April 24
-------------------------------------------------------
Creditors of LLC Representation of Company Sign Management Corp.
have until April 24, 2009, to submit proofs of claim.

The company can be reached at:

         LLC Representation of Company Sign Management Corp.
         Tel: (+996 312) 31-15-15


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


BILIBINO AVIA: Under External Management Bankruptcy Procedure
-------------------------------------------------------------
The Arbitration Court of Chukotskiy has commenced external
management bankruptcy procedure on CJSC Bilibino Avia (Passenger
Air-Travel, Cargo Transportation).  The case is docketed under
No. A80–207/2008.

The External Insolvency Manager is:

         N. Kondratenko
         Post User Box 174
         689000 Anadyr'
         Russia

The Debtor can be reached at:

         CJSC Bilibino-Avia
         Oktyabrskaya St. 1/21
         Bilibino
         689450 Chukotskiy
         Russia


BOROVITSKIE VOROTA: Creditors Must File Claims by June 10
---------------------------------------------------------
Creditors of LLC Borovitskie Vorota Commercial Bank have until
June 10, 2009, to submit proofs of claims to:

         Investment Insurance Agency
         Acting as Insolvency Manager
         Post User Box 48
         109240 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No.  A40–19624/09–88-25B.

The Debtor can be reached at:

         LLC Borovitskie Vorota
         Building 3
         Lenivka St. 3
         119019 Moscow
         Russia


BUDAPEST HOTEL: Under External Management Bankruptcy Procedure
--------------------------------------------------------------
The Arbitration Court of Moscow has commenced external management
bankruptcy procedure on OJSC Budapest Hotel (TIN 707296041, PSRN
1027700253646).  The case is docketed under No. A40–60412/08–71–
186B.

The External Insolvency Manager is:

         A. Alyukayev
         Post User Box 145
         105005 Moscow
         Russia

The Debtor can be reached at:

         OJSC Budapest Hotel
         Petrovskie Linii St. 2/18
         127051 Moscow
         Russia


COMMERCIAL BANK: Moody's Retains 'E+' Bank Fin'l Strength Rating
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term foreign and
local currency deposit ratings and foreign currency senior
unsecured debt ratings of Commercial Bank "Renaissance Capital"
LLC to B3 from B1.  The Not-Prime foreign and local currency
short-term ratings as well as E+ bank financial strength rating
remain unchanged.  The rating action concludes the review process
initiated in September 2008 and reflects the impact of the current
operating environment in Russia on CBRC.  The outlook for the
deposit and debt ratings as well as on the BFSR is negative.

The downgrade of CBRC's ratings reflects the impact on the bank's
franchise value as a result of curtailed lending activities --
with limited ability to resume them in the medium term at levels
consistent with previous or anticipated activity.  CBRC's banking
activities have been adversely affected by potential instability
of the funding base which predominantly (over 80%) consists of
wholesale funding and funding from the Central Bank of Russia with
the majority (up to 80%) being repayable during one year.  "The
resulting curtailment of business is likely to lead to significant
deterioration of franchise and, consequently, deterioration of
certain financial metrics, leading to elevated credit risks," said
Vladlen Kuznetsov, a Moscow-based Moody's Assistant Vice
President-Analyst.

In addition, the downgrade of CBRC is also triggered by (i) the
respective downgrade of the issuer rating of the sister bank
Renaissance Capital Holdings Limited -- the largest segment in the
Renaissance group -- to B1 from Ba3, and (ii) a significant
reduction of support assumptions because CBRC has grown
considerably in relation to RCHL, hence it will be more difficult
to provide support, and also because of restrictions on intergroup
transactions.

Moody's explained that it has applied a number of scenarios (base-
case and stressed) to the bank's loan book and revealed that under
the base-case scenario RCHL's capital adequacy may decline as soon
as the overall asset quality deteriorates.  At year-end 2008,
CBRC's Tier 1 capital stood at 19% which, together with high yield
on loans, enables it to comfortably absorb substantial asset
quality deterioration under the base-case scenario without
breaching regulatory ratios.  However, more significant asset
quality deterioration -- as reflected in the stressed scenario --
is likely to significantly impair the bank's capital position.  In
addition, liquidity is more vulnerable, and a significant asset
quality stress is likely to render the bank dependant on rollover
of CBR and other funding items.  Liquidity is challenged -- apart
from short-term maturity of the funding base -- by low granularity
of deposits whose behaviour is not easy to predict.

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

Moody's previous rating action on CBRC was on September 25, 2008,
when the deposit and debt ratings were placed on review for a
possible downgrade.

Based in Moscow, CBRC is a member of Renaissance Capital Consumer
Finance Group, the consumer finance segment of the larger
Renaissance group, which also includes an investment banking
segment, asset management and merchant banking.  CBRC reported
total consolidated assets of US$2.2 billion and total equity of
US$414 million under IFRS at year-end 2008.


KD OJSC: S&P Withdraws 'CC' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'CC' long-
term corporate credit rating and its 'ruCC' Russia national scale
rating on Russian property developer OJSC KD Group at the
company's request.

The outlook on the rating was negative before the withdrawal.


LENA-NEFTE-GAZ: Yakutia Bankruptcy Hearing Set June 30
------------------------------------------------------
The Arbitration Court of Yakutia will convene at 2:30 p.m. on
June 30, 2009, to hear bankruptcy supervision procedure on OJSC
Lena-Nefte-Gaz (TIN 1414003343, PSRN 1031400598877, RVC 141401001)
(Wood-Processing Industry).  The case is docketed under Case No.
A58–1288/2009.

The Temporary Insolvency Manager is:

         Ye.Semenova
         127055 Moscow
         Russia

The Debtor can be reached at:

         Lenina St. 19
         Lensk
         678140 Yakutia
         Russia


RENAISSANCE CAPITAL: Moody's Downgrades Issuer Ratings to 'B1'
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term foreign and
local currency issuer ratings of Renaissance Capital Holdings
Limited to B1 from Ba3.  The Not-Prime foreign and local currency
short-term ratings remain unchanged.  At the same time, Moody's
Interfax Rating Agency has downgraded the long-term national scale
credit ratings of RCHL to A2.ru from Aa3.ru. Moscow-based Moody's
Interfax is majority owned by Moody's, a leading global rating
agency.  The rating action concludes the review process initiated
in September 2008 and reflects the impact of the current operating
environment in Russia on RCHL.  The outlook for the issuer ratings
is negative.

The downgrade of RCHL reflects the elevated risks profile of the
company as a result of the deterioration of the operating
environment which significantly affected the primary markets in
which the company operates.  The risk/return ratio of these
markets has increased significantly as a result of growing
uncertainties over the future volatility of the markets and
sustainability of revenues.  Moody's considers that such an
increase is -- at least -- of a medium-to-long term nature.  The
dislocation of markets in Q4 2008 had a considerable impact on
RCHL's financial fundamentals by negatively affecting its
liquidity, franchise and profitability.  The company experienced
reduced revenue-generated capacity (currently 50-60% of the pre-
crisis level) which is not likely to reach pre-crisis levels on a
sustainable basis at least in the medium term, and is expected to
be volatile.  In addition, RCHL's significant involvement in
financing of other Renaissance group companies together with a
rise in market volatility considerably reduced its financial
fundamentals.  As a result, the net cash capital declined to
negative levels and the illiquid risk assets-to-tangible common
equity ratio increased to over 100%, leaving its liquidity
position with marginal capacity, in Moody's estimation, to
withstand a further deterioration of the operating environment.

In September 2008, RCHL's new shareholder (Onexim Group (Not
Rated)) made a ca. US$500 million loan which will be converted
into equity representing 50% minus 1 share once the regulatory
approval process is complete.  This capital increase is expected
to substantially restore these ratios but still to below past
levels.  Moody's notes that the benefits of additional
capitalisation are significantly offset by the elevated risks of
the industry and the rise in risks of other segments of the group
(which were financed by RCHL) such as the consumer finance segment
and private equity.  Moody's estimates that in the event of a
significant deterioration of the operating environment and
resultant market downturn, the losses generated from credit and
market risks are likely to impair a significant part of the new
equity.

The negative outlook reflects Moody's opinion that there is
potential for further pressure on RCHL's financial metrics as a
result of a prolonged and severe economic downturn in Russia.  In
addition, failure to accomplish the new capital registration and
convert the Onexim loan into equity is likely to exercise
significant pressure on the company's liquidity and other
financial fundamentals, and is likely to trigger a further rating
downgrade.

Moody's previous rating action on RCHL was on September 25, 2008,
when the foreign and local currency issuer ratings as well as
National Scale Rating were placed on review for possible
downgrade.

Renaissance Capital Holdings Limited is the investment banking arm
of the Renaissance Group, which also includes consumer finance,
asset management and merchant banking.  RCHL reported total
consolidated assets of ca. US$3 billion and total equity of ca.
US$750 million under IFRS at year-end 2008.  Its new shareholder,
Onexim group, is active in the mining industry, innovative
projects in energy and nanotechnology, real estate and other
industries, and has total assets of over US$25 billion.


SAMPURSKIY DAIRY: Tambovskaya Bankruptcy Hearing Set September 2
----------------------------------------------------------------
The Arbitration Court of Tambov will convene on Sept. 9, 2009, to
hear bankruptcy supervision procedure on OJSC Sampurskiy Dairy
Factory.  The case is docketed under Case No. A64–535/2009.

The Temporary Insolvency Manager is:

         O. Kiselev
         Office 605
         Derzhavinskaya St. 16a
         392000 Tambov
         Russia

The Debtor can be reached at:

         OJSC Sampurskiy Dairy Factory
         Mira St. 20a
         Satinka
         Sampurskiy
         Tambovskaya
         Russia


SITI TV: Creditors Must File Claims by May 10
---------------------------------------------
Creditors of CJSC Siti TV (TIN 7728601560, PSRN 1067760005598)
(Cable Television) have until May 10, 2009, to submit proofs of
claims to:

         G. Avagimyan
         Insolvency Manager
         1-iy Proezd Perova Polya 11a
         111141 Moscow
         Russia
         Tel: (495)306-65-93

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–79924/08–103-262B.

The Debtor can be reached at:

         CJSC Siti TV
         Building 2
         Rokotova St. 10
         117593 Moscow
         Russia


STROY-TEKH: Creditors Must File Claims by June 10
-------------------------------------------------
Creditors of LLC Stroy-Tekh (Construction) have until June 10,
2009, to submit proofs of claims to:

         A. Khludentsov
         Insolvency Manager
         Michurinskaya St. 106
         392018 Tambov
         Russia

The Arbitration Court of Ryazanskaya will convene at 12:00 p.m. on
Sept. 3, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A54–2876/2008 S1.

The Debtor can be reached at:

         LLC Stroy-Tekh
         Rostovskiy Pereulok 13
         Astrakhan'
         Russia


TEKHNO-SEVER-NEFT': Creditors Must File Claims by June 10
---------------------------------------------------------
Creditors of LLC Tekhno-Sever-Neft' (TIN 1101029311, PSRN
1021100507306) (Drilling Works) have until June 10, 2009, to
submit proofs of claims to:

         V. Timashkov
         Insolvency Manager
         Pechorskiy Prospect 110
         169600 Pechora
         Russia
         Tel: 8(82142)33111.

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05–7444/2008.

The Debtor can be reached at:

         LLC Tekhno-Sever-Neft’
         Olennaya St. 10
         166000 Naryan-Mar
         Russia


TETYUSHINSKIY FISH: Creditors Must File Claims by May 10
--------------------------------------------------------
Creditors of LLC Tetyushinskiy Fish-Processing Plant (TIN
1638003830) have until May 10, 2009, to submit proofs of claims
to:

         R. Khabibi
         Temporary Insolvency Manager
         Post User Box 106
         420061 Kazan
         Russia

The Arbitration Court of Tatarstan will convene on June 4, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A65–14712/2008-SG4–16.

The Debtor can be reached at:

         LLC Tetyushinskiy Fish-Processing Plant
         Tetyushi
         Russia


VOLZHSKIY INVESTMENT: Creditors Must File Claims by May 10
----------------------------------------------------------
Creditors of OJSC Volzhskiy Investment Casting Plant have until
May 10, 2009, to submit proofs of claims to:

         Ye. Dunayev
         Temporary Insolvency Manager
         Apt. 118
         Chavayna Blvd 10
         Ioshkar-Ola
         424038 Mari El
         Russia
         Tel: 8-8362-218689

The Arbitration Court of Mari El will convene on July 9, 2009, to
hear bankruptcy supervision procedure.  The case is docketed under
Case No. A38–151/2009,.

The Debtor can be reached at:

         OJSC Volzhskiy Investment Casting Plant
         Prombaza St. 1
         Volzhsk
         425000 Mari El
         Russia


* Fitch Changes Outlooks on Five Russian Banks to Negative
----------------------------------------------------------
Fitch Ratings has changed the Outlooks on five Russian regional
banks to Negative from Stable, reflecting asset quality
deterioration and moderate loss absorption capacity.  The Issuer
Default Ratings of these five banks, together with six other
Russian regional banks, were affirmed.

The five banks whose Outlooks were changed to Negative from Stable
are Chelindbank, Primsotsbank, SKB-Bank, Spurt Bank and
Uraltransbank.  Of the other six banks, Bank Rossiya, Petersburg
Social Commercial Bank and Sarovbusinessbank carry a Stable
Outlook, Bank Snezhinskiy, BTA-Kazan and International Bank of
Saint Petersburg all have a Negative Outlook.

The Negative Outlooks on CB, IBSP, PSB, SKB, Snezhinskiy, Spurt
and UTB, and also the downgrades of the National ratings of CB and
UTB, reflect ongoing asset quality deterioration in the currently
challenging Russian operating environment and the generally
moderate loss absorption capacity at these banks.  Regulatory
capital ratios at the seven banks, which ranged from 17% to 23% at
March 1, 2009, provide some headroom for recognition of loan
losses.  However, Fitch notes the considerable tier 2 component of
capital at some of the banks (CB, IBSP, SKB, Spurt and UTB), which
reduces loss absorption capacity, and the already significant
levels of non-performing and restructured loans, in particular at
PSB, CB and Snezhinskiy.

Concentrations in respect to the real estate/construction sectors
and individual borrowers are very high at IBSP and substantial at
Snezhinskiy, PSB, Spurt and SKB (in PSB's case, more in respect to
the real estate/construction sectors; for Spurt and SKB more in
relation to individual borrowers) but less of a concern at CB and
UTB.  The low proportions of foreign currency lending (no more
than 12% of total loans) are a positive factor for each of the
seven banks.  Their liquidity positions are also currently
reasonable, although dependent on the stability of generally
short-term customer funding.

The 'CCC' Long-term IDR and Negative Outlook on BTA-Kazan reflect
its small size and franchise and high level of restructured loans.
They also take into account potential contagion risk from ongoing
developments at minority shareholder, Kazakhstan's BTA Bank (BTA,
rated 'CC'/Rating Watch Negative), and the risk that the bank will
become more exposed to the assets and fortunes of its other
shareholders, which Fitch understands include the now minority
owners of BTA.  At the same time, Fitch notes BTA-Kazan's
currently solid reported capital ratio.

The Stable Outlooks on PSCB and SBB reflect their high loss
absorption capacity, currently low reported non-performing loans
(although restructured loans are significant at SBB), low foreign
currency lending and comfortable liquidity.  PSCB's asset quality
should benefit, relative to peers, from its focus on granting
primarily short-term working capital facilities.  SBB's credit
profile also benefits from the solid capital and liquidity
positions at Nizhegorodpromstroibank, which it acquired in Q408
with the support of the Russian Deposit Insurance Agency.  At the
same time, both PSCB and SBB are, like peers, dependent on short-
term customer funding and are also likely to experience asset
quality deterioration in the current operating environment.  An
additional risk for SBB is the high level of construction/real
estate lending both on its own balance sheet and on that of NPSB.

The Stable Outlook on BR reflects the nature of its niche
franchise, in particular its relatively good-quality borrowers,
including subsidiaries and partners of large state-owned
companies, which should make asset quality deterioration less
marked than at most other Russian banks in the current
environment.  BR's ratings and Outlook also reflect its currently
strong liquidity position.  However, they are constrained by its
modest capitalization, which has been undermined by significant
equity investments made through BR's subsidiaries, its complex
group structure and high balance sheet concentrations.

The assessment of the banks referenced in this comment is the
latest part of a broader review of all Fitch-rated banks in
Russia, with the main focus on asset quality, loss absorption
capacity and contingency recapitalization plans.

The rating actions are:

Bank Rossiya

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

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: affirmed at 'BB-(BB minus)(rus) ';
     Outlook Stable

Bank Snezhinskiy PJSC

  -- Long-term IDR: affirmed at 'B-' (B minus); Outlook Negative
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No floor'

International Bank of Saint Petersburg

  -- Long-term IDR: affirmed at 'B-' (B minus); Outlook Negative

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: affirmed at 'BB-(BB minus) (rus)';
     Outlook Negative

Chelindbank

  -- Long-term IDR: affirmed at 'B-' (B minus); Outlook changed to
     Negative from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: downgraded to 'BB(rus)' from
     'BB+(rus) '; Outlook changed to Negative from Stable

JSC Bank BTA-Kazan (OJSC)

  -- Long-term IDR: affirmed at 'CCC'; Outlook Negative

  -- Short-term IDR: affirmed at 'C'

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: assigned at 'No floor'

  -- National Long-term Rating: affirmed at 'B(rus) '; Outlook
     Negative

JSC Spurt Bank

  -- Long-term IDR: affirmed at 'B-' (B minus); Outlook changed to
     Negative from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

Petersburg Social Commercial Bank

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

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: affirmed at 'BB-(BB minus)(rus) ';
     Outlook Stable

Primsotsbank

  -- Long-term IDR: affirmed at 'B-' (B minus); Outlook changed to
     Negative from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'
  -- National Long-term Rating: affirmed at 'BB(rus)'; Outlook
     changed to Negative from Stable

Sarovbusinessbank

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

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: affirmed at 'BB-(BB minus)(rus)';
     Outlook Stable

SKB-Bank

  -- Long-term IDR: affirmed at 'B-' (B minus); Outlook changed to
     Negative from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

Uraltransbank

  -- Long-term IDR: affirmed at 'B-' (B minus); Outlook changed to
     Negative from Stable

  -- Short-term IDR: affirmed at 'B'

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

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: downgraded to 'BB(rus)' from
     'BB+(rus) '; Outlook changed to Negative from Stable


* Fitch Affirms Issuer Ratings on Various Russian Banks
-------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
Sberbank, Bank VTB, VTB24, VTB North West and Russian Agricultural
Bank at 'BBB'.  The agency has simultaneously affirmed the Long-
term IDRs of three European subsidiaries of VTB, Bank of Moscow,
and Rosagroleasing at 'BBB-' (BBB minus).  The Negative Outlooks
on all the entities' Long-term IDRs have been maintained.  Fitch
has also downgraded Sberbank's Individual Rating to 'C/D' from 'C'
and VTB's Individual rating to 'D' from 'C/D', and separately
placed the 'C/D' Individual Ratings of VTB's three European
banking subsidiaries on Rating Watch Negative.  A full list of
rating actions is provided at the end of this commentary.

The affirmation of the Long-term IDRs of Sberbank, Bank VTB, RAB
and RAL reflects the high probability of support available from
the Russian government, in case of need.  The Russian state owns
60.3% of Sberbank's ordinary shares and a 77.5% stake in VTB.  RAB
and RAL are fully-owned by the government and to a large degree
perform policy roles.  The affirmation of VTB's domestic and
European subsidiaries' IDRs reflects the high probability that
they would receive support from VTB and, ultimately, the Russian
authorities, in case of need.

The affirmation of BOM's Long-term IDR reflects Fitch's view that
there is a high probability that the bank would be supported by
the City, if necessary.  The City owns 44% of BOM directly and
controls a further 15% through the Capital Insurance Group.

The downgrades of Sberbank and VTB's Individual Ratings reflects
ongoing and potential future asset quality deterioration in the
currently difficult Russian operating environment.  The downgrades
also take account of the banks' moderate loss absorption capacity
and the fact that in case of substantial loan losses they may
require recapitalisation from the state.  An Individual Rating
reflects a bank's standalone risk and does not take account of the
potential for external support.

The performance of Sberbank and VTB is likely to be susceptible to
general macroeconomic trends given their positions as the largest
lenders in the sector.  Reported problem loans are currently low,
although impairment may be obscured by ongoing restructuring, the
still relatively unseasoned nature of the portfolios and recent
rapid growth (in the case of VTB).  Notwithstanding the recent
subordinated debt injections of RUB500bn by the Central Bank of
Russia into Sberbank and RUB200bn by Vnesheconombank into VTB, the
banks' loss absorption capacity is moderate (although somewhat
greater at Sberbank in light of its higher capital ratios and
robust pre-impairment profit) and therefore additional
recapitalisation may be required.  Fitch understands that the
state retains the willingness and resources to provide new capital
to both banks should it be needed, which has been reflected in the
affirmation of the banks' IDRs.  Both banks' liquidity positions
are currently comfortable, although VTB has a somewhat higher
reliance on CBR funding, which may further increase considering
the refinancing requirements relating to upcoming wholesale
funding maturities.

The placing of the Individual ratings of VTB Capital plc., VTB
Bank (France) and VTB Bank (Austria) on RWN indicates these
ratings may be downgraded following Fitch's upcoming full review
of these banks.  Fitch believes that given the focus of the three
European banking subsidiaries of VTB on the CIS (mostly Russian)
markets, they may be subject to many of the same risks as their
parent in Russia.

VTB24's Individual Rating of 'D' is under downward pressure due to
worsening asset quality across all products, modest capitalization
and relatively low loan impairment reserves offering very limited
loss absorption capacity.  However, the rating also takes account
of the high share of mortgage exposure for which final losses are
likely to be lower than for the rest of the loan book, reasonable
pre-impairment earnings generation (which nonetheless may not be
sufficient to cover potential impairment), and a good liquidity
position supported by VTB and CBR funding.

RAB's Individual Rating of 'D' is supported by its now much
stronger capitalization, following RUB31.5bn and RUB45bn of equity
contributions from the state in August 2008 and February 2009,
respectively.  Asset quality trends are likely to be negative as
the portfolio starts to season in a challenging operating
environment, although the small proportion of foreign currency
lending is a mitigating factor.  RAB's liquidity position is
sound, in part due to liquidity provided by the CBR.

BOM's Individual Rating of 'D' is under downward pressure in light
of its currently limited loss absorption capacity and gradual
asset quality deterioration.  To improve capitalization, BOM is
planning to receive RUB20bn of new equity from current
shareholders, including the City, and about RUB11bn of
subordinated debt from Vnesheconombank.  However, the new capital
is not likely to be available before summer 2009.  Liquidity is
comfortable, and supported by funding from the CBR and the City.

The rating actions are:

Bank of Moscow

  -- Long-term foreign currency IDR: affirmed at 'BBB-' (BBB
     minus); Outlook Negative

  -- Senior unsecured debt: affirmed at 'BBB-' (BBB minus)

  -- Subordinated debt: affirmed at 'BB+'

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

  -- National Long-term Rating: affirmed at 'AA+(rus) '; Outlook
     Stable

Bank VTB (JSC)

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     Negative

  -- Long-term local currency IDR: affirmed at 'BBB'; Outlook
     Negative

  -- Senior unsecured debt: affirmed at 'BBB'; Short-term rating
     affirmed at 'F3'

  -- Subordinated debt: affirmed at 'BBB-' (BBB minus)

  -- Short-term foreign currency IDR: affirmed at 'F3'

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

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB'

  -- National Long-term Rating: affirmed at 'AAA(rus) '; Outlook
     Stable

CJSC Bank VTB24

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     Negative

  -- Senior unsecured debt: affirmed at 'BBB'; Short-term rating
     affirmed at 'F3'

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

  -- National Long-term Rating: affirmed at 'AAA(rus) '; Outlook
     Stable

JSC Bank VTB North-West

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     Negative

  -- Subordinated debt: affirmed at 'BBB-' (BBB minus)

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

JSC Rosagroleasing

  -- Long-term foreign currency IDR: affirmed at 'BBB-' (BBB
     minus); Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AA+(rus)'; Outlook
     Stable

  -- Support rating: affirmed at '2'

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

Russian Agricultural Bank

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     Negative

  -- Senior unsecured debt: affirmed at 'BBB'; Short-term rating
     affirmed at 'F3'

  -- Subordinated debt: affirmed at 'BBB-' (BBB minus)

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB'

  -- National Long-term Rating: affirmed at 'AAA(rus) '; Outlook
     Stable

Sberbank - Savings Bank of the Russian Federation

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     Negative

  -- Senior unsecured debt: affirmed at 'BBB'; Short-term rating
     affirmed at 'F3'


  -- Subordinated debt: affirmed at 'BBB-' (BBB minus)

  -- Short-term foreign currency IDR: affirmed at 'F3'

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

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB'

VTB Bank (Austria) AG

  -- Long-term foreign currency IDR: affirmed at 'BBB-' (BBB
     minus); Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: 'C/D'; placed on Rating Watch Negative

  -- Support Rating: affirmed at '2'

VTB Bank (France) SA.

  -- Long-term foreign currency IDR: affirmed at 'BBB-' (BBB
     minus); Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: 'C/D'; placed on Rating Watch Negative

  -- Support Rating: affirmed at '2'

VTB Capital plc

  -- Long-term foreign currency IDR: affirmed at 'BBB-' (BBB
     minus); Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: 'C/D'; placed on Rating Watch Negative

  -- Support Rating: affirmed at '2'

  -- Senior unsecured debt: affirmed at 'BBB-' (BBB minus)

The assessment of the banks referenced in this comment completes a
broader review of all Fitch-rated banks in Russia, with the main
focus on asset quality, loss absorption capacity and contingency
recapitalization plans.


* RUSSIA: S&P Affirms 'BB+' Rating on Republic of Bashkortostan
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term issuer credit rating on the Republic of
Bashkortostan in the Russian Federation (foreign currency,
BBB/Negative/A-3; local currency, BBB+/Negative/A-2; Russia
national scale, 'ruAAA').  The outlook is stable.

"The rating is constrained by the republic's low budget
predictability and limited flexibility, due to federal controls,"
said Standard & Poor's credit analyst Boris Kopeykin.

The concentrated nature of the economy; long-term expenditure
pressures; and still-low wealth in an international context also
constrain the rating.

These constraints are mitigated by the republic's low debt, very
strong liquidity position, and conservative financial management.

The republic is a net creditor and S&P expects it to maintain this
position in 2010-2011.  As of April 1, 2009, the republic had
accumulated budget reserves which accounted for more than 50% of
its likely 2009 operating expenditures and exceeded direct debt by
more than 10x.

"The outlook is stable because S&P expects that Bashkortostan's
conservative financial management will help the republic maintain
relatively good financial indicators, despite weaker revenue
collection and expenditure pressures," said Mr. Kopeykin.

All other things being equal, a positive rating action could
result from an improvement in the operating balance and capital
revenue collection, when combined with: increased visibility in
the republic's medium-term reserve- and asset-management strategy;
and enhanced reliability of the medium-term investment plan, given
the need to improve infrastructure, wealth levels, and economic
diversity.  More diversity in the allocation of financial assets
could be positive for the republic's credit quality.

In contrast, a negative rating action could result from a more
aggressive financial policy, with rapid depletion of cash reserves
and a significant deterioration in financial performance.  Faster-
than-expected debt accumulation (including short-term debt) could
pressure the rating, but S&P considers this unlikely.


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


ATHENEE PRODUCTIONS: Claims Filing Deadline is April 30
-------------------------------------------------------
Creditors of Athenee Productions JSC are requested to file their
proofs of claim by April 30, 2009, to:

         JSC Caminada Treuhand Zug
         Baarerstrasse 112
         6300 Zug
         Switzerland

The Company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at the shareholders'
meeting on Feb. 23, 2009.


BREGESA JSC: Claims Filing Deadline is April 30
------------------------------------------------
Creditors of BREGESA JSC are requested to file their proofs of
claim by April 30, 2009, to:

         Joerin Hopf, Attorney and Notary Public
         Lautengartenstrasse 14
         4010 Basel
         Switzerland

The Company is currently undergoing liquidation in Basel. The
decision about liquidation was accepted at the shareholders'
meeting on Jan. 12, 2009.


EFEF CONSULTING: Claims Filing Deadline is April 30
---------------------------------------------------
Creditors of EFEF Consulting LLC are requested to file their
proofs of claim by April 30, 2009, to:

         Franz Fleischlin
         Binzhofstrasse 89
         8404 Winterthur
         Switzerland

The Company is currently undergoing liquidation in Winterthur.
The decision about liquidation was accepted at the shareholders'
meeting on Oct. 23, 2008.


FRANCO STANISCIA: Claims Filing Deadline is April 29
----------------------------------------------------
Creditors of Franco Staniscia LLC are requested to file their
proofs of claim by April 29, 2009, to:

         Franco Staniscia
         Steigstrasse 50
         8610 Uster

The Company is currently undergoing liquidation in Uster.  The
decision about liquidation was accepted at the shareholders'
meeting on Nov. 16, 2007.


M.B. RADIOLOGIE-DIENST: Claims Filing Deadline is April 29
----------------------------------------------------------
Creditors of M.B. Radiologie-Dienst JSC are requested to file
their proofs of claim by April 29, 2009, to:

         Michael Brachlow
         Loch 817
         9427 Wolfhalden
         Switzerland

The Company is currently undergoing liquidation in Wolfhalden.
The decision about liquidation was accepted at the shareholders'
meeting on March 9, 2009.


TCI JSC: Claims Filing Deadline is April 29
-------------------------------------------
Creditors of TCI JSC are requested to file their proofs of claim
by April 29, 2009, to:

         M. Litscher, Liquidator
         Churerstrasse 35 BKZ
         9470 Buchs
         Switzerland

The Company is currently undergoing liquidation in Buchs.  The
decision about liquidation was accepted at the shareholders'
meeting on Feb. 24, 2009.


TRIARTE JSC: Claims Filing Deadline is April 30
-----------------------------------------------
Creditors of Triarte JSC are requested to file their proofs of
claim by April 30, 2009, to:

         Lorenz Lengwiler, Liquidator
         Burgermatt 1
         6343 Holzhäusern

The Company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at the general meeting
held on Feb. 13, 2009.


VERS INVEST: Claims Filing Deadline is April 27
-----------------------------------------------
Creditors of Vers Invest JSC are requested to file their proofs of
claim by April 27, 2009, to:

         JSC Moore Stephens Zug
         Alpenstrasse 15
         6304 Zug
         Switzerland

The Company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at the general meeting
held on March 6, 2009.


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


AKBANK TAS: Fitch Affirms Long-Term Issuer Default Rating at 'BB'
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Akbank T.A.S. at Long-
term Foreign Currency Issuer Default 'BB', Long-term Local
Currency IDR 'BBB-' (BBB minus), Short-term Foreign Currency IDR
'B' and Short-term Local Currency IDR 'F3'.

Fitch has also affirmed the bank's National Long-term Rating at
'AAA(tur)'; Individual Rating at 'C', Support Rating at '4' and
Support Rating Floor at 'B+'.  The Outlooks for the LT IDRs and
the National Rating are Stable.

Akbank's IDRs are driven by its intrinsic financial strength.  In
Foreign Currency the IDRs are constrained by Turkey's 'BB' Country
Ceiling, while in Local Currency the IDRs are two notches above
those of the Sovereign.  By assigning ratings above the Sovereign,
Fitch recognizes Akbank's strong franchise, in particular the
stability of its domestic retail deposit base, the quality of its
management, as well as its overall financial strength.  These
positive factors more than offset the bank's still sizeable direct
exposure to the Turkish Sovereign.  While the upside potential for
the Individual Rating is limited, the Stable Outlook on the IDRs
reflects the agency's view that the bank is well positioned in the
current difficult global economic environment.

Management's ability to ride out the volatilities of Turkey's
economic cycles and to deliver sound results reflects a forward-
looking, risk-averse approach to banking.  Large investments in
risk control systems are helping keep impaired loans low (2.3% of
total loans at end-2008) while increased automation is keeping a
control on costs (45% cost/income ratio).

Akbank has taken pre-emptive measures in anticipation of difficult
times.  Exposures to higher-risk sectors (SMEs, micro businesses,
auto loans) were reduced, while credit risk systems, already
sound, were improved through enhanced data collection and the
engagement of external consultants and risk limits were also
reduced. Liquidity management remained a priority throughout 2008
and refinancing risk is minimal; the bank is retail-funded and
capital adequacy ratios are amongst the best in Turkey.

The bank is scaling back expansion in 2009, with loan growth
expected to be low and new branch openings kept to a minimum.
Margins are improving, as falling interest rates reduce funding
costs but, given anticipated sharp rises in impairment charges for
the year, Fitch believes profitability may be negatively impacted
in the short-term.  Problems are likely to arise in the credit
card portfolio (10% of total loans), unsecured consumer loans (8%)
and SME books (12%).  However, Akbank is prudent in its
provisioning policies, with impaired loans always reserved at well
above 100%.

A solid retail deposit base helps to counteract potential
liquidity strains but, like all Turkish banks, Akbank faces
considerable asset and liability management pressures with short-
term funding financing longer-term assets.  Akbank is not
dependent on wholesale funding and the loan/deposits ratio further
declined to 79% at end-2008 (2007: 86%); not all of the US$2.5
billion equivalent of syndicated loans maturing in 2009 are likely
to be rolled over but the bank has built up sufficient immediate
liquid FX reserves to meet its repayments should the need arise.

Given Akbank's importance to the local system, Fitch considers
that state support would be provided if needed.  However, the
authorities' ability to provide such support may be limited due to
Turkey's 'BB-' Long-term Foreign Currency IDR.

Akbank is the third largest private bank by total assets in
Turkey, controlling domestic loan and deposit shares respectively
at 12.6% and 11.7% at end-Q408.  It is 51.38%-owned by the Sabanci
Group; Citigroup has a 20% share and is represented by one board
member in a non-executive position.


GARANTI FAKTORING: Fitch Affirms 'BB' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Garanti Faktoring Hizmetleri A.S.'s and
Garanti Finansal Kiralama A.S.'s ratings:

  -- Long-term foreign currency Issuer Default Rating:
     affirmed at 'BB'; Outlook Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'BBB-' (BBB minus);
     Outlook Stable

  -- Short-term local currency IDR: affirmed at 'F3'

  -- National Long-term Rating: affirmed at 'AAA(tur)'; Outlook
     Stable

  -- Support Rating: affirmed at '3'

Garanti Leasing and Garanti Factoring operate as an integral part
of their parent bank, Turkiye Garanti Bankasi A.S. (Garanti Bank,
'BB'/Stable).  Their ratings reflect the probability of support
from and close integration with their parent bank.  These
subsidiaries operate as an integral part of their parent bank and
complete the range of products provided by Garanti Bank.  They use
Garanti Bank's brand name, logo and large branch network to
generate business.  They benefit from other group resources such
as centralised IT and operations, human resources and training.

Garanti Leasing, 99.6%-owned and controlled by Garanti Bank group,
is Turkey's largest leasing company with a 15% market share.  Its
debt/equity stood at 7x at end-2008, which is close to a
covenanted level of 8x.  The company is funded through bilateral
and syndicated bank lines from a range of domestic and foreign
commercial banks and from supranational institutions.  Fitch
considers that the company is broadly self-financing with related-
party funding equalling 20% of total.

Garanti Bank controls 81.84% of the shares in Garanti Factoring.
In managing its liquidity, the company relies on its short-term
cash inflows and its debt rollover capabilities.  Related-party
funding at Garanti Factoring was 15.9% of the total borrowings at
end-2008.

Fitch views that Garanti Bank would have a high propensity to
provide funding and liquidity support for Garanti Leasing and
Garanti Factoring, should this be needed, although this is
constrained by its ability to do so, as reflected in its 'BB'
Long-term IDR.

Garanti Bank, Turkey's second largest privately owned commercial
bank and largest lender, controlling some 11% of domestic
deposits, provides a full range of financial services through
around 730 domestic branches.  It has an international presence in
seven countries.  Garanti is 30.52%-owned by the Dogus Group and
20.85% by GE Capital, collectively 51% by the joint venture of
Dogus Group and GECF, with the remainder publicly traded.


TURKIYE GARANTI: Fitch Affirms LT Issuer Default Rating at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Turkiye Garanti Bankasi
A.S. at Long-term Foreign Currency Issuer Default 'BB', Long-term
Local Currency IDR 'BBB-' (BBB minus), Short-term Foreign Currency
IDR 'B' and Short-term Local Currency IDR 'F3'.

At the same time, Fitch has affirmed Garanti's National LT ratings
at 'AAA(tur)' and its Individual Rating at 'C', Support Rating at
'4' and Support Rating Floor at 'B+'.  The Outlooks for the LT
IDRs and the National Rating are Stable.

Garanti's IDRs are driven by its intrinsic financial strength.  In
Foreign Currency the IDRs are constrained by Turkey's 'BB' Country
Ceiling, while in Local Currency the IDRs are two notches above
those of the Sovereign.  By assigning ratings above the Sovereign,
Fitch recognises Garanti's strong franchise, in particular the
stability of its domestic retail deposit base, the quality of its
management, as well as its overall financial strength.  These
positive factors more than offset the bank's still sizeable direct
exposure to the Turkish Sovereign.  While the upside potential for
the Individual Rating is limited, the Stable Outlook on the IDRs
reflects the agency's view that the bank is well positioned in the
current difficult global economic environment.

An expansion-driven strategy focusing on high-margin retail and
SME segments, during Turkey's recent economic growth, was
accompanied by steady investment in risk controls, automation and
disposal of non-core assets.  Garanti's franchise has been
strengthened and operational support from GE Capital, its
strategic shareholder, has proved beneficial.  Operating
profitability is high, cost efficiency is sound and capital ratios
were strengthened through capital injections (TRY666 million in
2008), earnings retention and subordinated debt issuance.

Net income declined in 2008 but 2007 results were boosted by one-
off TRY851.6 million gains.  Core operating profits were up,
despite a sharp rise in impairment charges, reflecting portfolio
seasoning in a worsening economic climate.  Fitch expects impaired
loans (2.5% at end-2008) to rise steeply in 2009 as Turkey's
export-oriented economy is affected by weak global demand and
rising unemployment.  The loan book is diversified with middle
market 'commercial' loans accounting for a 40% share, corporate
20%, SME 11%, consumer 15% and credit cards 14% and customer
concentrations are not significant.

Garanti has moderately scaled back expansion plans for 2009,
adopting a particularly cautious approach to more risky segments
(credit cards and auto loans), while continuing to open branches
and to attract additional retail funding.  The bank is not reliant
on wholesale funding and the loan/deposits ratio further declined
to 87% in mid-March 2009 (2008: 96%).  Bank placements and
government securities are being shored up, foreign currency asset
and liability positions are being matched.  Efforts to tap longer-
term funding from specialized agencies are meeting with some
success.  The total capital ratio reached over 14.5% at end-March
2009, up from 13.51% at end-2008.

Support may be forthcoming from Garanti's strategic shareholders,
GE Capital and Dogus Group, if needed.  However, given the bank's
domestic importance, the Turkish government is, in Fitch's view,
the most reliable source of support.  The sovereign's ability to
provide such support may be limited, given Turkey's Long-term
Foreign Currency IDR of 'BB-' (BB minus).

Garanti, with a domestic deposit market share of 11.8%, provides a
full range of financial services through around 730 domestic
branches.  Garanti was the second-largest private bank in Turkey
by total assets and the largest lender at end-2008.  It has a
presence in seven countries.  Garanti is 30.52%-owned by the Dogus
Group and 20.85% by GE Capital, with the remainder publicly
traded.


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


ALANSON LLC: Creditors Must File Claims by May 2
------------------------------------------------
Creditors of LLC Alanson (EDRPOU 35512459) have until May 2, 2009,
to submit proofs of claim to M. Tsurika, Insolvency Manager.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on March 18, 2009.  The case is docketed under
Case No. 5/87/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Alanson
         Shevchenko St. 42
         Nikolayev
         Ukraine


ANDIN LLC: Creditors Must File Claims by May 2
----------------------------------------------
Creditors of LLC Andin (EDRPOU 35320597) have until May 2, 2009,
to submit proofs of claim to:

         T. Rudenko
         Insolvency Manager
         Office 104
         Lazurnaya St. 50
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on March 19, 2009.  The case is docketed under
Case No. 5/85/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Andin
         Office 23
         Nikolaskaya St. 44
         Nikolayev
         Ukraine


DONETSK HARDWARE: Creditors Must File Claims by May 2
-----------------------------------------------------
Creditors of OJSC Donetsk Hardware Plant (EDRPOU 31582700) have
until May 2, 2009, to submit proofs of claim to:

         O. Zabrodin
         Insolvency Manager
         Post Office Box 6335
         69121 Zaporozhye
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on March 3, 2004.  The case is docketed under
Case No. 42/37B.

The Court is located at:

         The Economic Court of Donetsk
         Artem St. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         OJSC Donetsk Hardware Plant
         Gurov St. 2
         Donetsk
         Ukraine


HYPPO-L LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC Hyppo-L (EDRPOU 33252410).  The Insolvency
Manager is O. Doloshko.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Hyppo-L
         Office 75
         Traktorostroiteley Avenue 140-B
         Kharkov
         Ukraine


LIANT LTD: Creditors Must File Claims by May 2
----------------------------------------------
Creditors of LLC Liant Ltd. (EDRPOU 23062848) have until May 2,
2009, to submit proofs of claim to:

         L. Demets
         Insolvency Manager
         40 years of Victory St. 27A/57
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on Oct. 28, 2008.  The case is docketed under
Case No. 10/16-08.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Liant Ltd.
         Lenin St. 41
         Letin
         Vinnitsa
         Ukraine


MMK DNIPRO: Creditors Must File Claims by May 2
-----------------------------------------------
Creditors of LLC MMK DNIPRO (EDRPOU 32952543) have until May 2,
2009, to submit proofs of claim to:

         R. Talan
         Insolvency Manager
         Post Office Box 158
         49000 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on 3/26/2009.  The case is
docketed under Case No. B24/77-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC MMK Dnipro
         K. Marks St. 17-V
         49005 Dnepropetrovsk
         Ukraine


REGION TRADE: Creditors Must File Claims by May 2
-------------------------------------------------
Creditors of LLC Trade Service (EDRPOU 22667118) have until May 2,
2009, to submit proofs of claim to V. Filatova, Insolvency
Manager.

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 23, 2009.  The case is docketed under
Case No. B-24/37-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Trade Service
         Office 35
         Traktorostroiteley St. 148
         61121 Kharkov
         Ukraine


RIKONT LLC: Creditors Must File Claims by May 2
-----------------------------------------------
Creditors of LLC Rikont (EDRPOU 32903585) have until May 2, 2009,
to submit proofs of claim to:

         State Tax Inspection in Kiev-Sviatoshynsky
         District of Kiev
         Insolvency Manager
         Lomonosov St. 34
         Vishnevoye
         08132 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Oct. 7, 2008.  The case is docketed under
Case No. B3/249-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern St. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Rikont
         Kiev St. 19
         Vishnevoye
         08132 Kiev
         Ukraine


RUSANOVKA MEAT-PACKING: Court Starts Bankruptcy Procedure
---------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on Enterprise with Foreign Investments LLC Rusanovka
Meat-Packing Plant (EDRPOU 31997363).

The Insolvency Manager is:

         A. Zhmaylo
         Office 130
         Voloska St. 50/38
         04070 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:

         Enterprise with Foreign Investments
         LLC Rusanovka Meat-Packing Plant
         S. Sagaydak St. 114
         02002 Kiev
         Ukraine


UROZHAYNAYA NIVA LLC: Creditors Must File Claims by May 2
---------------------------------------------------------
Creditors of LLC Urozhaynaya Niva (EDRPOU 31289323) have until
May 2, 2009, to submit proofs of claim to:

         R. Mikailova
         Insolvency Manager
         Office 9
         Artem St. 11
         Yubileynoye
         91493 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on 11/04/2009.  The case is docketed under
Case No. 21/20b.

The Court is located at:

         The Economic Court of Lugansk
         Heroes of GPW square 3-a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Urozhaynaya Niva
         Shkolnaya St. 1
         Beloskelevatoye
         Lugansk
         Ukraine


VANT-SOUTH LLC: Creditors Must File Claims by May 2
---------------------------------------------------
Creditors of LLC Vant-South (EDRPOU 34772699) have until May 2,
2009, to submit proofs of claim to M. Tsurika, Insolvency Manager.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on March 25, 2009.  The case is docketed under
Case No. 6/131/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Vant-South
         Dekabristov St. 41
         Nikolayev
         Ukraine


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


CASTLE GRANITE: Placed In Administration; Begbies Appointed
-----------------------------------------------------------
Castle Granite, of Ludgvan near Penzance, has been placed in
Administration.  Ian Walker and Gilbert Lemon of business recovery
and insolvency specialists Begbies Traynor, have been appointed as
Administrators.

The privately-owned business has extracted high quality granite
from Castle-an-Dinas Quarry for use in building and construction
since 1994, and has a strong local market for its natural stone
products and aggregates.  Since 2006, the site has also included a
Macadam plant, which has enabled the company to supply material
for road construction throughout Cornwall.

The significant contraction of both domestic building and civil
engineering industries, as a result of the general economic
recession, has lead to cash-flow problems, but the underlying
business is strong and is continuing to trade while a buyer is
sought for the business as a going concern.

Begbies Traynor's Administrator Gilbert Lemon said "We are very
confident that we will be able to find a buyer, and hopefully
secure all 12 jobs.  We have already received expressions of
serious interest from a number of separate parties."


BRITISH ENERGY: Centrica In Talks with EDF Over 25% Stake
---------------------------------------------------------
Centrica plc on Thursday confirmed that it remains in discussions
with Electricite de France S.A ("EDF") on the possibility of
Centrica taking an equity stake in British Energy and that these
discussions extend to the possible sale to EDF of Centrica's 51%
interest in SPE.

The companies expect the discussions to conclude in the next few
weeks.  Centrica said there can be no certainty that any agreement
will be reached.

According to the Scotsman, Centrica is seeking to buy a quarter of
British Energy, bought by EDF last year, to reduce its exposure to
the wholesale energy markets.

Telegraph.co.uk recalls last year, Centrica signed a memorandum of
understanding with EDF to buy 25pc of the UK nuclear operator for
GBP3.1 billon.

However, the Scotsman notes the negotiations, scheduled to be
completed by the end of March, are dragging on, with reports
Centrica chief executive Sam Laidlaw is under shareholder pressure
not to overpay for the stake.

The Scotsman discloses the major stumbling block is believed to be
the price.  Centrica, the Scotsman says, believes that the market
has "moved on" since the agreement was signed last November.

The Scotsman relates traders said settlement of the British Energy
negotiations –- one way or another -– could allow progress in
Centrica's plans to by Venture Production.

                      About British Energy

Headquartered in Livingston, Scotland, British Energy Limited
-- http://www.british-energy.com/--  is the UK's largest
electricity generator, employing over 6,000 people.  The British
Energy Group owns and operates eight nuclear power stations in the
UK: seven of these are Advanced Gas-cooled Reactor (AGR) stations,
located at Dungeness, Hartlepool, Heysham (two stations), Hinkley
Point, Hunterston, Torness and the only civil Pressurised Water
Reactor (PWR) station in the UK, located at Sizewell in Suffolk.
British Energy also owns and operates the Eggborough coal-fired
power station in Yorkshire.  British Energy's total current
capacity is 10.6GW (of which 8.7GW from nuclear generation) with
delivered output of 58.4TWh (of which 50.3TWh comprises nuclear
output) for the year ended March 2008.  British Energy is the
lowest carbon emitter of the UK's major electricity generators.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 26,
2008, Fitch Ratings placed British Energy Group plc's and British
Energy Bond Finance plc's (BEBF, formerly British Energy Holdings
plc) 'BB+' Long-term Issuer Default Ratings on Rating Watch
Positive.  BEBF's amortizing bonds -- rated 'BB' -- were also put
on RWP.  The rating actions follow the announcement of a proposed
takeover by France's EDF SA ('AA-'/ 'F1+'/Rating Watch Negative).


DAWSON NEWS: To Lose Two Major Contracts Worth GBP125 Million
-------------------------------------------------------------
Amanda Andrews at Telegraph.co.uk reports that Dawson News is
expecting to lose two more major contracts worth GBP125 million
within the next two weeks.

According to report, the company, whose main rivals are Smith News
and John Menzies, is preparing to lose the Trinity Mirror
contract, worth GBP50 million in revenue terms, and Marketforce,
worth GBP75 million in revenues.

The report says the contract with Trinity Mirror expires in
September, while the Marketforce contract ends on December 31.
Its contract with Telegraph Media Group, due up in the autumn,
will also not be renewed, the report adds.

The company, the report recalls, has lost lucrative contracts with
Associated Newspapers and Comag as well as major magazine
contracts with Frontline and Seymour Distribution.

The report discloses the company's legal team is understood to be
investigating whether the client losses are the result of
predatory pricing and a collective boycott.

The company, the report notes, is attributing its worsening
situation to an OFT decision last year against referring the
newspaper and magazine distribution market to the Competition
Commission, on concerns that the three main players had come to
dominate the market.  The company, the report states, is
considering whether to challenge the OFT decision.

"The end result has been the exclusion of Dawson News and a number
of smaller wholesalers from the market, effectively creating a
wholesaler network of just two regional monopolies," the report
quoted Peter Harris, the chief executive of parent company Dawson
Holdings, as saying.

Dawson Holdings Plc -- http://www.dawson.co.uk/--  is a United
Kingdom-based company.  The Company is engaged in the distribution
of newspapers, magazines, books and the provision of marketing
support services.  The Company operates in four business segment:
Dawson News, Dawson Media Direct, Dawson Books and Dawson
Marketing Services.  Dawson News provides wholesale and specialist
news distribution services.  Dawson Media Direct (DMD) provides
in-flight management services, including specialist distribution
to the airline industry, as well as niche delivery.  Dawson Books
provides shelf-ready books, and a variety of added value services,
to professional, academic, corporate and public library markets
worldwide.  Dawson Marketing Services (DMS) provides marketing
support and logistics services through the effective integration
of stock management, Web reporting and distribution arrangements.


GLOBE PUB: Heineken Buys 30 Percent of Senior Debt at a Discount
----------------------------------------------------------------
Pan Kwan Yuk at the Financial Times reports that Heineken, the
Dutch brewing group, has bought up 30 per cent of the senior debt
in Robert Tchenguiz's Globe Pub Company.

Heineken, the FT says, acquired GBP60.2 million of Globe's Class
A1 securitized debt at an undisclosed discount.  According to the
FT, the Dutch company now has a blocking stake in the senior
bonds, giving it a say over Globe's future should the company
consider restructuring its debt.

The FT relates Heineken said its decision to buy a third of the
debt in Globe was "a purely financial decision" and "nothing
more".

"It's an opportunistic purchase," the FT quoted the Dutch company
as saying.

The FT recalls Globe has faced an uncertain future since the
company breached its banking covenants and then defaulted on a
GBP257 million loan.  As a result, if holders of 25pc of the bonds
agree, they can seek the appointment of an administrative receiver
to run the business, the FT notes.

The Troubled Company Reporter-Europe, citing Edinburgh Evening
News, reported on April 9, 2009, Globe could go into
administration after it defaulted on a GBP257 millon-asset backed
loan.

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

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

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


HUGO'S LTD: Appoints Joint Administrators from BDO Stoy Hayward
---------------------------------------------------------------
Andrew Howard Beckingham and William Matthew Humphries Tait of BDO
Stoy Hayward LLP were appointed joint administrators of Hugo's
Ltd. on April 2, 2009.

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

         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         Hampshire
         SO14 3TL
         England


JTF HOLDINGS: Taps Joint Administrators from Ernst & Young
----------------------------------------------------------
Simon Allport and Thomas Andrew Jack of Ernst & Young LLP were
appointed joint administrators of JTF (Cash & Carry) Holdings Ltd.
on April 1, 2009.

The company can be reached through Ernst & Young LLP at:

         100 Barbirolli Square
         Manchester
         M2 3EY
         England


JTF LTD: Brings in Joint Administrators from Ernst & Young
----------------------------------------------------------
Simon Allport and Thomas Andrew Jack of Ernst & Young LLP were
appointed joint administrators of JTF (Cash & Carry) Ltd. on
April 1, 2009.

The company can be reached through Ernst & Young LLP at:

         100 Barbirolli Square
         Manchester
         M2 3EY
         England


MADOFF SECURITIES: Liquidators Seize Vintage Aston Martin
---------------------------------------------------------
The Joint Provisional Liquidators of Madoff Securities
International Limited (MSIL), the UK company that had been owned
and operated by convicted fraudster Bernard Madoff, have obtained
recognition in U.S. Bankruptcy Court and have obtained an order
restraining a vintage DB 2/4 Aston Martin automobile registered to
Peter Madoff, Bernard Madoff's brother and director of compliance
at his rogue trading firm, The automobile was purchased by Bernard
Madoff for his brother Peter Madoff for over US$235,000 using
funds taken from MSIL.

The Joint Provisional Liquidators are Mark Byers, Andrew Hosking
and Steve Akers, all partners in Grant Thornton UK LLP.

The Joint Provisional Liquidators sought recognition of their
right to act for MSIL under Chapter 15 of the Bankruptcy Code,
which allows foreign liquidators to obtain assistance in the U.S.
Courts in investigating, locating and seizing assets that belong
to non-U.S company.  The MSIL Liquidators were appointed by the
English High Court in December 2008 and have been working closely
with the U.S. Trustee for Bernard Madoff International Securities
(BMIS), the company described by its founder, Bernard Madoff, as a
"giant Ponzi scheme," which he estimated to have lost US$65
billion of investor funds.

MSIL was a trading operation in London that principally traded for
the benefit of the Madoff family.  MSIL funds were used to make
numerous large purchases for the Madoffs, including yachts, houses
and automobiles.

"We are grateful for the recognition and assistance of the U.S.
courts," said Steve Akers, a Joint Provisional Liquidator of MSIL
and partner of Grant Thornton UK LLP in London.  "We hope to be
able not only to obtain assets for the benefit of creditors, but
also to use the discovery processes that US courts provide to
assist foreign liquidators to learn as much as we can about the
assets of Madoff International for the benefit of victims of this
enormous fraud."

"As an insolvency practitioner, I have sought assistance from U.S.
courts and U.S. authorities on a number of previous occasions.
U.S. courts and U.S. authorities have in the past provided
enormous help to me in identifying and collecting assets for the
benefit of creditors worldwide, and we hope to do the same here."

Mr. Akers was previously a liquidator of Bank of Credit and
Commerce International, one of the largest frauds and insolvencies
in history and has been liquidator of a number of investment and
hedge funds and other financial institutions.

John Verrill, of Dundas & Wilson in London who is coordinating
international legal strategy for the Joint Provisional
Liquidators, stated, "We have been working in Europe and many
offshore jurisdictions under established mechanisms for obtaining
assets and assistance.  The assistance of the United States will
also be of crucial importance in identifying and recapturing
assets wherever they can be found."

London-based Madoff Securities International Limited is a money
management business of Bernard L. Madoff in the United Kingdom.
Mark Richard Byers, Andrew Laurence Hosking, and Stephen John
Akers at Grant Thornton UK LLP filed a Chapter 15 petition against
the Company on April 14, 2009 (Bankr. S.D. Fla. Case No. 09-
16751).  The Company has US$100 million to US$500 million in
assets and more than US$1 billion in debts.


MONEY PARTNERS: S&P Cuts Rating on Class B1 Notes to 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on the class B1 notes
issued by Money Partners Securities 2 PLC.  At the same time, S&P
placed the class M2a and M2b notes on CreditWatch negative and
affirmed all the remaining notes.

S&P initially placed the class B1 notes on CreditWatch negative on
Jan. 19.

The rating actions follow S&P's full credit and cash flow review
of the most recent transaction information that S&P has received.
This analysis showed that the class B1 notes could no longer
withstand S&P's 'BBB' rating stress and the likelihood of
downgrade has increased for the class M2a and M2b notes as U.K.
house prices continue to fall.

Collection rates decreased to 64.7% in February 2009 from 80.2% in
November 2008, following a similar trend to the other Money
Partners transactions.  On the February 2009 interest payment
date, total delinquencies were 42.1% and repossessions were 4.5%.

As U.K. house prices have continued to fall, losses have increased
significantly. Since August 2008, cumulative losses have increased
to 2.4% from 1.9%.  The loss severity since issuance is 29.0%,
with a loss severity of 74.1% for the second-lien loans.

The class B2 notes have fully redeemed.  These notes were
collateral-backed but could also be redeemed through excess
spread.  This resulted in over collateralization, which has so far
covered losses in the transaction.

Unlike the other Money Partners transactions, this over
collateralization has meant there have been no reserve fund draws
to date.  However, S&P expects to see reserve fund draws in coming
quarters as further losses are realized and the over
collateralization is reduced.

                           Ratings List

                 Money Partners Securities 2 PLC
       EUR191.2 Million, GBP234.7 Million, and US$78.0 Million
                 Mortgage-Backed Floating-Rate Notes

      Rating Lowered and Removed from CreditWatch Negative

                             Rating
                             ------
         Class        To                    From
         -----        --                    ----
         B1           BB+                   BBB/Watch Neg

              Ratings Placed on CreditWatch Negative

                                Rating
                                ------
            Class        To                    From
            -----        --                    ----
            M2a          A/Watch Neg           A
            M2b          A/Watch Neg           A

                         Ratings Affirmed

                         Class        Rating
                         -----        ------
                         A2a          AAA
                         A2a DAC-11   AAA
                         A2c          AAA
                         A2c DAC-11   AAA
                         M1a          AA
                         M1b          AA
                         MERCs        AAA


OILEXCO INC: Premier Shareholders Back Acquisition of North Sea
---------------------------------------------------------------
Hamish Rutherford at the Scotsman reports that the shareholders of
London-based Premier oil approved the company's acquisition of the
local assets of Canada-based Oilexco Inc.

According to the report, Premier is paying GBP347 million to buy
the North Sea assets, which were placed into administration
earlier this year.

Premier shareholders approved the plan, along with a rights issue
to part fund the deal, with all of the resolutions at the
extraordinary general meeting gaining more than 99 per cent
approval, the report notes.

The report recalls last week creditors of the Oilexco subsidiary
approved a company voluntary arrangement which cleared the way for
the Premier deal.

In a report on April 16, the Scotsman disclosed Oilexco North Sea,
which has about 100 staff in Aberdeen and offshore, slid into
administration in January after its banks refused further lending
to ease its finance woes.

Roy Bailey, Alan Bloom, Tom Burton and Colin Dempster of Ernst &
Young (E&Y) were appointed joint administrators, the report
stated.

                       About Oilexco Inc.

Headquartered in Calgary, Canada, Oilexco Inc. (TSX: OIL; LSE:
OIL) -- http://www.oilexco.com/-- is an oil and gas exploration
and production company active in the United Kingdom.  Oilexco's
producing properties, exploration and development activities are
located in the UK Central North Sea, specifically in the Outer
Moray Firth and Central Graben areas.  Oilexco operates in the
United Kingdom through its wholly owned subsidiary, Oilexco North
Sea Ltd., a company registered under the laws of England and
Wales.  Oilexco shares are listed for trading on the London Stock
Exchange (LSE) and the Toronto Stock Exchange (TSX) under the
symbol "OIL".


RD GROUP: Appoints Joint Administrators from KPMG
-------------------------------------------------
Paul Andrew Flint and Mark Granville Firmin of KPMG LLP were
appointed joint administrators of RD Group Ltd. on April 3, 2009.
The company can be reached through KPMG LLP at:

         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


ROYAL BANK: Bankinter Buys Share in Spanish Insurance JV
--------------------------------------------------------
Martin Flanagan at the Scotsman reports that Spanish bank
Bankinter is buying half of the Spanish unit of Direct Line
insurance that Royal Bank of Scotland Group Plc does not already
own.

According to the report, RBS confirmed Friday last week that
Bankinter is paying GBP377 million in cash for the Spanish
insurance joint venture.

The report relates an RBS spokesman said a clause from the 1994
deal establishing Linea Directa Aseguradora allowed either bank
the right to buy the other's share should a third party take
control of either of them.  The report says that clause was
triggered last November when the UK government took a 58 per cent
majority stake in RBS after investors shunned a rescue rights
issue.

Citing the RBS spokesman, the report discloses, under the joint
venture agreement, the purchase will complete within 14 days of
Bankinter's notification.

The report states independent auditor PricewaterhouseCoopers set
the price for the Spanish vehicle insurance specialist, which has
1.6 million policyholders.

However, the report notes an RBS source said Friday that there
were no plans to sell the bank's wholly-owned Direct Line
subsidiaries in Italy and Germany.

                            About RBS

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


* PwC Says Emerging Markets Still Attractive for UK Investment
--------------------------------------------------------------
UK companies should continue to keep an eye on the attractiveness
of emerging markets and do their homework now so they are ready to
make investments in those countries once the global economic
situation improves, according to PricewaterhouseCoopers emerging
markets group.

Although many emerging market countries are experiencing sharp
slowdowns in economic activity due to the global financial crisis,
not all of them have been equally affected by the negative
outlook, prompting a need for a reappraisal of the relative risks
of investing in those markets, the group’s latest investment index
shows.

The annual PwC EM 20 Index ranks the top 20 emerging market
countries by investment attractiveness in both manufacturing and
services industries.  It has been updated by PwC to analyze what
impact the recent unprecedented turmoil in the world economy has
had on long term investment prospects.

Countries ranked higher in the Index tend to be those whose risk
premia remain relatively low in an environment of significant
upward revisions of risk.  This time round the risk/reward
economic model used to calculate the Index has been revised to
take into account other elements of risk beyond the sovereign debt
data primarily used in the past.  The Index now places greater
weight on the fundamentals behind country risk such as political
stability, regulatory effectiveness and the rule of law.

Alec Jones, head of emerging markets, PricewaterhouseCoopers LLP,
said: "The rankings indicate that many tried and tested
destinations still represent potentially attractive long term
investment opportunities for British business.  The less well
placed countries in the rankings tend to be those without
significant domestic markets or those not anchored within large
trade or currency blocks.

So even during these times of global financial crisis, there are
still emerging markets that will appeal to UK companies for long
term foreign investment.  The selection process needs to be robust
and reflect new realities but those companies that lay the
groundwork now, will be best placed to act once the economic
climate improves."

Key findings from the EM 20 Index include:

    * Chile, Malaysia and Poland have made the most significant
      advances in the manufacturing index

    * The rise of Chile and Poland is largely a reflection of the
      fact that they have comparatively high GDP per capita levels
      and relatively attractive risk profiles that outweigh the
      tendency towards higher labor costs that can lead to falling
      manufacturing competitiveness

    * China was the only BRIC (Brazil, Russia, India and China)
      country to improve its ranking in the manufacturing index,
      moving up to 4th from 14th; as was the case for Chile,
      Malaysia and Poland, this improvement was mainly driven by
      the fact that its country risk premium has risen by less
      than that of most other emerging markets.

    * Slovakia, China and India are the biggest movers in the
      services index

    * Slovakia's rise to top the rankings is largely due to its
      relative political stability and its projected GDP per
      capital growth.  The latter is an important determinant of
      attractiveness for businesses operating in the domestically-
      oriented services sector which is the focus of the services
      index.


* Fitch Says European Incumbent Telecom Operators are at Risk
-------------------------------------------------------------
Fitch Ratings said that a number of European incumbent telecom
operators risk increasing disadvantage given a failure to respond
sufficiently to the risk posed by the cable operators' broadband
investments and their own resistance to spending on fibre.

In Fitch's view the cable operators in a number of countries enjoy
significant scale in terms of their coverage footprints and well
established broadband and telephony strategies.  What is now very
clear however is that DOCSIS 3.0, cable's broadband upgrade path
to speeds (capable of) exceeding 100 megabits can and have been
achieved in a number of networks at relatively modest cost.
Meanwhile the incumbent telecoms continue to wrestle with issues
of whether to invest in fibre to the curb, fibre to the home, or a
hybrid of the two, and where and when to invest.  Regulatory
concerns over the permitted return and regulated access to the
incumbents' fibre networks remains an issue in a number of markets
and in Fitch's view continues to inhibit investment by the
incumbents.

"The UK, Belgium, Portugal and the Netherlands are the markets
where incumbents face the most significant threat from cable
operators, given the degree to which the cable network has been
built out in these countries, the success of the cable companies
broadband strategies so far, and the level of DOCSIS 3.0
deployment," said Stuart Reid, Senior Director in Fitch's EMEA TMT
team.  Conversely incumbents in France and Spain face a reduced
threat reflecting lower levels of network build and the weaker
financial profile of the cable operators in those countries.  The
structure of the German cable industry has meant that the take-up
of cable broadband is only now beginning to gain meaningful scale
there, while Italy stands apart among the major European economies
as the only country without a developed cable operator and where
the incumbent therefore remains that much more protected."

Fitch points to the fact that in the US, Verizon Communications
embarked on a costly FTTH build out in a heavily cable networked
US demographic three years ago and yet most of Europe's incumbents
are still trying to understand regulatory implications and only a
few have taken meaningful fibre closer to the home.  Fitch
recognises that in current economic conditions, competitive risks
might be expected to ease as consumers seek to contain
communications costs.  The cable operators in a number of
countries have however already upgraded their networks and are
offering 50 Mb speeds, while most of the incumbents remain tied to
headline speeds for the most part in single-digits.

With a far less developed TV product, Fitch also argues that it is
the incumbents that are more in need of speeds that fibre can
deliver given its ability to provide content streaming and video
downloads.  The ability to time-shift content and offer video on
demand, is already proven over the cable network.  Viewing trends,
will however in Fitch's view, continue to fragment with the
success of products like the BBC's iPlayer, as well as the
commercial broadcasters' catch-up on-line offerings, in the UK for
instance, catering for the TV   -- AUDience's increasing desire
for content at any time over a range of delivery platforms.

While DOCSIS 3.0 is a similar technology to VDSL/FTTC - the path
that most of Europe's telecom operators appear to be following as
their primary investment upgrade - the fact that most cable
networks have been built within the last 15-20 years makes them
far more efficient to upgrade.  Cable already enjoys a deeper
level of fibre throughout the network with upgrades therefore
mainly replacing the active electronics at the cabinet level.  (It
does not however require the significant civil works associated
with the installation of new fibre that would otherwise drive up
investment costs).  Consequently, Fitch estimates a DOCSIS 3.0
upgrade can be achieved at a fraction of the cost of fibre
investment for the incumbents.  In the UK for instance, Virgin
Media ('BB-'((BB minus))/Stable) has so far upgraded its network
and is offering 50 Mb speeds to six million homes and expects to
cover its remaining six million homes by Q309, at a cost which
Fitch estimates at no more than GBP200 million-GBP300 million.  BT
Group ('BBB'/Stable) is meanwhile planning to spend GBP1.5 billion
over the next four years on its hybrid FTTC/FTTH build covering 10
million homes.

                            *********

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.

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

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

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

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

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

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


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